HA BAC NITROGENOUS FERTILIZER & CHEMICALS JOINT STOCK COMPANY

Nestled in the northern province of Bac Giang, HA BAC NITROGENOUS FERTILIZER & CHEMICALS JOINT STOCK COMPANY—known locally as Công ty Cổ phần Phân đạm và Hóa chất Hà Bắc or simply Đạm Hà Bắc—carries the legacy of one of Vietnam’s earliest state-backed fertilizer plants. With over 18 years of incorporation as a joint stock company and deep historical roots that trace back to Vietnam’s early industrialization period, Đạm Hà Bắc remains a major name in the country’s agrochemical supply chain.

Headquartered on Tran Nguyen Han Street, Tho Xuong Ward, Bac Giang City, the company operates with Business ID 2400120344, and its stock, DHB, is traded on the UPCoM exchange. With 1,200 employees and a paid-up capital exceeding USD 111 million, the company remains a formidable force in the urea and nitrogen fertilizer segment, though signs of fatigue have begun to emerge.

In 2024, total revenue slightly edged up to USD 182.39 million, marking a 0.59% year-over-year increase, but the company's profit collapsed to just USD 281,230, a staggering 99.2% decline from the previous year. This steep drop follows a broader trend of weakening profitability that has plagued the company since 2022, when it posted over USD 73 million in earnings. Meanwhile, total assets have continued to shrink, falling to USD 256.67 million, down from USD 311 million just two years earlier.

Despite these headwinds, owner’s equity has stabilized, standing at USD 25.41 million, a modest 1.12% year-over-year increase. That turnaround follows a massive recapitalization in 2023, when the company reversed a negative equity position. However, working capital has also declined by over 8%, raising concerns about liquidity and operational flexibility, especially in an industry vulnerable to commodity pricing shocks and environmental regulation shifts.

The company’s core offerings include urea and NPK fertilizers, liquid and solid CO₂, liquid ammonia (NH₃), and a range of industrial gases. It also holds business licenses in chemical production, electric power generation, machining, construction, freight, and wholesale trade, indicating broad diversification—but perhaps also strategic dilution.

Majority-owned by VIETNAM NATIONAL CHEMICAL GROUP (Vinachem) with a 97.66% stake, Đạm Hà Bắc is effectively an arm of the state’s industrial portfolio. While this backing ensures financial anchoring and national importance, it also means operational agility can be limited, particularly in adapting to competitive private-sector dynamics.

For financial institutions, trade partners, and suppliers, Business Verification Services and Private Financial Dataaccess are essential to track the company’s evolving risk profile. As performance pressures mount and debt servicing capacity remains uncertain, external stakeholders must turn to Risk Management Services for scenario modeling, and regularly consult the Vietnam Litigation Report to stay informed of potential legal or contractual disputes.

As one of the oldest fertilizer producers in Vietnam, Đạm Hà Bắc is a symbol of industrial continuity—but its future will depend on whether it can evolve from legacy structure to leaner, more market-responsive operations. The time for strategic reinvention is now.