Petrovietnam's assets top $44.8 bln in 2025, profit jumps 39%

Petrovietnam ended 2025 with total assets exceeding VND1,178 trillion ($44.8 billion), up nearly VND100 trillion ($3.8 billion) from a year earlier, while reporting a 39% increase in net profit and maintaining one of the country's largest cash positions.

According to its audited consolidated financial statements for 2025, the state-owned energy giant posted net revenue from sales and services of VND632.21 trillion ($24.04 billion), up 13% from the previous year. Improved operating performance lifted gross profit nearly 30% to VND70.72 trillion ($2.69 billion).

Financial activities continued to make a significant contribution to earnings, with financial income reaching VND24.2 trillion ($920.16 million). Of that amount, interest earned on deposits and lending totalled approximately VND14.37 trillion ($546.28 million).

While administrative expenses rose to over VND26.68 trillion and selling expenses reached nearly VND7.8 trillion, finance costs fell nearly 14% to VND7.41 trillion, primarily due to lower interest expenses.

The group reported consolidated after-tax profit of nearly VND52.38 trillion ($1.99 billion) for 2025, up 39% year-on-year. Profit attributable to shareholders of the parent company totalled VND46.26 trillion.

Cash and deposits exceed VND415 trillion ($15.78 billion)

As of December 31, 2025, Petrovietnam's consolidated assets stood at over VND1,178 trillion ($44.8 billion), an increase of almost VND100 trillion from the beginning of the year.

The group continued to hold a substantial cash reserve, with cash and cash equivalents amounting to nearly VND88.02 trillion ($3.35 billion) and term deposits at banks reaching nearly VND330 trillion.

Total liabilities were over VND584.18 trillion ($22.21 billion), including approximately VND333.49 trillion in borrowings and finance lease obligations. However, given the scale of its assets and cash holdings, the group's financial leverage remained at a prudent level.

The quality of earnings also remained strong. Net cash generated from operating activities totalled nearly VND56.99 trillion ($2.17 billion) during the year, indicating that reported profits translated into robust operating cash flow.

Despite its overall solid financial position, Petrovietnam reported total non-performing assets of nearly VND29.38 trillion ($1.12 billion) at the end of 2025.

The parent company accounted for the majority, with bad debts of VND20.83 trillion, representing more than 70% of the group's total impaired receivables.

Among key subsidiaries, PV Gas reported bad debts of over VND3.44 trillion ($130.9 million), followed by PetroVietnam Construction (PVC) with VND1.27 trillion, PV Oil with VND894 billion, PV Power with VND748 billion and PetroVietnam Fertilizer and Chemicals (PVFCCo) with VND522 billion. The remainder was spread across units including PTSC, PVMR and PVTrans.

The audit report also highlighted ongoing financial difficulties at several companies within the Petrovietnam ecosystem.

At Vietnam Petrochemical and Fiber Joint Stock Company (VNPoly), accumulated losses had reached VND7.84 trillion by the end of 2025, while the company continued to face a working capital shortfall in meeting maturing obligations.

Meanwhile, PetroVietnam Construction Corporation (PetroCons) reported accumulated losses of nearly VND4.04 trillion ($153.46 million), with current liabilities exceeding current assets by nearly VND1.49 trillion.

PVcomBank is also continuing to implement its restructuring plan linked to bad debt resolution for the 2021-2025 period, with a longer-term vision extending to 2030. As of the end of 2025, the bank reported total assets of nearly VND263.44 trillion ($10.02 billion), liabilities of over VND251.19 trillion and pre-tax profit of over VND1.69 trillion.