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.
Luu Van Tuyen, newly-appointed general director of Petrolimex. Photo courtesy of Tien Phong (Vanguard) newspaper.
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.
- Related News
- Read More
13th Party Central Committee wraps up 12th plenum
The two-day 12th plenary session of the 13th Party Central Committee concluded on July 19 afternoon, fulfilling the agenda set out at the start of the meeting.
Politics - Sat, July 19, 2025 | 5:15 pm GMT+7
Vietnam's property major DIC Corp to offer 150 mln shares to shareholders
Development Investment Construction JSC (DIC Corp), among Vietnam's biggest real etate developers, will offer 150 million shares to shareholders at VND12,000 ($0.46) apiece.
Companies - Sat, July 19, 2025 | 4:38 pm GMT+7
Urgent power transmission project inspected to ensure stable supply for Tan Son Nhat Airport
A working delegation recently inspected the 220kV Tan Son Nhat-Thuan An transmission line project, which powers the Tan Son Nhat International Airport in Ho Chi Minh City.
Companies - Sat, July 19, 2025 | 4:05 pm GMT+7
Over 86 mln bank accounts in Vietnam to be terminated from September 1
More than 86 million bank accounts that have not been biometrically authenticated or have been 'frozen' for a long time will be deleted starting September 1 to prevent fraud and cybercrime.
Banking - Sat, July 19, 2025 | 12:02 pm GMT+7
Malaysia boosts investment in green technology, digital transformation
Malaysia is unlocking high-impact investments at the intersection of sustainability and digital transformation, a key priority under the MADANI government’s green growth agenda.
Southeast Asia - Sat, July 19, 2025 | 11:59 am GMT+7
Indonesia expands retail network in Asia to boost exports
Indonesia has opened 2,400 retail stores in the Philippines and plans to expand into Malaysia, Bangladesh, and other Asian countries, Indonesian Trade Minister Budi Santoso said on Thursday.
Southeast Asia - Sat, July 19, 2025 | 11:57 am GMT+7
Southeast Asia IPO performance in Jan-June
The first half of 2025 saw a measured rebound in Southeast Asia’s capital markets, underpinned by stabilizing macroeconomic conditions and renewed momentum in larger IPOs, particularly in Malaysia and Indonesia, write Deloitte analysts.
Consulting - Sat, July 19, 2025 | 11:41 am GMT+7
Vietnam's fund management market must be transparent, sustainable to allure investors: experts
To spur the growth of Vietnam’s fund management industry, an open, transparent and fair playing field is needed for all participants, experts said at a seminar hosted by The Investor on Thursday.
Finance - Sat, July 19, 2025 | 9:32 am GMT+7
More data center investment to be poured into Vietnam: Cushman & Wakefield
Vietnam is an ideal destination for data center investment and the country is expected to see further interest from international investors, according to consultancy firm Cushman & Wakefield.
Companies - Sat, July 19, 2025 | 9:00 am GMT+7
Vietnam's Ministry of Science and Technology works with Google to explore digital transformation, AI
The Vietnamese Ministry of Science and Technology (MoST) has been working with Google to explore deeper cooperation in digital transformation, AI, and support for small and medium-sized enterprises (SMEs).
Companies - Sat, July 19, 2025 | 12:01 am GMT+7
Thailand hopes for US tariffs at levels comparable to other regional countries
Thai Deputy Prime Minister and Minister of Finance Pichai Chunhavajira on Friday expressed his expectation that the U.S.'s final reciprocal tariff rate imposed on Thailand's exports will align closely with other countries in the region, likely settling at approximately 20%.
Southeast Asia - Fri, July 18, 2025 | 11:53 pm GMT+7
Vietnam's central bank to assess compliance of banks in risk management
The State Bank of Vietnam (SBV) will deploy monitoring measures and tools to assess the compliance of commercial banks in implementing requirements related to risk management, especially compliance with Basel III international banking standards, an SBV official said on Wednesday.
Banking - Fri, July 18, 2025 | 11:49 pm GMT+7
Malaysia aims to play key role in implementing ASEAN Power Grid
Malaysia is expected to assume a key role in the implementation of the ASEAN Power Grid (APG) starting next year, leveraging its strategic advantages to lead the regional initiative aimed at integrating electricity transmission networks across Southeast Asia.
Southeast Asia - Fri, July 18, 2025 | 11:36 pm GMT+7
Tran Duc Thang assigned to be acting Minister of Agriculture and Environment
Vietnam's Prime Minister Pham Minh Chinh has assigned Tran Duc Thang, a Party Central Committee member and standing Deputy Chief Inspector of the Government, to be acting Minister of Agriculture and Environment, starting from Thursday.
Politics - Fri, July 18, 2025 | 11:28 pm GMT+7
Gasoline vehicle market stalls as consumer sentiment wavers
While the electric vehicle (EV) market is gaining momentum, dealers of gasoline-powered cars and motorbikes, both new and used, in Hanoi are facing a wave of order cancellations, vehicle returns, and even deposit forfeiting.
Companies - Fri, July 18, 2025 | 7:48 pm GMT+7
E10 fuel rollout marks key step in Vietnam’s green energy transition
From January 1, 2026, all gasoline distributed across Vietnam must contain 10% ethanol, marking a pivotal milestone in the country’s shift toward green energy and its long-term carbon neutrality goals.
Companies - Fri, July 18, 2025 | 7:40 pm GMT+7
