AsemconnectVietnam - On April 25, in Ho Chi Minh City, Vietnam Oil Corporation - Joint Stock Company (PVOIL, stock code: OIL) successfully held the 2025 Annual General Meeting of Shareholders (AGM) online with the participation of shareholders representing more than 954 million shares, equivalent to 92.28% of the total number of voting shares of PVOIL.

Attending the meeting, on the side of major shareholders, PVOIL's parent company, the Vietnam National Oil and Gas Group (Petrovietnam), there was Ms. Nguyen Thuy Linh - Group Controller.
According to the report presented at the Congress, overcoming the challenges and difficulties of the petroleum market in 2024, PVOIL achieved impressive production and business results, continued to grow and set new records, completed and exceeded the main planning targets assigned by the General Meeting of Shareholders.
Specifically, in 2024, PVOIL's petroleum business output set a new record, reaching more than 5.6 million m3/ton, completing 113% of the annual plan; Consolidated revenue was the highest ever, reaching more than VND125,000 billion, completing 151% of the annual plan, up 21% over the same period; Consolidated pre-tax profit reached VND633 billion, completing 106% of the annual plan. The parent company alone achieved pre-tax profit of VND448 billion, completing 112% of the annual plan.
In 2025, PVOIL sets the target: Consolidated revenue of VND97,500 billion, pre-tax profit of VND780 billion, developing at least 70 petrol stations (CHXD). This plan was built by PVOIL on the basis of crude oil price of 70 USD/barrel, VND/USD exchange rate of VND25,000. At the meeting, the Board of Directors informed and answered many questions from shareholders. In particular, on solutions for PVOIL to overcome difficulties, ensuring stable and sustainable growth in the coming period. PVOIL's leaders said that with the traditional and core petroleum business sector, PVOIL continues to optimize operations, improve service quality at CHXDs and petrol depots by identifying service quality as one of the competitive advantages, especially this advantage will be further promoted when the draft decree on petroleum business is directed towards a more market-oriented petroleum business.
With the orientation of implementing new fuel business, PVOIL has been granted a license by the Ministry of Industry and Trade to be a key trader in Jet A1 aviation fuel business and is promoting related work to implement business from the fourth quarter of 2025. In the future, PVOIL aims to trade hydrogen when this fuel becomes popular following the energy transition trend.
Another solution is that PVOIL will continue to actively apply digital transformation and 4.0 technology to further improve corporate governance, increase business efficiency, stay in line with market trends and enhance customer experience when using PVOIL's products and services, increasing competitive advantage.
The development of non-gasoline services at PVOIL's petrol stations in recent times such as electric vehicle charging stations, convenience stores, cafes, rest stops for long-haul trucks, etc. have all brought positive initial results, helping to increase the efficiency of petrol stations. PVOIL aims to continue expanding the implementation of non-petroleum services to take advantage of the commercial position of the petrol stations to increase revenue and profit. Mr. Cao Hoai Duong - Chairman of the Board of Directors of PVOIL said that the above solutions help PVOIL expand its business, increase revenue and profit; thereby ensuring sustainable benefits for shareholders. In addition to direct profits, PVOIL has a greater expectation of the mutual support between non-petroleum services and traditional business, helping to attract customers and improve operational efficiency. Regarding the outlook, the basis for PVOIL to set a growth plan in 2025, especially when starting the first quarter in the context of unfavorable market developments, Mr. Nguyen Dang Trinh - General Director of PVOIL said that as of April 2025, although the market was very difficult, oil prices decreased by 15% compared to the beginning of the year, PVOIL had flexibility in management, optimized operations and achieved remarkable results; maintained output, revenue grew by 9% over the same period. With the expectation that oil prices will improve from the current low level in the coming time and the development of the economy along with the country's GDP growth target of 8% will boost the demand for gasoline and oil consumption, creating conditions for PVOIL to complete the 2025 plan". Regarding the transfer of OIL shares listing to HOSE, according to PVOIL's leaders, PVOIL currently only has one exception from the auditing unit related to PVOIL's investment in PetroVietnam Petrochemical and Biofuel Joint Stock Company (PVB). This investment has existed since before PVOIL's equitization and has absolutely no impact on current production and business activities as well as on PVOIL's future development orientation and plans. PVOIL is actively handling and coordinating with related parties to implement PVB's bankruptcy procedures according to regulations, in order to overcome this exception and soon transfer OIL shares to list on HOSE.
Based on the business performance, the actual provision situation and the goal of transferring PVOIL's shares from UPCoM to HOSE, while ensuring the rights of shareholders, the PVOIL General Meeting of Shareholders has approved the profit distribution plan with cash dividend payment in 2024 at a rate of 2.5%/charter capital, equivalent to the expected payment of more than VND258 billion. In addition, in the near future, PVOIL plans to carry out the task of developing science and technology assigned by Petrovietnam and develop non-petroleum service business activities, e-commerce applications that PVOIL has invested in (PVOIL Easy, PVOIL 4U). To prepare for implementation, PVOIL added related business lines such as: leasing solar power equipment systems, scientific research and technology development, advertising (on PVOIL 4U application) and business lines related to the collection and treatment of used cooking oil, etc.
The General Meeting of Shareholders also approved the dismissal of Mr. Doan Van Nhuom (retired according to the regime) from the position of Member of the Board of Directors; at the same time, elected Ms. Nguyen Linh Giang as Member of the Board of Directors of PVOIL.
Closing the meeting, Mr. Cao Hoai Duong - Chairman of the Board of Directors of PVOIL thanked the shareholders for their trust and pledged to work honestly, carefully, protect the highest legitimate and legal rights and interests of shareholders, and support the Executive Board to successfully complete the tasks assigned by the General Meeting of Shareholders.
N.Nga
Source: VITIC/Tinnhanhchungkhoan