Hanoi (VNS/VNA) - Petrovietnam has emerged as the leading contributor to the State budget among State-owned enterprises (SOEs) managed by the Ministry of Finance (MoF), making up nearly 65% of the total remittances from this group in the first half of 2025, according to the ministry.

At a conference reviewing the performance of SOEs for the first half of 2025, the MoF said that despite facing significant economic challenges both domestically and internationally, SOEs represented by the ministry have successfully maintained stable production and business operations.

Key performance indicators are projected to reach approximately 50-60% of the annual targets, with several sectors experiencing growth rates between 5 and 15% compared to the same period last year.

This demonstrates a positive trend of recovery and adaptation within the SOE sector.

The sector's total consolidated revenue for the first half of 2025 is estimated at around 1.07 quadrillion VND (40.9 billion USD), achieving 50.3% of the annual plan and 100.3% compared to the same period last year.

Profits before tax are expected to reach 82.1 trillion VND, representing 60.9% of the plan and an increase of 93.1% year-on-year. Contributions to the State budget are estimated at 102.7 trillion VND, fulfilling 54.6% of the plan and rising by 96.9% compared to the previous year.

Notably, SOE parent companies’ total financial revenue is projected at 662 trillion VND, achieving 48.7% of its plan and 100.1% year-on-year.

Contributions to the State budget from the parent companies are expected to be 35.9 trillion VND, reaching 59.3% of the plan and exceeding the previous year's same period by 80.9%.

Among these, Petrovietnam stands out with an estimated total revenue of 510 trillion VND, consolidated revenue of 310 trillion VND and contributions to the State budget of 66.5 trillion VND.

Petrovietnam's results account for 48% of the total revenue and 64.8% of the State budget contributions from all SOEs under the ministry.

To ensure the successful completion of their annual goals, Minister of Finance Nguyen Van Thang urged the enterprises to actively implement directives from the Government and the MoF.

He set a mandatory growth target of at least 8% for 2025, encouraging the companies to proactively devise strategies to meet and exceed their planned objectives.

Thang also highlighted the importance of maintaining a steady supply of essential goods, particularly in sectors such as energy, fuel and food security. He called for enhanced productivity, cost reduction and resource optimisation, as well as market expansion and product diversification.

Furthermore, the minister stressed the need for these enterprises to embrace technology and innovation. He reiterated the commitment to implementing the national digital transformation strategy as a breakthrough solution to enhance productivity and competitiveness.

While acknowledging the positive results, Thang also pointed out existing challenges, including slow investment disbursement in some enterprises and issues related to equitisation and restructuring.

He mandated that the MoF provide support to address these hurdles effectively.

Looking ahead, the minister instructed various departments to refine policies regarding management and investment, ensuring a conducive legal framework for State-owned enterprises. This includes developing a wage mechanism that aligns with modern governance practices.

The MoF is also tasked with addressing an🐎y regulatory issues that may hinder forei🔯gn investment and trade, thereby fostering an environment conducive to business growth./.