On April 24, at its headquarters located at No. 1 Kham Thien Street, Hanoi, the  Vietnam National Petroleum Group (Petrolimex) held its 2026 Annual General Meeting of Shareholders (AGM) in a hybrid format, combining in-person and online participation.

The Annual General Meeting (AGM) was convened pursuant to Invitation Notice No. 0693/PLX-HĐQT dated April 3, 2026, issued by the Board of Management of the Vietnam National Petroleum Group (Petrolimex). The meeting was held to discuss and vote on the annual matters falling under the authority of the General Meeting of Shareholders in accordance with relevant regulations. These agenda items had previously been disclosed to shareholders on the Petrolimex website.

Attending this year's Petrolimex AGM were Deputy Director General of the Department for State-owned Enterprise Development under the Ministry of Finance, Nguyen Thanh Cong; along with representatives from five divisions of the Department. 

The AGM was presided over by a five-member Presidium consisting of: Chairman of the Board of Management of Petrolimex, Pham Van Thanh; Member of the Board of Management and General Director, Luu Van Tuyen; Member of the Board of Management and Deputy General Director, Tran Ngoc Nam;  and members of the Board of Management of Petrolimex, Tran Tuan Linh and Nguyen Anh Dung.

The year 2025 was marked by significant volatility in both the global economy and energy markets. Against this backdrop, under the decisive leadership of its Board of Management, Petrolimex implemented a range of synchronised solutions, successfully achieved its business targets, ensured a stable fuel supply for the economy, and further reinforced its role as the leading State-owned enterprise in Vietnam's petroleum distribution system.

Petrolimex successfully exceeds 2025 business targets

In 2025, the Board of Management fully discharged its responsibilities and exercised its authority in accordance with applicable regulations. Guided by the resolutions adopted at the 2025 Annual General Meeting of Shareholders and closely monitoring developments in domestic and international energy markets, the Board directed the implementation of comprehensive measures to overcome challenges and uncertainties, enabling the Group to fulfill all assigned targets and commitments approved by shareholders at the 2025 AGM.

In addition to surpassing key performance indicators assigned by shareholders, Petrolimex achieved positive results across its various business segments. Notable accomplishments during 2025 included:

(1) Petrolimex proactively secured fuel supplies and fulfilled the allocation quotas assigned by the Ministry of Industry and Trade, ensuring a stable supply of petroleum products under all circumstances. The Group also implemented contingency plans in a timely manner to prevent supply disruptions, particularly during periods of natural disasters, storms, and flooding.

(2) In line with Resolution No. 18-NQ/TW, Petrolimex accelerated its organisational restructuring and streamlined its operations, reducing the number of member petroleum companies from 51 to 34. The Group also merged the Petroleum Services Corporation into the parent company, simplified management structures, consolidated functional departments, and improved its internal governance framework.

(3) Safety management was strictly enforced throughout the Group's operations, from storage terminals and depots to retail fuel stations. In 2025, Petrolimex recorded no major safety incidents, ensuring uninterrupted and efficient business operations across its network.

(4) Petrolimex implemented a comprehensive range of digital transformation initiatives, including the adoption of electronic invoices in accordance with Decree No 70/2025/ND-CP, the operation of its Enterprise Resource Planning (ERP) system, the expansion of cashless payment solutions, and the development of the Petrolimex ID platform. Several of these initiatives have been recognised as exemplary models among Vietnam's State-owned enterprises.

(5) Total investment across the Group reached nearly VND3.2 trillion (US$124.3 million), equivalent to 102 percent of the annual plan. Notable achievements included the completion and commissioning of the Group's headquarters at No. 1 Kham Thien Street in October 2025. Petrolimex also expanded its retail network by adding 76 new petrol stations, bringing the total number of outlets to 2,831 nationwide. In addition, the Group won bids for nine pairs of service areas along the North-South Expressway and began developing an integrated business model combining fuel retailing with additional customer services.

(6) Social responsibility and the 70th anniversary milestone: In 2025, Petrolimex allocated nearly VND240 billion ($9.3 million) to social welfare and community support programmes, achieving 100 percent of its annual target.
A particularly significant milestone was the celebration of the Group's 70th anniversary, held in January 2026. The event marked an important chapter in Petrolimex's history, helping to strengthen its corporate culture while creating momentum for a new phase of growth and development.

Pursuing new growth targets in 2026

In 2026, against a backdrop of continued rapid and complex developments in the global, regional, and domestic environments, and in line with the Prime Minister's directive to ensure petroleum supply security under all circumstances, Petrolimex has identified several key priorities. These include continuing to innovate its development mindset and management approach; strengthening its role as a core contributor to national energy security; and driving transformation through three key pillars: digital transformation, green transition, and organisational and cultural transformation. At the same time, the Group aims to enhance corporate governance, improve capital efficiency, strengthen competitiveness, and promote sustainable growth.

To achieve the targets and fulfill the mandates assigned by shareholders at the Annual General Meeting, the Board of Management and Board of Directors have identified the following strategic priorities:

(1) Reinforcing Petrolimex's role as a key State-owned enterprise in securing fuel supply for the economy.Petrolimex will focus on enhancing its self-reliance, responsiveness, and resilience to market fluctuations. The Group will continue refining its strategies for fuel sourcing, inventory management, logistics, and infrastructure investment to ensure that Petrolimex maintains its leadership position in the market while successfully fulfilling its political and business responsibilities.

(2) Developing into a modern energy group, Petrolimex will continue its transformation into a modern energy group that is aligned with energy transition trends and sustainable development requirements. The Group will study and prepare the necessary conditions to participate in clean energy sectors, environmentally friendly fuels, and new business models.

(3) Digital transformation: Digital transformation serves as a pillar of modern governance and the foundation for other transformation initiatives across the Group. Petrolimex will accelerate digitalisation efforts and develop into a data-driven enterprise powered by technology and artificial intelligence. Priority will be given to strengthening data infrastructure, enhancing system integration, and expanding digital applications in management, business operations, and supply chain management.

(4) Enhancing corporate governance quality: Petrolimex will continue to improve corporate governance with a focus on transparency and professionalism. The Group will proactively identify, assess, and respond to risks related to markets, investments, finance, legal compliance, safety, and environmental issues, ensuring that its operations remain safe, stable, efficient, and compliant with regulations.

(5) Improving organisational structure and operational efficiency: The Group will continue refining its organisational model and strengthening governance quality following its restructuring process, shifting its focus from merely “streamlining the organisation” to “enhancing performance and operational effectiveness.” It will further develop its governance framework in line with modern practices and OECD standards.

(6) Strengthening market position and deepening business development; Petrolimex will continue to innovate its retail business model, optimise its distribution network, and maximise the advantages of its retail footprint and logistics infrastructure. The Group will also explore and develop new business models to support long-term growth.

(7) Elevating the Petrolimex brand: Petrolimex aims to enhance its brand image by becoming more modern, professional, customer-centric, and service-oriented. The Group will implement a new brand identity system linked to service quality, customer experience, transparency, and social responsibility, thereby reinforcing trust among customers, shareholders, and business partners.

(8) Leveraging internal strengths: Petrolimex will further harness its internal capabilities by placing people, corporate culture, and leadership innovation at the center of its development strategy.

(9) Raising Sustainable Development (ESG) standards:The Group will continue to strengthen its ESG practices, promote greater transparency in corporate governance, and uphold its responsibilities to shareholders, the market, and society.

During the discussion session, shareholders raised a number of questions and comments regarding economic and market developments, fuel supply security, and energy transition trends. These matters were addressed directly by the Presidium through open, candid, and transparent discussions, fostering a high level of consensus among shareholders. The meeting was conducted in a constructive and collaborative atmosphere, contributing to the overall success of the Annual General Meeting.

The General Meeting also approved all reports and proposals with strong shareholder support. In particular, amendments and supplements to the Group's Charter, Internal Corporate Governance Regulations, and the Board of Management's Operating Regulations received significant attention, with the aim of further strengthening the legal framework and enhancing governance effectiveness in a transparent and modern manner.

Building on the achievements of 2025 and the development strategy for the 2026-2031 period, the Petrolimex Board of Management reaffirmed its commitment to continuing its role in providing strategic direction, fostering innovation, and exercising effective oversight to support sustainable growth objectives, preserve and grow shareholder value, and deliver greater returns to investors.

With 70 years of development and growth, and a strong commitment to innovation, enhanced governance capabilities, and sustainable development, Petrolimex aims to maintain its position as Vietnam's leading petroleum enterprise while ensuring a balanced approach that serves the interests of the State, shareholders, employees, and the wider community throughout its next phase of development.