Crop protection chemicals (CPC) business contributes 88% to LTG’s gross profit, but growth is constrained by the moderate expansion of Vietnamese rice cultivation. Seed gross profit margin (GPM) dropped to 14% due to salt intrusion in the South, but the seed market still retains potential for growth in the North. Poor performance in the rice segment is a result of dismal rice exports, but its near-term performance may improve with higher prices and Chinese export demand.