Petrovietnam subsidiary, Samsung C&T sign production distribution deal
Petrovietnam Ca Mau Fertilizer JSC (PVCFC), a subsidiary of state-owned Petrovietnam, and South Korea’s Samsung C&T have signed a strategic partnership agreement whereby they will promote and distribute products to a global network.
The information was shared in a Monday statement by PVCFC, listed on the Ho Chi Minh Stock Exchange (HoSE) as DCM.
Samsung C&T principal professional Kyle Hong (left) and PVCFC general director Van Tien Thanh at a signing ceremony in Seoul, September 13, 2024. Photo courtesy of PVCFC.
Samsung C&T will distribute PVCFC products including NPK fertilizer and urea to the global market, while the Vietnamese side will import input materials like di-ammonium phosphate (DAP), muriate of potassium (MOP), ammonium sulphate (Amsul) and urea from the South Korean partner.
In the fertilizer sector, the Samsung firm is a top global player with an annual output of 4-6 million tons, which includes 400,000-500,000 tons in Vietnam.
Meanwhile, PVCFC, with three factories in Vietnam, has a total capacity of 1.5 million tons per year. Its products serve the domestic market and are exported to about 20 countries. One of its facilities is the Korea-Vietnam NPK fertilizer factory, which it acquired in May.
Petrovietnam is PVCFC’s biggest stakeholder at 75.56%.
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