MOIT VIETNAM | Lao Minister of Industry and Trade visits and works at PVOIL Laos
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Lao Minister of Industry and Trade visits and works at PVOIL Laos
Recently, in the capital Vientiane, Mr. KhamPheng Xaysompheng - Minister of Industry and Trade, along with the Directors, Chief of Office, and Ministry of Industry and Trade leaders, visited and worked at the PVOIL Laos office and Thanaleng warehouse to evaluate the operation of the Company's business activities as well as the implementation of Government and Ministry of Industry and Trade regulations and policies.
Ms. Le Thanh Thuy (Director of PVOIL Laos & PVOIL Laos Trading) stated at the meeting that the company has 100 percent foreign investment capital, is a member unit of Vietnam Oil Corporation (PVOIL), and is directly affiliated with the Vietnam National Oil and Gas Group. PVOIL Laos was founded in 2010 after PVOIL Vietnam purchased the entire petroleum system of the Shell Oil and Gas Group in Laos.
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In 2019, in response to the Government of Laos' Decree 331 on petroleum business, PVOIL Laos was divided into two companies: Importing Company (PVOIL Laos) and Distribution Company (PVOIL Laos) (PVOIL Laos Trading). The former PVOIL Laos and the current 02 companies have always strictly implemented all petroleum business regulations, fully fulfilling the obligation to pay the budget according to State of Laos regulations, on average, 40-60 budget contributions. million USD/year.
PVOIL Laos and PVOIL Laos Trading, in particular, have paid more than 90 million USD to the Laotian State Budget and have been awarded the Excellent Enterprise Award by the Ministry of Finance/General Department of Customs (PVOIL Laos). The first prize went to Trading, and the second prize went to PVOIL Laos). For the use of personnel in the host country, the two companies have 150 employees, the majority of whom are Laotians (140 people), and the company is always concerned with the material and spiritual well-being of its employees.
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After hearing the reports, recommendations, and opinions of the Board of Directors, the Minister of Industry and Trade praised PVOIL Laos' efforts. Despite operating in a difficult market in Laos, PVOIL Laos has achieved encouraging results while adhering to the regulations of the Government and the Ministry of Industry and Trade. The Minister also issued a number of directives to Departments and Companies in order for their business activities to be effective, in accordance with the provisions of the Law, to ensure the supply of petrol and oil, and to contribute to the social and economic development.
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