Researching business strategies in general is not a new issue but it has become an essential and critical norm for a business to survive and prosper. In the case for Joint Venture Vietsovpetro, a company with 85% of its revenue come from the sales of crude oil, it is now being faced with the difficulties and hardships from the current situation where the price of crude oil is seriously dropping from 120USD/barrel in 2012 to 45USD/barrel in 2016, and this trend is expected to continue in the next few years. The purpose of this research is to build business strategies for Vietsovpetro in the next 5 years to fight against the threats from oil price declining and continue to sustainably develop. The results will be given through applying significant and verified theoretical bases to analyze the key internal and external factors that contribute to the success of Vietsovpetro.