Vietnam’s total fertilizer exports hit record high

According to the latest statistics from the General Department of Vietnam Customs, in the first nine months of 2022, the country exported nearly 1.39 million tons of various types of fertilizers, equivalent to US$886 million, an increase of 45.4% in volume and 166% in total export value compared to the same period in 2021, setting a new record high.

In addition to the strong growth in export volumes, the surge in fertilizer export earnings over last year’s full-year results, an increase of more than $300 million, is due to the increase in export fertilizer prices in line with rising world prices. Specifically in the first nine months of 2022, the average price of Vietnamese fertilizer exports reached US$637.7 per ton, up 83% from the average price in the first nine months of 2021.

In 2021, Vietnam’s national exports of all types of fertilizers will be 1.35 million tons with a total value of $559 million, up 16.4% and 64% respectively from 2020.

Currently, Vietnam has four nitrogen fertilizer production plants, namely Phu My Nitrogen Fertilizer Plant, Kim Ou Nitrogen Fertilizer Plant, Ha Be Nitrogen Fertilizer Plant and Ninh Binh Nitrogen Fertilizer Plant, with a total average annual capacity of about 2.65 million tons. Vietnam’s fertilizer industry is expected to grow at a CAGR of 4.9% during the period 2021 to 2026.

Source: Vietnam People’s Daily Online
German government’s leaked plan to legalize marijuana draws criticism from both sides of the debate

The German government’s draft proposal to legalize marijuana was leaked on Wednesday and drew criticism from both supporters and opponents of the reform. Federal Health Minister Carl Lauterbach’s plan calls for legalizing the sale of up to 20 grams of marijuana to adults 18 and older and banning advertising that promotes consumption. People would also be able to grow two marijuana plants for personal use. The THC limit for marijuana products would be 15 percent for adults 21 and older and 10 percent for those 18 to 21 years old. Despite efforts to strike a balance between consumer freedom and public health, reform advocates say the program is too strict. The plan is tentative, the health ministry told Politico EU, and the coalition government has not formally reached an agreement at this stage. The government has previously said it will release an outline of key issues for reform this fall, with the aim of submitting draft legislation by the end of the year.

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Post time: Oct-31-2022