Sector Insight

1. Industry update 1H2026

Geopolitical tensions in the Middle East triggered the largest oil and gas supply shock in decades, sending ripple effects across the Vietnamese economy as input and logistics costs surged simultaneously across multiple sectors. However, thanks to a swift and coordinated policy response from the Government, domestic retail fuel price increases were partially contained, significantly limiting the adverse impact on business operations. Overall, Q1/2026 business results reflected a clear divergence across the value chain: while downstream firms faced greater pressure from oil price volatility, upstream and refining companies benefited materially, helping the sector as a whole sustain revenue and profit growth compared to the same period last year.

2. Industry outlook for 2H2026

Entering 2H2026, Vietnam's oil and gas sector shifts toward strengthening supply autonomy to reinforce energy security amid continued global market volatility. Growth drivers include accelerating domestic supply development, expanding LNG infrastructure, building up strategic reserves, and refining the regulatory framework governing the fuel market alongside supportive government policies. Together, these initiatives lay the foundation for long-term supply resilience while opening up more balanced growth opportunities across the value chain from upstream to downstream.

3. Oil and gas stocks investment opportunities

BSR, PVD, PVS