On May 14, 2020, the delegation of PetroVietnam (PVN), headed by President&CEO Le Manh Hung, had a business meeting with PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo). Representing PVFCCo, there were Mr. Nguyen Tien Vinh – Chairman of BOD and Mr. Le Cu Tan – President&CEO. This was a chance for leaders of PVN to to listen, get to the bottom of the difficulties, and together find out solutions for the rest of 2020, as well as prepare the Corporation’s long-term, sustainable development strategy and new tenure of Corporation’s Party Committee.
Overview of the meeting
During the meeting, PVFCCo reported about the curent situation, estimated the business performance in the first 4 months of the year, plans and solutions for the last 8 months of 2020; the implementation of projects, preparation of periodical maintenance of the Plant, etc.
Mr. Le Cu Tan reported on the business of PVFCCo
In the first 4 months of 2020, facing a lot of difficulties and challenges resulted from COVID-19 pandemic and the adverse fluctuation of the weather, the market caused drought, severe soil salinity, demand and price of fertilizer and agricultural products continued to fall sharply, PVFCCo has synchronously and flexibly implemented several solutions in the administration and monitoring of the Corporation’s general operations, prevention of the pandemic, thereby securing the safety of workers and the stability of production and trade. Remarkably, the Plant operates well, the estimated production of fertilizers is 342,000 tons, of which urea reached 101% of the plan; utilizing the opportunities in the risks in business, sales volume, inventory, coverage and timeliness of goods for the coming season are quite promising, total business output is estimated to reached 416,000 tons of fertilizers; financial targets, especially basic profits, met the expectation. The Corporation also utterly reduced, optimized costs, completed the restructuring of the parent company's operational system, and carefully prepared for upcoming important events and tasks such as the 4th Corporation Party Congress, the 2020 Annual shareholders general meeting, periodical maintenance of the Plant, etc. On that ground, in the last 8 months of the year, PVFCCo will strive to best fulfill the production and business targets of 2020 through the key solutions: maintaining safe, efficient, flexible and creative business operation of the Plants, particularly exploiting new markets, international markets well, focusing on deploying, settling projects; continuing to implement the restructuring, refining the system, lowering costs, taking care of workers, etc.
Mr. Le Manh Hung – President&CEO of PVN
After listening to the report of PVFCCo, the remarks of Mr. Le Xuan Huyen – Vice President of PVN, representatives of the operational departments of the PVN, Mr. Le Manh Hung all praised PVFCCo for outstanding performance, stern prevention against the pandemic, ensuring safety for workers, striving against loads of difficulties, basically achieving plans and targets in the beginning of the year. In the near future, PVFCCo will perceive the guidance of Vice President Le Xuan Huyen, the advices of the operational departments of the PVN and necessarily emphasize on: continuing the prevention of pandemic, control and secure the safety for units and workers; in the long run and in accordance with the content orientation of the upcoming Party Congress Document, PVFCCo will soon update the Development Strategy in the new period, then concretize it into plans and solutions with priority to each of the shorter periods; considering the conduct and implementation of the investment management checklist, etc.; in the time being, it is necessary to make an overall assessment of production capabilities and the market, find ways to exploit all opportunities, strive to complete the 2020 plans; continuing to control, reduce costs, reasonably arranging labors, assets, offices; focusing on the completion, settlement of projects, preparation for overall maintenance, etc. He also directed the relevant Boards to promptly conduct an overall plan for PVFCCo on gas sources, gas prices to make the basis for development strategy planning, support in project settlement, implement overall maintenance of the Plants, etc.; The Boards and Leaders of the PVN will continue to closely follow and aid the units in petition to Ministries, Departments and the National Assembly to solve difficulties related to the VAT Law on fertilizers and the regulations on resources export tariffs, etc.
Mr. Nguyen Tien Vinh – Chairman of BOD of PVFCCo
On behalf of PVFCCo's staff, Mr. Nguyen Tien Vinh committed to seriously acquire, assign the plan development and specific solutions to fully and urgently implement the guidance of the delegation.
