Vietnam Oil Inventory Hits Record Highs Amid Middle East Conflict: BSR, PLX, OIL

Overview

Inventory values of Binh Son Refinery (BSR), Petrolimex (PLX), and PV Oil (OIL) hit record highs in Q1 2026, driven by the Middle East conflict that disrupted global oil supply chains and pushed import costs sharply higher. Petrolimex disclosed a 6.5 trillion VND provision for inventory price declines, while BSR’s inventory surged to 21.5 trillion VND. The development underscores the operational and financial strain on Vietnam’s energy sector amid geopolitical turmoil.

Key Facts

• BSR’s inventory reached a record 21.5 trillion VND as of March 31, 2026, up nearly 9 trillion VND from the start of the year.
• Petrolimex (PLX) reported inventory of nearly 30 trillion VND (including provisions), up nearly 16 trillion VND from the start of the year, a historic high.
• PV Oil (OIL) inventory stood at 11 trillion VND, four times the level at the beginning of 2026.
• Petrolimex set aside 6.5 trillion VND for inventory price provisions, as disclosed at its annual general meeting on April 24, 2026.
• Vietnam’s import value of gasoline, oil, and LPG surged to over 2.2 billion USD in March 2026, up nearly 50% year-on-year, despite flat volume.
• Import surcharges reached 30-37 USD per barrel, an unprecedented level, according to Petrolimex CEO Luu Van Tuyen.
• BSR’s goods in transit inventory jumped from 3.8 trillion VND at the start of the year to 9.1 trillion VND, representing over 40% of total inventory.

What Happened

According to the company filings and statements from Petrolimex’s annual general meeting on April 24, 2026, the Middle East conflict that erupted in late February 2026 disrupted global oil supply chains, prompting countries to stockpile fuel and driving import costs to record levels. Vietnam’s import value of petroleum products surged nearly 50% in March 2026 compared to the same period in 2025, even as volumes remained flat.

Petrolimex CEO Luu Van Tuyen explained that the company had to maintain high inventory levels and continuously import even at peak prices to ensure national energy security. This led to a 6.5 trillion VND provision for inventory price declines. BSR activated emergency protocols and is monitoring multiple scenarios ranging from weeks to six months. The sharp increase in goods in transit—over 40% of BSR’s inventory—reflects the global crude supply chain disruption.

Market Context

BSR (HOSE), PLX (HOSE), and OIL (UPCOM) all saw their inventory values hit record highs in Q1 2026. As of April 15, 2026, BSR closed at 26, down 0.38%; PLX at 40, down 0.50%; and OIL at 15, up 0.68%. The sector has been under pressure from rising input costs and the need to maintain strategic reserves. The record inventory levels and provisions signal potential margin compression in the near term, though the companies are prioritizing supply security over cost optimization.

Strategic Significance

The inventory build-up highlights the tension between national energy security and corporate profitability. Petrolimex’s large provision suggests management expects a decline in global oil prices, which would crystallize losses on high-cost inventory. For BSR, the high proportion of goods in transit indicates vulnerability to further supply chain disruptions. The situation underscores the structural risk for Vietnamese oil firms that must import crude and refined products in a volatile geopolitical environment. Long-term, the episode may accelerate policy discussions on strategic petroleum reserves and pricing mechanisms.

What to Watch

• Q2 2026 earnings reports from BSR, PLX, and OIL, expected in July-August 2026, for actual impact of inventory provisions on net income.
• Global oil price trends and Middle East ceasefire developments that could reduce import costs.
• Government policy adjustments on fuel pricing or strategic reserve requirements.
• Changes in inventory levels and goods in transit in subsequent quarterly filings.
• Petrolimex’s ability to pass through higher import costs to retail prices amid regulatory constraints.