In a landscape dominated by banking and real estate giants, PetroVietnam Gas Joint Stock Corporation (PV Gas) has emerged as a standout performer, securing the 12th spot among Vietnam’s most profitable enterprises for the first half of 2025. With a pre-tax profit of VND9,410 billion (~US$356.68 million), reflecting a remarkable 27% year-on-year increase, PV Gas is the only industrial company to break into the top ranks, as reported by local financial data provider Cafef.vn. This achievement underscores the company’s resilience and strategic adaptability in a challenging economic environment, positioning it as a cornerstone of Vietnam’s energy sector and a key player in the nation’s industrial growth.
A Rare Industrial Bright Spot
PV Gas’s ranking among Vietnam’s top 12 most profitable enterprises places it alongside heavyweights like Vietcombank, Vinhomes, and Vingroup. Yet, unlike its counterparts in finance and property, PV Gas represents the industrial sector—a rarity in a list typically dominated by non-industrial players. This milestone is particularly significant given the broader economic context of the first half of 2025, which saw significant headwinds. Brent oil prices plummeted to $71.8 per barrel, a drop to just 85% of the previous year’s value for the same period, while spot prices for liquefied natural gas (LNG), coal, and input gas fell by 7-20%. Gas output for power generation also declined sharply, compounded by a broader slump in market demand for gas consumption.
Despite these challenges, PV Gas not only weathered the storm but thrived, leveraging a multi-pronged strategy to drive growth. Its success reflects a broader narrative of Vietnam’s industrial sector seeking to carve out a space amid economic volatility, with PV Gas leading the charge as a symbol of national pride in the gas industry. The company’s performance offers a glimpse into how strategic restructuring and innovation can turn adversity into opportunity, even as global energy markets remain unpredictable. 
Strategic Pillars Fueling Growth
At the heart of PV Gas’s success lies its liquefied gas business, encompassing both LPG and LNG, which saw a revenue surge of nearly VND7,000 billion (~US$265.3 million) in the first half of 2025—a 12% increase following an impressive 48% growth in 2024. This segment has become a critical driver of the company’s financial performance, highlighting a deliberate shift toward sustainable revenue streams. Beyond liquefied gas, PV Gas expanded its foothold in industrial and service markets, with gas for industrial and fertilizer production rising by 15% and gas transportation services increasing by 18%. These figures point to a strategic pivot away from reliance on traditional gas sources for power generation, aligning with long-term sustainability goals.
Infrastructure enhancements further bolstered PV Gas’s operational capacity. The Thi Vai LNG Regasification Terminal, a key asset, expanded its capacity to 233 tons per hour, equivalent to roughly 7.7 million cubic meters per day. In the first half of 2025 alone, the terminal supplied nearly 400 million cubic meters of regasified LNG, opening new avenues for growth in Vietnam’s energy landscape. Such developments are not merely operational upgrades but strategic moves to position PV Gas at the forefront of the country’s evolving energy needs, particularly as demand for cleaner fuel alternatives grows.
Strategic contracts signed during this period also played a pivotal role. PV Gas secured an offtake agreement for 370 million standard cubic meters of LNG for 2025, alongside long-term deals with Nhon Trach 3 and Nhon Trach 4 power plants, Phu My Fertilizer Plant, and BOT power plants. Additionally, the company recovered significant funds—amounting to thousands of billions of VND, with VND1,000 billion equating to roughly US$37.9 million—from gas reserves tied to the 2022-2023 period. These agreements and financial recoveries have strengthened PV Gas’s cash flow and profit margins, reinforcing its ability to navigate market fluctuations with agility.
A Vision for Global Ambition
PV Gas’s achievements in the first half of 2025 are more than financial triumphs; they mark a critical stepping stone toward loftier ambitions. Under the broader strategy of its parent company, Petrovietnam, PV Gas is tasked with becoming a driving force in Vietnam’s energy sector, with the ultimate goal of propelling Petrovietnam into the Fortune Global 500 by 2030. This vision includes capturing 100% of the domestic natural gas and compressed natural gas (CNG) market share, maintaining a dominant 65-70% share in the LPG and LNG markets, and expanding its presence internationally. Such targets reflect not only corporate ambition but also alignment with national priorities set by the Communist Party of Vietnam (CPV), the State, and Petrovietnam itself.
To achieve these goals, PV Gas is focusing on developing integrated energy centers, ensuring national energy security, and pioneering Vietnam’s green energy transition. Initiatives such as green hydrogen trials and low-carbon projects position the company as a leader in sustainable energy solutions, responding to global calls for reduced carbon footprints. This forward-thinking approach is evident in PV Gas’s operational ethos, which balances profitability with a commitment to environmental responsibility—a dual mandate that could serve as a model for other industrial players in the region.
Resilience Amid Market Volatility
The first half of 2025 tested the mettle of Vietnam’s industrial sector, with PV Gas emerging as a beacon of adaptability. The company’s ability to turn market challenges into opportunities speaks to the resilience of its leadership and workforce. By diversifying revenue streams and investing in infrastructure, PV Gas has mitigated the impact of declining gas demand for power generation and falling global energy prices. Its focus on industrial gas applications and transportation services reflects a nuanced understanding of market dynamics, ensuring that it remains competitive even as traditional revenue sources face pressure.
Moreover, PV Gas’s performance carries implications beyond its balance sheet. As Vietnam grapples with economic uncertainties, the company’s success offers a stabilizing force, particularly in the energy sector, which underpins national development. Energy security, a priority for the Vietnamese government, is directly tied to PV Gas’s ability to maintain supply chains and expand capacity. In this context, the company’s role extends beyond corporate profitability to encompass a broader responsibility to the nation’s economic stability and growth trajectory.
Positioning for Sustainable Growth
Looking ahead, PV Gas appears poised to build on its first-half performance in the remaining months of 2025. The company’s strategic contracts and infrastructure investments provide a solid foundation for sustained growth, while its focus on green energy initiatives aligns with global trends toward sustainability. As Vietnam continues to industrialize and urbanize, demand for reliable energy sources—particularly cleaner alternatives like LNG—will likely increase, positioning PV Gas to capitalize on emerging opportunities.
However, challenges remain. Fluctuations in global energy prices, coupled with domestic market dynamics, could test PV Gas’s adaptability in the near term. The company’s ability to maintain its growth trajectory will depend on its capacity to innovate, secure strategic partnerships, and navigate regulatory landscapes. Additionally, as it eyes international expansion, PV Gas will need to contend with competitive pressures from regional and global players in the energy sector.
A Symbol of Vietnam’s Industrial Future
PV Gas’s ascent to the top echelons of Vietnam’s most profitable enterprises is a testament to its strategic foresight and operational resilience. In a period marked by economic turbulence, the company has not only held its ground but charted a path of remarkable growth, driven by its liquefied gas business, infrastructure expansions, and long-term contracts. Its ranking among banking and real estate titans highlights the potential for Vietnam’s industrial sector to compete on equal footing with other economic powerhouses.
As PV Gas looks to the future, its role in ensuring national energy security and leading the green energy transition will be critical. The company’s journey reflects a broader narrative of Vietnam’s ambition to transform its economy, balancing industrial growth with sustainability. Whether PV Gas can sustain its momentum and help propel Petrovietnam into the global elite remains an open question, but its performance in the first half of 2025 offers a promising start. For now, PV Gas stands as a symbol of Vietnam’s industrial prowess, navigating challenges with innovation and determination, and setting the stage for a future of sustainable progress.
