BSR Faces Profit Pressure and Shareholder-Structure Changes as It Outlines 2026 Plan and Potential Rebranding

Bình Sơn Refining and Petrochemical Joint Stock Company (BSR), Vietnam’s largest refining and petrochemical company, is addressing shrinking profit margins while adjusting its shareholder base to maintain its status as a listed public company. The company held its 2026 annual general meeting (AGM) in Ho Chi Minh City to review 2025 results, approve the 2026 business plan, and set strategic direction for the coming period.

2026 targets and state budget contribution

For 2026, BSR targets consolidated revenue of more than 154,140 billion VND and net profit after tax of 2,162 billion VND. This implies revenue growth of 25% but a 58% decline in profit compared with 2025. The company also plans to contribute nearly 12,600 billion VND to the state budget.

Dividend plan and retained earnings

BSR’s Board proposed paying approximately 1,500 billion VND in cash dividends, equivalent to 3% per share (300 VND per share). After setting up reserves, including a Development Investment Fund of 2,603 billion VND and a Reward Fund of 364 billion VND, the remaining retained earnings would be nearly 2,924 billion VND.

Proposed name change

The Board also proposed changing the company’s name from Bình Sơn Refining and Petrochemical Joint Stock Company to Vietnam National Petrochemical Refining Company. The timing for the change is to be decided by the Board.

Board and Supervisory Board reshuffle

At the AGM, BSR will dismiss and appoint new Board of Directors members in line with instructions from the major shareholder, Petrovietnam (PVN). The company dismissed Nguyen Van Hội and Hạng Anh Minh (independent), and one Supervisory Board member, Hoàng Ngọc Xuân.

PVN nominated two new directors: Huỳnh Kim Nhân and Lê Đức Quang. For the Supervisory Board, Giang Xuân Tiến was nominated as a member.

Bio-energy project restart and operating ramp-up

Regarding the restart of the bio-energy project, the CEO said the plant—previously filed for bankruptcy—has been restarted to align with the Ministry of Industry and Trade’s roadmap. The plant is expected to operate from January 2026 at 50–70% capacity, with plans to ramp up to 100%, and potentially reach 120% in May and June.

The CEO said the restart is intended to improve project efficiency and support timely energy supply for the domestic market. BSR also stated it will sell Mogas (RON 92 and RON 95) from June 1 and meet the national bio-energy program.

Public-company compliance issue

BSR previously stated it does not meet the public-company criteria under Vietnamese securities law due to its shareholder structure as of March 11, 2026. Non-majority shareholders hold 7.87% of voting rights, below the 10% minimum required by law.

The company has been granted a 12-month extension to remedy the issue. Failure to comply could result in deregistration as a public company.

Shareholding changes and market performance

The article also notes PVN’s potential exit of around 2.13% of BSR shares and ongoing discussions on capital structure, including reducing PVN’s stake. Analysts cautioned that any divestment could take time and extend to late 2027 or early 2028.

In the market, BSR shares have fallen about 30% from their March peak, trading around 26,000 VND per share. The company’s market capitalization is roughly 136,000 billion VND (about USD 5 billion).