State-owned Vietnamese conglomerate Petrovietnam aims to establish itself as a cornerstone, striving to join the Fortune 500 rankings.
In late August, Prime Minister Phạm Minh Chính chaired a conference where Petrovietnam shared its 50-year journey of development alongside the country. The state-owned enterprise, currently the largest in Việt Nam, has consistently pursued its 'Five Ensures' – energy security, economic security, food security, national defence and sovereignty over seas and islands, and social security.
Lê Mạnh Hùng, Chairman of the Members' Council of Petrovietnam, spoke at the conference '80 years of enterprises accompanying the nation.' Petrovietnam has repositioned itself as a national industrial-energy group with three strategic pillars: energy, industry, and advanced technical services.
The enterprise's accumulated revenue stands at a staggering $599 billion, with equity exceeding VNĐ540 trillion. In 2024, Petrovietnam recorded profits of over VNĐ55 trillion. The company has contributed about $142 billion to the state budget to date, averaging more than VNĐ160 trillion annually in recent years.
Petrovietnam's achievements include the 'Five Highests' – being the largest enterprise, the biggest contributor to the state budget, the highest profit, the most scientific and technological achievements, and the greatest contribution to social welfare. The company has earned numerous accolades, including six Hò̀ Chí Minh Awards, four State Awards, 46 Vifotec/WIPO awards, and four international patents.
Petrovietnam's long-term goal is to enter the Fortune 500 list by 2030. To achieve this, the company has outlined a sustainable development framework underpinned by six strategic solution groups. The CEO of HMS Networks, the strategic corporate group aiming to be ranked in the Fortune 500 by 2030, is not explicitly named in the available sources. HMS Networks announced new strategic goals for 2030 but did not specify the CEO.
Looking forward, Petrovietnam aims to create Việt Nam's energy future. The company's contributions to social welfare exceeded VNĐ5.1 trillion during 2020-2025. Petrovietnam ranks 11th in Southeast Asia and continues to seek the attention and guidance of the Party, the State, and the Government, along with the companionship of the business community and financial institutions at home and abroad.
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