8% Growth Target for 2025: PVOIL focuses on action, not retreat

16.04.2025

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The leadership and employees of PVOIL are fully committed to meeting the targets assigned by the Vietnam National Industry – Energy Group (Petrovietnam), with an 8% growth target equivalent to consolidated revenue of VND 137 trillion in 2025. In 2024, thanks to extraordinary efforts, PVOIL recorded a record-high consolidated revenue of over VND 125 trillion, marking three consecutive years of double-digit growth. Therefore, amid limited growth potential and a highly challenging business environment, the 8% revenue growth target for 2025 poses a tremendous challenge for PVOIL. This target was assigned based on Decision No. 1073/QĐ-BTC dated March 25, 2025, issued by the Ministry of Finance. Numerous solutions were discussed during the conference organized by PVOIL on April 15, 2025, to implement growth goals in line with the Ministry of Finance’s requirements.

The conference was chaired by Mr. Cao Hoai Duong – Secretary of Party Committee, Chairman of Board of Directors, and Mr. Nguyen Dang Trinh – Vice Secretary of Party Committee, President & CEO of PVOIL, with the participation of Board of Directors, Executive Board, heads of specialized departments, the General Office, and leaders of affiliated and member units.

The event took place amid ongoing global economic uncertainties. Brent crude oil prices averaged USD 75.66 per barrel in Q1 2025, down 9% year-on-year, and continued to decline in the first half of April, reaching USD 68.93 per barrel. Global oversupply combined with energy and tax policy adjustments in major economies has created market instability. Domestically, retail fuel prices have been consistently reduced in line with global prices, exerting significant pressure on profit margins and revenue for fuel trading businesses.

In this context, PVOIL's business results in Q1 2025 reflect the company's resilience and determination. Fuel trading volume reached nearly 1.3 million m³/tons, achieving 98% of the plan; consolidated revenue topped VND 33 trillion, up 11% year-on-year; and profit was nearly breakeven. These are positive results given the fiercely competitive market and numerous external challenges.

PVOIL’s growth plan is based on an average crude oil price of USD 65 per barrel and an exchange rate of VND 26,000/USD. It is carefully aligned with market fluctuations and the actual implementation capacity of member units. Based on the goal of achieving VND 137 trillion in consolidated revenue, PVOIL has assigned specific targets to each unit. Accordingly, the parent company and domestic units are tasked with generating over VND 87 trillion in revenue, while international units are assigned over VND 50 trillion—PVOIL Singapore remains a major contributor through international oil trading.

CEO Nguyen Dang Trinh emphasized that to achieve the 2025 growth target, PVOIL and its units must enhance market analysis and forecasting capabilities, proactively adjust operational plans, and seize market opportunities to boost trading volume. Furthermore, there should be stronger efforts to review and cut unnecessary expenses, focusing resources on breakthrough and high-impact projects. In addition, expanding non-fuel services, promoting technology adoption, and strengthening internal coordination will be key to enhancing the system’s competitiveness moving forward.

The majority of the conference was dedicated to discussions among affiliated and member units, and PVOIL’s leadership, expressing collective determination and commitment to finding solutions and achieving the 2025 revenue target.

In his directive at the conference, Mr. Cao Hoai Duong - Secretary of Party Committee, Chairman of Board of Directors acknowledged the determination and sense of responsibility shown by units across the system upon receiving their 2025 growth targets. He affirmed that the allocation of targets was carefully balanced by the company’s leadership to ensure fairness between the parent company and member units. He expressed confidence that with the unified spirit seen at the conference and the coordinated solutions to be implemented, PVOIL will successfully fulfill its assigned targets and continue affirming its leading role in the fuel business sector, contributing significantly to the Vietnam National Industry – Energy Group growth objectives.

Mr. Cao Hoai Duong – Secretary of Party Committee, Secretary of Party Committee, Chairman of Board of Directors and Mr. Nguyen Dang Trinh – Vice Secretary of Party Committee, President & CEO of PVOIL, co-chaired the conference.