2024 Performance report and BOM assessment
Golden fields grow
trust always glows
MARKET OVERVIEW
In 2024, global economic and political instability persisted, with escalating conflicts in Europe and the Middle East prolonging uncertainty in energy and commodity markets. Rising oil and gas prices have fueled inflation across multiple countries. The USD’s significant strengthening has heightened import pressures, especially in developing economies like Vietnam. Despite challenges, global trade reforms have strengthened international commerce, fostering production recovery and a modest growth in commodity trade volume. However, escalating geopolitical risks will remain a barrier to stable and sustainable economic growth.
Most global conflicts, disruptions, and risks significantly affect fertilizer production and business operations: Intense competition, fragmentation in major economies, supply chain restructuring, high costs, and currency risks in emerging markets. Additionally, political shifts in key markets have adversely affected the market. Conversely, improved fertilizer affordability and higher agricultural product prices have significantly strengthened farmers' investment capacity.
According to the International Fertilizer Association (IFA), global fertilizer demand in 2024 is projected to reach 203.6 million tons, a 3% increase (5.8 million tons) from 2023. This includes a 2.2% rise in (N) demand to 115.6 million tons, a 3% increase in (P2O5) to 48 million tons, and a 6% growth in (K2O) to 40 million tons. The recovery in fertilizer demand is driven by improved affordability following a decline in prices from their record high in May 2022. In 2024, global urea prices exhibited less volatility than in 2023, averaging 1-12% (USD 4-47/ton) lower than the previous year, depending on the region. Prices stood at USD 349/ton FOB in Southeast Asia, USD 320/ton FOB in the United States, USD 327/ton FOB in the Middle East, and USD 357/ton FOB in Egypt.
In addition to challenges such as exchange rate volatility and high non-performing loans, climate change has adversely affected business operations. However, positive signals have emerged from agriculture, investment, and consumption, which are increasingly contributing to economic growth.
In 2024, despite challenging weather conditions, agricultural production sustained positive growth, meeting domestic and export demand. In 2024, rice cultivation expanded to 7.13 million hectares, an increase of 12,000 hectares from 2023. Grain output totaled 47.87 million tons.
In 2024, Vietnam's total fertilizer demand grew by approximately 16% year-over-year, reaching 10.54 - 10.86 million tons. Potassium saw the highest growth rate, driven by its relatively lower cost among major fertilizers and a downward price trend. To partially meet rising demand, domestic fertilizer production (Urea, DAP, and NPK) increased by about 9% from 2023, reaching 5.75 million tons.
In 2024, fertilizer prices in Vietnam and globally were more stable than in 2023, generally trending downward except for DAP. Rising demand provided price support, but supply recovery exerted pressure on transaction prices. Potassium saw the most significant decline, followed by other fertilizers, while DAP prices increased slightly.
On average, in Ho Chi Minh City and the Southwest, Ca Mau/Phu My Urea prices declined by VND 23-225/kg (-1%) compared to 2023. Imported Urea prices fell by VND 407-1,040/kg (down 4-9%), while Ninh Binh/Ha Bac Urea prices increased by VND 11-190/kg (up 1-2%).
MorePVFCCo VALUE CHAIN - 2024 PERFORMANCE
Human resources
0
people
Total revenue
0
billion VND
Profit before tax; depreciation; EBITDA
0
billion VND
Production
0
tons of fertilizers (Urea, NPK and other fertilizers)
over0
thousand tons of chemicals (NH3 for trading, UFC85, petroleum chemicals)
Distribution system/warehouse
00
exclusive regional distributors
00
chemical trading branch
0
level 1 wholesalers
0
level 2 retailers
00
domestic commercial customers
0
international customers
0
transshipment warehouses with a capacity of 250 thousand tons
Outstanding contributions to the agriculture and rural development
Supplying
0
million tons of fertilizers of all kinds
0
thousand tons of chemicals of all kinds
Disbursing nearly
0
billion VND for social responsibility programs
Contributions to society and community
PVFCCo's corporate responsibility initiatives are executed through the Social Welfare Council in close collaboration with subsidiaries, partners, and local organizations. These efforts adhere to the principles of delivering aid to the right place, at the right time, meeting actual needs, directly benefiting recipients, and driven by community needs and corporate responsibility - without commercial or self-promotional intent.”.
Nearly 70 billion VND was allocated to social welfare initiatives, including:
PVFCCo contributed VND 4 billion to PVN for the construction of resettlement areas for farmers in Lang Nu, Nam Tong and Kho Vang villages, which were severely affected by landslides following Typhoon Yagi.
PVFCCo distributed over 13,000 gifts, valued at nearly VND 9 billion, to underprivileged households across 104 communes in 43 provinces and cities nationwide for the Lunar New Year.
PVFCCo sponsored construction of dozens of schools and purchased educational equipment, with total funding of nearly VND 29 billion.
PVFCCo funded the construction of 570 solidarity houses, with a total contribution exceeding VND 21 billion. As of now, PVFCCo has constructed over 26,000 solidarity and gratitude houses nationwide, supporting farmers in establishing stable livelihoods.
2024 BUSINESS PERFORMANCE REPORT
To enhance governance, business operations, and enterprise optimization, PVFCCo is implementing its upgraded ERP system - encompassing production and cost management (OPM & GMF), financial accounting management (FIN), and supply chain management (SCM) - for full integration across the Corporation, effective 1 January 2025.
Outstanding factors and targets in production and business operations in 2024
Production output
- 0 thousand tons of Urea
- 0 thousand tons of NPK
-
0
thousand tons of NH3 (for trading)
Sales volume
- 0 thousand tons of Urea
- 0 thousand tons of NPK
-
0
thousand tons of NH3 (for trading)
-
over
0thousand tons
of other fertilizers
Contributed to the State budget
- 0 billion VND
nvestment disbursement
- 0 billion VND, marking a 17% increase from 2023
SUMMARY ON BUSINESS PERFORMANCE IN 2024
| No. | Item | Unit | Actual 2023 | Plan 2024 | Actual 2024 | Ratio compared with 2023 (%) | Plan completion rate (%) |
|---|---|---|---|---|---|---|---|
| A | B | C | 1 | 2 | 3 | 4=3/1 | 5=3/2 |
| 1. | Production output | ||||||
| 1.1 | Phu My Urea | Thousand tons | 815.55 | 850.00 | 889.50 | 109% | 105% |
| 1.2 | UFC 85 | Thousand tons | 12.22 | 12.50 | 11.61 | 95% | 93% |
| 1.3 | NPK | Thousand tons | 121.14 | 143.10 | 133.39 | 110% | 93% |
| 1.4 | Other fertilizers (produced by the factory) | Thousand tons | 6.98 | 4.00 | 8.54 | 122% | 214% |
| 1.5 | NH3 (for trading) | Thousand tons | 54.68 | 65.50 | 70.12 | 128% | 107% |
| 2. | Sales volume | ||||||
| 2.1 | Phu My Urea | Thousand tons | 878.73 | 870.00 | 898.67 | 102% | 103% |
| 2.2 | NPK | Thousand tons | 137.76 | 143.10 | 147.15 | 107% | 103% |
| 2.3 | Other fertilizers (produced by the factory) | Thousand tons | 7.91 | 5.00 | 10.47 | 132% | 209% |
| 2.4 | Other fertilizers | Other fertilizers | 265.51 | 260.00 | 229.81 | 87% | 88% |
| 2.5 | UFC 85 | Thousand tons | 9.06 | 8.50 | 9.14 | 101% | 108% |
| 2.6 | NH3(for trading) | Thousand tons | 63.54 | 65.00 | 65.37 | 103% | 101% |
| 2.7 | CO2 | Thousand tons | 44.04 | 45.00 | 56.40 | 128% | 125% |
| 2.8 | Chemicals | Thousand tons | 1.54 | 0.79 | 1.57 | 102% | 200% |
| 3. | Consolidated financial indicators | ||||||
| 3.1 | Total revenue | Billion VND | 14,037.79 | 12,755.00 | 13,878.08 | 99% | 109% |
| 3.2 | Profit before tax | Billion VND | 690.97 | 660.00 | 669.33 | 97% | 101% |
| 3.3 | Profit after tax | Billion VND | 529.82 | 542.00 | 554.27 | 105% | 102% |
| 3.4 | Budget payable (paid) | Billion VND | 565.36 | 263.00 | 257.68 | 46% | 98% |
| 4. | Parent company’s financial indicators | ||||||
| 4.1 | Owner’s equity | Billion VND | 11,374.47 | 10,316.00 | 10,996.45 | 97% | 107% |
| 4.2 | In which: Charter capital | Billion VND | 3,914 | 5,479.00 | 3,914.00 | 100% | 71% |
| 4.3 | Total revenue | Billion VND | 12,092.66 | 11,534.00 | 12,472.02 | 103% | 108% |
| 4.4 | Profit before tax | Billion VND | 708.78 | 611.00 | 615.03 | 87% | 101% |
| 4.5 | Profit after tax | Billion VND | 568.74 | 509.00 | 517.61 | 91% | 102% |
| 4.6 | Ratio of Profit after tax/Charter capital | % | 15% | 9% | 13% | 91% | 142% |
| 4.7 | Budget payable | Billion VND | 502.93 | 240.00 | 236.36 | 47% | 98% |
| 4.8 | Investment | ||||||
| 4.8.1 | Investment disbursement | Billion VND | 219.74 | 666.15 | 257.92 | 117% | 39% |
| Capex | Billion VND | 102.45 | 223.13 | 17.65 | 17% | 8% | |
| Equipment procurement | Billion VND | 117.29 | 443.02 | 240.27 | 205% | 54% | |
| Capital investment | Billion VND | ||||||
| 4.8.2 | Capital investment source | Billion VND | 219,74 | 666,15 | 257,92 | 117% | 39% |
| Owner’s equity | Billion VND | 219.74 | 666.15 | 257.92 | 117% | 39% | |
| Loans and others | Billion VND | ||||||
Production and business statistics for the Corporation's leading products over 2014-2024 period
- Urea Production
- Urea Consumption
- NPK Production
- NPK Consumption
- Revenue
- Profit before tax
- Profit after tax
INVESTMENT OVERVIEW, PROJECT IMPLEMENTATION, AND STRATEGIC DEVELOPMENT OUTCOMES
INVESTMENT PROJECTS PLANNED IN 2024
-
01
The NH3 Revamp - Phu My NPK Complex: The Corporation has approved the Project financial Settlement under Decision No. 24-393/QĐ-PBHC, dated 14 October 2024.
-
02
Melamine project: ĐAlready completed feasibility study report. Given the significant total investment, the Corporation remains committed to thoroughly assessing the project's feasibility.
-
03
Hydrogen Peroxide (H2O2)Production Plant Project: The Feasibility Study Report has been updated for appraisal and approval by the competent authorities. The Corporation has also completed and submitted the Environmental Impact Assessment Report, 1/500 Planning Dossier, and Investment License to the relevant state agencies.
-
04
Project for Recovering Ar, H2, N2 from Off-Gas at the NH3 Revamp Phu My NPK : Complex (Plant): The Feasibility Study is currently in preparation. .
-
05
DEF/AdBlue Projec: The Feasibility Study is currently in progress.
-
06
Investment in H3PO4 Storage Tank for the NPK Plant: he Feasibility Study is being finalized for submission to the State management agency for basic design appraisal.
-
07
Effluent Handling Unit (EHU) for the NPK Plant: Currently under construction, with completion and handover expected by May 2025.
-
08
Construction of new office and canteen at Phu My Fertilizer Plant: Construction survey completed; master plan preparation underway for submission to the competent authority for approval .
-
09
Construction of NPK bagged NPK product Conveyor System: easibility study examination completed; feedback obtained from the Fire Prevention and Fighting Police Department of Ba Ria - Vung Tau Province on the fire prevention and fighting plan; Feasibility study appraisal in progress .
-
10
Other investment and procurement projects are being implemented as planned.
INVESTMENT AND PROCUREMENT DISBURSEMENT SITUATION IN 2024
According to the 2024 plan, total capital for investment in construction and procurement was VND 666 billion. PVFCCo disbursed over VND 258 billion, achieving 39% of the plan according to the actual progress, an increase of 17% compared to 2023.
PERFORMANCE OF SUBSIDIARIES AND AFFILIATED COMPANIES
| No. | Transaction | Equity to total charter capital ratio | Total invested capital (billion VND) | Charter capital (billion VND) | Profit after tax (billion VND) | PAT to charter capital ratio | 2023 dividend (billion VND) |
|---|---|---|---|---|---|---|---|
| I | Investment in subsidiaries | 386.25 | 515.00 | 66.01 | 31.58 | ||
| 1 | PVFCCo North | 75.00% | 90.00 | 120.00 | 9.90 | 8.25% | 7.20 |
| 2 | PVFCCo Central | 75.00% | 75.00 | 100.00 | 27.72 | 27.72% | 10.50 |
| 3 | PVFCCo SE | 75.00% | 93.75 | 125.00 | 18.94 | 15.15% | 7.50 |
| 4 | PVFCCo SW | 75.00% | 127.50 | 170.00 | 9.45 | 5.56% | 6.38 |
| II | Investment in associated companies | 680.90 | 2,487.80 | (898.94) | 1.82 | ||
| 1 | PVFCCo Packaging | 4,4% | 18.20 | 42.00 | 7.40 | 17.62% | 1.82 |
| 2 | VNPOLY | 25.99% | 562.70 | 2,165.11 | (704.07) | -32.52% | - |
| 3 | PVC Mekong | 35.63% | 100.00 | 280.69 | (0.27) | -0.10% | |
| III | Other long-term investments | 20.50 | 396.35 | (33.50) | 0.32 | ||
| 1 | PAIC | 8.50% | 3.60 | 42.35 | 4.10 | 9.69% | 0.32 |
| 2 | Ut Xi Aquatic Products Processing Corporation | 6.78% | 16.90 | 354.00 | (37.60) | -10.62% | |
| Total | 1,087.66 | 3,399.15 | (664.43) | - | 33.72 |
Note: PVC Mekong has only prepared the financial statements for the first quarter of 2024. The Corporation has made provisions for 100% of capital contributions to the following companies: VNPOLY, PVC Mekong and Ut Xi.
HUMAN RESOURCES MANAGEMENT
Labor policy
Amid Vietnam's economic challenges in 2024, the Corporation remained committed to sustaining employee policies in line with the previous year.
EMPLOYEE POLICY
In 2024, following the implementation of the Salary policy improvement project, the Corporation officially adopted the 3P salary structure. This policy ensures market-aligned compensation, mitigating the risk of losing highly skilled employees and supporting the Corporation’s sustainable growth. The 3P salary framework enhances competitiveness in attracting top talent while fostering employee motivation, commitment, and long-term engagement.
The Corporation's Employee policy, effective 1 January 2009, is reviewed and revised annually to align with operational needs. It provides comprehensive welfare benefits for all employees and incentives for highly qualified professionals. Beyond complying with social, health, and accident insurance regulations, the Corporation offers additional retirement insurance and PVI Care health insurance, underscoring its commitment to employee well-being and a sustainable work environment.
TRAINING POLICY
Recognizing human resources as essential to stable and sustainable development, the Corporation prioritizes policy development and training initiatives to enhance employees' professional qualifications and skills.
Facing significant challenges in production and business, the Corporation is restructuring and optimizing its operations, requiring continuous workforce development. Human resource training and development remain a key priority for PVFCCo’s Management.
In accordance with the policy to enhance training for manager positions, PVFCCo, alongside delegating staff to Group-organized programs, has conducted courses to strengthen leadership capabilities, update knowledge, and disseminate new technological trends. These initiatives target the Corporation’s managers, PVN capital representatives, and personnel in Group-managed positions.
PVFCCo implements training programs on AI applications and technology-driven sales to accelerate digital transformation. Professional training courses are conducted as planned to ensure employees receive continuous skill development and stay updated on emerging technological trends. Additionally, PVFCCo’s experts, technical staff, and production managers participate in advanced training programs, international API certification exams, and global fertilizer technology seminars.
Internal training plays a key role in developing technical staff and skilled workers while facilitating knowledge sharing on operations, maintenance, and troubleshooting. The Corporation has introduced an E-Learning platform to enhance flexibility and efficiency in training, with content and curriculum development currently in progress.
Safety training and legal updates are conducted as scheduled in the training plan.
Training has enhanced knowledge and skills in both expertise and management, broadened strategic awareness in planning and goal setting, improved workforce quality, and contributed to increased productivity.
PVFCCo CORPORATE CULTURE
In 2024, PVFCCo made significant efforts to enhance its corporate culture. To strengthen its framework of directives, regulations, and policies, the Corporation collaborated with partners to develop a revised corporate culture handbook and film, incorporating relevant updates. Completion is expected in 2025.
Alongside issuing directive documents, the Corporation has refined corporate culture communication through visually engaging displays, including standees, wooden boards, and digital screens, fostering a modern work environment. It also leverages digital platforms such as the website, Facebook, YouTube, and Zalo OA for broader engagement. Additionally, the Corporation has developed software to evaluate corporate culture implementation and collect employee feedback.
The Corporation continues to integrate corporate culture training with extracurricular activities, reinforcing its core values “Pioneering - Creativity - Professionalism - Efficiency - Sharing”. Team-building initiatives further strengthen PVFCCo’s cultural development, earning strong employee support. In collaboration with the Trade Union, Youth Union, and Veterans Association, the Corporation promotes holistic self-improvement across physical, intellectual, emotional, and spiritual aspects. Additionally, it actively encourages employee participation in Oil and Gas Culture Week and related contests, including: “I Love PetroVietnam”, "PetroVietnam in Me" photo contest, and “PetroVietnam Pride” video competition, with many individuals and teams receiving recognition.
PVFCCo MANAGEMENT
- Mr. Nguyen Xuan Hoa
- Position: Chairman of the BOD
- DOB: 1972
- Qualifications: Master of Business Administration, Bachelor of Finance and Accounting
- Mr. Phan Cong Thanh
- Position: Member of the BOD
- DOB: 1974
- Qualifications: ngineer, Master of Chemical Engineering Technology
- Mr. Nguyen Ngoc Anh
- Position: Member of the BOD
- DOB: 1982
- Qualifications: Master of Construction Management, Civil Engineer
- Mr. Trinh Van Khiem
- Position: Member of the BOD, Head of the Planning and Business Committee
- DOB: 1973
- Qualifications: Bachelor of Business Administration
- Mr. Ho Quyet Thang
- Position: Independent members of the BOD
- DOB: 1970
- Qualifications: Mechanical Engineer, Bachelor of Economics
- Mr. Phan Cong Thanh
- Position: President and CEO
- DOB: 1974
- Qualifications: Engineer, Master of Chemical Engineering Technology
- Ms. Tran Thi Phuong Thao
- Position: Vice President
- DOB: 1970
- Qualifications: Bachelor of Economics in International Trade
- Mr. Dao Van Ngoc
- Position: Vice President
- DOB: 1977
- Qualifications: Master of Business Administration, Refinery and Petrochemical Engineer
- Mr. Ta Quang Huy
- Position: Vice President
- DOB: 1978
- Qualifications: Chemical Engineer
- Mr. Vo Ngoc Phuong
- Position: Vice President
- DOB: 1978
- Qualifications: Bachelor of Finance (Money and Credit)
- Mr. Vu An
- Position: Vice President
- DOB: 1977
- Qualifications: Doctor of Chemical Engineering
- Mr. Le Hong Quan
- Position: Chief Accountant
- DOB: 1971
- Qualifications: Master of Economics
- Mr. Huynh Kim Nhan
- Position: Chief supervisor
- DOB: 1976
- Qualifications: Master of Business Administration, Bachelor of Corporate Finance
- Ms. TRAN THI PHUONG
- Position: Full-time member of the SB
- DOB: 1979
- Qualifications: Master of Business Administration, Certified Accountant (issued by the Ministry of Finance)
- Mr. Luong Phuong
- Position: Part-time member of the SB
- DOB: 1973
- Qualifications: Bachelor of Finance and Credit
SHAREHOLDER STRUCTURE, CHANGES IN OWNER’S EQUITY
Total number of shares of the Corporation:
0.000
shares
all of which are common shares.
Outstanding shares:
As end of 2024, the total number of outstanding shares of the Corporation is
0.0
shares
(excluding 65,740 treasury shares).
In 2024, the Corporation had no change in owner’s equity.
As start of 2024, the total number of treasury shares is
0
shares
In 2024, there were no transaction during the year.
Total treasury shares as of 31 December 2024
0
shares
As of 17 March 2025, based on the shareholder list issued by the Vietnam Securities Depository & Clearing Corporation, the total outstanding shares amount to 391,334,260, held by 17,750 shareholders.
Domestic shareholders:
Detailed information on domestic shareholder structure:
| Shareholders | Quantity | Number of shares | Proportion of outstanding shares |
|---|---|---|---|
| Legal entities | 77 | 261.708.038 | 66,86% |
| Individuals | 17.198 | 94.386.838 | 24,12% |
| Total | 17.275 | 356.094.876 | 90,98% |
Detailed information on major domestic shareholders:
| No. | Shareholders’ name and address | Main business lines | Number of shares held | Proportion of outstanding shares |
|---|---|---|---|---|
| 1. |
Vietnam Oil and Gas Group Address: 18 Lang Ha Street, Ba Dinh District, Hanoi. State-Owned Corporation Website: www.pvn.vn |
|
233.204.253 | 59,59% |
Foreign shareholders:
Detailed information on foreign shareholder structure:
| Shareholders | Quantity | Number of shares | Proportion of outstanding shares |
| Legal entities | 60 | 34.106.382 | 8,71% |
| Individuals | 415 | 1.133.002 | 0,29% |
| Total | 475 | 35.239.384 | 9,00% |
Detailed information on major foreign shareholders: None
BOM’s assessment report
ASSESSMENT ON PERFORMANCE
Considering the assessed business and production performance in 2024, as presented in the preceding sections, and in accordance with the assignments and targets approved by the General Meeting of Shareholders, the Board of Management of PVFCCo affirms that the Corporation's timely, coordinated, and adaptive implementation of strategic measures has been instrumental in achieving its production and business objectives for 2024, as outlined below:
Production
Phu My Fertilizer Plant achieved a production output of 850,000 tons of Urea 19 days in advance, the whole year's output reached
0
tons
5% compared to the plan
Sales, marketing and product research
PVFCCo has successfully traded nearly
0
million tons of fertilizers
and over 0 thousand tons of chemicals.
Capital construction investment and procurement projects
Total disbursement for investment and procurement projects is over
0
billion VND
Organization, human resources, human resource development and restructuring
To drive innovation and development, the Corporation has established new functional divisions, including the Legal Compliance Division and the Digital Transformation and Information Technology Division
Safety-Health & Environment Policies
Security, safety, fire prevention, and rescue were always appreciated and strengthened by the business units, especially during holidays, Tet, etc. As a result, in 2024 the Corporation did not have any accidents happen affecting labor safety, production and business activities
Limitations and solutions, details as follows:
Business
The fertilizer industry faces increasing challenges, including price volatility, slowing economic growth, and the impacts of climate change. Therefore, enhancing market analysis and forecasting is essential to capitalize on opportunities and optimize business efficiency.
Restructuring
Restructuring has reached certain conclusion; however, the management structure is still cumbersome and does not satisfy our expectations. The restructuring project for the next stage has been submitted to the proper authorities for approval.
Capital Contribution to Associated Companies
The objective of divestment from affiliated enterprises is outlined as follows: Divestment from VNPOLY, PVC Mekong, Ut Xi Seafood Joint Stock Company, and others has not been executed. These companies continue to report poor performance, leading to a decline in the Corporation’s investment capital.
FINANCIAL ANALYSIS
Assets and Capital
Total assets according to PVFCCo's consolidated financial statements as of 31 December 2024 were VND 16,558 billion, an increase of 24% compared to the beginning of the year (VND 16,558/13,309 billion). PVFCCo's cash and cash equivalents decreased by 19% compared to the beginning of the year (VND 1,005/1,242 billion), short-term financial investments increased by 76% compared to the beginning of the year (VND 9,464/5,385 billion).
Liabilities
- As of 31 December 2024, PVFCCo's payables amounted to VND 5,372 billion, reflecting a 205% increase from the beginning of the year (VND 5,372/1,764 billion), primarily comprising a short-term loan of VND 3,422 billion for working capital. The Corporation optimized idle funds through a six-month deposit at an interest rate of approximately 4%/year and secured a short-term loan (under six months) at an interest rate of about 3.6%/year.
- Total liability to total assets ratio and total liability to equity ratio increased compared to those of 2023, but the current ratio and quick ratio in 2023 remained higher than 1. This demonstrates a good capacity to pay debts, and the Corporation is not under any pressure on due debt, ensuring good production and business activities.
- Given the closing balance of Cash and Cash equivalents of VND 1,005 billion, there is sufficient funding for manufacturing, trading and investment projects as planned.
Profitability
PVFCCo’s profitability ratios, including ROE and ROA, increased over the same period, primarily due to higher profit after tax in 2024 compared to 2023.
ORGANIZATIONAL, POLICY, AND MANAGEMENT ENHANCEMENTS
The Corporation has developed and executed a restructuring plan and roadmap for the 2021-2025 period. This includes ongoing review, adjustment, and updating of department/unit functions and tasks. Additionally, efforts are underway to enhance internal regulations, risk management, and salary policies, while accelerating the digital transformation journey.
DEVELOPMENT PLAN FOR THE FUTURE
Board of Management is executing strategic development plans, including mid-term production and business plans approved by General Meeting of Shareholders and Board of Directors.
MAKING ASSESSMENTS ON ENVIRONMENTAL, STAFF AND SOCIAL RESPONSIBILITIES
PVFCCo is a producer and distributor of fertilizer and chemicals. It is inextricably linked to agriculture, farmers, and rural Vietnam (the region accounts for 70 percent of the total population of Vietnam). In the past 20 years of developing, the business orientation “developing the enterprise integrated with environmental protection and social responsibility” has been preserved and developed by generations of employees as an asset and a cultural beauty of the enterprise.
The Corporation maintains a balanced and optimized approach to concurrently achieving the following objectives
- (1) Growing profitably;
- (2) Growing in harmony with social aspects; raising citizens’ living standards and awareness and
- (3) Improving the living environment, ensuring long-term and sustainable development for current and future generations.