The monthly statistics do not clearly reflect the scale of Petrovietnam’s operations

This is the opinion of TS. Can Van Luc – Member of the National Financial and Monetary Policy Advisory Council at the seminar on “Macroeconomics, financial and monetary policies in 2021, Q1 updates, Q2 forecasts and impact assessment. to production and business of Petrovietnam “.

The seminar was organized online by Vietnam Oil and Gas Group (Petrovietnam) with the participation of economic experts: PhD. Vo Tri Thanh, Director of the Institute of Branding and Competition Strategy Research; TS. Can Van Luc, Member of National Financial and Monetary Policy Advisory Council.

The seminar is held online at bridge points: Hanoi, Ho Chi Minh City, Quang Ngai, Ba Ria – Vung Tau and Ca Mau

Petrovietnam General Director Le Manh Hung shared that, every quarter, Petrovietnam held periodical meetings to hear and consult experts on macroeconomics, focusing on policies and forecasts on the impact of the economy. macroeconomics to the Vietnamese economy, to enterprises in the energy and oil and gas sectors.

At the seminar, General Director Le Manh Hung also informed experts about the Group’s business results in the first quarter of the Group and hoped that through the seminar, leaders of the Group and other units would receive a reception. receive new information, forecasts as well as comments from economic experts to continue implementing the Group’s production and business activities in the coming time.

At the seminar, TS. Vo Tri Thanh – Director of the Institute of Branding and Competition Strategy has presented the report “Macroeconomic overview of the first quarter and forecast for the second quarter of 2021”. The report focuses on clarifying the evolution of the Covid-19 epidemic, the impact and impact of the epidemic on the world economy in general and the Vietnamese economy in particular. At the same time, assessing other impacts affecting the Group’s production and business activities such as: oil prices, disease risks, public investment, corporate restructuring, transformation number…

Sharing about the implementation of digital transformation in Petrovietnam, PhD. Vo Tri Thanh emphasized that the lesson learned through this work is that the leader must step in and lead. Digital transformation in an enterprise is associated with business strategy, as well as tailored to the specific characteristics of each business.

In addition, TS. Vo Tri Thanh shared that the most important thing for businesses that do digital transformation is corporate culture. Enterprises must identify important technology but it is constantly changing, new culture is the root of digital transformation before implementing other problems in this work.

Also at the seminar, TS. Can Van Luc – Member of the National Financial and Monetary Policy Advisory Council analyzed the possibility of world and Vietnam economic recovery in 2021, the world financial-monetary and crude oil market situation. 2021. Accordingly, the statistics on crude oil prices and oil and gas activities published monthly by the General Statistics Office do not clearly reflect the scale of Petrovietnam’s operations. Meanwhile, crude oil trading is only one activity in the chain of activities contributing to the overall value chain of the Group. Besides, Petrovietnam’s activities also focus on the fields of electricity, oil and gas services as well as other investment activities.

Analyzing the impact of oil prices on the economic situation of Vietnam, PhD. Can Van Luc said that the reduction of oil prices reduced the cost of petroleum import, thereby helping to reduce the trade deficit as well as saving Vietnam an amount of foreign currency imported for petroleum. In addition, the reduction of gasoline prices helps people save costs (especially traffic), thereby increasing consumption for the economy, while reducing pressure on inflation, contributing to macroeconomic stability. .

However, falling oil prices also reduced state budget revenues, as well as related taxes (import-export tax, value-added tax, special consumption tax), making it difficult to balance the budget when the Government increases. increasing public investment for economic recovery. Falling oil prices have a negative impact on the mining industry, especially the oil and gas industry when it contributes about 7.8% of the GDP structure. Falling oil prices reduce revenue, thereby affecting the exploitation and exploration plan of 2020, as well as the following years of Petrovietnam and its member companies.

TS. Can Van Luc also gave some recommendations to Petrovietnam in the development and implementation of the Development Strategy to 2030, with a focus on restructuring operations, strengthening risk management, and proposing construction research. stockpile oil to cope with fluctuations in oil prices as well as develop and execute a digital transformation strategy throughout the Group.

TS. Can Van Luc said that the year 2021 is forecasted to have a strong resilience, so it requires businesses like Petrovietnam to be ready to grasp new opportunities, a new stage, in which defining people and technology has always been two strategic breakthroughs.

Leaders of the Group and member units also participated in the exchange, giving ideas for experts to answer, propose, and solutions to each related problem.

Concluding the meeting, Petrovietnam’s General Director Le Manh Hung thanked the presentation reports, opinions and exchange of experts on Petrovietnam’s issues. General Director Le Manh Hung suggested units and professional boards to receive opinions and exchange opinions, continue to study and update information at the seminar as well as forecasts to include in the policy of operating real estate activities. business of the Group as well as other units.

General Director Le Manh Hung also shared that in the coming time, Petrovietnam will continue to update its strategy and look forward to receiving the attention and contribution of economic experts to the construction. Establishing the Group’s business strategy in line with digital transformation and energy transformation trends in the coming period.

Le Kim Lien


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