Prime Minister Pham Minh Chinh asked the Vietnam Oil and Gas Group (PetroVietnam) to promptly upgrade and expand the Binh Son Refining and Petrochemical (BSR) plant during a visit to the facility in central Quang Ngai province on January 1.

He said the government will ask ministries and agencies to remove obstacles and expand the plant by late 2025 or early 2026, towards ensuring the supply of gasoline around the country, together with the Nghi Son and Long Son petrochemical refineries in Thanh Hoa and Ba Ria-Vung Tau provinces.

PetroVietnam had proposed upgrades and expansions to BSR with total investment of some $1.2 billion.

Operational since 2010, BSR has total investment of roughly $3 billion and an annual capacity of approximately 6.5 million tons.

It produced around 7 million tons of products of various kinds In 2022, earning revenue of VND167 trillion (over $7 billion). After-tax profits reached some VND13 trillion ($546 million) and it contributed nearly VND18.3 trillion ($794 million) to the State budget and employed some 1,500 workers.

On the same day, Prime Minister Chinh also visited the Vietnam-Singapore Industrial Park (VSIP) in Quang Ngai province.

Covering a total area of 1,700 ha, VSIP Quang Ngai has so far created around 30,000 jobs and attracted 32 investors, including 27 foreign investors from countries and territories such as the US, Belgium, Japan, the Republic of Korea, Thailand, Singapore, the Philippines, Malaysia, Hong Kong (China) and Taiwan (China), with total investment of nearly $1 billion.

The Prime Minister agreed to allow Quang Ngai to build VSIP 2, which must give priority to hi-tech areas, the green and circular economies, digital transformation, and innovation.