Vinachem sets aside $300m for key projects

The Viet Nam Chemical Group (Vinachem) was planning to set aside more than VND5.89 trillion (US$302 million) for seven key projects this year, Vinachem’s board chairman Nguyen Quoc Tuan announced on Thursday.

The projects include Ninh Binh Urea Fertiliser Plant, which is expected to supply 560,000 tonnes of fertiliser each year; the expansion of Ha Bac Urea Fertiliser Plant that is projected to produce 500,000 tonnes per year by 2014; and two truck tyre plants that will make 900,000 tyres annually.

In order to ensure funding for the development, Vinachem was looking to foster links between the group’s affiliates to promote the use of internal financial resources, Tuan said. This suggests that the Government and the Ministry of Industry and Trade will draw up priority credit policies for fertiliser projects to promote market stability.

Vinachem, the 10th State-owned economic group, posted an industrial production value of VND13.79 trillion ($701 million) last year, a 14.5 per cent increase over last year’s figures. The fertiliser sector grew by 25 per cent last year, while chemical products increased by 15 per cent.

Its revenue recorded a year-on-year increase of 16 per cent, earning VND29.66 trillion ($1.52 billion) while its profit topped VND2.4 trillion ($123 million). —VNS

Tags: Vinachem

Posted by VBN on Jan 23 2011. Filed under Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry