PetroVietnam (PVN) reported better-than-expected business results in the first quarter this year, with crude oil output of 2.6 million tonnes, 12.6 per cent higher than its target, contributing VND29.8 trillion (US$1.2 billion) to the State budget.

However, this figure was lower than the company's crude oil output of 2.74 million tonnes in the same frame last year.

The group said it earned a total revenue of VND193.7 trillion, reaching 38 per cent of its yearly target. PVN’s pre-tax profit in the first quarter reached VND13.6 trillion, or 39 per cent of its full-year target.

It also reported natural gas output of 1.97 billion cubic metres in the January-March period, 17.6 per cent higher than its target.

According to Hoang Quoc Vuong, chairman of PetroVietnam, this year's economic conditions are forecast to be less favourable than in 2022, so the group and its units will need breakthrough measures to realise its targets for 2023. — VNS