Double-digit growth expected for Vietnam fertilizer market in next decade
A compound annual growth rate (CAGR) of 16.2% over the next decade is forecast for the fertilizer market in Vietnam, where agriculture is the largest employer, according to Research and Markets.
The global market research company’s “Research Report on Vietnam’s Fertilizer Market 2022-2031” analyses the strategies adopted by key players to increase their market share in the 10 years, including business expansion and partnerships.
Among the companies mentioned in the report are Binh Dien Fertilizer, Southern Fertilizer, Petrovietnam Fertilizer and Chemical Corp., Ninh Binh Phosphate Fertilizer, Ha Bac Nitrogenous Fertilizer and Chemicals, Lam Thao Fertilizers and Chemicals, Que Lam Group, APROMACO, Song Gianh Corp., Thien Sinh, DAP Dinh Vu Fertilizers, and Duc Giang Chemicals.
Domestic companies account for about 70% of the market share, it says. The main varieties of fertilizers exported from Vietnam include ammonium sulfate, phosphate diamine, and NPK. Meanwhile, the Philippines, Malaysia, Thailand, Laos, and South Korea are the main export markets for Vietnam's fertilizers.
Vietnam annually imports more than one million tons of fertilizers, with ammonium sulfate totalling the most. Currently, China is the largest supplier of fertilizers to Vietnam, accounting for almost half of the country's imports.
According to the analysis, despite the impact of the Covid-19 pandemic on Vietnam's economy, the nation’s fertilizer industry still showed growth in 2020, with imports reaching 3.64 million tons, up 7.2% year-on-year, and exports increasing by 38% to 1.16 million tons. In 2021, the country exported 1.35 million tons of fertilizer and imported 3.07 million tons.
In terms of distribution, the most popular channels in Vietnam are distributor systems, regional company systems, and authoritative purchasing, says the report, which ResearchAndMarkets.com released Saturday.
It says fertilizer prices in Vietnam's market showed a fluctuating trend in 2020, increasing in the second half of the year. Prices continued to rise in 2021 as demand increased and supply declined.
The analysis noted that the positive outlook for agriculture is the factor driving the growth of fertilizer consumption in the country in 2022. Good weather and high prices of agricultural products in Vietnam this year will provide good conditions for higher agricultural productivity, which will increase the demand for fertilizer.
Vietnam’s benchmark VN-Index dropped 17.55 points Thursday to 1,126.07, despite newly-released data showing the country’s nine-month GDP growth hitting 8.83%, a record high in 12 years.
Finance - Thu, September 29, 2022 | 5:18 pm GTM+7
Hoa Phat Group has begun production at its new home appliance factory worth VND1,000 billion ($42 million) in Ha Nam province.
Industries - Thu, September 29, 2022 | 4:28 pm GTM+7
The U.S., EU, China and South Korea imported nearly $27 billion worth of phones and components from Vietnam in the first eight months of the year, according to the Ministry of Industry and Trade.
Economy - Thu, September 29, 2022 | 4:06 pm GTM+7
The northern port city of Hai Phong seeks to build 15 more industrial parks totaling 6,200 hectares to attract $15 billion in foreign direct investment in 2020-2025.
Industries - Thu, September 29, 2022 | 3:13 pm GTM+7
Vietnamese tech giant Viettel has selected Taiwanese 5G solutions supplier UfiSpace to jointly deploy disaggregated cell site gateways for Viettel’s massive 5G rollout in Vietnam.
Industries - Thu, September 29, 2022 | 2:27 pm GTM+7
The Ministry of Industry and Trade has proposed that the government includes five coal-fired thermal power projects in the national power development plan VIII.
Energy - Thu, September 29, 2022 | 1:16 pm GTM+7
Vietnam’s economic growth of 8.83% year-on-year in the first nine months is the highest recorded in 12 years.
Economy - Thu, September 29, 2022 | 12:19 pm GTM+7
Vietnam is an increasingly attractive and important investment destination for U.S. firms, and one of the five most significant locations for Warburg Pincus, its CEO Charles Kaye said Wednesday.
Industries - Thu, September 29, 2022 | 11:05 am GTM+7
Japan's Tokyo Gas and Kyuden Group have inked a memorandum of understanding with Truong Thanh Vietnam JSC on jointly developing an LNG-to-power project with a phase-one capacity of 1,500 megawatts in northern Vietnam.
Energy - Thu, September 29, 2022 | 6:30 am GTM+7
Vietnam’s benchmark VN-Index dropped 22.92 points Wednesday, or 1.96%, to 19-month low of 1,143.62 points, due to broad selloffs of major stocks.
Finance - Wed, September 28, 2022 | 6:05 pm GTM+7
Deputy Foreign Minister To Anh Dung and Nguyen Quang Linh, assistant to Standing Deputy Prime Minister Pham Binh Minh, were fired Wednesday for violations related to repatriation of Vietnamese citizens during the pandemic crisis.
Politics - Wed, September 28, 2022 | 5:21 pm GTM+7
The World Bank’s investment arm IFC will assist Ho Chi Minh City authorities to assess the prefeasibility of developing an advanced waste-to-energy facility in the southern economic hub, the body said Wednesday.
Energy - Wed, September 28, 2022 | 4:25 pm GTM+7