PetroVietnam

What PetroVietnam does

PetroVietnam (Vietnam National Industry-Energy Group) is Vietnam's wholly state-owned national energy champion, operating a fully integrated petroleum value chain from upstream exploration and production through refining, gas processing and LNG, power generation, petroleum distribution, and technical services. The group controls five core business areas across approximately 60,000 employees, with consolidated assets of ~$37 billion and operations spanning 14 countries. Its wholly-owned subsidiaries include BSR (refining), PVFCCo and PVCFC (fertilizers and chemicals), PV GAS (gas and LNG, which alone generated VND 134 trillion/$5.1 billion in 2025 revenue), PVOIL (petroleum distribution), PTSC (offshore engineering and technical services), PV Power (generation), and PVEP (exploration and production), alongside joint ventures including Vietsovpetro and Rusvietpetro.

The group generates revenue through commodity-based transactions across upstream (oil and gas production licensing and sale), midstream (gas distribution and LNG terminal throughput via PV GAS), downstream refining (Dung Quat and 25.1%-owned Nghi Son Refinery meeting 35-40% of Vietnam's domestic petroleum demand), and power generation (Nhon Trach 3&4 LNG plant plus hydropower). Customer segments center on Vietnamese industrial and residential energy consumers, the EVN national grid, and the Government of Vietnam for energy security purposes. Pricing follows government regulations and commodity market rates rather than commercial tiers.

In September 2025, the entity rebranded from Vietnam Oil and Gas Group to Vietnam National Industry-Energy Group to reflect its strategic expansion into offshore wind, nuclear power, hydrogen, and high-tech services. Recent strategic actions include inaugurating Vietnam's first LNG power plant (December 2025), breaking ground on the $2.3 billion Quynh Lap LNG project, and signing major partnerships across Shell (LNG supply), KEPCO/Doosan (nuclear), CIP (offshore wind), and Huawei (digital transformation).

Name

PetroVietnam

Legal name

Vietnam National Industry - Energy Group

Website

https://pvn.vn

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

PetroVietnam is Vietnam's state-owned national energy champion operating a fully integrated petroleum value chain spanning exploration, refining, gas/LNG, power generation, and petroleum services across 14 countries, serving Vietnamese industrial, residential, and government customers.

Ownership category

akta.pro rank

Product category

Integrated Oil and Gas Operations

NAICS

Petroleum Refineries (32411), Petrochemical Manufacturing (32511), Oil and Gas Field Machinery and Equipment Manufacturing (333132), Petroleum Bulk Stations and Terminals (424710)

SIC

Crude Petroleum & Natural Gas (1311), Petroleum Refining (2911), Oil & Gas Field Machinery & Equipment (3533), Chemicals & Allied Products (2800)

akta.pro primary industry

NGL & Light Ends Feedstocks (Ethane, Propane, Butane, Natural Gasoline) (EUALAHAA)

akta.pro secondary industries

Syngas & Hydrogen Feedstocks (SMR/ATR, Refinery/Petrochem H2) (EUALAHAE), Oilfield Equipment Manufacturing & Supply (Wellheads, BOPs, Surface Equipment) (EUALABAL)

Keywords

• Oil and gas exploration
• Petroleum refining services
• LNG distribution infrastructure
• Power generation operations
• Petrochemical production

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Oil and Gas Exploration and Production: Upstream oil and gas exploration and production operations including domestic fields (Bach Hổ, Đại Hùng) and international operations in 14 countries
2. Gas Industry and LNG: Gas processing, distribution and LNG infrastructure operations through PV GAS subsidiary; record 2025 revenue of VND134 trillion ($5.1 billion)
3. Power Generation: Electricity generation through multiple power plants including Nhon Trach 3&4 (1.6 GW LNG), hydropower plants, and renewable energy projects
4. Refinery and Petrochemical: Refinery operations at Dung Quất and Nghi Son complexes producing gasoline, diesel, jet fuel, polypropylene and petrochemical products
5. Petroleum Technical Services: High-quality petroleum technical services including drilling, offshore construction, and vessel operations through subsidiaries PV Drilling, PTSC, PVTrans

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

PetroVietnam is Vietnam's state-owned integrated energy group operating across five core business areas: Exploration & Production of oil and gas domestically and in 14 countries; Petrochemical & Refining through the Dung Quat and Nghi Son refineries (~200,000 barrels/day combined capacity); Gas Industry and LNG infrastructure through PV GAS (Thi Vai and Son My terminals); Power Generation including Nhon Trach 3&4 (Vietnam's first LNG-powered plant, 1.6 GW); and Petroleum Technical Services covering drilling, offshore construction, and maritime transport through PTSC, PV Drilling, and PVTrans. The group supplies crude oil, refined petroleum products, natural gas, electricity, and fertilizers to Vietnam's industrial, government, and consumer markets.

Product overview

PetroVietnam operates as a fully integrated energy group with five core business areas: Exploration & Production (oil and gas extraction across Vietnam's continental shelf and 14 countries internationally), Petrochemical & Refinery (operates Dung Quat and Nghi Son refineries with combined capacity of 200,000+ barrels per day), Gas Industry (natural gas processing, LNG terminals including Thi Vai and Son My, and pipeline distribution through PV Gas), Power Generation (operates Nhon Trach 3&4 as Vietnam's first LNG power plant plus hydropower and renewable energy projects), and High-quality Petroleum Technical Services (drilling, offshore support, maritime transport through PVTrans and PTSC). The group is expanding into offshore wind, nuclear power, and digital transformation while maintaining its core petroleum business.

Differentiator

Problem solved

Functional benefit

Products and services

• Exploration & Production Oil and gas exploration, discovery, and production operations including drilling, extraction, and field development across Vietnam's continental shelf and international operations in 14 countries.
• Petrochemical & Refinery Operations Oil refining and petrochemical processing through major facilities including Dung Quat Refinery and Nghi Son Refinery and Petrochemical Complex, producing gasoline, diesel, jet fuel, and petrochemical feedstocks.
• Gas Industry and LNG Operations Natural gas processing, distribution, and LNG handling through PV Gas subsidiary, including pipeline networks, gas distribution centers, LNG terminals (Thi Vai and Son My), and gas-to-power operations.
• Power Generation Electricity generation through multiple power plants including Nhon Trach 3&4 (Vietnam's first LNG-powered facility), hydropower plants, and renewable energy projects including offshore wind, supplying the national grid.
• High-Quality Petroleum Technical Services Comprehensive oilfield services including drilling rigs (PV Drilling), offshore support vessels, maritime services (PVTrans), construction and engineering through PTSC, and well services.
• Nghi Son Refinery and Petrochemical Complex 200,000 barrels per day refinery in Thanh Hoa province with $9 billion investment, meeting 35-40% of Vietnam's domestic petroleum demand; PetroVietnam holds a 25.1% stake.
• PVFCCo (Phú Mỹ Fertilizer) Fertilizer production subsidiary producing urea and related agricultural chemicals at the Phú Mỹ facility, supplying Vietnam's agricultural sector.
• Thi Vai LNG Terminal LNG import and storage terminal operated by PV Gas, Vietnam's first LNG terminal; being expanded to 3 million tonnes per year capacity.
• PVOIL Petroleum Distribution Petroleum distribution and retail network across Vietnam, including fuel stations and oil product distribution operated by PetroVietnam Oil Corporation (PVOIL).

Quantifiable outcome

• Contributes significantly to state budget revenue and national energy security
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

14 partnerships are on record, tiered core, important and major.

• Shell Eastern TradingcoreStrategic or Co-development Partner · 6 July 2026PV Gas signed a term LNG sale and purchase agreement with Shell covering 2027-2031 period following tender process concluded in late 2025. This marks Vietnam's first-ever term LNG purchase, positioning PV Gas as reliable LNG importer sourcing competitively priced gas. Shell supplied Vietnam's inaugural LNG cargo in July 2023 for Thi Vai terminal commissioning.
• RosatomimportantStrategic or Co-development Partner · 2 July 2026Rosatom and Petrovietnam agreed to build additive technology centre in Vietnam, expanding nuclear and advanced technology cooperation.
• Vitol AsiamajorStrategic or Co-development Partner · 22 June 2026Petrovietnam and Vitol strengthening cooperation in energy sector, building on existing energy trading and supply arrangements.
• Huawei TechnologiesimportantTechnology or Integration · 10 June 2026Petrovietnam and Huawei discussed potential cooperation in digital transformation, artificial intelligence and digital energy infrastructure. Petrovietnam seeking to modernize operations and expand into new energy sectors under three pillars: energy as core, industry and high-tech services.
• Asian Development Bank (ADB)majorStrategic or Co-development Partner · 3 June 2026Petrovietnam and ADB announced partnership focused on green finance and energy transition, supporting Petrovietnam's diversification beyond traditional oil and gas into renewable energy sectors.
• PetronascoreStrategic or Co-development Partner · 25 May 2026Minister Le Manh Hung held talks with President and Group CEO of Malaysia's Petronas on expanding energy sector cooperation.
• SK InnovationmajorStrategic or Co-development Partner · 19 May 2026SK Innovation, together with PetroVietnam Power and NASU (affiliate of TH Group), held groundbreaking ceremony for $2.3 billion Quynh Lap LNG project in Nghe An province. Project includes 1.5-GW LNG combined-cycle power plant and LNG terminal targeted for completion December 2030.
• Korea Electric Power Corporation (KEPCO)coreStrategic or Co-development Partner · 24 April 2026KEPCO signed MOU with Petrovietnam for nuclear power development cooperation building on previous MOU from August 2025. Includes four-party MOU with Export-Import Bank of Korea and Korea Trade Insurance Corp for financing nuclear projects. Also signed MOU with Vietnam Electricity covering power infrastructure including HVDC transmission and battery storage.
• Doosan EnerbilitycoreStrategic or Co-development Partner · 24 April 2026Doosan Enerbility signed MOUs with PTSC and PetroCons (Petrovietnam subsidiaries) to cooperate on new nuclear projects and develop local supply chains for Ninh Thuan 2 nuclear power plant. Positions Doosan to support Korea-led Team Korea consortium for Ninh Thuan 2 contract using APR1400 reactor technology.
• NovatekmajorStrategic or Co-development Partner · 23 March 2026Russia's largest LNG producer Novatek signed preliminary supply agreement with Vietnamese buyer (PetroVietnam Gas) after more than five years of negotiations. Deal reached during Vietnamese PM Pham Minh Chinh's visit to Moscow, as Russia seeks to redirect energy exports amid geopolitical tensions.
• Excelerate EnergyimportantStrategic or Co-development Partner · 4 March 2026Excelerate Energy CEO outlined ongoing engagement with PetroVietnam in Vietnam, positioning as preferred 'last mile' LNG provider with exploration of growth opportunities in South Asia including early-stage projects in India.
• GE VernovacoreTechnology or Integration · 5 January 2026GE Vernova deployed Vietnam's first HA turbine at Petrovietnam Power Corp's 1.6-GW Nhon Trach 3&4 Power Plant, achieving over 63% combined-cycle efficiency. First LNG-powered facility in Vietnam.
• ZarubezhneftcoreStrategic or Co-development Partner · 27 November 2025PM Pham Minh Chinh met with Zarubezhneft General Director Sergei Kudryashov discussing joint ventures Vietsovpetro and Rusvietpetro, expanding cooperation into LNG, renewable energy, hydrogen and new materials. Explored potential energy hub establishment in Vietnam.
• Copenhagen Infrastructure Partners (CIP)majorStrategic or Co-development Partner · 27 August 2025CIP signed Joint Development Agreement with Petrovietnam to develop offshore wind project in Vietnam, marking significant step in Vietnam's clean energy transition. Project in early development requiring regulatory approvals.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Idemitsu Kosan: Japanese integrated oil company holding 35.1% of the Nghi Son Refinery and Petrochemical Complex alongside PetroVietnam (25.1%). Direct JV partner and comparable refining/petrochemicals operator with overlapping product slate in the Vietnamese market.
• Kuwait Petroleum International: International downstream arm of Kuwait Petroleum Corporation, holding 35.1% of the Nghi Son Refinery alongside PetroVietnam. Direct JV partner with comparable refining-focused exposure to Vietnam.

Direct peers

• Pertamina: Indonesia's state-owned integrated oil, gas and energy company operating across upstream, refining (including the Cilacap refinery), gas distribution and renewables. Closely comparable emerging-market integrated NOC with a similar national-champion mandate and downstream-heavy exposure.
• ONGC (Oil and Natural Gas Corporation): India's state-owned upstream-dominated national oil company with refining, petrochemicals and power interests via subsidiaries (OCL, MRPL). Comparable state-owned integrated oil and gas peer in an emerging Asian economy with similar government-directed strategic priorities.
• PTT Public Company Limited: Thailand's state-owned integrated energy company with upstream (PTTEP), gas, refining, petrochemicals and power generation businesses. Operates the same integrated NOC model as PetroVietnam and is the regional benchmark for state-led energy transition execution.
• Petronas: Malaysia's state-owned integrated national oil and gas company with a comparable fully integrated value chain (upstream, refining, petrochemicals, LNG, power). Most directly comparable Southeast Asian NOC peer — similar scale, integrated business model, regional LNG/power ambition, and sovereign backing.
• PTT Exploration and Production (PTTEP): Upstream arm of Thai NOC PTT, with international E&P operations and growing LNG/gas portfolio. Directly comparable to PetroVietnam's PVEP and JV-driven international exploration footprint (14 countries).

Broad incumbents

• Sinopec: China's state-owned integrated oil and gas and chemicals giant with the world's largest refining capacity. Overlapping scope (refining, petrochemicals, gas, retail) but operates at materially larger scale and across a more diversified international footprint.
• Saudi Aramco: The world's largest state-owned integrated oil company and global LNG/upstream supermajor. Not a direct competitor but the global benchmark NOC for state-owned integrated energy business models and the source of crude feedstock for PetroVietnam's refining operations.
• CNOOC: China's state-owned offshore upstream major and LNG importer with a much larger international asset base. Comparable business model on the upstream/LNG side, but operates at significantly greater scale and is not domestically integrated downstream.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/petrovietnam-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PetroVietnam