(PetroTimes) – The leadership of PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo) believes that with unified solidarity under the motto “One Team – One Goal” along with breakthrough solutions, PVFCCo will successfully fulfill the plans for 2024 as well as the 5-year plan and development strategy laid out, steadily reaching new heights.

Determined to successfully complete the plan for 2024.

In this complex time, the global economy still experiencing unpredictable fluctuations, risks of drought, and severe salinity intrusion due to the El Nino phenomenon…, the latest forecasts indicate that the agriculture sector and its input, the fertilizer industry, still face many challenges extending throughout the year 2024.

Moreover, market forecasts also show that the oversupply situation of Urea and NPK fertilizers will persist both in international and domestic markets. Additionally, export tax policies have not been adjusted, and VAT policies for fertilizers will be considered at 2nd National Assembly sessions this year, implying that the earliest effective date would be in 2025. These factors will significantly affect the business situation of agricultural enterprises and fertilizer companies this year.

PVFCCo: Optimizing management, resolutely digitizing, and supplementing new driving forces for sustainable development. In Q1/2024, PVFCCo achieved estimated satisfactory production and business results.

Based on the analysis and forecast of the situation, in 2024 PVFCCo plans to produce 1,075.1 thousand tons of fertilizers and chemicals; to trade nearly 1.4 million tons of fertilizers and chemicals, with a total consolidated revenue of 12,755 billion VND. Due to the expected continued decrease in the selling prices of fertilizer products – the main products of PVFCCo – the revenue plan is lower than the actual performance of the previous year, but PVFCCo still aims to maintain profits at a level close to that of 2023. To achieve this plan, PVFCCo has been accelerating implementation from the early months of the year.

Mr. Phan Cong Thanh – General Director of PVFCCo, informed: “In Q1/2024, the total production output reached over 270 thousand tons of fertilizers and chemicals of all kinds; the total fertilizer sales volume reached over 300 thousand tons, exceeding 10% of the Q1/2024 plan; the total chemical sales volume reached nearly 31 thousand tons, exceeding nearly 20% of the Q1/2024 plan. The estimated total revenue is over 3,300 billion VND, pre-tax profit is over 300 billion VND, both exceeding the Q1/2024 plan targets”. These results lay the foundation for PVFCCo to continue striving to fulfill the full-year plan for 2024.

The solutions: Management and digital transformation.

The year 2024 is an important year for PVFCCo to accelerate the implementation of the mid-term plan for 2021-2025 and the Development Strategy until 2035, with a vision towards 2045 to become a leading enterprise in the fertilizer and chemical industry in the region, achieving international standards.

Sharing about the long-term directions and solutions that PVFCCo has been and is implementing, Mr. Nguyen Xuan Hoa – Chairman of the Board of Directors of PVFCCo, said: “PVFCCo strengthens financial management, volatility management, risk management, improves asset utilization efficiency, and at the same time prepares resources to deploy new investment projects, resolutely digitize with a focus on providing the best experience for customers. In addition, identifying corporate culture as the foundation for long-term and sustainable development, PVFCCo also focuses on the cultural rejuvenation of PVFCCo, Petrovietnam culture at PVFCCo with the new core values ​​system”.

Mr. Bui Minh Tien – A member of Petrovietnam’s Board of Directors and shareholder, presents flowers to congratulate Mr. Nguyen Xuan Hoa – Chairman of the Board of Directors and Mr. Phan Cong Thanh – Member of the Board of Directors, President an CEO of PVFCCo.

It can be said that these are the “backbone” solutions that help PVFCCo realize its development goals, not only in 2024 but also in the future. With the vision goal by 2045, PVFCCo aims to become an international standard fertilizer and chemical production enterprise, creating a sustainable development value chain. Regarding medium and long-term development strategies, PVFCCo will strengthen investment to expand the scale of production and business based on the optimal use of PVFCCo’s existing infrastructure and resources, integrating new projects with the existing Phu My Urea Plant and the oil refinery projects of Petrovietnam, M&A activities… PVFCCo will enhance investment, and develop new products, especially diversified deep-processed products from existing plant products such as hydrogen peroxide (H2O2), DEF…

PVFCCo closely follows the common action motto of Petrovietnam Group, “Adding new impetus, renewing old impetus.” PVFCCo will especially promote digital transformation with the expectation of making breakthroughs in production and business activities. Accordingly, from 2024, PVFCCo will vigorously launch a digital transformation program at every stage, every unit, and every link of the value chain throughout the entire Corporation. PVFCCo deeply understands that digital transformation is an irresistible trend of the present era; those who are slow will fail, digital transformation is a long process, there is no stopping point; one cannot be impatient to achieve immediate results, but also cannot procrastinate, but must proceed resolutely.

Next, PVFCCo also clearly defines the foundation for development as corporate culture. The culture of PVFCCo is part of the common corporate culture of the entire Petrovietnam Group and adds its unique characteristics, identified through the new core values system of “Pioneering – Creative – Professional – Efficient – Sharing”. The current core values system has changed compared to the previously set core values, both in the names of the values and their content, suitable for the new development stage of the Corporation, in new conditions and circumstances. However, even though this core values system is not immutable, it will always be reviewed, updated, and adjusted according to the actual situation in the Corporation’s development process.