Fertilizer – Note – [Nonrated] – Boost exports amid sluggish domestic demand

In 4Q24, fertilizer supply was tight, with demand concentrated in the Mekong Delta. Revenue for listed companies was stable at VND21,498bn (+2.5% yoy), but NPAT-MI dropped to VND1,494bn (-55.8% yoy) due to missing one-time profits. Additionally, China’s continued export restrictions on fertilizers could  be viewed in favour for Vietnam to expand its export markets. A proposed 5% VAT on fertilizers starting in 2025 aims to lower production costs and improve competitiveness against imports.