PetroVietnam's representative accepted the accolade on behalf of the company from Brand Finance. — Photo courtesy of Petrovietnam
Vietnam National Oil and Gas Group (Petrovietnam)'s brand value growth shines as it maintains a Top 10 spot for the fourth year running in Brand Finance's prestigious Top 100 most valuable brands in Việt Nam.
The oil and gas giant's brand value rose to US$1.38 billion in 2023, marking a 7 per cent increase from the previous year. This success is underpinned by a strong AA- brand strength index rating.
Petrovietnam's brand value has seen remarkable expansion, surviving the challenges of the COVID-19 pandemic and volatile oil prices. From a value of $945 million in 2021, the ascent continued to nearly $1.4 billion in 2023. Notably, the company also maintains its position as one of Việt Nam's top three largest enterprises for the 15th consecutive year.
Petrovietnam's accomplishments extend beyond brand value, with exceptional operational achievements. In 2022, it surpassed crude oil production targets by 28 per cent, reaching 8.98 million tonnes, and exceeded nitrogen fertiliser production and export goals. This excellence translated into significant financial figures, including VNĐ931.2 trillion ($39.3 million) in total revenue, over VNĐ82 trillion in pre-tax profit, and contributing VNĐ170.6 trillion to the State budget, accounting for 9.6 per cent of total State revenue.
Ending July, the group surpassed production targets by 3-28 per cent, with notable growth compared to the same period in 2022.
Alex Haigh, Brand Finance Asia Pacific's Managing Director, highlighted Petrovietnam's substantial growth in brand value, positioning it among Việt Nam's most valuable brands. He emphasised that Petrovietnam's engagement in energy transformation not only advances green energy development but also elevates brand image, reputation, sympathy and awareness. This strategic direction is anticipated to amplify Petrovietnam's brand strength index and overall brand value, both nationally and internationally. — VNS