The PLX (Petrolimex) stock recently surged to 35,800 VND/share after a period of stagnation, with a market capitalization of over 45 trillion VND. In Q1 2025, its net revenue reached nearly 67.9 trillion VND, down 10% compared to the previous year, leading to an 81% drop in net profit to 211 billion VND, the second-lowest in the past 10 quarters. Increasing business costs, coupled with falling oil prices, are expected to further reduce Petrolimex’s profits in 2025. The company is required to ensure the largest fuel supply in the country. In response, Petrolimex is implementing cost-cutting measures and improving operations. Its retail network consists of 5,500 stores, holding about 50% of Vietnam’s fuel market share. Additionally, on May 6, the representative of state capital at Petrolimex was temporarily suspended from duties.
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