Petrovietnam and subsidiaries perform strongly heading into 2025

The group’s performances have translated into big wins at award ceremonies

In 2024, the group, more commonly known as Petrovietnam, set out key objectives, including managing volatility, revitalising and creating new growth drivers, fostering innovation, and aiming to reach new performance milestones. It aims for a projected growth of 3.5-6 per cent. The group also seeks to bolster investments and generate sustainable growth for its long-term development.

In the first nine months of 2024, Petrovietnam reported total revenue of VND736.5 trillion ($29 billion). The target for the full year of 2024 is $38.3 billion. In addition, it contributed VND115.2 trillion ($4.5 billion) to the state budget, up 9 per cent on-year.

Petrovietnam also achieved all six financial targets assigned by the Commission for the Management of State Capital at Enterprises and its Board of Members, reaching these goals ahead of schedule by 3-5 months. Five of these targets showed growth ranging from 9 to 31 per cent.

Oil output has generally been outperforming expectations

The group’s crude oil output reached 786,000 tonnes in September, exceeding the monthly target by 25.2 per cent, and bringing cumulative output for the first nine months to 7.43 million tonnes, 20.7 per cent higher than the target for that period.

By June, Petrovietnam had already achieved 10 out of 12 targets set in its five-year plan (2021-2025), including critical indicators such as profit and state budget contributions. By the end of 2024, Petrovietnam expects to exceed its revenue goals for the 5-year period.

The group’s recent achievements are underpinned by strong results in 2023, a year marked by managing volatility, scaling operations, accelerating digital transformation, enhancing productivity, and reinvigorating business. Through smooth execution of these principles, Petrovietnam and its subsidiaries reached record-breaking results in both production and revenues.

In 2023, nitrogen fertiliser production reached 1.76 million tonnes, exceeding the annual target by 10.3 per cent, with granular fertiliser production achieving a record 950,000 tonnes. Petrol and oil production rose to 7.36 million tonnes, the highest level since Dung Quat Oil Refinery began operations in 2010, exceeding the yearly target by 33.2 per cent and marking a 5.8 per cent on-year increase.

Subsidiaries also posted strong results: PVOIL recorded over 5.21 million cubic metres in petrol and oil sales, while PV Gas set a record for LPG sales with nearly 2.5 million tonnes. Overall, Petrovietnam’s 2023 revenue hit VND942.8 trillion ($37.3 billion), surpassing the target by 39 per cent and exceeding the 2022 record by VND11.6 trillion ($458.6 million).

Thanks to its record-setting achievements, Petrovietnam has consistently been recognised among Vietnam’s top 10 most excellent brands in 2024 by Vietnam Economic Times, underscoring its position as a leading state-owned enterprise and reinforcing its contribution to national energy security and sustainable development.

In 2023, Brand Finance valued Petrovietnam at approximately $1.4 billion, a 7 per cent increase from its 2022 valuation of $1.3 billion. The group received a Brand Strength Index rating of AA-. Additionally, Petrovietnam continues to rank among the most valuable enterprises in Vietnam for 2024.

Fitch Ratings has consistently rated Petrovietnam at BB+, aligning it with the national credit rating.

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