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Over more than 40 years of the Vietnam National Oil and Gas Group (PVN) development, Science and Technology has been played a very important role and significantly contribute to the success of PVN in all core business areas. This paper reviews the achievements of Science & Technology activities of PVN so far as well as point outs key strategies to address future challenges of oil & gas industry in Vietnam in order to improve productivity, quality, production, business efficiency, and to achieve sustainable development.