The rating is a continuation of raising Vietnam’s outlook with “BB” rating from “Stable” to “Positive” on 1st April 2021 by Fitch Ratings.

This is a result of Fitch Ratings’ objective rating based on comprehensive assessment of Petrovietnam. In 2020, under the negative effects of the Covid-19 pandemic and the decline in oil prices, the oil and gas companies in the world faced many difficulties and Petrovietnam is no exception. However, facing such difficulties and even unprecedented challenge (WTI oil price was minus 37.63 USD/ barrel), the spirit, bravery and culture of the oil and gas workers have been shown. Petrovietnam has drastically and promptly improved governance, issued and successfully implemented packages of solutions to cope with the double effects of the Covid-19 pandemic and the decline in oil prices. As a result, in 2020, the Group basically fulfilled and over-fulfilled the planned tasks and targets. Petrovietnam continued increasing financial accumulation and reserves to ensure sustainable development of the Group. Specifically in 2020, the consolidated after-tax profit of the whole Group was 11 trillion dong, the total revenue was 313.3 trillion dong, and payment to the State budget was 83 trillion dong; increase of reserves reached over 15 million tons of oil with new discoveries in Ken Bau and Soi Vang. It can be said that Petrovietnam has responded very effectively to difficulties, well managed market fluctuations, demonstrated experience and governance capacity to overcome the most difficult and harsh periods of the market. This is a concrete and practical result showing the bravery, spirit and culture of the oil and gas workers to celebrate the success of the 13th Party Congress, towards the 60th anniversary of the Traditional Day of Vietnam National Oil and Gas Group (27th November 1961 – 27th November 2021), at the same time open up a bright future for the Group in the coming time.