The Department of Agriculture (DA) of the Philippines said it is studying a potential fertilizer supply agreement with a Vietnamese company.
A delegation led by Agriculture Secretary Francisco P. Tiu Laurel met with executives of Vietnam’s Binh Dien Fertilizer Joint Stock Company to explore areas of cooperation, especially the company’s potential to produce fertilizers if they are available or feasible in the Philippines.
“We see great potential in working with Binh Dien. Our country will benefit greatly from their advanced technology and expertise in agriculture,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. was quoted as saying.
He added that the agreement is structured as a distribution arrangement that could also lead to potential investment in a Philippine manufacturing plant.
“Their goal is to contribute their expertise to strengthen Philippine agricultural practices while promoting their own growth outside of Vietnam,” the DA said.
Binh Dien is one of Vietnam’s largest NPK producers, with a total production capacity of 1 million metric tons (MMT). It supplies about 30% of Vietnam’s fertilizer needs.
“The expertise of their management and technical team is impressive and is much needed in the Philippines,” he added.
In January, the Philippine and Vietnamese governments signed an agreement to give the Philippines an annual quota of 1.5 million to 2 million tons of rice for five years.
According to the Bureau of Plantation Industries, imports from Vietnam stood at 1.71MMT as of June 27, accounting for 74% of imports in the first half of the year (2.31MMT).
