Chuyen said the group would accelerate completing procedures to get licences for apatite projects such as mines 18, 19, Ngoi Dum Dong Ho, Cam Duong 2 and mine 26 of Apatite Viet Nam One Member Limited Company.

Vinachem will resolve material issues to implement the expansion project of Bac Nhac Son Apatite Ore Plant in the northern mountainous Lao Cai Province, he said.

In addition, Vinachem will quickly complete investment preparation for improving the quality of NPK Fertiliser Plant of Binh Dien Fertiliser Company in southern Long An Province, with a total capacity of 200,000 tonnes a year, Chuyen said.

According to Vinachem’s report, production and trading of the Apatite Viet Nam One Member Limited Company is faced with difficulties as the licence for apatite exploitation at its mines has not been granted for a long time.

On the other hand, its rivals have lowered prices to gain market shares, a pressure tactic. This is one of the reasons why the company’s business results have not met its expectation.

Last year, its output reached 2.8 million tonnes, posting a 2.8 per cent year-on-year increase and an increase of 6 per cent over the set target.

Its apatite consumption reached 2.9 million tonnes, increasing 19 per cent from the set target and 3.4 per cent from the previous year. The company’s revenue was VND3.64 trillion (US$160 million), increasing by 2 per cent over the set target and reducing by 7.3 per cent compared to 2016.

Nguyen Tien Cuong, general director of the Apatite Viet Nam One Member Limited Company, said its financial results last year did not meet the set targets due to low prices, although its output and consumption surpassed targets.

The company contributed VND566.6 billion to the State budget and posted a pre-tax profit of VND150 billion.

Cuong said the company has been seeking new export markets as well as continuing its restructuring to improve financial supervision.