Operator of Vietnam’s first oil refinery sees Q1 profit fall 31%
Binh Son Refining and Petrochemical JSC (BSR), the operator of the first oil refinery in Vietnam – Dung Quat, reported an after tax profit of nearly VND1.12 trillion ($44 million) in the first quarter of 2024, down 31% year-on-year.
In its freshly released Q1/2024 consolidated financial statement, the firm, listed on the Ho Chi Minh Stock Exchange as BSR, said it recorded net revenue of VND30.7 trillion ($1.21 billion), down 10%.

The Dung Quat oil refinery in Quang Ngai province, central Vietnam. Photo courtesy of Petrovietnam.
Explaining the Q1 business results, BSR said the Dung Quat oil refinery temporarily stopped production for the fifth general maintenance from March 15 to May 1.
In addition, although crude oil prices in Q1/2024 rose year-on-year, the crack spread (the difference between the purchase price of crude oil and the sale price of finished products) was lower than the same period last year.
As of March 31, 2024, BSR's total assets stood at nearly VND75 trillion ($2.95 billion), down more than 13% compared to the beginning of the year. Of which, short-term assets dropped 16% to nearly VND56.71 trillion, mainly due to a 47% decrease in inventory to VND8.21 trillion ($322.64 million), while short-term receivables plunged 46% to VND8.1 trillion.
BSR's total liabilities were VND16.95 trillion ($666.5 million), down 42% from the beginning of the year. Of which, loans and financial leases were VND8.96 trillion, down VND2 trillion, and short-term payable expenses hit VND2 trillion, an increase of VND1.42 trillion.
BSR is aiming for total consolidated revenue of VND95.3 trillion ($3.68 billion), pre-tax profit of VND1.29 trillion ($50.72 million), and after-tax profit of VND1.15 trillion this year.
The company also plans to pay nearly VND10.6 trillion ($416.8 million) to the state budget.
Securities broker Mirae Asset Vietnam estimated that BSR's revenue in 2024 will decrease by about 11% to VND131.2 trillion ($5.16 billion), assuming the average Brent oil price is $87 per barrel (up 6% from 2023). Its after-tax profit is estimated at VND8.25 trillion ($324.4 million).
According to the broker, as BSR is currently in a short-term uptrend, investors can consider a short-term trading strategy, buying BSR shares in the price range of VND19,700-20,000 ($0.79) apiece and taking profit at VND22,000. In the long term, the BSR price is expected to reach VND24,100.
Another broker, Phu Hung Securities, said that BSR's 2024 business results will decrease significantly compared to 2023 because the refinery was under major maintenance for about 50 days. Its net revenue and after-tax profit are expected to reach VND124.8 trillion ($4.9 billion) and VND5.11 trillion ($200.9 million), down 15.3% and 40% year-on-year, respectively.
Closing Wednesday, BSR stood at VND19,300 ($0.76) per share.
- Read More
VSIP starts work on industrial park project in northern Vietnam province Thai Binh
Construction of the Vietnam-Singapore Industrial Park (VSIP) Thai Binh commenced on Wednesday in northern Vietnam, with the witness of Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong.
Industrial real estate - Wed, March 26, 2025 | 10:41 pm GMT+7
Vingroup starts building mega urban project in Vietnam's Mekong Delta
Vietnam’s leading private conglomerate Vingroup on Wednesday embarked on construction of the VND28 trillion ($1.1 billion) Vinhomes Green City, the first mixed-use urban development in its ecosystem in the Mekong Delta province of Long An.
Real Estate - Wed, March 26, 2025 | 10:11 pm GMT+7
Indonesia, China cooperate in digital technology
Indonesia and China are expanding cooperation in the field of AI to promote digital transformation, especially in the fields of agriculture and smart cities.
Southeast Asia - Wed, March 26, 2025 | 10:01 pm GMT+7
Indonesia decides to join BRICS New Development Bank
Indonesian President Prabowo Subianto has announced the Government's decision to become a member of the New Development Bank (NDB), a multilateral development bank established by the five founding member states of the BRICS group.
Southeast Asia - Wed, March 26, 2025 | 9:57 pm GMT+7
Major Vietnamese broker SHS to double charter capital
Saigon-Hanoi Securities Corporation (SHS) plans to issue 894 million shares to increase its charter capital from VND8.13 trillion to VND17.07 trillion ($667.6 million), making it one of the top three securities firms in term of charter capital.
Companies - Wed, March 26, 2025 | 8:30 pm GMT+7
Elon Musk company okayed to pilot Starlink satellite internet service in Vietnam
Vietnam has allowed the U.S.'s SpaceX to pilot Starlink low-orbit satellite internet service in the country on a pilot basis until January 1, 2031.
Industries - Wed, March 26, 2025 | 5:18 pm GMT+7
Danish toymaker Lego to open $1.3 bln Vietnam plant next month
Denmark's Lego will officially open its factory in VSIP III Industrial Park in Vietnam's southern province of Binh Duong on April 9.
Industries - Wed, March 26, 2025 | 4:18 pm GMT+7
Top Singaporean firms earn high incomes in Vietnam
Singapore is the second-biggest foreign investor in Vietnam, with over $84 billion in registered investment capital as of end-January and many prominent investors raking in high incomes.
Companies - Wed, March 26, 2025 | 3:45 pm GMT+7
Vietnam, Singapore ink significant deals in Hanoi
Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong on Wednesday witnessed the signing of many cooperation deals between agencies and enterprises of the two countries.
Economy - Wed, March 26, 2025 | 2:51 pm GMT+7
Vietnam's major policies are reshaping economic development
Major policies are reshaping Vietnam's approach to economic development, which focuses on science, technology, and private enterprises, said a leader at the Vietnam Chamber of Commerce and Industry (VCCI).
Economy - Wed, March 26, 2025 | 12:11 pm GMT+7
PM okays over $10 bln urban area project in central Vietnam
The over VND260.3 trillion ($10.16 billion) Cam Lam New Urban Area project in the south-central province of Khanh Hoa has received in-principle approval from Prime Minister Pham Minh Chinh.
Real Estate - Wed, March 26, 2025 | 8:58 am GMT+7
S Korea's KIM Fund raises stake in Vietnam's marine transportation firm VIPCO
South Korea’s KIM Fund has increased its stake in Hai Phong city-based Vietnam Petroleum Transport JSC (VIPCO, HoSE: VIP) to 2.73%, making it the latter’s second-largest shareholder.
Companies - Wed, March 26, 2025 | 8:30 am GMT+7
Vietnam, Singapore seek cooperation chances in semiconductor industry
The Vietnam Trade Office in Singapore, in collaboration with the Singapore Semiconductor Industry Association (SSIA), organized a hybrid seminar on Monday to introduce Vietnam's potential, advantages, and development strategies for the semiconductor industry.
Southeast Asia - Tue, March 25, 2025 | 10:55 pm GMT+7
OV intellectuals in UK suggest blueprint for Vietnam’s int’l financial hub ambition
Vietnam can rise as a major international financial centre, both regionally and globally, with a strategic vision that highlights transparency, a skilled workforce, modern infrastructure, robust financial markets, and strong international branding, the Vietnam Intellectual Society in the UK and Ireland (VIS) told visiting Vietnamese Permanent Deputy Prime Minister Nguyen Hoa Binh in a recent meeting.
Southeast Asia - Tue, March 25, 2025 | 10:55 pm GMT+7
Vietnam Deputy PM discusses financial center development with ECB
Vietnam's Standing Deputy Prime Minister Nguyen Hoa Binh on Monday met with representatives of the European Central Bank (ECB) to discuss plans for the establishment of financial centers in Vietnam, as part of his working visit to Germany – the final stop in his European tour.
Southeast Asia - Tue, March 25, 2025 | 10:52 pm GMT+7
Indonesia keeps commitment on energy transition
Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto on Monday affirmed that the U.S. decision to pull out of the Just Energy Transition Partnership (JETP) will not impact the other partners' commitment to it.
Southeast Asia - Tue, March 25, 2025 | 10:35 pm GMT+7