Binh Son Refining and Petrochemical Joint Stock Company (BSR): Proactively weathering the storm in 2026

Despite successfully weathering the storm and reaching its 2025 targets ahead of schedule with significant achievements, forecasts indicate even bigger challenges await Binh Son Refining and Petrochemical Joint Stock Company (BSR) in the future, requiring the company to proactively implement key solutions to overcome them and complete its tasks in the pivotal year of 2026.

In 2025, despite facing numerous difficulties, BSR successfully completed its production and business tasks. (Photo: BSR)

Variable noise management, capacity optimization

2025 was a year of intense volatility in the global energy market, closely linked to geopolitics and shifts in global demand. Brent crude oil prices fell by nearly 20%, from $79/barrel to around $64/barrel by the end of the year. At times, crude oil prices fluctuated by more than 16% in just one week. Furthermore, the product pricing structure was also affected by fierce competition from regional refineries. In particular, the high USD/VND exchange rate also put significant pressure on BSR's crude oil imports. In addition, the pressure of the energy transition and the policy of expanding E10 fuel production forced BSR to flexibly adapt its production and business strategy to turn new challenges into opportunities as energy demand continued to increase thanks to public investment, industrial recovery, and transportation needs.

It can be said that in 2025, BSR faced a "double pressure": On the one hand, it had to ensure the completion and exceeding of planned growth targets and maintain its domestic market share, while strengthening its business position in both domestic and international markets. On the other hand, it had to proactively adapt to the unpredictable fluctuations of the financial market and the wave of new energy sources reshaping the global competitive landscape. However, with a spirit of "proactiveness - innovation - daring to think and act," BSR focused on managing volatility, combining innovation, digital transformation, and business restructuring, thereby overcoming all difficulties and achieving its goals ahead of schedule in 2025.

In 2025, BSR safely and stably operated the Dung Quat Refinery at an average equivalent capacity of 120%. (Photo: BSR)

BSR has safely and stably operated the Dung Quat Refinery at an average converted capacity of 120%, contributing to increased revenue and profits. BSR also effectively utilized opportunities when crude oil prices fell but product prices did not decrease proportionally, or even sometimes moved in the opposite direction to the decline in crude oil prices, thus optimizing profits. In particular, BSR proactively managed production and product consumption, closely following production and business scenarios developed and updated according to oil price fluctuations and crack spreads (the difference between input crude oil prices and the aggregate value of output products). This allowed for proactive capacity adjustments and increased sales when market conditions were favorable. A clear example of this is that in the last six months of 2025, BSR maintained the refinery's capacity at an average converted capacity of 122% and significantly increased product sales. As a result, profits increased by 113% compared to the first six months of the year, amidst a 7% drop in crude oil prices and harsh weather conditions.

Along with flexible and proactive production management, BSR's product portfolio has also been diversified and developed with many new products such as high-value plastic resins F3030, T3045, P3034, TF4035, sustainable aviation fuel SAF, granular sulfur, and E10 RON 95 gasoline. Accordingly, this group of solutions contributed to total revenue of approximately VND 1,920 billion, an increase of 34% compared to 2024. In addition, BSR focused on expanding international business activities with DO oil, FO oil, and RFCC Naphtha products, contributing revenue of approximately VND 2,050 billion, an increase of 37% compared to 2024.

Regarding financial solutions, BSR optimized cash flow, expanding its list of deposit banks beyond the four state-owned commercial banks (Big Four) to increase revenue and financial profits. BSR also strengthened the optimization of energy consumption costs and losses, minimizing operating expenses, resulting in a reduction of VND 828 billion in 2025, exceeding the plan by 35%.

With the synchronized solutions implemented, in 2025, BSR achieved very impressive business results; production volume reached 7.9 million tons, reaching 108% of the management plan; revenue reached VND 142,298 billion, reaching 102% of the management plan; pre-tax profit reached VND 4,541 billion, exceeding the management plan by 262%; and contributions to the state budget reached VND 14,250 billion, reaching 110% of the management plan.

A "painting" with many bright colors.

BSR has completed its 2025 business plan with many bright spots.

By 2025, BSR's production output is expected to exceed 7.9 million tons, affirming its pivotal role in ensuring national energy security. (Photo: BSR)

Specifically: Firstly , the plant has broken through the limits of safe and stable operation at an average converted capacity of 120%. 2025 also marks the milestone of 100 million tons of accumulated products since the plant began operation. Secondly, the plant has reached 54 million safe working hours. Thirdly , BSR has reduced the plant's self-consumption and loss rate to 7.2% – the lowest in its operating history. Fourthly, it has successfully produced sustainable aviation fuel (SAF), sustainable marine fuel (SMFO), and E10 RON 95 gasoline, beginning its journey towards clean energy transition and the development of environmentally friendly products. This success not only demonstrates its ability to master new technologies but also opens up a strategic direction for a high-value product ecosystem in the future, placing BSR in the Top 10 Green ESG Enterprises of Vietnam 2025 – Industry and Energy category. Fifth , BSR's competitiveness is being strongly strengthened in the region, with international business revenue reaching VND 2,045 billion in 2025, a 37% increase compared to 2024.

In 2025, BSR's production output is expected to reach over 7.9 million tons, the highest since the plant began commercial operation, affirming its pivotal role in ensuring national energy security.

BSR has also completed increasing its charter capital from VND 31,005 billion to VND 50,707 billion, creating an important foundation for ensuring financial safety and being more proactive in the context of an unpredictable and volatile energy market. In addition, BSR has completed its Digital Office with 19 integrated subsystems, applying digital signatures and online work processes, achieving 100% digitalized management and operation.

In 2025, Forbes Vietnam estimated the BSR brand to be valued at US$201.7 million, placing it among the Top 25 listed brands. 2025 also marks the third consecutive year that BSR has received a BB+ “Stable Outlook” credit rating from Fitch Ratings, affirming its sustainable financial capacity and strong growth potential. Furthermore, in 2025, BSR will continue to implement many practical social welfare programs and officially surpass the milestone of 1 trillion VND spent on community support.

Synchronizing solutions to weather the storm in 2026

According to forecasts from market research firms Wood McKenzie and Platts, the price of Dated Brent crude oil in 2026 will fall below $60/barrel due to a prolonged oversupply from OPEC+ countries. BSR's consolidated revenue in 2026 is expected to fall short of the plan by more than VND 32 trillion. Given that the refinery is already operating at a much higher capacity than its design capacity, this presents a significant challenge.

In 2026, BSR will continue to boost its international business, expanding its consumer market in Southeast Asian countries. (Photo: BSR)

To proactively weather the "storm" of 2026, BSR General Director Nguyen Viet Thang stated that BSR will focus on implementing two main groups of solutions. For the traditional solutions, BSR will focus on managing volatility, aiming to ensure stable, safe, and continuous operation of the plant at high capacity, optimizing costs and product structure; restoring production at the Dung Quat Biofuel Plant to increase the supply of E100 as a raw material for blending E5 and E10 gasoline products; optimizing cash flow to increase revenue and financial profits; actively seeking opportunities to provide services externally and developing business and services from subsidiaries.

For its breakthrough solutions, BSR aims to research and test increasing refinery capacity to 123% - 125% of design capacity, contributing to an increase of VND 6,472 billion - VND 8,763 billion under different oil price scenarios. BSR also promotes innovation, develops production and business of new products, and aims for revenue of approximately VND 57 trillion. Simultaneously, BSR continues to boost sales and international trade to increase revenue by VND 8,197 billion. Furthermore, BSR is researching and implementing a plan to increase production outside the refinery (processing, mergers and acquisitions) and develop external services, aiming for an increase of VND 500 billion to VND 3,000 billion in 2026.

With a solid foundation established in 2025, a clear strategy, strong determination, and the active support of the Vietnam National Energy and Industry Corporation, BSR enters 2026 proactively, ready to overcome challenges and continue creating sustainable value for the company, the energy sector, and the national economy .

Source: https://daibieunhandan.vn/cong-ty-co-phan-loc-hoa-dau-binh-son-bsr-chu-dong-vuot-bao-nam-2026-10400686.html