Company Directory - Vietnam Oil and Gas Group
Company Details - Vietnam Oil and Gas Group
Vietnam Oil and Gas Group
WebsiteHanoi, Vietnam
Vietnam Oil and Gas Group, officially known as PetroVietnam, is the state-owned oil and gas corporation of Vietnam, playing a significant role in the exploration, production, and distribution of oil and gas in the country. The company is involved in various sectors including oil refining, petrochemicals, and gas distribution, contributing substantially to Vietnam's economy and energy security.
CCI Score
CCI Score: Vietnam Oil and Gas Group
1.80
Latest Event
Petrovietnam Signs MoUs for Digital Transformation and Sustainable Energy
On September 23, 2024, Petrovietnam signed multiple Memoranda of Understanding with U.S. partners, including Kellogg Brown & Root and GE Digital International LLC, to boost digital transformation and develop sustainable, green energy projects such as sustainable aviation fuel and green hydrogen. The event was attended by top Vietnamese leaders, underscoring strengthened Vietnam-US economic and technological cooperation.
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OBJECTOR
Vietnam Oil and Gas Group is currently rated as an Objector.
Latest Events
- SEP232024
On September 23, 2024, Petrovietnam signed multiple Memoranda of Understanding with U.S. partners, including Kellogg Brown & Root and GE Digital International LLC, to boost digital transformation and develop sustainable, green energy projects such as sustainable aviation fuel and green hydrogen. The event was attended by top Vietnamese leaders, underscoring strengthened Vietnam-US economic and technological cooperation.
+50
Public and Political Behavior
April 9
The event featured high-level state involvement and public endorsement by top government figures, indicating a commitment to stable international relations and sustainable development. This transparent political engagement is seen as a positive step against authoritarian practices.
Petrovietnam signs MoUs on digital transformation, sustainable energy with US partners
+40
Business Practices and Ethical Responsibility
April 9
By entering into partnerships focused on sustainable and green technologies, Petrovietnam is aligning its business practices with ethical and environmentally friendly strategies, which promotes responsible corporate behavior.
Petrovietnam signs MoUs on digital transformation, sustainable energy with US partners
+60
Technology and Services Impact
April 9
The collaboration with GE Digital International LLC and the focus on digital transformation mark a significant advancement in technology adoption. This move is geared toward enhancing operational efficiency and promoting innovations in sustainable energy production.
Petrovietnam signs MoUs on digital transformation, sustainable energy with US partners
+40
Economic and Structural Influence
April 9
The agreements signal a strategic economic collaboration with U.S. companies, which fosters balanced international partnerships and contributes to robust economic development. This collaborative approach counters authoritarian economic isolationism.
Petrovietnam signs MoUs on digital transformation, sustainable energy with US partners
- JAN042024
Vietnam police have detained the former chairman of Vietnam Oil and Gas Group (PetroVietnam), who also served as deputy trade minister, amid a probe into power abuse and oversight failures reported by the government inspectorate.
-70
Executive Political Engagement
April 9
The detention of a high-ranking former executive for power abuse highlights significant concerns regarding the misuse of political influence and corporate power. As a former deputy trade minister and PetroVietnam chair, his actions raise red flags about the entanglement of business leadership with authoritarian practices and governance failures. This event underscores problematic executive political engagement that aligns with practices typically associated with authoritarian systems.
- NOV152023
Vietnam Oil and Gas Group (PetroVietnam) signed an MoC with Petronas to explore collaboration opportunities across upstream, renewable energy, gas, and downstream sectors, emphasizing a commitment to a responsible energy transition and decarbonization efforts.
+50
Business Practices and Ethical Responsibility
April 9
The Memorandum of Cooperation signals PetroVietnam's proactive approach by engaging in a sustainable energy transition, aligning its business practices with progressive environmental and ethical priorities that counter exploitative fossil fuel dependencies often associated with authoritarian energy regimes.
Petronas, PetroVietnam to collaborate on upstream, renewable energy, and decarbonization initiatives
+30
Technology and Services Impact
April 9
By exploring renewable energy solutions and decarbonization technologies, PetroVietnam demonstrates a commitment to leveraging technological advancements for cleaner energy, which supports community resilience and counters regressive energy practices that may fuel authoritarian structures.
Petronas, PetroVietnam to collaborate on upstream, renewable energy, and decarbonization initiatives
- NOV082023
Deputy Prime Minister Le Minh Khai approved a restructuring scheme for Vietnam Oil and Gas Group (Petrovietnam) aimed at modernizing the state-owned enterprise and bolstering national energy security through digital transformation, green transition, and streamlined operations until the end of 2025.
+10
Public and Political Behavior
April 9
The decision by Deputy Prime Minister Le Minh Khai reflects a policy move that embeds the company within national political priorities for modernization and energy security. This indicates a positive alignment with public sector reforms that promote progress and democratization of state assets.
+10
Technology and Services Impact
April 9
The restructuring plan emphasizes digital transformation and green energy initiatives, indicating the company’s investment in modern technology and sustainable practices, which aligns with progressive, forward-looking business practices.
+15
Economic and Structural Influence
April 9
The restructuring into a modern, consolidated conglomerate is designed to improve operational efficiency and enhance the overall economic architecture of Petrovietnam, reinforcing its role as a pillar of national economic stability and security.
- SEP262017
An official, PetroVietnam's chief accountant Le Dinh Mau, was arrested in a corruption crackdown linked to alleged economic mismanagement causing significant financial losses at a unit of the state-owned oil and gas giant. This latest arrest, part of a broader investigation that has implicated several high-ranking executives, underscores longstanding challenges in corporate governance within the organization.
-50
Business Practices and Ethical Responsibility
April 9
The corruption scandal and mismanagement allegations at PetroVietnam highlight significant failures in ethical business practices and corporate accountability, undermining public trust and contributing to systemic issues within a state-owned enterprise.
Vietnam arrests another oil giant official for alleged mismanagement
-30
Economic and Structural Influence
April 9
The mismanagement and subsequent financial losses, estimated at nearly $150 million in one of the company’s key units, reflect deeper structural and economic issues that could undermine economic stability and public sector accountability.
Vietnam arrests another oil giant official for alleged mismanagement
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