Petrovietnam’s regular meeting for October, 2022.

In particular, the group completed four of its main targets for the year ahead of schedule ( gross revenue, consolidated revenue, consolidates profit, and contribution to the state budget), thanks to a series of effective solutions, according to Petrovietnam’s regular meeting for October.

As the global economy is on the verge of falling into recession due to ongoing multi-layered crises including the Russia-Ukraine conflict, falling global PMI, and China’s economic slowdown, and the domestic economy is forecast to face many subsequent risks, Petrovietnam’s production and business activities are also encountering adverse impacts such as unpredictable developments in energy prices and shrinking gas supply for power production. However, Petrovietnam has followed macroeconomic fluctuations, the government’s directions and market developments to come up with appropriate goals and solutions, including good volatility management across the group, contributing to maintaining stability, safety and efficiency.

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.

According to Brand Finance, Petrovietnam is one of the 10 most valuable brands in Vietnam in 2022, with its brand value reaching 1.3 billion USD, up 50% against 2021.

The firm has concentrated on improving its competitiveness and responding to energy transition by implementing projects and seeking investment opportunities in fields of its strength such as processing, petrochemicals, chemicals and renewable energy.

It has developed a science and technology research program for the 2021-2025 period, deployed value chains, and taken measures to remove investment bottlenecks.

Unit 2 of Thai Binh 2 thermal power plant is connected to the national power grid at 11:35 pm on October 7, 2022.

Petrovietnam's Song Hau 1 Power Plant and Thai Binh 2 Thermal Power Plant projects were considered bright spots for the national economy in the first 9 months of 2022.

The group will also concentrate on assessing the impact of domestic capital and financial markets in order to manage risks and ensure financial safety for its production, business and investment activities.
It allocated more than 6 million USD for social security programs in the first 9 months.

Petrovietnam General Director Le Manh Hung warned that the situation in the global market will worsen in the last months of 2022 and in 2023 as a result of instability and shrinking production, which will affect Petrovietnam's production and business.  

He required the group’s units to closely monitor market trends, develop scenarios for production and business depending on inflation and exchange fluctuations, and reshuffle investment portfolios to cope with inflation.

Mr. Hung said the firm is working hard on forecasting fluctuations related to the macroeconomic situation and the market, thus taking specific solutions to its production and business activities in the remaining months of 2022 and early 2023.

PVOIL vows to ensure fuel supply to meet market demand.

Amid falling oil prices in the global market in the 3rd quarter and poor price management in the domestic market, many domestic energy traders limited sales, putting mounting pressure on state-owned petrol businesses. As a major business, PVOIL has been working hard to increase imports to help stabilize fuel supply.   Cao Hoai Duong, PVOIL Chairman said many private petrol stations, particularly in HCM city and the southwest region, have closed to minimize losses. As a result, state-owned gas stations including those of PVOIL have become overcrowded. On October 8 and 9, PVOIL’s retail sales of gasoline and diesel rose 60% and 25% respectively. PVOIL is resolved to ensure supply to meet market demand, he said.