Dung Quat refinery reaches record 124% utilization as seven-month profit hits VND18.9 trillion

Throughput exceeds the refinery’s design rate

Vietnam’s Dung Quat oil refinery maintained continuous operations at a record average converted utilization rate of 124% during the first seven months of 2026, according to CafeBiz. The facility produced about 4.76 million tonnes of products, equivalent to 106% of its plan, while sales volume reached approximately 4.74 million tonnes, also 106% of plan.

Operator and owner Binh Son Refining and Petrochemical, or BSR, estimated consolidated revenue at VND120 trillion and consolidated pre-tax profit at VND18.9 trillion. Its contribution to the state budget was about VND7.2 trillion. The figures were presented on August 20 by BSR deputy general director Pham Minh Nghia at a Quang Ngai provincial conference covering the company’s seven-month performance and priorities for the remainder of the year.

A major component of Vietnam’s fuel supply

Dung Quat, Vietnam’s first oil refinery, was built with an investment of $3 billion in Quang Ngai. Its design capacity is 6.5 million tonnes of crude oil a year, or 148,000 barrels per day, and the plant currently covers about 30% of Vietnam’s domestic petroleum demand. Sustained operation above design capacity therefore supports local fuel availability, although it also raises the importance of reliable crude sourcing, maintenance and operational safety.

BSR is expanding its role in Vietnam’s biofuel market. The Dung Quat Bio-Ethanol plant resumed operations in 2026 to provide a stable supply of E100 feedstock for the National Biofuel Program. Since May, the company has produced and distributed E10 RON95 nationwide. Its cumulative biofuel gasoline supply exceeded 238.5 million litres, including more than 228.3 million litres of E10 RON95. On August 6, BSR also made its first commercial sale of B5 biodiesel to Military Petroleum Corporation and Nam Phuc Investment Joint Stock Company.

Expansion and storage projects move forward

The Dung Quat upgrade and expansion project entered the EPC contract implementation stage on July 9. Once completed, the refinery’s processing capacity is expected to rise from 148,000 to 171,000 barrels per day, an increase of 23,000 barrels per day. The project is one of BSR’s two main strategic priorities, alongside participation in the development of a national refining, petrochemical and energy center in the Dung Quat Economic Zone.

BSR also inaugurated a new 65,000-cubic-metre crude oil tank on August 4. The ninth tank increased the refinery’s total crude storage capacity to 585,000 cubic metres, a gain of 12.5%. For the final months of 2026, BSR plans to maintain stable and continuous operations, secure feedstock and markets, and accelerate its major investment projects. The company is also preparing for Dung Quat’s sixth comprehensive maintenance shutdown in 2027, a key operational milestone for a refinery currently running well above its original design rate.