Vinachem rides high profits

Vinachem’s Ha Bac Nitrogenous Fertilizer plant project in Bắc Giang province. – Photo courtesy of taichinhdoanhnghiep

HÀ NỘI  – Vietnam Chemical Group (Vinachem) has reported that despite many challenges in 2023, the group and its members obtained a combined revenue of VNĐ55 trillion (US$2.3 billion) bringing a profit of VNĐ3.2 trillion and contributing VNĐ1.9 trillion to the State budget.

The Deputy General Director of Vinachem, Nguyễn Hữu Tú, highlighted the difficulties faced by the group and its units in 2023, such as the world economic recession, a slowdown in the growth rate of the manufacturing industry, and a decline in domestic and foreign consumer demand. Despite these challenges, the group was able to achieve a total import-export turnover of $675 million, with exports reaching $465 million or 90 per cent of the year’s plan.

Vinachem also provided jobs for approximately 18,000 workers with an average salary of over VNĐ13.52 million per person/month.

In terms of investment, the value of construction investment reached VNĐ1.6 trillion or equivalent to 135 per cent of the year’s plan, and the total disbursement value was VNĐ1.3 trillion, with VNĐ120 billion from commercial loans and VNĐ1.2 trillion from businesses’ own capital.

For 2024, Vinachem has set targets including an industrial production value of approximately VNĐ53.2 trillion and a combined revenue of VNĐ56 trillion with an expected profit of VNĐ2.4 trillion. – VNS