Petrovietnam fulfils annual budget contribution target ahead of schedule

Between January and July the firm contributed VND78.31 trillion, equivalent to US$3.26 billion, to the State budget, a figure 62% higher than the seven-month target and equivalent to 100.02% of the target for the whole of this year, statistics show.

It noted that during the initial seven months of the year, global growth was slow and consumer demand was weak, while protection barriers increased, financial markets witnessed strong changes which led to monetary policies being tightened in many countries.

Furthermore, many new challenges related to food security emerged, supply chain disruptions continued, the global energy market fluctuated strongly, prices surged, and purchasing power declined.

As a highly open economy, the nation has been facing “dual impacts” from a range of adverse internal and external factors. Facing this fact, the Government has been making concerted efforts in a bid to implement various measures for tackling difficulties whilst supporting the economy.

The growth target for the year remains unchanged although it is not easily achievable, the firm said. Determined to stand alongside the Government as the leading energy business in the nation, Petrovietnam has drastically carried out appropriate and timely governance measures matching the reality.

As a result, it has managed to maintain safe, stable, and fruitful production and business activities, thereby going beyond all targets and guaranteeing a stable maximum supply of strategic products, including gas, electricity, fertilizer, and fuel, for the economy.

It has also exceeded financial targets for months and quarters, thereby helping reach the State budget contribution target at an early date, the group added.