Vinachem and its members aim to earn a combined revenue of over VNĐ26.96 trillion in H2. — Photo bnews.vn

State-owned chemical manufacturer Vinachem saw its combined revenue surge by 18 per cent year-on-year to above VNĐ31.3 trillion (over US$1.23 billion) in the first half of this year, or equivalent to 55 per cent of the yearly target.

Profits reached an estimated VNĐ815 billion ($32 million) in the period, the company announced at a conference in HCM City late last week.

The group contributed over VNĐ1.11 trillion to the State budget in H1, making up 62 per cent of the goal set for the year.

The increased supply and unimproved demand, coupled with commodity prices that have not shown any signs of significant rebound, pose challenges for Vinachem and its affiliates in the remaining months of this year.

However, the group still aims to earn a combined revenue of over VNĐ26.96 trillion and a profit of above VNĐ1 trillion in the second half of this year, Nguyễn Hữu Tú, Deputy General Director of Vinachem said.

To reach the targets, Huy said, his firm will improve production, increase efficiency and proactively and flexibly deploy solutions for raw material management.

It will also research and invest in several chemical products with modern, environmentally-friendly technology to meet market needs, he said, adding that handling shortcomings and weaknesses of some slow-moving and ineffective projects will be also included.

Despite multiple challenges in 2023, the group and its members obtained a combined revenue of VNĐ55 trillion, bringing a profit of VNĐ3.2 trillion and contributing VNĐ1.9 trillion to the State budget.

In terms of investment, the value of construction investment reached VNĐ1.6 trillion, or equivalent to 135 per cent of the year's plan. The total disbursement value was VNĐ1.3 trillion, with VNĐ120 billion from commercial loans and VNĐ1.2 trillion from businesses' capital. — VNS