PV GAS: Expanding the market and making breakthroughs in international business

(Chinhphu.vn) - Not only stopping at the domestic market, PetroVietnam Gas Corporation (PV GAS) has proactively expanded its influence and achieved important steps in the international market. A notable highlight is the strong growth of LPG and LNG export and international business activities.

Maran Gas Achilies - the first ship bringing LNG to Vietnam docks at PV GAS port - Vung Tau - Photo: VGP/PD

Besides holding an important position for national energy security, PV GAS has sought new business directions by expanding the market and making breakthroughs in international business to affirm its leading brand in the Vietnamese gas industry and enhance its position in the international market.

The year 2025 marks a historic milestone when PV GAS first makes its name on the international LNG business map, opening up new opportunities and outstanding development potential.

Market development is also focused, especially expanding the customer base outside of electricity, showing market diversification and reducing dependence on a certain customer segment.

PV GAS always considers gas energy infrastructure investment as a strategic task, ensuring long-term and sustainable development. In particular, the 1 million ton LNG project chain at Thi Vai has been completed and put into effective commercial operation, affirming PV GAS's pioneering position in the national gas energy industry, putting Vietnam's name on the global LNG map. This is an important premise for the development of central LNG port warehouses (LNG Hub) in the future.

In addition, PV GAS is also actively implementing other key projects such as the Thi Vai LNG storage expansion project, increasing the capacity of the LNG storage facility to 3 million tons/year, the Son My LNG port warehouse project, the Northern and North Central LPG/LNG cold storage project, etc. At the same time, the Corporation is also closely coordinating with Petrovietnam and partners to accelerate the progress of the Block B - O Mon gas pipeline project, ensuring synchronization with the entire project chain.

PV GAS and Petrovietnam are determined to complete the 2025 production and business plan - Photo: VGP/PD

Affirming the pivotal role in Petrovietnam

During the period of 2020-2025, PV GAS has successfully achieved its general objectives and achieved many impressive results. These achievements not only affirm the core position of PV GAS in the Vietnam National Industry and Energy Group (Petrovietnam) in particular and the Vietnamese gas energy industry in general, but also create a solid foundation for sustainable transformation and development in the future.

Over the past 5 years, PV GAS's revenue and total assets have grown year after year. Notably, the Corporation's total revenue has reached a record of 130 trillion VND in 2024.

PV GAS continues to affirm its leading role in the Vietnamese gas energy industry, maintaining 100% of the national dry gas and LNG market share; 65% - 70% of the wholesale market share and 22.5% of the national LPG retail market share; its brand and reputation are enhanced and affirmed through objective assessments from domestic and international organizations. The Corporation is rated BB+ by Fitch Ratings, honored to be in the Top 100 of the list of 500 largest companies in Southeast Asia and has been in the list of 50 best listed companies in Vietnam for 13 consecutive years by Forbes Vietnam...

PV GAS participates in hosting international conferences to proactively expand its influence and make important strides in the international market - Photo: VGP/PD

To develop strongly in the coming time, the Corporation has focused on restructuring, transforming the business model and improving corporate governance efficiency, creating positive changes for PV GAS in the recent period, clearly demonstrated through streamlining the apparatus, improving efficiency and expanding the market.

The business model is shifting towards providing integrated energy solutions, not only enhancing competitiveness but also strongly promoting external service provision.

At the same time, to implement Resolution No. 57-NQ/TW, PV GAS focuses on promoting the development of science , technology, innovation and national digital transformation, considering this as one of the top important breakthroughs. At the same time, promoting the application of science - technology, innovation and digital transformation, bringing many positive results with 150 initiatives implemented, of which 20 initiatives are recognized at the Group level or higher, with a total profit of more than 1,700 billion VND.

In particular, PV GAS has established a research and development department to focus on researching and piloting green hydrogen/ammonia; transporting, storing, and using CO2, demonstrating a vision to lead future energy trends based on the advantages and potentials of PV GAS.

Phuong Dung

Source: https://baochinhphu.vn/pv-gas-mo-rong-thi-truong-va-dot-pha-trong-kinh-doanh-quoc-te-102250708085256018.htm