Petro Vietnam (PVN) has reached total revenue of over 560 trillion VND, making a significant contribution to GDP growth

PVN has fulfilled and surpassed most of the production targets set for September and the first nine months of 2019, it has made an important contribution to GDP (6.98%) of the Econom.

PVDrilling V oil-shore

According to PVN, the Group fulfills most set targets in the first three quarters of this year.

Particularly: Fertilizer production reached 1.10 million tons in the first 9 months, up 8 percent compared to the set target for the period and fulfilling 76.6 percent of the yearly plan.

Electricity production reached 16.42 billion kWh in the first 9 months, an increase of 4.3 percent from the targeted output and equivalent to 76 percent of the yearly target.

Petroleum production reached 8.99 million tons in the first 9 months, surpassing the goal for the period by 5.6 percent and fulfilling 79.2 percent of the yearly plan.

The group also over-fulfilled all financial targets set in the first nine months of the year as total revenue, the State budget. Especially, aggregate revenue of the group in September was estimated at 61.4 trillion VND, the figure represents a 9.5 percent increase from the monthly target; total revenues for the nine months up to 560.6 trillion VND, surpassing the period’s plan by 12 percent and fulfilling 92 percent of the yearly plan.

The Group contributed an estimated 8.7 trillion to the State budget in September, 16.4 percent more than targeted, and 78.5 trillion VND in the reviewed nine months, up 11.1 percent from the period’s plan and equivalent to 89 percent of the yearly.

The capital preservation coefficient as of 30^th November 2019 reached 1.01 times, ensuring the safety and sustainable development of the capital. By 24^th September 2019, the profit and dividend have been received from the subsidiaries reached 92 percent of the year plan.

Notably, by September 2019, all the four subsidiaries of PetroVietnam, namely Rusvietpetro, PTSC, PVGas and PVTrans have over-fulfilled financial targets for the years

Highlights in September 2019:

1. It is noteworthy that PVN has earned a BB by the world leading rating agency Fitch Ratings, reflecting its success in reforming corporate governance.

2. The State-owned group maintained its top position in the list of the top 500 most profitable enterprises in Vietnam 2019 announced by the Vietnam Report.

3. The Government has assigned Minister of Industry and Trade to take the main responsibility for power projects, while Chairman of the Committee on State capital management at enterprises is responsible for issues relating to the removal of difficulties for key projects such as Long Phu 1, Song Hau 1, and Thai Binh 2, ensuring their progress.

4. The Vietnam-Russia Oil and Gas Joint Venture (Vietsovpetro) has successfully launched the topside block of BK-20 drilling rig, belonging to Bach Ho field. Its subsidiaries had designed this construction work as well as procured and manufactured many important items.

5. Furthermore, Vietsovpetro won a high prize at the seventh science and technology competition for young professionals in Russia.

6. PVN claimed the second prize at a national contest on labor hygiene and safety in 2019.

7. The Ca Mau fertilizer factory has completed the overall maintenance in 2019 and resumed operation to serve the local demand for fertilizer in the winter-spring season

8. The Binh Son Refining and Petrochemical Joint Stock Company took the lead in oil and gas service on financial administration capacity in 2018.

9. Mechanical services for manufacturing oil and gas rigs meet international standards as well as domestic demand and export