Maintain a key position in the economy

During the past term, the Government Party Committee has shown solidarity, courage, leadership, and determination in striving to achieve the highest socio -economic development goals and tasks for the 2021-2025 period, expected to achieve and exceed 22/26 main targets. These achievements have important contributions from economic groups and state-owned corporations holding key positions in the economy.

Vinachem products are exported to more than 70 countries and territories.

Photo caption — Panoramic view of Lao Cai DAP fertilizer factory. Photo: Hoang Hieu/VNA

With the spirit of innovation, solidarity, proactiveness and determination, Party committees at all levels in the Party Committee of the Vietnam Chemical Group (Vinachem) have focused on leading and directing the successful implementation of many key targets and tasks set out in the Resolution of the 3rd Party Congress of the Group, term 2020 - 2025, in Party building work and leading the implementation of the Group's production and business tasks.

The Party Committee of the Group has closely followed the direction of the Government, the Prime Minister , the State Capital Management Committee at Enterprises, the Party Committee of the Central Enterprises Sector and ministries/sectors to promptly and decisively direct the forecasting of the situation, develop and synchronously deploy solutions to overcome difficulties and challenges, and make great efforts to best complete the production and business plan. Focus on finding solutions to remove difficulties for 4 units producing and trading urea and DAP fertilizers.

DAP-Vinachem Joint Stock Company has been approved by the competent authority to be removed from the list of the Steering Committee for handling the shortcomings and weaknesses of a number of projects and enterprises that are behind schedule and ineffective in the Industry and Trade sector (Project 1468). Determining that the complete handling of the shortcomings and weaknesses of the 3 projects: Ha Bac Fertilizer and Chemicals, Ninh Binh Nitrogen, DAP No. 2 - Lao Cai is a key political task during the term, the Group has focused on directing units to strengthen management, reduce costs, streamline the apparatus, master technology, optimize consumption norms, and do a good job in marketing.

With the efforts and efforts to bring about clear changes, the units have restructured their investment loans according to the Conclusion of the Politburo and the Decision of the Government, removed difficulties, quickly stabilized production and promoted efficiency. Up to now, the operating capacity of Ha Bac Fertilizer Company has increased to over 92% compared to the time when Project 1468 started to be implemented at 67%, Ninh Binh Fertilizer from 19% to over 90%, DAP2 - Lao Cai from 28% to over 70%, products are consumed in full, efficiency is improved, thereby improving workers' income, the factory is always green - clean - beautiful.

The notable point, said by Deputy Secretary of the Party Committee, Member of the Board of Members, General Director of the Group Nguyen Huu Tu, is that the projects have fully paid off their debts on time according to the approved Project, and currently have no overdue debts. In particular, the Ninh Binh Nitrogen Project has fully paid off both principal and interest of about 350 million USD of the loan from the Ministry of Finance - sourced from Eximbank of China, the DAP2-Lao Cai project has paid off its debt ahead of schedule to VDB Bank until the end of 2027. From a very difficult financial situation, the Companies have now balanced their cash flow to ensure stable and profitable production and business, continuing to earn nearly 200 billion VND in profit in the first 5 months of 2025.

Many outstanding results during the term were stated in the political report presented to the 4th Vinachem Party Congress, term 2025 - 2030 such as: industrial production value reached 277,256 billion VND (reaching 103% of the Congress Resolution target), total combined revenue reached 290,368 billion VND (reaching 107%). Consolidated profit before tax was 14,970 billion VND; in which, profit of units not under Project 1468 exceeded 37% compared to the Congress Resolution, profit of units under Project 1468 reduced loss by 16,081 billion VND, increased efficiency by 5,329 billion VND compared to the Congress Resolution. Budget payment was 11,567 billion VND (reaching 127%). Average income reached 13.39 million VND/person/month, an increase of 57.5% compared to the period 2016 - 2020. Total import-export turnover in the period 2021-2025 is estimated at 3,586 million USD, of which export turnover is estimated at 2,367 million USD (reaching 100.5%).

The Group's products are currently exported to more than 70 countries and territories, including demanding markets such as the United States, Japan, Korea, Germany, China, India, Australia, Russia... Continuously improving product quality, standardizing production processes and complying with international standards have helped enhance the Group's position in the global market.

Removing difficulties for weak projects

Leading and directing the implementation of the development strategy, restructuring, arrangement and innovation to improve the efficiency of business operations has always been one of the key contents of the Party Committee of Vietnam Steel Corporation - Joint Stock Company (VNSTEEL) in the term 2020 - 2025. The Standing Committee of the Party Committee of the Corporation has issued a specialized Resolution on solutions to improve the quality and efficiency of investment and restructuring work and 10 conclusions to lead and direct the implementation of the development strategy, restructuring and equitization settlement of the parent company - Corporation. The Corporation has completed the acquisition of the capital contribution of partners at Phuong Nam Steel Company, Vinausteel Company and converted the operating model of Vinausteel Company from a joint venture company to a single-member limited liability company with 100% capital contribution of the Corporation.

The Party Committee focused on directing the implementation of investment projects; strengthening research and application of scientific and technological advances in production; gradually improving labor productivity, improving production capacity and competitiveness of the Corporation. During the term, the Corporation had 4 group B projects and 35 group C projects completed and put into operation with a total disbursement value estimated at 1,912 billion VND; ensuring compliance with legal regulations on investment, in line with investment objectives, contributing to improving production capacity, competitiveness and production and business efficiency of units and the Corporation.

Evaluating at the 4th Congress of the Party Committee of Vietnam Steel Corporation - Joint Stock Company, term 2025 - 2030, Deputy Secretary of the Government Party Committee Lai Xuan Lam acknowledged that in the term 2020 - 2025, in the context of many difficulties and challenges, the Party Committee of the Corporation still maintained its political mettle, spirit of innovation and aspiration for development.

The Party Committee has led the implementation of political tasks with many outstanding results, many targets have been completed and exceeded the plan such as the parent corporation's budget contribution for the period 2021 - 2025 reached 4,120 billion VND, equal to 212.4% of the plan. In addition to production and business tasks, the Corporation has focused all resources to lead and direct the removal of difficulties for the project to expand the Thai Nguyen Iron and Steel Factory Phase 2 (Tisco 2) and the Vietnam - China Minerals and Metallurgy Company Limited (VTM) and has achieved positive results.

Like the Vietnam Chemical Group, VNSTEEL has two projects under Project 1468 that must have solutions. Throughout the leadership and direction of the Party Committee of the Corporation, the leadership and direction to remove difficulties for the two projects has always been a very important task. The Standing Committee of the Corporation has issued many resolutions and conclusions on leadership and direction for implementation in the spirit of closely following the directions of the Government, the Steering Committee, and the competent authorities.

The resolution of difficulties and obstacles for the Tisco 2 Project and VTM Company after many years of no results has now achieved very positive results: The Tisco 2 Project has signed an agreement to terminate the EPC contract with the MCC contractor, and is implementing a plan to handle the next project; After 3 years of stopping production, VTM Company has now restarted production, ensuring jobs and income for over 1,100 workers.

In the 2020 - 2025 term, the Corporation has strived to exceed most of the targets set by the Congress Resolution. Of which, long-rolled steel output reached 12.46 million tons, equal to 116.2%; flat-rolled steel output reached 4.52 million tons, equal to 254.4%; total consolidated revenue reached 181,557 billion VND, equal to 206.3%; pre-tax profit of the parent company reached 570 billion VND, equal to 103.7%, ensuring the lives, jobs and income of workers.

Source: https://baotintuc.vn/kinh-te/giu-vung-vi-tri-then-chot-cua-nen-kinh-te-20251012134355562.htm