BSR AGM 2026: A strong transformation, reinforcing its role as a key pillar of Vietnam’s refining and petrochemical industry

Preparing human resources for the “New Era”: BSR partners with Ton Duc Thang University to develop high-quality workforce

Navigating market volatility, BSR reinforces internal strength and long-term vision

Representatives of Petrovietnam - the major shareholder of BSR - attended the AGM, including Mr. Le Xuan Huyen, Deputy Director in charge of the executive board of Petrovietnam; Mr. Bui Minh Tien, Member of the Board of Members; along with representatives from Petrovietnam’s functional divisions. The AGM also welcomed representatives from Deloitte Vietnam, financial analysts, investment funds, and securities firms such as VNDirect, FPTS, VietCap, PSI, VCBS, Dragon Capital…

On the BSR side, attendees included Mr. Bui Ngoc Duong, Chairman of the Board of Directors; Mr. Nguyen Viet Thang, President & CEO; members of the Board of Directors, the Supervisory Board, the Executive Board, and representatives of functional divisions.

The 2026 Annual General Meeting of BSR

Optimized Production, Breakthrough Profit Growth

At the AGM, Chairman Bui Ngoc Duong, on behalf of the Board of Directors, presented the 2025 performance report and outlined the orientations and key tasks for 2026, emphasizing the importance of enhancing governance capacity, strategic planning, and corporate value creation. President & CEO Nguyen Viet Thang presented the 2025 production and business performance report, the 2026 plan, the 2025 profit distribution plan, and the audited financial statements.

According to the report, in 2025, BSR maintained a stable production structure with key products from the Dung Quat Refinery, including gasoline, diesel, jet fuel, LPG, and polypropylene. A key highlight was the Company’s ability to flexibly adjust its product mix in response to market signals, thereby optimizing business efficiency.

Total production reached nearly 7.94 million tons, exceeding the AGM-approved plan by 18.7% and achieving over 104% of the revised plan. Sales volume reached nearly 7.91 million tons, surpassing the plan by 19.4%, demonstrating strong operational capability and business efficiency amid intensifying competition and volatile refining margins.

Financially, consolidated revenue exceeded VND 143.5 trillion, more than 25% higher than planned. Consolidated after-tax profit reached VND 5.217 trillion, nearly double the revised plan. BSR also contributed VND 14.73 trillion to the state budget, exceeding the plan by over 13%, reaffirming its role in ensuring national energy and economic security.

BSR Chairman Bui Ngoc Duong responds to shareholders’ questions

Accelerating Investment and Enhancing Business Flexibility

BSR has actively advanced preparations for the Dung Quat Refinery Upgrade and Expansion Project. Key components such as FEED, EPC package preparation, site leveling, and capital arrangement are being accelerated. This strategic project is expected to enhance processing capacity, diversify products, and strengthen BSR’s competitiveness.

Since late February 2026, geopolitical tensions in the Middle East have adversely affected global energy security. In response, BSR has implemented flexible and timely solutions to maintain effective operations, focusing on safe and stable refinery operations, ensuring supply-demand balance for the domestic market, and optimizing performance through cost control, risk management, and improved governance.

By the end of Q1 2026, BSR’s production output reached 2.03 million tons, with state budget contribution of VND 3.81 trillion.

For the remainder of 2026, despite continued market volatility, BSR targets at least 10% revenue growth, with key indicators including approximately 7.76 million tons in production output, 7.71 million tons in sales volume, consolidated revenue of VND 154.14 trillion, after-tax profit of around VND 2.162 trillion, and state budget contribution of approximately VND 12.595 trillion.

To achieve these targets, BSR will continue to ensure safe, stable, and efficient operations of Dung Quat Refinery; enhance production optimization through cost management, improved operational efficiency, and technological innovation; and prioritize investment, particularly the refinery upgrade and expansion project. The Company will also strengthen corporate governance in line with modern standards, enhance risk management, and improve internal coordination.

A key strategic direction is advancing green transition and sustainable development, including reducing greenhouse gas emissions, improving energy efficiency, developing environmentally friendly products, and integrating ESG factors into business and investment activities.

Mr. Nguyen Viet Thang, President & CEO of BSR, analyzes geopolitical risks impacting crude oil supply to Dung Quat Refinery

Proactive Adaptation to Geopolitical Volatility

During the Q&A session, shareholders raised key questions regarding geopolitical impacts on crude supply, growth strategies, M&A plans, financing for the refinery upgrade project, petrochemical segment performance, international expansion, hedging mechanisms, ownership restructuring, and operational challenges.

Chairman Bui Ngoc Duong emphasized that BSR aims to maintain sufficient ownership levels to ensure control and active governance. While Petrovietnam’s ownership could be reduced to 49% in the future, implementation will depend on market conditions.

Regarding the refinery upgrade project, he noted that although the project was approved amid significant market volatility and energy transition trends, BSR has strengthened its financial capacity by retaining earnings to support capital mobilization.

On petrochemicals, he acknowledged the cyclical nature of the sector but expressed confidence in recovery during 2027–2028, positioning it as a future growth driver.

BSR aims to rank among the top 8 refineries in Southeast Asia by revenue by 2030 (from top 10 currently), supported by M&A activities, infrastructure expansion, and international business development.

President & CEO Nguyen Viet Thang added that BSR has proactively secured crude supply sufficient to maintain high-capacity operations through early July 2026, leveraging both domestic and international sources. The refinery upgrade project is expected to be completed by the end of 2028.

Representatives of Petrovietnam, BSR, and shareholders take a commemorative photo after the successful conclusion of the AGM

Regarding the progress of the Dung Quat Refinery Upgrade and Expansion Project, the Company is accelerating implementation and expects completion by the end of 2028. Meanwhile, the average crack spread reached USD 9.48 per barrel in 2025 and approximately USD 11 per barrel in the early months of 2026. Despite strong fluctuations driven by geopolitical factors, BSR has developed flexible operational scenarios to respond effectively.

Additionally, the biofuel project has been restarted, currently operating at 70% capacity and expected to reach full capacity in the second half of 2026. Despite rising logistics and insurance costs, product pricing remains competitive with imports, while tax policies are expected to continue supporting operations and contributing to national energy security.

BSR