Petrolimex’s Board of Management Removes Mr. Dao Nam Hai from his Position as CEO and Member of the Board
Petrolimex’s Board of Management (BOM) has issued Resolution No. 178, announcing the removal of Mr. Dao Nam Hai from his position as the Group’s CEO and temporarily suspending his membership on the BOM effective May 30th.
Mr. Dao Nam Hai
This decision comes just over three weeks after the Ministry of Finance temporarily suspended Mr. Hai from his role as the state capital representative at Petrolimex. The suspension will remain in effect until the conclusion of an investigation by the appropriate authorities.
In the meantime, Mr. Pham Van Thanh, Chairman of Petrolimex’s BOM, has been entrusted with representing the state capital previously held by Mr. Hai, according to Decision No. 45 dated January 28, 2022, of the State Capital Management Committee at enterprises.
On May 8, Petrolimex temporarily suspended Mr. Hai’s rights and obligations as the Group’s CEO as stipulated in Petrolimex’s Charter, and Mr. Thanh, as Chairman of the BOM and legal representative of the Group, was assigned to temporarily lead the Vietnam National Petroleum Group.
Mr. Dao Nam Hai, born in 1974, holds a Master of Law in Economics, a Bachelor of Business Administration from the National Economics University, and a Master of Business Administration from the Hanoi National University.
Mr. Hai took on the role of Petrolimex’s CEO in March 2022 and soon after, he was also appointed as a member of the Group’s BOM.
Prior to this, he served as Deputy General Director for nearly five years (October 2017 to March 2022) and concurrently as a member of the BOM and CEO of Petrolimex Insurance Corporation (PJICO) for eight years (April 2014 to March 2022).
Mr. Hai has also held key positions in various Petrolimex subsidiaries, including Construction 1 – Petrolimex and the National Reinsurance Company of Vietnam.
Since Mr. Hai’s appointment as CEO, Petrolimex’s business performance has undergone significant changes.
Specifically, the Group’s after-tax profit in 2022 reached VND 1,902 billion, a 39% decrease compared to the previous year. In 2023, the profit increased to VND 3,077 billion, a 61% jump from 2022, and in 2024, it reached VND 3,161 billion, a slight 3.3% increase.
While the profit has shown improvement, it is still lower compared to the 2016-2019 period.
For 2025, Petrolimex has set a target of VND 248,000 billion in revenue, a 13% decrease compared to the performance of 2024, and a consolidated pre-tax profit of VND 3,200 billion, equivalent to a 19% reduction.
In the first quarter of 2025, Petrolimex recorded a gross revenue of over VND 67,800 billion, a 9.6% decrease compared to the same period last year. After expenses, the Group’s pre-tax profit reached VND 358 billion, completing over 11% of the annual profit target.
After tax deductions, Petrolimex reported a profit of VND 210 billion, an over 81% decrease compared to the first quarter of 2024.
Petrolimex Unveils Leadership Transition: Bids Farewell to General Director Dao Nam Hai.
On May 30th, Vietnam National Petroleum Group (Petrolimex, HOSE: PLX) issued a resolution to relieve Mr. Dao Nam Hai from his duties as General Director and temporarily suspend his membership on the Board of Directors.
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