VIETNAM CHEMICAL INDUSTRY REPORT Q2/2018

Transcription

1 VIETNAM CHEMICAL INDUSTRY REPORT Q2/2018

2 TABLE OF CONTENTS Content Page Content Page Abbreviations Definition and classification 25 Summary Production and consumption Business environment Import Export Macroeconomic Indicator 8 4. Major sector groups Legal framework Fertilizers and nitrogen compounds World market Synthetic rubber and raw plastic resins Production Detergents Consumption Paint and printing ink Vietnam market Plant protection products Formation and development history Basic chemicals 82 2

3 TABLE OF CONTENTS Content Page Content Page 4.7. Synthetic fiber Outlooks and forecasts Development planning of the chemical industry Outlooks of world chemical industry Outlooks of Vietnam chemical industry Business Analysis Enterprise introduction Financial analysis 122 3

4 Content ABBREVIATIONS ACFTA ASEAN China Free Trade Agreement FP Fire protection ADB Asian Development Bank PVN Vietnam Oil and Gas Group AFTA ASEAN Free Trade Area STK Century Synthetic Fiber Corporation AKFTA ASEAN Korea Free Trade Agreement GDVC General Department of Vietnam Customs PPPs Plant Protection Products GSO General Statistics Office of Vietnam CPI Consumer Price Index FA Fixed Assets CP NVL Raw Materials Expenses HCM Ho Chi Minh City JSC Joint Stock Company TA Total Assets FDI Foreign Direct Investment VFC Vietnam Fumigation Joint Stock Company GDP Gross Domestic Product Vinachem Vietnam National Chemical Corporation IIP Index of Industrial Production VPIA Vietnam Paint & Printing Ink Association LAS Linear Alkylbenzen Sulfonate WTO World Trade Organization LAS Supephotphat and Lam Thao chemicals 4

5 Summary Paint and printing ink Chemical industry has 8 sub-product categories including: Plant protection products: Fertilizers and nitrogen compounds: Basic chemicals: Synthetic rubber and raw plastic resins: Detergents: 5

6 Summary Synthetic fiber: Almost all enterprises in the industry are small and medium-sized and are facing up to fierce competition with multinational corporations Technical machinery system of the chemical industry is largely medium-sized compared to that of some countries in the region Vietnam chemical industry is still in strong development 6

7 TABLE OF CONTENTS 1. Business environment 1.1 Macroeconomic situation 1.2 Legal framework 7

8 1. Business environment 1.1 Macroeconomic situation GDP growth rate by quarter, 2015-Q1/2018 GDP by current price and GDP per capita, Sources: VIRAC, GSO Sources: VIRAC, GSO Nội dung được xóa nhằm mục đích demo 9

9 1. Business environment 1.1 Macroeconomic situation Consumer price index (CPI) in the first quarter of 2018 had a lot of changes. Monthly CPI fluctuations /2018 Source: VIRAC, GSO 9

10 1. Business environment 1.1 Macroeconomic situation Vietnam s export and import value in Q1/2018 was billion USD Import and export of commodity, 2006 Q1/2018 million USD Source: VIRAC, GDVC Vietnam's export of crude oil and coal, 2011 Q1/2018e billion USD Source: VIRAC, GDVC 10

11 1. Business environment 1.1 Macroeconomic situation VND/USD exchange rate, /2018 VND/CNY exchange rate, 2/2016 3/2018 Source: VIRAC, SBV Source: VIRAC, SBV The VND / USD exchange rate was quite stable and still supported by a plentiful supply of foreign currencies 11

12 TABLE OF CONTENTS 1. Business environment 1.1 Macroeconomic situation 1.2 Legal framework 12

13 1. Business environment 1.2 Legal framework General rules Groups of policy on the chemical industry 13

14 1. Business environment 1.2 Legal framework General rules Impact evaluation of laws, circulars and decrees on the business activities in the sector. 14

15 1. Business environment 1.2 Legal framework Impact of Free Trade Agreements Impact evaluation of Trade Agreements on the Chemical industry Vietnam's average tariffs under major trade agreements Tariffs of Vietnam and Korea after AKFTA application 15

16 TABLE OF CONTENTS 2. World market 2.1 Production 2.2 Consumption 16

17 2. World market 2.1 Production billion USD World production value of chemicals, e Structure of chemical production by region, 2015e Source: VIRAC, BASF Source: VIRAC, BASF 21

18 2. World market 2.1 Production In 2016, production volume of chemicals in all regions was estimated to increase, Chemical production growth by region, e Source: VIRAC, Statista Production structure of chemical products worldwide, 2015 Source: VIRAC, Statista 22

19 2. World market 2.1 Production Forecast for annual production growth in chemical industry by field, e Source: VIRAC, Statista 23

20 TABLE OF CONTENTS 2. World market 2.1 Production 2.2 Consumption 24

21 2. World market 2.2 Consumption In 2015, the whole world witnessed a decline in the global chemical industry; billion USD Global Chemical Industry's Revenue, e Sales growth in chemical industry by region, F 13% 25% 17% 13% 00) 00) 00) Source: VIRAC, Statista Source: VIRAC, Statista 25

22 2. World market 2.2 Consumption billion Euro Top 10 most chemicals consuming countries, 2016 Source: VIRAC, Statista billion Euro Revenue from chemical consumption by region, 2016 Source: VIRAC, Statista 26

23 TABLE OF CONTENTS 3. Vietnam market 3.1 Formation and development history 3.2 Definition and classification 3.3 Production and consumption 3.4 Import Export 42

24 3. Vietnam market 3.1 Formation and development history Definition Formation and development history of Vietnam chemical industry 43

25 TABLE OF CONTENTS 3. Vietnam market 3.1 Formation and development history 3.2 Definition and classification 3.3 Production and consumption 3.4 Import Export 44

26 3. Vietnam market 3.2 Definition and classification Product group Input materials Main product Customer Source: VIRAC, GSO 45

27 3. Vietnam market 3.2 Definition and classification In 2016, fertilizer and Nitrogen Compounds represent the largest share of the chemical industry, Industry structure by revenue, 2016 Sources: VIRAC, GSO Revenue in the fields of chemical industry in Vietnam, e Unit: trillion VND Fields Sources: VIRAC, GSO 46

28 TABLE OF CONTENTS 3. Vietnam market 3.1 Formation and development history 3.2 Definition and classification 3.3 Production and consumption 3.4 Import Export 51

29 3. Vietnam market 3.3 Production and consumption Number of enterprises and labor in chemical industry, Enterprise Person billion VND Source: VIRAC, GSO Revenue and profit of chemical industry, Total investment capital and fixed assets of chemical industry, billion VND Source: VIRAC,GSO Source: VIRAC,GSO 52

30 3. Vietnam market 3.3 Production and consumption Production value of chemical industry, e trillion VND Source: VIRAC, GSO Consumption value of chemical industry, 2011 Q1/2018e trillion VND Source: VIRAC, GSO 53

31 TABLE OF CONTENTS 3. Vietnam market 3.1 Formation and development history 3.2 Definition and classification 3.3 Production and consumption 3.4 Import Export 54

32 3. Vietnam market 3.4 Import Export million USD Imports and exports of chemicals and chemical products, Q1/2018e Import market structure of chemicals and chemical products, Q1/2018e Source: VIRAC, GDVC Source: VIRAC, GDVC Export market structure of chemicals and chemical products, Q1/2018e Source: VIRAC, GDVC 55

33 TABLE OF CONTENTS 4. Major sector groups 4.1 Fertilizers and nitrogen compounds 4.2 Synthetic rubber and raw plastic resins 4.3 Detergents 4.4 Paint and printing ink 4.5 Plant protection products 4.6 Basic chemicals 4.7 Synthetic fiber 56

34 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Definition and classification Structure of major fertilizers 2014 Source: VIRAC, GSO 58

35 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Basic production process Production process of nitrogenous fertilizer NPK production process Production process of fused phosphate fertilizer Source: VIRAC 58

36 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Production Revenue of the fertilizer industry, Production and consumption of domestic producers, Q1/2018e Source: VIRAC, GSO, MARD, GDVC Source: VIRAC, GSO Million tons Domestic fertilizer production, 2010-Q1/2018e Source: VIRAC, GSO 62

37 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Production Production capacity của Key players in the industry, 3/2018 Group No Enterprise Design capacity(thousand tons/year) Source: VIRAC 62

38 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Production Domestic fertilizer supply was mainly from large companies from Vinachem and PVN, which is particularly: 63

39 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Consumption Fertilizer consumption tends to decrease over the years, which is due to Fertilizer demand and consumption, M/2018e Million tons 0,9 2,0 Sources: VIRAC, GSO, MARD 64

40 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Import Export Fertilizer imports have fluctuated continuously over the years as the impact of the domestic demand - supply and import and export tax policies as well as major import markets. Thousand tons Fertilizer import, M/2018ee Sources: VIRAC, GDVC, MARD Structure of fertilizer import by type, 3M/2018e Sources: VIRAC, MARD, GDVC 68

41 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Import Export Fertilizer imports from China have fallen sharply in the fertilizer import structure Fertilizer import structure by country, 3M/2017 3M/2018 Source: VIRAC, MARD, GDVC 69

42 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Import Export Exports have decreased continuously over the years since 2012, due to the competition with Chinese fertilizer in Korea and Cambodia. However, in 2017, the output of fertilizer export has grown strongly with the export volume grew strongly in ASEAN countries such as Cambodia, Malaysia... Fertilizer exports, M/2018e Million tons Fertilizer exports by country, 3M/2018e Source: VIRAC, MARD, GDVC Source: VIRAC, MARD, GDVC 70

43 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Price movement Ure and DAP fluctuate the first 3 months of 2018 VND Price movement, /2018 Ure Source: VIRAC, Trade Promotion Website - MOIT 73

44 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Price movement Price forecasts 44

45 TABLE OF CONTENTS 4. Major sector groups 4.1 Fertilizers and nitrogen compounds 4.2 Synthetic rubber and raw plastic resins 4.3 Detergents 4.4 Paint and printing ink 4.5 Plant protection products 4.6 Basic chemicals 4.7 Synthetic fiber 76

46 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Definition and classification Polymer structure used, % Content is Source: intentionally VIRAC, ICIS removed for demo purpose 77

47 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Definition and classification Structure of synthetic rubber production in the world, 2015 Source: VIRAC, Rubbernews 78

48 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Basic production process

49 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Production Polypropylene supply and demand in Vietnam, Q1/2018e Production of raw plastic resins in some provinces, Q1/2018 Production of raw plastic resins in the country, Q1/2018e Sources: VIRAC Sources: VIRAC, GSO 83

50 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Consumption LLDPE, LDPE, HDPE, PP distribution from enterprises in in the Northern market No Company name Sales (tons/year) Market share PP production output and consumption of Binh Son Refining and Petrochemical, M/2017 Sources: VIRAC, HCD Prospectus 85

51 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Consumption Polymer consumption in Vietnam, 2010 Q1/2018e Source: VIRAC, GSO, MOIT Market share of plastic additives, 2017 Source: VIRAC, GSO, MOIT 85

52 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Import Export Import of plastic raw materials in Vietnam, 2010 Q1/2018 Source: VIRAC, GDVC Import market of plastic raw materials by volume, Q1/2018 Source: VIRAC, GDVC 85

53 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Import Export Proportion of top importers of plastic raw materials, 9M/2017 Sources: VIRAC, GSO Import structure of plastic raw materials by type, Q1/2018 Sources: VIRAC, GSO 53

54 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Import Export Import - export of synthetic rubber, 2011 Q1/2018e Source: VIRAC, GDVC, UN Comtrade 85

55 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Import Export Export market structure of synthetic rubber, 2017e Source: VIRAC, GDVC Import market structure of synthetic rubber, 2017e Source: VIRAC, GDVC 85

56 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Price movement USD/ton Polymer price fluctuations, 5/2015 4/2018 Source: VIRAC, Plastics New Europe 56

57 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Price movement USD/ton Fluctuations of natural rubber and synthetic rubber prices, Q1/2012 Q4/2017 Source: VIRAC, IRSG 57

58 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Price movement 93

59 TABLE OF CONTENTS 4. Major sector groups 4.1 Fertilizers and nitrogen compounds 4.2 Synthetic rubber and raw plastic resins 4.3 Detergents 4.4 Paint and printing ink 4.5 Plant protection products 4.6 Basic chemicals 4.7 Synthetic fiber 94

60 4. Major sector groups 4.3 Detergents Definition and classification Detergents Number of enterprises and labor in the industry, Source: VIRAC, GSO 95

61 4. Major sector groups 4.3 Detergents Production process Source: VIRAC 96

62 4. Major sector groups 4.3 Detergents Production Production volume of detergents, 2012 Q1/2018e Product group Enterprise Q1/2018e Thousand tons Production volume of detergents, 2010 Q1/2018e Source: VIRAC, MOIT, GSO Source: VIRAC, GSO 99

63 4. Major sector groups 4.3 Detergents Production No Enterprise Production capacity (tons/year) Brand Washing powder is the main product accounting for more than 90% of annual detergent production. Source: VIRAC 100

64 4. Major sector groups 4.3 Detergents Consumption billion VND Consumption value of detergents, 2010 Q1/2018e Source: VIRAC, GSO 101

65 4. Major sector groups 4.3 Detergents Import Export million USD Import value of detergents, Q1/2018e Source: VIRAC, GDVC Import market structure of detergents, Q1/2018e Source: VIRAC, GDVC 106

66 MỤC LỤC 4. Major sector groups 4.1 Fertilizers and nitrogen compounds 4.2 Synthetic rubber and raw plastic resins 4.3 Detergents 4.4 Paint and printing ink 4.5 Plant protection products 4.6 Basic chemicals 4.7 Synthetic fiber 108

67 4. Major sector groups 4.4 Paint and printing ink Definition and classification Definition and classification Classification 109

68 4. Major sector groups 4.4 Paint and printing ink Production process Production process of paint and printing ink Source: VIRAC 110

69 4. Major sector groups 4.4 Paint and printing ink Production Vietnam paint industry has experienced an average growth rate of 20% in recent years. Number of enterprises and labor in the paint and printing ink industry, Company name Production capacity Brand Source: VIRAC, GSO Source: VIRAC 112

70 4. Major sector groups 4.4 Paint and printing ink Production Thousand tons Production volume of paint, 2013 Q1/2018e Source: VIRAC, GSO Production volume of printing ink, 2010 Q1/2018e Ton Source: VIRAC, GSO 113

71 4. Major sector groups 4.4 Paint and printing ink Consumption Consumption value of paint and printing ink, 2010 Q1/2018e billion VND Source: VIRAC, GSO Paint consumption structure by field, 2015 Source: VIRAC, VPIA 116

72 4. Major sector groups 4.4 Paint and printing ink Import Export Million USD Import and export of paints and printing ink of Vietnam, e Import market structure of paints and printing ink, 2017e Content is intentionally Source: VIRAC, UN Comtrade, removed ITC for demo purpose Source: VIRAC, UN comtrade Domestic paint production capacity has met most of the demand, but the amount of ink shortage is quite large, Export market structure of paints and printing ink, 2017e Source: VIRAC, UN comtrade 118

73 TABLE OF CONTENTS 4. Major sector groups 4.1 Fertilizers and nitrogen compounds 4.2 Synthetic rubber and raw plastic resins 4.3 Detergents 4.4 Paint and printing ink 4.5 Plant protection products 4.6 Basic chemicals 4.7 Synthetic fiber 119

74 4. Major sector groups 4.5 Plant protection products Definition and classification Plant protection products (PPPs) Classification: Effect of PPPs 120

75 4. Major sector groups 4.5 Plant protection products Production process Source: VIRAC Source: VIRAC 121

76 4. Major sector groups 4.5 Plant protection products Production Number of enterprises and labor in the industry, Source: VIRAC, GSO Thousand tons Production volume of pesticides, 2013 Q1/2018e Source: VIRAC, GSO 123

77 4. Major sector groups 4.5 Plant protection products Production Structure of pesticide production, Q1/2018e Source: VIRAC, GSO Structure of pesticide consumption, 2016e Source: VIRAC, Agromonitor 124

78 4. Major sector groups 4.5 Plant protection products Consumption Market share of pesticides in Vietnam, 2016e billion VND Consumption value of pesticides, 2012 Q1/2018e Source: VIRAC Source: VIRAC, GSO 125

79 4. Major sector groups 4.5 Plant protection products Consumption Consumption structure of pesticides by product group, Q1/2018e Consumption of pesticides by plant group, 2016 Source: VIRAC Source: VIRAC 126

80 4. Major sector groups 4.5 Plant protection products Import Export million USD Import and export of pesticides and raw materials, e Export structure of export of pesticides by volume, 2016 Content is intentionally Source: VIRAC, GDVC, ITC removed for demo purpose Source: VIRAC, ITC 129

81 4. Major sector groups 4.5 Plant protection products Import Export Export value of pesticides in Vietnam to some countries, Import market of pesticides and raw materials, Q1/2018e Source: VIRAC, GDVC Source: VIRAC, GDVC 130

82 TABLE OF CONTENTS 4. Major sector groups 4.1 Fertilizers and nitrogen compounds 4.2 Synthetic rubber and raw plastic resins 4.3 Detergents 4.4 Paint and printing ink 4.5 Plant protection products 4.6 Basic chemicals 4.7 Synthetic fiber 132

83 4. Major sector groups 4.6 Basic chemicals Definition and classification Basic chemicals are divided into two main branches which are inorganic and organic. 133

84 4. Major sector groups 4.6 Basic chemicals Production process Production process of caustic soda - chlorine Source: VIRAC 134

85 4. Major sector groups 4.6 Basic chemicals Production Number of enterprises and labor in the industry, Product Production capacity of basic chemicals of some enterprises, 2017 Manufacturer Production capacity (tons/year) Market share Content is intentionally Source: VIRAC, GSO removed for demo purpose Source: VIRAC collects 138

86 4. Major sector groups 4.6 Basic chemicals Production Thousand tons Production of basic chemicals, 2013 Q1/2018e Source: VIRAC, GSO 139

87 4. Major sector groups 4.6 Basic chemicals Consumption Comsumption value of basic chemicals, 2011 Q1/2018e billion VND Impact of chlorine products Source: VIRAC, GSO Impact of soda products 140

88 4. Major sector groups 4.6 Basic chemicals Import Export million USD Import-export turnover of basic chemicals, 2011 Q1/2018e Imports and exports of basic chemicals Source: VIRAC, GDVC Import market structure of basic chemicals, Q1/2018e Export market structure of basic chemicals, Q1/2018e Source: VIRAC, GDVC Source: VIRAC, GDVC 142

89 TABLE OF CONTENTS 4. Major sector groups 4.1 Fertilizers and nitrogen compounds 4.2 Synthetic rubber and raw plastic resins 4.3 Detergents 4.4 Paint and printing ink 4.5 Plant protection products 4.6 Basic chemicals 4.7 Synthetic fiber 143

90 4. Major sector groups 4.7 Synthetic fiber Definition and classification Synthetic fiber 144

91 4. Major sector groups 4.7 Synthetic fiber Production process Filament fiber production Source: VIRAC, STK 145

92 4. Major sector groups 4.7 Synthetic fiber Production Production capacity of some companies in the Vietnam textile industry Company name Capacity(tons/year) Product Product segment Ton Production output of Synthetic fiber, 2011 Q1/2018e Source: VIRAC, STK Market share by actual production capacity, 2014 Source: VIRAC, GSO Source: VIRAC, STK 148

93 4. Major sector groups 4.7 Synthetic fiber Consumption Ton Volume and consumption value of Synthetic fiber, 2011 Q1/2018e billion VND Source: VIRAC, GSO 149

94 4. Major sector groups 4.7 Synthetic fiber Import Export million USD Import-export turnover of Synthetic fiber, e Market share by export value, 2015e Source: VIRAC, STK Source: VIRAC, GDVC 150

95 4. Major sector groups 4.7 Synthetic fiber Import Export Export market structure of Synthetic fiber, 2017e Import market structure of Synthetic fiber, 2017e Source: VIRAC, UN Comtrade Source: VIRAC, UN Comtrade 151

96 TABLE OF CONTENTS 5. Outlooks and forecasts 5.1. Development planning for the chemical industry 5.2. Outlooks of world chemical industry 5.3. Outlooks of Vietnam chemical industry 158

97 5. Outlooks and forecasts 5.1. Development planning for the chemical industry According to Decision No / QD-TTg of the Prime Minister promulgated on September 18, 2013 approving the development plan of chemical industry of Vietnam to 2020, by

98 5. Outlooks and forecasts 5.1. Development planning for the chemical industry 98

99 5. Outlooks and forecasts 5.1. Development planning for the chemical industry 99

100 5. Outlooks and forecasts 5.1. Development planning for the chemical industry MOIT issued Decision No / QD-BCT dated 25/08/2015 approving the restructuring plan of Vietnam chemical industry, 10 areas of restructuring in the chemical industry include fertilizer, petrochemicals, plant protection chemicals, basic chemicals, chemical electricity, industrial gas, rubber, detergents, paint - printing ink. 162

101 5. Outlooks and forecasts 5.1. Development planning for the chemical industry Investment information No Project Location Capacity (Thousand tons/year) Investment capital(million USD) Investment time Source: VIRAC 163

102 5. Outlooks and forecasts 5.1. Development planning for the chemical industry Investment information No Project Location Capacity(Thousand tons/year) Investment capital(mill ion USD) Investmen t time Source: VIRAC 164

103 TABLE OF CONTENTS 5. Outlooks and forecasts 5.1. Development planning for the chemical industry 5.2. Outlooks of world chemical industry 5.3. Outlooks of Vietnam chemical industry 169

104 5. Outlooks and forecasts 5.2. Outlooks of world chemical industry European chemical industry: Low oil prices help reduce difficulties Asian chemical industry: Supply exceeds demand and grows slowly 170

105 5. Outlooks and forecasts 5.2. Outlooks of world chemical industry Middle East Chemical Industry: Increase in competition pressure Latin American chemical industry: Recovering from economic growth 171

106 5. Outlooks and forecasts 5.2. Outlooks of world chemical industry Increasing competition requires dynamic response Cooperative relations with customers Frequently meet the ever-changing legal regulations 172

107 5. Outlooks and forecasts 5.2. Outlooks of world chemical industry Data processing is continuously updated in real time Prepare for changes in distribution channels 173

108 TABLE OF CONTENTS 5. Outlooks and forecasts 5.1. Development planning for the chemical industry 5.2. Outlooks of world chemical industry 5.3. Outlooks of Vietnam chemical industry 174

109 5. Outlooks and forecasts 5.3. Outlooks of Vietnam chemical industry For fertilizer group: For petrochemical group (synthetic rubber and raw plastic resins) For detergent group: For paint and printing ink group 175

110 5. Outlooks and forecasts 5.3. Outlooks of Vietnam chemical industry Pesticides: Basic chemicals: Synthetic fiber: 176

111 TABLE OF CONTENTS 6. Business Analysis 6.1. Enterprise introduction 6.2. Financial analysis 177

112 6. Business Analysis 6.1. Enterprise introduction Company name Address Net revenue 2017 (billion VND) Total assets (billion VND) Charter capital (billion VND) Country Customer segmentation Business area 178

113 6. Business Analysis 6.1. Enterprise introduction PetroVietnam Camau Fertilizer Joint Stock Company 179

114 6. Business Analysis 6.1. Enterprise introduction PetroVietnam Fertilizer and Chemicals Corporation 180

115 6. Business Analysis 6.1. Enterprise introduction Lam Thao Fertilizers & Chemicals Joint Stock Company 181

116 6. Business Analysis 6.1. Enterprise introduction Binh Dien Fertilizer Joint Stock Company 182

117 6. Business Analysis 6.1. Enterprise introduction Southern Basic Chemicals JSC 183

118 6. Business Analysis 6.1. Enterprise introduction LIX Detergent Joint Stock Company 184

119 6. Business Analysis 6.1. Enterprise introduction Duc Giang Detergent and Detergent Joint Stock Company 185

120 6. Business Analysis 6.1. Enterprise introduction Saigon Plant Protection Joint Stock Company 186

121 6. Business Analysis 6.1. Enterprise introduction Dry Cell And Storage Battery Joint Stock Company 187

122 TABLE OF CONTENTS 6. Business Analysis 6.1. Enterprise introduction 6.2. Financial analysis 188

123 6. Business Analysis 6.2 Financial analysis billion VND Net revenue, Source: VIRAC 189

124 6. Business Analysis 6.2 Financial analysis billion VND Gross profit margin, Source: VIRAC 189

125 6. Business Analysis 6.2 Financial analysis billion VND Cost of sales, Cost of sales Source: VIRAC 190

126 6. Business Analysis 6.2 Financial analysis billion VND Enterprise cost management, Enterprise cost management Source: VIRAC 191

127 6. Business Analysis 6.2 Financial analysis billion VND Solvency, Source: VIRAC Profit Ratio, Source: VIRAC 193

128 6. Business Analysis 6.2 Financial analysis Payment ratio, Source: VIRAC 194

129 6. Business Analysis 6.2 Financial analysis Inventory turnover, Source: VIRAC 195

130 REPORT DISCLAIMER Report disclaimer This document has been prepared in good faith on the basis of information available at the date of publication without any independent verification. VIRAC has produced this report for private circulation to professional clients only. All information and statistical data herein have been obtained from sources we believe to be reliable and made to ensure the accuracy of the contents of the pages of the report at the time of preparation. Such information has not been independently verified and VIRAC makes no representation or warranty, whether express or implied, of any kind with respect to the document and its contents, information and materials. The content found in this report is proprietary to VIRAC and is provided solely for your personal and non-commercial use. You agree that you will not use this report for any purpose that is unlawful and that you will not reproduce the report or redistribute it outside your organization, or place it on a website for public access without the express written permission of VIRAC. SHOULD YOU NEED ANY ASSISTANCE, PLEASE CONTACT US: VIETNAM INDUSTRY RESEARCH AND CONSULTANCY (VIRAC JSC.,) 6M h Floor, Anh Minh Building, 36 Hoang Cau, O Cho Dua, Dong Da, Hanoi, Vietnam Website: viracresearch@virac.com.vn Tel:

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