PVOIL Reviews Performance for the First Half of 2025

In the first half of 2025, despite a 15% drop in oil prices compared to the same period and highly volatile and challenging petroleum market conditions, PVOIL maintained its output and achieved strong revenue growth, especially in international business.

On July 9, 2025, in Ho Chi Minh City, the Party Committee of PetroVietnam Oil Corporation (PVOIL) held its second (expanded) Executive Committee Conference for the 2025–2030 term, to review Party work and business activities in the first half of the year and deploy tasks for the second half.

The conference was chaired by Mr Cao Hoai Duong - Secretary of Party Committee, Chairman of Board of Directors, and Mr Nguyen Dang Trinh - Vice Secretary of Party Committee, President & CEO, with the participation of the Party Executive Committee, the Corporation’s leadership, and key personnel.

The Party work report highlighted the successful organization of Party congresses at all levels in the first half of the year. All 93/93 affiliated branches, 32/32 affiliated Party committees, and the 4th Party Congress of PetroVietnam Oil Corporation for the 2025–2030 term were successfully held. The congresses were highly evaluated in terms of organization and content, meeting the proposed goals with high consensus and opening strategic directions for the Corporation’s development in the upcoming period.

In terms of business operations, PVOIL faced many challenges in the first half of 2025 due to the impact of new U.S. tax policies and the war in the Middle East, causing wide oil price fluctuations, a strong USD, and low demand. However, through effective management, PVOIL minimized losses, leveraged market opportunities, and achieved positive results. Petroleum sales volume remained stable at 100% compared to the same period; notably, retail sales volume grew by 12%. Consolidated revenue increased by 13% year-on-year and exceeded the management plan by 5%. Particularly, PVOIL Singapore contributed significantly, with revenue more than doubling, helping offset domestic market difficulties.

PVOIL actively implemented digital transformation and technology application in business operations, with sales through PVOIL Easy and PVOIL 4U platforms continuing to grow. Non-petroleum services at retail stations were also promoted. Infrastructure development and upgrades were accelerated to meet operational demands, especially for the upcoming launch of Jet A1 and E10 fuel sales. Over 60 new petrol stations were opened in the first half of the year—a record that raised the total number to 898. PVOIL also strengthened cooperation with units inside and outside of Petrovietnam as well as international partners.

In his directive at the conference, Mr Cao Hoai Duong - Secretary of Party Committee, Chairman of Board of Directors praised the efforts of the entire PVOIL political system for successfully organizing Party congresses while fulfilling business tasks in a challenging market.

Regarding business activities, while acknowledging achievements such as record revenue and retail station expansion, Mr Cao Hoai Duong emphasized two priorities going forward: As one of Petrovietnam's key revenue-generating units, PVOIL must continue to drive growth to help the Group reach the Fortune Global 500 target by 2030. With limited domestic market space, PVOIL must also expand internationally, including strengthening presence in Laos and Singapore, while exploring new markets. He also stressed the importance of integrating non-petroleum services at petrol stations, such as EV charging and others, and carefully considering investment options to ensure sustainable development.

Concluding the business segment, Mr Nguyen Dang Trinh - Vice Secretary of Party Committee, President & CEO acknowledged the heavy tasks ahead for the second half of the year. He instructed subsidiaries to proactively propose and implement stronger solutions, particularly in market development, customer acquisition, and output growth to fulfill 2025 targets. Retail station development and sales growth are seen as key drivers not only for this year but for the years to come.

He affirmed that the Corporation’s leadership and functional departments will accompany and support units in addressing challenges and resolving requests promptly. He called for unity and determination throughout the system to achieve the consolidated revenue target of VND 140 trillion assigned by the Group.

On this occasion, PetroVietnam Oil Corporation’s leadership honored units with outstanding performance in business operations for the first half of 2025.

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

Mr Nguyen Dang Trinh – Vice Secretary of Party Committee, President & CEO of PVOIL gave directives at the Conference.

The leadership of the Corporation commended units with outstanding achievements in fulfilling business tasks during the first half of 2025.

Overview of the Conference.

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