PetroVietnam Fertilizer and Chemicals Corporation

PetroVietnam Fertilizer and Chemicals Corporation is currently Vietnam’s No. 1 urea fertilizer manufacturer with a 45% market share. The Company is also engaged in manufacturing and trading urea and other fertilizers, liquid ammonia and other chemical products. In addition, PetroVietnam Fertilizer and Chemicals Corporation provides technical services related to the production and trading of fertilizers and chemicals.

The Company’s strong performance in recent years is linked to the global boom in commodity prices and Vietnam’s relative low usage of chemical fertilizers as compared with other neighboring nations. Favorable feed stock prices in a contractually secure relationship with state-owned PetroVietnam, combined with a favorable long-term outlook for fertilizer prices globally bode well for the Company’s sustained earnings growth.

PetroVietnam Fertilizer and Chemicals Corporation listed on the Ho Chi Minh Stock Exchange in November 2007 where it is one of the largest and most liquid counters.

Investment thesis

The Company is best positioned player to take advantage of low per capita consumption of fertilizers in Vietnam compared with other countries. The Company provides the easiest way for investors to get access to Vietnam’s agricultural sector. As Vietnam’s largest agricultural play, the Company’s valuation benefits from increasing liquidity in the local financial markets.

Recent developments

The Company reported net sales of $370.4 million, up 71.3% YoY and net profit of $79.2 million, up 4.8% YoY, for the full year 2008.

Its parent company, its equity ownership in the company to 51% from the current level of 61.4% within 2009. This is generally viewed as a positive signal towards increased commercial independence for the fertilizer giant.

The Company has engaged international investment banks to explore the possibility of listing in Singapore when market conditions improve.

History

PetroVietnam Fertilizer and Chemicals Corporation started operating on January 01, 2004 as part of PetroVietnam, the nation’s largest oil and gas group. In 2007, the Company listed its shares on the Ho Chi Minh City Stock Exchange.

For more information, please visit the Company’s main website at www.dpm.vn.