PETROVIETNAM CHEMICAL AND SERVICES CORPORATION

PETROVIETNAM CHEMICAL AND SERVICES CORPORATION (TỔNG CÔNG TY HÓA CHẤT VÀ DỊCH VỤ DẦU KHÍ – PVCHEM) is a long-standing chemical and oilfield service enterprise within Vietnam’s petroleum ecosystem. Operating since 2005 under business ID 0100150873 and headquartered on Trung Kính Street in Hà Nội, the corporation now has more than 340 employees and multiple branches spanning Hà Nội, Vũng Tàu, and Ho Chi Minh City.

PVChem manufactures specialized drilling fluids, provides chemical and technical services for the oil and gas industry, and engages in a wide range of environmental, wastewater treatment, hazardous waste handling, engineering, and fuel wholesale activities. This highly diversified portfolio makes it a key technical backbone for upstream and midstream petroleum operations.

A year of strong recovery across all major indicators

The financial charts on page one show that 2024 was an emphatic rebound year.

• Revenue surged to USD 121.49 million, up 34.27% YoY.

• Profit soared to USD 636,506, an increase of 158.18% YoY, reversing the steep drop in 2023.

• Equity climbed to USD 42.65 million, a robust increase of 14.28%.

• Working capital more than doubled to USD 36.56 million, strengthening short-term resilience.

Total assets grew modestly to USD 84.86 million, confirming stable expansion rather than aggressive leveraging.

A solid but mixed ownership structure

The shareholder pie chart on page two shows that the corporation is 36 percent owned by Vietnam National Industry – Energy Group, while the remaining 64 percent is owned by other shareholders. This composition positions PVChem as a publicly held company with partial state ownership, listed on the HNX under ticker PVC.

Leadership and governance

PVChem is chaired by Trương Đ. N., with Phan C. T. serving as General Director. The company’s management over the past year appears to have successfully navigated cost pressures and market fluctuations, delivering a strong turnaround in profitability.

Overall assessment

PVChem stands out as a specialized, strategically important chemical and service provider for Vietnam’s oil and gas sector. Its 2024 rebound shows healthier margins, improved liquidity, and strengthened equity — indications that operational restructuring and market conditions are working in its favor. With diversified revenue streams and key roles in petroleum operations, PVChem is well-positioned for continued recovery and long-term stability.