On the afternoon of August 22, in Hanoi, Prime Minister Pham Minh Chinh attended the ceremony commemorating the 55th anniversary of Vietnam’s Chemical Industry Tradition (August 19, 1969 to August 19, 2024), organized by the Vietnam National Chemical Group (Vinachem).
Prime Minister presents the Government’s Flag of Merit to Vinachem – Photo: VGP
Speaking at the event, Prime Minister Pham Minh Chinh assessed: “The chemical industry has accomplished its mission over the past 55 years, and the mission in the coming years will be even higher, more challenging, and more difficult. But we must overcome and succeed.”
During the period of 2015-2021, several large-scale projects and enterprises under Vinachem incurred production and business losses and inefficiencies, with the Group’s performance indicators continuously declining, market share shrinking, and debt repayment pressures mounting, causing fluctuations in the thoughts and morale of the employees.
However, Vinachem has gradually made progress in restructuring and achieving positive results for four projects and enterprises that were slow-moving and inefficient in fertilizer production (Ha Bac Fertilizer, Ninh Binh Fertilizer, DAP No. 1, and DAP No. 2-Vinachem) out of the 12 distressed projects. These enterprises have turned profitable and fully repaid their loans to the financing banks…
From incurring losses, Vinachem has now turned profitable. In the first six months of 2024, the Group’s revenue is estimated at nearly VND 31 trillion, with a profit of nearly VND 870 billion, and an average salary of over VND 13 million per person per month.
While acknowledging the achievements, the Prime Minister also pointed out the challenges facing the chemical industry, including the focus on supplying common products with few high-tech chemicals, a lack of high-value-added products, and a significant reliance on imported raw materials and chemical inputs…
Accordingly, the Prime Minister outlined key tasks and solutions for the coming period, emphasizing that Vinachem should continue to propagate and effectively implement the resolutions, conclusions, and directives of the Party, National Assembly, Government, and Prime Minister. These should be translated into specific plans for the Group and each unit, with regular monitoring and supervision.
He also emphasized the need to continue streamlining the apparatus, building a lean and high-quality team of officials and employees, fostering unity and consensus, encouraging innovation and initiative, implementing smart governance, promoting decentralization and transparency, focusing on digital transformation, and resolving lingering issues.
The Prime Minister particularly urged Vinachem to actively innovate and restructure its units, striving to become a strong economic group capable of competing regionally and globally.
This includes continuing the restructuring of three distressed projects (Ha Bac Fertilizer, Ninh Binh Fertilizer, and DAP No. 2-Vinachem) in accordance with approved schemes to ensure effectiveness.
“The chemical industry needs to build on its 55-year tradition and excellently perform the tasks assigned. If we have done well, we must do even better, striving for higher results and achievements year after year,” the Prime Minister emphasized.
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