PVOIL continues to maintain 2022’s growth momentum in Q1 of 2023

12.04.2023

00:00/00:00

PVOIL’s Party Committee held the thirteenth Conference on April 11th, 2023 in Ho Chi Minh City to review the Party’s work and PVOIL's production and business activities in the first quarter of 2023.

The Conference was chaired by Mr. Cao Hoai Duong, the Corporation’s Secretary of the Party Committee, Chairman of the Board of Management, and PVOIL President & CEO Doan Van Nhuom, who is also Deputy Secretary of the Corporation’s Party Committee.

Members of the Corporation’s Party Committee Executive Committee and the Board of Management, Board of Directors, Control Board, Chief accountant, President of Trade Union, Secretary of Youth Union, Heads and Deputy Heads of Departments/Offices of the Corporation, Directors of affiliated units, Chairman of the Board of Management, Director, and Chief Accountant of subsidiaries also attended the Conference.

According to the preliminary Q1 report on Party and business activities, the Executive Board of the Party Committee of the Corporation has closely followed the instructions of the PetroVietnam Party Committee in building and deploying the Resolution for performing the 2023 tasks, including the focus on production and business and the implementation of Party work, since the beginning of 2023.

The Corporation’s Party Committee requested that all levels of Party committees strengthen the political system’s leadership throughout the Corporation in order to resolutely direct, administer, propose effective solutions, and strive to exceed the 2023 business targets.

In terms of business results, all of the main business and production targets were met, if not exceeded, in Q1. PVOIL’s petroleum and lubricant sales, in particular, reached 1,111 thousand cu.m/ton, completing 108% of the first quarter plan and 27% of the full-year plan. Over the same period last year, sales volume through wholesale channels, corporate customers, and retail all increased significantly.

Furthermore, PVOIL continued to promote technology application, automation, and digital transformation in order to increase business efficiency, improve customer experience, and create market competitive advantages.

In the reviewed quarter, sales volume through the PVOIL Easy channel reached 5,400 cu.m, a 2.5-fold increase over the previous period, with an average output of 60 cu.m per day. PVOIL has installed and activated nearly 300 Vinfast electric vehicle charging stations at PVOIL petroleum stations across the country.

The collaboration is the first step in implementing a strategy for PVOIL to adapt to the current strong trend of energy transition, with the goal of making PVOIL a diversified energy supplier for vehicles in the future, including not only petroleum but also electric and hydrogen energy. PVOIL and Vinfast will also continue to look for suitable locations to increase the number of charging stations, meeting the development needs of both parties.

The Executive Board of the Corporation’s Party Committee spent the majority of the conference program providing information on two topics: “General information about the crude oil market in 2023 and some forecasts” by Mr. Doan Tien Quyet of Vietnam Petroleum Institute; and “Draft Amended Land Law” by economist Can Van Luc. These are extremely practical and useful contents for PVOIL leaders and executives as they plan and execute production and business activities in 2023.

At the Conference, Mr. Cao Hoai Duong recognized and praised the Corporation’s Party work and business activities, highlighting the increase in output, revenue, profit, and infrastructure development. The first-quarter results of 2023 have inherited and accelerated the growth momentum of 2022. Mr. Cao Hoai Duong asked all levels of Party committees and executive boards to continue to maintain and expand solutions to remove obstacles and limitations and seize market opportunities in order to implement business plans in 2023.

Mr. Doan Van Nhuom concluded the Conference by predicting that business activities in 2023 may face difficulties and challenges due to the country's and the world's economic and political situations. The first-quarter production and business results reflect the efforts of the entire system in staying abreast of market developments in order to make timely decisions.

In the remaining time of 2023, the Corporation and its member units will continue to perform well in effective management and coordination; committed to implementing many synchronous solutions to meet output, revenue, and profit targets in 2023.