The Commission for the Management of State Capital at Enterprises (CMSC), which was set up last year to manage the government’s stake in companies, also set a revenue target of VND128 trillion ($5.5 billion) for PetroVietnam (PVN) based on an average crude oil price of $65 per barrel. The Ministry of Industry and Trade last year transferred PVN to the CMSC. 

But it excludes PVN’s Nghi Son Refinery and Petrochemical Llc, the country’s largest refinery in terms of design capacity in the central Thanh Hoa Province.

PVN’s return on equity ratio target is 5.43 percent. Its production targets include 1.76 billion square meters of gas and 3.83 million tons of crude oil and natural gas liquids.

In the first six months of this year revenues were VND247.1 trillion ($10.66 billion), up 14.6 percent year-on-year, and after-tax profit was VND13.1 trillion ($565.2 million).

Vietnam's crude oil export revenues in the first half of the year decreased 1.7 percent year-on-year to $1.03 billion, according to the General Statistics Office.