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    Petrolimex – Assessment of Strategy Implementation in 2022

    In the previous, the upheaval of the petroleum market has caused many petroleum traders to actively suspend sales in order to reduce losses. Consumption volume of enterprises increased sharply while the mechanisms, policies and regulations on operating the domestic petroleum market were still inadequate, which created great pressure on suppliers and influence directly to the business performance of Vietnam National Petroleum Group, Petrolimex.

    The cooperation between Sleader and Petrolimex

    Facing difficult challenges and with the spirit of “Integrating to go further”, from the end of 2021, the Vietnam National Petroleum Group, Petrolimex has chosen the Institute for Strategic Leadership Development Research, Sleader to be a company in building a development strategy for the period of 2021-2030, with a vision to 2045.

    After 4 months of cooperation with the spirit of “working together” combined with European-class modern management tools and models, the development strategy of Vietnam National Petroleum Group in the period of 2021-2030 with a vision to 2045 has been completed, with a vision to become a leading energy group in Vietnam, reaching out to the world..

    Results of strategy implementation in 2022

    2022 is the first year of implementing strategic solutions in such difficult socioeconomic conditions and volatile business environment. However, the consulting solutions proposed by Sleader’s experts were implemented right in 2022, has already helped Petrolimex achieve certain successes.

    According to the financial reports of Petrolimex, accumulated in the first 9 months of 2022, the enterprise achieved VND 225,697 billion in net revenue, an increase of 88.5% over the same period last year. However, 9 months’ pre-tax profit was only 614 billion dong, after-tax profit was 498 billion dong, only 20.7% of the same period in 2021.

    In the Final Report of 2022, Mr. Pham Van Thanh – Chairman of Petrolimex Group claimed that the Group still basically achieved the set targets. Total consolidated sales volume of the whole group is estimated at more than 13.5 million dong, completing 112% of the year plan, up 10% compared to 2021. In which, domestic sales volume reached more than 10.2 milliondong, up 21% compared to 2021. Consolidated revenue is estimated at 240,000 billion dong, up 42% over the same period. Consolidated profit is estimated at 300 billion dong.

    Ông Phạm Văn Thanh - Chủ tịch Hội đồng Quản trị Petrolimex

    From the perspective of sustainable development, Petrolimex is proud to be an enterprise that is always socially responsible, always respects and balances the interests of invovled parties, protects the environment and makes a great contribution to the state budget. Petrolimex has always been a pioneer in converting and trading in clean and environmentally friendly energy products.

    Mr. Pham Van Thanh – Chairman of the Board of Directors of Petrolimex (https://www.petrolimex.com.vn/)

    Consulting results that Petrolimex has implemented

    The strategy of deploying digital transformation and information technology is one of the first activities implemented in the Group’s strategic implementation roadmap, aiming at improving customer experience, thereby implementing measures to promote sales by leveraging connections with customers. Some main activities include: Cooperating with FPT Corporating to develop a comprehensive digital transformation strategy for Petrolimex; cooperating with HDBank to officially launch Petrolimex ID super card integrated at the same time as Credit Card, Debit Card, Prepaid Card, and at the same time as a means to identify Petrolimex’s loyal customers.

    In parallel with digital transformation, the strategy of developing new product is also being focused on. On June 3rd, 2022, an agreement on business cooperation in electric vehicle charging station system at Petrolimex’s petrol station system was signed by the Group with VinFast Business and Service Company Limited (VinFast). Petrolimex has completed the installation of POS equipment at all automatic petrol stations across the country. The main shared benefit is that Petrolimex completes the Petrolimex ID ecosystem with an integrated system of smart, convenient, multi-service petrol stations; while VinFast develops the ecosystem and charging station infrastructure for electric vehicle products.

    This is also a cooperation deal that is very suitable for the trend of energy shifting going on globally, promoting the use of electric vehicles and reducing emissions.

    Trạm sạc xe điện tại Cửa hàng xăng dầu của Petrolimex

    Electric vehicle charging station at Petrolimex petrol station (https://www.petrolimex.com.vn/)

    Based on the consulted strategic solutions, Petrolimex proposed to the Committee for the Management of State Capital at Enterprises to consider and approve on increasing capital, divestment at PGBank and PGCC, and restructuring Petrolimex branches in Laos, PTC…

    In addition, the Group has proposed to raise the national petroleum reserve level, consider investing in the system of petroleum storage – petroleum storage ports, and amend the storage cost, allowing Fuel Joint Stock Company to Petrolimex (PA) continues to lease K199 warehouse in Dinh Vu, Hai Phong until the end of the contract in September 2023…


    News and photos: Institute for Strategic Leadership

    Witnessing consulting solutions gradually being implemented, Sleader proudly affirms that consulting services for clients always ensure extremely high feasibility and practicality. With tools and models transferred from the Malik, Switzerland, Sleader and a team of experienced and dedicated experts will always provide customers with feasible, effective and unique solutions.

     

     

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