Vietnam National Petroleum stock faces a new fuel-pricing test
Published on 10/25/2026 at 01:05 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSEarnings and pricing framework
- A draft petroleum decree is due for submission by November 10, 2026.
- Second-quarter revenue reached VND 136.22 trillion, while net income reached VND 2.80 trillion.
- Vietcap projects a 1.60 percent EBIT margin in 2028 versus 3.20 percent in 2015-2019.
Vietnam National Petroleum (VN000000PLX1) closed at VND 35,450.00 on HOSE on October 23, 2026, as a new fuel-pricing framework moved closer to a formal deadline. On October 22, 2026, Stockbiz reported that the government had ordered completion of a draft petroleum trading decree by November 10, 2026.
Pricing reform sets the test
The proposed framework would let major petroleum traders set retail prices within their distribution networks under a state-managed formula. For Petrolimex, the significance lies in whether the mechanism improves the link between fuel prices and operating margins.
On October 6, 2026, Vietcap raised its target for PLX by 5.10 percent to VND 43,200.00 and kept a BUY rating. Its forecast assumes a 2.90 percent increase in average gross profit per liter, supported by E10 gasoline and a more favorable price-adjustment cycle.
What does E10 mean for margins?
Vietcap expects core net profit to grow 29.00 percent in 2026 and 48.00 percent in 2027. The research house projects an EBIT margin of 1.60 percent in 2028, compared with a 3.20 percent average from 2015 through 2019, showing that the expected improvement remains below the companys earlier operating profile.
Three dated developments for PLX
On June 1, 2026, Petrolimex began applying E10 gasoline across its network, according to the Vietcap research dated October 6, 2026. On October 6, 2026, Vietcap lifted its target to VND 43,200.00. On October 23, 2026, the stock closed at VND 35,450.00 on HOSE.
When is the next key date?
The next dated policy milestone is November 10, 2026, when the draft petroleum trading decree is due for submission to the government, according to Stockbiz. The measure could influence the pricing assumptions behind current earnings forecasts.
Stock value and operating scale
The October 23, 2026 close leaves the stock inside a 52-week range of VND 30,796.87 to VND 70,400.00. Second-quarter revenue was VND 136.22 trillion and net income was VND 2.80 trillion, according to Investing.com.
Vietnam National Petroleum Group had a market capitalization of VND 45.9 trillion as of October 23, 2026. The companys operating case therefore combines higher fuel volumes with a policy-dependent margin recovery.
Vietnam National Petroleum at a glance
- Company: Vietnam National Petroleum Group
- ISIN: VN000000PLX1
- Ticker: PLX
- Primary exchange: HOSE
- Market capitalization: VND 45.9 trillion (as of October 23, 2026)
- 52-week range: VND 30,796.87-70,400.00 (as of October 23, 2026)
- Sector / Industry: Energy / Wholesale
Market context: Latest market reports.
