BSR Guides 2026 Revenue to VND 224 Trillion, Up 56% Year-on-Year

Overview

Binh Son Refining and Petrochemical (BSR), listed on HOSE, disclosed preliminary 2026 consolidated revenue guidance of approximately VND 223,991 billion, equivalent to 117% of its annual plan and a 56% increase over 2025. The figures were presented at an annual supervisory working session with parent Petrovietnam on 2 November, making BSR the first large Vietnamese listed company to preview full-year 2026 revenue.

Key Facts

• 2026 consolidated revenue guided at VND 223,991 billion, or 117% of plan and +56% versus 2025.
• Dung Quat refinery averaged about 123% of design capacity in the first nine months of 2026.
• Full-year production and consumption volumes are expected to exceed plan by 8-12%.
• Core products are forecast to contribute VND 177,466 billion, or 79.2% of revenue; new products and M&A about VND 40,732 billion, or 18.2%.
• International trading is projected at VND 3,224 billion, 45% above plan.
• Total assets reached an estimated VND 118,051 billion at 30 September 2026, up VND 33,047 billion since the start of the year; equity stood at about VND 81,447 billion.
• Charter capital was raised to VND 50,073 billion, and the Dung Quat upgrade EPC contract was signed on 9 July 2026 with 86.6% of site clearance completed.

What Happened

At the 2 November session with Petrovietnam’s Board of Members supervisory delegation, BSR management reported that the Dung Quat refinery sustained average utilisation of roughly 123% of design capacity across 9M2026. Full-year output and sales are expected to beat plan by 8-12%. The company also said it can now process 40 crude grades, and that self-consumed energy and losses at the refinery fell to 7.2%, the lowest level since commercial operations began.

On the balance sheet, BSR estimated total assets at VND 118,051 billion as of 30 September 2026, an increase of VND 33,047 billion from the start of the year, with equity of about VND 81,447 billion. The company completed a charter capital increase to VND 50,073 billion. For the Dung Quat upgrade and expansion, the EPC contract was signed on 9 July 2026, site clearance is 86.6% complete, and detailed design and procurement are underway. BSR plans to execute 116 tie-in points during the sixth major turnaround, scheduled for 2027.

Market Context

BSR closed at VND 26,300 on 3 November 2026 on HOSE. The stock sits in the Energy sector, specifically Oil & Gas Refining, where earnings are driven by the crack spread between crude input costs and refined product prices, alongside throughput and utilisation. A 123% utilisation rate implies BSR is capturing margin on incremental barrels beyond nameplate capacity, which supports the revenue beat. The guidance lands amid a broader Vietnamese market in which large-cap energy and industrial names are being assessed on 2026 earnings visibility rather than trailing results.

Strategic Significance

For long-term holders, the guidance reframes BSR from a single-asset refiner into a platform with three growth vectors: above-design utilisation at Dung Quat, a new-products and M&A line already at 18.2% of revenue, and an international trading arm beating plan by 45%. The 2026-2030 roadmap adds sustainable aviation fuel, E10 biofuel, green hydrogen and higher-value petrochemicals, which would diversify revenue away from transport fuels exposed to Vietnam’s long-term electrification trend. The Dung Quat expansion, with EPC signed and site works advancing, is the key capacity lever beyond 2027, though it coincides with the sixth turnaround that will temporarily reduce throughput.

What to Watch

• Formal 2026 annual general meeting resolution and audited 2025 results confirming the base for the 56% growth figure.
• Monthly Petrovietnam and BSR disclosures on Dung Quat utilisation and crack spreads through Q4 2026.
• Progress milestones on the Dung Quat upgrade EPC, including detailed design completion and procurement awards.
• Scheduling details for the sixth turnaround in 2027 and the 116 planned tie-in points.
• Any filing on the use of proceeds or earnings contribution from the M&A and new-products segment.