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The Vietnam Oil and Gas Group (PetroVietnam) reported that it had met its revenue target in 2021 two months ahead of schedule, generating VND 620.2 trillion (US$ 27.1 billion), surpassing the yearly plan by 26.4 per cent, and up 28 per cent year-on-year.

Besides revenues, the group has fulfilled most yearly targets despite difficulties caused by the COVID-19 pandemic, the complicated development in the East Sea and obstacles in legal framework.

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The oil output in 2021 reached 10.97 million tons, 13 per cent higher than the plan set for the year, and fertilizer production 1.91 million tons, exceeding the yearly plan by 18 per cent, and up 6 per cent compared to 2020. Meanwhile, oil and petrol output totaled 6.37 million tons, representing a year-on-year rise of 9.5 per cent and surpassing the plan by 0.1 per cent.

The group’s pre-tax profit in the year surpassed the plan by 2.6 times, and up 2.2 times year-on-year, reaching VNĐ45 trillion. PetroVietnam contributed VNĐ112.5 trillion to the State budget, 80 per cent higher than the set plan, and up 36 per cent compared to the previous year.

In 2021, the group’s subsidiaries have closely and effectively coordinated to create a value chain, and regularly shared information to balance production, inventory  and  product distribution. In 2021, the group reduced costs by a record VNĐ3 trillion, surpassing the plan by 10.4 per cent.

PetroVietnam has concentrated its resources in order to accelerate the progress of investment projects and remove “bottlenecks” in this work.

The investment portfolio management is implemented effectively and synchronously, while digital transformation has been also gradually expanded to each unit.

In addition, in order to ensure efficiency in management and administration, and create a legal corridor for the group’s production and business activities, it has made recommendations to authorized agencies in order to remove obstacles on mechanisms and policies for the group’s operations, and actively coordinated with relevant agencies in finalizing the revised Oil and Gas Law.

It also spent more than VNĐ1 trillion for social security activities, including contribution to the national COVID-19 vaccine fund.