Petrolimex expresses concerns about the impact of electric vehicles on gasoline demand

The Board of Directors of Petrolimex said the petrol and oil market is expected to be increasingly shaped by the energy transition and by policies that restrict the use of fossil-fuel vehicles. Petrolimex is scheduled to hold its 2026 annual general meeting on April 24, 2026, where it will present business plan directions for 2026–2030.

Business plan assumptions for 2026–2030

In its planning documents, Petrolimex builds scenarios assuming the economy maintains minimum 10% growth over 2026–2030. The company expects domestic consumption to be affected by the rising adoption of electric vehicles and by policies limiting gasoline-powered vehicles.

Production outlook

For 2026–2027, Petrolimex expects production to grow by about 8.5–10%, supported by economic growth and the opening of new expressways that increase demand. Electric vehicles are expected to begin having a clearer impact, but the market is still expected to remain mainly combustion-engine vehicles.

Restrictions on gasoline vehicles in urban areas are expected to be implemented from 2027, which Petrolimex said will start affecting production in large cities toward the end of the period. To sustain positive growth, the company plans to ensure supply and expand its network in highway-adjacent and suburban areas, though it expects the pace to be slower than GDP growth.

From 2028–2030, Petrolimex expects production growth to slow to about 6–7% per year. The company also expects the impact of electric vehicles and green fuels to become more evident as car prices decline, charging infrastructure improves, and incentive policies take effect. At the same time, broader implementation of gasoline-fueled vehicle restrictions in major cities is expected to create downward pressure on production in those areas.

Gasoline business growth target

Petrolimex said economic growth and freight transport demand are expected to partly offset declines, leading traditional gasoline production to peak or plateau. Based on these factors, the company targets average growth in its gasoline business of around 7% per year over 2026–2030.

Financial targets for 2026

Petrolimex set 2026 revenue targets at VND 315,000 billion, up 2%. The company said that if achieved, it would be its highest revenue to date. Pretax profit is targeted at VND 3,380 billion, down 7% year-on-year.

Dividend proposal and shareholder returns

At the upcoming meeting, Petrolimex plans to propose the distribution of 2025 profits with a cash dividend of 12% (1,200 dong per share), corresponding to about VND 1,525 billion. The company said the 2026 dividend payout rate is expected to be 10%.

Market position and stock performance

Petrolimex is Vietnam’s largest gasoline retailer, accounting for about 50% of market share by volume, and operating a network of 5,500 service stations nationwide. On the stock market, PLX closed on April 6 at 38,900 dong, up about 10% year-to-date.