Deputy Minister of Industry and Trade Do Thang Hai expressed his strong belief in the development of Vietnam National Petroleum Group in the future because this is a large economic group with a long tradition, specific and coherent direction and strategy; a contingent of dedicated and enthusiastic labourers; strong brand; and a widespread distribution system, etc.
On the occasion of the 62th anniversary of its establishment, Vietnam National Petroleum Group (Petrolimex) solemnly organised a meeting to review production and business activities in 2017 and work out tasks for 2018 on January 12, 2018.
Sixty two years is a very long journey for Petrolimex to gain achievements today. Achievements for non-stop efforts are much appreciated, which has been a pride passed down from generation to generation over the years. Traditional strength in modern style will help Petrolimex stand more and more steadily, becoming one of the strongest, most preeminent and pioneering economic groups, which makes considerable contribution to the national construction and protection cause.
The year 2017 witnessed Petrolimex’s impressive activities through investment into expanding distribution network, successfully applying the unified five-step selling process in the whole system, successfully launching new products of DO-V & E5 in the market which showcases the Group’s voluntariness and responsibility towards the State, consumers and the environment; bringing new vitality to production and business activities to be well prepared for the 2018 plans right from beginning of the year.
Deputy Minister of Industry and Trade Do Thang Hai praises Petrolimex’s production and business outcomes
On behalf of the Ministry of Industry and Trade leaders, Deputy Minister Do Thang Hai praised and congratulated the whole leaders, officials, and employees of Vietnam National Petroleum Group for having gained success in all facets in the past year.
The Deputy Minister really impressed on the consolidated production and business results of the corporation in 2017:
Consolidated revenuereached 107% of the annual target, equal to 124% of the figure in the same period last year.
Pre-tax consolidated profitreached 104% of the target set by the 2017 Annual General Meeting.
Contribution to the State budget was equal to 110% as compared to the figure in 2016.
The Deputy Minister said the outcome is worth praising. The year 2017 was full of difficulties and challenges thanks to developments in the world and fierce competition at home, but Petrolimex had made all-out attempts to carry out tasks right from the early days, early months of the year.
According to the Group’s report, 2017 was the third consecutive year that Petrolimex has completed and exceeded set targets with encouraging growth rates. Of note, Petrolimex was successfully listed in the stock exchange (ticker symbol: PLX), maintained its leading position in revenue, and was recognised top 50 best listed companies in Vietnam stock market in 2017 with market cap reaching VND100 trillion (US$4.4 billion). All these achievements demonstrate PLX’s transparency, prestigious position of Petrolimex and promising prospects of PLX in the market, especially for Vietnamese and foreign shareholders/investors who want to choose and own PLX.
Senior Vice President, JXTG Nippon Oil & Energy Corp, Hitoshi Kato
Senior Vice President of JXTG Nippon Oil & Energy Corp, Hitoshi Kato (JXTG of Japan is currently a strategic shareholder of Petrolimex) said, he was pleased to witness non-stop development of the Group after one and a half year making investment in Petrolimex. Hitoshi Kato expressed his sincere thanks to the thoughtfulness of the Ministry of Industry and Trade leaders, the dedication of Petrolimex leadership and staff for the achievements today. This is an effective investment. The JXTG representative also showed his delights witnessing the non-stop increase in the market value of PLX shares, which has doubled since its official listing in the stock exchange (April 21, 2017, with reference price of VND43,200/share).
Deputy Minister Do Thang Hai reiterated that JXTG is a prestigious foreign investor, thus, JXTG’s judgements serve as a driving force for Petrolimex to make further efforts in the future, and as an objective assessment which indicates that Petrolimex is a real strong economic group with sustainable development in Vietnam and strong capability to reach the international market.
The Deputy Minister expressed his strong belief in the development of the Group in the future. Because, this is a large economic group with a long tradition, specific and coherent direction and strategy; a contingent of dedicated and enthusiastic labourers; strong brand; and a widespread distribution system, etc. The Deputy Minister expected that Petrolimex will have a close tie with Ministry of Industry and Trade, and Ministry of Finance, among others so as State management bodies actually go along with enterprises and policies designed for enterprises will really come into life.
Deputy Minister Do Thang Hai agreed with targets and operation orientations that Petrolimex defined for 2018. Besides, he highlighted a number of key tasks that need to be adopted such as: developing plan for transparent divestment of State capital which must eliminate the so-called interest groups and avoid loss of State capital; improving the forecast, analysis and prevention of risks as well as keeping a close eye on developments in the region and the world; taking the lead in strictly abiding by guidelines and policies of the Government and Ministry of Industry and Trade in petroleum business; paying heed attention to the training and development of human resources; and renewing the corporate governance, and so forth.
Chairman of Petrolimex Board of Management Bui Ngoc Bao
On behalf of the Group staff, Chairman of Petrolimex Board of Management Bui Ngoc Bao acknowledged the Ministry of Industry and Trade’s attentions to the Group’s operations, supporting it to accomplish set targets.
The Petrolimex chairman emphasised that the meeting is not the opportunity for the Group to speak about its achievements in 2017, but more importantly, the opportunity to figure out what will be done in 2018. The organisational manners will determine the actual performance outcomes. Thus, the chairman requested leaders of the member companies to collect opinions raised at the conference, concretise them into action plans suitable with specific conditions of each unit, and effectively adopt these plans.
Time waits for no one. The year 2018 has begun, tasks are many. To continue writing the history of Vietnam National Petroleum Group, all should take the tasks on board with a new state of mind, for a new turn.
It is believed that encouragement from the Ministry of Industry and Trade leadership and the practical call from the Board of Management chairman have actually stimulated the year 2018 which starts with lots of hope of Vietnam National Petroleum Group.
