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Vietnam Energy Forum

PVN belongs to the group of oil and gas companies with good ROE in the world

 - The Vietnam Oil and Gas Group (PVN) informed that, in the first 6 months of 2021, the pre-tax profit of the group achieved over 3 times higher than the growth rate of oil prices as the average price of crude oil in the first 6 months of the year 66.8 USD/barrel, exceeding the plan price for 48%, while the united pre-tax profit exceeded 165% of the plan. Especially, the PVN return on equity (ROE) in the first 6 months was estimated at 4.6% so PVN belongs to the group of oil and gas companies with good ROE in the world.

According to the information of PVN, the financial targets of the group have exceeded the plan and grown highly in comparison with the same period in 2020. Specifically, the total accumulated turnover of the group in the first 6 months of 2021 has reached VND 299.3 trillion, exceeding the 6-month plan for 20% and over the same period in 2020 for 22%; the payment to the State budget was 45.2 trillion VND, exceeding the 6-month plan for 42 % and increasing the same period in 2020 for 33%; the united pre-tax profit was VND 21.3 trillion, exceeding the 6-month plan for 165 % and increasing the same period in 2020 for over 3 times.

Achieving the above results was due to that PVN made great efforts in investment, gradually solved and removed the obstacles in the difficult projects. On the other hand, PVN promoted developing the value chains to enhance coordinating, sharing and salvaging the resources of units in PVN for improving the overall operational efficiency (up to the end of 6/2021, the Group has deployed 19 associated chains).

In order to continue to successfully complete the tasks of the last 6 months and the whole year of 2021, PVN has set a number of key tasks, including:

1/ To continue updating and strengthening forecasts on the macro-economic and market situations to identify risks, update solutions in management, and flexibly operate production and business activities.

2/ To deploy synchronously solutions for controlling the Covid-19 pandemic, promoting coordination and finding vaccine sources to inject employees of the whole group.

3/ To ensure a balance between oil and gas outputs for fulfilling the important targets, especially oil and gas exploiting outputs.

4/ To promote extending the markets of gas, petrochemical and other products.

5/ To continue improving administrative activities, promoting the removal of obstacles at State management agencies for the production and business activities of the group in parallel with strengthening to resolve the difficulties for PVN units.

6/ To continue optimizing investment and production costs, and promoting to reduce operating costs.

7/ To realize the associated chains within the Group and strengthen the mutual assistance in the Vietnam Oil and Gas industry

VER.

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