Attending the "Workers" Conference were Mr. Pham Van Phong, Deputy Secretary of the Party Committee, Member of the Board of Directors (BOD), General Director of PetroVietnam Gas Corporation (PV GAS); Mr. Trieu Quoc Tuan, Member of the Board of Directors; Mr. Tran Xuan Thanh, Chairman of the Trade Union; and representatives of leaders of specialized departments, affiliated units, and members of PV GAS.
On the side of the Gas Products Trading Company (PV GAS TRADING), there was Mr. Nguyen Phuc Tue, Deputy General Director of PV GAS, Director of PV GAS TRADING; with the participation of 53 delegates who are employees of the Company.
Presenting at the Conference, Mr. Nguyen Phuc Tue reported a comprehensive assessment and analysis of the global and domestic energy business market in 2024, and affirmed the outstanding efforts that helped the Company achieve many record business achievements.
2024 continues to witness fluctuations in the energy market due to geopolitical and macroeconomic factors. Supply and demand, and energy prices, from oil to natural gas, are constantly reversing due to tensions in the Middle East - a key area of energy production. The economic recovery of major economies is not really clear, causing energy consumption to always be in a state of dynamic equilibrium.
In addition, the energy transition trend is taking place strongly globally, developed countries continue to increase investment in renewable energy, while applying carbon tax policies and emission quotas. In addition, inflation and slow economic growth continue to put great pressure on production and consumption.
In that situation, PV GAS TRADING still firmly adheres to its growth target, focusing on management and business operations according to a strategy of quickly adapting to the changing environment, quickly implementing synchronous solutions on arranging diverse supply sources, flexible sales policies, optimal inventory management, reasonable goods dispatch, meeting the market in each business period.
In 2024, PV GAS TRADING has "added new momentum", playing a key role in promoting the transformation of the traditional gas product business model to an integrated energy business model, providing LNG products to industrial customers nationwide with a multimodal transportation solution combining tank trucks and railways.
The transformation of PV GAS/PV GAS TRADING's business model has opened up room for the development of the LNG supply market along the length of the North-South railway with a scale of over VND 3,500 billion/year. PV GAS TRADING has also officially entered the international LNG market in 2024 with revenue from the international LNG business segment of over VND 1,000 billion.
With a clear strategic vision and a steadfast growth target, PV GAS TRADING is focusing all its efforts on breaking all limits and setting new business records in 2024. PV GAS TRADING's total business output in 2024 reached a historic milestone of over 3.1 million tons for the first time, reaching 166% of the 2024 plan, 117% of the management plan, recording a record growth of 28% compared to 2023.
This is the second consecutive year that PV GAS TRADING has maintained an output growth rate of over 20%. In total, in 2023 and 2024, PV GAS TRADING's business development output increased by a record of over 1.1 million tons, achieving a growth rate of 55% in the past 2 years. In particular, PV GAS TRADING's export and international business output in 2024 reached a record of over 1.5 million tons; a record growth of 75% compared to 2023.
For the first time in 17 years of establishment and development, PV GAS TRADING achieved a record revenue of 2.2 billion USD (55,000 billion VND), reaching 185% of the 2024 plan, 130% of the management plan. At the same time, it established a record revenue growth of 45% compared to 2023.
In which, foreign market business revenue grew strongly, reaching a record of nearly 1 billion USD, equal to 2.2 times the same period. With the above results, PV GAS TRADING is proud to contribute 52% to PV GAS's consolidated revenue to reach the record of 105,000 billion for the first time and the total revenue of the Corporation reached more than 125,000 billion, the highest in the history of 34 years of establishment and development.
On this occasion, PV GAS TRADING also honored individuals with outstanding achievements in the production and business emulation movement and Trade Union activities in 2024, and elected outstanding individuals to attend the PV GAS "Workers" Conference scheduled to take place in December 2024.
Speaking at the Conference, Mr. Pham Van Phong, General Director of PV GAS highly appreciated the leading role of PV GAS TRADING in transforming PV GAS's business model and acknowledged the typical and outstanding contributions of PV GAS TRADING to the overall business performance of the Corporation.
