PetroVietnam honoured among 10 Most Innovative Enterprises Vietnam in 2023: PetroVietnam's crude oil output reaches 2.6 million tonnes in the first quarter of this year. (Photo: Petrovietnam)

The Vietnam Investment Review in collaboration with Vietnam Business Research JSC (Viet Research) compiled the list of top 50 most innovative enterprises in Vietnam (VIE50) in 2023, aiming to honour those that effectively apply innovation in production and business activities and have good growth potential.

The ranking was made based on the business and innovative results of enterprises.

Most VIE50 enterprises are in the five sectors of processing - manufacturing, technology - ICT, banking - finance, health and logistics with respective proportions of 28%, 14%, 12%, 10% and 8%.

After being affected by the COVID-19 pandemic for two years, most VIE50 businesses are actively seeking growth and innovation continues to be their top priority during this period.

Petrovietnam is the leading firm in the processing - manufacturing sector. It is also among large enterprises that have early poured capital into research and development (R&D) and technology transfer, promptly catching up with new trends in the world to innovate their business.

Last year, its total revenue hit 931.2 trillion VND (40.4 billion USD), exceeding the yearly plan by 67% and an increase of 48% year-on-year. Petrovietnam contributed 170.6 trillion VND to the State budget, up 52% compared with the year 2021.

Petrovietnam’s crude oil exploitation hit a record with 8.98 million tonnes, up 28% from the target. Its production and export of fertilisers reached 1.88 million tonnes and 606,000 tonnes, respectively. Petrol production met about 75% of domestic demand.

In the first quarter of 2023, despite fluctuations in the country’s macroeconomic situation and negative impacts from the market, Petrovietnam strived to maintain production and business, according to its General Director Le Manh Hung.

The Group has fulfilled all targets set for the first quarter, with crude oil output reaching 2.6 million tonnes, exceeding the quarter’s plan by 12.6% and equivalent to 28% of the year plan. Its gas production hit 1.97 billion cu.m, exceeding the quarter’s plan by 17.6% and equivalent to 33% of the year plan.

Petrovietnam also generated 5.65 billion kWh of electricity, surpassing the quarterly plan by 6.3% and up 35% from the same period last year. Fertiliser output reached 461,000 tonnes and petrol 1.74 million tonnes, up 12% and 11.3% respectively compared to the targets set for the first quarter.

Although the average selling price of oil in the first quarter of 2023 decreased by 15% over the same period, Petrovietnam’s total revenue was estimated at 193.7 trillion VND, contributing 29.8 trillion VND to the State budget. The Group’s pre-tax profit was estimated at 13.6 trillion VND, surpassing the quarter’s plan by 67%.