(VOVWORLD) - A small survey team has grown strongly over the past 60 years to become the Vietnam Oil and Gas Group (Petrovietnam), a powerful economic group with consolidated assets of over 40 billion USD and 60,000 employees, Petrovietnam Chairman Hoang Quoc Vuong said at Monday’s meeting with President Nguyen Xuan Phuc to celebrate Vietnam Entrepreneurs’ Day (October 13).
 President Nguyen Xuan Phuc shakes hands with Petrovietnam Chairman Hoang Quoc Vuong. |
Petrovietnam now involves in multiple areas including oil and gas exploration and exploitation, gas production, oil and gas processing, electricity production, renewable energy development, and high-quality oil and gas technical services, contributing significantly to national industrialization and modernization and national defense and ensuring energy and food security.
2020 has been the most difficult year for Petrovietnam since its establishment as the group faced the devastating impact of the COVID-19 pandemic and an unprecedented drop in global crude oil prices. Thanks to effective implementation of various solutions, the group fulfilled or even surpassed the targets set for 2020, contributing 83 trillion VND (nearly 3.4 billion USD) to the state budget, 101% of the yearly plan.
In 2021, Petrovietnam continued to meet its growth target and contributed 112.5 trillion VND to the state budget, surpassing its yearly plan by 80%. It topped the list of 19 groups and corporations under the Commission for the Management of State Capital at Enterprises.
 Petrovietnam is honored by Brand Finance as one of the most valuable brands in Vietnam in 2022. |
Thanks to tireless efforts, incentives, strengthened production management, and synchronous application of technical solutions, specially in key oil field, Petrovietnam’s crude oil output reached 8.15 million tonnes in the first 9 months of 2022, exceeding 23% of the plan set for the period, and equivalent to 93% of the yearly plan. Fertilizer production surpassed 9% of the plan set for the first 9 months.
The group’s total revenue hit an estimated 698.3 trillion VND (some 29 billion USD), exceeding this year’s plan by 25%, and up 56% compared to the same period last year. It contributed 102.9 trillion VND to the State budget, surpassing the yearly plan by 59%, and surging 51% year-on-year.
By the end of September, the group had completed four of its main targets ahead of schedule ( gross revenue, consolidated revenue, consolidates profit, and contribution to the state budget).
 Prime Minister Pham Minh Chinh confers the title “Outstanding Vietnamese entrepreneur 2022” on Petrovietnam General Director Le Manh Hung. |
According to Brand Finance, Petrovietnam’s brand value jumped from 918 million USD in 2021 to 1.3 million USD in 2022, maintaining its position among the ten most valuable brands in Vietnam.
The group has a Brand Strength Index (BSI) score of 70.8 and maintains a brand rating of AA.
Petrovietnam was also in the Top 20 of the V1000 list (1000 corporate income taxpayers) in Vietnam in 2021 announced by the General Department of Taxation.
In 2022, Petrovietnam continued to make it to the list of 10 most powerful brands in Vietnam complied by Vietnam Economic Times, a leading economic and financial newspaper in Vietnam.
The group also maintained the first place on the top 500 most profitable companies in Vietnam in 2022 (PROFIT500) for the fourth consecutive year.
At a ceremony to mark Vietnam Entrepreneurs’ Day 2022 organized by the Vietnam Chamber of Commerce and Industry, Prime Minister Pham Minh Chinh conferred the title “Outstanding Vietnamese entrepreneur 2022” on Petrovietnam General Director Le Manh Hung.