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.

How would you assess Coteccons’ 2025-2026 fiscal year performance, particularly its ability to balance reinvestment with returning value to shareholders?

Last year delivered improvement in both the scale and quality of growth. Revenue reached $1.37 billion, up 38 per cent, while profit after tax rose 73 per cent to $31.52 million – nearly twice the pace of revenue growth.

Photo: Coteccons

Net profit margin improved to 2.3 per cent. Notably, operating cash flow turned around from negative $48 million to more than $32 million. The cash position reached nearly $320 million, while receivables remained broadly stable despite strong revenue growth.

These results indicate that the company’s revenue growth is being converted more effectively into profit, cash flow, and balance-sheet strength. Based on the 2025-2026 performance, and after considering capital requirements for core operations, construction capabilities, technology, people, and the 2026-2027 growth plan, the Board of Directors plans to submit a 25 per cent cash dividend proposal for shareholder approval at the AGM. This represents a shift towards a more balanced approach between reinvesting for growth and sharing value with shareholders.

Dinh Thi Hong Tham, corporate secretary and authorised spokesperson for information disclosure at Coteccons. Photo: Coteccons

What underpins the company’s confidence in sharing value with shareholders?

The core foundation is corporate governance. In the latest VNSI assessment conducted by Ho Chi Minh Stock Exchange, Coteccons achieved an overall environmental, social, and governance (ESG) score of 84 per cent – its highest score across all assessment periods.

Within this, Coteccons’ Governance pillar score reached 81 per cent, up 10 percentage points on-year and significantly above both the industry average of 53 per cent and the VN100 average of 61 per cent.

This reflects significant progress in strengthening our corporate governance system, enhancing transparency and control effectiveness, and building management capabilities aligned with Coteccons’ ‘Quality Growth’ strategy.

Our capital allocation approach is guided by three consistent principles: support sustainable growth, maintain a healthy balance sheet, and share value with shareholders when conditions allow. This discipline makes dividends a natural outcome of an efficient operating system, rather than a short-term objective.

Coteccons previously operated in ‘Sales Mode’ and is now shifting to ‘Saving Mode’. What is driving this transition?

Four to five years ago, Coteccons faced a double crisis: the severe impact of COVID-19 and leadership-level disruption. At the time, the company had almost no new contracts, and a large operating system like Coteccons was running at only around 70-80 per cent of capacity.

‘Sales Mode’ was necessary to bring the engine back to full capacity – expanding the market, rebuilding customer trust, and securing enough work for the entire system to operate effectively again.

Four years later, Coteccons is in a very different position. Revenue has grown at a compound annual rate of 30-40 per cent, the scale of operations has been restored, and the system is operating at higher capacity.

With a sufficiently large revenue base, economies of scale are beginning to take effect: each additional unit of revenue no longer requires costs to rise at the same rate. The strategic focus must therefore shift from generating enough workload to extracting greater efficiency from the platform we have built.

This is the strategy behind ‘Saving Mode’. It does not mean scaling back our ambition, tightening the belt, or applying mechanical cost cuts. Coteccons still aims to grow, but not by winning more projects at any cost.

The priority is to make the engine – now operating at high capacity – run better: using resources more efficiently, reducing waste, optimising design, materials, and construction solutions, shortening delivery timelines, controlling costs, enhancing project quality, and managing cash flow more effectively.

Photo: Coteccons

What will drive Coteccons’ long-term growth?

We see significant headroom from three key growth drivers: urbanisation, including public investment and infrastructure; industrialisation; and our ‘Go Global’ strategy. Together, these pillars underpin our ambition to deliver annual profit growth of 25-30 per cent over the medium term.

However, the focus is not simply on scale. Coteccons is moving from growth to ‘Quality Growth’, with disciplined project selection, execution capabilities, and operational efficiency as essential conditions. We prioritise projects with sound legal status, reasonable margins, a strong fit with our capabilities and risk appetite, and the potential to create sustainable economic value.

How will Coteccons improve capital efficiency?

The quality of growth matters more than scale. Coteccons is tightening discipline in project selection, strengthening working-capital control, optimising cash flow, and improving productivity. When these elements work together, return on equity can improve sustainably, cash generation becomes stronger, and our capacity to share value with shareholders is reinforced.

‘Saving Mode’ is a catalyst for this process. The objective is not a one-off cost-saving exercise, but to build a lasting culture of efficient resource use across the organisation – from tendering, procurement, and construction to office operations and ESG practices.

What message does Coteccons want to send to shareholders in this new phase?

The proposed 25 per cent cash dividend is more than a profit-distribution decision. It signals that Coteccons is entering a new phase defined by stronger governance, greater capital efficiency, higher-quality growth, greater openness to international investors, and a stronger commitment to sharing value with shareholders.

From growth to ‘Quality Growth’, and from value creation to value sharing, Coteccons is building a platform that enables shareholders to participate in and benefit from the company’s progress over the long term. ‘Saving Mode’ is part of that foundation – applying greater discipline today to create more room for sustainable growth and long-term value creation tomorrow.

Coteccons reports robust FY2025 results with strong revenue growth Coteccons Construction JSC has announced its financial results for Q4 and the full fiscal year 2025, reporting on-year increases in both revenue and profit, alongside a significantly expanded backlog and contract wins.

Coteccons charts course for regional expansion Coteccons is taking concrete steps to expand beyond Vietnam, seeking growth opportunities in regional markets as part of its long-term development strategy.

Coteccons and Workday deploy human capital platform Coteccons Construction on April 2 announced that it has partnered with Workday to implement a human capital management (HCM) platform, guided by the core principle of placing people at the centre of every decision.

Coteccons continues rise on Fortune Southeast Asia 500 Coteccons Construction has climbed to 285th place in the 2026 Fortune Southeast Asia 500, moving up 19 spots from the previous year.

Photo: Roche Pharma Vietnam

On October 1, Roche Pharma Vietnam, through Orbis International in Vietnam, handed over a non-mydriatic colour fundus camera with AI-assisted image analysis software to the hospital under the Vietnam Eye Health partnership. A scientific workshop on the comprehensive management model for diabetic retinopathy and macular oedema was also held the same day, with representatives from Vietnam National Eye Hospital and Ho Chi Minh City Eye Hospital in attendance.

In Vietnam, there are approximately 7 million people aged 30–69 with diabetes. According to the World Health Organization, up to one-third of diabetic patients suffer from retinopathy to some extent. Diabetic retinopathy and diabetic macular oedema progress silently, are among the leading causes of vision loss and blindness in the working-age population, and place a significant psychological and economic burden on patients and their families. Yet more than 80 per cent of diabetes-related vision loss can be prevented or effectively treated when detected early. The Vietnam Eye Health initiative works to raise public awareness and to establish routine eye examination, at least once a year, for people with diabetes.

Roche Pharma Vietnam signed the Vietnam Eye Health MoU in October 2025 with Medical Service Administration under the Ministry of Health, Vietnam National Eye Hospital, and Ho Chi Minh City Eye Hospital, with Orbis as implementing partner, to co-create systemic improvements in the care of patients with diabetic retinopathy and macular oedema.

Photo: Roche Pharma Vietnam

The programme aims to change from fragmented care by separate specialities to a comprehensive management model, in which Endocrinology, General Medicine, and Ophthalmology follow the same patient along a single pathway, from examination within the same visit to diagnosis, treatment, and long-term follow-up, at provincial and regional general hospitals. The model is intended to enable patients to receive timely care at the local level and to reduce the overload on central-level hospitals.

Following the handover to Ba Ria–Vung Tau Eye Hospital, the deployment at Thu Duc Regional General Hospital brings the model into practice, where it is expected to support capacity building for more than 100 doctors, nurses, and technicians, and more than 20,000 patients across six hospitals will benefit from screening, referral, and timely treatment by the end of 2027.

Burak Pekmezci, general manager of Roche Pharma Vietnam, said, “Roche is committed to partnering to co-create systemic, sustainable improvements in patients’ care. We are pleased to contribute to the Vietnam Eye Health initiative, helping people living with diabetic retinopathy by bringing screening, referral, and treatment where patients already receive their regular care.”

Photo: Roche Pharma Vietnam

Within the framework of the agreement, all parties are supporting the scheme’s development and implementation. The new fundus camera and AI-assisted image analysis software at Thu Duc Regional General Hospital aim to strengthen local screening capacity and support the national target of having more than 75 per cent of people with diabetes examined and managed for eye complications.

New partnership sharpens focus on diabetic eye care Efforts to tackle preventable blindness in Vietnam have gained new momentum through a public–private partnership focused on diabetic eye diseases.

Roche Pharma Vietnam and Hope Foundation inaugurate kitchen for boarding students On March 27, Roche Pharma Vietnam, in collaboration with the Hope Foundation, opened a new kitchen facility at the Aró site of Lang Kindergarten in Tay Giang commune, Danang.

Roche Pharma Vietnam appoints new general manager, reinforcing commitment to Vietnam healthcare Roche (Pharma) Vietnam Co., Ltd. on July 23 announced the appointment of Burak Pekmezci as general manager.

Photo: Ford Motor Company

The appointment was announced on September 24 and will be effective from December 1. Atina, currently managing director of Ford New Zealand, will relocate to Hanoi and report directly to Andrew Birkic, vice president of Sales and Service at Ford International Markets Group.

“Annaliese brings strong commercial leadership, and a real passion for creating better experiences for customers,” said Birkic, “Her energy and understanding of customers and dealers will be invaluable as Ford Vietnam builds on its momentum. I’m delighted to welcome her to the role.”

As an experienced senior executive with more than 20 years’ leadership experience across automotive, fast-moving consumer goods, telecommunications, and technology, Atina brings a strong combination of commercial leadership, strategic thinking, and stakeholder management, with a proven track record of leading businesses through growth and transformation.

Atina joined Ford New Zealand as managing director and executive director in 2024. During her tenure, she led initiatives to strengthen customer experience, dealer performance, and commercial growth, while developing new revenue opportunities and guiding the business through regulatory change and evolving customer expectations.

Prior to Ford, Atina held senior leadership roles with Vodafone New Zealand and Coca-Cola Amatil, leading large-scale customer, sales, and commercial businesses.

Alongside her executive career, Atina has held governance roles across technology and education and is the founder and head coach of the Ambition Collective, supporting the development of future leaders.

“I’m delighted to be joining Ford Vietnam at an important time for the business,” said Atina. “I look forward to working closely with our employees, dealers, and partners to build on the team’s achievements, strengthen the customer experience and ensure Ford continues to deliver products and services that meet the evolving needs of Vietnamese customers.”

Atina succeeds Ruchik Shah, who elected to leave the company to pursue new opportunities.

“Ruchik made an important contribution to Ford Vietnam, and we thank him for his leadership,” said Birkic. “Vietnam is an important market for Ford, and we are confident in the opportunities ahead. With Annaliese’s leadership and the strength of the local team, we will remain focused on serving our customers, supporting our dealers, and delivering sustainable growth in the market.”

Ford Vietnam launches insurance package Ford Vietnam has launched a strategic partnership with Bao Viet Insurance, BSH Insurance, PVI Insurance, and Tasco Insurance.

Vietnam’s EV market shifts focus to software and local tech Vietnam’s electric vehicle market is entering a new stage of development, with the focus expanding beyond vehicle adoption to software, connectivity, and local technology development, according to George Chia, sales director for ASEAN region at Analog Devices, Inc. (ADI).

Vietnam records fastest automotive sales growth among ASEAN-6 markets Vietnam recorded the fastest automotive sales growth among the ASEAN-6 markets in the first half of 2026, as electrification, more accessible models, and recovering consumer demand continued to reshape the country’s automotive market, according to PwC’s latest report.

Minister of Science and Technology Vu Hai Quan presented the licence to Amazon Kuiper representative on September 23 in New York, in the presence of Party General Secretary and State President To Lam.

According to the licence, Amazon Kuiper Vietnam is authorised to establish a private telecommunications network using satellite transmission to test and verify the operation of customer terminal equipment, thereby evaluating the quality of products manufactured in Vietnam.

Minister of Science and Technology Vu Hai Quan granted the license to Amazon Kuiper. Photo: MST

The network is established by connecting satellite systems with ground infrastructure in Vietnam, operating nationwide. According to regulations, the enterprise must comply with regulations on telecommunications, radio frequencies, technical standards, service quality, and information security.

The licensing provides a basis for Amazon to test equipment manufactured in Vietnam, contributing to the promotion of high-tech industries, expanding supply chains, and strengthening cooperation in developing next-generation connectivity infrastructure.

Amazon Kuiper Vietnam, established in 2024, is Amazon’s legal entity in Vietnam specialising in satellite connectivity. Its Amazon Leo, formerly known as Project Kuiper, is a broadband network utilising over 3,000 low-orbit satellites, aiming to provide high-speed, low-latency connectivity to areas difficult to access by traditional infrastructure.

As part of the working visit to the US, on September 22, Minister Quan met with leaders of major groups, including Anthropic, Amazon, and Oracle. These corporations proposed various areas of cooperation with Vietnam in AI, data centres, supporting digital transformation for businesses, training and developing technology human resources, and exploring the possibility of establishing Centres of Excellence in Vietnam.