The province's economic pillar
In 2025, the Dung Quat Refinery, managed and operated by Binh Son Refining and Petrochemical Joint Stock Company (BSR), a member unit of Petrovietnam , produced over 7.9 million tons of various products, achieving total revenue of over 142 trillion VND, pre-tax profit of over 4.54 trillion VND, and contributing 14.25 trillion VND to the state budget. Thanks to the optimization of the refinery's operations, with an average capacity of approximately 120%, the production volume in 2025 reached a record high since the refinery began commercial operation.
Furthermore, BSR has effectively utilized the difference between input crude oil prices and output product prices, and expanded its international business operations… achieving impressive revenue results in 2025. These figures further affirm BSR's pivotal role in ensuring national energy security, linked to the requirement of maintaining national defense and security amidst the unpredictable fluctuations of the global energy market.
Besides supplying the main source of petroleum products for the domestic market, the Dung Quat Refinery also creates a strong ripple effect on the development of the Dung Quat Economic Zone and the economy of Quang Ngai province. Industrial, service, and logistics projects surrounding the refinery have contributed to promoting the shift in the local economic structure from purely agricultural to industrial and service-based, creating jobs and increasing income for the people.
According to the Quang Ngai Provincial People's Committee, in 2025, the province's GRDP (at 2010 constant prices) is estimated to reach VND 92,000 billion, an increase of 10.02% compared to 2024. The size of the economy at current prices will reach approximately VND 192,000 billion, exceeding the growth target set by the Government, leading the Central region and ranking 6th out of 34 localities nationwide in terms of GRDP growth rate. In the first six months of 2025 alone, the province's GRDP increased by 11.51%, the highest rate in the country.
Notably, Quang Ngai is also among the top 6 provinces and cities with GRDP growth exceeding 10%, creating significant momentum for achieving consecutive double-digit growth targets for many years as directed by the central government. While Quang Ngai's GRDP growth in 2024 was only 4.07%, lower than the national average of 8.02%, the province has made a strong breakthrough in 2025 thanks to high growth in the industrial production, construction, and service sectors, with the petrochemical industry continuing to play a key driving role.
Looking back at the period from 2020 to 2025, despite being heavily impacted by the pandemic and global economic fluctuations, the Dung Quat Economic Zone (DESZ) has made a significant mark by attracting nearly US$6 billion in investment capital, exceeding the set plan by 118%. To date, the zone has 349 active projects with a total registered capital of approximately US$18.5 billion, forming a multi-sector industrial ecosystem. In this ecosystem, petrochemicals and energy play a core role. The presence and stable operation of the Dung Quat Refinery have created a crucial foundation for the Dung Quat Economic Zone to become an attractive destination for domestic and foreign investors, and a "pivot" to boost the province's economic growth.
"Launchpad" for the National Petrochemical and Energy Center
With the advantage of the Dung Quat deep-water port, convenient inter-regional transportation connections, and an existing industrial base, the Dung Quat Refinery is expected to become a "launching pad" for the formation of a national petrochemical and energy center in Central Vietnam. The center will not only focus on traditional petroleum products but also expand into new energy, renewable energy, green materials, and high value-added petrochemical products, in line with the trend of sustainable energy transition.
Over more than 16 years of formation and development, the Dung Quat Refinery has created a solid foundation in infrastructure, industry, human resources, and management capacity, becoming an important "launching pad" for development to a new level. As Vietnam's first oil refinery, it not only laid the foundation for the national petrochemical industry but also directly created a key industrial space in Central Vietnam. From a purely agricultural area, Dung Quat has risen to become a major industrial and energy center, with a deep-water port system, logistics, technical services, supply chain, and a highly skilled workforce that have been formed and perfected alongside the plant's operation.
The Dung Quat Refinery also provides a key impetus for attracting investment capital into the Dung Quat Economic Zone, gradually forming an industrial ecosystem linked to oil refining, petrochemicals, and energy. Supporting industries, processing and manufacturing industries, materials, technical services, and logistics have developed based on the demand and spillover effects from the refinery, creating an important foundation for expanding scale and elevating development opportunities.
Based on that foundation, the establishment of a National Petrochemical and Energy Center in the Dung Quat Economic Zone will be a breakthrough, creating momentum to strongly promote the development of Quang Ngai province and Central Vietnam. The center will be able to inherit all the existing infrastructure, operational capacity, management system, and high-quality human resources of the Dung Quat Refinery. At the same time, it will expand into new energy, renewable energy, green materials, and high value-added petrochemical products.
In particular, the Dung Quat Refinery plays a crucial connecting role, enabling the National Center for Petrochemical and Energy to efficiently exploit regional raw material sources, including gas and condensate from blocks 117-118-119 (Blue Whale), blocks 113-114-115, and biomass resources. The optimal use of these resources not only enhances production efficiency but also contributes to ensuring national energy security, aligning with the requirements of sustainable development and environmental protection.
As a "launching pad," the Dung Quat Refinery also facilitates the National Center for Petrochemical and Energy's role as a regional driving force by strengthening connections with the Central Highlands, the Red River Delta, and the Southeast region. Simultaneously, through strategic partnerships with businesses in related industries such as steel, plastics, and materials, the Center will expand the production-consumption value chain, enhance competitiveness, and increase value for the economy.
According to the plan for 2030, building upon the foundation of the Dung Quat Refinery, the National Petrochemical and Energy Center in the Dung Quat Economic Zone aims to meet the entire petroleum demand of the Central and Central Highlands regions and at least 30% of the national demand. Simultaneously, it aims to establish a crude oil and petroleum reserve capacity equivalent to 30 days of production and consumption. Specifically, the total final energy output is expected to reach approximately 8 million tons of oil equivalent (TOE), contributing about 30% to the province's economic growth and creating approximately 10,000 new jobs.
Looking ahead to 2050, building on the solid foundation of the Dung Quat Refinery, the National Petrochemical and Energy Center in the Dung Quat Economic Zone aims to become a leading petrochemical and green, sustainable energy center in Southeast Asia. This "new driving force" will pioneer the energy transition, making a significant contribution to the rapid and sustainable development goals of Quang Ngai province and the entire country.
BSR is a member unit of the Vietnam National Energy and Industry Group (Petrovietnam), operating prominently and leading the petrochemical industry in Vietnam. With many years of stable operation and positive development, the unit has affirmed its pivotal role in ensuring national energy security and defense security. Alongside its production and business activities, BSR always considers social responsibility as an inseparable part of its sustainable development strategy. Since its inception, under the guidance of Petrovietnam, BSR has implemented thousands of social welfare projects/items nationwide with a total value of over 1,000 billion VND, focusing on education, healthcare, poverty reduction, infrastructure development, and community support.
Thanh Linh
Source: https://bsr.com.vn/web/bsr/-/hat-nhan-kich-hoat-don-bay-tang-truong-moi-cua-thu-phu-cong-nghiep-mien-trung
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