The PetroVietnam Exploration Production Corporation (PVEP) has fulfilled its yearly profit target for 2022 by the end of the first quarter of the year, earning an estimated 5,892 billion VND (nearly 258 million USD) in pre-tax profit, up 117 percent year-on-year and surpassing the yearly plan by 2 percent.
Vietnam-Russia oil and gas joint venture Vietsovpetro has exceeded the production and financial targets for 2021 with profits for both sides was 282.5 million, or 73.2 percent higher than the set plan.
Even though economic growth is expected to strongly recover this year as the pandemic has been contained, companies in many sectors have still lowered their profit targets.
Many banks were estimated to meet 25-30 percent of their annual profit targets by the end of March, although the first quarter is usually the most sluggish for banks.
The National Oil and Gas Group earned about 16.5 billion USD in revenues in the first ten months of this year, 5 percent higher than the target set for the period.
Business
