Deputy Prime Minister Hoang Trung Hai (centre) talks to Hanichemco officials as the company inaugurates new facilities on June 19. -- Photo chinhphu.vn

BAC GIANG (Biz Hub) — The upgraded and expanded facilities of Ha Bac fertiliser plant were inaugurated in the northern province of Bac Giang on June 19.

The expansion project of the factory, which is run by Ha Bac Nitrogenous Fertiliser and Chemical Company Limited (Hanichemco), a subsidiary of Viet Nam National Chemical Group, cost about US$568.6 million and covers an area of 33.4 hectares across Tho Xuong District and Xuan Huong Commune.

The new facility is expected to produce some 500,000 tonnes of urea fertiliser and 300,000 tonnes of liquid ammonia per year.

Hanichemco had implemented the project in November 2010 in conjunction with Wuhuan, CMC, and CECO contractors. It expects that the new facilities will generate jobs for some 2,000 local workers.

Deputy Prime Minister Hoang Trung Hai said during the inauguration ceremony that the project has been in line with the national master plan for industrial development.

Viet Nam's chemical industry can now meet more than 80 per cent of the domestic demand for fertiliser, actively serving agricultural production and reorganisation.

Hai noted that the slow recovery of the global economy in general, and oil prices in particular, is likely to have significant impacts on fertiliser prices and might result in stiffer competition in the fertiliser market.

He urged the chemical and fertiliser sector to cut costs, improve quality, and promote the trade names of domestic products. — VNS