PVOIL nears 2025 revenue milestone

In the first 9 months of the year, PVOIL’s total consolidated revenue reached VND 107 trillion, approaching the full-year revenue target assigned by Petrovietnam for 2025.

On October 14, 2025, in Ho Chi Minh City, the Party Committee of PetroVietnam Oil Corporation (PVOIL) held its 3rd (expanded) Executive Committee Conference to review Party work and business operations for the first 9 months of 2025.

The conference was chaired by Mr Cao Hoai Duong – Secretary of Party Committee, Chairman of the Board of Directors, and Mr Nguyen Dang Trinh – Vice Secretary of Party Committee, President & CEO of the Corporation. Attendees included the Executive Committee, Board of Management, and key personnel of the Corporation.

The conference reviewed the Party work and business performance for the first 9 months of 2025, and heard a thematic report on the pilot rooftop solar power project at the Phu Huu petroleum station – Timexco.

Reports and discussions showed that in Q3 and the first 9 months, the petroleum market continued to face many difficulties. Crude oil prices dropped 14% year-on-year, and domestic fuel consumption fell due to natural disasters, storms, floods, and the growing popularity of electric vehicles, which directly impacted PVOIL’s consumption volumes and business performance.

Despite the challenging market context, PVOIL made strong efforts to sustain growth and expand operations. In the first 9 months, fuel sales volume reached 104% of the 9-month target, with retail channel up 11% year-on-year. Crude oil and condensate export/loading operations achieved 113% of target; crude oil supply to BSR met 136% of plan, ensuring stable input from domestic and imported sources. Consolidated revenue reached VND 107 trillion – 76% of the full-year target. Notably, international business revenue recorded strong growth, offsetting domestic market declines. PVOIL contributed over VND 7 trillion to the State budget, completing 116% of the 9-month plan. The retail system expanded with nearly 100 new petroleum stations expected to be added by end-Q3 and throughout 2025.

Besides, PVOIL accelerated strategic activities to prepare facilities for the nationwide pilot sales of E10 RON95 biofuel, ensuring readiness for synchronized implementation once the official roadmap is enacted. PVOIL also outlined plans not only to meet internal and customer needs but also to offer blending services for other wholesalers, helping ensure stable supply of biofuel for the market. Non-fuel services and EV charging station development were further promoted to enhance the retail ecosystem.

Of particular note, the rooftop solar pilot project at Phu Huu petroleum station – Timexco (powering an EV charging station) showed promising results. With a short payback period (about 4.5 years), the system delivers economic and environmental benefits, boosts brand image, and targets future participation in the carbon credit market. The model is considered viable for replication across PVOIL’s network to optimize costs and improve operational efficiency.

Addressing functional departments and units involved in business activities, Mr Nguyen Dang Trinh – Vice Secretary of Party Committee, President & CEO of PVOIL, acknowledged that Q4 tasks remain demanding amid continued market headwinds. He urged the entire system to proactively seek ways to boost sales volumes and total consolidated revenue.

He directed units to prioritize inventory management and optimize sales operations to safeguard and grow profit in the year-end period; ensure biofuel procurement, blending, and distribution align with the Government roadmap. He praised units that have aggressively developed the retail network, emphasizing its importance in boosting retail sales volume, and encouraged further development of non-fuel services to drive transformation in the coming period.

Concluding the conference, Mr Cao Hoai Duong – Secretary of Party Committee, Chairman of the Board of Directors of PVOIL, highlighted that the Corporation maintained strong revenue growth in the first 9 months of 2025. This affirmed PVOIL’s role and responsibility as a key revenue generator within Petrovietnam, making significant contributions to the Group’s overall performance. He commended the system-wide efforts, especially the substantial contributions from PVOIL Singapore in international operations amid tough domestic conditions.

Looking ahead, Mr Cao Hoai Duong instructed all units to make greater efforts to consolidate achievements, seize opportunities to enhance performance, and stay committed to fulfilling the 2025 plan, laying a strong foundation for 2026. He also directed preparations for Jet A1 fuel business rollout; expansion of rooftop solar models at stations and depots to optimize costs; continued retail network development alongside improved service quality; and the formulation and assignment of 2026 plans to all units.

On this occasion, PVOIL honored 50 exemplary petroleum stations across its network – part of the celebration marking the 50th anniversary of Petrovietnam, and reflecting PVOIL’s pride in the Group’s half-century journey of development.

Mr Cao Hoai Duong – Secretary of Party Committee, Chairman of Board of Directors of the Corporation (right), and Mr Nguyen Dang Trinh – Vice Secretary of Party Committee, President & CEO of the Corporation (left) co-chaired the Conference.Toàn cảnh Hội nghị

Mr Cao Hoai Duong – Secretary of Party Committee, Chairman of Board of Directors of the Corporation (left), and Mr Nguyen Dang Trinh – Vice Secretary of Party Committee, President & CEO of the Corporation (right) presented honorary trophies to representatives of units with outstanding petroleum stations

Mr Le Van Nghia – Member of the Board of Directors of the Corporation (left), and Mr Hoang Dinh Tung – Member of the Standing Committee of the Party Committee, Vice President of the Corporation (right) presented honorary trophies to representatives of units with outstanding petroleum stations.

Mr Nguyen Mau Dung – Member of the Board of Directors of the Corporation (left), and Mr Le Trung Hung – Member of the Standing Committee of the Party Committee, Vice President of the Corporation (right) presented honorary trophies to representatives of units with outstanding petroleum stations.

PVOIL News