Vietnam's Oil and Gas Industry Sees Significant Gains Amid Challenges

The oil and gas industry in Vietnam has achieved outstanding results in recent years, with Petrovietnam producing over 155.2 million tons of oil and gas between 2018 and 2025.

According to Le Manh Cuong, General Director of Petrovietnam, the group's total revenue during this period reached 6.3 quadrillion VND, with a consolidated pre-tax profit of over 414.5 trillion VND and contributions of 1.08 quadrillion VND to the state budget.

The group has also made significant progress in developing new fields, including offshore wind power projects with potential for tens of GW, LNG power plants, and research into carbon capture and storage technologies to reduce emissions.

However, the industry is facing challenges, including declining oil and gas reserves, increasing extraction costs, and the need for flexible mechanisms to develop new fields.