PVFCCo successfully held the Annual General Meeting of Shareholders in 2024.



The annual general meeting of shareholders (AGM) for the year 2024 was successfully held by the Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo – stock code DPM) at the Phu My Fertilizer Plant in Ba Ria-Vung Tau province on the morning of March 29, 2024.

Attending the meeting, representing the major shareholders – Vietnam Oil and Gas Group (Petrovietnam); Mr. Bui Minh Tien – Member of the Board of Directors of Petrovietnam.
PVFCCo representatives were Mr. Nguyen Xuan Hoa – Secretary of the Party Committee of PVFCCo; Mr. Nguyen Ngoc Anh – Member of the Board of Directors in charge of the Board of Directors of PVFCCo; Mr. Phan Cong Thanh – President & CEO; along were key officials of the Corporation, and notably the participation of shareholders representing 69.74% of the voting shares along with representatives from Deloitte Vietnam Limited Liability Company – responsible for auditing the financial statements of PVFCCo.

At the meeting, the AGM reviewed and endorsed reports from the Board of Directors, the Supervisory Board, and the Executive Board. They also shared their views on production and business performance in 2023 and discussed the production and business plan for 2024. Additionally, they sanctioned the profit distribution plans for both 2023 and 2024, along with the principal terms of the 2024 gas procurement contract between the Corporation and the Vietnam Gas Corporation (PV Gas), alongside other pertinent issues under the AGM’s purview.

Mr. Bui Minh Tien – Member of the Board of Directors of Petrovietnam.

In 2023, PVFCCo and the fertilizer-chemical industry faced significant challenges. Despite this, PVFCCo proactively tackled obstacles, implemented various strategies to ensure production and business continuity, capitalized on opportunities, and successfully met targets and objectives. Consequently, PVFCCo attained notable achievements, producing 815.54 thousand tons of urea (exceeding the plan by 104%) and 121.13 thousand tons of NPK (surpassing the plan by 101%). Moreover, the company achieved a total fertilizer sales volume of nearly 1.3 million tons, including 879,000 tons of Phu My Urea, 138,000 tons of Phu My NPK, and 266,000 tons of other fertilizers, alongside approximately 118,000 tons of chemicals. This performance led to a total revenue of 14,037 billion dong, with a pre-tax profit of 690 billion dong.

According to projections for 2024, PVFCCo aims to produce 850 thousand tons of urea, and 143 thousand tons of NPK, achieve consolidated revenue of 12,755 billion dong, and pre-tax profit of 660 billion dong, with a dividend payout rate of 15%. Anticipating a sustained decline in selling prices, the projected revenue for 2024 falls below the previous year’s actual performance. Nonetheless, PVFCCo remains committed to sustaining profitability at a comparable level. These objectives pose ongoing challenges, demanding substantial endeavors to achieve.At the meeting, the AGM carried out the dismissal and election of some members of the Board of Directors. Accordingly, the AGM passed a resolution to dismiss Mr. Hoang Trong Dung and Mr. Duong Tri Hoi from the Board of Directors. At the same time, through open voting at the meeting, new members of the Board of Directors were elected, including Mr. Nguyen Xuan Hoa and Mr. Phan Cong Thanh.

Presenting congratulations flowers to Mr. Nguyen Xuan Hoa and Mr. Phan Cong Thanh on being elected to the Board of Directors of PVFCCo.

According to the results of the subsequent meeting of the Board of Directors, the PVFCCo Board of Directors was restructured with the following members:

Mr. Nguyen Xuan Hoa – Chairman of the Board of Directors
Mr. Phan Cong Thanh – Member of the Board of Directors (also President & CEO).
Mr. Trinh Van Khiem – Member of the Board of Directors
Mr. Nguyen Ngoc Anh – Member of the Board of Directors
Mr. Ho Quyet Thang – Member of the Board of Directors (independent)

All members of the PVFCCo Board of Directors are well-trained professionals with many years of practical experience who have held many important positions in the oil and gas and financial sectors.

New Chairman Nguyen Xuan Hoa delivers a speech at the meeting.

President & CEO Phan Cong Thanh delivers a speech at the meeting.

During the discussion, shareholders actively contributed opinions, asked questions, and made suggestions, which were acknowledged and updated by the Chairmanship of the meeting. They addressed issues such as gas sources and prices; business situation, efficiency of the main products; estimated results for the first quarter of 2024; divestment in subsidiary companies… Shareholders also contributed new solutions and expressed confidence in the new leadership of PVFCCo to navigate the company to further development.

Addressing the assembly on behalf of Petrovietnam, Mr. Bui Minh Tien emphasized the formidable challenges faced by the fertilizer industry, particularly PVFCCo, throughout 2023. He commended the dedicated efforts of PVFCCo’s workforce in meeting planned targets. Mr. Tien extended congratulations to the newly appointed board members endorsed by the AGM, expressing confidence in their leadership to guide PVFCCo through a new era of success amidst challenges including dwindling natural gas resources, intensifying market competition, and evolving environmental regulations toward government-mandated net-zero goals. He advocated for PVFCCo’s leadership to embrace shareholder feedback as motivation for enhanced governance and effective corporate management. Additionally, Mr. Tien stressed the importance of collaboration between PVFCCo and PVGas to optimize gas resources and pricing, ensure secure and steady production, fortify sustainable distribution systems, bolster the brand, advance investment initiatives, adapt to emerging trends such as emissions reduction, spearhead breakthroughs in research and development, and implement restructuring initiatives alongside business model innovations.

Representing the Executive Board and PVFCCo employees, Mr. Nguyen Xuan Hoa, the newly appointed Chairman of the Board of Directors, extended heartfelt gratitude to Petrovietnam leadership and shareholders for their enduring concern and support for PVFCCo. He acknowledged the trust placed in electing and restructuring two new board members and recognized Mr. Nguyen Ngoc Anh for his exemplary leadership of the Board. Furthermore, Mr. Hoa expressed appreciation for the dedicated contributions of Mr. Duong Tri Hoi and Mr. Hoang Trong Dung, who have served PVFCCo diligently. The PVFCCo leadership earnestly considered the input from Petrovietnam leadership and contributing shareholders during the meeting. The Executive Board, in collaboration with the Management Board, is committed to strengthening the implementation of comprehensive solutions to enhance corporate governance and risk management, fully integrate digital transformation, advance investment initiatives—particularly those responsive to market sensitivities—undertake restructuring alongside business model innovation, and intensify marketing efforts. These endeavors aim to enhance efficiency and successfully achieve the tasks and targets set forth by the AGM, propelling the Corporation towards further development.


Mr. Nguyen Ngoc Anh reports at the meeting

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