Iran’s closure of the Strait of Hormuz in March cut off Middle Eastern crude supplies to Vietnam, including all the oil needed by one of Petrovietnam’s two refineries. To address rising energy demand, the state-owned company now operates two combined-cycle natural gas plants with a combined capacity of 1,600 MW. Over the longer term, it is developing offshore wind, including a $4 billion partnership with Copenhagen Infrastructure Partners, and its Ninh Thuan 2 nuclear power project. Petrovietnam generated $24 billion in revenue in 2025 and aims to enter the Fortune Global 500 through innovation, investment and international expansion.
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