Petrovietnam President & CEO Lê Mạnh Cường: PVFCCo – Phú Mỹ Must Drive Investment to Achieve Breakthrough Growth

(PetroTimes) — At a working session with PVFCCo – Phú Mỹ, Petrovietnam President & CEO Lê Mạnh Cường emphasized that Phú Mỹ is currently performing well in production and business and possesses all the necessary resources and opportunities, and must therefore aggressively accelerate investment to create new growth drivers.

On July 2, at the headquarters of PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo – Phú Mỹ), Petrovietnam CEO Lê Mạnh Cường and Deputy CEO Lê Xuân Huyên co-chaired a working session with PVFCCo – Phú Mỹ covering first-half 2026 production, business, and investment results; full-year 2026 projections; and the implementation of business operation plans and the investment portfolio for the 2026–2030 five-year period.

Aimed at strengthening inter-unit coordination and fostering value chain linkages, the session also brought together representative leadership from the Group's functional divisions as well as senior leaders from Vietsovpetro, PV GAS, PVEP, PV Chem, PTSC, PVMR, and Petrovietnam's representative at NSRP, alongside the full leadership team and key management personnel of PVFCCo – Phú Mỹ.

H1 2026: All 5 of 5 Management and Growth Targets Exceeded

Reporting at the session, Mr. Phan Công Thành – CEO of PVFCCo – Phú Mỹ – stated that thanks to the successful completion of the general plant overhaul, effective capture of market opportunities, and sustained stable operations at high capacity, the Corporation had significantly exceeded its production and business targets for the first half of the year, achieving all 5 of 5 management and growth targets assigned by the Group.

Specifically:

• Phú Mỹ Urea production volume (converted equivalent) reached 434,000 tonnes, at 106% of plan.
• Phú Mỹ NPK production reached 111,000 tonnes, at 126% of the six-month plan.

The standout highlight was the Phú Mỹ NPK product line, which achieved a sales breakthrough of approximately 144,000 tonnes — nearly matching full-year 2025 performance (184,000 tonnes) — and contributed more than VND 1,800 billion to the Corporation's total revenue in H1.

Other commercial fertilizers reached 325,000 tonnes, already at 105% of the full-year 2026 plan. The chemicals segment reached 66,000 tonnes, exceeding its six-month plan by 7%.

In line with these production and business volumes, revenue and profit indicators are estimated to significantly exceed both the annual plan and the year-on-year comparison. Building on this strong first-half foundation and with maximum effort to capture market opportunities and manage volatility, PVFCCo – Phú Mỹ is confident of exceeding its full-year 2026 targets.

At the session, PVFCCo – Phú Mỹ also reported on the implementation of its 2026–2030 five-year plan and the status of investment projects for 2026 and the five-year period. PVFCCo – Phú Mỹ is striving to become a billion-dollar enterprise, targeting revenue of more than VND 30,000 billion by 2030, at an average growth rate of more than 14% per year.

To improve production and business efficiency, advance investment projects, and realize its targets, PVFCCo – Phú Mỹ's leadership put forward recommendations to Petrovietnam: to support a stable, long-term gas supply as the foundation for developing the Group's chemicals value chain; and to continue advocating with the Government for an adjustment of the urea export tax from 5% to 0% to ensure fair footing in international competition.

Securing Long-Term Gas Supply for PVFCCo – Phú Mỹ

At the session, leaders from the Group's functional divisions and from Vietsovpetro, PVEP, PV GAS, and Petrovietnam's representative at NSRP engaged in in-depth discussions on gas sources, gas pricing, and investment opportunities, providing PVFCCo – Phú Mỹ with a comprehensive picture for strategic planning and investment portfolio development in the coming period.

Notably, new supplementary gas sources coming online from late 2026 have not only arrested the decline in domestic gas supply in the Southeast region but are also enabling a return to growth — meaning gas supply to PVFCCo – Phú Mỹ will be stable over the medium and long term.

The session also examined in detail the NSRP chemicals project portfolio and the capacity and coordination required for active participation by units across the Group.

Determined to Drive Investment for Tangible Growth

Speaking at the session, Petrovietnam Deputy CEO Lê Xuân Huyên commended PVFCCo for maintaining strong plant operations and achieving the majority of its H1 targets. On the market outlook, he noted that gas prices and fertilizer prices are inherently volatile and may move in the same or opposing directions, emphasizing that the Corporation must strengthen volatility management to respond proactively.

"PVFCCo – Phú Mỹ must aggressively push forward on investment, particularly in the chemicals segment. The unit should maximize its competitive advantages and coordinate with industry peers to participate in the Nghi Sơn chemicals project chain — projects currently assessed as highly promising with clearly defined inputs and outputs." — Deputy CEO Lê Xuân Huyên

In his concluding remarks, Petrovietnam CEO Lê Mạnh Cường commended PVFCCo – Phú Mỹ for its efforts in achieving strong first-half results, while noting that the unit must strengthen volatility management when market conditions reverse. On the general orientation for gas supply, the Group will prioritize domestic gas to maximize national benefit.

With double-digit growth targets firmly in view, the Group CEO underscored that investment is a non-negotiable path forward. Phú Mỹ now has all the necessary favorable conditions — cash flow, resources, and experience — and must therefore resolutely accelerate on this front.

"Phú Mỹ now has all the necessary favorable conditions in terms of cash flow, resources, and experience, and must therefore resolutely accelerate its investment efforts." — CEO Lê Mạnh Cường

He called on Phú Mỹ to urgently review its project portfolio, clearly establish prioritization and specific timelines, and focus on larger-scale projects with clearer investment contours, in order to deliver substantive growth impact.

In particular, with regard to the chemicals projects at Nghi Sơn (NSRP), the CEO directed all relevant units to coordinate closely, align on a unified priority portfolio, and strictly avoid overlapping competition — with the overarching goal of optimizing value chain efficiency across the Group as a whole.

Emphasizing Petrovietnam's value chain advantages, CEO Lê Mạnh Cường directed the functional divisions and member units to strengthen coordination and integration to achieve maximum effectiveness. He affirmed that the Group will remain a constant partner and provide timely support to resolve any obstacles. He expressed the expectation that, following the meeting, all divisions and units would clearly define their objectives and build specific action lists according to the principle of "clear ownership, clear tasks" — so as to act together and deliver concrete results that contribute to the Group's shared success.

On behalf of the Corporation's leadership, PVFCCo CEO Phan Công Thành acknowledged the directives with full seriousness and affirmed that the entire workforce of the Corporation would be united in resolve and committed to maximum effort in the period ahead. PVFCCo – Phú Mỹ is committed to removing longstanding bottlenecks, vigorously driving investment and development, achieving its anticipated growth targets, and making a meaningful contribution to the Group's overall results.