Fitch Ratings upgrades PetroVietnam’s outlook to ‘positive’ hinh anh 1An oil rig of PetroVietnam (Photo: VNA)
Hanoi (VNA) Fitch Ratings has revised the outlook for the Vietnam Oil and Gas Group (PetroVietnam) to “positive” from “stable”.

It also assessed PetroVietnam’s standalone credit profile (SCP) at “BB+” and long-term foreign-currency issuer default rating (IDR) at “BB”.

The assessments followed Fitch Ratings’ upgrade of the outlook for Vietnam, with the “BB” rating, from “stable” to “positive” earlier this month.

Like other oil and gas firms around the world, PetroVietnam encountered numerous difficulties in 2020 due to impacts of the COVID-19 pandemic and the oil price nosedive.

Facing that fact, it has carried out drastic response solutions to achieve last year’s targets.

In 2020, the group recorded 11 trillion VND (476.3 million USD) in consolidated after-tax profit and 313.3 trillion VND in revenue and contributed 83 trillion VND to the State budget./.