Customs data showed the country exported 1.7 million tons of fertilizer worth USD 933 million in the six-month period, marking year-on-year increases of 52% in volume and 107% in value.
Cambodia remained the largest buyer, importing more than 330,000 tons valued at USD 146 million. The Republic of Korea ranked second with nearly 149,000 tons worth USD 104 million, followed by the Philippines with 118,000 tons valued at USD 64 million, and Malaysia with 88,000 tons worth USD 49 million.
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A worker packages fertilizer at a plant of the Petrovietnam Ca Mau Fertilizer JSC (PVCFC). |
Industry representatives said the export boom was driven by tightening global supplies. Geopolitical tensions in the Middle East have disrupted shipping through the Strait of Hormuz, forcing several fertilizer producers in the Gulf region to scale back operations. Meanwhile, export restrictions imposed by Russia and China have further reduced supplies on the international market.
Against this backdrop of constrained supply and rising overseas demand, Vietnamese manufacturers have expanded exports to take advantage of favorable market conditions.
Vu Dinh Tuan, a representative of Petrovietnam Ca Mau Fertilizer JSC (PVCFC), previously told local media that the escalation of conflict in the Middle East coincided with the domestic off-season for fertilizer consumption, prompting the company to increase exports of urea and NPK products to sustain production and cash flow.
The stronger export market has also boosted the industry's financial performance. PVCFC posted first-half revenue of more than VND 11.8 trillion (around USD 449 million) after selling over 900,000 tons of products, achieving more than 59% of its full-year target.
Meanwhile, Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo), the producer of Phu My Fertilizer, estimated first-half output at around 551,500 tons of fertilizers and chemicals. Total sales reached approximately 972,300 tons, including more than 906,000 tons of fertilizer, surpassing its six-month target by 32%. Phu My NPK remained a standout performer, with sales of 144,200 tons and revenue of more than VND 1.8 trillion.
Domestic fertilizer prices have continued to rise, particularly for urea, DAP and NPK products in Southern Vietnam, while prices in the north have remained largely stable.
On the global market, agricultural market intelligence provider DTN reported that U.S. retail fertilizer prices declined across most product categories in June compared to the previous month. However, they remained 4–41% higher than a year earlier, underscoring persistently elevated global fertilizer prices.
Source: VNA