13:12 | 29/04/2020 Industry
Irrespective of the recent economic turbulence, PVCFC seems to have passed the first quarter of 2020 with flying colors. Claiming full control of their operation, the corporation has overcome all hindrances to double the estimated plan.
Stock prices are mounting. PVCFC proves to be a game changer with a rise of 47% on HOSE.
Farmers’ demand for fertilizer has submerged averagely between 15% and 20%, posing multiple insoluble problems to the industry. In accompaniment with soil salinity, everything seems to be going from bad to worse. In consequence, there has been a remarkable for in agrarian produce. Notwithstanding the in-land surplus, exportation of fertilizer, particularly urea, is going on a non-stop rise. The outbreak of COVID-19 wreaks havoc on the world economy, making it more grueling than ever when it comes to exporting goods. Besides, the Congress have yet to make any amendments to 71/2014/QH13, an imposition of VAT on fertilizer businesses. Facing up to all of these, PVCFC has no choice but to try their best.
The finance report of the company at the beginning of this year appears propitious. Following the production of 226 thousand tons of fertilizer, that 200 thousand tons was consumed indicates a prospect of clearance even in seasons with such a low demand. With that being said, PVCFC has generated double its estimated interest which was 91 billion VND in the very first quarter of 2020.
Alongside with addressing all the remaining issues, PVCFC has a rather bright future whereas the novel virus is contained to a certain degree in various regions all over the globe. Governments are going to great lengths to revive the decaying economic situation brought about by the pandemic. Foreign trade is reopened; Proposal on dealing with the VAT imposition will be tabled. Having guaranteed that there will be agrarian produce at the nation’s disposal, Vietnamese rice exportation has every reason to flourish since sustenance is a must in the midst of the contagion. Welcoming the upcoming quarter, there will by all means be an increase in the use of fertilizer. Apart from that, starting from the end of the first quarter, PVCFC has left no stone unturned in a search for foreign marketplaces in Thailand, Myanmar, maximizing the output of products and minimizing the number of unused ones when the number of lands available for cultivation is contracting.