PRESS RELEASE

Regarding maintaining the warning status for OIL stocks
of PetroVietnam Oil Corporation

On March 14, 2024, the Hanoi Stock Exchange (HNX) issued Decision No. 121/QD-SGDHN on maintaining the warning status for OIL stocks of PetroVietnam Oil Corporation - Joint Stock Company (PVOIL) with the reason "Annual financial statements are given by the audit organization with qualified opinions for 03 consecutive years or more", the Decision takes effect from March 14, 2024.

Regarding this incident, PetroVietnam Oil Corporation - Joint Stock Company (PVOIL) would like to inform as follows:

In 2023, PVOIL has made efforts to overcome and handle 2/3 of the qualified opinions of the auditing unit on the 2022 Financial Statements. In the 2023 Consolidated Financial Statements of PVOIL, there is only 01 qualified opinion of the auditing unit related to PVOIL's investment in PetroVietnam Oil and Biofuel Corporation (PVB) as follows:

"The value of PVOIL's investment in PVB is VND 271,593,756,068 as of December 31, 2023 based on unaudited financial statements of PVB for the fiscal year ended December 31, 2022 prepared on the basis of meeting the going concern assumption. As of the reporting date, PVOIL is still waiting for the approval of the authorities to implement the bankruptcy plan for PVB. Based on the current information, the auditor cannot obtain sufficient appropriate audit evidence related to the investment in PVB under the equity method in the Corporation's Consolidated Financial Statements for the fiscal year ended December 31, 2023. Therefore, the auditor cannot determine whether it is necessary to adjust these figures or not".
This is PVOIL's capital contribution to PetroVietnam Oil and Biofuel Corporation (PVB) - an associated company in which PVOIL owns 39.76% of charter capital to build Phu Tho Biofuel (NLSH) Plant (arising from before PVOIL's equitization). The project has been suspended since 2012, and so far it is still unfinished, has not been handed over by the contractor to the investor and the construction work has not been completed and finalized.

Currently, the regulations of the State do not have instructions on the provision and handling of financial loss reserves for financial investment projects that are suspended and are under construction such as the Phu Tho NLSH Project mentioned above.

On the basis of carefully considering the handling options for the current status of the Project, PVOIL and PVB have been actively working with PVB's shareholders and related parties to consider and decide on the bankruptcy plan of PVB Company according to the regulations of law.

If PVB completes the bankruptcy procedures or the State agency issues guidance on handling similar financial investment projects, PVOIL expects to overcome this remaining qualified opinion. Consequently, OIL stocks would be removed from the warning status.

It's important to note that the issue related to the PVB investment existed before PVOIL's equitization and does not affect the company's current business and production activities or its future development plans.

PVOIL sincerely thanks for the sympathy and sincerely hopes to continue receiving the support of Shareholders and Partners./.