Vinachem targets $2.2 billion in 2016 earnings

The group also has plans to construct more plants and production facilities, as remarked by general director Nguyen Gia Tuong at the group’s annual business review in 2015 and plan for 2016, organised by Vinachem on January 16 in Hanoi.

In 2015, the group earned $2.03 billion in revenue with a consolidated profit of $62.4 million. Export and import turnover reached $516 and $248 million, respectively. The export of fertilisers and crop protection substances ranked first among Vinachem’s products and services, bringing in a total $159 million, up 39.2 per cent on-year.

In 2015, Vinachem continued to make headway in its key projects.

Notably, in September 2015, the group held the groundbreaking ceremony of a potassium salt mine exploration project in Laos’s Khammouane province. The project has the total capital of $522 million and a designed capacity of 320,000 tonnes of potassium salt per year. It is considered one of the cornerstones of the master plan to develop the Vietnamese chemical industry, and is expected to benefit both countries once on stream.

In June 2015, the group inaugurated the project upgrading and expanding Ha Bac Fertilizer plant in the northern province of Bac Giang. Covering an area of 33.4 hectares, the $568.6 million plant’s capacity was increased to 500,000 tonnes of urea fertiliser and 300,000 tonnes of liquid ammoniac per annum. The project creates approximately 2,000 jobs for local people.

In December 2015, Lao Cai DAP Fertilizer Plant was put into operation after three years of construction. The 72ha plant, worth a total of $235 million and producing 330,000 tonnes of DAP fertiliser, will meet the country’s demand for DAP fertiliser for agricultural production.