BFC said that after some introduction campaigns, its fertiliser brand Buffalo Head had gained a lot of trust from farmers in Cambodia and Myanmar, adding that sales in the two countries kept increasing.

The fertiliser company also plans to make gains in Thailand’s market with special products that are developed to serve specific plantations. According to the company, with its strong agricultural production, Thailand is a big market for three-component fertilisers that provide nitrogen, phosphorus and potassium (NPK fertiliser products).

However, the locally produced fertiliser products in Thailand are mostly generic for all plantation types, and are less effective than BFC products that are developed for specific types of plantations. Thus the company said the Thai market was a good destination for development.

BFC reported that it earned 6.1 trillion dong (Bt9.55 billion) in revenue and 203 billion dong profit after tax in 2015, adding that its sales and profits saw some reduction due to less consumption by Central Highland farmers under the impact of a prolonged drought and lower coffee prices.

This year the company plans to produce more than 650,000 tonnes of fertiliser, up 17 per cent from 2015. It also scheduled revenue of 6.6 trillion dong and a before-tax profit of 369 billion dong, for year-on-year increases of 9 and 5 per cent respectively. BFC leaders told shareholders that if they met these targets, they would pay another 20-per-cent dividend this year.

Also at the meeting, BFC announced the issuance of 9.5 million bonus shares at the ratio of 5:1 for existing shareholders this year. After the issuance, the total shares of BFC would reach 57 million, with a charter capital of 570 billion dong.

BFC, one of Vietnam’s leading fertiliser producers, cancelled a plant in Dong Nai province because of local difficulties with infrastructure. Instead it plans to research and invest in a fertiliser factory in Myanmar to dominate the new market, said the director of the board.

To serve the export and import of the products better, the company said it would accelerate the construction of a 3,000-tonne port in Long An province, where it transfers goods via a local river.

Based in Ho Chi Minh City since 1973, BFC engages in the manufacture and trade of fertiliser, cattle feed and aqua-products. It also produces, processes and packages insecticides. It is among the largest fertiliser companies in Vietnam, serving 30 per cent of the nationwide NPK fertiliser demand.

With one plant in Long An and four subsidiaries in other provinces, BFC has the capacity to produce more than a million tonnes of fertiliser each year. Its distribution system of 200 wholesale points and more than 2,500 retail points also includes Laos, Cambodia and Thailand.