MoIT to tighten control on fertiliser, petroleum markets
MoIT to tighten control on fertiliser, petroleum markets
The Ministry of Industry and Trade (MoIT) will tighten control over the fertiliser and petroleum markets in 2017 to limit fake products and frauds.
The market watch department will conduct regular checks on all producers, importers and traders to ensure that regulations related to business registration, business conditions, quality of inorganic fertilisers, labelling, bills and the distribution system are being followed.
There will also be inspections on the implementation of regulations under Decree No. 83/2014/ND-CP on petrol trading.
During the 14th National Assembly session last month, MoIT minister Tran Tuan Anh said authorities would strengthen their fight against the counterfeit fertiliser market and build a legal framework on standards for sustainable development of the sector.
The fertiliser market has a potential value of US$2 billion and brings huge profits, which is why there are so many fake products. These not only have a harmful effect on crops, environment and people’s health, they also affect the reputation of genuine products.
Statistics from the ministry’s chemical department shows that the country has around 800 fertiliser producers. Counterfeit fertilisers have caused losses to the country’s agricultural production and economy to the tune of VND60 trillion (US$2.64 billion).
