VIETNAM CHEMICAL INDUSTRY REPORT Q1/2018...Fertilizer imports from China have fallen sharply in the...

VIETNAM CHEMICAL INDUSTRY REPORT Q1/2018

TABLE OF CONTENTS

Content Page Content Page

Abbreviations 4 3.2. Definition and classification 25

Summary 5 3.4. Production and consumption 28

1. Business environment 7 3.5. Import Export 31

1.1. Macroeconomic Indicator 8 4. Major sector groups 33

1.2. Legal framework 12 4.1. Fertilizers and nitrogen compounds 33

2. World market 15 4.2. Synthetic rubber and raw plastic resins 46

2.1. Production 16 4.3. Detergents 61

2.2. Consumption 19 4.4. Paint and printing ink 68

3. Vietnam market 22 4.5. Plant protection products 77

3.1. Formation and development history 23 4.6. Basic chemicals 86

2

MỤC LỤC

Nội dung Trang Nội dung Trang

4.7. Synthetic fiber 94

6. Outlooks and forecasts 101

6.1. Development planning of the chemical industry 101

6.2. Outlooks of world chemical industry 108

6.3. Outlooks of Vietnam chemical industry 113

7. Business Analysis 116

7.1. Enterprise introduction 116

7.2. Financial analysis 127

3

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

Summary

• Chemical industry has 8 sub-product categories including:

• Fertilizers and nitrogen compounds:

• Synthetic rubber and raw plastic resins:

• Detergents:

5

• Paint and printing ink

• Plant protection products:

• Basic chemicals:Content is intentionally removed for demo purpose

Summary

• Synthetic fiber:

• Technical machinery system of the chemical industry is largely

medium-sized compared to that of some countries in the region

• Almost all enterprises in the industry are small and medium-sized

and are facing up to fierce competition with multinational

corporations

• Vietnam chemical industry is still in strong development

6

Content is intentionally removed for demo purpose

TABLE OF CONTENTS

1. Business environment

1.1 Macroeconomic situation

1.2 Legal framework

7

9

GDP growth rate by quarter, 2015-2017

Sources: VIRAC, GSO

GDP by current price and GDP per capita, 2013-2017

Sources: VIRAC, GSO

Nội dung được xóa nhằm mục đích demo



Source: VIRAC, GSO

• Consumer price index (CPI) in 2017 had a lot of changes.



9

Monthly CPI fluctuations 2014 - 2017




Source: VIRAC,GDVC

USD Million

USD Billion

Source: VIRAC,GDVC

10

Import and export of commodity, 2006 - 2017

Vietnam's export of crude oil and coal, 2011 -

2017e


• In 2017, the VND / USD exchange rate was quite stable around VND 22,400

Source: VIRAC, SBV Source: VIRAC, SBV



11

VND/USD exchange rate, 2013-2017 VND/CNY exchange rate, 2/2016 - 12/2017


TABLE OF CONTENTS



1.2 Legal framework

12


1.2 Legal framework – 1.2.1 General rules

Groups of policy on the chemical industry

13



1.2 Legal framework – 1.2.1 General rules

Impact evaluation of laws, circulars and decrees on the business activities in the sector.

14


TABLE OF CONTENTS

2. World market

2.1 Production

2.2 Consumption

16

Source: VIRAC, BASF

2. World market

2.1 Production

USD

Billion

Source: VIRAC, BASF

21

World production value of chemicals, 2010 - 2016e Structure of chemical production by region, 2015e


Source: VIRAC, Statista

2. World market

2.1 Production

In 2016, production volume of chemicals in all regions was estimated to

increase,


22

Production structure of chemical products worldwide, 2015

Chemical production growth by region, 2014 – 2020e



2. World market

2.1 Production

23

Forecast for annual production growth in chemical industry by field, 2016 - 2021e


TABLE OF CONTENTS

24

2. World market

2.1 Production

2.2 Consumption

00)

00)

00)

25%

17%

13%

13%

Source: VIRAC, Statista Source: VIRAC, Statista

• In 2015, the whole world witnessed a decline in the global chemical industry;

2. World market

2.2 Consumption

USD Billion

25

Global Chemical Industry's Revenue, 2007 - 2016eSales growth in chemical industry by region,

2015 – 2018F




2. World market

2.2 Consumption

Euro billion

Euro

billion

26

Top 10 most chemicals consuming countries, 2016

Revenue from chemical consumption by region, 2016


3. Vietnam market

3.1 Formation and development history

3.2 Definition and classification

3.3 Production and consumption

3.4 Import Export

TABLE OF CONTENTS

42

Definition

Formation and development history of Vietnam chemical industry

3. Vietnam market


43


3. Vietnam market




3.4 Import Export

TABLE OF CONTENTS

44

Source: VIRAC, GSO

Product group Input materials Main product Customer

3. Vietnam market


45


Sources: VIRAC, GSO

• In 2016, fertilizer and Nitrogen Compounds represent the largest

share of the chemical industry,

46

Fields 2011 2012 2013 2014 2015 2016

Revenue in the fields of chemical industry in Vietnam, 2011 – 2017e

Sources: VIRAC, GSO

Unit: trillion VND

Industry structure by revenue, 2016

3. Vietnam market



3. Vietnam market




3.4 Import Export

TABLE OF CONTENTS

51

Source: VIRAC,GSO

Source: VIRAC, GSO

Enterprise Person

3. Vietnam market


VND billion VND billion

Source: VIRAC,GSO

52

Number of enterprises and labor in chemical industry,2011 - 2016

Revenue and profit of chemical industry, 2010 - 2016 Total investment capital and fixed assets of chemical industry, 2011 - 2016


Source: VIRAC, GSO

Source: VIRAC, GSO

3. Vietnam market


VND trillion

VND trillion

53

Consumption value of chemical industry, 2011 - 2017e

Production value of chemical industry, 2007 – 2018e


3. Vietnam market




3.4 Import Export

TABLE OF CONTENTS

54

Source: VIRAC, GDVC

3. Vietnam market

3.4 Import Export

Source: VIRAC, GDVC

Source: VIRAC, GDVC

USD Million

55

Export market structure of chemicals and chemical

products, 2017e

Import market structure of chemicals and chemical

products, 2017e


Imports and exports of chemicals and chemical products,

2017e

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

TABLE OF CONTENTS

56


4.1 Fertilizers and nitrogen compounds – 4.1.1 Definition and classification

58

Structure of major fertilizers 2014

Source: VIRAC, GSO


Production process of nitrogenous fertilizer

NPK production

process

Production process of fused phosphate fertilizer

Source: VIRAC


4.1 Fertilizers and nitrogen compounds – 4.1.2 Basic production process

58


Source: VIRAC, GSO

Production and consumption of domestic producers, 2012-

2017e


4.1 Fertilizers and nitrogen compounds – 4.1.3 Production

62

Revenue of the fertilizer industry, 2010-2016

Domestic fertilizer production, 2010-2017e

Million tons

Source: VIRAC, GSOSource: VIRAC, GSO, MARD, GDVC

Million tons


Source: VIRAC

Group No EnterpriseDesign capacity(Thousand tons/year)

Production capacity của Key players in the industry, Q3/2017e



62


Domestic fertilizer supply was mainly from large companies from Vinachem and PVN, which is particularly:

63




2,0

0,9

Fertilizer consumption tends to decrease over the years, which is due to

Million tons

64

Sources: VIRAC, GSO, MARD

In 2017, the weather is abnormal, causing difficulties for agricultural

production.

Fertilizer demand and consumption , 2012 - 2017e


4.1 Fertilizers and nitrogen compounds – 4.1.4 Consumption


2,0

0,9


4.1 Fertilizers and nitrogen compounds – 4.1.4 Consumption

65

Thousand tons

Source: VIRAC, MARD

Demand for fertilizer by type of plants, 2015


Sources: VIRAC, GDVC, MARD

Thousand tons

Fertilizer import, 2012 – 2017e

68

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.

Sources: VIRAC, MARD, GDVC

Structure of fertilizer import by type, 2017


4.1 Fertilizers and nitrogen compounds – 4.1.5 Import Export


Source: VIRAC, MARD, GDVC

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, 2016 – 2017



69


Source: VIRAC, MARD, GDVC

Million tonsFertilizer exports, 2012 – 2017e



70


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 ...

Thousand

tons

Source: VIRAC, GDVC

Source: VIRAC, GDVC



71

Asian countries continue to be the main export markets of Vietnam.

Fertilizer exports in the 2017 to all markets increased sharply, particularly in Asian countries. Specifically:

Fertilizer exports by country, 2017e Fertilizer exports by country, 2016 - 2017


Ure and DAP fluctuate in 2017 especially at the end of the year which is caused by :

VND

73

Ure

Price movement, 2014 - 2017

Source: VIRAC, Trade Promotion Website - MOIT


4.1 Fertilizers and nitrogen compounds – 4.1.6 Price movement


45

Price forecasts


4.1 Fertilizers and nitrogen compounds – 4.1.6 Price movement


TABLE OF CONTENTS




4.3 Detergents



4.6 Basic chemicals

4.7 Synthetic fiber

76

17%

Source: VIRAC, ICIS


4.2 Synthetic rubber and raw plastic resins – 4.2.1 Definition and classification

77

Polymer structure used, 2015


Source: VIRAC, Rubbernews


4.2 Synthetic rubber and raw plastic resins – 4.2.1 Definition and classification

78

Structure of synthetic rubber production in the world, 2015



4.2 Synthetic rubber and raw plastic resins – 4.2.2 Basic production process


Sources: VIRAC Sources: VIRAC, GSO

83

Number of enterprises and labor in the plastic resins

group, 2010 - 2015Some types of plastic raw materials produced in the country

2017

Product Province/city Production(ton)


4.2 Synthetic rubber and raw plastic resins – 4.2.3 Production



4.2 Synthetic rubber and raw plastic resins – 4.2.3 Production

Thousand tons

83

Polypropylene supply and demand in Vietnam, 2010-

9M/2017e

Polymer production, 2010 – 2017e

Source: VIRAC, GSO, MOIT

Thousand tons



No Company name Sales (tons/year) Market share

85

PP production output and consumption of Binh Son Refining and Petrochemical,

2013 – 6M/2017

Sources: VIRAC, HCD Prospectus


4.2 Synthetic rubber and raw plastic resins – 4.2.4 Consumption

LLDPE, LDPE, HDPE, PP distribution from enterprises in 2014-2015 in the

Northern market


Polymer consumption in Vietnam, 2010 - 2017

85

Market share of plastic additives, 2017


4.2 Synthetic rubber and raw plastic resins – 4.2.4 Consumption




Import of plastic raw materials in Vietnam, 2010-2017


4.2 Synthetic rubber and raw plastic resins – 4.2.5 Import Export

85

Import market of plastic raw materials by value, 2017

Source: VIRAC, GDVC

Source: VIRAC, GDVC

Content is intentionally removed for demo purposeImport market of plastic raw materials by volume, 2017

Source: VIRAC, GDVC

55

Sources: VIRAC, GSO

Proportion of top importers of plastic raw materials, 9M/2017

Import structure of plastic raw materials by type, 2017




Sources: VIRAC, GSO



85

Source: VIRAC, GDVC, UN Comtrade

Import - export of synthetic rubber, 2011 - 2017e


Import market structure of synthetic rubber, 2017e



85

Source: VIRAC, GDVC

Source: VIRAC, GDVC

Export market structure of synthetic rubber, 2017e


58

Source: VIRAC, Plastics New Europe

USD/ton


4.2 Synthetic rubber and raw plastic resins – 4.2.6 Price movement

Polymer price fluctuations, 5/2015 – 9/2017


59

Source: VIRAC, IRSG

USD/ton



Fluctuations of natural rubber and synthetic rubber prices, 2012 – Q3/2017




93


TABLE OF CONTENTS




4.3 Detergents



4.6 Basic chemicals

4.7 Synthetic fiber

94

• Detergents

Source: VIRAC, GSO


4.3 Detergents – 4.3.1 Definition and classification

95

Number of enterprises and labor in the industry, 2011 - 2016


Source: VIRAC


4.3 Detergents – 4.3.2 Production process

96


Source: VIRAC, MOIT, GSO


4.3 Detergents – 4.3.3 Production

Product group Enterprise 2010 2011 2012 2013 2014 2015 2016 2017e

Source: VIRAC, GSO

Thousand

tons

99

Production volume of detergents, 2010 – 2017e

Production volume of detergents, 2010 – 2017e


Source: VIRAC

No EnterpriseProduction capacity

(tons/year)Brand

• Washing powder is the main product accounting for more

than 90% of annual detergent production.


4.3 Detergents – 4.3.3 Production

100


Source: VIRAC, GSO


4.3 Detergents – 4.3.4 Consumption

VND billion

101

Consumption value of detergents, 2010 - 2017e


Source: VIRAC, GDVC


4.3 Detergents – 4.3.5 Import Export

Source: VIRAC, GDVC

106

USD MillionImport value of detergents, 2017e

Import market structure of detergents, 2017e


MỤC LỤC




4.3 Detergents



4.6 Basic chemicals

4.7 Synthetic fiber

108

Definition and classification

Classification


4.4 Paint and printing ink – 4.4.1 Definition and classification

109



4.4 Paint and printing ink – 4.4.2 Production process

110

Production process of paint and printing ink

Source: VIRAC


Source: VIRAC, GSO

Company name Production capacity Brand

Source: VIRAC

Vietnam paint industry has experienced an average growth rate of 20%

in recent years.


4.4 Paint and printing ink – 4.4.3 Production

112

Number of enterprises and labor in the paint and printing ink

industry, 2011 - 2016


Source: VIRAC, GSO



Thousand tons

Ton

Source: VIRAC, GSO

113

Production volume of paint, 2010 - 2017e

Production volume of printing ink, 2010 - 2017e


Cause of the decline in production volume is the paint industry is facing up to some difficulties as follows:



114


• In addition, some paint industries also had positive growth in 2016:



115


Source: VIRAC, VPIA


4.4 Paint and printing ink – 4.4.4 Consumption

VND

billion

Source: VIRAC, GSO

116

Paint consumption structure by field, 2015

Consumption value of paint and printing ink, 2010 - 2017e


• Domestic paint production capacity has met most of the demand, but the

amount of ink shortage is quite large,

Source: VIRAC, UN comtrade


4.4 Paint and printing ink – 4.4.5 Import Export

Source: VIRAC, UN Comtrade, ITC

USD Million

118

Source: VIRAC, UN comtrade

Export market structure of paints and printing ink, 2016e

Import and export of paints and printing ink of

Vietnam, 2011 - 6M / 2017e

Import market structure of paints and printing ink, 2016e


TABLE OF CONTENTS




4.3 Detergents



4.6 Basic chemicals

4.7 Synthetic fiber

119

Plant protection products (PPPs)

Classification:

Effect of PPPs


4.5 Plant protection products – 4.5.1 Definition and classification

120


Source: VIRAC


4.5 Plant protection products – 4.5.2 Production process

Source: VIRAC

121



4.5 Plant protection products – 4.5.3 Production

Source: VIRAC, GSO

Thousand

tons

Source: VIRAC, GSO

123

Number of enterprises and labor in the

industry,2011 - 2016

Production volume of pesticides, 2013 - 2017e


Source: VIRAC, GSO

Source: VIRAC, Agromonitor


4.5 Plant protection products – 4.5.3 Production

124

Structure of pesticide consumption, 2016e

Structure of pesticide production, 2017


Source: VIRAC


4.5 Plant protection products – 4.5.4 Consumption

Source: VIRAC, GSO

125

VND billionConsumption value of pesticides, 2012 - 2017eMarket share of pesticides in Vietnam, 2016e


Source: VIRAC


4.5 Plant protection products – 4.5.4 Consumption

Source: VIRAC

126

Consumption structure of pesticides by product group, 2017Consumption of pesticides by plant group, 2016



4.5 Plant protection products – 4.5.5 Import Export

Source: VIRAC, ITC

129

USD Million

Source: VIRAC, GDVC, ITC

USD Million

Source: VIRAC, GDVC, ITC

Export value of pesticides in Vietnam to some countries,

2011 - 2016

Import and export of pesticides and raw materials,

2011 - 2017e

Export structure of export of pesticides by volume, 2016



4.5 Plant protection products – 4.5.5 Import Export

Source: VIRAC, GDVC

130

Import market of pesticides and raw materials, 2017e


TABLE OF CONTENTS




4.3 Detergents



4.6 Basic chemicals

4.7 Synthetic fiber

132

133

Basic chemicals are divided into two main branches which are inorganic and organic.


4.6 Basic chemicals – 4.6.1 Definition and classification


Source: VIRAC


4.6 Basic chemicals – 4.6.2 Production process

Production process of caustic soda - chlorine

134


Product Manufacturer

Production

capacity

(tons/year)

Market

share

Source: VIRAC, GSO


4.6 Basic chemicals – 4.6.3 Production

138

Number of enterprises and labor in the industry, 2011 - 2016


Source: VIRAC, GSO


4.6 Basic chemicals – 4.6.3 Production

Thousand

tons

139

Production of basic chemicals, 2013 - 2017e


VND billion


4.6 Basic chemicals – 4.6.4 Consumption

Source: VIRAC, GSO

140

Comsumption value of basic chemicals, 2011 - 2017e


Impact of chlorine products

Impact of soda products

141


4.6 Basic chemicals – 4.6.4 Consumption


USD Million


4.6 Basic chemicals – 4.6.5 Import Export

Source: VIRAC, GDVC

142

Source: VIRAC, GDVC

Source: VIRAC, GDVC

Import-export turnover of basic chemicals, 2011 -

2017e

Import market structure of basic chemicals, 2017eExport market structure of basic chemicals, 2017e


Imports and exports of basic chemicals

TABLE OF CONTENTS




4.3 Detergents



4.6 Basic chemicals

4.7 Synthetic fiber

143

• Synthetic fiber


4.7 Synthetic fiber – 4.7.1 Definition and classification

144


Source: VIRAC, STK

Filament fiber production


4.7 Synthetic fiber – 4.7.2 Production process

145



4.7 Synthetic fiber – 4.7.3 Production

Company name Capacity(tons/year) Product Product segment

Ton

Source: VIRAC, GSO Source: VIRAC, STK

Source: VIRAC, STK

148

Production capacity of some companies in the Vietnam textile industry

Market share by actual production capacity, 2014Production output of Synthetic fiber, 2011 - 2017e


Source: VIRAC, GSO


4.7 Synthetic fiber – 4.7.4 Consumption

TonVND billion

149

Volume and comsumption value of Synthetic fiber,

2011 - 2017e



4.7 Synthetic fiber – 4.7.5 Import Export

Source: VIRAC, STK

Source: VIRAC, GDVC

USD

Million

150

Market share by export value, 2015eImport-export turnover of Synthetic fiber, 2009 – 2016e


Source: VIRAC, UN Comtrade Source: VIRAC, UN Comtrade


4.7 Synthetic fiber – 4.7.5 Import Export

151

Export market structure of Synthetic fiber, 2016eImport market structure of Synthetic fiber, 2016e


Part VI. Outlooks and forecasts

1. Development planning for the chemical industry

2. Outlooks of world chemical industry

3. Outlooks of Vietnam chemical industry

TABLE OF CONTENTS

158

102

According to Decision No. 1621 / QD-TTg of the Prime Minister promulgated on September 18, 2013 approving the development plan of chemical industry

of Vietnam to 2020, by 2030.

6. Outlooks and forecasts

6.1 Development planning for the chemical industry


103




104




MOIT issued Decision No. 8989 / 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


No Project Location

Investment information

Capacity

(Thousand

tons/year)

Investment

capital(USD

Million)

Investment

time

Source: VIRAC



163


No Project Location

Investment information

Capacity(Thousand tons/year)

Investment

capital(USD

Million)

Investmen

t time

Source: VIRAC



164


TABLE OF CONTENTS

169





European chemical industry: Low oil prices help reduce difficulties

Asian chemical industry: Supply exceeds demand and grows slowly


6.2 Outlooks of world chemical industry

170


Middle East Chemical Industry: Increase in competition pressure

Latin American chemical industry: Recovering from economic growth

171




Increasing competition requires dynamic response

Cooperative relations with customers

Frequently meet the ever-changing legal regulations

172




Data processing is continuously updated in real time

Prepare for changes in distribution channels

173




TABLE OF CONTENTS

174





• For fertilizer group:

• For petrochemical group (synthetic rubber and raw plastic resins)

• For paint and printing ink group


6.3 Outlooks of Vietnam chemical industry

175


• Pesticides:

• Basic chemicals:

• Synthetic fiber:

176


6.3 Outlooks of Vietnam chemical industry

Part VII. Business Analysis

1. Enterprise introduction

2. Business Analysis

TABLE OF CONTENTS

177

Company name Address

Net revenue

2016 (VND

billion)

Total assets

(VND billion)

Charter

capital

(VND

billion)

CountryCustomer

segmentationBusiness area

PetroVietnam Fertilizer

and Chemicals

Corporation (DPM)

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)


7.1 Enterprise introduction

178




PetroVietnam Camau Fertilizer Joint Stock Company

179


PetroVietnam Fertilizer and Chemicals Corporation



180




Lam Thao Fertilizers & Chemicals Joint Stock Company

181


Binh Dien Fertilizer Joint Stock Company



182




Southern Basic Chemicals JSC

183


LIX Detergent Joint Stock Company



184




Duc Giang Detergent and Detergent Joint Stock Company

185




Saigon Plant Protection Joint Stock Company

186


Dry Cell And Storage Battery Joint Stock Company



187


Part VII. Business Analysis

1. Enterprise introduction


TABLE OF CONTENTS

188

-


7.2 Financial analysis

VND billion

189

Source: VIRAC

Gross profit margin, 2015 - 2016


Cost of sales



VND billion

190

Source: VIRAC

Cost of sales and cost of sales /net revenue ratio, 2015 -

2016


Enterprise cost management



VND billion

191

Source: VIRAC

Enterprise cost management and Enterprise cost management /net

revenue ratio, 2015 - 2016




VND billion

VND billion

192

Source: VIRAC

Source: VIRAC

Asset structure, 2015 - 2016

After-tax profit and net profit margin, 2015 - 2016




VND billion

193

Source: VIRAC

Source: VIRAC

Capital structure, 2015 - 2016

Profit Ratio, 2015 - 2016


Solvency



194

Source: VIRAC

Payment ratio, 2015 - 2016




195

Source: VIRAC

Source: VIRAC

Inventory turnover, 2015 - 2016

Receivables turnover, 2015 - 2016


REPORT DISCLAIMER

207

Report disclaimer

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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

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VIETNAM CHEMICAL INDUSTRY REPORT Q1/2018...Fertilizer imports from China have fallen sharply in the...

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