On December 16, 2025, BSR solemnly held the Conference to review Party affairs and production and business activities in 2025, and to deploy tasks for 2026. The Conference was honored to welcome and receive important directives from leaders of Quang Ngai Province and Petrovietnam. With strong internal capabilities and a modern, synchronized system of solutions, BSR demonstrated its determination to complete and exceed all production and business targets in 2026.

A Comprehensive Production and Business Year with Breakthrough Imprints

Reporting at the Conference, Comrade Bui Ngoc Duong – Chairman of the Board of Directors of BSR – presented the Report on the 2025 performance and orientations and tasks for 2026 of the Party Committee of BSR. Accordingly, in 2025, the BSR Party Committee proactively adhered to the leadership and direction of the Group’s Party Committee, exercised flexible management, and strongly promoted solidarity and creativity, thereby comprehensively exceeding all assigned targets.

The leadership and direction of the BSR Party Committee were implemented in a synchronized and comprehensive manner, with the application of many modern governance tools from the very beginning of the year. The Party Committee thoroughly grasped and strictly implemented resolutions of higher-level authorities, renewed leadership methods towards streamlining and efficiency, closely linked with digital transformation and the principle of “six clarities”: clear people, clear tasks, clear responsibilities, clear authority, clear timelines, and clear deliverables, together with the spirit of “say less, think more, do more, act fast, achieve high efficiency.” The 7th BSR Party Congress for the 2025–2030 term was successfully held, creating a solid political foundation for a new development stage. Party building work continued to be comprehensively strengthened across political, ideological, organizational, personnel, inspection, supervision and mass mobilization aspects; the quality of Party cell activities was improved; Party member development exceeded targets; and the cadre contingent was gradually standardized, rejuvenated and ensured a balanced gender structure.

In leading the implementation of political tasks and production and business activities, BSR continued to affirm its position as a core enterprise of Petrovietnam and an economic locomotive of Quang Ngai Province. In 2025, the Company completed and is expected to exceed all production and business targets. BSR continuously improved institutions and governance capacity; optimized finance and investment; developed high-quality human resources; promoted science and technology, innovation and digital transformation, gradually moving towards a smart refinery model. Market expansion and international cooperation were effectively implemented; social security activities and employee welfare were ensured; national defense, security and absolute plant safety were firmly maintained.

Alongside outstanding achievements, the BSR Party Committee also candidly acknowledged certain limitations, such as dependence on oil price fluctuations, a product structure still biased toward traditional products, and high pressure in operations and investment. From practice, the Party Committee drew many important lessons, particularly the role of comprehensive Party leadership, the capability to manage volatility, the renewal of leadership methods associated with digital transformation, and the promotion of corporate cultural values.

Entering 2026, the BSR Party Committee set the goal of building a comprehensively strong Party organization, maintaining its role as the political nucleus with the motto “Innovative Thinking – Creative Action – Sustainable Efficiency”; completing and approving the BSR Development Strategy to 2030, with a vision to 2050. Key focuses include implementing M&A plans to enhance competitiveness and reduce dependence on oil price fluctuations; developing new products, expanding international business, integrating the oil and gas – energy value chain, and forming a global business ecosystem. At the same time, BSR will accelerate science and technology, innovation and digital transformation; build a smart refinery model; optimize operations; enhance customer experience and spread digital culture. The Company will concentrate resources to implement the Dung Quat Refinery Upgrade and Expansion Project on schedule, ensuring quality and investment efficiency, and strive to achieve at least double-digit revenue growth compared to 2025.

Reporting on production and business results in 2025 and the plan for 2026, Comrade Nguyen Viet Thang –President & CEO of BSR – stated that the Company operated the Dung Quat Refinery safely and stably at an average equivalent capacity of 120%, thereby increasing revenue and profits. BSR also effectively seized the “window of opportunity” when crude oil prices declined while product prices did not decrease correspondingly, and at times even moved in the opposite direction, contributing to profit optimization. Notably, the Company proactively managed production and sales in close alignment with production and business scenarios built and updated in line with oil price and crack spread movements, thereby flexibly adjusting capacity and boosting sales when market conditions were favorable.

In 2025, BSR was honored by Petrovietnam as a unit that comprehensively fulfilled its governance plan, and ranked among the Top 7 largest listed brands according to Forbes Vietnam. The Company achieved an output of 7,907,293 tons (108% of the governance plan); revenue of VND 142,298 billion (102% of the governance plan); pre-tax profit of VND 4,541 billion (exceeding 262% of the governance plan); and state budget contributions of VND 14,250 billion (110% of the governance plan), accounting for approximately 64.1% of Quang Ngai Province’s total domestic revenue, making it the only entity contributing over VND 1,000 billion and helping Quang Ngai become one of six provinces achieving double-digit growth in 2025.

To proactively overcome challenges in 2026, the President & CEO stated that the Company will implement two key groups of solutions. The traditional solutions focus on managing volatility; ensuring the refinery operates safely, stably and continuously at high capacity; optimizing costs and product structure; restoring operations of the Dung Quat Biofuel Plant to increase E100 supply for blending E5 and E10 gasoline; optimizing cash flow to increase revenue and financial income; expanding the provision of external services and developing business and service activities from subsidiaries.

With breakthrough solutions, BSR targets raising the refinery’s average equivalent capacity to 123%–125% of design capacity, thereby potentially increasing revenue by VND 6,472 billion to VND 8,763 billion under different oil price scenarios. At the same time, the Company will promote innovation and develop production and business of new products, targeting revenue of around VND 57 trillion; accelerate international sales and trading, expected to add VND 8,197 billion. In addition, BSR will study options to increase off-site production volumes (processing, trading, mergers and acquisitions) and develop external service provision, aiming to contribute an additional VND 500–3,000 billion in 2026.

A Core Enterprise of Petrovietnam and an Economic Locomotive of Quang Ngai Province

On behalf of the leadership of Quang Ngai Province, Chairman Nguyen Hoang Giang acknowledged and highly appreciated BSR’s significant contributions to socio-economic development and the local budget over the past year. Entering 2026, amid forecasts of continued difficulties - especially with oil prices expected to remain low while the Dung Quat Refinery is already operating at very high capacity - the provincial leadership requested BSR to further intensify innovation to maintain and enhance production and business efficiency. Accordingly, Quang Ngai Province proposed that BSR focus on ensuring safe and stable refinery operations; promoting innovation, digital transformation and governance optimization; developing new and green, environmentally friendly products; expanding markets and boosting international business; and strengthening coordination with local authorities in investment projects, social security activities and human resource training.

“From the perspective of Quang Ngai Province, we are committed to continuing to accompany, support and create the most favorable conditions within our authority for BSR to promote production, expand investment and achieve sustainable development. The stable and effective development of BSR is the shared interest of the province, an important driver for GRDP growth, industrial development and stabilization of local budget revenues,” emphasized the Chairman of the Quang Ngai Provincial People’s Committee.

In his directive remarks at the Conference, Comrade Le Manh Hung – Chairman of the Members’ Council of the Vietnam National Industry – Energy Group – emphasized BSR’s pioneering role in ensuring national energy security and national defense and security, and required the Company to continue innovating its business model, enhancing competitiveness, and striving toward double-digit growth in the coming period. Petrovietnam’s leadership acknowledged that BSR has gradually consolidated a more sustainable business model, based on two new drivers: research and development of new products and international business, worthy of being a leading unit of Petrovietnam – a national enterprise serving national interests.

Comrade Le Manh Hung also directed BSR to focus on several key tasks, emphasizing the need to build and update a data-driven enterprise development model, with a focus on business, governance and organizational models; modernize talent management with sufficiently strong incentive mechanisms; accelerate scientific research, technology development and digital transformation to achieve growth of over 10% in subsequent years; and promote corporate restructuring, investment and M&A activities.

On this occasion, leaders of Quang Ngai Province and Petrovietnam witnessed the launching ceremony of BSR’s 2026 emulation movement, continuing to uphold the tradition of “those who seek fire,” with the determination to successfully fulfill assigned tasks and plans in 2026 and the years to come.

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