DAP2 – VINACHEM JOINT STOCK COMPANY

DAP2 – VINACHEM JOINT STOCK COMPANY (Công ty Cổ phần DAP số 2 – VINACHEM) is a state-invested enterprise based in Tang Loong Industrial Park, Bao Thang District, Lao Cai Province, Vietnam. Operating since February 18, 2009, and registered under Business ID 5300265969, the company specializes in the manufacture of fertilizers and nitrogen compounds, playing a vital role in Vietnam’s chemical and agricultural supply chain.

As a subsidiary of the Vietnam National Chemical Group (VINACHEM), which holds a 53.5% ownership stake, DAP2 produces and supplies a wide range of fertilizer and chemical products essential for both domestic and export markets. With a charter capital of USD 61.6 million and a workforce of 575 employees, the company maintains active operations through a representative office in Ho Chi Minh City.

In 2023, DAP2 – VINACHEM recorded total assets of USD 151.5 million, sales revenue of USD 93.9 million, and a net profit of USD 15.93 million—marking a remarkable rebound after years of losses, with profit growth surging over 39,000% year-on-year. However, the company continues to face financial challenges, with negative equity of USD 47.26 million and working capital of USD –51.82 million, reflecting accumulated debts and capital strain despite improving operations.

Under the leadership of Chairman Nguyen T. A. and General Director Vu V. T., DAP2 has stabilized production efficiency, improved asset utilization, and enhanced cost control amid volatile fertilizer market conditions. Its close integration with Vietnam Apatit Limited Company (another VINACHEM member) ensures a stable supply of phosphate raw materials, providing strategic advantages in production and cost competitiveness.

While the company’s turnaround in profitability is notable, analysts remain cautious about its credit risk due to sustained negative net worth and liquidity pressure. Continuous government backing and the parent group’s financial support are expected to play key roles in maintaining stability and long-term solvency.