BSR Appoints New Chief Accountant, Renames Company as Q1 Profit Surges 20x

Overview

BSR, the operator of Vietnam’s first oil refinery Dung Quat, announced a change in chief accountant and a corporate name change. Do Duc Hung, previously chief accountant at PVTrans, was appointed to the role for a five-year term effective May 8, 2026. The company also renamed itself to Petrovietnam Refining and Petrochemical Corporation. The moves come as BSR reported a record quarterly net profit of 8,265 billion VND in Q1 2026, more than 20 times the same period last year, driven by surging crude oil prices.

Key Facts

• BSR appointed Do Duc Hung as chief accountant for a 5-year term, effective May 8, 2026.
• Do Duc Hung previously served as chief accountant of PVTrans (Petrovietnam Transportation Corporation).
• Bach Duc Long was dismissed as chief accountant effective May 8, 2026, and is no longer an insider.
• BSR changed its name to Petrovietnam Refining and Petrochemical Corporation (Vietnamese: Công ty cổ phần - Tổng Công ty Lọc hóa dầu Việt Nam) from May 10, 2026.
• Q1 2026 net profit reached 8,265 billion VND, up over 20x year-on-year, exceeding the full-year target of 2,162 billion VND.
• Q1 2026 revenue was 45,900 billion VND, up 44% YoY, with diesel contributing nearly half (21,180 billion VND).
• Crude oil prices rose from ~67 USD/barrel in January 2026 to nearly 104 USD/barrel in March 2026, versus a decline from 79 to 72.6 USD/barrel in Q1 2025.

What Happened

On May 8, 2026, BSR announced the dismissal of Bach Duc Long as chief accountant and the appointment of Do Duc Hung, formerly chief accountant of PVTrans, to the same position for a five-year term. The board resolution also approved a corporate name change from Binh Son Refining and Petrochemical Company to Petrovietnam Refining and Petrochemical Corporation, effective May 10, 2026. The new name was registered with the Quang Ngai Department of Finance.

BSR also released its Q1 2026 financial results, reporting net profit of 8,265 billion VND, more than 20 times the Q1 2025 figure of approximately 400 billion VND. Revenue rose 44% to 45,900 billion VND. Management attributed the profit surge to a sharp increase in crude oil prices during the quarter, which rose from around 67 USD/barrel in January to nearly 104 USD/barrel in March, compared to a declining trend in the same period last year.

Market Context

BSR shares closed at 26,000 VND on April 15, 2026, down 0.38% with volume of 11 million shares. The stock has been volatile amid fluctuating oil prices and refinery margins. BSR is listed on HOSE and is the sole operator of the Dung Quat refinery, which meets about 30% of domestic fuel demand. The Q1 profit surge, far exceeding the full-year plan, highlights the company’s sensitivity to crude oil price movements and refining margins.

Strategic Significance

The leadership change and corporate rebranding signal a strategic shift as BSR positions itself as a broader petrochemical entity under the Petrovietnam umbrella. The appointment of a chief accountant from PVTrans, a key logistics affiliate, may indicate tighter integration within the group. The name change to Petrovietnam Refining and Petrochemical Corporation aligns with the company’s ambition to expand beyond refining into higher-value petrochemical products. The exceptional Q1 earnings demonstrate the leverage to oil prices, but also underscore the cyclicality of the business.

What to Watch

• Q2 2026 earnings release to see if profit momentum sustains amid potential crude price volatility.
• Any further management changes or strategic announcements from the new leadership.
• Progress on the planned upgrade and expansion of Dung Quat refinery to increase petrochemical output.
• Crude oil price trends and their impact on refining margins for the remainder of 2026.
• Foreign ownership limits and any changes in shareholder structure following the rebranding.