PVOIL determined to fulfill the 2024 management plan of Vietnam Oil and Gas Group

05.03.2024

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Taking advantage of the development momentum, position and strength achieved in 2023, Vietnam Oil Corporation and its member units must focus highly on management and operation of production and business right from the first months of 2024 with the highest spirit and determination to strive to complete the plan targets for 2024 assigned by Vietnam Oil and Gas Group; especially the consolidated revenue and profit targets of the whole system.

Inheriting the motto "Managing volatility; adding new motivation; renewing old motivation; creating new energy; reaching new heights" of the Group, PVOIL organized a Conference to disseminate, discuss and agree on solutions to complete the management plan according to Decision No. 529/QD-DKVN dated February 15, 2024 of the Group. The Conference took place on the morning of March 5, 2024, chaired by Mr. Doan Van Nhuom - President and CEO of PVOIL, with the participation of affiliated units and member units of PVOIL.

The summary report recorded that the petroleum business output in the first 2 months of 2024 of the whole PVOIL system increased by 22% compared to the same period in 2023. With the achieved results and positive changes at the beginning of the year, this will be the premise for PVOIL to aim to increase business output, complete revenue and consolidated profit targets.

At the Conference, the petroleum business units in the PVOIL system reported plans and solutions to implement the plan targets on the spirit of proactively receiving instructions from the Corporation and high determination to complete the assigned tasks.

Based on the analysis and assessment of the advantages and difficulties of the market, as well as the capacity and development space of the petroleum business units in the whole system, Mr. Doan Van Nhuom - General Director of PVOIL directed the professional departments of the Corporation to step up searching for good-priced goods sources, strengthen market monitoring and State policies to issue flexible business promotion policies in line with the market, creating sales motivation for business units. Based on the plan targets assigned by the Group, the Corporation will allocate the implementation plan to the units from the beginning of the year so that the whole system can be proactive and ready to carry out the tasks. On a monthly and quarterly basis, the Corporation will hold meetings to review the implementation status and have appropriate management solutions.

At the same time, petroleum business units need to urgently take advantage of the experience and results achieved in 2023; well implement management work, market forecasting work and proactively have solutions to promptly cope with market fluctuations in order to boost petroleum business output at favorable times.

In addition, the General Director of PVOIL directed the petroleum transportation units, PVOIL's general warehouses/gasoline warehouses in the whole system to coordinate synchronously with the business units; arrange personnel to work continuously to be ready to meet the demand for 24/7 supply of goods to the business units.

Also at the Conference, the General Director of PVOIL inspected the preparation for the implementation of issuing electronic invoices for each sale according to Decree No. 123/2020/ND-CP of the Government and the instructions of the Ministry of Finance. Mr. Doan Van Nhuom requested all petroleum business units in the whole PVOIL system to strictly implement the instructions of the Government and the Ministry of Finance; pay attention to ensuring the deadline for installing equipment and technical solutions according to regulations; At the same time, synthesize information to report to functional agencies on related contents in the implementation process./.

PVOIL Determined to Complete 2024 Management Plan of Vietnam Oil and Gas Group

Leveraging the momentum and achievements of 2023, Petrovietnam Oil Corporation (PVOIL) and its subsidiaries must maintain a high level of focus and determination throughout 2024. Effective management and operation of production and business activities right from the start of the year is crucial to ensure the successful fulfillment of the 2024 management plan assigned by the Vietnam Oil and Gas Group, particularly the consolidated revenue and profit targets for the entire system.

Following the Vietnam Oil and Gas Group's motto of "Managing fluctuations, bolstering new motivations, renewing existing ones, generating fresh energy, and striving for new heights," PVOIL convened a conference on March 5, 2024. The conference, chaired by Mr. Doan Van Nhuom, PVOIL's General Director, aimed to disseminate, discuss, and reach consensus on solutions to fulfill the management plan outlined in Decision No. 529/QD-DKVN dated February 15, 2024, issued by the Group. Representatives from affiliated and member units of PVOIL actively participated in the discussions.

The conference report highlighted a positive 22% increase in petroleum business output within the PVOIL system during the first two months of 2024 compared to the same period in 2023. These achievements and early positive developments establish a strong foundation for PVOIL to achieve its goals of increased business output and fulfillment of the consolidated revenue and profit targets.

During the conference, petroleum business units across the PVOIL system presented their plans and solutions for implementing the management plan. Their proposals reflected a spirit of proactive engagement with the Corporation's directives and a firm commitment to fulfilling their assigned tasks.

Following a comprehensive analysis of both market advantages and challenges, as well as the capabilities and development potential of PVOIL's business units, Mr. Doan Van Nhuom, General Director, issued directives to the Corporation's professional departments. These directives emphasized the importance of intensifying efforts to secure good-priced sources of goods, strengthening market monitoring, and aligning business promotion policies with the State's directives to ensure flexibility in response to market fluctuations. This will create a dynamic environment that motivates increased sales from our business units. Based on the plan targets assigned by the Group, the Corporation will allocate implementation plans to each unit from the beginning of the year. This proactive approach will ensure the entire system is prepared and ready to execute its tasks effectively. Regular monthly and quarterly meetings will be held by the Corporation to review implementation progress and establish appropriate management solutions as needed.

Furthermore, petroleum business units are tasked with leveraging the valuable experiences and achievements gained in 2023. They must prioritize effective management practices, conduct thorough market forecasting, and develop proactive solutions to promptly address any market fluctuations. These measures will ensure maximized petroleum business output during favorable periods.

In addition, the General Director directed the petroleum transportation units and PVOIL's general/gasoline warehouses across the system to synchronize their operations with the business units. He emphasized the importance of arranging personnel to work continuously, guaranteeing a 24/7 supply of goods to meet the business units' demands.

The conference also addressed the preparation for issuing electronic invoices for each sale, as mandated by Decree No. 123/2020/ND-CP of the Government and the Ministry of Finance's instructions. Mr. Doan Van Nhuom urged all petroleum business units within PVOIL to strictly adhere to the directives issued by the Government and the Ministry of Finance. He stressed the importance of meeting deadlines for installing equipment and implementing technical solutions according to regulations. Additionally, all relevant information regarding the implementation process must be compiled and reported to the functional agencies.

Through unwavering commitment and collective effort, PVOIL is confident in fulfilling the 2024 management plan assigned by the Vietnam Oil and Gas Group.