Hanoi (VNA) - ♛Member units of the Vietnam Oil and Gas Group (Petrovietnam) need to focus on enhancing professional competence and efficiency in governance and operation activities that will contribute to the national economy’s growth, Chairman of Petrovietnam’s Council of Members Le Manh Hung has said.

Stable production and business maintained

According to a report presented at a recent meeting chaired by Hung, in the first nine months of 2024, Petrovietnam maintained stable production and business activities, with its projects and plants running effectively and safely, helping to exceeding production targets set for the period by 1.3% to 19%. In addition to the positive production results, Petrovietnam has fully completed all six financial targets for the year set by the Commission for Management of State Capital at Enterprises (CMSC) and the Members' Council ahead of schedule by 3 to 5 months. Among these, five out of six targets recorded growth of 9% to 31% compared to 2023. The group has also allocated significant resources for social welfare activities, with a total value of 480 billion VND (over 19.1 million USD) in the January - September period, including 95 billion VND for building charitable houses for the poor, 227 billion VND for educational and training programmes, 52.3 billion VND for healthcare programmes, and 105.7 billion VND for organisations and associations. Recently, in response to the Prime Minister's call for the elimination of temporary and dilapidated houses for poor people across the country, Petrovietnam donated 150 billion VND via the Vietnam Fatherland Front, said Petrovietnam Deputy General Director Do Chi Thanh.

Science and technology play role as key motivations

During the meeting, participants focused their discussion on challenges to implementing the tasks and plans for the remaining months and the year 2024 to promote Petrovietnam’s development. Pham Tuan Anh, member of the Board of Directors of Petrovietnam, said science, technology, and research transfer should become motivation to promote the group’s sustainable development. Petrovietnam General Director Le Ngoc Son said the firm needs to seek ways to minimise unnecessary costs, pay attention to risk management, and identify potential risks to devise timely solutions and attain goals. Regarding investment activities, he asked deputy general directors to make comprehensive review of the fields within their remit, focusing on resolving obstacles and accelerating the progress of ongoing projects. With a view to concretising the target, the group has identified seven groups of tasks and solutions that need to be drastically and harmoniously carried out, including closely working with competent authorities to build and complete mechanisms and policies to facilitate rapid and sustainable development of the oil and gas sector, completing smart infrastructure, improving corporate management, attracting and enhancing the efficiency of the use of capital for development, developing a restructuring plan, promoting digital transformation, and bolstering international cooperation Hung highlighted the determination of the firm to maintain its leading position in terms of efficiency and profitability among State-owned enterprises. He also requested staff seek solutions to maintain stable and safe operations of exploitation activities, factories, and key projects, aiming to reach this year's targets./.