PETROSETCO (PET:HOSE) turns a new age, 24 years old, many difficult situations and unpleasant experiences still exist but PETROSETCO’s staff saw them as obstacles and motivations to be stronger and more determined in finding the right path to keep moving forward.
PETROSETCO Chairman – Mr Phung Tuan Ha said that despite the "tempest" of the petroleum industry in the last few years endure difficulties and crises in many aspects, people still look at PETROSETCO as a "Peaceful Oasis"!
On the positive side, the recognition is clearly recorded from performance results PETROSETCO has being achieved in recent years. The most recent indicators are in 2018, PETROSETCO achieved 11,092 billion dongs of net revenue, earnings before tax was 183 billion dongs that exceed the approved plan by 23% and 2% respectively.
In another viewpoint, according to Mr Phung Tuan Ha, the "peacefulness" comes from the familiarity of PET with constant difficulties - like a "specialty" that PET has being faced, received and then "lived" for years. The only difference is the difficulty has become more bold and comprehensive existence for recently years.
The market shares of PET over the past years can be summarized into two main segments as follows: regarding the Oil & Gas industry, the general complicated situation of the whole Vietnam Oil and Gas Group has caused many obstacles for companies operating in Oil & Gas services when a few new projects could operate as schedule. Consequently, Oil and gas services contribution has been reduced dramatically. For other segment, none of Oil and Gas industry, mainly electronics and telecommunication product distribution, the stormy expansion of retail chains during 3-5 years has recently pushed distribution companies such as PET into an extremely tough situation.
Hence, in the past few years, PET had faced double difficulties when the markets of services industry both inside and outside the Oil and Gas industry have gone down.
However, PETROSETCO still stood firm during the chaos.
Mr. Phung Tuan Ha shared those achievements were not derived from luck or any advantages but in fact they came from working spirit, experienced the adversity of each PETROSETCO’s member in a long run.
“Even though the situation is difficult or the market is favorable, all members of PETROSETCO have never enjoyed relaxing time, taken a rest or stopped striving. Experiences through many continuous hardships helped PETROSETCO stand firm and grow mighty day by day. Peace of mind is actual bravery and becomes core value of many generations of PET staffs”, the captain of PET said sincerely.
Regarding particular strategy, to maintain stability in the last difficult period, PETROSETCO has its own solutions as Mr Phung Tuan Ha said: "Adversity brings wisdom."
Firstly, it is the practice of saving costs by reviewing all activities, focusing on and expanding effective businesses, otherwise taking proactive actions such as stopping inefficient business or finding alternative sources. With inclusive service function, PET is fully capable of adapting to all kinds of new businesses and embracing every opportunity from potential domestic and foreign partners.
Secondly in terms of human resources, over the last few years, PET has regularly reviewed each department and position in order to keep training and offer a chance of further development, or vice versa, swap or replace by new employees being more appropriate. There is absolutely no concept of "forbidden zone" in PET.
Mr. Phung Tuan Ha likened to this “a company is acted as a human body, when feeing unhealthy, they must conduct a general test to know what needs to be supplemented if lacked or which is redundant and which should be replaced. It is the review of the whole body from activities to functional elements, which helps PET adjust the most reasonable and economical costs and as a result, the revenue and profit could be gained as planned.
Thirdly, besides the services are being operated within the Oil and Gas industry, PET has also expanded business activities outside the industry to compensate for lost parts. Pioneers are members of PET operating in building management services, catering, etc., which are traditional services of PET and previously only served in the Oil and Gas industry. They have successfully achieved positive results for recent years. For electronics and telecommunication product distribution, PET is distributing not only mobile phones, laptops, IT and telecommunication equipment but also household electrical appliances.
Especially, in addition to keep expanding business operations and diversify distribution services to take full advantage of the cooperation with partners in many fields, PETROSETCO also decided to implement other business activities such as legal consultancy, trading pesticide fertilizers and other chemicals ... These new businesses has positive signals and will hopefully flourish in the next few years.
"By great efforts together, we achieved the results that the average income of employees in recent years had not decreased, even in some units, had increased slightly," said Mr Phung Tuan Ha. This is his happiness!
Mr. Ha said “To management team of PETROSETCO in general and to himself in particular, the achieved figures are not as important as the big house PET stands firm and all workers living in the house still have jobs so that they can take care of their small house.
Entering the age of 24, challenges and difficulties still present that is the reason leads PET team to be stronger and more determined. Our orientation is to actively study the right path to move forward”.
According to Mr. Ha, the road may be farther, more likely to be bumpy, however it is important that PETROSETCO team will go to the destination together. As a top management representative, Chairman of the Board of Directors, Mr Phung Tuan Ha committed to accompanying employees for the common house of PETROSETCO and individual home as a dedicated and devoted companion.