In the context of an economy in which there is always a mixture of advantages and challenges, with the clear vision and strategic planning of PVFCCo’s Leadership, the Company has made good use of every opportunity for market development and achieved impressive results in production and trading and, at the same time, created a breakthrough growth momentum for the subsequent years.
2023 marks PVFCCo’s 20-year journey of establishment and development, being proud of its role as a pioneer in the field of downstream, actively contributing to the sustainable development of Vietnam’s agriculture.
Over the past 20 years, PVFCCo’s staff has worked together to overcome difficulties and challenges, constantly developing and completing the mission of becoming a leading enterprise in the fertilizer and chemical industry, making an important contribution to food security of Vietnam.
The brands Phu My urea and Phu My Fertilizer - For bountiful harvests - proudly affirm their position as national brands, leading agricultural product brands, etc. Since becoming a public company in 2007, the Corporation is always in the group of listed companies operating effectively, leading in terms of profitability; DPM shares are honored to be ranked in the group of golden stocks in Vietnam (2009), a reputable securities brand, Top 50 profitable enterprises etc.
So far, besides the urea fertilizer factory, PVFCCo has expanded its operation and scope by building more factories to produce new fertilizer and chemical products while continuously increasing the value chain, not only for our customers but also for all related beneficiaries.
PetroVietnam Fertilizer and Chemicals Corporation (formerly known as PetroVietnam Fertilizer and Chemicals Company) - PVFCCo, a member of the Vietnam National Oil and Gas Group, was established under Decision No. 02/2003/QD- VPCP dated March 28, 2003 by the Minister and Chairman of the Government Office. On September 21, 2004, PetroVietnam Fertilizer and Chemicals Company received Phu My Fertilizer Plant from Technip - Samsung contractor complex and officially went into operation with the function of organizing, managing and operating Phu My Fertilizer Plant and trading fertilizer and chemical products.
The Phu My Fertilizer Plant Project, owned and operated by PVFCCo, was the first project of the petrochemical industry in Vietnam and is considered a symbol of effective elevation of internal resources and making an important contribution to the implementation of industrialization and modernization in order to bring the achievements of modern industry to many farmers while embodying the Party’s line of unifying workers and farmers and the policies of the Party and the State. From its start until now, the project has saved billions of US dollars in fertilizer imports to Vietnam.
In addition to forming and consolidating the infrastructure for the oil and gas industry, the invaluable experience in the process of construction and management of this business venture has been the foundation for PVFCCo to continue to expand its operations into new investment enterprises, making an important contribution to the oil and gas industry by forming and developing an extremely important human resource to prepare for the next petrochemical projects in the oil and gas industry.
On the occasion of its 20th birthday (March 28, 2003 - March 28, 2023), the 2022 Annual Report reviews memorable milestones in PVFCCo’s development achievements over the past 20 years:
With the long-term vision of the Vietnamese Government, Vietnam Oil and Gas Corporation researched and implemented gas processing projects, including a large scale urea plant using associated gas as input material to produce high-quality fertilizers, aiming to make full use of and improve the value of natural resources, to apply modern technological achievements in agriculture, to save on foreign currency transactions by importing fertilizers, to ensure food security, and to contribute to Vietnam’s agricultural development.
The Government issued a decision to assign the Vietnam Oil and Gas Corporation, now the Vietnam Oil and Gas Group, to set up a beneficial project to invest in the construction of a nitrogenous fertilizer factory using associated gas from Cuu Long Basin - the first gas-based Urea Plant in Vietnam. The factory’s location is located in Phu My 1 industrial zone, Ba Ria - Vung Tau province.
Started the construction of Phu My Fertilizer Plant.
PetroVietnam Fertilizer and Chemicals Company (PVFCCo) was founded.
Phu My fertilizer plant was successfully tested and welcomed the first batch of urea products.
PVFCCo took over full responsibilities of Phu My Fertilizer Plant, capacity 450 thousand tons of NH3 and 740 thousand tons of urea/year.
PVFCCo was transformed into a Joint Stock Company. .
DPM was listed and traded on HOSE.
PVFCCo was turned into PetroVietnam Fertilizer and Chemicals Corporation.
A Carbon Dioxide Recovery (CDR) System was inaugurated, increasing the capacity of Phu My Fertilizer Plant to 800,000 tons per year.
PVFCCo Tower’s Head office was inaugurated at 43 Mac Dinh Chi, District 1, Ho Chi Minh City.
PVFCCo celebrated 10 years of its founding and received the First - Class Labor Order.
Officially operating petrochemical factory, capacity 4,000 tons/year.
Phu My urea of PVFCCo was recognized as the National Brand 2014 by the Government of Vietnam.
Inaugurated the UFC85/formalin additive factory, with a capacity of 15,000 tons of UFC85/year, equivalent to 25,000 tons of formalin/year.
Started the construction of NH3 Revamp Project and Phu My NPK Plant.
NH3 Revamp - Phu My NPK Complex was put into operation.
PVFCCo celebrated 20 years of establishment.
In the 2005-2022 period, PVFCCo produced and supplied more than 14 million tons of Phu My urea, over 500,000 tons of Phu My NPK and other chemical products to the market; the total revenue in the period 2005-2022 reached nearly VND 159,000 billion; profit after tax reached more than VND 31,000 billion, equivalent to a 20% profit margin.
During the period 2005-2022, PVFCCo contributed VND 8,062 billion to the state budget, disbursed nearly VND 1,200 billion into social security and community support programs.
(thousand tons)
(thousand tons)
(VND billion)
people
Total revenue
VND billion
Profit before tax; depreciation; EBITDA
VND billion
million tons
Chemicals (NH3 for trading, UFC85, petroleum chemicals)
thousand tons
exclusive regional distributors
transshipment warehouses with a capacity of
thousand tons
Chemical trading branch in Ho Chi Minh City
Phu My Fertilizers Package (Urea, NPK, Potassium)
million tons
thousand tons of chemicals (NH3, UFC85, CO2, petrochemicals)
level 1 agents
level 2 agents
Chemical customers
(nitrogen fertilizer plants, petrochemical refinery projects...)
Disbursing
VND billion
for social security programs
Building
Great Solidarity houses
Implementing
medical care projects
educational projects
Giving nearly
gifts for the Lunar New Year
Other healthcare and educational programs...
Total number of shares of the Corporation
shares
common shares
As end of 2022, the total number of outstanding shares of the Corporation
shares
(excluding 65,740 treasury shares)
In 2022, the Corporation had no change in owner’s equity.
As start of 2022, the total number of treasury shares
shares
In 2022, there were no transaction during the year.
As at 31 December 2022, it remained at 65,740 shares.
Based on the shareholder listing in the Vietnam Securities Depository, as at 17 February 2023, there was a total of 391,334,260 shares owned by 13,384 shareholders.
Domestic shareholders
Detailed information on domestic shareholder structure
| Shareholders | Quantity | Number of shares | Proportion of outstanding shares |
|---|---|---|---|
| Legal entities | 82 | 272,507,725 | 69.63% |
| Individuals | 12,872 | 45,145,140 | 11,54% |
| Total | 12,864 | 317,652,865 | 81.17% |
Detailed information on major domestic shareholders
| Shareholders’ name and address | Main business lines | Number of shares held | Proportion of outstanding shares |
|---|---|---|---|
|
Vietnam Oil and Gas Group Address: 18 Lang Ha Street, Ba Dinh District, Hanoi. State-Owned Corporation Website: www.pvn.vn |
Discover, develop, process, store and transport oil, gas and other related services locally in Vietnam as well as internationally. Supply material and equipment for oil and gas industry. Distribute and trade oil, gas and petrochemical products; Invest in production and trading of electricity, biofuel and renewable energy; Ancillary businesses pertaining to oil, gas and energy industries. |
233,204,253 | 59.59% |
Foreign shareholders
Detailed information on foreign shareholder structure
| Shareholders | Quantity | Number of shares | Proportion of outstanding shares |
|---|---|---|---|
| Legal entities | 78 | 472,506,887 | 18.53% |
| Individuals | 442 | 1,174,508 | 0.30% |
| Total | 520 | 73,681,395 | 18.83% |
Detailed information on major foreign shareholders: None
PVFCCo followed the corporate governance model which includes a General Meeting of Shareholders, Board of Directors, Board of Supervisors, Board of Management, as prescribed at point a, clause 1, article 137 of the Law on Enterprises 2020.
In 2022, the Corporation has four subsidiaries and five associates.
Companies with over 50% shareholding
| No. | Company name | Business segments | Charter capital (VND million) | Owned by PVFCCo |
|---|---|---|---|---|
| 1 | North PetroVietnam Fertilizer and Chemicals Joint Stock Company (PVFCCo - North, stock code: PMB) Address: 4th Floor, 167 Trung Kinh Street, Cau Giay District, Hanoi |
Fertilizer and chemicals production and trading | 120,000 | 75% |
| 2 | Central PetroVietnam Fertilizer and Chemicals Joint Stock Company (PVFCCo - Central, stock code: PCE) Address: Lot A2, Nhon Binh Industrial Cluster, Quy Nhon City, Binh Dinh Province |
Fertilizer and chemicals production and trading | 100,000 | 75% |
| 3 | South-East PetroVietnam Fertilizer and Chemicals Joint Stock Company (PVFCCo - SE, stock code: PSE) Address: 27 Dinh Bo Linh Street, Binh Thanh District, Ho Chi Minh City |
Fertilizer and chemicals production and trading | 125,000 | 75% |
| 4 | South-West PetroVietnam Fertilizer and Chemicals Joint Stock Company (PVFCCo - SW, stock code: PSW) Address: 151/18 Tran Hoang Na Street, Ninh Kieu District, Can Tho City |
Fertilizer and chemicals production and trading | 170,000 | 75% |
Companies with less than 50% shareholding
| No. | Company name | Business segments | Charter capital (VND million) | Owned by PVFCCo |
|---|---|---|---|---|
| 1 | Dam Phu My Packaging Joint Stock Company (PVFCCo - Packaging, stock code: PMP) Address: Phu My 1 Industrial Zone, Phu My Town, Ba Ria - Vung Tau Province |
Packaging manufacturing and trading | 42,000 | 43.35% |
| 2 | PetroVietnam Petrochemical and Textile Fiber Joint Stock Company (VNPOLY) Address: Lot CN5.5A, Dinh Vu Industrial Park, Dong Hai 2 Ward, Hai An District, Hai Phong City |
Textile fiber production and trading | 2,165,110 | 25.99% |
| 3 | PetroVietnam Information Technology, Telecom and Automation Joint Stock Company (PAIC) Address: 4th Floor, 167 Trung Kinh Street, Cau Giay District, Hanoi |
Information technology, telecoms and automation, clean energy | 42,352 | 8.5% |
| 4 | PetroVietnam Urban Development Joint Stock Company (PVC Mekong) Address: Lot D - Petroleum Urban Area, Ngo Quyen Street, Ward 1, Ca Mau City, Ca Mau province |
Consulting, construction, construction materials production, real estate trading | 280,869 | 35.63% |
| 5 | Ut Xi Aquatic Products Processing Corporation Address: Provincial Road 8, Tai Van Commune, Tran De District, Soc Trang Province |
Aquaculture, Seafood processing and trading | 354,000 | 6.78% |
PVFCCo’s core business is the production and trading of fertilizer and chemicals. Currently, the key products are prilled urea, NPK, MOP, SA, DAP fertilizers targeted at the agriculture sector, liquid Ammonia and UFC85/Formaldehyde, CO2, chemicals used in oil and gas production.
PVFCCo’s main production is at Phu My Fertilizer Plant located in Phu My 1 Industrial Park, Phu My Town, Ba Ria - Vung Tau Province.
The distributors are situated in the agricultural heartland and industrial plants in Vietnam. They form a closely-knitted distribution network of subsidiaries and their regional headquarters are located in the North, Central and Highlands, Southeast and Southwest. In addition to the domestic market, the Corporation also exports fertilizer products to many countries, predominantly in Asia.
The key customers and markets for chemicals are in the South, mainly in the oil & gas industry and industrial production sectors.
Phu My NPK Plant
Phu My Fertilizer Plant
Warehouses
Year of Birth: 1973
Qualifications: Technology engineer, Master of Economics
Year of Birth: 1967
Qualifications: Marine Engineer, Bachelor of Business Administration, Master of Automation Engineering
Year of Birth: 1978
Qualifications: Industrial Electricity Engineer, Bachelor of Economics in Investment Planning
Year of Birth: 1963
Qualifications: Bachelor of Accounting and Finance
Year of Birth: 1973
Qualifications: Bachelor of Business Administration
Year of Birth: 1976
Qualifications: Bachelor of Corporate Finance, Master of Business Administration
Year of Birth: 1973
Qualifications: Bachelor of Finance and Credit
Year of Birth: 1969
Qualifications: Bachelor of Economics in Finance and Accounting
Year of Birth: 1967
Qualifications: Marine Engineer, Bachelor of Business Administration, Master of Automation Engineering
Year of Birth: 1962
Qualifications: Bachelor of Economics in Planning
Year of Birth: 1975
Qualifications: Master of Business Administration
Year of Birth: 1970
Qualifications: Bachelor of Economics in International Trade
Year of Birth: 1976
Qualifications: Bachelor of Economics
Year of Birth: 1977
Qualifications: Master of Business Administration, Refinery and Petrochemical Engineer
Year of Birth: 1978
Qualifications: Chemical Engineer
Year of Birth: 1978
Qualifications: Bachelor of Finance (Money and Credit)
The Corporation’s entire workforce, as of 31 December 2022 (including the parent firm and its subsidiaries) is 1,499 individuals, 356 of whom are female, a decrease of 9 people over 2021.
The Corporation administers Social Insurance, Health Insurance, Unemployment Insurance, and Occupational Accident and Disease Insurance for its employees in complete compliance with the rules of the Social Insurance Law and other Government regulations. In addition to this, the Corporation offers the following insurance programs: Health Care Insurance for employees, Voluntary pension insurance, Accident insurance for employees who travel overseas on business, and Life Insurance for employees, depending on the Corporation’s production and business performance.
Additionally, the Corporation has issued an employment policy that maintains and enforces welfare policies for all employees, as well as a number of preferred policies for competent and loyal employees at the management level and above, which include Salary, bonus, training, study, rest, housing, and other welfare arrangements.
Training and development of human resources always play a very important role in production, business, and sustainable development, and the Corporation has accordingly paid attention to and developed mechanisms, policies, and regulations for scientific training which encourages staff and employees to improve their professional qualifications, including external training services and internal training.
