PVOIL Achieves Positive Growth Results in Q1 2024

Ho Chi Minh City, April 8, 2024 – The 17th Meeting (Expanded) of the Party Committee of the Vietnam Oil Corporation (PVOIL) was held in Ho Chi Minh City on April 8, 2024 to review the Party's work and business performance in Q1 2024.

The meeting was chaired by Mr. Cao Hoai Duong, Party Secretary and Chairman of the Board of Management of PVOIL, and Mr. Doan Van Nhuom, Deputy Party Secretary and President and CEO of PVOIL. It was attended by a wide range of representatives, including members of the Party Committee and Board of Directors, the General Management Board, the Supervisory Board, and heads of departments and subsidiaries.

The report on the Party's work in Q1 2024 highlighted PVOIL's commitment to following the directives of the Vietnam Oil and Gas Group (PetroVietnam). This includes a focus on leading both business and production activities alongside Party building efforts. PVOIL's leadership emphasized strengthening the political system throughout the corporation to achieve and exceed targets and key tasks in 2024.
PVOIL's business and production results in Q1 2024 were positive across the board. Highlights include:

Increased Sales Volume: The volume of gasoline and oil trading reached nearly 1.4 million m3/tons, a significant 22% increase compared to the same period last year.
Revenue and Profit Growth: Consolidated revenue reached VND 29,400 billion, a notable 41% increase year-on-year, and pre-tax consolidated profit reached VND 300 billion, representing a 5% increase.

Network Expansion and Efficiency: PVOIL successfully developed 33 new petrol stations in Q1, bringing the total number to 789. The corporation also demonstrated effective management practices, cost reduction measures, and service quality improvements, all contributing to enhanced brand value and market competitiveness.

Successful Implementation of E-Invoicing: PVOIL achieved 100% implementation of electronic invoicing for each sale at its affiliated petrol stations, exceeding the government's deadline of March 31, 2024. This success reflects the corporation's commitment to following the Prime Minister's instructions on strengthening the management and use of electronic invoices in the gasoline and oil retail business.
During the meeting, participants also gained valuable insights from a presentation by Assoc. Prof. Dr. Tran Dinh Thien, Member of the National Advisory Council on Monetary and Financial Policy, on "The World and Vietnam Economic Situation - Issues, Trends and Prospects." This information will be crucial for PVOIL to effectively assess the current economic landscape and develop appropriate short- and long-term business plans.

Leadership Addresses Key Areas

Party Work: Mr. Cao Hoai Duong directed affiliated Party committees to focus on reviewing results and implementing targets and plans outlined in Party Congress Resolutions for the 2020-2025 term. He also emphasized the importance of preparing for the organization of Party Congresses at all levels for the 2025-2030 term, following instructions from higher-level Party Committees.

Digital Transformation: As the Head of the Steering Committee for Digital Transformation of PVOIL, Mr. Cao Hoai Duong commended the organization's swift implementation of technical solutions to meet the electronic invoicing requirement. This initiative aligns with PVOIL's ongoing plan to upgrade and modernize its pumping stations.

Information Technology Incident: Mr. Cao Hoai Duong shared a summary of the information technology incident that occurred on April 2nd. He acknowledged the prompt and effective response and remediation solutions implemented by the Corporation, its subsidiaries, and member units. He also highlighted the importance of raising awareness and implementing effective network security solutions to ensure safety in production and business activities.

Business Operations: Mr. Doan Van Nhuom concluded the meeting with a focus on business operations. He commended units that successfully implemented the Corporation's instructions regarding electronic invoicing at affiliated retail stations. He also acknowledged the efforts of specialized departments in the remediation work following the information technology incident. Mr. Doan Van Nhuom emphasized the importance of maintaining strong performance in management, market forecasting, and developing timely response solutions to market fluctuations. These efforts are crucial for PVOIL to successfully complete the 2024 management plan assigned by the Vietnam Oil and Gas Group.

Overall, the 17th Expanded Party Committee Meeting of PVOIL highlighted the corporation's strong performance in Q1 2024 and its commitment to continued growth and success.

Mr. Cao Hoai Duong, Party Secretary and Chairman of the Board of Management of the Corporation, and Mr. Doan Van Nhuom, Deputy Party Secretary - President and CEO of the Corporation, co-chaired the conference.

Mr. Cao Hoai Duong, Party Secretary and Chairman of the Board of Management of PVOIL, offered his directions at the conference.

Mr. Doan Van Nhuom, Deputy Party Secretary - President and CEO of the Corporation, provided guidance at the conference.

Overview of the conference

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