The Viet Nam Oil and Gas Group (PetroVietnam) said that its subsidiaries have fared well after going public, with their revenues and profits increasing by an average 50 percent and nearly 100 percent, respectively.
The group pointed to the PetroViet Nam Drilling and Well Service Joint Stock Company, whose revenue rose by 67 percent and profit by 142 percent from its yearly plans in 2006 as proof of the efficient operation of its equitised subsidiaries.
Another subsidiary, the PetroViet Nam Construction Joint Stock Company, also reported a 28-percent increase in revenue last year, it added.
Alongside equitisation, PetroViet Nam is boosting the restructuring of its member companies.
So far, the group has transformed four state-owned enterprises into one-member limited liability companies and three joint stock companies into a holding corporation.
Source: VNA
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