The Chairman of the Board of Directors, Cao Hoài Dương, has signed a resolution approving the establishment of PVOIL Aviation Energy Joint Stock Company, abbreviated as PVOIL Aviation. The new enterprise is expected to be headquartered in Ho Chi Minh City with a charter capital of VND 300 billion, and PVOIL will hold a controlling stake of 51%. PVOIL Aviation’s primary business focus will be the distribution of aviation fuel.
This announcement aligns with the plans outlined by the company’s leadership during the annual general meeting in April. At that time, PVOIL indicated that they were preparing all necessary procedures to commence the sale of aviation fuel in the first half of 2026.
To date, the company has obtained an import license for Jet A1 fuel from the Ministry of Industry and Trade. The remaining tasks involve infrastructure development, storage facilities, refueling vehicles, and personnel. PVOIL is currently recruiting and training staff while identifying suitable storage locations at various airports to meet the requirements for direct business operations.
PVOIL Expands into Aviation Fuel Sector – Illustrative Image
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As the second-largest petroleum company in the market, PVOIL aims to establish a presence at key airports, including Tan Son Nhat, Noi Bai, Long Thanh, Phu Quoc, Da Nang, and Cam Ranh. The company has engaged with multiple airport storage facility operators to explore leasing opportunities. Once personnel training and infrastructure investments are completed, PVOIL will submit its application to the Civil Aviation Authority for business approval.
“Barring any unforeseen delays, we aim to commence sales in either the first or second quarter of 2026,” shared CEO Nguyễn Đăng Trình.
A significant advantage for PVOIL is its extensive upstream storage network across the country. Apart from Petrolimex, few other companies possess a storage infrastructure robust enough to supply Jet A1 fuel. PVOIL’s facilities in the Eastern region serve Tan Son Nhat and Long Thanh airports; its Central region facilities are connected via pipeline from Dung Quat; and its storage in Hue and Da Nang supports Da Nang Airport. In the North, the Hai Phong storage system fully meets aviation fuel demands. This network eliminates the need for PVOIL to rely on leased storage, unlike many competitors.
Currently, Vietnam’s aviation fuel market is dominated by Skypec and Petrolimex Aviation. While Tapetco and NAFSC also participate, their volumes are significantly lower compared to the leading players.
Among these, Skypec stands out as a major player with a storage capacity of approximately 200,000 m³ and operations at 18 domestic airports, as well as several international airports. Last year, the company sold nearly 1.6 million tons of aviation fuel, generating over VND 35 trillion in revenue and VND 268 billion in post-tax profit.
CEO Nguyễn Đăng Trình (with microphone) at the 2025 Annual General Meeting – Screenshot
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Additionally, at Long Thanh Airport, PVOIL is eyeing a direct fuel pipeline project. According to the CEO, if selected as the project investor, the company will charge transportation fees each time aviation fuel is delivered through the pipeline system. Given the airport’s demand over the first five years and subsequent expansion phases, the project is expected to yield high returns.
Beyond aviation fuel, PVOIL is diversifying into non-petroleum sectors to boost revenue. The company has partnered with VinFast to install electric vehicle charging stations within its petrol stations and collaborated with Highlands Coffee to cater to travelers. PVOIL is also converting several large petrol stations into truck stops equipped with parking, rest areas, hot water, and dining services. Pilot locations have recorded significant volume increases, prompting PVOIL to plan the addition of 12-15 more stops by next year. This strategy is seen as a buffer against the intensifying competition in the traditional petroleum market.
The petroleum giant is also open to entering hydrogen distribution in the long term, positioning itself for the anticipated rise in clean energy demand.
PVOIL views the Jet A1 segment and its non-petroleum ventures as new growth drivers amid shrinking margins in the traditional petroleum business. In Q3 2025, the company’s gross profit margin stood at around 3%, significantly lower than the 4-6% range seen in previous years.
Vietnam Airlines to Sell 49% Stake in Aviation Fuel Company Skypec
– 16:19 04/12/2025
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