Free trade agreements (FTA), including the latest one signed between Việt Nam and the EU, will benefit the domestic fertiliser sector, with more diverse import and export markets, experts said.
The Việt Nam National Chemical Group (Vinachem) has sent a document to Việt Nam Fertiliser Association, asking the National Assembly to add fertiliser to the list of products subjected to value added tax (VAT).
The Vietnam International Exhibition on Chemical Industry to be held in HCM City from November 27 to 30 will offer a platform for domestic and foreign businesses to exchange information and explore business opportunities.
An expected rise in demand for organic fertilisers has sparked many companies to invest more in production.
Following the implementation of a provisional tax on imported fertilisers, the Ministry of Industry and Trade (MoIT) asked for experts’ opinion on the matter as of late Novermber regarding balance of benefits amongt related parties.
A backlog of violations needs to be dealt with firmly, interest groups disbanded and strict, heavy punishments handed out to deal with the production of fake fertilisers in the country, officials said at an online meeting on Friday.
It is time to increase the production and use of organic fertilisers to foster organic farming, according to the Việt Nam Fertiliser Association.
Management over the fertiliser market must be enhanced to prevent fake and low-quality products which caused an estimated losses of about US$2.5 billion each year for the country with more than 70 per cent of its population working in the farming sector, experts said at an online conference on Wednesday.