Petrovietnam leads SOEs in terms of profits from overseas projects
Minister of Finance Ho Duc Phoc has recently submitted a comprehensive report to the National Assembly, detailing the oversea investment landscape of state-owned enterprises (SOEs) in 2022.
Petrovietnam's CEO Le Manh Hung visits the Rusvietpetro oil field. (Photo courtesy of Petrovietnam)
Hanoi (VNA) - Minister of Finance Ho Duc Phoc has recentlysubmitted a comprehensive report to the National Assembly, detailing theoversea investment landscape of state-owned enterprises (SOEs) in 2022.
Ending December 2022, a total of 30 Vietnamese state-owned enterprises,including companies with state capital, invested more than 6.6 billion USD inforeign ventures. The Vietnam Oil and Gas Group (Petrovietnam) led the pack,contributing 4 billion USD, or 60.8% of the total.
On the repatriation front, 72 foreign projects from 16 enterprisesbrought in over 4 billion USD. Petrovietnam spearheaded therecoveries, reclaiming 2.9 billion USD,equivalent to 71.1% of the total. This includes profits of 1.1 billion USD, withthe remainder from principal, interest and other sources.
Assessing the operational results of foreign investment projects,the Government's report acknowledged while several projects experiencedpositive revenue shifts, overall profits suffered due to inefficient costutilisation. Among profitable projects is Petrovietnam's oil explorationproject in Block 04, Nhenhexky (Russia), which demonstrated high efficiency,robust revenue, and a substantial capital recovery surpassing the initialinvestment.
The joint venture Rusvietpetro, formed by Petrovietnam and Zarubezhneft,actively explored 13 oil fields in Block 04, Nhenhexky with estimated reservesstand at 244 million tonnes (geological) and 96 million tonnes (recoverable).Since its inception in 2008, Rusvietpetro has been hailed as one ofPetrovietnam's most effective international ventures./.
As of late August, the Vietnam Oil and Gas Group (Petrovietnam) fulfilled its two important yearly targets of state budget contribution and before-tax profit ahead of schedule.
Forty-eight years since its establishment, the Vietnam Oil and Gas Group (Petrovietnam) has become a multi-billion-dollar enterprise and made breakthrough and comprehensive development strides.
The Vietnam Oil and Gas Group (Petrovietnam) is comprehensively implementing a series of solutions to maintain its output of oil and gas in the face of various challenges.
In the first nine months of this year, the State budget contribution and the pre-tax profit of the Vietnam Oil and Gas Group (Petrovietnam) exceeded the targets it set for the whole year.
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Petrovietnam's CEO Le Manh Hung visits the Rusvietpetro oil field. (Photo courtesy of Petrovietnam) 
