PetroVietnam named most profitable firm in Vietnam
The top 500 profitable businesses (Profit500) and the 10 most prestigious firms in the food, beverage, retail, and packaging sectors in Vietnam in 2020 were announced at a ceremony in Hanoi on October 22.
Hanoi (VNA)𒊎 - The top 500 profitablebusinesses (Profit500) and the 10 most prestigious firms in the food, beverage,retail, and packaging sectors in Vietnam in 2020 were announced at a ceremonyin Hanoi on October 22.
The Vietnam Oil and Gas Group (PetroVietnam) toppedthe Profit500 list, which was compiled by the Vietnam Report JSC and onlinenewspaper VietNamNet under the Ministry of Information and Communications.
It was followed by the Samsung Electronics ThaiNguyen Co. Ltd, the Military Industry and Telecom Group (Viettel), the Joint StockCommercial Bank for Foreign Trade of Vietnam (Vietcombank), Honda Vietnam, the VingroupJSC, the PetroVietnam Gas Joint Stock Corporation, the Vietnam Bank forAgriculture and Rural Development (Agribank), the Vietnam Technological andCommercial Joint Stock Bank (Techcombank), and the Vietnam Dairy Products JSC(Vinamilk).
Those winning a reputation award in the foodindustry included Vinamilk, the CP Vietnam Livestock JSC, the Masan Group, the VISSANJSC, the FrieslandCampina Vietnam JSC, and the Mondelez Kinh Do Vietnam JSC.
Pham Anh Tuan, a representative from VietNamNet, said this year wasthe first time a global economic crisis has been triggered by a pandemic andthe term “new normal” introduced when it comes to socio-economic recoveryefforts and the resumption of businesses’ operations.
In that context, “profit” alone is not enoughfor enterprises, it must be “sustainable profit” based on internal strengths,adaptability to the market, and brand reputation, Tuan said.
ꦐ Enterprises honoured are those with efficientand sustainable production and business activities, as well as highprofitability amid a number of challenges caused by the pandemic-triggeredcrisis, Tuan said, adding that they also possess a firm foothold in theirindustries and are capable of becoming pillars of Vietnam’s future economic development./.
The Vietnam Oil and Gas Group (PetroVietnam) has reported an oil output of 8.64 million tonnes in the first nine months of this year, 9.4 percent higher than the set target.
PetroVietnam GAS Corporation JSC (PV GAS), a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam), raked in over 6 trillion VND (over 259 million USD) of post-tax profit in the first nine months of the year, exceeding the target set for the period by 27 percent.
The PetroVietnam Exploration Production Corporation (PVEP) – a subsidiary of the Vietnam Oil and Gas Group (PetroVietnam) - exploited 2.88 million tonnes of oil equivalent in the first three quarters of this year, surpassing the target by 1 percent.
The Forbes Vietnam magazine recently placed PetroVietnam Gas Joint Stock Corporation (PV GAS) second in terms of after-tax profit and fourth in revenue among top 50 listed companies in 2019 in its rankings.
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Illustrative image (Photo: VNA) 
