On August 21, 2026, a meeting to launch the implementation of the EPC Contract was held with the participation of leaders and project management teams of the Investor BSR, the WOOD - PVE Project Management Consulting Consortium and the Chengda - BPE EPC Contractor Consortium.
This is an important milestone marking the official transition of the project to the implementation phase and demonstrating the common determination of the parties in building an effective and transparent cooperation model, together towards the strategic goals of the project.
Unify goals, unify actions
At the meeting, the parties jointly comprehensively reviewed the overall objectives of the project, including increasing the processing capacity of Dung Quat Refinery from 148,000 barrels/day to 171,000 barrels/day; improving flexibility in crude oil processing; producing products meeting EURO V fuel standards; meeting environmental requirements according to the Government's roadmap and improving investment efficiency.
Throughout the exchanges, the parties agreed on a common action message:
One Team, One Goal - Safe. On Time. Together
One team, One goal - Safe - On schedule - Joining hands and hearts
This message demonstrates the commitment of the Investor, PMC Consultant and EPC Contractor to accompany as a unified team, sharing responsibilities and solving challenges throughout the project implementation process.
Establishing a governance platform for the implementation phase
One of the most important results of the meeting is that the parties agreed on project governance mechanisms right from the start-up phase.
Accordingly, governance principles are built on the basis of clearly defining responsibilities, authority and coordination mechanisms between parties; ensuring a timely, transparent and well-founded decision-making process; strengthening proactive risk management, effective change management and maintaining technical and technological assurance throughout the project life cycle.
BSR plays the role of overall project management as the Investor; WOOD - PVE Joint Venture performs the function of PMC Consulting to support project management and supervision; Chengda - BPE Joint Venture deploys design, procurement, construction and trial run works within the EPC contract scope.
Early unification of the governance model is expected to create a foundation for synchronous coordination, improve work processing efficiency and ensure that decisions are made quickly right from the first months of implementation.
Strong commitment to key targets and KPIs
At the meeting, the parties also agreed on objectives and performance evaluation indicators (KPIs) as a basis for governance and implementation monitoring throughout the implementation process.
Safety and quality are identified as the core value, and at the same time the highest priority of the project, with the goal of ensuring compliance with quality regulations according to the signed Contract, preventing labor accidents and serious incidents.
Regarding progress, the parties committed to focusing all resources to complete important milestones according to the approved plan, towards the goal of reaching the Initial Acceptance milestone 1 month earlier than the signed Contract.
Regarding costs, the project is implemented on the principle of strict control within the scope of signed contract prices, ensuring investment efficiency and optimal use of resources.
In addition, targets on trial run, operation and capacity development are also established with specific quantitative targets and commitments aimed at bringing the project into safe, stable and effective operation.
Accompanying each other to succeed
At the meeting, BSR affirmed its readiness to accompany PMC Consultant and EPC Contractor in the project implementation process by early mobilizing resources from the Investor, strengthening coordination with state management agencies, supporting the handling of arising issues and promoting a mechanism for reviewing and responding quickly to dossiers and documents under the project's guidelines.
These commitments demonstrate the strong determination of the Investor in creating all favorable conditions for the Project to be implemented effectively, while building an open, transparent and result-oriented cooperation environment.
Closing the launching meeting, BSR leaders, PMC WOOD - PVE Consulting Consortium and EPC Chengda - BPE Contractor Consortium jointly signed commitments to implement the Dung Quat Oil Refinery Upgrade and Expansion Project safely, on schedule, within the approved budget and fully meeting technical requirements. The parties affirmed that these commitments are not only responsibilities and obligations under the signed Contract but also the honor and prestige of the Contractor, PMC Consultant, Investor and related parties.
