1

VIETNAM OIL AND GAS GROUP

VIETNAM GAS CORPORATION – JSC

ANNUAL
REPORT
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
2 3
www.pvgas.com.vn

2022
ANNUAL REPORT
This report is available in PDF format and can be
downloaded at www.pvgas.com.vn
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
4 5
www.pvgas.com.vn

TABLE OF CONTENTS
01 08

O V E R V IE W

Message from the Chairman 10

Message from the President & CEO 12
Historic Milestones 24
Notable events, trophies and awards of
the year 2022 27 

02 30

O R G A N IZA T I O N I N F O R MA T I O N –
PRODUCTION AND BUSINESS ACTIVITIES

Organizational chart 32
About the Board of Directors, the Board of
Supervisors and the Board of Management 34
Report of the Board of Directors 44
Report of the Board of Supervisors 56
Report of the Board of Management 58


03 106

D E V E L O P ME N T ST R A T E G Y : 2 0 2 3 P R O D UC T I O N & B U S I N E SS P L A N

2021-2025 Business model and

growth motivation 108
2023 Production & Business Plan 109

04 112

C O N SO L I D A T E D F I N A N C I A L ST A T E ME N T S

Corporate information 114

Statement by the Board
of Management 115
Independent auditor’s report 116
Consolidated balance sheet 118 
Consolidated income statement 122
Consolidated cash flow statement 123
Notes to the consolidated financial statements 125
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
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TỔNG CÔNG TY KHÍ VIỆT NAM (PV GAS)
BÁO CÁO THƯỜNG NIÊN 2022
8 9
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01
OV ER VIEW
Message from the Chairman

Message from the President & CEO

Historic Milestones

Notable events, trophies and awards of

the year 2022
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
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Message from the Chairman
Message from Chairman of the Board
of Directors of PV GAS
Dear Valued Shareholders, Partners
and Customers!
Vietnam Gas Corporation (PV GAS),
which has undergone 32 years of
establishment and development, is
now the leading and key unit of the
Vietnam Oil and Gas Group (PVN).
In the past 3 years, PV GAS has faced
great difficulties due to the COVID-19
epidemic, along with challenges
and unpredictable fluctuations of
the energy industry in the country,
the region and the world. However,
thanks to our own internal resources
and the companionship and support
of the Government/Ministries and
agencies; the close direction of
the parent company - Vietnam Oil
and Gas Group (PVN); the smooth
coordination of the stages in the
gas chain; the support and trust of
partners, customers, shareholders
and investors..., PV GAS has steadily
overcome obstacles and challenges,
continuing to maintain strong growth
momentum.
DUONG MANH SON
Chairman of PV GAS Board of Directors
11
In 2022, despite being influenced
by political impacts due to the
Russia-Ukraine conflict and the
global economic recession, PV
GAS achieved truly impressive
milestones in its history of
construction and development,
contributing to significantly to
the overall achievement of PVN,
with most of the planned targets
being exceeded and increased
compared to 2021 (except for
dry gas output reaching 88% of
the plan). In particular, the total
revenue and profit before tax
reached the highest level since
the establishment of PV GAS
(total revenue of over VND 102
trillion, profit before tax of over
VND 18.8 trillion), LPG volume
reached over 2 million ton for the
second year in a row,...
In the past period, PV GAS has
always ensured the safe and
efficient operation of gas works/
systems, continuous gas supply
to contribute/cooperate with EVN
to maintain the national power
grid for industrial production
and livelihood, supply gas for
production of nitrogenous fertilizers
to serve the national agriculture,
supply gas for industrial production
(low pressure gas, CNG), supply LPG
for industry and civil use... PV GAS
has always effectively contributed
to the community, annually
contributing over VND 100 billion
for social security work; ensured
employment and stable income/
welfare for employees; has been one
of the leading enterprises of PVN
and stood out on the stock market,
continued to be highly appreciated
by prestigious domestic and foreign
organizations.
Dear Valued
Partners and
Shareholders,
Customers!
Vietnam’s gas industry, of
which PV GAS is the leader, is
gradually entering a new phase of
development, with the participation
of many new players in the market.
During the shaping period of the
energy industry, as well as the
Vietnamese energy market, PV GAS
has opened up both opportunities
and challenges.
Resolution No. 55-NQ/TW dated
February 11, 2020 of the Politburo
stipulating strategic orientations
for Vietnam’s national energy
development to 2030, with a vision
to 2045 as well as Decision No. 2233/
QD-TTg dated December 28, 2020
of the Prime Minister approving
the Project for development of a
competitive energy market to 2030,
with a vision to 2045 clearly state
the goal of firmly ensuring national
energy security; restructure state-
owned enterprises in the energy
industry towards focusing on
core activities and strengths, with
emphasis on promoting the leading
role of capable and experienced
specialized state-owned enterprises
such as PVN, PV GAS.
Continuing the mission of bringing
energy from nature to serve the
development of the business
community, people and the country,
contributing to ensuring national
food and energy security in a
volatile business environment; with
the motto “Solidarity - Innovation -
Professionalism - Action”, with the
same development orientation:
“Building and developing PV
GAS into a key unit in the gas
industry, playing a pivotal role,
leading Vietnam’s gas market,
contributing to ensuring national
energy security”, PV GAS has been
implementing many solutions,
focusing on implementing
03 strategic breakthroughs
(on organization, staffing; on
infrastructure development and
markets; and on mechanisms
and policies). In addition, PV GAS
continues to improve governance,
enhance professionalism; promote
the value of its corporate culture,
actively implement ERP and
digital transformation, strengthen
cooperation through chain links
with partners inside and outside
the industry,...
With the potentials in terms of
facilities, assets, human resources,
finance, experience and reputation;
as well as the determination and
drasticity in leading, directing and
implementing the tasks of the
Board of Management and staff -
employees, PV GAS has affirmed its
position as the leader of Vietnam’s
gas industry and confidently
enter a new era of development
of the country. We believe that
PV GAS will complete the goals
and tasks planned for 2023, set
new milestones in the career of
construction and development,
as well as achieve medium and
long term achievements, bringing
practical values for all valued
Shareholders, Partners and
Customers.
On behalf of the Board of Directors
of PV GAS, I would like to express
my gratitude, thanks and look
forward to continuing to receive
the companionship and trust of
ourdistinguished shareholders,
partners and customers. This is
a great motivation to encourage
us to stay firmly on the journey of
sustainable development in the
years to come.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
12
www.pvgas.com.vn
Message from the President
Dear Valued Shareholders and Investors!
We experienced 2022 with great global
economic and political fluctuations, while
economies/businesses have not really
recovered from the Covid-19 pandemic.
The world’s geopolitical situation was
unstable due to the Russia - Ukraine
conflict, the US and many countries applied
sanctions against Russia,... leading to the
fluctuations of energy market and global
monetary and financial policies; soaring
prices and inflation, domestic energy
shift, as well as low demand for gas for
electricity production. These advantages/
disadvantages have greatly impacted PV
GAS’s business situation.
HOANG VAN QUANG
President of PV GAS
13
However, with a lot of efforts and
flexible solutions, PV GAS’s Board of
Managment and employees have
overcome challenges and obstacles
and achieved impressive results
in 2022. These are: Ensuring safety
in all operations, continuously
operating gas works systems, ready
to supply gas and gas products
at a high level; Supplying nearly
7.8 billion m3 of dry gas, equal to
88% of the plan, up 9% compared
to 2021; Exceeding the plan for
condensate output (reaching over
101 thousand tons, equal to 152%
of the plan, increasing by 55%
compared to 2021 and finishing
5 months ahead of the plan) and
trading LPG output (reaching over
2.0 million tons, equal to 120%
of the plan, up 2% compared
to 2021 and finishing 2 months
ahead of the plan); Ensuring the
target/orientation of gas supply for
traditional customers and expand
to new customers (fertilizers and
industrial customers consume
gas beyond the plan by 1-3% and
increase by 5% compared to 2021);
The financial targets exceeded the
plan, finished 2-6 months ahead of
the plan and increased compared
to 2021, with the highest revenue
since the establishment of PV GAS
(Total revenue reached over 102
trillion, equal to 128% of the plan, an
increase of 28% compared to 2021;
profit before tax reached over VND
18.8 trillion, equal to 214% of the
plan, an increase of 68% compared
to 2021; profit after tax reached
nearly VND 15.1 trillion, equal to
214% of the plan, an increase of
70% compared to 2021; payment to
the State budget reached over VND
8.1 trillion, equal to 199% of the
plan, up 28% compared to 2021).
PV GAS is one of the top companies
with positive financial ratios in PVN
(ROE 27%, ROA 19%), one of the big-
cap companies in the market (total
assets was over VND 82.8 trillion),
with a high annual dividend payout
ratio in cash (25-30%/charter
capital), being one of 7 Vietnamese
enterprises with revenue over VND
100 trillion. In addition, PV GAS
actively implemented construction
investment, completed construction
of 1 MMTPA LNG storage project in
Thi Vai and is completing procedures,
ready for commissioning, put into
commercial operation in 2023,
expected to add gas supply of about
1.4 billion m3/year.
PV GAS continued to maintain a
stable gas supply to produce over
11% of electricity output, about
70% of nitrogenous fertilizer output,
meeting nearly 70% of the country’s
LPG market share (including 80%
of the South market share, 57% of
the North market share and 64%
in the Central region), LPG retail
market share accounted for 11% in
the context of increasingly fierce
competition .
Dear distinguished shareholders
and investors,
The year 2023 and the coming
years are forecasted to continue
to have many difficulties and
fluctuations with extremely
unpredictable factors. PV GAS is
expected to be affected by the
trend of energy transition, price
fluctuations of petroleum products,
and an increase in renewable
energy sources. Besides, the
implementation of gas-power
projects still has many unresolved
problems due to the involvement of
many parties/factors in the whole
gas-electricity chain from upstream
to downstream; LNG projects
face many challenges related to
supply, market as well as specific
mechanisms and policies,....
All PV GAS leaders and employees
always unite, work hard, innovate,
try to emulate, promote advantages
and make optimal use of available
resources in terms of facilities,
assets, human resources, finance,
experience, reputation and brand,...
, to set the goal of successfully
completing the planned tasks of
2023 as well as the years ahead.
We believe that PV GAS will always
maintain its position as one of the
leading units of the Vietnam Oil
and Gas Group, fulfil the mission of
ensuring the supply of clean energy
for the development of society and
the country, continue to promote
the achievements in the past 32
years, meeting the expectations
of the Management, the support
and trust of the distinguished
shareholders and investors.
On behalf of the almost 2,800 PV GAS
employees, the Board of Directors
of PV GAS would like to extend our
deepest gratitude to the Vietnam Oil
and Gas Group, customers, partners,
and especially shareholders for always
supporting and accompanying PV
GAS development.

PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
www.pvgas.com.vn
32 years of establishment and development
a. Business areas, products, partners
B U SINESS A R EAS
Gathering, transporting, storing, and processing
gas and gas products;
Distributing and trading gas and dry gas products,
LNG, CNG, LPG, and Condensate; bottling LPG
into tanks and tanker trucks; trading materials,
equipment, and chemicals in the field of gas and
gas product processing and usage; trading port
services, warehousing, yards, etc;
Trading in real estate, land use rights as owners,
users or tenants;
Generation, transmission and distribution of
electricity;
14
Investing in infrastructure for dry gas and liquid
gas distribution systems in a uniform manner
throughout the corporation, from supply to
distribution as well as wholesale and retail
throughout the country and overseas;
Consumption of LPG from petrochemical refineries
and other sources of PVN;
Management, operation, maintenance and repair
of gas works;
Research and application in the study of gas and
renovation of gas works;
a
15
Providing services in the field of gas: renovation, Financial investment in outside companies;
maintenance, and repair of engines, installation
of conversion equipment for transportation and
the agriculture, forestry, and fishery sectors using
gas fuel, transportation services using gas fueled
vehicles;
Investing in the acquisition, sale, transfer,
negotiation, and execution of contracts, projects,
assets, and gas works;
Export and import of dry gas, LNG, liquid gas, and
condensate;
Acquiring additional international gas firms to
become part of PV GAS; selling subsidiaries as
needed;
Importing materials, equipment, and facilities for
the gas industry;
Leasing machinery, equipment, vehicles, gas or
gas-related infrastructure;
Participating in upstream gas projects to increase Other industries as permitted by law and in line
the capacity and efficiency of gas product with the direction and coordination of the PVN;
processing and trading;
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
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MAIN P RODUC TS AND SER V I C ES

PROD UCT S SERVI CES

y  urrently manufacturing/suppliing/
C y  athering gas; Importing gas; Gas
G
distributing: transportation and distribution.
» Dry Gas y Converting engines into gas engines.
» Liquefied Petroleum Gas (LPG) y Maintenance and repair of gas engineering
» Condensate Gas (Condensate) equipment.
» Compressed Natural Gas (CNG) y Pipe wrapping service and steel pipe service.
» Low Pressure Gas
» PV GAS Gas Tank
» Steel Pipe

y Coming to market:
» Liquefied natural gas (LNG)

P V G AS ’S CUSTOMER S AND PAR TN E RS

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 low pressure gas; at the
same time hopes to develop
Liquefied Natural Gas (LNG) in
the future. PV GAS products are
offered to different customer
segments with their own specific
use.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
www.pvgas.com.vn
C U STO MERS USING D R Y GAS
Power plants are major consumers,
accounting for about 70-80% of
total dry gas output, followed by
nitrogenous fertilizer plants at
10-15% and industrial customers
(using low pressure gas, CNG) at
10-15%.
18
y S outheast region: Associated gas from fields in Cuu Long basin
and natural gas from fields in Nam Con Son basin are collected,
transported and processed at Dinh Co Gas Processing Plant and
Nam Con Son Gas Processing Plant to separate into dry gas and
gas products (LPG and condensate). After passing through the
gas treatment plants, dry gas will be transported by pipeline
to customers in Ba Ria - Vung Tau, Nhon Trach (Dong Nai) and
Hiep Phuoc (Ho Chi Minh City), part of dry gas is depressurized
for supply/distribution through low-pressure gas pipelines/
or compressed into CNG to supply industrial customers in the
Southeast and some Southwestern provinces, including:
»  ower plants: Ba Ria (350MW), Phu My first (1090MW),
P 24%).
Phu My 2.1 (884MW), Phu My 4 (450MW), Phu My 2.2
(720MW), Phu My 3 (720MW), Nhon Trach 1 (450MW), Nhon
Trach 2 (750MW), Hiep Phuoc 1 (375 MW).
» Phu My Fertilizer Factory.
» Industrial customers.
y S outhwest region: Natural gas from fields in the Malay - Tho
Chu basin is collected, transported and processed at Ca Mau Gas
Processing Plant to separate into dry gas and gas products (LPG and
condensate). After passing through the Gas Treatment Plant, the dry
gas will be transported by pipeline to 2 Ca Mau power plants with a
total capacity of 1500 MW and the Ca Mau Fertilizer plant.
y  orthern region: Natural gas from blocks 102&106, Ham Rong - Thai
N
Binh field in Song Hong basin is collected, transported, brought
ashore and separated into dry gas and condensate at Tien Hai Gas
Distribution Center (Tien Hai GDC). Dry gas will be transported by
pipeline to industrial customers (dry gas is depressurized for supply/
distribution via low-pressure gas pipeline/or compressed into CNG to
supply to customers).
19
CUST O MER S USI N G
L I Q UE F I ED PET R O L EUM G A S ( L PG )
PV GAS is playing the role of a
leading LPG producer, importer
and trader in Vietnam, holding
about 70% of the LPG wholesale
market share (of which 80% of
the South market share, 57%
of the North market share, 64%
of the Central market share)
and about 11% of the retail
LPG market share in the whole
country (including GAS South at
y LPG supplies:
» LPG from Dinh Co Gas Processing Plant is produced from
associated gas originating from fields in Cuu Long Basin and
natural gas from fields in Nam Con Son Basin;
» LPG from Ca Mau Gas Processing Plant is produced from nat-
ural gas originating from fields in the Malay - Tho Chu basin;
» LPG purchased from Dung Quat Oil Refinery;
» LPG from sources imported from the Middle East and neigh-
boring countries such as China, Malaysia, Taiwan, Singapore,
Indonesia...;

y L PG is wholesaled in the form of tank trucks, ships transported to
customers’ warehouses.
y T he nationwide retail LPG business network is assigned to PV GAS
member units, namely Vietnam LPG Trading Joint Stock Company
and Southern Gas Trading Joint Stock Company (PV GAS South).
These units use agents to form a retail distribution network which
develops the PetroVietnam Gas brand. LPG is retailed in the form of
12kg and 45kg cylinders for residential and commercial customers.
đối tượng khách hàng dân dụng và thương mại.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
www.pvgas.com.vn
CU STOMERS USING
CO MP RESS ED NATUR AL GAS ( C NG)
CNG is natural gas (dry gas)
compressed to a pressure of
200 - 250 barg to increase
storage capacity and reduce
transportation costs. At the
point of consumption, CNG is
depressurized through the PRU
(Pressure Reducing Unit) unit,
to the customer’s required
pressure (usually <3 barg).
C U STOMERS USING L OW PR ESSUR E GA S
Low pressure gas is dry gas
that is depressurized to low
pressure (<49 barg), has been
supplied/distributed to industrial
customers via pipeline system
since 2008.
20 21
CUST O MER S USI N G
L I Q UE F I ED N A T UR A L G AS ( L N G )
CNG products entered the gas market in 2008 and are accepted by (New product, coming to market) 2 methods will be used to deliver imported LNG to customers:
customers due to its price comparison with traditional fuels such LNG is natural gas, which is »  ipeline: LNG is re-gasified and pumped to pipelines to supply
P
as gasoline, oil, LPG, etc. Customers who use CNG include industrial changed to a liquid state by consumers;
facilities producing ceramic tiles, iron and steel, ceramics, etc., who are colling it to -162°C. Import and
not located near a PV GAS pipeline. In the future, CNG goods will target » T ank truck / satellite LNG station: Transported by tank truck
distribution is due to commence
the Central market based on regional gas supplies. CNG Vietnam Joint to customers located remote from the pipeline system, stored
in Vietnam from 2023, targeting
Stock Company, PV GAS South, and LPG Vietnam are the three entities at satellite warehouses for re-gasification and supplied to
power plants and industrial
currently responsible for CNG distribution, in which the Northern CNG customers for consumption.
customers in the Southeast
market entirely assigned to CNG Vietnam. region and Binh Thuan.
Additionally, CNG is used in transportation in place of conventional
fuels like oil and gasoline. There are currently 100 CNG-powered buses
operating in Ho Chi Minh City.
CUST O MER S USI N G CO N D EN SAT E
CNG is recognized as a clean, environmentally friendly fuel and is
widely used around the world. Condensate is a by-product of
wet gas collected from oil and
gas sources in the Cuu Long
basin, Nam Con Son basin,
Malay - Tho Chu basin and
Currently, PetroVietnam Low Pressure Gas Distribution Joint Stock Song Hong basin. It is primarily
Company (PV GAS D) is a member unit of PV GAS which is assigned used for the manufacturing
to manage, distribute and trade low pressure gas through pipelines. of finished gasoline, which
PV GAS D owns a synchronous and widespread low-pressure gas contributes to the domestic
distribution system to customers’ factories in industrial zones in both gasoline supply.
the North and the South: Tien Hai Industrial Park (Thai Binh), Nhon
Trach Industrial Park – Go Dau (Dong Nai), Phu My - My Xuan - Cai Mep
Industrial Parks (Ba Ria Vung Tau), Hiep Phuoc Industrial Park (HCMC),...
PV GAS D’s customers are factories of ceramic, porcelain, ceramic tile,
iron and steel, glass,...
In the near future, when PV GAS imports LNG to Vietnam, part of the
re-gas from imported LNG will be supplied to industrial customers
through PV GAS D’s pipeline low-pressure gas distribution system.
VIETNAM GAS CORPORATION - JSC
ANNUAL REPORT 2022
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B U SINESS A R EA SUPPL Y CH A I N D I AG R A M
Throughout the entire country, with specifc
focus on Ba Ria - Vung Tau, City. Ho Chi Minh City,
Dong Nai, Ca Mau, Thai Binh.

GAS

VIETNAM IMPORT AND EXPORT ANG

Hai Phong LPG Terminal CONTINENTAL SELF DUNG QUAT REFINERY

LPG

Vung Ang LPG Terminal

LPG

CONDENSATE

GAS PROCESSING PLANT TERMINAL

Dung Quat LPG Terminal

GAS DISTRIBUTION CENTER PORT

Go Dau LPG Terminal

Dong Nai LPG Terminal
Thi Vai LPG General Terminal
Dinh Co Gas
Processing Plant Nam Con Son Gas Processing Plant

Can Tho LPG Cuu Long Gas System

Terminal Nam Con Son Gas System
Nam Con Son Basin
POWER PLANT FERTILIZER PLANT INDUSTRIAL LPG BUSINESS CONDENSATE PLANT
CUSTOMERS COMPANY
PM3 Gas System – Ca Mau
Malay Basin – Tho Chu
 b
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
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b. Milestones of historical events

2001 - 2010 2020 - 2022

09/1990 05/2011
Established as a Gas Company, bearing Officially began operating as a Joint Stock
the task of collecting, transporting, Company with chartered capital of
processing, storing, and trading gas and VND 18,950 billion.
gas products.

04/1995 05/2012
Bring the first gas flow from the Cuu Offered PV GAS shares to the public for
Long basin ashore to feed Southeast the first time on the Ho Chi Minh Stock
consumers. Exchange.

08/2015
10/1998 Brought the first gas flow from the Red
LPG & Condensate produced for the first River basin ashore to feed Northern
time in Vietnam. 12/2002 consumers. 2018
Bring the first gas flow from the Nam Put the Ca Mau Gas Processing Plant into operation,
Con Son ashore to feed Southeast contributing to an increase in gas value from the
consumers. 2016 PM3 source.
Increased chartered capital to
11/2003 VND 19,139.5 billion.
2020
Complete the first low pressure gas
Put the Nam Con Son 2 Project chain into operation
net work .
(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
05/2007 Nam Con Son 2 – phase 2), making a significant
Bring the first gas stream from the contribution to the meeting gas supply shortages
PM3 – 46 Cai Nuoc field ashore to feed in the Southeast region.
Southwest consumers.

1990 - 2000 07/2007

2021
Put the floating refrigerated LPG storage into
Change name to PetroVietnam Gas operation successfully in Thai Binh; Reached the
Corporation, operating under the highest ever annual LPG trading volume and
parent-subsidiary company model. revenue.

2011 - 2019 2022

Reach the largest total revenue and profit before
tax ever (total revenue of over VND 102.4
trillion and profit before tax of over VND 18.8
trillion), reach over 2 million tons of LPG trading
volume in 2 consecutive years.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
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www.pvgas.com.vn

Notable events,
trophies,
awards in 2022:

Top companies with large capitalization

on Vietnam’s stock market.

Named in List of Top 50 best listed

companies by Forbes for the 10th year
consecutive in 2022”; “Top 5 companies
with the most impressive revenue and
profit in Vietnam”.

Top 20 of the 500 largest income tax

payers in Vietnam.

National Brand by the Ministry of

Industry and Trade for many consecutive
years.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
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02
TỔNG CÔNG TY KHÍ VIỆT NAM (PV GAS)
BÁO CÁO THƯỜNG NIÊN 2022
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www.pvgas.com.vn

OR G ANI Z A T I O N A L I N F ORMA T ION

PR ODU C TION A N D
B USINESS PERFOR MA NCE

Organizational chart

About the Board of Directors,

The Board of Supervisors

The Board of Management

Report of the Board of Directors

Report of the Board of Supervisors

Report of the Board of Supervisors

PETROVIETNAM GAS JOINT STOCK CORPORATION
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Organizational chart
PV GAS is currently structured as a parent-subsidiary company; in addition to the
parent company of PetroVietnam Gas Joint Stock Corporation with 16 operational
divisions under the Corporation’s BOM, PV GAS has 9 subsidiaries, 7 PV GAS GENERAL MEETING OF SHAREHOLDERS
affiliated companies owning controlling shares/capital contribution and 2 PV GAS
companies not owning controlling shares/contributing capital. The corporate
structure of PV GAS is as:

CORPORATION BOARD OF DIRECTORS

BOARD OF SUPERVISORS

CORPORATION BOARD OF MANAGEMENT

ASSOCIATED COMPANIES
BOARD OF MANAGEMENT SUBSIDIARIES CÁC CÔNG TY CON
(Controlling shares by PV GAS)

» Administration » PV GAS Vung Tau Processing Company » PV Low-Pressure Gas Distribution JSC » S outhern Gas Trading Joint Stock
» Health – Safety – Environment » PV GAS South East Transmission Company » Petro Vietnam LPG Joint Stock Company Company
Division » PV GAS Ca Mau Company » PetroVietnam Coating Joint Stock » PVGAZPROM Natural Gas for Vehicles
» Human Resource Division » PV GAS Services Company Company Limited Liability Company
» Planning Division » PV GAS Trading Company » PetroVietnam Steel Pipe Joint Stock
» Finance Division » PV GAS Nam Con Son Pipeline Company Company
» Accounting Division » PV GAS LNG Trading Company » CNG Vietnam Joint Stock Company
» Gas Contracts Division » PV GAS Hai Phong Company » LNG Vietnam Joint Stock Company
» Legal Division » S on My LNG Terminal Limited Liability
» Commerce and Bid Management Company
Division
» Investment and Construction Division
» Technical Division
» Internal Control Division
» Gas Dispatching Center
» Communication and Corporate
Culture Division
» M arket Source and Development
Division
» Digital Transformation and
Information Technology Division
PETROVIETNAM GAS JOINT STOCK CORPORATION
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Board of Directors, Board of
Supervisors, Board of Management
BOARD OF D IR EC TOR S
MR. DUONG MANH SON
Vice President of Vietnam Oil and Gas Group
Chairman of PV GAS BOD
Experience:
y 05/1992 - 03/1994: Work at Pha Rung Ship Repair
Shipyard, Hai Phong;
y 03/1994 - 05/1995: Work at Petroleum
Construction Conjunction Enterprise;
y 05/1995 - 06/1999: Worked at Petroleum
Construction and Design Company;
y 06/1999 - 04/2002: Worked at Lloyd’s Register of
Shipping, UK;
y 04/2002 - 10/2006: Deputy Head, Head of
Production Engineering Department, PV GAS;
y 10/2006 - 06/2007: Director of Low Pressure Gas
Trading Enterprise (currently Low Pressure Gas
Distribution JSC), PV GAS;
y 10/2007 - 02/2009: Head of Construction Division,
PV GAS;
y 02/2009 - 08/2013: Vice President, PV GAS;
y 08/2013 - 05/2015: Standing Vice President, PV
GAS;
y 05/2015 - 09/2021: Member of BOD, President &
CEO, PV GAS;
y 09/2021 - 12/2022: Chairman of PV GAS BOD
y 06/12/2022 to present: Vice President of Vietnam
Oil and Gas Group, Chairman of PV GAS BOD
Qualifications:
y Engineering degree in Welding Technology
y Master of Business Administration
y
35
MR. HOANG VAN QUANG
Member of BOD, President
Experience:
y 07/1994 - 1996: Mining technician, BHP Group
Limited;
y 1997 - 1999: Head of Exploitation shift, Petronas
Carigali Vietnam Limited;
y 1999 - 2001: Head of Exploitation shift,
Vietsovpetro Joint Venture;
y 2002 - 2004: Head of Exploitation shift,
Vietsovpetro Joint Venture;
y 2005 - 2006: Deputy Head of Dai Hung Oilfield,
Dai Hung Petroleum Company, PetroVietnam
Exploration and Production Corporation (PVEP);
y 2007 - 2010: Head of Dai Hung Oilfield, Dai Hung
Petroleum Company, PVEP;
y 03/2010 - 09/2010: Acting Director of PV GAS
Services Company;
y 10/2010 - 11/2019: Director of PV GAS Services
Company;
y 12/2019 - 02/2020: Director of PV GAS Services
Company and Director of PV GAS Hai Phong
Company;
y 02/2020 - 09/2021: Vice president, PV GAS;
y 09/2021 to present: Member of the BOD, President
& CEO, PV GAS.
Qualifications:
y M echanical Engineering degree in Machine
manufacturing
PETROVIETNAM GAS JOINT STOCK CORPORATION
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MR. TRIEU QUOC TUAN
Member of BOD
Experience:
y 03/1995 - 09/2002: Engineer - Design and Survey
Enterprise of Petroleum Construction and Design
Company, Vung Tau;
y 10/2002 - 09/2004: Head of Department - Design
and Survey Enterprise of Petroleum Design and
Construction Company, Vung Tau;
y 10/2004 - 02/2005: Engineer – Gas Transmission
Enterprise, PV GAS;
y 02/2005 - 08/2006: Backup Engineer, Pipeline
Foreman - Gas Transportation Enterprise, PVGAS;
y 08/2006 - 07/2007: Acting Director of Ca Mau Gas
Enterprise, PVGAS;
y 07/2007 - 10/2009: Director of Ca Mau Gas
Enterprise, PVGAS;
y 10/2009 - 04/2021: Director of Gas South East
Transmission Company, PV GAS;
y 04/2021 - present: Board Member, PV GAS.
Qualifications:
y Engineer of Marine Construction
y Economic and Management Engineer
y Master of Project Management
36
MS. VO THI THANH NGOC
Member of BOD
Experience:
y 07/1997 - 10/2002: Teacher, PetroVietnam
Manpower Training College (PVTMC);
y 11/2002 - 07/2006: Expert, Department of
Commerce, Petroleum Technical Services
Company (PTSC);
y 08/2006 - 06/2007: Coordinator, Truong
Son JOC, PetroVietnam Exploration and
Production Company (PVEP);
y 07/2007 - 12/2007: Expert, Oil and Gas
Processing Division, Vietnam National Oil and
Gas Group;
y 01/2008 - 11/2010: Deputy Head of Oil and
Gas Processing Division, Vietnam National Oil
and Gas Group;
y 11/2010 - 10/2015: Deputy General Director,
Nghi Son Refinery & Petrochemical Limited
Liability Company;
y 10/2015 to present: Member of BOD, PV GAS.
Qualifications:
y Engineering degree in Petrochemical Refining
y Master of Applied Chemical Engineering.
y Master of Business Administration
37
MR. DO DONG NGUYEN
Independent Member of BOD
Experience:
y 10/1996 - 07/2000: Engineer, Vung Tau Gas
Project Management Unit;
y 08/2000 - 08/2006: Expert, Gas Board, Viet-
nam Oil and Gas Group;
y 07/2006 - 02/2009: Expert, Construction Divi-
sion, Vietnam National Oil and Gas Group;
y 03/2009 - 03/2011: Deputy Head of Gas Divi-
sion, Vietnam National Oil and Gas Group;
y 04/2011 - 04/2018: Head of Gas Division, Viet-
nam National Oil and Gas Group;
y 04/2018 to present: Independent Board
Member, PV GAS.
Qualifications:
y Engineering degree in Petrochemical Refining
y Master of Petrochemical Engineering
MR. TRUONG HONG SON
Member of BOD
Experience:
y 02/1993 - 03/1993: Trainee, Petrovietnam 1
Company, Vietnam Oil and Gas Corporation;
y 03/1993 - 04/2003: Expert/Deputy Head/

Head, PetroVietnam Investment and
Development Company (PIDC), Vietnam Oil
and Gas Group;
y 04/2003 - 07/2005: Chief of the Office,

PetroVietnam Exploration and Production
Company (PVEP);
y 07/2005 - 10/2007: Deputy Head of Legal
Division, Vietnam National Oil and Gas
Group;
y 10/2007 - 03/2018: Deputy General Director,
PetroVietnam Exploration and Production
Corporation (PVEP);
y 03/2018 - 03/2019: Head of Legal and

Inspection Division, Vietnam National Oil
and Gas Group;
y 04/2019 - 04/2021: Independent Board

Member, PV GAS;
y 04/2021 -– present: Member of BOD, PV GAS.
Qualifications:
y Master of Laws
y Master of Petroleum Law
 PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
www.pvgas.com.vn
BOARD OF S UPER V ISOR S
MS. TRAN THI HOANG ANH
Head of Board of Supervisors
Experience:
y 10/1993 - 04/1997: Expert in Finance
- Accounting Division, PV GAS;
y 05/1997 - 04/2002: Expert, Project
Management Unit of pipelines and
terminals, PV GAS;
y 04/2002 - 11/2002: Expert, Nam
Con Son Unit, PV GAS;
y 12/2002 - 06/2006: Deputy Head
of Accounting Department, Gas
Processing Company, PV GAS;
y 06/2006 - 05/2007: Head of
Accounting Department, Gas
Processing Company, PV GAS;
y 05/2007 - 11/2007: Head of
Accounting Department, Southeast
Transmission Company, PV GAS;
y 11/2007 - 10/2009: Head of Internal
Audit Division, PV GAS;
y 10/2009 - 12/2010: Deputy Head of
Accounting – Auditing Division, PV
GAS;
y 01/2011 - 05/2016: Deputy Head of
Finance Division, PV GAS;
y 05/2016 - 05/2020: Deputy Head of
Accounting Division, PV GAS;
y 05/2020 to present: Head of PV GAS
Board of Supervisors.
Qualifications:
y Bachelor of Accounting
y Auditor Certificate
MR. NGUYEN CONG MINH
Member of the Board of Supervisors
Experience:
y 08/1985 - 08/1988: Student, C56A,
D2, School of Financial Officers,
Ministry of National Defense;
y 09/1988 - 04/2003: Assistant Finance
Division, Head of Logistics – Business
– Services Division, Head of Finance
Division of Defense Sports Center II,
Military Staff of 7th Region;
y 05/2003 - 03/2005: Head of Finance
Division of Vocation Training School
No. 7;
y 04/2005 - 11/2009: Director of Thai
Son Vocational Training Center,
Officer of the Political Bureau, Thai
Son Company/ Vietnam-Russia
Tropical Center, Ministry of National
Defense;
y 12/2009 - 07/2011: Deputy General
Director of Sai Gon-Cao Lanh
Seafood Joint Stock Company, Thai
Son Corporation/Vietnam – Russia
Tropical Center, Ministry of National
Defense;
y 08/2011 - 03/2016: Deputy Chief
Accountant, Chief Accountant, GPP
Ca Mau Project Management Unit,
PV GAS;
y 04/2016 to present: Supervisor, PV
GAS.
Qualifications:
y Bachelor of Accounting
y Auditor Certificate
38 39
MS. NGUYEN THI KIM YEN
Member of the Board of Supervisors
Experience
y 01/1993 - 01/1997: Staff at
Representative Office – Trafalgar
House Offshore International Ltd;
y 01/1997 - 11/2003: Accountant,
Finance – Accounting Division,
Petroleum Construction and Design
Company;
y 11/2003 - 11/2006: Specialist in
Finance – Accounting Division, PV
GAS Project Management Company;
y 11/2006 - 01/2015: Specialist in
Accounting Division, PV GAS;
y 01/2015 - 10/2018: Head of Internal
Audit Function, Accounting Division,
PV GAS;
y 10/2018 - 15/04/2021: Chief
Accountant of Accounting Division,
PV GAS;
y 04/2021 - present: Supervisor, PV
GAS.
Qualification
y Bachelor of Accounting
y Auditor Certificate
 PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
40 41
www.pvgas.com.vn

B OARD OF MANAGEMENT

MR. HOANG VAN QUANG MR. PHAM DANG NAM MR. NGUYEN THANH BINH MR. HUYNH QUANG HAI
Member of BOD, President Vice President Vice President Vice President

Experience: Experience: Experience: Experience:

y 07/1994 - 1996: Mining technician, BHP Group Limited;
y 1997 - 1999: Head of Exploitation shift, Petronas Carigali
Vietnam Limited;
y 1999 - 2001: Head of Exploitation shift, Vietsovpetro
Joint Venture;
y 2002 - 2004: Head of Exploitation shift, Vietsovpetro
Joint Venture;
y 2005 - 2006: Deputy Head of Dai Hung Oilfield, Dai
Hung Petroleum Company, PetroVietnam Exploration
and Production Corporation (PVEP);
y 2007 - 2010: Head of Dai Hung Oilfield, Dai Hung
Petroleum Company, PVEP;
y 03/2010 - 09/2010: Acting Director of PV GAS Services
Company;
y 10/2010 - 11/2019: Director of PV GAS Services
Co m p a ny ;
y 12/2019 - 02/2020: Director of PV GAS Services
Company and Director of PV GAS Hai Phong Company;
y 02/2020 - 09/2021: Vice president, PV GAS;
y 09/2021 to present: Member of the BOD, President &
CEO, PV GAS.
Qualifications:
y Mechanical Engineering degree in Machine
manufacturing
y 07/1993 - 10/1999: Bachelor of Economics, Finance –
Accounting Department, Vietsovpetro Joint Venture;
y 11/1999 - 03/2003: Deputy Head of Finance – Credit
Department, Vietnam – Russia Oil Refinery Joint
Venture Company (Vietross);
y 03/2003 - 11/2003: Deputy Head, Head of
Commercial Department, Dung Quat Oil Refinery
Project Management Unit, Vietnam National Oil and
Gas Group (PVN);
y 11/2003 - 04/2004: Expert, Finance – Accounting
Division, Vietnam National Oil and Gas Group (PVN);
y 04/2004 - 03/2009: Deputy Head; Head of
Commercial - Market Division, PetroVietnam
Fertilizer and Chemicals Corporation (PVFCCo);
y 04/2009 - 02/2010: Member of BOD of PVFCCo.
From 09/2008 – 03/2010 and Chairman of Northern
Fertilizer and Chemicals Company Limited
(subsidiary of PVFCCo);
y 03/2010 - 01/2011: Member of BOD of PVFCCo cum
Chairman, Southwest PetroVietnam Fertilizer and
Chemicals Company Limited (subsidiary of PVFCCo);
y 02/2011 - 02/2014: Deputy Chairman of Member’s
Council, Binh Son Refining and Petrochemical
Company Limited;
y 02/2014 - 09/2014: Chairman of the BOD,
PetroVietnam Transportation Corporation (PVTrans);
y 10/2014 to present: Vice President, PV GAS.
Qualifications:
y Bachelor of Industrial Economics
y Bachelor of Political Economy
y Master of Business Administration
y 10/2000 - 03/2001: Import- export
expert, Sovilaco International
Manpower Joint Stock Company,
Ministry of Labor, War Invalids and
Social Affairs;
y 06/2001 - 09/2003: Master’s degree,
Monash university, Melbourne City,
State of Victoria, Australia;
y 10/2003 - 09/2009: Expert/
Assistant/Deputy Head/Head,
PetroVietnam Transportation
Corporation (PVTrans);
y 10/2009 - 03/2015: Head of Import
and Market Development Division,
PV GAS;
y 03/2015 - 07/2019: Director PV GAS
Trading Company;
y 07/2019 to present: Vice President,
PV GAS;
Qualifications:
y Bachelor of Foreign Trade Busi-
ness Administration
y Master of International Business
y 10/1997 – 11/2001: Technician, Economic and Technical Department, Petroleum
Construction & Design Company (PVECC);
y 12/2001 – 06/2002: Site commander, Project of Phu My Gas Distribution Center –
item: manufacturing and installing technology pipes and equipment;
y 07/2002 – 11/2002: Deputy Head of Economic and Technical Department, Pipeline
and Tank Construction Enterprise;
y 12/2002 – 06/2003: Site commander, CPP3 Project – item: manufacturing and
installing router No. 2 and 4;
y 07/2003 – 02/2004: Site commander, Phu My – Go Dau Low Pressure Gas
Transmission pipeline project;
y 03/2004 – 06/2004: Deputy Head of Economic and Technical Department, Pipeline
and Tank Construction Enterprise;
y 07/2004 - 12/2004: Site commander, fermentation fac- tory expansion project,
Vedan Vietnam Enterprise Co., Ltd;
y 03/2005 - 07/2007: Engineer, Technical – Production Department, PV GAS;
y 07/2007 - 10/2007: Deputy Head of Technical – Production Department, PV GAS;
y 10/2007 - 06/2008: Deputy Head of Construction Division, PV GAS;
y 08/2008 - 06/2011: Deputy Director, Project Management and Consultation
Company, PV GAS;
y 06/2011 - 06/2011: Deputy Head of Southeast Gas Project Management Unit, PV
GAS;
y 06/2011 - 11/2012: Deputy Director, Project Manage- ment and Consultation
Company, PV GAS;
y 11/2012 - 01/2013: Acting Director, Project Manage- ment and Consultation
Company, PV GAS;
y 01/2013 - 08/2015: Director, Project Management and Consultation Company, PV
GAS;
y 08/2015 - 09/2019: Head of GPP Ca Mau Project Management Unit, PV GAS;
y 09/2019 – 02/2020: Head of Investment and Construction Division cum Head of
GPP Ca Mau Project Management Unit, PV GAS;
y 02/2020 to present: Vice President, PV GAS.
Qualifications:
y Engineering degree in Chemical and Food Technology
 PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
42 43
www.pvgas.com.vn

B AN TỔ N G G I ÁM Đ ỐC K Ế T O ÁN T R ƯỞ N G

MR. PHAM VAN PHONG MR. TRAN NHAT HUY MR. NGUYEN CONG LUAN
Vice President Vice President Chief Accountant

Experience: Experience: Experience:

y 02/2001 – 02/2006: Risk assessment engineer, Research
and Development Center for Oil and Gas Safety and
Environment;
y 03/2006 – 09/2006: Secretary to Head, Deputy Head
of Production and Training Preparation Department,
Nhon Trach - Ho Chi Minh City Gas Power Project
Management Unit;
y 10/2006 – 07/2008: Head of Organization -
Administration Department, Head of Planning -
Contract Department - Phu My - Ho Chi Minh City Gas
Pipeline Project Management Unit, PV GAS;
y 08/2008 – 09/2011: Head of Ho Chi Minh City Office, PV
GAS Project Management Company;
y 10/2011 – 07/2015: Head of Department – Project
Development Department PV GAS Project Management
Company;
y 08/2015 - 06/2016: Deputy Head of Ca Mau Gas
Processing Plant PMU, PV GAS;
y 07/2016 - 08/2019: Director – Petrovietnam LPG Joint
Stock Company, PV GAS;
y 09/2019 - 01/2021: Director of PV Gas Trading Company,
PV GAS;
y 01/2021 – present: Vice President of PV GAS.
Qualifications:
y Engineering degree in Organic Petrochemical Refining
y Engineering Master in Petrochemical Refining
y Doctor of Chemical Engineering
y 10/2002 – 01/2005: Technology Engineer, Gas Processing
Enterprise, PV GAS
y 02/2005 – 01/2006: Backup engineer, Head of Operation
Shift, Gas Processing Enterprise, PV GAS
y 02/2006 – 09/2006: Head of Operation Shift - Gas
Processing Enterprise, PV GAS
y 
10/2006 – 07/2007: Deputy Head of Production
Engineering Department, Ca Mau Gas Enterprise – PV GAS
y 08/2007 – 03/2008: Head of Production Engineering
Department, Ca Mau Gas Company, PV GAS
y 04/2008 – 09/2009: Deputy Director of Ca Mau Gas
Company, PV GAS
y 10/2009 – 11/2015: Director of Ca Mau Gas Company, PV
GAS
y 12/2015 - 12/2022: Director of Vung Tau Gas Processing
Company, PV GAS
y 16/12/2022 to present: Vice President of PV GAS
Qualifications:
y Engineering degree in Organic Petrochemical Refining
y Engineering Master in Petrochemical Refining and Gas
y 12/2002 - 08/2003: Expert, Finance and Accounting Department, PV GAS;
y 09/2003 - 08/2006: Accountant, Gas Transmission Enterprise, PV GAS;
y 08/2006 - 07/2007: Deputy Head of Finance and Accounting Department,
Ca Mau Gas Enterprise, PV GAS;
y 07/2007 - 04/2008: Chief Accountant, PV GAS Ca Mau Company;
y 04/2008 - 01/2009: Chief Supervisor, PV GAS;
y 02/2009 - 08/2016: Deputy Head of Finance Division, PV GAS;
y 08/2016 - 06/2017: Deputy Head of Finance Division, PV GAS;
y 06/2017 - 07/2019: Head of Finance Division, PV GAS;
y 07/2019 to present: Chief Accountant, PV GAS.
Qualifications:
y Bachelor of Accounting
y Master of Business Administration
CH A N G E S WI T H I N T H E B O A R D
O F MA N AG EMEN T I N 2 0 2 2
No. Full Name Change Validity
1 Mr. Tran Nhat Huy Appointed as Vice President 16/12/2022
2 Mr. Nguyen Thanh Nghi Removed from Vice President 01/01/2023
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
www.pvgas.com.vn
Report of the Board of Directors
A. E valuation of the BOD on the production and business
performance of PV GAS, including an evaluation of its
environmental and social responsibilities
All gas systems/works of PV GAS operate safely,
efficiently, with high reliability and availability,
with continuous supply of gas/gas products; do
not violate regulations on environment; do not
allow any serious incidents to affect people. PV
GAS maintains effective Covid-19 prevention
and control measures in accordance with
new regulations and situations. Maintenance,
repair, calibration, and inspection are always
attended to and are performed well in terms
of the workload, schedule, and quality;
particularly, the completion of annual
shutdown maintenance and repair allowed gas
systems to begin operating ahead of schedule.
7.8 billion m3 of dry gas was provided,
accounting for 88 % of the plan, up 9% compared
to 2021; exceeding the plan of condensate
output (reaching over 101 thousand tons,
equal to 152% of the plan, finishing 5 months
ahead of the plan) and trading LPG output
(reaching over 2 million tons, equal to 120% of
the plan, increasing 2% compared to 2021 and
finished 2 months ahead of schedule). PV GAS
ensures the target/orientation of gas supply
for traditional customers and expand to new
customers (fertilizers and industrial customers
consume gas beyond the plan by 1-3% and
increase by 5% compared to 2021)). In addition,
it continues to maintain a stable gas supply to
produce over 11% of electricity output, about
70% of nitrogen fertilizer output, and meet
nearly 70% of the national LPG market share
(accounting for 80% of the South market share,
57% of the North market share and 64% of the
Central market share), LPG retail market share
accounts for 11% (excluding Gas South) in the
context of increasingly fierce competition.
44
All financial targets exceeded the plan, finished
2-6 months ahead of time and increased
compared to 2021, with the highest revenue
since the establishment of PV GAS (Total
revenue reached over VND 102 trillion, equal to
128% of the plan, an increase of 28% compared
to 2021; profit before tax reached over VND
18.8 trillion, equal to 214% of the plan, an
increase of 68% compared to 2021; profit after
tax reached nearly VND 15.1 trillion, equal to
214% of the plan, an increase of 70% compared
to 2021; payment to the State budget reached
over VND 8.1 trillion, equal to 199% of the
plan, up 28% compared to 2021). ROA is over
19%, ROE is over 27%. The company continues
to maintain the high dividend payout ratio in
cash of over 25%/charter capital.
Construction investment, market development,
negotiation and signing of gas/LNG agreements
and contracts, issues related to fees, mechanisms
and policies, and capital arrangement have been
carried out with many efforts.
PROVIDE REVENUE PER
7,8 102
Billion m3
Trillion VND
of dry gas
19% 27%
ROA ROE
45
Corporate governance and risk management have
been constantly completed, improved and adapted
to new situations. It regularly reviews, amends
and supplements internal documents to be in line
with new legal regulations and PV GAS’ operational
practices. The application of information technology,
the use of digital signatures in management and
administration as well as digital transformation and
building of the Enterprise Resource Planning system
(ERP) has been strongly implemented.
Social security work is valued and implemented
actively, practically and to the right audience,
ensuring stable employment, income, policies and
welfare regimes for employees.
Scientific research, promotion of initiatives and
inventions has been continuously promoted, with
depth and efficiency. PV GAS has always been one of
the leading companies in the oil and gas industry in
terms of creative labor movement.
PV GAS continues to be one of the prominent
enterprises in PVN and on the stock market,
continues to be highly appreciated by prestigious
domestic and foreign organizations (Top large-
cap companies in the market; top 20 largest
enterprises paying corporate income tax in
Vietnam announced by the General Department
of Taxation; for many consecutive years honored
as National Brand by the Ministry of Industry and
Trade; Top 100 leading enterprises in the VNR500
Ranking in 2022 announced by Vietnam Report
cooperated with VietNamNet Newspaper; awarded
for the 10th consecutive year the Honor of Forbes
Top 50 Best Listed Companies in Vietnam in 2022 -
Top 5 Companies with the Best Revenue and Profit
in Vietnam).
PETROVIETNAM GAS JOINT STOCK CORPORATION
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B. Operations in 2022 of the Board of Directors
OP ERATIONS OF T HE BOD
The BOD well fulfilled its functions
and duties in directing, orienting and
managing PV GAS’ production and
business performance; supervising the
BOM on the implementation of resolutions,
decisions and directions of the BOD, the
General Meeting of Shareholders (GMS)
and manage and administer PV GAS’
production and business performance
through internal management regulations,
resolutions and decisions. Decisions,
directives, documents, meetings of the
BOD, working sessions with the BOM and
units on strategies, mechanisms, policies,
production, business, construction
investment, finance and accounting
accounting, human resource organization,
restructuring, energy transition, digital
transformation, development cooperation,
social security, etc. The BOD has issued over
170 documents and found solutions and
removed difficulties, problems; reviewing
reports and evaluations of inspection
teams of Ministries and sectors, the Board
of Supervisors, the Internal Board of
Supervisors/Internal Audit Department,
and the internal inspection and supervision
team on production and business
46
performance in the whole PV GAS as well
as organize a monitoring program chaired
by the BOD and directed to implement the
conclusions (if any). The BOD also always
supports and timely coordinates with
the BOD in implementing the tasks and
business activities of PV GAS.
Active, effective, timely and strategic
activities of the BOD, in accordance with
the provisions of law and PV GAS, with the
motto “Unity - Innovation - Professionalism
– Action”, synchronously deploying 07
groups of solutions, focusing on 03 groups
of core and breakthrough solutions “about
people, markets and policy mechanisms”,
contributing to helping PV GAS continue to
achieve many successes in 2022, minimize
the influence from adverse objective factors,
creating favorable conditions for PV GAS to
achieve the goals of the 5-year plan 2021 -
2025 and the long-term development strategy.
47
SOME ACTIVITIES OF THE BOD
Strategy: The BOD directs to update the
Development Strategy Orientation to 2035, with
a vision to 2045 (in which the next stage is to
transform operations according to the market
mechanism; to implement synchronously
and effectively two main pillars with current
activities as well as development into gas
processing and gas products; assessment and
innovation to adapt to the trend of energy
transition, industrial revolution 4.0;...);
implementing the 5-year plan 2021 - 2025,
gradually realizing the development strategy;
approving the retail LPG retail strategy for the
period 2021-2025 and the development strategy
of KTA, CNG, and LPG units; orienting long-
term development goals so that each Unit is
proactive in business; directing the development
of gas market development strategy, brand and
communication strategy.
The BOD determined that the issues and contents
in PV GAS’ activities should be prioritized for
implementation in each year and each period
so that PV GAS is always proactive, taking
advantage of opportunities, anticipating trends
and also serving as a basis for PV GAS allocates
resources for implementation appropriately.
In order to contribute to improving the efficiency
of corporate governance, creating initiative and
breakthroughs for production and business
performance in line with the market mechanism,
the BOD directed the implementation of
solutions on mechanisms and policies. These are:
promulgating the Regulations on salary and bonus
payment, the Regulation on safety bonus, the
Regulation on setting goals and evaluating the
performance results according to KPIs (amended
and supplemented); reviewing, proposing
amendments and supplements to the Regulations
on management of gas business activities (of PVN
and PV GAS), financial management regulations,
regulations on investment decentralization
and bidding management, etc. as well as legal
regulations, operating instructions of state
management agencies.
Inspect and supervise the implementation of
instructions, resolutions and decisions of the GMS
and the BOD.
Implementing the authorization of the GMS in
Resolution No. 24/NQ-KVN dated April 15, 2022:
The BOD directed the implementation and
regularly reviewed and updated the 2022 Plan in
the context that business operations are affected
by the geopolitical influence in the world (affecting
energy supply - demand); major economies show
signs of recession/slowing growth, accompanied
by risks of inflation, exchange rate,...; Brent oil price
and CP price of LPG fluctuate strongly
In addition, in line with the decentralization and
authority, the BOD also carried out many other
activities/programs to direct, orient and manage PV
GAS’ production and business performance.
The BOD/BOM of PV GAS have not temporarily
deducted investment and development funds
according to the profit distribution plan for 2021
approved by the GMS in Resolution No. 24/NQ-KVN
dated April 15, 2022 because PV GAS is now carrying
out procedures to increase charter capital from the
development investment fund and is expected to
submit it to the GMS for approval in 2023. After
being approved to increase charter capital from the
development investment fund, PV GAS will deduct
the development investment fund according to the
above Resolution No. 24
PETROVIETNAM GAS JOINT STOCK CORPORATION
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A CTIVITIES OF MEMBER S OF THE B OD
Mr. Duong Manh Son
Chairman of the BOD
Performing the rights and obligations
of the Member/Chairman of the
BOD as stipulated in the Law on
Enterprises, the Charter of PV GAS,
Working Regulations of the BOD and
other relevant regulations.
Areas of responsibility: construction
and implementation of development
strategies, medium and long-term
planning, production and business
plans; organization, personnel, labor,
salary; renewal and restructuring;
finance.
Comment: Mr. Duong Manh Son well
performed the rights and obligations
of the Member/Chairman of the BOD
in accordance with the provisions of
the Law on Enterprises, the Charter
of PV GAS, the Working Regulations
of the BOD and other relevant
regulations; successfully completed
the tasks assigned by the BOD in
the above-mentioned areas of
responsibility.
Mr. Hoang Van Quang
Member of BOD,
President
Exercising the rights and obligations
of the Member of the BOD specified
in the Law on Enterprises, the Charter
of PV GAS, the Working Regulations
of the BOD and other relevant
regulations (in addition to exercising
the rights and obligations of the
President).
Areas of responsibility: corporate
culture, branding, communication
and social security.
Supervision of activities: Apparatus
of management.
Comment: Mr. Hoang Van Quang
well performed the rights and
obligations of a Member of BOD in
accordance with the provisions of the
Law on Enterprises, the Charter of PV
GAS, the working regulations of the
BOD and other relevant regulations;
successfully completed the tasks
assigned by the BOD in the areas of
responsibility and supervision of the
above-mentioned units.
48
Ms. Vo Thi Thanh Ngoc
Member of BOD
Exercising the rights and obligations
of the Member of the BOD specified
in the Law on Enterprises, the Charter
of PV GAS, Working Regulations
of the BOD and other relevant
regulations.
Areas of responsibility: production
and processing; ERP, digital
transformation; training; scientific
and technological research.
Supervision of activities: KVT, KCM,
PVGazprom NGV, BCC of block B - O
Mon gas pipeline project, BCC of PV
GAS Tower.
Comment: Ms. Vo Thi Thanh Ngoc
well performed the rights and
obligations of a Member of BOD in
accordance with the provisions of the
Law on Enterprises, the Charter of PV
GAS, the working regulations of the
BOD and other relevant regulations;
successfully completed the tasks
assigned by the BOD in the areas of
responsibility and supervision of the
above-mentioned units.
49
Mr. Trieu Quoc Tuan
Member of BOD
Exercising the rights and obligations
of the Member of the BOD specified
in the Law on Enterprises, the Charter
of PV GAS, Working Regulations
of the BOD and other relevant
regulations.
Areas of responsibility: trading gas
and gas products.
Supervision of activities: Internal
control, PV GAS LNG, KDK, PV Gas D,
Gas South, PV Gas LPG, CNG Vietnam,
BCC with PVOIL.
Comment: Mr. Trieu Quoc Tuan well
performed the rights and obligations
of a Member of BOD in accordance
with the provisions of the Law on
Enterprises, the Charter of PV GAS,
the working regulations of the BOD
and other relevant regulations;
successfully completed the tasks
assigned by the BOD in the areas of
responsibility and supervision of the
above-mentioned units.
Mr. Truong Hong Son
Member of BOD
Exercising the rights and obligations
of the Member of the BOD specified
in the Law on Enterprises, the Charter
of PV GAS, Working Regulations
of the BOD and other relevant
regulations.
Areas of responsibility: legal work,
construction investment, bidding
management, insurance, real estate;
cooperate to implement the project
of supplying re-gas/LNG for Long
An I & II power plants; received the
transfer of all shares of PVOIL in
PETEC.
Supervision of activities: DNB, KHP,
DAK, LNG Vietnam, Son My LNG
Warehouse Company, the Company
deploys the project of supplying gas/
recycled LNG for Long An I & II power
plants (after establishment).
Comment: Mr. Truong Hong Son
well performed the rights and
obligations of a Member of BOD in
accordance with the provisions of the
Law on Enterprises, the Charter of PV
GAS, the working regulations of the
BOD and other relevant regulations;
successfully completed the tasks
assigned by the BOD in the areas of
responsibility and supervision of the
above-mentioned units.
Mr. Do Dong Nguyen
Independent Member of BOD
Exercising the rights and obligations
of the Independent Member/
Member of BOD as stipulated in the
Law on Enterprises, the Charter of
PV GAS, Working Regulations of the
BOD and other relevant regulations.
Areas of responsibility: operation,
maintenance and repair, safety,
service; energy transformation.
Supervision of activities: DVK, KDN,
NCSP, PV Pipe, PV Coating, BCC chain
of Service Port - Gas - Power projects.
Comment: Mr. Do Dong Nguyen
well performed the rights and
obligations of the Independent
Member/Member of BOD in
accordance with the provisions
of the Law on Enterprises, the
Charter of PV GAS, the Working
Regulations of the BOD and
other relevant regulations;
successfully completed the tasks
assigned by the BOD in the areas
of responsibility and supervision
of the above-mentioned units.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
50 51
www.pvgas.com.vn

C. E valuation of independent members of the BOD on the E. S ummary of meetings and decisions
operation in 2022 of the BOD of the BOD

Overall assessment: The BOD well completed relevant regulations; worked with a high sense of ME E T I N G S O F T H E R ESO L UT I O N S A N D
the functions, duties, rights and obligations of responsibility and transparency in public company
the BOD in accordance with the provisions of governance; created favorable conditions for
B O D A N D O T H ER S D ECI SI O N S O F T H E BOD
the Law on Enterprises, the Charter of PV GAS, independent members of the BOD to fully exercise
the Working Regulations of the BOD and other their rights and obligations. BOD:
y Organized 07 meetings of the BOD (direct) The BOD issued over 170 Resolutions, Decisions,
and regularly consulted the members of the Directives and documents to manage PV GAS
BOD in writing to consider and promptly on issues under the decentralization and
D. R esults of the BOM’s supervision of the performance of direct and resolve issues related to strategies,
mechanisms, policies, production, business,
decision-making authority of the BOD; focusing
on issues as mentioned in Section B; including
management and administration tasks of PV GAS in 2022 construction investment, finance and 12 Resolutions/Decisions/Documents related
accounting, human resource organization, to information disclosure according to the
restructuring, energy transformation, digital provisions of Circular 96/2020/TT-BTC dated
The BOM successfully completed the task of managing and operating PV transformation, development cooperation, November 16, 2020 of the Ministry of Finance.
GAS in 2022, specifically: social security,... of PV GAS and other units.
Members of the BOD attend all meetings of Details are in Official Dispatch No. 120/KVN-
y  eploy and direct the departments, offices,
D BOD when there are problems that exceed the BOD. HĐQT dated January 30, 2023 on the Report on
centers and units to strictly implement the the decentralization of decision authority of Governance in 2022 which has been published.
Resolutions, Decisions and directions of the the President. y  rganized the 2022 Annual GMS on April
O
BOD, the GMS. 15, 2022. 100% of BOD members directly
y  ork regularly with departments, offices,
W attended the GMS.
y anage and operate production and
M centers and units to promptly review
business performance professionally, and resolve difficulties and problems in y eviewed reports and assessments of
R
closely, honestly, carefully, with a high sense production and business performance as inspection teams of Ministries and sectors,
of responsibility, overcome difficulties, well as rectify shortcomings (if any). Board of Supervisors, Internal Board of
constantly improve professional and modern Supervisors/Internal Audit Department,
management capacity to successfully y aving a long-term strategic vision and
H internal inspection and supervision team
complete the assigned tasks and missions having ready-made flexible and sensitive on production and business performance
for the legitimate and maximum benefits of plans and solutions to be ready to deal with of PV GAS and units; as well as organized a
PV GAS and shareholders. disadvantages and risks. monitoring program chaired by the BOD and
directed the implementation of conclusions
y anage and operate production and
M Together with the GMS, the BOD, the BOM (if any).
business performance in accordance with manages and directs PV GAS’ production and
the decentralization between the BOD and business performance to meet the expectations y  iscussed, questioned and supervised the
D
the President. of the BOD and the GMS in 2022 as well as creates BOM on the implementation of resolutions,
a foundation to achieve the goals of the Five- decisions and directions of the BOD and the
y  eport fully in accordance with regulations in
R Year Plan 2021 – 2025 and PV GAS Development GMS; on management and operation of PV
the process of implementing the instructions Strategy.
GAS’s production and business performance
of the BOD/GMS and seek the direction of the
y articipated in working sessions with the
P
BOM to find solutions and remove difficulties
and obstacles in production and business
performance of PV GAS and its units.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
52 53
www.pvgas.com.vn

F. R eport on transactions between PV GAS and the Members of BOD

and related persons of Members of BOD; Transactions between
PV GAS and a company in which a Member of BOD is a founding
member or a manager during the last 3 years before the
transaction date.

Details are in Official Dispatch No. 120/KVN-HĐQT dated January 30, 2023 on the Report on
Governance in 2022 which has been published

No. Resolution/ Date of issue Content

Decision No.
Approving the main contents of the service contract
for gas collection, reception and compression in Cuu
1 11/NQ-KVN 25/01/2022
Long basin for the period 2021 - 2023 between PVN,
PV GAS and VSP

Approving the main contents of Amendment No. 02 of

2 17/NQ-KVN 14/02/2022
the gas sale contract between PV GAS and PVFCCo

Approving the main contents of the Letter of

Agreement on the mechanism of invoice issuance
3 36/NQ-KVN 20/5/2022
and temporary payment for the gas volume in 2022
according to GSPA Lot 06.1

Agreement on temporary payment for gas trading in

4 38/NQ-KVN 24/5/2022
Cuu Long basin between PVN and PV GAS

Approving the main contents of Amendment No. 20

5 51/NQ-KVN 04/8/2022
GSA NT1 PV GAS with PV Power

Approving the main contents of the Cuu Long

6 57/NQ-KVN 23/9/2022 basin gas sale contract for the period of 2021 - 2023
between PVN and PV GAS

Approving Amendment No. 02 to the Gas sale contract

7 67/NQ-KVN 30/11/2022
for GPP Ca Mau Plant between PVN and PV GAS
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
www.pvgas.com.vn
G. T he BOD’s Strategy and Orientation
in 2023
In 2023, the global economy and politics
are expected to still have an effect on the
company, meaning that PV GAS will have to
face and resolve the unpredictable following
events: energy prices continue to remain
high; trend of digital transformation, energy
transformation; deep decline in low-priced
domestic gas sources, replaced by high-
priced gas sources; strong competitors
Continued professional execution,
1 direction and responsibility from the
Board of Directors.
Maintenance of regular meetings
2 in compliance with regulations, as
well as extraordinary meetings as
necessary, in either online nor offline
formats, to direct and handle timely
the affairs of the Board of Directors.
54
in LPG business; maintenance and repair
costs are increasing with the number of
years of operating gas works; investment
costs are higher, investment procedures
and regulations are more complicated than
before;… Therefore, in order to ensure the
2023 Plan is achieved, the Board of Directors
identifies the following key objectives:
Constant consideration, determination,
3 and direction regarding:
development and implementation of
the
the Strategy; identification of which
issues and works in PV GAS’s production
activities need to be prioritized;
formulating, proposing, and approving
issues on policy mechanisms;
inspecting and supervising the Board
of Directors in the performance of their
duties of managing and administering
PV GAS, implementing the instructions,
resolutions, and decisions of the GMS,
the BOD, and competent authorities;
coordinating the execution of any
authorizations.
55
4 Simultaneous directing:
y Implementing the tasks of business activities
associated with Resolution No. 55-NQ/TW
dated 11/02/2020, of the Politburo on the
strategic orientation of Vietnam’s national
energy development to 2030, with a vision
to 2045; Decision No. 2233/QD-TTG dated
28/12/2020 of the Prime Minister on the
approval of the Project on developing a
competitive energy market to 2030, with a
vision to 2045; Vietnam gas industry planning;
as well as PV GAS’s 5-year Plan 2021-2025 as a
basis for sustainable development.
y ctively innovate and transform activities
A units.
according to the market mechanisms.
Synchronously and effectively deploy the two
main pillars in the next stage of development
(current activities as well as development into
gas processing and gas products); implement
groups of solutions to improve management
and administration capacity, especially 03
groups of core solutions, breakthroughs in
people, markets and policy mechanisms.
y Implement measures to prevent, combat
and respond to the impact of the Covid-19
epidemic, fluctuations in oil/LPG/LNG prices
and USD/VND exchange rates.
y Search and develop new gas sources/LNG/
new products at home and abroad; carry out
mergers and acquisitions (M&A); … to increase
output, diversify, and develop markets for
gas/LNG and gas products.
y esearch/implement investment in deep
R
processing, gas supply options in the North,
the West and the Southeast; realize value
chains.
y E nergy transformation, digital transformation,
strong application of information technology,
and ERP in all business activities, unification
and synchronization with PVN’s system.
y Implement the restructuring plan for the
period 2021-2025, at the same time with the
appropriate appointment mobilization and
rotation of officers in accordance with the
operational model/restructuring plan.
y  ontinue to review, amend, supplement and
C
improve internal systems of management
regulations in accordance with the provisions
of law and PVN, meet the needs of business
activities, adapt to market mechanisms,
motivate and raise the responsibility of
employees and representatives of PV GAS
y orking with competent authorities on
W
reforming policy mechanisms, creating a basis
for solving the problems and difficulties of PV
GAS (legal risks, markets, costs, restructuring/
reconstructing, construction investment,
development strategies etc.), as well as
creating initiatives and breakthroughs for
PV GAS’s production activities in accordance
with market mechanisms and maintaining the
leading role of PV GAS in the gas industry.
y  V GAS’s 2023 goals are: safe and efficient
P
operation and security of gas infrastructure;
supplying 7.7 billion m3 of gas to consumers,
increase the total revenue of PV GAS to 76
trillion VND, maintain position as the key unit
in Vietnam National Oil and Gas Group and
meet the expectations of PV GAS shareholders
PROVIDE REVENUE PER
7,7 76
Billion m3 Trillion VND
of dry gas
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
56 57
www.pvgas.com.vn

Report of the Board of Supervisors
A. Information about members of the Board of Supervisors
The BOS consists of 03 members:
No. MEMBER OF BOS
1 Ms. Tran Thi Hoang Anh
2 Mr. Nguyen Cong Minh
3 Ms. Nguyen Thi Kim Yen
B. A ctivities of the BOS for the BOD, BOM and
ACT I V I T I ES O F T H E B O M
y eploying and directing units, divisions, and
D y Seriously implementing the recommendations in
departments to coordinate and strictly implement the the minutes of inspection and examination of the
BOD’s resolutions/ decisions/directives, overcoming Ministries/industries.
difficulties and following strict executive measures, y  arrying out the restructuring of PV GAS under the
C
completing the production and business plan. approved plan.
y  anaging and overseeing production and business
M y  egularly working with subsidiaries and associate
R
operations in accordance with the hierarchy between companies to make timely production and business
Position Date of Date of Qualifications
the Board of Directors and the Board of Management. operation adjustments in line with the general
appointment dismissal
y Enhancing management, assessment, and classification orientation, solving production, business, and
Bachelor of and giving solutions to recover and handle debts, investment difficulties in a timely manner.
Head of BOS 05/5/2020
Accounting inventories, and unnecessary assets at units in order to y The enhancement of training quality and human
Member of Bachelor of minimize risk. Limiting capital appropriation to affect
16/4/2021 resources development has many positive changes
BOS Accounting capital and the cash flow balance for production and and is announced to each subsidiary and associate
Member of Bachelor of business operation.
16/4/2021 company to ensure economy and efficiency.
BOS Economics
y Regularly reviewing investment projects to ensure safe, y S alary and regimes: in compliance with the applicable
high quality, consistent, and timely implementation. provisions and regulations on salary payment and
regimes.

Shareholders
ACTIVITIES OF THE BOD
y S eriously implementing the production and
business plan for 2022 approved by the GMS.
y Issuing Resolutions/Decisions/Directives
related to production and business
operations, investment and construction,
and personnel organization in accordance
with the provisions in the PV GAS Charter.
y 
P roviding direction, supervision, and
assistance to the Board of Management and
departments, divisions, and units of PV GAS
to properly direct production and business
operations; decentralizing the Presidents,
affiliated units and Representatives at other
companies in order to enhance the initiative
and flexibility in the implementation of
activities of PV GAS and its units.
y  irecting the restructuring of PV GAS in
D Supervisors, Board of Directors, and Board of Management.
accordance with the approved plan.
y romoting the activities of cooperation,
P Management in carrying out its duties, such as the provision
looking for investment opportunities in
order to search for gas sources, developing
the system of collection and transmission
pipelines, building the terminals and
proactively setting up in the gas trading
market, and promoting the PV GAS brand at
home and abroad.
T H E CO O R D I N AT I O N B E T WEE N T H E B O S F O R T H E B O D ,
T H E B O M A N D O T H ER MAN A G E R S
There is close coordination between the Board of of information and documents and the assignment of staff
to cooperate with the Board of Supervisors upon request.
The Board of Supervisors receives coordination and The Board of Supervisors’ inspection and control reports
favorable conditions from the BOD and Board of are submitted to the BOD and the Board of Management.
O T H ER A CT I V I T I E S O F T H E B O S
y  omplete its inspection and supervision in accordance
C y Appraise the PV GAS wage and bonus fund in 2020.
with PVN approved 2022 plan, Decision No. 12/QD- y T hrough the PV GAS reports, evaluate the investment in
DKVN dated January 4, 2022 and continue to review and other units in order to control the operation situation
speed up the outstanding issues from 2021. of member units as well as supervise and enhance the
y ive timely opinions on its management and
G efficiency of capital use.
administration tasks in order to strengthen supervision y articipate in and make comments at the meetings
P
as stipulated. of the Board of Directors, the meetings of the Board
y  eview and appraise the adequacy, legality and
R of Management, and participate in the leadership
truthfulness of the Financial statements of the parent meetings with the departments and units
company and the 2021 Consolidated Financial y  egularly hold meetings to draw experience from and
R
statements and Financial statements for the first six exchange issues arising out of the functions and duties
months of 2022 as prescribed. Prepare the PV GAS of the Board in accordance with the regulations of the
Financial statements in line with the regulations of the Board of Supervisors.
Ministry of Finance and the production and business
situation. Ensure that the Financial statements fully
present the revenue, income, payment to the State
budget and accounts receivables and payables of PV
GAS.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
www.pvgas.com.vn
Report of the BOM
Overview of activities in 2022
In the process of implementing
the goals and tasks of the Plan
2022, PV GAS faced difficulties
and challenges, at the same time
also took advantage of several
opportunities and advantages,
such as:
­ inflation, soaring raw material/
PROVIDE
7,8
Billion m3 of dry gas
y T he world’s geopolitical
situation was unstable due to
the Russia - Ukraine conflict,
the US and many countries
applied sanctions against
Russia; China’s strict Covid-19
epidemic prevention and
control policy,... leading to the
fluctuations of energy market
and global monetary and
financial policies (supply chain
disruptions, supply shortages,
escalating prices, increasing
fuel prices, etc.).
y  onetary policies of many
M ensured
countries, including Vietnam,
were continuously adjusted
(increased interest rates) to
control inflation.
y  rent oil price, CP price of LPG
B of Shareholders. As a result of these
and other petroleum products
fluctuated tremendously,
Brent oil price once reached
over 120 USD/barrel, CP price
reached 950 USD/ton, but fell
sharply in the last months of
the year (annual average price
at 101 USD/barrel, average CP
price at 735 USD/ton).
REVENUE PER
102
Trillion VND
58
y The situation of Covid-19
epidemic in the country is
under control, socio-economic
activities, production and
business gradually return to
normal in the new situation;
The Government worked out
appropriate policies to support
and stimulate demand; The
domestic economy prospered
and grown (the annual GDP
was USD 409 billion, GDP
growth was at 8%).
y ­ GAS’s production and
PV
business facilities always
high level of
security, safety, reliability and
availability; the prevention
and control of the Covid-19
epidemic was effective and
suitable for the new normal.
y 
M obilization of gas for
electricity production by EVN
was lower than the approved
plan by the Ministry of Industry
and Trade. For fertilizer
customers, the industry’s gas
consumption was stable and
increased compared to 2021.
y 
N o large projects were
available for pipe production,
pipe wrapping.
ROE
27%
59
With the anticipation of difficulties
and taking advantage of the increase
in the prices of petroleum products,
PV GAS’s Leaderships and all PV GAS
personnel remain united, innovative
in their thinking, and professional
in their actions, implementing many
solutions swiftly, synchronously, and
successfully from the first days of the
year. Those include the moderation,
mobilization and optimal operation
of gas products; market development
& promotion including boosting
LPG business to offset declining
revenue due to low gas mobilization;
governance promotion and costs
reduction; strict directives on the
implementation and requirements
from the Government, Ministry of
Health and localities on Covid-19
epidemic prevention and control;
effective implementation of staff
work,... along with the active
support from all levels and units
inside and outside the industry, the
smooth coordination of stages from
upstream to downstream, especially
the active direction and support
from PVN, Ministries/ Government
and the close supervision and active
support from the General Meeting
coordinated efforts, the tasks and
targets for the whole year plan have
been controlled by PV GAS, sticking
to the plan, minimizing the level
of influence from adverse factors.
Specifically, the main tasks/targets
achieved are as follows:
ROA
19%
All gas systems/constructions of PV GAS
operate safely and efficiently, supplying
gas/gas products continuously;
effectively implement the prevention
and control of the Covid-19 epidemic;
maintenance, repair, calibration and
inspection activities are carried out
according to the plan, in accordance
with the process, quality and especially
complete the annual shutdown
maintenance and repair, allowing the
gas systems to return to operation
ahead of schedule.
­ ­
The corporation supplied nearly 7.8
billion m3 of dry gas, equal to 88% of
the plan, up 9% compared to 2021;
exceeded the plan of condensate
output (reaching over 101 thousand
tons, equal to 152% of the plan,
increased by 55% compared to 2021
and finished 5 months ahead of the
plan) and trading LPG output (reached
over 2.0 million tons, equal to 120% of
the plan, up 2% compared to 2021 and
finished 2 months ahead of the plan). It
ensured the target/orientation of gas
supply for traditional customers and
expand to new customers (fertilizers
and industrial customers consume gas
beyond the plan by 1-3% and increase
by 5% compared to 2021). A stable gas
supply was maintained and was able to
generate over 11% of electricity output,
about 70% of nitrogen fertilizer output,
and meet nearly 70% of the national
LPG market share (80% of the South
market share, 57% of the domestic
LPG market share). market share in the
North and 64% in the Central region),
the retail market of LPG accounts for
11% (including Gas South accounting
for 24%) in the context of increasingly
fierce competition.
­ the General Department of Taxation; for
The financial targets exceeded the plan,
finished 2-6 months ahead of time and
increased compared to 2021, which is
the year with the highest revenue since
the establishment of PV GAS (Total
revenue reached over VND 102 trillion,
equal to 128% of the plan, an increase
of 28% compared to 2021; profit before
tax reached over VND 18.8 trillion, equal
to 214% of the plan, an increase of
68% compared to 2021; profit after tax
reached nearly 15.1 trillion dong, equal
to 214% of the plan, an increase of 70%
compared to 2021; payment to the
State budget reached over 8.1 trillion
dong, equal to 199% of the plan, up 28%
compared to 2021). Top companies with
positive financial ratios in PVN (ROE at
27%, ROA at 19%), Top companies with
large capitalization in the market (total
assets of over VND 82.8 trillion), has a
high annual cash dividend payout ratio
(25-30%/charter capital).
Corporate governance and risk
management have been improved
and gradually adapted to the new
situation. Information technology, use
of digital signatures in management,
governance and administration; digital
transformation and building of the
Enterprise Resource Planning system
(ERP) were strongly deployed; Cost
reduction continued to be maintained,
met and exceeded the set targets.
Salary policy, regimes and policies,
social welfare for employees and
Regulation on grassroots democracy in
the workplace were well implemented.
­
PV GAS has made significant
achievements in production and
business activities, becoming a
prominent enterprise on the stock
market, and continues to be highly
appreciated by prestigious domestic
and foreign organizations (Top of the
large-cap companies in the market; is
one of 7 Vietnamese enterprises with
a turnover of over VND 100 trillion
according to statistics of SSI Securities
Joint Stock Company; among the 20
largest enterprises paying corporate
income tax in Vietnam announced by
many years in a row honored as National
Brand by the Ministry of Industry and
Trade; Top 100 leading enterprises in
VNR500 Ranking in 2022 announced by
Vietnam Report in collaboration with
VietNamNet Newspaper; awarded for
the 10th consecutive year the Honor of
Forbes Top 50 Best Listed Companies in
Vietnam in 2022 - Top 5 Companies with
the Best Revenue and Profit).
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
60 61
www.pvgas.com.vn

Analysis of production and business

activities in 2022

RECEIVING , PR ODUC I NG AND TR ADIN G DRY GA S PR O D UCI N G A N D SA L ES O F L I Q UI D PR O D UCT S

In addition to the time of stopping
gas supply for scheduled
maintenance and repair, some
upstream mines/lots suffered
from unplanned problems,
gas receiving, processing,
transporting and distributing
systems of PV GAS operated
stably and continuously. Fixing
and regulating gas is flexible,
consistent with regulations
and effective; PV GAS strictly
implemented gas sales contracts;
gas quality, gas products were
supplied in accordance with the
contract.
­
G as demand/mobilization of
electricity customers of EVN in the
Southeast region reached 106%,
the Southwest achieved 63% of the
plan of gas demand/mobilization of
electricity customers of the Ministry
of Industry and Trade, the total of
both regions reached 97% of the
plan. However, compared with the
plan approved by the GMS, only 83%
of the plan (the 2022 plan was 6,682
million m3, much higher than the
plan of gas demand/mobilization of
electricity customers of the Ministry
of Industry and Trade) and equal to
110% compared to 2021.
Total gas and humid gas
output received nearly
T­ he demand for gas consumption
of fertilizer and industrial
customers was stable, completed
the annual plan and grown
compared to 2021 (Fertilizer
customers reached 103% of the
plan, equal to 105% compared to
2021; Industrial customers reached
101% of the plan, equal to 105%
compared to 2021).
Total dry gas production and
supply to customers was nearly
About production
Gas treatment plants stopped for maintenance and
repair along with the system’s gas stop time, for
the rest of the time, the plants operated stably and
optimally. Total LPG production volume reached
over 360 thousand tons, equal to 92% of the plan
(equivalent to 2021); over 101 thousand tons of
condensate were produced, equal to 152% of
the plan (equivalent to 155% compared to 2021),
specifically:
y ­ ­GPP Dinh Co: Produced over 271 thousand tons
of LPG, equal to 111% of the plan (equivalent
to 109% compared to 2021); produced nearly
97 thousand tons of condensate, equal to 161%
of the plan (equivalent to 166% compared
to 2021). Condensate production increased
due to the implementation of pushing liquid
accumulated in the pipeline to shore, Thien
About business
­
y ­ LPG prices fluctuated sharply, peaking in April
2022 and decreasing in the last months of the
year. Over 2.0 million tons of LPG was supplied
to the market (Dinh Co 270 thousand tons, Ca
Mau 86 thousand tons, Dung Quat 309 thousand
tons, imported and consumed 875 thousand
tons, exported and sold internationally 501
thousand tons), equal to 120% of the plan, an
increase of 2% compared to 2021, equivalent
to a revenue of over VND 39.6 trillion, equal to
147% of the plan (up 20% compared to 2021).
y ­ Over 101 thousand tons of condensate was
supplied (according to the business cooperation
contract between PV GAS and PV Oil), equal to
152% of the plan (up 55% compared to 2021),
equivalent to a revenue of over VND 1.8 trillion,
equal to 273% of the plan (up 136% compared

8 7,8
Billion m3 7.8 Billion m3
y PP Ca Mau: Producing over 89 thousand
Equal to 87% of the plan
(equivalent to 108% compared Electricity customers nearly 5.6 Billion m3
to 2021) Fertilizer customers nearly 1.2 Billion m3
Industrial customers nearly 1.1 Billion m3
Equal to 88% of the plan
(equal to 109% compared to 2021)
Ung condensate source pumped to shore was to 2021).
stable.
­
G
tons of LPG, equal to 61% of the plan (equal
to 81% compared to 2021); produced nearly
5 thousand tons of condensate, equal to 70%
of the plan (equal to 64% compared to 2021).
LPG and condensate production output did not
meet the plan due to the low return of humid
gas compared to the plan.

Revenue
reached over Plan

51 Billion m3
Excluding pm3 – ca mau gas
114 %
Equal to 132% compared
transportation revenue to 2021
PETROVIETNAM GAS JOINT STOCK CORPORATION
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62 63
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MAIN TEN ANC E AND R EPAI R

Preventive, unscheduled, regular
maintenance and calibration
inspection were carried out
according to the plan, in
accordance with the process,
with quality, suitable to the
epidemic situation, meeting the
requirements of the registration
agencies and ensuring the
stable operation of the system.
Specifically, the following major
tasks/jobs were implemented
Gas stop for maintenance
and repair and TA: Completed
maintenance of gas stop at Ham
Rong - Thai Binh in May 2022 (12
hours and 50 minutes ahead of
schedule), PM3 - Ca Mau system
at the end of August 2022 (36
hours ahead of schedule), Cuu
Long and Nam Con Son 2 gas
systems in September 2022
(ahead of schedule: Dinh Co GPP
24 hours 15 minutes, Ba Ria GDS
6 hours, station along the 5-hour
route), Go Dau LPG depot in May
2022, Dung Quat LPG depot and
TK-101A/B condensate storage
tank at Thi Vai port depot in July
2022.
Surveying and repairing marine
pipelines: Completed the smart
shuttle launch of Nam Con Son
2 marine pipeline (Star Gold -
Dinh Co) in July 2022; completed
the ROV survey and repaired the
freespans of the sea pipeline
routes: Su Tu Vang - Rang Dong
- Bach Ho - Long Hai, Te Giac
Trang - Bach Ho, RP1-RC3, Nam
Con Son 2, Sao Vang - Dai Nguyet
in August 2022; completed Riser
survey and the pipeline in the
area of 500m near the rig of 18”
PM3 - Ca Mau pipeline in August
2022; completed the launch of
16” Su Tu Vang - Bach Ho pipeline
in November 2022;…

GAS P RICE/F R EIGHT POL I C Y;

GAS SERVICE/SAL ES C ONT R AC T
PV GAS have been actively working/explaining
opinions of ministries and industries on freight and
gas prices, but have not been approved yet, and
are currently under consideration by competent
authorities (Nam Con Son 2 freight for the whole
route) and Sao Vang - Dai Nguyet freight; Phu My -
Ho Chi Minh freight; price of regasified LNG sold to
Nhon Trach 3 and 4 power plants and component
charges).
F­ or gas sales/service contracts, PV GAS entered into/
agreed the following Agreements: Service contract
for gas collection, reception and compression in
Cuu Long basin for the period of 2021-2023 with
PVN and Vietsovpetro February 2022; Amendment
No. 02 on the 2022 gas sales contract with PVFCCo in
March 2022; Amendment No. 01 Gas sales contract
from Blocks 05-1b and 05-1c between PVN and PV
GAS in February 2022; Renewal of service contract
for collection, operation and maintenance of
low-pressure gas system in 2022 with Vietsovpetro;
Amendment No. 03 on extension of MOU Tuna in
May 2022; Amendment No. 20 GSA Nhon Trach 1
regulating gas output from 2022 with PV Power;
Cuu Long gas trading contract for the period of
2021 - 2023 and Su Tu Trang 2A gas trading contract
with PVN; Agreement on problems of GSPA Lot 06.1
in 2020 - 2021 with Owners of Lot 06.1; Amendment
No. 12 to GSA EVN’s contract on changing the gas
Buyer with EVN and GENCO3; Amendment No. 15
GSA of Ba Ria Electricity on contract extension for
the period of 2023 - 2025 with Ba Ria Electricity.
Besides, PV GAS was working/continued to
work with Mine Owners/subjects/customers/
partners including PVN, Gas Owners of Block 06.1,
Vietsovpetro, EVN/GENCO3, PVFCCo, Nhon Trach 1,
Nhon Trach 2, BOT power plants, etc. to agree and
soon sign amendments to related gas sales/service
contracts/commitments/agreements.
PETROVIETNAM GAS JOINT STOCK CORPORATION
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Financial performance in 2022

T YP ICAL FINANC IAL I ND IC ATOR S
TOTAL ASSETS EQUITY
(billions VND) (billions VND)

78,768
82,663
61,174
62,614 62,179 63,208 49,615 52,193
46,867 49,500

2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

Criteria 2016 2017 2018 2019 2020 2021 2022

BANK LOANS NET REVENUE
(billions VND) (billions VND) INDICATORS OF SOLVENCY

y  urrent ratio (times) = Current

C
100,724 3.62 3.51 3.46 4.20 4.05 3.10 4.46
assets/Current liabilities
78,992 y  uick ratio = (Value of short-term
Q
75,612 75,005 3.48 3.36 3.29 4.04 3.88 2.91 4.13
assets - Inventories) / BANK loan
64,135
1,490 7,510
CAPITAL STRUCTURE INDICATORS
1,017
1,341 6,038
3,396 y Debt/Total Asset Ratio 0.28 0.30 0.25 0.20 0.22 0.34 0.26
1,456 1,964
485 45
y Debt/Equity ratio 0.39 0.43 0.34 0.25 0.28 0.51 0.35
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
EFFICIENCY RATIO

y Inventory turnover (Cost of goods

PROFIT BEFORE TAX PROFIT AFTER TAX 37.97 33.62 32.35 32.98 32.58 26.51 21.63
sold/Average inventory):
(billions VND) (billions VND)
y Net revenue/Total assets 1.04 1.04 1.21 1.21 1.01 1.00 1.22
18,806

14,540
15,068 15,066 PROFITABILITY RATIO

11,709 12,086
11,205 y Profit after tax/Net revenue ratio 0.12 0.15 0.15 0.16 0.12 0.11 0.15
9,978
7,972 8,852
y Profit after tax/Equity ratio 0.17 0.24 0.26 0.25 0.16 0.17 0.27

y Profit after tax/Total assets ratio 0.13 0.17 0.19 0.19 0.13 0.12 0.19

2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
PETROVIETNAM GAS JOINT STOCK CORPORATION
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Financial analysis
AS SET SITU ATION CA PI T A L R ESO UR CES

Total assets of PV GAS as of 31/12/2022 are VND
82,663 billion, an increase of 14% compared to total
assets as of 31/12/2021. The growth rate of the total
average assets from 2012 to 2022 is 7%, which is a big
growth rate for enterprises with large total assets like
PV GAS. This growth is due to the fact that PV GAS has
completed the construction of gas pipelines, in which
there are large projects such as Nam Con Son 2 Gas
Pipeline Project – Phase 1, Ca Mau Gas Processing Plant
Project, Sao Vang
Total assets
– Dai Nguyet Gas Gathering and Transporting Pipeline
Project, and the Nam Con Son 2 Gas Pipeline – Phase 2.
Regarding short-term assets, in 2022, short-term
assets of PV GAS increased by VND 4,257 billion, of
which Cash and cash equivalents fluctuated the most
with an increase of VND 5,249 billion, an increase of
99% compared to the end of 2021. Accordingly, the
Corporation’s solvency indicators were much improved
in 2022.
As of 31/12/2022, total liabilities are VND 21,489
billion, accounting for about 26.0% of total capital,
of which 58.1% was short-term debt. Compared to
2021, liabilities decreased by 19%, equivalent to
a decrease of VND 5,086 billion. Total bank loans
(short-term and long-term) decreased by 24%
compared to 2021 due to early repayment of VND
2,839 billion for long-term loans to finance the Sao
Vang – Dai Nguyet Gas Collection and Transport
Pipeline project and Nam Con Son 2 Gas Pipeline.
The debt to equity ratio balances at a suitable level
through appropriate disbursement and timely
review of early repayment in order to reduce the
risk of interest expense and principal repayment
Capital structure:
Equity: despite being a manufacturing unit with
high infrastructure costs, the equity to total
capital resources ratio from has stayed above
65% since 2015. This ratio represents PV Gas’s
high reinvestment profitability and good capital
autonomy. With the aforementioned production
and business performance combined with this
financial autonomy, PV GAS remains highly regarded
by credit institutions. This great advantage in terms
of funding arrangements will benefit PV GAS by
making it easier to establish major projects in the
future.

82.663
pressure. In addition, the low debt to equity ratio
also demonstrates the ability to easily mobilize
future loans for PV GAS investment projects as
vnd needed.

Billion
Criteria 2019 2020 2021 2022

Total Capital resources (billion VND) 62,179 63,208 78,768 82,663

Liabilities (billion VND) 12,564 13,709 26,575 21,489

Asset structure 2019 2020 2021 2022
y Current liabilities 9,964 9,749 16,561 12,488
TOTAL ASSETS (BILLION VND) 62,179 63,208 78,768 82,663
y Non-current liabilities 2,600 3,960 10,014 9,001
y Short-term assets (billion VND) 41,815 39,472 51,395 55,652
Loan outstanding balance (billion VND) 2,796 2,981 7,995 6,083
y Long-term assets (billion VND) 20,363 23,736 27,373 27,011
y Non-current loans and liabilities 1,456 1,964 7,510 6,038
Short-term assets/Total assets 0.67 0.62 0.65 0.67
y Current loans and liabilities 1,341 1,017 485 45
Long-term assets/Total assets 0.33 0.38 0.35 0.33
Liabilities/Total Capital resources 0.20 0.22 0.34 0.26
As a manufacturing enterprise, an average
Equity /Total Capital resources 0.80 0.78 0.66 0.74
long-term assets to asset ratio of 30-40% of total
assets is a safe and consistent percentage for such
a type of production and business.
PETROVIETNAM GAS JOINT STOCK CORPORATION
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E FFICIENCY OF ASSETS AND C APIT A L U SE

Profitability

Indicator 2019 2020 2021 2022

Net revenue (billion VND) 75,005 64,135 78,992 100,724
Profit before tax (billion VND) 15,068 9,978 11,205 18,806
Profit after tax (billion VND) 12,086 7,972 8,852 15,066
Profit before tax/Total revenue 20% 16% 14% 19%
Profit after tax/Total revenue 16% 12% 11% 15%
Return on assets (ROA) 19% 13% 12% 19%
Return on equity (ROE) 25% 16% 17% 27%
EPS (VND) 6,314 4,165 4,625 7,872
Dividend payout ratio 43% 35% 30% 30%

Solvency

Indicator 2019 2020 2021 2022

Current ratio (times) = Current assets/
4.20 4.05 3.10 4.46
Current liabilities
Hệ số TT nhanh = (Giá trị TS ngắn hạn -
4.04 3.88 2.91 4.13
Hàng tồn kho)/Nợ ngắn hạn

The solvency ratios above are indicative of PV GAS’
good financial capacity and liquidity ratio; the
enterprise faces no financial difficulty with regard
to due debts. This is one of the most important
ratios used by credit organizations to review and
rank companies, alongside the Debt-to-Equity ratio.
These ratios are also advantageous for PV GAS’ loan
arrangements on both domestic and international
financial markets.

Performance Indicators

Indicator 2019 2020 2021 2022

Receivables turnover 7.29 6.23 5.82 6.08

Receivables turnover duration (days) 50.06 58.61 62.75 59.99

Inventory turnover 32.98 32.58 26.51 21.63

Inventory turnover duration (days) 11.07 11.20 13.77 16.88

2022’s receivables and inventory indicators have
proven rather more stable than in 2021. This is
the result of PV GAS’ constant monitoring and
strengthening of its debt management and debt
recovery, as well as promulgating strict regulations
on debt management, receivables analysis, debt
classification and customer selection in order to
minimize debt from aged receivables.
The unpredictability of the PV GAS inventory
turnover stems from characteristics of the LPG
business specific to PV GAS. The LPG business is a
mainly commercial operation: if LPG is imported
at the end of the fiscal year, the inventory balance
will be high (as 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 year, the inventory
balance will be low. In terms of LPG business
operations, PV GAS has set up an LPG specialist team
to regularly monitor LPG prices as well as determine
market supply and demand every month, in order to
ensure efficient LPG importation and consumption
without creating a backlog in inventory.
PETROVIETNAM GAS JOINT STOCK CORPORATION
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www.pvgas.com.vn
Investment Situation of Projects
Performance in 2022 for Major Projects:
y onstruction investment is aimed at investment and
C In 2022, 21 projects/tasks were
development, including the development of domestic gas
supply and gas imports, building infrastructure and improving
technology to enhance production and business capacity,
deep processing to augment product value, etc. Since PV GAS’
initial investments in gas work, the enterprise has focused on
delegating responsibilities to the respective Company and
Project Management Units, allowing works to be implemented
by their qualified, experienced team of experts, engineers and
specialists.
y  ll investments and construction projects by PV GAS comply
A value reached nearly VND 2.5 trillion,
with current regulations, with competent inspection,
supervision, assistance and guidance by PVN and the relevant
State management authorities, therefore assuring the quality
of works while meeting all objectives and project funds.
PV GAS EXECUTED
21
Projects/tasks
4.5
WITH A TOTAL EQUITY DISBURSEMENT
VALUE OF
VND
Trillion
70
executed by PV GAS with a total equity
disbursement value of over VND 4.5
trillion, including USD 78.1 million of
the Block B-O Mon Pipeline project.
PV GAS has proactively implemented
many solutions to offset/limit/
minimize impacts of the Covid-19
epidemic on the progress of projects.
Basically the projects stick to the
plan; The total equity disbursement
equal to 55% of the plan; Excluding
the Block B - O Mon pipeline project,
the disbursement reached 92% of the
plan.
71
G A S CO L L ECT I O N : CO N ST R UCT N E W PI PE L I N ES T O
G A T H E R G AS A T N EW F I E L D S AN D R EPL EN I SH T H E
CO N SUM E R MAR KE T ’S G A S SUPPL Y
Su Tu Trang Gas Gathering and Transporting
Pipeline Project:
Invest in pipeline construction to connect the Su Tu
Trang platform foundation with the Nam Con Son 2
– Phase 2, with the aim of collecting and transporting
gas ashore from the Su Tu Trang field. The project
aims to supplement gas supply and meet shortages
in the Southeast region of Vietnam, which is hoped
to bring about significant improvements in economic
development and energy security.
L N G I MPO R T AT I O N :
B UI L D I N F R AST R UCT UR E F O R T H E I MPO R T
AN D SUPPL Y O F G AS T O T H E CO N SUME R MAR KE T
Thi Vai LNG Terminal Project of 1 million ton/
year capacity:
Invest in Thi Vai Terminal to import LNG for
consumers in the Southeast region of Vietnam.
Provide reliable gas supply for domestic use and
preserve non-renewable energy sources for the
future, while at the same time diversifying sources
of gas supply to meet energy demands for economic
development.
Performance in 2022: Completed mechanical
construction of the entire warehouse, currently
working on renovating the Vung Tau - Thi Vai
maritime channel border, expected to be completed
in April 2023 to apply for a license to open the port.
Thi Vai - Phu My LNG Pipeline Project:
Invest in pipelines for the transmission of re- gasified
LNG from the Thi Vai Terminal (including post-
expansion phase) to the Phu My Gas Distribution
Center (GDC Phu My) to meet gas demands from
consumers in the region.
Performance in 2022: complete construction and
installation, be ready for gas-in & test run stages
Performance in 2022:
Continued to coordinate with PVN and mine owners
on the development plan of Su Tu Trang - 2B field as a
basis for updating the FS.
Project of Thi Vai LNG Terminal Capacity
Expansion – from 1 million ton to 3 million tons
per year:
Invest in expanding and augmenting the capacity of
the LNG terminal to increase LNG storage capacity,
bringing the total consumption capacity to 3 million
tons/year for both LNG terminals, in order to offset
the shortage of gas and meet gas consumption
demands from customers’; assist investors in
proactively supplying gas from imported gas
sources while utilizing the existing infrastructure at
Thi Vai Terminal.
Performance in 2022: Complete the FS and submit
it to the Ministry of Industry and Trade for appraisal
in November 2021. The Ministry of Industry and
Trade is carrying out appraisal procedures according
to regulations.
Son My – Binh Thuan LNG import Terminal
Pro j e c t :
Invest in storage and ports for export in Son My
and to import LNG to the Son My Power Center
and compensate for gas shortages in the Southeast
region.
Performance in 2022: Implement the work
of applying for approval of investment policy
and project investor. Re-update FS, expected to
complete FS update in June 2023.
PETROVIETNAM GAS JOINT STOCK CORPORATION
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www.pvgas.com.vn

I MP ROVIN G THE C APAC IT Y

F OR P ROCESSI NG AND
STORAG E O F GAS AND GAS PR OD U C T S
Ethane Separation Project at Dinh Co:

In line with PVN’s policy and orientation on enhancing deep

processing to increase the value of domestic gas sources, the
project aims to separate Ethane components from Cuu Long
and Nam Con Son gas sources and supply to Long Son Refinery
Complex.

Increasing the recovery of high-value components/products

such as Ethane, LPG, and Condensate from gas in order
to improve PV GAS’s production and business efficiency,
diversifying products supplied to the market, and diversifying
gas customers (other than electricity customers) and increasing
domestic gas consumption.

Performance in 2022: complete the project’s pre-feasibility

study report to submit to the Authority for consideration.

Project for Thi Vai Terminal LPG Tanks:

Renovate the existing premises at Thi Vai Terminal by changing
the methods of product storage, improving the storage capacity
for liquid products, along with arranging, relocating, and
rearranging equipment and technology systems to supplement
the existing land funds, serving major PV GAS projects in the
future (e.g., the Nam Con Son 2 project – phase 2, LNG project,
etc.)..
In addition, in 2022, PV GAS also
completed a research report on
Health, Safety & Environmental Policies
evaluating the pipeline options
to supply gas to Long An 1 and MAN A G E M EN T O F M AT ER I A L SO UR CES
2 Power Plants; completed the
evaluation report on the options to
increase the capacity of the Phu My -
Ho Chi Minh pipeline,... The total amount of raw materials used for the Report the percentage of recycled materials used
production and packaging of major PV GAS in production for main PV GAS products and
products and services during the year services

Due to the pipeline-based nature of the oil and gas
Performance in 2022: complete the signing of the EPC Contract
industry during production and transportation,
and implement it from January 2023.
there is no solid raw material to be used. Instead, PV
GAS utilizes natural gas as the ingredient for:
Refrigerated LPG and LNG terminals in the North:
Input gas: 7.9 billion m3 of gas.
Performance in 2022: complete the project’s potential site
Natural gas as fuel: 34,266 million m3.
assessment report.
DO Oil: 705.92 tons.
Chemicals: 270,04 tons (Helium, Ethyl Mercaptan,
Hydrogen, Pipeline Corrosion Inhibitors, Nitrogen,
Lubricant, Wastewater Treatment Chemicals...).
Commercial dry gas: 7.7 billion m3
Ratio: 97.16%
Gas is a clean energy source, which continues to
play an increasingly larger role in Vietnam’s primary
energy structure. PV GAS has been operating and
deploying large scale gas projects to meet the gas
demands of major consumers, including power
plants, fertilizer plants, and industrial plants which
utilize low-pressured gas. These facilities serve to
fulfill the gas demands for the chemical industry,
fertilizer, transportation, as well as civil activities,
while also accessible for connection with other gas
pipelines in Southeast Asia, allowing gas export and
import. Regarding onshore transportation of raw
gas from offshore exploitation platforms, in 2021,
the total gas output transported to the shore was
7.9 billion m3;

Regarding the product of commercial dry gas in

2022, PV GAS produced a total of 7.7 billion m3 for
its customers.
PETROVIETNAM GAS JOINT STOCK CORPORATION
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E N ERG Y CO NSUMPT ION W A T E R C ON S U MP T ION

y irect and indirect energy consumption:

D (water consumption of business activities during the
Electricity: 92.22 million Kwh. year)
y Energy is saved through energy efficiency
initiatives Water supply and water usage

y  uring production and business operations,

D
y F eed water: 343 thousand m3, including wa-
PV GAS focuses on transforming the energy
ter for Fire-fighting drills, watering plants,
system from the use of diesel generators to a
daily operations and manufacturing.
new system which collects associated gas to
central exploitation platforms, air compressors, y Percentage and total amount of recycled and
and generators, thereby significantly reducing reused water
emissions and saving energy costs. y Percentage of recycled water: 0%
y Energy efficiency initiative reports (provision y Percentage of water reused: 0%
of products and services saving energy or
utilizing renewable energy); reports of initiative
outcomes

As the only gas supplier to the Vietnamese market

who ensures national energy security and efficient use
of resources, PV GAS has attached special importance
to building an associated gas collection system from
most oil fields to our systems for gas exploitation and
transportation to ensure a stable supply of 8 billion
m3 annually, fulfilling consumption needs of power
plants, fertilizer plants and low pressure gas plants,
as well as consumption by a number of industrial
premises. With many useful initiatives e.g., improving
production, saving raw and natural materials and
energy, PV GAS has reduced expenses and product
costs at hundreds of billions of dong.
PETROVIETNAM GAS JOINT STOCK CORPORATION
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EN V I R O N MEN T AL CO M PL I A N CE

The purpose of compliance with regulations on carry out quarterly (corporate level), monthly
environmental protection is to regulate enterprises’ (workshop & factory level) and shift inspections;
activities, products and services, ensuring that the y  romulgate environmental management and
P
operation and manufacturing processes do not harm responsibility delimitation processes to reflect
the community, and impact on the environment is legal requirements down to regulations and
minimized. instructions for each Department/individual;
y Regularly notify, update and evaluate compliance
PV GAS is committed to disseminating any changes
with the Law on Environmental Protection, as
in environmental legal documents to each unit, along
well as related decrees and circulars to ensure
with conducting annual monitoring and checking
compliance in the field of environment;
the compliance of all units. PV GAS also collects and
compiles statistics for databases and legal documents y Invite experts from the local Departments of
on environmental protection. In the course of actual Natural Resources and Environment to instruct
checking and monitoring combined with results from on compliance for new environmental protection
the database, irrelevant points in the system of legal regulations;
documents are identified with respect to the actual y Organize activities in celebration of World
specific activities of the gas industry. On this basis, Environment Day, World Cleanup Campaign,
petition documents are forwarded to the relevant Earth Hour, World Wetlands Day, International
ministries and agencies for revision. Day for Biological Diversity, etc.
» Number of sanctions for violations due to
In 2022, PV GAS has implemented the following
non-compliance with laws and environmental
regulations on environmental protection:
regulations. In 2022, no external audit for
y F ully comply with regulations on environmental Environmental Protection compliance has
protection, e.g., planning and approving been completed for PV GAS due to the
commitments on environmental protection, impacts of the Covid-19 epidemic.
assessment of environmental impact,
» Total amount of fines for violations resulting
environmental protection plans, environmental
from non- compliance with environmental
monitoring, waste management (especially
laws and regulations: 0 VND.
hazardous waste), oil spill response plans, etc.;
y  evelop oil spill response plans, as well as
D
prevention and response plans for chemical
incidents for all operations involving oil and
chemical spill dangers;
y Deploy environmental monitoring in accordance
with legal requirements, commitments in the
Environmental Impact Assessment report, as
well as the Guidance of the Vietnam Oil and
Gas Group including water, air and sedimentary
environments. Assure that all criteria meet
Vietnamese standards and archive records under
regulations;
y I mplement registration of waste source owners
and hazardous waste management (collection,
transportation, and treatment), along with
periodic reports to management agencies in
accordance with regulations;
y Conduct inspections of each unit at least once
per year, in addition to requiring each unit to
PETROVIETNAM GAS JOINT STOCK CORPORATION
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78 79
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BCC (Business Cooperation Contract) Policy on human resources,

cooperation activities, chain development human resources development
Together with the Group/units inside and outside the industry, the N UMB E R A N D Q UAL I F I CAT I O N S
company actively researched projects in the form of investment
cooperation, chain linkage such as: O F O F F I CER S AN D E M PL O Y E E S I N 2 0 2 2 :

y Gas - Electricity - Port Service chain with PV Power, PTSC; As of 31/12/2022, the total number is 2,853 people. Among this number, the
y Cooperate with PV Chem on supplying cold heat from Thi Vai LNG of officers and employees at the total number of officers and employees
warehouse; Parent company, branches and joint at the Parent company and branches
stock companies in which PV Gas has of PV GAS is 1,369 people divided by
y  hain of exploitation, transportation, consumption and deep
C
controlling rights or controlling shares qualifications as the attached chart.
processing of gas from Ken Bau field;
y Cooperate with PVEP to research and develop domestic gas supply,
STATISTICS BY LEVEL
market and consumption infrastructure for the Northern region;
y Invest in projects in Van Phong - Khanh Hoa economic zone, Long 5.0% University
Son oil and gas industrial park;
5.2%
y Cooperate in the service of supplying and transporting liquid College
products in Phu My 3 Intensive Industrial Park;...
Intermediate
11.3%
Technical workers
69.0% 0.6%
0.3% Unskilled workers

8.6% PhD

Master

In terms of professions, the labor force used by PV GAS is very diverse up to nearly
20 different profession groups, importantly focusing on the technical fields (over
60%). This is due to the peculiarities of operations in the gas industry.

Regarding gender, due to the peculiarities of operations in the gas industry, almost
80% of the company are men, a balance heavily affected by gender division in the
fields of operation, maintenance, repair, and construction of gas works

With a fairly high proportion of highly qualified workers, those with University
degrees and higher account for 78%, concentrated in the group of middle
and senior management workers, professional and technical groups. This is a
tremendous advantage of PV GAS in human resources development.

The team of managers has high professional qualifications, have worked their way
up through production and business practices, responded to the development
and integration, and operated production and business with high efficiency for
years.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
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www.pvgas.com.vn

HU MAN RESOUR C E TR AINI NG

A N D DEVELOPMENT

PV GAS identifies human resource training and

development as the key solution to complete
production and business tasks and implement PV GAS’
development strategy in the future. Therefore, in 2022,
training throughout PV GAS is always concentrated
and focused on maintaining and improving the quality
of human resources while making the most of existing
human resources, which helps PV GAS improve
efficiency, competitiveness, increase adaptability to
changes in the business environment and maintain
sustainable development. The implementation results
are as follows:

Regarding training:
y Implemented 433 training courses for 12,859 people
(reaching 105% of the plan) with a total cost of VND
38.37 billion (reaching 85% of the plan).
y Fully complete the training required by law,
ensure 100% of employees to get the certificate as
prescribed.
y F ocus on implementing long-term, intensive training
programs and deep processing training to increase
gas product value, market development, digital
transformation, information security and safety.
y Putting into use the online training system - elearning
for knowledge management, saving costs and in line
with the digital transformation orientation.

As for building a Human Resource Management

System:

y  omplete the review of the organizational structure,

C
functions and duties, list of job titles, develop job
descriptions at the Executive Agency and affiliated
units.
y  ontinue to apply and improve the evaluation of job
C
performance according to KPIs.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
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www.pvgas.com.vn

POLICIES REL ATED TO EMPL OYEES

PV GAS has developed and promulgated employee policies in accordance with

the State and Corporation regulations, and the unique characteristics of PV
GAS. The group has crafted flexible and competitive salary and bonus payment
mechanisms according to the market mechanisms, with the aim of nurturing and
attracting and retaining domestic and foreign talent PV GAS, as follows:

y  V GAS works to ensure that most employees are suited to their professional
P
qualifications and capacities, to minimize cases of resignation or termination.
y E nsuring high and stable salaries and incomes for employees allows them to keep
their mind on work; the payment of salaries, bonuses and other remuneration
regimes is based on the actual capacity and work efficiency of each individual.
y  eriodic and unscheduled achievement rewards for individuals and units include:
P
rewards for innovation and initiative; rewards the safe operation of gas works;
rewards on national holidays and the special events of the Corporation, PV GAS
y T he gas industry-specific allowances are applied in accordance with the working
conditions and environment of each job position;
y S ocial insurance, health insurance and unemployment insurance are provided
in accordance with the State’s regulations; voluntary insurance with high levels
of benefits for employees (Life insurance, voluntary pension insurance, accident,
life and hospital surgery insurance)
y Periodic health examination and monitoring; Giving allowances and gifts to
mark employees at special events;
y Regularly organize cultural, artistic and sports activities for employees.
y Respect and comply with safety, health and environmental standards. PV GAS
maintains a professional working environment, and constantly applies advanced
technology and modern equipment.
y In 2022, there were 65 recommendations made by workers during periodic
dialogues. All proposals were considered and handled satisfactorily by PV
GAS. In addition, there were more than 332 ideas, solutions and initiatives to
promote proposed production and business activities. All ideas and solutions
were received and evaluated and supported by PV GAS to be applied in practice.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
84 85
www.pvgas.com.vn

Connecting business activities with

the social community
In 2022, despite many difficulties in production and
business due to the impact of the ongoing global
economic recession, the Corporation continued to
implement social security programs throughout
the country, demonstrating its responsibility to
the community in a year filled with difficulties
and challenges. The Corporation coordinated
to organize social security funding programs
throughout the country, especially in remote
and disadvantaged areas. With these programs,
PV GAS was able to make its contribution to the
overall development of the society. At the same
time, it spread the love and connection between
PV GAS’s employees and disadvantaged localities
and individuals in need of help. Specifically:

In 2022, The Corporation signed funding

agreements for social security programs with a
total budget of 120 billion.

Of which:
y Funding for Education - Schools: VND 77.8 billion,
accounting for about 65% of total funding for social
security
y Funding for Health - Hospital sector: VND 15.4
billion, accounting for about 13% of the total
funding
y F unding to build houses of gratitude for the poor:
5.8 billion VND, accounting for about 5% of the
total funding
y F unding gratitude programs, policy beneficiaries,
people with meritorious services to the revolution,
households in difficult circumstances, supporting
funds and associations having the fundraising
function: VND 9.6 billion, accounting for about 8%
of the total funding
y F unding for disaster recovery and humanitarian
relief: VND 11.4 billion, accounting for about 9% of
the total funding
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
www.pvgas.com.vn
Implement and strengthen corporate culture
(1) PV GAS’ corporate culture is increasingly
penetrating and spreading; Corporate culture and
communication are increasingly closely linked,
towards the implementation of targets, production
and business plans, political tasks set out/assigned
annually by the Corporation, with implementation
of Directive 05-CT/TW of the Politburo and gradually
building and fostering standards: “Cooperation -
Professionalism - Efficiency - Safety - Innovation”
[1], “ Solidarity - Innovation - Professionalism -
Action” [2], “Solidarity - Discipline - Creativity -
Efficiency”[3] for PV GAS employees. The awareness
of the implementation of PV GAS’ Corporate Culture
among Party committees, party organizations, mass
organizations, heads of Party committees, leaders
of units and mass organizations; of officials, party
members and the majority of employees is increasing.
(2) The Corporation has developed and issued the
Manual “Some regulations on PV GAS Corporate
Culture”, which clearly defines the vision, mission,
core value system, business philosophy, cultural code
of conduct at PV GAS (in handling work; dealing
with self and colleagues; dealing with customers and
partners; participating in social networks) as a basis for
PV GAS employees to properly perceive and perform
well. The content of implementing Corporate Culture
is included in the “Collective Labor Agreement”, the
rules and regulations of the Corporation, there is a
bilateral commitment between the employer and the
employees on the implementation of the Corporate
Culture at the Conference of Employees.
(3) Synthesizing, reviewing and perfecting the
regulations and regulations in handling and solving
work into a set of governance regulations have been
actively implemented. The implementation of the core
values: “Cooperation - Professionalism - Efficiency -
Safety - Innovation” achieves concrete results in the
operation of gas works systems.
(4) Building and perfecting the brand identity
system and using it uniformly and in accordance
with regulations throughout the Corporation are
reflected in the system of facilities, stationery,
publications, products..., while meeting requirements
job requirements, while bearing the imprint of PV GAS’
Corporate Culture.
86 87
(5) Step by step embellishing and arranging
the working positions of officials, employees and
employees to ensure friendliness, modernity and
science. Applying and implementing 5S model at
offices, factories, gas works; Innovating the image,
working space, creating a separate feature of each
department...
(6) Organizing training courses and training for officers
and employees according to the model of developing
professional capacity, cultural capacity, leadership
capacity, and complementary skills in accordance with
the requirements of the company. Building a learning
culture, towards a learning organization by promoting
the spirit of self-study, self-training, and enhancing
internal training.
(7) Culture of sharing, drinking water – thinking of its
source has become the beauty of PV GAS employees,
has great spread, is praised, recognized and
appreciated by all levels and sectors from the Central
to the localities.
(8) Effectively promoting the role of social work
organizations in propagating and implementing
Corporate Culture; in organizing collective activities to
connect and share among officers and employees.
(9) Implementing objectively, democratically,
timely and to the right subjects the commendation
of collectives and individuals for good performance;
severely criticizing and penalizing collectives and
individuals that have not performed well PV GAS
Corporate Culture.
(10) Annually, on the occasion of PV GAS’s Anniversary,
the Corporation organizes a contest “Learn about PV
GAS culture” with the participation of nearly 100% of
employees .
[1] Handbook of some regulations on PVGAS Corpo-
rate Culture;
[2] Motto of the Party Congress of PV GAS for the term
2020 - 2025;
[3] Theme for implementation of the action under the
direction of the Standing Board of the Party Commit-
tee of PVN;
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
88 89
www.pvgas.com.vn

2022 Governance Report

Activities of the General Meeting of Shareholders
Information about the Meetings, Resolutions & Decisions of the General Meeting of Shareholders
(including resolutions of the GMS adopted in the form of written comments).

No. Resolution/Decision No. Date Content

Resolution of PV GAS’s 2022 Annual General

1 24/NQ-KVN 15/4/2022
Meeting of Shareholders

Activities of the Board of Directors (2022 Report)

P ERSO N NEL AND SHAR E OWNER SH IP
Ownership
No. Full name Title
rate
1 Mr. Duong Manh Son Chairman of the BOD 35.76%

2 Mr. Hoang Van Quang Member of BOD, President 30.00%

3 Ms. Vo Thi Thanh Ngoc Member of BOD 10.00%

4 Mr. Trieu Quoc Tuan Member of BOD 10.00%

5 Mr. Truong Hong Son Member of BOD 10.00%

6 Mr. Do Dong Nguyen Independent Member of BOD

TOTAL 95.762%

I NFO RMATION ABOUT MEMBER S OF T H E B OA RD OF DIRE C T ORS

Number of
meetings Tỷ lệ
Members of Board of Date of Date of
NO. Title of Board of tham dự
Directors appointment dismissal
Directors họp
attended
1 Mr. Duong Manh Son Chairman of BOD 24/9/2021 7/7 100%
Member of BOD,
2 Mr. Hoang Van Quang 24/9/2021 7/7 100%
President
3 Ms. Vo Thi Thanh Ngoc Member of BOD 20/10/2015 7/7 100%

4 Mr. Trieu Quoc Tuan Member of BOD 16/4/2021 7/7 100%

5 Mr. Truong Hong Son Member of BOD 16/4/2021 7/7 100%

Member
6 Mr. Do Dong Nguyen Independent Board 27/4/2018 7/7 100%
of Directors
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
www.pvgas.com.vn
T HE B OARD OF DIR EC TOR S’ SUPERVISION
O N THE B OAR D OF MANAGEMENT
The Board of Directors successfully completed
the task of directing and supervising the
Board of Management in the management and
administration of PV GAS through the following
activities:
y  egularly organizing, chairing, co-chairing and
R Board of Supervisors, the Internal Control
participating in the meetings of the Board of
Directors and the Board of Management to
provide guidance and evaluate implementations
of, consider solutions for and to inspect and
supervise any activities relating to production,
business, construction investment, finance,
organization, human resources, restructuring/
restructuring, etc. throughout PV GAS.
ACTIVITIES OF SUBC OMMI T T EES UN DE R T H E
B O ARD OF D IR EC TOR S
y  ursuant to the provisions of Circular 116/2020/
P Board of Directors in overseeing production.
TT-BTC dated 12/31/2020 by the Ministry of
Finance, providing guidelines on a number of
articles on corporate governance applicable to
public companies in the Government’s Decree
No. 155/2020/ NĐ-CP dated 31/12/2020
detailing the implementation of a number
of articles of the Law on Securities, PV GAS’s
Charter and internal regulations on governance,
the establishment of subcommittees under the
Board of Directors is not mandatory. Therefore,
the Board of Directors has so far not elected
to establish subcommittees under the Board of
Director.
y The Board of Directors has established an
Internal Supervisory Board to assist the
90 91
R E SO L UT I O N S/ D ECI SI O N S
O F T H E B O A R D O F D I R ECT O R S
(regarding issues subject to information disclosure in accordance with Circular 96/2020/TT-BTC
y  pprove and organize the implementation of
A dated 16/11/2020 of the Ministry of Finance):
BOD’s 2022 Monitoring Program.
y  pproving and organizing the implementation of
A
Resolution/ Rate of
the Internal Audit Plan of 2022. No. Date Content
Decision No. approval
y Evaluating the reports and evaluations of the
Resolution on the adoption of the main contents of
Division, the Internal Audit Department, the the service contract for gas collection, reception and
Inspection Team, internal supervision, and other 1 11/NQ-KVN 25/01/2022 100%
compression in Cuu Long basin for the period 2021 -
inspection and supervision teams in relation to 2023 between PVN, PV GAS and VSP
PV GAS’s production and business activities.
Resolution on the adoption of holding the Annual GMS
y Exchanging and discussing with the Board 2 16/NQ-KVN 14/02/2022 100%
2022
of Management on the implementation of
resolutions, decisions, and directions approved Resolution on the adoption of the main contents of
by the General Meeting of Shareholders and the 3 17/NQ-KVN 14/02/2022 Amendment No. 02 of the gas sales contract between PV 100%
Board of Directors. GAS and PVFCCo
4 24/NQ-KVN 15/4/2022 Resolution of the 2022 Annual GMS of PV GAS. 100%
Resolution on the adoption of the main contents of the
Letter of Agreement on the mechanism of invoicing
5 36/NQ-KVN 20/05/2022
and temporary payment for the gas volume in 2022
100%
according to GSPA Lot 06.1
Resolution on agreement on temporary payment for gas
6 38/NQ-KVN 24/5/2022 100%
business, management and operation of PV purchase and sale of Cuu Long basin
GAS as well as supporting the Supervisory 7 42/NQ-KVN 08/6/2022 Resolution on the payment of dividends for 2021 100%
Board to perform its tasks in accordance with
the Law on Enterprises and PV GAS’s Charter. Resolution on the adoption of the main contents of
Amendment No. 20 GSA NT1 on determining the
y T he Board of Directors established the Internal
8 51/NQ-KVN 04/8/2022 amount of Prepaid Gas in 2021 and adjusting the gas 100%
Audit Department to assist the Board of
supply commitment from January 1, 2022 to Nhon Trach
Directors in implementing the provisions of
1 Power Plant
the law on internal audit.
Resolution on the adoption of the main contents the
y I n addition, the Board of Directors also assigns
9 57/NQ-KVN 23/9/2022 Cuu Long basin gas sales contract for the period of 2021 100%
tasks to each member in charge of professional
- 2023 between PVN and PV GAS
fields and supervises the operation of units
throughout PV GAS. Approving Amendment No. 02 to the Gas sale contract
10 67/NQ-KVN 30/11/2022 100%
for GPP Ca Mau Plant between PVN and PV GAS
Decision on definite term appointment of Mr. Tran Nhat
11 1616/QĐ-KVN 16/12/2022 Huy – Director of Vung Tau Gas Processing Company as 100%
Vice President of PetroVietnam Gas Corporation
Decision on terminating the operation of PV GAS Branch
12 1664/QĐ-KVN 20/12/2022 100%
– Southeast Gas Project Management Unit
Decision on approving Mr. Nguyen Thanh Nghi’s
13 1696/QĐ-KVN 23/12/2022 100%
resignation from the position of Vice President of PV GAS
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
92 93
www.pvgas.com.vn

T RAN SACTIONS BETWEEN T HE C OMP A N Y A N D IT S RE LA T E D

P ERSO N S ; O R BETWEEN T HE C OMPA N Y A N D MA J OR S H A RE H OLDE RS,
I NSIDERS, REL ATED PER SONS OF IN SIDE RS

Resolution/
No. Date Content
Decision No.

Resolution on the approval of the main contents of

the service contract for gas collection, reception and
1 11/NQ-KVN 25/01/2022
compression in Cuu Long basin for the period 2021 - 2023
between PVN, PV GAS and VSP

Resolution on the approval of the main contents of

2 17/NQ-KVN 14/02/2022 Amendment No. 02 of the gas sales contract between PV
GAS and PVFCCo

Resolution on the approval of the main contents of the

Letter of Agreement on the mechanism of invoice issuance
3 36/NQ-KVN 20/05/2022
and temporary payment for the gas volume in 2022
according to GSPA Lot 06.1

Resolution on the agreement on temporary payment for

4 38/NQ-KVN 24/05/2022
gas trading in Cuu Long basin between PVN and PV GAS

Resolution on the approval of the main contents of

Amendment No. 20 GSA NT1 on determining the Prepaid
5 51/NQ-KVN 04/08/2022 Gas amount of 2021 and adjusting the gas supply
commitment from January 1, 2022 for Nhon Trach 1 Power
Plant between PV GAS and PV Power

Resolution on the adoption of the main contents the Cuu

6 57/NQ-KVN 23/09/2022 Long basin gas sales contract for the period of 2021 - 2023
between PVN and PV GAS

Resolution on the approval of Amendment No. 02 of the

7 67/NQ-KVN 30/11/2022 gas sales contract for Ca Mau Gas Processing Plant between
PVN and PV GAS

Transactions between insiders of listed companies, related persons of insiders and subsidiaries, companies
controlled by the listed company: No transactions in 2022.

Trading insider’s shares and insider’s related persons: No transactions in 2022.

PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
94 95
www.pvgas.com.vn

Shareholder structure In 2022, PV GAS did not issue shares to increase charter capital.
Treasury Shares: Currently, PV GAS no longer holds treasury shares.
Ownership of members of the Board of Directors, Board of Management, Board of Supervisors and
As of 31/12/2022, the total number of outstanding PV GAS shares is 1,913,950,000 shares, of which, the
management staff
number of shares restricted from transfer is 50,000 shares.
Shareholder structure (as of 31/12/2022):
Số CP nắm giữ % tổng số CP
No. Full name Position
(31/12/2022) (31/12/2022)
Percentage Shareholder structure Board of Directors
Number of of Number of
No. Shareholder
shares Ownership shareholders Mr. Duong Manh Son 0 0
Organization Individual 1 Chairman of BOD
(%) Representative of PVN’s capital 684,465,900 35.76
1 State Shareholders 1,832,835,900 95.76% 1 1 Mr. Hoang Van Quang 11,450 0.00
2 Member of BOD cum President
Trade Union of the Representative of PVN’s capital 574,185,000 30.00
2 80,000 0% 1 1
Company Mr. Truong Hong Son 0 0.00
3 Member of BOD
Representative of PVN’s capital 191,395,000 10.00
Other shareholders: 81,034,100 4.2% 7,204 185 7.019
Ms. Vo Thi Thanh Ngoc 2,000 0.00
3 y Domestic 25,217,062 1.3% 6,418 76 6.342 4 Member of BOD
Representative of PVN’s capital 191,395,000 10.00
y Foreign 55,817,038 2.9% 786 109 677
Mr. Trieu Quoc Tuan 0 0.00
5 Member of BOD
TOTAL 1,913,950,000 100% 7.206 187 7,019 Representative of PVN’s capital 191,395,000 10.00
Mr. Do Dong Nguyen 0 0.00
6 Independent Member of BOD
Representative of PVN’s capital 0 0.00
Board of Supervisors

1 Ms. Tran Thi Hoang Anh Head of BOS 0 0.00

2 Mr. Nguyen Cong Minh Member of the BOS 0 0.00

3 Ms. Nguyen Thi Kim Yen Member of the BOS 0 0.00

Board of Management
Member of BOD,
1 Mr. Hoang Van Quang As above
President
2 Mr. Huynh Quang Hai Vice President 0 0.00

3 Mr. Pham Dang Nam Vice President 0 0.00

4 Mr. Pham Van Phong Vice President 0 0.00

5 Mr. Nguyen Thanh Binh Vice President 0 0.00

6 Mr. Nguyen Thanh Nghi Vice President 0 0.00

7 Mr. Tran Nhat Huy Vice President 1000 0.0005

Chief accountant

1 Mr. Nguyen Cong Luan Chief accountant 10 0.00

Person authorized to disclose information

1 Mr. Pham Dang Nam Vice President As above

Payment and advance of dividends for 2022

Payment of dividends in cash for 2021
y Last registration date: 05/07/2022
y Rate: 30%/share (Dividend of VND 3,000 per share)
y Payment date: 03/10/2022
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
www.pvgas.com.vn
Introduction and results of operations of subsidiary companies
and affiliated companies in 2022
LIST OF S U BSI DIAR Y C OMPANIES OF P V GA S
( B RAN CH ES)
PRO DU CTION AND SER V IC E GR OUP
SO U T H E A ST T R AN SMISSION COMPA N Y
Address: 101 Le Loi, Ward Thang
Nhi, Vung Tau City
Phone: 0254 3834174
Fax: 0254 3834171
Website: www.pvgas.com.vn
C A MA U GA S CO MPA N Y
Address: Khanh An Commune,
U Minh District, Ca Mau Province
Phone: 0290 3591343
Fax: 0290 3591315
Website: www.pvgas.com.vn
NA M CO N S O N G AS PIPE LIN E COMPA N Y
Address: floor, PV GAS
Tower, 673 Nguyen Huu Tho,
Phuoc Kien commune,
Nha Be district,
Ho Chi Minh City
Phone: 028 37840111
Fax: 08 37840345
Website: www.pvgas.com.vn
96
Functions and tasks: Transporting and distributing gas from the
following basins: Cuu Long and Nam Con Son 1 and Nam Con Son 2.
Supplying customers in sectors of electricity, nitrogen, industry and
other customers in the Southeast region.
Strengths: Workforce with experience in operating the oldest gas facility
belonging to PV GAS; management and operation of the gas pipeline
system from Cuu Long Basin to Ba Ria – Phu My
– Nhon Trach – Hiep Phuoc, over 370 km; and the Phu My Gas Distribution
Center, the most modern and largest in Vietnam today.
Main activities in 2022: Safely and effectively distribute 6,344 million m3
of dry gas to electricity, nitrogen and industrial customers.
Functions and tasks: Transporting gas from the PM3 field in Malay - Tho
Chu basin to electricity and fertilizer customers in the Southwest region.
Strengths: Young workforce with a great deal of inventiveness, tenacity,
and zeal for work and continual learning, safely and efficiently operating
the gas pipeline system, with a gas capacity of 6.2 million m3/24 hours.
Main activities in 2022: Safely and effectively transport 1,311 million m3
of gas to shore.
Functions and tasks: Transporting gas from Nam Con Son basin to
Phu My Gas Distribution Center.
Strengths: Organized on the basis of a Joint Venture with the world’s
leading oil and gas companies using advanced management methods;
management and operation of the gas pipeline system with the largest
transport capacity in Vietnam today, 22 million m3 of gas/day and night.
Main activities in 2022: Safe and efficient transportation of 3,573 million
m3 of gas to shore; for many consecutive years, the gas system has reached
100% reliability and availability.
97
V U NG TAU G AS P R O C ESSI NG C O M P ANY
Address: 101 Le Loi,
Ward Thang Nhi, Vung Tau City
Phone:0254 3833622
Fax: 0254 3838257
Website: www.pvgas.com.vn
G AS SER V I C ES C O MP ANY
Address: 101 Le Loi,
Ward Thang Nhi, Vung Tau City
Phone: 0254 3586381
Fax: 0254 3563180
Website: www.pvgas.com.vn
Functions and tasks: Production, storage and distribution of gas and gas
products.
Strengths: Management and operation of Dinh Co Gas Processing Plant
and the system of storage, LPG and Condensate import and export ports
across 3 regions of North, Central and South, accounting for over 50%
of the total storage LPG capacity across the country; not only helping
to increase the value of gas products which creates more revenue and
profit for PV GAS, but also coordinating smoothly with Gas Products
Trading Companies to gain the dominant market share in Vietnam LPG
market.
Main activities in 2022: Receiving and processing 1,062 million m3 of
humid gas in Cuu Long basin, producing 923 million m3 of dry gas, 360.2
thousand tons of LPG, 101.5 thousand tons of Condensate, transporting
32.6 thousand tons of Condensate from Nam Con Son and Hai Thach -
Moc Tinh and meeting 100% of the reasonable needs of customers using
Thi Vai warehouse services.
Functions and tasks: Preventive, regular and unscheduled maintenance
and reparation; prompt and high quality inspection and calibration,
contributing to the stable operation of PV GAS’s gas systems.
Strengths: Highly qualified workforce, with in-depth knowledge and
proficiency in maintenance, repair, inspection and calibration of PV
GAS’s gas works.
Main activities in 2022: Completed the maintenance and repair of the
gas stop in May, August and September, 2022 with a shortened time
compared to the plan. For Ham Rong - Thai Binh gas system, 12 hours
and 50 minutes ahead of schedule, PM3 - Ca Mau gas system 36 hours
ahead of schedule, Cuu Long and NCS2 gas systems at Dinh Co gas
processing plant 24 hours and 15 minutes ahead of schedule and KDN
gas stations 5 hours ahead of schedule.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
98 99
www.pvgas.com.vn

CO N ST R UCT I O N I N V E ST MEN T PR O J E CT MA N AG EMEN T T EA M

G A S P R O D U CT S T RA D IN G COMPA N Y G AS P R O J EC T MANAG EMENT C O MP ANY

Address: 11F, PV GAS Tower,
673 Nguyen Huu Tho, Phuoc Kien
commune, Nha Be district,
Ho Chi Minh City
Phone: 028 37840220
Fax: 028 37840215
Website: www.pvgas.com.vn
Functions and tasks: Trading, importing and exporting LPG within the Address: 11F, PV GAS Tower, 673 Functions and tasks: Planning and executing investments in PV GAS’s
domestic and international market. Nguyen Huu Tho, Phuoc Kien major gas projects.
Strengths: Nationwide terminal system (Thi Vai LPG Warehouse with commune, Nha Be district, Strengths: Personnel with the most expertise overseeing and
71,260 tons, Go Dau LPG warehouse with 4,000 tons, Dung Quat LPG Ho Chi Minh City implementing construction investments at PV GAS
warehouse with 2,000 tons, Hai Phong LPG warehouse with 1,500 tons); Phone: 028 37840181
diverse sources of cargo (Dinh Co, Dung Quat, Middle East and other Fax: 028 37840180
countries in the region); acquired LPG purchase and sale contracts with Website: www.pvgas.com.vn
most major enterprises of LPG in the North, Central and South markets;
prestige from the PV GAS brand; market-savvy staff LPG Vietnam.
Main activities in 2022: Trading 2,002.9 thousand tons of LPG in the
domestic as well as international market; accounting for nearly 70% of
Vietnam’s LPG market share.

H A I P H O N G GA S BRA N CH - VIET N A M GA S CORPORATI ON -

JO I N T ST O CK COMPA N Y

Address:Floor 11, Catbi Plaza
Building, No. 1, Le Hong Phong
Street, Lac Vien Ward, Ngo Quyen
District, Hai Phong City
Phone: 0225 397 9866
Fax: 225 9885
Functions and tasks: Distributing and trading dry gas, LPG and
co n d e n s ate.
Main activities in 2022: Distributing 128 million m3 of dry gas to
industrial customers.

L N G T R A D I N G B RA N CH - PET ROVIET N A M GA S CORPORATI ON-

JO I N T ST O CK COMPA N Y
Address: 6F, PV GAS Tower, Functions and tasks: Distributing and trading LNG and condensate.
673 Nguyen Huu Tho, Main activities in 2022: Distributing 4.4 thousand tons of condensate,
Phuoc Kien Commune, preparing LNG business (preparing LNG import sources, preparing mar-
Nha Be District, kets for LNG consumption/ regasification).
Ho Chi Minh City
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
100 101
www.pvgas.com.vn

L IST OF MEMBER C OMPANI ES AND A FFILIA T E S

The smooth coordination and effective operation of member companies not only supports and extends PV
GAS’s gas production and business lines, but also help preserve and promote PV GAS’s financial investment
capital.

V I E T N A M L P G T RA D IN G JOIN T ST OCK COMPA NY P ETR O V I ETNAM STEEL P I P E MANU FAC TU R I NG J O I NT STO C K C O MP ANY – P V P I P E
Address: 11F, Main business lines: Trading, import, and export of liquefied natural gas Address: Soai Rap Petroleum Main business lines: Producing steel pipes for works and projects both
Petroleum Institute building, (LPG retail) and compressed natural gas (CNG). Service Industrial Park, inside and outside the Oil and Gas industry
167 Trung Kinh, Strengths: Being one of the leading groups within the household LPG Kieng Phuoc Commune, Strengths: Owning the first large-scale modern factory in Vietnam,
Cau Giay district, Hanoi market in the North; owning a system of warehouses and extraction Go Cong Dong District, manufacturing straight welded steel pipes on 3 - Roll Bending technology
Phone: 024 39445555 stations, and a nationwide LPG distribution network Tien Giang Province production lines, in accordance with the most recent API 5L and 2B standards.
Charter capital (billion dong) 365.0
Fax: 024 39445333 Phone: 028 37840196 Charter capital (billion dong) 1.838.5
PV GAS holds (%) 51.0
Website: www.pvgasn.vn Fax: 028 37840198 PV GAS holds (%) 99.9
Revenue (billion dong) 4,601.4
Website: www.pvpipe.vn Revenue (billion dong) 51.5
Profit after tax (billion dong) 16.3
Profit after tax/charter capital ratio (%) 4.5 Profit after tax (billion dong) -133.0
Main activities in 2022: Producing and trading 210 thousand tons of LPG Profit after tax/charter capital ratio (%) -
Main activities in 2022: Implement small contracts (projects, services
inside and outside the industry); There are no big projects to implement.

P E T R O V I E T N A M LOW PRESSURE GA S D IST RIBUTI ON JOI NT STOCK COMPANY – PV GAS D

Address: 7F, PV GAS Tower, Main business lines: Trading and transporting low pressure gas by pipeline. V I ETNAM C NG J O I NT STO C K C O MP ANY
673 Nguyen Huu Tho, Strengths: Operate and supply low pressure gas by pipeline to customers Address: 475 Nguyen An Ninh, Main business lines: Trading and transporting CNG.
Phuoc Kien commune, in Phu My, My Xuan, Go Dau, Nhon Trach, Hiep Phuoc industrial zones and Ward 9, City of Vung Tau, Strengths: The leading company in Vietnam specializing in the production,
Nha Be district, Ho Chi Minh City continue to expand. Ba Ria - Vung Tau Province export, transportation and distribution of CNG for factories that use thermal
Phone: 028 37840445 Charter capital (billion dong) 900.0 Phone: 0254 3574635 energy in production and processing; serving apartment complexes; CNG is
Fax: 028 37840446 PV GAS holds (%) 50.5 Fax: 0254 3574619 used as a petroleum alternative fuel in the transportation industry.
Website: www.pvgasd.com.vn Revenue (billion dong) 11,274.4 Website: www.cng-vietnam.com Charter capital (billion dong) 270.0
Profit after tax (billion dong) 412.7 PV GAS holds (%) 56.0
Profit after tax/charter capital ratio (%) 45.8 Revenue (billion dong) 4,185.6
Main activities in 2022: Supplying 1,057.5 million m3 of gas. Profit after tax (billion dong) 126.8
Profit after tax/charter capital ratio (%) 46.9
Main activities in 2022: Supplying 314.8 million m3 of CNG.

PE T R O V I E T N A M COA T IN G JOIN T ST OCK COMPANY – PV COATI NG

Address: Street No. 2B, Phu My
I Industrial Park, Phu My Ward,
Phu My Town, Ba Ria - Vung Tau
Province
Phone: 0254 3924456
Fax: 0254 3924455
Website: www.pvcoating.vn
Main business lines: Coating pipes for works and projects inside and
outside the Oil and Gas industry.
Strengths: The only company in Vietnam operating in the field of pipe
coating, providing various types of reinforced concrete coating, 3-layer anti-
corrosion coating, insulation coating, bend coating, splice coating, etc. for
pipes with diameters from 6 to 48”.
Charter capital (billion dong) 216.0
PV GAS holds (%) 52.9
Revenue (billion dong) 34.4
Profit after tax (billion dong) -11.0
Profit after tax/charter capital ratio (%) -
Main activities in 2022: Implement small contracts (projects and
services both inside and outside the industry), no large projects to
deploy.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
102 103
www.pvgas.com.vn

SO U T H E R N G A S T RA D IN G JOIN T ST OCK COMP ANY – GAS SOUTH

Address: 4F, PetroVietnam Tower,
1-5 Le Duan, Ben Nghe Ward,
District 1, Ho Chi Minh City
Phone: 028 39100108
Fax: 028 39100165
Main business lines: Im-exporting and trading liquefied petroleum gas
(LPG retail); producing and trading compressed natural gas (CNG).
Strengths: Owning LPG storage system, extraction station, distribution
network throughout the country; manufacturing and supplying CNG for
transport vehicles and industrial customers in the Southeast and Southwest
regions.
Charter capital (billion dong) 500.0
PV GAS holds (%) 35.3
Revenue (billion dong) 7,076.3
Profit after tax (billion dong) 99.3
Profit after tax/charter capital ratio (%) 19.9
Main activities in 2022: Producing and trading over 215,000 tons of LPG,
106.4 million m3 of CNG

P V G A Z P R O M T R AN SPORT FUE L GA S CO., LT D

Address: 5F, PV GAS Tower, 673
Nguyen Huu Tho, Phuoc Kien
commune, Nha Be district, Ho Chi
Minh City
Phone: 028 37816000
Fax: 028 37816960
Main business lines: Distribution of engine fuel gas for means of
transportation in Vietnam
Charter capital (billion dong) 200.0
PV GAS holds (%) 29.0
Main activities in 2022: Focus on building long-term business strategies
and implementation plans and plans for 2022-2023; re-evaluate the
investment plan for the Pilot project and invest in the procurement of
trailers (mobile LNG filling stations), negotiate/clarify the formula for
the purchase price of LNG as a basis for economic efficiency calculation
and submit it to the capital contributors for consideration and approval
of PVGAZPROM’s business plan; contact and learn about potential gas
customers; develop business plans from imported LNG sources.

Vietnam LNG Joint Stock Company: almost inactive, dissolution proceedings are underway.
Southern Gas Trading Joint Stock Company: deploying PA to divest all contributed capital of PV GAS at Southern Gas
Trading Joint Stock Company. Port warehouse limited liability company
Son My LNG: is carrying out investment preparation procedures.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
104 105
www.pvgas.com.vn
03
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
106 107
www.pvgas.com.vn

DEVELOPMENT STRATEGY
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
www.pvgas.com.vn
2021-2025 BUSINESS MODEL AND
GROWTH MOTIVATION
(Restructuring, reducing costs, ensuring safe operation, improving
management capacity, etc.)
Development objectives of PV GAS:
Developing PV GAS, a key unit in the field of gas
industry, to play a pivotal role as the leader of
the Vietnamese gas market, while contributing to
ensuring national energy security. Targets:
y Average revenue growth: 7 - 9%/year.
y  omestic market share: 100% for dry gas; above
D
50% for LNG; above 70% for LPG.
y  atio of profit after tax/Charter capital: above
R y
20%/year.
PV GAS’ mission:
“Bring clean energy from nature to promote
socio-economic development, alongside practical
benefits to the country, shareholders, workers,
partners and the society as a whole.
108
Principles:
Develop PV GAS on the principle of constantly
improving the efficiency of corporate governance,
applying digital technology, ensuring transparency
and harmonizing the interests of shareholders, the
State and employees.
PV GAS management model consists of two
pillars:
 irst pillar: Promote PV GAS’s achievements
F
over the past 30 years. Participate in the
construction and development of all stages of
the domestic gas/LNG/gas products value chain;
develop presence in the international market to
ensure the sustainable development of PV GAS.
Maintain the position as the industry leader in
the investment in and import of gas & LNG for
electricity production and further household
consumption. Our traditional products include
gas for electricity, fertilizer, and low pressure
gas manufacturing plants, as well as LPG,
condensate, and CNG.
y  econd pillar: Diversify products; engage in
S effectively, in line with PVGAS’ production
the production and sales of end products to
enhance product value and to adapt quickly to
the market.
» Focus on deep processing and
diversification of gas products to increase
the value and output of gas and gas
products.
» Research and develop renewable energy
sources, energy transformation, and
industrial gas.
Participate in investment in LNG/gas power
plants on the basis of promoting the potential
strengths of the gas and electricity value chain,
ensuring improvements in the competitiveness
of the final output of electricity.
109
2023 PRODUCTION & BUSINESS PLAN
Objectives and main tasks
1
To carry out production and business tasks
associated with the Vietnam Gas Industry
Development Plan as the basis for the long-
term development of PV GAS.
2
6
Operate safely and efficiently, while ensuring
safety for both existing gas works and newly
operational works/ projects. Maximize the
consumption and supply of gas and gas
products to customers.
3
Ensuring production and business efficiency,
revenue growth; On the basis of market
assessment and analysis, promote market
expansion (consider expanding Hanoi office
to ensure it is consistent with the orientation
of gas market development in the coming
7
time); focus on developing the gas
consumption market other than electricity to
improve production and business efficiency;
At the same time, focus on communication,
image promotion and product branding.
4
Negotiating, signing/managing/exploiting
8
gas contracts effectively. Actively/
coordinating in developing and approving
mechanisms and policies on freight rates,
gas prices, standards/regulations, etc., and
preparing the LNG consumption market.
Research, search and develop new gas
sources at home and abroad.
5
Focus on controlling progress, arranging
sufficient capital according to the
9
disbursement schedule of Projects, ensure
the progress of projects/project chains to
promote investment efficiency. Finalize
completed projects in accordance with
relevant regulatory periods. Implement and
realize the signed value chain. Research and
perform investments in deep processing,
diversify products and promote research
on gas supply options in the North, West
and Southeast; Participate in upstream
investment when conditions are favorable
and ensure efficiency.
Regularly analyzing and forecasting geo-
economic fluctuations to develop flexible
solutions in line with the actual situation
to ensure efficiency in operation; Continue
to implement solutions to prevent, combat
and respond to the impact of the Covid-19
epidemic to ensure the safety of production
and business performance as well as the
health of employees; Constantly improving
labor productivity, performing well social
security work.
Carrying out the restructuring in accordance
with Resolution 6694/NQ-DKVN dated
November 19, 2021 of the Board of members
of PVN; Review and arrange personnel
and business performance.
Review, amend, supplement and improve
the systems of internal regulations in
accordance with the documents of the
State, PVN and the practical situation at
the unit. Improve governance; manage and
use financial capital flexibly and effectively;
increase savings and reduce costs, as well
as lower product costs and collect any
remaining debts.
mplement digital transformation, apply IT
advancements thoroughly and bring the
ERP system into operation, thus ensuring
consistency and synchronization with PVN’s
directions for digital transformation and ERP
implementation
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
110 111
www.pvgas.com.vn

Indicators for the 2023 Plan

Indicator UNIT 2023 Plan

Output

Input gas source Billion m3 7.9

Produced and consumed dry gas Billion m3 7.7

Produced and traded LPG 103 Tons 1,760

Produced and supplied condensate 103 Tons 84

Financial plan of PV GAS (Consolidated)

Total revenue VND billion 76,441

Profit before tax VND billion 8,171

Profit after tax VND billion 6,539

Contribution to the State Budget VND billion 3,912

Parent company plan

Financial plan

Turnover VND billion 75,151

Profit before tax VND billion 7,993

Profit after tax VND billion 6,395

Pay the state budget VND billion 3,838

Investment Capital Plan

Total investment VND billion 2,076

Of which:
VND billion 1,936
y Investment in capital construction

y Equipment purchase VND billion 140

y Financial investment VND billion -

Disbursement value in the year VND billion 2,578

Of which:
VND billion 2,131
y Equity

y Loan + other VND billion 447

(The 2023 Production & Business Plan will be submitted to the 2023 Annual GMS for approval)
04
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
112 113
www.pvgas.com.vn

P E TR OV I E T N A M GA S J OIN T ST OCK
C OR POR A T I O N

AUDITED C ONSOLI D A T E D
F IN ANC IA L STA T E ME NT S
FOR T H E Y E A R E ND E D 31 D E C E MB E R 20 2 2

Corporate information

Statement by the Board of Management

Independent auditor’s report

Consolidated balance sheet

(Form B 01 – DN/HN)

Consolidated income statement

(Form B 02 – DN/HN)

Consolidated cash flow statement

(Form B 03 – DN/HN)

Notes to the consolidated financial statements

(Form B 09 – DN/HN)
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
www.pvgas.com.vn
CORPORATE INFORMATION
Enterprise registration No. 3500102710 dated 13 December 2007 was initially issued by the
certificate Department of Planning and Investment of Ho Chi Minh City and the
latest 17th amendment dated 13 October 2021.
Board of Directors
Mr. Duong Manh Son
Mr. Hoang Van Quang
Mr. Trieu Quoc Tuan
Ms. Vo Thi Thanh Ngoc
Mr. Truong Hong Son
Mr. Do Dong Nguyen
Board of Supervision
Ms. Tran Thi Hoang Anh
Mr. Nguyen Cong Minh
Ms. Nguyen Thi Kim Yen
Board of Management
Mr. Hoang Van Quang
Mr. Pham Dang Nam
Mr. Pham Van Phong
Mr. Huynh Quang Hai
Mr. Nguyen Thanh Binh
Mr. Tran Nhat Huy
Mr. Nguyen Thanh Nghi
Legal representative
Mr. Hoang Van Quang
Registered office
PV Gas Tower, 673 Nguyen Huu Tho Street,
Phuoc Kien Commune, Nha Be District, Ho Chi Minh City.
Auditor
PwC (Vietnam) Limited
114 115
STATEMENT OF THE BOARD OF MANAGEMENT
STATEM ENT O F R ESP O NSI B I L I TY The Board of Management of PetroVietnam Gas Joint Stock Corporation
O F THE B O AR D O F MANAG EMENT I N is responsible for preparing the consolidated financial statements of
R ESP EC T O F THE C O NSO L I D ATED PetroVietnam Gas Joint Stock Corporation and its subsidiaries (“the
FI NANC I AL STATEMENTS Corporation”) which give a true and fair view of the consolidated
financial position of the Corporation as at 31 December 2022, and of
the consolidated results of its operations and its consolidated cash
Chairman flows for the year then ended. In preparing these consolidated financial
statements, the Board of Management is required to:
Member
Member y S elect suitable accounting policies and then apply them consistently;
y Make judgments and estimates that are reasonable and prudent;
Member
and
Member y Prepare the consolidated financial statements on a going concern
basis unless it is inappropriate to presume that the corporation will
Member
continue in business.
The Board of Management is responsible for ensuring that proper
Chief Supervisor accounting records are kept which disclose, with reasonable accuracy
Member at any time, the consolidated financial position of the Corporation and
which enable consolidated financial statements to be prepared which
Member 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 the Corporation and hence for taking
President reasonable steps for the prevention and detection of fraud or error.
Vice President
Vice President
Vice President
AP P R O V AL O F THE C O NSO L I D ATED We hereby, approve the accompanying consolidated financial state-
Vice President FI NANC I AL STATEMENTS ments as set out on pages 5 to 64 which give a true and fair view of
the consolidated financial position of the Corporation as at 31 De-
Vice President
cember 2022, and of the consolidated results of its operations and
(from 16 December 2022)
its consolidated cash flows for the year then ended in accordance
Vice President with Vietnamese Accounting Standards, the Vietnamese Corporate
(until 1 January 2023) Accounting System and applicable regulations on preparation and
presentation of consolidated financial statements.
On behalf of the Board of Management,
President
Hoang Van Quang
President
Ho Chi Minh City, S.R. Vietnam
28 February 2023
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
116 117
www.pvgas.com.vn

INDEPENDENT AUDIT REPORT

TO T H E SH A R E H OLD E RS OF
P E T R O V I E T N A M GA S JOIN T
ST O CK CO R P O R AT ION
We have audited the accompanying consolidated financial statements
of PetroVietnam Gas Joint Stock Corporation and its subsidiaries (“the
Corporation”) which were prepared on 31 December 2022 and approved
by the Board of Management on 28 February 2023. The consolidated
financial statements comprise the consolidated balance sheet as at 31
December 2022, the 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 64.
AU D I TO R ’S O P I NI O N
The Board of Management of PetroVietnam Gas Joint Stock Corporation
is responsible for the preparation and the true and fair presentation of
these consolidated financial statements in accordance with Vietnamese
Accounting Standards, the Vietnamese 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.

TH E B O A R D O F MA N A GEM EN T ’S
RESPONSIBILITY
The Board of Management of PetroVietnam Gas Joint Stock Corporation O THER MATTER The independent auditor’s report is prepared in Vietnamese and Eng-
is responsible for the preparation and the true and fair presentation of lish. Should there be any conflict between the Vietnamese and English
these consolidated financial statements in accordance with Vietnamese versions, the Vietnamese version shall take precedence.
Accounting Standards, the Vietnamese Corporate Accounting System and
applicable regulations on preparation and presentation of consolidated For and on behalf of PwC (Vietnam) Limited
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.

A U D I T O R ’ S R E SPON SIB ILIT Y
Our responsibility is to express an opinion on the consolidated financial
statements based on our audit. We conducted our audit in accordance with
Vietnamese Standard on Auditing. Those standards require that we comply Mai Viet Hung Tran Cheng Kien Hung
with ethical standards and requirements and plan and perform the audit Audit Practising Licence No. Audit Practising Licence No.
in order to obtain reasonable assurance as to whether the consolidated 0048 -2023-006-1 5038-2019-006-1
financial statements of Corporation are free from material misstatement. Authorised signatory

An audit involves performing procedures to obtain audit evidence about Report reference number: HCM12932
the amounts and disclosures in the consolidated financial statements. Ho Chi Minh City, 28 February 2023
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.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
118 119
www.pvgas.com.vn
Form B 01 – DN/HN Form B 01 – DN/HN

CONSOLIDATED BALANCE

As at 31 December As at 31 December

2022 2021 2022 2021

Code ASSETS Note Code ASSETS (continued) Note
VND VND VND VND
100 CURRENT ASSETS 55,651,707,958,020 51,394,724,017,298 200 LONG-TERM ASSETS 27,010,944,408,343 27,373,350,671,266

110 Cash and cash equivalents 3 10,549,337,638,537 5,300,330,735,432 210 Long-term receivables 168,689,074,161 187,718,539,786

111 Cash 1,318,137,638,537 1,395,849,592,442 Long-term prepayments to

212 6(b) 76,326,529,951 70,338,402,093
suppliers
112 Cash equivalents 9,231,200,000,000 3,904,481,142,990
216 Other long-term receivables 7(b) 92,362,544,210 117,380,137,693
120 Short-term investment 23,726,498,790,237 24,799,825,654,952
220 Fixed assets 16,369,664,841,026 18,098,268,868,761
123 Investments held to maturity 4(a) 23,726,498,790,237 24,799,825,654,952
221 Tangible fixed assets 11(a) 15,975,936,459,471 17,688,043,268,312
130 Short-term receivables 16,191,131,770,955 16,920,192,497,611
222 Historical cost 57,307,438,058,633 56,069,459,929,388
131 Short-term trade accounts receivable 5 9,210,085,888,347 10,598,392,744,659
223 Accumulated depreciation (41,331,501,599,162) (38,381,416,661,076)
132 Short-term prepayments to suppliers 6(a) 223,750,541,755 413,405,237,823
227 Intangible fixed assets 11(b) 393,728,381,555 410,225,600,449
136 Other short-term receivables 7(a) 7,492,404,206,264 6,600,033,423,287
228 Historical cost 620,148,444,002 588,231,701,729
137 Provision for doubtful debts - short-term 8 (737,052,792,533) (691,638,908,158)
229 Accumulated amortisation (226,420,062,447) (178,006,101,280)
139 Shortage of assets awaiting resolution 1,943,927,122 -
230 Investment properties 36,267,205,787 21,934,563,658
140 Inventories 9 4,102,441,805,643 3,241,216,225,272
231 Historical cost 42,051,001,624 26,427,782,233
141 Inventories 4,185,337,349,642 3,324,677,623,426
232 Accumulated depreciation (5,783,795,837) (4,493,218,575)
Provision for decline in value of in
149 (82,895,543,999) (83,461,398,154)
ventories 240 Long-term asset in progress 5,978,103,870,212 4,871,054,316,564

150 Other current assets 1,082,297,952,648 1,133,158,904,031 242 Construction in progress 12 5,978,103,870,212 4,871,054,316,564

151 Short-term prepaid expenses 10(a) 83,670,910,085 70,496,425,796 250 Long-term investments 405,533,457,500 400,162,192,660

152 Value added tax ("VAT") to be reclaimed 14(a) 949,414,975,835 1,011,375,951,717 252 Investments in associates 4(b) 395,533,457,500 390,162,192,660

153 Tax and other receivables from the State 14(b) 49,212,066,728 51,286,526,518 253 Investments in other entities 4(c) 35,000,000,000 35,000,000,000

Provision for long-term

254 4(c) (25,000,000,000) (25,000,000,000)
investments

260 Other long-term assets 4,052,685,959,657 3,794,212,189,837

261 Long-term prepaid expenses 10(b) 3,997,897,390,212 3,744,292,533,015

262 Deferred income tax assets 54,788,569,445 49,281,300,688

269 Goodwill - 638,356,134

270 TOTAL ASSETS 82,662,652,366,363 78,768,074,688,564

The notes on pages 10 to 64 are an integral part of these consolidated financial statements. The notes on pages 10 to 64 are an integral part of these consolidated financial statements.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
120 121
www.pvgas.com.vn
Form B 01 – DN/HN

CONSOLIDATED BALANCE SHEET (continued)

As at 31 December

2022 2021
Code ASSETS (continued) Note
VND VND
300 LIABILITIES 21,489,088,811,222 26,575,344,013,434
310 Short-term liabilities 12,487,956,920,689 16,561,261,573,886
311 Short-term trade accounts payable 13 6,652,093,471,748 6,630,916,343,590
Dang Thi Hong Yen Nguyen Cong Luan Hoang Van Quang
312 Short-term advances from customers 128,097,532,572 104,816,808,984 Preparer Chief Accountant President
313 Tax and other payables to the State 14(c) 873,530,035,417 555,128,960,547 28 February 2023

314 Payable to employees 252,053,435,717 296,411,234,058

315 Short-term accrued expenses 15 2,978,023,503,077 3,858,406,862,854
318 Short-term unearned revenue 16 341,833,709,291 2,586,888,884,214
319 Other short-term payables 17 836,431,004,097 1,470,759,698,318
320 Short-term borrowings 18(a) 44,996,858,992 484,740,000,000
322 Bonus and welfare fund 19 380,897,369,778 573,192,781,321
330 Long-term liabilities 9,001,131,890,533 10,014,082,439,548
336 Long-term unearned revenue 19,822,419,815 21,600,729,943
337 Other long-term payables 140,713,909,427 114,046,536,416
338 Long-term borrowings 18(b) 6,037,962,890,208 7,510,120,451,721
341 Deferred income tax liabilities 253,194,790,414 219,007,722,635
342 Provision for long-term liabilities 20 2,546,853,859,491 2,145,620,277,655
343 Fund for science and technology 2,584,021,178 3,686,721,178
400 OWNERS’ EQUITY 61,173,563,555,141 52,192,730,675,130
410 Capital and reserves 61,173,563,555,141 52,192,730,675,130
411 Owners’ capital 21, 22 19,139,500,000,000 19,139,500,000,000
411a y Ordinary shares with voting rights 19,139,500,000,000 19,139,500,000,000
412 Share premium 22 210,679,541,297 210,679,541,297
414 Owners’ other capital 22 196,658,562,648 196,658,562,648
418 Investment and development fund 22 21,063,056,727,255 21,053,839,680,240
420 Other fund 22 6,287,318,113 6,287,318,113
421 Undistributed earnings 22 19,241,492,510,616 10,487,292,270,016
y  ndistributed post-tax profits of
U
421a 4,601,880,959,161 1,959,966,685,399
previous years
421b y Post-tax profits of current year 14,639,611,551,455 8,527,325,584,617
429 Non-controlling interests 1,315,888,895,212 1,098,473,302,816

440 TOTAL RESOURCES 82,662,652,366,363 78,768,074,688,564

The notes on pages 10 to 64 are an integral part of these consolidated financial statements.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
122 123
www.pvgas.com.vn

Form B 02 – DN/HN Form B 03 – DN/HN

CONSOLIDATED INCOME STATEMENT CONSOLIDATED CASH FLOW STATEMENT

(Indirect method)

Year ended 31 December Year ended 31 December

2022 2021 2022 2021
Code Note Code Note
VND VND VND VND
Revenue from sales of goods and CASH FLOWS FROM OPERATING ACTIVITIES
01 100,723,549,227,433 78,992,156,122,272
rendering of services
Net revenue from sales of goods and 01 Net accounting profit before tax 18,806,274,860,388 11,204,998,243,771
10 25 100,723,549,227,433 78,992,156,122,272
rendering of services (10 = 01 - 02)
Adjustments for:
Cost of goods sold and services
11 26 79,409,012,569,544 65,006,501,143,931
rendered 02 Depreciation and amortisation 3,022,954,831,285 3,073,271,794,099
Gross profit from sales of goods and
20 21,314,536,657,889 13,985,654,978,341 03 Provisions 446,081,612,056 738,511,937,955
rendering of services (20 = 10 - 11)
21 Financial income 27 1,568,073,330,550 1,186,807,167,063 04 Unrealised foreign exchange losses/(gains) 73,300,232,774 (128,144,388,297)

22 Financial expenses 28 671,395,477,079 402,749,045,863 05 Profits from investing activities (1,335,908,271,004) (1,108,893,203,844)

23 y Including: Interest expense 28 336,861,023,097 304,138,743,377 06 Interest expense 336,861,023,097 304,138,743,377

Operating profit before changes in working
24 Profit sharing from associates 31,818,633,340 15,053,154,984 08 21,349,564,288,596 14,083,883,127,061
capital
25 Selling expenses 29 2,440,389,587,646 2,132,583,045,802 09 Decrease/(increase) in receivables 782,276,386,743 (7,153,185,991,469)
26 General and administration expenses 30 1,074,753,539,576 1,479,072,397,239 10 Increase in inventories (860,659,726,216) (1,612,418,420,953)
Net operating profit
30 18,727,890,017,478 11,173,110,811,484 11 (Decrease)/increase in payables (3,677,892,636,800) 7,800,920,353,900
(30 = 20 + 21 - 22 - 25 - 26)
31 Other income 111,967,278,406 83,102,974,835 12 Increase in prepaid expenses (266,779,341,486) (2,740,310,183,509)
32 Other expenses 33,582,435,496 51,215,542,548 14 Interest paid (537,119,783,618) (262,442,294,782)
40 Net other income (40 = 31 - 32) 78,384,842,910 31,887,432,287 15 CIT paid (3,451,711,192,375) (2,274,967,189,845)
Net accounting profit before tax 17 Other payments on operating activities (545,607,495,656) (246,658,174,204)
50 18,806,274,860,388 11,204,998,243,771
(50 = 30 + 40)
20 Net cash inflows from operating activities 12,792,070,499,188 7,594,821,226,199
51 Corporate income tax ("CIT") - current 31 3,709,948,669,392 2,304,278,491,555
CASH FLOWS FROM INVESTING ACTIVITIES
52 CIT - deferred 31 29,933,901,568 48,907,622,506
Purchases of fixed assets and other long-
60 Net profit after tax (60 = 50 - 51 - 52) 15,066,392,289,428 8,851,812,129,710 21 (2,009,673,196,429) (4,747,172,910,132)
term assets
Attributable to: 22 Proceeds from disposals of fixed assets 570,658,941 180,667,761,327

Owners of PetroVietnam Gas Joint 23 Deposits placed at banks (40,741,761,303,346) (41,510,884,348,748)

61 14,798,317,219,715 8,672,965,062,460
Stock Corporation 24 Collection of bank deposits 41,815,088,168,061 38,324,295,021,308
62 Non-controlling interests 268,075,069,713 178,847,067,250 27 Dividends and interest received 1,200,815,213,928 998,038,096,084
70 Basic earnings per share 23(a) 7,649 4,366 Net cash inflows/(outflows) from investing
30 265,039,541,155 (6,755,056,380,161)
activities
71 Diluted earnings per share 23(b) 7,649 4,366
CASH FLOWS FROM FINANCING ACTIVITIES

31 Proceeds from capital contribution 118,345,978,175 -

33 Proceeds from borrowings 1,325,381,539,466 6,246,927,650,109

34 Repayments of borrowings (3,370,675,691,680) (1,156,321,500,000)

36 Dividends paid to shareholders (5,882,313,058,641) (5,864,872,815,742)

40 Net cash outflows from financing activities (7,809,261,232,680) (774,266,665,633)

Dang Thi Hong Yen Nguyen Cong Luan Hoang Van Quang
Preparer Chief Accountant President
28 February 2023
The notes on pages 10 to 64 are an integral part of these consolidated financial statements.
PETROVIETNAM GAS JOINT STOCK CORPORATION
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Form B 03 – DN/HN Form B 09 – DN/HN

CONSOLIDATED CASH FLOW STATEMENT (continued) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Indirect method) FOR THE YEAR ENDED 31 DECEMBER 2022

Year ended 31 December 1 . G E N E R AL I N F O R MAT I O N

2022 2021
Code Note
VND VND PetroVietnam Gas Joint Stock Corporation, formerly known as PetroVietnam Gas Corporation - One Member
50 Net increase in cash and cash equivalents 5,247,848,807,663 65,498,180,405 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 initial
Cash and cash equivalents at beginning of
60 3 5,300,330,735,432 5,237,246,729,402 Enterprise registration certificate No. 3500102710 dated 13 December 2007 issued by the Department
year
of Planning and Investment of Ho Chi Minh City. On 13 October 2021, the Department of Planning and
61 Effect of foreign exchange differences 1,158,095,442 (2,414,174,375)
Investment of Ho Chi Minh City issued the 17th amended Enterprise registration certificate No. 3500102710,
70 Cash and cash equivalents at end of year 3 10,549,337,638,537 5,300,330,735,432 approving the update of the Legal representative of PetroVietnam Gas Joint Stock Corporation.

Additional information relating to the consolidated cash flow statement is presented in Note 34. 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 the amended Enterprise registration
certificates with the charter capital of VND19,139.5 billion.

The shares of PetroVietnam Gas Joint Stock Corporation are listed on the Ho Chi Minh City Stock Exchange
with the stock trading code “GAS” from 21 May 2012.

The registered principal business activities of PetroVietnam Gas Joint Stock Corporation and its subsidiaries
(“the Corporation”) include: collecting, transporting, storing gas and gas products; producing fuel gas,
distributing gaseous fuel through pipelines, specifically processing gas and gas products; wholesaling solid,
Dang Thi Hong Yen Nguyen Cong Luan Hoang Van Quang liquid and gaseous fuel and other relevant products, specifically distributing and trading dry gas, LNG, CNG,
Preparer Chief Accountant President LPG and Condensate; importing and exporting dry gas, LNG, LPG and Condensate; performing other relevant
28 February 2023 construction activities, specifically investing, constructing, managing, maintaining, repairing gas and gas
related construction works and projects; real estate business; investing in infrastructure for distribution
The notes on pages 10 to 64 are an integral part of these consolidated financial statements.
systems of dry and liquid gas at source from supply to wholesale and retail distribution; transporting
cargo by road, specifically providing transport services and means of transport using gas, transporting gas
products (doing business in gas product transportation).

The principal activities of the Corporation are to collect, import, transport, store, process, distribute, trade
gas and gas products.

The normal business cycle of the Corporation is 12 months.

PETROVIETNAM GAS JOINT STOCK CORPORATION
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Form B 09 – DN/HN Form B 09 – DN/HN

G EN ERAL INF OR MATION ( C ONT INUE D) G E N E R AL I N F O R MAT I O N ( CO N T I N UED )

As at 31 December 2022, the Corporation had 7 subsidiaries and 2 associates (as at 31 December 2021: 6 As at 31 December 2022 and 31 December 2021, the Corporation had a Head Office and 10 dependent ac-
subsidiaries and 2 associates) as follows: counting branches as follows:

2022 2021 BRANCH NAME PLACE OF OPERATION

Place of Principal Ownership Voting Ownership Voting
Company name
incorporation activities interest right interest right PetroVietnam Gas South East Transmission Company Ba Ria - Vung Tau Province
% % % %
PetroVietnam Gas Vung Tau Processing Company Ba Ria - Vung Tau Province
SUBSIDIARIES
PetroVietnam Gas Trading Company Ho Chi Minh City
PetroVietnam Steel Pipe Tien Giang Manufacturing
99.99 99.99 99.99 99.99
Joint Stock Company Province steel pipes PetroVietnam Gas Services Company Ba Ria - Vung Tau Province
PetroVietnam Low Pressure PetroVietnam Gas Projects Management Company Ho Chi Minh City
Distributing low
Gas Distribution Joint Stock Ho Chi Minh City 50.50 50.50 50.50 50.50
pressure gas PetroVietnam South East Gas Project
Company
CNG Vietnam Joint Stock Ba Ria - Vung Manufacturing Management Board (*) Ba Ria - Vung Tau Province
56.00 56.00 56.00 56.00
Company Tau Province natural gas
PetroVietnam Gas Ca Mau Company Ca Mau Province
Distributing
PetroVietnam LPG Joint Nam Con Son Gas Pipelines Company Ba Ria - Vung Tau Province
Ha Noi City liquefied 51.31 51.31 51.31 51.31
Stock Company petroleum gas
PetroVietnam Gas - Hai Phong Branch Hai Phong City
Ba Ria -
PetroVietnam Coating Joint Providing pipe PetroVietnam Gas LNG Trading Branch Ho Chi Minh City
Vung Tau 52.94 52.94 52.94 52.94
Stock Company coating services
Province
LNG Vietnam Joint Stock Manufacturing
Ho Chi Minh City 51.00 51.00 51.00 51.00 (*) In accordance with the Decision No. 1664/NQ-KVN dated 20 December 2022 of the Board of Directors,
Company natural gas
the Board of Directors of PetroVietnam Gas Joint Stock Corporation approved the termination of the
Son My LNG Terminal Binh Thuan Processing natural operation of the Branch of PetroVietnam Gas Joint Stock Corporation - PetroVietnam South East Gas
61.00 61.00 - -
Limited Liability Company (*) Province gas
Project Management Board from 1 January 2023.
ASSOCIATES
As at 31 December 2022, the Corporation had 2,742 employees (as at 31 December 2021: 2,830 employees).
Distributing
Southern Gas Trading Joint
Ho Chi Minh City liquefied 35.26 35.26 35.26 35.26
Stock Company petroleum gas

PVGazprom Natural Gas for

Ho Chi Minh City Trading gas 29.00 29.00 29.00 29.00
Vehicles Company Limited

(*) In accordance with the Resolution No. 69/NQ-KVN dated 12 August 2021 of the Board of Directors, the
Board of Directors of PetroVietnam Gas Joint Stock Corporation approved the establishment of Son My
LNG Terminal Limited Liability Company with a total charter capital of VND300 billion, in which, PetroVi-
etnam Gas Joint Stock Corporation owns 61% of charter capital. In accordance with the Decision No. 591/
QD-KVN dated 24 May 2022, the President of PetroVietnam Gas Joint Stock Corporation approved the ini-
tial capital contribution of VND40,424,772,709.
PETROVIETNAM GAS JOINT STOCK CORPORATION
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Form B 09 – DN/HN
2 . SU MMARY OF SIGNIF I C ANT AC C OU N T IN G P OLIC IE S
2.1 Basis of preparation The consolidated financial statements have been prepared in accordance
of the consolidated with Vietnamese Accounting Standards, the Vietnamese Corporate
financial statements Accounting 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 Vietnamese language are the
official statutory consolidated financial statements of the Corporation. The
consolidated financial statements in English language have been translated
from the Vietnamese language consolidated financial statements.
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”).
2.4 Exchange rates Transactions arising in foreign currencies are translated at exchange
rates ruling at the transaction dates. Foreign exchange differences
arising from these transactions are recognised in the consolidated
income statement.
In accordance with 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 Gas Group, the Corporation shall
apply the buying rate of Joint Stock Commercial Bank for Foreign Trade
of Vietnam (Vietcombank) to convert monetary items denominated
in foreign currency at year end. Accordingly, monetary assets and
liabilities denominated in foreign currencies at the consolidated balance
sheet date are respectively translated at this exchange rate. Foreign
exchange differences arising from these translations are recognised in
the consolidated income statement. This rate applied is different from
the exchange rate regulated in Circular No. 200/2014/TT-BTC dated
22 November 2014 of the Ministry of Finance guiding the accounting
regimes for enterprises. The Board of Management assesses that the
difference in applying the exchange rate does not materially affect the
consolidated financial statements for the year ended 31 December 2022.
129
Form B 09 – DN/HN
2.5 Basis of Subsidiaries
consolidation
Subsidiaries are all entities over which the Corporation has the power to
govern the financial and operating policies in order to gain future benefits
from their activities generally accompanying a shareholding of more than
one half of the voting rights. The existence and effect of potential voting
rights that are currently exercisable or convertible are considered when
assessing whether the Corporation controls another entity. Subsidiaries
are fully consolidated from the date on which control is transferred to the
Corporation. They are de-consolidated from the date that control ceases.
The purchase method of accounting is used to account for the acquisition
of 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.
In a multi-phase acquisition, when determining goodwill or bargain
purchase, the consideration is the sum of the total consideration on the
date of acquiring control and previous considerations remeasured to fair
value on the date of control acquisition.
Accounting policies of subsidiaries have been changed where necessary
to ensure consistency with the policies adopted by the Corporation.
The financial statements of the Corporation’s subsidiaries are prepared
for the same accounting period. If there are differences in end dates, the
gap must not exceed 3 months. Adjustments are made to reflect impacts
of significant transactions and events occurring between the end dates
of the subsidiaries’ accounting period and that of the Corporation’s. The
length of the reporting period and differences in reporting date must be
consistent between years.
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Form B 09 – DN/HN Form B 09 – DN/HN

(b) Non-controlling transactions and interests
The Corporation applies a policy for transactions with non-controlling interests
(“NCI”) as transactions with external parties to the Corporation.
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 transactions with owners. The
difference between the change in the Corporation’s share of net assets of
the subsidiary and any consideration paid or received from divestment of
Corporation’s interest in the subsidiary is recorded directly in the undistributed
earnings under equity.
In a divestment of the Corporation’s interest in a subsidiary that results in
a loss of control, the difference between the Corporation’s share in the net
assets of the subsidiary and the net proceeds from divestment is recognised
in the consolidated income statement. The retained interest in the entity will
be accounted for as either an investment in an other entity or investment to
be equity accounted for since the divestment date.
(c) Associates
2.6 Goodwill Goodwill represents the excess of the cost of an acquisition over the fair
value of the Corporation’s share of the net identifiable assets of the acquired
subsidiary or associate at the date of acquisition. Goodwill on acquisitions of
subsidiaries is recognised as an asset and is amortised on the straight-line
basis over its estimated period of benefit but not exceed 10 years.
Goodwill on acquisitions of investments in associates is included in the
carrying amount of the investments at the date of acquisition. The Corporation
does not amortise this goodwill.
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.
2.7 Cash and cash Cash and cash equivalents comprise cash on hand, cash at bank, cash
equivalents in transit, demand deposits and other short-term investments with an
original maturity of three months or less.

Associates are all entities over which the Corporation has significant influence
but not control, generally accompanying a shareholding of 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 investments in associates include goodwill identified on
acquisition, net of any accumulated impairment loss.
The Corporation’s share of its associates’ post-acquisition profits or losses
is recognised in the consolidated income statement. The cumulative post-
acquisition movements are adjusted against the carrying amount of the
investment. When the Corporation’s share of losses in an associate equals
or exceeds its interest in the associate, the Corporation does not recognise
further losses, unless it has incurred obligations or made payments on behalf
of the associate.
2.8 Receivables Receivables represent trade receivables from customers arising from sales of
goods and rendering of services or non-trade receivables from others and
are stated at cost. Provision for doubtful debts is made for each outstanding
amount based on overdue days in payment according to the initial payment
commitment (exclusive of the payment rescheduling between parties), or
based on the expected loss that may arise.
Receivables are classified into long-term and short-term receivables on
the consolidated balance sheet based on the remaining period from the
consolidated balance sheet date to the maturity date.

Accounting policies of associates have been changed where necessary to

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 the
associates.
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Form B 09 – DN/HN Form B 09 – DN/HN

2.9 Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined
by the first-in first-out method for externally purchased LPG and the weighted average
method for others and includes all costs of purchase and other costs incurred in bringing
the inventories to their present location and condition. In the case of manufactured
products, cost includes all direct expenditure and production overheads based on
normal levels of operating activity. Net realisable value is the estimated selling price
in the normal course of business, less the estimated costs of completion and selling
expenses.
The Corporation applies the perpetual method for inventories.
Provision is made, where necessary, for obsolete, slow-moving and defective inventory
items. The difference between the provision of this period and the provision of the
previous period are recognised as an increase or decrease of cost of goods sold in the
year.
2.11 Business BCC is a cooperation contract between the Corporation and other parties to
cooperation carry out specific business activities without establishing a new legal entity.
contract (“BCC”) These activities are jointly controlled by the parties under the BCC. The BCC is
based on jointly controlled assets or shares of post-tax profits. The parties in a
BCC may agree to share revenue, products or profits after tax.
(a) BCC with jointly controlled assets
Jointly controlled assets under BCC are any assets which are purchased, constructed
by the parties for their benefits as set out in the BCC. The Corporation recognises
its proportionate share of the assets, its proportionate share of the products
or revenue from the usage of the jointly controlled assets on the consolidated
financial statements at the consolidated balance sheet date, and the agreed
share of the expenses.
(b) BCC in the form of shared profits after tax

A BCC in the form of shares of profits after tax is jointly controlled which states
2.10 Investments (a) Investments held to maturity
that each party is entitled to profits when the BCC is profitable and is required
Investments held to maturity are investments which the Corporation has positive
to bear losses when the BCC is loss making, in subtance, the BCC parties share
intention and ability to hold until maturity.
revenue and expense because each party can jointly control the operation
and cash flows of the BCC. The Corporation is required to recognise the entire
Investments held to maturity include bank term deposits.
revenue and expenses arising from the BCC, and then allocate the proportionate
shares of revenue and expenses to the other parties.
Provision for diminution in value of investments held to maturity is made when there is
evidence that part or the whole of the investment is uncollectible.

Investments held to maturity are classified into short-term and long-term investments
held to maturity on the consolidated balance sheet based on the remainingyear from
the consolidated balance sheet date to the maturity date.

(b) Investments in associates

Investments in associates are accounted for using the equity method when 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.

Provision for investments is made when there is a diminution in value of the investments
at year end. It is calculated based on market value if market value can be determined
reliably. If market value cannot be determined reliably, the provision for investments in
other entities is calculated based on the loss of investees.

Changes in the provision balance during the accounting 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.
PETROVIETNAM GAS JOINT STOCK CORPORATION
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Form B 09 – DN/HN Form B 09 – DN/HN

2.12 Fixed assets (a) Tangible and intangible fixed assets 2.13 Investment The historical cost of an investment property represents the amount of cash

Fixed assets are stated at historical cost less accumulated depreciation and amortisation. properties or cash equivalents paid or the fair value of other consideration given to
acquire the investment property at the time of its acquisition or completion
Historical cost includes expenditure that is directly attributable to the acquisition of the
of construction. Expenditure incurred subsequently which has resulted in an
fixed assets bringing them to their suitable conditions for their intended use. Expenditure
increase in the expected future economic benefits from the use of investment
incurred subsequently which has resulted in an increase in the future economic benefits
properties can be capitalised as an additional historical cost. Otherwise, they
expected to be obtained from the use of fixed assets, can be capitalised as an additional
are charged to the consolidated income statement when incurred.
historical cost. Otherwise, they are charged to the consolidated income statement when
incurred in the year.
(a) Depreciation

(b) Depreciation and amortisation Investment properties are depreciated under the straight-line method to
write off the historical cost of the assets over their estimated useful lives. The
Fixed assets are depreciated and amortised using the straight-line basis so as to write off
estimated useful lives of each asset class are as follows:
the depreciable amount of the fixed assets over their estimated useful lives. Depreciable
amount equals to the historical cost of fixed assets recorded in the consolidated financial y Buildings and structures 25 years
statements minus (-) the estimated disposal value of such assets. The estimated useful
lives of each asset class are as follows: (b) Disposals

y Buildings and structures 3 - 50 years Gains or losses on disposals are determined by comparing net disposal proceeds
y Machinery and equipment 3 - 20 years with the carrying amount of investment properties and are recognised as
y Motor vehicles 3 - 25 years income or expense in the consolidated income statement.
y Office equipment 2 - 12 years
y Gas constructions and other equipment 2 - 20 years
y Computer software 3 - 8 years
y Other intangible fixed assets 3 years 2.14 Operating leases 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
The Corporation’s tangible fixed assets were revaluated when PetroVietnam Gas Joint
operating leases are charged to the consolidated income statement on a
Stock Corporation, as a State-owned enterprise, was equitised. The cost and accumulated
straight-line basis over the term of the lease.
depreciation of tangible fixed assets were adjusted based on revaluation value approved
by relevant authorities as regulated.

Land use rights are comprised of land use rights with an indefinite useful life and with a
definite useful life as follows:
2.15 Prepaid Prepaid expenses include short-term and long-term prepayments on the

y Land use rights with an indefinite useful life are recorded at historical cost and are
expenses consolidated balance sheet. Short-term prepaid expenses reflect prepayments
for services; or tools that do not meet the recognition criteria for fixed assets
not armortised; and
for a period not exceeding 12 months or a business cycle from the date of
y  efinite land use rights are stated at costs less accumulated amortisation. Costs of
D prepayments. Long-term prepaid expenses reflect prepayments for services;
land use rights consists of the purchased prices and any directly attributable costs in or tools that do not meet the recognition criteria for fixed assets for a period
obtaining the land use rights. Land use rights are amortised using the straight-line exceeding 12 months or more than one business cycle from the date of
method over the terms of the land use right certificates. prepayments. Prepaid expenses are recorded at historical cost and allocated
using the straight-line method over their estimated useful lives.
(c) Disposals

Gains or losses on disposals are determined by comparing net disposal proceeds with the In addition, prepaid expenses comprise the purchased gas expenses under
carrying amount and are recognised as income or expense in the consolidated income underwriting contract which are calculated based on the difference between
statement. the underwritten expenses and the incurred expenses that below the
underwritten level.
(d) Construction in progress

Construction in progress represents the cost of assets in the course of construction

for production, rental or administrative purposes, or for purposes not yet determined,
which are recorded at cost and comprise of such necessary costs to newly construct,
to repair and maintain, to upgrade, to renew or equip the projects with technologies
as construction costs; costs of tools and equipment; project management expenditure;
construction consulting expenditure; and capitalised borrowing costs for qualifying
assets in accordance with the Corporation’s accounting policies. Depreciation of these
assets, on the same basis as other fixed assets, commences when they are ready for their
intended use.
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2.16 Payables Classifications of payables are based on their nature as follows: 2.20 Provision for The Corporation makes provision for restoration costs incurred when returning the

y T rade accounts payable are trade payables arising from purchase of goods dismantling and premises and leased land in accordance with Decision No. 49/2017/QD-TTg dated
and services; and restoration costs 21 December 2017 of the Prime Minister on decommissioning of gas construction,
equipment and transportation. Accordingly, the provision of dismantling and
y  ther payables including non-trade payables, and not relating to purchase of
O restoration costs is determined based on budget approved by the Ministry of
goods and services.
Industry and Trade. The increase in provision due to time effect is recorded in the
reporting year.
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 the maturity date.
2.21 Fund for The scientific and technological development fund is established to create a source
scientific and of investment for scientific and technological activities of the Corporation. The fund
technological is formed of the Corporation’s development and techonological innovation needs

2.17 Borrowings Borrowings include borrowings from banks. development 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 on 28
June 2016. Accordingly, the Corporation bases on the need to use capital sources
Borrowings are classified into long-term and short-term based on remaining period
for scientific and technological activities to set up up to 10% of the taxable income
from the consolidated balance sheet date to the maturity date.
in the year to form the fund.
Borrowing costs that are directly attributable to the construction or production
of any qualifying assets are capitalised during the year of time that is required to
complete and prepare the asset for its intended use. In respect of general-purpose 2.22 Unearned Unearned revenue mainly relates to the underwriting contracts which is calculated
borrowings, a portion of which used for the purpose of construction or production revenue based on the difference between the underwritten sales and the incurred sales that
below the underwritten level. The Corporation records the future obligations that
of any qualifying assets, the Corporation determines the amount of borrowing costs
the Corporation has to fulfil as unearned revenue. Unearned revenue is recognised
eligible for capitalisation by applying a capitalisation rate to the weighted average
as revenue in the income statement to the extent that the recognition criteria have
expenditure on that assets. The capitalisation rate is the weighted average of the
been met.
interest rates 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 borrowing costs are recognised in the consolidated income
statement when incurred.

2.23 Capital and Owners’ capital of the shareholders is recorded according to the actual amounts
2.18 Accrued Accrued expenses include liabilities for goods and services received in the year reserves contributed and is record according to par value of the share.
expenses but not yet paid for due to pending invoice or insufficient records and documents.
Accrued expenses are recorded as expenses in the reporting year. Share premium is the difference between the par value and the issue price of shares;
and the difference between the repurchase price and re-issuing price of treasury
shares.

2.19 Provisions Provisions are recognised when the Corporation has a present legal or constructive
obligation as a result of past events; it is probable that an outflow of resources will
be required to settle the obligation and the amount has been reliably estimated.
Provision is not recognised for future operating losses.
Owners’ other capital and other fund represent other capital held by the owners at
the reporting date.
Undistributed earnings record the Corporation’s profit after CIT at the reporting date.

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
present value using a pre-tax rate that reflects current market assessments of the
time value of money and the risks specific to the obligation. The increase in the
provision due to passage of time is recognised as an interest expense. Changes in
the provision balance during the accounting year are recorded as an increase or
decrease in operating expenses.
operating expenses.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
138
www.pvgas.com.vn
Form B 09 – DN/HN
2.24 Appropriation According to the Charter of PetroVietnam Gas Joint Stock Corporation,
of profit dividends are recognised as a liability in the Corporation’s consolidated
financial statements based on the closing date of shareholder list according
to the Resolution of the Board of Directors after the dividend payment plan is
approved at the General Meeting of Shareholders.
Profit after CIT could be distributed to shareholders after appropriation to funds
in accordance with the charter of PetroVietnam Gas Joint Stock Corporation
and Vietnamese regulations.
The Corporation’s funds are as below:
(a) Investment and development fund
Investment and development fund is appropriated from profit after CIT of
the Corporation and approved by shareholders at the General Meeting of
Shareholders. This fund is set aside for the use in the Corporation’s expansion
of its operation or in-depth investments.
(b) Bonus and welfare fund
Bonus and welfare fund is appropriated from the Corporation’s profit after CIT
and subject to shareholders approval at the General Meeting of Shareholders.
This fund is presented as a liability on the consolidated balance sheet and
is to use for reward, serving the needs of public welfare, improvement and
enhancement of the standard of physical and mental health of employees.
139
Form B 09 – DN/HN
2.25 Revenue (a) Revenue from sales of goods
recognition Revenue from sale of goods is recognised in the consolidated income statement
when all five (5) following conditions are satisfied:
y The Corporation has transferred to the buyer the significant risks and rewards
of ownership of the goods;
y The Corporation retains neither continuing managerial involvement to the
degree usually associated with ownership nor effective control over the
goods sold;
y The amount of revenue can be measured reliably;
y It is probable that the economic benefits associated with the transaction will
flow to the Corporation; and
y T he costs incurred or to be incurred in respect of the transaction can be
measured reliably.
No revenue is recognised if there are significant uncertainties regarding recovery of
the consideration due or the possible return of goods.
(b) Revenue from rendering of services
Revenue from rendering of services is recognised in the consolidated income
statement when the services are rendered, by reference to completion of the
specific transaction 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) following conditions are satisfied:
y The amount of revenue can be measured reliably;
y It is probable that the economic benefits associated with the transaction will
flow to the Corporation;
y The percentage of completion of the transaction at the consolidated balance
sheet date can be measured reliably; and
y The costs incurred for the transaction and the costs to complete the transaction
can be measured reliably.
(c) Interest income
Interest income is recognised on an earned basis.
(d) Dividend income, profit distribution
Income from dividend, profit distribution is recognised when the Corporation has
established the receiving right from investees.
2.26 Cost of goods Cost of goods sold and services rendered are cost of finished goods, merchandises,
sold and materials sold or services rendered during the year, and recorded on the basis of
services matching with revenue and on a prudence basis.
rendered
2.27 Financial Financial expenses are expenses incurred in the year for financial activities including
expenses interest expense and losses from foreign exchange differences.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
140
www.pvgas.com.vn
Form B 09 – DN/HN
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 that are incurred for
administration administrative purposes.
expenses
2.30 Current and CIT include all CIT which are based on taxable profits. CIT expense comprises current
deferred CIT CIT expense and deferred CIT expense.
Current income tax is the amount of income taxes payable or recoverable in respect
of the current year taxable profits at the current year tax rates. Current and deferred
tax should be recognised as an income or an expense and included in the profit or
loss of the year, except to the extent that the tax arises from a transaction or event
which is recognised, in the same or a different year, directly in equity.
Deferred income tax is provided in full, using the liability method, on temporary
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 for if it arises from initial recognition of an asset or liability in a transaction
other than a business combination that at the time of occurrence affects neither the
accounting nor the taxable profit or loss. Deferred income tax is determined at the
tax rates that are expected to apply to the financial year when the asset is realised
or the liability is settled, based on tax rates that have been enacted or substantively
enacted by the consolidated balance sheet date.
Deferred income tax assets are recognised to the extent that it is probable that
future taxable profit will be available against which the temporary differences can
be utilised.
2.31 Earnings Basic earnings per share is calculated by dividing the net profit attributable to
per share shareholders after deducting the bonus and welfare fund by the weighted average
number of ordinary shares outstanding during the year, excluding ordinary shares
repurchased by PetroVietnam Gas Joint Stock Corporation and held as treasury
shares.
Diluted earnings per share is calculated by dividing the net profit attributable
to shareholders, which already subtracted the bonus and welfare fund, by the
weighted average number of ordinary shares outstanding during the year and the
ordinary shares expected to be issued.
141
Form B 09 – DN/HN
2.32 Related parties Enterprises and individuals that directly, or indirectly through one or more
intermediaries, control, or are controlled by, or are under common control with
the Corporation, including holding companies, associates and fellow subsidiaries
are related parties of the Corporation. Associates and individuals owning, directly
or indirectly, an interest in the voting power of the Corporation that gives them
significant influence over the Corporation, key management personnel, including
the Board of Directors and the Board of Management of the Corporation and close
members of the family of these individuals and companies associated with these
individuals also constitute related parties.
In considering its relationships with each related party, the Corporation considers
the substance of the relationships not merely the legal form.
2.33 Segment A segment is a component which can be separated by the Corporation engaged
reporting in providing products or services (“business segment”),or providing products or
services within a particular economic environment (“geographical segment”).
Each segment 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 geographical segment.
Segment reporting is prepared and presented in accordance with accounting policies
applied to the preparation and presentation of the Corporation’s consolidated
financial statements in order to help users of consolidated financial statements
understand and evaluate the Corporation’s operations in a comprehensive way.
2.34 Critical The preparation of consolidated financial statements in conformity with Vietnamese
accounting Accounting Standards, the Vietnamese Corporate Accounting System and
estimates 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:
y Provision for long-term investments (Note 4);
y Provision for doubtful debts – short-term (Note 8);
y Useful life of fixed assets (Note 11); and
y Provision for long-term liabilities (Note 20).
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 assessed by the Board
of Management to be reasonable under the circumstances.
 (*) A
Cash at bank
Cash on hand

Cash in transit

held to
maturity
www.pvgas.com.vn

Cash equivalents (*)

4.1 nvestments
4 . IN VESTMENT S
ANNUAL REPORT 2022

3 . CAS H AND C ASH EQUI V AL ENT S

PETROVIETNAM GAS JOINT STOCK CORPORATION

December 2021: from 0.2% per annum to 4% per annum).

from 3.47% per annum to 6% per annum).

VND
2022

10,549,337,638,537
9,231,200,000,000
150,000,000
1,308,847,831,610
9,139,806,927
VND
2021

5,300,330,735,432
3,904,481,142,990
386,506,201,443
1,004,286,387,775
5,057,003,224
142

Form B 09 – DN/HN

months or less and and earn interest at rates ranging from 0.2% per annum to 6% per annum (as at 31

rates ranging from 4% per annum to 10.6% per annum (as at 31 December 2021:
As at 31 December 2022, the balance represents bank term deposits with original
 s at 31 December 2022, cash equivalents represent bank term deposits with original maturity of 3

maturity of more than 3 months and less than 12 months and and earn interest at

Form B 09 – DN/HN
143

4.2 INVESTMENTS (continued)

2022 2021

Amount under Amount under

Cost Fair value Cost Fair value
equity method equity method
VND VND VND VND VND VND
Southern Gas Trading Joint Stock Company 226,460,000,000 358,315,854,653 454,894,738,200 226,460,000,000 349,735,561,544 440,789,475,000
PVGazprom Natural Gas for
58,000,000,000 37,217,602,847 (*) 58,000,000,000 40,426,631,116 (*)
Vehicles Company Limited
284,460,000,000 395,533,457,500 284,460,000,000 390,162,192,660

4.3 Investments in other entities

2022 2021

Cost Provision Fair value Cost Provision Fair value

VND VND VND VND VND VND
Vietnam Assets Investment and Trading
25,000,000,000 (25,000,000,000) (*) 25,000,000,000 (25,000,000,000) (*)
Joint Stock Company
Vung Ang Petroleum Join Stock Company 10,000,000,000 - (*) 10,000,000,000 - (*)
35,000,000,000 (25,000,000,000) 35,000,000,000 (25,000,000,000)

(*) A
 s at 31 December 2022 and 31 December 2021, the Corporation did not determine the fair value of these investments to disclose on the separate financial state-
ments because they do not have listed prices. The fair value of such investments may be different from their book value.

Provision for investments in other entities are determined based on their financial statements in accordance with Circular No. 200/2014/TT-BTC issued by the Ministry
of Finance on 22 December 2014.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
144 145
www.pvgas.com.vn
Form B 09 – DN/HN Form B 09 – DN/HN

5 . SH ORT-T ER M T R ADE AC C OUNTS RE C E IVA B LE 7 . O T H E R R ECEI V A B L ES

2022 2021 (a) Short-term
VND VND
2022 2021
Third parties 6,030,427,922,857 5,959,894,720,273
VND VND
Related parties (Note 35(b)) 3,179,657,965,490 4,638,498,024,386
Accrued revenue from selling and transporting gas 6,870,166,632,296 6,088,852,797,492
9,210,085,888,347 10,598,392,744,659
Accrued interest income from term deposits 459,054,605,827 329,761,958,689

Others 163,182,968,141 181,418,667,106

As at 31 December 2022 and 31 December 2021, there was no third party customer who had a balance
accounting for 10% or more of the total balance of short-term trade accounts receivable. 7,492,404,206,264 6,600,033,423,287

In which:
As at 31 December 2022 and 31 December 2021, the balance of short-term trade accounts receivable which
were past due, is amounting to VND1,111,126,019,618 and VND1,309,958,396,651, respectively as presented Related parties (Note 35(b)) 2,036,924,612,118 2,327,728,781,670
in Note 8.
Third parties 5,455,479,594,146 4,272,304,641,617
7,492,404,206,264 6,600,033,423,287

6 . P REP AYMENT S TO SUPPL I ER S

As at 31 December 2022 and 31 December 2021, the balance of other short-term receivables which were
(a) Short-term past due, is amounting to VND54,870,608,031 as presented on Note 8.

2022 2021 b) Long-term

VND VND
Third parties 120,131,229,680 152,350,398,037 2022 2021
VND VND
Related parties (Note 35(b)) 103,619,312,075 261,054,839,786
Contributed capital under the BBC (*) 8,769,866,992 38,918,859,247
223,750,541,755 413,405,237,823
Deposits 83,592,677,218 78,461,278,446

Details of third party suppliers accounting from 10% or more of the total balance of short-term prepayments 92,362,544,210 117,380,137,693
to suppliers are as follows:
(*) T he balance represents the contributed capital by the Corporation into the Block B - O Mon gas pipelines
2022 2021 system project (Note 12) according to the BCC No. 1183/KVN-TC dated 6 June 2014. Southwest Pipeline
VND VND Operating Company was appointed as the operator to conduct the construction, maintenance and other
activities on behalf of the parties under the BCC.
Long Dien District Land Fund Development Center 32,897,728,823 29,780,924,118

CN Industrial Company Limited 25,471,937,812 - As at 31 December 2022 and 31 December 2021, there was no balance of long-term other receivables that
was past due or not past due but doubtful.
(b) Long-term

The balance of long-term prepayments to suppliers represents the contribution of operating expenses to
the operator of Nam Con Son pipeline project according to BCC dated 15 December 2000. Nam Con Son Gas
Pipeline Company was appointed as the operator to conduct the construction, maintenance, operations and
other activities on behalf of the parties under the BCC.

2022 2021
VND VND
Nam Con Son Gas Pipeline Company 76,326,529,951 70,338,402,093
PETROVIETNAM GAS JOIN T STOCK CORP OR ATION
Form B 09 – DN/HN
8. OV ER D UE D EB T S
Details of short-term trade accounts receivable that were past due are as follows:

2022 2021
www.pvgas.com.vn

Recoverable Recoverable
Cost Provision Cost Provision
amount amount
ANNUAL REPORT 2022

VND VND VND VND VND VND

PetroVietnam Engineering
94,325,786,404 13,945,180,256 80,380,606,148 121,258,112,949 40,877,506,801 80,380,606,148
Consultancy Corporation
Over 3 years 70,015,179,702 - 70,015,179,702 91,082,300,358 10,701,694,210 80,380,606,148
From 2 years to 3 years 11,267,962,106 902,535,660 10,365,426,446 15,018,623,577 15,018,623,577 -
From 1 year to 2 years 9,873,118,016 9,873,118,016 - 11,267,962,106 11,267,962,106 -
From 6 months to 1 year 3,169,526,580 3,169,526,580 - 3,889,226,908 3,889,226,908 -
The branch of PetroVietnam Power
Corporation - PetroVietnam Nhon Trach 531,852,562,473 309,290,582,721 222,561,979,752 791,970,489,560 528,528,566,337 263,441,923,223
PETROVIETNAM GAS JOINT STOCK CORPORATION

Power Company
Over 3 years 53,415,208,166 - 53,415,208,166 - - -
From 2 years to 3 years 22,423,465,443 6,727,039,633 15,696,425,810 53,415,208,166 16,024,562,450 37,390,645,716
From 1 year to 2 years 83,230,895,584 41,615,447,792 41,615,447,792 22,423,465,443 11,211,732,721 11,211,732,722
From 6 months to 1 year 372,782,993,280 260,948,095,296 111,834,897,984 716,131,815,951 501,292,271,166 214,839,544,785
PetroVietnam Power Nhon Trach 2
306,976,907,218 104,175,763,259 202,801,143,959 215,771,693,118 100,713,276,391 115,058,416,729
Joint Stock Company
Over 3 years 82,495,888,495 - 82,495,888,495 - - -
From 2 years to 3 years 86,642,766,975 25,992,830,092 60,649,936,883 82,495,888,495 24,748,766,549 57,747,121,947
From 1 year to 2 years 91,519,215,286 45,759,607,643 45,759,607,643 86,642,766,975 43,321,383,488 43,321,383,488
From 6 months to 1 year 46,319,036,462 32,423,325,524 13,895,710,938 46,633,037,648 32,643,126,354 13,989,911,294
Others 177,970,763,523 1,532,308,880 176,438,454,643 180,958,101,024 3,070,746,997 177,887,354,027
146

Over 3 years 177,970,763,523 1,532,308,880 176,438,454,643 180,399,815,109 3,070,746,997 177,329,068,112

From 2 years to 3 years - - - 558,285,915 - 558,285,915
1,111,126,019,618 428,943,835,116 682,182,184,502 1,309,958,396,651 673,190,096,526 636,768,300,127

PETROVIETNAM GAS JOIN T STOCK CORP OR ATION

8. OV ER D UE D EB T S ( C O NT IN U ED ) Form B 09 – DN/HN
147

Details of other short-term receivables that were past due are as follows:

2022 2021

Recoverable Recoverable
Cost Provision Cost Provision
amount amount
VND VND VND VND VND VND
PetroVietnam
50,000,000,000 - 50,000,000,000 50,000,000,000 - 50,000,000,000
Urban Development Joint Stock Company

Over 3 years 50,000,000,000 - 50,000,000,000 50,000,000,000 - 50,000,000,000

PetroVietnam
4,870,608,031 - 4,870,608,031 4,870,608,031 - 4,870,608,031
Construction Joint Stock Company 2
Over 3 years 4,870,608,031 - 4,870,608,031 4,870,608,031 - 4,870,608,031

54,870,608,031 - 54,870,608,031 54,870,608,031 - 54,870,608,031

 Others
Others

Insurance
Insurance
Spare parts

Merchandise

(b) Long-term

Gas cylinders
(a) Short-term
Raw materials

Finished goods
Goods in transit

Work in progress
Tools and supplies

Tools and supplies

www.pvgas.com.vn

9 . IN VEN TO R IES

Land and office rental

Media and advertising
Goods on consignment

Repair and maintenance

ANNUAL REPORT 2022

1 0. P REP AID EXPENSES

Cost of underwritten gas purchased (*)

VND
Cost

4,185,337,349,642
74,614,199,643
741,501,719,100
156,146,840,925
1,828,372,427
38,958,730,158
270,955,348,957
758,149,103,437
2,143,183,034,995
2022

Vietnam Oil and Gas Group – the parent company.

PETROVIETNAM GAS JOINT STOCK CORPORATION

VND
Provision

-
-
-
-
-
(82,895,543,999)
-

VND
2022
VND
2022

3,997,897,390,212
327,295,619,191
44,737,367,208
71,738,547,592
142,223,281,850
265,549,644,778
612,570,299,256
2,533,782,630,337
83,670,910,085
33,070,775,408
18,717,644,701
31,882,489,976
VND
Cost

62,264,607,724
- 1,634,757,305,235
110,093,604,921
9,917,814,305
36,469,639,703
300,373,318,227
687,105,659,115
483,695,674,196
2021
Form B 09 – DN/HN

VND
Provision

VND
2021
VND
2021
148

(82,895,543,999) 3,324,677,623,426 (83,461,398,154)

-
-
-
-
-
-
(83,461,398,154)
-

3,744,292,533,015
165,469,575,315
36,326,968,113
26,773,280,387
63,733,416,413
215,340,025,590
622,831,945,698
2,613,817,321,499
70,496,425,796
36,283,904,212
10,518,404,320
23,694,117,264

under underwriting contract which are calculated based on the difference between the underwritten
expenses and the incurred expenses that are below the underwritten level between the Corporation and
(*) As at 31 December 2022 and 31 December 2021, the balance represents the purchased gas expenses
11 . F I X ED A SSE TS
Form B 09 – DN/HN
(a) Tangible fixed assets
149

Gas constructions
Buildings and Machinery and
Motor vehicles Office equipment and other Total
structures equipment
equipment
VND VND VND VND VND VND

Historical cost

As at 1 January 2022 6,632,044,834,604 5,373,131,683,125 892,616,314,007 396,787,495,157 42,774,879,602,495 56,069,459,929,388

New purchases 20,917,450,205 42,546,511,679 19,534,358,078 57,834,819,040 27,382,822,873 168,215,961,875

Transfers from construction in
115,757,261,112 5,098,117,929 10,465,648,566 38,500,000 959,941,407,412 1,091,300,935,019
progress (Note 12)
Disposals (5,140,134,993) (5,415,521,734) (2,895,635,160) (6,209,705,487) (1,877,770,275) (21,538,767,649)
As at 31 December 2022 6,763,579,410,928 5,415,360,790,999 919,720,685,491 448,451,108,710 43,760,326,062,505 57,307,438,058,633
Accumulated depreciation
As at 1 January 2022 4,736,471,077,114 3,132,641,245,692 733,442,211,045 339,441,397,705 29,439,420,729,520 38,381,416,661,076
Charge for the year 311,967,509,140 330,772,662,007 23,999,431,240 44,169,852,407 2,260,599,322,837 2,971,508,777,631
Disposals (5,140,134,993) (5,332,993,972) (2,895,635,160) (6,177,305,145) (1,877,770,275) (21,423,839,545)
As at 31 December 2022 5,043,298,451,261 3,458,080,913,727 754,546,007,125 377,433,944,967 31,698,142,282,082 41,331,501,599,162
Net book value
As at 1 January 2022 1,895,573,757,490 2,240,490,437,433 159,174,102,962 57,346,097,452 13,335,458,872,975 17,688,043,268,312
As at 31 December 2022 1,720,280,959,667 1,957,279,877,272 165,174,678,366 71,017,163,743 12,062,183,780,423 15,975,936,459,471

As at 31 December 2022, the historical cost of tangible fixed assets which were fully depreciated but still in use was VND23,129,128,470,029 (as at 31 December 2021: VND22,760,100,495,339).

As at 31 December 2022, the tangible fixed assets with total net book value of VND29,907,704,145 (as at 31 December 2021: VND87,657,487,715) were pledged with banks as collaterals
for borrowings granted to the Corporation (Note 18).

As at 31 December 2022, the historical cost of tangible fixed assets included cost of VND14,642,189,669,113 (as at 31 December 2021: VND13,647,736,320,982) which are provisionally re-
corded based on the actual costs for depreciation when the facilities put into operation. The provisionally recorded cost will be adjusted when the final cost of such facilities is approved.
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
150 151
www.pvgas.com.vn
Form B 09 – DN/HN Form B 09 – DN/HN

1 1. FIX ED ASSETS ( C ONT INUED) 1 2 . CO N ST R UCT I O N I N PR O G R ESS

(a) Intangible fixed assets Details of construction in progress by projects are as follows:

Computer 2022 2021

Land use rights Others Total
software
VND VND
VND VND VND VND LNG Thi Vai Warehouse with the capacity
4,273,680,819,613 2,993,764,596,809
Historical cost of 1 million tone per year
Block B - O Mon Gas Pipelines System (Note 7) 842,642,435,314 785,001,528,854
As at 1 January 2022 348,669,597,008 236,827,817,974 2,734,286,747 588,231,701,729
LNG Thi Vai - Phu My Gas Pipelines System 258,965,469,614 195,624,925,999
New purchases - 13,403,709,000 - 13,403,709,000
Nam Con Son 2 - Stage 2 Gas Pipelines System 218,920,675,431 505,474,891,100
Transfers from construction
- 19,616,192,364 - 19,616,192,364
in progress (Note 12) Others 383,894,470,240 391,188,373,802
Disposals - (1,103,159,091) - (1,103,159,091) 5,978,103,870,212 4,871,054,316,564
As at 31 December 2022 348,669,597,008 268,744,560,247 2,734,286,747 620,148,444,002
Accumulated amortisation Movements in construction in progress during the year are as follows:

As at 1 January 2022 8,120,816,346 168,985,925,443 899,359,491 178,006,101,280

2022 2021
Charge for the year 1,388,881,548 47,518,146,890 610,091,820 49,517,120,258
VND VND
Disposals - (1,103,159,091) - (1,103,159,091)
Beginning of year 4,871,054,316,564 2,302,958,751,607
As at 31 December 2022 9,509,697,894 215,400,913,242 1,509,451,311 226,420,062,447
Net book value Increase during the year 2,233,589,900,422 3,790,297,351,703

As at 1 January 2022 340,548,780,662 67,841,892,531 1,834,927,256 410,225,600,449 Transfers to tangible fixed assets (Note 11(a)) (1,091,300,935,019) (1,218,012,614,019)

As at 31 December 2022 339,159,899,114 53,343,647,005 1,224,835,436 393,728,381,555 Transfers to intangible fixed assets (Note 11(b)) (19,616,192,364) (4,189,172,727)
Transfers to investment properties (15,623,219,391) -
As at 31 December 2022, the historical cost of intangible fixed assets which were fully armortised but still in use
End of year 5,978,103,870,212 4,871,054,316,564
was VND147,566,341,112 (as at 31 December 2021: VND110,871,108,455).

As at 31 December 2022, the intangible fixed assets with total net book value of VND33,973,902,432 (as at 31 1 3 . SH O R T -T ER M T R AD E ACCO UN T S PA Y B L E
December 2021: VND34,944,585,360) were pledged with banks as collaterals for borrowings granted to the
Corporation (Note 18). 2022 2021
Able-to-pay Able-to-pay
Value Value
amount amount
VND VND VND VND
Third parties 4,318,903,717,536 4,318,903,717,536 2,976,426,476,751 2,976,426,476,751
Related parties
2,333,189,754,212 2,333,189,754,212 3,654,489,866,839 3,654,489,866,839
(Note 35(b))
6,652,093,471,748 6,652,093,471,748 6,630,916,343,590 6,630,916,343,590

Details for third party suppliers accounting from 10% or more of the total balance of short-term trade
accounts payable are as follows:

2022 2021
VND VND
Wanhua Chemical (Singapore) Pte. Ltd. 743,159,400,345 -
Vitol Asia Pte. Ltd. 669,010,114,298 1,454,670,261
 (c)
(a)

(b)

CIT
VAT

VAT
Others

Others
Import tax
www.pvgas.com.vn

CIT overpaid
VAT to be reclaimed
VAT to be reclaimed

Personal income tax

ANNUAL REPORT 2022

Tax and other payables to the State

Tax and other receivables from the State
PETROVIETNAM GAS JOINT STOCK CORPORATION

VND
2022

16,782,214,832
20,212,358,049
949,414,975,835

14,734,788
12,202,759,059

18,594,324,638
80,552,222,375
770,508,406,361
49,212,066,728

873,530,035,417
3,875,082,043
1 4. TAX AND OT HER R EC EIV ABL ES FROM/ P A YA B LE S T O T H E ST A T E

VND
2021
Form B 09 – DN/HN

17,555,016,189
18,460,793,209
1,011,375,951,717

43,718,082,560
478,390,226,949
51,286,526,518
2,573,925,354
12,696,791,766

555,128,960,547
11,391,547,104
21,629,103,934
152
153

14 . T AX A N D O TH E R R E CEI VA B LE S FR OM/P A YA B LE S T O T H E ST A T E (C ON T INUED ) Form B 09 – DN/HN

(d) Movements in tax and other receivables from/payables to the State

As at As at
Increase Offseting Decrease
1.1.2022 31.12.2022
VND VND VND VND VND

VAT to be reclaimed

VAT to be reclaimed 1,011,375,951,717 9,600,773,131,134 (9,662,734,107,016) - 949,414,975,835

Tax and other (receivables from)/payables to the State

VAT

Domestic goods 43,718,082,560 11,851,077,350,528 (9,662,734,107,016) (2,163,711,862,756) 68,349,463,316

Import goods (12,696,791,766) 1,510,273,348,020 - (1,497,576,556,254) -

Import tax (17,555,016,189) 492,127,131,744 - (491,354,330,387) (16,782,214,832)

CIT 459,929,433,740 3,742,077,806,947 (3,451,711,192,375) 750,296,048,312

Personal income tax 21,629,103,934 126,347,618,037 - (129,382,397,333) 18,594,324,638

Others 8,817,621,750 45,307,032,254 - (50,264,306,749) 3,860,347,255

503,842,434,029 17,767,210,287,530 (9,662,734,107,016) (7,784,000,645,854) 824,317,968,689

PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
154 155
www.pvgas.com.vn
Form B 09 – DN/HN Form B 09 – DN/HN

1 5. SH ORT-TER M AC C R UED EXPE N S E S
2022
VND
Gas purchase and processing costs 2,697,988,862,413
Interest expense 56,183,381,741
Others 223,851,258,923
2,978,023,503,077 3,858,406,862,854
In which:
Related parties (Note 35(b)) 1,474,418,307,668
Third parties 1,503,605,195,409
2,978,023,503,077 3,858,406,862,854
(*) The 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
2021
distributing profit after tax to the parties based on the capital contribution proportion as at 1 January
VND 2022 as below:
3,411,809,653,868
The Corporation 70%
132,505,389,342
PetroVietnam Engineering Consultancy Corporation 20%
314,091,819,644
Phu Long Real Estate Joint Stock Company 10%
In accordance with the Resolution No. 96/NQ-KVN dated 12 November 2021 of the Board of Directors, the
Board of Directors of the Corporation approved the transfer receipt of 20% contributed capital of PetroVi-
2,134,355,222,676
etnam Engineering Consultancy Corporation in the BCC. The Corporation settled the payment and received
1,724,051,640,178 the transferred capital contribution on 30 May 2022, increasing the capital contribution proportion to 90%.
The amount of fixed assets of BCC was as follows:

2022 2021
1 6. SH ORT-T ER M UNEAR NED R EVE N U E
VND VND

As at 31 December 2022 and 31 December 2021, the balance mainly represents the difference Historical cost 723,317,373,840 723,317,373,840
between the underwritten sales and the incurred sales that are below the underwritten level, by In which:
which, the Corporation has the obligation to fulfill in the future. The Board of Management assesses
Land use right 223,730,000,000 223,730,000,000
high probability of performance of this short-term unearned revenue.
Assets attached to land 499,587,373,840 499,587,373,840
Accummulated depreciation of assets
144,929,166,157 135,387,841,969
1 7. OTHER SHOR T-TER M PAYABL E S attached to land
Net book value 578,388,207,683 587,929,531,871

2022 2021
The income statement of BCC was as follows:
VND VND
Payables to State on the differences in gas Year ended 31 December
423,971,693,838 956,034,360,099
prices following underwritten contracts
2022 2021
Payables to BCC (*) 87,463,581,659 248,699,091,591
VND VND
Others 324,995,728,600 266,026,246,628
Revenue 91,195,553,170 81,693,350,651
836,431,004,097 1,470,759,698,318
Cost (46,074,305,347) (44,667,729,865)
In which:
Other expenses (1,057,033,513) (2,531,717,777)
Third parties 804,371,761,756 1,307,554,922,253 CIT (14,479,151,294) (12,040,675,612)
Related parties (Note 35(b)) 32,059,242,341 163,204,776,065 Net profit after CIT 29,585,063,016 22,453,227,397
836,431,004,097 1,470,759,698,318 Additional VAT (2,570,947,504) -
Net profit to be distributed 27,014,115,512 22,453,227,397
Profit distribution as per the capital contribution proportion:
y The Corporation 23,659,919,186 16,543,732,047
y PetroVietnam Engineering Consultancy Corporation 1,468,432,987 3,627,490,609
y Phu Long Real Estate Joint Stock Company 1,885,763,339 2,282,004,741
 PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
156 157
www.pvgas.com.vn
Form B 09 – DN/HN

19. BONUS AND WELFARE FUND

Form B 09 – DN/HN

(iii) The interest rate is 7.6% to 7.8% per annum and fixed in the first two years from the first disbursement, then the interest rate will be adjusted according to the
44,996,858,992

44,996,858,992

6,037,962,890,208
VND

Unsecured

Unsecured

Unsecured

Unsecured

Unsecured

Unsecured

Fixed assets
(Note 11)
As at
31.12.2022

Collateral
Movements in bonus and welfare fund during the year are as follows:

2022 2021

(per annum)

LIBOR + 1.74%

LIBOR + 1.7%

(i)

(i)

(i)

(ii)

(iii)
Interest
VND VND
15,078,000,000

15,078,000,000

118,315,449,693
VND
Revaluation

Beginning of year 573,192,781,321 479,314,002,119

Increase during the year (Note 22) 341,915,928,976 334,920,687,238
Payments during the year (534,211,340,519) (241,041,908,036)

42 months from first disbursement

24 months from first disbursement

30 months from first disbursement

Maturity
End of year 380,897,369,778 573,192,781,321

48 or 60 months from first

54,896,858,992

54,896,858,992

(54,896,858,992)
VND
Current portion
of long-term
borrowings

20. PROVISIONS FOR LONG-TERM LIABILITIES

29 August 2027
Provisions for long-term liabilities represent costs of dismantling, restoration and returning of the premises of

disbursement
13 May 2027

25 May 2024
gas projects are as follows:
(509,718,000,000)

(22,338,964,190)

(532,056,964,190)

1,303,042,575,276 (2,838,618,727,490)

2022 2021
VND
Decrease

VND VND
Purpose

Purchase and construct

Purchase and construct

Purchase and construct

Purchase and construct

Purchase and construct

Purchase and construct

Purchase and construct

Cuu Long Basin (i) 1,994,818,250,165 1,720,841,259,834
PM3 - Ca Mau (i) 354,949,063,597 284,247,097,537
Phu My - Ho Chi Minh pipeline (ii) 43,673,951,869 37,434,815,888
fixed assets

fixed assets

fixed assets

fixed assets

fixed assets

fixed assets

fixed assets
-

22,338,964,190

22,338,964,190
VND
Increase

Processing plants, transportation pipes and

135,469,638,543 84,265,333,395
gas distribution stations (iii)

(i) The average individual interest rate of 12-month deposit + 2.8%.

(ii) The average individual interest rate of 12-month deposit + 2.3%.
Others 17,942,955,317 18,831,771,001
VND

2,417,776,690,776

1,659,637,230,495

895,659,605,952

610,605,100,538

293,973,262,166

134,981,153,954

70,326,705,319

6,082,959,749,200
As at 31.12.2022

2,546,853,859,491 2,145,620,277,655
484,740,000,000

484,740,000,000

7,510,120,451,721

bank’s announcement during the borrowing period.

(i) Provisions for dismantling, restoration and returning of the premises of gas projects in Cuu Long basin and
VND
As at
1.1.2022

PM3 – Ca Mau are made based on budget approved by the Ministry of Industry and Trade in accordance with
Decision No. 1295/QD-BCT dated 17 May 2019.
Details of borrowings at year end are as follows:

Vietnam Maritime Commercial Join Stock Bank

Joint Stock Commercial Bank for Foreign Trade

(ii) Provision for dismantling, restoration and returning of the premises of Phu My – Ho Chi Minh Pipeline project
Southeast Asia Commercial Joint Stock Bank

Saigon Hanoi Commercial Joint Stock Bank

is made based on budget approved by the Ministry of Industry and Trade in accordance with Decision No.
3754/QD-BCT dated 19 September 2016.
Taipei Fubon Commercial Bank Co., Ltd.

Vietnam Export Import Commercial

(iii) Provisions for dismantling, restoration and returning of the premises of processing plants, pipelines and
Current portion of long-term

distribution stations are made based on budget approved by the Ministry of Industry and Trade in accordance
with Decision No. 2437/QD-BCT dated 16 September 2020.
borrowings from banks
Borrowings from banks

Borrowings from banks

1 8. B O R RO W I NG S

Pursuant to the Decision No. 49/2017/QD-TTg dated 21 December 2017 of the Prime Minister on decommissioning
Mizuho Bank, Ltd.

Joint Stock Bank

of gas constructions, equipment and transportation, the provisions above are made based on the budget
(a) Short-term

(b) Long-term

approved by the Ministry of Industry and Trade. However, the provision for dismantling, restoration and returning
of Vietnam

the premises of Nam Con Son 2 - Stage 2 gas pipelines system and Sao Vang - Dai Nguyet gas collection and
transportation pipeline project have not been made because the estimation has not yet been approved by the
Ministry of Industry and Trade.
 Others
circulation

New shares issued

New shares issued
www.pvgas.com.vn

(a) Number of shares

As as 1 January 2021

As at 31 December 2022
As at 31 December 2021
Vietnam Oil and Gas Group
ANNUAL REPORT 2022

(c) Movement of share capital

2 1. OW N ERS’ C APIT AL

Par value per share: VND10,000.

(b) Chi tiết vốn góp của chủ sở hữu
Number of shares registered, issued and in

1,913,950,000
81,114,100
1,832,835,900
shares
Ordinary
PETROVIETNAM GAS JOINT STOCK CORPORATION

PetroVietnam Gas Joint Stock Corporation has no preference shares.

100
4
96

1,913,950,000
-
1,913,950,000
-
1,913,950,000
Shares
Number of shares
%
2022
1,913,950,000
Shares
2022

1,913,950,000
81,114,100
1,832,835,900
shares
Ordinary

100
4
96
%

19,139,500,000,000
-
19,139,500,000,000
-
19,139,500,000,000
VND
Ordinary shares
2021
1,913,950,000
Shares
2021
Form B 09 – DN/HN
158

22. MO V EMEN T S I N O W NE R S’ EQ UI T Y Form B 09 – DN/HN

Investment and Undistributed

Owners’ Share Other owners’ Post-tax profit of Non-controlling
development Other fund post-tax profits of Total
159

capital premium capital current year interests

fund previous years

VND VND VND VND VND VND VND VND VND VND
As at 1 January
19,139,500,000,000 210,679,541,297 196,658,562,648 18,853,826,843,892 6,287,318,113 2,319,480,175,551 7,709,193,096,320 1,064,055,447,633 49,499,680,985,454
2021
Balance transfer - - - - - 7,709,193,096,320 (7,709,193,096,320) - -
Net profit for the
- - - - - - 8,672,965,062,460 178,847,067,250 8,851,812,129,710
year
Appropriation to
investment and
- - - 2,200,012,836,348 - (2,200,012,836,348) - - -
development
fund
Appropriation to
bonus and
- - - - - (161,071,580,589) (152,466,661,012) (21,382,445,637) (334,920,687,238)
welfare fund
(Note 19)
Dividends
- - - - - (5,741,850,000,000) - (123,022,815,742) (5,864,872,815,742)
declared
Others - - - - - 34,227,830,465 6,827,183,169 (23,950,688) 41,031,062,946
As at 31
19,139,500,000,000 210,679,541,297 196,658,562,648 21,053,839,680,240 6,287,318,113 1,959,966,685,399 8,527,325,584,617 1,098,473,302,816 52,192,730,675,130
December 2021
Balance transfer - - - - - 8,527,325,584,617 (8,527,325,584,617) - -
Capital increase
- - - - - - - 118,345,978,175 118,345,978,175
during the year
Net profit for the
- - - - - - 14,798,317,219,715 268,075,069,713 15,066,392,289,428
year
Appropriation to
investment and
- - - 9,217,047,015 - (9,217,047,015) - - -
development
fund
Appropriation to
bonus and
- - - - - (164,052,303,612) (158,705,668,260) (19,157,957,104) (341,915,928,976)
welfare fund
(Note 19) (*)
Dividends
- - - - - (5,741,850,000,000) - (140,463,058,641) (5,882,313,058,641)
declared (*)
Others - - - - - 29,708,039,772 - (9,384,439,747) 20,323,600,025
As at 31
19,139,500,000,000 210,679,541,297 196,658,562,648 21,063,056,727,255 6,287,318,113 4,601,880,959,161 14,639,611,551,455 1,315,888,895,212 61,173,563,555,141
December 2022
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
160 161
www.pvgas.com.vn
Form B 09 – DN/HN Form B 09 – DN/HN

2 2. MO VEMENT S IN OWNER S’ EQU IT Y (C ON T IN U E D) 2 3 . EA R N I N G S PER SH AR E

(*) In accordance with the Resolution No. 24/NQ-KVN dated 15 April 2022 of the Annual General Meeting (a) Basic earnings per share
of Shareholders of Petrovietnam Gas Joint Stock Company, the Resolution No. 178/LPG-HC dated 28
April 2022 of the Annual General Meeting of Shareholders of PetroVietnam Northern Gas Joint Stock Details of basic earnings per share are presented as follows:
Company, the Resolution No. 01/NQ-DHDCD/2022 dated 26 April 2022 of the Annual General Meeting
of Shareholders of PetroVietNam Low Pressure Gas Distribution Joint Stock Company, the Resolution
2022 2021
No. 20/NQ-DHDCD dated 26 April 2022 of the Annual General Meeting of Shareholders of CNG Vietnam
Joint Stock Company, and the Resolution No. 11/NQ-DHDCD dated 22 June 2022 of the Annual General (As restated)
Meeting of Shareholders of PetroVietnam Coating Joint Stock Company, the General Meeting of Net profit attributable to shareholders (VND) 14,798,317,219,715 8,672,965,062,460
Shareholders approved the distribution plans of profit after CIT for the year 2021, and accordingly:
Less amount allocated to bonus and
(158,705,668,260) (316,518,964,624)
welfare fund (VND)
y P
 etrovietnam Gas Joint Stock Company appropriated from the profit after tax for the year 2021 to
bonus and welfare fund and bonus fund for executive boards amounting to VND152,072,544,404 14,639,611,551,455 8,356,446,097,836
and VND2,629,423,813, respectively. In addition, PetroVietnam Gas Joint Stock Corporation also Weighted average number of ordinary
made a temporary appropriation to bonus and welfare fund and bonus fund to executive boards 1,913,950,000 1,913,950,000
shares in issue (shares)
from the profit after tax for year 2022 with an amount of VND146,439,569,883.

y P
 etroVietnam Northern Gas Joint Stock Company, PetroVietNam Low Pressure Gas Distribution Joint Basic earnings per share (VND) 7,649 4,366
Stock Company, CNG Vietnam Joint Stock Company, and PetroVietnam Coating Joint Stock Company
appropriated from the profit after tax for the year 2021 to bonus and welfare fund and bonus fund
PetroVietnam Gas Joint Stock Corporation re-determined the amounts appropriated to bonus and welfare
for executive boards amounting to VND2,800,000,000, VND7,420,000,000, VND6,891,196,138, and
fund and bonus fund for executive boards for the year 2021 according to the Resolution No. 24/NQ-KVN dat-
VND580,993,441, respectively. In addition, PetroVietNam Low Pressure Gas Distribution Joint Stock
ed 15 April 2022 of the Annual General Meeting of Shareholders of Petrovietnam Gas Joint Stock Company,
Company and CNG Vietnam Joint Stock Company also made a temporary appropriation to bonus
the Resolution No. 178/LPG-HC dated 28 April 2022 of the Annual General Meeting of Shareholders of Pet-
and welfare fund from the profit after tax for year 2022 with amounts of VND12,000,000,000 and
roVietnam Northern Gas Joint Stock Company, the Resolution No. 01/NQ-DHDCD/2022 dated 26 April 2022
VND11,082,201,297, respectively.
of the Annual General Meeting of Shareholders of PetroVietNam Low Pressure Gas Distribution Joint Stock
Company, the Resolution No. 20/NQ-DHDCD dated 26 April 2022 of the Annual General Meeting of Share-
y C
 NG Vietnam Joint Stock Company appropriated from the profit after tax for the year 2021 to
holders of CNG Vietnam Joint Stock Company, and the Resolution No. 11/NQ-DHDCD dated 22 June 2022
investment and development fund amounting to VND16,459,012,527.
of the Annual General Meeting of Shareholders of PetroVietnam Coating Joint Stock Company. Accordingly,
the basic earnings per share of the previous year was adjusted as VND4,366/share (the previously reported
y P
etrovietnam Gas Joint Stock Company approved the 2021 dividends plan from the 2021 amount was VND4,356/share).
undistributed earnings with an amount of VND5,741,850,000,000, equivalent to 30% of charter
capital. On 8 June 2022, the Board of Directors of the Corporation issued the Resolution No. 42/ (b) Diluted earnings per share
NQ-KVN to pay cash dividend of the year 2021 at the rate of 30% of par value per share which was
paid in the year. PetroVietnam Gas Joint Stock Corporation did not have any ordinary shares potentially diluted during the
year and up to the date of these consolidated financial statements. Therefore, diluted earnings per share is
y P
 etroVietnam Northern Gas Joint Stock Company, PetroVietNam Low Pressure Gas Distribution Joint equal to basic earnings per share.
Stock Company and CNG Vietnam Joint Stock Company approved the 2021 dividends plan from the
2021 undistributed earnings with an amount of VND10,950,000,000, equivalent to 3% of its charter
capital, VND224,995,175,000, equivalent to 25% of its charter capital, and VND53,999,346,000,
2 4 . O F F CO N SO L I D AT ED B A L AN CE SH E E T I T E MS
equivalent to 20% of its charter capital, respectively.
(a) Foreign currencies
As at 31 December 2022, included in cash and cash equivalents were balances held in foreign currencies of
USD18,219,335.25 and EUR181.65 (as at 31 December 2021: USD4,452,793 and EUR 28.81).

(b) Capital commitments

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).
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
162 163
www.pvgas.com.vn
Form B 09 – DN/HN Form B 09 – DN/HN

25 . NET RE V ENUE F R OM SAL ES O F GOODS A N D RE N DE RIN G OF SE RVIC E S 2 8 . F I N AN CI A L E X PEN SES

2022 2021 2022 2021

VND VND VND VND

Revenue from sales of dry gas 49,175,786,275,815 37,461,245,692,597 Interest expense 336,861,023,097 304,138,743,377
Revenue from sales of LPG 41,298,310,143,081 33,690,373,770,576 Realised foreign exchange losses 251,692,890,231 55,992,867,410
Revenue from sales of CNG 4,185,586,021,575 3,807,943,010,182 Net loss from foreign currency translation at year-end 73,300,232,774 -
Revenue from transportation of gas and Others 9,541,330,977 42,617,435,076
3,969,637,389,391 2,989,583,621,502
condensate
671,395,477,079 402,749,045,863
Revenue from sales of condensate 1,863,713,661,364 791,304,422,601

Others 230,515,736,207 251,705,604,814

2 9 . SEL L I N G EX PEN SES
100,723,549,227,433 78,992,156,122,272

2022 2021
26 . CO ST OF GOOD S SOL D AND SE RVIC E S RE N DE RE D VND VND
Transportation 1,262,342,635,383 1,067,622,399,022
2022 2021
Marketing and advertising 498,642,545,503 378,637,836,448
VND VND
Staff costs 193,544,375,786 197,821,299,711
Cost of dry gas sold 36,311,965,050,839 30,049,356,074,673
Depreciation and amortisation 94,415,305,898 85,661,658,262
Cost of LPG sold 37,298,036,108,799 30,726,807,964,630
Others 391,444,725,076 402,839,852,359
Cost of CNG sold 3,885,328,716,265 2,780,967,563,461
2,440,389,587,646 2,132,583,045,802
Cost of gas and condensate transportation 719,211,919,834 664,263,730,047
Cost of condensate sold 928,127,708,997 506,107,107,683
3 0 . G EN E R AL AN D A D MI N I ST R A T I O N EX PEN SES
Others 266,343,064,810 278,998,703,437

79,409,012,569,544 65,006,501,143,931 2022 2021

VND VND
27 . FINAN CIAL I NC OME External services expense 240,539,265,938 157,597,712,251
Staff costs 198,943,051,912 206,432,436,244
2022 2021
Social welfare 108,366,477,940 286,632,771,274
VND VND
Trademark fee 107,958,386,671 247,951,413,230
Interest income 1,236,723,285,029 940,861,174,532
Provision for doubtful debts 45,413,884,375 295,694,778,102
Realised foreign exchange gains 256,339,698,150 87,861,148,087
Others 373,532,472,740 284,763,286,138
Dividend income and profit distributed 67,481,280,739 21,017,084,576
1,074,753,539,576 1,479,072,397,239
Net gain from foreign currency translation at year-end - 128,144,388,297

Others 7,529,066,632 8,923,371,571

1,568,073,330,550 1,186,807,167,063
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
164 165
www.pvgas.com.vn
Form B 09 – DN/HN Form B 09 – DN/HN

31 . CO RP OR AT E I NC OME TAX ( “C IT ”) 3 2 . CO ST S O F O PER AT I O N B Y F A CT O R S

The CIT rate applicable to the Corporation is 20%. For gas investment projects, the tax rate and tax incentives in Costs of operation by factor represents all costs incurred during the year, excluding cost of merchandises for
accordance with the Investment Certificate are as follows: trading activities. Details are as follows:

y F or Ca Mau Gas Processing Plant: Exemption of CIT for 4 years from the first year of having taxable 2022 2021
profit profit (from 2018 to 2021) and a reduction of 50% of tax payable for the following 9 years for the
VND VND
income derived from the project (from 2022 to 2030); and
Cost of purchasing gas from gasfield owners 39,429,346,553,241 25,304,535,486,091
y F or the project of Ham Rong Thai Binh gas collecting and distributing system: Exemption of CIT for 2 Depreciation and amortisation 3,021,025,897,889 3,051,537,460,809
years from the first year of having taxable profit (from 2017 to 2018) and a reduction of 50% of tax pay-
able in the following 4 years for the income derived from the project (from 2019 to 2022). Transportation 1,262,342,635,383 1,067,622,399,022
Staff costs 1,357,067,939,846 1,215,220,307,083
The CIT tax on the Corporation’s accounting profit before tax differs from the theoretical amount that would
Marketing and advertising 498,642,545,503 378,637,836,448
arise using the applicable tax rate of 20% as follows:
External services expense 460,834,137,779 372,689,565,464
2022 2021 Trademark fee 107,958,386,671 247,951,413,230

VND VND Provision for doubtful debts 45,413,884,375 295,694,778,102

Net accounting profit before tax 18,806,274,860,388 11,204,998,243,771 Others 919,391,868,725 1,038,142,759,995
Tax calculated at a rate of 20% 3,761,254,972,078 2,240,999,648,754 47,102,023,849,412 32,972,032,006,244
Effect of:
Income not subject to tax (13,496,256,148) (4,203,416,915) 3 3 . SE G ME N T R EPO R T I N G
Expenses not deductible for tax purposes 26,809,782,255 141,983,582,834
a) Geographical segments
Tax incentives (34,685,927,225) (25,593,700,612)
During the year, the Corporation has no operating activities outside the territory of Vietnam, thus, the
CIT charge (*) 3,739,882,570,960 2,353,186,114,061
Corporation has no geographical segments outside the territory of Vietnam.
Charged to consolidated income statement:
CIT – current 3,709,948,669,392 2,304,278,491,555 (b) Business segments

CIT – deferred 29,933,901,568 48,907,622,506 For management purposes, the Corporation’s business is currently organised by fields based on relatively
3,739,882,570,960 2,353,186,114,061 distinctive operations of subisdiaries.

The Corporation’s business by fields is devided into the following segments:

(*) The current CIT charge for the year is based on estimated taxable income and is subject to review and
possible adjustments by the tax authorities.
y 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
» Son My LNG Terminal Limited Liability Company

y  as and gaseous products auxilliary activities: steel pipe production and construction installation, re-
G
pair and gas fascillities, including:
» PetroVietnam Coating Joint Stock Company
» PetroVietnam Steel Pipe Joint Stock Compan
3 3. SEG MEN T R EPO R T I N G ( CO N TI N UED ) Form B 09 – DN/HN

(b) Business segments (continued)

The business segments information of the Corporation is as follows:

Consolidated balance sheet as at 31 December 2022

www.pvgas.com.vn

Gas and gaseous Gas and gaseous

Elimination Total
products business products auxillary
ANNUAL REPORT 2022

VND VND VND VND

Assets
Cash and cash equivalents 10,516,745,360,996 32,592,277,541 - 10,549,337,638,537
Short-term investments 23,563,874,167,737 162,624,622,500 - 23,726,498,790,237
Short-term receivables 19,042,870,071,370 63,540,411,633 (2,915,278,712,048) 16,191,131,770,955
Inventories 3,906,987,291,411 195,454,514,232 - 4,102,441,805,643
Other short-term assets 1,045,050,973,765 37,246,978,883 - 1,082,297,952,648
PETROVIETNAM GAS JOINT STOCK CORPORATION

Long-term receivables 164,211,964,035 6,138,895,251 (1,661,785,125) 168,689,074,161

Fixed assets 15,627,070,511,209 1,264,288,525,043 (521,694,195,226) 16,369,664,841,026
Investment properties 36,267,205,787 - - 36,267,205,787
Long-term assets in progress 6,119,962,415,684 716,681,819 (142,575,227,291) 5,978,103,870,212
Long-term investments 2,991,656,355,461 - (2,586,122,897,961) 405,533,457,500
Other long-term assets 3,970,127,303,659 45,841,636,343 36,717,019,655 4,052,685,959,657
Total consolidated assets 86,984,823,621,114 1,808,444,543,245 (6,130,615,797,996) 82,662,652,366,363
Liabilities
Current liabilities 15,280,961,025,519 85,999,561,321 (2,879,003,666,151) 12,487,956,920,689
Long-term liabilities 8,749,432,053,227 397,292,169,821 (145,592,332,515) 9,001,131,890,533
166

Total consolidated liabilities 24,030,393,078,746 483,291,731,142 (3,024,595,998,666) 21,489,088,811,222

3 3. SEG MEN T R EPO R T I N G ( CO N TI N UED ) Form B 09 – DN/HN

167

(b) Business segments (continued)

Consolidated balance sheet as at 31 December 2021

Gas and gaseous Gas and gaseous

Elimination Total
products business products auxillary
VND VND VND VND
Assets
Cash and cash equivalents 5,237,970,362,852 62,360,372,580 - 5,300,330,735,432
Short-term investments 24,609,825,654,952 190,000,000,000 - 24,799,825,654,952
Short-term receivables 20,202,900,373,477 46,330,847,528 (3,329,038,723,394) 16,920,192,497,611
Inventories 3,023,071,111,939 211,731,217,846 6,413,895,487 3,241,216,225,272
Other short-term assets 1,100,776,505,248 32,382,398,783 - 1,133,158,904,031
Long-term receivables 189,244,299,438 136,025,473 (1,661,785,125) 187,718,539,786
Fixed assets 17,364,653,712,480 1,359,034,808,101 (625,419,651,820) 18,098,268,868,761
Investment properties 21,934,563,658 - - 21,934,563,658
Long-term assets in progress 4,870,337,634,745 716,681,819 - 4,871,054,316,564
Long-term investments 3,086,465,227,009 - (2,686,303,034,349) 400,162,192,660
Other long-term assets 3,691,695,634,984 64,125,546,467 37,752,652,252 3,793,573,833,703
Goodwill - - 638,356,134 638,356,134
Total consolidated assets 83,398,875,080,782 1,966,817,898,597 (6,597,618,290,815) 78,768,074,688,564
Liabilities
Current liabilities 19,753,725,162,085 492,267,310,851 (3,684,730,899,050) 16,561,261,573,886
Long-term liabilities 9,795,392,854,337 1,343,647,701 217,345,937,510 10,014,082,439,548
Total consolidated liabilities 29,549,118,016,422 493,610,958,552 (3,467,384,961,540) 26,575,344,013,434
3 3. SE G ME N T R E PO RT IN G ( C ON T I N U ED ) Form B 09 – DN/HN

(b) Business segments (continued)

Consolidated income statement for the year ended 31 December 2022

www.pvgas.com.vn

Gas and gaseous Gas and gaseous

Elimination Total
ANNUAL REPORT 2022

products business products auxillary

VND VND VND VND
Net revenue from sales of goods and rendering of
117,153,567,279,383 85,900,626,991 (16,515,918,678,941) 100,723,549,227,433
services
Operating expenses (99,269,838,803,790) (274,281,292,114) 16,619,964,399,138 (82,924,155,696,766)
Cost of goods sold and services rendered (95,640,609,766,673) (229,311,818,787) 16,460,909,015,916 (79,409,012,569,544)
Selling expenses (2,561,046,325,536) (119,636,347) 120,776,374,237 (2,440,389,587,646)
General and administration expenses (1,068,182,711,581) (44,849,836,980) 38,279,008,985 (1,074,753,539,576)
PETROVIETNAM GAS JOINT STOCK CORPORATION

Operating profit 17,883,728,475,593 (188,380,665,123) 104,045,720,197 17,799,393,530,667

Share of profit from associates 31,818,633,340
Financial income 1,568,073,330,550
Financial expenses (671,395,477,079)
Net other income 78,384,842,910
Net accounting profit before tax 18,806,274,860,388
CIT – current (3,709,948,669,392)
CIT – deferred (29,933,901,568)
Net accounting profit after tax 15,066,392,289,428
168
169

3 3. SE G ME N T R E PO RT IN G ( C ON T I N U ED ) Form B 09 – DN/HN

(b) Business segments (continued)

Consolidated income statement for the year ended 31 December 2021

Gas and gaseous Gas and gaseous

Elimination Total
products business products auxillary
VND VND VND VND
Net revenue from sales of goods and rendering of
92,738,970,128,814 73,440,145,888 (13,820,254,152,430) 78,992,156,122,272
services
Operating expenses (82,269,802,343,774) (277,087,477,855) 13,928,733,234,657 (68,618,156,586,972)
Cost of goods sold and services rendered (78,548,908,313,276) (236,999,419,805) 13,779,406,589,150 (65,006,501,143,931)
Selling expenses (2,227,812,612,799) - 95,229,566,997 (2,132,583,045,802)
General and administration expenses (1,493,081,417,699) (40,088,058,050) 54,097,078,510 (1,479,072,397,239)
Operating profit 10,469,167,785,040 (203,647,331,967) 108,479,082,227 10,373,999,535,300
Share of profit from associates 15,053,154,984
Financial income 1,186,807,167,063
Financial expenses (402,749,045,863)
Net other income 31,887,432,287
Net accounting profit before tax 11,204,998,243,771
CIT – current (2,304,278,491,555)
CIT – deferred (48,907,622,506)
Net accounting profit after tax 8,851,812,129,710
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
170 171
www.pvgas.com.vn
Form B 09 – DN/HN Form B 09 – DN/HN

3 4. A DDITIONAL I NF OR MATION ON C E RT A IN IT E MS OF T H E C ON SOLIDA T E D

3 5 . R EL A T E D PAR T Y D I SCL O SUR E S ( CO N T I N UED )
CASH FL OW STATEMENT
(a) Related party transactions
Non-cash transactions affecting the consolidated cash flow statement The significant transactions with related parties incurred in the year are as follows:

2022 2021 2022 2021

VND VND VND VND
Purchase of construction in progress i) Revenue from sales of goods and rendering of services
440,697,892,585 1,207,998,225,480
that have not been settled
The parent company
Vietnam Oil and Gas Group 2,289,403,552,878 2,510,199,547,526

3 5. RELATED PAR TY DISC L OSUR ES Associate

Southern Gas Trading Joint Stock Company 3,292,814,125,674 3,291,752,636,852
The Corporation is controlled by Vietnam Oil and Gas Group which owns 96% of the Company’s charter cap-
Other related parties
ital. During the year, the Corporation has balances and transactions with related parties as follows:
PetroVietnam Power Corporation 8,629,740,468,513 4,742,864,780,932
Related Party Relationship PetroVietnam Fertilizer and Chemicals Corporation 4,483,652,025,646 3,238,684,414,446

Vietnam Oil and Gas Group The parent company PetroVietnam Oil Corporation 1,866,726,738,197 751,981,926,959

Southern Gas Trading Joint Stock Company Associate PetroVietnam Exploration Production Corporation 567,595,302,492 528,038,339,418

PVGazprom Natural Gas For Vehicles Co., Ltd Associate PetroVietnam Transportation Corporation 427,277,394,528 175,655,412,232

Vietnam Public Joint Stock Commercial Bank Fellow group company Russia-Vietnam Joint Venture Vietsovpetro 185,060,712,711 200,729,443,879

Binh Son Refining and Petrochemical Joint Stock Company Fellow group company PetroVietNam Chemical and Services Joint Stock
54,289,274,928 69,353,612,895
Corporation
PetroVietnam Urban Development Joint Stock Company Fellow group company
PetroVietnam Technical Services Corporation 67,087,460,311 6,891,798,487
Russia-Vietnam Joint Venture Vietsovpetro Fellow group company
PetroVietnam Ca Mau Fertilizer Joint Stock Company 11,684,286,761 11,116,225,371
PetroVietnam Technical Services Corporation Fellow group company
PetroVietnam Drilling and Well Services Joint Stock Company Fellow group company
PetroVietnam Insurance Corporation Fellow group company
PetroVietnam Oil Corporation Fellow group company
PetroVietnam Fertilizer and Chemicals Corporation Fellow group company
PetroVietnam Transportation Corporation Fellow group company
PetroVietnam Construction Joint Stock Corporation Fellow group company
PetroVietnam Power Corporation Fellow group company
PetroVietnam Exploration Production Corporation Fellow group company
PetroVietnam Manpower Training College Fellow group company
Vietnam Petroleum Institute Fellow group company
PetroVietnam Engineering Consultancy Corporation Fellow group company
PetroVietNam Chemical and Services Joint Stock Corporation Fellow group company
PetroVietnam Maintenance and Repair Corporation Fellow group company
PetroVietnam General Services Joint Stock Corporation Fellow group company
PetroVietnam Ca Mau Fertilizer Joint Stock Company Fellow group company
PetroVietnam South West Piepeline Operating Company Fellow group company
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
172 173
www.pvgas.com.vn
Form B 09 – DN/HN Form B 09 – DN/HN

35 . RELATED PAR TY DISC L OSUR E S (C ON T IN U E D)

(a) Related party transactions (continued)

2022 2021 2022 2021

VND VND VND VND
ii) Purchases of goods and services v) Compensation of key management
The parent company Board of Directors (including President) 10,267,910,670 10,255,106,361
Vietnam Oil and Gas Group 22,480,080,144,812 19,334,243,880,566 Board of Supervision 3,982,361,474 3,457,120,022
Associate Vice Presidents and Chief Accountant 9,540,723,336 7,744,587,220
Southern Gas Trading Joint Stock Company 18,096,746,442 210,121,010,628
(b) Year-end balances with related parties
Other related parties
Binh Son Refining and Petrochemical Joint Stock
6,119,028,180,986 5,016,999,436,151 2022 2021
Company
PetroVietnam Technical Services Corporation 1,182,513,634,379 957,127,647,625 VND VND

Russia-Vietnam Joint Venture Vietsovpetro 857,095,565,385 578,471,371,817 i) Term deposits

PetroVietnam Transportation Corporation 628,261,258,904 750,523,724,293 Other related party

PetroVietnam Exploration Production Corporation 491,097,816,546 606,553,271,354 Vietnam Public Joint Stock Commercial Bank 1,895,004,232,758 1,294,050,000,000

PetroVietnam Insurance Corporation 111,745,329,766 118,219,664,639 ii) Short-term trade accounts receivable (Note 5)
PetroVietnam General Services Joint Stock The parent company
59,479,767,582 41,728,408,408
Corporation
Vietnam Oil and Gas Group 263,468,551,307 159,532,823,980
PetroVietnam Manpower Training College 38,731,392,000 4,176,609,400
PetroVietNam Chemical and Services Joint Stock Associate
23,976,877,698 -
Corporation Southern Gas Trading Joint Stock Company 491,396,468,513 809,058,456,836
PetroVietnam Fertilizer and Chemicals
20,229,764,564 9,057,540,883 Other related parties
Corporation
PetroVietnam Oil Corporation 25,718,264,800 14,919,095,780 PetroVietnam Power Corporation 1,508,569,093,119 2,960,942,561,950
PetroVietnam Drilling and Well Services Joint Stock PetroVietnam Fertilizer and Chemicals
6,386,422,706 10,603,351,227 468,425,781,017 330,013,157,891
Company Corporation
Vietnam Petroleum Institute 3,097,626,517 12,597,271,470 PetroVietnam Oil Corporation 240,891,319,134 119,015,926,892
iii) Investing activities PetroVietnam Engineering Consultancy
98,220,147,658 127,278,832,169
Interest income from other related party Corporation

Vietnam Public Joint Stock Commercial Bank 66,148,164,255 50,313,466,273 PetroVietnam Transportation Corporation 6,072,371,478 42,824,781,520

Dividends received from associate PetroVietnam Petrochemical and Textile Fiber

44,648,768,142 46,042,688,142
Joint Stock Company
Southern Gas Trading Joint Stock Company 26,447,368,500 17,631,579,000
Russia-Vietnam Joint Venture Vietsovpetro 32,172,105,126 16,020,790,367
Profit distributed from other related party
PetroVietNam Chemical and Services Joint Stock
PetroVietnam Oil Corporation (*) 65,611,172,101 21,017,084,576 11,324,289,964 25,453,339,903
Corporation
PetroVietnam Construction Joint Stock
(*) During the year ended 31 December 2022, the Corporation has been shared profit from BCC No.13/2021/ 4,860,698,667 1,623,094,684
Corporation
PVGAS/TT-PVOIL/D4 dated 20 Janurary 2021 with PetroVietnam Oil Corporation.
iv) PetroVietnam General Services Joint Stock
Purchase capital contribution of a related party in a BCC 4,000,000,000 -
Corporation
Other related party
PetroVietnam Technical Services Corporation 5,608,371,365 691,570,052
PetroVietnam Engineering Consultancy
270,656,824,838 - 3,179,657,965,490 4,638,498,024,386
Corporation
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
174 175
www.pvgas.com.vn
Form B 09 – DN/HN Form B 09 – DN/HN

3 5. RELATED PAR TY DISC L OSUR ES (C ON T IN U E D) 3 5 . R E L A T E D PAR T Y D I SCL O SUR E S ( CO N T I N UED )

(b) Year-end balances with related parties (continued) (b) Year-end balances with related parties (continued)

2022 2021 2022 2021

VND VND VND VND

iii) Short-term prepayments to suppliers (Note 6(a)) v) Short-term trade accounts payable (Note 13)
Other related parties The parent company
PetroVietnam Exploration Production Corporation 52.104.356.254 - Vietnam Oil and Gas Group 1,198,020,679,923 2,387,845,437,216
PetroVietnam Technical Services Corporation 51,514,955,821 103,777,990,516 Associate
Russia-Vietnam Joint Venture Vietsovpetro - 154,519,338,142 Southern Gas Trading Joint Stock Company 1,751,769,599 2,181,371,912
PetroVietnam ManPower Training College - 1,592,496,460 Other related parties
Petrovietnam Maintenance and Repair Corporation - 1,165,014,668 Binh Son Refining and Petrochemical Joint Stock Company 671,608,995,789 868,294,457,218

103,619,312,075 261,054,839,786 PetroVietnam Technical Services Corporation 286,541,907,537 126,596,550,682

iv) Other short-term receivables (Note 7(a)) Russia-Vietnam Joint Venture Vietsovpetro 98,827,884,160 138,521,387,442

The parent company PetroVietnam Transportation Corporation 34,644,319,953 56,189,972,671

Vietnam Oil and Gas Group 25,414,400,469 832,348,541,820 PetroVietnam Fertilizer and Chemicals Corporation 6,850,289,367 -

Associate PetroVietnam General Services Joint Stock Corporation 8,494,232,803 7,797,284,850

Southern Gas Trading Joint Stock Company 98,963,697,801 6,761,372,118 PetroVietnam Construction Joint Stock Corporation 18,736,776,645 18,736,776,645

Other related parties PetroVietnam Oil Corporation 4,556,627,037 5,476,576,062

PetroVietnam Power Corporation 1,838,505,218,442 1,364,868,608,904 PetroVietNam Chemical and Services Joint Stock
1,608,812,255 -
Corporation
PetroVietnam Urban Development Joint Stock
50,000,000,000 50,000,000,000 PetroVietnam Insurance Corporation 1,330,438,389 -
Company
PetroVietnam Exploration Production Corporation 22,587,425,272 53,097,029,622 Vietnam Petroleum Institute 217,020,755 555,048,570

Petrovietnam Transportation Corporation 1,453,870,134 1,453,870,134 PetroVietnam Exploration Production Corporation - 42,295,003,571

PetroVietnam Oil Corporation - 19,199,359,072 2,333,189,754,212 3,654,489,866,839

2,036,924,612,118 2,327,728,781,670 vi) Short-term accrued expenses (Note 15)

The parent company
Vietnam Oil and Gas Group 1,459,520,688,856 2,109,745,264,552
Other related parties
PetroVietnam Exploration Production Corporation 14,897,618,812 8,053,692,787
Russia-Vietnam Joint Venture Vietsovpetro - 16,556,265,337
1,474,418,307,668 2,134,355,222,676
vii) Other short-term payables (Note 17)
Other related parties
PetroVietnam Oil Corporation 18,655,891,973 -
PetroVietnam Engineering Consultancy Corporation 13,403,350,368 163,204,776,065
32,059,242,341 163,204,776,065
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
176 177
www.pvgas.com.vn

36 . CO MMIT MENT S The consolidated financial statements were approved by the Board of Management on 28 February 2023.

(a) Capital commitments

The Corporation had certain significant construction projects in progress with total investment value or
estimated construction value as follows:

2022 2021

VND VND
LNG Son My Import Warehouse and Port 34,160,184,082,494 34,160,184,082,494
Nam Con Son 2 Gas Pipelines System - Stage 2 18,010,439,448,475 18,010,439,448,475 Dang Thi Hong Yen Nguyen Cong Luan Hoang Van Quang
Preparer Chief Accountant President
LNG Warehouse with capacity of 1 million tons per
6,342,906,101,765 6,342,906,101,765 28 February 2023
year at Thi Vai
Gas collection and distribution project of
4,116,830,292,111 4,116,830,292,111
Ca Rong Do field
62,630,359,924,845 62,630,359,924,845

Capital expenditure contracted for at the consolidated balance sheet date but not recognised in the consol-
idated financial statements was as follows:

2022 2021

VND VND
Property, plant and equipment 616,358,469,051 567,697,429,002

b) Other commitments

The Corporation had commitments in relation to gas business as follows:

Committed Committed

volume period
(billion m3
per annum)
Purchase commitments
Owners of Block 06.1 2.7 Until the end of stabilization period
Owners of Block 11.2 1.216 Until the end of stabilization period
Owners of Block 05.2 và 05.3 1.368 Until the end of stabilization period
Owners of Block 102 và 106 0.204 Until the end of stabilization period
Owners of Block 05.1b và 05.1c 1.508 Until the end of stabilization period
Sale commitments of Nam Con Son gas with
Vietnam Electricity Corporation 1.85 Within the stabilization period
Phu My 3 BOT Power Company Limited 0.85 Until September 2023
Mekong Energy Company Limited 0.85 Until February 2024
PetroVietnam Nhon Trach 2 Power Joint
0.785 Until 31 December 2036
Stock Company
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
178 179
www.pvgas.com.vn

w w w.pvgas.com.vn
PETROVIETNAM GAS JOINT STOCK CORPORATION
ANNUAL REPORT 2022
180
www.pvgas.com.vn

VIETNAM OIL AND GAS GROUP

VIETNAM GAS CORPORATION – JSC

PV GAS Building
673 Nguyen Huu Tho, Phuoc Kien Commune,
Nha Be District, HCMC
T: (028) 3 7816 777
F: (028) 3 7815 666
www.pvgas.com.vn