PTSC – Taking Long Strides in a Short Time

8:16:44 PM | 10/10/2011

Taking a look at “fruitful results” achieved by PTSC till today, it is likely to affirm that PTSC after 18 years of struggling with market turbulence like “fire proves gold-adversity proves men”, PTSC has affirmed its position in the integration period and well prepared to be the master of big sea. The brand of PTSC and other domestic enterprises have been shining in international platform, making Vietnam renowned internationally. After 5 years of equitisation, PTSC as a young man that is strong and full of vitality has taken a solid step with PVN on a journey to affirm the position of Vietnam oil and gas industry internationally.
With a turnover of VND49.761 billion in the period of 2006-2010, equivalent to 123 percent compared to its yearly plan, PTSC enjoyed a growth of 37 percent/year. Total turnover in the period of 2006-2010 reached to VND2.750 billion by 133 percent as planned – a growth of 29 percent/year. Particularly in 2010, sales reached to VND 20.789 billion, a four time growth higher than that in 2006, it is expected in 2011 to exceed VND 21.000 billion. This is considered as a speedy step at a time when businesses are facing difficulties in surviving and maintaining production activities.
To better understand about a leading technical service unit of Vietnam oil and gas industry, Vietnam Business Forum had a short talk with one of the captains driving successfully PTSC ship - General Director Nguyen Hung Dung. Anh Dao reports.
PTSC reminds of a pillar of Vietnam oil & gas industry. In the past years, PTSC has made significant breakthroughs in terms of scale, production capability, product and service quality, as well as management structure, more impressively; PTSC has taken long strides in a short time, could you please share more about this?
In the last 5 years, since PTSC is under PVN Party after equitization, although we have faced many difficulties due to economic turmoil nationally and worldwide, volatile prices of raw materials, continuous changes of exchange rates, especially from early 2011 till now, banking interest rates continues to soar. It is tougher and tougher for a service provider like PTSC. The adjustment of USD rate has caused an impact on raising capital and fulfilling assigned targets. The increase of bank interest rate means that PTSC’s growth is slow down. Specifically, from early this year till now, we have to review all projects, cutting our investment plans up to VND 1.800 billion. We will continue to consider and figure out appropriate adjustment in the future
Besides, we also have a lot of advantages. One of these is that we inherit a prestige and famous brand of PVN. Additionally, PTSC have an enthusiastic, experienced and hard working staff. Our staff always adheres to the Group objectives, together with the Group to overcome all difficulties to complete their tasks. This is an invaluable asset that any enterprise would wish to have.
Especially, PTSC at this period has established some joint ventures and branches in foreign countries including Malaysia, Cuba, etc. These branches has made important contributions to provision activities of information and expansion of services to regional countries and building strategic cooperation relationships with potential partners.
PTSC is now the only unit owning, operating and exploiting a specialized & multifunctional fleet of 40 vessels, serving oil and gas exploration activities. In the last 5 years, PTSC’s vessels have been highly appreciated in overseas markets such as Sakhalin (Russia), Malaysia, India, Myanmar, China, etc. Total turnover of its technical & service vessels in the period of 2006-2010 is estimated at VND 15.000 billion with an average growth speed of 25 percent per year.
From 2006 till now, PTSC has successfully carried out many manufacturing projects for oil & gas contractors locally and internationally including Blackbird project for Premier Oil, Northeast Black Lion project, BP Compression and many other projects for Petronas, JVPC, etc. Especially, PTSC has won the international bindings and successfully executed Bunga Orkid project for Talisman contractor, Malaysia. Besides, in 2009, PTSC has completed the self-building of a 5000 ton barge and it is now building two service vessels (3.500 HP and 4.750 HP) with a commitment of guaranteeing safety, quality and progress. The successful implementation of new floating ship-building services marks an important development of PTSC in field of mechanical marine, contributing to production stability of PTSC and heading to ship building activities for export.   
In addition, PTSC has been appointed as the general EPC of procurement, installation and operation of Dung Quoc Bio-ethanol plant, a project of building two sour oil reservoirs for Dung Quoc oil refinery, etc. In December, 2010, PTSC won the trust of the Group when it was chosen as the general EPC of Long Phu thermal power plant, Total turnover of petroleum engineering field is estimated at over VND 17.000 billion in the period of 2006-2010 an average growth speed of 51 percent/year.
PTSC is also the only unit that owns a system of 6 logistic service ports for the oil & gas industry from North-Central-South. In the period of 2006-2010, PTSC has completed its expansion of port bases in Vung Tau, completing Phu My Port, procuring and handing over other ports including Dung Quoc, Hon La, Dinh Vu Petroleum Port, Nghi Son Thanh Hoa. PTSC is the sole owner and co-ownership of 8 deep-water ports serving logistics activities for oil and gas industry from North-Central –South. PTSC also owns and operates storages, processes and exports crude oil (EPSO/FSO) Especially, PTSC the only Vietnam enterprise is able to design, procure, manufacture and test run drilling rigs.
During the time, PTSC has successfully and timely executed many complicated projects for oil & gas contractors inside and outside Vietnam. At the moment, PTSC has a full capability of acting as general contractor for large oil and gas projects with highly technical content.
The overall success of PTSC cannot achieve without practical contributions of talented leaders and high quality human resource, what do you think about this?
We have now 23 member units and affiliates, 2 joint ventures in Singapore and 1 branch in Malaysia together with nearly 10.000 highly skilled and experienced laborers. They are well trained through international business environments. The success is vague targets if we do not evoke their pride we have encourage them to bring into play their strength, upholding the collective strength. In this context, the role of leaders is very crucial. For me, a leader cannot succeed without cooperation from professional colleagues. But it also requires a determination from a leader, always make the right and timely decisions. A talented leader is the one who is capable of gathering talented people around him, standing side by side to overcome all the thorns to advance.
By this, the common success of PTSC lies basically on great contributions of our previous generations and our former leaders. Thanks to their hard working, efforts, they have partly put the first bricks to build a firm foundation for such a strong development of PTSC like today. They are mentors and colleagues who always stay side by side sharing their valuable experience to the next generations and promoting the united tradition of a heroic unit. Their great dedication and sacrifice give us a pride. And today, we can confidently affirm our position and mighty in international market. And these people like our parents themselves give us experience and courage to confront proudly with “big waves” to drive our ship straight to the finish line. So, in early months of 2011, although facing many difficulties due to economic changes, but under a close direction of the Group as well as proper orientations from other the leadership board, PTSC’s production and trading activities are not directly impacted. Moreover, we also fulfill and even exceed our plan with revenue of VND 15.400 billion in the first 7 months of 2011, an increase of 155 percent compared to the same period of 2010.
Apart from impressive numbers, the success of PTSC is also lied on it’s an experienced and enthusiastic staff presenting style and culture of PTSC. They are capable enough to assume new tasks in the future. They are our valuable assets and decisive factor for the development of PTSC. From laborer to manger, all are united, dynamic, creative, professional and enthusiastic with their work. They themselves have been creating day by day, hour by hour the brand of PTSC.
By attractive recruitment policies, PTSC has become a common home for nearly 10.000 employees. They are here to fulfill our common desire “moving to new horizons” and to affirm the position of Vietnam oil & gas industry in the world. Practically, our workforce are a team of grey matter, a team of high quality intellectuals, so we always respect them, taking a good care for their livings, working conditions, motivating them to well fulfill their tasks. We offer them a worthy treatment policy by good salary, bonus and others. This is how we make up for their efforts in staying side by side with PTSC to overcome ups and downs in the entire process of establishment and development.
Attaching your entire life with this career, for you, is it a “profession” or just a “chance”?
It has been 20 years since I started to work in the oil and gas sector in late 1991. I myself have a philosophy that every one must find a suitable job and a right direction in his life. Beside a practical reason that you have to earn your living, support your family, for me, a job is also a passion and a flame of desire to explore and conquer new heights. I am luckier than others that I had a chance to work in a professional environment, requiring a continuous effort to learn and to move forward. At first, I worked as ship engineer and then moving to work in the drilling rig. This gave me many opportunities to contact with many international sailors and crews. They loved Vietnamese people by diligence, eager to learn, hard-working. So they were willing to impart me a great deal of valuable experience. These experiences helped me much when I started to work onshore. Then I knew how to bring it in play what I have learned. However, in any working environment, I always have a great respect because it is from here; I am experienced, and have opportunity to learn and explore my capability.
What do you think about “good heart” in business? And for PTSC how is this word applied in the whole process of development?
Throughout ups and downs, “get” and “lost” in life, the great poet Nguyen Du has drawn up a realistic living concept “man’s good heart is three times more valuable than man’s talent”. I realize that this statement is not only true in daily life but also in production and trading activities. Especially, for a state – owned enterprise like PSTC, the word “good heart” should be more respected than any where. PTSC cannot get profit at any cost because our brand PTSC is attached to benefits of the country, if we get profits by any cost, ignoring all environment impacts and stable development of society; this is against PTSC’s philosophy.
In addition, the “good heart” in business at PTSC is also portrayed very clearly in our social security activities and community responsibility. It is seen that every enterprise pursues its own philosophy in the market, it is considered as a guide to strive for. At PTSC, the “good heart” is expressed at our own philosophy of “live and give back to life” that we think of it constantly and continuously to step forward, encouraging each other to work and to create material and spiritual wealth for ourselves, our family and our community.
Like all other units of our Group, PTSC regularly participates into social activities, showing our responsibility to community with the anxious desire of sharing every piece of rice and clothing to unhappy people in society. PTSC has sponsored hundreds of billion VND for social security activities from 2006 till now. Particularly in 2011, we have spent VND 45 billion building public facilities, supporting poor people, building solidarity houses, hospitals, schools for remote areas, supporting Tsunami victims in Japan, supporting border guards in construction of projects serving their material and moral welfare. Then, together with PVN, PTSC would like to well execute the tasks assigned by the Government, implementing policies of the Party and the Government on fighting against inflation, preventing economic decline, maintaining economic growth, ensuring social security.
The spirit of “respecting the past, grasping the presence and making efforts in the future” will be an advantage and a motivation for PTSC to become more creative, tenacious and more aggressive to reach out to big sea, affirming position of Vietnam oil & gas industry in the international platform.