Chairman's
Letter

Ladies and Gentlemen

The global economy was going through a year of major challenges in 2022, geopolitical conflict between Russia-Ukraine, prolonged inflation and known as a peak in decades led to tight monetary policies of many countries. The energy crisis in general and petroleum crisis in particular have become so intense which was completely different compared to previous crises due to many factors, especially political issues, Covid-19 pandemic and global economic downturn.

Vietnam was also hit hard by this crisis. 2022 saw a vocality spike in the domestic petroleum market with complicated and unpredictable developments at large margin and the most prolonged changes ever. Many of the State’s policies fail to adapt to “different” changes of the petroleum market, leading to “the more they sell, the more they lose”. This results in a local shortage of petroleum in many places nationwide. More than ever, Petrolimex – petroleum wholesale distributor with the largest market share in Vietnam – becomes the most concerned topic. Despite the most challenging times, we always remain focused and steadfast on our missions to ensure energy security and efficient petroleum supply for local demand in accordance with sustainability messages of the Group’s leaders: “Sharing Responsibility – Steady position

Based on the advanced governance platform, flexibility, high determination and efforts of leaders and employees in the whole system, Petrolimex has achieved encouraging business performances in 2022 with a total consolidated revenue of 300,000 billion VND and a profit before tax of 2,068 billion VND.

Petrolimex was honored to be on the list of Top 10 public large-cap companies with the best annual report in 2022. Additionally, Petrolimex’s sustainability report was also recognized in the list of Top 10 Best Reports as “conveying many messages, solutions and commitments toward green energy, net emissions appropriate with Vietnam’s commitments at COP26.

In its development strategy till 2030 and a vision to 2045, Petrolimex aims to be a pioneer and leading company in Vietnam petroleum market, taking the lead in supply of high-quality petroleum products, clean and environmentally-friendly energy products, maintaining its position and key role in ensuring domestic petroleum supply and meeting energy demand for local people and promoting economic development, national modernization and industrialization. Besides, Petrolimex continues completing a corporate governance model in accordance with international standards, strengthening application of technology in governance and operations, promoting human and technology - centered approach to strengthen internal strengths as well as competitiveness of the Group toward sustainability, satisfying aspirations of shareholders and investors.

Given the thorough and long-term development outlooks, we believe that Petrolimex will maintain its position as a strong Group that plays the key role in Vietnam economy, a dynamic enterprise with aspirations of reaching standards of human and technology values as well as social and business ethics, professional corporate culture, corporate social responsibility for national development.

On behalf of BOD, I would like to sincerely thank all employees, valued shareholders, partners, customers and stakeholders for your continued support. Hopefully to continue receiving your support, trust in the coming time. With a belief in the favorable future with global economic recovery, I believe that Petrolimex will take firm steps forward in 2023 with high determination to push the limits and boundaries, to achieve more positive results and to share more values.