PVOIL is determined to maintain its growth momentum in 2024

On January 12, 2024, in Vung Tau City, PetroVietnam Oil Corporation (PVOIL) held the Conference to Implement the 2024 Business Plan.

Attending the conference were Mr. Cao Hoai Duong – Secretary of the Party Committee, Chairman of the Board of Directors of PVOIL; Mr. Doan Van Nhuom – Vice Secretary of the Party Committee, President & CEO of PVOIL; members of the Board of Directors; Executive Board; heads of departments and offices; and directors of affiliated units and subsidiaries.

Reviewing business operations in 2023, PVOIL recorded many impressive achievements, including strong growth in business volume, financial indicators, and the expansion of its retail petrol station network. These accomplishments serve as a solid foundation and motivation for PVOIL to strive toward achieving its 2024 business plan goals. Facing a highly challenging mission, PVOIL’s leadership promptly initiated the implementation of the 2024 plan with high energy, pace, and determination to achieve its set targets.

The 2024 Business Plan Implementation Conference focused on reporting and discussing the opportunities and challenges in fulfilling the targets assigned to PVOIL by the Ministry of Industry and Trade and the Vietnam National Oil and Gas Group; as well as analyzing the advantages and difficulties following the issuance and enforcement of Decree No. 80/2023/ND-CP, effective from November 17, 2023.

Reports, presentations, and discussions reflected a strong commitment and confidence in accomplishing the assigned tasks, supported by specific solutions tailored to the evolving realities of the domestic petroleum market. PVOIL's reputation and brand recognition in the market have improved, particularly its ability to ensure a stable supply during market difficulties. Several recommendations were proposed to PVOIL’s leadership, such as maintaining current policies, enhancing fuel warehouse delivery capacity, and implementing flexible and appropriate discount policies.

In his directive speech at the conference, Mr. Cao Hoai Duong – Chairman of the Board of Directors of PVOIL – emphasized the urgency and importance of the 2024 business plan implementation. He stressed that the entire system must not become complacent with the successes of 2023. Efforts must be made from the very beginning of 2024, with clear identification of challenges and proactive solutions to fulfill the assigned targets.

Mr. Cao Hoai Duong expressed his optimism and satisfaction with the mindset, spirit, goals, and proposed solutions presented by the Executive Board and all units. He affirmed that the goals are realistic and achievable. The Chairman encouraged all units to continue striving to contribute to PVOIL’s overall capacity, which in turn would enable PVOIL to better support its subsidiaries. He also highlighted the importance of considering non-fuel services development when expanding the retail petrol station network, as well as the implementation of electronic retail invoices across the system.

Concluding the conference, Mr. Doan Van Nhuom – President & CEO of PVOIL – highly praised the strong determination of the entire system in implementing the 2024 business plan. He expressed confidence that with unity, dedication, and hard work, PVOIL would successfully accomplish the political and business tasks assigned by the Ministry of Industry and Trade and the Vietnam National Oil and Gas Group.

Acknowledging that the 2024 business plan goals are highly challenging, Mr. Doan Van Nhuom called for greater initiative among units, enhanced collaboration and communication to promptly address obstacles, and mutual support between the Corporation and its units to improve business efficiency. PVOIL’s leadership noted and welcomed all feedback shared at the conference and pledged to provide timely support and solutions. They also affirmed their commitment to working alongside all units toward the shared goal of building a stronger PVOIL and expanding its market share.

On this occasion, PVOIL rewarded two petrol stations with the highest retail volumes in the system, both maintaining over 1,000 m³/month for extended periods: Thai Thinh Petrol Station – PVOIL Hanoi (5 consecutive months) and Phu Huu Petrol Station – Timexco (3 consecutive months). The awarded bonuses were VND 50 million and VND 30 million, respectively. This milestone marks a significant achievement in retail volume growth within PVOIL’s petrol station network.

Mr. Cao Hoai Duong –Chairman of the Board of Directors of PVOIL – delivered a speech at the conference

Mr. Doan Van Nhuom –President & CEO of PVOIL – delivered a speech at the conference

Mr. Doan Van Nhuom – President & CEO of PVOIL – and Mr. Nguyen Dang Trinh – Vice President of PVOIL – co-chaired the conference

PVOIL’s leadership presented awards to two petrol stations with the highest retail volumes in the system, both maintaining over 1,000 m³/month

Overview of the Conference

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