VIETNAM RICE-PADDY INDUSTRY REPORT Q2/2018 · Proportion value of rice-paddy industry contributing...

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VIETNAM RICE-PADDY INDUSTRY REPORT Q2/2018

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Content

Content Page Content Page

Abbreviations 2.5 Consumption

Summary 2.6 Global rice trade

1. Business Environment 2.7 Price movements

1.1 Macroeconomic Situation 2.8 Typical countries

1.2 Legal Framework 3. Vietnam rice-paddy market

1.3 The impact of Free Trade Agreements 3.1 History of establishment and development

2. Global rice-paddy market 3.2 Industry value chain

2.1 Establishment history 3.3 Rice-paddy cultivation

2.2 Classification 3.4 Rice production

2.3 Input factors 3.5 Rice consumption

2.4 Production 3.6 Rice trade

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Content

Content Page Content Page

3.7 Price movements 6. Appendix

4. Industry overview Financial statements

4.1 Analysis of risks

4.2 Analysis of competitiveness

4.3 Industry planning

4.4 Forecasts

5. Enterprise analysis

5.1 Introduction of enterprises

5.2 Indicators of business results

5.3 Indicators of finance

5.4 Indicators of performance efficiency

Abbreviations

4

Short form Full name

ACFTA ASEAN-China free trade agreement

AEC ASEAN Economic Community

AISI American Iron and Steel Institute

ATIGA ASEAN Trade in Goods Agreement

Mard Ministry of Agriculture and Rural Development

GSO General statistics offic

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Summary

The yield of rice in the season 2016/2017 was estimated at 501.2 million tons, up 10.2 million tons from the previous year, equivalent to 2.08% - a

record output while the consumption reached 478.838 million tons, increasing by 1.68% over the same period.

Global rice exports in the 2016/17 season rose 2% from the 2015/16 season to reach 41.2 million tons (second highest export volume in history, behind

the 2013/14 season with 44.1 million tons).

The rice price in the second half of 2017 fell sharply

THE CONTENT IS INTENTIONALLY REMOVED FOR DEMO

PURPOSE

6

Rice-paddy is the primary food crops and also the main source of income for millions of rural households in Vietnam.

Cultivated area of rice is estimated at 7.72 million hectares, decreasing by 26.1 thousand hectares and equivalent to 99.7% over the same period; the

yield is estimated at 55.5 quintals / ha, decreasing by 0.2 quintals / ha and equal to 99.6%. As the cultivated area and productivity are reduced, the total

rice output in 2017 is estimated at 42.8 million tons, declining by 318.3 thousand tons, equivalent to 99.3%; the rice production in the Mekong Delta is

23.7 million tons, down by 103.7 thousand tons, equivalent to 0.4%.


PURPOSE

Content

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1. Business Environment

1.1 Macroeconomic Situation

1.2 Legal Framework

1.3 The impact of Free Trade Agreements

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Sources: VIRAC, GSO

• GDP in the first 9 months of 2017 is estimated at 6.41%, of which Q1

increased 5.15%, Q2 increased 6.28%, Q3 increased 7.46% ( a record increase

after many years).

Sources: VIRAC, GSO

Production value of agriculture, forestry and fishery, Q3/2015-Q3/2017

GDP growth, 2011 – 9M/2017


1.1. Macroeconomic Situation


PURPOSE

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Sources: VIRAC, SBV

• The exchange rate in the first 9 months of 2017 was quite bleak, the VND /

USD exchange rate was not volatile and remained around 22,350, up to

22,470 on September, 30th.

• The average interest rate is on the downward trend

Interest rate, 2011 – 9M/2017e

Sources: VIRAC, GSO

VND/USD exchange rate, 2016-9/2017




PURPOSE

10

Sources: VIRAC, GDVC

Vietnam's export turnover in the first nine months was estimated at $ 154.32

billion, increasing by 20% over the same period last year,

Proportion value of rice-paddy industry contributing to Vietnam exports,

2010 –2017


Rice is the main export

product of Vietnam, however, the contribution of pepper to total

export turnover is limited, which is only 1.2%.

Thousand USD %

Imports and exports, 2014 – Q3/2017e

Million USD




PURPOSE

Content

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1.1 Macroeconomic Situation

1.2 Legal Framework

1.3 Free Trade Agreements

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Legal policies related to inputs

Land polices related to rice-paddy cultivation

➢ Paddy land protection

➢ Policies of land allocation limit


1.2. Legal Framework


PURPOSE

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Area/purposes

Annual crops cultivation,

aquaculture land, salt making

land

Perennial plant

cultivation

Protective forest land,

production forest land

Limit of agricultural land allocation due to Land Law 2013

➢ Policies related to agricultural property




PURPOSE

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In addition, the policy on agricultural land mentions many shortcomings::




PURPOSE

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2. Credit policy for agricultural in general and for rice-paddy in particular




PURPOSE

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3. Irrigation policy

4. Rice-paddy production policy

High output encouragement and food security guarantee policy




PURPOSE

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5. Rice export policy




PURPOSE

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6. Regulation on floor price for rice production




PURPOSE

Content

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1.1 Macroeconomic situation

1.2 Legal Framework


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Vietnam trade integration process from 1995 to present

Until the end of 2017, Vietnam has signed, implemented, and is negotiating a total of 16 FTAs. Accession to international trade agreements brings

opportunities and challenges for domestic firms.




PURPOSE



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Vietnam – Eurasian Economic Union (EAEU) free trade agreement

• Opportunities when signing Vietnam – EAEU for rice-paddy industry:

• Challenges when signing Vietnam – EAEU for rice-paddy industry:


PURPOSE

22

Trans-Pacific Partnership trade agreement (TPP)




PURPOSE

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ASEAN Trade in Goods Agreements (ATIGA)

Rice exports proportion of Vietnam to ASEAN countries in 2017

Ton





PURPOSE

2. Global rice-paddy market

2.1 Establishment history

2.2 Classification

2.3 Input factors

2.4 Production

2.5 Consumption

2.6 Global rice trade

2.7 Price movements

2.8 Typical countries

Content

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The history of establishing global rice-paddy industry




PURPOSE

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Paddy area, output and global productivity in the period of 1960/61 - 2016/17

Sources: VIRAC, FAO




PURPOSE



2.2 Classification

2.3 Input factors

2.4 Production

2.5 Consumption


2.7 Price movements


Content

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4 main types of rice are used widely in the world nowadays:

Besides, rice is also classified due to its shape

Source: VIRAC


2.2 Classification


PURPOSE

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The types of rice

Paddy

Parboiled

rice

Brown

rice

White

rice

Precooked

rice

Dried

rice

Other

types

Sources: VIRAC, USDA


2.2 Classification


PURPOSE

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The competitiveness comparison of long grain rice between some countries in the world

Countries Production costProduct quality Supply sources reliability

Domestic Export Domestic Export



2.2 Classification


PURPOSE



2.2 Classification

2.3 Input factors

2.4 Production

2.5 Consumption


2.7 Price movements


Content

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Factors which affect global rice-paddy industry

Weather has impact on production output and quality


2.3 Input factors


PURPOSE

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2. FertilizerThe quantity of fertilizer used in rice-paddy cultivation, 2010 – 2018f

Sources: VIRAC, Statista


2.3 Input factors


PURPOSE



2.2 Classification

2.3 Input factors

2.4 Production

2.5 Consumption


2.7 Price movements


Content

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Rice production output in the season 2016/2017 was estimated at 501.2.

million tons, increasing by 10.2 million tons from the previous year, and

reached record levels in history.

Global rice-paddy production, 2008/2009 - 2016/2017

Sources: VIRAC, STATISTA, FAO

Sources: VIRAC, STATISTA, FAO

The structure of rice production output by regions, 2016/17In Africa, rice output in the year increased by 1% compared to 2016,

reaching 20.3 million tons.


2.4 Production


PURPOSE

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Asia has a steady growth rate, though not all areas are supported by

weather, but thanks to government support policies.

The structure of rice production output by countries, 2016/17



2.4 Production


PURPOSE

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Central America and the Caribbean increased by 2% to 1.9 million tons despite difficulties in weather with major storms such as Irma and Maria.


2.4 Production


PURPOSE



2.2 Classification

2.3 Input factors

2.4 Production

2.5 Consumption


2.7 Price movements


Content

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After 56 years, global consumption in 2016/17 has reached 478,838 thousand tons, increasing by 206% compared to the previous

periods.

Rice consumption in the period from 1960/61 to 2016/17

Thousand tons



2.5 Consumption


PURPOSE

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Rice consumption by regions in the season 2016/2017


Asia is the most rice-consuming region in the world


2.5 Consumption


PURPOSE

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Rice consumption by using purposes, 2012 - 2017Million tons

Sources: VIRAC, FAO Top 10 largest rice consumers in the season 2016/17

Sources: VIRAC, FAO

Nine out of ten of the largest rice consumers in the season 2016/17 are

located in Asia (except Brazil).Thousand tons


2.5 Consumption


PURPOSE

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Rice consumption per capita in the world in 2016 reached 54.57

kg / person, lower than 2006 with 56.5 kg / person.

Rice consumption per capita in the regions, 2006 & 2016

Kg/person

Sources: VIRAC, OCED

Sources: VIRAC, OCED

✓ Changes in consumer incomes have impacted on rice consumption per capita.

Kg/person

USD

Incomes and rice consumption per capita of some countries in 2016


2.5 Consumption


PURPOSE



2.2 Classification

2.3 Input factors

2.4 Production

2.5 Consumption


2.7 Price movements


Content

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Global rice exports in the period from 2000/01 to 2016/17

Thousand tons


In the period 2010/16, rice output entering the world's trade tends to increase.




PURPOSE

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In terms of import: Top 10 largest rice importers in the season 2016/17

Thousand tons



Rice imports by regions, 2016/17




PURPOSE

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In terms of export:


Thousand tons

Top 10 rice exporters in the season 2016/17


Rice exports by regions, 2016/17




PURPOSE



2.2 Classification

2.3 Input factors

2.4 Production

2.5 Consumption


2.7 Price movements


Content

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Sources: VIRAC, Indexmundi

Rice price movements from November/1987 to November/2017

The relatively stable period of rice prices extends from the early 1990s to 2001,

The 2007/2008 season witnessed unprecedented increase in rice prices, reaching a record of $ 901.8 per ton in June/2008.

USD/tấn


2.7 Price movements


PURPOSE

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The rice price after the warming period of 2007/08 has cooled down,


2.7 Price movements


PURPOSE



2.2 Classification

2.3 Input factors

2.4 Production

2.5 Consumption


2.7 Price movements


Content

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Thailand

2015/16 2016/17 2017/18f

Main

season

Supporting

seasonTotal

Main

season

Supporting

seasonTotal

Main

season

Supporting

seasonTotal

Sources: VIRAC, Thailand Rice Association

Area, output and productivity of Thailand rice-paddy industry

Production




PURPOSE

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Consumption

Trade

Thailand rice exports, 2010/11 – 2016/17Million tons


Policies




PURPOSE

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The Thai government announced the On-farm Pledging Program, which runs from

November 25, 2016 to February 28, 2017, yielding 1.5 million tons of paddy-rice, increasing by 0.5 million tons compared to the season 2015/16, of

which 1.2 million tons of broken rice; 0.2 million tons of glutinous rice and 0.1 million tons of white rice.




PURPOSE

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India

Sources: VIRAC, Minister of Agriculture & Farmers Welfare, India

Production



Area, output and productivity of India rice-paddy industry


PURPOSE

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Consumption

Trade

India rice consumption, 2011/12 – 2017/18FThousand tons


Thousand tons

India rice exports, 2011/12 – 2016/17




PURPOSE

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Policies




PURPOSE

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China Production output, consumption of rice in China, 2012/13 – 2016/17

Thousand tons


Production

Price

Consumption




PURPOSE

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Trade Rice trade of China, 2012/13 – 2016/17

Thousand tons


In the season 2016/17, China imported more than 5.3 million tons of

rice, maintaining its leading position in rice imports.




PURPOSE

3. Vietnam rice-paddy market

3.1 History of establishment and development

3.2 Industry value chain

3.3 Rice-paddy cultivation

3.4 Rice production

3.5 Rice consumption

3.6 Rice trade

3.7 Price movements

Content

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Establishment history of Vietnam rice-paddy industry

Rice-paddy area and output, 1961 - 2015

Sources: VIRAC, FAO

➢ The period from 1885 to 1954: French colonial period: development of innovation rice-paddy cultivation


3.1 History of development and establishment


PURPOSE

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➢ The period from 1954 to 1975

➢ The period from 1976 to 1980




PURPOSE

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➢ The period from 1981 to 1987:

➢ The period from 1988 to the present




PURPOSE





3.4 Rice production


3.6 Rice trade

3.7 Price movements

Content

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Rice-paddy production and distribution chain

1. Cultivation

Source: VIRAC collected




PURPOSE

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2. Purchase, processing




PURPOSE

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3. Domestic distribution

Structure of domestic rice distribution market in 2016





PURPOSE





3.4 Rice production


3.6 Rice trade

3.7 Price movements

Content

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Rice-paddy cultivated seasons

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Main rice-paddy cultivated seasons in Vietnam

Regions Seasons Cultivating time

Sources: VIRAC, GSO

Rice-paddy area and output in the 3 seasons of the period

from 2010 to 2017e




PURPOSE

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In 2017, due to the conversion of cultivated area and the impacts of pests, the area, yield and output of rice in winter-spring seasons in 2017 have

decreased. The area of winter-spring rice cultivation in 2017 reached 3,077.4 thousand hectares, reducing by 5.7 thousand hectares in comparison with

the previous winter-spring season.

The area of summer-autumn rice cultivation in the whole country in 2017 reached 2,106.3 thousand ha, equivalent to the summer-autumn season of

2016; the productivity was estimated at 54.5 quintals / ha, increasing by 0.7 quintals / ha; production reached nearly 12.2 million tons, decreasing by

2.7 million tons, equivalent to 18 percent.




PURPOSE

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The weather is still unfavorable and pests are the main causes for the output of paddy rice in 2017 less than the same period. The area of paddy in 2017

is 1.76 million ha, decreasing by 17.5 thousand ha and equal to 99% compared to the seasons in 2016; the productivity is estimated at 46.4 quintals /

ha, decreasing by 1.4 quintals / ha; production is estimated at 8.2 million tons, decreasing by 327.3 thousand tons and equal to 96.2%.




PURPOSE

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Rice-paddy cultivated area by regions, 2010 -2016

Sources: VIRAC, GSO




PURPOSE

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Rice seeds

FertilizerFertilizer application for rice cultivation averaged over 1ha

Kg/ha

Sources: VIRAC, WB




PURPOSE





3.4 Rice production


3.6 Rice trade

3.7 Price movements

Content

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Vietnam rice production from 2010/11 to 2017/18

Thousand tons


3.4 Rice production


PURPOSE





3.4 Rice production


3.6 Rice trade

3.7 Price movements

Content

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Vietnam rice consumption from 2010/11 to 2017/18

Thousand tons

Sources VIRAC, OCED

The structure of rice consumption by volume, 2017e




PURPOSE





3.4 Rice production


3.6 Rice trade

3.7 Price movements

Content

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Export volume and value of rice, 2010 – 2017

2017 is considered as a successful year for the rice industry. The rice export

volume reached 5.789 thousand tons, increasing by 20.4%, the export value

of rice reached 2.616 thousand USD, increasing by 21.2%.


3.6 Rice trade


PURPOSE

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The structure of rice export by volume, 2017In 2017, China is Vietnam’s largest rice import market,

The structure of rice export by products, 2017e



3.6 Rice trade


PURPOSE

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Concentrated export contract of riceRice proportion exported under concentrated export contract,

2007 - 2015


3.6 Rice trade


PURPOSE

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The structure of rice exports by output, 2017

Prior to the issuance of Decree 109/2010 / ND-CP on management of rice export business, the number of enterprises involved in exporting rice was up to more

than 200 enterprises.


3.6 Rice trade


PURPOSE





3.4 Rice production


3.6 Rice trade

3.7 Price movements

Content

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Comparison of the asking price for exported rice between Thailand and Vietnam in 2017

USD/ton

Sources: VIRAC, Department of

Price Management

Months Ordinary rice in the

North

Finished product of

rice-paddy in the South

(5%)

Domestic price for rice in 2017


3.7 Price movements


PURPOSE

Content

Industry overview




4.4 Forecasts

84

85

Risks

4. Industry overview



PURPOSE

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Other risks




PURPOSE

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Challenges




PURPOSE

Content

Industry overview




4.4 Forecasts

88

5 FORCES analysis

89




PURPOSE

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Strengths: Weakness:

Opportunities: Threats:




PURPOSE

Content

Industry overview




4.4 Forecasts

91

92

Planning




PURPOSE

93

➢ Orientation of rice production by regions




PURPOSE

94




PURPOSE

Content

Enterprise analysis

5.1 Introduction of enterprises

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TOP OF THE LARGEST RICE-PADDY ENTERPRISES WITH THE GREATEST REVENUE IN 2016

Name Address Tax codeTotal asset

(million VND)

Net revenue

(million VND)

VINAFOOD II

VINAFOOD I

KIGIMEX

TAN THANH AN COMPANY

LIMITED

TAN DONG TIEN JSC

GIA INTERNATIONAL CORP

TIN THUONG INVESTMENT

TRADING JSC.

THUAN MINH IMPORT

EXPORT CORPORATION

AGRICAM

VIETNAM INTIMEX JOINT

STOCK CORPORATION


PURPOSE

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VINAFOOD II


PURPOSE

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VINAFOOD I


PURPOSE

99

Kigimex


PURPOSE

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TAN THANH AN COMPANY LIMITED


PURPOSE

101

TAN DONG TIEN JSC


PURPOSE

102

GIA INTERNATIONAL CORP


PURPOSE

103

TIN THUONG INVESTMENT TRADING JSC


PURPOSE

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THUAN MINH IMPORT EXPORT CORPORATION


PURPOSE

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AGRICAM


PURPOSE

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VIETNAM INTIMEX JOINT STOCK CORPORATION


PURPOSE

Content





107



Billion VND


108

Net revenue of 10 enterprises in the industry, 2015 – 2016


PURPOSE

109




PURPOSE

110

.

Gross profit margin, 2015 - 2016





PURPOSE

111

.




PURPOSE

112

.

Cost of sales/Net revenue, 2015 - 2016





PURPOSE

113

Enterprise cost management/net revenue, 2015 - 2016


Financial expenses/net revenue, 2015 - 2016





PURPOSE

Content





114

115

Average number of receivable days, 2015 - 2016day





PURPOSE

116

Solvency ratio, 2016



Inventory day, 2016

day




PURPOSE

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Asset structure and total assets turnover in 2016



Debt structure and debt/equity ratio 2016




PURPOSE

Content





118

134

Profitability on assets and equity, 2016





PURPOSE

6. Appendix

Content

120

Appendix

Financial statements

VINAFOOD II

121

BALANCE SHEET

Unit: Billion VND 2015 2016

A. CURRENT ASSETS

I. Cash and cash equivalents

II. Short-term investments

III. Short-term receivables

1. Accounts receivable of customers

IV. Inventories

B. NON-CURRENT ASSETS

I. Long-term receivables

Accounts receivable of customers

II. Fixed assets

1. Tangible fixed assets

2. Intangible fixed assets

III. Commercial advantage

TOTAL ASSETS

A. LIABILITES

I. Short-term liabilities

1. Tax and accounts payable to the State

2. Accounts payable to the suppliers

3. Short-term borrowings

II. Long-term liabilities

1. Long-term borrowings

2. Funds for development of science and

technology

B. OWNER’S EQUITY

TOTAL EQUITY

STATEMENTS OF BUSINESS RESULTS


Net revenue

Cost of goods sold

Gross profit

Revenue from financial activities

Financial costs

Interest expenses

Cost of sales

Enterprise cost management

Total costs

Revenue from business activities

Profit before tax

Current income tax

Deferred income tax

Profit after tax

STATEMENTS OF CASH FLOWS


I. Cash flows from operation

Depreciations of fixed assets

(Profit)/Loss from difference of unrealized foreign exchange rate

(Profit)/Loss from investment activities

Interest expenses

Net cash flows from operation

II. Cash flows from investment

Shopping, building fixed assets and other non-current assets

Cash spent for lending, purchasing debt instruments of other units

Withdrawal of cash spent for lending, selling debt instruments of other units

Interest on loans, dividends and profit divided

Net cash flows from investment

III. Cash flows from finance

Money from issued shares, capital contribution of the owner

Net cash flows from finance

Net cash flows during the year

Cash and cash equivalents at the beginning of the year

Impact of exchange rate changes in foreign currency

Cash and cash equivalents at the end of the year


PURPOSE

Appendix


VINAFOOD I

122

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories




II. Fixed assets




TOTAL ASSETS

A. LIABILITES








technology

B. OWNER’S EQUITY

TOTAL EQUITY



Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales


Total costs


Profit before tax

Current income tax

Deferred income tax

Profit after tax







Interest expenses
















PURPOSE

Appendix


Kigimex

123

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories




II. Fixed assets




TOTAL ASSETS

A. LIABILITES








technology

B. OWNER’S EQUITY

TOTAL EQUITY



Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales


Total costs


Profit before tax

Current income tax

Deferred income tax

Profit after tax







Interest expenses
















PURPOSE

Appendix


Tan Thanh An Company Limited

124

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories




II. Fixed assets




TOTAL ASSETS

A. LIABILITES








technology

B. OWNER’S EQUITY

TOTAL EQUITY



Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales


Total costs


Profit before tax

Current income tax

Deferred income tax

Profit after tax







Interest expenses
















PURPOSE

Appendix


Tan Dong Tien JSC

125

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories




II. Fixed assets




TOTAL ASSETS

A. LIABILITES








technology

B. OWNER’S EQUITY

TOTAL EQUITY



Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales


Total costs


Profit before tax

Current income tax

Deferred income tax

Profit after tax







Interest expenses
















PURPOSE

Appendix


Gia International Corp

126

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories




II. Fixed assets




TOTAL ASSETS

A. LIABILITES








technology

B. OWNER’S EQUITY

TOTAL EQUITY



Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales


Total costs


Profit before tax

Current income tax

Deferred income tax

Profit after tax







Interest expenses
















PURPOSE

Appendix


Tin Thuong Investment Trading JSC

127

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories




II. Fixed assets




TOTAL ASSETS

A. LIABILITES








technology

B. OWNER’S EQUITY

TOTAL EQUITY



Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales


Total costs


Profit before tax

Current income tax

Deferred income tax

Profit after tax







Interest expenses
















PURPOSE

Appendix


Thuan Minh Import Export Corporation

128

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories




II. Fixed assets




TOTAL ASSETS

A. LIABILITES








technology

B. OWNER’S EQUITY

TOTAL EQUITY



Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales


Total costs


Profit before tax

Current income tax

Deferred income tax

Profit after tax







Interest expenses
















PURPOSE

Appendix


Agricam

129

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories




II. Fixed assets




TOTAL ASSETS

A. LIABILITES








technology

B. OWNER’S EQUITY

TOTAL EQUITY



Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales


Total costs


Profit before tax

Current income tax

Deferred income tax

Profit after tax







Interest expenses
















PURPOSE

Appendix


Vietnam Intimex Joint Stock Corporation

130

BALANCE SHEET


A. CURRENT ASSETS





IV. Inventories




II. Fixed assets




TOTAL ASSETS

A. LIABILITES








technology

B. OWNER’S EQUITY

TOTAL EQUITY



Net revenue

Cost of goods sold

Gross profit


Financial costs

Interest expenses

Cost of sales


Total costs


Profit before tax

Current income tax

Deferred income tax

Profit after tax







Interest expenses
















PURPOSE

REPORT DISCLAIMER

131

Report Disclaimer:

This document has been prepared in good faith on the basis of information available at the date of publication without any independent verification. VIRAC has

produced this report for private circulation to professional clients only. All information and statistical data herein have been obtained from sources we believe to

be reliable and made to ensure the accuracy of the contents of the pages of the report at the time of preparation. Such information has not been independently

verified and VIRAC makes no representation or warranty, whether express or implied, of any kind with respect to the document and its contents, information and

materials. The content found in this report is proprietary to VIRAC and is provided solely for your personal and non-commercial use. You agree that you will not

use this report for any purpose that is unlawful and that you will not reproduce the report or redistribute it outside your organisation, or place it on a website for

public access without the express written permission of VIRAC.

SHOULD YOU NEED ANY ASSISTANCE, PLEASE CONTACT US:

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6 th Floor, Anh Minh Building, 36 Hoang Cau, O Cho Dua, Dong Da, Hanoi, Vietnam

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VIETNAM RICE-PADDY INDUSTRY REPORT Q2/2018 · Proportion value of rice-paddy industry contributing...

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