Chairman's letter

Dear valued shareholders, customers, and partners,

The 2020 is a year with many unprecedented events that have profound impacts both in the world and in Vietnam. The year has passed with many undesirable consequences. Vietnam National Petroleum Group (Petrolimex), the largest petroleum trading enterprise in the country, has suffered negative mpacts from the Covid-19 pandemic and the unusual collapse in global oil price. However, the Board of Management, the Board of General Directors, and all employees of Petrolimex have overcome the difficult time and gained such positive results in 2020, by demonstrating determination and unanimity, thereby building a solid premise for a recovery in 2021.

In 2020, Petrolimex continued to be the listed company with highest revenue in the stock market with total revenue reached 8.2 billion USD. The company continues to be in “The top 50 best listed companies in 2020” voted by Forbes Vietnam. The Sustainability report 2019” of the Group was honored by the Ho Chi Minh City Stock Exchange for the first time as one of the top 10 best reports of listed companies in the stock market. The achievements mentioned are the recognition from the regulatory agencies and reputable assessment organizations for the increasing positive changes in corporate governance of Petrolimex. The Group’s corporate governance is gradually approaching international standards, especially promoting the transparency and modernization in governance and information disclosure as well as paying attention towards non-financial indicators.

Petrolimex’s orientation for the year of 2021 is to make it the pivotal year for continuous improvement in corporate governance model, including changes in a professional and modern manner, with harmonious combination of centralized and decentralized governance and adhering to digital transformation to build an effective future governance model. To attain the results, the key values are human resources and digital management.

On human values, Petrolimex continues to focus on training key employees in modern governance, adhering to the risk management system for risk owners to minimize the impacts of internal and external risks, such as commodity trading risks to the Group’s business activities. Simultaneously, we aim to build healthy and creative corporate environment through training and improving the staffs’ technical capabilities and their ability to apply advanced technology in production and business activities.

On digital governance, Petrolimex is building and developing a governance system network aiming at streamlining, efficiency, and modernization. Besides, we are conducting research on building PLX-ID system to provide our customers fast and convenient utility of Petrolimex’s products and services.

2021 marks a year of a new normal and a strong recovery, containing plenty of opportunities and challenges in a post- volatile economic environment. With our Group’s long history and determination, we believe Petrolimex will continue to make a spectacular breakthrough and achieve the Group’s objectives.

On behalf of the Board of Management, I would like to send my sincere thanks to our shareholders, customers, partners, and all our employees, who have always supported us and worked side by side with the Group to overcome difficult times and achieve encouraging results.

I wish everyone good health, peace, and success.