Vinachem profits soar 2.8-fold

By Tat Dat   January 8, 2023 | 08:16 pm PT
Vinachem profits soar 2.8-fold
Fertilizer production in a factory of a subsidiary of Vinachem. Photo courtesy of the company
State-owned chemical manufacturer Vinachem saw profits surge by 2.8 times last year to VND6.02 trillion (US$256.50 million) thanks to high fertilizer prices.

Revenues were up 17% to a record VND62.26 trillion.

It sold over three million tons of fertilizers, 3,700 car tires, 2,300 million kilowatt-hours of batteries, 280,000 tons of cleaning liquids, and other products.

Its foreign trade rose by 15% to over $780 million.

The prices of fertilizers like DAP and urea went up to record levels of $1,000 per ton and $900 in Asia last year, the company said.

Vietcombank Securities analysts forecast demand for chemicals to rise this year in China, Japan and South Korea for use in semiconductor production.

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