Oil and gas sector urged to speed up growth

As the State’s leading economic group, the Vietnam National Oil and Gas Group, known as PVN, needs to devise a development strategy in line with the current situation, said Deputy Prime Minister Nguyen Sinh Hung at a conference in Hanoi on January 16 to review activities in 2009 and outline tasks for 2010.

Addressing the conference, Mr Hung praised the significant achievements PVN has recorded in 2009 while pointing out that 2010 will be a pivotal year for the five-year plan (2006-2010), so PVN should make breakthrough developments in order to become a strongly financial and economic group with human resources and technology comparable to other oil and gas groups in the region and the world.

It is essential for PVN to renew its organizational and personnel structure to speed up growth in three important categories: productivity, quality and efficiency, Mr Hung noted.

Last year, PVN’s contribution accounted for 18 percent of the country’s GDP and 25 percent of the State budget.

President of the PVN Executive Board, Dinh La Thang, said that to become a regional leader in oil and gas by 2015, the group will continue come up with Government solutions to prevent economic downturn, maintain growth and ensure social welfare. In addition, the group will work closely with oil and gas contractors to carry out exploration projects inside and outside the country while attracting foreign investment in open areas with a focus on markets such as Russia, Africa, America, the Common Wealth of Independent States (CIS) and Southeast Asia.

On the occasion, Mr Hung presented the Labour Order, first class, to PVN and Truong Van Tuyen, PVN Deputy Director and Head of the Management Board of the Dung Quat Petrochemical Project, and Nguyen Van Tuyen, Secretary of the Vietsopetro Party Organisation, in recognition of their outstanding achievements in socio-economic development and national protection.

Tags: Vietnam oil and gas sector