Vietnam Refining and Petrochemical Corporation (BSR), which runs the Dung Quat oil refinery, had more than 58,000 billion dong in bank deposits at the end of September, close to half of its total assets of over 120,000 billion dong, VnExpress reported. Nearly 57,000 billion dong (about $2.2 billion) was in term deposits, with a further 1,800 billion dong or so in demand and short-term deposits. The cash pile reflects a bumper year driven by higher oil prices.
Where the money sits
BIDV holds the largest share at more than 12,400 billion dong, followed by VietinBank with 10,500 billion dong and SHB with 6,400 billion dong. Term deposits are up more than 20,000 billion dong since January, as average deposit rates have risen for 11 straight months to above 8% a year for 6-12 month terms on listed rate sheets; large corporate depositors likely earn more.
BSR earned more than 1,800 billion dong in deposit interest in the first nine months, nearly double the same period of 2025. Analysts at Techcom Securities say the company converts almost all its core profit into cash, and with no long-term debt, the cash gives it a buffer for upgrades and expansion.
Nine-month results, compiled by KBVN+
| Measure | Figure |
|---|---|
| Core revenue, nine months | Over 164,000 billion dong |
| Of which diesel | Nearly 75,000 billion dong |
| Full-year revenue target | Over 154,000 billion dong |
| Record revenue (2022) | 167,000 billion dong |
| Net profit, nine months | Over 24,900 billion dong (11 times a year earlier) |
| Q3 revenue | Nearly 60,000 billion dong |
| Q3 net profit | Nearly 9,000 billion dong |
| Average crude price, Q3 | $97 a barrel (year earlier: $69) |
Management told the Ho Chi Minh City Stock Exchange the surge came mainly from crude prices rising from an average $69 a barrel in the third quarter of last year to $97 this year because of the Middle East conflict, lifting product prices. At the start of the year BSR had warned of volatile oil prices, falling domestic crude supply and rising maintenance costs at an ageing plant.
Background
BSR regularly ranks among listed companies with the largest bank deposits; last year it trailed only a few, such as Vingroup and Viettel Global. Such cash usually comes from years of accumulated operating surpluses or, in some cases, unspent proceeds from share sales. In last year's annual report, BSR said changes in major banks' rates directly affect its financial income and cost of capital.
What comes next
Fourth-quarter results will again hinge on crude prices and deposit rates. With nine-month revenue already above the annual target, the open question is whether BSR will beat its 2022 record of 167,000 billion dong.