The agreements were signed on Tuesday in Washington D.C. in the presence of Vietnam’s acting Minister of Industry and Trade Le Manh Hung.

Under the MoUs, the parties will focus on securing stable crude oil supplies for the Dung Quat refinery, Vietnam’s first and largest oil refinery, while studying the potential supply of bioethanol and corn feedstock to support domestic biofuel production.

The signing comes as Vietnam and the U.S. step up negotiations on a reciprocal and balanced trade agreement aimed at establishing a long-term framework for bilateral economic relations.

Energy cooperation has been identified as a strategic pillar of the talks, supporting Vietnam’s energy security while helping to expand two-way trade and narrow the bilateral trade imbalance.

At the signing ceremony, Chevron representative Barbara Harrison said BSR is one of the company’s key partners in Southeast Asia, adding that Chevron intends to continue supplying crude oil to ensure the safe and stable operation of the Dung Quat facility.

BSR has been a major beneficiary of Vietnam’s recovery in refining and petrochemicals. In 2025, the company reported net revenue of VND141.58 trillion ($5.45 billion), up about 15% from a year earlier.

Net profit surged to VND5.19 trillion ($199.67 million), nearly nine times higher than in 2024, driven by improved refining margins and operational efficiency.

As of December 31, 2025, BSR’s total assets stood at VND85.07 trillion ($2.23 billion). The company has raised its charter capital from VND31 trillion ($1.19 billion) to more than 50.07 trillion ($1.93 billion), strengthening its balance sheet to support long-term investment and supply security.