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PETROSETCO: ADAPTION FOR VIGOUR, STABILITY FOR DEVELOPMENT

28/12/2022 10:29:24 PM
On December 28th, the PetroVietnam General Services Joint Stock Company (PETROSETCO) held a conference to summarize its activities in 2022 and the Employee Conference in 2023.

In spite of fluctuations of the market and the Vietnamese economy in recent years, PETROSETCO has always tried to maintain stability and smoothness in all business activities in all fields. With revenue of 18,000 billion VND and pre-tax profit of 300 billion VND, PETROSETCO has completed the plan according to the targets approved by the Vietnam Oil and Gas Group. However, compared with the more challenging plan set out before the General Meeting of Shareholders in 2022, the company has encountered many difficulties in the implementation process.

The summary report on the operation situation in 2022 of the General Director of PETROSETCO states that the reason why the Corporation has not achieved the target revenue of 20,000 billion VND although there is still growth compared to the same period in 2021, is mainly from distribution sector. The market demand decreased significantly after the outbreak year. In addition, pre-tax profit partly influenced by revenue that has not met expectations, and the gloom of the stock market make it imperative for businesses to set aside a large amount of financial expenses in advance to deal with market volatility.
 

The General Director is reporting on business activities in 2022 - Implementation of the 2023 plan

The distribution service segment still accounts for a large proportion (86%) of the revenue structure of PETROSETCO's business segments. With the goal of diversifying the ecosystem of distribution products, in 2022, PETROSETCO's distribution groups have made efforts to research, search for and cooperate with new brands and potential segments to participate in the product supply chain in Vietnam market.

In regarding to VTTB supply and logistics, PETROSETCO has actively searched for and expanded into new potential customer markets, increased cooperation with major suppliers to expand supply areas so as to provide exclusive products in the oil and gas market. Besides, the unit has carried out market survey, new factory/supplier capacity to prepare for upcoming projects such as Dai Hung Phase 3, Kinh Ngu Trang, Lo B O Mon, …

Catering service in the past year has been maintained stably thanks to long-term contracts with units in the oil and gas industry. Simultaneously, thanks to its confirmed brand, catering service has gained many new customers such as: LSP, Arakawa Chemical Viet Nam, IGC, Novas EZ. The onshore catering services and marine life services both have growth compared to 2021.

The development and expansion of the provision of real estate management services encountered many difficulties when facing fierce competitive pressure from domestic and foreign competitors. PETROSETCO has actively promoted bidding for projects that are not only office buildings but also apartments, commercial centers, schools, corporate headquarters, and the like through capturing information about construction works in the near future to promote the searching plan for potential projects.

The 2022 Performance Review Report also states that corporate restructuring, including restructuring through purchasing and debt settlement is a matter of concern to PETROSETCO's BOD in 2022 more than ever. The implementation focused not only on restructuring in the specialized departments of the Corporation, but also the leadership apparatus, staff and organization of the implementation process in member units. This is also the driving force to help PETROSETCO create a new development step in the coming time. 

In order to optimize administration and facilitate business operations, PETROSETCO is currently promoting digital transformation and technology application. In 2022, Odoo - the corporate governance ERP system built by Petrosetco's unit, PSD, has been deployed at member companies of the distribution service group of PETROSETCO - has brought about many positive results in management when there is always all the necessary information in the form of real-time visualization for quick direction and decision-making. Tightly integrated workflow systems help work performed through stages and departments to be faster and more efficient, thereby reducing many potential risks as in single methods. This helps the company streamline management and operation and achieve a lot of good results.
 

PSD is giving their presentation

In addition, the member units all focus on professional training for employees, especially management skills, work control planning, staff training for managers and professional skills, labor safety, food safety and hygiene. Human resource assessment is carried out thoroughly in all departments, serving as a basis for developing training plans and tutoring in accordance with the goal of improving the quality of human resources and building a team of young and dynamic successors meeting the production and business requirements in the new situation.

Human resource is the biggest asset of an enterprise, so PETROSETCO always recognizes and realizes employees’ efforts and contributions to the growth and sustainable development of the corporation. Reporting on the activities of the Trade Union, Mr. Nguyen Cong Cuong, Chairman of PETROSETCO’s Trade Union, said that the company's leadership always focuses on ensuring employees' freedom to participate in trade union activities and creating favorable conditions for the trade union to operate under the Trade Union Law and the Labor Code; strictly comply with the provisions of the law on employment and fully ensure the rights of the employees. In 2022, PETROSETCO has ensured jobs for more than 2,797 employees throughout the Corporation.
 

PETROSETCO Award - Dedication in 2022

Facing difficult forecasts in 2023, PETROSETCO's leadership has proposed a series of specific solutions for each business field. In addition, special emphasis is placed on governance solutions, debt management, cash flow management, building and perfecting operational procedures...

PETROSETCO's BOD also emphasized the role of digital transformation factor in perfecting and optimizing the expanded ERP system for the whole Corporation, in order to increase productivity, reduce personnel and operating costs as well as improve administration capacity; in training, especially internal training to improve the professional qualifications of employees and their successors, build a more professional corporate culture and working style.

Overcoming difficulties and challenges in the past year, PETROSETCO's staffs and employees have made constant efforts and breakthroughs in their work to bring about common success for the company and the group. In recognition of the achievements, the upper BOM has decided to award commendation titles to the excellent deparments and individuals of PETROSETCO.

At the Conference, Chairman of PETROSETCO’s BOD Mr. Phung Tuan Ha expressed his sincere thanks to PETROSETCO's managers and employees for their efforts, solidarity, joint hands and unanimity to overcome the challenging year 2022 - a year of recognition, transformation and reconstruction; after recovering from the pandemic, facing consecutively with strong impacts from external environment, geopolitics, economic, financial ... to maintain the targets as planned.

Chairman of the BOD of Petrosetco is launching the message of 2023 at the Conference

The year 2023 is forecasted to have more difficult, fierce and severe changes, but the Chairman of the BOD of PETROSETCO affirmed that, "in danger lies opportunity", PETROSETCO’s staffs together must continue to be fierce, united, professional – diligent, courageous in order to face, adapt and continuously improve and innovate. The tasks set by PETROSETCO's leadership is to build and balance strong, standard and appropriate resources to well prepare the necessary facilities and foundations; ready to seize new opportunities and new challenges on the basis of forecasting, analysis, orientation and implementation in a professional and effective manner; simultaneously, improving and renovating thinking and management system, operating processes and apparatus, rapidly deploying digitization and exploiting digital opportunities to prepare for the digital transformation process in terms of business models and methods in order to restructure comprehensively in the future.

With the message of 2023: Adaption for vigour, Stability for development-  PETROSETCO leaders expressed their belief that all employees will further promote the core cultural values ​​of the company, together overcome challenges, and best accomplish the set goals.

Some pictures at the Conference: