Vietnam Oil and Gas Group (Petrovietnam) holds second place in Vietnam Report’s 2024 VNR500 ranking thanks to revenue, profit and number of orders.
Vietnam Report has just announced the VNR500 Ranking – top 500 largest enterprises in Vietnam in 2024. In particular, Petrovietnam marks the 16th consecutive year in the top 3. Many other oil and gas companies also appear on this list such as Filter Binh Son Petrochemical (BSR), PVOil, PV Gas, PVEP, PV Power, PTSC, Vietnam Public Commercial Joint Stock Bank and Petrosetco.
Dai Hung mine cluster. Image: Petrovietnam
According to survey results of Vietnam Reportthe proportion of businesses recording increased revenue, profits and the number of orders improved significantly compared to the previous year. The change in business profits is not only due to increased revenue, but also due to reduced total costs. Furthermore, the proportion of businesses with significant increases in revenue and profit accounted for 7.7% and 10.5% respectively, much higher than less than 5% last year.
The survey results also show that the top three industries with the greatest growth potential in the next 12 months are information technology and telecommunications with a rate of 64.7%; transportation and logistics at a rate of 41.2% and electricity and energy. These are industries that play an essential role in providing operating resources for the economy.
By constantly expanding the scale of operations and perfecting the value chain and oil and gas supply chain, Petrovietnam is one of the key economic groups. Main products such as crude oil, gas, electricity and petroleum… are also inputs for other production sectors and industries of the economy. Petrovietnam’s ability to maintain growth momentum, maintain production pace, and ensure the supply of strategic goods is the basis and foundation for other industries and sectors of the economy.
In 2023, this group will record revenue of 942,800 billion VND, exceeding 39% of the year plan and paying 151,800 billion VND to the budget. This year, PVN plans to collect more than 56,500 billion VND, an increase of 8% compared to 2023; Pre-tax profit is about 22,000 billion VND.
The VNR500 ranking enters its 18th year, aiming to honor large-scale businesses that maintain effective and stable business operations. These businesses demonstrate resilience, overcoming international fluctuations to contribute to economic growth.
The year 2024 marks an important milestone when businesses survive a difficult period. They not only completed their business plans, but also contributed to the economic recovery with an expected yearly growth of at or above 7%. This is the foundation for the next development steps in the final year of the 2021-2025 Five-Year Plan. The efforts of businesses are recognized to spread positive momentum, encouraging the community to continue contributing to the sustainable development of the country.