Vietnam’s leading fertilizer firm records strong sales growth in H1

Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo), a subsidiary of state-owned Petrovietnam, saw its fertilizer and chemical sales exceed the company's target in Jan-June and expand 5% and 20% year-on-year, respectively.

Specifically, total fertilizer sales were estimated at 694,400 tons, up 5% over the same period in 2023 and surpassing the six-month target by 6%.

Meanwhile, chemical sales reached 63,600 tons, up 20% year-on-year and 8% higher than the target.

The growth was attributed to PVFCCo’s efforts to maintain safe and stable production, while launching new products and accessing new markets.

In the first half, the firm produced about 553,000 tons of fertilizers and chemicals, an increase of 15% compared to the same period last year.

PVFCCo has developed new NPK product lines, typically Phu My NPK 20-10-10+TE specialized for sugar cane and fruit trees, resulting in over 80,000 tonnes of Phu My NPK fertilizer sold in the period, up 12% year-on-year, despite unfavorable conditions such as drought, prolonged saltwater intrusion, and weak fertilizer consumption.

The company also achieved impressive export growth, with overseas urea shipments reaching nearly 100,000 tons, up 50% over the same period in 2023, and an 8% year-on-year increase in the average urea export price.

In particular, PVFCCo's urea products have been appreciated by international customers for meeting strict quality standards.

In the last six months of the year, PVFCCo will supply over 650,000 tons of fertilizers and chemicals of all kinds, continue to develop new product lines, and expand international markets to complete its annual target.

PVFCCo is listed on the Ho Chi Minh Stock Exchange as DCM, and closed Tuesday’s session at VND40,400 ($1.59).