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For the 5th consecutive year, Petrovietnam tops ranking of 500 most profitable enterprises in Vietnam

On 26th October, Vietnam Report Joint Stock Company (Vietnam Report) and VietNamNet newspaper held a ceremony to announce and honor the Top 500 most profitable enterprises of Vietnam (PROFIT500) in 2023. Vietnam National Oil and Gas Group (Petrovietnam) has the 5th consecutive year leading this list.

Over many years of construction and development, Vietnam Report’s researches have been perfected with scientific and transparent methodology. Specifically, PROFIT500 ranking is evaluated according to the weighted scoring method with such main pillars as profit before tax, revenue, indicators reflecting profitability (ROA, ROE, ROR), and some other reference indicators such as media reputation, labor scale…

In addition to achievements in production and business activities, brand cohesion and reputation are also important factors to help businesses succeed, retain old customers and attract new ones. Therefore, increasing investment in brand image, improving reputation is increasingly focused by many businesses. 

Mr. Nguyen Quang Hung, Deputy Head of Corporate Communication and Culture Division on behalf of Petrovietnam receives the honor at the event

The PROFIT500 ranking has been showing an important role in recognizing the contributions of leading enterprises – the pillar of the country’s development. In the context of slow global economic growth while facing many unpredictable risks and fluctuations, the meaning of finding the best profitable businesses is more desirable than ever by the business community, investors and the public. Since then, the PROFIT500 ranking contributes to introducing and enhancing Vietnamese business brands to the business community and domestic and international investors.  

By continuing to lead the PROFIT500 list in 2023, Petrovietnam has the 5th consecutive year standing in this position. In the Top 10 most profitable enterprises, there is the appearance of Petrovietnam Exploration Production Corporation (PVEP). 

The 2023 PROFIT500 ranking also records the presence of other oil and gas enterprises such as: Petrovietnam Gas Corporation (PV GAS, ranked 12th); Binh Son Refining and Petrochemical Joint Stock Company (BSR, ranked 14th); Petrovietnam Fertilizer and Chemical Corporation – Joint Stock Company (PVFCCo, ranked 31st); Ca Mau Petroleum Fertilizer Joint Stock Company (PVCFC, ranked 47th); followed by Petrovietnam Power Corporation – Joint Stock Company (PV Power); Petrovietnam Transportation Corporation (PVTrans); Petrovietnam Technical Services Joint Stock Corporation (PTSC); PVI Joint Stock Company; Petrovietnam Oil Corporation - Joint Stock Company (PVOIL), PVI Insurance Corporation; Petrovietnam Low Pressure Gas Distribution Joint Stock Company (PV GAS D); PTSC Mechanical & Construction Company Limited (PTSC M&C); Pacific Petroleum Transportation Joint Stock Company (PV Trans Pacific); Petrovietnam General Services Joint Stock Corporation (PETROSETCO). 

Representative of PV GAS receives the honor at the program

Representative of PVTrans receives the honor at the program

Representative of PVI Insurance Corporation receives the honor at the program

Representative of PV GAS D receives the honor at the program

By the end of the third quarter of 2023, Petrovietnam’s production results and financial targets have exceeded the assigned plan. In which, the total revenue of the Group is 655 trillion dong; the whole Group’s budget payment is estimated at VND 105.7 trillion dong, exceeding 35% of the 2023 plan (completed the year plan of 78.3 trillion dong five months in advance); The Group’s consolidated pre-tax profit is estimated at 42.5 trillion dong, exceeding 22% of the year plan. 

Mr. Vu Dang Vinh, General Director of Vietnam Report Company, the unit that researches and publishes the PROFIT500 ranking, shared: “5 consecutive years leading the ranking is a mark of recognition of Petrovietnam’s efforts in not only implementing the policies of the Party and State, the Group and its member enterprises have also contributed and competed fairly with domestic and foreign enterprises to affirm the position and brand of the National Group in the process of global integration. In particular, the Group has carried out transformational activities towards sustainable energy development, meeting the commitments of the Government of Vietnam to international agreements”. 

Representatives of the Group and units are honored in the ranking of 500 most profitable enterprises in Vietnam in 2023

Along with positive production and business results, according to Brand Finance, Petrovietnam is currently experiencing an increasingly high growth rate of brand value, in the group of the most valuable enterprises in Vietnam. Even during the “double crisis” of Covid-19 and a deep drop in oil prices in 2021, Petrovietnam’s brand value was valued at 945 million USD, more than doubling compared to 2019. By 2022, Petrovietnam’s brand value reached nearly 1.3 billion USD. In particular, Petrovietnam’s brand value in 2023 reaches 1.382 billion USD, up 7% compared to 2022. In addition to the constantly increasing brand value, the Group has 15 consecutive years of participation in the top 3 largest enterprises in Vietnam. 

These results once again affirm the performance of PetroVietnam in recent years, with a healthy financial situation and flexible management capacity, which has been objectively evaluated and recognized by many prestigious domestic and foreign organizations. At the same time, they create a premise to help Petrovietnam brand reach further and develop more sustainably in the coming period.