PVOIL Party Committee organizes 5th conference, term 2020-2025

17.04.2021

00:00/00:00

On April 17th, 2021, in Ho Chi Minh City, the Party Committee of PetroVietnam Oil Corporation (PVOIL) organised the 5th conference, term 2020 - 2025.

The conference was chaired by Chairman of the conference was Mr. Cao Hoai Duong, Secretary of Party Committee, Chairman of the Board of Management of the Corporation, PVOIL President & CEO Doan Van Nhuom, who is also Deputy Secretary of the Party Committee, Mr. Vo Khanh Hung, Deputy Secretary of Party Committee, Deputy General Director of the Corporation.

Attending the conference were members in the Executive Committee of the Corporation's Party Committee and the expanded members coming from Board of Management and Board of Directors of the Corporation, Supervisory Board, Chief Accountant of the Corporation, director of divisions, offices of the Corporation, Chairman of the Board of Management and Directors of subsidiaries, and Comeco’s General Director.

The conference reviewed the corporation’s business results in the first quarter of 2021 of the PetroVietnam Oil Corporation.

In the reported quarter, PVOIL made good use of market opportunities to fulfill and beat the assigned targets. Although sales decreased due to the resurgence of COVID-19 outbreak, PVOIL achieved positive profit results.

Consolidated pre-tax profit was estimated at VND178 billion, beating quarterly plan by 78%, and completing 45% of the whole-year goal. In the first three months of the year, PVOIL opened 12 new petroleum stations, bringing the total number of retail outlets in the system to 602 stores.

PVOIL continued to promote its advantage of being the first and only unit applying a none-cash payment solution for petroleum purchases by scanning QR codes at all petroleum stations nationwide. The PVOIL Easy program achieved an average output of more than 6,200 cubic meters a month, equivalent to 59 petroleum stations, an increase of 14% over the same period of 2020.

The conference spent most of the time to discuss about domestic and international socio-economic issues that are closely related to PVOIL's business activities with. The topics include “The impact of the COVID-19 pandemic on the Vietnamese economy and the world” presented by Dr. Vo Tri Thanh - Director of the Competition and Brand Strategy Research Institute, and “Petroleum market in Vietnam under the impact of energy shifting trend and proposed development orientation of PVOIL” presented by Dr. Nguyen Anh Duc, Director of Vietnam Petroleum Institute.

Concluding the meeting, Secretary of Party Committee, Chairman of PVOIL's Board of Management Cao Hoai Duong assessed that PVOIL's business activities in the first quarter had many bright spots and many positive signals in the coming time. PVOIL will continue to promote solidarity, striving to promote the achieved results and make good use of opportunities to well fulfill the assigned targets in the second quarter and year 2021.

Through discussing the topics at the conference, Chairman Duong analyzed and drawn lessons, requirements and development orientation of PVOIL in the coming time. The issues PVOIL should focus is to risk management, digital transformation, responding to energy shifts, build and utilize customer data and strengthen connection for development.

He also urged PVOIL to emphasize creativity and business culture to proactively confront the surprised happenings as well as new trends of the world economy.