HÀ NỘI — The Việt Nam Chemical National Group (Vinachem) will focus on investment of apatite exploitation projects this year, said the group’s deputy general director Bùi Thế Chuyên.

Chuyên said the group would accelerate completing procedures to get licences for apatite projects such as mines 18, 19, Ngòi Đum Đông Hồ, Cam Đường 2 and mine 26 of Apatite Việt Nam One Member Limited Company.

Vinachem will resolve material issues to implement the expansion project of Bắc Nhạc Sơn Apatite Ore Plant in the northern mountainous Lào Cai Province, he said.

In addition, Vinachem will quickly complete investment preparation for improving the quality of NPK Fertiliser Plant of Bình Điền Fertiliser Company in southern Long An Province, with a total capacity of 200,000 tonnes a year, Chuyên said.

According to Vinachem’s report, production and trading of the Apatite Việt Nam One Member Limited Company is faced with difficulties as the licence for apatite exploitation at its mines has not been granted for a long time.

On the other hand, its rivals have lowered prices to gain market shares, a pressure tactic. This is one of the reasons why the company’s business results have not met its expectation.

Last year, its output reached 2.8 million tonnes, posting a 2.8 per cent year-on-year increase and an increase of 6 per cent over the set target.

Its apatite consumption reached 2.9 million tonnes, increasing 19 per cent from the set target and 3.4 per cent from the previous year. The company’s revenue was VNĐ3.64 trillion (US$160 million), increasing by 2 per cent over the set target and reducing by 7.3 per cent compared to 2016.

Nguyễn Tiến Cường, general director of the Apatite Việt Nam One Member Limited Company, said its financial results last year did not meet the set targets due to low prices, although its output and consumption surpassed targets.

The company contributed VNĐ566.6 billion to the State budget and posted a pre-tax profit of VNĐ150 billion.

Cường said the company has been seeking new export markets as well as continuing its restructuring to improve financial supervision. — VNS