PETROVIETNAM GENERAL SERVICES CORPORATION

PETROVIETNAM GENERAL SERVICES CORPORATION (TỔNG CÔNG TY CỔ PHẦN DỊCH VỤ TỔNG HỢP DẦU KHÍ), also known as PETROSETCO, is a publicly held joint stock company operating under Business Registration Number 0300452060. The company was established on September 29, 2006, and is currently headquartered at the PetroVietnam Building, No. 1-5 Le Duan Street, District 1, Ho Chi Minh City. With over 2,600 employees, PETROVIETNAM GENERAL SERVICES CORPORATION maintains a wide operational scope across consumer electronics distribution, logistics, hospitality, and catering services.

The company’s business model is diversified, with core revenue streams derived from distributing IT, telecom, and electronic products, alongside household goods and industrial inputs like polypropylene plastic pellets and liquefied petroleum gas (LPG). PETROVIETNAM GENERAL SERVICES CORPORATION also operates in supply chain services, real estate, hotel management, and industrial catering. It is listed on the Ho Chi Minh Stock Exchange under the symbol PET and maintains a charter capital of over USD 44 million.

As of 2023, the company reported total assets of USD 166.25 million, reflecting a 4.33% decline year-over-year. Sales reached USD 280.36 million, a 2.46% decrease from 2022, while net profit dropped sharply by 24.37% to USD 1.35 million. These declines suggest margin compression or inefficiencies in a multi-branch operational structure. Meanwhile, owner’s equity rose slightly to USD 63.45 million, indicating retained earnings despite slowing profitability. Working capital stood at USD 11.74 million, which may present liquidity constraints for a company of this scale.

Ownership data shows that PETROVIETNAM GENERAL SERVICES CORPORATION maintains a partial state affiliation through the Vietnam National Industry – Energy Group, which holds 24.22% of the shares. Foreign investor Samarang UCITS, based in Luxembourg, holds 9.97%, while the Chairman, Mr. Phung Tuan Ha, personally controls 5.27%. The rest is dispersed among other shareholders, a structure that may influence corporate governance dynamics.

Chairman Phung Tuan Ha and General Director Vu Tien Duong head leadership. The company has undergone several transformations, including a rebranding from its former name as a tourism service provider, and has since positioned itself as a diversified service entity. However, PETROVIETNAM GENERAL SERVICES CORPORATION now faces the challenge of delivering profitability across a spread-out portfolio of unrelated sectors, while balancing shareholder expectations, state oversight, and foreign investment.

For investors and partners evaluating PETROVIETNAM GENERAL SERVICES CORPORATION, surface-level revenue figures are not enough. Comprehensive risk assessments—such as those conducted by VANGUARD BUSINESS INFORMATION LLC (VBI)—are essential to understand the financial realities, liquidity pressure points, and strategic vulnerabilities. VBI provides verified credit reports, litigation screening, and operational evaluations, helping institutions manage their exposure to potential defaults, hidden liabilities, or governance inconsistencies.

PETROVIETNAM GENERAL SERVICES CORPORATION (TỔNG CÔNG TY CỔ PHẦN DỊCH VỤ TỔNG HỢP DẦU KHÍ) remains active in several industries, but its recent financial contraction signals a need for sharper focus and operational discipline. Whether the company can consolidate its activities and stabilize earnings will depend not just on market forces, but also on how transparently it engages with its shareholders, creditors, and third-party evaluators.