Petrolimex Laos – a bright spot in Vietnam’s investment
Deputy Minister of Industry and Trade Ho Thi Kim Thoa has urged Petrolimex Lao One - member Limited Company (Petrolimex Laos), a subsidiary of the Vietnam National Petroleum Group (Petrolimex), to expand its network and apply up-to-date science and technology in management.
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Speaking at a ceremony to mark Petrolimex Laos’ fifth founding anniversary in Vientiane on October 26, the official underlined the need for the company to ensure safety in business activities and contribute to promoting the time-honoured friendship between Vietnam and Laos.
Lao Deputy Minister of Industry and Commerce Somchit Inthamit hailed the company’s contributions to national construction and development in his country, saying it has generated jobs for many locals.
Petrolimex Chairman Bui Ngoc Bao asked the subsidiary to roll out long-term targets and strategies and contribute more to socio-economic development in the host country.
Founded on July 17, 2011 with an initial capital of US$2 million, Petrolimex Laos now owns US$22 million with 20 petroleum retailers and 200 distributors across the country.
The company earned up to US$100 million and contributed about US$35 million to the Laos’ State coffers each year.
It has been listed as one of the 22 leading petroleum companies in Laos and ranked second in terms of quality and services in the neighbouring country.
