Tiếng Việt

PVOIL's 2024 Annual General Meeting: Focus on Retail System Development and Non-Fuel Service Expansion

The 2024 Annual General Meeting (AGM) of Shareholders for PetroVietnam Oil Corporation (PVOIL, stock code: OIL) was successfully held online on April 26, 2024. Shareholders representing 893,475,226 shares (equivalent to 86.39% of PVOIL's total voting shares) participated in the meeting.

Mr. Bui Minh Tien, Member of the Board of Management of Vietnam Oil and Gas Group (PetroVietnam) attended the meeting, representing the major shareholder and PVOIL's parent company. The meeting was moderated by Mr. Cao Hoai Duong, Chairman of the Board of Management of PVOIL; Mr. Doan Van Nhuom, Member of the Board of Management, President and CEO; and Mr. Le Van Nghia, Member of the Board of Management.

Impressive Results in 2023
PVOIL reported impressive business results in 2023, according to reports presented at the meeting. Gasoline and oil trading volume surged by 29% year-over-year, exceeding 5.2 million cubic meters. This marks the second consecutive year with a near-30% growth rate for PVOIL's fuel trading volume. Revenue also continued its upward trajectory, surpassing VND 100,000 billion for the second year running. Consolidated revenue for 2023 reached VND 103.6 trillion, exceeding the annual target by an impressive 207%. Consolidated profit before tax reached VND 798 billion, surpassing the annual plan by 133%.

PVOIL also saw thriving retail network development in 2023, setting a new record with 107 new petrol stations opened. This doubled the number from 2022 and achieved a remarkable 184% completion rate of the annual plan.

Targets for 2024
Looking ahead to 2024, PVOIL has set the following targets:
• Gasoline and oil trading volume of 5 million cubic meters/tons
• Consolidated revenue of VND 83,000 billion (based on a planned crude oil price of USD 70/barrel)
• Consolidated profit before tax of VND 740 billion
• Consolidated profit after tax of VND 592 billion
• Development of 65-70 new petrol stations.

Positive Growth Trajectory Continues in Q1 2024
Continuing its impressive performance from 2023, PVOIL sustained a positive growth trajectory in the first quarter of 2024. Gasoline and oil trading volume reached nearly 1.4 million cubic meters/tons, representing a 22% increase compared to the same period in 2023. Consolidated revenue reached VND 29,400 billion, marking a 41% increase compared to the same period last year. Consolidated profit before tax reached VND 300 billion, a 5% increase compared to the same period in 2023. PVOIL expanded its retail network by 33 new petrol stations in Q1, bringing the total number of retail outlets across the system to 789.

Addressing Shareholder Concerns
A significant portion of the AGM was dedicated to addressing shareholder concerns and questions. A total of 16 questions were submitted to the Chairman, and PVOIL's leadership, represented by Chairman of the Board of Management Mr Cao Hoai Duong, President and CEO Doan Van Nhuom, and Member of the Board of Management Le Van Nghia, took turns answering these inquiries and addressing topics of interest to the shareholders.

Progress Towards HOSE Listing and Non-Fuel Expansion
PVOIL is actively working to meet the listing requirements of the Ho Chi Minh Stock Exchange (HOSE). The company has consistently achieved the "ROE of 5% or higher" requirement for the past three years (2021-2023). PVOIL expects to eliminate its current accumulated losses of over VND 6 billion by the end of 2024. The remaining audit exception on PVOIL's consolidated financial statements relates to a legacy investment in PetroVietnam Biofuels and Petroleum Chemistry JSC (PVB). This exception will be addressed once PVB completes bankruptcy proceedings or the government issues guidelines for handling related financial matters

Non-Fuel Service Development
PVOIL is forging ahead with the development of non-fuel services in 2024. This strategy includes maintaining and expanding convenience stores, partnering with coffee brands in formats that optimize petrol station space, and investing in highway rest stops. These initiatives are designed to cater to evolving business trends, contribute to PVOIL's overall operations, and offer enhanced convenience and value to customers.

Electric Vehicle Market Outlook
PVOIL has been closely monitoring the electric vehicle (EV) market in Vietnam and anticipates a minimal impact on the gasoline business by 2030. The company has taken a proactive approach by partnering with Vinfast to install charging stations at over 322 petrol stations nationwide. This successful collaboration has generated significant revenue and profit for PVOIL, with plans to expand the program further.

Favorable Business Environment
The government's strengthened management of the gasoline industry in 2023 led to the withdrawal of retailers who failed to meet regulatory standards. This created opportunities for PVOIL to expand its petrol station network, increase sales volume, and gain market share. Additionally, the government's market-aligned gasoline price adjustments supported profitable operations for retailers.

Major Shareholder Support and Guidance
Mr. Bui Minh Tien, representing major shareholder Vietnam Oil and Gas Group (PetroVietnam), commended PVOIL's governance and market responsiveness. He urged continued efforts in ensuring stable crude oil supplies, increasing market share (with a focus on retail), developing the petrol station network alongside non-fuel services, restructuring for efficiency, and strengthening cybersecurity.

AGM Outcomes
With a high approval rate, shareholders voted to approve all reports and resolutions presented at the General Meeting. This included the 2023 profit distribution plan with a 2% dividend payout, designed to eliminate accumulated losses (a HOSE listing requirement) while ensuring shareholder interests./.

Mr. Bui Minh Tien, a member of the Board of Management of PetroVietnam, delivered a speech at the Annual General Meeting

Chairpersons of the Annual General Meeting

Shareholders attended the Annual General Meeting virtually

Shareholders attended the Annual General Meeting virtually


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

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MSB mBank

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Nam A Bank Mobile Banking

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NCB Smart

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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

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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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