VIETNAM PHARMACEUTICAL INDUSTRY REPORT Q2/2018 · producing traditional medicines in 2015....

1

VIETNAM PHARMACEUTICAL INDUSTRY REPORT Q2/2018

Content

Executive Summary 4

1. Business environment 6

1.1 Macroeconomic situation 6

1.2 Legal framework 10

1.3 Trade agreements 19

2. Pharmaceutical Industry Overview 26

2.1 Global Pharmaceutical Industry 26

2.1.1 Production - Consumption 27

2.1.2 Export – Import 30

2.1.3Production and Consumption Situation in major

countries31

2.1.4 Large Enterprises in the world 35

2.2 Vietnam Pharmaceutical Industry Overview 37

2.2.1 History of Vietnam Pharmaceutical Industry 38

2.2.2 Industry Position 39

2.2.3 Industry Scale and Feature 40

2.2.4 Value Chain of Vietnam Pharmaceutical Industry 43

2.2.5 Raw Materials 44

2.2.6 Production technology 47

2

2.2.7 R&D 49

2.2.8 Production 50

2.2.9 Consumption 53

2.2.10 Export - Import 62

2.2.11 Price movement 66

2.2.12 Distribution system 69

2.3 Risks and challenges 75

2.4 Industry planning 82

2.5 Driving forces and forecast 84

3. Enterprise analysis 94

3.1 Profitability 97

3.2 Cost structure 100

3.3 Asset Management Ratios 104

3.4 Capital Structure 108

3.5 Solvency 110

3.6 Return on Investment 112

4. Appendix of Financial statements 114

3

ETC Ethical drugs

EU-GMP Europe Good Manufacturing Practice

EVFTA EU – Vietnam Free Trade Agreement

GDP Good Distribution Practice

Generic Drug

Drug product that is comparable to a brand/reference

listed drug product in dosage form, strength, quality

and performance characteristics, and intended use."

GLP Good Laboratory Practice

GMP Good Manufacturing Practice

GMP - WHOGood Manufacturing Practice recommended by the

World Health Organization (WHO - GMP)

GPP Good Pharmacy Practice

GSP Good Storage Practice

Abbreviations

OTC Over The Counter (nonprescription-drugs)

Patent Drug Drugs under intellectual property rights

Pharmerging Countries with emerging Pharmaceutical Industry

PIC/S - GMPPharmaceutical Inspection Co-operation Scheme on Good

Manufacturing Practice (EU-GMP)

GDC General Department of Vietnam Custom

GSO General Statistic Office of Vietnam

TPP Trans-Pacific Partnership

WHO World Health Organization

WTO World Trade Organization

MOH Ministry of Health

DAV Drug Administration of Vietnam

4

Executive Summary

There are about 153 western medicines producing

enterprises, 80 traditional medicines producing

enterprises, and over 300 establishments

producing traditional medicines in 2015.

Vietnam's pharmaceutical sector uses about

60,000 tons of pharmaceuticals, including 80-

90% of imported pharmaceuticals.

The growth of the prescription drug market will

exceed the growth rate of Over-the-counter

(OTC) market

According to the Drug Administration of

Vietnam - Ministry of Health, the number of

drug items re-declared price as of 2/9/2018: the

number of drug items with fluctuating price

increase/decrease occupy very little (about

0.026%) of the total commercially available

drugs

Content is intentionally removed for demo purpose

5

Executive Summary

The biggest wholesale market systems in

Vietnam pharmaceutical distribution in Ho Chi

Minh City and Hanoi.

Pharmaceutical products are necessities, thus,

economic growth virtually has hardly any

impact on the industry growth rate,

For the WTO, the Vietnamese pharmaceutical

market has gradually opened

M&A trend between domestic and foreign

enterprises takes place strongly in the form of

franchise drug production and the field of

distribution.

Most of the enterprises of pharmaceutical

industry maintained positive operation with

high levels of gross profit and net profit in the

period 2015-2016


6

1. Business environment

1.1 Macroeconomic situation

1.2 Legal framework

1.3 Trade agreements

Content

7



GDP growth, 2011 – 3M/2018• GDP in the first three months of 2018 was estimated to increase by 7.38%

over the same period last year, the highest increase in the first quarter of

10 years.

Source: VIRAC, GSO

Source: VIRAC, GSO

Unit: %

Consumer Price Index for Medicines and Health Services, 2012 - 3M/2018


8



Source: VIRACSource: VIRAC, SBV

VND/USD exchange rate, 3/2016 - 3/2018 VND/CNY exchange rate, 2016 – 3/2018


9

The pharmaceutical market has a lot of potential when the

demand for medicines is always increasing



Source: VIRAC, GSO

Population and population growth, 2006 -2017

Million people

Source: VIRAC, GSO

Population structure, 1999 - 2016 Content is intentionally removed for demo purpose

10



1.2 Legal framework


Content

11


1.2 Legal framework

Regulations on standards of Pharmaceutical Industry


12


1.2 Legal framework


Regulations on drug registration

Regulations on control of drug prices

13


1.2 Legal framework


Regulations on import-export

Regulations on drug advertising information

14


1.2 Legal framework


Regulations on drug promotion

Distribution

Bidding

15


1.2 Legal framework

Content is intentionally removed for demo purposeRegulations on importing pharmaceutical materials

16


1.2 Legal framework


17


1.2 Legal framework


18


1.2 Legal framework


19



1.2 Legal framework


Content



20

1.3.1. WTO - Vietnam became the 150th member of WTO on 11/07/2006

Source: VIRAC, GDVC

Pharmaceuticals imports ,2012 – 3M/2018e

USD million


21




22




23

1.3.2 CPTPP - Comprehensive and Progressive Agreement for Trans-Pacific Partnership, was signed in Chile




24




25

1.3.3 Other trade agreements




26

2. Pharmaceutical Industry Overview

2.1 Global Pharmaceutical Industry

2.2 Vietnam Pharmaceutical Industry Overview

2.3 Risks and challenges

2.4 Industry planning

2.5 Driving forces and forecast

Content

27

In the period of 2010 - 2016, global drug spending increased at a CAGR of

4.6% per year from USD 888.2 billion in 2010 to USD 1,163.6 billion in

2016.


2.1 Global Pharmaceutical Industry – 2.1.1 Production – Consumption

Source: VIRAC, IMS health

Global spending on medicines, 2010 - 2016e


28

Source: VIRAC, EvaluatePharma




Consumption structure by types of medicines, 2011 - 2016World sales of prescription drugs, 2010 - 2016

USD billion


29

World’s top 10 consumed phamaceuticals, 2016





USD billion

Consumption market share by group, 2016


30

Global pharmaceutical trade tended to decrease slightly in 2015

Export 2016 2017 Growth

Pharmaceuticals exporters, 2017

Source: VIRAC, Trademap


2.1 Global Pharmaceutical Industry – 2.1.2 Export - Import

Source: VIRAC, UN Comtrade, Trademap

Source: VIRAC, UN Comtrade, Trademap

2016Value

(USD billion)2017

Value

(USD billion)

Pharmaceuticals importers, 2017

*HS: 3001 - 3004

*HS: 3003 - 3004 *HS: 3003 - 3004

Global pharmaceutical exports, 2010 - 2017e

USD billion


31


2.1 Global Pharmaceutical Industry – 2.1.3 Typical countries

1. The U.SGeneral information about the healthcare industry of The U.S,

2016e

Total health expenditure

Government's health

expenditure

OOP expenses

Medicines spending per

capita

Import

Export

Source: VIRAC, OECD


32



2. Japan

Source: VIRAC, OECD

General information about the healthcare industry of Japan,

2016e


Government's health

expenditure

OOP expenses


capita

Import

Export


33



General information about the healthcare industry of China,

2016e


Total sales

Import

Export

3. China

Source: VIRAC, OECD

Source: VIRAC, CEIC Data

CNY billion

* Revenue includes: chemical drugs, biopharmaceuticals, oriental medicines and

medicinal herbs

Revenue of China’s pharmaceutical industry, 2012 - 2016


34



4. Germany

5. France

General information about the healthcare industry of

Germany, 2016e


Government's health

expenditure

OOP expenses


capita

Import

Export

General information about the healthcare industry of France,

2016e


Government's health

expenditure

OOP expenses


capita

Import

Export


35

Company General information

Source: VIRAC, igeahub

USD billion


2.1 Global Pharmaceutical Industry – 2.1.4 Top 10 typical pharmaceutical enterprises

Top 10 pharmaceutical enterprises with largest revenue, 2017


36


2.1 Global Pharmaceutical Industry – 2.1.4 Top 10 typical pharmaceutical enterprises


37







Content

38

Northern domination before 1858,

From 1858, during the French colonial period,

1946 - 1954 resistance war against France,

1954 – 1975,

After 1975,


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.1 History of Vietnam Pharmaceutical Industry

2005

1990


39


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.2 Industry Position


40

Classification by ownership:

Classification by product segment:


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.3 Industry Scale and Feature


41

Classification of medicine markets by distribution methods Classification of medicine markets by ownership



Source: VIRAC, Hanoi University of Medicine and Pharmacy


42

Hà Nội

Hoàng Sa

Trường Sa

Nam Định

Đồng NaiHồ Chí Minh

An Giang

Phú Yên

Khánh Hòa

Bắc Ninh

Tiền Giang

Đồng Tháp

Cà Mau

Hải Phòng

Bình Định

Bình Phước

Bến Tre

Thanh Hóa

Cần Thơ

Hưng Yên

Source: VIRAC




43

Value chain of Vietnam pharmaceutical industry

Source: VIRAC


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.4 Value chain of the industry


44

Classification of pharmaceutical materials :

Sort by origin:


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.5 Raw materials


45

Pharmaceutical materials imports in 2012 tended to increase sharply,



The dependence almost entirely on the supply of pharmaceutical materials from foreign countries has made enterprises lose control of production

activities, lack of competitiveness and quality of drugs is not as expected.

Source: VIRAC, GDVC

Pharmaceutical materials imports, 2012 – 3M/2018e

USD million


46



Pharmaceutical materials imports, 3M/2017 – 3M/2018eUSD million

Source: VIRAC, GDVC


47

Currently 50% of machinery and equipment for pharmaceutical

production is from imported sources.


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.6 Production technology

Company

Origin

Origin of machinery and equipments of a number of large

pharmaceutical companies

Source: VIRAC

No Name of machineYear in

useOrigin Price

Source: VIRAC

Some major machineries in pharmaceutical manufacturing line


48


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.6 Production technology


49

Source: VIRAC, igeahub


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.7 R&D

Ratio of R&D/revenue at major pharmaceutical companies in the world, 2016


50

In fact, medicine companies in Vietnam are facing many difficulties in funding investment in research and development, technical staff and equipment of

high quality which has not met the requirements yet.

Outsourcing

Franchising


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.8 Production


51

Source: VIRAC, DAV



It is estimated that in 2017, domestic pharmaceutical production value reached USD 2.5 billion, up 12.0% over the same period in 2016. Generally,

domestic pharmaceutical production has been increasing steadily over the years with a CAGR of FY2010 - 2017e of 15%.

USD billion

Domestic pharmaceutical production value, 2010 - 2017e


52

Source: VIRAC, GSO



Product name Unit 2013 2014 2015e 2016 2017 3M/2018e

Medicine production by type, 2013 – 3M/2018e


53


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption

Pharmaceutical market value, 2010 – 2017e

USD billion

Source: VIRAC, DAV

The pharmaceutical industry is growing at a compound annual

growth rate (CAGR) of 17.4% for the period 2010 - 2017e. Causes

are:


54

The pharmaceutical industry in Vietnam is still considered relatively

young compared to the global industry.



Source: VIRAC, DAV

Value ratio of domestically produced medicines in Vietnam,

2010 – 2017e


55

According to data from the General Statistics Office, the amount of pharmaceuticals consumed domestically focused on drugs containing penicillin or

antibiotics, drugs containing hormones and vitamins. Drugs like serum and vaccines are domestically consumed at a very small number. Causes leading to

this:



Source: VIRAC, GSO

VND trillion

Domestically produced medicine consumption, 2010 - 2017e


56

Source: VIRAC, DAV, StatistaSource: VIRAC, DAV



Spending on medicines in Vietnam, 2009 – 2017e

USD/person/year

Spending on medicines per capita in some countries, 2016e


57



Source: VIRAC, DAV

Pharmaceuticals are distributed throughout the country through two

distribution channels through the hospital (prescribed) or through the

drug stores (not prescribed).

Source: VIRAC, DAV

Medicines consumption structure by channel, 2010 - 2017e

Current status of Patented and Generic drugs, 2010 - 2017e


58

Market data for prescription and non-prescription medicines is unclear

because there is a lack of clear distinction between these two forms of sales. USD billion

Source: VIRAC, DAV


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption - ETC market

Market value of prescription drugs (ETC), 2011 – 2017e


59

The OTC market has experienced relatively strong growth in value over the

past few years.


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption - OTC market

Market value of non-presciption drugs (OTC), 2010 – 2017eUSD billion

Source: VIRAC, DAV


60

The market value of patented drugs in Vietnam is on the upward trend but

still lower than that of the whole industry.

Distribution cost also plays an important role in determining medicine prices.

Source: VIRAC, DAV


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption - Patented drugs

USD billion

Patened drugs (Patent), 2010 – 2017e


61

Source: VIRAC, DAV


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption - Generic drugs

USD billion

Generic drug market, 2010 – 2017e


62

Vietnam pharmaceutical industry mostly depends on imported sources

with the total value of over USD 2 billion each year, moreover, in 2017,

Vietnam imported more than USD 2.8 billion, an increase of 10%

compared to the previous year.

Source: VIRAC, GDVC


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.10 Export – Import

USD million

Source: VIRAC, GDVC

Pharmaceutical imports, 2012 – 3M/2018e

Pharmaceutical imports, 3M/2017 – 3M/2018e

USD million


63

Source: VIRAC, GDVC



Top importing enterprises *, 3M/2018

Source: VIRAC, GDVC

Vietnam’s top import partners, 3M/2018

No. Partners Importing enterprises

* Only HS 3003 and 3004

* Only HS 3003 and 3004


64

However, Vietnam pharmaceutical industry is less competitive than

others:



Source: VIRAC, UN Comtrade, GDVC

Pharmaceutical exports, 2012 – 3M/2018


65



Top exporting enterprises, 3M/2018

Source: VIRAC, GDVC

Source: VIRAC, GDVC

No. Exporting enterprises

Export structure by country, 3M/2018


66

Source: VIRAC, DAV


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.11 Price movement

Rate of drug re-price (increase), 2013 - 2016


67

Price movements of some major drugs in the market, 12/2016 – 3/2018Unit: 1,000 VND

Source: VIRAC, Agency for Price

Management


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.11 Price movement

No Drugs Unit Manufacturer 3/2017 6/2017 9/2017 12/2017 3/2018

Compared

to the

beginning

of the

same

period


68

Type of drugLong Chau

drug store

Yen Trang

drug storeDifference

Source: VIRAC

There is a huge difference in drug prices listed at Ministry of Health and the

ones distributed to customers.

The difference in the price of some drugs at some drug stores, 2017


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.11 Price movements

Unit: VND thousand


69

Drugs distribution network in Vietnam


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.12 Distribution system

Source: VIRAC


70

The distribution system in Vietnam includes these main components:

1. Professional pharmaceutical distribution enterprises



Top pharmaceuticals distribution enterprise by revenue, 2016

Source: VIRAC


71

2. Pharmaceutical companies producing along with distributing

3. The wholesale market system




72

44. Public and private hospitals system

5.The private clinics system

Source: VIRAC, GSO



The number of medical facilities, 2010 - 2016

Unit: number of facilities

Excluding private-owned ones


73

6. Drug stores system:




74


2.2 Vietnam Pharmaceutical Industry Overview – 2.2.12. Distribution System

Chain LogoNumber of

storesArea

Typical chain of pharmacies, 2016

Source: VIRAC

VND billion

Source: VIRAC

Outstanding distribution chain business results, 2016


75







Content

76

Pharmaceutical industry is among the industries that are mostly under the management of the State.


2.3 Risks and challenges – 2.3.1 Legal risks


77

Material risk


2.3 Risks and challenges– 2.3.2 Industry Risks


78


2.3 Risks and challenges – 2.3.2 Industry Risks


Market risks

Competitive risks

The risks on products and technology

79

Investment risk and failure in research and development


2.3 Risks and Challenges – 2.3.2. Industry Risks

Average cost of R&D to produce new drugs (USD million)

Source: VIRAC, Innothink

Exchange rate risk


80

Source: VIRAC, DAV


2.3 Risks and challenges – 2.3.3 Challenges

Unqualified sample ratio, 2010 – 2016e


81


2.3 Risks and challenges – 2.3.3 Challenges


82







Content

83




84







Content

85

Subsidy policy of the State

Policy to increase domestic drug spending

Extension policy of the national health insurance system

Impact from world economic agreements


2.5 Driving forces and forecast – Driving forces


86

Population motivation and healthcare awareness:

Source: VIRAC, WHO

2. Industry Overview

2.5. Driving Forces and Forecast – Driving Forces

USD million

Total healthcare expenses, 2010 – 2016f


Million people

Over-60 population growth in the world, 1950 – 2050

Source: VIRAC, GSO

Population tower, 2016


87

Patents in the field of pharmaceuticals and medicine research require not only a long period but also a proper investment. Co-operation in drug research

and development not only minimizes costs but also improves the chances of successful drug testing.

Hitech pharmaceuticals


2.5 Driving forces and forecast – Industry development trend


88


2.5 Driving forces and forecast – Global M&A trend

Source: VIRAC, EvaluatePharma

M&A of pharmaceutical industry, 2010 - 2016


89


2.5 Driving forces and forecast – M&A trend in Vietnam


90

Country Growth rate Generic development trends have been seen during the past year as the

FDA tried to expand its market development.



2.5 Driving forces and forecast – Forecast for Global Pharmaceutical Industry


91

The increase of specific medicines

Drug USD

billionDrug

USD

billion

The revenue of top drugs in developed countries, 2018 The revenue of top drugs in developing countries, 2018

Source: VIRAC, IMS health Source: VIRAC, IMS health


2.5 Driving forces and forecast – Forecast for Global Pharmaceutical Industry


92

The trend of VND/USD exchange rate in the coming time will continue to increase, which will affect the prices as well as sales of the pharmaceutical

industry when both pharmaceuticals and raw materials are imported.


2.5 Driving forces and forecast – Forecast for Vietnam pharmaceutical industry


93

Source: VIRAC


2.5 Driving forces and forecast – Forecast for Vietnam pharmaceutical industry

USD billion

The growth of total drug consumption and average drug spending per capita,

2010-2020f


94

3. Enterprise analysis

3.1 Profitability

3.2 Cost structure

3.3 Asset Management Ratios

3.4 Capital Structure

3.5 Solvency

3.6 Return on Investment

Content


10 typical pharmaceutical enterprises in 2017

95

No. CompanyBusiness

sector

Revenue

(VND

billion)

Main features

1

DHG

Pharmaceuti

cal Joint

Stock

Company

2

TRAPHACO

Joint Stock

Company

3

Domesco

Medical

Import

Export JSC

4

Imexpharm

Pharmaceut

ical JSC

5

OPC

Pharmaceut

ical JSC


Source: VIRAC




96

No. Company

Busine

ss

sector

Revenue

(VND

billion)

Main features

6 S.P.M JSC

7

Vimedimex

Medi – Pharma

JSC

8

Ha Tay

Pharmaceutical

JSC

9

Ben Tre

Pharmaceutical

JSC

10

Lam Dong

Pharmaceutical

JSC

Source: VIRAC


97


3.1 Profitability

3.2 Cost structure



3.5 Solvency


Content


3.1 Profitability

98

Profitability, 2016 - 2017

VND billion

Source: VIRAC


99


3.1 Profitability


100


3.1 Profitability

Source: VIRAC

COGS/NR, 2016 - 2017


101


3.1 Profitability

3.2 Cost structure



3.5 Solvency


Content

102


3.2 Cost structure

Source: VIRAC

Selling expenses, 2016 - 2017


103


3.2 Cost structure

Source: VIRAC

Administrative expenses, 2016 - 2017


104


3.1 Profitability

3.2 Cost structure



3.5 Solvency


Content

105



Day

Source: VIRAC

Days in inventory, 2016 - 2017


106



Day

Source: VIRAC

Days of sales outstanding, 2016 -2017


107



Source: VIRAC

Asset turnover


108


3.1 Profitability

3.2 Cost structure



3.5 Solvency


Content

109



Source: VIRAC

Self-financing ratio, 2016 - 2017


110


3.1 Profitability

3.2 Cost structure



3.5 Solvency


Content

111

Solvency, 2016 - 2017

Source: VIRAC


3.5 Solvency


112


3.1 Profitability

3.2 Cost structure



3.5 Solvency


Content

113



Profit ratio, 2016 - 2017

Source: VIRAC


114

4. Appendix

Financial statements

Content

115

DHG Pharmaceutical Joint Stock Company

BALANCE SHEET

Unit: VND 2016 2017

A. SHORT-TERM ASSETS

I. Cash and cash equivalents

II. Short-term financial investments

III. Short-term receivables

1. Short-term receivables of customers

IV. Inventories

B. LONG-TERM ASSETS

1. Long-term receivables

2. Fixed assets

TOTAL ASSETS

A. LIABILITIES

I. Current liabilities

1. Short-term borrowings and liabilities

2. Taxes and other payables to the State budget

II. Long-term Liabilities

1. Long-term borrowings and liabilities

2. Provision for long-term payables

B. OWNER’S EQUITY

TOTAL CAPITAL RESOURCES

INCOME STATEMENT

Unit: VND 2016 2017

Net revenue from goods sold and services provided

Cost of goods sold and services provided

Gross profit of goods sold and services provided

Revenue from financing activities

Financial expenses

Interest expenses

Selling expenses

Administrative expenses

Net profit from business operations

Total accounting profit before tax

Costs of current corporate income tax

Costs of deferred corporate income tax

Profit after tax

CASH FLOW STATEMENT

Unit: VND 2016 2017

I. Cash Flow From Operating Activities

Depreciation of fixed assets

Unrealized foreign exchange gain (loss)

Net Cash Flow From Operations

II. Cash flow from investing activities

Expenditures on purchase and construction of fixed assets

and long-term assets

Net cash flow from investing activities

III. Cash flow from financing activities

Net cash flow from financing activities

Effect of foreign exchange differences

Net cash flow during the fiscal year

4. Appendix



116

4. Appendix


TRAPHACO Joint Stock Company

BALANCE SHEET

Unit: VND 2016 2017






IV. Inventories

B. LONG-TERM ASSETS


2. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2016 2017





Financial expenses

Interest expenses

Selling expenses






Profit after tax

CASH FLOW STATEMENT

Unit: VND 2016 2017














117

4. Appendix


CTCP Xuất Import Y Tế Domesco

BALANCE SHEET

Unit: VND 2016 2017






IV. Inventories

B. LONG-TERM ASSETS


2. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2016 2017





Financial expenses

Interest expenses

Selling expenses






Profit after tax

CASH FLOW STATEMENT

Unit: VND 2016 2017














118

4. Appendix


Imexpharm Pharmaceutical JSC

BALANCE SHEET

Unit: VND 2016 2017






IV. Inventories

B. LONG-TERM ASSETS


2. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2016 2017





Financial expenses

Interest expenses

Selling expenses






Profit after tax

CASH FLOW STATEMENT

Unit: VND 2016 2017














119

4. Appendix


OPC Pharmaceutical JSC

BALANCE SHEET

Unit: VND 2016 2017






IV. Inventories

B. LONG-TERM ASSETS


2. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2016 2017





Financial expenses

Interest expenses

Selling expenses






Profit after tax

CASH FLOW STATEMENT

Unit: VND 2016 2017














120

4. Appendix


S.P.M JSC

BALANCE SHEET

Unit: VND 2016 2017






IV. Inventories

B. LONG-TERM ASSETS


2. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2016 2017





Financial expenses

Interest expenses

Selling expenses






Profit after tax

CASH FLOW STATEMENT

Unit: VND 2016 2017














121

4. Appendix


Vimedimex Medi – Pharma JSC

BALANCE SHEET

Unit: VND 2016 2017






IV. Inventories

B. LONG-TERM ASSETS


2. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2016 2017





Financial expenses

Interest expenses

Selling expenses






Profit after tax

CASH FLOW STATEMENT

Unit: VND 2016 2017














122

4. Appendix


Ha Tay Pharmaceutical JSC

BALANCE SHEET

Unit: VND 2016 2017






IV. Inventories

B. LONG-TERM ASSETS


2. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2016 2017





Financial expenses

Interest expenses

Selling expenses






Profit after tax

CASH FLOW STATEMENT

Unit: VND 2016 2017














123

4. Appendix


Ben Tre Pharmaceutical JSC

BALANCE SHEET

Unit: VND 2016 2017






IV. Inventories

B. LONG-TERM ASSETS


2. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2016 2017





Financial expenses

Interest expenses

Selling expenses






Profit after tax

CASH FLOW STATEMENT

Unit: VND 2016 2017














124

4. Appendix


Lam Dong Pharmaceutical JSC

BALANCE SHEET

Unit: VND 2016 2017






IV. Inventories

B. LONG-TERM ASSETS


2. Fixed assets

TOTAL ASSETS

A. LIABILITIES







B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2016 2017





Financial expenses

Interest expenses

Selling expenses






Profit after tax

CASH FLOW STATEMENT

Unit: VND 2016 2017














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VIETNAM PHARMACEUTICAL INDUSTRY REPORT Q2/2018 · producing traditional medicines in 2015....

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