VINACHEM

On April 26th 2010, in Hanoi, Vietnam National Chemical Group (Vinachem) and Tien Hung Company Limited signed a contract for the foundation of Ninh Binh Urea Port Joint Stock Company . The establishment of Ninh Binh Urea Port Joint Stock Company is very important for the construction of 560,000 tpy Ninh Binh Coal-based Urea Plant.

On Aug 29th 2005, Vinachem's Management Board signed the Decision No 968/QD-HDQT approving the feasibility study report on the construction of the plant, which is using the port of Tien Hung Company Ltd. for loading coal and transporting its products. Therefore, after many meetings between the Group and Tien Hung Company Ltd., Ninh Binh Urea Port Joint Stock Company was founded basing on two strategic shareholders: Vietnam National Chemical Group (VINACHEM) and Tien Hung Limited Company. Two strategic shareholders hold 98% of its legal capital (49% - 49%), and the rest 2% is held by others.

Along with the construction progress of Ninh Binh Coal-based Urea Plant (construction started on July 5th 2008), the company will invest two crane systems (capacity of two million coal tpy) to load and unload 1.3 million coal tpy and one urea-delivering system (capacity of 1.4 million tpy); as well as operate in other business activities. According to its trading plan and licence, Ninh Binh Urea Port Joint Stock Company will reach 200 billion VND annual sales and offer stable jobs for 100 employees.