Tiếng Việt

PVOIL commits maximum efforts, seizing every opportunity for growth in 2024

Ho Chi Minh City, Vietnam - April 22, 2024 - PetroVietnam Oil Corporation (PVOIL - stock code: OIL) held a meeting with major shareholders and investors in Ho Chi Minh City ahead of its 2024 Annual General Meeting of Shareholders (AGM), scheduled to be held online on April 26 at 8:30 AM.

The meeting was attended by Mr. Cao Hoai Duong, Chairman of PVOIL's Board of Management; Mr. Doan Van Nhuom, Member of the Board of Management and CEO of PVOIL; the Board of Supervisors; the Board of Executive Directors; the Chief Accountant; heads of departments of the Corporation; along with major shareholders of PVOIL, investment funds, and securities companies.

This event served as an opportunity for PVOIL to directly meet with, inform, and discuss the company's business and production results in 2023, the first quarter of 2024, and the 2024 Business and Production Plan. It also aimed to foster open dialogue with shareholders and investors.

2023 marked a year of exceptional achievements for PVOIL, characterized by a string of impressive figures across various business segments. The company's strong performance extended into the first quarter of 2024, demonstrating its unwavering commitment to growth and value creation.

Key Highlights of PVOIL's 2023 Performance:

Oil and Gas Sales Volume: PVOIL surpassed its annual plan by 158%, achieving an oil and gas sales volume of over 5.2 million m3/tons. This remarkable growth represents a 29% increase compared to 2022 and marks the second consecutive year that PVOIL has maintained a near-30% growth rate in oil and gas sales.

Revenue: For the second consecutive year, PVOIL's consolidated revenue exceeded VND 100,000 billion, reaching VND 103.6 trillion. This outstanding achievement represents 207% of the annual plan.

Profit: Despite facing significant challenges, PVOIL's pre-tax profit reached VND 798 billion, surpassing the annual plan by 133%.

Petrol station Expansion: PVOIL's petrol station expansion set a new record, with the development of 107 new petrol stations in 2023. This marks a twofold increase compared to 2022 and represents 184% of the annual plan.

Building upon its 2023 successes, PVOIL maintained its positive growth trajectory in the first quarter of 2024. The corporation's oil and gas sales volume reached nearly 1.4 million m3/tons, reflecting a 22% increase compared to the same period in 2023. Consolidated revenue soared by 41% to VND 29.4 trillion, while pre-tax profit grew by 5% to VND 300 billion. PVOIL's petrol station network continued to expand, with an additional 33 petrol stations added in the first quarter, bringing the total network to 789 petrol stations.

During the meeting, PVOIL's leadership and shareholders engaged in constructive discussions, focusing on the company's development plans for 2024 and beyond. The exchange of ideas and feedback reinforced PVOIL's commitment to transparency, shareholder engagement, and long-term value creation.

PVOIL Leadership Addresses Key Issues at Shareholder Meeting

Mr. Cao Hoai Duong, Chairman of the Board of Management, and Mr. Doan Van Nhuom, CEO of PVOIL, along with the corporation's leadership team, comprehensively addressed all inquiries raised by shareholders and investors. They emphasized the following key points:

Impact of Government Regulations on the Oil and Gas Industry: In 2023, stricter government regulations on Oil and Gas business activities led to the exit of several non-compliant companies from the market. This presented an opportunity for PVOIL to expand its petrol station network, strengthen its retail operations, drive business volume growth, and gain market share.

Favorable Impact of Government-Regulated Fuel Pricing: Market-aligned fuel pricing has supported the profitability of petroleum businesses.

In response to shareholder concerns about the potential impact of Electric Vehicle (EV) growth on PVOIL's fuel business, the company's leadership assured them that PVOIL has been closely monitoring and studying the development of EVs in Vietnam. They emphasized that by 2030, the adoption of EVs is not expected to pose a significant threat to the fuel business.

PVOIL is adapting to the changing market by leveraging its existing petrol station network to collaborate with Vinfast in installing EV charging stations nationwide. This cooperation has generated significant revenue and profit for PVOIL's member units, with some stations achieving profits equivalent to those of a high-volume gas station (300 m3/month). Both parties plan to further expand this network in the coming period.

In addition to EV charging stations, PVOIL is also investing in diversifying its non-fuel services in 2024. The company plans to: maintain and expand its petrol station network; collaborate with various coffee brands, tailoring the scale of operations to suit the available space at petrol stations; invest in rest stops along highways; these initiatives aim to align with evolving business trends, contribute to PVOIL's overall business operations, and provide customers with enhanced convenience and value.

In addition to the key points discussed earlier, PVOIL's leadership also addressed several other topics of interest to shareholders and investors:

• Draft Regulations for Fuel Wholesalers: PVOIL's leadership shared their views and assessments on the draft regulations that would allow fuel wholesalers to independently set and publish fuel prices on the market.
• IT Incident on April 2: The company provided an update on the IT incident that occurred on April 2nd, explaining the cause and the measures taken to prevent future occurrences.
• Aviation Fuel Business: PVOIL's leadership shared updates on the company's aviation fuel business, including recent developments and future plans.
• Exceptional Items in 2023 Financial Statements: The company clarified any exceptional items or adjustments included in its 2023 financial statements.

Closing Remarks and Commitment to Shareholders

At the conclusion of the meeting, Mr. Cao Hoai Duong, Chairman of PVOIL's Board of Directors, expressed his gratitude to the company's major shareholders and investors for their continued support. He reiterated PVOIL's unwavering commitment to: strive for excellence in all aspects of its business operations; seize every opportunity to drive growth and expansion; build upon the strong momentum achieved over the past two years; consistently deliver superior financial performance; maximize shareholder value.

PVOIL's leadership emphasized their dedication to open communication and transparency with its stakeholders, ensuring that shareholders and investors remain well-informed about the company's progress and plans.

Mr. Cao Hoai Duong - Chairman of the Board of Management (right) and Mr. Doan Van Nhuom - CEO of PVOIL (left) addressing investor concerns

Overall view of the meeting

Representatives of major shareholders and investors engage in Q&A with PVOIL leadership


List of application from banks allowing customers to proceed non-cash payment at PVOIL and COMECO petroleum stations






Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank)


ABBank Mobile An Binh Commercial Joint Stock Bank (ABBank)


ACB Mobile

Asia Commercial Joint StockBank (ACB)


Agribank E-Mobile Banking

VietnamBankfor Agriculture and Rural Development (Agribank)


BIDV Smart Banking

Bankfor Investment and Development of Vietnam (BIDV)


EIB Mobile

Vietnam Export ImportCommercialJoint - Stock Bank (Eximbank)


HDBank Mobile Banking

Ho Chi Minh City Development Joint StockCommercialBank (HDBank)


Mobile Banking MBBank

Military Commercial Joint Stock Bank


MSB mBank

VietnamMaritimeJoint Stock CommercialBank (MSB)


Nam A Bank Mobile Banking

NamACommercialJoint StockBank (Nam A Bank)


NCB Smart

National Citizen Commercial Joint StockBank (NCB)


OCB Mobile Banking

Orient Commercial Joint Stock Bank


Easy OceanBank Mobile

Ocean Bank


PV Mobile Banking

Vietnam Public Joint StockCommercialBank


Sacombank mBanking

Saigon Thuong Tin Commercial Joint Stock Bank


SCB Mobile Banking

Saigon Commercial Bank (SCB)


SHB Mobile

Saigon HanoiCommercial Joint StockBank(SHB)


Shinhan Bank Vietnam SOL



TPBank Mobile

Tien PhongCommercialJoint Stock Bank (TPBank)


Vietbank Digital

Vietnam Thuong Tin Joint StockCommercialBank


Viet Capital Mobile Banking

Viet Capital CommercialJoint StockBank (Viet Capital)


Vietinbank iPay

Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank)


VPBank Online

Vietnam Prosperity Joint-Stock Commercial Bank(VPBank)

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