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Tag Archive for ‘Petrolimex’

Petrolimex sell-off to come in 2018

Vietnam National Petroleum Group, the country’s state-owned biggest petroleum distributor, will see a large state divestment in 2018, paving the way for foreign investors to access the profitable business. Vietnam National Petroleum Group (Petrolimex) will see a 24.9% stake, held by the state, sold off in 2018 under the Decision No.1232/QD-TTg, signed by Deputy Prime […]

Who receives highest pay in Vietnam?

VietNamNet Bridge – Hundreds of millions of dong are paid to the CEOs who work in the “hot business fields” such as finance and banking, power and oil and gas. CEOs in state owned conglomerates receive tens of millions of dong How much the CEOs of Petrolimex (petroleum importer and distributor) and EVN (the Electricity of Vietnam) receive for their jobs every month is the thing that most people are interested in. EVN’s General Director Pham Le Thanh once revealed that the average pay to EVN’s workers in 2009 was 7.3 million dong, saying that this was a modest pay level. In…

Ministers deny cutting Vietnam’s fuel price to ease Q&A pressure

Fuel price cuts have been released simultaneously with the convention of the National Assembly multiple times, but the two ministers in charge of the reduction said it is only a random coincidence. On November 11 the retailing price of A92 gasoline was slashed by VND500 per liter to VND23,150, the first cutback since late August, according to a decision issued the same day by the Ministries of Finance, and Industry and Trade. The price reduction was released just one day before the two…

Petrolimex salaries soar even as losses mount

HA NOI (VNS)— Salaries remained high for employees of State-owned petrol distributor Petrolimex even as the company posted a loss last year of VND2.3 trillion (US$110 million), according to a 2011 audit report just now made public by the State Audit of Viet Nam. The report showed that Petrolimex paid each of its workers last year an average monthly wage of nearly VND21 million ($1,000) per month, compared to an average of VND6.6 million ($315) in the rest of the industry. The Petrolimex audit report was released in response to requests…

Vietnam’s Petrolimex to Skip Gasoline Spot Imports for Second Month in Dec

State-owned Vietnam National Petroleum Group, better known as Petrolimex, has decided to skip purchasing spot gasoline imports for a second straight month in December, a source close to the matter said Thursday. This is largely due to expectations that domestic buying will continue to remain low into December amid ample spot availability from the country’s […]

Petrolimex grants high wages despite huge losses

Petrolimex, the country’s largest fuel wholesaler, has repeatedly reported losses, but the average wage for its employees remain as high as VND21 million, or roughly US$1,000 a month, the State Audit of Vietnam (SAV) has reported. The state-run company, fully known as Vietnam National Petroleum Group, incurred a combined pre-tax loss of more than VND1.4 trillion last year, and the particular loss from the fuel sector was VND2.3 trillion, the SAV said in its audit report on the 2011 financial status…

Petrolimex loss put at 2.6tr dong

Vietnam National Petroleum Group, also known as Petrolimex, incurred a loss of over VND2.6 trillion in 2011 from fuel trading, mainly due to exchange rate fluctuations, says a report of State Audit of Vietnam. Auditor general Dinh Tien Dung said the State Audit of Vietnam had released an audit report on the 2011 financial statement of Petrolimex following requests by National Assembly deputies for information about business results of fuel wholesalers. As of February 11, 2011, Petrolimex had sustained a loss of more than VND1.8 trillion because of exchange rate volatility. Furthermore, retail prices quoted by…

PRESS DIGEST – Vietnam Newspapers – Nov 9, 2012

FINANCIAL NEWS: VIETNAM NEWS — The central bank plans to buy gold from the public to prevent gold hoarding by wary savers, said governor Nguyen Van Binh. LAO DONG — Asia Commercial Bank said it has offered gold deposit certificates with rates of 0.8-1.8 percent. — Partly private VBBank has received the central bank’s approval to raise the registered capital to 5.7 trillion dong ($273.7 million) from 2.05 trillion dong. — VietinBank , the country’s second biggest partly private lender…

Vietnamese and Russian enterprises seek for investment opportunities

“Doubling current export turnover, from the current US $3.5 billion, for the next three years, between Vietnam and Russia is a great challenge for the two sides. However, I believe that this target is feasible”, said Russian Deputy Prime Minister Arkadiy V.Dvorkovich, at a roundtable meeting between Vietnamese and Russian enterprises, held on November 7 th

PTS: Swings to 1.6b dong Consolidated Net Loss in Q3/2012

Hai Phong Petrolimex Transportation and Services JSC. (PTS) swung to a consolidated net loss of VND1.6 billion in Q3/2012 from net profit of VND3 billion a year ago, the firm said in its financial statements posted on the HNX’s website. The company generated revenue of VND68 billion in the quarter, versus VND65.3 billion over the same period of last year. In the first nine months of this year, PTS suffered VND3 billion consolidated…