Bình Sơn Refinery and Petrochemical JSC (BSR) announced a collaboration with Deloitte Việt Nam to adapt the International Financial Report Standards (IFRS), aiming at listing on the international market and calling for investment.

At the meeting with the audit consulting provider, Bùi Ngọc Dương, General Director of BSR, said that the application of IFRS standards is a sufficient condition for the company to enter the global stock markets.

It also benefits BSR in raising funds for upgrading and expanding Dung Quất refinery, strengthening BSR’s competitiveness in the market.

According to Phạm Hoài Nam, Deputy General Director of Deloitte Việt Nam, applying IFRS also helps the company improve financial management, ensure accuracy and reliability in reports on sustainable development, carbon commitments, derivative trading, and risk assurance.

Deloitte Việt Nam will build training programme and courses based on IFRS standards to audit BSR's financial statements from 2020 to 2023.

Previously, the Ministry of Finance issued Decision No. 345/QD-BTC approving the project to apply financial reporting standards in Việt Nam with the aim of applying IFRS and new Vietnamese financial reporting standards after 2025.

In the first eight months of the year, the company’s revenue is estimated at VNĐ91.6 trillion (US$3.77 billion), down 19 per cent over the same period last year, while its net profit was approximately VNĐ4.4 trillion.

As a result, BSR completed 96 per cent of this year’s revenue target and 270 per cent of the yearly profit target.

BSR’s business result in the second half of 2023 is expected to be positive as crack spreads (the price difference between the crude oil and the refined products) rise, particularly for the Diesel and Jet A1 oil groups amid the substantial increase in crude oil prices.

On the stock market, the company’s shares are listed on the UPCoM exchange and were last traded at VNĐ20,700 a share on Wednesday. — VNS