Ninh Binh Phosphate Fertilizer

What Ninh Binh Phosphate Fertilizer does

Ninh Binh Phosphate Fertilizer Joint Stock Company (Niferco, HNX:NFC) is one of Vietnam's largest producers of fused magnesium phosphate (FMP) and NPK compound fertilizers, operating a 500,000-ton-per-year production complex in Ninh Binh province. The site splits capacity into 300,000 tons/year of FMP and 200,000 tons/year of NPK compound fertilizers. Founded in 1977 as a state-owned factory and converted to a joint stock company on January 1, 2005 — with state-owned Vietnam Chemical Group (VINACHEM, Tập đoàn Hóa chất Việt Nam) retaining a 51% controlling stake — Niferco sells to Vietnamese agricultural customers (individual farmers, cooperatives, large-scale farming operations) through a domestic authorized dealer network and direct sales, while exporting FMP variants to nine countries: Japan, Australia, New Zealand, Korea, Indonesia, Philippines, Malaysia, Laos, and Ghana.

Niferco's core technology is high-temperature fused magnesium phosphate (FMP) processing, which yields water-soluble phosphorus suitable for varied soil types and crops. The FMP line is offered in powdered (Lân bột), granular (Lân hạt), and pelletized (Lân viên) forms, with country-specific export SKUs developed for each destination market. The NPK compound fertilizer line includes more than 20 standardized formulations — including NPK 16-16-8+TE, NPK 13-13-13+TE, NPK 20-6-6+TE, and balanced variants — plus crop-specific formulations for rice basal/top-dressing, corn, peanuts/legumes, and forestry, frequently with sulfur and trace-element additions. The FMP product line holds BioGro New Zealand organic certification (granted August 1, 2018), positioning Niferco as a credible supplier to organic agriculture export markets; the company also sells an organic mineral CP-2 product and a ureA-GH urea supplement.

Niferco operates a B2B sales-led model with three product-line revenue streams — FMP, NPK, and organic/urea — sold one-time through authorized domestic dealers and direct sales to agricultural cooperatives, with separate export distribution for international markets. Pricing is quote-based and not publicly disclosed. Per the financial summary provided, revenue has grown from approximately VND 24.32 trillion in 2021 to VND 47.16 trillion in 2025 (≈$1.9B at prevailing exchange), reflecting both volume scaling and elevated global fertilizer pricing. Recent corporate activity in 2025-2026 — a Sales Department reorganization, multiple senior leadership appointments in the Market and Planning-Materials departments, and a 9th amendment to the business registration — indicates an active internal commercial and governance restructuring concurrent with the multi-country export expansion.

Name

Ninh Binh Phosphate Fertilizer

Legal name

Công ty Cổ phần Phân Lân Ninh Bình

Website

https://niferco.com.vn

Company type

Private

Founded year

1977

Operating status

Operating

Headcount range

11–50 employees

Short description

Niferco is a Vietnamese fertilizer manufacturer controlled by state-owned VINACHEM (51%), operating a 500,000-ton-per-year plant producing fused magnesium phosphate, NPK compound, and organic/urea fertilizers for domestic agricultural customers and exports to nine countries.

Ownership category

akta.pro rank

Product category

Phosphate & NPK Fertilizers

NAICS

Phosphatic Fertilizer Manufacturing (325312), Fertilizer and Compost Manufacturing (32531), Fertilizer (Mixing Only) Manufacturing (325314)

SIC

Industrial Inorganic Chemicals (2810)

akta.pro primary industry

Phosphate Fertilizers (MAP, DAP, TSP, SSP) (AFABABAB)

akta.pro secondary industries

NPK & Compound/Blended Fertilizers (IMAEAEAD), Fertilizer Raw Materials & Intermediates (Phosphate Rock, Sulfuric/Phosphoric Acid, Potash Ore/Brines) (AFABABAH)

Keywords

• Phosphate fertilizer production
• NPK compound fertilizers
• Fused magnesium phosphate
• Crop nutrient manufacturing
• Agricultural fertilizer products

Headquarters

HQ city

Thái Bình

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Fused Phosphate (FMP) Sales: Sale of fused magnesium phosphate fertilizers including powdered, granulated, and pelletized forms for domestic Vietnamese market and export to international markets.
2. NPK Compound Fertilizer Sales: Sale of NPK compound fertilizers in various formulations including base fertilizers (bón lót) and top-dressing fertilizers (bón thúc) for rice, corn, peanuts, and specialty crops.
3. Organic Fertilizer Sales: Sale of organic fertilizers including organic mineral CP-2 and urea products.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels1 record

Core offering

Ninh Binh Phosphate Fertilizer (NIFERCO) manufactures and trades phosphate-based crop nutrients, producing Fused Magnesium Phosphate (FMP) fertilizer at 300,000 tons/year capacity and compound NPK fertilizers at 200,000 tons/year capacity, plus organic mineral and urea products. The company supplies Vietnamese agriculture through a dealer network and agricultural cooperatives, and exports to nine international markets including Japan, Australia, New Zealand, Korea, Indonesia, the Philippines, Malaysia, Laos, and Ghana.

Product overview

Ninh Binh Phosphate Fertilizer (Niferco) is a fertilizer manufacturing company with three main product lines: (1) Fused Magnesium Phosphate (FMP) - the core product produced at 300,000 tons/year in powder, granular, and pellet forms, with export variants for Japan, Australia, Laos, Ghana, Korea, Indonesia, Philippines, and Malaysia; (2) Compound NPK fertilizers - produced at 200,000 tons/year in numerous formulations including balanced, high-nitrogen, high-phosphorus, and high-potassium variants with sulfur and trace elements, plus specialized formulations for rice, corn, peanuts, and forestry; (3) Organic mineral fertilizers - blending organic and mineral nutrients. Total production capacity is 500,000 tons/year. Products are manufactured according to national technical standards and international regulations, with BioGro New Zealand organic certification for the FMP product line.

Differentiator

Problem solved

Functional benefit

Products and services

• Phân lân nung chảy (FMP / Fused Magnesium Phosphate) Fused Magnesium Phosphate (FMP) fertilizer produced at 300,000 tons/year capacity using high-temperature processing to deliver water-soluble phosphorus. Available in powder, granular, and pellet forms, including country-specific export variants for Japan, Australia, New Zealand, Korea, Indonesia, the Philippines, Malaysia, Laos, and Ghana. Certified as organic agriculture input by BioGro New Zealand (August 1, 2018).
• Phân hỗn hợp NPK (NPK Compound Fertilizers) Compound NPK fertilizers produced at 200,000 tons/year capacity in numerous nutrient formulations including balanced, high-nitrogen, high-phosphorus, high-potassium, and sulfur- and trace-element-enhanced variants for diverse crop applications.
• Phân bón hữu cơ khoáng CP-2 (Organic Mineral CP-2) Organic mineral fertilizer blending organic and mineral nutrients to enhance soil fertility and crop yields. Targets growers seeking organic-compliant nutrient inputs.
• Phân urê ureA-GH (Urea Fertilizer) Urea fertilizer sold under the ureA-GH brand for nitrogen supplementation across agricultural applications.
• Specialty Crop Fertilizer Blends (Rice, Corn, Peanut, Forestry) Custom-formulated NPK blends tailored for specific crops including basal and top-dressing rice fertilizers, basal and top-dressing corn fertilizers, multi-nutrient blends for peanuts and legumes, and fertilizers for forestry crops.

Quantifiable outcome

• BioGro New Zealand organic certification for FMP products (August 1, 2018)

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• ICL Group: Global specialty fertilizer producer including phosphate-based products for agriculture. Competes with Niferco in specialty phosphate segments and benefits from similar downstream integration into crop-specific formulations.
• OCI Global: Major global nitrogen and methanol producer with growing Asian distribution footprint. Competes with Niferco in regional fertilizer markets, particularly for NPK compound fertilizers distributed to Asian agricultural markets.
• Yara International: Global nitrogen and NPK fertilizer leader with significant presence in Asian markets including Vietnam. Competes with Niferco in regional NPK markets and brings superior scale, technology, and agronomic advisory capabilities to Vietnamese farmers.
• Mosaic Company: Global phosphate rock mining and fertilizer production leader with extensive MAP/DAP and NPK product lines. Competes with Niferco in international phosphate fertilizer trade and represents the type of large-scale incumbent Niferco faces in export markets.
• PhosAgro: One of the world's largest integrated phosphate-based fertilizer producers with global export reach. Competes with Niferco in international phosphate fertilizer export markets and sets global phosphate pricing benchmarks that affect Niferco's export economics.

Direct peers

• Song Gianh Corporation: Vietnamese phosphate rock mining and fertilizer manufacturer producing single superphosphate (SSP) and NPK compounds. Competes with Niferco in domestic phosphate fertilizer market and shares the Vietnamese agricultural dealer channel.
• Southern Fertilizer Joint Stock Company: Vietnamese fertilizer producer specializing in NPK and organic compound fertilizers serving southern Vietnamese agricultural markets. Directly competes with Niferco in compound fertilizer category with similar B2B distribution model.
• Binh Dien Fertilizer Joint Stock Company: Major Vietnamese NPK and compound fertilizer producer with similar dealer-driven distribution model serving rice, corn, and sugarcane farmers. Directly competes with Niferco's NPK portfolio in domestic Vietnamese agricultural channels.
• Petrovietnam Fertilizer and Chemicals (PVFCCo): Vietnam's largest nitrogen fertilizer producer (Phu My urea/NPK) and most prominent domestic fertilizer manufacturer. Directly competes with Niferco in the Vietnamese fertilizer market with similar B2B dealer network and state-affiliated ownership, though PVFCCo focuses on nitrogen rather than phosphate.
• Lam Thao Fertilizers and Chemicals (Lafoco): Vietnamese state-owned phosphate and NPK fertilizer producer with overlapping product range in superphosphate and compound fertilizers. Competes directly with Niferco in northern Vietnamese agricultural markets with similar government-linked ownership structure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/ninh-binh-phophaste-fertilizer-joint-stock-company

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ninh Binh Phosphate Fertilizer