“Effective Governance of the Management Plan”: BSR Achieves Over VND 69 Trillion in Revenue, Exceeds Profit Target by 93% in First Half of 2025

Market volatility – A catalyst for BSR to accelerate

BSR and PV Gas D sign Memorandum of Understanding on LNG trading principles

At the mid-year review conference of the Vietnam National Industry - Energy Group (Petrovietnam), BSR reported that its production output reached over 3.84 million tons of products, exceeding the plan by 16%, while sales volume totaled 3.83 million tons, surpassing the target by 17%. Total revenue hit VND 69,365 billion, 22% above plan; estimated pre-tax profit was approximately VND 800 billion, 93% over plan; and state budget contributions amounted to VND 7,411 billion, exceeding the target by 13%. These figures reflect BSR’s comprehensive fulfillment of both production and financial targets for the first six months of the year.

BSR was honored by the Vietnam National Industry - Energy Group as one of three units that fully accomplished the mid-year management plan in terms of production output and financial indicators

BSR’s Chairman of the Board of Directors, Mr. Bui Ngoc Duong, shared: “These impressive results were made possible by the unity, perseverance, and creativity of BSR’s leadership and employees. Particularly, the timely and effective direction and support from Petrovietnam enabled BSR to navigate through the most challenging periods.”

In the face of continued instability in the global oil market, especially disruptions caused by the armed conflict between Iran and Israel, and high volatility of Brent crude prices in short cycles, BSR demonstrated agile and effective management. The Company proactively developed multiple operating scenarios, adjusted production modes in response to market movements, and maintained high operational capacity - at times reaching up to 124%. This affirms BSR’s resilience, market responsiveness, and operational excellence as a pioneer in Vietnam’s petrochemical refining industry.

Designating 2025 as a year of “breakthroughs in investment and science-technology,” “accelerating innovation and digital transformation,” and “elevating BSR’s corporate culture,” the Company has leveraged optimization solutions to maximize plant capacity, particularly in key production units. The Crude Distillation Unit (CDU) ramped up from 114% to 118% capacity; the RFCC unit operated near its design limit at 110%; and the Jet-A1 aviation fuel unit (KTU) reached 140% capacity, capitalizing on high market prices for Jet-A1 fuel.

BSR’s leadership inspected product loading operations at the Tank Truck Loading Station of Dung Quat Refinery

BSR strengthened its operations by working closely with Petrovietnam affiliates like PVOIL and PV GAS to ensure stable product distribution and effective inventory management. At the same time, the Company diversified its crude oil sources with over 20 types of feedstock from the U.S., West Africa, and Asia, and applied advanced catalysts to enhance processing efficiency and reduce costs.

In line with Resolution No. 57-NQ/TW of the Politburo and the strategic directions of Petrovietnam, BSR has accelerated R&D efforts, launched new products, and vigorously promoted scientific research, innovation, and digital transformation. In early June 2025, BSR successfully exported its first batch of Sustainable Aviation Fuel (SAF) - a significant milestone in its clean energy transition. The Company also established an Innovation Center and launched a pilot “Digital Refinery” model at the RFCC unit using Petro-SIM software, paving the way for real-time data-driven operations, with plans to extend this model to other units.

In addition, BSR has focused on enhancing the value of products and by-products by simultaneously operating both Sulfur Recovery Units (SRUs) for sulfur recovery, expanding production of BOPP plastic pellets, new solvents (White Spirit, MHO), blending 100% mixed C4 into gasoline, and successfully producing granular sulfur.

In the first half of 2025, the Dung Quat Refinery operated safely, stably, and efficiently at high capacity — at times reaching up to 124%

“These achievements are more than just numbers. Behind each ton of product, every dong of revenue or profit, lies the sweat, effort, intelligence, and unyielding determination of BSR’s workforce. Many practical solutions, innovative ideas, and agile management strategies have been effectively deployed, delivering clear results. We deeply appreciate and extend our sincere thanks to all BSR employees for their professionalism, responsibility, and relentless spirit,” said Mr. Nguyen Viet Thang, BSR’s President & CEO.

With these positive outcomes in the first half of 2025, BSR was honored by the Vietnam National Industry - Energy Group as one of the three outstanding units that successfully fulfilled the management plan in terms of production output and financial targets.

The latter half of the year is expected to remain volatile, with ongoing global geopolitical tensions, accelerating energy transition, growing pressure to innovate business models, and increasing demands for sustainable growth. However, with unity, determination, and a strong aspiration to move forward, BSR remains committed to successfully fulfilling its 2025 business objectives, laying a solid foundation for sustainable development in the years ahead.

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