PETROSETCO: Strengthening Internal Resources, Overcoming Long-Term Challenges

Starting as a unit specializing in providing essential services, living conditions, and tourism for the oil and gas industry, PETROSETCO has always been synonymous with simple yet vital services supporting offshore projects and onshore facilities of the oil and gas sector. Over 28 years of development, PETROSETCO has grown significantly into a diversified, multi-sector service company, achieving remarkable milestones. It has consistently delivered sustainable value to shareholders, partners, and customers, while also providing stable jobs and income for nearly 3,000 employees.
 

Steadfast and Resolute in the Face of Adversity

The impressive achievements of PETROSETCO are evident through its rapid and sustainable growth in recent years. For example, as of December 31, 2006, PETROSETCO’s total assets stood at VND 563.55 billion; by the end of 2023, total assets had grown 17 times to VND 9.479 trillion. Despite the "double crisis" of 2020 and 2021, PETROSETCO recorded an impressive revenue growth of 34% and 31%, respectively, with a record revenue of VND 17.598 trillion.

Since 2022, amid an unpredictable and negative global economic environment that caused many companies to downsize or dissolve, the PETROSETCO team remained united, resolute, and steadfast in maintaining stability.

Recognizing and anticipating challenges, PETROSETCO implemented specific strategies for each sector. The most critical solution was early scenario planning to minimize surprises and ensure business continuity. PETROSETCO also continuously improved processes, maintained service quality, and enhanced customer loyalty, while expanding into new markets and sectors. Simultaneously, frequent restructuring efforts were made to optimize resources and business lines, ensuring adaptability to market changes and promoting sustainable development across the company’s subsidiaries and the corporation as a whole.

PETROSETCO’s workforce is structured to maximize operational efficiency at every level, from direct workers to senior management. This ensures a lean and passionate team, dedicated to the company's collective goals, ready to face any challenge.

PETROSETCO has overcome significant obstacles, such as a low starting point and a lack of core business areas, not only to survive but to emerge as a leader in every service sector it provides. PETROSETCO's exceptional efforts have been recognized by the business community and prestigious organizations, earning consecutive spots on the VNR500 and PROFIT500 rankings, with increasing positions each year. In 2022, PETROSETCO was named among Forbes' Top 50 Listed Companies in Vietnam. In 2023, PETROSETCO ranked 36th among the top 500 private companies and 82nd among the top 500 largest companies (VNR500). It also made the PROFIT500 list of Vietnam’s most profitable companies.

Though there have been periods where market fluctuations and internal challenges affected its performance, PETROSETCO’s employees take pride in their relentless efforts—working with integrity, fairness, and substance. The challenges and risks faced have provided valuable lessons in financial management, risk management, and market forecasting, enabling PETROSETCO to make sound decisions that ensure long-term stability.

Looking ahead, the market is expected to continue experiencing unpredictable fluctuations, impacting both the oil and gas industry and other sectors. PETROSETCO must remain cautious yet confident in leveraging its strengths. While steadfastly adhering to its core values of Determination, Professionalism, and Efficiency, PETROSETCO will continue to seize all opportunities in the new cycle, strengthen its internal capabilities, and stay focused on its operational goals in each sector:

• Distribution Sector: PETROSETCO will maintain and enhance its service capabilities, focusing on its core products (mobile devices, electronics, home appliances, etc.). It will expand partnerships by studying and assessing new global technology trends, diversifying its product offerings, and increasing market coverage. Simultaneously, PETROSETCO will fully leverage its distribution system and customer base to elevate its market position and brand reputation.
• Service Sector: PETROSETCO will strengthen relationships with customers in the oil and gas industry, optimize internal resources, and develop value chain solutions based on core competencies. The company will continuously improve service quality and aggressively pursue expansion beyond the oil and gas industry in areas such as life services, material and equipment supply, logistics, real estate, and labor services, creating a robust ecosystem for sustainable service development.
• Management: PETROSETCO will apply advanced technological solutions in management and operational control, strengthen its internal management systems, focus on strategic oversight, and cultivate a professional and strong-willed workforce to ensure long-term sustainable development.

In addition to meeting key performance indicators to ensure long-term stability for the company, PETROSETCO’s greatest hope is that, regardless of the challenges ahead, its team of employees will remain united, dedicated, and resolute in maintaining PETROSETCO’s core values of determination, integrity, and efficiency. This will ensure that PETROSETCO remains a healthy, stable, and long-lasting corporation.