PVOIL Elects Duong Manh Son as Chairman, Targets 30% Profit Growth in 2026

Overview

PVOIL (PVO) has elected Mr. Duong Manh Son as Chairman of the Board of Directors, succeeding Mr. Cao Hoai Duong. The company also announced 2026 targets of consolidated revenue of VND 150,700 billion and after-tax profit of VND 656 billion, representing a 30% increase from 2025. Additionally, PVOIL plans to transfer its listing from UPCoM to HoSE by 2027 and is pursuing entry into the jet fuel supply market.

Key Facts

• Mr. Duong Manh Son, 57, was elected Chairman of PVOIL, replacing Mr. Cao Hoai Duong, who moved to a new role at Petrovietnam.
• 2026 consolidated revenue target: VND 150,700 billion.
• 2026 consolidated after-tax profit target: VND 656 billion, up 30% from 2025.
• 2026 state budget contribution target: VND 8,470 billion.
• PVOIL plans to transfer from UPCoM to HoSE by 2027.
• The company aims to complete conditions for jet fuel supply at Tan Son Nhat, Noi Bai, and Phu Quoc airports by late Q2/early Q3 2026.
• Biofuel blending system capacity to reach ~4 million m3/year by end-2026.

What Happened

At its annual general meeting, PVOIL shareholders approved the election of Mr. Duong Manh Son as Chairman of the Board of Directors, replacing Mr. Cao Hoai Duong, who was relieved of his duties to take on a new assignment at Petrovietnam. Mr. Duong Manh Son holds a Master’s in Business Administration and a degree in Mechanical Engineering. He previously served as CEO of PV Gas and as Deputy General Director of Petrovietnam since September 2022.

The meeting also approved the company’s 2026 business targets, including consolidated revenue of VND 150,700 billion and after-tax profit of VND 656 billion, a 30% increase from 2025. PVOIL General Director Nguyen Dang Trinh highlighted inventory management as a key risk, noting recent volatility in global oil prices due to Middle East conflicts. He cited that DO oil prices hit a record USD 291/barrel on April 2 before falling to USD 150/barrel on April 23.

Market Context

PVOIL shares (PVO) are currently traded on UPCoM, closing at VND 7 on April 15, 2026, with a gain of 1.43% and low volume of 21,900 shares. The company’s plan to transfer to HoSE by 2027 could improve liquidity and visibility. The energy sector in Vietnam faces headwinds from global oil price volatility, but PVOIL’s focus on expanding into jet fuel and non-oil services may provide diversification.

Strategic Significance

The leadership change and profit growth target signal PVOIL’s commitment to operational efficiency and expansion. The entry into jet fuel supply at major airports and the development of biofuel blending capacity position the company to capture growth in aviation and renewable energy segments. The planned listing on HoSE could attract more institutional investors and improve corporate governance. However, the company’s heavy reliance on inventory management amid volatile oil prices remains a key risk.

What to Watch

• Progress on jet fuel supply licensing at Tan Son Nhat, Noi Bai, and Phu Quoc airports by Q2-Q3 2026.
• Q1 2026 earnings release to gauge initial performance against the 30% profit growth target.
• Updates on the HoSE listing timeline and any regulatory approvals.
• Global oil price trends and their impact on PVOIL’s inventory management and margins.
• Expansion of non-oil services and biofuel capacity utilization.