VIETNAM BEVERAGE INDUSTRY RESEARCH REPORT Q3/2019€¦ · Global Market 21 2.1 Beer 22 2.2 Spirit...
Transcript of VIETNAM BEVERAGE INDUSTRY RESEARCH REPORT Q3/2019€¦ · Global Market 21 2.1 Beer 22 2.2 Spirit...
VIETNAM BEVERAGE INDUSTRY RESEARCH REPORT Q3/2019
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CONTENT
3.3 Soft Drink 72
3.4 Risk Analysis 86
3.4.1 SWOT Analysis 86
3.4.2 Five-forces Analysis 87
3.4.3 Business Risk 90
3.5 Industrial Development Planning 94
3.6 Outlook and Forecast 95
4 Enterprise analysis 104
4.1 Profitability 106
4.2 Operability 111
4.3 Financial Strength 114
4.4 Profit Margin 116
5 Financial Statement Appendix 117
2
Abbreaviation 3
Executive Summary 4
1 Business environment 7
1.1 Macroeconomic context 8
1.2 Legal Framework 11
1.3 Trade Agreements 16
2. Global Market 21
2.1 Beer 22
2.2 Spirit 33
2.3 Soft Drink 43
3 Vietnam Market 45
3.1 Beer 47
3.2 Spirit 58
Abbreviation
3
VMF Vietnam Ministry of Finance
CAGR Compouded Annual Growth Rate
FI Foreign Investment
EVFTA Europe-Vietnam Free Trade Agreement
FAO Food and Agriculture Organization
FDI Foreign Direct Investment
FTA Free Trade Agreements
VA Value Added
IWSR International Wine & Spirit Research
MFN Most favoured nation
OIV International Organisation of Vine and Wine
GDVC General Department of Vietnam Customs
GSO General Statistics Office of Vietnam
TTĐB Special Consumption Tax
CPTPPComprehensive and Progressive for Trans-Pacific
Partnership Agreement
UNFPA United Nations Population Fund
UNWTO World Tourism Organization
USDA The United States Department of Agriculture
VAT Value Added Tax
VBA Vietnam Beverage Association
VIRAC VIRAC Joint Stock Company
WTO World Trade Organization
Executive Summary
4
WORLD
❖ Beer:
• In 2017, global beer production is estimated to decrease by xxx% to
xxx million liters.
• Beer trade is also experiencing a downward trend since 2015, the
export volume of beer only reached xxx billion liters, down xxx%
compared to 2016, but due to the increase in beer prices, the export
value increased slightly by xxx% to xxx billion USD.
• In particular, Mexico still holds the leading position, providing the
global beer, currently Mexico provides xxx% of global beer exports.
• In terms of brands, the four largest brewers account for nearly xxx%
of global beer sales.
❖ Spirit:
• Wine: In 2018, global wine production reached 292 hectares (1 hectoliter
equivalent to 100 liters), the highest level since 2000; Italy is the largest
wine producer in the world, accounting for xxx% of global
production. Regarding consumption,
Regarding exports, in 2018, exports reached xxx billion liters, worth
EUR xxx billion.
• Strong spirit:
❖ Soft drink:
• In 2017, the amount of beverage consumed through global off-trade
channel reached xx billion liters. Estimated beverage revenue in 2017
reached more than xxx billion USD.
5
VIETNAM
❖ Beer
• Inventories in the first 6 months were about xxx billion liters, an
increase of xxx% compared to the end of 2018; in which, bottled
beer and canned beer inventories are respectively xxx% and xxx%;
• In terms of exports, the imported beer output reached xxx million
liters worth xxx million USD (an increase of xxx% over the same
period), the three main sources of beer supply in Vietnam are the
Netherlands (xxx%), Mexico (xxx% ) and Belgium (xxx%).
• Regarding imports, the export beer output increased over the
previous year to xxx million liters worth xxx million USD.
❖ Spirit:
• Spirits: Production of spirits reaches xxx million liters (up xxx%);
consumption reached xxx million liters (an increase of xxx%);
Inventory xxx million liters.
• Vietnam exported more than xxx million liters of wine
worth xxx million USD (an increase of more than xxx% over the
same period).
• Wine: Production of wine reaches xxx million liters (up xxx%);
consumption reached xxx million liters (up xxx%), inventory xxx
million liters. Regarding imports, the output reaches xxx million
liters and is worth xxx million USD,
❖ Soft drink: n the first 6 months of 2019, beverage production in
Vietnam reached xxx billion liters (an increase of xxx% compared to
H1/2018), consumption reached xxx billion liters (an increase of
xxx% compared to H1/2018) worth xxx trillion VND (up by xxx%
over the same period last year. Regarding categories,
Executive Summary
6
• Regarding trade, total beverage exports reached xxx million liters
(down xxx% over the same period, imports reached 292.7 million
liters (up xxx% over the same period) reaching xxx million liters and
worth xxx million USD, Vietnam's fresh water export volume will
reach xxx million tons, worth xx million USD, an increase of about
xxx% over the same period. The first month of 2019 is estimated at
xxx million liters and valued at xxx million USD (up xxx% over the
same period).The import of Vietnam's fresh water in the first 6
months of 2019 reached xxx million liters and worth xxx million.
Enterprises:
• Beer:
Executive Summary
Nội dung
2. Tổng quan ngành
2.1 Thị trường thế giới
2.2 Thị trường Việt Nam
2.3 Rủi ro ngành
2.4 Quy hoạch phát triển ngành
2.5 Triển vọng và dự báo
7
1. BUSINESS ENVIRONMENT
8
❖ The gross domestic product (GDP) in the second quarter of 2019 is
estimated to increase by xxx% over the same period last year,
although lower than the growth of the second quarter of 2018 but
higher than the second quarter growth of 2016 and 2017.
❖ The young population structure creates a potential market for the
beverage industry.
Total population and working-age population structure in 2013–2018
% Quaterly GDP Growth rate, 2016-2019
Million people
Source: VIRAC, GSO
Source: VIRAC, GSO
1. Business Environment
1.1. Macroeconomic context
9
Monthly CPI, 1/2015-6/2019
❖ The consumer price index (CPI) in the first 6 months of 2019 has many fluctuations but still moves relatively close to the beginning of the year and is
in the scenario of low CPI growth. On average, in the first 6 months of 2019, CPI increased by xxx% over the same period in 2018. This is the lowest
6-month average increase in the past 3 years.
❖ According to the Nielsen Consumer Confidence index, Vietnam's consumer confidence index in the fourth quarter of 2018 stood at xxx percentage
points - down xxx points from the previous quarter.
Consumer Confidence Index, Q1/2014-Q4/2018
Source: VIRAC, Nielsen Source: VIRAC, GSO
1. Business Environment
1.1. Macroeconomic context
10
Total usable income, 2010–2020fIncreasing trend in usable income is a positive factor to promote
spending for the domestic beverage industry.
In particular, the retail sales of goods in the first 6 months of 2019 is
estimated at xxx trillion, accounting for xxx% of the total and increasing
xxx% over the same period last year.
Total retail sales of consumer goods and services growth rate,
2011 – H1/2019 (excluding price factor)
Source: VIRAC, Economist Intelligence Unit
Billion USD
Trillion VND
Source: VIRAC, GSO
1. Business Environment
1.1. Macroeconomic context
• National technical regulation for alcoholic beverages (QCVN 6-3:2010/BYT
• National technical regulation on non-alcoholic beverages (QCVN 6-2: 2010/BYT)
• National technical regulation on natural mineral water and bottled drinking water (QCVN 6-1: 2010/BYT)
• Law on Product Quality Goods No. 05/2007/QH12 dated 21/11/2007;
• Decree No. 38/2012/ND-CP of the Government dated April 25, 2012
• Circular No. 29/2012/TT-BCT of the Ministry of Industry and Trade
• Law No. 55/2014/QH13 – Environmental Protection Law
• Circular No. 128/2013/TT-BTC dated 10/9/2013 of Ministry of Finance
• Circular 164/2013/TT-BTC dated November 15, 2013 of the Ministry of Finance
• Decree No. 08/2015/ND-CP dated January 21, 2015 of the Government
• Law No. 27/2008/QH12 – Special Consumption Tax Law
• Decision No. 2219/QĐ-BCT
Laws, decrees, and industry regulations
11
1. Business Environment
1.2. Legal Framework
12
• Decision No. 244/QĐ–TTg dated 12/2/2014 of Government
• Decree No. 94/2012/NĐ-CP of Government.
Impact of Legal Framework on Beverage Industry
For State Agencies
For Enterprises in Beverage Industry
Positive Impact:
1. Business Environment
1.2. Legal Framework
Sources: VIRAC, GSOSources: VIRAC, GSOSources: VIRAC, GSO
%
13
Negative Impact:
Enterprises producing Beer 2011–2016 Before-tax profit ratio of Beverage Industry
2010–2016
Production Growth rate of Beverage Industry
2011–2017
1. Business Environment
1.2. Legal Framework
14
New circular, decree on special consumption tax (SCT) with alcoholic beverages.
Special Consumption Tax for Alcoholic Beverages is following the roadmap of
increasing Law 70/2014/QH13 and will increase gradually to xxx% in 3 years,
starting from 1/1/2016.
Decree 108/2015/NĐ-CP and Circular 195/2015/TT-BTC
New scheme on SCT on soft drink
Source: VIRAC
Commodity TimeTax
rate(%)
Roadmap for SCT applied to Spirit and Beer from 2016
1. Business Environment
1.2. Legal Framework
15
New regulation on alcoholic import
Decree No. 105/2017/NĐ-CP dated 14/9/2017
New points about spirit import:
Abolish regulations on submission of traders’ vouchers
New regulations on alcohol import to implement certification procedures
1. Business Environment
1.2. Legal Framework
• Tariff:
3.1. WTO — Vietnam became the 150th member of WTO on 7/11/2006
Accession commitment:
• Distribution markets:
• Investment Environment:
Impact of WTO on Vietnam beverage market:
Commodity
MFN tariff
(%)
Commitment with WTO
Pre-accession(%)
Final
Bound
(%)
Implemen
-ting time
Source: VIRAC, WTO
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1. Business Environment
1.3. Trade Agreements
• Tariff:
3.2. EVFTA — Europe-Vietnam Free Trade Agreement signed on 02/12/2015 in Brussels.
Accession Commitment:
Commodity Commiment
Source: synthesized by VIRAC
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• Investment:
1. Business Environment
1.3. Trade Agreements
Impact of EVFTA on Vietnam beverage market:
3.3. CPTPP — Comprehensive and Progressive for Trans-Pacific Partnership Agreement
Commitments
• Tariff (trading goods):
• Other commitments:
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1. Business Environment
1.3. Trade Agreements
Impact of CPTPP on Vietnam Beverage market
No. IndustryTariff cutting
roadmap
Vietnam import tariff commitment with CPTPP:
Source: VIRAC, Ministry of Finance
22
1. Business Environment
1.3. Trade Agreements
3.4. Other trade agreements:
Impact of FTAs on Vietnam beverage market:
20
1. Business Environment
1.3. Trade Agreements
Nội dung
2. Tổng quan ngành
2.1 Thị trường thế giới
2.2 Thị trường Việt Nam
2.3 Rủi ro ngành
2.4 Quy hoạch phát triển ngành
2.5 Triển vọng và dự báo
21
2. GLOBAL MARKET
2. Global Market
2.1. Beer
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Barley price movements in the UK 1/2012-6/2019
Input materials: Malt, Hops
Malt
Global Barley Production and Consumption, 10/11–18/19e
Billion ton
Source: Synthesized VIRAC Source: Synthesized VIRAC
Unit: GBP/ton
23
Market Share of the 5 largest barley producing countries
2018/2019e
In the world, countries in Europe and Russia are the two places that
produce the most barley due to its mild climate.
Barley exported for processing Malt accounts for about xxx% of the
total barley export worldwide.
According to USDA, more than xxx% of the world’s barley production is for animal farming, xxx% for produce Beer, Spirit, xxx% for food industry and
other purposes..
In the period 12/13 to 16/17, the average annual growth of barley production was xxx%.
Global barley consumption for processing malt, 10/11–18/19
Million ton
Source : VIRAC, International Grains CouncilSource: VIRAC, USDA
2. Global Market
2.1. Beer
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In the world, price of malt is determined by 4 main factors:
Export volume of malt in the world increased slightly, especially in Europe,
forecasting European export tends to increase due to favorable weather in
some countries in the region: England and Spain.
Source : VIRAC, United Nations Trade Statistics, Trademap
Global production and turnover of exporting malt
2011 - 2018
2. Global Market
2.1. Beer
Hops
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Sources: VIRAC, E-Malt.com, International Hop Growers’ Convention, Sources: VIRAC, U.S.D.A National Agricultural Statistics Service
$/lb (lb = pound = 0.45kg)
In 2018, hops production is estimated to decrease by xxx% due to unfavorable natural
conditions: heavy rain, storms, melting ice, and global temperatures remain high. Due to the
influence of supply, hops prices fell slightly to xxx USD/lb at the end of 2018 after recording
the highest ever price to xxx USD/lb. The Hops supply crisis occurred globally due to the sharp
decrease in the area of hops cultivation
Sources: VIRAC, E-Malt.com, International Hop Growers’ Convention,
Global cultivated area and production of Hops 2008–2018e Hops Price in Washington, D.C. 1982–2018
Market share of 5 largest hops producing countries
2018
2. Global Market
2.1. Beer
26
The output and export value of Hoa Bia varies continuously but always
reach a high value.
Some typical countries of Europe are Germany, Czech Republic, England,
Belgium and USA, which have advantages in producing Hops, so are also
the 5 biggest exporters in the world.
Sources: VIRAC, United Nations Trade Statistics
Sources: VIRAC, United Nations Trade Statistics
Market share of 5 largest hops exporting countries 2018e
Hops export quantity in 2011–2018e
2. Global Market
2.1. Beer
Demand-Supply of global beer marke
Global production is large-scale with the largest development motivation coming from Asia and Europe. Fluctuating fluctuations due to prolonged
drought reduces the output of malt - the main source of raw materials - but still meets the demand in the world. The future growth rate will be
determined by the development of Africa and the Middle East.
In 2017, global beer production was estimated to decrease by xxx% to xxx% billion litre. Beer production in alost areas went down as Asia decreased by
xxx% but it still held xxx% global market share. European beer production decreased by xxx% and Middle East considerably drop by xxx%
Sources: VIRAC synthesized
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RegionProduction
(billion litre)
Growth rate 2016–
2017
(%)
Market
Share
(%)
Billion Litre
Sources: VIRAC synthesized
Quantity and growth rate of beer production in 7 regions 2017e Global beer production and consumption, 2010–2017e
2. Global Market
2.1. Beer
28
Beer continues to be a popular item around the world, but the pace of
import and export has decreased compared to previous years.
In 2016, beer exports plummeted both in volume and value, respectively
xxx% and xxx% compared to 2015. In 2017, the downward trend of export
continued when beer output reached only xxx billion. liter decreased by
xxx% compared to 2016, however, due to the increase in beer prices, the
export value increased slightly by xxx% to xxx billion USD.
Exporting countiries Value (million USD) Importing countries Value (million USD)
Sources: VIRAC, United Nation Trade statistics
Global quantity and turnover of beer export, 2010–2017
Sources: VIRAC, United Nations Trade Statistics
Top largest export and import value countries in 2018
2. Global Market
2.1. Beer
Europe is currently one of the regions contributing the most to beer import and export due to its tradition and experience in producing, as well as
possessing a large source of raw materials such as barley and hops, followed by America, Asia and Australia.
The beer market has a clear differentiation in two groups: Multinational enterprises have the advantage of capital, brands, distribution channel and
indigenous producers understand and serve the needs of local customers, direction.
The four largest brewers have occupiedd xxx% total global beer.
29
Market share of top largest beer brand, 2018
Sources: Barth-Haas Group Report
2. Global Market
2.1. Beer
30
Sources: brandirectory.com
Bud Light, Heineken and Budweiser were ranked as the world's most valuable brands by brandirectory.com for 2 consecutive years (2018–2019f).
These are also three long-standing beer lines and still maintain high sales and increase steadily every year in the context of global economic
downturn.
1. Budweiser
RankLogo Brand Enterprise Nation
Brand value (million USD) Brand Rank
2018 2017 2018 2017 2018 2017
10 largest beer brand value 2018-2019f
2. Global Market
2.1. Beer
31
2. Bud Light
3. Heineken
4. Harbin
5. Kirin
6. Corona Extra
2. Global Market
2.1. Beer
32
7. Snow
8. Brahma
9. Skol
10. Guinness
2. Global Market
2.1. Beer
33
After a long period of sharp decline, the area of grape cultivation decreased
sharply in 2018.
Sources: VIRAC, OIV Sources: VIRAC, OIV
Sources: VIRAC, OIV
Wine
Input materials: Grapes
Grape growing area produces wine, 2005–2018e
Unit: thousand ha
Countries 2016 (thousand
ha)
2017 (thousand
ha)
Diference 2017/18
(%)Countries 2017 (thousand ha) 2018 (thousand ha) Difference 2017/18
(%)
Top 5 countries with the largest vineyard area in EU, 2018 Top 5 countries with the largest vineyard area out of EU
2. Global Market
2.2. Spirit
34
Countries Production quantity
In 2018, grape production is estimated at xxx million tons, the highest output in the past 8 years, an increase of xxx% compared to 2017, concentrated
mainly in Europe with xxx%, followed by Chau. Asia with xxx%, America xxx%.
Sources: VIRAC, OIV
General grape production in 2010 – 2018
Million ton
Sources: VIRAC, OIV
Total grapes production by country in 2018
2. Global Market
2.2. Spirit
35
Sources: VIRAC, OIV
Hudred million litre
Sources: VIRAC, OIV
Sources: VIRAC, OIV
Global wine production and consumption, 2005–2018e
Top 5 largest wine producing countries, 2017–2018
Wine production has many significant changes while consumption
demand was kept stable in the period 2005-2018.
Market share of 5 largest wine producing countries 2018e
Italy, France and Spain wine production also increased significantly compared
to 2017, corresponding to xxx billion liters, xxx billion liters and xxx billion
liters. The highest growth rate is Spain with more than xxx% of Wine
production compared to 2017.
Country2017
(billion litre)
2018
(billion litre)
Difference
2017/18
2. Global Market
2.2. Spirit
36
Sources: VIRAC, OIV
Sources: VIRAC, OIV
Market share of 5 largest wine consuming countries, 2018 Top largest wine consuming countries, 2017- 2018
Coutry 2017 (billion litre)2018 (billion
litre)Difference 2017/18
2. Global Market
2.2. Spirit
Wine exports are in an upward trend in both value and output with major European exporters.
In 2018, export reaches xxx billion liter, worth xxx billion EUR. Spain, France, Italy, and Chile ranked first in terms of output and export value due to
favorable weather for cultivating specific grape varieties and a long tradition of wine production.
37
Sources: VIRAC. OIV, GTASources: VIRAC, OIV
Country
Export Quantity
(billion litre)
Export Value
(billion EUR)
2017 2018 2017 2018
Top largest wine exporting countries, 2017 - 2018Wine export quantity and value 2000–2018e
2. Global Market
2.2. Spirit
38
Sources: VIRAC. OIV, GTA
Countries
Import Quantity
(billion litre)
Import Value
(billion EUR)
2017 2018 2017 2018
Top largest wine importing countries, 2017 - 2018The 5 largest wine importers in the world, accounting for more than xxx% of
the total global wine production with xxx billion liters worth xxx billion Euro.
2. Global Market
2.2. Spirit
Strong spirit
• Brandy:
• Whiskey:
• Vodka
39
2. Global Market
2.2. Spirit
• Rhum:
• Tequila
40
Sources: VIRAC, UNcomtradeSources: VIRAC, Uncomtrade, Trademap
%
Strong spirit consumption, 2017-2023f Top largest strong spirit importing countries2018
Demand for Spirits is increasing in the world with export value also increasing slightly.
In 2018, the consumption of strong spirit was estimated at xxx billion litres, an increase of xxx billion litres compared to 2017
Billion litre
2. Global Market
2.2. Spirit
41
Rank Change TypeTotal
point
Total
brand
point
Number of
brands in
the top 10
The most popular wines in the world 2016
Source: VIRAC, drinkspowerbrands.com
Rank Type Brand point Change
The most famous wine brands in the world 2016
Source : VIRAC, drinkspowerbrands.com
2. Global Market
2.2. Spirit
Soft Drink (non alcohol beverage)
The Beverage market is still in a strong growth period, with an estimated
average growth rate of beverage consumption reaching xxx%. In 2017,
the global consumption of soft drinks reached xxx billion liters.
Estimated beverage revenue in 2017 reached more than xxx billion USD.
Beverage export value has decreased steadily over the years, the output
has changed slightly in the period of 2010 - 2015, but increased sharply
in 2016-2017.
42
2. Global Market
2.3. Soft drink
Giá trị và sản lượng xuất khẩu nước giải khát giai đoạn 2010-2017e
Sources: VIRAC, Uncomtrade
Sources: VIRAC, Euromonitor
Million USDThousand ton
Billion litre
Global soft drink consumption through off-trade channel, 2012 - 2017
43
Sources: brandfinance
Sources: VIRAC, Euromonitor
Bottled water is the most consumed in the world, accounting for xxx% of
global beverage consumption in 2017.
Top 10 valuable Soft Drink Brand2017–2018
RankLogo Brand Enterprise
Brand Value (million USD)Change
17/18 (%)Brand rank
2017 2018 2017 2018
Beverage consumption structure by volume, 2017
2. Global Market
2.3. Soft drink
44
Soda Energy drink Juice Bottled water
Sources: VIRAC, Bloomberg Intelligent, VBA
Coca-Cola and Pepsico still maintain their top position in the Beverage industry, contributing xxx% of the largest value brand globally. With the brand
value estimated to be xxx billion USD, although reducing by xxx% compared to 2017, Coca-Cola is still the most expensive brand globally, leading
Pepsico xxx billion USD.
In 2016, Coca-Cola and Pepsico took the largest market share in carbonated soft drinks, followed by energy drinks.
2. Global Market
2.3. Soft drink
Nội dung
2. Tổng quan ngành
2.1 Thị trường thế giới
2.2 Thị trường Việt Nam
2.3 Rủi ro ngành
2.4 Quy hoạch phát triển ngành
2.5 Triển vọng và dự báo
45
3. VIETNAM MARKET
Beverage production and consumption in the first 6 months of 2018 increased by xxx% compared to the same period last year. In particular, production
reached xxx billion liters, consumption reached xxx billion liters. However, industry revenue increased by xxx% over the same period.
46
3. Vietnam Market
Domestic beverage import-export, 2010-H1/2019
Sources: VIRAC, UN Comtrade
Domestic beverage production and consumption, 2010-H1/2019
Sources: VIRAC, GSO
The Beverage industry has a large scale, high growth rate, high growth potential. Production is gradually meeting demand and increasing exports,
contributing to reducing trade deficit.
Billion litre Billion VND Billion litre
Source: VIRAC synthesized
Agriculture – Malt
Making beer:
Packing:
Agent – Customer:
47
3. Vietnam Market
3.1. Beer – Value chain
2011 2012 2013 2014 2015 2016 2017e
Sources: VIRAC, United Nations Trade Statistics
48
Sources: VIRAC, United Nations Trade StatisticsSources: VIRAC, United Nations Trade Statistics
The supply of malt for domestic
brewers is mainly imported from
Australia, accounting for xxx% of the
total volume of malt exported to
Vietnam.
Input materials of Beer industry depend on imports, mainly malt
Malt and Hops Imports 2010-2017
Vietnam malt import quantity, 2011-2017 The main malt export areas for Vietnam, 2017e
3. Vietnam Market
3.1. Beer – Input Material
49
Sources: VIRAC, United Nations Trade Statistics
In 2017, imports of Hops from Germany accounted for more than xxx%, followed by Slovenia with nearly xxx% followed by Czech with xxx%. In
addition, Hoa Bia is also imported in small quantities from the US and some other countries due to its low price and relatively stable supply.
Thousand kg
Sources: VIRAC, United Nations Trade Statistics
Vietnam Hops Import, 2010 -2017e The structure of hops supply for Vietnam 2017Hops only need a small amount in
production and decide on the
bitterness, taste, and foam quality
of Beer.
3. Vietnam Market
3.1. Beer – Input Material
50
Vietnam has always been one of the largest beer markets in the world. Specifically, in the first 6 months of 2019, total beer production reached xxx billion
liters (up xxx% compared to the same period in 2018); consumption reached xxx billion liters (an increase of xxx% over the same period last year). Beer
sales reached more than xxx billion (an increase of xxx% over the same period last year).
Revenue structure of Beer industry, H1/2019Domestic beer production and consumption 2010 – H1/2019
Sources: VIRAC, GSO Sources: VIRAC, GSO
Billion VNDBillion litre
3. Vietnam Market
3.1. Beer – Production – Consumption
Beer market has a clear concentration with more than xxx% of domestic market value belonging to large corporations and corporations such as Habeco,
Sabeco, Heineken, Tiger, Carlsberg.
Thanks to the rapidly growing beer consumption in Vietnam, foreign businesses are constantly investing in expanding production.
51
Sources: VIRAC, Euromonitor Sources: VIRAC, Euromonitor
Domestic market share of enterprises, 2017 Top Vietnam beer brand, 2017
3. Vietnam Market
3.1. Beer – Production – Consumption
52
In the first 6 months of 2019, beer inventory is about xxx billion liters, an increase of xxx% compared to the end of 2018. The main reasons are:
Inventories of bottled and bottled beer are xxx% and xxx% respectively;
Sources: VIRAC, GSO
Beer industry inventory 2011 – H1/2019
Tỷ lít
Sources: VIRAC, GSO
Structure of beer industry inventory, H1/2019
3. Vietnam Market
3.1. Beer – Inventory
53
Company Main brand Market share in
2017
Profile of company
3. Vietnam Market
3.1. Beer – Competitive in the industry
54
Sources: VIRAC, GDVC
Million USD
Sources: VIRAC, United Nations Trade Statistics, GDVC
Beer import quantity and value 2010 – H1/2019
Vietnam Import proportion of beer by country, H1/2019
• In the first 6 months of 2019, imported beer reached xxx million
liters worth xxx million USD (growth of xxx% over the same
period).
Million litre
In the first 6 months of 2019, the three main sources of beer supply in
Vietnam are the Netherlands (xxx%), Mexico (xxx%) and Belgium
(xxx%).
3. Vietnam Market
3.1. Beer – Import – Export
55
• Vietnamese beer is gradually entering the world market,
• In the first half of 2019, the export beer output increased over the
previous year to xxx million liters worth xxx million USD.
•
Sources: VIRAC, GDVC
Million USD
Sources: VIRAC, United Nations Trade Statistics, GDVC
Vietnam beer export – H1/2019
Largest Vietnam beer consumption market H1/2019eEquatorial Guinea is the largest market for Vietnamese beer. While Mexico
and the Netherlands are the two biggest beer suppliers to Vietnam.
Million litre
3. Vietnam Market
3.1. Beer – Import – Export
56
Proportion of 10 largest beer exporter in Vietnam, H1/2019e Proportion of 10 largest Vietnam Beer importers, H1/2019e
Sources: VIRAC, GDVC
Top biggest beer importer in Vietnam, H1/2019e Top biggest beer exporter in Vietnam, H1/2019e
Sources: VIRAC, GDVCSources: VIRAC, GDVC
Sources: VIRAC, GDVC
3. Vietnam Market
3.1. Beer – Import – Export
57
Currently, beer is being distributed into two main channels:
• On-trade: consumers use the product right at the point of sale is a restaurant, hotel,
beer pub ...
• Off-trade: customers buy products from supermarkets, grocery stores ... and consume
them at another location.
In terms of price control, there are two ways manufacturers can control distributors'
selling prices:
Sources: VIRAC, Euromonitor
Sources: VIRAC, Euromonitor
The proportion of beer consumption through
distribution channels,2011 - 2016
Beer price structure to consumers 2018
3. Vietnam Market
3.1. Beer – Distribution System
Sources: VIRAC synthesized
Fermentation process:
Pressing, filtering and smoothing process:
Annealing Process:
Method of mixing:
Process of extracting grape juice:
58
Wine
Agriculture – Grapes:
3. Vietnam Market
3.2. Spirit – Value chain
Fermentation:
Strong Spirit
Distillation:.
Alcohol brewing stage:
Mixing phase :
59
Bottling process:
Agents - Consumers:
Sources: VIRAC synthesized
3. Vietnam Market
3.2. Spirit – Value chain
60
Rice and some other grains
Grapes
3. Vietnam Market
3.2. Spirit – Input Material
61
3. Vietnam Market
3.2. Spirit – Input Material
62
Domestic Spirit Production 2010 – H1/2019e
Sources: VIRAC, GDVC
Domestic Spirit Revenue 2010 – H1/2019e
Sources: VIRAC, GDVC
Vietnam's wine industry is facing many difficulties in production and consumption of products. The first 6 months of 2019:
The wine industry produced xxx million liters (up xxx%); consumption reached xxx million liters (an increase of xxx%); sales reached xxx billion (up
xxx%) of which:
• Production of hard alcohol reached xxx million liters (up xxx%); consumption reached xxx million liters (an increase of xxx%);
• Wine production reached xxx million liters (up xxx%); Consumption reached xxx million liters (an increase of xxx%).
Million litre Million litre Billion VND
3. Vietnam Market
3.2. Spirit – Production – Consumption
63
Spirit Inventory, 2012 – H1/2019
Sources: VIRAC, GSO
Million litre
The increase in industrial wine stocks is due to difficulties in product consumption. Currently, the alcohol industry is still in stock about xxx million liters,
including xxx million liters of wine and xxx million liters of spirits; increase xxx% over the same period.
3. Vietnam Market
3.2. Spirit – Inventory
64
Sources: VIRAC Sources: VIRAC
Market share of consumption volume of wine production enterprises
2017Market share of wine brand by output, 2017
The domestic wine market is clearly fragmented, however, Thang Long Wine still holds a significant market share. In addition, domestic enterprises can
only produce low-priced and popular wines.
3. Vietnam Market
3.2. Spirit – Competition in the industry
65
In the market of spirits, Halico is the business with the largest market share with two leading brands: Hanoi Vodka and Hanoi New Rice.
Hanoi Liquor Joint Stock Company (Halico) led the spirits market in 2017, accounting for xxx% of total market consumption, most of which comes
from White Wine. Halico has a long-standing brand name of over 100 years and owns the most modern equipment and production line system in
Vietnam.
Sources: VIRAC Sources: VIRAC
Market share of consumption volume of the spirits producers, 2017 Market share of consumption volume of brands of Spirits, 2017
3. Vietnam Market
3.2. Spirit – Competition in the industry
66
Sources: VIRAC, UNComtrade, GDVC
Million litre Million USD
Vietnam Wine Import, 2010-H1/2019
Imported wine in 2018 into Vietnam, reaching xxx million liters (up xxx%), worth xxx million USD (up xxx% over the same period).
Wine import by coutries, H1/2019
Sources: VIRAC, UNComtrade, GDVC
• In the first half of 2019, Vietnam's imported wine output reached xxx million liters, worth xxx million USD (an increase of xxx% over the same
period).
CountryMarket
share
Change over
H1/2018
3. Vietnam Market
3.2. Spirit – Import – Export
67
Mllion litre Million USD
Vietnam wine export, 2010-H1/2019Resources
Export of finished products
In the first 6 months of 2019, Vietnam exported more than xxx
million liters of wine worth US $ xx million (an increase of more than
xxx% over the same period).
Vietnam wine export, H1/2019
Sources: VIRAC, UNComtrade
Sources: VIRAC, UNComtrade
CoutryMarket
share
Change over
2017
3. Vietnam Market
3.2. Spirit – Import – Export
68
Sources: VIRAC, GDVC
Top 10 largest wine export enterprises in Vietnam H1/2019e Top 10 largest wine import enterprises in Vietnam H1/2019e
Top 10 largest wine export enterprises for Vietnam H1/2019e Top 10 largest Vietnam wine import enterprises H1/2019e
Sources: VIRAC, GDVC
Sources: VIRAC, GDVCSources: VIRAC, GDVC
3. Vietnam Market
3.2. Spirit – Import – Export
69
Sources: VIRAC, UNComtrade, GDVC
Million litre Million USD
Vietnam strong spirit import 2010-H1/2019 Strong spirit import by country, H1/2019
Sources: VIRAC, UNComtrade, GDVC
• Imported spirits into Vietnam in the first 6 months of 2019: xxx million
liters and $ xxx million. Although the volume of imported spirits into
Vietnam has decreased by about xxx% compared to the previous year, the
Vietnamese market is still very attractive.
Sources: VIRAC, UNComtrade, GDVC
Strong spirit import by commodity, H1/2019
3. Vietnam Market
3.2. Spirit – Import – Export
70
Sources: VIRAC, UNComtrade, GDVC
Million litre Million USD
Vietnam strong spirit export, 2010-H1/2019 Strong spirit export by country, H1/2019
Sources: VIRAC, UNComtrade, GDVC
• Vietnam's strong liquor export in the first 6 months of 2019 reached: xxx
million liters and worth xxx million USD.
Sources: VIRAC, UNComtrade, GDVC
Strong spirit export by commodity, H1/2019
3. Vietnam Market
3.2. Spirit – Import – Export
71
Sources: VIRAC, GDVC
Proportion of 10 biggest Strong-spirit importers of Vietnam
H1/2019e
Proportion of 10 biggest Strong-spirit exporters of Vietnam H1/2019e
Top 10 Vietnam strong spirit importer H1/2019eTop 10 strong-spirit exporter for Vietnam H1/2019e
Sources: VIRAC, GDVC
Sources: VIRAC, GDVCSources: VIRAC, GDVC
3. Vietnam Market
3.2. Spirit – Import – Export
Sources: VIRAC synthesized
Purified water/mineral water
Soda Synthetic syrup - Country of manufacture:
Soft drink:
72
Sources: VIRAC synthesized
3. Vietnam Market
3.3. Soft drink – Value chain
Juice
Soda:
Filling - capping:
Heat treatment:
Bottling - Agents - Consumers:
Agriculture - Fruit:
Press - Raw Filter - Fruit juice - Clear - Refine:
Mixing:
Pouring box:
Agents - Consumers:
73
Sources: VIRAC synthesized
3. Vietnam Market
3.3. Soft drink – Value chain
Sugar
Mineral water
Green tea leaves
74
3. Vietnam Market
3.3. Soft drink – Input Material
Fruits
In 2017, Vietnam spent $ xxx million on importing fruits and vegetables from many countries around the world, up more than xxx% over the same period
of 2016.
Spice
75
3. Vietnam Market
3.3. Soft drink – Input Material
76
Domestic production and consumption, 2010-H1/2019
Billion litre Thousand billion VND
Sources: VIRAC, GSO
Consumption structure of Soft Drink (by volume) H1/2019
Sources: VIRAC, GSO
In the first 6 months of 2019, beverage production in Vietnam reached xxx billion liters (up 40% compared to H1 / 2018), consumption reached xxx
billion liters (up xxx% compared to H1 / 2018) worth xxx trillion VND (increased by xxx% over the same period last year). Reasons are:
3. Vietnam Market
3.3. Soft drink – Production – Consumption
77
Billion lite
Sources: VIRAC, GSO
Inventory structure according to the stage product line H1/2019Soft drink inventory volume 2010 – H1/2019
Sources: VIRAC, GSO
Inventory of Beverage industry is high compared to Beer and Wine, increasing strongly in the period of 2015-2018.
3. Vietnam Market
3.3. Soft drink – Inventory
78
Sources: VIRAC, Euromonitor Sources: VIRAC, Euromonitor
Market Share of Vietnam enterprises, 2017 Market share of Vietnam soft drink commodity, 2017
In 2017, Suntory Pepsico Vietnam still led the market (accounting for xxx%), due to owning a series of popular brands in the country such as Pepsi, 7-
up, Twister, Mirinda ...
3. Vietnam Market
3.3. Soft drink – Competition in the industry
79
In the first half of 2019, total beverage exports reached xxx million liters (down xxx% compared to the same period, imports reached xxx million liters
(increase xxx% over the same period).
Sources: VIRAC, United Nations Trade Statistics, GDVC
Billion litre
Soft drink Import-export, 2010 – H1/2019
Imports increased more strongly than exports but production and export value were lower than imports.
3. Vietnam Market
3.3. Soft drink – Import – Export
80
Sources: VIRAC, UNComtrade, GDVC
Billion litre Million USD
Vietnam juice import, 2010-H1/2019 Juice import by country, H1/2019
Sources: VIRAC, UNComtrade, GDVC
Vietnam's fruit juice import in the first 6 months of 2019 is estimated at xxx million liters and worth xxx million USD (up xxx% over the same period).
Factors that help boost fruit juice import growth:
3. Vietnam Market
3.3. Soft drink – Import – Export
81
Sources: VIRAC, UNComtrade, GDVC
Billion litre MillionUSD
Vietnam juice export, 2010-H1/2019 Juice export by country, H1/2018
Sources: VIRAC, UNComtrade, GDVC
Export material
In the first 6 months of 2019, Vietnam's fruit juice export is estimated at xxx million liters and worth xxx million USD. Vietnamese products are well
received from all over the world, especially in Europe.
3. Vietnam Market
3.3. Soft drink – Import – Export
82
Sources: VIRAC, GDVC
Proportion of 10 largest juice export companies in Vietnam, H1/2019e
Top 10 largest juice exporter for Vietnam, H1/2019e
Proportion of 10 largest juice import companies in Vietnam, H1/2019e
Sources: VIRAC, GDVC
Sources: VIRAC, GDVC
Sources: VIRAC, GDVC
Top 10 largest Vietnam juice impoter, H1/2019e
3. Vietnam Market
3.3. Soft drink – Import – Export
83
Sources: VIRAC, UNComtrade, GDVC
Million litre Million USD
Vietnam soda import volume, 2010-H1/2019 Soda import volume by country, H1/2019
Sources: VIRAC, UNComtrade, GDVC
Vietnam's fresh water import in the first 6 months of 2019 reached xxx million liters and was worth xxx million USD. Similar to other beverage
products, foreign soft drinks are very popular in Vietnam market.
3. Vietnam Market
3.3. Soft drink – Import – Export
84
Sources: VIRAC, UNComtrade, GDVC
Vietnam soda export volume, 2010-H1/2019 Soda export by country, H1/2019e
Sources: VIRAC, UNComtrade, GDVC
3. Vietnam Market
3.3. Soft drink – Import – Export
Million litre Million USD
85
Sources: VIRAC, GDVC
Proportion of 10 largest soda importers in Vietnam, H1/2019e Proportion of 10 largest soda exporters in Vietnam, H1/2019e
Top largest soda exporter for Vietnam, H1/2019e Top largest Vietnam soda importer, H1/2019e
Sources: VIRAC, GDVC
Sources: VIRAC, GDVCSources: VIRAC, GDVC
3. Vietnam Market
3.3. Soft drink – Import – Export
3. Vietnam Market
3.4. Risk Analysis – SWOT Analysis
Strength: Weakness:
Opportunity: Threaten:
86
0
1
2
3
4
5
Sources: VIRAC synthesized
-1
1
3
5 Customer power
87
Sources: VIRAC synthesized
3. Vietnam Market
3.4. Risk Analysis – Five-forces Analysis
0
1
2
3
4
5
0
1
2
3
4
5
Sources: VIRAC synthesized
88
Supplier power
Potential Competitors Sources: VIRAC synthesized
3. Vietnam Market
3.4. Risk Analysis – Five-forces Analysis
0
1
2
3
4
5
0
1
2
3
4
5
89
Substitutes Risk
Competitor in the industry
Sources: VIRAC synthesized
Sources: VIRAC synthesized
3. Vietnam Market
3.4. Risk Analysis – Five-forces Analysis
90
3.1 Production Risk
• Input Material Risk:
• Risk of food hygiene and safety :
3. Vietnam Market
3.4. Risk Analysis – Business Risk
91
• Policy risks related to production:
• Risk related to Supply Chain:
• Policy risks related to consumption:
3. Vietnam Market
3.4. Risk Analysis – Business Risk
• Competitive Risk:
• Risks of changing consumer taste:
92
3. Vietnam Market
3.4. Risk Analysis – Business Risk
93
• Traditional Risk:
• M&A Risk:
3. Vietnam Market
3.4. Risk Analysis – Business Risk
Development Goal: Beer Spirit Soft Drink
Product Planning:
Region
Production capacity by
region (million litre)
Investment
Capital 2011 –
2015 (billion
VND)2015 2025
Planning production areas and
investment capital
Source: VIRAC
Source: VIRAC
94
3. Vietnam Market
3.5. Industrial Development Planning
About population:
• Large population, fast growth rate:
• Gold population structure:
• High urbanization rate:
About income:
• Income increased rapidly, middle class increased rapidly:
• Spending increased the most in Asia:
• Economic signs of recovery:
About lifestyle and consumption habits:
• The style of eating and playing changes in the direction of Westernization:
95
3. Vietnam Market
3.6. Outlook and Forecast – Development Motives
• Quality and health are on top priority:
• On the positive impact of FTAs
Other factors
• Policies to create conditions for tourism development:
• The retail market has been and will continue to thrive::
96
3. Vietnam Market
3.6. Outlook and Forecast – Development Motives
Sources: VIRAC, VBA
97
Subsector
Forecast of output
Average growth rate (%)
2019f 2020f
Beer is still the leader in consumption value due to the boom in the period of 2010-2014, but with too many competitors in the market, the price will
fall under the tax reduction effect of FTAs (CPTPP, EVFTA, ...). ) the market appears to show signs of saturation with an average growth rate slowing
down compared to the previous period. Next is Beverage, ranked second in terms of consumption value but has the highest growth rate of the
Beverage industry and higher than the period 2010-2014, reaching xxx%.
Forecast of consumption value of sub-sectors (including domestic and imported products), 2018-2020
3. Vietnam Market
3.6. Outlook and Forecast – Forecast
98
Sources: VIRAC, BMI Sources: VIRAC, BMI
Forecast Vietnam beer consumption 2018f-2022f Forecast Vietnam Spirit consumption 2018f-2022f
Million litreBillion litre
3. Vietnam Market
3.6. Outlook and Forecast – Forecast
99
Sources: VIRAC, BMI
Focast Vietnam soft drink consumption 2018f-2022fTrillion VND
3. Vietnam Market
3.6. Outlook and Forecast – Forecast
100
Development trends of related industries
• Tourism Industry:
3. Vietnam Market
3.6. Outlook and Forecast – Forecast
101
3. Vietnam Market
3.6. Outlook and Forecast – Forecast
Retail Industry:
11/1/2011 11/1/2012 11/1/2014 11/1/2015
Market access process with 100% capital of FDI enterprises
Source: VIRAC
Thus, from January 2015, foreign retailers will be allowed to establish 100% foreign-owned enterprises in Vietnam. However, in the past 2 years, Vietnam has been
considered as one of the potential markets with strong attraction for many foreign corporations.
102
3. Vietnam Market
3.6. Outlook and Forecast – Forecast
No. FDI CompanyTotal Investment
CapitalPlan/Operation
Source: VIRAC
The project and retail sector plan of FDI enterprises have been implemented in Vietnam
103
3. Vietnam Market
3.6. Outlook and Forecast – Forecast
Nội dung
2. Tổng quan ngành
2.1 Thị trường thế giới
2.2 Thị trường Việt Nam
2.3 Rủi ro ngành
2.4 Quy hoạch phát triển ngành
2.5 Triển vọng và dự báo
104
4. ENTERPRISE ANALYSIS
3. Enterprises analysis
Top typical enterprises in beverage industry in 2018
No. Enterprise Revenue (billion VND)Equity
(billion VND)
Proportion of state
ownership
Total Asset
(billion VND)
Top 10 typical enterprises in beverage industry in 2018
Source: VIRAC
105
106
Beer sector
Billion VND
Sources: VIRAC synthesized
Revenue of enterprises in 2017 - 2018
4. Enterprise Analysis
4.1. Profitability
107
Strong spirit sector
4. Enterprise Analysis
4.1. Profitability
108
Wine sector
Soft drink sector
4. Enterprise Analysis
4.1. Profitability
109
4. Enterprise Analysis
4.1. Profitability
110
Enterprise management cost / net revenue, 2017-2018
Sources: VIRAC synthesized
4. Enterprise Analysis
4.1. Profitability
111
TBN
Sales Cost/Net Revenue, 2017-2018
Sources: VIRAC synthesized
4. Enterprise Analysis
4.1. Profitability
112
Number of receivable days of enterprises 2018 Inventory turnover of enterprises 2018
Unit: day Unit: day
Beer producers manage their debt well and inventory is better than other businesses in the industry.
Sources: VIRAC synthesized Sources: VIRAC synthesized
4. Enterprise Analysis
4.2. Operability
113
In terms of asset utilization in general, businesses are more prominent in using total assets such as SAB, VBL, VDL and SDC.
Using assets performance of Beverage enterprises 2018
Unit: time
Sources: VIRAC synthesized
4. Enterprise Analysis
4.2. Operability
114
Tan Hiep Phat has a high debt/equity ratio as well as debt/total assets compared to other businesses in the industry.
Repayment ability of Beverage enterprises 2018
Sources: VIRAC synthesized
4. Enterprises Analysis
4.3. Financial Strength
115
Solvency of Beverage enterprises 2018
Sources: VIRAC synthesized
4. Enterprises Analysis
4.3. Financial Strength
116
Profit Margin 2017-2018
Sources: VIRAC synthesized
4. Enterprise Analysis
4.4. Profit Margin
CONTENT
117
5 Financial Statement Appendix
BALANCE SHEET
Unit: VND 2017 2018
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivable from customer
IV. Inventory
B. LONG-TERM ASSETS
I. Long-term receivables
1. Long-term receivable from customer
II. Fixed Assets
1. Tangible Assets
2. Intangible Assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term liabilities
II. Long-term liabilities
B. OWNER’S EQUITY
EQUITY
1
REPORT ON BUSINESS RESULTS
Unit: VND 2017 2018
Net revenue from sales and services
Costs of goods sold
Gross revenues from sales and services
Financial income
Financial cost
Cost of sales
Enterprise administration expenses
Net profits from operating activities
Net profits from business activities
Total net profit before tax
Profits after enterprise income tax
Profit after tax of parent company
Total net profit after tax
5. Financial Statement Appendix
Financial statement–Saigon Beer-Alcohol-Beverage Joint Stock Corporation
Source: VIRAC
BALANCE SHEET
Unit: VND 2017 2018
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivable from customer
IV. Inventory
B. LONG-TERM ASSETS
I. Long-term receivables
1. Long-term receivable from customer
II. Fixed Assets
1. Tangible Assets
2. Intangible Assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term liabilities
II. Long-term liabilities
B. OWNER’S EQUITY
EQUITY
1
REPORT ON BUSINESS RESULTS
Unit: VND 2017 2018
Net revenue from sales and services
Costs of goods sold
Gross revenues from sales and services
Financial income
Financial cost
Cost of sales
Enterprise administration expenses
Net profits from operating activities
Net profits from business activities
Total net profit before tax
Profits after enterprise income tax
Profit after tax of parent company
Total net profit after tax
5. Financial Statement Appendix
Financial statement–Vietnam Brewery Limited Company
Source: VIRAC
BALANCE SHEET
Unit: VND 2017 2018
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivable from customer
IV. Inventory
B. LONG-TERM ASSETS
I. Long-term receivables
1. Long-term receivable from customer
II. Fixed Assets
1. Tangible Assets
2. Intangible Assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term liabilities
II. Long-term liabilities
B. OWNER’S EQUITY
EQUITY
1
REPORT ON BUSINESS RESULTS
Unit: VND 2017 2018
Net revenue from sales and services
Costs of goods sold
Gross revenues from sales and services
Financial income
Financial cost
Cost of sales
Enterprise administration expenses
Net profits from operating activities
Net profits from business activities
Total net profit before tax
Profits after enterprise income tax
Profit after tax of parent company
Total net profit after tax
5. Financial Statement Appendix
Financial statement–Hanoi Beer Alcohol and Beverage Joint Stock Corp.
Source: VIRAC
BALANCE SHEET
Unit: VND 2017 2018
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivable from customer
IV. Inventory
B. LONG-TERM ASSETS
I. Long-term receivables
1. Long-term receivable from customer
II. Fixed Assets
1. Tangible Assets
2. Intangible Assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term liabilities
II. Long-term liabilities
B. OWNER’S EQUITY
EQUITY
1
REPORT ON BUSINESS RESULTS
Unit: VND 2017 2018
Net revenue from sales and services
Costs of goods sold
Gross revenues from sales and services
Financial income
Financial cost
Cost of sales
Enterprise administration expenses
Net profits from operating activities
Net profits from business activities
Total net profit before tax
Profits after enterprise income tax
Profit after tax of parent company
Total net profit after tax
5. Financial Statement Appendix
Financial statement–Ha Noi Liquor Joint Stock Company
Source: VIRAC
BALANCE SHEET
Unit: VND 2017 2018
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivable from customer
IV. Inventory
B. LONG-TERM ASSETS
I. Long-term receivables
1. Long-term receivable from customer
II. Fixed Assets
1. Tangible Assets
2. Intangible Assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term liabilities
II. Long-term liabilities
B. OWNER’S EQUITY
EQUITY
1
REPORT ON BUSINESS RESULTS
Unit: VND 2017 2018
Net revenue from sales and services
Costs of goods sold
Gross revenues from sales and services
Financial income
Financial cost
Cost of sales
Enterprise administration expenses
Net profits from operating activities
Net profits from business activities
Total net profit before tax
Profits after enterprise income tax
Profit after tax of parent company
Total net profit after tax
5. Financial Statement Appendix
Financial statement–Binh Tay Liquor Joint Stock Company
Source: VIRAC
BALANCE SHEET
Unit: VND 2017 2018
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivable from customer
IV. Inventory
B. LONG-TERM ASSETS
I. Long-term receivables
1. Long-term receivable from customer
II. Fixed Assets
1. Tangible Assets
2. Intangible Assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term liabilities
II. Long-term liabilities
B. OWNER’S EQUITY
EQUITY
1
REPORT ON BUSINESS RESULTS
Unit: VND 2017 2018
Net revenue from sales and services
Costs of goods sold
Gross revenues from sales and services
Financial income
Financial cost
Cost of sales
Enterprise administration expenses
Net profits from operating activities
Net profits from business activities
Total net profit before tax
Profits after enterprise income tax
Profit after tax of parent company
Total net profit after tax
5. Financial Statement Appendix
Financial statement–MTV Lam Dong Food Limited Company
Source: VIRAC
BALANCE SHEET
Unit: VND 2017 2018
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivable from customer
IV. Inventory
B. LONG-TERM ASSETS
I. Long-term receivables
1. Long-term receivable from customer
II. Fixed Assets
1. Tangible Assets
2. Intangible Assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term liabilities
II. Long-term liabilities
B. OWNER’S EQUITY
EQUITY
1
REPORT ON BUSINESS RESULTS
Unit: VND 2017 2018
Net revenue from sales and services
Costs of goods sold
Gross revenues from sales and services
Financial income
Financial cost
Cost of sales
Enterprise administration expenses
Net profits from operating activities
Net profits from business activities
Total net profit before tax
Profits after enterprise income tax
Profit after tax of parent company
Total net profit after tax
5. Financial Statement Appendix
Financial statement–Thang Long Wine Joint Stock Copany
Source: VIRAC
BALANCE SHEET
Unit: VND 2017 2018
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivable from customer
IV. Inventory
B. LONG-TERM ASSETS
I. Long-term receivables
1. Long-term receivable from customer
II. Fixed Assets
1. Tangible Assets
2. Intangible Assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term liabilities
II. Long-term liabilities
B. OWNER’S EQUITY
EQUITY
1
REPORT ON BUSINESS RESULTS
Unit: VND 2017 2018
Net revenue from sales and services
Costs of goods sold
Gross revenues from sales and services
Financial income
Financial cost
Cost of sales
Enterprise administration expenses
Net profits from operating activities
Net profits from business activities
Total net profit before tax
Profits after enterprise income tax
Profit after tax of parent company
Total net profit after tax
5. Financial Statement Appendix
Financial statement–Tan Hiep Phat Corporation
Source: VIRAC
BALANCE SHEET
Unit: VND 2017 2018
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivable from customer
IV. Inventory
B. LONG-TERM ASSETS
I. Long-term receivables
1. Long-term receivable from customer
II. Fixed Assets
1. Tangible Assets
2. Intangible Assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term liabilities
II. Long-term liabilities
B. OWNER’S EQUITY
EQUITY
1
REPORT ON BUSINESS RESULTS
Unit: VND 2017 2018
Net revenue from sales and services
Costs of goods sold
Gross revenues from sales and services
Financial income
Financial cost
Cost of sales
Enterprise administration expenses
Net profits from operating activities
Net profits from business activities
Total net profit before tax
Profits after enterprise income tax
Profit after tax of parent company
Total net profit after tax
5. Financial Statement Appendix
Financial statement–URC Vietnam Limited Company
Source: VIRAC
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128