PVN’s business result exceeds set target

The Vietnam Oil and Gas Group (PVN) gained nearly VND561 trillion (US$24.28 billion) in revenue in the past nine months, 12 per cent higher than its nine-month target, the group has announced.

 

The corporation contributed more than VND78.500 trillion to the State budget, 11.1 percent above its goal.

During the past three quarters, the State-owned firm generated around 16.42 billion kWh of electricity, exceeding its set plan by 4.3 per cent, and produced 1.10 million tonnes of nitrogenous fertiliser, exceeding the target by 8 per cent.

Meanwhile, petroleum production hit 8.99 million tonnes, surpassing its plan by 5.6 per cent.

In September, the Fitch Ratings assigned the PVN first-time long-term foreign-currency issuer default rating (IDR) at 'BB' with a positive outlook.

The agency has also assigned PVN a senior unsecured rating of 'BB' and standalone credit profile (SCP) at 'bb+', reflecting the company's high degree of integration, diversification and conservative financial profile.

The group continued hold the first place in the Profit500 Ranking, which listed the 500 most profitable companies in Viet Nam in 2019.

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