OIL

BSR reported H1 2026 net profit of VND 12,636B (+570% YoY) on revenue of VND 100,922B (+47%), already exceeding its full-year profit target by 5.8x. The oil & gas sector rally on July 14 was driven by escalating US-Iran tensions and strong earnings from BSR, GAS, and OIL, with PVD hitting the ceiling price.

PLX and OIL are the dominant blenders under Vietnam's E10 mandate, with combined licensed capacity of 775,000 m3/month, covering 89% of domestic gasoline supply. The regulation, now cleared by the Ministry of Justice, creates structural demand for ethanol and reinforces the market position of these two state-linked distributors.

FPT attracted net foreign buying of VND 567 billion on June 3, the largest inflow on HOSE, as foreign investors net sold VND 600 billion market-wide. The buying supported FPT's share price, which rose 2.27% to VND 76,500, contrasting with selling pressure on ACB, VHM, and VIC.

PLX and OIL face a regulatory shift as Vietnam mandates E10 gasoline nationwide from June 1, 2026, replacing all unleaded gasoline with ethanol-blended fuel. Both state-owned distributors have completed retail system conversions, with E5 RON92 retained until end-2030. The move aims to reduce emissions and align with global biofuel trends, potentially boosting ethanol demand but requiring operational adjustments.

Foreign investors net sold VND 2,094 billion (USD 83.8 million) on May 25, with MSB alone accounting for over VND 1,500 billion in net selling. The selling pressure was broad-based, affecting HPG, ACB, FPT, and KDH, while net buying was concentrated in MSN, HDB, VIC, VCB, and VHM.