On October 30, 2023, the Vietnam National Petroleum Group (Petrolimex/ticker symbol: PLX) and the Vietnam National Innovation Center (NIC) officially inked a Memorandum of Understanding with the aim to promote innovation in the energy transition and digital transformation process at Petrolimex.

Within the framework of the Memorandum of Understanding (MoU), NIC and Petrolimex will collaborate on numerous important areas, including: (1) Implement innovation programmes: supporting businesses in technological transition and transformation in the fields of Hydrogen energy, new energy and renewable energy; (2) Jointly organise conferences and workshops to enhance innovation and digital skills for Petrolimex’s leaders, managers and employees to participate in Petrolimex’s digital transformation process; (3) Support Petrolimex in developing and implementing a sandbox mechanism for the testing and development of new forms of energy, renewable energy, Hydrogen energy, and new business models of Petrolimex; Support Petrolimex in finding funding sources/green financial sources, and green growth for Petrolimex to access and implement projects; (4) Carry out training in innovation and business management, enhancing the quality of human resources for Petrolimex; (5) Share the network of specialists, investors and domestic and foreign investment funds for activities of both sides; (6) NIC helps with connections for joint study of and work out solutions to Petrolimex’s problems; (7) Communicate and disseminate programmes coordinated by both sides; (8) Share the resources of both sides to implement operation plans in line with the cooperation agreement. 

Innovation is an inevitable trend, an essential driving force for promoting the sustainability of enterprises nowadays. Especially in the context of vigorous digital transformation and energy transition, Petrolimex needs to intensify innovation to create new products and services, meeting the market demand and improving operational efficiency. 

Seriously implementing the Party’s guiding principles and State’s laws, over the past time Petrolimex has always been concerned with promoting innovative activities to widely spread and realise the strategic objectives by 2025, with a vision to 2030 “to become the leading energy group in Vietnam in terms of high quality, environmentally-friendly and clean energy based on the foundation of the Industry 4.0 technology and comprehensive digital transformation”; in which, maintaining, consolidating, innovating, modernising and advancing the advantages of traditional petroleum business; concurrently, adapting, transforming, and shifting towards the trend of green energy business will become obvious in the next 5-10 years and will occur strongly in Vietnam within the next 10-15 years.

Previously, on October 16, 2023, the Vietnam National Petroleum Group took specific actions related to the programme by organising the Petrolimex Technovation Day 2023 in Hai Phong City. The event recounted Petrolimex’s technology and innovation activities in the 2018-2022 period and outlined the direction for new innovation tasks in the new period; therefore determining to successfully implement 10 key tasks (on the basis of the current regulations of the Group and relevant laws) to achieve the set targets and strategic visions as well as address existing shortcomings and issues of the previous period.

This is a large-scale and important event marking a milestone for Petrolimex in 2023, demonstrating the determination of Petrolimex to realise its goals and strategic orientations until 2025, with a vision to 2030 in the context of the Fourth Industrial Revolution and strong global energy transition trend. From this conference, the Group’s leadership sends a message, expressing their expectation that the innovation movement will not only spread in the technical and technological field but also in all areas throughout the Petrolimex system. Each of the 30,000 employees in the Group is a positive factor contributing to the formation of an innovative and creative ecosystem throughout the system. Among them, the Chairman, the Director General, and the Director of each member unit will be the chief, the core to lead innovation programmes in their respective unit./.