Petrovietnam has maintained sound operations despite the adverse impact of COVID-19.

Fitch also affirms Petrovietnam’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Positive Outlook and its senior unsecured rating at 'BB'.

Fitch expects Petrovietnam’s EBITDA to double in 2021 to over 45 trillion VND from 2020 due to a recovery in crude oil prices, refining margins and distribution spreads.

Fitch does not expect Petrovietnam to have difficulties raising funds for its investment plans, if required, in light of its status as one of Vietnam's most important state-owned enterprises, the agency said. 

Fitch also underlines Petrovietnam’s strong financial profile, stable gas and power operations, and strong liquidity. 

Fitch’s positive assessment is attributed to Petrovietnam’s prompt and appropriate response to COVID-19, its proactive and flexible management, and rising prices of crude oil. 

A Petrovietnam oil rig stands the test of storms.

The company’s forecast ability, management of fluctuations, and connection of links in the value chain have yielded encouraging progress. 

By August, Petrovietnam had achieved the targets set for the first 8 months of 2021. Crude oil output surpassed the 8-month goal by 12.7% while production of fertilizer, fuel, LGP and other products surpassed between 2-11%.

Petrovietnam, Vietnam's national oil company, operates across the entire oil and gas value chain through its subsidiaries, including upstream, midstream, refining and retail, with further diversification into fertilisers and power generation, according to Fitch. 

The company has become one of Vietnam's largest economic groups that contributes substantially to the country's budget and GDP, said Fitch. 

Petrovietnam is working hard to maintain its achievements while seizing opportunities to speed up post-COVID recovery in the new normal.