The value of Vietnam's fertilizer exports hit a record high

According to the latest statistics of the General Administration of Vietnam Customs, in the first nine months of 2022, Vietnam exported nearly 1.39 million tons of all kinds of fertilizers, equivalent to 886 million US dollars, an increase of 45.4% in quantity compared with the same period in 2021, and an increase of 166% in total exports, a record high.

In addition to the strong increase in export volume, the foreign exchange earnings of fertilizer exports surged by more than $300 million compared to last year, due to the increase in export fertilizer prices in line with the rising world prices. In the first nine months of 2022, the average price of Vietnamese fertilizer exports reached US $637.7 per ton, up 83% from the average price in the first nine months of 2021.

In 2021, Vietnam exported 1.35 million tons of all types of fertilizers with a total value of $559 million, an increase of 16.4 percent and 64 percent, respectively, compared to 2020.

Currently, there are four N fertilizer production plants in Vietnam, namely Phu My N Fertilizer Plant, Jin Ou N Fertilizer Plant, Hebei N Fertilizer Plant and Ninh Binh N Fertilizer Plant, with an average annual capacity of about 2.65 million tons. Vietnam's fertilizer industry is expected to grow at an average annual rate of 4.9% during the period 2021 to 2026.