Quang Ngai's special economic puzzle
In 2008, Binh Son Refining and Petrochemical Company Limited (now Binh Son Refining and Petrochemical Joint Stock Company - BSR) was established, marking a major turning point in the development of Vietnam's oil and gas industry.
Assigned to manage and operate Dung Quat Oil Refinery, BSR has grown strongly, becoming a pioneer in the field of petrochemical refining, contributing to raising the economic position of Quang Ngai province.
If in 1989, the industrial production value of Quang Ngai was only about 601 billion VND, then by 2023, this figure had exceeded 132,611 trillion VND, an increase of more than 220 times. The province also rose to 12th/63 in terms of budget revenue and 13th/63 in terms of per capita income. The scale of Quang Ngai's economy currently ranks 18th in the country and 5th in the North Central - Central Coast region.
The presence of Dung Quat Oil Refinery has become a lever for the growth of investment capital in Quang Ngai. From 3.7 trillion VND in the period 1996-2004, total investment capital skyrocketed to 24.5 trillion VND in 2008 and continued to reach 84.3 trillion VND in the period 2007-2008. All growth indicators are closely linked to the operation of this plant.
Sustainable contribution to economy and society
After 16 years of operation, BSR has produced more than 96.4 million tons of products, achieved total revenue of nearly 1.7 million billion VND and paid more than 230 trillion VND to the state budget. In 2023, BSR's budget contribution alone reached 16.6 trillion VND, accounting for more than 54% of Quang Ngai's total budget.
Mr. Bui Ngoc Duong - General Director of BSR - emphasized: "Since Dung Quat Oil Refinery was built, we have always strived to contribute to the economic and social development of Quang Ngai province and the Central region. These results could not have been achieved without the support of the local people and leaders".
Social Security Imprint
Not only is BSR an economic pillar, it also actively participates in social security activities. Since its establishment, the company has contributed more than VND870 billion to community projects, including the construction of schools, medical stations, solidarity houses and many programs to support people.
BSR pays special attention to investing in education with more than 316 billion VND spent on building schools, sponsoring learning equipment and promoting learning. In Quang Ngai alone, this figure reached 110 billion VND, showing gratitude to the people who supported the construction of Dung Quat Refinery.
In addition, the company has sponsored hundreds of social security projects with a total cost of over 330 billion VND, supported Vietnamese Heroic Mothers and actively participated in disease prevention programs.
Steady future
Aiming to upgrade and expand Dung Quat Refinery, BSR has implemented many strategic solutions to maintain its position in the petrochemical industry. The plant upgrade project is currently in the overall technical design stage, expected to bring the plant to a new level, contributing to ensuring national energy security and sustainable economic development for Quang Ngai.
With its core role in the National Energy and Petrochemical Center in Quang Ngai, BSR continues to affirm its leading position, constantly contributing to the state budget and the economic and social development of the whole country.
