Chemicals – Others: Policy change on the fast track – Update

• A change in VAT policy on fertilisers would give Vietnamese fertiliser producers the opportunity to cut costs and improve margins.
• The change in VAT policy, if expedited, could be approved as early as mid-Nov and trigger a sector re-rating. Maintain sector Overweight.
• We expect urea producers such as DPM and DCM to benefit more from this policy change than NPK and phosphate producers.

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