On May 25, Deputy Prime Minister Le Minh Khai chaired a meeting on the operation and restructuring of the Vietnam Chemical Group (Vinachem) in the 2016-2020 period, the Vinachem restructuring project in the 2021-2025 period, solutions to improve operational efficiency in the coming time and the plan to restructure the parent company - Vinachem.
Deputy Prime Minister Le Minh Khai chaired the meeting.
Deputy Prime Minister Le Minh Khai assessed that Vinachem's production and business organization has achieved many important results, being ranked B for two consecutive years, especially in 2022, Vinachem has made great efforts and operated very effectively on all criteria.
According to Deputy Prime Minister Le Minh Khai, in the difficult context, in 2022, Vinachem's gross profit reached over 6,000 billion, and factories that have been in a weak position for a long time also made a profit of over 2,000 billion, which is a very positive result. The Deputy Prime Minister hopes that the group will continue to make efforts to successfully restructure in the coming time, operate stably and develop.
Affirming the important role of Vinachem in the economy and people's lives, the Deputy Prime Minister requested the State Capital Management Committee and Vinachem Group to absorb the opinions of ministries and branches, complete the draft project, in which it is necessary to carefully evaluate the achieved results, clarify the shortcomings, limitations, and causes, thereby proposing restructuring solutions that are truly feasible, effective, and guaranteed to be put into practice.
According to the Deputy Prime Minister, the reason why the restructuring of Vinachem in the previous phase did not meet the requirements was because in the process of developing the project, fluctuations such as the impact of the COVID-19 pandemic; market impact, etc. were not fully anticipated.
Therefore, the Deputy Prime Minister requested that the development of the Vinachem restructuring project in the next phase must ensure a comprehensive and clear legal and political basis, carefully assess the existing causes from the previous phase to gain experience, at the same time, anticipate the situation, predict fluctuations, carefully assess situations to prepare effective solutions for each situation and time, ensuring effective implementation.
Vinachem must balance its resources to increase charter capital to complete its tasks and goals.
Deputy Prime Minister Le Minh Khai emphasized: As a state-owned chemical group, Vinachem must both meet the needs of the economy and people, especially essential goods, and operate effectively, preserving state capital.
Regarding the recommendations, the Deputy Prime Minister agreed with the policy of adding the electrochemical industry as proposed by Vinachem; stating that this is not a new industry, is part of the industrial development strategy and is suitable for market demand...
Regarding the charter capital increase, "the spirit is to support" but must ensure sufficient conditions and resources according to regulations to increase capital. Accordingly, Vinachem must balance its own resources to increase charter capital to complete the set tasks and goals.
Regarding the work of restructuring enterprises and divestment, the Deputy Prime Minister requested careful calculation of the roadmap and timing to decide on a reasonable holding ratio in accordance with regulations and authority. Divestment must ensure efficiency, not mechanically, especially with "golden goose"….
Regarding the proposal to retain 100% of the parent company's charter capital in the 2022-2025 period, the Deputy Prime Minister requested Vinacem to coordinate with relevant agencies, follow the correct procedures and regulations to submit to the Prime Minister for consideration. However, during the period before equitization, Vinachem must be proactive and prepare the conditions for effective implementation after the decision is made.
Regarding the financial handling of Vinachem's three long-term loss-making projects, the Politburo has given the policy, and the Deputy Prime Minister has requested the Ministry of Finance to quickly complete the plan with the spirit of "the sooner the better".
Regarding the proposal related to taxes applied to domestically produced and imported fertilizers, the Deputy Prime Minister requested to study and propose solutions and submit them to competent authorities for consideration at an appropriate time, ensuring publicity, transparency, equality, respect for international commitments and protection of domestic production.
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