The third collaboration between FPT IS and Russia-Vietnam Joint Venture Vietsovpetro to upgrade the Oracle system

On May 23, the project “Upgrade of the Oracle ERP Financial & Inventory Management Systems and the Oracle Hyperion Planning (OHP)” was officially launched at Russia-Vietnam Joint Venture Vietsovpetro (VSP). This marks the third collaboration between FPT IS and VSP in their 20-year digital transformation journey.

The ceremony was attended by Mr. Luong Quoc Dan, VSP’s Chief Economist and Chief Accountant, Board of Management, and Mr. Dang Dinh Cong, Director of the Information Technology and Communication Center, along with leaders and experts in finance, materials, trade, planned economy, and port and warehouse services from various departments. Representing FPT IS, Mr. Dang Truong Thach, Executive Vice President, and involved departments also participated.

Vietsovpetro, a member of the Vietnam Oil and Gas Group, is recognized as the most effective enterprise in oil and gas exploration and exploitation in Vietnam, significantly contributing to our country’s economy. In addition to developing expertise and professionalism, Vietsovpetro is a pioneer in applying information technology to enhance its management capacity and competitiveness. Over a decade ago, Vietsovpetro was among the first to adopt the world’s top management system, Oracle Business Suite, and has maintained its sustainable development ever since.

By 2024, VSP reached 250 million tons of exploited oil. Given its current scale and tasks, the Oracle system from 10 years ago can no longer meet VSP’s development and operational needs. Additionally, the current Oracle version has not supported platform upgrades since January 2022, causing business processes to freeze and transactions to halt, significantly impacting VSP’s business and management. After considerable deliberation, VSP decided to invest in upgrading the Oracle Financial & Inventory Management systems and the Oracle Hyperion Planning to the latest version (R12.2.13). This upgrade aims to maximize the value of the new system in line with the Joint Venture’s development orientation.

At the event, Mr. Luong Quoc Dan, VSP’s Chief Economist and Chief Accountant, Board of Management, shared the goals and determination behind upgrading the Oracle system. He stated, “The Oracle system has been an integral part of our daily operations for the past 10 years, proving to be an effective tool for every company employee. We highly value the system and are committed to enhancing the benefits it provides. Therefore, I am very pleased to see the upgrade project launched today and hope that the two project teams will collaborate effectively to overcome challenges and achieve the best results.”

Expressing his expectation for the project’s successful implementation, Mr. Dang Dinh Cong, Director of Information Technology and Communication Center, emphasized the importance of VSP’s departments closely supporting and staying engaged with the project. “Hopefully, VSP’s project team will not hesitate to send concerns and questions to the FPT project team so that both sides can understand and together bring the project to a successful finish line,” he emphasized.

Responding to the Customer’s wishes, Mr. Dang Truong Thach, Executive Vice President of FPT IS, committed: “With our experience and resources in implementing management systems over the past 30 years, I believe that the system will operate successfully. We hope that VSP’s project team will collaborate closely with FPT IS to share their requirements and aspirations so that we can ensure the system meets VSP’s highest expectations.” Mr. Thach expressed hope that after 18 months of implementation, the project teams from both sides will develop digital initiatives to further advance VSP’s growth.

Within the ceremony’s framework, Mr. Nguyen Minh Toan, Project Manager representing the FPT IS project team, presented project details, scope, and the implementation plan. Specifically, the project is set to span 18 months following the Oracle’s Application Implementation Methodology (AIM), leveraging FPT IS’s extensive experience and capacity in project implementation.

In the near future, following the successful upgrade of the Oracle financial and inventory management systems, VSP anticipates enhanced speed in data retrieval, entry, and reporting, addressing current task-related challenges. Additionally, the upgrade will bolster security and data safety across the entire system, augmenting data processing efficiency and ensuring greater stability in system operations.