According to the report analysis, ‘Vietnam Fertilizer Comprehensive Reports Q1/2020’
states that in the Vietnam fertilizer market there are several companies which
presently working more progressively for leading the fastest market growth and
registering the handsome value of market share around the globe during the
forthcoming years while delivering the better consumer satisfaction, decreasing
the linked prices, increasing the applications of the fertilizers, advancing
the features of production technologies, employing the young workforce and
implementing the profitable strategies includes Phu My Fertilizer Plant-Petro
Vietnam Fertilizer and Chemicals Corporation, Ca Mau Petroleum Fertilizer Joint
Stock Company, Binh Dien Fertilizer Joint Stock Company, Lam Thao Fertilizers
and Chemicals Joint Stock Company, Ha Bac Nitrogenous Fertilizer &
Chemicals Joint Stock Company, Quang Binh Import Export Company, Southeast
Petrovietnam Fertilizer and Chemicals Corporation, Southwest Petrovietnam
Fertilizer and Chemicals Corporation, Central Petrovietnam Fertilizer and Chemicals
Corporation, North Petrovietnam Fertilizer and Chemicals Corporation and
several others.
In addition, during the recent years, the export volume of urea
has augmented continuously, majorly from regions in West Asia and East Asia. China
and the USA are amongst the foremost import and export regions. China and some
exporting economies of the Potassium in North America and Eastern Europe register
the worldwide fertilizer trade. Fertilizer prices tend to fall in 2019.
Across Vietnam during 2019, the import output reached thousand
tons and down as compared to the same duration in 2018. Although the additional
domestic production meets domestic NPK requirement, shortage of great
excellence NPK. In 2019, NPK imports plummeted steadily compared to 2018, Urea
imports plummeted at a stable rate over the similar period owing to the unremitting
cessation of imports in July and August owing to weak requirement and high
inventories. DAP imports in Vietnam have been continuously deducting, a reduction
as compared to the same duration in 2018. Potassium and SA are the most
imported fertilizers owing to the Vietnam cannot introduce them, so it depends wholly
on the imported sources.
Furthermore, the foremost technological innovations across the
industry, along with growing requirement for the bio-based and micro nutrient fertilizers
are expected to influence the market. However, the regulatory and
environmental constraints and great production costs are probable to perform as
the drawbacks in the industry. Whereas, the technology progress across the
world, which functions with modern environmental issues, entices attention to the
agriculture and makes the domain of fertilizers technology the cornerstone for
the industrial advancement.
The worldwide populace is augmenting at a speedy rate. This increasing
the population is adding to the food requirement. Supplying food to this increasing
populace has become a threat. On the other hand, the arable land is decreasing,
owing to the industrialization and urbanization. Fertilizers have been effectively
utilized for a long time to augment the productivity of crops.
Not only has this, due to the effective growth in the concern over
the present pattern of fertilizer usage, with the heavy reliance on nitrogenous
fertilizer, coupled with the poor nutrition management, shortage of the complementary
inputs, decreasing soil fertility, and feeble marketing and dissemination
systems, have all appeared as foremost restraints to advance the fertilizer
effectiveness across the region. These concerns have provided a method to bio fertilizers
and micro nutrient fertilizers to increase and propel the fertilizer market in
the region. Therefore, in the near years, it is predicted that the market
of fertilizer will increase more actively across the region over the coming
future.
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