The government of the Socialist Republic of Vietnam controls both the upstream and downstream sectors, through the national oil company PetroVietnam (PVN). PVN is a major contributor to government revenue; it was on course to contribute a total of USD4.68bn to the state's revenue target of USD23.11bn in 2017, equivalent to 20.5%. Vietnam has a poorly developed petrochemicals industry despite significant oil and gas reserves and a respectably sized refining sector relative to the country's market size. The country has massive growth potential, but it will take many years for the industry to catch up. Binh Son Refinery (BSR) is the sole polyproyplene (PP) producer in Vietnam with a 150,000 tonnes per annum (tpa) plant located in Dung Quat industrial park in Quang Ngai province. The company is a subsidiary of state-owned oil firm PetroVietnam. However, it fulfils just 20% of the market, although the country has potentially huge domestic sources of feedstock.

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