Petrovietnam tops SOEs, contributing nearly 65 per cent of budget revenue

Petrovietnam tops SOEs, contributing nearly 65 per cent of budget revenue

The company's total revenue is estimated at VNĐ510 trillion, with consolidated revenue of VNĐ310 trillion.

An offshore jack-up rig under the operation of Petrovietnam. — Photo pvn.vn

Petrovietnam has emerged as the leading contributor to the State budget among State-owned enterprises (SOEs) managed by the Ministry of Finance (MoF), making up nearly 65 per cent of the total remittances from this group in the first half of 2025, according to the ministry.

At a conference reviewing the performance of SOEs for the first half of 2025, the MoF said that despite facing significant economic challenges both domestically and internationally, SOEs represented by the ministry have successfully maintained stable production and business operations. 

Key performance indicators are projected to reach approximately 50-60 per cent of the annual targets, with several sectors experiencing growth rates between 5 and 15 per cent compared to the same period last year. 

This demonstrates a positive trend of recovery and adaptation within the SOE sector.

The sector's total consolidated revenue for the first half of 2025 is estimated at around VNĐ1.07 quadrillion (US$40.9 billion), achieving 50.3 per cent of the annual plan and 100.3 per cent compared to the same period last year. 

Profits before tax are expected to reach VNĐ82.1 trillion, representing 60.9 per cent of the plan and an increase of 93.1 per cent year-on-year. Contributions to the State budget are estimated at VNĐ102.7 trillion, fulfilling 54.6 per cent of the plan and rising by 96.9 per cent compared to the previous year.

Notably, SOE parent companies’ total financial revenue is projected at VNĐ662 trillion, achieving 48.7 per cent of its plan and 100.1 per cent year-on-year.

Contributions to the State budget from the parent companies are expected to be VNĐ35.9 trillion, reaching 59.3 per cent of the plan and exceeding the previous year's same period by 80.9 per cent .

Among these, Petrovietnam stands out with an estimated total revenue of VNĐ510 trillion, consolidated revenue of VNĐ310 trillion and contributions to the State budget of VNĐ66.5 trillion. 

Petrovietnam's results account for 48 per cent of the total revenue and 64.8 per cent of the State budget contributions from all SOEs under the ministry. 

To ensure the successful completion of their annual goals, Minister of Finance Nguyễn Văn Thắng urged the enterprises to actively implement directives from the Government and the MoF. 

He set a mandatory growth target of at least 8 per cent for 2025, encouraging the companies to proactively devise strategies to meet and exceed their planned objectives.

Thắng also highlighted the importance of maintaining a steady supply of essential goods, particularly in sectors such as energy, fuel and food security. He called for enhanced productivity, cost reduction and resource optimisation, as well as market expansion and product diversification.

Furthermore, the minister stressed the need for these enterprises to embrace technology and innovation. He reiterated the commitment to implementing the national digital transformation strategy as a breakthrough solution to enhance productivity and competitiveness.

While acknowledging the positive results, Thắng also pointed out existing challenges, including slow investment disbursement in some enterprises and issues related to equitisation and restructuring. 

He mandated that the MoF provide support to address these hurdles effectively.

Looking ahead, the minister instructed various departments to refine policies regarding management and investment, ensuring a conducive legal framework for State-owned enterprises. This includes developing a wage mechanism that aligns with modern governance practices.

The MoF is also tasked with addressing any regulatory issues that may hinder foreign investment and trade, thereby fostering an environment conducive to business growth.  

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