On March 29, 2024, Mr. Le Manh Hung, Chairman of the Board of Directors (BOD) of Vietnam Oil and Gas Group (PVN), met with representatives of PetroVietnam Oil Corporation (PVOIL) to assess the company's performance and discuss its future development plans.
Present at the meeting were Mr. Le Ngoc Son, President and CEO of PVN, and leaders of the Group's specialized departments. On the PVOIL side, there were Mr. Cao Hoai Duong, Chairman of the BOD, Mr. Doan Van Nhuom, President and CEO, members of the BOD, the Board of Directors, Heads of Departments, and the Office of the corporation.
On behalf of PVOIL's leadership, Mr. Cao Hoai Duong and Mr. Doan Van Nhuom presented reports on the implementation status of the 2024 management plan, the corporation's business and production results in the first 3 months of 2024; solutions to ensure the over-fulfillment of the 2024 management plan according to Decision No. 529/QD-DKVN of the group; evaluation of the implementation results of the 2021-2023 period compared to the 5-year plan for the period 2021-2025 of PVOIL approved by the group's BOD; the corporation's development goals and orientations to 2030 and vision to 2045.
Accordingly, in the first quarter of 2024, PVOIL's business and production indicators all exceeded the plan and increased compared to the same period. The petroleum business is estimated to reach over 1.3 million m3/tons, an increase of 22% compared to the same period; consolidated revenue is estimated to reach 27.7 trillion VND, an increase of 33% compared to the same period. PVOIL continued to promote the development of petrol stations, with 27 new petrol stations opened in the first quarter, bringing the total number of petrol stations to 783. Other aspects of work were also implemented synchronously, with many positive changes compared to the same period.
Regarding the implementation of the 2021-2025 plan, so far PVOIL is developing in line with the strategic orientation approved by the group in all key areas: crude oil consignment and international oil trading, gasoline blending and production, oil product trading, and trading services. It is estimated that by 2025, PVOIL will complete and fulfill most of the main assigned targets and tasks, of which many targets are expected to be exceeded significantly, such as gasoline business output, revenue, profit, development of petrol stations, etc.
PVOIL's development strategy is built on three main pillars: digital transformation, energy transition, and diversification of non-oil business services. PVOIL has and is continuing to promote the application of digital transformation such as digital signatures, modernization of petrol stations, and especially the deployment of sales applications such as PVOIL Easy, PVOIL B2B, PVOIL 4U, etc., both to improve customer experience and convenience and to improve the efficiency of management and business production. PVOIL also regularly monitors and updates information on energy transition, especially the development trend of electric vehicles, to have appropriate steps and be ready to adapt. In which, PVOIL continues to cooperate with Vinfast to install electric vehicle charging stations at petrol stations, contributing positively to PVOIL's business efficiency. Diversification of non-oil services at petrol stations is identified as an important business area of PVOIL, which has the effect of supporting the gasoline business in the energy transition trend.
In terms of medium- and long-term strategy, in the period of 2026-2030, PVOIL sets the goal of continuing to accelerate development, increasing the average gasoline business output by 7.5%/year, maintaining market share while ensuring business efficiency; striving for the retail ratio to reach at least 35% by 2030; continuing to invest in expanding the petrol station system, increasing the total number of stores to 1,245 petrol stations by the end of 2030; researching and preparing to invest in infrastructure to be ready for hydrogen distribution. In the vision to 2045, PVOIL aims to become a diversified energy distributor (gasoline, electricity, hydrogen, etc.) and services related to energy supply stations.
In his speech, Mr. Le Ngoc Son, President and CEO of PVN, acknowledged PVOIL's achievements and expressed support for the implementation of the 5-year plan (2021-2025) and development strategy to 2030. He commended PVOIL for effectively renewing existing drivers and adding new ones in its business operations, with specific and effective solutions in corporate restructuring, digital transformation, energy transition, non-oil business development, and improving governance and business performance.
Mr. Le Manh Hung, Chairman of the BOD of PVN, recognized and highly appreciated the efforts of the leadership and employees of PVOIL for their achievements in business operations. He emphasized PVOIL's clear demonstration of the leadership, governance, and management roles of the Party Committee, the BOD, and the General Director in carrying out specific tasks.
Regarding the business performance in Q1/2024 and the implementation of the 5-year plan (2021-2025), Mr. Le Manh Hung acknowledged that PVOIL has fulfilled and exceeded many important targets, maintained business growth objectives, and effectively implemented the strategies of digital transformation, energy transition, and increasing non-oil services. He emphasized that PVOIL should strive to become the leading enterprise in the quality of gasoline and non-oil business services, fulfilling its mission as a driving force within the entire PetroVietnam system.
Mr. Le Manh Hung also requested that PVOIL focus on addressing the shortcomings in restructuring and equitization settlement; the profit margin on capital; timely assessing, updating, and adjusting targets and strategies to suit the actual market situation; strengthening the internal control system, enhancing risk monitoring and management; shaping a customer-oriented business model, and improving customer experience; and effectively coordinating and implementing the chain-linking model between units within the Petrovietnam Group, in line with the development strategies of PVOIL's key partners.
The Chairman of PVN required PVOIL to continuously care for and improve the lives of its employees; continue to build and implement a corporate culture; and, through its business activities, act as an ambassador, directly bringing PetroVietnam's cultural values to a wide range of customers and society.
On behalf of the leadership and employees of PVOIL, Mr. Cao Hoai Duong, Chairman of PVOIL's BOD, expressed his sincere gratitude to the leadership of PetroVietnam Group for taking the time to work and provide strategic and specific instructions for PVOIL's business operations in the coming time. He also committed that PVOIL will strive to achieve the goal of becoming the leading enterprise in the quality of gasoline and non-oil business services, contributing to the development of PetroVietnam Group and the national economy./.
Mr. Le Manh Hung, Chairman of PVN, chaired the working session.
Mr. Le Ngoc Son, President and CEO of PVN, delivers a speech at the working session.
Mr. Cao Hoai Duong - Chairman of PVOIL, delivers a speech at the working session.
Mr Doan Van Nhuom, President and CEO of PVOIL, delivers a speech at the working session.
A comprehensive overview of the working session.
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