Petrovietnam: A bright spot in ty le ca cuoc 188bet economic picture in ty le ca cuoc 188bet first half of 2021

Petrovietnam Chairman of ty le ca cuoc 188bet Board of Directors Hoang Quoc Vuong, President and CEO Le Manh Hung and members of ty le ca cuoc 188bet Standing Party Committee, ty le ca cuoc 188bet Board of Directors, Vice President, heads of ty le ca cuoc 188bet Divisions/Administration Office of ty le ca cuoc 188bet Group, member units attended at ty le ca cuoc 188bet bridges across ty le ca cuoc 188bet country.

Online meeting with 13 bridges across ty le ca cuoc 188bet country

Well implement dual goals, achieve comprehensive and positive results

In ty le ca cuoc 188bet first 6 months of 2021, with ty le ca cuoc 188bet promotion of large-scale vaccination campaigns and ty le ca cuoc 188bet implementation of economic stimulus packages, ty le ca cuoc 188bet world’s major economies such as ty le ca cuoc 188bet US, China and ty le ca cuoc 188bet EU have taken strong economic recovery steps, lead ty le ca cuoc 188bet global economy. However, ty le ca cuoc 188bet world economy is still facing many risks, especially financial issues, public debt, inflation, and ty le ca cuoc 188bet recovery has a clear divergence depending on ty le ca cuoc 188bet vaccination progress. Meanwhile, ty le ca cuoc 188bet vaccine against COVID-19 has not yet reached ty le ca cuoc 188bet emerging economies, developing and less developed countries, and new variants of this virus have emerged.
Domestically, ty le ca cuoc 188bet first six months of ty le ca cuoc 188bet year experienced two outbreaks of COVID-19. In which, ty le ca cuoc 188bet fourth wave of COVID-19 epidemic is currently complicated, spreading to many provinces and cities throughout ty le ca cuoc 188bet country, especially in Ho Chi Minh City, ty le ca cuoc 188bet southern provinces where many units, oil and gas works and a number of industrial zones are located, ty le ca cuoc 188bet most dynamic economic areas in ty le ca cuoc 188bet country, greatly affecting production and business activities, consumption of products and goods… of ty le ca cuoc 188bet economy. Economic growth in ty le ca cuoc 188bet second half of 2021 is forecasted to depend greatly on ty le ca cuoc 188bet control of ty le ca cuoc 188bet COVID-19 situation.

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In that context, with good control of safety and epidemic work, promotion of experience and efficiency in governance, taking advantage of opportunities from ty le ca cuoc 188bet recovery of ty le ca cuoc 188bet world economy and positive oil prices, Petrovietnam has closely followed ty le ca cuoc 188bet plan, market developments, over-fulfilled most of ty le ca cuoc 188bet assigned key targets. In which, oil production has completed ty le ca cuoc 188bet 6-month plan right in May 2021. Generally, in ty le ca cuoc 188bet first 6 months of ty le ca cuoc 188bet year, ty le ca cuoc 188bet output of crude oil and condensate exceeded ty le ca cuoc 188bet plan by 15%, contributing to ty le ca cuoc 188bet completion of ty le ca cuoc 188bet 6-month oil production plan of 9.68 million tons. ty le ca cuoc 188bet production of petroleum and fertilizers also exceeded ty le ca cuoc 188bet assigned plan.

ty le ca cuoc 188bet financial targets have been over-fulfilled and have a high growth compared to ty le ca cuoc 188bet same period of 2020. Specifically, in ty le ca cuoc 188bet first 6 months of 2021, ty le ca cuoc 188bet Group’s total accumulated revenue reached 299.3 trillion dong, exceeding 20% of 6-month plan, an increase of 22% over ty le ca cuoc 188bet same period in 2020; ty le ca cuoc 188bet Group’s contribution to ty le ca cuoc 188bet state budget reached 45.2 trillion dong, exceeding 42% of ty le ca cuoc 188bet 6-month plan, an increase of 33% over ty le ca cuoc 188bet same period in 2020; Consolidated pre-tax profit of ty le ca cuoc 188bet Group reached 21.3 trillion dong, exceeding 165% of ty le ca cuoc 188bet 6-month plan, an increase of more than 3 times compared to ty le ca cuoc 188bet same period in 2020.

ty le ca cuoc 188bet above financial indicators show that ty le ca cuoc 188bet Group’s pre-tax profit is much more positive than ty le ca cuoc 188bet increase in oil price (more than 3 times higher than ty le ca cuoc 188bet increase in oil price); Specifically, ty le ca cuoc 188bet average price of crude oil in ty le ca cuoc 188bet first 6 months of 2021 was 66.8 USD/barrel, exceeding 48% of ty le ca cuoc 188bet plan price, while ty le ca cuoc 188bet Group’s consolidated pre-tax profit in ty le ca cuoc 188bet first 6 months exceeded 165% of ty le ca cuoc 188bet plan. Return on equity (ROE) in ty le ca cuoc 188bet first 6 months is estimated at 4.6%, belonging to ty le ca cuoc 188bet group of oil and gas companies with good ROE in ty le ca cuoc 188bet world. It can be said that achieving this very positive result depends not only on favorable factors from ty le ca cuoc 188bet positive trend of oil prices but also on ty le ca cuoc 188bet fact that governance has been paid special attention by ty le ca cuoc 188bet Group's Board of Directors. Simultaneously, there is ty le ca cuoc 188bet decisiveness in ty le ca cuoc 188bet management and direction from ty le ca cuoc 188bet Group to ty le ca cuoc 188bet member units and each specific field. This result makes a great contribution to ty le ca cuoc 188bet country’s socio-economic development. Along with that, ty le ca cuoc 188bet Group’s strategic products such as gasoline, oil, gas, electricity, fertilizers…have not only brought revenue to ty le ca cuoc 188bet state budget but also provided essential products, contributed to stabilizing ty le ca cuoc 188bet market, especially in ty le ca cuoc 188bet context of complicated epidemic developments.

Petroleum workers

Petrovietnam has made great efforts in investment, gradually solved and removed obstacles in difficult projects, achieved some remarkable progress; Promoted ty le ca cuoc 188bet construction of value chains in order to enhance coordination, share and make ty le ca cuoc 188bet most of advantages and resources of units in ty le ca cuoc 188bet Group to improve overall operational efficiency (by ty le ca cuoc 188bet end of June 2021, ty le ca cuoc 188bet Group has developed 19 linked chains). Optimizing and reducing costs have been actively implemented. Total cost reduction is estimated at 1,691.6 billion dong, equalling 62% of ty le ca cuoc 188bet reduction plan of 2021, making an important contribution to ty le ca cuoc 188bet Group’s overall business results.

ty le ca cuoc 188bet prevention of ty le ca cuoc 188bet COVID-19 epidemic has been thoroughly, synchronously and effectively implemented throughout ty le ca cuoc 188bet Group. All units in ty le ca cuoc 188bet Group have maintained stable production and business activities, controlled inventories, and prevention of COVID-19 epidemic has been strictly and thoroughly implemented, ensuring absolute safety, without interrupting production and business activities. Actively responding to ty le ca cuoc 188bet Government's call, so far, Petrovietnam has contributed more than 500 billion dong to ty le ca cuoc 188bet COVID-19 Vaccine Fund and supported epidemic prevention and control in localities throughout ty le ca cuoc 188bet country. Petrovietnam has also safely implemented vaccination against COVID-19 for nearly 10,000 employees.

Solidarity, continued efforts in ty le ca cuoc 188bet performance of tasks in ty le ca cuoc 188bet last 6 months of ty le ca cuoc 188bet year

Petrovietnam Chairman of ty le ca cuoc 188bet Board of Directors Hoang Quoc Vuong and other leaders of ty le ca cuoc 188bet Group attended ty le ca cuoc 188bet meeting

Delivering direction speech, Petrovietnam Chairman of ty le ca cuoc 188bet Board of Directors Hoang Quoc Vuong acknowledged ty le ca cuoc 188bet efforts of all units under ty le ca cuoc 188bet Group in ty le ca cuoc 188bet first 6 months of ty le ca cuoc 188bet year, with many units over-fulfilling ty le ca cuoc 188bet plan. Recognizing many challenges ahead, especially ty le ca cuoc 188bet COVID-19 pandemic in ty le ca cuoc 188bet country is very complicated with unpredictable oil prices, ty le ca cuoc 188bet Chairman suggested that ty le ca cuoc 188bet units continue promoting ty le ca cuoc 188bet results achieved, make efforts to complete ty le ca cuoc 188bet whole year plan.

“In ty le ca cuoc 188bet current difficult period, more than ever, units need to unite, especially units in ty le ca cuoc 188bet value chain, need to create favorable conditions and support each other to complete ty le ca cuoc 188bet assigned plan” emphasized Mr. Hoang Quoc Vuong.  

Petrovietnam President and CEO Le Manh Hung spoke at ty le ca cuoc 188bet meeting

Summarizing ty le ca cuoc 188bet meeting, Petrovietnam President and CEO Le Manh Hung assessed ty le ca cuoc 188bet Group’s production and business results in ty le ca cuoc 188bet first 6 months of ty le ca cuoc 188bet year, in ty le ca cuoc 188bet context of many difficulties and challenges due to ty le ca cuoc 188bet impact of ty le ca cuoc 188bet COVID-19 epidemic, as well as difficulties in employment, consumption market, sharply-increased raw material costs... with ty le ca cuoc 188bet great efforts of ty le ca cuoc 188bet whole Group and many effective solutions, Petrovietnam has comprehensively over-fulfilled ty le ca cuoc 188bet assigned plans, especially in terms of high growth financial targets, expected to recover soon compared to ty le ca cuoc 188bet period before ty le ca cuoc 188bet COVID-19 epidemic.  

In order to continue to successfully complete ty le ca cuoc 188bet tasks of ty le ca cuoc 188bet last 6 months and ty le ca cuoc 188bet whole year 2021, Mr. Le Manh Hung directed a number of key tasks including: Continue to update and strengthen forecasting on ty le ca cuoc 188bet macroeconomic situation, market to identify risks, update solutions in management, flexibly operate production and business activities; Synchronously deploy solutions to control ty le ca cuoc 188bet COVID-19 epidemic, promote coordination, find vaccine sources to inject for employees throughout ty le ca cuoc 188bet Group for ty le ca cuoc 188bet sake of worker safety, production and business safety; Ensure ty le ca cuoc 188bet balance between oil and gas output to fulfill ty le ca cuoc 188bet most important target, i.e. ty le ca cuoc 188bet Group’s oil and gas production; Promote market expansion of gas, refining and petrochemical products, as well as other products; Continue to improve governance, promote ty le ca cuoc 188bet removal of obstacles at ty le ca cuoc 188bet State management agencies for ty le ca cuoc 188bet Group’s production and business activities, in parallel with strengthening grasping and solving difficulties for units; Continue to optimize investment, optimize production costs, reduce operating costs; Realize ty le ca cuoc 188bet chain of links within ty le ca cuoc 188bet Group and enhance mutual support between units.