1. Vietnam will run out of appetite in the next 10-20 years.
Unless they could
find huge new apatite reserves, which is unlikely, the government would try to contain the apetite use through tax. 2. Stiff competition with China on yellow phosphorus market. China is the price setter. China, which produces 100mt of phosphorus vs Vietnams insignificant <1mt, so China imporses export tax in the low season, so essentially competition is stiff. It is doubtful that 3. Weak demand in the processed phosphorus market. Fertilizer, feed additives, and phosphorus acid are mainly driven by agriculture sector. Due to the low growth of the agriculture sector, the market for processed phosphorus is currently oversupplied.