Average income of workers at a fertilizer company is more than 42 million VND/month

Over 42.5 million VND/month is the average income of each employee at Ca Mau Petroleum Fertilizer Joint Stock Company (PVCFC) last year, an increase of more than 16% compared to 2022.

Workers working in PVCFC's factory - Source: PVCFC

Highest over 2.2 billion VND

By the end of 2024, Ca Mau Petroleum Fertilizer has 1,155 employees, with an average salary of 34.82 million VND/person/month and an average income of 42.58 million VND/person/month.

Compared to the end of 2022 (total workforce of 1,042 people), the average salary increased by 17%, while the average income increased by more than 16%.

Of the total 1,155 employees, the company has 16 executive officers, 201 managers and the rest are employees. About 80% of the company's employees have signed indefinite-term labor contracts.

The total salary, remuneration, bonuses and benefits for 16 members of the Board of Directors (BOD), Supervisory Board and General Director last year was more than 24.4 billion VND.

In addition to the fixed monthly income, these members also receive bonuses (up to 1.5 months salary/year) depending on the level of task completion.

The Board of Directors of this company assessed that the salaries and bonuses of the members of the Board of Directors, the Board of Supervisors and the Executive Board last year were equivalent to or higher than those of businesses in the same or similar industries.

The two personnel with the highest salary/remuneration and bonus are Mr. Tran Ngoc Nguyen, non-executive chairman of the Board of Directors, and Mr. Van Tien Thanh, executive member of the Board of Directors and general director, with more than VND 2.2 billion each.

All deputy general directors of this company receive a salary/remuneration and bonus of 1.8 billion VND/person.

Plan low

Ca Mau Fertilizer Plant, one of the projects in the Ca Mau Gas - Power - Fertilizer Project Cluster, started construction in 2008.

In 2011, Ca Mau Petroleum Fertilizer Company Limited was established and one year later the first commercial product was launched on the market.

In 2024, the company will achieve total revenue of more than 14,000 billion VND and after-tax profit of 1,428 billion VND.

However, this year's business plan is set lower, with revenue nearly equal to last year's, and after-tax profit only about 774 billion VND.

With a 75.56% ownership ratio, Vietnam Oil and Gas Group (PVN) is currently the parent company of Ca Mau Petroleum Fertilizer, a business with three factories and self-declared to hold 10.6% of the domestic fertilizer market share.

The company focuses on the Mekong Delta, Southeast, Central Highlands and Cambodia regions.

Compared to fertilizer producers in the Middle East, Baltic and Southeast Asia, PVCFC and other businesses in the same industry do not have an advantage in terms of product cost, because the cost of gas in these regions is lower thanks to the proximity to the factory, easy exploitation and transportation.

In addition, Vietnam has to import all potassium and part of DAP to produce NPK, increasing supply risks when the global supply chain is disrupted.

The domestic market is highly competitive, forcing companies to increase discount and promotion programs, increasing sales and marketing costs.

PVCFC's profits have been declining in recent quarters, mainly due to fluctuations in output prices and a decline from the peak in 2022. At that time, revenue and profits reached record highs but fell sharply by 40-50% in the following years.

PVCFC's Board of Directors forecasts that Vietnam's fertilizer industry will grow at an average of 5% per year in the period 2025-2030.

The domestic market is expected to continue to expand this year, with total consumption output of about 10.5 - 11 million tons.

Businesses in the industry, including PVCFC, are expecting a regulation to impose a 5% value-added tax (VAT) on fertilizers from July 2025, instead of being tax-free as before.

This will help domestic manufacturing enterprises get input VAT refunds, thereby improving profits.

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Source: https://tuoitre.vn/thu-nhap-binh-quan-cua-lao-dong-tai-mot-cong-ty-phan-bon-hon-42-trieu-dong-thang-20250321114223631.htm