PetroVietnam acknowledged for its creative endeavours

Last week VIR, in collaboration with Viet Research, held a ceremony at the Pullman Hanoi to announce the Top 50 Most Innovative Enterprises in Vietnam (VIE50) and the Top 10 Most Innovative Enterprises (VIE10) in key economic sectors. The Top 100 Innovative, Creative, and Effective Products of the Year were also unveiled.

PetroVietnam was named in the Top 10 Creative and Effective Business Enterprises in key economic sectors

This is the second year in a row that businesses have been recognised based on findings from Viet Research.

At the ceremony, Petrovietnam earned recognition as one of the Top 50 Most Innovative Enterprises, while its subsidiaries PetroVietnam Gas, PetroVietnam Exploration and Production Corporation, Binh Son Refining and Petrochemical, and PetroVietnam Drilling and Drilling Services were recognised in the Top 10 Most Innovative Enterprises in the oil and gas category.

In addition, PetroVietnam Power Corporation and PetroVietnam Power Nhon Trach 2 were named in the Top 5 Innovative, Creative, and Effective Enterprises for 2024 in the power production, distribution, and transmission group.

PetroVietnam and its subsidiaries have been honoured for their efforts to apply creativity and innovation to every aspect of their businesses, from their operational models to product and service design, and management approaches. The efforts help the group and its subsidiaries improve production and business efficiency and secure a stronger position in the market, thereby contributing to the overall development of the entire country.

Truong Minh Tien from Viet Research and Dr. Vo Tri Thanh honour PetroVietnam and other companies

Truong Minh Tien, managing director of Viet Research, said, “Innovative and creative activities have become more vibrant among the business community over the past few years, ranging from simple initiatives to product and service improvements and other ground-breaking innovations to meet customer demand. There are also new and disruptive business models that’ve led to breakthroughs in business efficiency.”

A survey of the companies on the VIE lists revealed that 86 per cent of them view innovation and creativity as vital keys to future success, with the majority concentrating on product and service innovation, as well as process improvement. Furthermore, more than 70 per cent of the companies surveyed said they planned to raise their budget for innovation and creativity within the next two years.

Companies honoured at the ceremony are deemed outstanding representatives of the Vietnamese business community, maintaining growth rates during the challenging economic environment. They have pushed forward significant improvements and innovations for production, business, sales, and governance, thereby making a major contribution to the community.

Thanks to these efforts, more Vietnamese-made products have penetrated deeper into global supply chains and conquered demanding markets, as seen by sustained export growth. Furthermore, innovation and creativity have played a vital role in elevating Vietnam’s brand positioning with the rest of the world.

PTSC, a subsidiary of PetroVietnam, also made it onto the VIE10 list

Within the framework of the event, the Vietnam Business Forum’s Creativity and Effective Business also featured presentations from domestic and international experts. They share insights about the importance of innovation and creativity in unlocking the development potential and shaping the future generation of businesses. They also discussed the directions and conditions to promote innovation in the business community.

Speaking at the forum, Nguyen Duc Hien, deputy head of the Party Central Committee’s Economic Commission, said, “The event is significant when the business community is facing many difficulties due to the impact of global economic headwinds. Enterprises honoured in these lists for 2024 can create important motivation for the Vietnamese business community.”

The government has issued many policies to encourage innovation among the business community, Hien added.

“Ministries and state agencies need to conduct more research to bring policies to life so that businesses can gain better access to the government’s support. At the same time, businesses should step up their innovation efforts, focusing on researching and launching new products and solutions to satisfy evolving customer demand,” he stated.

Associate Professor Dr. Vu Minh Khuong at the Lee Kuan Yew School of Public Policy (National University of Singapore) noted, “To foster innovation and creativity, business leaders should consider this a matter of survival, be visionary, and understand the development landscape. Regarding creative space, it must be widespread throughout the enterprise, with the participation of all relevant departments, especially in priority areas.”

At the forum, experts agreed that innovation remains the biggest problem facing organisations today. Any company that wants to succeed in the long term needs to have a business innovation strategy. Businesses on the VIE lists can stay ahead of their competitive counterparts, adjust to shifting market conditions, and satisfy growing customer demands by implementing a business innovation strategy, they said.

Vietnam ranks 46th among the 132 economies in the Global Innovation Index 2023, up five places compared to 2022. It is one of seven middle-income countries that have made great strides in innovation over the past decade. Vietnam is also one of three countries with innovation results exceeding the level of development for 13 consecutive years. The nation’s startup ecosystem has climbed up from fifth to third position among the top six economies in Southeast Asia.

PTSC shows strong engagement in offshore wind power projects The Petrovietnam Technical Services Corporation (PTSC), a subsidiary company of the Vietnam Oil and Gas Group (Petrovietnam), is deeply engaging in domestic and international offshore wind power projects thanks to its rich experience, strong resources and highly qualified personnel.

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