Petrolimex Petrochemical Annual General Meeting of Shareholders sets a growth target of 200% in 2025

On the morning of April 18, in Hanoi, Petrolimex Petrochemical Corporation - JSC (PLC) held the 2025 Annual General Meeting of Shareholders.

Attending the 2025 Annual General Meeting of Shareholders of Petrolimex Petrochemical Corporation (PLC) were Mr. Tran Tuan Linh - Member of the Board of Directors of Vietnam National Petroleum Group, members of the Board of Directors, Supervisory Board, Board of Directors of PLC; representatives of the auditing unit and many shareholders, representatives of shareholders of PLC Corporation.

Delegates attending the 2025 Annual General Meeting of Shareholders of Petrolimex Petrochemical Corporation (PLC)

Promote internal advantages, best complete production and business targets

Reporting on the performance of the Board of Directors (BOD) of Petrolimex Petrochemical Corporation (PLC) in 2024, Mr. Do Huu Tao - Chairman of the Board of Directors said that in 2024, the world situation will be complicated and unpredictable; the domestic economy will change positively but still have potential risks, and production and business activities will still face difficulties.

In that context, the leadership team together with the staff and employees of the entire PLC Corporation analyzed and evaluated the situation and the flexibility in operations, proposed many solutions, and promoted the inherent advantages of each industry to promote production and business with the goal of best completing production and business targets. The consolidated production and business results in 2024 of PLC Corporation basically completed the plan and some industries exceeded the plan; the main targets were achieved well, with pre-tax profit reaching about 70 billion VND. The Corporation maintained the market, increased market share, and ensured the reputation of the enterprise in the stock market.

Mr. Do Huu Tao - Chairman of the Board of Directors of Petrolimex Petrochemical Corporation (PLC) presented the Board of Directors' Operation Report in 2024

In 2024, the Board of Directors of PLC Corporation focused on directing the Corporation's production and business activities to implement the resolutions of the PLC Shareholders' Meeting. The Board of Directors regularly closely monitored the activities of the Executive Board, supervised, directed and promptly resolved arising issues under the authority of the Board of Directors to facilitate the General Director's operations; balanced overall resources, guaranteed according to production and business needs and promptly supplemented capital for subsidiaries in accordance with the scale and efficiency of operations. At the same time, directed units to research and accelerate the implementation of unified digital transformation solutions across PLC.

Notably, in 2024, the Board of Directors of PLC Corporation issued a Decision to reorganize the Steering Committee for restructuring the Corporation; signed a consulting service contract with SSI Securities Corporation to advise on the development of a divestment plan, reducing Petrolimex's ownership ratio at the parent company - PLC from 79.07% to the target ownership ratio from 51% to below 65%; reported to the Group the plan to reduce Petrolimex's ownership ratio at PLC Corporation.

The Board of Directors also directed the Board of Directors' supporting committees to effectively perform the work of advising, reviewing, developing, and amending the Charter, Regulations, and Internal Management Regulations of PLC to operate in accordance with the provisions of law and the Board of Directors' orientation...

Target growth of 200% in 2025

Presenting the Report on the Production and Business Plan of Petrolimex Petrochemical Corporation in 2025, Mr. Le Quang Tuan, Member of the Board of Directors - General Director of PLC said that with the focused leadership, flexible and timely management solutions of the Board of Directors, the Executive Board of PLC Corporation, the efforts of all employees, the cooperation from partners and customers, especially the attention, direction and support of the Vietnam National Petroleum Group (controlling shareholder) and petroleum companies, corporations/specialized companies in the Petrolimex ecosystem, PLC Corporation has helped overcome the difficult and challenging year of 2024, best completing the assigned Production and Business Plan targets, and safe production and business activities in all aspects.

In addition, management and administration work continues to be improved; continue to focus on building, amending, supplementing and perfecting, improving internal management regulations and processes; promote the application of information technology applications in many fields, gradually implementing digital transformation to meet the requirements of production and business activities. The Corporation ensures stable income and life for employees; employees feel secure in their work, contributing to the sustainable development of PLC.

To achieve the above business results, in addition to implementing the asset and capital management of PLC Corporation to ensure safety, savings and efficiency, ensuring adequate capital balance for business operations, ensuring payment capacity, strengthening the management of customer receivables, PLC Corporation has implemented many synchronous solutions such as: proactively ensuring stable supply, coordinating to maintain output, promoting service and product engineering for customers, building brands and developing a system of suppliers and customers nationwide...

Mr. Le Quang Tuan, Member of the Board of Directors - General Director of PLC presented the Report on the Production and Business Plan of Petrolimex Petrochemical Corporation in 2025.

Regarding the situation in 2025, Mr. Le Quang Tuan said that the world economy is forecast to continue to take place in a context of many complex and unpredictable fluctuations; difficulties and challenges are more than opportunities and advantages because the biggest cause is due to geopolitical fluctuations in a more complex, prolonged and unpredictable direction, due to the obvious recession in key economies.

Domestically, the Government has set a GDP growth target of 8% or more, associated with maintaining macroeconomic stability, controlling inflation, ensuring major balances of the economy; public investment disbursement is forecast to continue to increase and monetary policy may continue to be loosened to support the GDP growth target. However, in recent days, the United States has announced new tax policies on imported goods from a number of countries, including Vietnam, which may lead to impacts and potential risks for the business environment.

With the difficulties and challenges of 2025, the Board of Directors of PLC Corporation submitted to the General Meeting of Shareholders (GMS) the production and business plan and key tasks to be implemented in 2025. In particular, the pre-tax profit target is 140 billion VND; the minimum dividend target is 12%.

In addition to the goal of continuing to maintain output and expand the market, especially for the Lubricants industry; PLC Corporation maintains the goal of reducing costs and accelerating the implementation of assigned tasks, ensuring cash flow balance, preserving and developing capital.

To achieve the set goals, PLC Corporation will focus on synchronously implementing groups of solutions. In particular, restructuring, perfecting the apparatus, organizing staff, perfecting the divestment plan, reducing the Group's ownership ratio at PLC Corporation; Researching, developing a plan and implementing the restructuring of Petrolimex Chemical Company Limited towards equitization. In particular, PLC Corporation has identified reviewing the organizational structure to ensure effective streamlining to move towards overall restructuring of the Corporation as a key task in the coming time; at the same time, continuing to perfect the Board of Directors of the parent company - PLC Corporation, the Board of Members, the Board of Directors of Petrolimex Asphalt Company Limited, Petrolimex Chemical Company Limited.

Production and business activities are strengthened, promoting the synchronous implementation of solutions, researching and developing projects and overall development strategies for 03 product lines associated with the digital transformation project with the aim of maintaining and increasing market share and business efficiency in all three product lines of Lubricants, Asphalt and Chemicals. The Corporation strengthens the quality of customer receivables management; takes drastic measures to reduce customer receivables balance, reduce average debt days, and reduce overdue debts. The Board of Directors of the Corporation continues to direct the strengthening of internal audit work; inspect and supervise all aspects of operations to improve the ability to manage risks in capital and assets from the parent company to subsidiaries. Directs the proposal of specific solutions to improve efficiency and sustainable operations of each product line; solutions to gradually concentrate resources and allocate resources reasonably to areas of operation. There are appropriate capital mobilization solutions to meet the needs of developing production and business activities of industries and improving cash flow management capabilities at units.

The digital transformation work continues to direct the development of an action program to implement the Resolution of the Party Executive Committee of PLC Corporation on "Implementing digital transformation at PLC Corporation by 2025, with a vision to 2030".

" PLC Corporation is ready and proactive with a spirit of determination and the highest responsibility; facing and responding to the challenges and difficulties of 2025; proactively combining innovative and creative thinking with traditional development solutions to carry out the strategic tasks set by PLC Corporation's leaders ," Mr. Le Quang Tuan shared.

The 2025 Annual General Meeting of Shareholders of PLC Corporation heard and approved the following documents: Report of the Board of Supervisors for 2024; Profit distribution plan for 2024; Proposal to supplement business lines of PLC Corporation; Proposal to change the head office location of PLC Corporation; Proposal to amend and supplement the Charter of PLC Corporation and other important documents.

At the Congress, representatives of PLC Corporation's leaders and member units exchanged, informed and answered questions and issues of concern to shareholders about production and business activities and advantages and difficulties in 2024 and the plan for 2025.

The Congress elected additional members of the Board of Directors of PLC Corporation for the 2024 - 2029 term. The Congress also passed the Minutes and Resolution of the 2025 Annual General Meeting of Shareholders.

Great opportunity for Petrolimex Petrochemical to make a breakthrough in scale, management quality and competitiveness

Speaking at the Congress, Mr. Tran Tuan Linh - Member of the Board of Directors of Vietnam National Petroleum Group (Petrolimex) acknowledged the great efforts of the Board of Directors and the Executive Board of PLC Corporation in maintaining production and business activities, achieving certain results, making profits and paying dividends to shareholders in a picture full of difficulties and challenges in 2024.

Mr. Tran Tuan Linh commented that the 2025 Production and Business Plan aims to double growth compared to 2024, showing the high determination of the Board of Directors of PLC Corporation as well as a deep awareness of their role and responsibility towards shareholders.

In the context of the macro economy from the beginning of 2025 showing more positive signals, with the Government's strong growth orientation and focus on promoting public investment, Mr. Linh believes that PLC has many advantages to take advantage of breakthrough opportunities, thereby opening a new sustainable growth cycle from 2025 onwards.

On that basis, Mr. Tran Tuan Linh suggested that PLC Corporation focus on some important orientations in 2025.

Regarding the restructuring of Petrolimex's equity at PLC, according to the approved Petrolimex restructuring project for the period 2021 - 2025, in 2025, the Group will reduce its equity ownership ratio at PLC from 79% to a maximum of 51%. The Group is also evaluating the options that PLC has developed and proposed, on that basis, it will decide on the most optimal option, both ensuring the goals of the Petrolimex restructuring project and creating conditions for PLC to have more room for development and growth in the long term. The option of finding a strategic shareholder in the same industry with a lot of experience and reputation to join PLC is also an option considered in helping PLC improve its governance standards, increase transparency, and create more opportunities for cooperation in research and development of new products, expanding markets and customer networks, and international cooperation.

“ This is a great opportunity for PLC to make a breakthrough, not only in terms of scale but also in terms of management quality and long-term competitiveness. Despite divesting/reducing ownership ratio, Petrolimex is still committed to continuing to be a strategic partner, major shareholder and accompanying PLC in all stages of development ,” Mr. Tran Tuan Linh emphasized.

Mr. Tran Tuan Linh - Member of the Board of Directors of Vietnam National Petroleum Group (Petrolimex) said that PLC has many advantages to take advantage of breakthrough opportunities, thereby opening a new sustainable growth cycle from 2025 onwards.

In addition, the representative of Petrolimex Board of Directors suggested that PLC Board of Directors and Management need to focus on 4 main tasks and solutions.

Firstly , improve management and operation efficiency, especially the ability to implement business strategies in line with actual developments; "speed", "proactivity", "adaptability" to take advantage of opportunities in 2025;

Second , promote digitalization, digital transformation and operational restructuring to build a truly dynamic, modern and competitive PLC. Quickly deploy ERP to synchronize data, improve governance and support quick decision making;

Third , be proactive in developing policies to promote sales, especially outside the Petrolimex system, ensuring at least 30% of total output;

Fourth , review and re-evaluate industries to allocate and focus resources reasonably on industries and fields with good growth potential and opportunities in 2025 and the coming years, thereby having new, more dynamic and effective directions.

Believing that, promoting the 31-year tradition, PLC will seize the opportunity and return to a strong growth trajectory, Mr. Tran Tuan Linh said: " Petrolimex, as the parent company and controlling shareholder, will continue to accompany and support PLC in terms of strategic orientation, creating favorable conditions in the distribution system, logistics and technology so that PLC can take full advantage of its position as a key member of the Group ."

With sincere thanks for the specific guidance of Mr. Tran Tuan Linh - Member of the Board of Directors of Vietnam National Petroleum Group, Mr. Do Huu Tao - Chairman of the Board of Directors of PLC Corporation said that these will be important suggestions and directions for the Board of Directors of the Corporation and all PLC employees to focus on implementing in the coming time in order to strive to successfully complete all the set targets.

Some other images at the 2025 Annual General Meeting of Shareholders of Petrolimex Petrochemical Corporation:

Source: https://www.petrolimex.com.vn/nd/bao-chi-viet-ve-petrolimex-va-xang-dau/dai-hoi-dong-co-dong-thuong-nien-hoa-dau-petrolimex-dat-muc-tieu-tang-truong-200-trong-nam-2025.html