EVFTA to grow Vietnam’s fertilizer industry
Free trade agreements, including the latest one signed between Vietnam and the EU, will benefit the domestic fertilizer sector, with more diverse import and export markets, experts said.
The EU-Vietnam Free Trade Agreement (EVFTA), once effective, will lead to reductions in fertilizer export and import duties.
According to the Ministry of Agriculture and Rural Development, fertilizers from EU make up 5.5 percent of Vietnam’s total fertilizer import volume and value, or 0.22 million tonnes and 73 million USD.
Meanwhile, Vietnam ships abroad around 0.75 million tonnes of fertilizer valued at 240 million USD to 47 countries and territories annually, including five EU nations – Italy, the Netherlands, Spain, Slovenia and Portugal./.VNA