The listing of Vietnam National Petroleum Group (PLX) in April 2017 as well as the recent equitization of Binh Son Refining & Petrochemical company (BSR) and PetroVietnam Oil Corporation (OIL) offer investors opportunities for exposure to a young and high-potential industry. Vietnam is thirsty for refined products. We estimate that Vietnam’s petroleum consumption CAGR will be 5.0% p.a. over the next five years, which is much higher compared to the global growth rate of 1.3% p.a. Such growth is