VINACHEM

On September 18, 2025, at the headquarters of Vietnam National Chemical Group (Vinachem), Mr. Nguyễn Hữu Tú, the General Director and CEO of Vietnam National Chemical Group(Vinachem), chaired a working session with Chonfar Engineering and Technology Co., Ltd. (CHONFAR) to discuss the implementation of Package DC3: Adjustment and supplement to the Feasibility Study report – Potassium salt mine exploitation and processing project in the Lao PDR.

Attending the meeting were Mr. Nguyễn Thành Công, Deputy Director of the Department of Enterprise Development; Mr. Đinh Việt Tùng, Deputy General Director of the State Capital Investment Corporation (SCIC); Mrs. Nguyễn Thị Mai Hạnh, Deputy Director of Transaction Center 1, Vietnam Development Bank; Mr. Liao Peng Fei, Deputy General Director of CHONFAR; and other experts.

On the side of Vinachem, attendees included Mr. Nguyễn Hữu Tú, the General Director and CEO; Mrs. Nguyễn Thị Thu Bình, Member of the Board of Members; Mr. Đào Trọng Cường, Deputy General Director; Mr. Nguyễn Tuấn Dũng, Deputy General Director; representatives of the Board of Controllers, specialized departments, and Vilachemsalt company.

Speaking at the meeting, Mr. Nguyễn Hữu Tú emphasized that both parties have agreed that this cooperation will be a flagship project, contributing to strengthening the friendship between Vietnam and China. Since August 15, 2025, the two sides have worked together to draft the feasibility study (FS) and have continuously exchanged information to finalize it.

On Vinachem's part, with the spirit of "acting now," the Group has promptly compiled feedback and organized two sessions to provide comments on the FS report (on August 28 and September 5). The Group also acknowledged CHONFAR's efforts in diligently completing the FS report. At today's meeting, Vinachem expressed its desire to hear the latest update from CHONFAR and to continue to discuss and collaborate to complete this crucial document.

Mr. Liao Peng Fei, Deputy General Director of CHONFAR, stated that during the previous working session, the two sides discussed many legal, economic, and technical issues and achieved some initial results. In the coming time, CHONFAR will fully incorporate all feedback to continue perfecting the FS report. He affirmed that this is a cooperative project between two major corporations of Vietnam and China in Laos and expressed confidence that this partnership will be a great success.

At the meeting, after hearing CHONFAR's presentation on the progress of the Project's feasibility study, the main contents of the report, and the work plan for the next phase, representatives from the Ministry of Finance, SCIC, VDB Bank, along with experts and Vinachem's staff, discussed and provided feedback on various related topics. The comments focused on: technical solutions; investment costs; safety procedures; finance; legal basis and the necessity of the project; natural and geological conditions of the mine; exploitation and processing plans; technical infrastructure and implementation organization; economic and financial efficiency; environmental and social impacts; risks and mitigation measures.

Concluding the meeting, General Director Nguyễn Hữu Tú confirmed that since the contract was signed, the two sides have closely and seriously implemented the Feasibility Study (FS) report. To date, Vinachem has provided feedback twice, and CHONFAR has incorporated and revised accordingly. However, with just over 5 weeks remaining, the involved units need to make a more concentrated and high-level effort. He stressed that in case CHONFAR needs additional documents or data, they must notify Vinachem early so the Group can provide them in a timely manner. He added that specialized departments and the Group's leadership will directly coordinate to handle these matters to ensure progress and quality.

The General Director also requested that CHONFAR mobilize maximum resources to complete the FS, incorporating all expert opinions and especially the important feedback from SCIC, VDB, and the Ministry of Finance. The report needs to be detailed, clear, and specific to facilitate future implementation. Key contents such as technical solutions, financial-economic efficiency, investment costs, risk assessment, and safety procedures must be clarified and ensured for feasibility and sustainability.

Regarding implementation, the Group assigned the Investment and Construction Department to coordinate with Vinachemsalt company to develop a detailed daily and weekly plan, reporting directly to the General Director. They will also establish specialized teams to work directly with CHONFAR to focus on critical issues such as technical solutions, economic costs, and investment efficiency. In parallel, the Group has also implemented other related tasks to ensure synchronized progress and effectiveness.

Emphasizing the significance of the project, the General Director stated that it is a symbolic endeavor, demonstrating the cooperative determination of both parties and contributing to fostering traditional friendship. Therefore, along with progress and quality, the requirements for safety and economic-financial efficiency must always be given top priority. With a spirit of partnership, sharing, and the highest determination from both sides, he expressed confidence that the project will achieve the expected success.