The Vietnam Oil and Gas Group (PetroVietnam) reported that it had met its revenue target in 2021 two months ahead of schedule, generating 620.2 trillion VND (over 27.1 billion USD), surpassing the yearly plan by 26.4 percent, and up 28 percent year-on-year.

PetroVietnam’s revenue hits over 27.1 billion USD in 2021 (Photo: PetroVietnam)

Besides revenues, the group has fulfilled most yearly targets despite difficulties caused by the COVID-19 pandemic, the complicated development in the East Sea and obstacles in legal framework.

The oil output in 2021 reached 10.97 million tonnes, 13 percent higher than the plan set for the year, and fertilizer production 1.91 million tonnes, exceeding the yearly plan by 18 percent, and up 6 percent compared to 2020.

Meanwhile, oil and petrol output totalled 6.37 million tonnes, representing a year-on-year rise of 9.5 percent and surpassing the plan by 0.1 percent.

The group's pre-tax profit in the year surpassed the plan by 2.6 times, and up 2.2 times year-on-year, reaching 45 trillion VND. 

PetroVietnam contributed 112.5 trillion VND to the State budget, 80 percent higher than the set plan, and up 36 percent compared to the previous year.

In 2021, the group's subsidiaries have closely and effectively coordinated to create a value chain, and regularly shared information to balance production, inventory  and  product distribution. In 2021, the group reduced costs by a record 3 trillion VND, surpassing the plan by 10.4 percent.

PetroVietnam has concentrated its resources in order to accelerate the  progress of investment projects and remove "bottlenecks" in this work.

The investment portfolio management is implemented effectively and synchronously, while digital transformation has been also gradually expanded to each unit.

In addition, in order to ensure efficiency in management and administration, and create a legal corridor for the group’s production and business activities, it has made recommendations to authorized agencies in order to remove obstacles on mechanisms and policies for the group’s operations, and actively coordinated with relevant agencies in finalizing the revised Oil and Gas Law.

It also spent more than 1 trillion VND for social security activities, including contribution to the national COVID-19 vaccine fund.

Source: VNA