The Vietnam Oil and Gas Group (PetroVietnam) has announced that its exploration of the Ken Bau-2X well, located in the Red River Basin offshore of Vietnam’s northern continental shelf, helped the firm fulfil its plan of increasing oil and gas reserves.

PetroVietnam Technical Services Corporation (PTSC) announced revenue of VND5.47 trillion (US$238 million) in the second quarter of this year, up 13.4% year-on-year.

Vietnamese state-owned companies have invested $6.7 billion overseas, but many of their projects are losing money.

VOV.VN - Last year saw local businesses pour a figure of US$21 billion into more than 1,300 projects in foreign countries, with profits transferred home reaching roughly US$3 billion, according to the Ministry of Planning and Investment.