PTSC Thanh Hoa Holds The Annual General Meeting In 2025: Sustain Success – Lead The Breakthrough

On 21st Apr, 2025 at Cat Tuong Conference Hall, PTSC Thanh Hoa held The Annual General Meeting (AGM) in 2025. This is a crucial event to review, summarize the business performance in 2025, outline key plans and strategies of PTSC Thanh Hoa in 2025 and the following years, acknowledge the opinions and aspirations of shareholders to improve business objectives and strategies, also ensure the shareholder’s rights and interests.

Participating in the AGM, on behalf of Vietnam National Industry – Energy Group (PVN) and Vietnam Petroleum Association (VPA), there were the presences of Mr. Nguyen Xuan Nham – Former General Director of PVN and PTSC; Mr. Nguyen Hung Dung – Vice Chairman cum General Secretary of VPA, Former Member of the Board of Members of PVN.

On behalf of PTSC and subsidiaries, there were the presences of Mr. Thai Quoc Hiep – Former Party Secretary, Former Chairman of the Board of Directors; Mr. Nguyen Xuan Ngoc - Member of the Standing Committee of the Party Committee, Member of the Board of Directors; Mr. Nguyen Tran Toan - Member of the Standing Committee of the Party Committee, Chairman of the Trade Union; Mr. Pham Van Hung - Member of the Party Executive Committee, Vice President; with leaders and officers of the specialized departments of PTSC and its member units.

Representing of major shareholders – PVCombank Fund Management JSC (PVCB Capital), there was the presences of Mr. Le Manh Cuong.

On behalf of PTSC Thanh Hoa Technical Services Company (PTSC Thanh Hoa), the AGM was attended by all members of the Board of Directors (BOD), Board of Supervisors, Board of Management (BOM), key officials and all shareholders.

The overview of the Event

At the AGM, Mr. Le Van Nga – The Chairman of the BOD of PTSC Thanh Hoa reported company’s business performance in 2024 and plan in 2025. In 2024, in spite of numerous fluctuations in the market, PTSC Thanh Hoa has maintained the stable growth thanks to close direction of PTSC and the proactivity of Management Board. Facilities have been invested comprehensively, productivity has been improved; Port Operation service, O&M service, Vessel service have reached good achievements, affirming the prestige in the domestic market. In addition to advantages, PTSC Thanh Hoa has coped with a few challenges such as potential Mechanical and Renewable Energy fields without specific opportunities; high competitiveness in Port Operation and O&M services; unoptimized Logistics chains; a few domestic contracts encounter problems with capital and payment progress. The company has invested in upgrading road infrastructure and promoting the progress of key projects, achieving an investment disbursement of VND 55.2 billion in 2024.

Entering 2025, the BOD has set the goal of stable development of core services, while creating breakthroughs in key sections such as O&M, Mechanical and enhancing offshore renewable energy. PTSC Thanh Hoa will continue to upgrade its management system towards green and modern production, implement digital transformation, attract high-qualified human resources, and coordinate with PVN and PTSC to expand a technical service complex in Nghi Son Economic Zone, aiming to become a strategic link in the supply chain of high-quality technical services domestically and internationally.

Mr. Le Van Nga – Chairman of BOD of PTSC Thanh Hoa reported the business performance and operation in 2024 and plan in 2025

Following the event, Mr. Pham Hung Phuong – Director reported business performance and operation results in 2024, and plan of business and operation in 2025. Despite global economic fluctuations and rising oil prices, PTSC Thanh Hoa achieved positive results in 2024 by proactively implementing a comprehensive set of management solutions. Revenue reached VND 1,202.64 billion (114.54% of the annual plan), and pre-tax profit hit VND 42.51 billion (100.02%). Key business segments including vessel marine services, logistics, mechanical & industrial construction services, and O&M recorded encouraging growth. Port throughput hit a record 5.83 million tons, mechanical services nearly doubled compared to 2023, and O&M affirmed its capabilities with major contracts such as EPC STG3 and DMS for NSRP. The Company maintained safety and quality across maintenance & operations and logistics.

In 2025, PTSC Thanh Hoa sets a revenue target of VND 1,416 billion and pre-tax profit of VND 50 billion, oriented development towards to a green, lean, efficient and large-scale production model. The company maintains its traditional market, expands its Mechanical and O&M services abroad, and strives to sign at least one international contract. At the same time, it will promote digital transformation, ensure absolute safety in all operations, improve the organization, enhance labor productivity and welfare for employees. Investment will be focused on key projects such as port upgrades, construction of paint and cleaning workshops, with a minimum disbursement rate of 60%. Additionally, infrastructure planning will be finalized to develop a technical service hub linked to the seaport, serving industrial and renewable energy sectors.

Mr. Pham Hung Phuong – Director of PTSC Thanh Hoa presented the report of business and operation results in 2024 and plan in 2025

At the AGM, shareholders approved several important resolutions for efficient operations in 2025. It was approved the 2024 report of Board of Supervisor and work plan in 2025; the audited 2024 financial statements; the 2024 profit distribution plan and 2025 financial plan; the proposal to select an audit firm for 2025; the proposal on remuneration and operating expenses of the Board of Directors and Board of Supervisor; and amendments to the operational regulations of Board of Supervisor.

On behalf of PTSC, Mr. Nguyen Xuan Ngoc praised PTSC Thanh Hoa’s solidarity, resilience, and strong business results. He also acknowledged the Company’s transparency and compliance with corporate governance standards. PTSC made an agreement on PTSC Thanh Hoa’s 2025 plans, solutions and encouraged continued market expansion, improved governance, restructuring, and prompt resolution of audit recommendations, maintaining strict safety and quality standards.

PTSC highly appreciated PTSC Thanh Hoa’s decisive investment and committed to resolving issues raised by the Company at the soonest. PTSC committed to support PTSC Thanh Hoa’s sustainable growth within the PTSC and PVN.

Mr. Nguyen Xuan Ngoc - Member of the Standing Committee of the Party Committee, Member of the Board of Directors has a speech

The 2025 AGM of PTSC Thanh Hoa concluded successfully, reflecting strong unity, consensus, and alignment between the Management and its shareholders. This serves as a solid foundation for PTSC Thanh Hoa to continue its path of sustainable development, maintain its position in petroleum technical services, and move toward becoming a high-quality technical service hub integrated with seaport infrastructure, making contribution to develop Thanh Hoa becoming an energy center of Vietnam.

Nguyen Huu Tien - Nguyen Hai Duong