Vietnam saves US$1.8 billion from fertilizer import

PetroVietnam Fertilizer and Chemicals Corporation with the brand name Dam Phu My (DPM) has produced 5 million tonnes of urea fertilizer after seven years of operation, helping the country save US$ 1.8 billion from not importing fertilizer.

To acknowledge this achievement, Prime Minister Nguyen Tan Dung presented DPM a certificate of merit.

Addressing the ceremony in HCM City on August 14, Minister of Industry and Trade, Vu Huy Hoang, praised DPM’s efforts to ensure the safe operation of its plant and meet nearly 50 percent of the country’s agricultural fertilizer demand, thus contributing to ensuring national food security. The company has also successfully implemented the Party’s guidelines on boosting agricultural and rural development and encouraging Vietnamese people to use Vietnamese goods, Mr Hoang noted.

He asked DPM to maintain its output, increase the quality and diversify fertilizer products, and work closely with relevant agencies in the fight against fake fertilizers.

DPM General Director Cao Hoai Duong said the company will expand its business operations to boost the fertilizer trade and its investments abroad, aiming to become a leading fertilizer and chemical producer in the region.

DMP is expected to earn VND8,000 billion in revenue and VND2,000 in pre-tax profits this year. – VOV

Tags: Vietnam fertilizer imports