Ca Mau Petroleum Fertilizer Joint Stock Company reported profit after tax of VND230 billion (US$9.8 million), a 85% drop year-on-year.

Fertilizer production at Petro Vietnam Ca Mau Fertilizer (PVCFC).

This was because urea, its main fertilizer product accounting for 80% of overall sales, saw prices decline by 40%.

Petrovietnam Fertilizer & Chemicals Corporation said profit fell from VND2.08 trillion to VND260 billion, again because of the fall in urea prices.

Binh Dien Fertilizer suffered a VND40-billion loss as against a profit of VND86 billion in the same period last year.

Habac Nitrogenous Fertilizer & Chemicals JSC lost VND130 billion after earning a profit of VND870 billion a year earlier.

So far this year fertilizers prices have fallen by 30-50%.

Agromonitor, a company that analyzes the agricultural market, said urea prices have dropped to VND10,000 a kilogram, or almost half the price a year ago.

Potassium, NPK and DAP prices have fallen by 30% to VND12,000-15,000.

These are the lowest prices in the last two years.

According to the Fertilizer Association of Vietnam, since the end of 2022 petrol and gas prices have not increased, and many important markets face recession threats, and these have been driving fertilizer prices steadily down.

Gas accounts for 80-90% of the cost of ammonia, an important ingredient in making urea.

China’s recent reopening increased supply, another factor driving prices down.

Vietcombank Securities said dealers are not willing to accept more stocks amid the falling prices, leading to more inventories for producers.

Fertilizer prices are likely to fall even more this year, it said.

Over 21,270 farmer households in Bac Giang city recognized as good production and business

(BGO) – More than 21,270 out of 23,447 registered turns of farmers in Bac  Giang city (Bac Giang province) have been qualified as good production and business households at all levels since 2018.

Bac Giang urged to remove difficulties in business, production and public investment

(BGO) – The Government working delegation led by Member of the Central Party Committee, Minister of Industry and Trade Nguyen Hong Dien on May 11 paid a visit to Bac Giang province about the business, production, public investment, infrastructure construction, export and import. 

Registered capital for business establishment increased by 31%

(BGO) – According to the Department of Planning and Investment, 595 new businesses were established in the first four months in Bac Giang province with registered capital of over 11.7 trillion VND (499 million USD), up 31 percent year on year.

Reducing loan interest rates an important policy to support businesses: central bank deputy governor

The State Bank of Vietnam (SBV) has been drastically implementing measures, particularly those to reduce loan interest rates, said its deputy governor Dao Minh Tu at a regular government press conference on May 5, calling it one of the important and practical policies to help businesses.

A business for labour

(BGO) – Intermax Vietnam Company Limited in Ngoc Van commune in Tan Yen district is one among a few enterprises in Bac Giang province maintaining “Business for labour” title granted by the provincial Labour Confederation since 2018. It is a deserving reward for the company’s effort to care for the spiritual and material life of trade union members and labours.

Source: VnExpress