Econ
PetroVietnam has new CEO after two-month vacancy
The new CEO has expertise in petrochemical and organic synthesis technology and was appointed as Deputy General Director of PVN in 2013.
Le Manh Hung, 46, one of the four deputy general directors of state-run energy firm PetroVietnam (PVN), has been appointed as the group’s new General Director nearly two months after the resignation of former CEO Nguyen Vu Truong Son.
Hung was also appointed member of PVN’s board of directors for a five-year period by the Committee of State Capital Management (CSCM), the government portal reported.
Chairman of CSCM Nguyen Hoang Anh highly valued the capacity of Hung, who is younger than the forerunners at the time of being appointed but well-trained and who has an outstanding work resume with many significant positions in both public and corporate management.
At the ceremony, the new leader pointed out three factors that hinder PVN’s development. First, the field of operation gets narrower due to improper mechanism and increasingly tougher competition in the petroleum industry. Second, PVN is facing the shortage of experienced leadership as many of its executives have stood trials for wrongdoings. Declining capital, assets and oil reserves are also big problems.
The last factor is the deficiency in corporate management, which has resulted in a number of projects running at a loss.
The new CEO of PVN has expertise in petrochemical and organic synthesis technology, and holds a PhD in petrochemical and organic catalysts.
In his nearly 20 years in the oil and gas industry, Hung has held many key positions in Viet Nam-Russia oil and gas joint venture; Drilling Mud Corporation, among others.
He was appointed as Deputy General Director of PVN in 2013 and currently in charge of petrochemical refinery industry; gas industry, electricity projects as well as quality management and information technology.
Le Manh Hung will be PVN's new general director from July 1, 2019. Photo: PVN
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Chairman of CSCM Nguyen Hoang Anh highly valued the capacity of Hung, who is younger than the forerunners at the time of being appointed but well-trained and who has an outstanding work resume with many significant positions in both public and corporate management.
At the ceremony, the new leader pointed out three factors that hinder PVN’s development. First, the field of operation gets narrower due to improper mechanism and increasingly tougher competition in the petroleum industry. Second, PVN is facing the shortage of experienced leadership as many of its executives have stood trials for wrongdoings. Declining capital, assets and oil reserves are also big problems.
The last factor is the deficiency in corporate management, which has resulted in a number of projects running at a loss.
The new CEO of PVN has expertise in petrochemical and organic synthesis technology, and holds a PhD in petrochemical and organic catalysts.
In his nearly 20 years in the oil and gas industry, Hung has held many key positions in Viet Nam-Russia oil and gas joint venture; Drilling Mud Corporation, among others.
He was appointed as Deputy General Director of PVN in 2013 and currently in charge of petrochemical refinery industry; gas industry, electricity projects as well as quality management and information technology.
