This marks the third consecutive year (2023, 2024 and 2025) that BSR has maintained a BB+ long-term issuer default rating, affirming the Company’s strong reputation and solid position in the international financial market, as well as its strategic role in ensuring national energy security.

According to the report, Fitch Ratings highly regards BSR's strategic role in safeguarding national energy security. The company possesses a strong financial profile, high liquidity, and benefits from strategic support from Petrovietnam.

In 2024, the Dung Quat Oil Refinery operated continuously and safely, achieving a production output of 6.6 million tons, revenue of over VND 123 trillion, and contributing more than VND 13 trillion to the state budget. Early in 2025, BSR shares were officially listed on the HOSE stock exchange. In just the first nine months of 2025, BSR's production output exceeded 5 million tons, revenue surpassed VND 105 trillion, contributions to the state budget reached approximately VND 10.7 trillion, and profits exceeded the set targets.

BSR has fully leveraged optimal solutions to maximize refinery capacity by focusing on key production units and maintaining operations at the highest viable capacity, delivering significant efficiency. For example, the crude distillation unit (CDU) capacity increased from 114% to 118%; the RFCC unit operated at a marginal rate of 110%; and the Jet-A1 aviation fuel unit (KTU) ramped up to 140%, capitalizing on the high market price of Jet-A1 aviation fuel.

Moreover, BSR has focused on increasing the value of its products and by-products by simultaneously operating two SRU units to optimize sulfur recovery and successfully produce granular sulfur. The company has also expanded production of BOPP plastic resins, new solvents (White Spirit, MHO), and blended 100% mixed C4 into gasoline. Additionally, BSR has researched and successfully developed green and sustainable fuels, including Sustainable Aviation Fuel (SAF), Sustainable Marine Fuel Oil (S-MFO), and E10 RON95 gasoline. These remarkable achievements have solidified Fitch Ratings’ assessment of BSR as having a robust financial foundation, efficient operational capabilities, and sustainable growth prospects.

Fitch also highlighted BSR’s critical role in meeting about 35% of Vietnam’s domestic energy demand and supplying 100% of special-purpose fuels for defense and security, affirming its position as a vital “energy lifeline” contributing to economic stability and national energy security.

BSR