PVOIL and PVFCCo – Phu My Sign Strategic Cooperation Agreement in Services, Trading and Chemicals

Ho Chi Minh City, June 11, 2025 – PetroVietnam Oil Corporation (PVOIL, stock code: OIL) and PetroVietnam Fertilizer and Chemicals Corporation – Phu My (PVFCCo – Phu My, stock code: DPM) held a signing ceremony for a strategic cooperation agreement, marking the beginning of a comprehensive and multi-sector collaboration between two key subsidiaries of the Vietnam National Industry – Energy Group (Petrovietnam).

The cooperation agreement demonstrates the commitment of both PVOIL and PVFCCo – Phu My to jointly implement the strategic objectives of Petrovietnam, by effectively leveraging their respective infrastructure ecosystems and specialized expertise. The cooperation is based on principles of equality, complementarity, and synergy, aiming to improve productivity, optimize operations, and promote a comprehensive green transition in both corporations’ activities.

Under the agreement, PVOIL and PVFCCo – Phu My agreed to strengthen cooperation in various fields, focusing on maximizing existing advantages in infrastructure, logistics, distribution networks, and production capabilities. Both sides will jointly research and implement business, service, and investment solutions aligned with sustainable development strategies to enhance supply chain efficiency and expand market presence domestically and regionally.

The first step in this partnership will be the joint supply of Diesel Exhaust Fluid (DEF) to the market. DEF helps convert NOx in diesel exhaust into nitrogen and water vapor, thereby reducing harmful emissions. The main component of DEF is urea, and PVFCCo – Phu My is the largest urea producer in Vietnam.

The DEF product manufactured by PVFCCo – Phu My meets international standards and will be distributed at PVOIL petrol stations nationwide. Through this initiative, both companies aim to contribute to cleaner air and a healthier environment, particularly in major urban areas.

Speaking at the signing ceremony, Mr. Nguyen Xuan Hoa – Chairman of the Board of Directors of PVFCCo – emphasized the corporation’s role as a leading fertilizer producer helping to ensure national food security, as well as the long-standing relationship between the two companies. He noted that the introduction of the DEF product to the market will help improve the operation of internal combustion engines and contribute to a cleaner environment. He affirmed that the agreement will open up many future cooperation opportunities between PVFCCo – Phu My and PVOIL. 

Mr. Nguyen Xuan Hoa – Chairman of the Board of Directors of PVFCCo delivering his remarks at the signing ceremony.

Mr. Cao Hoai Duong – Chairman of the Board of Directors of PVOIL congratulated PVFCCo – Phu My on the launch of its new DEF product, in addition to its traditional portfolio of fertilizers and chemicals. He emphasized that now is the right time to introduce this product to meet urgent market demands. With PVOIL’s nationwide petrol station network and large business volume, the cooperation to distribute DEF is highly feasible, based on the strengths of both parties. He also noted the vast potential for further collaboration between the two companies to support their respective business development goals. 

Mr. Cao Hoai Duong – Chairman of the Board of Directors of PVOIL delivering his remarks at the signing ceremony.

On behalf of the two corporations, Mr. Nguyen Dang Trinh – President & CEO of PVOIL, and Mr. Phan Cong Thanh – President & CEO of PVFCCo, officially signed the cooperation agreement, putting the terms into practice. 

Mr. Nguyen Dang Trinh – President & CEO of PVOIL, and Mr. Phan Cong Thanh – President & CEO of PVFCCo signing the cooperation agreement.

The signing of this agreement sets an example for multi-sector collaboration models – where solutions from different fields are flexibly integrated, forming a network of interlinked value chains. This is also a key step in preparing to embrace future trends such as energy transition, green economy, circular economy, and digital transformation, thereby asserting the companies’ pioneering capabilities in a volatile economic landscape.

Leaders of PVOIL and PVFCCo pose for a commemorative photo.

DEF product manufactured by PVFCCo – Phu My

PVOIL News