PV GAS trading completes 2023 LPG business production plan

PV GAS Trading has always been dedicating themselves day and night to diligently handle the delivery of each LPG vessel and lorry, ensuring the stable distribution of LPG throughout the national market. Ultimately, September 17, 2023, marked a significant milestone of PV GAS Trading: the company had accomplished its business production plan for 2023.

Receipt of a LPG vessel

In 2023, the global economy entered a recessionary phase, coupled with the ongoing Russia-Ukraine crisis, and the decline in the international oil supply leading to fluctuating oil prices ever since. As a result, this has had a significant impact on Vietnam’s economy, where the demand for LPG for both industrial and residential use has decreased sharply compared to last year’s same period.

The liquefied petroleum gas (LPG) business market has witnessed intense competition in both domestic and international supply sources. Its prices have been unpredictably unstable, defying the usual patterns – the CP (Contract Price) experienced a shocking and continuous 51% decrease from February to July 2023, thereby heightening risks in business, as well as supply chain management, including production, import/export, inventory, and distribution. This has had a significantly negative influence on the overall business efficiency of all components within the LPG value chain.

Viet Dragon 68 floating storage vessel received the a refrigerated LPG ship

In face of the stacking challenges, under the close guidance of PV GAS’ leadership, PV GAS Trading remained its steadfast growth year-over-year. It vigorously executed its business strategy, demonstrated sharp market awareness, and displayed flexibility in sales policies. Ultimately, by mid-September, the company excellently achieved impressive results as follows:

–   Achieving 2023’s target of 1.8 million tons of total LPG business, representing a 25% growth compared to the same period in 2022.
–   Securing a 4% increase in domestic business production y-o-y, capturing a 70% wholesale LPG market share nationwide and becoming the number one LPG supplier in Vietnam.
–   Witnessing a remarkable growth in exports and international business production, 2.2 times higher y-o-y.
–   Attaining the revenue for 2023’s first 8 months amounting to approximately VND 25,000B, equal to 128% of the plan, and 40% of PV GAS’ total revenue.
–   Ensuring absolute safety in the delivery of 29 refrigerated LPG vessel shipments, 870 pressure vessel shipments, and over 31,000 LPG distribution fleets.
–   Strengthening collaboration and the LPG supply chain within PVN, elevating the brand reputation of PV GAS in the LPG market regionally and internationally.

Heading towards the remaining months of 2023

At the beginning of September 2023, the Board of Management and functional divisions of PV GAS Trading convened to implement the plan for the remaining months of 2023 and establish business objectives for 2024. They emphasized the importance of market analysis, evaluation, and forecasting to make timely decisions aligned with market dynamics. Mr. Nguyen Phuc Tue, General Manager of PV GAS Trading, affirmed: With the motto of “Managing volatility, seizing opportunities, expanding markets, and increasing production”, along with unanimous determination of the company’s leadership and staff, they would surely surpass the targets for 2023 and achieve great milestones, contributing to overall growth and rightfully holding the position as a leading unit within PV GAS.