PETROSETCO: Confident for Expansion

Petrosetco’s success lies in the combination of two important elements: internal force and external force. In terms of internal force, the company has combined the intelligence of managers as well as officials and workers into a united bloc, renovated and adapted to new situations and grasped opportunities quickly. In terms of external force, the attractiveness and stimulation of the market and new opportunities have created motivation for the company’s development. In addition, Petrosetco’s operational mechanism has been continuously renovated to adapt to new situations. The company will be renamed PetroVietnam Services Corporation by October of this year and operate as a holding company.

 

With the above achievements, what do you assess and expect in Petrosetco’s operations in the upcoming several years?

The company’s business results in the first half of this year can be said to be a surprising breakthrough. In 2007, the company expects to obtain total revenue VND1,000 billion (US$62.5 million). With current business results, its revenue can surpass the set target and reach over VND2,000 billion (US$125 million) this year and between VND3,500 to VND4,000 billion in 2008. Petrosetco expects its revenue in 2010 will reach VND7,000-VND8,000 billion, and to be named in the list of enterprises with revenue of over VND10,000 billion by 2015, building a strong brand name. The company has built a complete development strategy to 2015 and orientation until 2025, which has been reported to the leaders of Vietnam National Oil and Gas Group (PetroVietnam).

 

Currently, Petrosetco is operating in this main following business lines. First is production fields, we have invested to build an Air Tank Plant with production factory area of 6,000 square metres, closed production line and verification and automatic control for over 80 per cent of production process. We are also urgently preparing for investment in a series of bio-material plants to produce first cassava materials and then materials from other agricultural products such as maize and sugar cane. The company is striving to become a domestic leading business in bio-material production.

 

The second business line is trade. With a goal of diversifying business and production activities for stable and sustainable development in the integration process into the world economy, Petrosetco started its business in trade and goods import and export in late 1997, based on good relations with customers, financial capacity and available experience. This sector has made important contributions to the company’s development over the past years. Petroleum trade activities have also been promoted to meet the sector’s demand and match the development strategies of the oil and gas sector.

 

It is true. This is the fourth field in the company’s business lines. Real estate is a high potential and profitable sector for the company as Petrosetco is rich in land sources. We expect to set up a property company in the near future. Many prestigious enterprises in the real estate sector have expressed their interest in teaming up with Petrosetco in this promising sector. We are now preparing to invest in an important project, Setco Tower High-quality Office Building, scheduled to start work in mid 2008. The building will have an estimated 39 stories, with offices for rent, a services and trade area and luxury apartments together with other stay-in services.