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Vietnam’s oil and gas and energy companies are laying out cautious business plans for 2026, aiming for revenue growth while expecting profits to decline from 2025 levels. The outlook reflects tighter earnings expectations across refining, power generation, and upstream services.
PV GAS (Vietnam Oil and Gas Group) projects 2026 consolidated revenue of about 142 trillion dong, up 4% from 2025. However, after-tax profit is expected to fall to around 9.019 trillion dong, down 22%.
For volumes, PV GAS expects total gas intake (including LNG) of 7.435 billion cubic meters. This includes domestic wet gas of 6.535 bcm and imported LNG of about 0.9 bcm. On the consumption side, dry gas (including LNG) production and consumption are forecast at 7.117 bcm.
Other product targets include condensate production and consumption of about 76,000 tons. LPG production is planned at 410,000 tons, with LPG trading of 3.62 million tons.
Bình Sơn Refinery and Petrochemical JSC (BSR) sets a 2026 consolidated revenue target of 154.140 trillion dong and after-tax profit of 2.162 trillion dong. Compared with 2025, revenue is expected to rise 7.4%, while after-tax profit is projected to drop 58.6%.
In production, BSR expects total consumption volume of refinery products to exceed 7.7 million tons. Main products include diesel at over 3.5 million tons and RON95 gasoline at nearly 2.4 million tons.
PV Power plans 2026 consolidated revenue of about 49.887 trillion dong and after-tax profit of around 1.124 trillion dong.
Based on PV Power’s 2025 audited financial statements, revenue exceeded 34.306 trillion dong, up 13.2% year-on-year, while after-tax net profit was about 3.007 trillion dong, up 2.5 times. For 2026, PV Power expects revenue to grow by about 45.4% versus 2025, while after-tax profit is projected to fall about 62.6%.
On April 21, 2026, PV Drilling held its annual general meeting for 2026. Shareholders approved a cautious business plan with consolidated revenue projected to ease to 11.185 trillion dong and after-tax profit to 800 billion dong, down 23%.
In 2025, PV Drilling reported revenue of 11.553 trillion dong and after-tax profit of 1.052 trillion dong, exceeding its plan by 60% in revenue and 98% in profit.
Investment for 2026 is projected at about 4.229 trillion dong. PV Drilling plans to continue 2025 projects including adding a multi-functional jack-up rig, acquiring a well work package (HWU), and acquiring equity interests from the BCC partners.
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