Vinachem sets 17% growth target for 2008

HA NOI — Viet Nam National Chemical Corporation (Vinachem) has targeted earnings of VND20.82 trillion (US$1.3 billion) this year, 17 per cent higher than in 2007, Vinachem deputy general director Nguyen Duy Sy said at a conference yesterday in Ha Noi.

Exports were projected to generate $421 million of the total, up 20 per cent from last year’s total of $350 million, Sy said. This was an attainable goal in light of 2007 export growth of 50 per cent over 2006.

To ensure reaching the target, Vinachem would spend VND3.48 trillion ($218 million) on capital construction projects and expected to put its Hai Phong DAP (diammonium phosphate) fertiliser plant into trial in the second quarter of this year.

A new affiliate, the Chemical Finance Joint Stock Co, would be established this year to attract more capital and financing to Vinachem projects.

Existing Vinachem affiliates meanwhile would be expected to increase their capacities, in such key products as rubber, batteries, and fertilisers and continue to cut production costs, improve product quality and increase export competitiveness. Co-operation among subsidiaries would also be increased to produce new products, Sy said.

The corporation planned to ensure its presence in traditional markets as well as boost its international profile by exhibiting in international trade fairs and developing its brand names.

Vinachem affiliates would develop new markets in Cambodia, Laos, mainland China, Taiwan, Australia, South Korea, Turkey and a number of African nations, he added, and the corporation also planned to collaborate with Vietnamese commercial consular officials abroad to promote products and see new markets and trade partners.

Source: VNS- 2008/01/18