In 2023, PVOIL achieved the target production volume of 2025

On December 22nd in Ho Chi Minh City, PetroVietnam Oil Corporation (PVOIL) held a joint conference summarizing the Party's work, production, and commercial operations for 2023 and launching the Employee Conference for 2024.

Attending the Conference were Mr. Le Manh Hung, Deputy Secretary of the Party Committee, CEO of the Vietnam Oil & Gas Group (PVN), Mr. Bui Minh Tien, Member of the Party Committee's Standing Committee, Member of the Group's Board of Members; Mr. Nguyen Manh Kha, Member of the Central Committee of the Vietnam General Confederation of Labor, Vice Chairman of the Vietnam Oil and Gas Trade Union; Leaders of the Departments, Office of the Vietnam Oil and Gas Group, and the Nghi Son Refining and Petrochemical Product Distribution Branch.

PVOIL leadership present included Mr. Cao Hoai Duong, Member of the Executive Committee of the Party Committee of PVN, Secretary of the Party Committee and Chairman of the Board of Management of PVOIL; Mr. Doan Van Nhuom, Vice Secretary of the Party Committee, President & CEO of the PVOIL; and Mr. Doan Duy Cong, Chairman of the Corporation's Trade Union; with the involvement of the Executive Committee of the Party Committee, the Board of Directors, the Board of General Directors, the Supervisory Board, socio-political groups, and 250 elected representatives representing all PVOIL employees.

The reports at the conference analyzed and evaluated the difficulties and challenges of the economy in general and the oil and gas business that PVOIL faced and overcame in 2023. In particular, the PVOIL leadership and employees have shown a high sense of responsibility and effort; work together, take advantage of every opportunity and determination to overcome difficulties and challenges to complete and complete tasks beyond the plan assigned by the Group. In particular, many production and business indicators, system development results have been established by PVOIL in the extremely difficult market context.

PVOIL seized market opportunities to achieve a record-breaking business volume of 5.2 million cubic meters/tons of oil and gas in 2023. This accomplishment not only surpassed the annual plan by 58% but also represents a remarkable 28% growth compared to 2022. In a stunning feat, PVOIL reached its target volume two years ahead of schedule, exceeding the goals set in the 2020-2025 plan.

Defying challenging economic conditions and a plummeting oil market in the final quarter, PVOIL smashed financial targets for the second year running. Consolidated revenue soared past 100,000 billion dong, a staggering 220% above the annual plan. Pre-tax profit also defied expectations, reaching an estimated 750 billion dong, exceeding the plan by 25%.

In 2023, PVOIL doubled down on its commitment to nationwide accessibility by establishing 107 new petroleum stations, exceeding its annual target and pushing its total network to 762. This strategic expansion not only bolsters PVOIL's market presence but also paves the way for even greater reach and customer convenience in the future.

In addition, the digital transformation work, the application of technology, automation continues to be actively implemented by PVOIL in all business activities, management and administration; restructuring work is being vigorously implemented; proactively adapt to the energy transition trend, taking advantage of the existing advantages of oil and gas distribution infrastructure...

After analyzing the economic and political characteristics of the world, the development of the domestic economy, and an overview of the production and business activities of the Vietnam Oil and Gas Group, Mr. Le Manh Hung, Deputy Secretary of the Party Committee, CEO of the Group, highly appreciated the outstanding results of PVOIL in the leadership of the Party and production and business activities in 2023. This was reflected in the atmosphere of the closing conference, the images of the delegates, as well as the impressive reports and presentations presented at the conference.

The CEO of the Group acknowledged that PVOIL is one of the member units of the Vietnam Oil and Gas Group that achieved very high results in production and business in 2023; it is a new driving force for the Group in the policy of implementing the development of the linked value chain between units in the industry. In 2023, PVOIL achieved great achievements in business development and market expansion through the development of the domestic retail system and improving business efficiency in the foreign markets of Laos and Singapore. This is the foundation, an important factor for PVOIL to continue to increase production, create growth room in the coming years.

In directing the work direction for 2024, Mr. Le Manh Hung agreed with the key tasks proposed by PVOIL; at the same time, he requested PVOIL to continue to closely monitor and analyze market conditions in the context of many unpredictable fluctuations; continue to promote business development, expand markets; complete the enterprise restructuring plan and carry out the work of settling the enterprise privatization; continue to cooperate with units of the Group to form new business models; implement well the business digital transformation work to bring more value to customers; effectively adapt to the energy transition trend taking place today. In addition, the CEO of the Group requested PVOIL to continue to build and implement corporate culture; through business activities and social welfare activities, PVOIL plays the role of an ambassador, directly bringing the cultural values of PetroVietnam to a wide range of customers and society.

In his response speech, Mr. Cao Hoai Duong, the Party Secretary and Chairman of the Board of Management of PVOIL, expressed his sincere gratitude for the insightful and heartfelt guidance of the Group’s CEO. He affirmed that this is a great motivation and an important direction for PVOIL to implement its tasks in 2024.

In conclusion of the conference, Mr. Cao Hoai Duong recognized and praised the efforts of the leadership, employees, and workers of PVOIL across the system. The outstanding results of 2023 are a proud achievement that the PVOIL team has achieved together. However, the entire system must not be complacent, but must continue to strive from the very first days of 2024 to achieve the target goals assigned by the Group.

Mr. Cao Hoai Duong required the entire system to renew old momentum and create new momentum in the development process. Together, they will build new goals to strive for. In addition to traditional business activities, PVOIL will continue to implement digital transformation, apply information technology in business activities, effectively exploit non-oil services, and diversify services based on the advantages of the existing oil and gas business system and development in the future.

At the conference, PVOIL organized the awarding of 40-year and 30-year Party badges to Party members of the General Corporation; awarded the honors of the State Capital Management Committee at Enterprises, Vietnam Oil and Gas Group, and the Vietnam Oil and Gas Trade Union to outstanding collectives and individuals of PVOIL.

Mr. Le Manh Hung, Deputy Secretary of the Party Committee, CEO of the Vietnam Oil and Gas Group, directed the conference.

Mr. Cao Hoai Duong, Secretary of the Party Committee and Chairman of the Board of Management of PVOIL, spoke at the conference.

Mr. Doan Van Nhuom, Deputy Secretary of the Party Committee, President and CEO of PVOIL spoke at the conference.

The Presidium presided over the conference.

Some images of awarding awards to collectives and individuals




Overall view of the conference

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