PetroVietnam continues to champion the Top 500 Vietnamese businesses

November 27, 2019 | 18:08
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After announcing Profit500 2019 which honours the top 500 local businesses with the best profit figures, which named state-owned oil and gas giant PetroVietnam champion, Vietnam Report has just announced the VNR500 tally presenting the 500 largest Vietnamese companies in 2019.
petrovietnam continues to champion the top 500 vietnamese businesses
Parent company PetroVietnam came in third in the VNR500 2019 ranking

PetroVietnam once again affirmed its leading position in the market after its parent company PetroVietnam seized third place on VNR500 and its member Binh Son Refining and Petrochemical JSC (BSR) ranked seventh.

A number of businesses in PetroVietnam’s system have appeared in the top 100 of VNR500 2019, such as PetroVietnam Gas Corporation (PV GAS) which won 14th position; PetroVietnam Oil Corporation (PVOIL) in the 21st position, Vietsovpetro JV in the 25th position; PetroVietnam Exploration Production Corporation (PVEP) in the 33rd position; PetroVietnam Technical Services Corporation (PTSC) in the 84th position, and PetroVietnam General Services Corporation (PETROSETCO) in the 85th position.

Earlier, in the Profit500 2019 ranking released in late September, PetroVietnam took the champion belt from Samsung Electronics Thai Nguyen who held the throne for three consecutive years.

A number of businesses in PetroVietnam’s system have appeared in the top 100 of the VNR500 2019.

Also in September 2019, Fitch Ratings has offered PetroVietnam a standalone credit profile at "bb+", and first-time long-term foreign-currency issuer default rating (IDR) at "BB" with a positive outlook.

PetroVietnam’s IDR is commensurate to that of its parent, the Vietnam sovereign (BB/Positive), under Fitch’s Government-Related Entities Rating Criteria.

The high assessment of prestigious domestic and foreign organisations attest to PetroVietnam’s leading position with stable business performance and finance, as well as its positive future development prospects.

This helps consolidate the trust of investors, domestic and foreign financial institutions, and strategic partners for one of Vietnam's leading conglomerates, laying the groundwork for the company to make further strides into future business development.

By Dinh Thuy

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional