BSR Officially Ranked Among the Top 10 ESG Vietnam Green Enterprises 2025 – Energy and Oil & Gas Sector (ESG10 – 2025)

BSR - The First Company in Vietnam to Receive ISCC CORSIA and ISCC EU Certifications for Blending, Production, Storage, and Trading of SAF

BSR holds conference on security and safety measures for Dung Quat Refinery

This list highlights pioneering enterprises in the energy and oil & gas sector that have made significant commitments and progress in implementing ESG goals and promoting sustainable development. Their achievements are demonstrated through: (1) Business performance and sustainability compared to industry averages; (2) Commitments and practices related to environmental protection, social responsibility, and corporate governance.

The ESG10 list for the Energy and Oil & Gas sector is considered a critical starting point in Vietnam’s green transition journey, encouraging the business community to move toward sustainable development, contributing to the country’s socio-economic goals and deeper integration into the global economy.

The full list of the “Top 10 Green Vietnam ESG Enterprises 2025 - Energy and Oil & Gas Sector” and the research methodology is published on the program’s official portal: www.esg10.vn.

The Energy Transition Context and Challenges for Vietnam’s Energy and Oil & Gas Sector

The Energy and Oil & Gas sector has long been a cornerstone of Vietnam’s economy, making significant contributions to GDP, providing stable state budget revenues, and ensuring national energy security. However, the global shift towards green growth models and sustainable development is exerting increasing pressure on the sector to undergo profound transformation. Vietnam’s commitment to achieving net-zero emissions by 2050, announced at COP26, not only represents a strong political statement but also sets a clear mandate for restructuring the country’s energy ecosystem.

These challenges are further intensified by rapidly growing domestic energy demand, which is closely tied to the country's economic expansion. ASEAN nations, including Vietnam, face the complex task of balancing the need to expand energy supply for residential and industrial use while gradually reducing dependence on traditional fossil fuel sources. In this context, integrating ESG (Environmental, Social, and Governance) criteria into the development strategy of the Energy and Oil & Gas sector has become an urgent and essential priority.

Source: Top 10 ESG Vietnam Green Enterprises 2025 (www.esg10.vn)

The Role of ESG in Energy Transition and Strategic Shifts in Vietnam

ESG is not merely a framework for evaluating non-financial risks - it is increasingly recognized as a key driver of long-term and sustainable growth. Vietnam has set an ambitious goal to significantly increase the share of renewable energy - such as wind, solar, and hydropower - in its electricity mix by 2030, while gradually phasing out dependence on coal.

To achieve these objectives, Vietnam must mobilize financial, technological, and managerial resources - among which ESG plays a crucial role as a tool for attracting international investment. ESG has the potential to act as a powerful catalyst in Vietnam’s energy transition. A survey of companies listed in the "Top 10 ESG Vietnam Green Enterprises 2025 - Energy and Oil & Gas Sector" reveals three core benefits of committing to and implementing ESG within the industry.

Firstly, ESG channels capital into clean energy projects, fostering the development of solar and wind power, as well as energy - efficient technologies. Prioritizing projects with strong ESG credentials not only moves Vietnam closer to its climate goals but also enhances access to green finance and concessional funding from international institutions.

Secondly, ESG delivers added social value by ensuring that energy projects generate positive impacts for local communities. This includes creating sustainable employment opportunities, improving the skillsets of the local workforce, supporting livelihoods, and enhancing infrastructure in remote and underserved areas.

Thirdly, ESG strengthens corporate governance and transparency within the energy sector - a prerequisite for building investor confidence and securing stable, long-term development.

Thus, ESG is not just an ethical or social responsibility framework; it is a strategic lever for transforming Vietnam’s Energy and Oil & Gas sector toward modernization, sustainability, and deeper integration into the global economy.

From Strategy to Action: Initial ESG Commitments by Key Industry Players

Leading enterprises such as the Vietnam National Oil and Gas Group (PVN), PV GAS, and BSR have begun taking concrete steps to integrate ESG principles into their strategic direction and business operations.

Integrating ESG into Development Strategy: PVN has formulated a sustainable development strategy through 2030 with a vision toward 2045, positioning ESG as one of its core pillars. Key priorities include reducing greenhouse gas emissions, increasing investment in renewable energy sources such as offshore wind and LNG, and advancing the circular economy model.

Publishing Sustainability Reports: Subsidiaries like PV GAS and BSR have proactively released standalone sustainability reports aligned with international standards such as the GRI Standards. This marks a significant step toward improving transparency, accountability, and access to international ESG - aligned financing sources.

Applying Emission Reduction Technologies: Between 2023 and 2025, BSR has conducted a greenhouse gas inventory and developed a mitigation plan for the Dung Quat Refinery, targeting 2030. The company is also implementing emission reduction measures tailored to its operational context and has proposed afforestation initiatives and the registration of projects under carbon credit trading and offset mechanisms.

ESG Implementation: A Differentiated Landscape Across Pillars

Environmental

Many enterprises in the oil and gas industry have ramped up investments in environmental management technologies and practices. Automated emission monitoring systems, industrial wastewater treatment, and hazardous waste management are being widely adopted across refineries and extraction sites.

Notably, PV GAS has piloted the transition to cleaner fuel operations and is progressively expanding its LNG supply chain across Vietnam. Meanwhile, Petrolimex is taking the lead in promoting the distribution and advisory on environmentally friendly petroleum products such as E5 biofuel, RON 95-V gasoline, and DO-V diesel. These initiatives serve as critical stepping stones in the decarbonization journey of the energy sector.

Social

The long-standing tradition of Corporate Social Responsibility (CSR) in the Energy - Oil & Gas sector continues to be maintained and expanded. Companies regularly carry out social welfare programs in operational areas such as Quang Ngai, Ca Mau, and Ba Ria – Vung Tau. However, integration of social factors in line with international ESG standards remains limited.

Key criteria such as gender diversity in leadership, green labor standards, and occupational health and safety (OHS) policies have yet to be uniformly implemented. The absence of standardized quantitative indicators in the social dimension also poses challenges for performance assessment and continuous improvement.

Governance

Several listed companies have proactively enhanced their corporate governance models towards greater transparency and alignment with international standards, such as those set by the OECD. Measures include the establishment of independent Boards of Directors, enhanced disclosure of both financial and non - financial information, and the development of dedicated ESG departments. PV Drilling, in particular, considers corporate governance a fundamental cornerstone, building a modern governance framework based on information technology and international standards, including Oracle ERP, Maximo, RCM, and ERM. The company is also a pioneer in adopting the “Three Lines of Defense” risk management model to ensure operational efficiency and transparency.

Challenges in the ESG Journey of the Energy – Oil & Gas Sector

A survey of companies listed in the Top 10 Vietnam Green ESG Enterprises 2025 - Energy & Oil and Gas Sector reveals that, despite the recognized benefits, energy and oil & gas enterprises are facing three major challenges in their ESG commitment and implementation:

High Transition Costs: Investments in green technologies, carbon capture and storage (CCS), and renewable energy development require significant capital. Meanwhile, the volatility of oil and gas prices impacts the ability to sustain long - term ESG investments.

Lack of ESG Standardization Within the Sector: Vietnam has yet to develop a sector-specific ESG framework tailored to the unique characteristics of the energy and oil & gas industry. Most companies rely on general frameworks such as GRI, SASB, or investor-driven standards, resulting in inconsistent ESG measurement and benchmarking across the industry.

Limited Human Resources and Implementation Capacity: The majority of companies lack dedicated ESG teams and face difficulties integrating ESG into governance and operational systems. A shortage of ESG experts, lack of structured training, and insufficient ESG data infrastructure are common weaknesses, hindering effective execution.

Future Opportunities: ESG as a Strategic Competitive Advantage

Despite existing barriers, the ESG transition presents significant opportunities for Vietnam’s oil and gas sector - particularly for those enterprises that can seize the moment and align with global trends.

Access to Green Finance and International Markets: Enterprises with strong ESG performance are better positioned to access low-cost capital from sustainable investment funds and development finance institutions (DFIs) such as the IFC, ADB, and World Bank. This is especially critical amid increasingly fierce competition for capital.

Participation in the Global Clean Energy Supply Chain: Vietnam is emerging as a strategic hub in the supply chains for LNG, green hydrogen, and energy transition services. Vietnamese oil and gas companies that effectively implement ESG practices can play a more prominent role in regional and global partnership projects.

Enhanced Brand Reputation and Investor Appeal: ESG implementation not only enhances corporate image but also serves as a powerful tool to attract talent, strategic partners, and high - value customers. For modern energy corporations, ESG is becoming an essential pillar of brand positioning.

Promoting ESG in the Energy – Oil & Gas sector is not merely about meeting investor or regulatory expectations - it is a vital adaptive strategy for survival and growth in a global shift toward a low-carbon economy. With clear initial steps already being taken by major players, supported by enabling state policies, ESG has the potential to become a strategic lever for successful restructuring of Vietnam’s energy sector, contributing meaningfully to national green growth targets.

The Announcement and Recognition Ceremony of the Top 10 Vietnam Green ESG Enterprises 2025 – Energy & Oil and Gas Sector (ESG10 – 2025) will be held as part of the ESG Vietnam Summit 2025: Innovation for a Sustainable Future at Pullman Hotel, Hanoi, on June 27, 2025. The event will be featured on the official program website www.esg10.vn and across major media channels.

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