Vietnam's biggest gasoline retailer Petrolimex appoints new general director

Luu Van Tuyen, deputy general director of Petrolimex, Vietnam's biggest gasoline retailer with about 50% domestic market share, has been appointed general director for five years, starting from Friday.

Tuyen, 56, joined Petrolimex in 2002 as a member of the board of supervisors. He has since held many key positions at the state-controlled giant, including chief accountant (2012-2019) and deputy general director since 2019. From June 2023, he is also a member of the board of directors.

Currently, the executive board includes Tuyen and seven deputy general directors, namely Tran Ngoc Nam, Nguyen Quang Dung, Nguyen Van Su, Nguyen Xuan Hung, Nguyen Sy Cuong, Nguyen Ngoc Tu, and Nguyen Dinh Duong.

Previously, in a resolution issued on May 30, Petrolimex's board of directors removed Dao Nam Hai from the position of general director and board of directors member from May 30.

The move was made after the Ministry of Finance had on May 6 issued a decision to temporarily remove Dao Nam Hai from the position of representative of state capital at Petrolimex.

At a recent press meeting hosted by the Ministry of Public Security, Lieutenant Colonel Vu Thanh Tung, deputy director of the Department of Investigation Police on Crimes of Corruption, Economy, and Smuggling (C03), said that the investigation agency had temporarily detained Dao Nam Hai to investigate his alleged crime of accepting bribes.

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 Friday at VND37,450 ($1.43) per share.