Tiếng Anh
PVFCCo – Phu My and PVOIL Sign Cooperation Agreement in Services, Trade, and Chemicals
On the afternoon of May 11, at the headquarters of PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo – Phu My, stock code: DPM), PVFCCo – Phu My and Vietnam Oil Corporation (PVOIL, stock code: OIL) officially signed a strategic cooperation agreement, marking the beginning of a comprehensive, multi-sector partnership between two key subsidiaries of the Vietnam National Industry – Energy Group (Petrovietnam).
The agreement demonstrates the shared aspirations and commitment of both PVFCCo – Phu My and PVOIL to jointly implement Petrovietnam’s strategic objectives while leveraging each party’s infrastructure ecosystem and specialized capabilities. The cooperation is founded on principles of equality, mutual support, and synergistic value creation, aiming to boost efficiency, optimize operations, and accelerate a holistic green transition across both organizations.
Comprehensive Cooperation Across Multiple Domains
Under the agreement framework, PVFCCo – Phu My and PVOIL will enhance cooperation across several areas, particularly by leveraging their respective strengths in infrastructure, logistics, distribution networks, and production capabilities. The two sides will jointly explore and implement solutions in trade, services, and investment that align with long-term sustainable development strategies, improve supply chain performance, and expand market access both domestically and regionally.
This collaboration sets a model for cross-sectoral linkage development, where solutions from different fields are flexibly integrated to form a connected value network comprising overlapping supply chains. It also positions both corporations to lead in responding to emerging trends such as energy transition, green economy, circular economy, and digital transformation, asserting their pioneering role amid a dynamic global economy.
First Step: Joint Distribution of DEF Products
The first initiative in this partnership is the joint distribution of Diesel Exhaust Fluid (DEF) – an emissions treatment solution – to the market. This fluid helps convert harmful NOx emissions from diesel engines into nitrogen and water vapor, thereby reducing environmental pollution. The primary component of DEF/Phu My Xanh is urea solution, and PVFCCo – Phu My is one of Vietnam’s leading urea producers.
Speaking at the signing ceremony, Mr. Nguyễn Xuân Hòa – Chairman of the Board of Directors of PVFCCo – Phu My – expressed high expectations that the DEF/Phu My Xanh distribution collaboration will pave the way for broader, in-depth partnerships between PVFCCo – Phu My and PVOIL, especially in the development of environmentally friendly products such as green hydrogen and green ammonia.
To ensure swift implementation of the agreement, Mr. Hòa proposed that both sides quickly establish a joint task force following the signing and develop a detailed action plan with concrete targets. The initial goal would be to bring 10,000 to 20,000 m³ of DEF/Phu My Xanh to market annually.
Mr. Nguyễn Xuân Hòa, Chairman of the Board of Directors of PVFCCo – Phu My, speaks at the ceremony
Mr. Cao Hoài Dương – Chairman of the Board of Directors of PVOIL – shared that with its nationwide distribution system of over 900 retail outlets and more than 30 central depots, PVOIL is well-positioned to bring DEF/Phu My Xanh products to market quickly and efficiently. He estimated that PVOIL's customers alone could generate an annual demand of 15,000 to 30,000 m³ of DEF/Phu My Xanh.
In addition to the DEF distribution collaboration, Mr. Dương expressed his desire to expand cooperation into other areas, such as storing PVFCCo – Phu My’s ammonia (NH₃) at PVOIL’s depots, as well as creating access opportunities for PVOIL to serve PVFCCo – Phu My’s transportation customers.
Mr. Cao Hoài Dương, Chairman of the Board of Directors of PVOIL, speaks at the ceremony
The DEF/Phu My Xanh product, produced by PVFCCo – Phu My, meets international quality standards. It will be distributed at PVOIL’s nationwide network of petrol stations. Through this initiative, both companies contribute to improving air quality and protecting the environment, particularly in major urban areas.
