Sang wished the group more successes in the new year by making the most of new opportunities and hoped it would become the country's leading economic group and reach out to the world.

The group chairman Phung Dinh Thuc said it would continue cutting investment in its non-core businesses this year.

The group would not inject capital into the 79-floor PVN Tower, he affirmed. The tower is one of the highest buildings in Viet Nam with an estimated investment capital of US$600 million. The project is being implemented by PetroVietnam Construction Corporation (PVC), an affiliate of PetroVietnam.

"Last year, PetroVietnam reviewed its non-core projects and it cancelled 12 and delayed 44. As a result, we saved VND7.2 trillion ($151.2 million). Thus, the group's total investment capital last year was about VND90 trillion ($4.3 billion), 27 per cent lower than earlier expectations," said Le Minh Hong, the group's deputy director general.

The group will spearhead five core business sectors, including oil and gas exploration and exploitation; petro-chemical refinery; gas; power; and high-quality oil and gas services.

The group plans to churn out 15.8 million tonnes of crude oil and 9 billion cubic metres of gas this year earning VND660 trillion ($31.4 billion), VND135 trillion ($6.4 billion) of which will go into the State budget. It plans to pump more than VND108 trillion ($5.1 billion) of that revenue into investment, slightly less than last year.

The group reached a total revenue of VND675.3 trillion (US$32.1 billion) last year, of which VND160.8 trillion ($7.6 billion) went into the State budget.

Thuc attributed the good performance last year to higher production, higher oil and gas prices, and better revenues from oil and gas services.

The group's lower business expectations this year stem from the ongoing global economic crisis.

Sang also visited the Party Central Committee's Commission of Inspection, Central Committee of Organisation and the Ministry of Culture, Sports and Tourism.