Vietnam Fertilizer Exports Surge 52% in H1 2024, Boosting DCM and DPM

Overview

Vietnam’s fertilizer exports surged 52% in volume and 107% in value in H1 2024, reaching 1.7 million tons and USD 933 million, according to Customs data. The growth was driven by global supply disruptions from Middle East conflicts and export restrictions by Russia and China. Key beneficiaries include listed companies DCM (PVCFC) and DPM (Phu My Fertilizer), both of which reported strong sales and production exceeding targets.

Key Facts

• Vietnam exported 1.7 million tons of fertilizer in H1 2024, up 52% year-on-year.
• Export value reached USD 933 million, up 107% year-on-year.
• Cambodia was the largest market with over 330,000 tons (USD 146 million), followed by South Korea (149,000 tons, USD 104 million), Philippines (118,000 tons, USD 64 million), and Malaysia (88,000 tons, USD 49 million).
• DCM (PVCFC) achieved revenue of over VND 11,800 billion and sold over 900,000 tons of products in H1 2024, completing over 59% of its annual plan.
• DPM (Phu My Fertilizer) produced approximately 551,500 tons of fertilizer and chemicals in H1 2024, with total business volume of about 972,300 tons, exceeding its six-month plan by 32%.
• DPM’s NPK Phu My sold about 144,200 tons, contributing over VND 1,800 billion in revenue.
• Global retail fertilizer prices in the US in June remained 4% to 41% higher year-on-year despite month-on-month declines.

What Happened

According to Vietnam Customs, the country’s fertilizer exports surged in the first half of 2024 due to global supply disruptions. Geopolitical tensions in the Middle East affected shipping through the Strait of Hormuz, reducing production at many plants in the Persian Gulf region. Simultaneously, Russia and China continued to tighten export quotas, further shrinking international supply.

Mr. Vu Dinh Tuan, representative of PVCFC (DCM), told VnExpress that the outbreak of conflict in the Middle East coincided with the low season for domestic fertilizer consumption. Therefore, the company increased exports of urea and NPK to maintain capacity and cash flow. DPM also reported strong performance, with total business volume exceeding its six-month plan by 32%.

Market Context

DCM closed at VND 32,800 (-2.81%) on July 10, 2026, with volume of 2,460,100 shares on HOSE. DPM closed at VND 23,400 (-1.68%) with volume of 3,158,000 shares on HOSE. The fertilizer sector has benefited from the global supply crunch, with both stocks showing resilience. Domestic fertilizer prices continue to rise, particularly for urea, DAP, and NPK in the southern region, while the northern market remains stable. International prices remain elevated, supporting export margins.

Strategic Significance

The surge in fertilizer exports highlights Vietnam’s growing role as a regional supplier amid global supply chain disruptions. DCM and DPM are well-positioned to capitalize on this trend due to their large-scale production capacity and established export channels. The ability to pivot to export markets during domestic low season demonstrates operational flexibility. However, the sustainability of these gains depends on the duration of global supply constraints and potential policy changes in exporting countries.

What to Watch

• Q3 2024 earnings reports from DCM and DPM for continued export momentum.
• Developments in Middle East conflicts and their impact on global fertilizer supply.
• Export quota policies from Russia and China.
• Domestic fertilizer price trends, especially in the southern region.
• Any changes in import demand from key markets like Cambodia, South Korea, and the Philippines.