Two Enterprises Make an Impression: One Sets a Record of Consecutive Years!

The two corporations in question are Viettel and Petrovietnam, Vietnam’s leading telecommunications and energy enterprises.

On the morning of May 21st, Vietnam’s Prime Minister Pham Minh Chinh met with Zhou Jia Yi, Chairman of PowerChina for Asia-Pacific, and a consortium of contractors and partners operating in Vietnam.

PowerChina, a leading global engineering and construction company, has a significant presence in over 130 countries across five key sectors: hydropower and water resources, power generation and electrical infrastructure, urban infrastructure, mining, and digitalization. In 2024, the company achieved remarkable financial results with revenues surpassing $100 billion, ranking 108th among the top 500 global enterprises. PowerChina also boasts over two decades of experience working with numerous Vietnamese businesses, having participated in more than 100 energy and infrastructure projects in the country, including ports and harbors.

Beyond its expertise in railways, PowerChina, as the world’s seventh-largest energy contractor, aspires to further collaborate and invest in renewable energy development in Vietnam, as well as other infrastructure projects.

The Prime Minister welcomed PowerChina’s cooperation plans with Vietnamese partners. Notably, he suggested that PowerChina support Vietnamese enterprises in joining their global supply chains and transfer technology to leading Vietnamese companies such as Viettel and Petrovietnam, especially in the fields of wind turbine and solar panel production.

Emphasizing the government’s commitment to creating a mutually beneficial environment, the Prime Minister assured foreign investors, including PowerChina and other Chinese enterprises, of Vietnam’s support and protection of their legitimate rights and interests during their investment and project implementation in the country, in accordance with Vietnamese laws.

Record-breaking Achievements by Viettel and Petrovietnam

Both Viettel and Petrovietnam have achieved impressive milestones in 2024.

Viettel, a leading telecommunications company, reported consolidated revenue of VND 190,000 billion in 2024, representing a 10.3% increase from the previous year. Notably, their pre-tax profit reached a record high of VND 51,000 billion (approximately $2 billion), a 11.3% surge compared to 2023. Viettel also contributed VND 42,600 billion to the state budget, reflecting a 12.3% growth.

This remarkable performance is attributed to their sustained growth in domestic telecommunications, international business expansion, and successful research, production, and commercialization of high-tech products. In 2024, Viettel operated Vietnam’s largest data center with 230,000 servers in Hoa Lac and expanded its 5G network to 95% of provincial capitals. The company plans to add 12,000 new 5G stations this year.

Additionally, Viettel inaugurated Vietnam’s first logistics park in Lang Son in December 2024 and is currently working on establishing a nationwide network of logistics centers to serve key economic regions. In the field of high-tech industries, Viettel has successfully tested and accepted various strategic weapons for mass production and deployment for the Ministry of Defense.

Turning to Petrovietnam, the company broke records for the third consecutive year in 2024, with revenues surpassing VND 1 quadrillion, a 36% increase compared to pre-COVID-19 levels (2019) and equivalent to approximately 9% of Vietnam’s total GDP. Petrovietnam also contributed VND 165,000 billion to the state budget, reflecting a remarkable 52% growth compared to the pre-pandemic period.

Moreover, 2024 marked the first year that Petrovietnam achieved comprehensive records in financial indicators, surpassing pre-COVID-19 performance. Specifically, the company’s consolidated revenue in 2024 reached VND 601 trillion, a 51% increase from 2023. The parent company’s revenue stood at VND 270 trillion, a 237% surge, and its pre-tax profit reached VND 35.1 trillion, a 45% increase. Petrovietnam maintained its impressive performance with consolidated profits of over $2.3 billion for the year.

Despite the volatile global market, Petrovietnam exceeded its financial targets for the first quarter of 2025. The company’s total revenue for this period was estimated at VND 241,237 billion, a significant increase compared to the same period in 2024. Petrovietnam’s contribution to the state budget reached an estimated VND 34,696 billion, a 10% increase.

Moving forward, Petrovietnam will focus on expanding markets for its goods and services with strategic partners, selectively strengthening cooperation with domestic enterprises, and forging international strategic alliances. The company will also explore new markets and expand cooperation in novel fields. Additionally, Petrovietnam will concentrate its resources on the Ninh Thuan 2 Nuclear Power Project, a national key project, while also expanding its LNG business, ensuring sufficient gas supply for fertilizer production, and implementing solutions to increase oil and gas extraction, along with maintaining international trade.