PVOIL summarizes achievements for 2020-2025 term

On July 4, 2023, in Ho Chi Minh City, the Party Executive Committee of PVOIL held its 14th (expanded) conference to review the implementation of the resolutions of the 3rd Party Congress of PVOIL for the 2020-2025 term and assess the business performance in the first six months of 2023.

Mr. Cao Hoai Duong, Secretary of the Party Committee, Chairman of the Board of Management of PVOIL, and PVOIL President & CEO Doan Van Nhuom, who is also Deputy Secretary of the Party Committee of the Corporation, chaired the conference.

The conference was attended by members of the Party Executive Committee of PVOIL and the Board of Management, Board of Directors, Supervisory Board, Chief Accountant, Chairman of the Trade Union, Secretary of the Youth Union, heads of Divisions of PVOIL, the Party Secretary/Branch Secretary of the affiliated Party units, the Directors of subordinate units, Chairman of the Board of Management, and the Directors of member units.

The Corporation's Party Committee has completely led and directed the completion of political tasks, production and business tasks, personnel work, party building, and political system construction, according to an initial implementation appraisal of the Party Congress's resolutions.

Several important production and business plan (2021-2025) and party building milestones have been met at a high rate, exceeding 50% of the overall plan for the term.

As a result, crude oil exports and sales to BSR totaled 21.8 million tons (67%); petroleum business totaled 9.68 million m3/tons (53%); total consolidated income was VND 206.6 trillion (71.2%); and total consolidated pre-tax profit totaled VND 2,310 billion (75%).

The Corporation developed of 108 new petroleum stations (67.5%) and 82.2% of party organizations successfully completed their assigned tasks. About 95.4% of party members successfully completed their assigned tasks. There were 154 new Party members (61.6%), while corporate restructuring implemented as planned. The results contributed to improving the business efficiency of the units and meeting PVOIL's development orientation.

In terms of business performance in the first six months of 2023, the key business targets were met at a high rate compared to the year plan. Petroleum business volume reached 2,465 million m3/tons, or 60% of the annual plan; consolidated revenue reached VND 43,478 billion, or 87% of the annual plan; consolidated pre-tax profit reached VND 470 billion, or 78% of the annual plan; and total state budget contribution reached VND 4,673 billion, or 73% of the annual plan.

Furthermore, PVOIL continued to expand the application of technology, automation, and digital transformation to increase business efficiency, improve customer experience, and achieve a competitive advantage in the market.

In the first six months of the year, sales volume through the PVOIL Easy channel reached over 60,000 cu.m, accomplishing 60% of the annual plan, with a daily average of 332 m3/day, representing a 34% growth compared to the same period.

The Corporation built 44 additional petroluem stations, completing 86% of the annual goal and bringing the overall number of gas stations in the system to 699. Meanwhile, the member units have successfully used roughly 300 Vinfast electric vehicle charging stations situated at PVOIL petrol stations across the country...

In the concluding remarks on the interim evaluation of the 2020-2025 term by the Party Committee of PVOIL, Mr. Cao Hoai Duong acknowledged and highly appreciated the results of the party work and business operations of the entire corporation during the first three years of the term.

This period coincided with a time of global instability and uncertainty due to the impact of the Covid-19 pandemic and the conflict between Russia and Ukraine. These were challenging years with unprecedented difficulties that had a serious impact on PVOIL's business operations.

In that context, one notable achievement of PVOIL is the maintenance of stable employment and income for workers; no employees have lost their jobs due to the impact of the pandemic, ensuring the safety of nearly 6,000 workers since the outbreak of Covid-19.

In 2022, PVOIL capitalized on market opportunities and experienced a significant growth in business volume, reaching over 4 million cu.m of various types of petroleum products, achieving outstanding financial targets with consolidated revenue surpassing 100 trillion VND for the first time.

Additionally, digital transformation, IT application, and automation have been actively implemented in all areas of business operations and management; restructuring efforts have been resolutely carried out; and proactive adaptation to the energy transition trend, maximizing the existing advantages in petroleum distribution infrastructure.

In the conclusion of the interim evaluation of the business operations for the first six months of 2023, Mr. Doan Van Nhuom recognized that the business activities in 2023 have faced and will continue to face numerous difficulties and challenges in the general economic and political situation both globally and domestically.

Overcoming objective obstacles, PVOIL has achieved very good business results in the first six months of 2023. This is a collective achievement of the workforce, the leadership of the corporation, and its units. Looking towards the remaining six months of the year, Mr. Doan Van Nhuom requested the entire system to continue with determination in implementing multiple synchronized solutions to achieve targets in production volume, revenue, profit, and the development of gas station systems as set forth in the annual plan assigned by the Vietnam Oil and Gas Group.

Furthermore, the aim is to make a significant contribution to the successful implementation of the resolutions of the Party Congress of PVOIL for the 2020-2025 term.

At the conference, Mr. Cao Hoai Duong, Secretary of the Party Committee and Chairman of the Board of Management of PVOIL, provides guidance and direction

At the conference, PVOIL President & CEO Doan Van Nhuom, who is also Deputy Secretary of the Party Committee of PVOIL, delivers concluding remarks.

Overview of the conference

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