Outlook for Vietnam's fuel giants BSR, Petrolimex, PVOIL after strong Q3

Stable oil prices helped Vietnam’s major oil refining and fuel trading firms - Binh Son Refining and Petrochemical (BSR), Petrolimex, and PVOIL - post strong profits in Q3. However, falling and volatile crude prices could weigh on their Q4 results.

In the same period last year, the refining and fuel trading sector hit a low point as fears of an economic downturn and weak demand from China dragged oil prices down and narrowed crack spreads. As a result, key players such as BSR, Petrolimex and PVOIL reported sharp losses or plunging profits.

Crude prices also declined in Q3 year-on-year but with much lower volatility. According to BSR, crude prices fell from $70.99 per barrel in July to $68.02 in September - a swing of about $3 per barrel, while in the same period last year, prices dropped from $85.31 to $74.33 per barrel, a much wider range of $11. This relative stability helped improve profit margins across the refining and fuel distribution sector.

Data compiled by The Investor showed that leading companies including BSR, Petrolimex and PVOIL all recorded strong year-on-year growth in Q3.

BSR returns to profit

Binh Son Refining and Petrochemical JSC (BSR) reported Q3 revenue of VND35.29 trillion ($1.34 billion), up 10.6% year-on-year. Its cost of goods sold rose just 2.3%, helping it swing from a gross loss of nearly VND1.5 trillion to a gross profit of over VND1 trillion ($38.33 million).

Net profit reached VND909 billion ($34.56 million), compared with a loss of VND1.21 trillion in the same period last year.

For the first nine months, BSR’s revenue rose 19.4% to VND103.96 trillion ($3.95 billion), while net profit surged 3.2 times to VND2.16 trillion ($81.95 million).

The company said higher crack spreads and a 13.3% increase in fuel sales - to 1.95 million tons in the quarter - supported results. Cumulative output from the Dung Quat refinery exceeded 5 million tons in the first nine months.

Petrolimex profit jumps more than fivefold

Petrolimex (HOSE: PLX), which holds about half of Vietnam’s retail fuel market, reported a 30% rise in Q3 revenue to VND83.63 trillion ($3.18 billion). Its gross margin remained at 5.3%, lifting gross profit by 31% to VND4.5 trillion ($171.1 million).

Despite higher financial, selling and administrative expenses, the company’s net profit jumped 5.4 times year-on-year to VND706 billion ($26.85 million).

Petrolimex said fuel sales volumes rose 12% in the quarter, while relatively stable global oil prices supported profitability.

Revenue for the first nine months increased 7% to VND228.03 trillion ($8.67 billion), but net profit slipped 8% to VND2.34 trillion ($89 million) as falling oil prices earlier in the year eroded margins.

PVOIL earnings improve

Vietnam Oil Corporation (PVOIL, UPCoM: OIL), the country’s second-largest fuel distributor, reported a 5.4% rise in Q3 revenue to VND32.78 trillion ($1.25 billion), while net profit surged 3.8 times to VND139 billion ($5.29 billion).

For the first nine months, revenue grew 10% to VND105.47 trillion ($4.01 billion), but profit edged down to VND371 billion ($14.11 million) from VND382 billion a year earlier.

PVOIL said stable fuel prices helped boost Q3 performance, as domestic retail prices fluctuated only 4-5%, due to state management, compared with a 15-18% drop in the same period last year.

Oil prices turn volatile in Q4

After holding steady in Q3, oil prices have shown greater volatility in the final months of the year. According to Trading Economics, crude prices fell sharply from $68 per barrel at the end of September to $60 in mid-October due to escalating U.S.-China trade tensions, before rebounding to around $64.

Petrolimex CEO Luu Van Tuyen said the global oil market is expected to remain unpredictable and risky, with oversupply likely to keep prices under pressure in the final months of 2025 - potentially weighing on business results.

PVOIL general director Nguyen Dang Trinh said that despite a strong Q3, the overall fuel market remained challenging over the nine-month period, with crude prices down 14% year-on-year and domestic fuel demand hurt by natural disasters, flooding, and the growth of electric vehicles.

PVOIL Singapore posted strong growth, helping offset weaker domestic sales, but Trinh warned that the company faces a difficult Q4 amid unfavorable market conditions.

Push for green energy and overseas markets

Amid uncertain oil market trends, the three companies are stepping up investments in green energy, biofuels, and overseas expansion.

BSR is expanding the Dung Quat refinery and restarting its central biofuel plant in the central region to boost production of E5/E10 gasoline. The company is also signing long-term export contracts and MoUs with partners in Southeast Asia, targeting markets such as Laos, Cambodia, Myanmar, Indonesia, and parts of East Asia.

BSR said expanding exports will help diversify revenue streams, reduce reliance on the domestic market, and enhance competitiveness in a volatile global energy environment.

PVOIL, meanwhile, is expanding its retail network with nearly 100 new filling stations expected by year-end. The company is preparing to produce and pilot nationwide distribution of E10 RON95 biofuel, while developing non-fuel services and EV charging stations at its outlets.