Vietnam's fertiliser exports exceed 1 billion USD on strong Asian demand
Vietnam’s fertiliser exports have surpassed 1 billion USD after just over eight months, driven by strong growth in both volume and value, with the Republic of Korea and the Philippines emerging as major markets as higher export prices also improve business performance.
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| Fertiliser producers are benefitting from exports thanks to growing demand and high prices in the global market. (Photo: VOV) |
According to preliminary data from the Customs Department, Vietnam exported more than 1.9 million tonnes of fertilisers of all types from the beginning of the year through August 15, earning nearly 1.07 billion USD. Compared with the same period in 2025, export volume increased 38.2%, with export value surging 80.8%.
The export value has already exceeded the full-year figures recorded in both 2024 and 2025.
In the first half of August alone, Vietnam shipped abroad more than 88,500 tonnes of fertilisers worth nearly 50.9 million USD. The average export price reached nearly 542 USD per tonne, up about 30.8%.
The much faster growth in export value than volume shows that higher export prices have played an important role in driving the increase in export earnings.
The Vietnam Fertiliser Association (FAV) reported that the global fertiliser market has recently been affected by geopolitical developments, energy prices and supply chain disruptions. Prices of urea, DAP and ammonia have risen as supplies in some regions were affected, while demand in major markets has increased.
In terms of individual markets, Cambodia was the largest importer of Vietnamese fertilisers. In the first seven months, Vietnam exported nearly 402,000 tonnes to Cambodia, generating about 177.4 million USD. Although the export volume fell 9.5%, the export value still increased 1.75% as the average export price rose.
Meanwhile, exports to the Philippines increased sharply, hitting around 137,000 tonnes worth nearly 74 million USD, up more than 112% in volume and nearly 167% in value. Fertiliser exports to Myanmar also increased by more than 100% in both volume and value.
Notably, the Republic of Korea imported nearly 159,000 tonnes of Vietnamese fertilisers in the first seven months, worth about 112.5 million USD. This represented increases of more than 45% in volume and as much as 150% in value. In July alone, the average export price to the market hit around 826 USD per tonne, considerably higher than the overall average.
Urea holds an advantage, but business performance varies
One of the Vietnamese fertiliser industry’s advantages is its urea production capacity, which exceeds domestic demand. According to the Vietnam Fertiliser Association, domestic urea demand stands at around 1.8 million tonnes a year, while production capacity is approximately 2.6 million tonnes. The remaining capacity provides room for exports when global prices and international demand are favourable.
This trend has been reflected to some extent in the business performance of major fertiliser producers.
Ca Mau Fertiliser reported nearly 12 trillion VND in net revenue in the first six months of the year, up 27%, while net profit exceeded 1.856 trillion VND, an increase of nearly 55% year on year. The company had already surpassed its full-year profit target.
PVFCCo - Phu My posted net revenue of 12.609 trillion VND, up 33.8%, and its net profit exceeded 1.326 trillion VND, more than doubling from a year earlier. Higher urea and NPK selling prices, coupled with slower growth in gas input costs, helped improve profit margins.
However, business performance has not been uniform across the industry. Binh Dien Fertiliser recorded revenue of more than 5.043 trillion VND in the first six months, down 17%, while net profit stood at around 194 billion VND, down 25%. The company attributed the decline to weaker demand, which caused sales volume to fall 24% year on year.
The developments show that strong export growth does not necessarily mean all fertiliser producers benefit equally. Urea producers currently have an advantage as selling prices are favourable and there is room for exports. NPK producers, by contrast, are more dependent on demand and raw material costs.
According to the Vietnam Fertiliser Association, if the current growth momentum continues, Vietnam’s fertiliser exports are likely to set a new record in both volume and value in 2026.
(Source: VOV)
