Petrovietnam Promotes Digital Transformation to Optimize in Operating & Handling Work

Source: 9/7/2021, Location: Asia

Attending the meeting were Mr. Hoang Quoc Vuong, Secretary of the Party Committee, Chairman of the Board of Directors of the Group; members of the Standing Party Committee, members of the Board of Directors, Vice President, heads of Divisions/ Administration Office and head of member units under the Group.

In August, the Group’s production and business activities were severely affected due to the complicated developments of the Covid-19 epidemic, the social distancing in most provinces and cities in the country, especially major economic centers such as Ho Chi Minh city, the provinces of the Southeast, the Southwest and many localities as the main operating areas and markets of the oil and gas units. Since then, Petrovietnam has been facing many difficulties and challenges, especially the market of petroleum products. In addition to a sharp decrease in purchasing power, weak demand, disruption of supply chains, difficulties in transportation and circulation due to social distancing, it has had a strong impact on the production and consumption of key products of the Group such as petroleum, natural gas, liquefied petroleum gas, electricity, fertilizer.

However, due to the initiative and experience in responding to the “double crisis” since the beginning of 2020, during the Covid-19 epidemic outbreak for the fourth time in 2021, Petrovietnam has effectively implemented disease prevention and control along with a synchronous strategy in developing scenarios, plans and organizing strict control of inputs, seriously applying 5K, deploying a suitable production model, effectively operating “three on-site activities” in combination with creating a buffer zone and a safe connection area for production. In particular, Petrovietnam has effectively and timely implemented the strategy of vaccination combined with health care, increasing the employees’ resistance, helping factories, drilling rigs, major works and projects of the Group have operated safely, continuously and stably. Up to now, basically employees in the whole Group have been vaccinated with 1 dose of vaccine. At the same time, the forecasting and management of fluctuations, connecting links in the Group's value chain vertically and horizontally have been promoted to maximize the value of each unit and expand the the Group respond promptly to difficulties, achieve very encouraging results.

In the first eight months of the year, Petrovietnam’s production and business targets basically met the set plan, crude oil production exceeded 12.7% compared to the 8-month plan; production of fertilizer, petrol, LPG… all exceeded 2-11%. Petrovietnam’s financial targets all exceeded and grew over the same period. The Group’s total revenue in 8 months reached more than 390.7 trillion dong, 17% higher than the 8-month plan, an increase of 24% compared to the same period in 2020. The whole Group’s contribution to the State budget in 8 months reached 56.9 trillion dong, 38% higher than the 8-month plan, an increase of 29% over the same period in 2020. Consolidated pre-tax profit of the Group reached 30.2 trillion dong, 177% higher than the 8-month plan, nearly 3 times higher than the same period in 2020. The whole Group has saved nearly 2,046 billion dong, equaling 75% of the year plan. The Group has participated in supporting the prevention of Covid-19 with a total amount of 733.8 billion dong, including 554.9 billion dong for the vaccine fund. The Group also recorded 17 profitable business units in the first eight months, of which 13 units grew compared to the same period in 2020.

On the basis of analysis and assessment of business results in August and 8 months of 2021, the operation and settlement of work in the period, updated forecasts on the macro-economy, market, and epidemics in the coming time, the Executive Management Board and the Divisions in charge discussed, solved difficulties and offered solutions to support member units in production, business and investment, at the same time updated the business plan in September and the remaining months of 2021, thereby serving as a basis for management, ensuring the goal of completing the plan in 2021 at the highest level, getting ready for 2022 and subsequent years.

After listening to the opinions on handling of work from the leaders of the units, heads of the Divisions and the Vice Presidents of the Group, concurrently receiving the direction from the Chairman of the Board of Directors, President and CEO Le Manh Hung asked the Vice Presidents, heads of Divisions and leaders of member units to quickly review, handle the tasks, conclusions and direction of the Group’s leaders on schedule, at the same time digitize the contents of tasks to promptly exchange and handle work effectively.

On the basis of forecasts of epidemic and market developments in the coming time, the Group and the units need to coordinate, develop plans and scenarios to deploy tasks in the last months of the year and 2022, and be ready with plans to take the lead, seize opportunities for economic recovery in the period after the epidemic is controlled, and adapt to the energy transition trend.

For the coming time, President and CEO Le Manh Hung emphasized the need to continue coordinating with the Health sector and localities to deploy the 2nd dose vaccination for employees and the units need to flexibly organize production and business activities in compatible with disease control. In addition, regularly update market developments, plan to effectively adjust value chains in the Group to share and promote the resources of the whole system, optimize the operation efficiency of the chains to achieve the highest efficiency. At the same time, continue to promote the synchronous implementation of digital transformation and application of digital platforms throughout the Group.

With the results achieved in August and the first 8 months of the year, President and CEO Le Manh Hung suggested the units continue to make efforts to maintain stable and safe production and business activities during the epidemic, with the goal of fulfilling the assigned targets and plans at the highest level. At the same time, continue to actively participate in supporting and contributing to the Health sector and localities to join hands in repelling the Covid-19 epidemic to soon return people’s lives to a new normal state.

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