From the loss-making and weak projects that caused Vinachem many difficulties in production and business, the restructured projects have been profitable, contributing to the group achieving a historically high revenue.
Chairman of the State Capital Management Committee at Enterprises Nguyen Hoang Anh - Photo: L.ANH
January 6, Vietnam Chemical Group (Vinachem) held a conference to review the work in 2024 and deploy tasks in 2025.
According to Mr. Nguyen Huu Tu - Deputy General Director in charge of the Group - in the new period, the focus will be on scientific and technological research, aiming at the goal of sustainable development, friendly to the environment.
Revenue hits second-highest level in history
In particular, focusing on green production and green growth, producing high-quality fertilizers that can provide nutrients according to the needs of crops, with the goal of contributing to ensuring national food security.
With the orientation of green transformation, Vinachem will develop industry groups and product lines that are suitable for the trend. These are product groups serving the semiconductor industry and products applying AI technology.
Strengthen international trade and cooperation to boost exports of key products such as fertilizers, tires, and detergents.
According to Mr. Tu, with three consecutive years from 2022 to 2024 reaching peak revenue, Vinachem has achieved the second highest combined revenue target in history.
Specifically, the industrial production value is estimated at VND 54,680 billion, up 3% compared to the annual plan and up 10% compared to the implementation in 2023; reaching 735 million USD, up 11%.
Total revenue of the Group is estimated at VND 57,909 billion, up 3% compared to the plan, up 1% compared to the implementation in 2023; the parent company is estimated at VND 1,450 billion, equivalent to 186% of the plan.
Gross profit is estimated at VND 2,872 billion, completing 118% of the plan; budget contribution is VND 2,116 billion, exceeding 24% of the plan.
Mr. Tu said that along with the approved 5-year production and business plan; the plan for exploration, exploitation, processing and use of apatite minerals, the Politburo also approved the policy on continuing to implement the project of exploiting and processing potassium salt in Laos.
Efforts to handle loss-making, weak projects
Regarding the handling of the group of loss-making and weak projects in the chemical industry, Mr. Nguyen Hoang Anh - Chairman of the State Capital Management Committee at Enterprises - said that in addition to effective and profitable business projects, the fact that the group has completed debt repayment for the Ninh Binh nitrogenous fertilizer project reflects great efforts.
He recalled that since 2018, when the Committee received these projects, there were projects that suffered consecutive losses, some projects were on the brink of bankruptcy, and had to consider bankruptcy. However, with efforts and determination to restructure, the projects have now achieved results.
In particular, with the Kali salt mine project in Laos, the Politburo has approved the project implementation, creating a premise for implementation in the coming time. Four loss-making and weak projects are now operating effectively.
"Sometimes when we go to a project, we say that no matter what the circumstances, we must keep the workers. Their salaries are very low, but with high-quality technical workers, we must ensure the salary level.
Thanks to the stability of the apparatus, when the market situation was good, the Government's proposal to report to the Politburo for restructuring helped the project achieve efficiency" - Mr. Hoang Anh shared.
Also expressing that dealing with weak projects was extremely difficult, Mr. Phung Quang Hiep - Chairman of Vinachem recalled that those were the most turbulent and "cloudy" times of the group.
Especially when building a plan to handle weak and loss-making projects, the group's leaders had to commit to gradually solving the problem, with the belief that it would be solved.
As a result, when the project was approved, the projects operated well and mastered the technology. Ninh Binh Fertilizer had a 45-day maintenance and repair plan, but last year it was only 17 days, earning 46 billion VND; Ha Bac Fertilizer earned nearly 1,800 billion VND...
Or with the Kali Lao salt mine project, there was a time when it had to stop in 2016, but we persevered and it was approved by the Politburo as a premise for effective implementation in the coming time...
Source: https://tuoitre.vn/chu-tich-uy-ban-von-trai-long-ve-xu-ly-loat-du-an-phan-dam-tu-thua-lo-den-co-lai-20250106132659516.htm
Comment (0)