PetroVietnam Fertilizer and Chemical Corporation (PVFCCo)- a subsidiary of PetroVietnam, was established on March 28, 2003, to be in charge of taking over, running Phu My Ferilizer Plant and trading in ferilizers & petrochemicals.
Undergoing over 18 years of growth, PVFCCo has achieved remarkable achievements. From 6.5 trillion VND (in 2004), total assets has almost doubled to 11.2 trillion VND (in 2020), equity has tripled from 2.9 trillion VND (in 2004) to 8,1 trillion VND (in 2020), in despite of high cash dividends paid to shareholders yearly. The accumulated after tax profit has amounted to 22.5 thousand billion VND for the period of from 2004 to 2020, contributed 5.5 thousand billion VND to the State budget. PVFCCo has built a nationwide distribution system with a brand covering the entire market and being trusted by local farmers. The fertilizer portfolio (urea, DAP, Potassium, NPK, organic microorganism, etc.) is gradually being improved; Petrochemical business is keeping on the rise.
However, in recent years, fertilizer and oil and gas markets have seen many fluctuations and together with the Covid-19 epidemic outbreak, which has badly impacted on the sales network and consumer trend. Those interlaced difficulties & challenges are negatively influencing the company business activities and the development orientation. Potential limitations have now been revealed such as outdated management systems, inflexible business models, disproportionate profits and revenue growth, productivity down, low growth of market share and so forth. Recognizing these challenges and moves, in 2021, the Company resumes the construction of development strategies for PVFCCo and its subsidiaries synchronous, including a 5-year plan of 2021-2025 with the motto "Innovation for sustainable development" based on analysis, evaluations, comparisons, and a comprehensive identification of all aspects of Product - Customer - Finance - Management. The decisive tasks are to complete the Phu My fertilizer portfolio , optimize management - production - sales costs, secure the source of raw materials with competitive prices for a long-run operation. , enhance employees awareness of the changes and mobilization (if any) during the process of rearranging the model of organization, management, shifting from a subsidized and stagnant mindset to a competitive and efficient.
In addition, PVFCCo continues to drastically promote the cause of innovation and comprehensive restructuring in the spirit of streamlining, creating and nurturing value, applying digital techs to business and production management and cost management; encouraging creativeness development and promotion of investment in new product development, re-creating PVFCCo company business culture, creating a healthy competitive working environment and promoting efficiency for a mutual benefit of the company, ensuring jobs and income for employees according to their contributions, harmonizing the interests of shareholders, employees, and customers.
In order to achieve the above said goals, in 2021, PVFCCo set a determination to make a full use of any opportunities, overcome any challenges, work out specific solutions to fulfill the set production and business plan of 2021, develop medium and long-term strategies that take the roles of a guideline for the performance of goals and orientations of a sustainable development, to present ambition and confidence of PVFCCo’s leaders and workers in cause of renovation, meeting the trust of investors, customers, and especially Vietnam Oil and Gas Group.