PETROSETCO 20 year path and the target of being the No.1 choice on the market    
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PETROSETCO 20 year path and the target of being the No.1 choice on the market
Nov 15 2016

In the evening, June 18th 2016 in HCM city, PetroVietnam General Services Joint Stock Corporation (PETROSETCO) celebrated the 20th anniversary. The anniversary was honorably welcomed Mr Tran Tuan Anh – Minister of Industry and Trade, Mr Nguyen Vu Truong Son - General Director of PetroVietnam (PVN) and the representatives of government office, Ministry of Police, Ministry of Industry and Trade, Interior Ministry,etc.

Profit before tax is 137 times higher

Originally started as a state enterprise operating in 2 main segments of catering and travelling, Petrosetco at present has been a Corporation having diversification in business activities and achieving all planned targets approved by PVN or even higher.

Particularly, revenue has increased 14% annum on an average and the average growth rate of annual profit is 21%. In 2015, Petrosetco gained VND 10.906 billion of revenue, 109 times higher than that in 1996. Profit before tax of 2015 achieved VND 274 billion, 137 times higher. Profit/Equity is 19,4%, 13 times higher.  
Total number of labor are 2.502 people, per capita income is VND 12 million, respectively 12,5 times and 6,6 times higher than that in established year.

Mr Phung Tuan Ha (second from left) honorably received First class labor medal
At the anniversary, Mr Tran Tuan Anh – Minister of Industry and Trade congratulated Petrosetco’s achievements. Besides, on behalf of Mr President, Mr Tran Tuan Anh awarded First class Labor medal for Mr Phung Tuan Ha – Chairman of Petrosetco and Second class Labor medal for Mr Vu Tien Duong – General Director and Third class Labor medal for Petrosetco Assets management Joint stock Company (a subsidiary of Petrosetco). 

PETROSETCO honors prominent individuals
In the speech, Mr Phung Tuan Ha – Chairman of Petrosetco said that the destiny of Petrosetco always connected closely with a development of the economy, policy, society of the country in general and the oil and gas industry in particular, overcame obstacles, challenges which were both inside and outside, objective and subjective. At present, Petrosetco did prove the position on domestic and international market.

During the period of 20 years, experiencing uncountable difficulties and even facing painful experiences to grow up from a low starting point, because of having no specific core business, Petrosetco experienced ups and downs moments and sometimes was forced to make a decision of challenging forks. Eventually, thanks to the bust of energy of Petrosetco’s staff, those difficult periods overcame.

Target of being “the No.1 choice on the market”

Petrosetco currently operates in 4 main segments across the country. Thanks to the leadership and support of PVN, Petrosetco will actively overcome obstacles in order to gain developing purposes such as being the No.1 choice at Vietnam in electronics and telecommunication distribution, supplying catering service, profession in office building management and a reputable equipment and logistics supplier within the oil and gas industry.

Petrosetco will push up administrative reform, strengthen in inspection and supervision and keep actively learning in order to bring Petrosetco into new higher level at which distribution and oil & gas services will be the core businesses. Besides that, Petrosetco keeps running activities such as saving practices, waste prevention; strengthens costing management; raises awareness and responsibilities of staff. In the near future, as regards distribution of petrochemical products, in addition to distribute products bought from refineries that have just operated in the short run, Petrosetco has continuously expanded the distribution system of oil and gas industrial products and set up a network to supply the products to partners within the oil and gas industry and others out of the industry. 

The spirit of “Always with passion” during the past period of 20 years and for the coming period of time will always be an enthusiasm, an expectation, a motive power and an objective so that all people working for Petrosetco keep going on the path forward. Even though facing many obstacles and challenges, it is strongly believed that the destination will proudly reach achievements and new higher levels.