【Haichuan Chemical Salary News】Vietnam imported about 2 million tons from China in 2019
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Vietnam Chemical Group is calling for value-added tax to be imposed on all fertilizers in order to counter Chinese imported fertilizers. For a long time, to enable Vietnamese farmers to access cheap fertilizers, both imported and locally produced fertilizers have been exempt from value-added tax in Vietnam. However, since local fertilizer factories in Vietnam have to pay corporate taxes, they feel they are at a disadvantage; therefore, they demand that value-added tax be imposed on all fertilizers. In this way, local Vietnamese fertilizer factories can use the corporate taxes and costs they have already paid to offset the value-added tax, while imported fertilizers from countries like China would have to pay an additional tax, resulting in higher retail prices. This gives Vietnamese fertilizer factories an advantage. Vietnamese economists say that imposing value-added tax on fertilizer products is in line with current laws and commitments on international trade protection. It is reported that China is Vietnam’s largest source of imported fertilizers; in 2019, Vietnam imported around 2 million tons of fertilizers from China, worth $5 billion, accounting for a quarter of its total fertilizer imports.
It’s unnecessary to use something that is both cheap and of poor quality. It’s understandable to support local businesses, but the methods used need to be reconsidered!
It’s all about self-interest; a few years ago, China helped this country build two large fertilizer plants
I was involved in the design of the Kim Ou Fertilizer project; the Vietnamese monkeys are ruthless – they demand money for everything, from top to bottom.
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Was Jinou not designed by the Five Rings? It is said that many of the equipment for that project is domestically produced, thereby boosting exports of complete sets of equipment
Yes, basically domestically produced products.
At 2:30 p.m. on January 29, 2012, the entire production process of the Kim Ou Fertilizer Project in Vietnam, which was under the general contracting of Wuhuan Company affiliated to China National Chemical Engineering Group, was brought online successfully in just one attempt, with qualified large-grain urea being produced three days ahead of schedule. Companies 6, 7, 11, 14 under the group, along with Nanjing Geotechnical Company, acted as subcontractors to undertake the main construction tasks of this project. The successful commissioning of this project has caused a huge stir throughout Vietnam. On the morning of the 30th, Vietnamese Prime Minister Nguyen Xuan Phuc, along with 5 ministers and the governors of the 12 provinces in the south, visited the site to offer their congratulations. Kong Xuan You, the Chinese ambassador to Vietnam, also attended as a representative of China and presented a basket of flowers. In his speech, Prime Minister Nguyen Xuan Phuc highly praised the efficient and high-quality work performed by Chinese companies, and expressed his gratitude to the construction firms and personnel involved in the project. The Vietnam Kim Ou Fertilizer Project was officially launched on July 1, 2008. It is the largest chemical industry investment project in Vietnam, as well as the largest turnkey project contract ever undertaken by a Chinese company to date. The completion and operation of the project have further strengthened the friendship between the governments and peoples of China and Vietnam, and have significantly promoted Vietnam’s agricultural development and economic construction. (Mengfan)
On October 5, 2010, China Five Rings Engineering Co., Ltd. signed an EPC contract for the renovation and expansion project of the Ha Bac Fertilizer Plant in Hanoi, Vietnam, with Vietnam Ha Bac Fertilizer and Chemical Joint Stock Company. The total duration of this contract is approximately 43 months, with a total value of 395 million US dollars. This is another successful EPC contract for a major fertilizer project in Vietnam signed by China Five Rings Engineering Co., Ltd., following the signing of the EPC contract for the Kim Ou Fertilizer Project in Vietnam in 2008 (with a contract value of nearly 600 million dollars).