FERTILIZER DEAL. Agriculture Secretary Francisco P. Tiu Laurel Jr. (6th from left) visits the facility of giant fertilizer firm Binh Dien in Hanoi, Vietnam on July 6, 2024. Laurel said Monday (July 8) that the Department of Agriculture is eyeing to secure a distribution agreement with the company to boost the country's agricultural production. (Photo courtesy of Department of Agriculture)
MANILA – The Department of Agriculture is looking to secure a partnership with Vietnam's giant fertilizer firm Binh Dien Fertilizer Joint Stock Co. to boost the country's agricultural production.
In a statement Monday, Agriculture Secretary Francisco Tiu Laurel Jr. said a distribution agreement is being worked out following his visit to the company’s facility in Hanoi last July 6.
"We have high expectations following our visit to Binh Dien's factory. Their management and technical team's expertise is impressive and much needed in the Philippines," he said.
"We see great potential in partnering with Binh Dien. Our country stands to benefit significantly from their advanced technology and expertise in agriculture," Laurel said.
The firm may either supply or even manufacture its fertilizer in the Philippines as part of its international expansion, he added.
Binh Dien is considered the leading producer of NPK (a mixture of nitrogen, phosphorus, and potassium in fertilizers) in Vietnam, with a total capacity of one million metric tons (MT) or equivalent to 30 percent of their country's fertilizer requirement.
Vietnam, meanwhile, is a major rice exporter to the Philippines, with a five-year trade deal to supply the country with two million MT of white rice. (PNA)
