PetroVietnam Gas Joint Stock Corporation (PV GAS) has become one of the five businesses with market capitalisation of over US$10 billion in November.

The rest four enterprises in the list are Vinhomes, Vingroup, Vietcombank, and Hoa Phat Group.

Statistics from the HCM City Stock Exchange (HoSE), the market capitalisation of companies listed at the floor reached over VND5.6 quadrillion (US$247.7 billion) in late October, up 9.1 per cent over the previous month and accounting for 89 per cent of the national GDP in 2020.

Particularly, the HoSE reported that it has seen 45 enterprises with market capitalisation exceeding $1 billion, up 15 per cent compared to that in September with some new names.

With its stock price rising 48 per cent since the beginning of this year, PV GAS has made a record in the price at VND125,000 per share in October, pushing the firm’s market cap to VND238.28 trillion ($10.54 billion).

Earlier this year, PV GAS has been named among the top 50 listed companies 2021 by Forbes Vietnam for the 9th consecutive year.

Forbes Vietnam said despite the COVID-19 pandemic, the companies included in the list have sought business opportunities, achieved good results and contributed to the country’s economic development.

The firms have made the best performances on the HCM City Stock Exchange (HoSE) and the Hanoi Exchange (HNX).

Forbes Vietnam made the assessment based on such indicators as Compound Annual Growth Rate (CAGR), Return On Equity (ROE), Return On Capital (ROC) and Earning Per Share (EPS) during the 2016-20 period.

The companies have recorded combined post-tax profits of over VND174.48 trillion ($7.58 billion), a year-on-year increase of 26 per cent.

Other firms in the oil and gas sector were also named in the list, including PetroVietnam Power Corporation, PetroVietnam Technical Services Corporation, PetroVietnam Drilling and Well Service Corporation, and PetroVietnam Ca Mau Fertiliser JSC.

Despite the recovery of petrol prices, profits of many businesses in the oil and gas sector dropped in the third quarter of this year due to impacts of the COVID-19 pandemic.

In September this year, PV GAS and US-based AES Corporation signed a joint venture agreement on the establishment and operation of Son My LNG port warehouse limited company in New York under the witness of President Nguyen Xuan Phuc.

The joint venture agreement was based on the main terms of the joint venture contract of Son My LNG (liquefied gas) port warehouse project signed in October 2020.

The Son My LNG port warehouse is one among a series of LNG power projects in the south central province of Binh Thuan, with an estimated total investment of $1.31 billion, and a capacity of 3.6 million tonnes a year in the first phase and up to 9 million tonnes in the next phase.

The port will receive, process and supply LNG reprocessed as fuel for Son My 1 and Son My 2 power plants, expected to be put into operation by the end of 2025. — VNS