Vietnam's PVOIL owns 423 petrol stations with EV chargers following partnership with VinFast

PVOIL, a subsidiary of state-owned giant Petrovietnam, had 423 petrol stations with electric vehicle (EV) chargers nationwide as of March 2025, through its partnership with EV maker VinFast.

The figure accounted for 50% of all stations with chargers, far exceeding the company’s initial target of 15%, chairman Cao Hoai Duong told the company's 2025 AGM on Friday.

According to the chairman, the collaboration between PVOIL and VinFast is tied to the broader energy transition and the shift toward green energy. Since 2018, PVOIL has shown interest in this field, particularly in EVs.

“While the rise of EVs poses significant challenges to traditional fuel retailers, we view this as an irreversible trend. As a result, PVOIL decided to collaborate with EV manufacturers, specifically VinFast, to jointly develop EV charging stations, leveraging our existing network of petrol stations,” he noted.

Regarding cooperation with Highlands Coffee, Duong said PVOIL has partnered with this coffee chain to diversify is business activities and improve customer experience. Customers now can stop in for coffee and refuel, or vice versa.

“Although this partnership has been in place for less than a year, the results so far are promising. We are currently working with Highlands Coffee to assess the collaboration as a basic for scaling up the model,” Duong added.

At some larger petrol stations, especially those with large areas and heavy truck traffic, the company has redeveloped them into truck service stops. These locations include parking areas, food services, and, notably, free restrooms for drivers who refuel at PVOIL stations.

This service model has shown positive results. For instance, at a station in Thanh Hoa province, fuel sales have doubled since implementing this concept, and PVOIL has received very positive feedback from both customers and drivers.

“Our goal this year and next is to build one truck service stop every 100-150 kilometers along major highways and national roads, with a total target of 12 to 15 facilities,” Duong disclosed.

23% profit growth target for 2025

At the AGM, shareholders approved a consolidated revenue target of VND97.5 trillion ($3.75 billion) and a pre-tax profit goal of VND780 billion ($30 million) for 2025, up 23% from last year. The company also aimed to develop at least 70 new petrol stations.

These targets are based on an assumed crude oil price of $70 per barrel and an exchange rate of VND25,000 per USD.

According to CEO Nguyen Dang Trinh, despite a 15% drop in oil prices since the beginning of the year and overall market difficulties, PVOIL’s revenue still recorded a year-on-year increase of 9% in the first four months of 2025.

In 2024, the company hit a new record with 5.6 million cubic meters/tons of petroleum sold, 13% above the annual target.

Its consolidated revenue also reached a historic high of VND125 trillion ($4.8 billion), or 151% of the year's plan, growing 21% year-on-year. The consolidated pre-tax profit came in at VND633 billion ($24.33 million), with the parent company contributing VN448 billion.

Based on this strong performance, PVOIL approved a 2024 cash dividend payout at a rate of 2.5% of charter capital, amounting to over VND258 billion ($9.9 million).

Aiming to enter Jet A1 fuel market

At the meeting, Duong emphasized that PVOIL will continue to optimize its core petroleum business, focusing on enhancing operational efficiency and service quality at its retail outlets and fuel depots.

As part of its strategy to expand into new energy markets, the company has obtained a license from the Ministry of Industry and Trade to act as a key trader of Jet A1 aviation fuel. Duong said that preparations are underway to commence commercial operations by Q4 2025.

“We plan to launch Jet A1 fuel trading at major airports, including Tan Son Nhat, Noi Bai, Long Thanh, Phu Quoc, Da Nang, and Cam Ranh. According to our roadmap, the company aims to begin offering this service at selected airports between Q1 and Q2 of 2026,” he added.

According to Trinh, the aviation fuel pipeline project for Long Thanh International Airport has been assigned by the government to the southern province of Dong Nai, which is responsible for selecting the project investor. Currently, PVOIL is merely one of the parties interested in the project but has not yet been selected as the official investor.

“If PVOIL is chosen by Dong Nai authorities to lead the project, we will proceed with selecting contractors through an open bidding process,” he said.

Long Thanh airport is expected to adopt a pipeline-only fuel supply system, with no provision for tanker truck delivery. This means all aviation fuel will be transported directly from the main depot to the airport via pipelines.

For example, if PVOIL is selected as the investor, the company would be entitled to collect pipeline service fees. PVOIL also plans to trade hydrogen fuel, in line with the global shift toward cleaner energy sources, Duong said.

HoSE listing after resolving audit exception

A notable update concerns PVOIL's plan to move its OIL shares from the Unlisted Public Companies Market (UPCoM) to the Ho Chi Minh Stock Exchange (HoSE).

According to company leadership, only one audit exception remains, related to PVOIL’s investment in the Petrochemical and Bio-Fuel JSC (PVB).

They clarified that this investment predates its equitization and does not impact the company’s current business operations or future development plans.

The company is actively working with relevant parties to initiate bankruptcy proceedings for PVB in accordance with regulations, they said, adding that this step aims to resolve the audit exception, paving the way for the official listing of OIL shares on the HoSE.

OIL shares closed Friday at VND9,600 ($0.37) apiece, up 2.13% from the previous session.