PVOIL (OIL) AGM 2026: New Chairman, Targets 820B VND Pre-Tax Profit

Overview

PVOIL (OIL) held its 2026 Annual General Meeting (AGM) on April 15, 2026, approving key leadership changes and setting financial targets for the year. The company appointed Duong Manh Son as the new Chairman of the Board of Directors, replacing Cao Hoai Duong, and set 2026 revenue and pre-tax profit targets of 150.7 trillion VND and 820 billion VND, respectively. The meeting also highlighted strong 2025 performance, with record output and revenue exceeding the annual plan by 56%.

Key Facts

• PVOIL’s 2026 AGM approved the appointment of Duong Manh Son as Chairman of the Board of Directors, replacing Cao Hoai Duong.
• The company set 2026 targets: revenue of 150.7 trillion VND and pre-tax profit of 820 billion VND.
• In 2025, PVOIL achieved record output of over 6 million m3/tons, consolidated revenue of 151.6 trillion VND (56% above plan), and pre-tax profit of 654 billion VND.
• The company added 117 new petrol stations in 2025, bringing the total retail network to nearly 1,000 stations.
• PVOIL plans to roll out E10 gasoline across its entire system from April 2026 and start Jet A-1 aviation fuel sales in Q4 2026.
• The company aims to install EV charging stations at 60% of its petrol stations and over 1,000 battery swap cabinets for electric motorcycles.
• PVOIL ranked 88th in the Fortune Southeast Asia 500 list for 2025.

What Happened

PVOIL (Tong cong ty Dau Viet Nam - CTCP) held its 2026 Annual General Meeting via online format, with a key agenda item being the restructuring of senior management for the 2026-2031 term. The meeting approved the dismissal of Cao Hoai Duong as Chairman of the Board of Directors and elected Duong Manh Son, formerly Deputy General Director of Petrovietnam, as his replacement. Additionally, Nguyen Duc Kien, Head of the Supervisory Board, retired and was replaced by Le Vinh Van; Nguyen Mau Dung was added to the Board; and Nguyen Ngoc Nam joined the Supervisory Board.

Bui Minh Tien, a member of the Board of Members of Petrovietnam (the parent company), stated that the personnel changes are part of the group’s overall development strategy. Cao Hoai Duong will take on a new role at Petrovietnam. The AGM also reviewed 2025 results, noting that despite challenges from falling oil prices, slowing demand, and natural disasters, the company met all targets, including record output and revenue exceeding the annual plan by 56%. For 2026, management targets revenue of 150.7 trillion VND and pre-tax profit of 820 billion VND, focusing on securing crude oil supply for refineries, expanding international business, and launching new fuel products.

Market Context

OIL shares closed at 15,000 VND on April 15, 2026, up 0.68% with a trading volume of 2.9 million shares. The stock trades on HOSE. The energy sector has faced headwinds from volatile global oil prices, but PVOIL’s strong 2025 performance and ambitious 2026 targets may provide support. The company’s expansion into EV charging and aviation fuel aligns with broader energy transition trends in Vietnam.

Strategic Significance

The leadership change brings in a Chairman with extensive experience at Petrovietnam, which could strengthen strategic alignment between the parent company and PVOIL. The 2026 targets reflect confidence in continued operational momentum, with a focus on diversifying revenue streams through new products like E10 gasoline, Jet A-1 fuel, and EV charging services. The expansion of the retail network and international business positions PVOIL to capture growth in Vietnam’s fuel demand, while the push into non-fuel services could enhance margins over the long term.

What to Watch

• Q2 2026 earnings report to assess progress toward the 150.7 trillion VND revenue target.
• Rollout of E10 gasoline across the system from April 2026 and initial sales of Jet A-1 fuel in Q4 2026.
• Expansion of EV charging infrastructure: target of 60% station coverage and 1,000 battery swap cabinets.
• Any further leadership changes or strategic shifts from Petrovietnam.
• Global oil price trends and their impact on PVOIL’s refining margins and inventory values.