Annual Report 2020

PetroVietnam Gas Joint Stock Corporation 30 Years Of Remarkable Milestones
TABLE OF CONTENTS
06 28 98 106
CHAPTER 01 CHAPTER 02 CHAPTER 03 CHAPTER 04
Overview Business performance Development strategy Financial statements
08 30 100 108
Message from the Chairman of the BOD Organizational chart Difficulties and challenges in market development Corporate information
10 32 109
Message from the President & CEO Board of Directors, Board of Management 102 Statement by the Board of Management
Business model and growth motivation
and Board of Supervisors 110
in the 2021-2025 period
12 Independent auditor’s report
40
30 years of establishment and development
Report of the Board of Directors 104 112
Production and business plan in 2021 Consolidated balance sheet (Form B 01 – DN/HN)
24 46
Achievements, Awards and Accolades Report of the Board of Supervisor 115
Consolidated income statement
50
Report of the Board of Management (Form B 02 – DN/HN)
80 116
Governance report 2020 Consolidated cash flow statement
(Form B 03 – DN/HN)
118
Notes to the consolidated financial statements
Transaction name: Tel: (028) 3781 6777 Abbreviations:

PetroVietnam Gas Joint Stock Corporation
BOM Board of Management
BOS Board of Supervisors
Business registration certificate: Fax: (028) 37815666 - 37815777
3500102710 ST Staff
CCP Central Compression Platform
Address: E-mail: pvgas@pvgas.com.vn CNG Compressed Natural Gas
PV GAS TOWER, No. 673 Nguyen Huu Tho Street,
GPP Gas Processing Plant
Phuoc Kien Commune, Nha Be District, Ho Chi Minh City
BOD Board of Directors
Website: www.pvgas.com.vn
$ Charter capital: LNG Liquefied Natural Gas
19.139.500.000.000 dong LPG Liquefied Petroleum Gas
(Nineteen thousand one hundred thirty nine billion and
five hundred million dong ) Stock Symbol: GAS PV GAS PetroVietnam Gas Joint Stock Corporation
4 Annual Report 2020 Overview Business Development Financial 5

performance strategy statements
CHAPTER 01
Overview
08
Message from the Chairman of the BOD
10
Message from the President & CEO
12
30 years of establishment and development
24
Achievements, Awards and Accolades
Overview Business Development Financial

“ ...With the motto “Solidarity - Innovation -

Professionalism - Action”, the leadership
and all PV GAS staff jointly strive to complete
most of 2020’s production and business plan
targets despite the hardship and challenges...
“
Mr. NGUYEN SINH KHANG
Chairman of the BOD
MESSAGE FROM THE CHAIRMAN OF THE BOD
Dear Valued Shareholders,

Partners and Customers!
Founded on 20th September 1990 and with over 30 years In 2021 and on the journey ahead, PV GAS will encounter
of experience in the transportation, storage, and trading numerous difficulties and challenges regarding the
of gas and gas products, PetroVietnam Gas Joint Stock finiteness of domestic gas reserves and mechanisms and
Corporation (PV GAS) has always taken pride in being a policies in the gas industry, as well as in the implementation
leader and a standard-bearer of the Vietnam Oil and Gas of major and complex projects requiring significant
Group, a key enterprise of the domestic gas industry. capital and long-running gas systems needing intensive
maintenance and repair, etc. However, with the direction
2020 is a year of great changes and challenges for
and support of the Government, Ministries, State Capital
the world and Vietnam. In particular, the oil and gas
Investment Corporations, and the Vietnam Oil and Gas
industry suffers from the double impact of Covid-19 and
Group; the active cooperation and smooth support from
the decline of and unpredictable changes in oil prices.
internal and external units; the companionship, support,
Nevertheless, 2020 is a special year for PV GAS as it
and trust of partners, customers and shareholders;
marks the 30th anniversary of its establishment. PV GAS
the effort and unity of all staff; the responsibility,
organizes a variety of activities to reminisce about its
bravery, flexibility and creativity of the management
journey and the efforts made and steps taken to achieve
and governance of the PV GAS leadership, PV GAS will
its current size and position. With the motto “Solidarity
accomplish all its strategic plans and targets. This is the
- Innovation - Professionalism - Action”, the leadership
opportunity for PV GAS to become a prestigious brand in
and all PV GAS staff jointly strive to complete most of
the eyes of its partners and customers in the domestic
2020’s production and business plan targets despite the
and international markets, while providing true values to
hardship and challenges. PV GAS exceeds all revenue,
all shareholders, partners, and customers.
profit, and state budget contribution payment targets,
and performs well in its social welfare activities. PV On behalf of the PV GAS Board of Directors, I would like
GAS continues to maintain its leading position in the gas to express my sincere gratitude to all shareholders,
industry, contributing to both national energy and food partners and customers for your trust, companionship,
security with the provision of gas to produce nearly 20% and support during the establishment and development
of electricity output and 70% of the nationwide fertilizer of the company. We hope to continue to receive your
Chairman of the BOD
demand, while also meeting over 65% of the national LPG confidence and support in the future, which will be a great
production. Furthermore, PV GAS successfully sustains motivation for us to pursue missions in 2021 and on the
the 10th Party Congress and contributes toward the Party journey ahead.
Congresses at all levels, as well as the 13th National
I wish PV GAS unceasing growth and numerous
Party Congress.
achievements! Nguyen Sinh Khang

“ ...PV GAS is honored to be recognized as one

of the Top 50 Listed Companies in Vietnam
in 2020 by Forbes for the 8th year in a row. It
also ranks 7th in the list of Profit500’s Top 500 “
profitable companies in Vietnam in 2020...
Mr. DUONG MANH SON
President & CEO
MESSAGE FROM THE PRESIDENT & CEO
Dear Valued Shareholders,
The year 2020 passs in the context of the prolonged its planned tasks and targets with the following results: All Forbes for the 8th year in a row. It also ranks 7th in the PV GAS leadership, not to mention the fact that the entire
Covid-19 epidemic, which results in the domestic PV GAS gas systems/works operate in a safe and effective list of Profit500’s Top 500 profitable companies in Vietnam PV GAS staff always strives to work creatively with the
production and consumption of products and services way to ensure the continuous supply of gas; measures are in 2020 as announced by Vietnam Report in cooperation highest sense of discipline, it is believed that PV GAS will
being severely impacted. Additionally, the demand implemented for the successful prevention and control of with VietnamNet, and is one of 124 companies awarded fulfill the planned targets and tasks for 2021. It is also
for fuel decreases, especially the demand for gas Covid-19 with no Covid-19 infections at PV GAS; nearly 8.7 the National Brand in 2020 by the Ministry of Industry anticipated that mid and long-term development goals
for power generation and industry. PV GAS continues billion m3 of dry gas is supplied, accounting for 94% of the and Trade. will be achieved, thus maintaining its position as a key
to face difficulties: in particular, the decrease in the plan; over 1.9 million tons of LPG (over 1.5 million tons in enterprise in Vietnam’s gas industry. PV GAS will continue
In 2021, the global economy is expected to continue to
output of gas fields being exploited and the sharp domestic market and over 0.4 million tons for export and to strive to reach out to the region and the world, satisfying
face many difficulties and challenges and the global
decline of oil prices and CP prices, which remains international business) are produced and traded, reaching the expectations of its shareholders and investors.
growth outlook is uncertain due to unpredictable
low at all times compared to what is predicted. the planned target 3 months ahead of schedule; over 58
variables caused by the Covid-19 epidemic. Oil prices On behalf of nearly 3,000 PV GAS employees, we would
What’s more, some major projects have urgent and thousand tons of condensate are produced and supplied,
are expected to face many fluctuations at low prices. In like to express our deep gratitude to PVN, our customers,
complicated schedules and many problems are exceeding the plan by 6%; financial targets are fulfilled
addition, PV GAS will face significant challenges when the partners, and especially our valued Shareholders for your
faced during implementation, including the order and exceeded the planned targets by between 0%-45%
output of the domestic gas fields decreases sharply or constant assistance, support for and cooperation with PV
to blockade other countries due to the Covid-19 (total revenue is over VND 65.6 trillion, profit before tax
if the new fields/supplies are not added in time or have GAS in previous years and the sustainable development
epidemic, which significantly affects the mobilization is nearly VND 10 trillion, profit after tax is nearly VND 8
a small output. Moreover, the current long-running gas path in the coming years.
of personnel, material, and equipment for project trillion, significantly contributing to the state budget and
system needs more frequent maintenance and repair
deployment. All the aforementioned factors place PVN (VND 4.35 trillion).
and the cost of operations, maintenance, and repairs is
great pressure on the production and business President & CEO
In December 2020, PV GAS also completes and puts into growing; the number of equipment failures causing an
activities of PV GAS.
operation the entire Nam Con Son 2 gas project chain, interruption or suspension of the upstream gas supply
Despite facing many hurdles, with the motto ensuring the progress of the gas receipt of Sao Vang Dai is increasing; the regulations regarding construction
“Solidarity - Innovation - Professionalism - Action”, Nguyet and significantly supplementing the decreased investment are complicated, with many difficulties and
the leadership and all PV GAS staff are determined gas supply in the Southeast region. obstacles affecting the progress of projects; both new
Duong Manh Son
and innovative in its thinking and professional in gas supplies and projects have high costs and come with
With the aforementioned results, PV GAS ranks among
its action. Good use is made of opportunities and 5 great risks, etc.
the top companies with positive financial indicators
solution groups are deployed (regarding governance,
within PVN, with the following financial indicators: after- PV GAS expects to mobilize the maximum available
investment, finance, market, mechanisms and
tax/equity ratio reached 16%, after-tax/chartered capital resources to remove and overcome the aforementioned
policies) in a drastic, synchronous, and effective
ratio by 41%, liabilities/total assets ratio by 22%, ranks challenges. However, with a steady capability in terms
manner. Active assistance is provided from all levels
among the top companies with large capitalization and a of facilities, assets, finance, experience, prestige, and
and internal and external units, there is smooth/
high annual dividend payout ratio (30%/chartered capital); brand, and thanks to the governance capacity, high sense
close coordination of all phases from upstream to
continues to maintain a stable gas supply to produce of responsibility, professional and modern working style,
downstream and from all project contractors – in
nearly 20% of electricity output and 70% of fertilizer sensitivity to current developments, long-term strategic
particular there is active direction and support
demand, while meeting over 65% of the national LPG vision, and the timely issuance of proper decisions of the
from the Vietnam Oil and Gas Group, Ministries/
production. PV GAS is honored to be recognized as one
Government, etc. PV GAS successfully implements
of the Top 50 Listed Companies in Vietnam in 2020 by

30 YEARS OF ESTABLISHMENT
AND DEVELOPMENT
Vision, Mission, Core values
Vision Developing PV GAS into a robust, sustainable and highly competitive

enterprise, fully operating in all stages of the gas and gas product
Core values •
•
Safety is our vital concern;
Sustainable development with socio-community and friendly environment;
value chain; playing the leading role in the gas industry of Vietnam, • Responsibility with employees, customers, investors, and partners;
participating in the international market.
• Professionalism: Proficient in work, dynamic, creative and effective;
• Connectivity: Unity, ability of teamwork, coordination between departments
in PV GAS;
• Integration: Globalization;
Mission Maximizing the benefits of the country and its partners through
deploying and operating safely and effectively the whole system
• Loyalty: Loyal to the interests of PV GAS and the Vietnam Oil and Gas Group;
• Aggression: Confident, dare to think, dare to do, dare to take responsibility for
of gathering, importing, transporting, storing, processing, and
PV GAS’s development;
distributing gas and gas products in Vietnam and connecting with
regional gas pipelines; ensuring customer satisfaction nationwide • People factor: Respect, maximize people’s potential;
with the delivery of high quality gas products and services, • Tradition: Promote the tradition of “Fire-seekers”.
penetrating the global gas market.

Businesses,
products, partners
Businesses
Gathering, transporting, storing, and processing gas and Consumption of LPG from petrochemical refineries Exporting and importing of dry gas, LNG, liquid Buying other international gas companies to
gas products; and other sources of PVN; gas, and condensate; become a member company of PV GAS; selling
subsidiaries when necessary;
Distributing and trading gas and dry gas products, LNG, Management, operation, maintenance, and repair of Importing materials, equipment, and facilities for the
CNG, LPG, and Condensate; bottling LPG into tanks and gas works; gas industry; Renting of machinery, equipment, means, gas works
tank trucks; trading materials, equipment, and chemicals or those related to gas works;
in the field of gas and gas product processing and usage;
Research and application in the study of gas and Participating in upstream gas projects to increase
trading port services, warehouse, yards, etc.;
renovation of gas works; the initiative and efficiency of gas product Other industries not prohibited by law and in line
processing and trading; with the direction and coordination of the PVN.
Investing in the infrastructure of the dry gas and
liquid gas distribution system in a uniform manner Providing services in the field of gas: renovation,
maintenance, and repair of engines, installation of Financial investment in outside companies;
throughout the corporation, from supply to distribution
as well as wholesale and retail throughout the country conversion equipment for transportation and the
and overseas; agriculture, forestry, and fishery sectors using gas
Investing in buying, selling, transferring, negotiating,
fuel, transportation services of gas fueled vehicles;
signing contracts, projects, and properties regarding
gas works;

Key products and services
Products Services
Dry gas, wet gas, LPG, Condensate, Low-pressured gas, CNG; Transportation of gas and gas products;
LNG: Under development. Production of steel pipes and coating.
PV GAS customers and partners
Currently, PV GAS supplies 3 key products: Dry gas, Liquefied

Petroleum Gas (LPG) and condensate. Moreover, PV GAS is also
currently developing products from dry gas, namely Compressed
Natural Gas (CNG) and hopes to develop Liquefied Natural Gas
(LNG) in the future. PV GAS products are offered to different
customer segments with their own specific use.
Customers using dry gas
Power plants are major consumers, accounting for 80% of total

gas output, followed by fertilizer plants at 11%, and industrial
customers at 9%.
In the Southeast region: Natural gas from fields under the Cuu
Long Basin and the Nam Con Son Basin is collected, transported,
and processed at Dinh Co Gas Processing Plant and Nam Con Son
Gas Processing Plant in order to separate it into gas products.
Dry gas, after passing through the gas processing plants, is
transported via pipelines to consumers in Ba Ria, Phu My, Nhon
Trach and Hiep Phuoc (Ho Chi Minh City), including:
• Power plants:
Ba Ria 350 MW
Phu My 1 1090 MW
Phu My 2.1 884 MW
Phu My 4 450 MW
Phu My 2.2 720 MW
Phu My 3 720 MW
Nhon Trach 1 450 MW
Nhon Trach 2 750 MW
Hiep Phuoc 1 375 MW
• Fertilizer plants
• Industrial customers:
In the Southwest region: Natural gas from fields under the

Malay – Tho Chu Basin is transported via pipelines to 2 Ca Mau
power plants with a total capacity of 1,500 MW and the Ca Mau
Fertilizer plant.

Customers using Liquefied Petroleum Gas (LPG) Customers using Liquefied Natural Gas (LNG)
PV GAS is the leading LPG producer, importer, and LNG is natural gas liquefied at -162°C, and is due to
trader in Vietnam, accounting for over 65% of the LPG be imported and distributed in Vietnam from 2022,
wholesale market share. targeting power plants and industrial customers in
the Southeast region and Binh Thuan.
LPG supplies:
Imported LNG will be distributed to consumers via 2
• LPG at the Dinh Co Gas Processing Plant is
methods:
produced from natural gas originating from the
gas fields under the Cuu Long Basin; • Pipelines: LNG is re-gasified and pumped to
pipelines to supply consumers;
• LPG is purchased from the Dung Quat Oil Refinery;
• Tank trucks/satellite LNG stations: Transportation
• LPG is imported from the Middle East and
by tank trucks to customers far from the pipeline
neighboring countries such as China, Malaysia,
system, with storage at satellites for regasification
Taiwan, Singapore, and Indonesia;
and supply to consumers.
• LPG is wholesaled in the form of tank trucks and
In the 2022-2023 period, LNG will be used as fuel for
vessels to customer terminals.
2 power plants in Dong Nai – Nhon Trach 3 and Nhon
The LPG retail network covering the whole country is Trach 4, and 2 power plants in Binh Thuan – Son My 1
assigned to members of PV GAS, namely LPG Vietnam and Son My 2.
Joint Stock Company (LPG Vietnam) and Southern Gas
Customers using Condensate
Trading Joint Stock Company (PV GAS South). These
units develop a retail distribution network through Condensate is a product collected from wet gas
agents to develop the brand of PetroVietnam Gas. LPG extracted from the oil and gas fields under the Cuu
is retailed in the form of 12 kg and 45 kg cylinders for Long Basin and the Nam Con Son Basin and is mainly
civil and commercial customers. used for the production of finished gasoline, partly
contributing to the domestic gasoline supply.
Customers using Compressed Natural Gas (CNG)
CNG products enter the gas market in 2008 and are

accepted by customers due to the comparative price
with traditional fuels such as gasoline, oil, LPG,
etc. The customers using CNG include industrial
households producing ceramic tiles, iron and
steel, ceramics, etc., located far from PV GAS gas
pipelines. CNG products will target the Central-region
market based on local gas supplies in the future.
Currently, three units dominating CNG business and
distribution are CNG Vietnam JSC, PV GAS South,
and LPG Vietnam.
Additionally, CNG is also used in transportation to

replace traditional fuels such as gasoline and oil.
Currently, 100 buses using CNG are operational in Ho
Chi Minh City.
CNG is characterized as a clean and environmentally

friendly fuel and is widely used around the world.

Business area
Diagram of
Throughout the entire country, with specific focus on
Thai Binh, Ho Chi Minh City, Vung Tau, and Ca Mau
SUPPLY CHAIN
GAS
LPG Hai Phong Terminal
VIETNAM CONTINENTAL SELF IMPORT-EXPORT AND
DUNG QUAT OIL REFINERY
LPG Vung Ang Terminal
LPG
GAS TRANSMISSION PIPELINES
LPG
condensate
LPG Dung Quat Terminal
GAS PROCESSING PLANT TERMINAL
LPG Go Dau Terminal

LPG Dong Nai Terminal
LPG Thi Vai Terminal
Nam Con Son Gas Processing Plant Dinh Co Gas Processing Plant
LPG Can Tho Terminal GAS DISTRIBUTION CENTER PORT

Cuu Long Gas System
Cuu Long Basin
PM3 - Ca Mau Gas System Nam Con Son Gas System

Malay – Tho Chu Basin Nam Con Son Basin
POWER PLANT FERTILIZER PLANT INDUSTRIAL CUSTOMERS LPG TRADING COMPANY CONDENSATE PLANT

30
30 Years Of Remarkable Milestones
OF REMARKABLE
MILESTONES
01/
2016 Increase chartered capital to
YEARS VND 19,139.5 billion.
2018 Put the Ca Mau Gas Processing

Plant into operation, contributing
05/ to an increase in gas value from
2011 Officially start
operating as a Joint
the PM3 source.
12/ Stock Company with

2002 Bring the first gas flow from
the Nam Con Son Basin
chartered capital of
VND 18,950 billion. 12/
ashore to supply consumers 05/
2020 Put the Nam Con Son 2 Project chain into
operation (adjusted phase 2 of the Nam
in the Southeast region.
2012 List and trade shares of
PV GAS on the first day of
Con Son 2 project; Sao Vang Dai Nguyet,
upgrade the Dinh Co Gas Processing
11/ the Ho Chi Minh City Plant to receive gas from the adjusted
2003 Complete the first low
pressure gas network.
Stock Exchange. Nam Con Son 2 - phase 2), making a
significant contribution to the decreased
08/ gas supply in the Southeast region.
09/ 2015 Bring the first flow gas
1990 Establish Gas Company,
05/ from the Red River Basin
bearing the task of collecting,
transporting, processing, 2007 Bring the first gas flow from
the PM3 – 46 Cai Nuoc field
ashore to supply
consumers in the North.
storing, and trading gas and ashore to supply consumers 2020
gas products. 2019
in the Southwest region. 2018
2017
2016
2015
04/ 2014
1995 Bring the first gas flow from
the Cuu Long Basin ashore to
07/
2007 Change name to PetroVietnam
2011
2012
2013
Gas Corporation, operating 2010
supply consumers in the
under the parent-subsidiary 2009
Southeast region. 2008
company model.
2007
2006
2005
2004
10/ 2003
1998 Produce LPG &
Condensate for the first 2001
2002
2000
time in Vietnam. 1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
Development milestones

2020 ACHIEVEMENTS, AWARDS AND ACCOLADES

Successfully organize the 10th PV GAS Party Congress, 2020 – 2025
term, and celebrate the 30th anniversary of the company’s establishment
(20/9/1990-20/9/2020).
2020
Achievements Ensure the safe and efficient operation of gas works without the occurrence
of any unsafe incidents.
Fulfill and exceed all planned financial targets in unfavorable conditions

due to a sharp decrease in oil prices.
Complete the construction and installation, and put the Nam Con Son 2
Project chain into operation (adjusted phase 2 of the Nam Con Son 2
project; Sao Vang Dai Nguyet, upgrade the Dinh Co Gas Processing Plant
to receive gas from the adjusted Nam Con Son 2 - phase 2) in unfavorable
conditions, making a significant contribution to the decreased gas supply in
the Southeast region.
Highly appreciated by prestigious national and international organizations:
• PV GAS is honored to be recognized as one of the Top 50 Listed

Companies in Vietnam in 2020 by Forbes for the 8th year in a row.
• Ranks 7th in the list of Profit500’s Top 500 profitable companies in

Vietnam in 2020 as announced by Vietnam Report in cooperation with
VietnamNet.
• One of 124 companies awarded the National Brand in 2020 by the

Ministry of Industry and Trade.
Implement measures for the successful prevention and control of Covid-19

with no Covid-19 infections at PV GAS, making an important contribution to
the successful implementation of the planned duties and targets for 2020.

2020 Awards
and Accolades
Ranks One of
07 124
01 02
th
Top 500 profitable companies companies awarded the
in Vietnam in 2020 National Brand in 2020
05 08
03 Holds the 04 For the
th th
position in the list of Vietnam’s year in a row PV GAS is honored to
Top 20 biggest companies with be recognized as one of the “Top 50
market capitalization Listed Companies in Vietnam in 2020”
Once again named in the Honored to be one of Vietnam’s
VNR500 50
05 06
Vietnam’s Top 500 largest Best-performing Companies

enterprises in 2020 in 2019

CHAPTER 02
Business performance
30
Organizational chart
32
Board of Directors, Board of Management
and Board of Supervisors
40
Report of the Board of Directors
46
Report of the Board of Supervisors
50
Report of the Board of Management
80
Governance report 2020
ORGANIZATIONAL CHART OF GENERAL MEETING

OF SHAREHOLDERS
PETROVIETNAM GAS JOINT STOCK CORPORATION
PV GAS now operates under the model of Parent Company - Subsidiary. In addition to the
parent company - PetroVietnam Gas Joint Stock Corporation with 14 operational divisions BOARD OF DIRECTORS
under the Board of Management - PV GAS also has 11 subsidiaries, 6 affiliated companies, CORPORATION
and 2 associated companies. The corporate structure of PV GAS is as follows:
BOARD OF SUPERVISORS
BOARD OF MANAGEMENT
OPERATIONAL DIVISIONS SUBSIDIARIES AFFILIATED COMPANIES ASSOCIATED COMPANIES
Administration PV GAS Vung Tau Processing Company PV Low-Pressure Gas Distribution JSC PVGAZPROM Natural Gas for
Vehicles Limited Liability Company
Health – Safety – Environment Division PV GAS South East Transmission Company
Petro Vietnam LPG Joint Stock Company Southern Gas Trading
Human Resource Division PV GAS Ca Mau Company
Joint Stock Company
Planning Division PV GAS Services Company CNG Vietnam Joint Stock Company
Finance Division PV GAS Trading Company PetroVietnam Coating Joint Stock Company
Accounting Division PV GAS Nam Con Son Pipeline Company

PetroVietnam Steel Pipe
Joint Stock Company
Business and Gas Contracts Division PV GAS Hai Phong Company
Legal Division PV GAS LNG Trading Company LNG Vietnam Joint Stock Company
Commerce and Bid Management Division PV GAS Project Management Company
Investment and Construction Division South East Gas Project Management Unit
Technical Division GPP Ca Mau Project Management Unit
Market Development Division
Gas Dispatching Center
Internal Control Division

31
BOARD OF DIRECTORS, BOARD OF MANAGEMENT

AND BOARD OF SUPERVISORS
Board of Directors
Mr. Nguyen Sinh Khang Mr. Duong Manh Son Mr. Phan Quoc Nghia Ms. Vo Thi Thanh Ngoc Mr. Do Dong Nguyen Mr. Truong Hong Son
Chairman of the BOD Board Member, Board Member Board Member Independent Board Member Independent Board Member
President & CEO
Experience: Experience: Experience: Experience: Experience: Experience:

09/1978 Student at Faculty of Radio- 05/1992 Work at Pha Rung Ship Repair 06/1990 Work at Coats Total Phong Phu 07/1997 Teacher, PetroVietnam Manpower 10/1996 Engineer, Vung Tau Gas Project 02/1993 Trainee, Petrovietnam 1
11/1983 Electronics Engineering, 03/1994 Shipyard, Hai Phong; 04/1999 Joint Venture Company; 10/2002 Training College (PVTMC); 07/2000 Management Unit; 03/1993 Company, Vietnam Oil and Gas
Military Technical Academy; 03/1994 Work at Petroleum Construction 04/1999 Sponsor by Vietnam Oil and 11/2002 Expert, Department of 08/2000 Expert, Gas Board, Vietnam Oil Corporation;
12/1983 Work at the 23rd Information 05/1995 Conjuction Enterprise; 12/2000 Gas Group to study at Asian 07/2006 Commerce, Petroleum Technical 08/2006 and Gas Group; 03/1993 Expert/Deputy Head/Head,
03/1990 Regiment, 7th Military Region 05/1995 Work at Petroleum Construction Institute of Technology (AIT), Services Company (PTSC); 07/2006 Expert, Construction Division, 04/2003 PetroVietnam Investment and
Command; 06/1999 and Design Company; Thailand; 08/2006 Coordinator, Truong Son JOC, 02/2009 Vietnam National Oil and Gas Development Company (PIDC),
03/1990 Work at Planning Division, 06/1999 Work at Lloyd’s Register of 04/2001 Engineer; Deputy Head; Head 06/2007 PetroVietnam Exploration and Group; Vietnam Oil and Gas Group;
02/1996 Ba Ria - Vung Tau Province 04/2002 Shipping, UK; 11/2007 of Nam Con Son Division, PV Production Company (PVEP); 03/2009 Deputy Head of Gas Division, 04/2003 Chief of the Office,
Department of Industry; GAS; 07/2007 Expert, Oil and Gas Processing 03/2011 Vietnam National Oil and Gas 07/2005 PetroVietnam Exploration and
04/2002 Deputy Head, Head of Production
03/1996 Work at General Planning 11/2007 Head of Market Economy 12/2007 Division, Vietnam National Oil Group; Production Company (PVEP);
10/2006 Engineering Department, PV GAS;
12/2006 Department, PetroVietnam 10/2006 Director of Low Pressure Gas 02/2009 Board, PV GAS; and Gas Group; 04/2011 Head of Gas Division, Vietnam 07/2005 Deputy Head of Legal Division,
Trading Company (Petechim); 02/2009 Member of Members’ Council, 01/2008 Deputy Head of Oil and Gas 04/2018 National Oil and Gas Group; 10/2007 Vietnam National Oil and Gas
06/2007 Trading Enterprise (currently Low
12/2006 Member of Members’ Council, Pressure Gas Distribution JSC), 04/2011 PV GAS; 11/2010 Processing Division, Vietnam Group;
04/2018 Independent Board Member,
04/2008 Deputy General Director of PV GAS; 04/2011 Board Member, PV GAS. National Oil and Gas Group; to present PV GAS. 10/2007 Deputy General Director,
PetroVietnam Oil Processing to present 11/2010 Deputy General Director, Nghi 03/2018 PetroVietnam Exploration and
10/2007 Head of Construction Division,
and Distribution Company 10/2015 Son Refinery & Petrochemical Qualifications: Production Corporation (PVEP);
02/2009 PV GAS;
(PDC); Qualifications: Limited Liability Company; 03/2018 Head of Legal and Inspection
02/2009 Deputy General Director, • Engineering degree in Petrochemical
04/2008 Chairman of Members’
08/2013 PV GAS; • Mechanical Engineer; 10/2015 Board Member, PV GAS. 03/2019 Division, Vietnam National Oil
Refining;
06/2008 Council, PetroVietnam Oil • Bachelor of English; to present and Gas Group;
08/2013 Standing Deputy General Director, • Master of Petrochemical Engineering.
Processing and Distribution 04/2019 Independent Board Member,
05/2015 PV GAS; • Master of Business Administration;
Company (PDC); Qualifications: to present PV GAS.
05/2015 Board Member, President & CEO, • Master of Industrial Engineering.
06/2008 Chairman of Members’
to present PV GAS. • Engineering degree in Petrochemical Refining;
03/2010 Council, PetroVietnam Oil Qualifications:
• Master of Applied Chemical Engineering;
Corporation (PV OIL);
Qualifications: • Master of Business Administration. • Master of Laws.
03/2010 Deputy General Director of
• Engineering degree in Welding Technology;
12/2018 Vietnam Oil and Gas Group;
• Master of Business Administration.
12/2018 Chairman of the BOD, PV GAS.
to present
Qualifications:
• Engineering degree in Electronics -
Telecommunications;
• Bachelor of Business Administration;
• Master of Engineering.

Board of Supervisors
Mr. Mai Huu Ngan Ms. Tran Thi Hoang Anh Mr. Nguyen Cong Minh Ms. Ho Thi Ai Thanh
Head of the Board of Supervisors Head of the Board of Supervisors Supervisor Supervisor
Experience: Experience: Experience: Experience:

05/1988 General Accountant, Motorized 10/1993 Expert, Finance and Accounting 08/1985 Student, C56A, D2, School of 04/1999 Expert, Finance and Accounting
10/1991 Construction Enterprise, 04/1997 Department, PV GAS; 08/1988 Financial Officers, Ministry of 08/2007 Department, PV GAS;
Petroleum Design and 05/1997 Expert, Pipeline and Terminal National Defense; 09/2007 Specialized Supervisor, PV GAS;
Construction Company 04/2002 Project Management Unit, PV 09/1988 Assistant Finance Division, Head 04/2011
(currently Petrovietnam GAS; 04/2003 of Logistic - Business - Services 04/2011 Supervisor, PV GAS.
Construction Joint Stock Division, Head of Finance Division
04/2002 Expert, Nam Con Son Division, to present
Corporation); of Defense Sports Center II,
11/2002 PV GAS;
11/1991 General Accountant, Material Military Staff of 7th Region; Qualifications:
12/2002 Deputy Chief Accountant, Gas
12/2003 Supply Service Enterprise, 05/2003 Head of Finance Division of • Bachelor of Finance;
06/2006 Processing Enterprise, PV GAS;
PetroVietnam Tourism 03/2005 Vocation Training School No. 7; • Master of Business Administration;
06/2006 Chief Accountant, Gas
Service Company (currently
05/2007 Processing Enterprise, PV GAS; 04/2005 Director of Thai Son Vocational • Auditor Certificate.
PetroVietnam General Services
11/2009 Training Center, Officer of the
Corporation); 05/2007 Chief Accountant, Southeast
11/2007 Political Bureau, Thai Son
Gas Transmission Company,
12/2002 Chief Accountant of Gas Company/Vietnam-Russia
PV GAS;
07/2007 Transmission Enterprise Tropical Center, Ministry of
(currently PV GAS South East 11/2007 Head of Internal Board of
National Defense;
Transmission Company); 10/2009 Controllers, PV GAS;
12/2009 Deputy General Director of
08/2007 Chief Accountant, PV GAS; 10/2009 Deputy Head of Accounting -
07/2011 Sai Gon-Cao Lanh Seafood
01/2016 12/2010 Auditing Division, PV GAS;
Joint Stock Company, Thai Son
01/2016 Head of the Board of 01/2011 Deputy Head of Finance
Corporation/Vietnam - Russia
05/2020 Supervisors, PV GAS. 05/2016 Division, PV GAS;
Tropical Center, Ministry of
05/2016 Deputy Head of Accounting National Defense;
05/2020 Division, PV GAS;
Qualifications: 08/2011 Deputy Chief Accountant, Chief
05/2020 Head of the Board of 03/2016 Accountant, GPP Ca Mau Project
• Bachelor of Accounting.
to present Supervisors, PV GAS. Management Unit, PV GAS;
04/2016 Supervisor, PV GAS.
Qualifications: to present
• Bachelor of Accounting;
• Auditor Certificate. Qualifications:
• Bachelor of Accounting;
• Auditor Certificate.

Board of Management
Mr. Duong Manh Son Mr. Nguyen Thanh Binh Mr. Nguyen Thanh Nghi Mr. Hoang Van Quang Mr. Huynh Quang Hai Mr. Pham Dang Nam
Board Member, Deputy General Director Deputy General Director Deputy General Director Deputy General Director Deputy General Director
President & CEO
Experience: Experience: Experience: Experience: Experience: Experience:
05/1992 Work at Pha Rung Ship Repair 10/2000 Import-export expert, Sovilaco 12/1979 Work at Training School, Air Force 07/1994 Mining technician, BHP Group 10/1997 Technician, Economic and Technical 07/1993 Bachelor of Economics, Finance
03/1994 Shipyard, Hai Phong; 03/2001 International Manpower Joint 03/1980 Command; 1996 Limited; 11/2001 Department, Petroleum Construction 10/1999 - Accounting Department,
03/1994 Work at Petroleum Construction Stock Company, Ministry of 03/1980 Trainee at Intermediate School of 1997 Head of Exploitation shift, & Design Company (PVECC); Vietsovpetro Joint Venture;
05/1995 Conjuction Enterprise; Labor, War Invalids and Social 04/1982 Economics, Ministry of Mechanics 1999 Petronas Carigali Vietnam 12/2001 Site commander, Project of Phu 11/1999 Deputy Head of Finance - Credit
05/1995 Work at Petroleum Construction Affairs; and Metallurgy; Limited; 06/2002 My Gas Distribution Center - item: 03/2003 Department, Vietnam - Russia Oil
06/1999 and Design Company; 06/2001 Masters degree, Monash 04/1982 Work at Air Force A41 Factory, Tan 1999 Head of Exploitation shift, manufacturing and installing Refinery Joint Venture Company
06/1999 Work at Lloyd’s Register of 09/2003 University, Melbourne City, 07/1993 Son Nhat Airport; 2001 Vietsovpetro Joint Venture; technology pipes and equipment; (Vietross);
04/2002 Shipping, UK; State of Victoria, Australia; 07/1993 Work at Ba Ria - Vung Tau 2002 Head of Exploitation shift, 07/2002 Deputy Head of Economic and 03/2003 Deputy Head, Head of Commercial
04/2002 Deputy Head, Head of Production 10/2003 Expert/Assistant/Deputy 05/1996 Insurance Company, Vietnam 2004 Vietsovpetro Joint Venture; 11/2002 Technical Department, Pipeline and 11/2003 Department, Dung Quat Oil
10/2006 Engineering Department, PV GAS; 09/2009 Head/Head, PetroVietnam Insurance Corporation (Bao Viet); Tank Construction Enterprise; Refinery Project Management
2005 Deputy Head of Dai Hung
Transportation Corporation 12/2002 Site commander, CPP3 Project - Unit, Vietnam National Oil and Gas
10/2006 Director of Low Pressure Gas 05/1996 Work at various subsidiaries of 2006 Oilfield, Dai Hung Petroleum
(PVTrans); 06/2008 PetroVietnam Insurance Joint Company, PetroVietnam 06/2003 item: manufacturing and installing Group (PVN);
06/2007 Trading Enterprise (currently Low
Pressure Gas Distribution JSC), 10/2009 Head of Import and Market Stock Corporation (PVI); Exploration and Production router No. 2 and 4; 11/2003 Expert, Finance - Accounting
PV GAS; 03/2015 Development Division, PV GAS; Corporation (PVEP); 07/2003 Site commander, Phu My - Go Dau 04/2004 Division, Vietnam National Oil and
06/2008 Deputy General Director, PVI;
03/2015 Director, PV GAS Trading 07/2009 2007 Head of Dai Hung Oilfield, Dai 02/2004 Low Pressure Gas Transmission Gas Group (PVN);
10/2007 Head of Construction Division,
02/2009 PV GAS; 07/2019 Company. 07/2009 Deputy General Director, PV GAS. 2010 Hung Petroleum Company, pipeline project; 04/2004 Deputy Head; Head of Commercial
07/2019 Deputy General Director, PV PVEP; 03/2004 Deputy Head of Economic and 03/2009 - Market Division, PetroVietnam
02/2009 Deputy General Director, to present
to present GAS. 03/2010 Acting Director of PV GAS 06/2004 Technical Department, Pipeline and Fertilizer and Chemicals
08/2013 PV GAS;
Tank Construction Enterprise; Corporation (PVFCCo);
08/2013 Standing Deputy General Director, Qualifications: 09/2010 Services Company;
Qualifications: 10/2010 Director of PV GAS Services 07/2004 Site commander, fermentation 04/2009 Board Member of PVFCCo.
05/2015 PV GAS; • Bachelor of Planning Economics;
11/2019 Company; 12/2004 factory expansion project, Vedan 02/2010 From 09/2008 – 03/2010 cum
05/2015 Board Member, President & CEO, • Bachelor of Business Administration; • Master of Business Administration.
Vietnam Enterprise Co., Ltd; Chairman of Northern Fertilizer
to present PV GAS. • Master of International Business. 12/2019 Director of PV GAS Services
03/2005 Engineer, Technical - Production and Chemicals Company Limited
02/2020 Company cum Director of PV
07/2007 Department, PV GAS; (subsidiary of PVFCCo);
Qualifications: GAS Hai Phong Company;
07/2007 Deputy Head of Technical - 03/2010 Board Member of PVFCCo
• Engineering degree in Welding Technology; 02/2020 Deputy General Director, PV
10/2007 Production Department, PV GAS; 01/2011 cum Chairman, Southwest
to present GAS cum Director of PV GAS
• Master of Business Administration. PetroVietnam Fertilizer and
Hai Phong Company. 10/2007 Deputy Head of Construction Division,
Chemicals Company Limited
06/2008 PV GAS;
(subsidiary of PVFCCo);
Qualifications: 08/2008 Deputy Director, Project Management
02/2011 Deputy Chairman of Member’s
• Mechanical Engineering degree in 06/2011 and Consultation Company, PV GAS;
02/2014 Council, Binh Son Refining and
Machine manufacturing. 06/2011 Deputy Head of Southeast Gas
Petrochemical Company Limited;
06/2011 Project Management Unit, PV GAS;
02/2014 Chairman of the BOD,
06/2011 Deputy Director, Project Management
09/2014 PetroVietnam Transportation
11/2012 and Consultation Company, PV GAS;
Corporation (PVTrans);
11/2012 Acting Director, Project Management
10/2014 Deputy General Director, PV GAS.
01/2013 and Consultation Company, PV GAS;
to present
01/2013 Director, Project Management and
08/2015 Consultation Company, PV GAS; Qualifications:
08/2015 Head of GPP Ca Mau Project • Bachelor of Industrial Economics;
09/2019 Management Unit, PV GAS;
• Bachelor of Political Economics;
09/2019 Head of Investment and Construction
02/2020 Division cum Head of GPP Ca Mau
Project Management Unit, PV GAS;
02/2020 Deputy General Director, PV GAS.
to present
Qualifications:
• Engineering degree in Chemical and Food Technology.

Chief Accountant
Mr. Nguyen Cong Luan
Chief Accountant
Experience:
12/2002 Expert, Finance and Accounting
08/2003 Department, PV GAS;
09/2003 Accountant, Gas Transmission
08/2006 Enterprise, PV GAS;
08/2006 Deputy Head of Finance and
07/2007 Accounting Department, Ca
Mau Gas Enterprise, PV GAS;
07/2007 Chief Accountant, PV GAS Ca
04/2008 Mau Company;
Mr. Nguyen Quoc Huy Mr. Bui Ngoc Quang 04/2008 Chief Supervisor, PV GAS;
Deputy General Director Deputy General Director 01/2009
02/2009 Deputy Head of Finance
Experience: Experience:
08/2016 Deputy Head of Finance
09/1994 Expert, Gas Technology 03/1983 Drilling Engineer, Thai Binh I
01/1997 Department and Gas Operation 07/1989 Petroleum Company;
Center, PV GAS; 06/2017 Head of Finance Division, PV
08/1989 Technical Department, Drilling
07/2019 GAS;
01/1997 Head of Technical Department - 10/1991 Mud Company, Hanoi;
12/2001 Gas Operation Center, PV GAS; 07/2019 Chief Accountant, PV GAS.
11/1991 Head of Contract Department,
to present
12/2001 Head of Technical Department 10/1995 ADF - Vietnam Joint Venture
08/2002 - Gas Operation Center cum Company;
Qualifications:
Deputy Manager of Thi Vai 11/1995 First Deputy Director,
Terminal, PV GAS; • Bachelor of Accounting;
08/2006 Chairman of the BOD cum First
08/2002 Deputy Director of Gas Deputy Director, M-I-Vietnam;
10/2002 Operation Center cum Deputy 09/2006 General Director, Chairman
Manager of Thi Vai Terminal, 04/2009 of the BOD, Drilling Mud
PV GAS; Corporation;
10/2002 Deputy Director of Gas 04/2009 Deputy Head of Planning
10/2006 Processing Enterprise cum 08/2009 Division, Vietnam National Oil
Manager of Thi Vai Terminal, and Gas Group;
PV GAS;
08/2009 Head of Southeast Gas Project
10/2006 Deputy Director of Vung Tau Gas 12/2010 Management Unit, Vietnam
03/2008 Processing Company, PV GAS; National Oil and Gas Group;
03/2008 Director of Vung Tau Gas 01/2011 Deputy General Director, PV
01/2010 Processing Company, PV GAS; 05/2016 GAS cum Head of Southeast Changes within the Board of Management in 2020
01/2010 Deputy General Director, PV GAS. Gas Project Management Unit;
03/2020 05/2016 Deputy General Director, PV
08/2020 GAS. No. Full name Change Validity
Qualifications:
• Bachelor of Computer Science.
Qualifications: 1 Mr. Mai Huu Ngan Dismissal from position of the Head 05/05/2020
• Engineering degree in Oil and of the Board of Supervisors
Gas Drilling and Exploitation.
Appointment as a Member of the Board of Supervisors
2 Ms. Tran Thi Hoang Anh 05/05/2020
Head of the Board of Supervisors
Appointment as
3 Mr. Huynh Quang Hai 18/02/2020
Deputy General Director
Appointment as
4 Mr. Hoang Van Quang 19/02/2020
Deputy General Director
5 Mr. Nguyen Quoc Huy Dismissal from position of Deputy General Director 01/04/2020
6 Mr. Bui Ngoc Quang Dismissal from position of Deputy General Director 01/09/2020

REPORT OF THE BOARD OF DIRECTORS
Report of the Board of Directors in the Annual Results of the implementation of some key indicators:
Report under the provisions at Appendix 4,
Circular No. 96/2013/TT-BTC on November
No. Indicator Unit 2020 2020 actual % target/
16th, 2020
Target results actual results
1 Wet gas Million m3 9.760 8.948 92%

2 Consumption gas Million m3 9.255 8.690 94%
3 Consumption condensate 1,000 tons 55 58 106%
4 Consumption LPG (parent company) 1,000 tons 1.300 1.962 151%
5 Total revenue VND billion 66.164 65,673 99%
6 Profit before tax VND billion 8.294 9.978 120%
7 Profit after tax VND billion 6.636 7.972 120%
8 Profit after tax/Charter capital % 34.6 41,7 121%
9 Contribution to the State budget VND billion 3.002 4.354 145%
10 Capital disbursement for investment (parent company) VND billion 6.806 6.752 99%
Evaluation of the BOD Evaluation of the BOD on the production and business performance Security, safety, quality, environment: is, as always,
of PV GAS, including an evaluation of its environmental and social of great importance and prioritized by PV GAS; the
on production and responsibilities production and business facilities of PV GAS operate in
business performance security and safety; the quality of products and services is
guaranteed without violating environmental regulations.
In 2020, with the motto “Solidarity - Innovation - Professionalism
- Action”, PV GAS fulfills/exceeds all its planned duties and targets, Operation and production: is steady and continuous
operats the gas system in a safe and continuous manner, and throughout the whole year and 24/24 hours, from the
guarantees the progress of key projects in the context of the Covid-19 gas fields offshore to gas and gas product delivery
pandemic, declining oil prices, and low gas mobilization for electricity; points to end-users; gas field owners, gas sellers,
commercial LPG output, profits, and state budget contribution gas pipeline owners, power plants, fertilizer plants,
payment targets are met 2-3 months ahead of schedule, making a condensate processing plants, LPG companies, carriers
significant contribution to the State and PVN budget; it ranks among and contractors, PV GAS D, etc., are directly connected,
the top companies, with positive financial indicators within PVN, and including: Cuu Long gas system, Nam Con Son gas
continues to be a unit with a stable and high dividend payout ratio system, Nam Con Son 2 gas system, PM3 gas system
in the stock market; it contributes to both national energy and food and Ham Rong - Thai Binh Nam Con Son gas system.
security with the provision of gas to produce nearly 20% of electricity Maintenance and repair: is well performed in terms of
output and 70% of fertilizer demand, while also meeting over 65% the workload, schedule, and quality; regular, preventive,
of the national LPG production; performs its social security work sudden, and calibration maintenance and repair are
well; the company is highly appreciated by national and international implemented to maintain the continuous, stable, and
prestigious organizations for its performance and receives valuable efficient operation status for gas projects; problems that
PRODUCE NEARLY awards and accolades; etc. interrupts the operation and production are prevented
20 % OF ELECTRICITY In addition, in 2020, PV GAS completes and puts into operation the and quickly remedied. The safety - quality - effectiveness
OUTPUT entire Nam Con Son 2 gas project chain, significantly supplementing goal is prioritized, contributing to the safe operation,
the decreased gas supply in the Southeast region, while continuing production, and business activities of PV GAS with no
70%
to improve the infrastructure of Vietnam’s gas industry; the 30th serious accidents in the last 30 years.
OF FERTILIZER
anniversary of the establishment of PV GAS is also celebrated Dry gas: gas supply with the highest effort and flexibility
DEMAND
(20/9/1990-20/9/2020) – a journey of dreams and enthusiasm and the in the context of low gas mobilization for electricity;
efforts made by PV GAS leadership and all staff members every day. The no complaints from customers on gas quality, the gas
MEETING OVER steps taken in the last 30 years help the company achieve its current output supplied is nearly 8.7 billion m3, equal to 94%
65 %
size and position – PV GAS is now a leader and a standard-bearer of the annual target, in which electricity customers
OF THE NATIONAL
of the Vietnam Oil and Gas Group, a key enterprise of the domestic accounts for 76% of gas consumption, fertilizer plants
LPG PRODUCTION
gas industry, and has a strong reputation and brand in the eyes of its 13 %, and other industrial customers 11%.
partners and customers in the domestic and foreign markets.

LPG: commercial LPG output target is achieved in the context of Evaluation of the The Board of Management successfully executes 2020 management
SUPPLIES the COVID-19 epidemic and decreased oil prices, which results in a and administration tasks, namely:
BOD on the Board
1.962
continuous decline of LPG prices. Some large customers refuse/fail
THOUSAND • Deploying and directing units, divisions, and departments to
TONS OF LPG
to fully receive goods under their commitments (due to decreased of Management’s coordinate and strictly implement the BOD’s resolutions/decisions/
price). PV GAS - parent company supplies 1,962.0 thousand tons of
operations directives, to overcome difficulties and follow strict executive
LPG (Dinh Co 238.9 thousand tons, Ca Mau 131.7 thousand tons, Dung
measures, completing the production and business plan.
Quat 218.6 thousand tons, imports 917.5 thousand tons for domestic
ACCOUNTING FOR consumption, exports 222.4 thousand tons and 232.6 thousand tons • Managing and operating production and business operations in
151%
OF THE for international trade), accounting for 151% of the target, reaching accordance with the hierarchy between the Board of Directors and
TARGET 111% compared to 2019. The advantages in its facilities, commodity the Board of Management.
sources, human resources, and business partners have helped PV
• Enhancing the management, assessment, and classification and
GAS maintain its position as Vietnam’s Number 1 LPG producer and
providing solutions to recover and handle debts, inventories, and
trader in Vietnam.
unnecessary assets at units, in order to minimize the risks and limit
Condensate: supplies 58.3 thousand tons of Condensate, equal to the capital appropriation to affect capital and cash flow balance for
106% of the annual target. production and business operations.
Gas transportation: fully satisfies the leasing party in terms of quality, • Regularly reviewing investment projects to ensure safe, high quality,
volume, schedule of gas, and gas product transportation services consistent, and timely implementation.
from Nam Con Son, PM3 – Ca Mau.
• Seriously implementing the recommendations in the minutes of
Investment in construction: is actively deployed in unfavorable inspections and examinations of Ministries/industries.
conditions due to the COVID-19 epidemic, with many solutions found
• Carrying out the restructuring of PV GAS under the approved plan.
to offset/limit/minimize the impact on project schedules; in particular,
the entire Nam Con Son 2 gas project chain is fulfilled and put into • Regularly working with subsidiaries and associate companies to
operation in December 2020, the Thi Vai LNG Terminal Project is make timely production and business operation adjustments in
ahead of schedule and improves in the final settlement, etc. line with the general orientation, and solving production, business,
and investment difficulties in a timely manner.
In addition to achievements in key production and business activities,
the awareness and implementation of environmental and social • The enhancement of training quality and human resources
responsibilities, the restructuring, scientific research, promotion of development has many positive changes and is announced to each
initiatives, cost reduction, cooperation in investment, employment, subsidiary and associate company to ensure economy and efficiency.
salary, social welfare work, etc. also produce good results, contributing • Salary and regimes: complying with the applicable provisions and
to the success of PV GAS in 2020 in terms of its business performance regulations on salary payment and regimes.
as well as its social responsibilities.

■ Direction:
Implementing the production and business duties in consumption market; completing the Overall plan
line with Resolution No. 55-NQ/TW dated 11th February for the development of LNG importing - distribution -
2020 of the Politburo on the Orientations of Vietnam’s trading infrastructures and speeding up the research:
National Energy Development Strategy to 2030, with a (i) Collect and transmit gas from Tuna field to Vietnam
vision to 2045; Decision No. 2233/QD-TTg dated 28th through pipelines; (ii) Study the plans to improve the
December 2020 of the Prime Minister on approving capacity of the Phu My - Nhon Trach/Ho Chi Minh
the Proposal to develop a competitive energy market gas transmission pipelines; (iii) Research to select
by 2030 with a vision to 2045; and the Plan for the locations for the construction of LPG/LNG terminals
development of the gas industry in Vietnam as the basis in the North; (iv) Research and deploy the plan for the
for its sustainable development. supply of LNG in the Southwest region; etc.
Operating in a safe and efficient way and ensuring the Deploying solutions for the prevention and response
security and safety of existing gas works. to the double impact of Covid-19 and declining oil
prices. Strengthening the implementation of solutions
Keeping efficiency in production and business; to minimize costs by at least 5-10% for each specific
maximizing the consumption and supply of gas and gas expense, and improve production and business
products for customers; producing and strengthening efficiency.
the development of LGP retail to increase market share
and improve business efficiency. Performing the restructure; reviewing and arranging
personnel in an effective manner and in line with
Focusing on controlling schedules, arranging capital the production and business operations of PV GAS.
under the disbursement progress of the project, and Constantly improving labor performance and perfectly
ensuring projects/project chains are put into operation implementing social welfare activities.
on schedule and promoting investment efficiency.
Implementing the final settlement of completed Reviewing, amending/supplementing, and perfecting
projects within the time limit as prescribed. the system of internal regulations and provisions in
line with State documents, the competent authorities,
Effectively managing/utilizing the gas trading and gas and the current situation of PV GAS. Enhancing
transportation contracts. Completing and submitting governance capacity; performing a step by step review
to digitize and simplify the management system.
The Board of Directors’ 2021 can still be a difficult and challenging year for PV GAS: in addition to competent authorities and customers in terms of
to the impact of the global economy and politics on the company, PV gas prices and charges for existing sources and new
Strategy and Orientation GAS will have to face and solve the double effect of Covid-19 and fields. Emphasizing research and development with Improving the quality and efficiency of the internal
declining oil prices, in addition to rising maintenance and repair costs regard to new domestic and foreign gas sources; control system; checking, supervising, and evaluating
as gas works grow older; the output of the domestic gas fields can making upstream investment if possible and ensuring the operational performance of the enterprises PV
decrease sharply or, if the new fields/supplies are not added in time or efficiency. GAS makes a capital contribution to; enhancing cash
have a small output with no advantages in terms of price and higher flow control, the inspection and management of debt
investment costs, the investment procedure and regulations can Implementing the proposal for the early supply of recovery, and developing solutions to thoroughly
become more complicated, etc. Therefore, in order to ensure the 2021 LNG right after approval and preparing the LNG handle outstanding debts and the guarantees/security
Plan is achieved, the Board of Directors identifies the following key of PV GAS to member units.
objectives:
■ Continual professional execution, direction, responsibility, and

supervision from the Board of Directors.
The target for 2021 is to operate gas works in a safe
■ Maintenance of regular meetings in accordance to regulations and efficient manner; to ensure the progress and
and extraordinary meetings when necessary to handle the affairs quality of investment projects; to produce roughly
of the Board of Directors; participation in Board of Management
9.5 billion m3 of gas to supply to households; to
meetings to ensure the timely handling of work.
achieve total revenue of VND 70 thousand billion;
■ Thoughtful implementation of the Resolutions/Decisions/ to remain the primary unit of the Vietnam National
Directives of the Board of Directors and those of the competent Oil and Gas Group; and to achieve the expectations
authorities. of PV GAS shareholders.

REPORT OF THE BOARD OF SUPERVISORS

Board of Supervisors Member Information (BOS) Activities of the Activities of the BOD
Board of Supervisors Seriously implementing the production and business plan for 2020
approved by the General Meeting of Shareholders.
The Board of Supervisors consists of 3 members:
for the Board of Issuing Resolutions/Decisions/Directives related to production and
Directors, Board of business operations, investment and construction, and personnel
No. Member of BOS Position Date of Date of Number of Attendance Voting Reason Qualifications
organization in accordance with the provisions in the PV GAS Charter.
appointment resignation meetings rate rate for non Management, and
attended attendance Fulfilling the role of direction, supervision, and assistance to the Board of
Shareholders Management and departments, divisions, and units of PV GAS to properly
1 Mr. Head of Board April May 1/1 100% 100% ■ Bachelor of direct production and business operations; decentralizing the General
Mai Huu Ngan of Supervisors 2016 2020 Accounting,
■ Auditor Certificate. Director and Project management units in order to enhance initiative and
flexibility in the implementation of investment and construction projects.
2 Ms. Head of Board May 3/3 100% 100% ■ Bachelor of Directing the restructuring of PV GAS in accordance with the approved plan.
Tran Thi Hoang Anh of Supervisors 2015 Accounting,
■ Auditor Certificate. Promoting the activities of cooperation, looking for investment
opportunities in order to search for gas sources, developing the system
3 Ms. Supervisor May 4/4 100% 100% ■ Bachelor of of collection and transmission pipelines, building the terminals and
Ho Thi Ai Thanh 2011 Finance, proactively setting up in the gas trading market, and promoting the PV
■ Auditor Certificate.
GAS brand at home and abroad.
4 Mr. Supervisor April 4/4 100% 100% ■ Bachelor of Activities of the Board of Management
Nguyen Cong Minh 2016 Accounting,
■ Auditor Certificate. Deploying and directing units, divisions, and departments to coordinate
and strictly implement the BOD’s resolutions/decisions/directives,
overcoming difficulties and following strict executive measures,
completing the production and business plan.
Managing and operating production and business operations in accordance

with the hierarchy between the Board of Directors and the Board of
Management.
Enhancing the management, assessment, and classification and giving

solutions to recover and handle debts, inventories, and unnecessary
assets at units in order to minimize the risks, limiting capital appropriation
to affect capital and the cash flow balance for production and business
operation.
Regularly reviewing investment projects to ensure safe, high quality,

consistent, and timely implementation.
Seriously implementing the recommendations in the minutes of inspection

and examination of the Ministries/industries.
Carrying out the restructuring of PV GAS under the approved plan.
Regularly working with subsidiaries and associate companies to make

timely production and business operation adjustments in line with
the general orientation, solving production, business, and investment
difficulties in a timely manner.
The enhancement of training quality and human resources development

has many positive changes and is announced to each subsidiary and
associate company to ensure economy and efficiency.
Salary and regimes: in compliance with the applicable provisions and

regulations on salary payment and regimes.

The coordination between the Board of Supervisors for the Board of Directors, the
Board of Management, and other managers:
There is close coordination between the Board of Supervisors, Board of Directors,

and Board of Management. The Board of Supervisors receives coordination and
favorable conditions from the BOD and Board of Management in implementing its
duties, such as the provision of information and documents and the assignment
of staff to cooperate with the Board of Supervisors upon request. The Board of
Supervisors’ inspection and control reports are submitted to the BOD and the Board
of Management.
Other activities of the Board of Supervisors:
Complete its inspection and supervision according to the approved 2020 plan, and
continue to review and speed up the outstanding issues from 2019.
Give timely opinions on its management and administration tasks in order to

strengthen supervision as stipulated.
Review and appraise the Financial statements of the parent company and the 2019
Consolidated Financial statements and Quarterly Financial statements in 2020 as
prescribed. Prepare the PV GAS Financial statements in line with the regulations
of the Ministry of Finance and the production and business situation. The Financial
statements fully present the revenue, income, payment to the State budget and
accounts receivables and payables of PV GAS.
Appraise the PV GAS wage and bonus fund in 2019.
Through the PV GAS reports, evaluate the investment in other units in order to
control the operation situation of member units as well as supervise and enhance
the efficiency of capital use.
Participate in and made comments at the meetings of the Board of Directors, the
meetings of the Board of Management, and participate in the leadership meetings
with the departments and units.
Regularly hold meetings to draw experience from and exchange issues arising out of
the functions and duties of the Board in accordance with the regulations of the Board
of Supervisors.

performance
REPORT OF THE BOARD OF MANAGEMENT

Activities In 2020, PV GAS faces more difficulties and challenges than in previous PV GAS successfully implements its planned tasks and targets with the following
years, such as: SUPPLIED NEARLY results:
during 2020
8.7 Billion m3
The outbreak of the complicated and prolonged Covid-19 pandemic results All PV GAS gas systems/works operate in a safe and effective manner, ensuring
in a serious worldwide socio-economic crisis, a large-scale blockade in the continuous supply of gas; measures are implemented for the successful
DRY GAS
many countries, the severely affected production and consumption of prevention and control of Covid-19, with no Covid-19 infections at PV GAS.
products and services, a decrease in the demand for fuel – in particular the
PRODUCED & TRADED Volume: Complete at a high level despite many incidents occurring upstream
demand for gas and gas products for power generation and industry.
1.9
and supply sources being decreased. Specifically: Although the input gas
The Oil & Gas Industry suffers from the double impact of a sharp decline
Over Million tons source only reaches 93% of the plan (9 billion m3), nearly 8.7 billion m3 of dry
in oil prices and CP prices, which remains low compared to the predicted LPG gas is supplied, accounting for 94% of the plan; over 1.9 million tons of LPG are
annual average: the Brent oil price is about USD 41.8/barrel (reaching 69% produced and traded, reaching the planned target 3 months ahead of schedule
of the plan); the CP price of LPG is about USD 400.4/ton (equivalent to 95% PRODUCED & SUPPLIED (over 1.5 million tons for wholesale in the domestic market and over 0.4 million
58
of the plan). tons for export and international business); over 58 thousand tons of condensate
Over Thousand tons are produced and supplied.
The number of upstream incidents increases and the time to reduce/stop
CONDENSATE
the gas supply is prolonged; the Nam Con Son gas basin decreases sharply Financial indicators: Financial targets are fulfilled and exceeded the planned
compared to 2019, in particular the suspension of the gas supply in Lot 11.2, targets by between 0%-45% (Total revenue is over VND 65 trillion, profit before
which lasts from early March to the end of August 2020. tax is nearly VND 10 trillion, profit after tax is nearly VND 8 trillion), in particular,
the profit and state budget contribution payment targets are reached 2-3 months
Some State authority documents/conclusions relating to charges are
ahead of schedule. PV GAS ranks among the top companies in Vietnam, with
applied inconsistently, causing difficulties in the contract performance
positive financial indicators within PVN (after-tax profit/equity ratio reached
between PV GAS and gas buyers. PV GAS has to pay the difference in gas
16%, after-tax profit/charter capital ratio by 41%, liabilities/total assets ratio
prices to the State budget for the amount above take-or-pay from March
by 22%), and ranks among the top companies with large capitalization and with
2019 after a Governmental decision.
a high annual dividend payout ratio (30% charter capital). PV GAS continues
Trading in gas and gas products (LPG, low-pressured gas, CNG, etc.) is to maintain a stable gas supply, producing nearly 20% of electricity output
severely affected: there is a drop in customer consumption due to suspended/ and 70% of fertilizer demand, while meeting over 65% of the national LPG
reduced production, competing lower-price fuels (FO oil, DO, LPG, Biomass, production.
etc.) or more offers (renewable energy), etc.; market competition grew
Investment in construction is proactively implemented with many breakthroughs
fiercer, etc. The production of steel pipes and coating in the last 6 months of
and effective solutions found to offset/limit/minimize the impact from the order
2020 is very low/of low value, with almost no production.
to blockade, the mobilization of personnel, equipment, and procurement due
Some major projects have urgent and complicated schedules and many to Covid-19. The total disbursement amount for the construction investment
problems are faced during implementation, including the order to blockade of PV GAS reaches VND 6,842 billion, of which the parent company gains VND
other countries due to the Covid-19 epidemic, which significantly affects the 6,752 billion, equal to 99% of the annual plan – marking 2020 as the year with
mobilization of personnel, material, and equipment for project deployment. the largest disbursement amount ever, along with some important milestones:
the entire Nam Con Son 2 and Sao Vang Dai Nguyet gas project chains are
completed and put into operation, and wet gas is supplied from Nam Con Son to
Dinh Co GPP; the Thi Vai LNG Terminal Project, with a capacity of 1 million tons,
is ahead of schedule.

Summary of During the 2016-2020 period, PV GAS continues to develop in a strong, safe, high
quality, and efficient manner, and completes all the planned tasks and targets for
5-year plan: the 2016-2020 period. The gas collection, transmission, and processing systems
2016-2020 period nationwide maintain safe and stable operation, meeting input materials and fuels
to produce 20-30% of electricity output and 70% of fertilizer demand, while meeting
between 46-64% of the national LPG production. PV GAS is the 3rd largest corporate
taxpayer in Vietnam in consecutive years, the 6th most profitable enterprise in
Vietnam, and names in the Top 100 largest enterprises in Asia (rated by Nikkei).
The financial indicators reach 115-208% of the plan, of which: Revenue is nearly
VND 340 trillion, profit before tax is over VND 61 trillion, the state budget payment
is nearly VND 24 trillion, the total dividend payout ratio for 5 years reaches 208%
of charter capital, and total assets are over VND 63 trillion. Owner’s equity is over
VND 49 trillion.
Positive financial indicators: the profit after tax/equity ratio reaches 21% on
average, profit after tax/charter capital ratio by 51%; PV GAS ranks among the top
companies in Vietnam, with large capitalization and with a high annual dividend
payout ratio (the total dividend payout ratio for 5 years reaches 208%/charter
capital).
PV GAS continues to maintain a stable gas supply to produce nearly 20% of

electricity output and 70% of fertilizer demand, while meeting over 62% of the
national LPG production.
Cost savings of over VND 2.8 trillion. VND 460 billion for social welfare activities.
Volume: Exceed the plan and reach growth targets comparable to the 2011-2015
period, of which: Collect, transmit and process nearly 50 billion m3 of gas. Recover
the exploited gas at a maximum level. Successfully receive gas from the Thien Ung,
Dai Hung, Ca Tam, Phong Lan Dai, and Sao Vang fields to partially offset the reduced
volume. Trading in dry gas reaches over 48 billion m3, and the LPG wholesale market
share maintains its leading role with nearly 5.4 million tons in the domestic market,
meeting 46-65% of the national market share. The retail of civil and commercial
LPG increases by nearly 1.3 million tons, with nearly 2.4 million tons for export and
international business and 0.4 million tons of condensate business. Gas service
activities meet production and business requirements.
PV GAS drastically deploys investment in construction. The disbursement of the

parent company reaches over VND 17 trillion in 2016-2020 period. 7 major projects
are completed: Wet gas is supplied from the Nam Con Son field to Dinh Co GPP in
2016, phase 1 of Nam Con Son 2 project in 2017, and Ca Mau GPP in 2017. The LPG
recovery coefficient at Dinh Co GPP is improved in 2018, the coastal/sea pipelines
and stations under the Nam Con Son 2 project - phase 2, and the Sao Vang – Dai
Nguyet gas pipeline. Dinh Co GPP is upgraded to receive gas from the Nam Con
Son 2 field.

Liquid products production and business
• Regarding production
The total LPG output is 371.9 thousand tons, reaching 113% of the annual
plan, equal to 100% compared to 2019; 58.3 thousand tons of condensate are
produced, equal to 106% of the annual plan, reaching 83% compared to 2019.
At Dinh Co GPP: the plant suspends its operation for maintenance and repair
from 22-30 September 2020, and operates stably during the remaining time.
It produces 238.5 thousand tons of LPG, accounting for 110% of the annual
plan, reaching 101% compared to 2019; 50.6 thousand tons of condensate,
101% of the annual plan, gaining 85% compared to 2019. The output of
condensate is lower than in 2019 because, from March 2020, the amount
of white condensate pumped to shore decreased (due to an increase in the
amount of Thien Ung gas pumped to shore); LPG output exceeds the annual
plan and there is an increase compared to 2019, mainly due to an increase in
the amount of wet gas pumped to shore (Thien Ung gas).
At Ca Mau GPP: the plant suspends its operation for maintenance and repair
from 18-29 August 2020, and operates stably during the remaining time. It
produces 131.7 thousand tons of LPG, accounting for 104% of the annual plan,
reaching 87% compared to 2019; 7.6 thousand tons of condensate, 151% of
the annual plan, increasing 72% compared to 2019. LPG output is lower than
in 2019 due to a decrease in the amount of wet gas being pumped to shore and
changes in the composition of input gas (low C3, C4 contents); Condensate
output is lower than in 2019 because, in the first months of 2019, an incident
at the off-rig liquid separator upstream causes the amount of non-processed
condensate being pumped to shore to increase sharply from 2020.
• Regarding business
The influence of the COVID-19 epidemic and decreased oil prices results
in a continuous decline of LPG prices, with a particularly sharp decline in
March and April 2020. Prices continue to fluctuate and remain low compared
Analysis of production Dry gas receipt, production, and trading
to the planned price – the average CP price is USD 395/ton, reaching 94%
and business The upstream incidents are more frequent, recovery time is prolonged; the compared to the planned price, and 90% compared to 2019. Some large
stability of the PV GAS gas transmission and processing systems is maintained, customers refuse/fail to fully receive goods under their commitments (due to
performance 2020 and the volume of gas from the Thien Ung field brought to shore increases from the decreased price). PV GAS supplies 1,962.0 thousand tons of LPG (Dinh Co
the end of March 2020. The increase of the gas transmission capacity of the 238.9 thousand tons, Ca Mau 131.7 thousand tons, Dung Quat 218.6 thousand
PM3 - Ca Mau pipelines is fulfilled up to 6.5 million m3/day and night from mid- tons, 1,372.5 thousand tons for import and international trade), accounting
April 2020; gas distribution and dispatch becomes flexible and effective with for 151% of the annual plan, reaching 111% compared to 2019, equivalent to
a continuous gas supply; the contracts of gas sales, purchases, and supplies a revenue of VND 21,774.5 billion, accounting for 139% of the annual plan,
are strictly executed with the best efforts; the negotiation and signing of gas and reaching 103% compared to 2019.
sales and purchase contracts with new charges are promoted; customers are
The impact of the decreased oil prices leads to a decline in the sale price of
satisfied with the quality of gas provided by PV GAS.
condensate – the average price from the Dinh Co source is USD 336.1/ton,
The total volume of wet gas received is 8,947.5 million m3, equal to 92% of the accounting for 63% compared to the annual plan, reaching 44% compared to
annual plan and reaching 87% compared to 2019; the total gas output produced 2019; the average price from the Ca Mau source is USD 366.6/ton, equal to
and supplied to customers is 8,689.9 million m3 (6,639.7 million m3 for electricity 68% compared to the annual plan, gaining 46% compared to 2019. Customers
customers, 1,152.2 million m3 for fertilizer customers, 898.1 million m3 for are provided with 58.3 thousand tons of condensate, accounting for 106% of
industrial customers), accounting for 94% of the annual plan and reaching 88% the annual plan, reaching 83% compared to 2019, equivalent to a revenue of
compared to 2019; revenue reaches VND 64,150 billion, equal to 97% of the VND 497.1 billion, equal to 64% of the annual plan, gaining 38% compared
annual plan, increasing 84% compared to 2019. to 2019.

Maintenance, repair, and service
• Maintenance and repair
Gas supply suspension is completed for the maintenance, repair, inspection, and calibration
of the Ham Rong - Thai Binh, PM3 - Ca Mau, Nam Con Son, Cuu Long gas systems, Slug
catcher 01 in May 2020, Slug catcher 02 in December 2020 (Dinh Co GPP); the maintenance
and repair of 3,558 prevention tasks and 1,419 unexpected tasks are fulfilled; 100% of the
work volume is inspected and calibrated.
The survey/maintenance and repair of pipelines is finished: ROV is surveyed and the freespan
of the Su Tu Vang - Rang Dong - Bach Ho - Long Hai, Te Giac Trang - Bach Ho, RP1-RC3
pipelines, and Nam Con Son 2 - phase 1 is repaired in September 2020; the current status
of buried pipelines for the shoreline from KP 101.000 to KP 106.515 under the 16” Bach Ho
- Long Hai gas transmission pipeline system is surveyed in July 2020; 2 dents in the Rang
Dong - Bach Ho pipeline are repaired in July 2020; ROV is surveyed and the freespan of the
18” PM3 - Ca Mau pipeline is repaired in October 2020; the PM3 - Ca Mau pipeline is pigged
to be checked in November 2020.
The survey, maintenance, repair, pigging, inspection, and calibration are implemented
according to schedule, in line with procedures, ensuring the high quality and stable operation
of the gas system.

performance
Financial performance in 2020

Typical financial indicators
Indicator 2016 2017 2018 2019 2020
1. Solvency
Net revenue Current ratio

3,62 3,51 3,46 4,20 4,05
Total assets (Current assets/current liabilities)
90,000
70,000
80,000 Quick ratio 3,48 3,36 3,29 4,04 3,88
70,000
60,000 2. Capital structure
60,000
50,000
50,000
Debt/Total assets ratio 0,28 0,30 0,25 0,20 0,22
40,000
40,000 Debt/Equity ratio 0,39 0,43 0,34 0,25 0,28
30,000
30,000
3. Efficiency ratio
20,000
20,000
56,753 61,889 62,614 62,179 63,208 59,076 64,522 75,612 75,005 64,135 Inventory turnover
10,000 10,000
(Cost of goods sold/Average inventory) 37,97 33,62 32,35 32,98 32,58
0 0
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Net revenue/Total assets 1,04 1,04 1,21 1,21 1,01
4. Profitability ratio
Profit after tax/Net revenue ratio 0,15 0,20 0,19 0,20 0,16
Profit after tax/Equity ratio 0,22 0,29 0,31 0,30 0,20
Profit before tax
Profit after tax/Total assets ratio 0,16 0,20 0,23 0,24 0,16
16,000
14,000
Owner’s equity 12,000

Financial analysis • Asset situation
60,000 10,000
50,000
The total assets of PV GAS as of 31st December 2020 are VND 63,208 billion,
8,000
an increase of 1.7% in comparison to 31st December 2019. The growth
40,000
6,000 rate of the total average assets from 2012 to 2020 is 8.7%/year, which is
30,000
4,000 due to investment in the construction of the Nam Con Son 2 Gas Pipeline
20,000
40,844 43,272 46,867 49,615 49,500
9,152 12,588 14,540 15,068 9,978 Project - Phase 1, the GPP Ca Mau Project, the Sao Vang– Dai Nguyet Gas
2,000
10,000
Collection and Transmission Pipeline Project and the Nam Con Son 2 Gas
0
0
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Pipeline - Phase 2 since 2012. This is a relatively large asset increase for
an enterprise such as PV GAS, which has large total assets. However, in
recent years, the asset growth rate of PV GAS has slowed down due to the
fulfillment and operation of pipeline works and gas processing plants.
Asset structure 2019 2020
Bank loans Total assets (VND billion) 62.179 63.208
10,000 Current loans and liabilities Profit after tax

Current assets (VND billion) 41.815 39.472
9,000 Non-current loans and liabilities
14,000
1,738
8,000
12,000 Non-current assets (VND billion) 20.363 23.736
7,000 1,180
6,000 10,000
Current assets/Total assets 0,67 0,62
5,000 8,000
4,000 1,490 Non-current assets/Total assets 0,33 0,38

6,000
3,000
1,017 4,000
2,000 1,341
7,172 9,938 11,709 12,086 7,972 As a manufacturing enterprise, an average non-current asset ratio of
1,000 2,000
6,366 7,312 3,396 1,456 1,964 about 30-40% of total assets is a safe and consistent percentage for this
0 0 type of production and business.
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

• Capital resources As of 31st December 2020, total liabilities are VND 13,709 • Solvency
Indicator 2019 2020
billion, accounting for 22% of total capital resources, including
over 70% of current liabilities. Compared to 2019, liabilities Current ratio (times) 4,20 4,05
increase 9.1% because PV GAS disburses loans from medium = Current assets/Current liabilities
Capital structure:
and long-term credit contracts in 2020 for the construction of Quick ratio 4,04 3,88
Criteria 2019 2020 major projects such as the Nam Con Son 2 pipeline - Phase = (Current assets - Inventories)/Current liabilities
2, the Sao Vang– Dai Nguyet Gas Collection and Transmission
Total capital resources (VND billion) 62.179 63.208
Pipeline, and the Thi Vai LNG Terminal project with a capacity
The solvency ratio above proves the good financial capacity and
of 1 million tons.
Liabilities (VND billion) 12.564 13.709 liquidity ratio that PV GAS has; moreover, the enterprise has
The debt to equity ratio remains at 0.06. The outstanding no financial difficulty with regard to due debts. In addition to
Current liabilities the Debt/Equity ratio, this is one of the most important ratios
9.964 9.743 balance remains at a suitable level through disbursement
in order to eliminate risk of interest expense and principal used by credit organizations to review and rank companies.
Non-current liabilities 2.560 3.960
repayment pressure. In addition, the low debt to equity ratio The said ratio is an advantage for PV GAS in loan arrangements
also shows the ability to easily mobilize future loans for PV in the domestic and international financial markets.
Loan outstanding balance (VND billion) 2.796 2.981
GAS investment projects when necessary.
Non-current loans and liabilities 1.456 1.964 Owner’s equity: despite being a manufacturing unit with high
infrastructure costs, the equity to total capital resources
Current loans and liabilities 1.341 1.017 ratio from 2015 to the present remains over 70%. This ratio
represents the reinvestment profitability and capital autonomy
Liabilities/Total capital resources 0,20 0,22
of PV GAS. With the aforementioned production and business
Equity/Total capital resources 0,22 0,78
performance and financial autonomy, PV GAS remains highly
regarded by credit institutions. This great advantage in terms
• Performance indicators in 2020 Receivables and Inventory Turnover
Debt/Equity ratio 0,06 0,06 of funds’ arrangement will help PV GAS to establish major
projects in the future. Indicator 2019 2020
Receivables turnover 7,29 6,23
Receivables turnover duration (days) 50,06 58,61
Inventory turnover 32,98 32,58

• Efficiency of assets and capital use
Inventory turnover duration (days) 11,07 11,20
• Profitability
Indicator 2019 2020
The receivables and inventory indicators in 2020 are stable
Net revenue (VND billion) 75.005 64.135
compared to 2019 because PV GAS monitors and strengthens
its debt management and debt recovery, issues strict debt
Profit before tax (VND billion) 15.068 9.978
management regulations, and eliminates debt by aged
receivables analysis, debt classification, and customer
Profit after tax (VND billion) 12.086 7.972 selection.
The PV GAS inventory turnover changes unpredictably due to

Profit before tax/Total revenue 20% 16%
the LPG business characteristics of PV GAS. The LPG business
Profit after tax/Total revenue 16% 12%
is a mainly commercial operation: if LPG is imported at the
end of the fiscal year, the inventory balance will be high (as
Return on assets (ROA) 19% 13% PV GAS has not yet sold a significant amount of LPG), whereas
if LPG is imported around 20-30 days before the end of the
Return on equity (ROE) 25% 16% year, the inventory balance will be low. In terms of LPG
business operations, PV GAS has set up an LPG working team
EPS (VND) 6.314 4.165 to regularly monitor LPG prices as well as determine market
supply and demand every month, to ensure efficient LPG
Dividend yield 43% 35%
importation and consumption without an inventory backlog.

Investment situation in projects
Investment in construction: Construction investment is aimed at investment and development, including Performance in 2020 of Gas collection: Newly-built pipelines to collect gas at new fields and
developing gas supply sources from domestic fields and gas imported from major projects: supplement the gas supply to the consumer market.
foreign countries, building infrastructure and improving technology for the
• Nam Con Son 2 Gas Pipeline, Phase 2:
enhancement of production and business capacity, and deep processing to
add product value, etc.; assigns to Company and Project Management Units Investment in the remaining pipeline items, the gas works of the Nam Con
(including PV GAS Project Management Company, Southeast Gas Project Son 2 gas pipeline project after the completed Phase 1 to collect gas from
Management Unit, Ca Mau GPP Project Management Unit) to be implemented the Su Tu Trang and Dai Nguyet fields, etc. to bring them to the shore.
by a qualified and experienced team of experts, engineers, specialists, etc. as Performance in 2020: the construction, installation, and gas-in for the
investment in the initial gas work is made by PV GAS. whole pipeline are completed in December 2020.
The entire investment in PV GAS construction complies with current • Sao Vang– Dai Nguyet Gas Collection and Transmission Pipeline Project:
regulations under the inspection, supervision, assistance, and guidance of
“Nam Con Son 2 PVN and State management authorities, the quality of work and targets and Investment in the construction of a pipeline that connects the Sao Vang
pipeline - Phase 2 capital resources of the projects are guaranteed at all times. Gas compression platform to the Nam Con Son 2 pipeline to collect and
transmit gas from the Sao Vang-Dai Nguyet field to shore to supplement
is fulfilled and put In 2020, 22 projects/tasks are executed by PV GAS (12 projects in Group the gas shortage in the Southeast region, contributing to economic
A, 7 projects in Group B, 3 projects in Group C, procurement and financial
into operation in investments) with the plan to disburse VND 6,806.1 billion.
development and energy security.
December 2020, The investment in construction is proactively implemented by PV GAS in

Performance in 2020: the construction, installation and gas-in are fulfilled
in November 2020.
and the Thi Vai unfavorable conditions due to the impact of the Covid-19 epidemic. Many
• Su Tu Trang Gas Collection and Transmission Pipeline Project:
LNG Terminal solutions are implemented to offset/limit/minimize the impact on the project
schedule. As a result, the Nam Con Son 2 pipeline - Phase 2 is fulfilled and
Project is ahead of put into operation in December 2020, and the Thi Vai LNG Terminal Project is
Investment in the construction of a pipeline that connects the Su Tu
Trang platform foundation to the Nam Con Son 2 - Phase 2 to collect and
schedule....” ahead of schedule and improves in the final settlement. transmit gas from the Su Tu Trang field to shore via the Nam Con Son 2
pipeline - phase 2. The project aims to supplement gas shortages in the
Southeast region, which will significantly improve economic development
and energy security.
Status in 2020: PVN authorizes PV GAS to approve FS, plan to select

contractors; PV GAS reports to PVN the plan of FS approval 30 months
before the First gas.

• Son My – Binh Thuan LNG Terminal Project:
Investment in the storage and export port in Son My to import LNG to

the Son My Power Center and compensate for gas shortages in the
Southeast region.
Status in 2020: PV GAS submits/updates/supplements to FS, PVN

agrees to suspend FS appraisal and approval. PV GAS and AES
Corporation sign an agreement regarding the main terms of the Joint
venture contract for the Son My LNG Terminal Project.
Improving the capacity of gas and gas product processing and storage
• Converting GPP Dinh Co to receive gas from the adjusted Nam Con Son
2 pipeline - phase 2:
Investment in equipment to receive gas early from the adjusted Nam

Con Son 2 pipeline - phase 2, especially the Sao Vang - Dai Nguyet gas
source while GPP 2 is under construction; contributing to the obligation
to receive Sao Vang - Dai Nguyet gas as committed to in the gas sales
and purchase contract signed by PV GAS with PVN.
Status in 2020: the construction and installation are completed.
• Renovation and increase in capacity of the LPG tanks at Thi Vai Terminal:
Renovation of the existing premises at the Thi Vai Terminal by changing

the methods of product storage; improving the storage capacity of
liquid products, arranging, relocating, and rearranging the equipment
and technology systems to supplement the existing land funds, serving
LNG Importation: Building infrastructure for the importation and major PV GAS projects in the future (e.g, the Nam Con Son 2 project -
supplementation of gas supply to the consumer market. phase 2, LNG project, etc.).
• Thi Vai LNG Terminal Project with a capacity of 1 million tons per year: Status in 2020: the pre-feasibility study report is completed.
Investment in the Thi Vai Terminal to import LNG to consumers in the • Refrigerated LPG and LNG terminals in the North: Finding the location is
Southeast region. The gas supply for domestic use is guaranteed and the in progress (Hai Phong, Thanh Hoa, Quang Ninh, Thai Binh, Ha Tinh, etc.)
non-renewable energy sources have been preserved for the future. The gas
supply is diversified to meet the energy demand in economic development.
Status in 2020: the contractor in charge of the EPC bidding package is

ahead of schedule.
• LNG Thi Vai - Phu My pipeline:
Investment in pipelines to transmit the re-gasified LNG from the Thi Vai
Terminal (including post-expansion phase) to the Phu My Gas Distribution
Center (GDC Phu My) to meet the demand for gas supply from consumers
in the region.
Performance in 2020: FS and plan to select contractors are approved and

Total signed and EPC is in progress.
consumption • Expanding and increasing capacity of the Thi Vai LNG Terminal with a
capacity of 2 capacity of 1 million tons/year and up to 3 million tons/year:
LNG terminals Investment in expanding and increasing the capacity of the LNG terminal
to enhance LNG storage capacity, resulting in a total consumption capacity
is up to of 2 LNG terminals is up to 3 million tons/year to offset the shortage of
3
gas and meet the gas consumption demands of customers; helping the
Million investors to proactively supply gas from imported gas sources and take
Tons/ year advantage of the existing infrastructure at the Thi Vai Terminal.
Status in 2020: Contracts for packages serving FS preparation are signed.

Policies on
safety – health – environment
Material sources management:
The total amount of materials used for the production and packaging of major
PV GAS products and services.
Due to the characteristics of the oil and gas industry and the production and
transportation of products by pipeline, there is no raw material that we use in
the same volume as natural gas as a production material:
Input gas: 8,948 billion m3 of gas.
Natural gas used as fuel: 46.52 million m3.
DO oil: 1,804.8 tons.
Chemicals: 217,206 tons (Helium, Ethylmercaptan, Hydrogen, pipe corrosion

inhibitor, nitrogen, lubricants, wastewater treatment chemicals, etc.).
Report on the percentage of recycled materials used in the production of the

main PV GAS products and services.
Commercial dry gas: 8,690 billion m3
Ratio: 97.12%
Gas is a clean energy source and accounts for a large share of Vietnam’s primary
energy structure. PV GAS operates and deploys large scale gas projects to meet
the gas demands of major consumers such as power plants, fertilizer plants,
and industrial plants to use low-pressured gas, and the gas demands for the
chemical industry, fertilizer, transportation, and civil activities; to connect with
other gas pipelines within Southeast Asia for gas exportation and importation.
Regarding the transportation of gas from offshore rigs to shore: in 2020, the
total volume of gas transported to shore is 8,812 billion m3;
PV GAS produces 8,690 billion m3 of dry gas products for customers in 2020.

performance
Energy consumption: Compliance with the law on environmental protection:
Direct and indirect energy consumption: Electricity: 82,037 million Kwh. Compliance with the law provisions on the environment is to regulate the activities, products, and services
of an enterprise so that the operation and production are not harmful to the community and the impact on
Energy saved through energy efficiency initiatives.
the environment is minimized.
In production and business activities, PV GAS focuses on converting the energy system from diesel
PV GAS always disseminates changes in environmental legislation to each unit and monitors the compliance
generators to concentrated associated gas in the central rigs, compressors, and generators, which
in units by year. In addition, PV GAS collects databases and legal documents on the environment. In the
significantly reduce emissions and saved energy costs.
process of actual inspection and evaluation and through the results of a database system, PV GAS finds
Energy efficiency initiative reports (providing products and services that save energy or use some unsuitable points in the legal document system with the actual activities of the gas industry, from
renewable energy); report on results of these initiatives. which a proposal of changes is submitted to competent authorities for appropriate revisions.
As the sole supplier of gas to the Vietnamese market, to guarantee national energy security and In 2020, PV GAS implements the following environmental protection regulations:
efficient use of resources, PV GAS focuses on developing an associated gas collection system from
• Full compliance with regulations on environmental protection such as the preparation and approval of
most oil fields, connects to the gas extraction and transmission system, to ensure the stable supply
environmental protection commitments, environmental impact assessment, environmental protection
of 10 billion m3 each year for power plants, fertilizer plants and low-pressure gas to some industrial
planning, environmental monitoring, waste management (especially hazardous waste), response plan
consumers. With many useful initiatives such as improving productivity, saving raw materials, fuels,
for oil spill incidents, etc.;
and energy, PV GAS reduces operation costs and product prices by approximately VND 100 billion
every year. • Activities related to oil spills and chemicals are developed in a response plan to oil spills, and the
chemical incident response plan;
Water consumption: (water consumption of business activities in the year).
• Implementation of environmental monitoring is in accordance with legal requirements and commitments
Water supply and use.
in the Environmental Impact Assessment (EIA) report and PV GAS Guidance including water, air,
- Water supply: 356,372 m3, including water for fire prevention and fighting practice, irrigation, daily sediment, etc. Indicators meet the standards of Vietnam and the records in the rules;
living, and production.
• Waste ownership registration, hazardous waste management (collection, transportation, treatment),
Percentage and total amount of water recycled and reused. and periodical reporting to the regulatory authorities are made in accordance with the regulations;
- Percentage of recycled water: 0% • Performance of division inspections at least once a year, commencement of divisional quarterly
- Percentage of water reused: 0% inspection (company level), monthly (factory level), and by shift;
• Issuance of the environmental management procedure, the procedure of assigning responsibilities

to ensure the requirements of the law are incorporated into regulations and guidelines for the
implementation of divisions/individuals;
• Regular briefings, updates, and evaluations regarding compliance with the Law on Environmental
Protection as well as the relevant decrees and circulars to ensure compliance with environmental
legislation;
• Invitation to experts from the provincial Departments of Natural Resources and Environment to
implement new environmental protection regulations;
• Organization of activities in response to World Environment Day, World Cleanup Campaign, Earth Hour,
Say No to Plastic Waste, etc.
The number of times PV GAS has been sanctioned for failure to comply with the laws and regulations
on the environment: In 2020, PV GAS welcomes a delegation of environmental protection from the
Environmental Police Department - Ministry of Public Security and provincial Departments of Natural
Resources and Environment for inspection. The delegation highly appreciates the environmental
protection measures at PV GAS and has no complaints.
The total value of fines due to non-compliance with environmental laws and regulations is VND 0.

performance
International The international cooperation activities of PV GAS look for cooperation opportunities PV GAS and Shell agree and sign the terms of an in the future. In that context, VinaCapital, with its
with companies from countries with developed oil and gas industries – especially in the HOA. Accordingly, Shell agrees to be a special sub- financial strengths and experience in the investment
and domestic LNG field – to gain experience in trading, constructing, and developing infrastructure, contractor to supply LNG for PV GAS in the Bids and development of projects, deploys its investment
cooperation improving technologies to enhance production and business efficiency, and expand gas for the package of “Purchasing imported gas for strategy in the sustainable energy field, including
supply sources from foreign fields, thus contributing to the national energy security, operation and production of the Phu My Power Plant” renewable energy projects such as LNG Gas - Power
activities
growth momentum, and socioeconomic development in the new period. called by Power Generation Joint Stock Corporation 3 project chains. PV GAS, with 30 years of experience
(EVNGENCO 3). If PV GAS is the selected contractor, in the safe operation of gas supply systems for power
In 2020, the typical international cooperation activities of PV GAS are as follows:
the Parties shall negotiate in the spirit of goodwill plants and other customers throughout Vietnam,
Sign the main principles of the Agreement on the establishment of the Son My LNG for the full execution of an LNG Sales and Purchase decides to accompany VinaCapital in the deployment
Terminal Company with AES Corporation. Contract binding upon the Parties (“LNG SPA”). of this strategy.
AES Corporation, based in the State of Virginia, USA, is named on the list of the USA’s 500 Discussion with Premier Oil Tuna B.V (Premier Oil) After a period of discussion, the two parties agree
largest companies as voted by Fortune magazine (500 Fortune) and is one of the world’s on development of the Tuna field. to sign a Memorandum of Understanding on
leading companies in the energy field. AES has experience in electricity production and developing a Gas - Power chain to realize the desire
On 7th November 2019, the Parties including Premier
distribution around the world and in building gas industry infrastructure. In Vietnam, for cooperation between the two parties. On 25th
Oil (the Operator) and MOECO Tuna E&P CO. Ltd.
from 2010 to the present, AES has successfully and effectively operated and invested September 2020, in Ho Chi Minh City, the signing
(MOECO, the Seller) and PV GAS (the Buyer) sign an
in the Mong Duong 2 coal-fired power plant in Quang Ninh with a capacity of 1,150 MW. ceremony of the “Memorandum of Understanding
amendment to the Memorandum of Understanding
Currently, AES is also approved by the Government to be an investor in the Son My 2 LNG on the Gas-Power chain development” takes place
(MOU). Accordingly, the validity of the MOU is revised
gas-fired power plant and to contribute capital to the Son My LNG Terminal Company between PV GAS and VinaCapital. The signing
to 42 months from the date of signing in line with the
along with PV GAS. ceremony is considered a meaningful event,
new schedules of project deployment. In 2020, PV
The Son My LNG Terminal Project is in a chain of LNG gas-fired power projects in Binh celebrating the 30th anniversary of the establishment
GAS and Premier Oil actively exchange information
Thuan Province and has a capacity of 3 million tons/year (for phase 1 and up to 6 million of PV GAS and the 45th anniversary of Vietnam’s Oil
relating to the development of the Tuna field off the
tons for the next phase) to receive, process, and supply re-gasified LNG gas as fuel for and Gas industry.
coast of Indonesia to meet the signature of relevant
the Son My 1 and Son My 2 power plants until 2024, offsetting the shortage of gas in the upstream and downstream contracts before the first The leaders of the two parties believe that their
South, especially after 2023, when the domestic gas resources will begin to decline. gas supply day of the Tuna field. cooperation will not only bring about the best
Based on the Memorandum of Understanding (MOU) signed on 12th November 2017 in investment solutions but that it will also help to
Sign a Memorandum of Understanding (MOU) with
the presence of Mr. Donald Trump - President of the United States of America and Mr. effectively solve the urgent need for power supply and
VinaCapital Group Ltd (VinaCapital).
Tran Dai Quang - Deceased President of Vietnam, and strictly approved and directed by assist in sustainable socioeconomic development.
VinaCapital is a financial investment company In the coming years, the two parties will implement
the Government, the Commission for the Management of State Capital at Enterprises,
incorporated under the laws of the British Virgin Islands, practical and effective projects to supply re-gasified
Agencies, Departments and PVN, PV GAS and AES negotiate the main terms of a Joint
and has its headquarters in Ho Chi Minh City. With 15 LNG gas for the Long An I/II Power Plant from 2025.
venture agreement for the establishment of the Son My LNG Terminal Company. Upon
years of experience in investment in the Vietnamese
active negotiation between the two parties, the main terms are completed and signed
market, with total capital of about USD 3 billion,
on 28th October 2020.
VinaCapital has always brought outstanding investment
Sign the Heads of Agreement (HOA) with Shell Eastern Trading (Pte) Ltd. efficiency to domestic and international investors.
Shell Eastern Trading (Shell) is a private limited company, with its headquarters in According to the Ministry of Industry and Trade,
Singapore, and is incorporated and exists under Singapore laws. On 24th August 2020, Vietnam will face many electricity supply difficulties

Policies on personnel Number and qualifications of employees in 2020: Human resources training and development:
and HR development As of 31st December 2020, the total number of employees In 2020, the training of the whole Corporation met • Carry out training in safety, operation, maintenance,
at PV GAS and its affiliated companies and subsidiaries knowledge and skills’ requirements, legal documents for repair, and preparation for LNG projects.
holding control or majority shares is 2,716 people, of which production and business tasks are kept up-to-date, and
• Continue to promote the deployment and application
the total number of employees at PV GAS and affiliated the Human Resources management system is developed.
of internal training, E-learning, and the management
companies is 1,350 people assigned in accordance to Results are as follows:
65.1% 4.8% College (69) of training data via training software across the
their qualifications, as seen in the attached chart.
University (893)
7% Intermediate (88)
The total number of participants is: 14,251 people, whole Corporation.
In terms of major, PV GAS employees are divided into reaching 115% compared to the plan.
12.7% Technical In terms of the Human Resources management system:
Assigned in accordance nearly 20 different occupational groups, primarily
Training costs: VND 25.2 billion, reaching 60% of the
1
to their qualifications worker (158)
.350
people 1.2% Doctor (6)
in the technical fields (over 60%). This is due to the
characteristics of the gas industry.
annual plan. Due to the impact of the prolonged Covid
In 2020, the Corporation continues to develop and apply
the advanced human resources management system and
epidemic, training courses are not implemented according
0.6% Common labor (3) gradually develops the salary and bonus system based
In terms of gender, also due to the specifics of the gas to the schedule, especially training/professional courses
on work performance and level of duty completion, thus
8.6% Master (133) industry, nearly 80% of employees working within abroad/with foreign elements with high expenses.
enhancing labor productivity, production and business
the fields of operation, maintenance, repair, and the
In particular, the training implemented the following performance, motivating workers to promote and build
construction of gas works are male.
tasks: a successful team. Specifically:
With a high ratio of highly qualified laborers, university-
• Develop the long-term training program, focusing
educated or higher employees occupy 77% of the
on professional training for a team of operation,
University-educated or higher workforce in upper and middle management as well
maintenance and repair, leading engineers, leaders,
as professional technical groups. This creates a great
employees occupy advantage in the development of human resources at PV
and managers.
77
GAS. • Establish and issue regulations on the assessment
% the workforce in upper and recognition of leading engineers at unit level,
and middle management The management team is highly qualified and experienced
draft regulations on assessment and recognition of
as well as professional in the practical production and business fields, ensuring
specialists and main engineers at Executive agency.
technical groups. continual development and integration as well as highly
efficient production and business management. • Develop training management software and hold
an evaluation of the professional capacity for all
employees.

• Perfect the title system at the Corporation’s Executive agency:
Review and update functions and duties, analyze and arrange tasks, develop the
title system and labor assignment at Divisions/Offices/Centers.
Complete the job descriptions for all titles at Divisions/Offices/Centers.
Continue to review and develop the title system, labor assignment, and job
descriptions for units directly under the Corporation.
• Define 6 majors for engineer training (Electricity, Measurement, Control

Engineering and Automation, Static Mechanical Engineering, Rotary Mechanical
Engineering, Anti-corrosion for equipment, Fire Fighting and Protection, System
Integrity Management, Technology, Measurement), organize training according
to international standards, and evaluated and recognized 6 engineers.
• Develop and issue regulations on Corporate culture and plans to develop PV

GAS culture.
• Assessment of employee’s capacity:
Develop, review, and update data set for the question bank, implement
professional evaluations for all titles via software as a basis for the assessment Labor-related policies:
of an employee’s capacity, and prepare an annual training plan and assign tasks.
PV GAS develops and implements employee policies according to State and PVN
Implement capacity assessment (through the direct interview, on-site practice) regulations, and the characteristics of PV GAS, with a flexible and competitive wage
for titles of operation, maintenance, and repair on an annual basis or upon and bonus payment mechanism under the market mechanism, in order to retain and
appointment or job rotation. attract local and foreign talent to work long term at PV GAS. In particular, this includes:
• Assign duties and assess the performance of Divisions/Units/Individuals across • Assignment of stable jobs to employees according to their qualifications and
the whole Corporation by using KPIs as a basis for annual emulation and capacity, with no terminations or unemployment cases.
commendation.
• Guarantee of a high and stable salary to motivate employees to work at ease; the
payment of wages, bonuses, and other benefits is based on the true capacity and
performance of each employee.
• Periodical and extraordinary achievement rewards for individuals and divisions,

especially for innovative ideas; rewards for the safe operation of gas works;
occasional rewards on national holidays and PVN and PV GAS special events.
• Application of specific gas industry allowances in accordance with the working

conditions and environment of each job position.
• Provision of social insurance, health insurance, and unemployment insurance

according to State regulations; highly beneficial voluntary insurance for employees
(life insurance, voluntary retirement insurance, accident insurance, fatality and
hospital surgery insurance).
• Periodic health check-ups; occasional gift provision for employees’ special events.
• Organization of regular cultural, arts, and sports activities for employees.
• Respect of and compliance with safety, health, and environmental standards.

Maintenance of a professional working environment through the constant
application of advanced technology and modern facilities.
• In 2020, 36 proposals are raised by employees at periodic dialogs. All such

proposals are reviewed and handled by PV GAS in a satisfactory manner.
• Moreover, more than 150 ideas and solutions for promoting business activities are
introduced. All ideas and solutions are received, evaluated, and supported by PV
GAS to be put into practice.

Association of business activities to the

community and society
In 2020, despite many difficulties in production and business, PV

GAS continues to deploy social security programs, demonstrating
its responsibility toward the community and society. PV GAS helps to
organize social security funding programs across the country, including
funding for remote areas with difficult circumstances, making a partial
contribution to the general development of society, and spreading the
love and cohesion the staff and employees of PV GAS have for one
another with localities and individuals in difficult circumstances.
Specifically:
PV GAS commits to funding social security programs with a total budget

of VND 120 billion. Of which:
• Fund for Education – Schools: VND 73.5 billion, accounting for about
60% of the total budget for social security programs;
• Fund for Health – Hospitals: VND 29 billion, accounting for about

25% of the total budget;
• Solidarity House for the poor: VND 7 billion, accounting for about 5%
of the total budget;
• Fund for gratitude programs, policy beneficiaries: VND 4 billion,

accounting for about 3% of the total budget;
• Fund for disaster recovery and humanitarian relief: VND 9.2 billion,
accounting for about 7% of the total budget.

Implementation and With over 30 years of establishing and developing itself, the • Preparation and issuance of the PV GAS Culture With the motto “each member of staff is a PV GAS cultural
PetroVietnam Gas Joint Stock Corporation (PV GAS) has become Handbook, along with core company values, system ambassador” to realize the process of cultural practice,
consolidation of a leading unit in the gas field, with complete and synchronous of behavior, standards, and codes of conduct for the and by actively supporting the production and business,
corporate culture gas industry infrastructure, including upstream investment, whole of PV GAS. implementing the development strategy, and enhancing
collection, transmission, storage, and the processing and trading work motivation for staff members, PV GAS is constantly
• Decorating the office scientifically and synchronously
of gas products; making an important contribution to energy improving and practicing corporate culture building.
with the PV GAS Culture values; building uniform and
security and economic development, etc.
the PV GAS brand identity.
Along with its establishment and development, PV GAS has
• Maintaining 5S good practices in the whole
gradually shaped and affirmed its distinct culture with the
Corporation.
following core values: Safety – Professionalism – Innovation –
Cooperation – Efficiency. • Regularly organizing the collective and team-building
activities on cultural themes, contest of learning the
PV GAS considers corporate culture to be an important element
PV GAS Culture, the emulation movements to align
in its Advanced Human Resources management system. It
and spread the PV GAS Cultural values.
helps to create the unique features and characteristics of PV
GAS, promote the advantages of human resources, enhance • Always creating, disseminating and communicating
production and business efficiency, and maintain sustainable the PV GAS Culture to all staffs and employees to
development. PVS GAS leaders, staff, and employees at all levels ensure the correct and synchronous awareness, and
are encouraged to practice and spread this corporate culture in show the important role of Corporate culture in PV
the following ways: GAS’s sustainable development.
• Always paying attention to human resources training

and development, building a learning culture,
developing into a learning organization by promoting
the spirit of self-study and self-training in each
member of staff.

GOVERNANCE REPORT 2020 Board Members
Activities of the General Meeting of Shareholders No. Board Member Position

Date
of appointment
Date of Number of BOD
resignation meetings attended
Attendance
rate
Reason for non
attendance
1 Mr. Chairman of the 26/12/2018 27/27 100%

Information on meetings and Resolutions/Decisions of the General Meeting of Shareholders (including the Resolutions of Nguyen Sinh Khang BOD
the General Meeting of Shareholders approved by written consultation).
2 Mr. Board Member, 09/05/2015 27/27 100%
Duong Manh Son CEO
No. Resolution/Decision No. Date Contents
3 Mr. Board Member 22/04/2011 27/27 100%
Phan Quoc Nghia
1 55/NQ-KVN 05/05/2020 Resolution of 2020 Annual General Meeting of
Shareholders on re-appointment of Board Member
4 Ms. Board Member 20/10/2015 26/27 96% Business trip
Vo Thi Thanh Ngoc
Shareholders on re-appointment of Board Member
5 Mr. Independent 27/04/2018 27/27 100%
Do Dong Nguyen Board Member
Shareholders on dismissal of Supervisor
6 Mr. Independent 09/04/2019 26/27 96% Annual leave
Truong Hong Son Board Member
Shareholders on additional appointment of Supervisor
5 59/NQ-KVN 05/05/2020 Resolutions of 2020 Annual General Meeting of The Board of Directors’ The Board of Directors has successfully completed the direction and supervision
Shareholders supervision of the Board of the Board of Management in the management and running of PV GAS through:
of Management
• Regularly organizing, presiding over, co-chairing, and participating in meetings
6 75/NQ-KVN 10/08/2020 Resolution on written consultation of the Board of Directors and the Board of Management in order to direct and
evaluate the implementation situation, consider the solutions, inspect and
supervise, etc. production and business activities, construction investment,
finance, organization, personnel, restructuring, etc. across the whole of PV
GAS.
• Implementing the 2020 Supervisory program of the Board of Directors.
Activities of the Board of Directors • Reviewing the reports and evaluations of the Board of Supervisors, Internal
Board of Controllers, Inspection team, and internally supervising the production
and business activities across the whole of PV GAS.
• Exchanging and discussing with the Board of Management with regard to the
Personnel and implementation of the Resolutions, Decisions and directions of the General
No. Full name Position Ownership ratio Meeting of Shareholders and the Board of Directors.
share ownership
1 Mr. Nguyen Sinh Khang Chairman of the BOD 46.257%
BOD subcommittee Pursuant to the provisions of governmental Decree No. 71/2017/ND-CP dated 6th
2 Mr. Duong Manh Son Board Member, CEO 19.80% activities June 2017 that provides guidance for the corporate governance of public companies,
and according to PV GAS Charter and Governance Regulations, the establishment
3 Ms. Vo Thi Thanh Ngoc Board Member 14.85% of subcommittees under the Board of Directors is optional. Therefore, up to this
point, the Board of Directors has not set up any subcommittees.
4 Mr. Phan Quoc Nghia Board Member 14.85%
The Board of Directors establishes an Internal Board of Controllers to assist in
5 Mr. Do Dong Nguyen Independent Board Member supervising production and business activities and management within PV GAS;
assist the Board of Supervisors in implementing its duties under the provisions of
6 Mr. Truong Hong Son Independent Board Member the Law on Enterprise and the PV GAS Charter.
In addition, the Board of Directors also assigns tasks to each Board member to
Total 95.762%
take charge of a professional field and supervise activities of the divisions.

Resolutions/Decisions of (regarding the matters to be disclosed under Circular No. 155/2015/

the Board of Directors TT-BTC dated 6th October 2015 and Circular No. 96/2020/TT-BTC No. Number Resolution/ Issue date Contents
dated 16th November 2020 of the Ministry of Finance): Decision No.
13 458/QĐ-KVN 17/04/2020 Personnel tasks of PV GAS
14 60/NQ-KVN 08/05/2020 Accept the Sao Vang - Dai Nguyet Gas Sales Agreement between PVN and PV GAS
No. Number Resolution/ Issue date Contents
Decision No.
15 63/NQ-KVN 29/05/2020 Approve the draft Amendment and Supplement No. 02 to the Gas Sales Agreement
1 04/NQ-KVN 14/01/2020 Approve the draft Amendments and Supplements to the Gas Sales Agreement at Cuu Long Basin between PVN and PV GAS
between PV GAS and PV Power and PVPower NT2 on gas consumption from
Sao Vang - Dai Nguyet field
16 67/NQ-KVN 26/06/2020 Collect shareholders’ written consultation and payment of the remaining 2019 PV
2 07/NQ-KVN 20/01/2020 Approve the organization of the 2020 Annual General Meeting of Shareholders GAS dividends
17 70/NQ-KVN 01/07/2020 Approve the draft Agreement of the gas sales payment in 2019 between PV GAS
and PVFCCo
3 15/NQ-KVN 17/02/2020 Approve the draft Agreement on temporary payment for additional gas sales
for GPP Ca Mau between PVN and PV GAS
18 71/NQ-KVN 31/07/2020 Approve the draft Amendment and Supplement No. 04 to the Gas collection, receipt,
and compression agreement at Cuu Long Basin between PV GAS, PVN and VSP
4 199/QĐ-KVN, 18/02/2020 Appoint Deputy General Directors

200/QĐ-KVN và 19/02/2020 19 72/NQ-KVN 31/07/2020 Approve the draft Amendment and Supplement No. 01 to the compressed capacity
rental service contract at Rong - Doi Moi field and expanded Rong field
5 21/NQ-KVN 21/02/2020 Approve the selling price formula for Thai Binh Condensate in 2020
20 73/NQ-KVN 31/07/2020 Approve the main contents of the Cooperation agreement between PV GAS and
PVChem
6 22/NQ-KVN 27/02/2020 Approve the main contents of Supplement No. 15 GSA NT1 on adjusting the 21 81/NQ-KVN 26/08/2020 Approve the draft Amendment and Supplement No. 01 to the Gas Sales Agreement
gas output in 2020 for Nhon Trach 1 Power Plant for GPP Ca Mau between PVN and PV GAS
22 82/NQ-KVN 27/08/2020 Approve the main contents of Supplement No. 16 GSA NT1 on the commitment to
7 24/NQ-KVN 09/03/2020 Approve Amendment and Supplement No. 02 to the Business Cooperation
supply and receive gas in the remaining months of 2020 for Nhon Trach 1 Power Plant
Contract for Batch B - O Mon Gas transmission pipeline project
23 87/NQ-KVN 28/09/2020 Accept the policy to divest all of PV GAS’s contributed capital at Gas South
8 26/NQ-KVN 12/03/2020 Revise Resolution No. 76/NQ-KVN dated 15th May 2018 on approval of the
main contents of Natural gas sales and the conversion contract for the gas -
condensate reservoir, Dong Bac Rong region between PVN and PV GAS
24 92/NQ-KVN 05/11/2020 Accept the participation policy and main contents of the Business Cooperation
Contract to implement the Service Port - Gas - Electricity project chain
9 32/NQ-KVN 31/03/2020 Approve the draft Amendments and Supplements to the Gas Sales Agreement
between PV GAS and PV Power and PVPower NT2 on gas consumption from
25 93/NQ-KVN 09/11/2020 Accept the main contents of Amendment and Supplement No. 06 to the Agreement
Sao Vang - Dai Nguyet field
on the operation and maintenance of Vom Bac low-pressured gas collection system
between PV GAS and Vietsovpetro
10 412/QĐ-KVN 01/04/2020 Mr. Nguyen Quoc Huy steps down from the position of Deputy General Director
of PV GAS
supply and receive gas in 2021 for Nhon Trach 1 Power Plant
11 34/NQ-KVN 03/04/2020 Approve the draft Gas Sales Agreement in 2020 between PV GAS and PVFCCo
27 96/NQ-KVN 07/12/2020 Accept the Amendment and Supplement No. 02 to the Service Contract No. 2779/
HD-DKVN between PVN and PV GAS
12 35/NQ-KVN 03/04/2020 Time for the organization of the 2020 Annual General Meeting of Shareholders 28 107/NQ-KVN 29/12/2020 Approve the Amendment and Supplement No. 03 to the Gas and Condensate Sales
Agreement at Thien Ung field and Dai Hung field between PVN and PV GAS

Transactions between PV GAS and stakeholders; or between PV GAS and

major shareholders, insiders or their related persons
No. Number Resolution/ Issue date Contents

No. Number Resolution/ Issue date Contents Decision No.
Decision No.
11 71/NQ-KVN 31/07/2020 Approve the draft Amendment and Supplement No. 04 to the Gas collection, receipt,
1 04/NQ-KVN 14/01/2020 Approve the draft Amendments and Supplements to the Gas Sales Agreement and compression agreement at Cuu Long Basin between PV GAS, PVN and VSP
between PV GAS and PV Power and PVPower NT2 on gas consumption from Sao Vang
- Dai Nguyet field
12 72/NQ-KVN 31/07/2020 Approve the draft Amendment and Supplement No. 01 to the compressed capacity
rental service contract at Rong - Doi Moi field and expanded Rong field
2 15/NQ-KVN 17/02/2020 Approve the draft Agreement on temporary payment for additional gas sales for GPP
Ca Mau between PVN and PV GAS
13 73/NQ-KVN 31/07/2020 Approve the main contents of the Cooperation agreement between PV GAS and
PVChem
3 21/NQ-KVN 21/02/2020 Approve the selling price formula for Thai Binh Condensate in 2020
14 81/NQ-KVN 26/08/2020 Approve the draft Amendment and Supplement No. 01 to the Gas Sales Agreement
for GPP Ca Mau between PVN and PV GAS
4 22/NQ-KVN 27/02/2020 Approve the main contents of Supplement No. 15 GSA NT1 on adjusting the gas output
in 2020 for Nhon Trach 1 Power Plant
supply and receive gas in the remaining months of 2020 for Nhon Trach 1 Power Plant
5 26/NQ-KVN 12/03/2020 Revise Resolution No. 76/NQ-KVN dated 15th May 2018 on the approval of the main
contents of the Natural gas sales and conversion contract for the gas - condensate
16 87/NQ-KVN 28/09/2020 Accept the policy to divest all PV GAS’s contributed capital at Gas South
reservoir, Dong Bac Rong region between PVN and PV GAS
6 32/NQ-KVN 31/03/2020 Approve the draft Amendments and Supplements to the Gas Sales Agreement
between PV GAS and PV Power and PVPower NT2 on gas consumption from Sao Vang 17 92/NQ-KVN 05/11/2020 Accept the participation policy and main contents of the Business Cooperation
- Dai Nguyet field Contract to implement the Service Port - Gas - Electricity project chain
Accept the main contents of the Amendment and Supplement No. 06 to the
7 34/NQ-KVN 03/04/2020 Approve the draft 2020 Gas Sales Agreement between PV GAS and PVFCCo 18 93/NQ-KVN 09/11/2020
Agreement on the operation and maintenance of the Vom Bac low-pressured gas
collection system between PV GAS and Vietsovpetro
8 60/NQ-KVN 08/05/2020 Accept the Sao Vang - Dai Nguyet Gas Sales Agreement between PVN and PV GAS 19 94/NQ-KVN 10/11/2020 Approve the main contents of Supplement No. 17 GSA NT1 on the commitment to
supply and receive gas in 2021 for Nhon Trach 1 Power Plant
9 63/NQ-KVN 29/05/2020 Approve the draft Amendment and Supplement No. 02 to the Gas Sales Agreement at 20 96/NQ-KVN 07/12/2020 Accept the Amendment and Supplement No. 02 to Service Contract No. 2779/HD-
Cuu Long Basin between PVN and PV GAS DKVN between PVN and PV GAS
10 70/NQ-KVN 01/07/2020 Approve the draft Agreement of the 2019 gas sales payment between PV GAS and 21 107/NQ-KVN 29/12/2020 Approve the Amendment and Supplement No. 03 to the Gas and Condensate Sales
PVFCCo Agreement at Thien Ung field and Dai Hung field between PVN and PV GAS

Transactions between insiders of the listed company and their related Ownership percentage by members of the Board of Directors,
persons, with subsidiaries and companies controlled by the listed company: Board of Management, Board of Supervisors and managers
No transactions in 2020. No. Full name Position Number of shares held Ownership percentage
(31/12/2020) (31/12/2020)
Board of Directors
Share transactions of insiders and their related persons
1 Mr. Nguyen Sinh Khang Chairman of the BOD 0 0,00
No. Person in Relationship Number of Number of Reason for increase, Capital representative of PVN 885.335.900 46,26
charge of with insiders shares at the shares at decrease (acquisition, sale, 2 Mr. Duong Manh Son Board Member, CEO 0 0,00
transaction beginning the ending conversion, reward, etc.) Capital representative of PVN 379.000.000 19,80
Number Ratio Number Ratio 3 Mr. Phan Quoc Nghia Board Member 70.000 0,00
of shares (%) of shares (%) Capital representative of PVN 284.250.000 14,85
4 Ms. Vo Thi Thanh Ngoc Board Member 2.000 0,00

1 Mrs. Wife of Mr. 0 0 0 0 Acquisition/sale for Capital representative of PVN 284.250.000 14,85
Pham Thi Thu Cuc Bui Ngoc Quang - personal spending during
Deputy General Director the reporting period 5 Mr. Do Dong Nguyen Independent Board Member 0 0,00
Capital representative of PVN
6 Mr. Truong Hong Son Independent Board Member 0 0,00

Capital representative of PVN
Board of Supervisors
1 Mr. Mai Huu Ngan Head of Board of Supervisors 0 0.00
SHARES, SHAREHOLDER STRUCTURE 2 Ms. Tran Thi Hoang Anh Head of Board of Supervisors 3.000 0.00
As of 31st December 2020, the total number of PV GAS outstanding 3 Mr. Nguyen Cong Minh Supervisor 0 0.00
shares is 1,913,950,000, of which the number of shares restricted
to transfer is 50,000. 4 Ms. Ho Thi Ai Thanh Supervisor 0 0.00
Board of Management
Shareholder structure (as of 31st December 2020) 1 Mr. Duong Manh Son Board Member, CEO 0 0,00
379.000.000 19,80
Shareholder structure
No. Shareholder Number of shares Ownership Number of 2 Mr. Nguyen Quoc Huy Deputy General Director 0 0,00
ratio (%) shareholders
Institutional Individual
3 Mr. Nguyen Thanh Nghi Deputy General Director 0 0,00
1 State 1.832.835.900 95,8% 1 1
ownership 4 Mr. Bui Ngoc Quang Deputy General Director 0 0,00
2 Company 80.000 0% 1 1 5 Mr. Pham Dang Nam Deputy General Director 0 0,00
Union
6 Mr. Nguyen Thanh Binh Deputy General Director 0 0,00
Others 81.034.100 4,2% 9.713 153 9.560
7 Mr. Hoang Van Quang Deputy General Director 11.450 0,00
3 Domestic 18.374.272 3,8% 8.879 44 8.835
8 Mr. Huynh Quang Hai Deputy General Director 0 0,00
Foreign 62.659.828 0,4% 834 109 725
Chief Accountant
Total 1.913.950.000 100% 9.715 155 9.560 1 Mr. Nguyen Cong Luan Chief Accountant 10 0,00
Authorized representative for information disclosure

In 2020, PV GAS does not issue shares to increase charter capital.
1 Mr. Pham Dang Nam Deputy General Director 0 0,00
Treasury shares: Currently, PV GAS does not hold treasury shares.
Dividend payment, Payment of remaining 2019 dividends in cash
advance payment in 2020 • Last registration date: 15/7/2020.

• Realization ratio: 35%/share (VND 3,500
dividend per share).
• Payment date: 30/10/2020.

OVERVIEW AND PERFORMANCE RESULTS OF

SUBSIDIARIES AND ASSOCIATED COMPANIES
List of PV GAS subsidiaries (Branches)
Production and service group
01
PetroVietnam Functions and duties: Gas transmission and distribution from Cuu
03
PV GAS Nam Con Son Functions and duties: Gas transmission from Nam Con Son Basin to
Gas Southeast Long Basin to Nam Con Son 1 field and Nam Con Son 2 field - phase Pipeline Company Phu My Gas Distribution Center.
2, supplying to electricity, fertilizer, industrial customers, and other
Transmission Strengths: Being in partnership with the world’s leading Oil and Gas
customers in the Southeast region.
Company companies under the advanced governance method; managing and
Strengths: Having the most experienced workforce operating operating the system of gas transmission pipelines with Vietnam’s
Address: The 7th floor, PV GAS
gas works at PV GAS; managing and operating over 370 km of gas highest transmission capacity – 22 million m3/day and night.
Tower, No. 673 Nguyen Huu Tho,
transmission pipelines from Cuu Long Basin to Ba Ria – Phu My –
Address: No. 101 Le Loi, Ward Phuoc Kien Commune, Nha Be 2020 outstanding activities: Safely and effectively transmit 5,568
Nhon Trach – Hiep Phuoc and Phu My Gas Distribution Center -
6, Vung Tau City District, HCMC million m3 of gas to shore; the gas systems achieve absolute reliability
Vietnam’s largest and most modern center.
Tel: 0254 3834174 Tel: 028 37840111 and availability for 3 consecutive years.
Fax: 0254 3834171 2020 outstanding activities: Successfully distribute 6,759 million m3 of Fax: 08 37840345
Website: www.pvgas.com.vn dry gas to electricity, fertilizer, and industrial customers. Website: www.pvgas.com.vn
02
PV GAS Ca Mau Functions and duties: Gas transmission from PM3 field under
04
PV GAS Vung Tau Functions and duties: Production, storage, and distribution of gas and
Company Malay - Tho Chu Basin to electricity and fertilizer customers in the Processing Company gas products.
Southwest region.
Strengths: Managing and operating GPP Dinh Co and the system
Strengths: Despite being young in age, its workforce is full of of LPG and Condensate storage facilities and terminals across the
creativity, enthusiasm, and determination to work and learn to North, Central and South regions, accounting for over 50% of the
Address: Khanh An Commune, U
operate the system of gas transmission pipelines with a capacity of total capacity of LPG storage nationwide; helping to add value to
Minh District, Ca Mau Province
6.2 million m3/day and night in a safe and effective manner. gas products, generate revenue and profit for PV GAS, as well as
Tel: 0290 3591343
cooperating smoothly with PV GAS Trading Company to occupy the
Fax: 0290 3591315 2020 outstanding activities: Safely and effectively transmit 1,826 m3
dominant market share in Vietnam’s LPG market.
Website: www.pvgas.com.vn of gas to shore.
2020 outstanding activities: Receive and process 1,246.6 million m3
Address: No. 101 Le Loi, Ward of wet gas from Cuu Long Basin, produce 1,086.6 m3 of dry gas, 240.9
6, Vung Tau City thousand tons of LPG, 50.6 thousand tons of Condensate, transmitted
Tel: 0254 3833622 52.8 thousand tons of Condensate from Nam Con Son and Hai Thach
Fax: 0254 3838257 - Moc Tinh fields and satisfied 100% of the reasonable demand of
Website: www.pvgas.com.vn customers using services at Thi Vai Terminal.

05 PV GAS Services Functions and duties: Preventive, regular, unexpected maintenance

07
PV GAS Hai Phong Company Functions and duties: Distribution and trading of LPG
Company and repair, timely and high quality inspection and calibration, making - PetroVietnam Gas Joint and condensate.
significant contribution to the stable operation of the PV GAS gas systems.
Stock Corporation 2020 outstanding activities:
Strengths: Having a highly qualified, skilled workforce, with Be established in December 2019.
proficiency in maintenance, repair, inspection, and calibration of PV
GAS gas works. Address: Dinh Vu Industrial
Address: No. 101 Le Loi, Ward
6, Vung Tau City 2020 outstanding activities: Complete major maintenance/repair Park, Dong Hai 2 Ward, Hai An
Tel: 0254 3586381 works/tasks: suspend the gas supply of Ham Rong - Thai Binh gas District, Hai Phong City.
Fax: 0254 3563180 system (June 2020), PM3 - Ca Mau gas system (August 2020), Cuu
Website: www.pvgas.com.vn Long gas system (September 2020).
06
PV GAS Trading Functions and duties: Trading, importing, and exporting LPG in
08
PV GAS LNG Trading Functions and duties: Distribution and trading of dry gas,
Company domestic and global markets. Company - PetroVietnam LNG, and condensate.
Strengths: Terminal system throughout the country (Thi Vai LPG Gas Joint Stock Corporation 2020 outstanding activities:
terminal with a capacity of 71,260 tons, Go Dau LPG terminal 4,000 Be established in December 2019.
tons, Dung Quat LPG terminal 2,000 tons); diversified source of goods
(Ding Co, Dung Quat, Middle East and regional countries); LPG sales
contracts with most of the large LPG trading enterprises in the North, Address: The 6th floor, PV GAS
Central and South markets; reputation of PV GAS brand; expertise in Tower, No. 673 Nguyen Huu
Phuoc Kien Commune, Nha Be
the Vietnam LPG market. Tho, Phuoc Kien Commune,
District, HCMC
Nha Be District, HCMC.
Tel: 028 37840220 2020 outstanding activities: Conduct business of 1,907.9 thousand
Fax: 028 37840215 tons of LPG in domestic and global markets; accounting for 62% of
Website: www.pvgas.com.vn LPG market share in Vietnam’s market.

Construction investment project management group
01
PV GAS Project Functions and duties: Preparation for investment and implementation of
Management Company important PV GAS gas projects.
Strengths: Owning the most experienced workforce in the management and

Address: The 11th floor, PV GAS implementation of construction investment at PV GAS.
District, HCMC
Tel: 028 37840181
Fax: 028 37840180
02
GPP Ca Mau Project Functions and duties: Investment in GPP Ca Mau Project and other PV GAS
Management Unit projects.
Strengths: Despite being young in age, its workforce are constantly

exploring, discovering, and finding proper solutions to problems arising from
construction investment and enhancing the economic efficiency of projects.
District, HCMC
Tel: 028 37840118
Fax: 028 37840120
03
Southeast Functions and duties: Preparation for investment and implementation of
Gas Project some PV GAS gas collection projects.
Management Unit Strengths: The experienced workforce joins many construction investment
projects in the oil and gas industry; has bravery and creativity in handling
situations arising out of investment.
Address: The 5th Floor, PV GAS
Tower, No. 673 Nguyen Huu Tho, Orientation: The experienced workforce joins many construction investment
Phuoc Kien Commune, Nha Be projects in the oil and gas industry; has bravery and creativity in handling
District, HCMC situations arising out of investment.
Tel: 028 37840930
Fax: 028 37840180

List of affiliated companies The smooth coordination and effective operation

of affiliated companies not only support and
and associated companies extend the gas production and business lines
but also preserve and promote the financial
investment capital of PV GAS.
01 02 03 04
PetroVietnam LPG Joint Stock Company PetroVietnam Low Pressure Gas Distribution PetroVietnam Coating Joint Stock Company PetroVietnam Steel Pipe Manufacturing Joint
– PV GAS LPG Joint Stock Company – PV GAS D – PV Coating Stock Company - PV Pipe
Primary businesses: Importing, exporting, Primary businesses: Trading and transmission Primary businesses: Coating for internal Primary businesses: Production of steel pipes
and trading liquefied gas (LPG retail), trading of low-pressured gas via pipelines. and external works and projects. for internal and external works and projects.
Compressed Natural Gas (CNG).
Strengths: Operating and supplying low- Strengths: The only company in Vietnam
Strengths: Ranking in the leading group of the pressured gas via pipelines for customers at Phu operating in the field of pipe coating with Strengths: Owning Vietnam’s first large-scale
civil LPG market in the North; owning the LPG My, My Xuan, Go Dau, Nhon Trach, Hiep Phuoc types of reinforced weight coating, three and modern plant, producing straight welded
storage system, filling stations, and distribution Industrial Parks and constant expansion. layer polyethylene coating, heat insulation steel pipe on 3 - Roll Bending technological line
network spreading from Ha Giang to Da Nang. coating, bend coating, field joint coating, etc. meeting the latest API 5L and 2B standards.
Charter capital: 900 billion VND for pipes with 6” to 48” diameter.
Charter capital: 365,0 billion VND
PV GAS held: 50,5% Charter capital: 216,0 billion VND Charter capital: 1.838,5 billion VND
PV GAS held: 51%
Revenue: 7.526,7 billion VND PV GAS held: 52,9% PV GAS held: 99,9%
Revenue: 3.457,9 billion VND
Revenue: 695,1 billion VND Revenue: 308,3 billion VND
Profit after tax: 202,9 billion VND
22,5% Profit after tax: 60,6 billion VND
Profit after tax/ 0,13% Profit after tax/
Profit after tax/ 2,2%
Charter capital: Charter capital:
Profit after tax/ 28% Charter capital:
Charter capital:
2020 outstanding activities: Produce and trade 2020 outstanding activities: Supplies 911.5
247.9 thousand tons of LPG. million m3 of low-pressured gas 2020 outstanding activities: Coat and hand
2020 outstanding activities: Produce and hand
over pipelines for projects of adjusted Nam
Address: The 11th floor, VPI Tower, No. 167 Address: The 7th floor, PV GAS Tower, No. 673 over steel pipes for the project of adjusted Nam
Con Son gas transmission pipelines - phase
Trung Kinh, Cau Giay District, Hanoi. Nguyen Huu Tho, Phuoc Kien Commune, Nha Be Con Son gas transmission pipelines - phase 2
2, Sao Vang - Dai Nguyet gas collection and
District, HCMC. in line with the planned quality and schedule; in
transmission pipeline in line with the planned
Tel: 024 39445555 addition, PV PIPE supplies 87 tons of pipes for
quality and schedule.
the Zeeco flare system project of PTSC Quang
Fax: 024 39445333 Tel: 028 37840445
Ngai Joint Stock Company.
Address: Road 2B, Phu My I Industrial Park,
Website: www.pvgasn.vn Fax: 028 37840446 Phu My Ward, Phu My Town, Ba Ria - Vung
Address: Soai Rap Oil and Gas Industrial Park,
Tau Province.
Kieng Phuoc Commune, Go Cong Dong District,
Website: www.pvgasd.com.vn
Tel: 0254 3924456 Tien Giang Province
Tel: 028 37840196

Fax: 0254 3924455
Fax: 028 37840198

Website: www.pvcoating.vn
Website: www.pvpipe.vn

05 06
CNG Vietnam Joint Stock Company PVGAZPROM Natural Gas For Vehicles Limited
Liability Company
Primary businesses: CNG trading and transmission. Primary businesses: Production of steel pipes
for internal and external works and projects.
Strengths: Vietnam’s leading company specializing
in producing, transmitting, and distributing CNG to Charter capital 200 VND billion
plants that use thermal energy to produce, process;
to apartment buildings and to the transportation PV GAS held: 29,0%
industry as an alternative fuel to petroleum.
2020 outstanding activities:
Plan the transfer of GGEF capital at
Charter capital: 270,0 billion VND
PVGAZPROME, update the adjusted FS, complete
PV GAS held: 56% the evaluation of bids for the EPC package.
Revenue: 2.291,5 billion VND Address: The 5th floor, PV GAS Tower, No. 673
Nguyen Huu Tho, Phuoc Kien Commune, Nha Be
Profit after tax: 27,3 billion VND District, HCMC.
Profit after tax 10,1%
Tel: 028 37816000
/Charter capital:
Fax: 028 37816960
2020 outstanding activities:
Supplies 223.8 million m3 of CNG.
Address: The 7th floor, GAS TOWER, No. 61, 30/4

Street, Ward 7, Vung Tau City.
Tel: 0254 3574635
Fax: 0254 3574619
Website: www.cng-vietnam.com
07 08
LNG Vietnam Joint Stock Company PetroVietnam LPG Joint Stock Company
In progress of liquidation proceedings. Implement a plan to divest all PV GAS

contributed capital at PetroVietnam LPG Joint
Stock Company.

CHAPTER 03
Development strategy
100
Difficulties and challenges in
market development
102
Business model and growth
motivation in the 2021-2025 period
104
Production and business plan in 2021

DIFFICULTIES LNG supply source arrangement for Power plant projects: Challenges in LNG market development: For industrial customers, PV GAS organizes many
meetings and seminars to introduce LNG. However,
Currently, PV GAS has an LNG Master Sales Agreement (MSA) with Since the applicable tax rates on environmental and
AND CHALLENGES two suppliers, Shell Singapore and Gazprom Marketing and Trading waste treatment are still not high, the gas-fired power
as LNG is a new product, some customers are still
unclear about its features, safety, and unsure about
Singapore (GMTS), to offer spot LNG shipments at the request of PV GAS. plants are not really competitive compared to power
IN MARKET plants using other fuels such as coal.
conversion to this product.
The spot shipments are usually mobilized by LNG importers/buyers
DEVELOPMENT during a trial period of the LNG importation terminal or because of a The legal framework and standards regarding LNG are
In addition, every LNG shipment has great value and
requires many complicated guarantee terms, while
sudden seasonal demand from LNG consumers. For MSAs, PV GAS can now in the process of completion, thus, the parties and
the delay in payment from customers may affect LNG
flexibly supplement LNG sources when required through submitting the partners in the LNG value chain still face difficulties in
business performance.
offers to LNG suppliers. deployment and application for project approval.
The statistics of spot and short-term LNG sales transactions in the

last 5 years show that the total transacted LNG volume by this method
increases gradually year by year and accounts for 30% of total LNG
volume in the market at present. Therefore, in the coming years, PV GAS
will continue to sign MSAs with LNG suppliers, increasing the quantity by
20-30 MSAs to enhance competition and flexibility in the arrangement of
spot shipments.
Following directions from the Ministry of Industry and Trade regarding

the selection of LNG suppliers to ensure competition, publicity, and
transparency, PV GAS has established the Cooperation process for LNG
supplier selection and the Principle of re-gasified gas price determination
for Power plants in the bidding method to select LNG suppliers for long-
term, stable, and constant LNG supply sources for the Nhon Trach 3
and 4 Power Plants. The Cooperation process for supplier selection is
submitted, reported, and goes through a process of explanation and
adjustment according to the opinions of the Ministry of Industry and
Trade and ministries, sectors and related parties.
Currently, PV GAS is cooperating with the consultants to prepare the

plan for the arrangement of LNG supply sources and documents for LNG
offers to select LNG suppliers.
The supplier selection and evaluation process is expected to be in line

with the Cooperation process for supplier selection, then long-term LNG
purchase contracts will be signed in the 2021-2022 period, whereby,
approximately 80% of the LNG demand of the Nhon Trach 3 and 4 power
plants will be arranged under long-term contract, with the remaining to
meet demands of Power plants and industrial customers being adjusted
and supplemented by MSAs.

BUSINESS MODEL AND GROWTH

MOTIVATION IN THE 2021-2025 PERIOD
Targets Developing a strong, efficient, highly competitive PV GAS with

smooth operation in all phases of the gas and gas product
value chain. Effectively promoting the role of PVN’s sole
company in the timely, safe, effective collection, transmission,
processing, storage and trading of all gas sources collected in
the country and the maximum consumption of LPG products
from PVN’s plants. Affirming the role of Standard-bearer,
leading the Vietnam gas industry to develop in a safe and
sustainable manner, contributing to national energy security
and international integration. Developing PV GAS towards
achieving its mission of “Bringing clean energy from nature
to serve socio-economic development and creating practical
benefits for the country, shareholders, employees, partners and
social community.”
Developing PV GAS with the core values “SOLIDARITY - INNOVATION

- PROFESSIONALISM - ACTION - EFFICIENCY”, of which:
SOLIDARITY Developing PV GAS to become a solidarity collective with common ACTION All individuals and divisions are determined to act in a decisive,
ideology, aspirations, and a passion for dedication, action, so that responsible, proactive, creative, timely, flexible, and effective
each member makes the best effort to excellently complete the manner to complete the assigned tasks and achieve targets.
assigned task for a common target – for the robust development
of PV GAS and the Vietnam Gas industry.
EFFICIENCY Efficiency is our vital concern. Developing PV GAS on the principle

INNOVATION Developing PV GAS in a spirit of dare to think, dare to do, of using resources in an optimal, economic, and saving way;
and constant learning, application, creativity, etc. to apply ensuring productivity, quality, and efficiency of production and
applications, solutions, technologies, etc., contributing to business activities. Using the domestic gas resources efficiently
innovation, modernization, enhanced productivity and quality, and economically to ensure energy and food security, protect the
optimal production, and business performance. environment and natural resources, and maintain national security.
PROFESSIONALISM Developing PV GAS with a team who are virtuous, conscientious,

highly qualified, professional, strictly disciplined, constantly
innovative, and dedicated to work. Strict compliance with
procedures and provisions during operation, legal regulations;
commitment to customers/partners and social community.

PRODUCTION AND • Implementing the production and business tasks associated with the
Plan of the Vietnam Gas industry development as a basis for the long-
2021 TARGETS Indicators Unit 2021 plan
BUSINESS PLAN IN 2021 term development of PV GAS. AND PLAN Output
• Operating in a safe and efficient way and ensuring the security and (The plan will be submitted to the Exploited gas output Billion m3 9,8
safety of existing gas works. 2021 Annual General Meeting of 9,5
Supplied dry gas output Billion m3
• Keeping efficiency in production and business; maximizing the Shareholders for approval)
Produced LPG output 103 tons 348
consumption and supply of gas and gas products for customers;
Supplied LPG output 103 tons 1.600
producing and strengthening the development of LGP retail to increase
market share and improve business efficiency. Produced and supplied Condensate output 103 tons 108
• Focusing on controlling schedules, arranging capital under the Financial plan for the whole of PV GAS (Consolidated)
disbursement progress of the project, and ensuring projects/project Total revenue VND billion 70.169
chains are put into operation on schedule and promoting investment
Profit before tax VND billion 8.795
efficiency. Implementing the final settlement of completed projects
within the time limit as prescribed. Profit after tax VND billion 7.036
• Effectively managing/utilizing the gas trading and gas transportation Payment to the State budget VND billion 3.547
contracts. Completing the submission to competent authorities and
Plans of Parent company
customers in terms of gas prices and charges for existing sources
Financial plan
and new fields. Emphasizing research and development with regard to
new domestic and foreign gas sources; making upstream investment Revenue VND billion 69.165
if possible and ensuring efficiency.
Profit before tax VND billion 8.687
• Implementing the proposal for the early supply of LNG right after 6.950
Profit after tax VND billion
approval and preparing the LNG consumption market; completing
Payment to the State budget VND billion 3.490
the Overall plan for the development of LNG importing - distribution
- trading infrastructures and speeding up the research: (i) Collect and Investment capital plan
transmit gas from Tuna field to Vietnam through pipelines; (ii) Improve
Total investment capital VND billion 3.778
the capacity of the Phu My - Nhon Trach/Ho Chi Minh gas transmission
pipelines; (iii) Select locations for the construction of LPG/LNG In which: Capital construction investment VND billion 3.649
terminals in the North; (iv) Deploy the plan for the supply of LNG in the Equipment procurement VND billion 129
Southwest region; (v) Gas transmission pipelines from Hiep Phuoc to
Financial investment VND billion -
Long An Power Plants, etc.
Disbursement value in the year VND billion 6.256
• Deploying solutions for the prevention of and response to the double
impact of Covid-19. Strengthening the implementation of solutions In which: Owner’s equity VND billion 2.626
to minimize costs by at least 5-10% for each specific expense, and Loans + other capital VND billion 3.629
improve production and business efficiency and competition of PV GAS.
• Performing the restructure; reviewing and arranging personnel in

an effective manner and in line with the production and business
operations of PV GAS. Constantly improving labor performance and
perfectly implementing social welfare activities.
• Reviewing, amending/supplementing, and perfecting the system

of internal regulations and provisions in line with State and PVN
documents, and the current situation of PV GAS. Enhancing the
governance capacity, actively maintaining, strengthening, and
expanding the market; performing a step by step review to digitize and
simplify the management system.
• Improving the quality and efficiency of the internal control system;

checking, supervising, and evaluating the operational performance of
the enterprises PV GAS makes a capital contribution to; enhancing the
cash flow control, the inspection and management of debt recovery,
and developing solutions to thoroughly handle outstanding debts and
the guarantees/security of PV GAS to member units.

CHAPTER 04
Financial statements
108
Corporate information
109
Statement by the Board of Management
110
Independent auditor’s report
112
Consolidated balance sheet
115
Consolidated income statement
116
Consolidated cash flow statement
118
Notes to the consolidated financial statements

CORPORATE INFORMATION
Enterprise registration certificate No. 3500102710 dated 17 January 2007 was initially issued by the
Department of Planning and Investment of Ho Chi Minh City and
STATEMENT OF The Board of Management of PetroVietnam Gas Joint Stock
Corporation is responsible for preparing the consolidated
the latest amendment dated 30 May 2017. RESPONSIBILITY OF THE financial statements of PetroVietnam Gas Joint Stock Corporation
and its subsidiaries (“the Corporation”) which give a true and fair
BOARD OF MANAGEMENT view of the consolidated financial position of the Corporation
Board of Directors Mr. Nguyen Sinh Khang Chairman as at 31 December 2020, and of the consolidated results of its
Mr. Duong Manh Son Member OF THE CORPORATION operations and its consolidated cash flows for the year then
ended. In preparing these consolidated financial statements, the
Mr. Phan Quoc Nghia Member IN RESPECT OF THE Board of Management is required to:
Ms. Vo Thi Thanh Ngoc Member
CONSOLIDATED • select suitable accounting policies and then apply them
Mr. Do Dong Nguyen Member consistently;
Mr. Truong Hong Son Member

FINANCIAL STATEMENTS • make judgments and estimates that are reasonable and
prudent; and
• prepare the consolidated financial statements on a going

Board of Supervision Ms. Tran Thi Hoang Anh Chief Supervisor
concern basis unless it is inappropriate to presume that the
(from 5 May 2020) Corporation will continue in business.
Mr. Mai Huu Ngan Chief Supervisor The Board of Management is responsible for ensuring that proper
(to 5 May 2020) accounting records are kept which disclose, with reasonable
accuracy at any time, the consolidated financial position of the
Mr. Nguyen Cong Minh Member Corporation and which enable consolidated financial statements
Ms. Ho Thi Ai Thanh Member to be prepared which comply with the basis of accounting set out
in Note 2 to the consolidated financial statements. The Board of
Management is also responsible for safeguarding the assets of
Board of Management Mr. Duong Manh Son President the Corporation and hence for taking reasonable steps for the
prevention and detection of fraud or errors.
Mr. Nguyen Thanh Nghi Vice President
Mr. Pham Dang Nam Vice President Approval of the We hereby approve the accompanying consolidated financial
statements as set out on pages 5 to 59 which give a true and
Mr. Nguyen Thanh Binh Vice President consolidated financial fair view of the consolidated financial position of the Corporation
Mr. Hoang Van Quang Vice President statements as at 31 December 2020, and of the consolidated results of its
Mr. Huynh Quang Hai Vice President operations and its consolidated cash flows for the year then
ended in accordance with Vietnamese Accounting Standards,
Mr. Phan Van Phong Vice President the Vietnamese Corporate Accounting System and applicable
(from 4 January 2021) regulations on preparation and presentation of consolidated
financial statements.
Mr. Nguyen Quoc Huy Vice President
(to 1 April 2020) On behalf of the Board of Management,
Mr. Bui Ngoc Quang Vice President
(to 1 September 2020)
Legal representative Mr. Duong Manh Son President
Registered office PV GAS Tower, 673 Nguyen Huu Tho Street,
Phuoc Kien Commune, Nha Be District, Ho Chi Minh City. Duong Manh Son
President & CEO
Auditor PwC (Vietnam) Limited
Ho Chi Minh city, S.R. Vietnam
22 March 2021

INDEPENDENT AUDITOR’S REPORT
To the shareholders of We have audited the accompanying consolidated financial Auditor’s In our opinion, the consolidated financial statements present fairly, in all material
statements of PetroVietnam Gas Joint Stock Corporation and respects, the consolidated financial position of the Corporation as at 31 December
Petrovietnam Gas Joint its subsidiaries (“the Corporation”) which were prepared on 31 Opinion 2019, its consolidated financial performance and consolidated cash flows of the
Stock Corporation December 2020 and approved by the Board of Management on Corporation for the year then ended in accordance with Vietnamese Accounting
22 March 2021. The consolidated financial statements comprise Standards, the Vietnamese Corporate Accounting System and applicable regulations
the consolidated balance sheet as at 31 December 2020, the on the preparation and presentation of consolidated financial statements.
consolidated income statement and the consolidated cash flow
statement for the year then ended and explanatory notes to the
consolidated financial statements including significant accounting
policies, as set out on pages 5 to 59. Other Matters The consolidated financial statements for the year ended 31 December 2019 were
audited by another auditor whose independent auditor’s report dated 17 March
2020, expressed an unmodified opinion on those statements.
Responsibility The Board of Management of PetroVietnam Gas Joint Stock The independent auditor’s report is prepared in Vietnamese and English. Should
Corporation is responsible for the preparation and the true and there be any conflict between the Vietnamese and English versions, the Vietnamese
of the Board of fair presentation of these consolidated financial statements in version shall take precedence.
Management accordance with Vietnamese Accounting Standards, the Vietnamese For and on behalf of PwC (Vietnam) Limited
Corporate Accounting System and applicable regulations on
preparation and presentation of consolidated financial statements
and for such internal control which the Board of Management
determines as necessary to enable the preparation and fair
presentation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
Auditor’s Our responsibility is to express an opinion on the consolidated

financial statements based on our audit. We conducted our audit
Responsibility in accordance with Vietnamese Standard on Auditing. Those
standards require that we comply with ethical standards and Mai Viet Hung Tran Luong Thi Anh Tuyet
requirements and plan and perform the audit in order to obtain Audit Practising Licence No. Audit Practising Licence No.
reasonable assurance as to whether the consolidated financial 0048-2018-006-1 3048-2019-006-1
statements of Corporation are free from material misstatement. Authorised signatory
An audit involves performing procedures to obtain audit evidence Report reference number: HCM10163
about the amounts and disclosures in the consolidated financial Ho Chi Minh City, 22 March 2021
statements. The procedures selected depend on the auditor’s
judgment, including an assessment of the risks of material
misstatement of the consolidated financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Corporation’s preparation
and true and fair presentation of the consolidated financial
statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Corporation’s internal control.
An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates
made by the Board of Management, as well as evaluating the
overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our audit opinion.

CONSOLIDATED BALANCE SHEET CONSOLIDATED BALANCE SHEET (CONTINUED)
The notes on pages 118 to 167 are an integral part of these consolidated financial statements.

CONSOLIDATED BALANCE SHEET (CONTINUED) CONSOLIDATED INCOME STATEMENT

CONSOLIDATED CASH FLOW STATEMENT

(Indirect method)
Dang Thi Hong Yen Nguyen Cong Luan Duong Manh Son
Preparer Chief Accountant President & CEO
22 March 2021
Additional information relating to the cash flow statement is presented in Note 34.
The notes on pages 118 to 167 are an integral part of these consolidated financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020
1. General information As at 31 December 2020 and 31 December 2019, the Corporation had 6 subsidiaries
and 2 associates as follows:
PetroVietnam Gas Joint Stock Corporation, formerly known as PetroVietnam Gas Corporation - One Member
Company Limited, is a subsidiary of Vietnam Oil and Gas Group which was established in accordance with
Decision No. 2232/QD-DKVN dated 18 July 2007 issued by Vietnam Oil and Gas Group and the first Enterprise
registration certificate No. 3500102710 dated 17 January 2007.
PetroVietnam Gas Corporation - One Member Company Limited was officially transformed into PetroVietnam
Gas Joint Stock Corporation in accordance with Enterprise registration certificate dated 16 May 2011 issued by
the Department of Planning and Investment of Ho Chi Minh City and amended Enterprise registration certificates
with the charter capital of VND19,139.5 billion.
The operating industry of PetroVietnam Gas Joint Stock Corporation and its subsidiaries (the “Corporation”)
includes: collecting, transporting, storing gas and gas products; producing fuel gas and distributing gaseous fuel
through pipelines, i.e., processing gas and gas products; wholesaling solid, liquid and gaseous fuel and other
relevant products, i.e., distributing and trading dry gas, LNG, CNG, LPG and Condensate; importing and exporting
dry gas, LNG, LPG and Condensate; performing architectural activities and relevant technical consultancy, As at 31 December 2020, the Corporation had a Head Office and 11 dependent
i.e., providing consulting services in investment, design and construction of mechanical engineering works; accounting branches (as at 31 December 2019: 10 dependent accounting branches)
supervising construction and completion of industrial and civil works; performing other relevant construction as follows:
activities i.e., investing, constructing, managing, maintaining and repairing gas and gas related construction
works and projects; wholesaling and trading in other fields not yet categorised, i.e., trading materials, Branch name Place of operations
equipment, chemicals in gas and gas product processing and utilising fields, importing materials, equipment
and vehicles used for gas industry; trading in real estate, land use rights attached to owners, users or for lease, PetroVietnam Gas South East Transmission Company Vung Tau City
i.e., warehouses, port and real estate business; investing in infrastructure for distribution systems of dry and
PetroVietnam Gas Vung Tau Processing Company Vung Tau City
liquid gas at source from supply to wholesale and retail distribution; researching and developing technical and
scientific fields, i.e., researching and applying in gas industry and renovating gas works; providing gas related PetroVietnam Gas Trading Company Ho Chi Minh City
services, renovating, repairing engines, installing conversion equipment of vehicles in agriculture, forestry and PetroVietnam Gas Services Company Vung Tau City
fishery sectors; transporting cargo by road, i.e., providing transport services and means of transport using gas
and transporting gas products (doing business in gas product transportation); leasing machinery, equipment, PetroVietnam Gas Projects Management Company Ho Chi Minh City
vehicles and gas and gas related facilities. PetroVietnam South East Gas Project Management Board Vung Tau City
PetroVietnam Gas Ca Mau Company Ca Mau Province

The principal activities of the Corporation are to collect, import, transport, store, process, distribute and trade Nam Con Son Gas Pipelines Company Vung Tau City
gas and gas products.
PetroVietnam Gas Ca Mau GPP Project Management Board Ca Mau Province
PetroVietnam Gas - Hai Phong Branch Hai Phong City

The normal business cycle of the Corporation is 12 months.
PetroVietnam Gas LNG Trading Company Ho Chi Minh City
As at 31 December 2020, the Corporation had 2,704 employees (as at 31 December

2019: 2,625 employees).

2. Summary of significant accounting policies
2.1. Basis of preparation The consolidated financial statements have been prepared in accordance with
of the consolidated Vietnamese Accounting Standards, the Vietnamese Corporate Accounting
financial statements System and applicable regulations on preparation and presentation of
consolidated financial statements. The consolidated financial statements have
been prepared under the historical cost convention, except for investments in
associates and business combinations as presented in Note 2.5.
The accompanying consolidated financial statements are not intended to present

the consolidated financial position and results of consolidated operations and
consolidated cash flows in accordance with accounting principles and practices
generally accepted in countries and jurisdictions other than Vietnam. The
accounting principles and practices utilised in Vietnam may differ from those
generally accepted in countries and jurisdictions other than Vietnam.
The consolidated financial statements in the Vietnamese language are the

official statutory consolidated financial statements of the Corporation. The
consolidated financial statements in the English language have been translated
from the Vietnamese version.
2.2. Fiscal year The Corporation’s fiscal year is from 1 January to 31 December.
2.3. Currency The consolidated financial statements are measured and presented in
Vietnamese Dong (“VND” or “dong”). The Corporation determines its accounting
currency based on the currency which is mainly used in sales of goods and
rendering of services, which has a significant impact on selling prices of goods
and services, which is normally used for list selling prices and receive payments;
which is mainly used in purchases of goods or services, which has a significant
impact on cost of labor, materials and other production or operating costs and
normally used as payments of those costs.
In addition, the Corporation also uses this currency to raise financial resources
or regularly collects this currency from business operation and savings.

2.4. Exchange rates Transactions arising in foreign currencies are translated at exchange rates In a multi-phase acquisition, when determining goodwill or bargain
ruling at the transaction dates. Foreign exchange differences arising from these purchase, the consideration is the sum of the total consideration on the
transactions are recognised in the consolidated income statement. date of acquiring control and previous considerations remeasured to fair
value on the date of control acquisition.
According to Official Letter No. 4360/DKVN-TCKT dated 31 December 2015 and
Official Letter No. 3124/DKVN-TCKT dated 13 May 2015 issued by Vietnam Oil and Accounting policies of subsidiaries have been changed where necessary to
Gas Group, the Corporation shall apply the buying rate of Joint Stock Commercial ensure consistency with the policies adopted by the Corporation.
Bank for Foreign Trade of Vietnam (Vietcombank) to convert monetary items
The consolidated financial statements of the Corporation’s subsidiaries
denominated in foreign currency at year-end. Accordingly, monetary assets and
are prepared for the same accounting year. If there are differences in end
liabilities denominated in foreign currencies at the consolidated balance sheet
dates, the gap must not exceed 3 months. Adjustments are made to reflect
date are respectively translated at these exchange rates. Foreign exchange
impacts of significant transactions and events occurring between the end
differences arising from these translations are recognised in the consolidated
dates of the subsidiaries’ accounting period and that of the Corporation’s.
income statement. According to Circular No. 200/2014/TT-BTC dated 22
The length of the reporting period and differences in reporting date must
December 2014 guiding the accounting regimes for enterprises, monetary
be consistent between periods.
assets and liabilities denominated in foreign currencies at the balance sheet
date are respectively translated at the buying and selling exchange rates at the
balance sheet date of the commercial banks where the Corporation regularly
Non-controlling transactions and interests
transacts. The exchange rate by which the Corporation applied rate is different
from the abovementioned exchange rate. The Board of Management assesses The Corporation applies a policy for transactions with non-controlling
that the difference in applying the exchange rate does not materially affect the interests (“NCI”) as transactions with external parties to the Corporation.
consolidated financial statements for the year ended 31 December 2020.
NCI are measured at their proportionate share of the acquiree’s identifiable
net assets at date of acquisition.
The divestment of the Corporation’s interest in a subsidiary that does not

result in a loss of control is accounted for as a transaction with owners.
2.5. Basis of consolidation Subsidiaries
The difference between the change in the Corporation’s share of net
Subsidiaries are all entities over which the Corporation has the power to govern assets of the subsidiary and any consideration paid or received from
the financial and operating policies in order to gain future benefits from their divestment of Corporation’s interest in the subsidiary is recorded directly
activities generally accompanying a shareholding of more than one half of in the undistributed earnings under equity.
the voting rights. The existence and effect of potential voting rights that are
In a divestment of the Corporation’s interest in a subsidiary that results
currently exercisable or convertible are considered when assessing whether the
in a loss of control, the difference between the Corporation’s share in
Corporation controls another entity. Subsidiaries are fully consolidated from the
the net assets of the subsidiary and the net proceeds from divestment is
date on which control is transferred to the Corporation. They are de-consolidated
recognised in the consolidated income statement. The retained interest in
from the date that control ceases.
the entity will be accounted for as either an investment in another entity or
The purchase method of accounting is used to account for the acquisition of investment to be equity accounted for since the divestment date.
subsidiaries by the Corporation. The cost of an acquisition is measured as the
fair value of the assets given, equity instruments issued and liabilities incurred
or assumed at the date of exchange, plus costs directly attributable to the
acquisition. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair values at
the acquisition date, irrespective of the extent of any non-controlling interest.
The excess of the cost of acquisition over the fair value of the Corporation’s share
of the identifiable net assets acquired is recorded as goodwill. If the cost of
acquisition is less than the fair value of the net assets of the subsidiary acquired,
the difference is recognised directly in the consolidated income statement.
Inter-company transactions, balances and unrealised gains and losses on

transactions between inter-companies are eliminated.

Associates
2.7. Cash and cash equivalents Cash and cash equivalents comprise cash on hand, cash at bank, cash
Associates are all entities over which the Corporation has significant in transit, demand deposits and other short-term investments with an
influence but not control, generally accompanying a shareholding of original maturity of three months or less.
between 20% and 50% of the voting rights. Investments in associates
are accounted for using the equity method of accounting and are initially
recognised at cost. The Corporation’s investment in associates includes 2.8. Receivables Receivables represent trade receivables from customers arising from
goodwill identified on acquisition, net of any accumulated impairment loss. sales of goods and rendering of services or non-trade receivables from
The Corporation’s share of its associates’ post-acquisition profits or losses others and are stated at cost. Provision for doubtful debts is made for
is recognised in the consolidated income statement. The cumulative post- each outstanding amount based on overdue days in payment according to
acquisition movements are adjusted against the carrying amount of the the initial payment commitment (exclusive of the payment rescheduling
investment. When the Corporation’s share of losses in associate equals between parties), or based on the expected loss that may arise. Bad debts
or exceeds its interest in the associate, the Corporation does not recognise are written off when identified.
further losses, unless it has incurred obligations or made payments on Receivables are classified into long-term and short-term receivables on
behalf of the associate. the consolidated balance sheet based on the remaining period from the
Accounting policies of associates have been changed where necessary to separate balance sheet date to the maturity date.
ensure consistency with the policies adopted by the Corporation.
Unrealised gains and losses on transactions between the Corporation and

its associates are eliminated to the extent of the Corporation’s interest in 2.9. Inventories Inventories are stated at the lower cost and net realisable value. Cost
the associates in accordance with the current regulations. is determined by the first-in first-out method for externally purchased
LPG and the weighted average method for others and this includes all
costs of purchase and other costs incurred in bringing inventory to its
present location and condition. In the case of manufactured products, the
2.6. Goodwill Goodwill represents the excess of the cost of an acquisition over the cost includes all direct expenditure and production overheads based on
fair value of the Corporation’s share of the net identifiable assets of the normal levels of operating activity. Net realisable value is the estimated
acquired subsidiary or associate at the date of acquisition. Goodwill on selling price in the normal course of business, less the estimated costs of
acquisitions of subsidiaries is recognised as an asset and is amortised on completion and selling expenses.
the straight-line basis over its estimated period of benefit but not exceed
The Corporation applies the perpetual system for inventories.
10 years.
Provision is made, where necessary, for obsolete, slow-moving and
Goodwill on acquisitions of investments in associates is included in
defective inventory items. The difference between the provision of this year
the carrying amount of the investments at the date of acquisition. The
and the provision of the previous year are recognised as an increase or
Corporation does not amortise this goodwill.
decrease in cost of goods sold in the year.
On disposal of the investments in subsidiaries or associates, the attributable
amount of unamortised goodwill is included in the determination of the
profit or loss on the disposal.
Goodwill is tested annually for impairment and carried at cost less

accumulated amortisation less accumulated impairment losses. If there
is evidence that the impairment during the year is higher than the annual
goodwill charge, the Corporation records the impairment immediately in
the accounting year.

2.10. Investments a. Investments held-to-maturity 2.11. Business cooperation BCC is a cooperation contract between the Corporation and other parties
contract (“BCC”) to carry out specific business activities without establishing a new legal
Investments held-to-maturity are investments which the Board of
entity. These activities are jointly controlled by the parties under the BCC.
Management has positive intention and ability to hold until maturity.
The BCC is based on jointly controlled assets or shares of post-tax profits.
Investments held-to-maturity include term deposits, loans held-to- The parties in a BCC may agree to share revenue, products or profits
maturity for interest earning and other held-to-maturity investments. after tax.
Those investments are initially accounted for at cost less provision.
a. BCC with jointly controlled assets
Subsequently, the Board of Management reviews all outstanding
investments to determine the amount of provision to recognise at the Jointly controlled assets under BCC are any assets which are purchased,
year end. constructed by the parties for their benefits as set out in the BCC.
The Corporation recognises its proportionate share of the assets, its
Provision for diminution in value of investments held-to-maturity is made
proportionate share of the products or revenue from the usage of the
when there is evidence that the investment is uncollectible in whole or in
jointly controlled assets, and the agreed share of the expenses on the
part. Changes in the provision balance during the year are recorded as an
consolidated financial statements at the balance sheet date.
increase or decrease in financial expenses. A reversal, if any, is made only
to the extent the investment is restored to its original cost. b. BCC in the form of shared profits after tax
Investments held to maturity are classified into short-term and long-term The BCC states that each party is entitled to profits when the BCC is
investments held to maturity on the consolidated balance sheet based profjtable and is required to bear losses when the BCC is loss making, in
on the remaining year from the consolidated balance sheet date to the subtance, the BCC parties share revenue and expense because each party
maturity date. can jointly control the operation and cash flows of the BCC. The Corporation
is required to recognise the entire revenue and expenses arising from the
b. Investments in associates
BCC, and then allocate the proportionate shares of revenue and expenses
Investments in associates are accounted for using the equity method when to the other parties.
preparing the consolidated financial statements (Note 2.5).
c. Investments in other entities
Investments in other entities are investments in equity instruments of

other entities without controlling rights or co-controlling rights, or without
significant influence over the investee. These investments are accounted
for initially at cost. Subsequently, the Board of Management reviews all
outstanding investments to determine the amount of provision to recognise
at the year end.
d. Provision for investments
Provision for investments is made when there is a diminution in value

of the investments at year end. Regarding investments in listed shares
or those whose fair value can be determined reliably, the provision for
diminution in value is made when cost is higher than market value. For
other investments, provision for diminution in value is made when the
investees make losses, except when the loss is anticipated by the Board of
Management before the date of investment.
Changes in the provision balance during the accounting fiscal year are
recorded as an increase or decrease in financial expenses. A reversal,
if any, is made only to the extent the investment is restored to its
original cost.

2.12. Fixed assets Tangible and intangible fixed assets Disposals
Fixed assets are stated at historical cost less accumulated depreciation and Gains or losses on disposals are determined by comparing net disposal proceeds with
amortisation. Historical cost includes expenditure that is directly attributable the carrying amount of the fixed assets and are recognised as income or expense in the
to the acquisition of the fixed assets bringing them to their suitable consolidated income statement.
conditions for their intended use. Expenditure incurred subsequently which
Construction in progress
has resulted in an increase in the future economic benefits expected to be
obtained from the use of fixed assets, can be capitalised as an additional Construction in progress represents the cost of assets in the course of construction
historical cost. Otherwise, they are charged to the consolidation income for production, rental or administrative purposes, or for purposes not yet determined,
statement when incurred. including all expenditures to construct, repair, renovate or overhaul of the project,
for example: construction costs; costs of tools and equipment; project management
Depreciation and amortisation
expenditures; construction consulting expenditures; and capitalised borrowing costs
Fixed assets are depreciated and amortized using the straight-line method for qualifying assets in accordance with the accounting policies. Depreciation of these
over their estimated useful lives as follows: assets, on the same basis as other fixed assets, commences when they are ready for
their intended use.
Buildings and structures: 3 - 50 years
Machinery and equipment: 3 - 20 years 2.13. Investment properties The historical cost of an investment property represents the amount of cash or cash
equivalents paid or the fair value of other consideration given to acquire the investment
Motor vehicles: 3 - 13 years
property at the time of its acquisition or completion of construction. Expenditure incurred
Office equipment: 3 - 10 years subsequently which has resulted in an increase in the expected future economic benefits
from the use of investment properties can be capitalised as an additional historical cost.
Gas project and other equipment: 2 - 20 years
Otherwise, they are charged to the consolidated income statement when incurred.
Computer software: 3 - 8 years
Depreciation
Tangible fixed assets, representing machinery, equipment and motor
Investment properties are depreciated under the straight-line method to write off the
vehicles used for CNG production in CNG Vietnam Joint Stock Company,
historical cost of the assets over their estimated useful lives. The estimated useful lives
a subsidiary of the Corporation, are depreciated using the accelerated
of each asset class are as follows:
depreciation and reducing balance method under Circular No. 45/2013/TT-
BTC dated 25 April 2013. The usefull lives of these tangible fixed assets are Plant, building and structures: 32 years
six years and applied the same as those depreciated using the straight-line
Disposals
method depreciation.
Gains or losses on disposals are determined by comparing net disposal proceeds with
Tangible fixed assets, representing the system for the distribution of low
the carrying amount of investment properties and are recognised as income or expense
pressure gas of PetroVietnam Low Pressure Gas Distribution Joint Stock
in the consolidated income statement.
Company, are depreciated using the accelerated depreciation method with a
depreciation framework of five years to appropriately reflect the efficiency of
PetroVietnam Low Pressure Gas Distribution Joint Stock Company’s assets. 2.14. Operating lease Leases where a significant portion of the risks and rewards of ownership are retained
by the lessor are classified as operating leases. Payments made under operating leases
Tangible fixed assets, representing machinery and equipment directly are charged to the consolidated income statement on a straight-line basis over the term
related to the coating project production in PetroVietnam Coating Joint of the lease.
Stock Company, are depreciated based on the work volume completed in
the year. Accordingly, the depreciation based on work volume completed 2.15. Prepaid expenses Prepaid expenses include short-term and long-term prepayments on the consolidated
and the minimum of depreciation framework is VND234,934 per meters and balance sheet. Prepaid expenses are recorded at historical cost and allocated on a
five years, respectively. straight-line basis over their estimated useful lives.
The Corporation’s tangible fixed assets were revaluated when the
Corporation, as a State-owned enterprise, was equitised. The cost and 2.16. Payables Classifications of payables are based on their nature as follows:
accumulated depreciation of tangible fixed assets were adjusted based on
the revaluation value approved and regulated by relevant authorities. • Trade accounts payable are trade payables arising from purchase of goods
and services.
Land use rights are comprised of land use rights with an indefinite useful
life and with a definite useful life as follows: • Other payables are non-trade payables, and payables not relating to purchases of
goods and services.
• Land use rights with an indefinite useful life are recorded at historical
cost and are not armortised; Payables are classified as long-term and short-term payables on the consolidated
balance sheet based on remaining period from the consolidated balance sheet date to
• Land use rights with a definite useful life are recorded in accordance the maturity date.
with the terms indicated in the land use rights certificate and
amortised using the straight-line method over the term of the land use
rights certificate.

2.17. Borrowings Borrowings include borrowings from banks. 2.22. Unearned revenue Unearned revenue mainly comprises the amounts that customers have paid in advance
Borrowings are classified into short-term and long-term borrowings based on their for one or many accounting year for leased assets. The Corporation records unearned
remaining terms from the consolidated balance sheet date to the maturity date. revenue for the future obligations that the Corporation has to fulfill. Once recognition
criteria have been satisified, unearned revenue will be recognised as revenue in the
Borrowing costs that are directly attributable to the construction or production
income statement to the extent that it has met the recognition criteria.
of any qualifying assets are capitalised during the period of time that is required to
complete and prepare the asset for its intended use. In respect of general-purpose
borrowings, a portion of which used for the purpose of construction or production of any 2.23. Capital and reserves Owners’ capital of the shareholders is recorded according to the actual amounts
qualifying assets, the Corporation determines the amount of borrowing costs eligible contributed and is record according to par value of the share.
for capitalisation by applying a capitalisation rate to the weighted average expenditure
Share premium is the difference between the par value and the issue price of shares;
on that assets. The capitalisation rate is the weighted average of the interest rates
and the difference between the repurchase price and re-issuing price of treasury shares.
applicable to the Corporation’s borrowings that are outstanding during the year, other
than borrowings made specificially for the purpose of obtaining a qualifying asset. Other Undistributed earnings record the Corporation’s results after BIT at the reporting date.
borrowing costs are recognised in the consolidated income statement when incurred.
2.24. Appropriation of profit According to the charter of PetroVietnam Gas Joint Stock Corporation, dividends are
2.18. Accrued expenses Accrued expenses include liabilities for goods and services received in the year but recognised as a liability in the Corporation’s consolidation financial statements based on
not yet paid for due to pending invoice or insufficient records and documents. Accrued the closing date of shareholder list according to the Resolution of the Board of Directors
expenses are recorded as expenses in the reporting year. after the dividend payment plan was approved at the General Meeting of Shareholders.
Profit after BIT could be distributed to shareholders after approval at General Meeting
2.19. Provisions Provisions are recognised when the Corporation has a present legal or constructive of shareholdersappropriation to funds in accordance with the Corporation’s charter and
obligation as a result of past events; it is probable that an outflow of resources will be Vietnamese regulations.
required to settle the obligation and the amount has been reliably estimated. Provision
The Corporation’s funds are as below:
is not recognised for future operating losses.
a. Investment and development fund
Provisions are measured at the expenditures expected to be required to settle the
obligation. If the time value of money is material, provision will be measured at the Investment and development fund is appropriated from profit after BIT of the Corporation
present value using a pre-tax rate that reflects current market assessments of the time and approved by shareholders at the General Meeting of shareholders. The fund is used
value of money and the risks specific to the obligation. The increase in the provision due to provide capital for the Corporation’s development projects.
to passage of time is recognised as a financial expense. Changes in the provision balance
b. Bonus and welfare fund
during the accounting year are recorded as an increase or decrease in expenses.
Bonus and welfare fund is appropriated from the Corporation’s profit after BIT and
subject to shareholders approval at the General Meeting of shareholders. This fund
2.20. Provision for The Corporation makes provision for restoration costs incurred when returning the is presented as a liability on the consolidated balance sheet and is to use for reward,
dismantling and premises and leased land in accordance with Decision No. 49/2017/QD-TTg of the Prime serving the needs of public welfare, improvement and enhancement of the standard of
restoration costs Minister on the decommissioning of gas construction, equipment and transportation. physical and mental health of employees.
Accordingly, the provision of dismantling and restoration costs is determined based on
the budget approved by the Ministry of Industry and Trade. The budget is determined
based on the estimated dismantling and restoration costs incurred at the time of
returning the premises and lands in future and recognised on a straight-line basis over
the period approved by the Ministry of Industry and Trade. The increase in provision due
to time effect is recorded in the reporting year.
2.21. Fund for scientific The scientific and technological development fund is established to create a source
and technological of investment for scientific and technological activities of the Corporation. The fund is
development formed of the Corporation’s development and technological innovation needs and is
recognised on the consolidated profit or loss statement in accordance with Joint Circular
No 12/2016/TTLT-BKHCN-BTC issued by the Ministry of Finance dated 28 June 2016.
Accordingly, the Corporation bases on the need to use capital sources for scientific and
technological activities to provide up to 10% of the taxable income of BIT in the year to
form the fund.

2.25. Revenue recognition a. Revenue from sales of goods 2.30. Current and Income taxes include all income taxes which are based on taxable profits including
deferred income tax profits generated from production and trading activities in other countries with which
Revenue from sale of goods is recognised in the consolidated income statement when
the Socialist Republic of Vietnam has not signed any double taxation agreement. Income
all five (5) following conditions are satisfied:
tax expense comprises current tax expense and deferred tax expense.
• The Corporation has transferred to the buyer the significant risks and rewards of
Current income tax is the amount of income taxes payable or recoverable in respect of
ownership of the goods;
the current period taxable profits at the current period tax rates. Current and deferred
• The Corporation retains neither continuing managerial involvement to the degree tax should be recognised as an income or an expense and included in the profit or loss
usually associated with ownership nor effective control over the goods sold; of the year, except to the extent that the tax arises from a transaction or event which is
• The amount of revenue can be measured reliably; recognised, in the same or a different period, directly in equity.
• It is probable that the economic benefits associated with the transaction will flow to Deferred income tax is provided in full, using the liability method, on temporary
the Corporation; and differences arising between the tax bases of assets and liabilities and their carrying
amounts in the consolidated financial statements. Deferred income tax is not accounted
• The costs incurred or to be incurred in respect of the transaction can be for if it arises from initial recognition of an asset or liability in a transaction other than
measured reliably. a business combination that at the time of occurrence affects neither the accounting
No revenue is recognised if there are significant uncertainties regarding recovery of the nor the taxable profit or loss. Deferred income tax is determined at the tax rates that
consideration due or the possible return of goods. are expected to apply to the financial period when the asset is realised or the liability
is settled, based on tax rates that have been enacted or substantively enacted by the
b. Revenue from rendering of services
consolidated balance sheet date.
Revenue from rendering of services is recognised in the consolidated income statement
Deferred income tax assets are recognised to the extent that it is probable that future
when the services are rendered, by reference to completion of the specific transaction
taxable profit will be available against which the temporary differences can be utilised.
assessed on the basis of the actual service provided as a proportion of the total services
to be provided. Revenue from rendering of services is only recognised when all four (4)
2.31. Earnings per share Basic earnings per share is calculated by dividing the net profit attributable to
following conditions are satisfied:
shareholders after deducting the bonus and welfare fund by the weighted average
• The amount of revenue can be measured reliably; number of ordinary shares outstanding during the year, excluding ordinary shares
• It is probable that the economic benefits associated with the transaction will flow to repurchased by PetroVietnam Gas Joint Stock Corporation and held as treasury shares.
the Corporation; Diluted earnings per share is calculated by dividing the net profit attributable to
• The percentage of completion of the transaction at the consolidated balance sheet shareholders, which already subtracted the bonus and welfare fund, by the weighted
date can be measured reliably; and average number of ordinary shares outstanding during the year and the ordinary shares
expected to be issued.
• The costs incurred for the transaction and the costs to complete the transaction can
be measured reliably. 2.32. Related parties Related parties are defined in conformity with Vietnamese Accounting Standards, the
c. Interest income Vietnamese Corporate Accounting System and applicable regulations on preparation
and presentation of consolidated financial statements.
Interest income is recognised on an earned basis.
d. Dividend income, profit distribution 2.33. Segment reporting A segment is a component which can be separated by the Corporation engaged in
providing products or services (“business segment”),or providing products or services
Income from dividend, profit distribution is recognised when the Corporation has
within a particular economic environment (“geographical segment”). Each segment
established the receiving right from investees.
is subject to risks and returns that are different from those of other segments. A
reportable segment is the Corporation’s business segment or the Corporation’s
2.26. Cost of goods sold Cost of goods sold and services rendered are cost of finished goods, merchandises,
geographical segment.
and services rendered materials sold or services rendered during the year, and recorded on the basis of
matching with revenue and on a prudence basis. Segment reporting is prepared and presented in accordance with accounting policies
applied to the preparation and presentation of the Corporation’s consolidated financial
2.27. Financial expenses Financial expenses are expenses incurred in the year for financial activities including statements in order to help users of consolidated financial statements understand and
expenses of borrowing, provision for diminution in value of investments and losses from evaluate the Corporation’s operations in a comprehensive way.
foreign exchange differences.
2.28. Selling expenses Selling expenses represent expenses that are incurred in the process of selling products,
goods, and providing services.
2.29. General and General and administration expenses represent expenses for administrative purposes.
administration expenses

2.34. Accounting estimates The preparation of consolidated financial statements in conformity with Vietnamese
(*) As at 31 December 2020 and 31 December 2019, the Corporation determined fair value
of investments in associates based on the listed prices of shares on the stock exchanges
regarding investments in PVGazprom Natural Gas for Vehicles Company Limited, Vietnam
Assets Investment and Trading Joint Stock Company and Vung Ang Petroleum Join Stock
Company, their shares have not been listed on the stock exchange and the Corporation
as at the reporting date and the quantity of shares held by the Corporation. However,
Accounting Standards, the Vietnamese Corporate Accounting System and applicable
regulations on preparation and presentation of consolidated financial statements
requires the Board of Management to make estimates and assumptions that affect
the reported amounts of assets, liabilities and disclosures of contingent assets and
liabilities at the date of the consolidated financial statements and the reported amounts
of revenue and expenses during the year.
The areas involving significant estimates and assumptions are as follows:
• Estimated useful life of fixed assets (Note 2.12); and
• Estimation of provision (Note 2.19).
has not determined the fair value of these investments.

Such estimates and assumptions are continually evaluated. They are based on historical
experience and other factors, including expectations of future events that may have
a financial impact on the Corporation and that are believed to be reasonable under
the circumstances.
3. Cash and cash equivalents
(*) As at 31 December 2020, cash equivalents include term deposits with an original
maturity of 3 months or less and and earn interest at the rate from 2.9% to 4.3% per
annum (As at 31 December 2019: 4.3% to 5.5% per annum).
4. Investments a. Investments held-to-maturity
As at 31 December 2020, the balance represents term deposits with an original maturity
of more than 3 months and less than 12 months and and earn interest at the rate from
3.6% to 7.2% per annum (As at 31 December 2019: 5% to 7.2% per annum).
As at 31 December 2020, bank deposit with a value of VND16,000,000,000 (as at 31

December 2019: VND16,000,000,000) was pledged with banks as collateral assets for
short-term borrowings granted to the Company (Note 18(a)).
c. Investments in other entities

b. Investments in associates

5. Short-term trade accounts receivable 7. Other receivables
As at 31 December 2020 and 31 December 2019, there was no third party who had a
balance accounting for 10% or more of the total balance of short-term trade accounts
receivable.
As at 31 December 2020 and 31 December 2019, the balance of short-term trade

accounts receivable which were past due, amounting to VND487,465,958,539 and
VND286,982,566,647, respectively is presented in Note 8.
6. Prepayments to suppliers

9. Inventories
10. Prepaid expenses

8. Doubtful debts

(*) PetroVietnam Gas Joint Stock Corporation proceeded the investment based on
Decision No. 1342/QĐ-KVN dated 30 October 2014 of the Board of Management on
the verfication report of the Project’s total investment. On 26 November 2020, the
Corporation completed the Project Finalisation report, accordingly, the Corporation
reclassified the historical cost and accumulated depreciation of classes of tangible fixed
assets.
(**) These are adjustments of the cost and accumulated depreciation of GPP Ca Mau
item – Ca Mau Gas Processing Plant Project according to the audited construction
report dated 23 March 2020 for the final settlement of completed project items.
As at 31 December 2020, historical cost of tangible assets which were fully

depreciated but still in use was VND19,145,934,006,418 (as at 31 December 2019:
VND18,862,659,174,230.
As at 31 December 2020, the historical cost of certain fixed assets amounting to

VND12,533,814,640,641 (as at 31 December 2019: VND13,257,251,390,439) has been
provisionally recorded based on the actual cost for depreciation when the facilities were
put in operation. The provisionally recorded cost shall be adjusted when the final cost of
such facilities is approved.
As at 31 December 2020, the historical cost of intangible assets which were fully
armortised but still in use was VND72,649,524,029 (as at 31 December 2019:
VND81,400,565,974).
11. Fixed assets
As at 31 December 2020 intangible fixed assets with a carrying value of VND35,915,268,288

were pledged with banks as security for long-term borrowings granted to the Corporation
(Note 18(b)ngân hàng (Thuyết minh 18(b)).

12. Construction in progress 14. Short-term accounts payble
As at 31 December 2020 and 31 December 2019, the Corporation had no material balance of short-term trade accounts
payable which was past due.
13. Goodwill
15. Tax and other receivables from/payables to the state

16. Short-term accrued expenses
17. Other short-term payables

15. Tax and other receivables from/payables to the state (continued)
(*) PetroVietnam Gas Joint Stock Corporation, PetroVietnam Engineering Consultancy

Corporation and Phu Long Real Estate Joint Stock Company has jointly entered into a
BCC to construct, invest and operate the project - PV Gas Tower at No. 673 Nguyen Huu
Tho Street, Phuoc Kien Communne, Nha Be District, Ho Chi Minh City. Under the BCC, the
Corportation is in charge of management and accounting for the results of operations and
distributing profit after tax to the parties based on the capital contribution proportion as
below:
PetroVietnam Gas Joint Stock Corporation: 70%
PetroVietnam Engineering Consultancy Corporation: 20%
Phu Long Real Estate Joint Stock Company: 10%

17. Other short-term payables (continued)
(*) The interest rate is determined on each indebtedness certificate at the drawdown date based
on the interest rate announced by banks and fixed throughout the borrowing period.
As at 31 December 2020 and 31 December 2019, the Corporation had no balance of
other short-term payables which was past due.
18. Borrowings

19. Bonus and welfare fund
(i) The average individual interest rate of 12-month deposit + 2.8%.

20. Provisions for long-term liabilities
Provisions for long-term liabilities represent liability costs of dismantling, restoration
and returning of the premises of gas projects as follows:
(i) Provisions for the dismantling, restoration and returning of the premises of gas
projects in Cuu Long basin and PM3 – Ca Mau are made based on the budget approved by
the Ministry of Industry and Trade in accordance with Decision No. 1295/QD-BCT dated
17 May 2019.
(ii) Provisions for the dismantling, restoration and returning of the premises of Phu
My – Ho Chi Minh Pipeline project are made based on the budget approved by the
Ministry of Industry and Trade in accordance with Decision No. 3754/QD-BCT dated 19
September 2016.
(iii) Provisions for the dismantling, restoration and returning of processing plants,
transportation pipes and gas distribution stations are made based on the budget
approved by the Ministry of Industry and Trade in accordance with Decision No. 2437/
18. Borrowings (continued)
QD-BCT dated 16 September 2020.
Pursuant to the Decision No. 49/2017/QD-TTg dated 21 December 2017 of the Prime
Minister on the decommisioning of gas construction, equipment and transportation, the
provision of dismantling and restoration costs is the estimated cost for decommisioning,
restoration and return of the site of these projects which was approved by the Ministry
of Industry and Trade.

21. Owners’ capital
Par value per share: VND10,000.
PetroVietnam Gas Joint Stock Corporation has no preference shares.
22. Movements in owners’ equity

22. Movements in owners’ (*) According to the Resolution No. 194/BB-DHDCD dated 5 23. Earnings per share
May 2020 of PetroVietnam Gas Joint Stock Corporation, the
equity (continued) Resolution No. 10/NQ-DHDCD dated 28 April 2020 of CNG
Vietnam Joint Stock Company, the Resolution No. 214/KCA- a. Basic earnings per share
KD dated 24 April 2020 of PetroVietnam Low Pressure Gas
Distribution Joint Stock Company and the Resolution No.
10/NQ-DHDCD dated 20 May 2020 of PetroVietnam Coating
Joint Stock Company, the General Shareholders approved the
distribution plan of profit after BIT for the year 2019 as follows:
Appropriation to the bonus and welfare fund and bonus fund

for executive boards amounts to VND305,144,179,060. In
addition, the PetroVietnam Gas Joint Stock Corporation also
made a temporary distribution to the bonus and welfare fund
and bonus fund to executive boards from the profit after tax
for the year ended 31 December 2020 with an amount of
VND145,745,894,556.
Approval for the 2019 dividends plan from 2019 undistributed

earnings with an amount of VND6,699 billion, equivalent to PetroVietnam Gas Joint Stock Corporation re-determined the actual amounts appropriated to the bonus and welfare fund and bonus
35% charter capital. As at 23 June 2020, the Board of Directors fund for executive boards for the year ended 31 December 2019 according to the Resolution No. 194/BB-DHDCD dated 5 May 2020 of
of the PetroVietnam Gas Joint Stock Corporation approved the PetroVietnam Gas Joint Stock Corporation, the Resolution No. 10/NQ-DHDCD dated 28 April 2020 of CNG Vietnam Joint Stock Company, the
Resolution No. 67/NQ-KVN to pay cash dividend of the year Resolution No. 214/KCA-KD dated 24 April 2020 of PetroVietnam Low Pressure Gas Distribution Joint Stock Company and the Resolution
2019 at a rate of 35% of par value per share. In accordance with No. 10/NQ-DHDCD dated 20 May 2020 of PetroVietnam Coating Joint Stock Company. Accordingly, the basic earnings per share of the
the Notice No. 34/TB-KVN on 3 July 2020, the last registration previous year was adjusted to VND6,059/share (the previously reported amount was VND6,142/share).
date is 15 July 2020 and the payment shall be made on 30
October 2020.
(**) The 2019 undistributed earnings included income generated b. Diluted earnings per share
from revenue of Nam Con Son gas sold to Power Generation
PetroVietnam Gas Joint Stock Corporation did not have any ordinary shares potentially diluted during the year and up to the date of these
Corporation 3 – Joint Stock Company in correspondence
consolidated financial statements. Therefore, diluted earnings per share for the year ended 31 December 2020 and 31 December 2019 is
with the difference between the market gas price and the
equal to basic earnings per share
gas price in the underwriting contract of USD50,884,613
(equivalent to VND1,186 billion) for the period from 20 March
2019 to 31 December 2019. The PetroVietnam Gas Joint Stock
Corporation is required to pay this amount to the State when it
is approved by the General Meeting of Shareholders following
24. Off balance a. Foreign currencies
the Decision No. 01/2020/QD-TTg dated 12 May 2020 of the sheet items As at 31 December 2020, included in cash and cash equivalents were balances
Prime Minister. On 17 August 2020, the PetroVietnam Gas Joint held in foreign currencies of USD2,361,732 and EUR 446 (as at 31 December 2019:
Stock Corporation paid this amount in full to the State after the USD2,132,124 and EUR 457).
decision was approved by the General Meeting of Shareholders b. Capital commitments
on 10 August 2020.
Commitments for capital expenditure contracted are presented in Note 36(a).
c. Other commitments
The Corporation had commitments for gas purchase and sales as presented in
Note 36(b).

25. Net revenue from sales of goods and rendering of services 27. Financial income
28. Financial expenses
29. Selling expenses
26. Cost of goods sold and services rendered 30. General and administration expenses

31. BIT The BIT rate applicable to the Corporation is 20% of taxable income. For 32. Costs of operation Costs of operation by factor represents all costs incurred during the
gas investment projects, the tax rate and tax incentives according to the year, excluding cost of merchandises for trading activities. Details are
Investment Certificate are as follows: by factors as follows:
• For Ca Mau Gas Processing Plant: Exemption of BIT for 4 years from the
first year of having taxable profit (from 2017 to 2020) and a reduction of
50% of tax payable for the subsequent 9 years for the income derived
from the project (from 2020 to 2028); and
• For Ham Rong Thai Binh gas collecting and distributing system:
Exemption of BIT for 2 years from the first year of having taxable profit
(from 2017 to 2018) and a reduction of 50% of tax payable in the next 4
years for the income derived from the project (from 2018 to 2021).
The BIT tax on the Corporation’s accounting profit before tax differs from the
theoretical amount that would arise using the applicable tax rate of 20% as
follows:
33. Segment reporting a. Geographical segments
During the year, the Corporation has no operating activities outside the
territory of Vietnam, thus, the Corporation has no geographical segments
outside the territory of Vietnam.
b. Business segments
For management purposes, the Corporation’s business is currently

organised into different fields based on the distinctive operations of the
subsidiaries.
The Corporation’s business by field is divided into the following segments:
Gas and gaseous products business activities, including:
• PetroVietnam Gas Joint Stock Corporation
• PetroVietnam Low Pressure Gas Distribution Joint Stock Company
• CNG Vietnam Joint Stock Company
• PetroVietnam LPG Joint Stock Company
• LNG Vietnam Joint Stock Company; and
Gas and gaseous product auxilliary activities, specially steel pipe

(*) The current BIT charge for the year is based on estimated taxable income production, construction installation, repair of gas projects, including:
and is subject to review and possible adjustments by the tax authorities. • PetroVietnam Coating Joint Stock Company
• PetroVietnam Steel Pipe Joint Stock Company

33. Segment reporting (continued)
The information about business segments is as follows:
Consolidated balance sheet as at 31 December 2020
158 Annual Report 2020

Consolidated balance sheet as at 31 December 2019
Overview
Business
performance
strategy
Development
Financial
statements
159
Consolidated income statement for the year ended 31 December 2020
160 Annual Report 2020

Consolidated income statement for the year ended 31 December 2019
Overview
Business
performance
strategy
Development
Financial
statements
161
34. Additional information on certain items of the

cash flow statement
Non-cash transactions affecting the cash flow statement
35. Related party The Corporation is controlled by Vietnam Oil and Gas Group
(“the holding company”) which owns 95.76% of the Company’s
disclosures charter capital. During the year, the Corporation has balances and
transactions with related parties as follows:
Related Party Relationship
Vietnam Oil and Gas Group The holding company
PetroVietnam Southern Gas Joint Stock Company Associate
PVGazprom Natural Gas For Vehicles Co., Ltd Associate
PetroVietnam Technical Services Corporation Other related party
PetroVietnam Drilling and Well Services Joint Stock Company Other related party
PetroVietnam Fertilizer and Chemicals Corporation Other related party
PetroVietnam Transportation Corporation Other related party
PetroVietnam Construction Joint Stock Corporation Other related party
PetroVietnam Power Corporation Joint Stock Corporation Other related party
PetroVietnam Exploration Production Corporation Other related party
PetroVietnam Oil Corporation Other related party
PetroVietnam Insurance Corporation Other related party
PetroVietnam Manpower Training College Other related party
PetroVietnam Drilling Mud Corporation Other related party
Vietnam Petroleum Institute Other related party
PetroVietnam Petrochemical and Textile Fiber Joint stock Company Other related party
Vietnam Russian Vietsovpetro Joint Venture Other related party
Vietnam Public Joint Stock Commercial Bank Other related party
Binh Son Refining and Petrochemical Joint Stock Company Other related party
PetroVietnam Urban Development Joint Stock Company Other related party
PetroVietnam Ca Mau Fertilizer Joint Stock Company Other related party
PetroVietnam Engineering Consultancy Corporation Other related party

35. Related party disclosures (continued)

35. Related party disclosures (continued) 36. Commitments
The consolidated financial statements were approved by the Board of Management on 22 March 2021.
Dang Thi Hong Yen Nguyen Cong Luan Duong Manh Son
Preparer Chief Accountant President & CEO

PETROVIETNAM GAS
JOINT STOCK CORPORATION

Annual Report 2020

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PetroVietnam Gas Joint Stock Corporation 30 Years Of Remarkable Milestones

Transaction name: Tel: (028) 3781 6777 Abbreviations:

4 Annual Report 2020 Overview Business Development Financial 5

Overview Business Development Financial

“ ...With the motto “Solidarity - Innovation -

MESSAGE FROM THE CHAIRMAN OF THE BOD

Dear Valued Shareholders,

8 Annual Report 2020 Overview Business Development Financial 9

“ ...PV GAS is honored to be recognized as one

MESSAGE FROM THE PRESIDENT & CEO

Dear Valued Shareholders,

10 Annual Report 2020 Overview Business Development Financial 11

Vision Developing PV GAS into a robust, sustainable and highly competitive

12 Annual Report 2020 Overview Business Development Financial 13

14 Annual Report 2020 Overview Business Development Financial 15

Key products and services

LNG: Under development. Production of steel pipes and coating.

PV GAS customers and partners

Currently, PV GAS supplies 3 key products: Dry gas, Liquefied

Customers using dry gas

Power plants are major consumers, accounting for 80% of total

Phu My 2.1 884 MW

Phu My 2.2 720 MW

Nhon Trach 1 450 MW

Nhon Trach 2 750 MW

Hiep Phuoc 1 375 MW

In the Southwest region: Natural gas from fields under the

16 Annual Report 2020 Overview Business Development Financial 17

CNG products enter the gas market in 2008 and are

Additionally, CNG is also used in transportation to

CNG is characterized as a clean and environmentally

18 Annual Report 2020 Overview Business Development Financial 19

LPG Vung Ang Terminal

GAS TRANSMISSION PIPELINES

GAS PROCESSING PLANT TERMINAL

LPG Go Dau Terminal

LPG Can Tho Terminal GAS DISTRIBUTION CENTER PORT

PM3 - Ca Mau Gas System Nam Con Son Gas System

20 Annual Report 2020 Overview Business Development Financial 21

2018 Put the Ca Mau Gas Processing

12/ Stock Company with

22 Annual Report 2020 Overview Business Development Financial 23

2020 ACHIEVEMENTS, AWARDS AND ACCOLADES

Fulfill and exceed all planned financial targets in unfavorable conditions

Highly appreciated by prestigious national and international organizations:

• PV GAS is honored to be recognized as one of the Top 50 Listed

• Ranks 7th in the list of Profit500’s Top 500 profitable companies in

• One of 124 companies awarded the National Brand in 2020 by the

Implement measures for the successful prevention and control of Covid-19

24 Annual Report 2020 Overview Business Development Financial 25

Once again named in the Honored to be one of Vietnam’s

Vietnam’s Top 500 largest Best-performing Companies

26 Annual Report 2020 Overview Business Development Financial 27

ORGANIZATIONAL CHART OF GENERAL MEETING

OPERATIONAL DIVISIONS SUBSIDIARIES AFFILIATED COMPANIES ASSOCIATED COMPANIES

Accounting Division PV GAS Nam Con Son Pipeline Company

Commerce and Bid Management Division PV GAS Project Management Company

Technical Division GPP Ca Mau Project Management Unit

Market Development Division

Gas Dispatching Center

Internal Control Division

30 Annual Report 2020 Overview Business Development Financial 31