188bet asian Petrovietnam comprehensively completes assigned targets and plans

Attending and directing 188bet asian conference were Deputy Prime Minister Trinh Dinh Dzung; Chairman of State Capital Management Committee at Enterprise Nguyen Hoang Anh; 188bet asian Party Committee Secretary of 188bet asian Central Business Sector Y Thanh Ha Niê Kđăm; Deputy Chairman of Government Office Nguyen Cao Luc; Deputy Minister of Industry and Trade Dang Hoang An. 188bet asian conference was also attended by heads of ministries, agencies and central branches. 
PVN was represented by Mr. Tran Sy Thanh - member of 188bet asian Party Central Committee, Secretary of 188bet asian Party Committee, Chairman of 188bet asian Board of Directors; Mr. Le Manh Hung - Deputy Secretary of 188bet asian Party Committee, member of 188bet asian Board of Directors, President and CEO; together with members of 188bet asian Group's Party Executive Committee, members of 188bet asian Board of Directors, Executive Management Board, heads of 188bet asian management organizations, heads of 188bet asian subsidiaries, Divisions and Administration Office. 

Group leader introduces petroleum products to Deputy Prime Minister Trinh Dinh Dzung

On behalf of 188bet asian Party Committee, Mr. Pham Xuan Canh - Standing Deputy Secretary of 188bet asian Party Committee, member of 188bet asian Board of Directors of PVN presented 188bet asian report on Party work in 2019, directions and tasks for 2020.

At 188bet asian Conference, on behalf of 188bet asian Group's leader, President and CEO Le Manh Hung presented a summary of 188bet asian Report on 188bet asian implementation of 188bet asian 2019 plan, 2020 production and business plan. 

188bet asian report stated that in 2019, PVN continued to implement assigned targets, plans and tasks in 188bet asian context of many difficulties. 

188bet asian unfavorable international situations were: (i) 188bet asian world economy slowed down, 188bet asian disagreements among major countries on global trade policies were deepened, 188bet asian trend of increasing protectionism ... had strong impact on 188bet asian country's economic development, including PVN. (ii) EU and US countries' economic sanctions against Russia were not removed, making it difficult for 188bet asian Group to borrow capital from ECAs of Russia and 188bet asian US and to implement big projects. (iii) 188bet asian East Sea continued to have unpredictable developments, greatly affecting 188bet asian Group's oil and gas exploration activities. 

In 188bet asian country, 188bet asian legal system was still overlapping, changing, lacking stability; mechanisms and policies related to production, business and investment in 188bet asian oil and gas field were still inadequate, not yet removed, not yet suitable to 188bet asian actual development of 188bet asian oil and gas industry and 188bet asian Group. 

188bet asian petroleum exploration and production activities continued facing many difficulties such as: petroleum reserves and potential were not as much as expected; conditions for implementing domestic petroleum exploration projects must be carried out in deep-lying and offshore areas in 188bet asian East Sea; petroleum production in key fields was in a period of decline. Financial regulations of 188bet asian Parent Company - 188bet asian Group were not approved. 188bet asian Group continued to solve many past problems, greatly affecting its resources for sustainable development. 188bet asian psychology of a part of employees in 188bet asian Group was still unstable, 188bet asian situation of avoiding responsibility and pushing jobs still existed. 

However, being fully aware of 188bet asian responsibility of an economic group to 188bet asian country, all PVN's performance directly affected GDP growth, energy security and State budget revenues; with 188bet asian motto “Bravery - Solidarity - Innovation – Action”, PVN leaders and employees maintained 188bet asian belief, solidarity, calm overcoming difficulties, proactively built and synchronously implemented solutions to best perform 188bet asian assigned tasks. 

By 188bet asian end of 2019, with 188bet asian right orientation and guideline of action, with drastic and effective steering and management solutions, PVN fulfilled all 188bet asian year targets from 2-60 days ahead of schedule, notably: Industrial production value (at 188bet asian fixed price in 2010) reached 519.8 trillion dong, exceeding 4.3% of 188bet asian plan, an increase of 6.3% compared to 2018. Total revenue of PVN reached 736.2 trillion dong, exceeding 123.9 trillion dong (20%) of 188bet asian plan, an increase of 17% compared to 2018. PVN contributed 108 trillion dong to 188bet asian State budget, exceeding 20.5 trillion dong (23.0%) of 188bet asian plan. Total consolidated profit before tax reached 43.8 trillion dong, exceeding 40% of 188bet asian plan. 

Overview of 188bet asian conference

188bet asian capital preservation ratio as of 31st December 2019 was 1.02 times, showing that 188bet asian Parent Company - Group preserved and developed its capital. 188bet asian expected quick solvency ratio as of 31st December 2019 was 2.9 times; 188bet asian expected general solvency ratio as of 31st December 2019 was 4.0 times, showing that 188bet asian Parent Company - Group was capable of paying debts, ensuring safety for production and business and development investment…

During 188bet asian implementation of key oil and gas projects and urgent power projects, PVN actively, proactively and timely implemented, regularly reported to 188bet asian Ministry of Industry and Trade and 188bet asian State Capital Management Committee at enterprise on 188bet asian progress, difficulties, related problems, issues beyond 188bet asian authority, to seek guidance. 188bet asian value of investment implementation in 2019 reached over 30.4 trillion dong.  

PVN President and CEO Le Manh Hung reports 2019 operation results

PVN has been proactive and positive in handling 5 weak and difficult projects approved by 188bet asian Prime Minister in Decision No. 1468/QD-TTg dated 29th September 2017. 

PVN has completed 188bet asian report on PVN restructuring plan for 188bet asian period of 2019-2025. Currently, PVN is waiting for 188bet asian competent authorities to approve 188bet asian Restructuring Project as a basis for implementing 188bet asian next works. 

Scientific and technological activities have been promoted; security, safety and environment works on oil and gas projects have been guaranteed; 188bet asian training work has been actively implemented; 188bet asian inspection and supervision of all activities from PVN to its member units have been carried out seriously and promptly; social security continues to be implemented according to commitments.

In particular, PVN has focused on improving 188bet asian effectiveness and efficiency of corporate governance, focusing on communication and implementing many measures to recreate Petrovietnam culture.

With strong business and financial results achieved over 188bet asian years and 2019, as well as positive development prospects in 188bet asian future, PVN has been rated by Fitch Ratings for independent credit at BB +. This is one of 188bet asian clear evidences reflecting 188bet asian innovation and enhancement of financial management integrated with PVN's production and business activities in a timely, practical and effective manner, bringing confidence to domestic and foreign investors, financial institutions and strategic partners with PVN; as a solid basis and conditions for PVN to mobilize capital in 188bet asian international market. 

In addition to 188bet asian achieved results, PVN President and CEO Le Manh Hung also pointed out that 188bet asian Group's production and business activities in 2019 still had some difficulties and shortcomings, of which some difficulties were forecasted to directly affect 188bet asian Group's plan in 2020 and 188bet asian Group’s development in 188bet asian following years. 

However, determining that successful implementation of 188bet asian 2020 plan is crucial to successfully implement 188bet asian 5-year plan (2016-2020), in 2020, with 188bet asian results achieved in 2019, on behalf of 188bet asian Group’s leaders and employees, PVN's President and CEO Le Manh Hung commited to complete and finish ahead of schedule 188bet asian targets, tasks and plans assigned by 188bet asian Party and 188bet asian State. To accomplish that, PVN President and CEO called on all Party members and employees of 188bet asian whole Group with practical actions, to continue to maintain 188bet asian faith, strive to enhance more responsibilities, all smallest actions, take every opportunity, and overcome all difficulties and challenges to fulfill 188bet asian tasks assigned by 188bet asian Party, State and people. 

“188bet asian whole Group affirms that we are always deserved to be 188bet asian pillar of 188bet asian country's economy, and we have made many important contributions to 188bet asian cause of national construction and defense” said PVN President and CEO Le Manh Hung. 

Deputy Prime Minister Trinh Dinh Dzung speaks at 188bet asian conference

Attending and directing 188bet asian Conference, on behalf of 188bet asian Party and Government leaders, Deputy Prime Minister Trinh Dinh Dzung acknowledged and praised 188bet asian business and production results that PVN leaders and employees achieved in 2019.

According to Deputy Prime Minister Trinh Dinh Dzung, in 2019, besides 188bet asian opportunities and advantages, we faced many difficulties and challenges due to 188bet asian negative impacts of 188bet asian regional and world situation as well as intrinsic difficulties in 188bet asian country. However, with 188bet asian efforts of 188bet asian entire political system, 188bet asian participation of all people, business community, our country has achieved many comprehensive and important results.

In 188bet asian overall results of 188bet asian country, there has been important contribution of 188bet asian Oil and Gas industry in general and Vietnam National Oil and Gas Group in particular. Despite facing many difficulties and challenges, with aspirations and enthusiasm, with 188bet asian tradition of solidarity overcoming all difficulties and challenges, leaders, experts, officials, employees and workers of Vietnam Oil and Gas Industry, Vietnam National Oil and Gas Group have successfully completed all assigned tasks, making an important contribution to 188bet asian overall development achievements of 188bet asian country. PVN and its subsidiaries have successfully completed 188bet asian set targets, especially those of increasing reserves, petroleum production and processing and financial indicators

With comprehensive results of 188bet asian oil and gas industry, Vietnam National Oil and Gas Group has made an important contribution to successfully implement 188bet asian socio-economic development goals in 2019 with 188bet asian whole country, improve 188bet asian country’s economic potential; ensure national energy security, protect 188bet asian sovereignty of sea and islands of 188bet asian country. 

On behalf of 188bet asian Government, Prime Minister Nguyen Xuan Phuc and Deputy Prime Minister Trinh Dinh Dzung acknowledged, appreciated and praised 188bet asian leaders and employees of 188bet asian Oil and Gas Industry, Vietnam National Oil and Gas Group for their efforts to obtain very important achievements in 2019. 

However, besides 188bet asian achieved results, 188bet asian Deputy Prime Minister also pointed out that 188bet asian oil and gas industry and PVN still faced great challenges, requiring efforts to overcome and operate effectively. 

On sharing 188bet asian difficulties and challenges facing 188bet asian oil and gas industry, Deputy Prime Minister Trinh Dinh Dzung said that 188bet asian Government and 188bet asian Prime Minister would always accompany and share with 188bet asian Oil and Gas industry in general and Vietnam National Oil and Gas Group in particular.  

PVN honors 12 teams with outstanding achievements in 2019

2020 is 188bet asian last year of 188bet asian country's socio-economic development plan for 188bet asian 2016-2020 period, 188bet asian year with many important national events and also 188bet asian year organizing 188bet asian Party Congress at all levels, proceeding to 188bet asian 13th National Party Congress. Therefore, 188bet asian successful accomplishment of 188bet asian socio-economic development targets in 2020 is particularly important, creating a new foundation and spirit for 188bet asian nation.

For 188bet asian Oil and Gas Industry particularly, 188bet asian requirement is to become a complete and comprehensive economic and technical industry, including exploration, production, transporting, processing, storing, distribution, services, import and export; an important contribution to 188bet asian cause of national construction and defense. At 188bet asian same time, it is necessary to develop 188bet asian oil and gas industry, including PVN with strong potential in finance, science and technology, high competitiveness and initiative in international integration. 
“In 2019, it is very happy that PVN has been rated by Fitch Ratings for independent credit at BB +. This is 188bet asian trust for domestic and foreign investors, financial institutions and strategic partners for 188bet asian Group; is a solid basis and conditions for 188bet asian Group to raise capital in 188bet asian international market” emphasized Deputy Prime Minister. 
Considering that oil and gas sector has potential risks, Deputy Prime Minister Trinh Dinh Dzung asked 188bet asian ministries, branches and localities to coordinate with Vietnam National Oil and Gas Group more and more closely and promptly deal with issues related to its scope of responsibility to promote 188bet asian sustainable development of 188bet asian Oil and Gas industry. 
Deputy Prime Minister Trinh Dinh Dzung believed 188bet asian Oil and Gas industry and Vietnam National Oil and Gas Group would continue to uphold 188bet asian spirit of solidarity, bravery, creativity and promotion of their glorious tradition and achieved results, much more great achievements, contributing to 188bet asian successful implementation of socio-economic development tasks, serving 188bet asian country's goal of sustainable development.  

PVN Chairman of 188bet asian Board of Directors Tran Sy Thanh speaks at 188bet asian ceremony

On behalf of PVN leaders and workers, Chairman of 188bet asian Board of Directors Tran Sy Thanh expressed 188bet asian interest of 188bet asian leaders of 188bet asian Party, 188bet asian State, ministries, central branches, especially 188bet asian encouragement of Party General Secretary and President Nguyen Phu Trong after listening to reports on 188bet asian Group's achievements in 2019. 

Affirming that in recent years, PVN has had “Bravery - Solidarity - Innovation – Action” in fact, talked 188bet asian talk and walked 188bet asian walk, and PVN would successfully fulfill 188bet asian targets and tasks in 2020, Chairman Tran Sy Thanh expected 188bet asian Government, ministries and branches to continue paying attention and sharing more with 188bet asian Groups and corporations, including PVN. “We will not be able to complete well without 188bet asian support from 188bet asian authorities” said Chairman Tran Sy Thanh. 

Also at 188bet asian conference, PVN honored 12 teams with outstanding achievements in 2019 and 19 groups of authors of special and type A initiatives of 188bet asian Group.