PVOIL is proud to be the revenue center of the Vietnam Oil and Gas Group

20.12.2024

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The year 2024 continues to be a year of impressive and proud achievements for Vietnam Oil Corporation – JSC (PVOIL), with record-breaking revenue, business volume, and remarkable growth in fuel station development.

On December 19, 2024, in Ho Chi Minh City, PVOIL held the conference to review the Party's work, production and business activities in 2024, as well as the Workers' Conference for 2025

Attending the conference were Ms. Nguyen Thuy Linh - Controller of Vietnam Oil and Gas Group; Mr. Vu Anh Tuan - Vice President of the Vietnam Oil and Gas Union; and leaders from the departments of Vietnam Oil and Gas Union.

On the PVOIL side, Mr. Cao Hoai Duong - Member of the Party Committee of Vietnam National Oil and Gas Group, Party Secretary, Chairman of the PVOIL Board of Directors; Mr. Nguyen Dang Trinh - Deputy Party Secretary, CEO of PVOIL; Mr. Doan Duy Cong - Chairman of PVOIL's Trade Union, chaired the conference; along with the participation of members of the Party Committee, Board of Directors, General Directors, Supervisory Board, political and social organizations, and over 300 delegates representing all PVOIL employees.

In his opening speech at the conference, CEO of PVOIL Nguyen Dang Trinh emphasized that the year 2024 presents many difficulties and challenges, particularly the unfavorable fluctuations in oil prices, a sharp decrease in refining margins, and the largest exchange rate fluctuation in the past five years, which has significantly impacted the business operations of the Corporation and its member units. In this context, PVOIL has made great efforts to overcome difficulties, successfully completed its assigned tasks, continued to break records in revenue and output, and achieved impressive numbers in expanding its retail network. The year 2025 will be a key year with many important events, alongside promising business and investment goals, as well as the conclusion of the 5-year period (2021-2025) and the transition into the next phase (2026-2030). The achievements in 2024, as well as in previous years, will serve as a solid foundation for PVOIL to confidently grow in 2025 and beyond.

In 2024, PVOIL achieved a total revenue of over 131 trillion VND, a 19% increase compared to the same period last year. Notably, revenue from international business activities exceeded 36 trillion VND, 241% of the same period last year, significantly contributing to the overall revenue growth of PVOIL in 2024. Due to the adverse effects of the market, particularly in the second half of the year, PVOIL’s consolidated profit for 2024 is estimated at 631 billion VND. PVOIL’s contribution to the state budget is estimated at 9.9 trillion VND, exceeding the plan by 31% and increasing by 4% compared to the same period last year. Throughout the year, PVOIL developed 95 new retail stations, achieving 158% of its annual target, bringing the total number of PVOIL stations to 838. Fuel sales reached nearly 5.6 million m3/tons, breaking the 2023 record, exceeding the target by 12%, and growing by 6% compared to 2023, accounting for 23% of the domestic market share.

PVOIL has also made significant strides in digital transformation, applying 4.0 technology, developing non-oil services at retail stations, enhancing customer experience, and increasing operational efficiency. Notably, PVOIL launched the fuel purchasing app for individual customers, PVOIL 4U, which has attracted nearly 35,000 registrations to date. PVOIL has actively collaborated with partners to implement electric vehicle charging stations at retail outlets, with 369 stations already installed, contributing positively to the operational efficiency of these locations. Additionally, PVOIL continues to strengthen partnerships to develop convenience stores, cafés, and other services at potential retail stations.

The year 2024 has also been a successful year for the PVOIL brand, as it was listed in Fortune Magazine's ranking of the 500 largest companies in Southeast Asia based on fiscal year revenue. Additionally, PVOIL was recognized by Forbes Vietnam as one of the top 25 leading brands, with a brand value estimated at 105 million USD.

Concluding the conference, Mr. Cao Hoai Duong - Party Secretary and Chairman of the Board of Directors of the Corporation summarized the key highlights of 2024, a year full of challenges and difficulties, along with mixed emotions for PVOIL. Thanks to the efforts of the entire system, PVOIL has overcome the unfavorable market conditions to achieve impressive results, setting new records. Notably, PVOIL has become the revenue center of the Vietnam Oil and Gas Group, contributing significantly to Petrovietnam’s revenue of over one trillion VND in 2024. PVOIL is also one of the few units of the Group to have achieved most of its 5-year plan targets (2021-2025) ahead of schedule.

As 2025 approaches, with even greater challenges and difficulties anticipated, alongside regular tasks, Mr. Cao Hoai Duong has directed the entire system to focus on five key priorities: Leading and directing the successful organization of Party Congresses at all levels and the IV Party Congress of Vietnam Oil Corporation for the 2025-2030 term. Maintaining domestic fuel market share; continuing to leverage market opportunities to increase output and sales revenue while ensuring efficient business operations; ensuring stable fuel supply for the distribution system, prioritizing the consumption of fuel produced from the two domestic refineries. Allocating resources to promote investment projects linked to the development of aviation fuel (Jet A1); implementing the sale of high-standard fuels (Euro 5). Continuing to advance digital transformation and IT application to enhance corporate governance quality and diversify business methods. Continuing to research and implement business projects and expanding cooperation in non-oil services to adapt to the energy transition trend; seeking investment opportunities in highway rest stops, especially in the long-haul truck service station system, with the goal of increasing retail fuel sales and non-oil services, thereby expanding coverage and enhancing the PVOIL brand value.