The Annual Review Conference was divided into two parts: Part 1 summarized achievements and analyzed key lessons learned during 2024 operations. Part 2 outlined the directions and plans for 2025.
Conference Overview
According to the report by Mr. Vu Tien Duong, General Director of PETROSETCO, the company exceeded key performance targets in 2024. Total revenue is estimated to reach VND 19,000 billion, surpassing the annual plan by 102% and increasing by 10% compared to 2023. Pre-tax profit reached VND 280 billion, up 53% year-over-year, while post-tax profit stood at VND 218 billion, reflecting a 57% increase.
Mr. Vu Tien Duong – General Director of PETROSETCO Reports on Business Performance in 2024
The distribution segment, accounting for 83% of total revenue, remained PETROSETCO's core business, reinforcing its reputation with major brands and enhancing service quality through ERP implementation, supply chain optimization, and inventory management.
In 2024, the oil and gas services and catering sectors experienced significant growth. Revenue from oil and gas material supply increased 2.18 times, driven by substantial contracts
from key projects. The catering service expanded into industrial zones, hospitals, and large-scale projects, solidifying its professionalism.
Despite the challenging real estate market, PETROSETCO maintained an 8% growth rate through effective cost management and improved building management services.
In 2024, PETROSETCO accelerated its digital transformation through ERP and modern technologies, enhancing efficiency, optimizing costs, and strengthening competitiveness.
Speaking at the conference, Mr. Le Manh Cuong, Deputy General Director of Petrovietnam, congratulated PETROSETCO on its outstanding achievements. He emphasized the importance of optimizing the supply chain, enhancing coordination among units, and promoting the principle of “increasing control, reducing bureaucracy” to improve operational efficiency.
Mr. Le Manh Cuong – Deputy General Director of PVN Delivers a Speech at the Conference
In response, Mr. Phung Tuan Ha, Chairman of the Board of Directors, expressed gratitude and affirmed the company’s commitment to implementing the guidance from Petrovietnam's leadership. He stated, "PETROSETCO will remain steadfast in its pursuit of sustainable development, maintaining its leading position in oil and gas services and distribution. The collective solidarity and relentless efforts of all employees will drive us to conquer new heights."
Mr. Phung Tuan Ha – Chairman of the Board of Directors of PETROSETCO Delivers a Speech at the Conference
PETROSETCO regards its workforce as its most valuable asset. The company’s Trade Union has implemented practical programs, including skill enhancement training courses and cultural and sports activities, to improve the spiritual well-being of employees.
Overcoming numerous challenges in the past year, PETROSETCO's staff have worked tirelessly to achieve commendable business results. The conference also recognized and honored outstanding teams and individuals for their contributions.
Commending Outstanding Individuals, Leaders, and Teams of 2024
Looking ahead to 2025, PETROSETCO aims for a revenue target of VND 19,000 billion, with a strategic focus on:
-
Sustainable development, market expansion, and strengthening relationships with key partners.
-
Accelerating digital transformation and enhancing management capacity.
-
Optimizing the supply chain and minimizing unnecessary costs.
-
Developing and training a high-quality workforce.
With the message "Adapt to Change, Stand Firm to Go Further," PETROSETCO calls on all employees to remain united, determined, and persistent in overcoming challenges, striving for sustainable success in 2025.