PVChem Successfully Holds 2025 Annual General Meeting of Shareholders

The Presidium chairs the 2025 PVChem Annual General Meeting of Shareholders
 

On April 28, 2025, PVChem held its AGM. Attending on behalf of the major shareholder, the Vietnam National Oil and Gas Group (PVN), was Mr. Le Xuan Huyen – Deputy General Director – along with representatives of PVN’s professional departments.

On the side of PVChem, attendees included Mr. Truong Dai Nghia – Chairman of the Board; Mr. Duong Tri Hoi – Member of the Board and General Director; members of the Board of Directors, the Executive Board, representatives from departments/offices, member units, and shareholders.

According to the 2024 business performance report and 2025 plan, PVChem demonstrated initiative and flexibility in managing business activities amid complex domestic and global economic and political contexts. Consolidated revenue in 2024 reached nearly VND 3,000 billion, with pre-tax profit of VND 27.51 billion and contributions to the state budget totaling VND 125.54 billion.

PVChem successfully tested the Pro-Dril drilling fluid system on Vietsovpetro’s rig

Throughout the year, PVChem maintained and expanded its market share in drilling fluid services, reinforcing its role and position in the oil and gas value chain. Key achievements included the successful research and development of the Pro-Dril high-performance water-based drilling fluid system and a synthetic-based mud (SBM) system — both of which have been recognized by the Intellectual Property Office of Vietnam. PVChem signed contracts to provide drilling fluid services for wells operated by Vietsovpetro and PVEP, and entered long-term, high-value industrial service contracts such as Daily Maintenance and SIP with Nghi Son Refinery, and anti-corrosion coating contracts for Dung Quat Refinery, laying a strong foundation for the 2025 plan.

In 2024, PVChem continued to supply chemical services across the oil and gas value chain — from drilling and exploration to refining, gas processing, and fertilizer production. The company focused on producing traditional products (G Cement, Silica Flour, API-grade Bentonite, etc.) to supply Vietsovpetro and other oil and gas service companies in Vietnam. At the same time, it promoted improvements at the Cái Mép Plant by seeking new clients/partners to expand business and develop new products such as Bentag, ground Barite, and Kaolin.

For 2025, after assessing the oil and gas industry's current landscape, PVChem has set the following key targets:
•    Production volume: 13,200 tons
•    Total revenue: VND 2,800 billion
•    State budget contributions: VND 125 billion

Driven by strong momentum early in the year, PVChem's Q1/2025 performance showed promising results, with revenue reaching VND 998.56 billion — a 145% increase compared to the same period in 2024 — and pre-tax profit hitting VND 11.4 billion, surpassing the Q1 target. Notably, alongside increased revenue scale, PVChem also achieved an improvement in profit margins.

Shareholders cast their votes during the AGM
 

During the AGM, shareholders approved several important items, including:
•    The 2024 business performance report and 2025 business plan presented by the Board of Directors
•    The 2024 performance report by the Independent Board Member
•    Proposals on remuneration, bonuses, and salaries for the Board of Directors in 2024 and 2025
•    The audited 2024 financial statements
•    The 2024 profit distribution plan and the proposed 2025 profit distribution plan
•    The selection of the audit firm for the 2025 financial statements
•    Amendments to the company charter and additions to the business lines
 

PVChem leadership congratulates newly elected Board of Directors members
 

Additionally, the AGM approved the dismissal of Mr. Nguyễn Ngọc Quỳnh from the Board of Directors and elected Mr. Ha Duy Tan and Mr. Tran Hong Kien to continue serving as Board Member and Independent Board Member, respectively. Mr. Tran Ngoc Lan – Deputy Head of PVN’s Exploration Department – was elected as a new member of PVChem’s Board of Directors.