Vietnam's largest oil refinery still in red, even at full capacity

Substantial debt payments prevent Nghi Son from turning a profit

20250521N Idemitsu Vietnam refinery

Vietnam's  Nghi Son refinery first went into commercial operation in 2018. (Photo by Yuji Nitta)

YUJI NITTA

HANOI -- Vietnam's largest oil refinery has been unable to generate a net profit in any year it has been in operation since 2018, despite running at full capacity.

Japanese oil major Idemitsu Kosan is a major shareholder in Nghi Son Refinery and Petrochemical (NSRP), the joint venture that operates the facility. NSRP is led by General Director Kazutaka Yamato, a veteran of Idemitsu.

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