HÀ NỘI — Vietnam Oil Corporation JSC (PVOIL) has set a record revenue target of VNĐ150 trillion (over US$5.92 billion) this year, an increase of 15 per cent compared to 2024.

This is a very challenging task due to a difficult business environment for Vietnamese petroleum firms, with fluctuating petroleum prices and skyrocketing exchange rates, the company said at a conference in HCM City this week.  

To reach this goal, in addition to developing its petroleum stores, the company will focus on related infrastructure development projects to deploy Jet A1 fuel.

Top priority will also be given to modernising pump stations, facilitating the digital transformation, reviewing petroleum stores and deploying long-distance truck rest stop projects. The firm also plans to make the most of its locations to develop non-petroleum services.

In 2024, PVOIL achieved a total revenue of over VNĐ131 trillion, up 19 per cent year-on-year. Notably, revenue from international business activities exceeded VNĐ36 trillion, 241 per cent higher than the previous year, significantly contributing to the overall revenue growth of PVOIL in 2024.

Due to the adverse effects of the market, particularly in the second half of the year, PVOIL’s consolidated profit for 2024 was estimated at VNĐ631 billion. Last year, the firm contributed an estimated VNĐ9.9 trillion to the State budget, surging 4 per cent year-on-year. 

Over the course of the year, PVOIL developed 95 new retail stations, 58 per cent more than its annual target, bringing the number of its stations up to 838. — VNS