Vietnam's domestic fertilizer market is reflecting the same global pressure that is squeezing farmers from the United States to South Asia — and the timing is significant. The country's upcoming rice season is arriving precisely as nitrogen prices are holding at their highest levels in years. As of April 23, 2026, Ca Mau urea — the domestic benchmark for nitrogen fertilizer in Vietnam — is trading at 675,000 VND per bag, fluctuating between 660,000 and 690,000 VND depending on region and distribution channel.
On the world market, urea prices have nearly doubled since geopolitical conflicts erupted in the Middle East. Vietnam, as a significant importer of fertilizer inputs, is absorbing that global movement directly into its domestic market. The shift from 620,000–640,000 VND per bag in early April to the current 675,000 VND level represents a meaningful increase across a single month — and one that Vietnamese rice and vegetable farmers are now having to factor into their seasonal input planning. The broader fertilizer picture across Vietnam tells its own story. Russian DAP fertilizer is currently the most expensive product on the market at 1,245,000 VND per bag, while phosphate fertilizer remains the lowest-priced group, with Lam Thao phosphate averaging 305,000 VND per bag.
That gap between nitrogen and phosphate prices is widening — and for farmers who rely heavily on nitrogen-intensive applications for rice, the cost differential is becoming a material factor in how they plan the season. India — the world's largest urea importer — has just agreed to purchase urea at significantly higher prices than in previous tenders, with Indian Potash securing 1.5 million tonnes at $935 per tonne on the west coast and 1 million tonnes at $959 per tonne on the east coast. As India locks in supply at elevated prices, the competition for available global urea tightens further — adding upward pressure to the same supply pool that Vietnam draws from. Russia — the world's second-largest fertilizer producer, accounting for approximately 20% of global trade — has extended its fertilizer export quotas until December 2026, permitting a total of 20 million tonnes between June 1 and November 30. For Vietnam, Russia's quota extension offers a degree of supply visibility through the second half of the year. Whether it is sufficient to ease price pressure ahead of the autumn planting season depends on how quickly Hormuz shipping lanes normalise — and on that question, the market currently has no clear answer.
