Vietnam chemical firms expect sharp drop in business for 2023
Major chemical producers Duc Giang Chemicals Group and Vietnam Apatite-Phosphorus JSC forecast a slump in business this year, while Lam Thao Fertilizers and Chemicals JSC aims for a hike.

Duc Giang Chemicals Group is one of Vietnam's leading chemical companies. Photo courtesy of the firm.
Duc Giang Chemicals Group (DGC), Vietnam's leading chemical company, has set a revenue target of VND10,875 billion ($459.9 million), down 24.7% year-on-year, and after-tax profit of VND3,000 billion ($126.87 million), down 50.3%.
The company expects revenue of yellow phosphorus (P4) to reach VND4,608 billion ($194.87 million), accounting for 42.4% of the total; and phosphoric acid VND2,184 billion ($92.35 million), or 20.1%.
In 2022, the company recorded after-tax profit of VND6,040 billion ($257.46 million), 2.4 times year-on-year, exceeding its target by 72%.
Its net revenue reached VND14,444 billion ($615.69 million), up 51%, passing its target by 19%.
On the Ho Chi Minh City Stock Exchange, the DGC share price was VND50,600 ($2.14) at Monday's closing session.
Meanwhile, Vietnam Apatite-Phosphorus JSC (VAPAC), DGC's subsidiary, has submitted to shareholders a business plan with total revenue of VND1,790 billion ($75.66 million) and after-tax profit of VND416 billion ($17.59 million), down 43.2% and 56.8% year-on-year, respectively.
In 2022, the company recorded revenue of VND3,150 billion ($134.27 million) and after-tax profit of nearly VND965 billion ($41.13 million), up 97% and 276% year-on-year respectively. These are the highest business results in the company's history.
VAPAC is listed on the Unlisted Public Company Market (UPCom) as PAT. At Monday's closing session, the PAT share price hit VND88,400 ($3.74).
In the opposite direction, Lam Thao Fertilizers and Chemicals JSC (Lafchemco), a subsidiary of state-run chemical group Vinachem, sets a revenue of VND3,355 billion ($141.85 million), up 6% year-on-year and after-tax profit of VND128 billion ($5.41 million), up 45%.
In 2022, Lafchemco reported after-tax profit of VND87.9 billion ($3.75 million), up 31% year-on-year. The company's net revenue reached VND3,156 billion ($134.53 million), up 12%.
Lafchemco is listed on the Hanoi Stock Exchange as LAS. At Monday's closing session, the LAS share price was VND8,300 ($0.35).
Regarding business prospects for 2023, BIDV Securities Company (BSC) believes that the high base level is the biggest challenge for chemical enterprises. In the context that chemical prices have no clear motivation to surpass the peak price of 2022, growth drivers will stem from cutting production costs (vertical development) or expanding investment in traditional and new products (horizontal development).
BSC said private chemical enterprises would have more advantages than their state-owned peers in expanding investment and development.
Previously, PetroVietnam Camau Fertilizer JSC and Petrovietnam Fertilizer & Chemicals Corporation, two subsidiaries of Petrovietnam, have set very low business targets for 2023 after a year of record profits.
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