In the morning of May 16, 2025, in Ho Chi Minh City, Petrovietnam Drilling and Well Service Corporation (PV Drilling) successfully convened the kick-off meeting for the IFRS Financial Reporting Implementation Project.
Mr. Do Danh Rang, PV Drilling’s Vice President cum CFO and Mr. Nguyen Ngoc Truong, PV Drilling’s Chief Accountant cum Head of the Finance & Accounting Division chaired the meeting. The attendance were heads and deputy heads of divisions/departments, as well as key personnel responsible for finance, accounting, human resources, and information technology, etc. at the Corporation and its subsidiaries. The meeting also welcomed the participation of top leadership and experts from Deloitte Vietnam Co., Ltd., the official consulting partner for the adoption of IFRS standards at PV Drilling.
PV Drilling’s Vice President Do Danh Rang made a kick-off speech
International Financial Reporting Standards (IFRS) constitute a comprehensive framework of accounting principles issued by the International Accounting Standards Board (IASB), operating under the IFRS Foundation. The core objective of these standards is to establish a globally unified “language” for financial reporting, ensuring that financial statements are prepared with consistency, transparency, reliability, and comparability across industries, countries, and jurisdictions. Financial statements prepared under IFRS deliver full and transparent insights into an enterprise’s financial position, cash flow performance, and overall operational results. This level of disclosure significantly enhances investor confidence and supports more informed, strategic investment decisions.
Deloitte Vietnam Deputy General Director Bui Van Trinh presented at the meeting
The transition to IFRS-base financial reporting represents a significant milestone for PV Drilling, aligning its financial statement preparation and presentation practices with international standards. This initiative also establishes the necessary foundation for compliance with disclosure requirements applicable to listed companies and meets the financial reporting expectations of the Vietnam National Industry - Energy Group (Petrovietnam). Furthermore, it responds to the provisions set forth in Law No. 56/2024/QH15, which amends the Accounting Law to include the application of IFRS in Vietnam.
In addition, PV Drilling’s adoption of IFRS-based financial reporting reaffirms the Corporation’s strong commitment to international best practices in corporate governance. This strategic move lays a robust foundation for future engagement with global investors and facilitates access to international capital markets. Concurrently, the initiative significantly enhances the professional capacity of the Corporation’s finance and accounting personnel by aligning their skill sets with globally recognized standards, thereby making a substantial contribution to PV Drilling’s long-term sustainable development trajectory.
The project is expected to be implemented over a period of 10 to 12 months and will be applied to PV Drilling’s financial statements for the fiscal year 2025. The initiative has received strong support from the Corporation’s top leadership and subsidiaries, as well as enthusiastic participation from a large number of finance and accounting personnel and relevant departments across the Corporation. This reflects PV Drilling’s pioneering spirit in all its endeavors and the workforce’s readiness to embrace new knowledge and global standards.
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