Operation of Vietnam's retail giant Petrolimex 'still normal' despite CEO suspension
Petrolimex is operating normally despite the Ministry of Finance's (MoF) recent "temporary suspension" of its CEO Dao Nam Hai, says a corporate representative.
The MoF temporarily assigned chairman Pham Van Thanh to manage the state capital, replacing Hai from Tuesday.
Information about why Hai has been suspended from the position was not disclosed.
Dao Nam Hai. Photo courtesy of Petrolimex.
Born in 1974, Hai holds a master’s degree in economic law, a bachelor’s degree in business administration from National Economics University, and an MBA from Vietnam National University, both in Hanoi.
Before joining Petrolimex, he spent 24 years at Pjico (Petrolimex Insurance Corporation) in various positions. In March 2013, he was appointed Pjico's Party chief, member of the board of directors, and CEO.
From October 2017 to August 2020, Hai concurrently held positions at Petrolimex, including deputy CEO (October 2017) and standing member of the company's Party committee (August 2020).
In March 2022, he officially stepped down from all roles at Pjico and assumed the position of CEO of Petrolimex. Shortly thereafter, he was also appointed a board member of the corporation.
Petrolimex, listed on the Ho Chi Minh Stock Exchange as PLX, reported an 81% plunge year-on-year in Q1 after-tax profit to nearly VND211 billion ($8.1 million), marking its second-lowest quarterly result in the past 10 quarters.
Net revenue in the quarter reached VND67.86 trillion ($2.6 billion), down nearly 10%, according to the corporation’s Q1 consolidated financial report.
In the stock market, PLX closed Thursday at VND35,700 ($1.37) per share, up 6.57% from the previous session.
- Related News
- Read More
Initiative to position Malaysia as Southeast Asia’s digital hub
Malaysia is positioning itself as Southeast Asia's digital hub through its digital agenda program, a move aligned with the nation's transition towards a high-technology economy.
Southeast Asia - Thu, May 8, 2025 | 5:45 pm GMT+7
Central Vietnam province proposes including geothermal power project in national power plan
Authorities of Binh Dinh province have proposed the Ministry of Industry and Trade include the 15-megawatt Hoi Van geothermal power plant project in the revised National Power Development Plan VIII (PDP8).
Energy - Thu, May 8, 2025 | 4:56 pm GMT+7
Vietnam firms vow to intensify cooperation with US partners, facilitate country trade talks
Major Vietnamese enterprises have committed to intensifying cooperation with U.S. partners from now until June 2025 to realize signed agreements and MoU, paving the way for trade talks with the U.S.
Economy - Thu, May 8, 2025 | 4:19 pm GMT+7
Phu My Fertilizer becomes main sponsor of Vietnam Women’s Volleyball Team
PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo – Phu My) has become the main sponsor of the Vietnam Women’s Volleyball Team, the firm announced in a Wednesday release.
Companies - Thu, May 8, 2025 | 4:15 pm GMT+7
AES earns $12 mln in Q1 pre-tax income from coal-fired power plant in Vietnam
U.S.-based energy giant AES Corporation earned a pre-tax income of $12 million from the Mong Duong 2 coal-fired power plant in Vietnam’s northern province of Quang Ninh in the first quarter of this year.
Companies - Thu, May 8, 2025 | 3:33 pm GMT+7
Vietnam insurer Pjico stock plummets amid insurance sector gains
Petrolimex Insurance Corporation (Pjico) saw its stock (HoSE: PGI) tumble nearly 6% on Wednesday, which contrasts with the broader insurance sector which posted solid gains of 1.77%, second only to telecommunications (2.54%).
Companies - Thu, May 8, 2025 | 3:21 pm GMT+7
Vietnam tech unicorn VNG reports loss for 7th straight quarter
VNG Corporation, Vietnam’s first tech unicorn, recorded a post-tax loss of VND15 billion ($577,723) in Q1, marking the seventh consecutive quarterly loss, according to its Snapshot Q1/2025.
Companies - Thu, May 8, 2025 | 12:01 pm GMT+7
Vietnam's government bond auctions raise $1.62 bln in April
The Hanoi Stock Exchange (HNX) held 20 government bond auctions on the primary market in April, raising over VND42.42 trillion ($1.62 billion), the bourse reported.
Finance - Thu, May 8, 2025 | 8:32 am GMT+7
Malaysia’s investment growth in 2025 faces challenges
In the context of global trade uncertainty, Malaysia may not achieve a hat-trick in approved investments this year after two straight years of record-high numbers.
Southeast Asia - Wed, May 7, 2025 | 10:59 pm GMT+7
Thaco seeks to remove obstacles to hotel, bauxite projects in Vietnam's Central Highlands
Thaco expects the Central Highlands province of Lam Dong to help the multi-industry corporation remove barriers to its hotel, bauxite, and aluminum projects in Da Lat town, said a company representative.
Industries - Wed, May 7, 2025 | 10:55 pm GMT+7
Q1 proves tough for Vietnam's oil and gas giants
Profits for major Vietnamese oil companies dropped significantly in Q1, as global oil prices plunged, driven by U.S. tax policy shifts and the ongoing Russia-Ukraine war.
Companies - Wed, May 7, 2025 | 5:06 pm GMT+7
How much is your identity worth?
With 87% of Vietnamese adults having bank accounts and approximately 95% of transactions conducted via online channels, how banks can protect their customers’ personal data has become important more than ever, writes Phillip Wright, chief operating officer at HSBC Vietnam.
Consulting - Wed, May 7, 2025 | 4:01 pm GMT+7
Foxconn plans to expand product portfolio at $200 mln plant in central Vietnam
Fu Wing Interconnect Technology (Nghe An) Co., Ltd., a subsidiary of Taiwan-based electronics giant Foxconn, plans to expand the range of products at its $200 million factory in Vietnam’s central province of Nghe An.
Industries - Wed, May 7, 2025 | 3:35 pm GMT+7
Sumitomo okayed to build 4th industrial park in Vietnam
With an industrial park to develop in the central province of Thanh Hoa, Japan's Sumitomo will expand its industrial real estate portfolio in Vietnam to four projects amid rising FDI inflows.
Industrial real estate - Wed, May 7, 2025 | 2:16 pm GMT+7
Vietnam upholds 8% GDP growth target despite US tariff turmoil
The Vietnamese Government is persistent with its 8% growth goal though disadvantages outweigh advantages, with a focus on solutions to respond to U.S. reciprocal tariffs, PM Pham Minh Chinh told a cabinet meeting on Tuesday.
Economy - Wed, May 7, 2025 | 12:42 pm GMT+7
Vietnam's sugar major Quang Ngai Sugar JSC posts lowest Q1 profit in 2 years
Quang Ngai Sugar JSC, owner of famous soy milk brand Fami in Vietnam, reported its weakest Q1 profit in two years as its sugar business struggled under pressure from smuggled and imported sugar, though the soy milk segment continued to support revenue.
Companies - Wed, May 7, 2025 | 11:14 am GMT+7
