General Director's Letter
REPORT
Consolidated revenue
Affirmed to be the leading brand in the field of downstream petroleum business, performing well the leading role of State-owned enterprises in stabilizing the petroleum market, ensuring petroleum supply in all situations regarding the distribution system, contributing to ensuring national energy security, especially during peak occasions, holidays and Tet.
Ladies and gentlemen!
In 2023, petroleum business activities will be greatly affected by geopolitical instability, armed conflict, economic recession, inflation, and sharp fluctuations in world oil prices. With determination, effort, initiative, and active implementation of many synchronous and flexible solutions from the Group to our member units, Petrolimex has achieved outstanding results as follows:
01. Comprehensively completed and exceeded the production and business plan for 2023; At the same time, being honored and ranked: Top 10 best corporate governance enterprises in the large capitalization group at the 2023 Vietnam Listed Company Awards by Ho Chi Minh City Stock Exchange; Top 50 best listed companies in Vietnam in 2023; Top 100 most valuable brands in Vietnam; Top 03 largest enterprises in Vietnam in 2023, etc.
02. Affirmed to be the leading brand in the field of downstream petroleum business, performing well the leading role of State-owned enterprises in stabilizing the petroleum market, ensuring petroleum supply in all situations regarding the distribution system, contributing to ensuring national energy security, especially during peak occasions, holidays and Tet.
03. Pioneered in the implementation of Decree 123/2020/ND-CP of the Government, Petrolimex is the first petroleum business enterprise to hold a successfully Golive Ceremony that applied the solution of applying electronic invoices after each sale from 1st July 2023 on the entire system of 2,834 petroleum stations..
04. Issued the Digital Transformation Strategy of Vietnam National Petroleum Group for the period 2021-2025, with a vision toward 2030. This is an important premise in implementing projects to modernize and advance the Group's Facilities and technology systems. Groups such as: automation, automatic level measurement at terminals systems and petroleum stations, non-cash payments, electronic invoices, automatic payments via RFID technology and smart cameras; Digital Office, APP Petrolimex version 2 (2024), Digital Communication, Digital Training, etc.
05. Constantly performed well, enhanced and improved the management and administration tasks throughout the Petrolimex system. Maintained stable employment and continued to increase income, improved material life and mental health for nearly 28,000 employees.
Ladies and gentlemen!
The world economy in 2024 is gradually recovering after the COVID-19 pandemic, but the forecast is still uncertain, with many risks and challenges. In addition, commercial investment movement has adjusted to adapt to current situation, together with sustainable growth, digital transformation trend as well as the needs to transit to green and clean energy are becoming more visible and certain. Based on the assessment of performance results in 2023 and forecast of the situation in 2024, Petrolimex focuses on implementing the following key tasks and solutions:
01. Seriously implementing the Prime Minister's Official Telegrams and the Directives of the Ministry of Industry and Trade, performing well the source initialization works and promptly supplying social consumption needs, serving economic development, contributing to ensure national energy security in each area.
02. Ensuring absolute safety in the production and business process including fire and explosion prevention, financial, legal, environmental protection, strengthening security and safety inspection and supervision at petroleum facilities.
03. The 2024 production and business plan, the work plan of the Group and its member units closely follow the production and business plan and 5-year development orientation for the period 2021-2025; Project to restructure the Group for the period 2021-2025, vision 2035; The Group's development strategy for the period 2021-2025, vision 2035 has been approved by the State Capital Management Committee; 25 action programs after the 02 Petrolimex Technology Innovation Conferences and the 2023 Business - Finance - Risk Management Conference have been approved by the Group's Board of Directors.
04. Deploying the Group's transformation strategy to 2025, with a vision toward 2030, revolving around main pillars: improving customer experience, commodity management and corporate governance.
05. Maintaining, consolidating, renewing, modernizing and advancing the advantages of traditional petroleum business, facilities and technology systems of terminals, tanks, pipelines, petroleum stations, means of transport, etc. At the same time successfully adapting and transitioning to trading in green, clean, and environmental protection fuel and energy products.
06. For other business areas, continuing to promote and effectively exploit the overall strength of the non-petroleum ecosystem; Implementing restructuring of the business model according to the Group restructuring project for the period 2021-2025, vision 2035.
With a sense of responsibility to shareholders, the Board of Management and all employees of Vietnam National Petroleum Group will strive to successfully complete the 2024 targets assigned by the General Meeting of Shareholders and the Board of Directors.
On behalf of the Board of Management, I would like to respectfully thank customers, State management agencies, shareholders, and investors for always believing in, supporting, and accompanying Petrolimex. We hope to continue to receive your trust and support in 2024 and beyond.
GENERAL DIRECTOR
