Q1 2025: PVOIL Stands United to Overcome Challenges

On April 9, 2025, in Ho Chi Minh City, the Party Committee of PetroVietnam Oil Corporation (PVOIL) held its 21st (expanded) Conference to review Party work and business activities for the first quarter of 2025.

Mr. Cao Hoai Duong – Mr. Cao Hoai Duong - Member of the Party Committee of Vietnam National Oil and Gas Group, Secretary of Party Committee, Chairman of Board of Directors, and Mr. Nguyen Dang Trinh – Vice Secretary of Party Committee, President & CEO of PVOIL, chaired and moderated the conference.

Attendees included members of the Party Committee Executive Board and the Board of Directors of the Corporation; the Executive Management Board; Supervisory Board; Chief Accountant; Heads of mass organizations; Heads of departments/offices; Secretaries of Party Committees/Branches under the Corporation’s Party Committee; and leaders of affiliated and member units.

Reports presented at the conference showed that the market situation in Q1 was extremely challenging: oil prices fluctuated widely with a downward trend; the global economy faced many challenges due to new U.S. trade policies; domestic fuel demand was low; and competition was intense. In response, the Party Committee and PVOIL’s leadership demonstrated flexibility and determination in leading and managing political and business tasks, minimizing losses caused by adverse market fluctuations, and maintaining stable operations to overcome the challenges.

PVOIL and its subsidiaries managed inventory levels effectively; actively promoted sales; continued expanding and leveraging the retail system; and developed non-fuel services at petrol stations. These efforts helped mitigate losses amid a volatile and difficult market. In Q1, PVOIL's petroleum business volume reached nearly 1.3 million m³/tons, fulfilling 98% of the plan; total system-wide revenue surpassed VND 35 trillion, up 13% year-on-year; profit approached breakeven; 29 new petrol stations were opened (112% of the plan), bringing the total number of stations to 866. PVOIL also continued to develop electric vehicle charging stations and other services to improve the operational efficiency of its stations.

Regarding Party work, in Q1, the PVOIL Party Committee focused on its 2025 priority task: guiding and directing Party congresses at all levels. As of April 4, 2025, 14 out of 32 Party Committees/Branches under the Corporation and 92 out of 93 branches under 23 grassroots Party Committees had successfully held their congresses on schedule and according to the Corporation’s Party Committee’s plan.

In his directive, Mr. Cao Hoai Duong – Secretary of Party Committee, Chairman of Board of Directors – called on units to successfully organize Party congresses at all levels, moving toward the 4th Congress of the PVOIL Party Committee for the 2025–2030 term. At the same time, joint-stock company members should properly organize their annual general meetings of shareholders in accordance with regulations.

Mr. Cao Hoai Duong analyzed the global developments directly and indirectly affecting PVOIL’s business operations, particularly the U.S. countervailing tax policies and oil price volatility. He reaffirmed PVOIL’s consistent strategy to develop its retail network and praised the Executive Board’s policy of encouraging and supporting the development of new petrol stations. For upcoming tasks, the Chairman instructed a continued focus on expanding the number of petrol stations and improving the quality of existing ones to boost retail sales; enhancing risk management; adopting quick-purchase, quick-sale models with reasonable inventory levels; striving for revenue growth in both domestic and international operations.

He expressed confidence that, with unity and determination across the system and the experience of overcoming previous business challenges, PVOIL’s leadership and employees will achieve the Group's assigned targets and plans for 2025.

In his concluding remarks on business operations, Mr. Nguyen Dang Trinh – Vice Secretary of Party Committee, President & CEO of PVOIL – praised the efforts of the entire system, especially in sales operations, effective coordination between the Corporation and its units, rational inventory management, and efforts to minimize risks and losses during a highly difficult period.

To tackle the challenging tasks in the remaining quarters of 2025, Mr. Nguyen Dang Trinh directed the Corporation and its units to quickly review regular expenses, cut unnecessary costs, halt or postpone non-urgent projects, and focus resources on key activities and projects to increase volume and efficiency. He also urged quick deployment of infrastructure to support production and business operations, turning them into new growth drivers; improving information gathering and market analysis; enhancing forecasting capabilities for sound management decisions; maintaining rational inventory policies; continuing to develop the retail network; expanding non-fuel services to maximize infrastructure potential and increase profitability; increasing capital for growth-potential units; and prioritizing the use of each other's products and services across PVOIL and the broader Petrovietnam network.

With these comprehensive solutions and upcoming projects, PVOIL is working to overcome challenges and strive toward fulfilling its political and business objectives for 2025.

Mr. Cao Hoai Duong – Secretary of Party Committee, Chairman of Board of Directors gives directives at the Conference

Mr. Nguyen Dang Trinh – Vice Secretary of Party Committee, President & CEO of PVOIL delivers concluding remarks at the Conference

Conference overview

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