Would it be possible, without the vision from 1959, for Vietnam today to build an oil and gas industry capable of becoming a pillar of the economy and ensuring national energy security?
On July 21, 2026, the article looks back at the 67-year journey of Petrovietnam fulfilling President Ho Chi Minh's wish since his visit to Baku city in Azerbaijan on July 23, 1959. During this visit, he affirmed that Vietnam has the sea, will definitely have oil and after the country is at peace, it is necessary to build strong oil and gas industrial parks like Baku. From a strategic orientation in the context of a country still at war, Vietnam's oil and gas industry has developed into a complete energy industry ecosystem.
Over nearly seven decades, Petrovietnam has transformed itself from an initial exploration force into the Vietnam National Energy-Industry Group with a value chain stretching from oil and gas search, exploration, and exploitation to petrochemical and gas refining,electricity, fertilizer, technical services and energy investment. Not only does it create a large source of revenue for the budget, Petrovietnam also makes an important contribution to ensuring energy security, developing foundation industries and asserting national sovereignty at sea through a system of offshore projects.
One of the outstanding milestones is that on June 4, 2026, Vietsovpetro Joint Venture officially achieved cumulative exploitation output of 255 million tons of oil at Block 09-1. This achievement continues the historic milestone of reaching 1 million tons of oil on December 29, 1988, affirming Vietsovpetro's role in the development of Vietnam's oil and gas industry.
Table of typical milestones of Vietnam's oil and gas industry
Event Time
July 23, 1959 President Ho Chi Minh visited Baku and oriented to build Vietnam's oil and gas industry
In 1961, Petroleum Exploration Team 36 was established
In 1981, the first industrial gas stream in Tien Hai was put into operation
December 29, 1988 Vietsovpetro reached the milestone of 1 million tons of oil exploitation
June 4, 2026 Vietsovpetro reached 255 million tons of oil exploited at Block 09-1
According to PetroTimes, the greatest value Petrovietnam creates lies not only in crude oil or natural gas but also in its ability to master technology and its human resources.High quality and modern industrial system. Many national-scale projects such as Dung Quat Oil Refinery, gas and electricity complexes, gas pipeline systems and marine projects have formed a complete energy value chain, while creating a driving force for development in a series of fields of mechanical engineering, construction, transportation and technical services.
In the context of global energy transition, Petrovietnam is also changing its development strategy. If previously the focus was on resource exploitation, now the goal is expanded to create energy, industry and knowledge. This is consistent with the trend of developing green economy, digital economy, artificial intelligence and the goal of improving national competitiveness.
Comparison table of Petrovietnam's development orientation
Traditional phase Transition phase
Oil and gas exploitation Developing energy ecosystem
Concentrate resources Concentrate knowledge and technology
Ensuring fuel supply Ensuring multi-source energy security
Value from exploitation Value from innovation and technology
Develop the oil and gas industry Develop a comprehensive energy industry corporation
An important point highlighted in the article is the refund requestImprove institutions and enhance management capacity to meet the specific characteristics of the energy industry with long investment cycles, large capital and high risks. Removing mechanism bottlenecks, increasing autonomy and shortening the decision-making process are considered important conditions for Petrovietnam to continue to develop in a globally competitive environment.
The message General Secretary To Lam sent to Petrovietnam with the eight words "Pioneer - Excellence - Sustainability - Global" is considered a development orientation in the new period. Accordingly, Petrovietnam not only plays a role in ensuring energy security but also aims to become a modern energy industrial corporation capable of competing in the region and the world, contributing to the goal of making Vietnam a developed country in the mid-21st century.
