PVN basically exceeded the production and business targets in February 2020

On Mar 6^th in Hanoi, President and CEO of PetroVietnam (PVN) Mr. Hung.M.L chaired the regular meeting with properties on business results of Feb and plans of March 2020. Attending the meetings, there were Vice President Mr. Thap.Q.Nguyen, Mr. Huyen.X.L, Mr. Mau.V.Nguyen – leaders of Departments/Offices, leaders of properties in the Group.

In the context of the world and domestic economy being seriously affected by Covid-19 epidemic, the price of crude oil and gasoline sharply decrease, the demand of consumption of products in the Group's supply chain such as gasoline, oil, nitrogen ... declines. The process of implementing oil and gas service activities of the Group's units in the international market has been difficult due to epidemics. In this situation, the Group has directed its member units to focus on forecasting market control during the Covid-19 pandemic, developing special response scenarios in the field of production and business,  petroleum, inventory, transportation. Companies in each sector have intensified the sharing of market information, research results, jobs, resources and optimization in procurement of materials, facilities for production and business.

With timely solutions, the Group and its subsidiaries have maintained stable, safe production and business activities, basically the production targets of the Group have exceeded the target plan in February due to the higher average output and oil price.

At the meeting, Directors of the units briefly reported the situation of production and business in February, directions and tasks in March and the following months. Besides, they also propose the Group to support and solve some difficulties that are encountered in the process of deploying related works.

Based on the reports as well as recommendations and opinions mentioned in the briefing session, Mr. Hung.M.L highly appreciated the efforts of the units that have successfully completed the assigned tasks; proactively grasp the situation, recognize and fully evaluate difficult and challenging issues both in the short, medium and long term. He also proposes solutions in each specific period to complete the March plan successfully.

In the following months, President Hung.M. L proposed units on the basis of allocating and making monthly and quarterly plans for management with the goal of exceeding the approved business and production plan, reviewing cost reduction, optimizing resources in line with market fluctuations, strictly controlling the implementation process to ensure the implementation of the periodic and annual plan targets.

He requested the units to continue researching and closely following the developments of the situation, proactively making forecasts and assessments, on the basis of the assigned plan, to build and update specific solutions, both short-term as well as long-term, promptly report difficulties and problems to find ways to solve and ensure the best performance of production and business tasks

At the same time, President Hung.M.L proposed the units to further enhance the exchange, proactively coordinate in the supply chains to maximize the Group's resources such as supplies, Human Resources