Vietnam’s fertilizer imports in June 2024 reached 455,858 tons, according to preliminary statistics from the General Department of Customs. The import value stood at 154.21 million USD, with an average price of 338.3 USD/ton, a decrease of 14.3% in volume and 12.7% in value, but a 1.9% increase in price compared to May 2024.
Accumulated in the first six months of 2024, imports reached over 2.58 million tons, with a value of 838.34 million USD and an average price of 324.4 USD/ton. This marked a significant increase of 51.9% in volume and 42.3% in value, but a decrease of 6.3% in price compared to the same period in 2023.
China remained the largest fertilizer supplier to Vietnam. In June 2024, imports from this market slightly increased by 0.4% in volume, 3.2% in value, and 2.8% in price compared to the previous month, reaching 187,170 tons, equivalent to 65.28 million USD, with an average price of 348.8 USD/ton.
Overall, in the first six months of 2024, imports from China exceeded 1.03 million tons, valued at nearly 295.98 million USD, with an average price of 286.2 USD/ton. This represented a 21.1% increase in volume and an 8.1% increase in value, but a 10.8% decrease in price compared to the same period last year. China accounted for 40% of the total import volume and 35.3% of the total import value of fertilizers in Vietnam.
Russia was the second-largest market, with 362,326 tons and a value of 164.11 million USD, at an average price of 452.9 USD/ton. This showed an impressive surge of 430.7% in volume and 355.9% in value but a 14% decrease in price year-on-year. However, in June 2024, imports from Russia decreased by 71% in volume and 67.7% in value, while the price increased by 11.8% compared to May 2024, totaling 27,095 tons and 11.83 million USD, with an average price of 436.7 USD/ton.
The third-largest supplier was Southeast Asian countries, with a total import volume of 309,775 tons and a value of 95.12 million USD, a 34.3% volume increase and a 5.6% value increase compared to the first six months of 2023.
Vietnam’s agricultural sector consumes 11-12 million tons of fertilizer annually, of which about 8 million tons are domestically produced, and the rest is imported as some fertilizers cannot be produced locally.
Recently, in the draft Law on Value Added Tax, fertilizers were proposed to be subject to a 5% tax rate, which is expected to be submitted to the National Assembly for consideration and approval at the upcoming eighth session in October.
The application of this tax requires careful consideration as fertilizers are crucial inputs for agricultural production and essential goods that significantly impact socio-economic development, business operations, and people’s lives, especially farmers.
According to a representative from Soc Trang province, “If the Law maintains the 5% tax rate on fertilizers, farmers will have to bear an additional cost of VND 6,000 billion. However, if the draft Law applies a 0% value-added tax rate on fertilizers, about VND 2,000 billion will be used to support enterprises and farmers instead of being added to the state budget. This will considerably reduce input costs for farmers.”
Meanwhile, a representative from Ho Chi Minh City suggested, “It is necessary to design policies with a roadmap, especially for agricultural products, and recalculate the tax policy. A 0% tax rate could be considered instead of the proposed 5% to allow enterprises to deduct taxes. This would prevent pressure on increasing the prices of rice and food products while effectively implementing an expanded fiscal policy.”
According to the Vietnam Fertilizer Association, the global urea fertilizer market is expected to become more active in the second half of this year as major consumers like China, India, the US, Brazil, and Europe resume bidding.
This year, enterprises in the fertilizer and chemical industry have witnessed remarkable growth due to the surge in urea prices, which is likely to continue in the coming months due to supply restrictions from Russia and China.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
Vietnam’s Irresistible ‘Specialty’ That China Desperately Wants to Revive: Highly Popular from the US to Asia, Bringing in Millions of Dollars
Vietnam is one of the largest exporting countries in the world, along with China and the Philippines.
