VINACHEM

On March 20, 2025, in Ninh Binh, Ninh Bình Nitrogenous Fertilizer and Chemical Limited Company held the "Employee Representative Conference; First Periodic Dialogue of 2025". Attending and directing the Conference were Mr. Nguyen Huu Tu, Deputy Secretary of the Party Committee, Member of the Members' Council, General Director of Vietnam Chemicals Group; Mr. Ngo Xuan Tung, Member of the Standing Committee, Chief of the Office of the Vietnam Chemical Industry Union; Mr. Tran Manh Hien, Deputy Head of the Management Board of Ninh Binh Industrial Parks; and 108 delegates representing nearly 1,000 employees in the Company.

According to the report on the implementation of the 2024 Employee Representative Conference resolution, the global economic situation continued to evolve rapidly, complexly, and unpredictably, negatively impacting the global economic outlook. Inflationary pressures remained high, leading to increased prices of materials, spare parts, electricity, and raw materials, affecting production and business costs. Urea selling prices remained low, while raw material prices increased. The impact of El Nino and La Nina phenomena led to extreme weather, especially heat, drought, saline intrusion, Typhoon Yagi, and floods in the North, affecting crop care and reducing fertilizer consumption demand. The exchange rate increased sharply... Faced with these difficulties, the Company performed well in management, promoted technical improvement initiatives in all labor positions, and optimized production. As a result, in 2024, the Company completed the production plan assigned by the Group 40 days ahead of schedule, with production/consumption output reaching 503/517 thousand tons of converted urea, achieving a record high since the factory went into operation. Environmental items as directed by Prime Minister Pham Minh Chinh and Vietnam Chemicals Group were seriously implemented and completed by the Company. Repair and investment projects to upgrade the system's load capacity during the year were well implemented. The value of industrial production in 2024 reached approximately 4,680 billion VND, equivalent to approximately 100% of the 2024 Resolution; Total revenue in 2024 reached 4,912 billion VND, equivalent to 102% of the 2024 Resolution; The average salary reached 14.13 million VND/person/month (the Resolution was 11.16 million VND/person/month).

Salary work was implemented by the Company promptly, fully, and in accordance with the regime for employees, in accordance with the Company's salary payment regulations and the plan approved by the Group. During the year, the Company regularly reminded and urged employees to comply with the Company's labor regulations, checked discipline, and ensured labor safety. In general, Company employees basically seriously complied with labor regulations and current regulations of the Company. The Company fully implemented the requirements of the law on occupational safety and health (OSH): regular transportation of domestic waste; transfer of hazardous waste; organized industrial hygiene and grass cutting for units in the Company; measured the labor environment in 2024; monitored the environment for 4 quarters of 2024; purchased labor protection equipment (PPE), fire protection equipment (FPE); provided OSH training for Company employees, and FPE professional training for employees in 2024... Environmental items for treating exhaust gases, wastewater, solid waste, and green landscapes were seriously implemented and completed by the Company, and put into use in 2023. Fire prevention and fighting and environmental protection were basically ensured, without any environmental incidents or food safety issues.

The Company coordinated with the Company's Union to launch many production labor emulation movements, cultural and sports movements, ensuring quality, which were enthusiastically responded to by all employees. The movements promoted units and individuals to work enthusiastically, achieving productivity, quality, and efficiency. The Company organized good meal service for employees, ensuring hygiene and nutrition, and implemented a hazardous allowance regime in kind to enhance resistance and detoxification for employees working in hazardous positions. The hazardous allowance regime ensured convenience and food safety.

Activities to care for the lives of employees at the unit, such as giving gifts on holidays, Tet, employee birthdays, wishing longevity to elderly parents; visiting and encouraging families of employees with funerals, weddings, difficult circumstances, illnesses, and maternity; giving gifts on March 8th, October 20th, June 1st, Mid-Autumn Festival,... continued to be maintained.

In 2025, although there are still many difficulties ahead, the Company will continue to strive to successfully implement the production and business plan in accordance with the plan and action program approved by the Group and the Company; basically overcome issues related to equipment, technology, and the environment; maintain stable production, safely with reasonable load; ensure the environment. With the following targets: industrial production value at actual prices of 4,743 billion VND; total projected revenue of 4,802 billion VND; average employee income of 14.13 million VND/person/month.