Photo: NSRP

Against geopolitical uncertainty and global energy supply volatility, what are NSRP’s initiatives to guarantee its crude oil supply and maintain uninterrupted operations?

Ensuring crude oil supply security remains one of NSRP’s top priorities. Despite ongoing geopolitical uncertainties in the Middle East and volatility in the global oil market, the refinery has continued to operate safely, stably, and without interruption.

In fact, NSRP began implementing its crude oil diversification strategy as early as late 2025 to enhance feedstock flexibility and strengthen operational resilience. A significant milestone was achieved in January 2026, when the company successfully processed its first non-Kuwaiti crude oil cargo, Das Blend, comprising approximately one million barrels.

The cargo arrived at NSRP’s port in late December 2025 and was received and processed safely in full compliance with the refinery’s stringent operational standards. This achievement not only demonstrated NSRP’s technical capabilities but also established a strong foundation for long-term feedstock diversification.

Building on this success, NSRP has progressively expanded its crude slate and, to date, has successfully processed ten crude oil grades other than Kuwait Export Crude. This has significantly enhanced the refinery’s feedstock flexibility, enabling NSRP to broaden its sourcing options, strengthen resilience against supply disruptions, and optimise crude selection from both technical and commercial perspectives.

While Kuwait remains NSRP’s long-term strategic partner and most important crude oil supplier, the company has adopted a more flexible procurement approach by combining traditional supply sources with suitable alternative crude grades. Following earlier supply disruptions, NSRP resumed imports of Kuwaiti crude oil in September 2026, with additional cargoes already scheduled in the coming months.

Looking ahead, NSRP will continue to balance long-term supply agreements with spot market opportunities, while further expanding its crude oil evaluation and testing programme. This approach will help enhance supply security, mitigate geopolitical risks, and strengthen the refinery’s long-term competitiveness, operational flexibility, and sustainable performance.

Photo: NSRP

What are the key focus areas for NSRP to navigate the challenging global environment?

Global oil markets have experienced significant volatility in 2026, particularly following geopolitical developments in the Middle East. As of the end of August, NSRP’s average crude purchase price had increased by approximately 63 per cent compared with the beginning of the year. At design capacity, every sustained $10 per barrel increase in crude prices could represent approximately $2.5 million of additional crude cost per day.

However, refinery profitability ultimately depends on refining margins rather than crude prices alone. Through crude optimisation, disciplined operations, and strong product margins, particularly in middle distillates, NSRP has continued to maintain solid business performance.

In addition, NSRP’s products are marketed through the existing offtake arrangement with Petrovietnam Distribution Branch (PVNDB), which distributes NSRP fuel products nationwide through a broad network of petroleum traders.

During periods of market volatility, our priority is to maintain stable refinery operations and maximise production. We work closely with the off taker to optimise allocation planning, logistics, and inventory management to ensure reliable and uninterrupted fuel supply to the domestic market while meeting contractual commitments.

Could you shed some light on NSRP’s operational and financial performance in 2026?

NSRP continues to operate safely, stably, and efficiently with high reliability and strong operational performance. During the first 9 months of 2026, the refinery processed approximately 8.38 million tonnes of crude oil and supplied around 6.54 million tonnes of petroleum products to the market.

We expect to supply an additional 2.69 million tonnes in the fourth quarter, bringing total 2026 product supply to more than 9.2 million tonnes. This will allow NSRP to continue contributing approximately 35-40 per cent of Vietnam’s domestic fuel demand, reinforcing our role as a key pillar of the country’s energy security.

NSRP’s operational and financial performance has improved significantly in 2026. This improvement has been driven by strong refinery utilisation, healthy refining margins, feedstock optimisation, and disciplined cost and working-capital management.

Beyond short-term profitability, our focus is on building a more resilient, financially sustainable, and commercially competitive business capable of delivering stable performance throughout refining cycles. In parallel, shareholders continue to discuss long-term financial restructuring initiatives to further strengthen NSRP’s financial foundation.

Photo: NSRP

How does NSRP leverage its large-scale industrial assets to generate value beyond energy supply?

NSRP’s contribution extends well beyond fuel production. Since commencing commercial operations in late 2018, the company has contributed approximately VND 147 trillion ($5.65 billion) to the state budget as of August 2026, making it one of Vietnam’s major industrial contributors.

Looking ahead, our ambition is to become a world-class energy and industrial company that is operationally excellent, financially strong, commercially independent, and sustainably profitable, while continuing to support Vietnam’s energy security, industrial development, and economic growth.

Furthermore, NSRP is committed to supporting Vietnam’s energy transition and net-zero ambitions. Since July 2026, the refinery has been producing base petrol as blend stock for RON95 E10, with production averaging approximately 250,000 tonnes per month and accounting for around 90 per cent of our petrol output.

At the same time, we are advancing studies on carbon capture solutions, including a CCS feasibility study focused on capturing CO₂ from refinery operations. We are also evaluating opportunities to utilise captured CO₂ and surplus hydrogen in higher-value and lower-carbon products, supporting both sustainability goals and long-term business competitiveness.

What are NSRP’s plans to increase the long-term competitiveness of the refinery?

Moving forward, NSRP’s strategy is to enhance competitiveness through refinery optimisation, higher utilisation, and deeper petrochemical integration. The refinery has already demonstrated the capability to operate at 125 per cent of design capacity. Our current objective is to sustain the aforesaid rate before the second Turnaround in August 2027 and seek approval for higher operation thereafter.

At the same time, we are studying opportunities in olefins, polymers, bitumen, lubricant-related products, and other petrochemical value chains to create greater value from existing refinery assets and strengthen long-term competitiveness.

From mega project to long-term growth platform for Thanh Hoa Nearly a decade after commencing operations, Nghi Son Refinery and Petrochemical LLC has emerged as a significant contributor to regional development, demonstrating how a large-scale industrial project can generate lasting economic value, strengthen industrial capabilities, and support long-term growth.

Nghi Son Refinery and Petrochemical remains committed to safety and stability Nghi Son Refinery and Petrochemical LLC (NSRP) has several measures to maintain optimal production and business efficiency of the refinery in 2024. So Hasegawa, general director of NSRP, spoke with VIR’s Thanh Van about the company’s efforts.

Nghi Son refinery processes first non-Kuwaiti crude cargo Nghi Son Refinery and Petrochemical has taken a key step towards diversifying its crude supply and strengthening operational flexibility.

The dialogue was organised by Ho Chi Minh City Investment and Trade Promotion Centre (ITPC), in coordination with Ho Chi Minh City Export Processing and Industrial Zones Management Authority (HEPZA) and Saigon Hi-Tech Park Management Authority (SHTP), to address difficulties faced by businesses operating in high-tech parks, export processing zones, and industrial parks.

HEPZA and SHTP leaders, together with representatives of specialised departments, engage directly with businesses at the event. Photo: ITCP

The event attracted nearly 300 delegates representing government departments and agencies, local authorities, business associations, and enterprises operating in these zones.

Businesses raised difficulties in implementing policies, navigating administrative procedures, and conducting investment, production, and business activities. Relevant authorities discussed the issues and provided guidance on solutions within their mandates.

Le Anh Hoang, deputy director of ITPC, explained that addressing difficulties faced by businesses in export processing zones, industrial parks, and high-tech parks was essential to boosting production and business activities and enhancing the city’s competitiveness.

“These zones play an important role in attracting investment, developing manufacturing, boosting exports, and advancing technological innovation. Simplifying administrative procedures and resolving shortcomings in policy implementation would therefore help businesses maintain and expand their operations,” Hoang said.

Tran Viet Ha, deputy head of HEPZA, said the city was shifting from a focus on administrative procedures to monitoring and managing the entire project implementation process, from investment preparation through to the commencement of operations.

According to Ha, export processing zones and industrial parks in the city currently have more than 5,400 registered projects, with total investment of approximately $82 billion. From the beginning of 2026 to the date of the conference, foreign direct investment reached around $5.6 billion.

However, Ha added, obstacles remain in project implementation. HEPZA aims to facilitate the early implementation of projects following registration and reduce procedures related to planning and construction. Some areas have yet to meet expectations.

“HEPZA will directly resolve issues within its authority, while coordinating with other agencies to address cross-sectoral matters,” he said.

At the dialogue, leaders of HEPZA, SHTP and relevant agencies discussed and responded to various groups of business recommendations, focusing on investment procedures, financial obligations, customs, environmental issues, and infrastructure.

Answering questions addressed by representatives from enterprises, on taxation, the authorities provided guidance on resolving issues related to non-agricultural land use tax, reconciling tax payment data, adjusting tax deductions, and late payment interest arising from disruptions in the transfer of management data. Other issues included the consideration of tax exemption and reduction decisions, as well as VAT regulations applicable to bank service fees and the business activities of export enterprises.

In investment, land allocation, and business registration, discussions covered procedures for processing applications to amend investment policy approvals in parallel with land allocation applications, handling investment security deposits, and adding business lines. The acceptance of electronic Investment Registration Certificates and Business Registration Certificates in administrative procedures was also discussed as a means of reducing time and costs for businesses.

In customs and import-export activities, the authorities discussed procedures for returning imported raw materials that fail to meet quality standards, declaring goods descriptions and HS codes, and re-exporting raw and auxiliary materials overseas for machinery testing.

The dialogue also addressed difficulties involving coordination among management agencies, the protection of property rights, and the settlement of disputes between domestic suppliers and enterprises operating in non-tariff zones.

On green transition and energy, discussions covered environmental criteria for existing industrial parks, procedures for upgrading production lines, installing energy-saving equipment, recovering waste heat, and improving environmental protection facilities.

Delegates also discussed the direct power purchase agreement mechanism, plans for developing clean hydrogen energy, electricity supply, water supply and drainage infrastructure, and waste treatment.

Regarding market support and supply chains, businesses proposed solutions on pricing mechanisms, measures to boost domestic sales of high-tech products, and incentives for foreign-invested enterprises to procure solutions and equipment from domestic agents and distributors, thereby developing a high-tech services ecosystem.

Many businesses attend the event. Photo: ITCP

HEPZA proposes 30 per cent slash on CIT to relieve burden on businesses Ho Chi Minh City Export Processing Zone and Industrial Zones Authority (HEPZA) has made a number of proposals to the municipal People’s Committee to support businesses and workers during the COVID-19 pandemic, including reducing corporate income tax (CIT).

Ho Chi Minh City introduces special procedures for industrial zone investment projects Ho Chi Minh City Export Processing Zones and Industrial Parks Management Authority will apply special investment procedures to special investment projects.

Ho Chi Minh City calls for investment in 38 new industrial parks Ho Chi Minh City is preparing to seek for developers for 38 new industrial parks covering a total area of more than 23,000 hectares under its master plan through 2030, with a vision to 2050.

As part of his working trip to attend the high-level general debate of the 81^st session of the United Nations General Assembly and conduct bilateral activities in the United States, Party General Secretary and State President To Lam met with Ambassador Jamieson Greer, United States Trade Representative, in New York on September 21.

Party General Secretary and State President To Lam meets with Ambassador Jamieson Greer, United States Trade Representative. Image courtesy of VNA

Party General Secretary and State President To Lam noted that economic, trade and investment cooperation is one of the most important pillars of the relationship between the two countries, directly benefiting businesses and individuals while contributing to the development of each country.

In recent times, Vietnam has made efforts to substantively encourage cooperation activities and increase purchases of goods from the US to help move bilateral trade towards greater balance, while generating additional orders, jobs and direct benefits for businesses and workers in both countries.

Ambassador and US Trade Representative Greer highly appreciated Party General Secretary and State President Lam’s attention and Vietnam’s efforts to balance trade between the two countries.

He said the two negotiating teams had made significant efforts and worked hard, achieving substantial progress and coming very close to a final outcome.

Vietnam and the US have gone through multiple rounds of negotiations under the reciprocal trade agreement, with the two sides reaching a high degree of consensus and holding relatively close positions.

In October 2025, the two countries agreed to issue a joint statement on a framework for reciprocal, fair, and balanced trade. The statement outlined the key elements of the agreement, under which Vietnam and the US will work constructively to address both sides’ concerns regarding non-tariff barriers, finalise commitments related to digital trade, services and investment, and discuss intellectual property, as well as strengthen cooperation to enhance supply chain resilience.

Last year witnessed remarkable growth in Vietnam-US trade. According to Vietnam Customs, two-way trade reached approximately $172.5 billion, with Vietnam’s exports to the US exceeding $153 billion and imports from the US reaching $19.3 billion.

In the first eight months of 2026, bilateral trade continued its upward trajectory, reaching new milestones. Two-way trade hit a record $137.4 billion.

Vietnamese passion fruit to break into US market Passion fruit will become the ninth Vietnamese fruit to receive permission to enter the US market, following dragon fruit, mango, longan, lychee, rambutan, star apple, pomelo, and coconut.

Raising product quality to secure Vietnam’s position in US market Vietnam must accelerate product upgrades and supply chain transparency to maintain its export strength in the United States as the demand rebounds and buyers seek quality, responsibility, and production reliability.

US-Vietnam partnership targets tilapia development and soy-based aquafeed trade The US is set to invest $15.2 million in a five-year project aimed at improving Vietnam’s tilapia value chain while expanding trade in soy-based aquaculture feed and tilapia products.

Vietnam urged to strengthen compliance and competitiveness to expand US market access On August 18, the Vietnam Trade Promotion Agency organised a seminar on cooperation on developing import and export business with the US market.

On September 23 in New York, EQuest Education Group, EQuest Capital, and Standard Chartered Bank’s New York branch signed an MoU during the official visit of General Secretary and President To Lam to the US. The signing ceremony was witnessed by President Lam and Richard Dean McClellan, CEO of VIFC-HCMC.

Image courtesy of VIFC-HCMC

The agreement was executed by senior executives from both sides, including Mandy DeFilippo, CEO of Standard Chartered for the United States and Europe, Americas, Middle East and Africa; Nguyen Quoc Toan, chairman of EQuest Education Group; and Truong Hoang Nam, deputy CEO in charge of Finance at EQuest Education Group and director of EQuest Capital.

Standard Chartered will act as a strategic partner to structure and participate in arranging financing packages. The mobilised capital will be disbursed through EQuest Capital before being deployed into education infrastructure and quality initiatives across Vietnam, with Ho Chi Minh City serving as the central hub.

EQuest Capital operates as a member of VIFC-HCMC, established under Resolution No.222/2025/QH15 of the National Assembly and Decree No.323/2025/ND-CP of the government.

Through VIFC-HCMC’s financial ecosystem, preferential tax policies, foreign exchange management mechanisms, and internationally aligned legal framework, EQuest Capital will receive, structure, and deploy investment capital directly into key projects.

The funds will be allocated across five core strategic priorities. These include building a technology-focused university campus offering undergraduate and postgraduate courses in AI, cybersecurity, data science, robotics, semiconductors, industrial systems engineering, nursing, and healthcare.

The group will also expand international university partnerships across Asia and the United States, develop a multi-level international K-12 school network for local and expatriate families, scale existing private K-12 school brands, and advance education technology platforms in Vietnam and globally.

In addition to capital mobilisation, Standard Chartered plans to explore credit products and foreign exchange management solutions for EQuest’s global network of faculty members and experts.

Truong Hoang Nam, deputy CEO in charge of finance at EQuest, highlighted that the agreement represents a critical milestone in the group’s strategy of sourcing international resources.

“Through the partnership with Standard Chartered and the connecting role of VIFC-HCMC, EQuest expects to progressively expand its access to long-term capital,” Nam said. “This will allow us to invest in infrastructure, develop new training programmes, and elevate overall educational quality in Vietnam.”

Highlighting the broader economic impact, Richard Dean McClellan, CEO of VIFC-HCMC, noted that the deal reflects the financial centre’s fundamental purpose.

“The partnership embodies the very role VIFC-HCMC aspires to play, which is bringing international financial institutions to long-term investment projects in Vietnam,” McClellan said.

He added that directing global capital into concrete education development projects enables domestic firms to integrate into international financial networks, while supporting national policies to attract private funding and build high-quality human resources.

Following the signing, all parties will evaluate project feasibility, determine financing structures, and develop implementation roadmaps, with disbursement subject to project progress and regulatory approvals.

EQuest Education Group is one of Vietnam’s largest private education outfits, operating across K-12, higher and vocational education, and EdTech.

As of September, EQuest manages more than 25 institutions nationwide, serving nearly 20,000 K-12 students and 10,000 higher education students, alongside 180,000 global users on its EdTech platforms. The group has previously raised capital from international financial backers, including Vietnam Oman Investment, TAEL Partners, and KKR.

New Zealand boosts education engagement with Vietnam Education New Zealand (ENZ) brought together more than 50 New Zealand education providers and nearly 200 Vietnamese education partners at its 2026 Agent & Counsellor Seminar in Ho Chi Minh City and Hanoi to strengthen cooperation and expand student recruitment between the two countries.

VIFC-HCMC, Touchstone Partners, Temasek Foundation to collaborate on green economy On May 29, the Vietnam International Financial Centre in Ho Chi Minh City, Touchstone Partners and Temasek Foundation signed a trilateral strategic collaboration agreement to mobilise financial resources to advance technology development, contributing to Vietnam’s green transition.

VIFC-HCMC opens new channel for infrastructure financing Vietnam’s International Financial Centre in Ho Chi Minh City is laying the groundwork for a new capital-raising channel, connecting the city’s vast infrastructure needs with long-term domestic and international investment flows.

VIFC-HCMC and ACCA prioritise global-standard finance talent The development of an international financial centre is placing greater emphasis on finance professionals equipped to meet global standards, as the Vietnam International Financial Centre in Ho Chi Minh City moves towards full operation and deeper engagement with international capital

BSR president & CEO Nguyen Viet Thang (sixth from the left, front row) presents the Framework Agreement to representatives of ExxonMobil Asia Pacific. Photo courtesy of BSR

On September 23, Petrovietnam Refining and Petrochemical Corporation exchanged a Framework Agreement for crude oil purchases with ExxonMobil Asia Pacific, opening a new avenue of cooperation in feedstock supply for Dung Quat Refinery.

The signing was witnessed by Party General Secretary and State President To Lam, together with senior leaders of the Party, the state, and the government of Vietnam. It was part of a roundtable with executives from leading US corporations.

The agreement with ExxonMobil Asia Pacific comes as Petrovietnam Refining and Petrochemical Corporation (BSR) accelerates its strategy to diversify crude oil sources, enhance operational flexibility, and strengthen resilience against increasingly unpredictable developments in the global energy market.

Since the beginning of 2026, the corporation has identified, evaluated, and expanded crude oil supply sources from multiple regions worldwide, including the US. BSR has also signed crude oil supply agreements with Chevron to help ensure a stable feedstock supply for the refinery.

A key competitive advantage of Dung Quat Refinery lies in its growing capability to receive and process a wide range of crude oil grades. Since the beginning of 2026, BSR has successfully tested three additional crude oil grades, bringing the total number of crude types that can be processed at the refinery to 40, including 12 domestic grades, and 28 imported grades.

In 2026 alone, BSR mastered the processing technology for Nigeria’s Erha crude at a maximum blending ratio of approximately 45 per cent by volume, and Sao Vang – Dai Nguyet condensate at up to around 12 per cent by volume.

Expanding its crude oil basket gives BSR greater flexibility to select the most suitable feedstock in response to market conditions, while reducing reliance on traditional supply sources. In 2025, Dung Quat Refinery imported approximately 8.28 million tonnes of crude oil, with imported crude accounting for around 31 per cent of total feedstock.

In 2026, to safeguard supply security and respond to geopolitical uncertainties, BSR has prioritised balancing domestic crude oil sources, while maintaining imported crude at approximately 15 per cent, sourced from regions including West Africa, the Mediterranean, and Southeast Asia.

Through the Framework Agreement, BSR continues to expand its network of international crude oil suppliers, creating additional feedstock options for Dung Quat Refinery. The agreement also aligns with the corporation’s strategy to strengthen feedstock security, enhance its ability to respond to oil market volatility, and reinforce the refinery’s operational resilience.

BSR secures three months of crude supply for Dung Quat refinery Binh Son Refining and Petrochemical has secured enough crude oil to operate its Dung Quat refinery for the next three months amid Middle East supply disruptions.

BSR steps up research into green hydrogen-based fuels As Vietnam advances its energy transition, Binh Son Refining and Petrochemical JSC (BSR) is partnering with the German Development Agency (GIZ) to assess the potential of green hydrogen-based synthetic fuels to support Vietnam’s decarbonisation goals.

BSR seeks $600 million for Dung Quat refinery expansion BSR is seeking $600 million in financing for the Dung Quat Oil Refinery expansion and upgrade project.