Safeguard duty on fertilizer imports may cause rice production costs to surge

Created 12 August 2017
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The upcoming imposition of a temporary safeguard duty on DAP and MAP fertilizer imports into Vietnam will send fertilizer prices rising, thus leading to production costs of rice and other crops to inch up.

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Safeguard duty on fertilizer imports may cause rice production costs to surge, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam b

Porters load fertilizer onto a truck. The upcoming imposition of a temporary safeguard duty on DAP and MAP fertilizer imports into Vietnam will send fertilizer prices rising

Vu Duy Hai, general director of Vinacam JSC, a fertilizer producer, importer and trader in Vietnam, said Decision 3044 of the Ministry of Industry and Trade will send DAP and MAP fertilizer imports down but trigger an import price spike. Thus, selling prices of these products will soar in the coming time.

Fertilizer trading firms like Vinacam can benefit but farmers may suffer, according to a statement sent on May 24 to the ministry by Vinacam. However, the ministry has reason to impose a temporary safeguard duty on DAP and MAP fertilizers which are used for various crops or for NPK fertilizer production.

Binh Dien Fertilizer JSC has sold brown and green DAP fertilizers imported from China at VND8,800 and VND9,200 a kilo respectively since August 2, according to the company’s website.

The Ministry of Industry and Trade said the temporary safeguard measure will be applied for a maximum of 200 days from August 19 to March 6 next year or when the ministry decides an official safeguard measure.

Thus, the decision will be applied for nearly seven months until the end of the 2017-2018 winter-spring rice crop. Costs to grow rice are forecast to surge in both autumn-winter and winter-spring crops.

At present, rice production costs are stipulated in a circular jointly issued by the Ministries of Finance and Agriculture and Rural Development. Farmers may suffer losses if rice prices get higher in the coming time.

 

Source: SGT - VietNamNet

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