Vietnam National Petroleum, VN000000PLX1

E10 reaches 1,800 stores: 16 percent growth supports Vietnam National Petroleum stock

Published on 10/19/2026 at 10:09 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Petrolimex rolled out E10 across 1,800 stores from June 1, 2026. The 63 percent revenue increase matters for Vietnam National Petroleum stock.

Operational growth and policy

Petrolimex had expanded E10 sales across 1,800 stores by October 10, 2026.
First-half revenue reached VND 234.916 trillion, up 63 percent year over year.
Third-quarter 2026 profit was forecast at VND 2.094 trillion, up 78 percent year over year.

Vietnam National Petroleum, VN000000PLX1, Illustration mit AI erstellt.

Vietnam National Petroleum (ISIN VN000000PLX1) had deployed E10 gasoline across 1,800 stores and more than 1,400 dealers by October 10, 2026, according to CVS. The rollout gives the fuel distributor a concrete operating lever as Vietnam considers a new petroleum pricing framework. For investors, volume growth is now competing with the harder question of margin conversion.

Policy changes test margins

CVS reported that Vietnam National Petroleum's first two quarters of 2026 produced VND 234.916 trillion in revenue, up 63 percent from the same period of 2025. Net income attributable to the parent company's shareholders reached VND 2.046 trillion, up 36 percent, while the company completed 75 percent of its annual revenue plan and 85 percent of its pretax profit plan.

The same report said average volume in the first nine months of 2026 was forecast to rise 16 percent year over year, led by a 25 percent increase in diesel volume against 6 percent growth for the overall market. The draft petroleum decree could give businesses greater control over pricing, but oil-price volatility remains a direct risk to earnings.

Three dated signals for the stock

On October 6, 2026, Vietcap raised its target price for PLX by 5.1 percent to VND 43,200 per share and maintained a Buy rating. On October 10, 2026, CVS reported the E10 rollout and a 16 percent nine-month volume forecast. On October 16, 2026, Stockbiz said Petrolimex declined 1.93 percent as the VN-Index fell below 1,700 points.

What does E10 mean for margins?

Vietcap forecast core net profit attributable to the parent company's shareholders to grow 29 percent in 2026 and 48 percent in 2027. Its model also expects gross profit per liter to rise 7 percent in 2027, while the earnings-before-interest-and-tax margin reaches 1.6 percent in 2028 versus a 3.2 percent average from 2015 through 2019.

That comparison defines the investment case: higher throughput is already visible, while the policy framework and E10 rollout must still translate into a wider unit margin. Vietcap identified volatile oil prices and competition from Vin Oil and Gas Global as downside risks.

Vietnam National Petroleum stock outlook

A reference profile from Global Banking and Finance Review identifies the company as PLX on HOSE and links it to Vietnam's energy sector. The next valuation debate centers on whether the projected 2027 profit growth can arrive with better margins rather than volume alone.