PVOIL targets 30% profit hike, expands into aviation fuel and EV charging

PVOIL, a subsidiary of state-owned Petrovietnam, has set a target of stronger profit growth in 2026 as it diversifies beyond traditional fuel retail into aviation fuel and electric vehicle (EV) charging infrastructure.

At its annual general meeting on Friday, the company said it aims to generate consolidated revenue of VND150.7 trillion dong ($5.73 billion) and net profit of VND656 billion ($24.89 million) this year, up 30% year-on-year

PVOIL is Vietnam's second-largest fuel distributor with about 23% domestic market share, behind Petrolimex. It operates a network of nearly 1,000 company-owned filling stations alongside thousands of dealers and franchise outlets.

A key growth driver in 2026 is expected to come from aviation fuel. After pandemic-related delays, the company has resumed development of its Jet A1 business and obtained an operating license for its dedicated unit in December 2025. PVOIL is now investing in refueling trucks and storage facilities at airports.

Under its roadmap, the PV Aviation Energy brand is expected to complete operational requirements by the third quarter and begin contributing revenue toward the end of the year.

Alongside fuel distribution, PVOIL is accelerating expansion into non-fuel services, particularly EV charging through its partnership with VinFast. As of end-2025, more than 500 out of its roughly 995 fuel stations had integrated charging points.

Cao Hoai Duong, PVOIL chairman, said its charging network is already generating solid returns, contributing 20-30% of profits at some subsidiaries.

The company plans to maintain the rollout of at least 100 new fuel stations annually, while equipping 50-60% of its network with EV charging infrastructure nationwide.

Speaking of the energy transition trend, the shift from gasoline vehicles to EVs is inevitable and will likely slow growth in fuel consumption over time. However, he framed the transition as an opportunity rather than a threat, emphasizing the potential for new revenue streams.

Duong also reiterated plans to upgrade its listing from the unlisted public companies market UPCoM to the Ho Chi Minh Stock Exchange by 2027. The company said it has addressed most audit qualifications, including ongoing efforts to resolve legacy issues related to its investment in a biofuel project, as part of preparations for the listing.

In 2025, PVOIL reported consolidated revenue of VND151.64 trillion ($5.75 billion), exceeding the year's target by 56%. Its Singapore-based international trading unit contributed around VND60 trillion ($2.28 billion), accounting for 39% of total revenue. Consolidated pre-tax profit rose 3% year-on-year to VND654 billion ($24.81 million).