From struggling and incurring losses, the Vietnam Chemical Corporation (Vinachem) achieved a profit of nearly 3,300 billion VND in 2023. However, Prime Minister Pham Minh Chinh requested that Vinachem continue to restructure its projects.
On the afternoon of August 22nd, Prime Minister Pham Minh Chinh attended the ceremony commemorating the 55th anniversary of the Traditional Day of the Vietnamese Chemical Industry (August 19, 1969 – August 19, 2024) organized by the Vietnam Chemical Corporation (Vinachem) in Hanoi .
Speaking at the ceremony, the Prime Minister emphasized that the chemical industry is one of the fundamental economic and technical sectors, playing an important role in the socio-economic development of the country.
Since the beginning of its term, under the close guidance of the Government, the Prime Minister, and the Steering Committee for addressing the shortcomings and weaknesses of a number of slow-progressing projects and enterprises in the industry and trade sector, Vinachem has gradually implemented restructuring and resolved outstanding issues related to 4 slow-progressing and inefficient fertilizer production projects and enterprises (including Ha Bac Urea, Ninh Binh Urea, DAP No. 1, DAP No. 2 - Vinachem) out of a total of 12 underperforming projects. Currently, these enterprises have started to make profits and repay loans on time to the banks that provided the capital.
From a loss-making situation, Vinachem has transformed itself to achieve profitable business results. In 2023, the group's total revenue exceeded VND 57,000 billion, with profits reaching nearly VND 3,300 billion, creating jobs for approximately 20,000 employees. The group comprises 21 member units, 11 affiliated companies, 4 non-profit units, and other dependent accounting units. In the first half of 2024, the total revenue of the entire group is estimated to reach nearly VND 31,000 billion, with profits of approximately VND 870 billion and an average salary of over VND 13 million per person per month.
Despite achieving positive results, the Prime Minister still requested Vinachem to continue to strengthen governance restructuring, maintain a sound financial structure, and expand cooperation with reputable banks to ensure investment capital needs for the group and its member units, as well as attract more foreign direct investment.
VAN PHUC
Source: https://www.sggp.org.vn/thu-tuong-yeu-cau-vinachem-tiep-tuc-tai-co-cau-cac-du-an-yeu-kem-post755264.html
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