PVTrans, the company that holds 100% of the domestic crude oil and LPG transportation market share, has set this year’s profit target at VND 1,200 billion, lower than the previous year.
PetroVietnam Transportation Corporation (PVTrans) recently announced its consolidated revenue plan for this year, targeting an increase of less than 1% compared to the previous year, reaching VND 16,500 billion. Meanwhile, after-tax profit is expected to decline by nearly 10% to VND 1,200 billion.
PVTrans has a “tradition” of setting cautious business targets. According to VnExpress statistics over the past five years, the company has consistently set lower annual targets than the previous year, yet actual results have exceeded the targets by one and a half to two times.
In documents sent to shareholders ahead of next month’s annual general meeting, PVTrans’ management stated that the oil market will remain in a relatively fragile balance, as price fluctuations depend significantly on macroeconomic developments and geopolitical factors. Conflicts in the Middle East have temporarily disrupted oil exploration, transportation activities, and energy supply chains. This has caused oil prices and international transportation costs to fluctuate sharply.
However, PVTrans’ management believes that energy price fluctuations arising from geopolitical events are often cyclical and may gradually stabilize once conflicts are controlled or diplomatic solutions are reached. The company forecasts that the crude oil, refined petroleum products, and chemical transportation market this year will grow by around 1–2% compared to the previous year. In the dry bulk shipping segment, demand is expected to decline due to slowing global economic growth, particularly in major economies such as the United States and the European Union.
PVTrans was established in 2002 with its main mission being oil and gas transportation, especially crude oil transportation. According to data published on its website, the company currently operates a fleet of 61 vessels. Most of these are chemical tankers, LPG carriers, and dry bulk vessels. The company plans to invest an additional approximately VND 3,860 billion this year to expand its fleet.
PVTrans is an important link in the national energy supply chain. In its annual report published last year, the company stated that it holds 100% of the domestic crude oil and LPG transportation market share, serving the Dung Quat Refinery in Quang Ngai and the Nghi Son Refinery in Thanh Hoa. In addition, the company transports around 30% of the domestic petroleum market share. Total revenue last year reached VND 16,448 billion, with after-tax profit of VND 1,329 billion.
PVTrans is currently listed on the Ho Chi Minh City Stock Exchange. Its shares are trading around VND 21,000, slightly higher than at the beginning of the year but 25% lower than the recent peak reached in early March.
