PVFCCo successfully held the 2021 Annual General Meeting of shareholders 



Vung Tau–April 27, 2021. Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo – stock code DPM) successfully held the 2021 Annual General Meeting of shareholders. 

Attending the meeting were shareholders representing 74.12% of the voting shares, representatives of the Parent Company – Vietnam Oil and Gas Group (PVN), members of the Board of Directors (BOD), Board of Management, Supervisory Board, and representatives of Deloitte Vietnam Co., Ltd. – the auditor of PVFCCo’s annual financial report.




During the meeting, PVFCCo Board of Directors, Supervisors and Executives presented: Report on business performance in 2020 and business plan for 2021; Report on activities in 2020 of the BOD; Report on activities in 2020 of the Supervisory Board and proposal to select an auditor for 2021; Financial Report of 2020 and Profit Distribution Plan for 2020 and 2021; Report on remuneration, salary and bonus in 2020 of the Board of Directors, the Supervisory Board and the Board of Management, and the plan for 2021; report on dismissal and election of members of the Board of Directors and the Supervisory Board; Proposal for approving the draft documents: Charter of the Corporation, internal regulations on corporate governance, Operation regulation of the Board of Directors, Operation regulation of the Supervisory Board.




Although 2020 was a challenging year, PVFCCo has had a successful year in terms of business results. Revenue reached VND 8,038 billion, an increase of 3% compared to 2019. Profit before tax¬ 848 billion VND, reaching 165% of the plan in 2020, an increase of 82% compared to 2019. Revenue was not achieved according to the plan due to low fertilizer prices. Despite that, overall profit far exceeds 2019 and 2020's plan because the company could optimize costs and save energy and supplies; therefore, the cost of main products has decreased by 3-15%. With this positive result, the General Meeting of Shareholders approved a 14% cash dividend for 2020, equivalent to VND 1,400 / share. In early 2021, PVFCCo has advanced 7% dividend in advance; therefore,  shareholders will receive 7%, or 700 VND / share for 2020 in the near future.

The year 2021 is expected to occur in the context in which market factors such as gas prices continue to be unpredictable, and gas supply turns into a difficult period when cheap gas sources reduce output. In addition, the Phu My Fertilizer plant stopped for a general maintenance period for more than a month, significantly reduced production. In that condition, PVFCCo sets a revenue target at 8,331 billion dongs, and pre-tax profit is 437 billion dongs. To ensure a 10% dividend rate, PVFCCo sets the task of maximizing the output of the two Urea and NPK factories when the maintenance is complete, continuing to optimize costs in all stages from production from business to management.




During the discussion, PVN's leaders, the Presidium of the meeting, and the Board of Directors and management answered issues that are of concern to shareholders such as overall plant maintenance, gas resources, and price, production and NPK consumption, state divestment roadmap, plan development, science, and technology activities to develop new products, business results in the first quarter of 2021, reduce costs …




The General Meeting of Shareholders also considered, commented, voted through the reports with many consensus votes.




According to the election results at the General Meeting of Shareholders and subsequent meetings of the Board of Directors and Supervisory Board, the Board of Directors and the Supervisory Board of PVFCCo include the following members:

Board of Directors:

          – Mr. Hoang Trong Dung – Chairman of the BOD (replacing Mr. Nguyen Tien Vinh).

          – Mr. Le Cu Tan – Member of the BOD (cum CEO).

          – Mr. Duong Tri Hoi – Member of the BOD

          – Mr. Trinh Van Khiem – Member of the BOD

          – Mr. Louis T Nguyen – Member of the BOD (independent)


Supervisory Board:

          – Mr. Huynh Kim Nhan – Head of the Supervisory Board

          – Mr. Le Vinh Van – Member of the Supervisory Board

          – Mr. Luong Phuong – Member of the Supervisory Board




Members of the Board of Directors and Supervisory Board of PVFCCo are all well-trained, have many years of practical experience, and hold many important positions in the oil and gas industry and finance. In particular, Mr. Hoang Trong Dung – the new Chairman of the BOD, has more than 20 years of working in the oil and gas, fertilizer, and chemical industries, holding senior positions at Processing and Trading in Gas Products Corporation, Phu My Fertilizer Plant Project Management Board; Ca Mau Gas – Power – Fertilizer Project Management Board, PetroVietnam Ca Mau Fertilizer Joint Stock Company, Petrovietnam Chemical and Service Corporation.

The resolutions and minutes of the AGM will be published by PVFCCo soon in accordance with the law.

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Editor Board: PVFCCo's Marketing and Communications Division

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