Binh Dien Fertilizer JSC (HOSE: BFC) is the among the top NPK producers in Vietnam — especially in the Southern and Central Highlands markets. NPK is by far the company’s largest product segment, accounting for 99.9% net revenue in 2020. BFC recorded PBT of ~VND85bn (~10x YoY) in Q1 2021. According to management, the strong rebound in the company’s PBT for this quarter was due to (1) a robust recovery of NPK fertilizer demand, (2) less intense competition from NPK competitors