Petrovietnam fertilizer arm acquires South Korean company
Petrovietnam Ca Mau Fertiliser JSC (PVCFC) has successfully completed the acquisition of the Korea-Vietnam Fertiliser Co., Ltd (KVF), the firm said in a release.

A KVF truck delivers products to distributors. Photo courtesy of the company.
The deal was completed on May 17, followed by the issuance of a business registration certificate by the Ho Chi Minh City Department of Planning and Investment, making PVCFC the new owner.
The acquisition aims to penetrate the NPK fertilizer market in the southeast, Central Highlands and central regions. PVCFC's current NPK plant serves demand in the southwestern region and Cambodia. KVF's NPK factory area will also be used as a raw material warehouse.
Vietcap Securities JSC expects profits from the traditional NPK segment of PVCFC to double in 2024, offsetting losses from the newly acquired NPK subsidiary.
KVF was founded on May 21, 2015, with registered capital of VND212.5 billion ($8.3 million), fully comprised of foreign investment. The company primarily operates in the production of NPK fertilizers.
KVF has undergone multiple capital raises, the first in 2016, when the company raised its registered capital to nearly VND434 billion.
In 2019, the company underwent two additional capital mobilisations. The first increase occurred in October, bringing its capital to over VND1.1 trillion ($43.19 million), with 100% of the investment coming from foreign sources, namely Huchems Fine Chemical Corporation (49%) and Taekwang Industry Co., Ltd (51%).
KVF again raised its capital to nearly VND2.1 trillion at the end of 2019.
According to its website, KVF currently owns the Korea-Viet NPK plant in HCMC. The plant has a capacity of 360,000 tonnes per year and has been operational since December 2017.
The acquisition of 100% of KVF's capital by PVCFC was approved in 2023, with an estimated cost of $25 million.
After reporting a significant decline in profit last year due to lower fertiliser prices, the company posted a recovery in the first quarter of 2024.
Its quarterly report showed that the company's revenue increased to VND2.7 trillion ($106 million), with an increase of 52.2% year-on-year in net profit to VND346 billion ($13.58 million).
According to documents released at its 2024 AGM, PVCFC has a prudent growth plan with revenue projected at around VND11.9 trillion this year, down 5 per cent from 2023, while profit after tax is expected to be down 28% to VND795 billion ($31.21 million).
As a result, the company has already achieved 23% of its revenue target and nearly 44% of its profit target for the year.
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