This is the direction of the General Director of Petrovietnam in Directive 1850/CT-DKVN issued on March 14, 2025 on the implementation of the Group’s 2025 investment plan.
Investment is an important task, a growth driver in 2025
In recent years, Petrovietnam’s investment activities have had positive changes, the value of disbursement and the rate of plan completion for the following year are higher than the previous year. This result is thanks to the continuous efforts of the entire Group, especially the innovation in management and administration at Petrovietnam, strengthening decentralization, delegation of authority, enhancing the initiative and responsibility of units and project management boards.
Identifying 2025 as a very important year for the Group, especially as this is the final year of implementing the production, business and investment development plan for the period 2021-2025, the year of holding Party Congresses at all levels towards the 14th National Congress of the Party, the Group’s Board of Members has set a very important task for investment work this year.
Group leaders inspect and promote the progress of Long Phu 1 Thermal Power Plant project
Specifically, the Group’s investment implementation plan for 2025 aims to be 40.9% higher than the implementation value in 2024; the disbursement plan strives to be 57.2% higher than the disbursement value in 2024. In particular, the implementation and disbursement plan of the E&P sector still accounts for the main proportion, along with the fields of oil and gas technical services, electricity industry, processing, gas industry…
In order for 2025 to be a breakthrough year in implementing and disbursing investment capital, the Group requires heads of departments/offices/project management boards, directors of affiliated units and representatives of the Group’s capital at the units to determine the implementation targets and disbursement of investment plans as important tasks and growth drivers in 2025. At the same time, the Group’s leaders require units to proactively organize and effectively implement key tasks and solutions.
In particular, directing the development of synchronous solutions to implement the approved budget work plan and program; specifying tasks and detailed disbursement progress milestones for each month and quarter, determining the “critical path” for each project. In addition, it is necessary to specifically assign leaders and officers responsible for monitoring progress and performing work tasks; closely following and promptly removing difficulties and taking responsibility for the disbursement results of each unit and each project according to the plan approved by the Group.
Be proactive and creative in dealing with difficult problems.
Petrovietnam General Director also requested the Group’s representatives at units, heads of Project Management Boards, leaders of specialized departments, and heads of teams/groups to enhance their roles and responsibilities in investment preparation, project appraisal, and approval of project investment decisions in accordance with regulations. In addition, regularly review, evaluate, and analyze bottlenecks in investment work, propose implementation solutions, clarify the basis, and have competent authorities consider and resolve them. At the same time, organize meetings, conduct periodic investment supervision and evaluation in each field, proactively and promptly remove difficulties and obstacles.
Units and Project Management Boards need to promote creative and effective implementation of the powers and tasks that have been decentralized and delegated by the Group. Thoroughly grasp the sense of responsibility, proactively handle issues within their authority, promptly propose and recommend to remove obstacles and difficulties to implement the Group’s key and important projects on schedule: Block B Project Chain; Nhon Trach 3 and 4 Power Plant Project; Upgrading and expanding Dung Quat Oil Refinery… Speed up the progress of completing procedures for approving investment policies, deciding on project investment, designing, estimating, bidding to select contractors and consultants for newly started projects.
Nhon Trach 3 and 4 Power Plant Project
At the same time, it is necessary to focus on monitoring and evaluating investment projects; strengthen field inspection and supervision, urge contractors and consultants to speed up the construction progress of ongoing projects, immediately correct existing problems and shortcomings, ensure implementation progress, disbursement of investment capital and required quality; make advances, acceptance, payment and recovery of investment advances in accordance with regulations.
Heads of Project Management Boards and representatives of the Group’s capital at units need to speed up the progress of AB settlement at Long Phu 1 Thermal Power Plant Project , settlement of investment capital of completed projects of Petrovietnam and units, and complete procedures to terminate Project Management Boards at the Group.
In the coming time, units will quickly update adjusted plans, development strategies, and market trends to adjust the investment portfolios of units, sectors, fields, and the Group; consolidate and develop linkage chains, and develop the Petrovietnam ecosystem in line with the trend of sustainable energy transition.
Continue to review and propose to competent authorities to amend legal regulations, mechanisms and policies related to investment, especially regulations on the establishment, appraisal, approval and implementation of investment projects. Coordinate with relevant agencies to study and amend regulations towards simplifying and minimizing administrative procedures, removing overlaps and obstacles. The Group’s specialized departments study and propose to strengthen decentralization, delegation of authority, enhance initiative and responsibility in accordance with the capacity of units and Project Management Boards.
Another key task and solution to promote investment is to accelerate digital transformation in corporate governance. Heads, representatives of the Group at units, and Project Management Boards need to organize periodic information updates, report to the Group on the investment implementation status on the ERP system; review, evaluate, and propose solutions to complete the ERP Program in the next stages. At the same time, the Group’s leaders also require the organization to effectively implement solutions suitable for each unit, and include implementation targets and disbursement of investment plans in assessing the level of task completion of individuals and organizations in 2025.
With the proposed solutions and tasks, Petrovietnam is determined to complete the 2025 investment plan at a high level, contributing to the successful implementation of the goals of the 5-year plan 2021-2025, creating growth momentum for the next phase of the Group.
According to pvn.vn