BSR Accelerates ESG Implementation Toward Sustainable Development
On June 11, 2025, a pivotal meeting took place at the headquarters of Binh Son Refining and Petrochemical Joint Stock Company (BSR), led by Mr. Nguyen Van Hoi, a member of the Board of Directors and head of the newly established ESG Task Force. This task force, formed under Decision No. 1916/QĐ-BSR dated June 1, 2025, aims to tackle critical Environmental, Social, and Governance (ESG) initiatives crucial for BSR’s sustainable growth.
Vision and Commitment to ESG
During the meeting, BSR’s leadership strongly emphasized the growing significance of ESG practices in the corporate landscape. Recognizing that ESG is not just a compliance obligation but a strategic cornerstone for sustainable growth, they underscored how a robust ESG framework enhances brand reputation, facilitates better financial access, mitigates legal risks, and ultimately increases market valuation. Following BSR’s public listing on the Ho Chi Minh Stock Exchange on January 17, 2025, integrating ESG into their business practices became a fundamental aspect of their 2025-2030 Development Strategy and their broader vision towards 2045.
Establishing Robust Governance
Tasked with spearheading effective ESG governance, BSR highlighted the necessity of leadership accountability, management of potential conflicts of interest, and active involvement from all departments. Resources dedicated to ESG initiatives are essential, and the establishment of clear Key Performance Indicators (KPIs) alongside reporting mechanisms is crucial. Proper incentives will be devised to ensure that ESG responsibilities are taken seriously across the organization.
ESG Initiatives and Achievements
BSR has made substantial strides in implementing ESG initiatives. These programs encompass technology optimization, health and safety measures, employee welfare initiatives, community involvement, and biodiversity protection efforts. By prioritizing these initiatives, BSR is committed to creating a more sustainable and ethical operational framework.
An image from a recent event captures the essence of BSR’s commitment, with environmental regulators commending the company for its effective implementation of green production policies. This acknowledgment reinforces the positive impact BSR’s initiatives are having in the sector.
Actionable Strategies for Improvement
In his closing remarks, Mr. Hoi tasked the ESG team with critically evaluating the current status of implementation. The focus areas identified include enhancing existing programs such as health and safety initiatives, optimizing wastewater reuse, and boosting community engagement. Furthermore, the team is developing tangible plans for upcoming activities including internal training sessions, ESG communication strategies, and opportunities for participation in environmental and cultural awards.
BSR is also aligning its strategies with national policies on biofuels and sustainable aviation fuels, continuing its journey of sustainability by improving its annual Sustainability Report and preparing for an independent ESG report.
Future-Forward Thinking
BSR is actively crafting a detailed ESG roadmap to bolster its risk management strategies while fostering a corporate culture of innovation and digital transformation. Enhancements will be integrated into their upcoming 6th Turnaround plan, ensuring energy efficiency targets (EII) are developed to aid CO₂ emissions assessments.
The task force has also identified the importance of engaging with the community and learning from best practices in ESG from both the oil and gas industry and leading Vietnamese enterprises. By doing so, BSR can refine its approach further, positioning itself as a leader in sustainability.
Notable Recognition
In May 2025, BSR’s commitment to ESG earned it recognition among the Top 10 ESG Vietnam Green Enterprises 2025 in the Energy and Oil & Gas sector, as well as a spot among the Top 10 Innovative and Efficient Enterprises 2025, accolades proudly announced by the Finance-Investment Newspaper.
Through its proactive and strategic implementation of ESG initiatives, BSR not only reinforces its commitment to sustainable development but also seeks to enhance its competitive market position in an ever-evolving landscape.
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