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.