Key tasks set for second half of 2018

Pham Duc ThangBoard of Management member – Director General - Petrolimex
08:38' SA - Thứ tư, 18/07/2018

On July 4, 2018 the Parent Company – Vietnam National Petroleum Group (Petrolimex/PLX/Group) held a meeting to review production-business activities in the first six months of the year and specify key tasks for the second half of 2018.

In the first six months of 2018, with the all-out efforts of the whole system since the very beginning of the year, Petrolimex exceeded the plan set by the Annual General Meeting of Shareholders 2018.

The encouraging result was that domestic sales and re-exports went beyond major petroleum plans, with retail sales growing sustainably and consolidated profit before tax exceeding the set target.

The Group leaders commented that the above results reflect the stability of macroeconomic policies, exchange rates and world oil prices in the context of Vietnamese economy prospering (growth of 7.08%); and the efforts of each laborer, service station, driver, company and product line under the brand name of Petrolimex which is honoured and informed of at the Group’s website

In addition, Petrolimex has accomplished numerous significant works on strengthening the Group leadership, restructuring the Group in accordance with the Government’s Decision No 828/CP, successfully launching new products (E5 and DO-V) which proves to be a pioneer in implementing the Government’s policies, and so on, and provided words of consolation and financial support for local people in northern provinces of Ha Giang and Lai Chau to overcome aftermaths of the flooding in June 2018. The aid package worth VND500 million (US$22,000) comes from Petrolimex Social Security Fund which is contributed annually by member companies’ employees.

In the last six months of 2018, the Group Board of Directors specified two tasks and eight solutions for 2018 with the spirit of creating new driving force for development and conclusions reached at petroleum retail workshops held earlier this year.

Accordingly, the Parent Company – the Group, will focus on the tasks set out in Document No 0983/PLX-VP dated July 10, 2018; including key tasks as follows:

First, ensure comprehensive workplace safety and safety for the whole sector, especially during the wet/flood seasons.

Second, make efforts to ensure that all product lines and subsidiaries fulfil the set targets; particularly seeking for effective solutions to support product lines which are experiencing difficulties due to competition and/or market development in case of the availability of counterfeit goods. The second national customers’ meeting acknowledged the goodwill of partners in Petrolimex’s distribution system to have seriously implemented the Decree No 83 with the spirit of “taking you further” and of big customers who have consumed Petrolimex products/services for years. Furthermore, Petrolimex member units continue maintaining customer relationship of their own as well as with the Group’s spirit as mentioned above.

Third, concentrate on analysing and predicting impacts of the fluctuation of exchange rates, crude oil prices (under the influence of the world geopolitical situations) and macro policies to adjust optimal solutions in source generation, use of financial instruments, corporate governance on the basis of compliance with internal Rules/Regulations; ensure that spending be in line with accounting standards and approved budget plans; fortify Petrolimex legal work and bring into full play the effectiveness of self-inspection (including Petrolimex’s Inspector’s Card).

Fourth, continue staying consistent in building Petrolimex brand system in accordance with “Petrolimex standard” and “thorough integration in the whole Petrolimex” principles; besides proactively and actively protecting Petrolimex brand in line with specific instructions given by Steering Board 679. Continue studying, and experimenting component projects to raise Petrolimex brand to a new height.

Fifth, continue to advance the development of Petrolimex petrol stations both in quantity and quality in line with Resolution No 27/PLX-NQ-HĐQT; proactively promote the dissemination and development of the sale of new products (E5 & DO-V); accelerate the progress of consultation projects and carry out the Automation project as well as key investment projects as soon as approved by the Board of Management.

The Group Board of Directors is strongly convinced that with the industry’s tradition, the whole Petrolimex staff will always make all-out efforts to maintain PLX identity, uphold the Kaizen spirit, and continue working, staying innovative – creative, and racing against the time; and that Petrolimex will fulfill all set tasks and targets.

The Group issued Document No 0983/PLX-VP dated July 10, 2018 detailing the meeting’s conclusion to be forwarded to the Group’s departments and divisions to ensure they follow suit the conclusion for daily management work; and to be reported to the Government’s Office, and the inter-ministries of Industry and Trade, and Finance – the representative of the State ownership and State management bodies.


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