The consumption of fertilizers in Vietnam have grown consistently with the population of the country reaching 90.4 million in 2012 growing at a 1.2% CAGR during 2012-2013 which has boosted the demand for food grains in the country. The food grain production of Vietnam has grown at a CAGR of 3.0% during 2006-2012 witnessing a size of 68.2 million tons in 2012. The production is further expected to enhance to around 80.0 million tons in 2017 with the population of the country expected to witness a growth in the coming years. However in the past, the Vietnam fertilizer industry has been dominated by imports by the country as production was limited in the country.
Over the years 2006-2012, imports have witnessed a continuous decline in the value growing at a negative CAGR of 1.6% during the same period while the exports of fertilizers from the country have shown a tremendous growth of 15.1% during the same period representing the growth importance of production in the country. Majority of the exports have been driven by growth in the production of nitrogen fertilizers which also boosted the exports of nitrogen fertilizers from the country by 30.5% during 2006-2012. Phosphate fertilizers held the second position in exports which grew at a CAGR of 9.6%. Potash fertilizers on the other hand had minimal production in the country driving down the growth of overall fertilizer imports in the country.
“Imports of nitrogen, phosphate and potash fertilizers reached 490.2, 266.9 and 623.0 thousand tons nutrients in Vietnam in 2011.” – According to the research report ‘Vietnam Fertilizer Industry Outlook to 2017- Government Initiatives to Enhance NPK Complex Fertilizer Growth’ by Ken Research.
With the leading fertilizer companies of Vietnam such as Petro Vietnam fertilizer and chemical corporation and Vietnam national chemical group and its subsidiaries focus on expansion of existing product capacities as well innovations in production of new capacities, the consumption of fertilizers in the country is expected to reach a mark of ~ thousand tons nutrients in 2017 growing at a CAGR of 4.3% during 2012-2017.
The report provides detailed overview on the fertilizer market in Vietnam and help readers to identify the ongoing trends in the key segments of the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will aid industry consultants, fertilizer companies and marketing companies and other stakeholders to align their market centric strategies according to ongoing and expected trends in future.