Petrolimex to spurs key businesses in line with growth targets

Quoc Trung

Public Relations Division

11:22 AM @ Thursday - 09 June, 2022

On June 8, the Annual General Meeting of Shareholders (AGM) of the Vietnam National Petroleum Group (Petrolimex – stock symbol: PLX) held its 2022 annual gathering in a hybrid manner, both physical and digital, at the Group’s Office – No 9 Dao Duy Anh, Ha Noi.

Presidium presides over the general meeting
A general view of the meeting

The general meeting was called in line with the Announcement No 0656/PLX-HĐQT issued on May 18, 2022 by the Petrolimex Board of Management to discuss and vote on the annual contents under the authority of the Annual General Meeting of Shareholders which were made known to the shareholders at the website

This year, the Petrolimex Annual General Meeting of Shareholders continues to meet in person and online, creating conditions for shareholders to actively participate, monitor and exercise their rights in the most convenient way.

Attendance at the meeting’s main location included all members of the Board of Management, Supervisory Board, Board of Directors and representatives from the Owner Representative Agency – the Commission for the Management of State Capital at Enterprises (CMSC).

The meeting elected a five-member presidium with: Petrolimex Chairman Pham Van Thanh – President; Petrolimex Director General Dao Nam Hai; Member of the Board of Management – Petrolimex Deputy Director General Tran Ngoc Nam; Member of the Board of Management – Petrolimex Deputy Director General Nguyen Thanh Son and Petrolimex Board of Management member - General Director of ENEOS Vietnam Co., Ltd. (ENEOS) Ken Kimura.

The Petrolimex Board of Management’s report to the AGM shows that 2021 was a difficult year for Vietnam’s economy in general and for the national petroleum business in particular as a result of the COVID-19 pandemic, and the unusual and unpredictable fluctuations of the crude oil price, especially in the final months of the year. Nevertheless, with the drastic direction of the Board of Management and Board of Directors and the efforts, proactiveness and responsibilities of member units, Petrolimex implemented the dual goals of preventing the epidemic and maintaining production and business operations. Petrolimex overcame all the above-mentioned unfavourable factors and achieved high business performance, exceeding most of the targets set out by the AGM for 2021, specifically: 

In addition, the year 2021 witnessed Petrolimex’s efforts to promote security and safety; fully and timely implement directions by the Government and relevant authorities in the prevention and control of COVID-19, and early vaccination, which played a crucial role to ensure thorough production and business operations, and  ensure sufficient fuel supply as well as national energy security; deploy business plans and sales policies that are flexible, appropriate, and adaptive to the epidemic prevention and control conditions in each locality to maximise sales volume; accelerate the application of information technology in management and operations, promote the digitisation in the Group, implement the cashless payment project, upgrade  brand identity in petrol stations, operate the customer service helpline at 1900 2828; well ensure the source as well as closely follow the market demand; non-petroleum businesses operated effectively and surpassed the assigned plan. 

In 2021, the Group was honoured among Vietnam’s top listed firms for the fifth consecutive year by Forbes, and as Champion of Revenue on the stock exchange. Of note, the Group was bestowed the “Outstanding Progress in Corporate Governance” award by the HCM City Stock Exchange and the “Sustainability Reporting” award for the best listed firms.

The year 2022 is predicted to continue facing difficulties and challenges in the context of the Russia – Ukraine conflict which has shown no signs of cooling down and the possible risks of COVID-19 re-emergence. Petrolimex will stay persistent in improving governance quality, maintaining stability and sustainability, and enhancing business efficiency. Accordingly, the Board of Management set out a profit target of VND3,060 billion with an expected dividend payout ratio of at least 12 per cent.

With the resolve to reach all targets and plans set forth for 2022, the whole Petrolimex staff have been and are making a lot of efforts upholding the strengths of a business in the VN30 group, effectively realising six key tasks  through six groups of solutions set forward for 2022 on January 12, 2022.

Addressing the meeting as a representative of the ownership of State capital  - Petrolimex’s largest shareholder, CMSC Deputy Chairman Ho Sy Hung spoke highly of the efforts of the whole Petrolimex leadership and staff in maintaining stable operation, ensuring safety in all production and business activities and energy security; concurrently, making remarkable contributions to the national fight against coronavirus in localities nationwide under difficulties of 2021. The CMSC Deputy Chairman stressed the necessity to adjust business and production targets for 2022 and said CMSC would accompany and maximise its support for Petrolimex in implementing production and business tasks in 2022.

On behalf of Petrolimex Board of Management, Chairman Pham Van Thanh appreciated the CMSC leadership’s directions as well as shareholders’ questions and comments; concurrently, pledged to do his utmost to work with the Petrolimex Board of Management and Board of Directors for the corporate sustainability, preservation and development of capital, fetching high added value for shareholders.  

The Petrolimex’s annual general meeting ended with great successes as all contents were approved with a high rate of unanimous consensus. The shareholders’ consensus demonstrates a solid foundation for breakthroughs, reaching out to the goal of becoming an effective and responsible energy Group – that is responsibility towards the society, shareholders, and environment.

Vietnam National Petroleum Group - Petrolimex (PLX)

Committed to constantly making an effort to go further on the path of development and bring the lives of Vietnamese people and all Petrolimex employees to new heights in the future