PVOIL's business performance has made a significant contribution to the overall results of Vietnam Oil and Gas Group

On December 1, 2024, in Ho Chi Minh City, a delegation from Vietnam Oil and Gas Group (Petrovietnam), led by Mr. Le Manh Hung, Secretary of the Party Committee and Chairman of the Board of Members of Petrovietnam, held a working session with PetroVietnam Oil Corporation – JSC (PVOIL).

The Petrovietnam delegation included Mr. Le Ngoc Son, Deputy Secretary of the Party Committee and President & CEO of Petrovietnam; Mr. Tran Quang Dung, Standing Deputy Secretary of the Party Committee of Petrovietnam; Members of the Board of Members of Petrovietnam, Mr. Bui Minh Tien, Mr. Tran Binh Minh, and Mr. Tran Hong Nam; Mr. Duong Manh Son, Vice President of Petrovietnam; members of the Party Standing Committee; and leaders of the specialized divisions of Petrovietnam.

Representing PVOIL were Mr. Cao Hoai Duong, Secretary of the Party Committee and Chairman of the Board of Directors of the Corporation; Mr. Doan Van Nhuom, former Deputy Secretary of the Party Committee and former President & CEO of the Corporation; Mr. Nguyen Dang Trinh, Deputy Secretary of the Party Committee and President & CEO of the Corporation; along with members of the Party Standing Committee, the Board of Directors, the Executive Board, and key management personnel of PVOIL.

During the working session, PVOIL's President & CEO, Mr. Nguyen Dang Trinh, presented a report on the implementation of the 2024 business plan in accordance with the Group's management plan, the 5-year plan (2021-2025), and the Corporation's development strategy.

In the first 11 months of 2024, PVOIL is estimated to achieve a total revenue of over 120,000 billion VND, exceeding the management plan set by Decision 529 of Petrovietnam. PVOIL was one of the three units within the Group to reach a revenue of over 100,000 billion VND, receiving recognition during the 63rd anniversary of the Vietnam Oil and Gas Industry. Other business activities of PVOIL have been actively implemented, with all tasks being completed successfully. Regarding the 5-year plan (2021-2025), the Corporation has completed its goals one year ahead of schedule and exceeded the main targets set.

In the period from 2026 to 2030, based on PVOIL's strategy, Conclusion No. 76-KL/TW, and the direction of the government and Petrovietnam, PVOIL has identified several key tasks for the upcoming phase, including: focusing on core areas such as import-export, crude oil trading and blending, product oil business, along with developing non-oil services at gas stations; continuing to adhere to the development direction of the distribution network; actively participating in the energy transition; striving to become a leading provider of diversified energy; and widely implementing 4.0 technology, digital transformation, and automation in business operations.

PVOIL's Chairman of the Board of Directors, Mr. Cao Hoai Duong, provided a more detailed report on the solutions to revitalize traditional drivers and introduce new drivers for growth, as well as the strategies of PVOIL. These include: developing gas stations; expanding electric vehicle charging stations; diversifying and adding new services at gas stations; planning for the construction of rest stops on highways and long-haul truck service stations; completing the necessary conditions for the business of Jet A1 fuel, among others. Through these efforts, PVOIL aims to gradually build the foundation and realize its strategic objectives, ensuring the corporation's sustainable development.

The leadership and specialized divisions of Petrovietnam provided valuable input on PVOIL's operations and development strategy. Among them, Mr. Tran Quang Dung, Standing Deputy Secretary of the Party Committee of Petrovietnam, emphasized the need for PVOIL to analyze traditional drivers that could be revitalized and introduce new drivers, in line with Conclusion No. 76-KL/TW. He advised PVOIL to thoroughly consider all factors and proactively review its development strategy, goals, and tasks for the 2026-2030 period, ensuring alignment with the political report of the Corporation’s Party Congress. This will allow for effective management, execution, and achievement of goals and plans. In particular, PVOIL should focus on strengthening corporate culture to contribute to the successful implementation of its tasks and development strategy.

Petrovietnam's President & CEO, Mr. Le Ngoc Son, commended PVOIL's achievements, recognizing it as one of the two units with the highest revenue share, exceeding the management plan set by the Group. He urged PVOIL to continue striving and capitalize on new drivers in the final month of the year to achieve the highest possible results for 2024, contributing to the overall management plan of the Group. He also advised PVOIL to introduce new drivers for growth and development in the upcoming period, including: boosting international business, enhancing non-oil services at gas stations, expanding electric vehicle charging stations, and developing green, clean fuel projects. These efforts will help increase revenue and offset potential declines in traditional business sectors due to the energy transition trend.

After reviewing the reports, discussions, and directives, Mr. Le Manh Hung, Secretary of the Party Committee and Chairman of the Board of Members of Petrovietnam, commended and acknowledged the hard work of PVOIL's leadership and employees over the years, especially in 2024. He highlighted the corporation’s development, improvements in employees' living standards and income, and its significant contribution to the overall results of the Group.

With the goal of making PVOIL the leading company in Vietnam in its field, both in terms of scale, technology application, and new energy development, Mr. Le Manh Hung, Secretary of the Party Committee and Chairman of the Board of Members of Petrovietnam, instructed PVOIL to strengthen the leadership role of the Party Committee within the company, especially in areas such as strategy development and building a leadership team capable of executing the strategy successfully.

He recommended that PVOIL continue to streamline its organizational structure to enhance productivity, efficiency, and competitiveness; assess and evaluate assets and resources; update its strategy in line with the spirit of Conclusion No. 76-KL/TW, Resolution No. 38/NQ-CP of the government, and the direction of Petrovietnam’s Party Committee; innovate management practices; accelerate the adoption and development of digital technology, AI, and big data to improve productivity; focus on expanding market share in traditional business sectors, as well as new fields and international business; shift and restructure the business model in line with energy transition trends, increasing revenue from services and clean energy; develop sustainable fuel businesses such as aviation and maritime fuels; expand partnerships and integrate business models with both internal Petrovietnam units and external organizations; and continue to strengthen and elevate the corporate culture, promoting unity for PVOIL's growth.

With a significant revenue share and its role as a leading company, PVOIL’s business results make a crucial contribution to the overall success of Petrovietnam. Mr. Le Manh Hung urged PVOIL to continue its efforts and aim to achieve the highest possible results in 2024; review the 2025 targets to ensure growth aligns with Petrovietnam’s and the nation's growth objectives. He also requested that Petrovietnam's leadership and relevant divisions work together to resolve any outstanding issues and recommendations from PVOIL, supporting the company in successfully completing its tasks for 2024, 2025, and the following periods.

Mr. Le Manh Hung, Secretary of the Party Committee and Chairman of the Board of Members of Petrovietnam, chaired the working session with PVOIL

Mr. Le Ngoc Son, Deputy Secretary of the Party Committee and President & CEO of Petrovietnam, delivered a speech at the working session

Mr. Tran Quang Dung, Standing Deputy Secretary of the Party Committee of Petrovietnam, delivered a speech at the working session

Mr. Cao Hoai Duong, Secretary of the Party Committee and Chairman of the Board of Directors of the Corporation, presented a report to the leadership of Petrovietnam during the working session

Mr. Nguyen Dang Trinh, Deputy Secretary of the Party Committee and President & CEO of the Corporation, presented a report to the leadership of Petrovietnam during the working session