FPT completes phase II of financial management system upgrade project at Vietsovpetro
At the end of March 2025, FPT officially completed Phase II of the project titled “Implementation and Upgrade of the Financial and Material Management System – Oracle ERP and Oracle Hyperion Planning” at the Vietnam-Russia joint venture Vietsovpetro, marking a significant step forward in the modernization and enhancement of financial management capabilities at one of Vietnam’s leading oil and gas enterprises.
Specifically, FPT upgraded the Oracle ERP system to version 12.2.13 and implemented the Oracle Hyperion Planning budget planning system using Oracle’s standard AIM methodology, combined with practical implementation experience in Vietnam. The project covered all 14 affiliated units of Vietsovpetro and departments within the executive apparatus, with a total scale of over 500 domestic users. All processes, functions, and reports on the ERP and Hyperion systems were comprehensively upgraded and enhanced to fully leverage new features, aiming to optimize management efficiency, accelerate processing speed, and improve system security.
Working session at Vietsovpetro
The adoption of the new version has significantly improved functionality across deployed modules, better meeting operational and management requirements while providing accurate, reliable data to Vietsovpetro’s leadership for executive decision-making. The upgraded version also enhances data security and overall system safety, ensures stable operations, and increases data processing efficiency, improving speed in data entry, retrieval, and reporting. This serves as a critical foundation for Vietsovpetro to maximize the system’s value, aligning with the joint venture’s long-term development strategy.
The project was launched on May 23, 2024, and was officially implemented from early June 2024. Previously, Phase I, comprising system surveys, analysis, and solution agreement, was completed on October 31, 2024.
This project carries special significance as it coincided with Vietsovpetro’s 43rd anniversary and its milestone achievement of 250 million tons of extracted oil. As a key initiative in Vietsovpetro’s development strategy, it also reflects the deep trust the enterprise has placed in FPT throughout over 20 years of collaboration. Being selected once again to lead the third system upgrade not only affirms FPT’s technological capabilities but also underscores its solid reputation in delivering large-scale, multi-million-dollar ERP projects within the oil and gas industry.
