Imported Urea Prices in Vietnam Soar to Record High

Imported Urea Prices in Vietnam Soar to Record High

The prices of imported urea to Vietnam, reached a record high level on May 22 to around US$332 a ton, up by US$32 a ton against early April this year, fertilizer traders said on May 23.

In the domestic market, the wholesale prices also soared to around VND5,400-5,500 a kilo while the retail index was at VND6,000 a kilo in northern Vietnam. (US$1=VND15,809).

The Ministry of Agriculture and Rural Development (MARD) forecast that the country’s summer-autumn crop needed around 500,000 tons of urea, however, urea in stockpiles is running low.

The ministry has asked the Ministry of Finance to abolish the current 5 per cent import tax to 0 per cent to increase urea purchases for domestic production.

Vietnam imported around 756,000 tons of fertilizer worth US$159 million in the first four months of this year, representing a sharp fall of 45.7 per cent on-year and 34.4 per cent, respectively.  Of the total fertilizer imports, around 286,000 tons of urea, which constitutes the largest amount, valued at US$70 million, was imported during the period, down 61.5 per cent on-year in volume and 50.2 per cent on-year in value.

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