Chairman's Letter

The year 2024 was both challenging and profoundly rewarding for Vietnam National Petroleum Group (Petrolimex). Amidst widespread socio-economic volatility, our leadership and workforce stood united and resilient, overcoming difficulties to fulfill our strategic goals with excellence. The achievements of 2024 are a testament to the relentless dedication and determination of every Petrolimex employee across the country.

Key highlights of 2024 include: Outperforming business targets: Consolidated petroleum sales reached 15.7 million m³, tons, a 9% increase compared to 2023. Consolidated revenue totaled VND 284 trillion, up 4% year-on-year, while consolidated profit before tax rose to VND 3.97 trillion, reflecting a 7% increase over the previous year.

Ensuring national energy security: Petrolimex continued to affirm its pivotal role as the nation’s leading enterprise in regulating and stabilizing the domestic petroleum market. The Group ensured uninterrupted supply across the country, effectively preventing localized or widespread fuel shortages while maintaining robust security and safety across all operational areas.

Advancing the green transition and sustainability: In partnership with the Global Energy Alliance for People and Planet (GEAPP), Petrolimex shared technologies, experiences, and solutions to promote clean energy transition in Vietnam. Notably, the Group successfully piloted a carbon credit project by distributing 2,300 water filtration systems to households in remote northern provinces and is actively pursuing other promising clean and green initiatives.

Continued recognition from national and international institutions: In 2024, Petrolimex was honored with a Commemorative Medal from the Ministry of Industry and Trade for its contributions to the “Vietnamese People Prioritize Using Vietnamese Goods” campaign over the past 15 years. The Group was named among the Top 10 Best Corporate Governance Enterprises (Mid-cap segment) and Top 20 Best Annual Reports in the Non Financial Sector by HOSE. Forbes recognized Petrolimex as the highest-revenue enterprise of 2023, and the Group was also listed in Forbes Vietnam’s Top 50 Best Listed Companies for 2024, maintaining its position as revenue leader for eight consecutive years.

These achievements are the result of close guidance from the Party and State, the collective determination of our leadership and employees, and the unwavering support from our shareholders, investors, customers, and partners.

The year 2025 holds strategic significance as the final year of the 2021–2025 five-year plan and the foundational year for the next growth phase. Under the action theme: “Streamline the organizational structure, reduce costs, enhance governance efficiency, and execute business activities to achieve at least 8% growth in 2025, striving for double-digit growth in 2026–2030”, Petrolimex remains firmly committed to aligning with government direction and working closely with relevant ministries and agencies to fulfill national growth targets. The Group will continue to implement robust solutions to ensure petroleum supply across all sectors of the economy and society, while maintaining the highest standards of operational safety and security.

Guided by this vision, Petrolimex will realign its organizational structure in accordance with the Party’s Resolution No. 18-NQ/TW, aiming to optimize productivity and operational efficiency. The Group will also actively respond to Resolution No. 57-NQ/TW on science, technology, innovation, and national digital transformation. We will strengthen international partnerships to facilitate the transfer and application of new technologies, and are fully committed to advancing Petrolimex’s Digital Transformation Strategy. This includes applying artificial intelligence and automation across our operations and management systems, synchronizing internal processes and data platforms, and modernizing infrastructure at fuel depots and retail stations in a green and sustainable direction.

Dear Esteemed Stakeholders,

As we reflect on the proud achievements of 2024, on behalf of the Board of Management, I would like to extend my heartfelt thanks to our shareholders, investors, customers, and partners for your continued trust, partnership, and support. We look forward to working even more closely with you in the time ahead, as we strive to achieve new milestones in our sustainable development journey. With a legacy of unity, strong internal capabilities, a spirit of innovation, and an unwavering aspiration for growth, I am confident that Petrolimex will overcome all challenges and continue to deliver remarkable results in 2025 and beyond contributing to the nation’s journey into a new era of prosperity and advancement.

Wishing you a year of good health, happiness, and great success!

Chairman

Pham Van Thanh