Vietnam/PetroVietnam plays a central role in local development
As a large state-owned enterprise, the Vietnam National Oil and Gas Group (PetroVietnam - PVN) has a mission to support economic development in disadvantaged regions and localities. The group has always prioritized projects in poor localities that can serve as an engine for local economic growth.
The Dung Quat refinery is a typical example. Before the refinery was built, the central province of Quang Ngai was among the provinces with the lowest budgetary revenues in the center. After the Dung Quat Refinery started operating, it contributed trillions of dongs to the local budget every year.
The financial contribution from the Dung Quat refinery has enabled the provincial authorities to invest in infrastructure such as power transmission networks, roads, schools and health facilities serving local residents, thus improving their living conditions.
The refinery has also helped stimulate the establishment of many ancillary service and industrial businesses to serve its operation.
Another example of the role of PetroVietnam's projects in local development is the southern province of Cà Mau. In the past, Ca Mau was a purely agricultural province. The project to build the Cà Mau Gas-Electricity-Nitrogen Fertilizer Industrial Complex has played an important role in the socio-economic development of this province. The contribution of the complex is nearly 30% of the annual income of this locality.
This complex has also contributed to transform the province into a major aquaculture center that exports hundreds of millions of USD of aquatic products every year.
The Cà Mau Gas-Electricity-Nitrogen Fertilizer Industrial Complex, invested by Petrovietnam Cà Mau Fertilizer Company Limited (PVCFC), has experienced strong growth over the past decade and has become the country's major fertilizer production center. The Cà Mau 1 and 2 power plants, with a total capacity of 1,500 MW, have contributed greatly to ensuring national energy security.
Recently, the implementation of a project to build the Nghi Son refinery and petrochemical complex in the North Central province of Thanh Hoa, which represents an investment of about 10 billion USD, has brought rapid changes to the socio-economic situation of this region.
According to National Assembly Deputy Bui Sy Loi, since the project's launch, marked changes have been observed not only in the northern part of Thanh Hoa province, but also in the southern part of Nghê An province. In the past, the provincial authorities had to provide food aid to these areas every year during the semi harvest period. However, the region has prospered with the project.
The investment of the oil and gas sector has laid the foundation for economic growth in the area, he said, noting that the Nghi Son petrochemical complex marks an extremely significant start in local socio-economic development.
In addition, the oil and gas sector has also contributed to solving an important social issue, namely creating jobs for workers through its investment projects. In addition to creating jobs, oil and gas investment projects help improve the quality of the workforce.
Last year, PetroVietnam remains one of the three largest companies in the country for the 14th consecutive year, according to the VNR500 ranking published by Vietnam Report.
Despite the complex COVID-19 situation that affected almost all companies, thanks to effective response measures, PetroVietnam maintained its operations and supply of strategic products.operations and supply of strategic products, helping to stabilize the market, ensure national energy security and contribute to the state budget.