The Vietnam Oil and Gas Group (PetroVietnam) continued to top the Profit500 list, which names the 500 most profitable enterprises in Vietnam, in 2020.

A rig on the Su Tu Trang (White Lion) oil and gas field (Photo: pvn.vn)

 This is the third year that the group has taken the leading position among the top 500 enterprises.

 The list, announced by the Vietnam Report JSC and online newspaper Vietnamnet, also contains many enterprises in the oil and gas sector, such as PV Gas (7th place),  Vietsovpetro, PV Powers, PetroVietnam Technical Services Corporation (PTSC), PetroVietnam Drilling & Well Service Corporation (PV Drilling), Ca Mau Fertiliser Plant (PVCFC), to name just a few.

 Vietnam Report said this year the ROA (Return on Assets) of companies on the list averaged 11.4%, slightly down from the 11.9% recorded last year. However, the ROE (Return on Equity) ratio improved to 21.7% from 20.9% in 2019.

 It also took note of changes in top priority strategies of enterprises from now to the end of year, with 71.7% of them paying attention to sales, 58.3% focusing on seeking new markets and expanding existing ones, 49.2% looking to researching and developing new products and 42.6% planning to cut costs.