PV Gas the only industrial company among Top 12 most profitable enterprises in Vietnam

PetroVietnam Gas Joint Stock Corporation (PV Gas) ranked 12th in the Top 20 Vietnamese enterprises in terms of H1/2025 pre-tax profit, with VND9,410 billion ($356.68 million), up 27% year-on-year.

The higher positions in the list belonged to Vietcombank, Vietnam Exhibition Fair Center (VEFAC, an arm of Vingroup), Vietinbank, BIDV bank, MB bank, Techcombank, Vinhomes, VPBank, Vingroup, ACB bank, and HDBank, according to Cafef.vn. statistics.

Among the banking and real estate heavyweights, PV Gas stands out as a rare bright spot of the industrial sector.

The ranking marked an impressive milestone given that the "economic picture" still had many challenging "colors". It also affirmed the company's role as a leader and a pride of the Vietnamese gas industry.

H1/2025 witnessed many unprecedented fluctuations. The Brent oil price dropped to $71.8 per barrel (equivalent to only 85% of that in the same period last year), while spot prices of LNG, coal, and input gas all decreased by 7-20%. Output of gas for power generation decreased sharply, while gas consumption demand in the whole market declined significantly.

However, in the midst of that difficult picture, PV Gas not only stood firm but also made a strong breakthroughs thanks to its synchronous implementation of strategic pillars.

The biggest driving force comes from its liquefied gas business (LPG and LNG), with revenue increasing by nearly VND7,000 billion ($265.3 million) which marked a growth rate of 12%, following a breakthrough rate of 48% in 2024.

At the same time, PV Gas continued to expand its service and industrial market shares when gas for industrial and fertilizer production rose by 15% and gas transportation service went up 18%. The developments clearly demonstrated the trend of restructuring revenue towards sustainability, gradually reducing dependence on traditional gas sources for power generation.

Meanwhile, the gas system was operated effectively with the expansion of the Thi Vai LNG Regasification Terminal's capacity to 233 tons/hour (equivalent to about 7.7 million cubic meters/day), providing nearly 400 million cubic meters of regasified LNG in H1 alone, opening up new growth space.

In particular, a series of strategic contracts were signed, including the offtake of 370 million standard cubic meters of LNG for 2025; the long-term contracts with Nhon Trach 3 and Nhon Trach 4 power plants, Phu My Fertilizer Plant, BOT power plants; and the recovery of thousands of billions of VND (VND1,000 billion = $37.9 million) from gas reserves in the 2022-2023 period.

These steps not only strengthened cash flow and profit margins but also affirmed the stature, mettle and flexible adaptation of PV Gas in a challenging period.

The position in the list of Top 12 most profitable enterprises is not only a remarkable financial milestone, but also an important stepping stone for PV Gas to go further on the journey, together with parent group Petrovietnam, to achieve a global status, with an aim to be in the Fortune Global 500 rankings by 2030.

In Petrovietnam's general strategy, PV Gas is identified as the main driving force, shouldering a key mission with ambitious goals: capturing 100% of the domestic natural gas and compressed natural gas (CNG) market share; maintaining a 65-70% market share regarding LPG and LNG in the country, while gradually expanding its footprint to the international market. These seek to ensure the growth rate of revenue and after-tax profit as assigned by the Party, the State and Petrovietnam.

PV Gas is also focusing on developing integrated energy centers, affirming its leading role in the gas market, ensuring national energy security, and pioneering the green energy transition trend, with green hydrogen trials and low-carbon projects.

The impressive achievements in H1 are not only financial figures, but also vivid evidence of PV Gas's reform spirit and aspiration for innovations. In the face of market fluctuations, the company's leaders and employees have demonstrated their adaptability and strong resilience, turning challenges into creative driving forces.

That spirit will be the foundation for the business to continue making breakthroughs in the last six months of the year, opening the door for a future of sustainable growth. On that journey, PV Gas not only plays a role in ensuring national energy security, but also continues its aspiration to reach new heights, leading the green energy transition trend and affirming the pioneering position of a Vietnamese brand on the global map.