Southern Fertilizer

What Southern Fertilizer does

Southern Fertilizer is a Vietnamese public industrial company (HNX: SFG) headquartered in Ho Chi Minh City and founded in 1976. It manufactures and sells fertilizer, cement, sulfuric acid, and other chemical products, serving primarily Vietnamese agricultural and construction end-markets. The company employs 501-1,000 staff and operates a multi-product chemical platform anchored in fertilizer production, with sulfuric acid functioning as both a saleable intermediate and a likely input to phosphate fertilizer manufacturing, and cement extending the portfolio into the construction-materials vertical.

The company's revenue model is industrial B2B/B2C manufacturing and distribution of commodity chemicals. Disclosed financials show revenue of 78,540 billion (reported unit) in 2025, recovering from a 2023-2024 trough, with EBITDA of 3,089 billion (roughly a 3.9% margin) and net income of 1,218 billion (roughly a 1.6% margin), consistent with low-margin commodity chemical economics. The product mix provides partial revenue diversification across agricultural and construction cycles, though all four reported years (2021-2025) show net margins below 4%, reflecting the structurally tight economics of bulk fertilizer and cement.

The company is publicly listed on the Hanoi Stock Exchange under ticker SFG, providing access to equity capital and public-market valuation discipline. Enterprise value has expanded materially from 13,018 billion in 2023 to 45,945 billion in 2025, more than tripling over two years against a revenue base that grew only modestly in 2025, indicating the equity has rerated rather than revenue scaling proportionately. Customer concentration, distribution channel structure, and management composition are not disclosed in the available input data and represent material gaps for due diligence.

Name

Southern Fertilizer

Website

https://phanbonmiennam.com.vn

Company type

Private

Founded year

1976

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Southern Fertilizer (HNX: SFG) is a Vietnamese public industrial manufacturer founded in 1976, producing fertilizer, cement, sulfuric acid, and other chemicals for domestic agricultural and construction markets from its Ho Chi Minh City base.

Ownership category

akta.pro rank

Product category

Agricultural Fertilizers & Chemicals

NAICS

Fertilizer and Compost Manufacturing (32531), Pesticide, Fertilizer, and Other Agricultural Chemical Manufacturing (3253), Nitrogenous Fertilizer Manufacturing (325311), Phosphatic Fertilizer Manufacturing (325312)

SIC

Industrial Inorganic Chemicals (2810)

akta.pro primary industry

NPK/Compound & Blended Fertilizers (Granular Blends, Bulk Blending) (AFABABAD)

akta.pro secondary industries

NPK & Compound/Blended Fertilizers (IMAEAEAD), Fertilizer Raw Materials & Intermediates (Phosphate Rock, Sulfuric/Phosphoric Acid, Potash Ore/Brines) (AFABABAH), Nitrogen Fertilizers (Ammonia, Urea, UAN, Ammonium Nitrate/Sulfate) (AFABABAA)

Keywords

• Fertilizer manufacturing
• Agricultural chemicals
• Phosphate fertilizers
• Cement production
• Sulfuric acid production

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Core offering

Southern Fertilizer manufactures and sells fertilizer products (including phosphate and compound fertilizers), cement, sulfuric acid, and other chemical products from its production facilities in Vietnam. The company sells these physical outputs to agricultural, construction, and industrial customers, leveraging an integrated sulfuric acid-to-fertilizer production chain.

Differentiator

Problem solved

Functional benefit

Products and services

• Fertilizer products Phosphate and compound fertilizers manufactured at the company's facilities in Vietnam and sold to agricultural distributors, farming cooperatives, and large farm operators for crop production use.
• Cement Industrial cement produced by the company and sold to construction firms, contractors, and building materials distributors for use in infrastructure, residential, and commercial construction projects.
• Sulfuric acid Sulfuric acid produced at the company's facilities, used as a chemical processing feedstock and as an intermediate input for the company's own phosphate fertilizer production, with surplus sold to industrial chemical buyers.
• Other chemical products Additional chemical products manufactured by the company as part of its diversified chemicals portfolio, sold to industrial and agricultural customers in Vietnam.

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves3 records

Expansion highlights2 records

Broad incumbents

• ICL Group Ltd: Specialty fertilizers and industrial chemicals producer (including phosphate-based and soluble fertilizer products) — directly comparable for the specialty/industrial chemistry side of Southern Fertilizer's portfolio.
• Yara International ASA: Global nitrogen fertilizer leader; serves as a benchmark for global nitrogen pricing that influences Vietnamese fertilizer economics and is a relevant comparable for export-exposed producers.
• Nutrien Ltd: World's largest fertilizer producer across nitrogen, phosphate, and potash; relevant as a comparable for diversified fertilizer manufacturers and a key global price-setter for NPK inputs.

Regional players

• Fauji Fertilizer Company Limited: Major urea and NPK producer in Pakistan with similar emerging-market agricultural customer base; comparable as a regionally focused fertilizer manufacturer with diversified chemistry operations.

Direct peers

• Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo): Vietnam's largest nitrogen (urea) and NPK fertilizer producer and the operator of the Phu My fertilizer complex — directly competes with Southern Fertilizer in domestic NPK/fertilizer markets.
• Ninh Binh Phosphate Fertilizer JSC: Vietnamese phosphate and NPK fertilizer producer, supplying similar agricultural inputs in the domestic market — strong functional overlap with Southern Fertilizer's phosphate-related lines.
• Binh Dien Fertilizer JSC: Listed Vietnamese NPK/compound fertilizer manufacturer with a similar domestic distribution footprint and overlapping customer base among Vietnamese farmers and cooperatives.
• Habac Nitrogen Fertilizer JSC: Vietnamese producer of nitrogenous fertilizers (urea, ammonium-based), comparable in scale and product mix within the same regional market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/the-southern-fertilizer-joint-stock-company

Revenue estimate

Valuation estimate

Number of profiles

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 Southern Fertilizer