Vietnamplus

A series of best-performing stocks on the Vietnamese stock market are losing their steam due to poor business performances.

The Investigation Police Agency under the Ministry of Public Security has prosecuted and put in temporary detention two former leaders of Binh Son Refining and Petrochemical Co., Ltd (BSR) on the charge of “abusing position and power to appropriate assets”.

Vu Manh Tung, former Deputy Director General of the Binh Son Refining and Petrochemical Co. Ltd, has been prosecuted and taken into temporary detention over the charge of “abusing position and power to appropriate assets.”

Binh Son Refining and Petrochemical Co Ltd (BSR), operator of Dung Quat Refinery, has targeted total revenue of nearly 78.4 trillion VND (3.44 billion USD) and after-tax profit of more than 3.47 trillion VND in 2018.

Binh Son Refining and Petrochemical Co Ltd (BSR), the operator of Dung Quat Refinery, will conduct Vietnam’s biggest-ever initial public offering (IPO) on January 17 next year.

Binh Son Refining and Petrochemical Co. Ltd. (BSR) has signed crude oil supply agreements with two trading companies – Glencore Singapore and Socar Trading SA – to supply the Dung Quat refinery for the 2018-25 period.

Vietnam is expected to continue importing petroleum products for the next five years as production of major oil refineries is unable to meet the increasing local demand.

The Binh Son Refining and Petrochemical Co. (BSR) plans to complete its evaluation by December 31 and equitisation by the end of next year.