Petrovietnam General Director Le Manh Hung works with PV GAS: Breakthrough for sustainable growth and development

The Group's Deputy General Directors: Le Xuan Huyen, Le Ngoc Son, Pham Tien Dung; and representatives of leaders at its Departments/Offices attended the hybrid meeting.

For PV GAS, there were Mr. Duong Manh Son - Secretary of the Party Committee, Chairman of the Corporation’s Board of Directors; Mr. Hoang Van Quang - General Director of the Corporation; together with the members of the Board of Directors, the Board of General Directors and representatives of leaders of the Corporation’s Boards.

Reporting the 2022 business plan, PV GAS leaders said that in 2022, PV GAS' activities are expected to face many difficulties and challenges due to: The COVID-19 pandemic’s complex evolution; the trend of energy transition, the price fluctuations of petroleum products, the increasing renewable energy sources and the decrease in gas using for electricity production; the emergence of gas products (LNG) trading competitors; and the highly expected LNG import prices. Moreover, the domestic LPG trading market is in the fierce competition of supply and customers. The implementation of LNG and LPG trading infrastructure development projects (large-scale warehouses) continues facing difficulties due to many regulations for controlling state-owned joint stock enterprises, etc.

Recognizing the opportunities, difficulties, and challenges in 2022, as well as making efforts and determination to conquer new heights, PV GAS sets the 2022 plan targets with an output of more than 9.1 million m3 of gas; Total revenue of more than VND80 trillion; Profit after tax of VND 7.039 trillion; contribution to the State’s budget of VND 4.062 trillion; disbursement value for construction and investment (from parent company) of VND4.522 trillion. PV GAS also developed two scenarios for 2022 based on the increasing national electricity demand by 8.2% and 12.4% compared to 2021.

Updating the production and business, PV GAS said that in January, the Corporation ensured security, safety and all activities to take place continuously, and exceeded many assigned targets. Among them, financial targets exceeded the monthly plan by 29-56% and increased over the same period last year. Revenue was estimated at VND 8.481 trillion, exceeding 29% of the monthly plan and growing by 42% over the same period; Pre-tax profit was estimated at more than VND1 trillion, exceeding 29% of the monthly plan and increasing by 11% compared to the same period.

After listening to the opinion exchange of PV GAS, as well as the leaders of the specialized departments and the Deputy General Directors of the Group for the operation plan, tasks, solutions and specific proposals and recommendations of PV GAS, Petrovietnam General Director Le Manh Hung noted that PV GAS needed to update the world's volatile and rapidly changes as well as the energy shift trends in short and long-term business and production plans, thereby making appropriate adjustments, and seeing the motivation for growth and development. The Group's General Director emphasized that three factors creating growth potential for PV GAS need to be updated, studied carefully and effectively exploited, namely: Investing, trading and improving the efficiency of using assets. 

With the target of PV GAS' 5-year plan of growing more than 9% per year, Petrovietnam General Director Le Manh Hung emphasized the importance of expanding its mindset compared to the traditional one to find a breakthrough direction for PV GAS' growth and development. Besides good governance, digital transformation, staff, cost reduction, competitiveness improvement, etc., Petrovietnam General Director emphasized that PV GAS needs to: Strengthen deep processing of gas products, diversifying markets, anticipating and creating the trend of consuming PV GAS' energy products; Focus on investment and construction of existing projects, as well as researching new investment opportunities for growth and development; Look for solutions to expand the market size, develop the gas consumption market other than electricity, to have appropriate mechanisms and policies to stimulate the gas consumption demand of existing customers and to develop new customers... General Director Le Manh Hung also asked PV GAS to review the overall risks in the implementation of the plan to have effectively and timely handling solutions to ensure the good completion of the 2022 plan.

PV GAS' leaders got the guidance of the Group's leaders and committed to make efforts to realize it in production and business, to fulfill the planned tasks in 2022, and to contribute to the achievement of long-term development goals.