Looking ahead, the chemical market is expected to remain complex. Therefore, Vinachem emphasises green production methods, sustainable growth and developing high-quality products to adapt to future demands.

Proactively responding to market changes

Vu Viet Tien, General Director of DAP No. 2-Vinachem Joint Stock Company, stated that despite ongoing financial difficulties such as cumulative losses and the inability to secure working capital loans, the company managed to achieve its 2024 goals.

Challenges included an insufficient supply of processed apatite ore, leading to production interruptions and increased costs. However, thanks to the collective efforts of employees, the company exceeded expectations. It produced over 220,000 tonnes of DAP fertiliser (25% more than in 2023), achieved an industrial production value of 2.86 trillion VND (up 38.8%), and recorded total revenue of 2.78 trillion VND (up 21%).

For 2025, the company aims to produce 222,000 tonnes of DAP, reach an industrial production value of 2.86 trillion VND, and generate total revenue of 2.87 trillion VND, with an average employee income of 14.6 million VND per month.

To achieve these goals, the company plans to optimise technology, stabilise production, improve product quality, reduce consumption rates, and closely monitor market trends to adjust pricing strategies and maintain domestic market share while expanding exports.

The chemical industry has been facing difficulties due to global uncertainties and reduced domestic and international demand. However, according to Bui Van Thang, Head of Business Planning at Vinachem, proactive market adaptation allowed the group to meet its targets.

In 2024, Vinachem achieved an industrial production value of 54.68 trillion VND (up 10% from 2023), total revenue of 57.91 trillion VND, and a profit of 2.872 trillion VND. The average monthly worker income was nearly 14.9 million VND, while tax contributions reached over 2.11 trillion VND (24% above target). The group’s total import-export value was 735 million USD, an 11% increase from 2023.

Emphasising green growth

As a key enterprise in the chemical industry, Vinachem aims to drive growth in 2025 by targeting an industrial production value of 54.94 trillion VND (101% of 2024’s level) and revenue of 57.93 trillion VND.

The group is committed to comprehensive restructuring, adopting advanced technology, and developing core product lines aligned with digital transformation trends. Additionally, it plans to enhance internal collaboration, expand export markets, and lead environmental protection efforts through emission reductions and sustainable waste management.

Vinachem’s General Director, Nguyen Huu Tu, revealed that the group and its subsidiaries have outlined nine key tasks for 2025, covering areas such as production restructuring, market expansion, technological advancement, financial management, and digital transformation. To address industry challenges, Vinachem will work on reducing import taxes on tires in Brazil as part of a strategic partnership, incorporating Cloramin B into the national reserve, and promoting digital transformation in e-commerce for both domestic and international markets.

The group is also exploring new business directions, particularly in industries like semiconductors. Fertiliser companies within Vinachem are focusing on optimising production, investment, and market strategies to maximise efficiency.

“Vinachem is not just selling products, we are offering technological production processes to enhance crop productivity and quality, contributing to agricultural development,” said Nguyen Huu Tu.

For the apatite sector, Vinachem is working to resolve challenges at processing plants and improve ore quality. Additionally, the group is implementing bold strategies to boost consumption across various product lines. To enhance market presence, Vinachem is developing a consumer product package, including tires, batteries, and detergents, to introduce to domestic and international partners.