The country had shipped 1.5 million tons of fertilizer worth US$973 million in the year to October, surging 45% in volume and nearly 160% in value over the same period last year, the General Department of Vietnam Customs reported.

Fertilizer prices in the period skyrocketed to US$628.7 per ton, up 76.3% year-on-year.

Cambodia has been the largest buyer of Vietnam’s fertilizer, accounting for 28.2% of the total export volume and 22.5% of the total revenue, equivalent to 436,600 tons valued at US$219.2 million.

Exporters attributed the strong growth to China’s restrictions on fertilizer exports and positive developments in the global market, leading the products to be sold at a high price.

With such rapid growth, Vietnam would earn over US$1 billion from fertilizer exports this year, said a leader of the Fertilizer Association of Vietnam.

Fertilizer exporters earned big profits from January to September. PetroVietnam Ca Mau Fertilizer JSC reported a 4-fold increase in earnings, compared to the same period last year, exceeding its full-year plan by 6.4 times.

PetroVietnam Fertilizer & Chemicals Corporation posted some VND4,460 billion in after-tax profits in nine months, tripling the figure recorded in 2021 and exceeding the full-year target by 30%.

On the import side, the nation has bought 2.77 million tons of fertilizer for US$1.3 billion. China has been the largest seller to Vietnam, with over half of the fertilizer imported to Vietnam, followed by Russia and Southeast Asian countries.

Source: SGT