Petrovietnam Saves US$32.78 Mln in 2008

The state-owned oil monopoly PetroVietnam group said that in 2008 it saved VND541 billion (US$32.78 million) from suspending and prolonging progress of its 112 projects with a total investment of VND6 trillion (US$363.63 million), surpassing 32 per cent of its initial target of VND410 billion (US$24.84 million).

 

To this end, the group thoroughly economizes and cuts unnecessary spending in its operation, as well as restructures some affiliates in order to raise efficiency of its business and production.

 

PetroVietnam also seriously implemented its commitment to save 10 per cent of standing costs according to an instruction made by the prime minister.

 

In 2008, the group earned total revenue of VND280.05 trillion (US$16.57 billion), equivalent to 20 per cent of the nation’s GDP, surpassing 49.6 per cent of the year’s target and representing an on-year increase of 31.2 per cent.

 

It contributed VND121.8 trillion (US$7.2 billion) to the state budget, exceeding 81.4 per cent of the year’s target, up 41.7 per cent on-year and making up 31 per cent of the total state budget collection during the year. (Vietnam Economic Times)