State-owned enterprise Petrovietnam leads the way, accounting for approximately 65% of the nation's budget revenue.
In 2025, Petrovietnam, a major state-owned enterprise under the Ministry of Finance, has emerged as the leading contributor to the State budget among all SOEs managed by the Ministry. This significant role is primarily due to its substantial revenue generation, large-scale investment projects, and strong operational performance.
High Revenue and Profit Scale
Petrovietnam's impressive financial performance is evident in its total estimated revenue of VND 510,000 billion in the first half of 2025, with consolidated revenue around VND 310,000 billion. The enterprise's estimated contribution to the State budget was VND 66,500 billion, accounting for nearly 65% of the total budget payments of all enterprises under the Ministry of Finance and almost 48% of their total revenue.
Robust Investment Activities
The group's investment disbursement increased by over 30% in the first half of 2025, with investments of around VND 20.6 trillion in key sectors such as gas, petrochemical refining, power plants, and petroleum services. This significant investment supported growth and enhanced capacity, enabling higher profitability and budget contributions.
Focus on Key Strategic Projects
Major projects like the Block B – O Mon gas pipeline, Dung Quat Refinery upgrade, and Nhon Trach power plants contributed significantly to productive capacity expansion and revenue growth.
Strong Financial and Operational Results at Subsidiary Level
Companies under Petrovietnam, such as BSR, exceeded their financial targets and state budget contributions, ensuring a solid aggregate impact on the State budget.
Despite economic challenges, state-owned enterprises represented by the Ministry of Finance have maintained stable production and business operations. Minister of Finance Nguyen Van Thang encouraged the companies to proactively devise strategies to meet and exceed their planned objectives.
Key performance indicators are projected to reach approximately 50-60% of the annual targets for the first half of 2025. The sector's total consolidated revenue for the first half of 2025 is estimated at around VND 1.07 quadrillion (US$40.9 billion).
Minister Thang set a mandatory growth target of at least 8% for 2025 for the SOEs under the Ministry. He also emphasised the need for these enterprises to embrace technology and innovation.
Thang mandated that the Ministry of Finance provide support to address issues related to slow investment disbursement, equitisation, and restructuring. The MoF is also tasked with addressing any regulatory issues that may hinder foreign investment and trade, thereby fostering an environment conducive to business growth.
The Ministry of Finance is instructed to refine policies regarding management and investment, ensuring a conducive legal framework for State-owned enterprises. Profits before tax are expected to reach VND 82.1 trillion.
Petrovietnam's consolidated revenue for the first half of 2025 is VND 310 trillion, and its contributions to the State budget for the same period are VND 66.5 trillion. These figures represent 64.8% of the State budget contributions from all SOEs under the Ministry of Finance.
In summary, Petrovietnam's dominant position in State budget contributions among Ministry of Finance-managed SOEs in 2025 is a testament to its large-scale revenue generation, significant investment in key energy infrastructure, and strong subsidiary performance. The enterprise's leadership role is expected to continue as it strives to meet and exceed its growth targets and maintain its strong financial performance.
- In alignment with Minister Thang's mandate, Petrovietnam has established a focus on technology and innovation to boost their growth, contributing to the industry's progress.
- To enhance foreign investment and trade, the Ministry of Finance is tasked with addressing any regulatory barriers, thereby creating a favorable business environment.
- Amidst the growing demand for energy, Petrovietnam's substantial investments in key sectors, such as gas, petrochemical refining, power plants, and petroleum services, have played a crucial role in the energy sector.
- With profits before tax projected at VND 82.1 trillion, Petrovietnam's financial strength and business growth are essential for the government's revenue and economic stability.
- To further support Petrovietnam's expansion and operational efficiency, the Ministry of Finance has been instructed to refine policies regarding management and investment, ensuring a favorable legal environment for State-owned enterprises.
