PVN expects to reach target despite low global oil prices
The Vietnam National Oil and Gas Group (PVN) earned 253 trillion VND (11.3 billion USD) in revenue and paid 50.7 trillion VND to the State budget in the first seven months of this year.
Quang Ngai-based Dung Quat Oil Refinery being operated by Binh Son Refining and Petrochemical Company Limited, a member of the Vietnam National Oil and Gas Group (Source: VNA)
Hanoi (VNA) – The Vietnam National Oil and Gas Group (PVN) eaꦦrned 253 trillion VND (11.3 billion USD) in revenue and paid 50.7 trillion VND to the State budget in the first seven months of this year.
Do Chi Thanh, PVN Deputy General Director, said the group exploited 10.32 million tonnes of crude oil and 6.56 billion cubic metres of gas in the first seven months, including 1.41 million tonnes of crude oil and 910 million cubic metres of gas in July.
With regard to petrol and oil production, Thanh said PVN produced 3.96 million tonnes of petrol and oil in the first seven months, with 584,400 tonnes in July itself.
In the world market, the price of crude oil in July fell by 3 USD per barrel to touch 47 USD against June, Thanh said, adding that the average price of the product in the first seven months dropped by 18 USD year-on-year to reach 41.5 USD per barrel.
“The group expects to achieve its targets in production and business for this year, despite the reduction in crude oil prices in the world market,” Thanh said.
To achieve its targets, the group would give priority to highly efficient projects and would review all factors affecting crude oil and gas output this year.-VNA
Deputy Prime Minister Hoang Trung Hai requested the National Oil and Gas Group (PVN) to continues concentrate on search , exploration and exploitation of oil and gas in 2016, saying that this is a key
The Vietnam National Oil and Gas Group (PVN) has signed two Memoranda of Understanding on cooperation with the US’s Honeywell and Murphy oil and gas companies.
The Vietnam National Oil and Gas Group (PVN) should promote further restructuring of its enterprise and products to increase competition and efficiency in operations.
The PetroVietnam Drilling and Well Services Corporation (PV Drilling) plans to expand its coverage in rig and drilling related services provision, to Myanmar, Malaysia and the Middle East.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Quang Ngai-based Dung Quat Oil Refinery being operated by Binh Son Refining and Petrochemical Company Limited, a member of the Vietnam National Oil and Gas Group (Source: VNA)
