The Board of Directors of Petrolimex has issued a resolution to dismiss CEO Dao Nam Hai, effective from May 30. Earlier, the Ministry of Finance temporarily suspended Mr. Hai due to an ongoing investigation, transferring state capital representation rights to Chairman Pham Van Thanh. Dao Nam Hai was appointed CEO in March 2022 after nearly five years as Deputy CEO. The company’s business performance during his leadership showed many fluctuations: net profit in 2022 dropped by 39% compared to the previous year, but increased by 61% in 2023. The 2025 revenue target is set to decrease by 13% compared to 2024, at 248 trillion VND, with a 19% drop in pre-tax profit. By the end of Q1 2025, net revenue reached over 67.8 trillion VND, down 9.6% year-on-year.
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