Last month, Vietnam imported about 429,000 tons of fertilisers worth US$123 million, up 52.3 percent month-on-month in quantity and 35 percent in value.
The average import price was US$287 per ton, down 11.6 percent from February.
China was the leading supplier, with a total of nearly 175,000 tons. This represented a significant growth of almost 44 percent in quantity, over 55 percent in value and nearly 8 percent in price from the previous month.
In the first three months of 2024, the country imported over 1.12 million tonnes of fertilisers, valued at nearly US$352 million, with an average price of over US$314 per ton.
China remained the main importing market, accounting for approximately 42 percent of the total volume and over 29 percent of the total import value.
Vietnam also imported fertilizers from other markets, including Russia, Southeast Asia, and members of the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Dr. Phung Ha, Vice Chairman and Secretary General of the Vietnam Fertilizer Association (FAV), said that Chinese fertilizers have consistently been the most imported into Vietnam.
This is due to China's significant role as a major producer and exporter of fertilisers worldwide.
Currently, Vietnam faces a shortage or inability to domestically produce certain types of fertilisers, Ha told plo.vn. For instance, in the case of DAP, domestic production capacity is only around 400,000 - 500,000 tons, whereas the demand exceeds 1 million tonnes, necessitating imports.
Regarding NPK fertilisers, Vietnam import those with high nutrient content while exporting those with lower nutrient content to neighbouring markets, Ha added.
According to the FAV Vice Chairman, the country’s fertilizer supply is not solely reliant on foreign markets.
Some fertilisers, like urea and superphosphate, are produced for both domestic use and export.
The proportion of Vietnam’s fertilizer exports has been increasing, reaching US$1.7 billion in 2022 due to restrictions on fertiliser exports by certain countries.
