Attending in the Labor conference, on the side of Vietnam Oil and Gas Group (PVN), there were Mr. Pham Xuan Canh - Permanent Deputy Secretary of Party Committee, Member of the Board of the Group; Mr. Nguyen Manh Kha - Vice President of Vietnam Oil and Gas Union. From PETROSETCO, there was Mr. Phung Tuan Ha - Party Committee Secretary of PETROSETCO, Chairman of the BOD; Mr. Vu Tien Duong – General Director; Mr. Nguyen Cong Cuong - Chairman of Union together with members of Board of Directors and representatives of PETROSETCO’s subsidiaries.
In the performance report, Mr Vu Tien Duong said “In 2019, the US-China trade war had a strong impact on many aspects of the economy, bringing both opportunities and challenges for domestic and foreign businesses. However, this event led to an increase in foreign exchange rate, which caused PETROSETCO's supply of petroleum equipment and telecommunication equipment distribution activities ineffectively. Besides, the electronic and mobile phone distribution services also faced competition from big competitors and the market was gradually saturated.
However, under the drastic leading, mobilizing all resources to increase labor productivity, developing new potential businesses, especially non-core businesses, at the same time eliminating ineffective business segments, promoting marketing to find customers and developing new types of business, reducing costs thoroughly, PETROSETCO with the highest effort has basically completed the tasks in 2019 and secure jobs and income for employees.
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Distribution services continue to be the main business, accounting for 75% of PETROSETCO's revenue and 42% of profits. In addition to continuing the stable distribution of mobile phones, laptops, electronic components, refrigeration, household electrical appliances, PP, LPG, etc. PETROSETCO officially expanded into the field of equipment and auxiliary products distribution in terms of health sector. This is the new strategy of PETROSETCO to adapt to the saturation period of the electronics distribution market.
Catering, the traditional business of PETROSETCO for more than 20 years, is also the second largest contributor in terms of revenue and profit after distribution service. At the present, the market share of catering services of PETROSETCO in the oil and gas industry accounts for about 95%, providing for more than 50 projects inside and outside the petroleum industry such as Vietsovpetro, BIENDONG POC, Cuu Long JOC, JVPC, MODEC, PVEP, PTSC, PVTrans, BSR, Nghi Son ... providing necessities and food for nearly 50 ships of all kinds.
During the year, PETROSETCO has expanded to provide services to many industries and other units such as schools of FPT group, ISchool, Hoa Phat steel factory chain, Phu My industrial park, Cai Mep ports and some other big customers.
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Operating results for the fiscal year 2019 of PETROSETCO is recorded as follow:
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Consolidated revenue is estimated at 10,187 billion Dong, as 113% of the plan;
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Consolidated profit before tax was estimated at VND 203.6 billion, equal to 113% of the plan;
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Contributed to the State budget was estimated at 514 billion Dong, as 145% of the plan;
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The average income of an employee is estimated at 12.2 million VND / person / month, equal to 105% of the plan, up 5% compared to the same period of 2018.
Report of Union including Union activities, the implementation of Collective Labor Agreement, Democracy Regulation and Dialogue Regulation, PETROSETCO’s Union Chairman - Mr Nguyen Cong Cuong affirmed: In the context of the sharp decline in oil prices during the long period of time, many businesses face difficulties, many employees could not find jobs, PETROSETCO's Board of Directors still find all the best ways to ensure jobs for employees with an average income of 12.2 million VND / person / month; activities to take care of the spiritual life of employees such as culture, arts and sports have been improved. This shows the great responsibilities and efforts of the Corporation's Board of Directors in ensuring employment and taking care of labor lives.
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Mr. Nguyen Cong Cuong also reported on the results of the Labor Conference and the recommendations of the employees gathered from the subordinate conferences; at the same time, acknowledging the suggestions and recommendations of the collectives and individuals throughout the Corporation to take specific measures and actions to meet the aspirations of the employees. At the Conference, the Union Chairman launched emulation for the year 2020 and committed that the Corporation's Union would coordinate with PETROSETCO’s BOD and all subsidiaries in order to implement 2020 operating tasks successfully.
A dialogue between leaders, trade union PETROSETCO and employees was also organized in the conference. On this occasion, the staff expressed their aspirations about policies, remuneration and other inquiry related to allowances. All inquiry of the employees were satisfactorily answered directly by the Board of Directors, reaching the consensus of all employees, helping employees to be mentally stable, to create confidence and excitement as well as to keep employees’ mind on their works.
At the conference, on behalf of PVN, Mr. Pham Xuan Canh noted and appreciated the attempts and efforts of the leadership and PETROSETCO’s employees in 2019 on the way to overcome difficulties and challenges, to find the right direction to well fulfill the performance tasks. In the past year, oil prices were still low. Distribution services outside the industry faced many disadvantages. However, PETROSETCO has exceeded the assigned plan with careful preparations and drastic actions. Despite facing lots of disadvantages, PETROSETCO still ensured living standard for labors, fulfilled responsibilities in terms of logistics services for the Oil and Gas industry through catering services, property management, distribution, etc. which had contributed to the overall development of the PVN group.
Mr. Pham Xuan Canh declared that PVN would continue to support PETROSETCO to participate in projects of PVN in the coming period of time. At the same time, PETROSETCO also requested to make efforts to maintain the efficiency of the distribution business, optimize the distribution system by looking for new products and distribution lines; improve supply capacity, competitiveness to promote participation in bidding packages for supplies, equipment, logistics service transportation, heavy cargo transportation and lifting services inside and outside the industry; maintain the provision of catering services and constantly improve the service quality to uphold the brand; and strive to find new customers ...
Mr. Pham Xuan Canh believes that PETROSETCO will unite to carry out the mission of 2020, actively contribute to the overall success of the Group, and continue to take care of employees' lives, develop corporate culture according to the motto of the petroleum culture.
At the conference, Mr. Pham Xuan Canh and Mr. Nguyen Manh Kha awarded the Certificate of merit from the Commission for the State Capital Management Committee, the Certificate of General Director of the Group and the comprehensive Certificate of Vietnam Oil and Gas Union to the PETROSETCO’s groups and individuals having outstanding achievements in the labor emulation movement of production in 2019. Besides, PETROSETCO Corporation also rewarded "Excellent employees in 2019".
