VIETNAM CHEMICAL INDUSTRY REPORT Q1/2018

Transcription

1 VIETNAM CHEMICAL INDUSTRY REPORT Q1/2018

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 86 2

3 MỤC LỤC Nội dung Trang Nội dung Trang 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 127 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, 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 2017 had a lot of changes. Monthly CPI fluctuations Source: VIRAC, GSO 9

10 1. Business environment 1.1 Macroeconomic situation USD Million Import and export of commodity, Source: VIRAC, GDVC USD Billion Vietnam's export of crude oil and coal, e Source: VIRAC, GDVC 10

11 1. Business environment 1.1 Macroeconomic situation VND/USD exchange rate, VND/CNY exchange rate, 2/ /2017 Source: VIRAC, SBV Source: VIRAC, SBV In 2017, the VND / USD exchange rate was quite stable around VND 22,400 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 TABLE OF CONTENTS 2. World market 2.1 Production 2.2 Consumption 16

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

17 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

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

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

20 2. World market 2.2 Consumption In 2015, the whole world witnessed a decline in the global chemical industry; USD Billion 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

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

22 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

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

24 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

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

26 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

27 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

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

29 3. Vietnam market 3.3 Production and consumption Production value of chemical industry, e VND trillion Source: VIRAC, GSO Consumption value of chemical industry, e VND trillion Source: VIRAC, GSO 53

30 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

31 3. Vietnam market 3.4 Import Export USD Million Imports and exports of chemicals and chemical products, 2017e Import market structure of chemicals and chemical products, 2017e Source: VIRAC, GDVC Source: VIRAC, GDVC Export market structure of chemicals and chemical products, 2017e Source: VIRAC, GDVC 55

32 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

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

34 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

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

36 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Production Production capacity của Key players in the industry, Q3/2017e Group No Enterprise Design capacity(thousand tons/year) Source: VIRAC 62

37 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

38 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Consumption In 2017, the weather is abnormal, causing difficulties for agricultural production. Fertilizer demand and consumption, e Million tons 0,9 Fertilizer consumption tends to decrease over the years, which is due to 2,0 Sources: VIRAC, GSO, MARD 64

39 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Consumption Demand for fertilizer by type of plants, 2015 Thousand tons 0,9 2,0 Source: VIRAC, MARD 65

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, e Sources: VIRAC, GDVC, MARD Structure of fertilizer import by type, 2017 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 due to the impact of tax policies in ASEAN Fertilizer import structure by country, 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... Million tons Fertilizer exports, e Source: VIRAC, MARD, GDVC 70

43 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Import Export Fertilizer exports by country, 2017e Fertilizer exports by country, Thousand tons Source: VIRAC, GDVC Asian countries continue to be the main export markets of Vietnam. Source: VIRAC, GDVC Fertilizer exports in the 2017 to all markets increased sharply, particularly in Asian countries. Specifically: 71

44 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Price movement Ure and DAP fluctuate in 2017 especially at the end of the year which is caused by : VND Price movement, Ure Source: VIRAC, Trade Promotion Website - MOIT 73

45 4. Major sector groups 4.1 Fertilizers and nitrogen compounds Price movement Price forecasts 45

46 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

47 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

48 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

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

50 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Production Some types of plastic raw materials produced in the country 2017 Product Province/city Production(ton) Number of enterprises and labor in the plastic resins group, Sources: VIRAC Sources: VIRAC, GSO 83

51 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Production Thousand tons Polymer production, e Source: VIRAC, GSO, MOIT Thousand tons Polypropylene supply and demand in Vietnam, M/2017e Source: VIRAC, GSO, MOIT 83

52 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

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

54 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Import Export Import of plastic raw materials in Vietnam, Source: VIRAC, GDVC Import market of plastic raw materials by value, 2017 Import market of plastic raw materials by volume, 2017 Source: VIRAC, GDVC Source: VIRAC, GDVC 85

55 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, 2017 Sources: VIRAC, GSO 55

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

57 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

58 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Price movement USD/ton Polymer price fluctuations, 5/2015 9/2017 Source: VIRAC, Plastics New Europe 58

59 4. Major sector groups 4.2 Synthetic rubber and raw plastic resins Price movement USD/ton Fluctuations of natural rubber and synthetic rubber prices, 2012 Q3/2017 Source: VIRAC, IRSG 59

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

61 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

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

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

64 4. Major sector groups 4.3 Detergents Production Production volume of detergents, e Product group Enterprise e Thousand tons Production volume of detergents, e Source: VIRAC, MOIT, GSO Source: VIRAC, GSO 99

65 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

66 4. Major sector groups 4.3 Detergents Consumption VND billion Consumption value of detergents, e Source: VIRAC, GSO 101

67 4. Major sector groups 4.3 Detergents Import Export USD Million Import value of detergents, 2017e Source: VIRAC, GDVC Import market structure of detergents, 2017e Source: VIRAC, GDVC 106

68 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

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

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

71 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

72 4. Major sector groups 4.4 Paint and printing ink Production Thousand tons Production volume of paint, e Production volume of printing ink, e Ton Source: VIRAC, GSO Source: VIRAC, GSO 113

73 4. Major sector groups 4.4 Paint and printing ink Production Cause of the decline in production volume is the paint industry is facing up to some difficulties as follows: 114

74 4. Major sector groups 4.4 Paint and printing ink Production In addition, some paint industries also had positive growth in 2016: 115

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

76 4. Major sector groups 4.4 Paint and printing ink Import Export USD Million Import and export of paints and printing ink of Vietnam, M / 2017e Import market structure of paints and printing ink, 2016e 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, 2016e Source: VIRAC, UN comtrade 118

77 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

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

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

80 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, e Source: VIRAC, GSO 123

81 4. Major sector groups 4.5 Plant protection products Production Structure of pesticide production, 2017 Source: VIRAC, GSO Structure of pesticide consumption, 2016e Source: VIRAC, Agromonitor 124

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

83 4. Major sector groups 4.5 Plant protection products Consumption Consumption structure of pesticides by product group, 2017 Consumption of pesticides by plant group, 2016 Source: VIRAC Source: VIRAC 126

84 4. Major sector groups 4.5 Plant protection products Import Export USD Million 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 Export value of pesticides in Vietnam to some countries, USD Million Source: VIRAC, GDVC, ITC 129

85 4. Major sector groups 4.5 Plant protection products Import Export Import market of pesticides and raw materials, 2017e Source: VIRAC, GDVC 130

86 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

87 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

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

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

90 4. Major sector groups 4.6 Basic chemicals Production Thousand tons Production of basic chemicals, e Source: VIRAC, GSO 139

91 4. Major sector groups 4.6 Basic chemicals Consumption Comsumption value of basic chemicals, e VND billion Source: VIRAC, GSO 140

92 4. Major sector groups 4.6 Basic chemicals Consumption Impact of chlorine products Impact of soda products 141

93 4. Major sector groups 4.6 Basic chemicals Import Export USD Million Import-export turnover of basic chemicals, e Imports and exports of basic chemicals Source: VIRAC, GDVC Import market structure of basic chemicals, 2017e Export market structure of basic chemicals, 2017e Source: VIRAC, GDVC Source: VIRAC, GDVC 142

94 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

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

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

97 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, e Source: VIRAC, STK Market share by actual production capacity, 2014 Source: VIRAC, GSO Source: VIRAC, STK 148

98 4. Major sector groups 4.7 Synthetic fiber Consumption Ton Volume and comsumption value of Synthetic fiber, e VND billion Source: VIRAC, GSO 149

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

100 4. Major sector groups 4.7 Synthetic fiber Import Export Export market structure of Synthetic fiber, 2016e Import market structure of Synthetic fiber, 2016e Source: VIRAC, UN Comtrade Source: VIRAC, UN Comtrade 151

101 TABLE OF CONTENTS Part VI. Outlooks and forecasts 1. Development planning for the chemical industry 2. Outlooks of world chemical industry 3. Outlooks of Vietnam chemical industry 158

102 6. Outlooks and forecasts 6.1 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

103 6. Outlooks and forecasts 6.1 Development planning for the chemical industry 103

104 6. Outlooks and forecasts 6.1 Development planning for the chemical industry 104

105 6. Outlooks and forecasts 6.1 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

106 6. Outlooks and forecasts 6.1 Development planning for the chemical industry Investment information No Project Location Capacity (Thousand tons/year) Investment capital(usd Million) Investment time Source: VIRAC 163

107 6. Outlooks and forecasts 6.1 Development planning for the chemical industry Investment information No Project Location Capacity(Thousand tons/year) Investment capital(usd Million) Investmen t time Source: VIRAC 164

108 TABLE OF CONTENTS Part VI. Outlooks and forecasts 1. Development planning for the chemical industry 2. Outlooks of world chemical industry 3. Outlooks of Vietnam chemical industry 169

109 6. Outlooks and forecasts 6.2 Outlooks of world chemical industry European chemical industry: Low oil prices help reduce difficulties Asian chemical industry: Supply exceeds demand and grows slowly 170

110 6. Outlooks and forecasts 6.2 Outlooks of world chemical industry Middle East Chemical Industry: Increase in competition pressure Latin American chemical industry: Recovering from economic growth 171

111 6. Outlooks and forecasts 6.2 Outlooks of world chemical industry Increasing competition requires dynamic response Cooperative relations with customers Frequently meet the ever-changing legal regulations 172

112 6. Outlooks and forecasts 6.2 Outlooks of world chemical industry Data processing is continuously updated in real time Prepare for changes in distribution channels 173

113 TABLE OF CONTENTS Part VI. Outlooks and forecasts 1. Development planning for the chemical industry 2. Outlooks of world chemical industry 3. Outlooks of Vietnam chemical industry 174

114 6. Outlooks and forecasts 6.3 Outlooks of Vietnam chemical industry For fertilizer group: For petrochemical group (synthetic rubber and raw plastic resins) For paint and printing ink group 175

115 6. Outlooks and forecasts 6.3 Outlooks of Vietnam chemical industry Pesticides: Basic chemicals: Synthetic fiber: 176

116 TABLE OF CONTENTS Part VII. Business Analysis 1. Enterprise introduction 2. Business Analysis 177

117 7. Business Analysis 7.1 Enterprise introduction Company name PetroVietnam Fertilizer and Chemicals Corporation (DPM) Address Net revenue 2016 (VND billion) Total assets (VND billion) Charter capital (VND billion) Country Customer segmentation Business area Binh Dien Fertilizer JSC (BFC) PetroVietnam Camau Fertilizer Joint Stock Company (DCM) Lam Thao Fertilizers and Chemicals JSC (LAS) CTCP Bột giặt và hóa chất Germany Giang (DGC) Dry Cell And Storage Battery Joint Stock Company (PAC) Vietnam Fumigation Joint Stock Company (VFG) LIX Detergent Joint Stock Company (LIX) Southern Basic Chemicals JSC (CSV) Saigon Plant Protection JSC (SPC) 178

118 7. Business Analysis 7.1 Enterprise introduction PetroVietnam Camau Fertilizer Joint Stock Company 179

119 7. Business Analysis 7.1 Enterprise introduction PetroVietnam Fertilizer and Chemicals Corporation 180

120 7. Business Analysis 7.1 Enterprise introduction Lam Thao Fertilizers & Chemicals Joint Stock Company 181

121 7. Business Analysis 7.1 Enterprise introduction Binh Dien Fertilizer Joint Stock Company 182

122 7. Business Analysis 7.1 Enterprise introduction Southern Basic Chemicals JSC 183

123 7. Business Analysis 7.1 Enterprise introduction LIX Detergent Joint Stock Company 184

124 7. Business Analysis 7.1 Enterprise introduction Duc Giang Detergent and Detergent Joint Stock Company 185

125 7. Business Analysis 7.1 Enterprise introduction Saigon Plant Protection Joint Stock Company 186

126 7. Business Analysis 7.1 Enterprise introduction Dry Cell And Storage Battery Joint Stock Company 187

127 TABLE OF CONTENTS Part VII. Business Analysis 1. Enterprise introduction 2. Business Analysis 188

128 7. Business Analysis 7.2 Financial analysis VND billion Gross profit margin, Source: VIRAC 189

129 7. Business Analysis 7.2 Financial analysis VND billion Cost of sales and cost of sales /net revenue ratio, Cost of sales Source: VIRAC 190

130 7. Business Analysis 7.2 Financial analysis VND billion Enterprise cost management and Enterprise cost management /net revenue ratio, Enterprise cost management Source: VIRAC 191

131 7. Business Analysis 7.2 Financial analysis VND billion After-tax profit and net profit margin, VND billion Source: VIRAC Asset structure, Source: VIRAC 192

132 7. Business Analysis 7.2 Financial analysis VND billion Capital structure, Source: VIRAC Profit Ratio, Source: VIRAC 193

133 7. Business Analysis 7.2 Financial analysis Solvency Payment ratio, Source: VIRAC 194

134 7. Business Analysis 7.2 Financial analysis Inventory turnover, Source: VIRAC Receivables turnover, Source: VIRAC 195

135 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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