Vietnamese oil, gas firms hold almost $7bn in cash, cash equivalents in 2nd quarter
As many as 11 oil and gas companies in Vietnam recorded their third consecutive quarter of profit growth, holding nearly US$7 billion in cash and cash equivalents in the second quarter of 2026.
The combined pre-tax profit of the 11 companies reached over VND23.4 trillion ($896.6 million) in the second quarter of the year, extending a three-quarter streak of profit growth.
Petrovietnam Refining and Petrochemical Corporation (BSR) posted the highest pre-tax profit at nearly VND8.5 trillion ($324.8 million).
It was followed by Petrovietnam Gas Joint Stock Corporation (GAS), whose profit topped VND7.4 trillion ($284.4 million), double the VND3.7 trillion ($143 million) recorded in the previous quarter.
The figures indicated that oil-price movements in the first half of 2026 provided a significant boost to the earnings of many companies across the oil and gas value chain.
However, the benefits were not evenly distributed.
Petrovietnam Oil Corporation (OIL) provided the clearest example.
The company unexpectedly posted its first loss in the past 10 quarters.
Although second-quarter revenue reached a record high, gross profit was insufficient to cover its expenses.
Therefore, higher oil prices do not automatically translate into higher profits for every oil and gas company.
Their ability to convert oil-price movements into earnings remains heavily dependent on individual business models and profit margins.
Holding nearly $7 billion in cash
Financial income has emerged as another important contributor to the group’s earnings.
As of the end of the second quarter of 2026, the total amount of cash and cash equivalents had reached VND178.5 trillion ($7 billion).
BSR, the Vietnam National Petroleum Group (PLX), OIL and PetroVietnam Fertilizer and Chemicals Corporation (DPM) all recorded sharp increases in financial income compared with previous quarters.
Large cash holdings gave companies greater room to pursue expansion and investment plans while also providing an advantage in an environment of higher interest rates during the first half of 2026.
BSR stood out as it earned more than VND1 trillion ($38.3 million) in interest from bank deposits in the first six months of 2026.
According to Tuoi Tre (Youth) online newspaper’s statistics, BSR’s deposits and short-term financial investments totaled VND53.8 trillion ($2.06 billion) at the end of the second quarter, the highest among the companies surveyed.
BSR and DPM were also the companies with the highest concentration of cash and short-term financial investments, with these assets constituting more than 50 percent of total assets.
PLX, BSR, GAS face new divestment variable
Beyond oil-price cycles and interest rates, investors are also paying attention to changes in public-company requirements and ownership structures as Vietnam moves toward meeting the standards of emerging-market status.
PLX is currently required to sell more than 23.28 million treasury shares to raise the ownership ratio of its minority shareholders above the 10-percent threshold, helping the company meet public-company requirements.
However, following the issuance of the prime minister’s Decision 40, which provides a framework for state divestment, Techcom Securities (TCBS) believes the government’s potential reduction of its stake in PLX from about 75.9 percent to below 65 percent could serve as a reference for how the decision will be implemented.
Against the backdrop of renewed interest in a potential wave of state divestment, investors should closely monitor several important milestones, according to the securities firm.
These include the approval of five-year plans by individual state ownership-representative agencies, including the Ministry of Finance, the State Capital Investment Corporation (SCIC), PetroVietnam, Viettel, and the Ho Chi Minh City People’s Committee.
In addition, investors should monitor the progress of GAS, BSR, Becamex (BCM) and Viettel Global (VGI) in meeting public-company requirements following a document issued by the State Securities Commission on February 24.
“The choice between issuing additional shares and adjusting the level of state ownership could have different impacts on stock supply and share prices,” according to TCBS.
Vietnam is accelerating the restructuring of state capital in state-owned enterprises, with a new framework setting different ownership thresholds by industry and requiring plans for the 2026-30 period to be completed this month.
Decision 40, effective August 5, establishes three main state ownership thresholds: 100 percent, at least 65 percent, and above 50 percent to below 65 percent, depending on the strategic importance of each industry and enterprise to the economy, according to the Vietham News Agency.
This framework is designed to concentrate state capital in essential sectors, while creating more room for restructuring or divestment and for private sector participation in areas where state ownership can be reduced or withdrawn.
Tieu Bac - Hoc Khiem / Tuoi Tre News
Link nội dung: https://news.tuoitre.vn/vietnamese-oil-gas-firms-extend-3-quarter-profit-growth-streak-103260812131156342.htm