PV Gas posts record revenue equal to 1.1% of Vietnam’s GDP

At its 2026 annual general meeting of shareholders last Friday, PV Gas, a key subsidiary of stated-owned Petrovietnam, received strong shareholder backing after reporting record growth in 2025 despite heightened volatility in global energy markets.

Record 2025 results reshape growth trajectory

The year 2025 marked the 35th anniversary of PV Gas and the company’s completion of all targets approved by shareholders, with several record-breaking milestones.

Consolidated revenue reached nearly VND137 trillion ($5.2 billion), equivalent to 185% of the full-year target and up 30% from 2024, contributing approximately 1.1% to Vietnam’s GDP.

Pre-tax profit rose to nearly VND14.4 trillion, surpassing the year's target by 116% and increasing 9% year-on-year. Net profit reached VND11.6 trillion ($440.33 million), or 218% of the plan, also up 9% from 2024. State budget contributions exceeded VND7.5 trillion, more than double the target.

The company maintained strong financial indicators and retained its international credit rating of “BB+” from Fitch Ratings on November 24, 2025, reflecting resilient operations and profitability despite declining domestic gas reserves, energy price volatility and intensifying competition in the gas sector.

PV Gas said it continued to strengthen its leading role in Vietnam’s gas industry, supplying fuel for around 6.3% of the country’s electricity output and 70% of domestic fertilizer production. The company also supplies liquefied petroleum gas (LPG) covering about 70% of demand in Vietnam and neighboring Cambodia.

Alongside its business operations, PV Gas accelerated infrastructure investment in 2025, with parent company disbursements exceeding VND3 trillion ($113.88 million). Authorities in Ha Tinh province and Hai Phong city approved investment plans for the Vung Ang LNG terminal project in north-central Vietnam and the PV Gas Hai Phong terminal project, opening new growth opportunities in northern Vietnam.

Pham Van Phong, board member and CEO of PV Gas, said the company’s strong performance stemmed from three strategic shifts.

First, PV Gas is transitioning from a traditional gas distributor into an integrated gas and LNG energy business spanning the full value chain.

Second, the company accelerated trading and international business activities. Trading now accounts for more than 56% of total revenue. LPG and LNG trading volume exceeded 5 million tons in 2025, equal to 266% of the year's target and up 65% from 2024.

International trading contributed more than 3.3 million tons, surging 129% year-on-year and allowing the company to meet ahead of schedule targets set by Petrovietnam for 2030.

Third, PV Gas intensified restructuring efforts aimed at streamlining operations, improving governance efficiency, controlling costs, and resolving long-standing issues.

The restructuring of the PM3-Ca Mau gas business model in southwestern Vietnam was highlighted as a strategic move to integrate upstream and downstream operations and optimize the overall gas ecosystem.

PV GAS is simultaneously pursuing a long-term strategy targeting a place among Southeast Asia’s 30 largest companies by 2030 while maintaining its leading role in Vietnam’s gas industry.

2026 outlook focused on LNG expansion

For 2026, PV Gas targets consolidated revenue of around VND142 trillion ($5.39 billion) and pre-tax profit of VND11.2 trillion ($425.15 million), while expecting to contribute VND4.5 trillion to the state budget.

In Q1/2026, the company reported positive business and investment performance ahead of plan. Consolidated revenue was estimated at VND38.42 trillion ($1.46 billion), up 47% year-on-year, while consolidated pre-tax profit reached nearly VND3.76 trillion ($142.54 million), up 10% from the same period last year. The company has completed around 27-33% of its full-year targets in Q1 alone.

Nguyen Thanh Binh, PV Gas's Party chief and chairman, said the company would continue accelerating innovation in response to global uncertainties and geopolitical risks, particularly by expanding gas infrastructure, international trade, and digital transformation while improving governance standards.

Over the next five years, particularly in the pivotal year of 2026, PV Gas plans to focus on production operations as its core foundation, infrastructure investment as a growth driver and international market expansion as a strategic engine, enabling deeper participation across the entire upstream, midstream and downstream LNG value chain.

Shareholders back LNG and infrastructure strategy

At the meeting, shareholders expressed confidence in PV Gas’s ability to adapt and maintain operational efficiency amid continued volatility in global energy markets, including geopolitical tensions in the Middle East.

Investor concerns focused on three main areas: the company’s long-term growth prospects through LNG development, new gas sources and expansion of the energy value chain; progress and efficiency of key projects including the Block B-O Mon gas project, Son My LNG terminal, the north-central LNG storage project, the PV Gas Hai Phong terminal and the expansion of Thi Vai LNG terminal capacity; and the company’s resilience against oil price fluctuations, exchange rate risks, interest rates and rising competition in the LNG market.

PV Gas executives said the company had both short-, medium- and long-term solutions to ensure stable operations and sustainable returns for shareholders.

As both parent company and major shareholder, Petrovietnam said PV GAS contributed about 20% of group revenue and 23% of total profit.

Petrovietnam added that PV GAS retained substantial growth potential through infrastructure development, market expansion, long-term strategic planning, restructuring and improved governance.

As gas and LNG increasingly emerge as transition fuels across the region, PV Gas is seen as well-positioned to expand its scale and strengthen its standing in Southeast Asia’s energy supply chain, supporting Petrovietnam’s ambition to enter the Fortune Global 500 by 2030.

Dividend approval and governance changes

Shareholders approved all proposals at the meeting, including a 2025 cash dividend payout ratio of 25%, equivalent to approximately over VND6.03 trillion ($228.97 million).

The meeting also approved governance changes, including the dismissal of board members Trieu Quoc Tuan and Nguyen Thanh Hao, and supervisory board member Nguyen Cong Minh. Nguyen Huy Hoang and Nguyen Ngoc Hieu were elected to the board, while Do Minh Duong and Nguyen Thi Kim Yen were elected or re-elected as supervisory board members.

Shareholders additionally approved adjustments to the company’s business registration activities to align with operational requirements.

With a strong financial foundation, expanding infrastructure network and long-term growth strategy, PV Gas said it was entering a new growth phase while maintaining its leading role in Vietnam’s gas industry and gradually strengthening its position in the regional energy market.