For the third consecutive year (2023, 2024, and 2025), BSR has been assigned a long-term default rating of BB+ with a “Stable Outlook” by Fitch Ratings. This consistent three-year BB+ rating underscores BSR‘s strong position and credibility in the international financial market. It also highlights the company’s vital role in ensuring national energy security, defense, and its significant contributions to local socio-economic development.
According to the report, Fitch Ratings commends BSR‘s strategic role in safeguarding national energy security. The company boasts a robust financial profile, high liquidity, and substantial strategic support from Petrovietnam.
 For the third consecutive year (2023, 2024, and 2025), BSR has been assigned a long-term default rating of BB+ with a Stable Outlook by Fitch Ratings.
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In 2024, the Dung Quat Oil Refinery maintained continuous safe operations, achieving an output of 6.6 million tons, revenue exceeding 123 trillion VND, and contributing over 13 trillion VND to the state budget. In early 2025, BSR‘s shares were officially listed on the HOSE stock exchange. In the first nine months of 2025 alone, BSR produced over 5 million tons, generated revenue of more than 105 trillion VND, contributed approximately 10.7 trillion VND to the state budget, and surpassed its profit targets.
BSR has maximized refinery capacity through optimized solutions focused on key production units, maintaining operations at peak efficiency. Notably, the Crude Distillation Unit (CDU) increased from 114% to 118%; the RFCC unit operated at a near-maximum 110%; and the Jet-A1 aviation fuel production unit (KTU) reached 140% to capitalize on higher Jet-A1 prices.
Additionally, BSR enhanced product and byproduct value by simultaneously operating two SRU units to optimize sulfur recovery and produce granulated sulfur. The company expanded production of BOPP plastic pellets, new solvents (White Spirit, MHO), and blended 100% mixed C4 into gasoline. BSR also successfully developed green and sustainable products, including Sustainable Aviation Fuel (SAF), Sustainable Marine Fuel (S-MFO), and E10 RON95 gasoline. These achievements solidify Fitch Ratings’ assessment of BSR‘s strong financial foundation, efficient operations, and sustainable growth prospects.
The international credit rating agency also acknowledges that BSR meets nearly 35% of domestic energy demand and ensures 100% of specialized fuel requirements for national defense and security. Products from the Dung Quat Oil Refinery, such as gasoline, oil, liquefied gas, defense-grade fuels, sustainable fuels, green fuels, and plastic pellets, have become the “energy lifeline” powering the nation, stabilizing the economy, and strengthening national security.
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– 15:18 06/10/2025
Unprecedented: Vietnam’s $3.5 Billion Petrochemical Giant Unveils AI-Powered 3D CEO, Directly Engaging Customers
This digital edition vividly showcases BSR’s achievements, strategic initiatives, and forward-looking vision.
Proposed Special Mechanism for Vietnam’s First Oil Refinery Upgrade Project
The expansion and upgrade project of the Dung Quat Oil Refinery, undertaken by Binh Son Refining and Petrochemical Company (BSR), is facing challenges that threaten to delay its overall progress.
Bình Sơn Refinery Giant Eyes Rebranding to ‘Vietnam Petroleum and Petrochemical Corporation’ with $2.1B Capital Hike
According to the proposal, adopting the term “Corporation” will accurately reflect the company’s scale, enhance brand recognition, and facilitate international partnerships and capital market access.
Refinery Binh Son Seeks Name Change and Capital Increase Beyond 50 Trillion Dong
The Binh Son Petroleum and Refinery Joint Stock Company (HOSE: BSR) has unveiled plans to seek shareholder approval for a name change and a significant capital increase.
BSR Gears Up for a Massive Capital Increase: 1.9 Billion New Shares to Boost Charter Capital to Over VND 50,000 Billion, Offering a Glimpse into PVN’s Divestment Plans.
Supplementary funding has been secured for the expansion and upgrade of the Dung Quat Oil Refinery.
