VIETNAM BEVERAGE INDUSTRY RESEARCH REPORT Q3/2019€¦ · VIETNAM BEVERAGE INDUSTRY RESEARCH REPORT...

VIETNAM BEVERAGE INDUSTRY RESEARCH REPORT Q3/2019

1

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CONTENT

3.3 Soft Drink 45

3.4 Industrial Development Planning 56

3.5 Industry Outlook 57

4 Enterprise analysis 59

4.1 Profitability 61

4.2 Operability 67

4.3 Financial Strength 69

4.4 Profit Margin 71

2

Abbreaviation 3

Executive Summary 4

1 Business environment 7

1.1 Macroeconomic context 8

1.2 Legal Framework 11

2. Global Market 16

2.1 Beer 17

2.2 Spirit 18

2.3 Soft Drink 22

3 Vietnam Market 24

3.1 Beer 26

3.2 Spirit 34

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



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



• 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


1.2. 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:



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



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



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



Nội dung




2.3 Rủi ro ngành



16

2. GLOBAL MARKET

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

17

RegionProduction

(billion litre)

Growth rate 2016–

2017

(%)

Market

Share

(%)

Billion Litre


Quantity and growth rate of beer production in 7 regions 2017e Global beer production and consumption, 2010–2017e

2. Global Market

2.1. Beer

18

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.

19

Market share of top largest beer brand, 2018

Sources: Barth-Haas Group Report

2. Global Market

2.1. Beer

Strong spirit

• Brandy:

• Whiskey:

• Vodka

20

2. Global Market

2.2. Spirit

• Rhum:

• Tequila

21

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

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.

22

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

23

Sources: brandfinance


Bottled water is the most consumed in the world, accounting for xxx% of

global beverage consumption in 2017.

Beverage consumption structure by volume, 2017

2. Global Market

2.3. Soft drink

Nội dung




2.3 Rủi ro ngành



24

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.

25

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:

26

3. Vietnam Market

3.1. Beer – Value chain

27

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.

28

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

29

Company Main brand Market share in

2017

Profile of company

3. Vietnam Market

3.1. Beer – Competitive in the industry

30

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

31

• 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.

•


Million USD


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


32

Proportion of 10 largest beer exporter in Vietnam, H1/2019e Proportion of 10 largest Vietnam Beer importers, H1/2019e


Top biggest beer importer in Vietnam, H1/2019e Top biggest beer exporter in Vietnam, H1/2019e

Sources: VIRAC, GDVCSources: VIRAC, GDVC


3. Vietnam Market


33

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:



The proportion of beer consumption through

distribution channels,2011 - 2016

Beer price structure to consumers 2018

3. Vietnam Market

3.1. Beer – Distribution System


Fermentation process:

Pressing, filtering and smoothing process:

Annealing Process:

Method of mixing:

Process of extracting grape juice:

34

Wine

Agriculture – Grapes:

3. Vietnam Market

3.2. Spirit – Value chain

Fermentation:

Strong Spirit

Distillation:.

Alcohol brewing stage:

Mixing phase :

35

Bottling process:

Agents - Consumers:


3. Vietnam Market

3.2. Spirit – Value chain

36

Domestic Spirit Production 2010 – H1/2019e


Domestic Spirit Revenue 2010 – H1/2019e


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

37

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

38

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

39

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


• 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

40

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


41


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



3. Vietnam Market


42



Vietnam strong spirit import 2010-H1/2019 Strong spirit import by country, H1/2019


• 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.


Strong spirit import by commodity, H1/2019

3. Vietnam Market


43



Vietnam strong spirit export, 2010-H1/2019 Strong spirit export by country, H1/2019


• Vietnam's strong liquor export in the first 6 months of 2019 reached: xxx

million liters and worth xxx million USD.


Strong spirit export by commodity, H1/2019

3. Vietnam Market


44


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



3. Vietnam Market



Purified water/mineral water

Soda Synthetic syrup - Country of manufacture:

Soft drink:

45


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:

46


3. Vietnam Market

3.3. Soft drink – Value chain

47

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

48

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

49

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).


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

50


Billion litre Million USD

Vietnam juice import, 2010-H1/2019 Juice import by country, H1/2019


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


51


Billion litre MillionUSD

Vietnam juice export, 2010-H1/2019 Juice export by country, H1/2018


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


52


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




Top 10 largest Vietnam juice impoter, H1/2019e

3. Vietnam Market


53



Vietnam soda import volume, 2010-H1/2019 Soda import volume by country, H1/2019


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


54


Vietnam soda export volume, 2010-H1/2019 Soda export by country, H1/2019e


3. Vietnam Market



55


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



3. Vietnam Market


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

56

3. Vietnam Market

3.4. 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:

57

3. Vietnam Market

3.5. Industry Outlook

• 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::

58

3. Vietnam Market

3.5. Industry Outlook

Nội dung




2.3 Rủi ro ngành



59

4. ENTERPRISE ANALYSIS

4. 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

60

61

Beer sector

Billion VND


Revenue of enterprises in 2017 - 2018

4. Enterprise Analysis

4.1. Profitability

62

Strong spirit sector


4.1. Profitability

63

Wine sector

Soft drink sector


4.1. Profitability

64


4.1. Profitability

65

Enterprise management cost / net revenue, 2017-2018



4.1. Profitability

66

TBN

Sales Cost/Net Revenue, 2017-2018



4.1. Profitability

67

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


4.2. Operability

68

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



4.2. Operability

69

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


4. Enterprises Analysis

4.3. Financial Strength

70

Solvency of Beverage enterprises 2018


4. Enterprises Analysis

4.3. Financial Strength

71

Profit Margin 2017-2018



4.4. Profit Margin

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VIETNAM BEVERAGE INDUSTRY RESEARCH REPORT Q3/2019€¦ · VIETNAM BEVERAGE INDUSTRY RESEARCH REPORT...

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