Management of fluctuations, optimizing capacity
In 2025, the world energy market will fluctuate strongly, associated with geopolitics and global demand shift. Brent crude oil prices fell nearly 20%, from $79/barrel to about $64/barrel by the end of the year, at times fluctuating more than 16% in just one week.
The structure of product prices is affected by the fierce competition of petrochemical refining complexes in the area. The high USD/VND exchange rate also puts great pressure on BSR's crude oil imports. In addition, the pressure of energy transition and the E10 fuel expansion policy forced BSR to flexibly adjust its production and business strategy.
In 2025, BSR will face "double pressures": both completing and striving to exceed the planned targets, maintaining the domestic market; and proactively adapting to unpredictable fluctuations in the financial market and new energy waves.
With the spirit of " proactive - innovative - dare to think, dare to do", BSR focuses on managing changes, combining innovation, digital transformation and restructuring production and business activities, thereby overcoming difficulties and reaching the finish line early in 2025.
BSR operates safely and stably at Dung Quat Oil Refinery at an average conversion capacity of 120%, contributing to increasing revenue and profit. Enterprises effectively take advantage of the period when crude oil prices decrease while product prices do not decrease accordingly, thereby optimizing profits.
In the last 6 months of 2025, BSR maintained an average factory conversion capacity of 122% and boosted product sales. As a result, profits rose 113% year-on-year, despite crude oil prices falling 7% and severe weather conditions.
BSR's product portfolio continues to be diversified with high-value added products such as F3030, T3045, P3034, TF4035; SAF sustainable aviation fuel; sulfur and E10 RON 95 gasoline. This group of solutions contributes about VND 1,920 billion in revenue, an increase of 34% compared to 2024.
BSR also boosted international business with DO, FO, RFCC Naphtha products, bringing in revenue of about VND2,050 billion, up 37% over the previous year.
In the financial sector, BSR optimizes cash flow, expands the list of banks depositing outside the Big Four group; and reduces energy consumption costs, losses and operating costs. In 2025, BSR reduced VND828 billion, exceeding the plan by 35%.
Thanks to synchronous solutions, production and business results in 2025 achieved many positive targets: output of 7.9 million tons (108% of management plan); revenue of VND 142,298 billion (102%); pre-tax profit of VND 4,541 billion (262%); paid to the state budget of VND 14,250 billion (1 10%).
"The picture" is many hectares bright
In 2025, BSR completed the "paint" of production and business with many grams of brightness. Dung Quat Oil Refinery operates stably at an average conversion capacity of 120%, reaching 100 million tons of accumulated products; reaching 54 million safe working hours.
BSR brought the rate of self-consumed and lost energy to 7.2% - the lowest in the history of operation. The enterprise successfully produced SAF, SMFO and E10 RON 95 gasoline, gradually implementing a clean energy conversion strategy.
In 2025, BSR will complete the increase of charter capital from VND 31,005 billion to VND 50,707 billion, consolidating the financial platform. The company completed the Electronic Office with 19 subsystems, applied digital signatures, and online work processing reached 100%.
In 2025, Forbes Vietnam valued the BSR brand at 201.1 million USD, Top 25 listed brands in 2025. Fitch Ratings continues to rank BB+ with Stable outlook for the third consecutive year. BSR also exceeded the 1,000 billion VND mark for social security.
Synchronous solutions to overcome the "storm" in 2026
According to Wood McKenzie and platts, Dated Brent crude oil prices in 2026 could fall below $60/barrel due to prolonged supply from OPEC+. BSR's consolidated revenue is expected to be short of more than VND 32 trillion compared to the plan.
To proactively overcome the "storm" in 2026, BSR General Director Nguyen Viet Thang said that the enterprise focuses on two groups of solutions. Traditional groups include fluctuation management, ensuring safe operation at high capacity; optimizing costs and product structure; restoring Dung Quat Biofilure Plant; optimizing cash flow and expanding services.
The group of breakthrough solutions focuses on researching to increase factory capacity to 123%125%, expected to increase to VND6,4728,763 billion; developing new products towards revenue of about VND57,000 billion; boosting international trade, increasing VND8,197 billion; at the same time expanding processing and services, targeting an increase of VND5003,000 billion in 2026.
With a clear foundation in 2025, strategy and support from the Vietnam National Industry - Energy Group, BSR enters 2026 with a proactive mindset, ready to overcome challenges to continue creating sustainable value for businesses and the economy.
