Vietnam fertilizer industry - March 2026

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Vietnam fertilizer industry report - March 2026

Vietnam fertilizer Industry – Jan–Feb 2026 Update & Outlook

Key developments

Global urea prices rose strongly from early 2026 and surged further in early March, reaching ~USD 660/ton (+62% YTD); domestic prices also increased 30–36% YTD, while DAP and potash saw only modest gains.

Production declined -11.2% YoY, mainly due to sharp drops in urea and phosphate output, while NPK recorded slight growth. The decline reflected weak domestic demand and maintenance-related disruptions.

In contrast, exports were the main growth driver, rising +34.5% YoY in volume, supported by strong demand from ASEAN and large tenders from India; export prices increased slightly. Urea (HS.3102) and NPK (HS.3105) remained dominant export products.

Outlook

Urea producers’ earnings are expected to improve in Q1–Q2/2026 on higher selling prices. Domestic demand is likely to recover from April and peak during the main farming season (May–June).

Exports may continue expanding amid global supply disruptions linked to Middle East tensions and tighter export controls from China.

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TABLE OF CONTENTS

A. EXECUTIVE SUMMARY

B. GLOBAL FERTILIZER PRICE TRENDS AND DOMESTIC SELLING PRICES

C. OVERVIEW OF DOMESTIC FERTILIZER SUPPLY AND IMPORTS