From mega project to long-term growth platform for Thanh Hoa

NSRP operates the Nghi Son Refinery and Petrochemical Complex in Thanh Hoa Province's Nghi Son Economic Zone, with a design capacity of 200,000 barrels of crude oil per day, equivalent to approximately 10 million tonnes annually. Today, the refinery supplies around 35-40 per cent of Vietnam's domestic petroleum demand, reinforcing its strategic role within the country's energy infrastructure.

As one of the anchor projects of the Nghi Son Economic Zone, the refinery has also played an important role in supporting the development of the area's industrial, logistics, and supporting-industry ecosystem.

While the project's scale, backed by an investment of more than $9 billion, attracted considerable attention during its development phase, its significance today is increasingly measured by the value it creates after construction. Beyond supplying fuel to the domestic market, the refinery has become a major contributor to state revenue, a catalyst for industrial development, and a foundational asset within Thanh Hoa's broader economic ecosystem.

From large-scale investment to sustained economic contribution

The first half of 2026 highlighted the importance of operational resilience in an increasingly volatile global environment. As geopolitical tensions in the Middle East disrupted traditional crude oil flows and heightened uncertainty across energy markets, NSRP maintained stable operations and continued supporting the domestic market.

Nghi Son Refinery and Petrochemical Complex in Thanh Hoa Province's Nghi Son Economic Zone. Photo courtesy of NSRP

In the first seven months of 2026, NSRP delivered approximately 4.7 million tonnes of petroleum products to the domestic market, helping ensure a stable fuel supply for transportation, manufacturing, logistics, and other key sectors of the economy.

Underlying this performance was the refinery's continued effort to strengthen feedstock flexibility. During the period, NSRP successfully tested and processed 10 additional crude oil grades, enhancing its ability to adapt to changing market conditions, diversify sourcing options, and reinforce supply resilience amid global uncertainty.

This resilience is also supported by NSRP’s strong operational performance. In recent years, NSRP has sustained annual throughput at more than 110 per cent of its design capacity through optimised and reliable operations, enabling it to contribute consistently to Vietnam’s domestic petroleum product supply.

The results reflect more than short-term operational resilience. Since commencing commercial operations in late 2018, NSRP has processed approximately 78.5 million tonnes of crude oil and supplied around 52.8 million tonnes of petroleum products, the majority of which have been consumed within Vietnam. Over nearly eight years of operation, the refinery has established itself as a critical component of the country's energy supply system.

This sustained operational performance has also translated into substantial economic value. From the start of commercial operations in November 2018 through June 2026, NSRP contributed approximately $5.44 billion to the state budget, underscoring its role as one of Vietnam's major industrial contributors.

For Thanh Hoa province, the impact extends beyond fiscal revenues. As one of the locality's largest industrial enterprises, NSRP plays an important role in supporting economic activity, creating employment opportunities, and strengthening the province's investment appeal. The company was recognised as an Outstanding Enterprise of Thanh Hoa in 2023 and received Certificates of Merit from the chairman of the Thanh Hoa Provincial People's Committee in both 2024 and 2025, reflecting its continued contribution to local socioeconomic development.

Impact beyond the refinery fence line

The refinery's impact is not limited to production output or fiscal contribution. Equally important is its role in supporting a broader industrial ecosystem.

Large-scale industrial projects create value not only through direct production but also through the networks of businesses they help develop. In NSRP's case, this includes a broad ecosystem of suppliers, contractors, logistics providers, maintenance companies, and industrial service partners.

Since 2020, NSRP has signed 162 contracts with businesses and suppliers located in Thanh Hoa. Photo courtesy of NSRP

The refinery's ongoing demand for materials, transportation, industrial services, and technical expertise generates business opportunities across multiple sectors. Since 2020, NSRP has signed 162 contracts with businesses and suppliers located in Thanh Hoa, with a combined contract value exceeding $279.6 million.

These partnerships do more than generate revenue. They help local companies strengthen technical capabilities, improve management practices, and participate in increasingly sophisticated industrial supply chains. Over time, such developments contribute to a more competitive and diversified industrial base for the province.

Through this multiplier effect, the refinery's economic footprint extends far beyond its physical boundaries, supporting the growth of local enterprises and reinforcing Thanh Hoa's position as an emerging industrial and logistics hub.

Investing in long-term competitiveness

Alongside its direct economic impact, NSRP continues to invest in capabilities that support long-term value creation.

Established through the partnership of Vietnamese, Kuwaiti, and Japanese stakeholders, the project has provided more than capital investment. It has also facilitated access to technology, international operating practices, management expertise, and workforce development opportunities.

Over the years, NSRP has implemented initiatives focused on technology transfer, talent development, supplier capability enhancement, and sustainability.

At the same time, NSRP's Energy Saving & ESG Campaign has generated more than 600 improvement ideas, of which 103 initiatives have been successfully implemented. Together, these projects have delivered approximately $16.7 million in energy savings while reducing carbon emissions by around 152,000 tonnes of CO₂. These achievements demonstrate how operational excellence, innovation, and sustainability are increasingly becoming integral components of the refinery's long-term competitiveness.

NSRP has implemented initiatives focused on technology transfer, talent development, supplier capability enhancement, and sustainability. Photo courtesy of NSRP

Looking ahead, NSRP is exploring potential opportunities to further leverage its existing infrastructure and capabilities through greater downstream integration, product diversification, and the development of higher-value petrochemical and industrial products. These opportunities could further strengthen NSRP's contribution to industrial development in Thanh Hoa and Vietnam, while enabling the refinery to evolve in line with the country's changing energy and industrial needs.

From mega project to growth platform

The broader impact of NSRP is also evident in the continued development of the Nghi Son Economic Zone, where the refinery serves as one of the foundational projects supporting the growth of port infrastructure, logistics services, transportation networks, energy facilities, and supporting industries.

Nearly a decade after operations began, the value of NSRP can no longer be measured solely through refining capacity or annual revenue.

More importantly, the project helps strengthen industrial capabilities, develop human capital, expand opportunities for local enterprises, and enhance Thanh Hoa's attractiveness as an investment destination.

Viewed through this lens, NSRP has evolved beyond the role of a refinery. From a mega project, it is steadily becoming a long-term growth platform, supporting industrial development, strengthening local business capabilities, and enhancing Thanh Hoa's position as one of Vietnam's emerging industrial and logistics hubs.

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