Mr. Le Manh Hung, Chairman of the Petrovietnam Board of Directors. Photo VGP
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This is the information shared by Mr. Le Manh Hung – Chairman of the Petrovietnam Board of Directors at the Government’s Standing Conference meeting with outstanding state-owned enterprises on March 3, 2024.
Looking back at the year 2023, despite the common difficulties, Mr. Hung said that the Group faced many specific difficulties related to Petrovietnam’s activities such as fluctuations in major energy centers around the world and complex developments in the East Sea, the rapid and large fluctuations in energy supply and demand and energy product prices.
The Group has focused on resolving many major and difficult matters in recent years such as challenging investment projects like Thai Binh 2 Thermal Power Plant, B-O Mon gas power project chains, and step by step overcoming difficulties of the Nghi Son Refinery complex project.
Along with that, Petrovietnam has also been actively expanding its scale, gradually integrating globally, transforming its business model to adapt to cyclical economy, sharing economy, green economy, digital economy, and energy transition.
 Illustrative photo
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The good news is that in the first 2 months of 2024, most of Petrovietnam’s production targets have been exceeded by 5-30% compared to the 2-month plan, with many growth indicators higher than the same period in 2023 such as a 23.5% increase in gasoline and oil production, an 11% increase in electricity production, a 6.7% increase in LPG production, a 2.1% increase in nitrogen production, an 8.5% increase in polypropylene production, and a 2.6-fold increase in NPK production.
All the financial indicators of the Group have been exceeded by 16-26% compared to the plan, with high growth rates compared to the same period.
Specifically, the total revenue of the Group reached VND 145.4 trillion, exceeding the plan by 26%, an increase of 16% compared to the same period; consolidated pre-tax profit was over VND 7.7 trillion, exceeding the plan by 48%. The Group’s contribution to the state budget increased by 3%, estimated to reach VND 20.1 trillion, exceeding the plan by 16%. The value of investment realization increased by 58.6%, estimated at VND 3.14 trillion, achieving 81% of the plan.
