PVFCCo successfully organized the annual General Meeting of Shareholders for 2023.



Attending the meeting, representing the major shareholder is the parent company – Vietnam Oil and Gas Group (Petrovietnam) with Mr. Bui Minh Tien – A member of the Group’s Board of Directors; Mr. Le Xuan Huyen – Vice President of Petrovietnam. On the side of PVFCCo, there is Mr. Hoang Trong Dung – Chairman of the Board of Directors; Mr. Le Cu Tan – President & CEO, key officials of the Corporation, and notably the participation of 173 shareholders representing 74.28% of the voting shares.

During the working program, the General Meeting of Shareholders listened to and approved the reports of the Board of Directors, the Supervisory Board, and the Executive Board, and provided opinions on the business performance in 2022 and the business plan for 2023; approved adjustments to the Charter of the Corporation, internal regulations on corporate governance, rules on the operation of the Board of Directors, adjustments to business registration, the decision to develop a plan to increase charter capital from owner’s equity; submitted proposals and reports on the work of the Executive Board, the Supervisory Board, and other matters within the authority of the General Meeting of Shareholders.

2022 was the most successful year for PVFCCo to date. Despite the political and economic fluctuations and the disruptions and stagnation in the global supply chain, PVFCCo effectively capitalized on objective advantages by ensuring safe production, surpassing design capacity, and operating efficiently. As a result, in 2022, PVFCCo achieved a record production of 917,000 tons of urea with 190,000 tons exported; total revenue of 19,013 billion VND, after-tax profit of 5,585 billion VND, and a cash dividend payout also at a record level of 70%. These impressive results led to PVFCCo being ranked 2nd in the Top 10 Most Efficient Enterprises by reputable organizations like VnReport, and listed in the Top 50 Best Listed Companies in Vietnam by Forbes Vietnam.

In 2023, there are many challenges for the fertilizer industry in general, and PVFCCo in particular, as fertilizer prices have significantly declined to the lowest level in recent years, while input costs have increased, and the Phu My Urea Plant will be shut down for maintenance for one month as scheduled. In this situation, PVFCCo has set cautious plans with a consolidated revenue target of 17,372 billion VND, after-tax profit of 2,250 billion VND, and a dividend payout of 40%, which is relatively high compared to the industry average. Despite the cautious approach, these targets are still challenging and require tremendous efforts to accomplish.

During the meeting, the General Meeting of Shareholders conducted the dismissal, election, and re-election of some members of the Board of Directors (BOD) and the Supervisory Board (SB). Accordingly, the General Meeting of Shareholders passed a resolution to dismiss Mr. Louis Nguyen from the BOD based on his resignation letter, the expiration of Mr. Le Cu Tan’s term on the BOD, and the expiration of the terms of Mr. Le Vinh Van and Mr. Luong Phuong on the SB.

At the same time, through an open election during the meeting, the General Meeting of Shareholders elected new members to the BOD, including Mr. Nguyen Ngoc Anh and Mr. Ho Quyet Thang, and elected members to the SB, including Ms. Tran Thi Phuong and Mr. Luong Phuong (reelected).

Many shareholders expressed their joy and excitement as PVFCCo achieved positive results in its business operations in 2022, which brought benefits and profits to investors. Shareholders have expectations and trust that the Corporation will continue to operate stably, efficiently, and develop in the future. The opinions expressed during the meeting focused on topics such as gas supply, gas prices, the potential of chemical projects, business performance in the first six months of 2023, fertilizer prices, the fertilizer market, VAT on fertilizers, and other related matters. The PVFCCo Chairman’s delegation and Executive Board acknowledged, responded to, and clarified these issues.

Mr. Le Xuan Huyen – Vice President of PVN

Speaking at the meeting on behalf of Petrovietnam – the major shareholder, Mr. Le Xuan Huyen acknowledged and praised the remarkable achievements in PVFCCo’s business operations. He recognized the significant contribution of the Board of Directors and the Executive Board of the Corporation, as well as the dedication of every employee in PVFCCo, along with the support of the shareholders. Mr. Le Xuan Huyen emphasized that in 2023 and the future, PVFCCo will face numerous difficulties and challenges that require tremendous efforts from the entire leadership team and workforce. As a major shareholder, the Group reaffirmed its commitment to fully support PVFCCo in all aspects. Additionally, PVFCCo must focus on restructuring, cost reduction, and profit enhancement. It should accelerate the implementation of chemical projects to capitalize on the opportunities arising from the energy transition trend. The Corporation should also continue to take good care of the employees’ well-being. The Group has high expectations for PVFCCo, given its tradition, potential, and the support it provides.

Mr. Hoang Trong Dung – Chairman of the Board of Directors of PVFCCo

PVFCCo will promptly announce the resolutions and minutes of the meeting to the shareholders within the legal timeframe. Some images from the General Meeting:

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Editor Board: PVFCCo's Marketing and Communications Division

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