That was the directive statement of Chairman of the Board of Directors of Vietnam National Industry and Energy Group ( Petrovietnam ) Le Manh Hung at the working session of Petrovietnam delegation with Binh Son Refining and Petrochemical Joint Stock Company (BSR) on November 23, at Dung Quat Oil Refinery.
Also participating in the working delegation were members of the Board of Directors of Petrovietnam: Bui Minh Tien and Pham Tuan Anh; representatives of the leaders of the professional departments. Welcoming and working with the working delegation, on the side of BSR , there were Mr. Bui Ngoc Duong - Chairman of the Board of Directors, Mr. Nguyen Viet Thang - General Director and members of the Board of Directors, Board of Directors, Board of Supervisors, Factory Board of Directors, leaders of DQRE Board, leaders of professional departments, branches/member units of BSR.
The working program of the Petrovietnam delegation focused on evaluating the production and business results in the first 11 months of 2025, developing solutions and driving forces to implement the production and business plan for 2026; at the same time, discussing the development orientation for the period 2026 - 2030 and investment and restructuring of BSR in the next stages.
At the meeting, BSR General Director Nguyen Viet Thang reported on the production and business results for the first 11 months of 2025 and estimated results for the whole year of 2025. Accordingly, BSR produced 7.24 million tons of various products; total revenue reached VND 130,520 billion; paid VND 13,072 billion to the state budget; pre-tax profit is estimated at VND 3,595 billion. With this result, BSR's production and business targets for the first 11 months of 2025 all exceeded the management plan assigned by Petrovietnam.
BSR General Director Nguyen Viet Thang analyzed the reasons why BSR achieved and exceeded the management plan, which is implementing fluctuation management in all activities, in terms of production, Dung Quat Oil Refinery operated at a converted capacity of about 120% of the designed capacity; production and consumption output exceeded the plan, contributing to increased revenue and profit; in terms of business, while oil prices tended to decrease, prices of main products tended to increase or remain the same, leading to a significant expansion of the price difference between products and crude oil prices (crack spread).
BSR regularly analyzes, forecasts and takes advantage of high price windows to increase sales. Optimizes cash flow, applies many solutions to increase revenue and financial profits. In addition, BSR continues to expand and diversify its product portfolio, developing new products such as high-value plastic resins F3030, T3045, P3034, TF4035, new products such as SAF, Sulfur granules, E10 RON95 gasoline, etc., contributing to revenue of about 1.54 trillion VND. BSR also enhances the optimization of energy consumption costs, losses, catalyst chemicals, and minimizes production and business operating costs. Estimated cost reduction in the first 11 months of 2025 is 751.7 billion VND, exceeding the 2025 reduction plan by 23%.
Regarding the 2026 plan, in addition to traditional solutions, BSR General Director Nguyen Viet Thang reported to the Petrovietnam delegation a set of breakthrough solutions to grow and exceed production and business targets.
BSR continues to increase the converted operating capacity of the plant (striving to achieve an average annual converted capacity of at least 123% - 125% of the design capacity), contributing to increasing revenue (over 6,000 billion VND) to compensate for the shortage due to the decrease in crude oil prices. Strengthen international business (striving to reach over 8,000 billion VND), including products manufactured by BSR itself and products purchased and resold.
In addition, BSR continuously improves the efficiency of innovation, promotes the production and sale of new products, and strives for a revenue of over VND 57,000 billion. Promotes the increase of production output outside the factory (outsourcing, M&A) and develops external services, striving to reach at least VND 500 billion and aiming for a target of about VND 3,000 billion when qualified.
At the meeting, BSR Chairman Bui Ngoc Duong reported: Petrovietnam's leadership spirit for BSR has been understood by the Board of Directors and BSR's employees, making efforts to complete and exceed production and business targets. BSR has applied 6 comprehensive solutions from production, business, flexibility in operation, applying a set of laws to ensure raw materials, especially intermediate materials; BSR also persists in flexible sales policies; buying and selling intermediate components to increase revenue. BSR continues to gradually expand the market to neighboring countries. BSR continues to streamline the apparatus, rearrange the organizational structure to best promote the Company's internal potential as well as promote risk management, optimize financial work.
After listening to the opinions of Petrovietnam Board of Directors members Bui Minh Tien and Pham Tuan Anh, leaders of the Group's professional departments, and the opinions of BSR's Board of Directors; Chairman of Petrovietnam Board of Directors Le Manh Hung highly appreciated and commended BSR's production and business results in the first 11 months of 2025. In the context of global fluctuations and difficult markets, BSR has achieved and exceeded the production and business results of the first 11 months and is forecasted to exceed the plan for the whole year.
Petrovietnam Board of Directors Chairman Le Manh Hung directed BSR to focus on 5 key contents: First, BSR needs to control absolute safety for Dung Quat Refinery, clearly plan the investment portfolio, potential products and services; market - customer portfolio; management system. Second, promote output growth, expand international business. Third, optimize resources, including optimizing production, business, finance; promote production of new products. Fourth, produce Biofuel in 2025 to serve the blending and production of E5, E10 biofuel according to the roadmap of the Government and the Ministry of Industry and Trade. Fifth, focus resources on implementing the Dung Quat Refinery Upgrade and Expansion Project.
Petrovietnam Chairman also highly appreciated BSR's efforts in implementing social security programs, especially participating in timely natural disaster relief in the Central provinces recently and sponsoring the construction of STEM classrooms for schools.
BSR Chairman Bui Ngoc Duong sincerely thanks the attention and close guidance of Petrovietnam's leaders, especially the strategic development directions that Petrovietnam has given to BSR in the current crucial period. BSR will seriously absorb and concretize the directions into action plans, strive to improve production and business efficiency, promote scientific research, innovation and sustainable development. BSR commits to be proactive and responsible, determined to complete all assigned tasks in 2025 and the following years.
Chinh Linh Hieu
Source: https://bsr.com.vn/web/bsr/-/thiet-thuc-day-manh-san-xuat-kinh-doanh-hoan-thanh-vuot-muc-toan-bo-cac-chi-tieu-ke-hoach-quan-tri-2025-bu-dap-nhung-thiet-hai-ma-dat-nuoc-dang-phai-doi-mat-do-mua-lu
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