Managing fluctuations, optimizing values, promoting consumption, overcoming difficulties, seizing opportunities and reaching destination safely

That is the guideline of operation in April and the second quarter 2020 of Vietnam Oil and Gas Group (PVN), which was thoroughly grasped by PVN President and CEO- Mr. Le Manh Hung at the briefing meeting on April 8^th, 2020, aiming to evaluate the production and business activities in March and the first quarter of 2020, implementing tasks in April 2020; Attending the meeting were the Deputy General Directors of the Group, Head of the Group's Specialized Departments, the General Director of the member units, branches of the Group. The briefing was online at 10 different locations throughout the country.

PVN's Board of Directors at the briefing.

The production and business results of the Group and its units in March and the first quarter of 2020 were reported in the conference. In addition, the leaders of the units gave a brief report on the implementation of solutions to cope with the double effects of oil prices and Covid-19, orienting to implement tasks for the coming months.

Accordingly, the whole Group has fully aware of protecting safety and health of employee’s sprit; From there, focus on directing production and business, strengthening governance, optimizing resources to reduce costs, save time and improve labor productivity. Review and cut costs to synchronize with reducing revenues, including personal income from leaders to employees.

In particular, PVN and its units have actively captured and updated the market information on supply and demand, price fluctuations of crude oil and petroleum products, thereby developing plans to take advantage of opportunities, improve operating efficiency, reduce damage due to the market impact.

With the drastic and specific solutions have been implemented synchronously and through the end of the first quarter of 2020, despite facing many difficulties and challenges, the Group has basically fulfilled its targets. The exploitation and production planning task is set out in March and the first quarter of 2020. However, in the difficult context due to severe oil price decline and the influence of Covid-19, the Group's financial targets inevitably did not meet the plan.

Delegates attending the briefings in Hanoi.

At the meeting, the leaders of the Group and the General Director of units have exchanged and proposed solutions to resolve and remove outstanding problems, ensuring the good performance of the tasks assigned in the next months in 2020. In particular, focus on the solutions to reduce costs, develop optimal plans of resources to ensure maintenance in the current context of deep oil prices.

After listening to the reports and exchanging, Mr. Le Manh Hung highly appreciated the results that the Group and its units achieved in March and the first quarter of 2020; at the same time, acknowledge the efforts of PVN's workers in the context that the Group is in the most difficult period time.

PVN President & CEO Le Manh Hung spoke at the conference.

In the near future, Mr. Le Manh Hung asked the units to focus on implementing a number of specific task groups in April and the second quarter of 2020 with the motto “Managing fluctuations, optimizing values, promoting consumption, overcoming difficulties, seizing opportunities and reaching destination safely”.

Mr. Le Manh Hung emphasized that April will be a month with many fluctuations as a result of the Covid-19 pandemic; the economic downturn leading to a sluggish market demand will lead to price fluctuations, so PVN need to focus on managing fluctuations and propose specific solutions at this time. At the same time, continue to reduce costs, optimize resources (reduce unnecessary space, and increase spending on urgent tasks), to ensure efficient production and business activities.

For production units, in the context of low market demand, large inventory of goods, the units must create links, promote product consumption activities quickly to overcome difficulties.

Besides, the current context also presents opportunities, so it is necessary to quickly seize the opportunities, continue to review, change, create, and regularly update information for management and operation solutions promptly and efficiently. Units need to continue strengthening coordination, sharing difficulties with each other, increasing forecasting, identifying market movements, thereby minimizing negative impacts. In the context of unpredictable epidemics, PVN and its units should focus on preventing and combating the spread of Covid-19 epidemic in order to ensure a working environment for workers, striving to reach the targets, mission safely.

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