PetroVietnam posts three-fold rise in pre-tax profits
The Vietnam Oil and Gas Group (PetroVietnam) reported that its pre-tax profit in the first eight months of the year surpassed the set plan by 177 percent and tripled the figure for the same period last year, reaching 30.2 trillion VND (1.32 billion USD).
Hanoi (VNA) - The Vietnam Oil and GasGroup (PetroVietnam) reported that its pre-tax profit in the first eight monthsof the year surpassed the set plan by 177 percent and tripled the figure for thesame period last year, reaching 30.2 trillion VND (1.32 billion USD).
During the period, the group’s crude oil output surpassed theplan by 12.7 percent, and the outputs of petrol, oil and fertiliser were alsohigher than the targets.
The group's total revenue hit over 390.7 trillion VND,exceeding the plan by 17 percent and up 24 percent on a yearly basis. Itscontribution to the State budget soared by 38 percent to 56.9 trillion VND.
PetroVietnam cut costs by 2.04 trillion VND,equivalent to 75 percent of its yearly target. It also contributed 733.8billion VND to the COVID-19 fight, of which 554.9 billion VND went to the COVID-19vaccine fund.
However, the group’s operation was severely affected in August when the socialdistancing order was imposed in most of cities and provinces nationwide, including several economic hubs such as Ho Chi Minh City and the southeastern region.
Given the challenges, the group has taken drastic actions to cope with the pandemic, including imposing strict preventive measures, securing vaccination for its employees,while rolling out suitable, effective production models.
At the same times, PetroVietnam units have kept updated on market developments, adjusted production chains and boosted digitaltransformation to adapt to the new working environment amid COVID-19. /.
The Ministry of Health on August 20 received 200 high-flow ventilators donated by the Vietnam Oil and Gas Group (PetroVietnam) to support southern localities in treating COVID-19 patients.
The Vietnam Oil and Gas Group (PetroVietnam) has donated 200 high-function ventilators and medical supplies to the Ministry of Health to support the treatment of severe COVID-19 patients, thus contributing to the protection of people's health.
The Vietnam Oil and Gas Group (PetroVietnam) has been reviewing legal regulations to identify any obstacles to its operations and propose settlement recommendations.
With the goal of helping to guarantee national energy security and in response to a downward trend in oil and gas extraction output, the Vietnam Oil and Gas Group (PetroVietnam) has identified the research and assessment of its opportunities in developing the hydrogen industry, including producing “green” hydrogen and exploring natural hydrogen sources, as a crucial task.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
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A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
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The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
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A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
Illustrative image (Photo: VNA) 
