Petrolimex

What Petrolimex does

Petrolimex (Tập đoàn Xăng dầu Việt Nam / Vietnam National Petroleum Group) is a Vietnamese state-owned enterprise and the country's largest gasoline retailer, operating an extensive nationwide network of gas stations that distribute petroleum products to transportation, industrial, and commercial customers. The company is positioned as Vietnam's national fuel distribution champion, with projected 2026 consolidated revenue of VND315 trillion (~$11.96 billion) and expected fuel sales volume of 19.4 million tons, supported by the country's economic expansion and ongoing expressway buildout.

The group's core operating businesses span downstream fuel retail (gasoline and diesel through the gas station network) and petroleum infrastructure construction services delivered through its publicly listed subsidiary PENJICO (Công ty CP Xây lắp III Petrolimex, HNX: PEN). PENJICO specializes in construction and installation of fuel storage tanks, fuel pipelines, gas stations, mechanical products manufacturing, and industrial/civil construction projects, with a wholly-owned mechanical processing factory established in Nhà Bè, Ho Chi Minh City in 2018. The group also supplies equipment and materials for the fuel industry.

Revenue is generated through two principal channels: high-volume retail fuel sales at gas stations (B2C/SMB) and project-based B2B/B2G construction contracts for petroleum and related infrastructure. Specific fuel product pricing is market-regulated in Vietnam and not publicly disclosed at the SKU level. The customer base is structurally distributed, with the Transportation & Logistics segment identified as the primary use case. In May 2026, Petrolimex entered a joint venture with Selex (an EV rival to VinFast) to deploy open EV charging and battery-swap stations at existing gas station locations, positioning the group to participate in Vietnam's energy transition while monetizing its dominant retail footprint.

Name

Petrolimex

Legal name

Công ty Cổ phần Xây lắp III Petrolimex (PENJICO)

Website

https://penjico.petrolimex.com.vn

Company type

Public

Founded year

1956

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Petrolimex is Vietnam's state-owned national petroleum group and largest gasoline retailer, operating a nationwide gas station network and petroleum infrastructure construction services through subsidiary PENJICO, now expanding into EV charging via its Selex partnership.

Ownership category

akta.pro rank

Product category

Petroleum Infrastructure Construction

NAICS

Power Boiler and Heat Exchanger Manufacturing (332410)

SIC

Fabricated Plate Work (Boiler Shops) (3443), Oil & Gas Field Machinery & Equipment (3533), Special Industry Machinery (No Metalworking Machinery) (3550)

akta.pro primary industry

Chemical & Petrochemical Plant Construction (IMAFADAA)

Keywords

• Petroleum construction services
• Fuel storage tanks
• Pipeline construction
• Gas station construction
• Mechanical fabrication

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales

Distribution channels2 records

Marketing channels1 record

Core offering

PENJICO (Petrolimex Installation No. III Joint Stock Company) is the construction and installation arm of Vietnam National Petroleum Group (Petrolimex), specializing in the construction of fuel storage tanks, petroleum pipelines, and petrol stations. The company also produces mechanical products, executes industrial and civil construction projects, supplies equipment and materials, and constructs port/bridge infrastructure for the petroleum and energy sectors.

Product overview

Petrolimex is Vietnam's largest petroleum retailer operating a nationwide network of gas stations. The company offers petroleum products (gasoline, diesel) through its retail network. Through its subsidiary PENJICO (Công ty CP Xây lắp III Petrolimex), the company provides construction services including tank construction, pipeline installation, gas station construction, mechanical products manufacturing, industrial and civil construction, and equipment supply for the fuel industry. The company has also entered the EV charging/battery swap market through a partnership with Selex. This is a diversified energy and construction services company, not a technology platform with modular products.

Differentiator

Problem solved

Functional benefit

Products and services

• Tank Construction (Công trình bồn bể)
• Pipeline Construction (Công trình đường ống)
• Gas Station Construction (Công trình cửa hàng xăng dầu)
• Mechanical Products Manufacturing (Sản xuất sản phẩm cơ khí) Manufacturing of metal/mechanical products and components used in petroleum storage and dispensing infrastructure, including tank components, fittings, and related fabricated metal goods produced at PENJICO's Nhà Bè factory.
• Industrial & Civil Construction (Công trình công nghiệp & dân dụng) General industrial and civil construction services, including factories, warehouses, and commercial buildings for industrial and commercial clients.
• Equipment & Materials Supply (Cung cấp vật tư thiết bị) Supply of equipment and materials used in petroleum infrastructure construction, including tank materials, pipeline fittings, and construction consumables.
• Port & Bridge Construction (Công trình cầu cảng) Construction of port and bridge infrastructure, particularly facilities supporting petroleum imports, coastal depots, and river terminals.

Quantifiable outcome

• Projected 10% growth in fuel sales volume to 19.4 million tons in 2026

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• SelexcoreStrategic or Co-development Partner · 8 May 2026Selex, an electric vehicle rival to VinFast, launched a joint venture with Petrolimex to build open electric vehicle charging and battery-swap stations. The partnership leverages Petrolimex's existing gas station infrastructure to expand Selex's battery swapping network without requiring brand loyalty from users. This strategic alliance positions both companies to compete in Vietnam's growing EV ecosystem.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Emerging players

• Indian Oil Corporation: India's largest state-owned oil retailer with one of the world's largest gas station networks; comparable emerging-market SOE fuel retailer at much larger scale, useful as a benchmark for fuel retail unit economics and infrastructure-led growth in a developing economy.
• VinFast / VinGroup Energy: Vietnamese EV manufacturer driving the energy transition that Petrolimex is responding to via its Selex JV; comparable as a Vietnam-headquartered emerging energy/mobility player reshaping the fuel/charging ecosystem in Petrolimex's home market.

Broad incumbents

• Saipem: Italy-headquartered global EPC contractor serving oil and gas infrastructure, including storage tanks, pipelines, and refineries; broad incumbent comparable for PENJICO's tank, pipeline, and gas station construction capabilities at a global scale.
• Petrofac: Global EPC services provider for oil and gas infrastructure including storage tanks, pipelines, and processing facilities; overlaps with PENJICO (the group's construction subsidiary) on fuel storage and pipeline construction scope at a much larger international scale.

Direct peers

• Coteccons Construction Joint Stock Company: One of Vietnam's largest private-sector general/industrial construction firms, listed on HoSE; competes for PENJICO's industrial and civil construction projects and is comparable on backlog, project scale, and domestic Vietnamese EPC capabilities.
• Hoa Binh Construction Group: Vietnamese listed construction company with industrial and civil project exposure; comparable to PENJICO on Vietnamese market footprint and competition for industrial construction tenders, particularly in southern Vietnam.
• PVOil (PetroVietnam Oil Corporation): Vietnamese state-owned oil and gas downstream distributor and retailer, the closest direct competitor to Petrolimex in Vietnam's fuel retail and distribution market, with overlapping customer base in transportation, industrial, and commercial fuel supply.
• Saigon Petro (Công ty Xăng dầu Khu vực II): Vietnamese petroleum distributor and gas station operator under the Petrovietnam umbrella, competing head-on with Petrolimex's station network in southern Vietnam and the broader domestic fuel market.

Regional players

• PTT Public Company Limited: Thai state-owned integrated oil and gas company with major downstream/retail operations across Southeast Asia; serves as a regional comparable for Petrolimex's fuel retail scale and SOE-driven business model, though not directly competing in Vietnam.
• Pertamina: Indonesian state-owned integrated oil and gas major with significant domestic retail and infrastructure operations; comparable as a regional Southeast Asian SOE fuel retailer/distributor with similar state-mandated infrastructure responsibilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/plx
• LinkedInlinkedin.com/company/petrolimex-joint-stock-insurance-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petrolimex