Fitch Ratings also assesses that Petrovietnam’s earnings before interest, taxes, depriciation and amortization (EBITDA) in 2021 will double to more than 45 trillion dong, financial profile is solid with good progress in the Group’s key business areas and high liquidity – “Fitch does not see any difficulty in raising capital for Petrovietnam as one of the most important State-owned enterprises in Vietnam”. In the context of the heavy impact of the 4th Covid-19 pandemic outbreak, Petrovietnam continues to maintain positive ratings because the Group has taken measures to respond to the epidemic and fluctuations in crude oil prices, been proactive and flexible in business management and administration. Also, the work of forecasting, managing fluctuations, connecting links in the Group’s value chain vertically and horizontally has been promoted, maximizing the value of each unit and expanding the market… helping the Group respond to difficulties in a timely manner, achieving very encouraging results.

 Keep production pace

By the end of the first 8 months of 2021, all of Petrovietnam's production and business targets have basically met the set plan, crude oil production is 12.7% higher than the 8-month plan; production of fertilizer, petrol, LPG…exceeds 2-11%. Petrovietnam’s financial indicators both exceed and grow over the same period, creating a solid financial profile for the Group.

  Steadfast in the face of storms (author Pham Phuong)

In addition, this rating agency also rates Petrovietnam's Standalone Credit Profile (SCP) at BB+, reflecting the Group’s level of integration, diversification and prudent financial profile. This ranking confirms Petrovietnam’s position as the largest oil and gas producer in Vietnam, vertically integrated with upstream, midstream and downstream operations, with stable revenue from gas and electricity distribution.

 Along with maintaining the achieved results, Petrovietnam actively seizes the opportunity to restore operations after the Covid-19 epidemic in the “new normal state”.