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Manila Bulletin devider Business devider Trade & Industry devider Philippines seeks tie-up with Vietnamese fertilizer firm

Philippines seeks tie-up with Vietnamese fertilizer firm

Published Jul 9, 2024 07:13 am

The Department of Agriculture (DA) said that Binh Dien Fertilizer Joint Stock Co. is exploring the possibility of supplying or manufacturing fertilizer in the Philippines.

In a statement, Agriculture Secretary Francisco P. Tiu Laurel, Jr. said that discussions are underway for a distribution agreement with the Vietnamese fertilizer company following his recent visit to their facility in Hanoi on July 6.

During his visit, Tiu Laurel noted the importance of having the Binh Dien establish a presence in the Philippines to support the growth of local agricultural production.

Established back in 1975, Binh Dien has developed into the main producer of NPK (nitrogen, phosphorus, and potassium mixture in fertilizers) in Vietnam, and has played a role in the country's agricultural and rural progress.

It operates multiple factories with a combined capacity of one million metric tons, meeting 30 percent of Vietnam's fertilizer needs.

Vietnam is a major exporter of rice and is presently the main supplier of the staple food to the Philippines.

Recently, Vietnam has agreed to a five-year trade agreement to provide up to two million metric tons of white rice annually to Manila through the private sector, ensuring competitive and affordable prices.

"We see great potential in partnering with Binh Dien," said Tiu Laurel, adding that “Our country stands to benefit significantly from their advanced technology and expertise in agriculture."

The DA chief said Binh Dien could initially agree to a distribution agreement that could eventually lead to transfer of technology and even potential investment in a manufacturing facility in the Philippines.

"We have high expectations following our visit to Binh Dien's factory," said Tiu Laurel. "Their management and technical team's expertise is impressive and much needed in the Philippines."

Conversely, the Vietnamese company sees the Philippine market as a strategic opportunity to expand internationally.

They aim to contribute their specialized knowledge to enhance agricultural practices in the Philippines while fostering their own growth outside Vietnam.

The discussions concluded with optimism for a fruitful partnership, highlighting mutual benefits and the potential for significant advancements in agricultural technologies between the two countries.

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Francisco Tiu Laurel Jr. Agriculture sector Department of Agriculture
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