PetroVietnam exploits oil and gas at offshore Bach Ho field. (Photo: VNA)Hanoi (VNA) – The State-owned Vietnam Oil and Gas Group (PetroVietnam) has made itinto the top three largest firms in Vietnam this year, thetenth year in a row, according to the latest ranking co-released by VietnamReport (VNR) and e-newspaper VietNamNet.
The VNR500 ranking lists the 500 largest companies in Vietnam, considering revenues, profits, growth rates,labour, owner’s equity, and total assets. It is the 14th consecutive year theranking has been announced.
PetroVietnam waslisted in the third place, after Samsung Vietnam in the first position and state-run firm VietnamElectricity (EVN) in the second.
A number of subsidiariesof PetroVietnam were also named in the top 40 of the list, including Binh SonRefining and Petrochemical JSC (BSR) in the 11th position; PetroVietnam OilCorporation (PVOIL), 15th; PetroVietnam Gas Corporation JSC (PV Gas, 16th;Vietnam-Russia joint venture Vietsovpetro, 28th; PetroVietnam ExplorationProduction Corporation (PVEP), 39th; and PetroVietnam Power Corporation (PVPower), 40th.
Other membercompanies on the list include PetroVietnam Technical Services Corporation(PTSC), Vietnam Public Joint Stock Commercial Bank (PvcomBank), insurer PVIHoldings, PVI Insurance, PetroVietnam Technical Services Corporation Mechanical& Construction (PTSC M&C), PetroVietnam Transportation Corporation(PVTrans), PetroVietnam Low Pressure Gas Distribution JSC (PV Gas D), PetroVietnamFertiliser and Chemicals Corporation (PVFCCo), PetroVietnam Power Nhon Trach 2Corporation, PetroVietnam Ca Mau Fertiliser JSC (PVCFC), PetroVietnam Gas SouthJSC (PGS), PetroVietnam Drilling & Well Service Corporation (PV Drilling),and PetroVietnam Chemical and Services Corporation (PVChem).
In October,PetroVietnam topped the list of 500 most profitable businesses (Profit500) alsoreleased by VNR and VietNamNet. This is the third consecutive year the corporation has led the ranking. Enterprises honoured are thosewith efficient and sustainable production and business activities, as well ashigh profitability amid challenges caused by the pandemic-triggered crisis.
PetroVietnam andits members have taken a comprehensive set of response measures to tacklechallenges induced by COVID-19 and maintain stable production since thebeginning of this year. It exploited an estimated 17.32 million tonnes of oilequivalent in the first ten months of the year, surpassing the plan for the period by 2.3 percent.
The group's totalrevenue reached 464.5 trillion VND (20.1 billion USD), or 83 percent of theyearly plan while its contribution to the State budget hit 58.3 trillion VND,equivalent to 86 percent of the yearly target.
Amid a global economic downturn caused by theCOVID-19 pandemic, the group was among a few oil and gas businesses in theworld that have managed to post positive growth in the January-October period. Inthe past 10 months, the group reduced costs by 8.1 trillion VND as part of theeffort to weather the crisis.
Towards theyear’s end, PetroVietnam sets the goal of continuing to exercise thrift,effectively using resources and devising scenarios to cope with marketdevelopments, as well as grasping new opportunities for effective disbursement,thus propelling its next growth.
An October surveyby VNR found that 24.4 percent of asked enterprises said they performed betterin the first nine months of this year compared to the same period last year.Some 36.6 percent said production was stable and 39 percent said they performedworse than a year earlier.
About 41.5percent of firms said their nine-month revenue declined against the same periodlast year while 43.9 percent saw higher revenue. Some 14.6 percent said theirrevenue did not change much, according to the survey.
The survey alsoshowed the top fivestrategies that enterprises had adopted to tackle challengesthis year, namely accelerating personnel training and maximising human resources (90.4 percent of asked enterprises); cutting costs (86.5percent); sharpeningcompetitive edges (73.1percent); increasinginvestment in technology and digital technology application (53.8 percent); and strengthening customers’ experience, 42.3percent.
A ceremony to officially announce the VNR500 2020 will beheld on January 8, 2021 in Hanoi./.
VNA
