The PVN also encountered falling production at oil and gas fields as well as obstacles in financial and price mechanisms and tax policies, he added.
Oil and gas processing companies such as the Oil and Gas Fertilizer and Chemicals Corporation and the Ca Mau Oil and Gas Fertilizer Joint Stock Company faced fierce competition from imported products, while oil and gas services companies suffered from decreased exploration and exploitation activities, he said.
Despite the difficulties, the PVN has managed to surpass all business production targets set by the Government by 2-19 percent, he said.
Deputy Minister of Industry and Trade Do Thang Hai said PVN plays a crucial role in the economy and contributes over 10 percent to the country’s gross domestic product (GDP).
He asked the PVN to focus all resources on oil and gas projects in the remaining months of 2017.
The ministry will coordinate with the PVN to propose adjustments to financial mechanisms and measures to remove bottlenecks for the group.