Workers at a production line of Habac Nitrogenous Fertiliser & Chemicals, a subsidiary of Vinachem. — Photo baobacgiang.com.vn

Vietnam National Chemical Group (Vinachem) plans to prioritise the production of crucial materials like phosphoric acid to cater to the semiconductor sector's needs due to growing interest from investors in the semiconductor industry.

It also aims to increase supplies of green hydrogen or other basic chemicals to serve various industries.

The conglomerate seeks ongoing support and partnerships from financial institutions to secure the necessary capital for project implementation.

Nguyễn Phú Cường, Chairman of Vinachem's Board of members, emphasised the significant role of the chemical industry as one of the country's foundational sectors.

In line with its restructuring plans to 2025, the company plans to expand its investments, including relocation from the Biên Hoà industrial zone in the near future, Cường added.

Despite various challenges in 2023, Vinachem achieved notable results. The conglomerate's combined revenue exceeded VNĐ57 trillion (US$2.3 billion) with a profit of around VNĐ3.5 trillion, contributing VNĐ1.7 trillion to the state budget.

Last year, it produced over 3.1 million tonnes of various types of fertilisers, 3.4 million car tires, 330,000 tonnes of detergents and several other chemical products.

Some products experienced significant growth, including a 17 per cent increase in urea, 35 per cent in DAP, 15 per cent in superphosphate and 18 per cent in detergents.

Currently, Vinachem maintains a debt balance of about VNĐ15 trillion with banks. — VNS