PV Oil sees Jan-Sept profit double on network expansion, surging sale
PV Oil, a Petrovietnam subsidiary, has doubled its Jan-Sept profit year-on-year to VND628 billion ($25.56 million), with an opening spree in new retail outlets and soaring sale volumes.
The company, registered on the unlisted public company market (UPCoM) as OIL, reported total revenue of VND66.88 trillion ($2.72 billion) in the nine-month period, down 16% year-on-year; but its net profit doubled to VND628 billion ($25.56 million).
With these figures it exceeded its set revenue and net profit targets by 34% and 38%, respectively.
The company and its subsidiaries opened 81 new gasoline retail stores in the first nine months, exceeding its year plan by 59% to reach 736 at the end of Q3; and it aims to have 750 by the end of the year. It opened 54 new stores in 2022.
The company earned net revenues of VND24.01 trillion ($977.38 million) in Q3, down 7.5% year-on-year.
However, its Q3 gross profit margin soared 3.6 times year-on-year to VND1.15 trillion ($46.72 million) and gross profit margin improved from 1.2% to 4.8%. As a result, the company was able to turn a VND319 billion ($12.98 million) loss into a VND219 billion ($8.91 million) profit.

A gasoline outlet of PV Oil. Photo courtesy of the company.
PV Oil stated that the positive consolidated financial results for Q3 were primarily due to the parent company's performance. The parent company's Q3 sale volume increased by 37%, while revenue went up 21% from the previous year.
On the other hand, global oil prices increased during Q3, leading to continuous adjustments in domestic retail prices for gasoline products. This is in contrast to the same period last year, when global oil prices fell significantly due to concerns about economic recession risks and inflation.
This company's total assets were VND33.59 trillion ($1.36 billion) as of September 30, an increase of VND4.79 trillion ($194.77 million) from the beginning of the year. Cash and deposits accounted for VND12.82 trillion ($521.41 million), or 38% of its total assets. This firm increased its inventory significantly, from VND2.94 trillion to VND5.94 trillion ($241.64 million).
Double digit network expansion
PV Oil's retail network expansion and significant increase in sale have been prominent aspects of its business operations over the last nine months.
Its gasoline sale volume reached nearly 3.8 million cubic meters, exceeding its 9-month target by 52% and annual plan by 11%.
In 2022, output reached 4 million m3, exceeding its year plan by 29% and increasing by 28% over the previous year. Of this, the retail channel's volume saw a 32% increase, exceeding its annual plan by 14%. The sale volume for the first nine months of 2023 equalled 95% of the 2022 total.
The company said it has actively promoted the use of technology, automation and digital transformation. PVOIL Easy’s sale volume for the first nine months reached 95,000 m3, a 33% rise year-on-year. This equates to 348 m3 per day, a 25% increase against the daily average in 2022.
It has implemented the PVOIL Easy program integrated with Viettel Pay, GotIt, VCB, Momo, HDBank and others to increase sales through direct retail channels. The transaction volume through these channels reached 20,000 m3 in the first nine months, double year-on-year and equivalent to the sale volume of 18 gasoline stores.
It utilizes the PVOIL B2B program for its wholesale distribution channel, which helps modernize and streamline customers' purchases and sales.
Furthermore, PV Oil has completed the installation and deployment of nearly 300 electric vehicle charging stations of Vietnamese carmaker VinFast at its gasoline retail stations nationwide.
The company's leadership said that this collaboration was an initial step in implementing a strategy to adapt to the strong, ongoing trend of energy transition.
PV Oil's long-term goal is to become a provider of diversified energy sources for various modes of transportation, the company stated.
Parent company Petrovietnam, involved in the entire oil and gas downstream chain, including import and export, crude oil trading and processing, storage, and distribution of petroleum products, owns an 80.5% stake in PV Oil.
Over a period of 15 years, PV Oil has risen to second place in domestic gasoline sale volume, with a market share of around 20%. The company has a 23% market share in Laos and is one of the top three companies in gasoline distribution.
PV Oil is the only company in Vietnam that is involved in marketing and exporting Vietnamese crude and as well as crude that Petrovietnam exploits at overseas fields.
PV Oil also supplies crude as input materials to Binh Son Refining and Petrochemical JSC, which operates Dung Quat oil refinery, with an average annual volume of 7 million tons.
- Read More
U.S. Grains Council signs 5-year cooperation deal with Vietnam
The U.S. Grains Council (USGC) on Friday signed a five-year cooperation agreement with the Partnership for Sustainable Agriculture in Vietnam (PSAV), reaffirming its long-term commitment to Vietnam’s agricultural development.
Economy - Sun, June 8, 2025 | 5:13 pm GMT+7
Bamboo Capital announces senior personnel changes
Under a board of directors resolution effective last Friday, Vietnam's multi-sector conglomerate Bamboo Capital Group has a new deputy general director, while its first vice chairman Pham Minh Tuan resigned to focus on subsidiary Bamboo Energy.
Companies - Sun, June 8, 2025 | 4:05 pm GMT+7
Vietnam signs deals to import nearly $3 bln worth of US agricultural products
Vietnamese businesses accompanying Minister of Agriculture and Environment Do Duc Duy on a six-day visit to the U.S. signed multiple agreements to import nearly $3 billion worth of American agricultural products, expanding bilateral cooperation in the agricultural sector.
Economy - Sun, June 8, 2025 | 10:33 am GMT+7
EPC contract signed for O Mon IV thermal power project in southern Vietnam
An EPC contract signing ceremony for the O Mon IV thermal power project in Can Tho city took place on Friday, at the headquarters of state-owned Petrovietnam - the investor.
Energy - Sun, June 8, 2025 | 8:00 am GMT+7
Vietnam's agri major Hoang Anh Gia Lai ventures into mulberry cultivation, coffee production
After overcoming two major obstacles - debt and accumulated losses - Vietnam's agri major Hoang Anh Gia Lai JSC (HoSE: HAG) is charting a bold five-year strategic roadmap, introducing two new business segments: mulberry cultivation and coffee-tea production.
Companies - Sat, June 7, 2025 | 4:35 pm GMT+7
Stock trading accounts hit 10 mln in Vietnam
Vietnam recorded a large increase in the number of stock trading accounts in April and May, when the U.S. tariff turbulence caused strong market fluctuations.
Finance - Sat, June 7, 2025 | 3:38 pm GMT+7
Thailand’s SCG books $301 mln in Q1 sales from Vietnam
Siam Cement Group (SCG) reported sales of VND7.77 trillion ($301 million) in Vietnam in Q1/2025, reflecting the country as a key market for the Thai conglomerate in Southeast Asia.
Companies - Sat, June 7, 2025 | 9:54 am GMT+7
Vietnam’s energy firm identifies 3 emissions violations among Vietnamese enterprises
Looking ahead, 2030 is a milestone year, as major global brands such as Unilever, Nestlé, H&M, and Nike have committed to cutting Scope 1 and Scope 2 emissions by 50-65%, said Pham Dang An, CEO of Vu Phong Energy Group, a major developer of clean energy in Vietnam.
Companies - Sat, June 7, 2025 | 8:00 am GMT+7
Deal acquiring financial firm of Vietnam's SeABank invalid: Aeon Financial
Aeon Financial Service Co., Ltd. on Friday stated that its deal to purchase a financial company owned by Vietnam's SeABank is invalid due to "inappropriate accounting transactions."
Finance - Fri, June 6, 2025 | 11:57 pm GMT+7
VSAP LAB to build $69 mln chip packaging tech laboratory in central Vietnam
Vietnamese private firm VSAP LAB JSC has been approved as the investor of a VND1.8 trillion ($69.11 million) advanced packaging technology laboratory project that will assist semiconductor production in the central city of Danang.
Industries - Fri, June 6, 2025 | 8:11 pm GMT+7
Vietnam's major property developer Hoang Huy successfully raises $30.7 mln from parent company
Hoang Huy Investment Services JSC (HoSE: HHS) has successfully issued 64 million shares for VND800 billion ($30.7 million) via private placement to its parent company – Hoang Huy Financial Services Investment JSC (TCH).
Companies - Fri, June 6, 2025 | 3:32 pm GMT+7
Subsidiaries, affiliates likely not to enjoy preferential corporate income tax in Vietnam
Subsidiaries and affiliates of enterprises in Vietnam might not be eligible for preferential corporate income tax (CIT) rates of 15-17%, in order to prevent abuse of incentives like splitting income for tax avoidance, according to the Financial and Economic Committee under the National Assembly, the country's legislature.
Finance - Fri, June 6, 2025 | 3:22 pm GMT+7
VPS Securities JSC named Vietnam’s best broker again by The Asset
VPS Securities JSC (VPS) has once again been honored as the “Best Brokerage House in Vietnam” at the Triple A Awards 2025, presented by The Asset, a leading Asia-focused financial publication.
Companies - Fri, June 6, 2025 | 11:40 am GMT+7
Vietnam's agri major BAF eyes two 6-story buildings for pig farming in southern Vietnam
BAF Vietnam Agriculture JSC has submitted a proposal to the Ministry of Agriculture and Environment to develop a smart pig farming complex including two six-story buildings in the southern provinces of Tay Ninh and Binh Phuoc.
Industries - Fri, June 6, 2025 | 11:20 am GMT+7
Food major Kido leaders reveal real estate ambitions
Leaders of Kido Group, a leading Vietnamese food and cooking oil producer, said they see many positive policies that are helping to ease real estate market difficulties and create favorable conditions for the company to develop projects on its land reserves.
Real Estate - Fri, June 6, 2025 | 11:03 am GMT+7
Indonesia accelerates procedures to join OECD
The Indonesian Government has finalised the preparation of the Initial Memorandum (IM) for its accession to the Organisation for Economic Co-operation and Development (OECD), which will be submitted to OECD Secretary-General Matthias Cormann in Paris, France.
Southeast Asia - Fri, June 6, 2025 | 10:16 am GMT+7