PVChem reviews Party work and business performance for the first half of 2025: Promoting leadership role, creating strong growth momentum

Leaders of Petrovietnam and representatives of units with outstanding achievements in production and business activities in the first 6 months of the year.

On July 8, 2025, in Hanoi and at online connection points, PVChem organized the Conference to review Party work and production-business activities for the first half of the year and deploy key tasks for the second half of 2025.
 

Overview of the Conference on reviewing Party work and production and business activities in the first 6 months of 2025 at PVChem headquarters, Hanoi
 

Party work: Promoting the role of political nucleus, providing comprehensive direction for the enterprise

In the first six months of the year, PVChem’s Party Committee continued to affirm its role as a political nucleus, providing comprehensive and direct leadership in all aspects of the Corporation’s activities. The Party Committee successfully organized the 11th Party Congress of the Corporation, term 2025–2030, identifying the goal of sustainable and strongly innovative development for PVChem, aligned with the development strategy of PVN and other entities in the petroleum value chain.

In addition, the Party Committee issued the entire-term work program, inspection and supervision plans, the 2025 action program, etc., ensuring continuity and proactiveness in leadership and direction. Grassroots Party organizations maintained regular activities and promoted a sense of responsibility in team building and task performance. Party membership development was emphasized, with many cadres and outstanding individuals nominated for political theory training. Mass mobilization, union, and worker welfare activities were effectively implemented, creating solidarity and cohesion throughout the system.

Professional departments presenting the results of production and business activities in the first 6 months of the year

Business operations: Comprehensive growth, breakthrough in research and technology autonomy

In the first half of 2025, PVChem recorded consolidated revenue of VND 2,104 billion, up 72% over the same period and 36% above the plan. Pre-tax profit reached VND 23.07 billion, 13% above the plan and up 145% year-on-year, reflecting effective management, cost control, and market expansion.

Revenue chart of PVChem in the first 6 months of 2025

Growth momentum stemmed from clear breakthroughs in key sectors. Drilling fluid services – PVChem’s technical spearhead – continued to affirm its core role by providing services for 16 wells in six months, four times higher than the same period last year. Revenue from this segment reached nearly VND 403 billion, exceeding the plan by 17%, demonstrating construction capabilities, technical management, and effective coordination with petroleum contractors.

The trading segment achieved revenue of VND 1,543 billion, accounting for over 73% of total consolidated revenue. Besides traditional chemicals and materials, PVChem won the bid to supply base oil for Phu Quoc POC. It also expanded into new business lines, notably metals, generating VND 212 billion in revenue in just the first half of the year. These results not only diversified revenue sources but also demonstrated a flexible development strategy, market expansion, and mastery of the supply chain.

In terms of manufacturing, output for the first six months was estimated at 7,706 tons, 10% above plan, with manufacturing revenue estimated at VND 35 billion, 17% above plan. Despite ongoing challenges in market demand, the manufacturing sector is gradually stabilizing and playing a supportive role in the Corporation's internal value chain.

Another notable highlight in the first half of the year was the effort to master technology and promote R&D. PVChem successfully completed testing of the Pro-Dril water-based drilling fluid system at well 2205/BK-22 of Vietsovpetro. At the same time, the PV-HYDrill synthetic oil-based drilling fluid system – a product registered for intellectual property protection – is being prepared for industrial-scale testing toward commercialization. This marks an important milestone helping PVChem enhance localization capabilities for petroleum technical services, reduce reliance on imports, and gradually affirm its position as a leading specialized chemical–drilling service provider in the industry.

In the first half of the year, PVChem also promoted investment activities, focusing on working with partners to implement two key projects: the industrial gas production plant from LNG Thi Vai (in collaboration with Messer) and the PET chip production project from recycled plastic (in cooperation with NSEC, Boretech).

The Corporation also maintained effective cost-saving measures, cash flow control, and investment management. Operating expenses were strictly managed, achieving cost-saving targets, while average employee income increased by 12% year-on-year – a stable income level amid ongoing market difficulties.

High focus on tasks for the second half of the year

Entering the second half of 2025, PVChem aims not only to maintain the growth momentum achieved but also to accelerate progress to exceed the annual targets. The Corporation continues to maximize the efficiency of core service areas, promote the commercialization of new R&D products, tightly control costs, optimize operations, and fully exploit market opportunities within and beyond the petroleum value chain.

Building on the results achieved, PVChem is determined to complete the target of consolidated revenue of VND 3,600 billion and pre-tax profit of VND 46 billion as planned. More importantly, PVChem aims to build a long-term growth foundation, strengthen its position as a key chemical–service provider of Petrovietnam, and be one of the pioneers in developing the green economy and circular economy.