On May 26th, 2017, in Hanoi, PetroVietnam Exploration Production Corporation (PVEP) held a Ceremony marking PVEP 10th Anniversary (4/5/2007- 4/5/2017).
In attendance at the ceremony were Deputy Prime Minister Trinh Dinh Dung; Vice Minister of Industry and Trade Tran Quoc Khanh; Deputy State Auditor General Nguyen Quang Thanh; Vice Chairman of the Government Office Nguyen Cao Luc; Standing Vice Party Secretary of the Group of State-owned Enterprises Tran Huu Binh; Assistant to the Prime Minister Cao Xuan Thanh; Director General of the General Directorate of Energy Dang Huy Cuong and comrades representatives of leaders of the Government Office, the Ministry of Industry and Trade and Ministries, agencies at the Central and local levels.
Ambassador Extraordinary and Plenipotentiary of the Republic of Algeria in Vietnam; First Secretary of the Embassy of the Russian Federation to Vietnam; representatives of Embassies in Vietnam represented the Diplomatic Corps.
From PetroVietnam (PVN) leaders of PVN's Party cell, BOD, Executive Board were in attendance, including: comrade Phạm Xuân Cảnh; comrade Phan Ngoc Trung; comrade Nguyễn Hùng Dũng; comrade Nguyen Quynh Lam; comrade Ninh Van Quynh; comrade Nguyen Quoc Thap and leaders of PVN's sociopolitical organizations, leaders of PVN's departments, representatives of leaders of PVN's subsidiaries.
From PVEP, Chairman of PVEP Board of Directors Nguyen Van Que; CEO of PVEP Ngo Huu Hai were in attendance with comrades members of the Board of Directors, the Executive Board, comrades former leaders of PVEP from various generations, leaders of sociopolitical organizations, leaders of departments/office, leaders of subsididaries, joint ventures and representatives of contractors, partners and PVEP staff. 

Deputy Prime Minister Trinh Dinh Dung congratulating PVEP on the occasion of its decennial anniversary 

Throughout the course of its development, PVEP has changed names and restructured to be in line with the times. On May 4th, 2007, PVN made public Decision No. 1311/QĐ-DKVN to establish a mother company - PetroVietnam Exploration Production Corporation (PVEP) on the basis of merging two companies PetroVietnam Exploration Production Company (PVEP) and Petroleum Investment and Development Company (PIDC).
Over the past 10 years, PVEP has seen great development and reaped many outstanding achievements in business operation. Not only fulfilling its role as the explorer, and producer of oil and gas in Vietnam's sovereign maritime domain, PVEP is also Vietnam's first company branching out to the international petroleum market. 
Speaking at the ceremony, on behalf of the Prime Minister, Deputy Prime Minister Trinh Dinh Dung took note of and commended the successes of PVEP and its staff over the years. Deputy Prime Minister Trinh Dinh Dung confirmed PVEP's maturity and efficiency as the leading oil and gas producer in Vietnam. With its oil and gas exploration and production activities, PVEP has contributed importantly to ensuring energy security and maritime sovereignty. 

Deputy Prime Minister Trinh Dinh Dung presents Labor Medal of the 2nd Class to outstanding individuals.

To build on past successes, remedy shortcomings, Deputy Prime Minister Trinh Dinh Dung suggested PVEP focus on a number of the following tasks: 
First, focus on carrying out organizational - technical solutions to effectively conduct exploration, reserve appraisal at blocks operated, jointly-operated by PVEP, or those domestic and international projects in which PVEP has a stake in. 
Second, improve management capacities, implement approved projects effectively, safely and on-time, be proactive in arranging finances to realize investment projects according to current regulations. 
Third, conduct regular inspection, safety monitoring and environmental protection at existing oil and gas exploration and production blocks.
Fourth, conduct research and review in order to take comprehensive and determined measures and solutions to restructure the managerial apparatus, organization and operations, allocate, logically and appropriately distribute resources and human resources; actively conduct research and apply new ST achievements to improve competitiveness and efficiency in managment and operation of production and business activities.

Deputy Prime Minister Trinh Dinh Dung presents the Prime Minister's commendations to business units and individuals with outstanding performance. 

Fifth, attach importance to organizational development, development of the Party, training a united contingent of cadres and employees; improve corporate governance, promote traditions and build on the strengths of high quality human resources, focus on training the work force, experts to meet international standards, to be able to provide high quality human resources to the global petroleum sector.
Sixth, work closely with relevant ministries and agencies, especially the Ministry of Defense to take part in, support and ensure the security and safety of offshore oil and gas activities in the East Sea in the new situation, concretely contributing to the defense of national maritime sovereignty. Work with the Ministry of Natural Resources and Environment, the State Steering Committee on Preliminary Survey of Maritime Resources and Environment to integrate exploration and production of petroleum with exploration of the maritime resources, particularly in deep waters.
The Deputy Prime Minister made the specific suggestion to PVEP and PVN subsididaries to focus on comprehensively implementing solutions strive to over-produce 1 million tons of oil compared to set targets for 2017 in the spirit of cutting costs and improving efficiency. This is a particularly important task that the Government has assigned to the petroleum sector, including PVEP to realize the goals of achieving growth targets, stabilizing the macro economy, and ensuring social security.

Representative of Vietnam General Confederation of Labor Unions present the Outstanding Achievement flag and the General Confederation's Certificate of Merit to outstanding individuals and business units. 

Speaking at the ceremony, CEO of PVEP Ngo Huu Hai shared, over the course of 10 hardship years, PVEP has recorded notable achievements, namely: possession of a portfolio of 52 domestic and international projects; total asset of over 150 trillion VND; revenues of over 464 trillion VND; over 214 trillion VND paid in taxes; 7 consecutive years in the Top 10 out of 1000 companies with the highest tax contribution in Vietnam; a leader in social security, corporate responsibility activities with total contributions exceeding 650 billion VND.
PVEP is always the leader in oil and gas exploration together with the political responsibility of defense of national maritime sovereignty. PVEP has 46 new discoveries in the books, both domestically and internationally; reserves reaching 230.5 MTOE; total production reached 55.9 MTOE out of 163.2 MTOE of PVEP's joint-ventures, roughly 2/3 of Vietnam's total petroleum production. 
PVEP has put 41 new wells in operation, ensuring absolute safety and optimum expenditures (32 domestic and 9 overseas); It has successfully oversaw production development projects in and outside the country such as at the Dai Hung, Song Doc wells, the Bir Seba well in Algeria ... PVEP is also a pioneer in international economic integration and offshore investment with 11 projects in 9 countries out of a portfolio of 52. 

The ceremony marks the 10th Anniversary of PVEP.

PVEP is also at the top of the pack in R&D, promoting innovations and technological improvements. PVEP has 64 innovations/solutions at the Corporate level, 12 initiatives at the Corporation level, and 10 published researches, one of which won the Hochiminh ST Award, and 2 won the Vietnam VIFOTEC Award in 2013 and 2016. Total savings is nearly 1 billion USD.
In corporate governance, PVEP is also a pioneer in application of advanced management tools, improving quality of corporate governance such as the ERP, PVEP iBoard, risk management, exploration production databse, and KPI system used for asssesment of investment projects. PVEP has also made breakthroughs in remuneration and award schemes for staff and managers, developed a quality work force, uniquely conditioned to the characteristics of the field. PVEP's currently has 1,535 employees, 89% have at least a Bachelor, engineering degree.
PVEP has been awarded the title "Heroic Labor Unit in the period of Renovation" in 2014 and many other presitigious prizes by the Party, State, Government. It has been recognized by the Government as a special State Corporation in 2015. It is also recipient of many important awards: Top 10 Vietnam Gold Star, Top 10/100 leading brands, Top 14/500 Biggest Enterprises, Enterprise for Employees, Company with Good CSR.

\
Leaders of PVEP present Certificate of Recognition to individuals with outstanding achievements in business operations in the 2007-2017 period.

Beside major achievements, since the end of 2014, prolonged and low oil prices has severely affected PVEP's production and exploration activities, poor results of overseas investment as a result of unforeseen factors such as political, economic swings, low oil prices... have caused PVEP to face never-before-seen difficulties. However, with wise policies and unity and solidarity in its whole leadership, and employees, PVEP have gradually overcome difficulties, got back on its feet, and maintain system stabliity and step-by-step resolve challenges towards future development. 
According to PVEP CEO, the forecast for 2017 and the following years holds many potential risks and challenges. To overcome these potential challenges and difficulties, continue to maintain sustainable development, PVEP will need to strive its best to under the close guidance of comrade leaders of the Party, State, Government, MOIT and PVN. In addition, for PVEP to succeed, it must also change its mindset, in the spirit of "oil prices may fall but PVEP's confidence and determination will always remain high". 
On this occasion, PVEP also recognized business units and individuals with outstanding contributions to the Corporation over the past 10 years; it has also pledged to provide financial support to build a shrine for Vietnam - Laos International Cemetery for martyrs in Anh Son District, Nghe An province and construct a Health Clinic in Hai Chau commune of Hai Hau District, in Nam Đinh province.

Leaders of PVEP present its pledge to provide financial support to build a shrine for Vietnam - Laos International Cemetery for martyrs in Anh Sơn District, Nghe An province and construct a Health Clinic in Hai Chau commune of Hai Hau District, in Nam Đinh province.