VIETNAM FISHERY INDUSTRY REPORT Q2/2018

Transcription

1 VIETNAM FISHERY INDUSTRY REPORT Q2/2018 1

2 Contents Executive summary 4 3. Vietnam seafood market Business environment Characteristics of the Vietnamese fishery industry Macroeconomic situation Situation of aquaculture and exploitation Legal framework Overview of aquaculture and exploitation Free trade agreements Current status of seafood exploitation World seafood market Current status of aquaculture World seafood market Production Production Consumption Consumption Risks and challenges Global seafood trade Driving forces Price movement of some aqua products Industry development planning and forecast Seafood market in some countries in the region Enterprise analysis Appendix 125 2

3 Abbreviation MARD Ministry of Agriculture and Rural Development GDVC General Department of Vietnam Customs FAO Food and Agriculture Organization of the United Nations GSO General Statistics Office FTA Free Trade Agreement TBT Technical Barriers to Trade ILO International Labour Organization VASEP Vietnam Association of Seafood Exporters and Producers SPS Sanitary and Phytosanitary Measures VIRAC Vietnam Industry Research And Consultancy Joint Stock Company 3

4 Executive Summary The seafood processing sector has developed into a spearhead economic sector, Vietnam has long been a leading seafood producer and exporter in the region, along with Indonesia and Thailand is a successful year of some companies when the gross profit of big companies such as Hung Vuong, Vinh Hoan, Viet Thang, etc 4

5 Contents 1 Business environment 1.1 Macroeconomic situation 1.2 Legal framework 1.3 Free trade agreements 5

6 Part I. Business environment 1. Macroeconomic situation Gross domestic product in Q1/2018 was estimated to increase by 7.38% % GDP growth rate by quarter, 2015 Q1/2018 Source: VIRAC, GSO Fishery s contribution to GDP, 2013 Q1/2018e Source: VIRAC, GDVC 6

7 Part I. Business environment 1. Macroeconomic situation VND/USD exchange rate, /2018 The VND/USD exchange rate was stable and supported by a plentiful supply of foreign currencies Source: VIRAC, SBV % Lending rates and mobilizing rates, Q1/2018 Source: VIRAC, SBV 7

8 1. Business environment 1.1. Macroeconomic situation billion USD Import - Export, 2006 Q1/2018 billion USD Fishery s contribution to Vietnam s total exports, 2013 Q1/2018e Source: VIRAC, GDVC Source: VIRAC, GDVC 8

9 1. Business environment 1.1. Macroeconomic situation The young population structure creates a potential market for the development of the fisheries sector Million people Total population and age structure of labor force, e Source: VIRAC, GSO Thousand people Labor force in agriculture, industry, fishery, e Source: VIRAC, GSO 9

10 Contents Part I. Business environment 1. Macroeconomic situation 2. Legal framework 3. Free trade agreements 10

11 1. Business environment 1.2 Legal framework Fisheries Law 11

12 1. Business environment 1.2 Legal framework 12

13 1. Business environment 1.2 Legal framework Group of standards and decrees on aquaculture Group of laws, decrees on taxes with aquaculture, fishing and processing No Sector Tax rate on sales 13

14 1. Business environment 1.2 Legal framework 14

15 1. Business environment 1.2 Legal framework 15

16 Contents 1. Business environment 1.1 Macroeconomic situation 1.2 Legal framework 1.3 Free trade agreements 16

17 1. Business environment 1.3 Free trade agreements Vietnam - Korea Free Trade Agreement (VKFTA) Item MFN tax of Korea Commitments on import duties Vietnam - Eurasian Economic Union Free Trade Agreement (Nga, Kazakhstan, Belarus, Armenia và Kyrgyzstan): Item MFN tax of EAEU Commitments on import duties 17

18 1. Business environment 1.3 Free trade agreements EU Vietnam Free Trade Agreement (EVFTA) Item MFN tax of the EU GSP tax Commitments on import duties (*) EIF: The tax rate is 0% as soon as the agreement takes effect. 18

19 1. Business environment 1.3 Free trade agreements ASEAN Economic Community (AEC) Comprehensive and Progressive Agreement for Trans-Pacific Partnership CPTPP: 19

20 1. Business environment 1.3 Free trade agreements 20

21 21 1. Business environment 1.3 Free trade agreements Some international certification on aquaculture (1) MSC: Stand ard Certificati ng unit Ecological labels Required permission Devel op indep enden t stand ards Indepe ndent certific ation Be recognize d in the ASC standard Be recogniz ed in the BAP standard MSC IFFORS ASC (2) IFFO RS: BAP FOS Global GAP (4) BAP: (3) ASC: (5) FOS: (6) Global GAP:

22 Contents 2. World seafood market 2.1 World seafood market Production Consumption Seafood trade Price movement of some aqua products 2.2 Seafood markets in some countries in the region 22

23 2. World seafood market 2.1 World seafood market Production Global aquaculture production grew at a CAGR of 2.78% per year for the period e. Global aquaculture and fishing production, e Million tons Source: VIRAC, FAO Structure of fishing and aquaculture areas in 2016e Source: VIRAC, FAO 23

24 2. World seafood market 2.1 World seafood market Production Structure of global fishermen, 2016e Global fishermen Million people Structure of fishing fleets by area, 2014 Source: VIRAC, ILO Global fishing fleets Source: VIRAC, FAO 24

25 2. World seafood market 2.1 World seafood market Production Asia is the region with the largest fishing and aquaculture production volume in the world Structure of world fishing and aquaculture production by region, 2016 Source: VIRAC, FAO Structure of world fishing production by region, 2016 Structure of world aquaculture production by region, 2016 Source: VIRAC, FAO Source: VIRAC, FAO 25

26 2. World seafood market 2.1 World seafood market Production Thousand tons Aquaculture by region, 2015 With its long coastline, dense river systems, and the encouraging development, aquaculture in East Asia, South Asia and Southeast Asia have developed very fast. Source: VIRAC, FAO Million tons Top 10 countries in terms of aquaculture, 2016 Source: VIRAC, Worldatlas 26

27 2. World seafood market 2.1 World seafood market Production Top 10 countries in terms of fishing 2015 Million tons Source: VIRAC, FAO Top 10 most caught fishes 2015 Source: VIRAC, FAO 27

28 28 Contents 2. World seafood market 2.1 World seafood market Production Consumption Seafood trade Price movement of some aqua products 2.2 Seafood markets in some countries in the region

29 2. World seafood market 2.1 World seafood market Consumption Global seafood consumption, e Million tons Source: VIRAC, FAO Seafood consumption per capita, Unit: kg Source: VIRAC, FAO 29

30 Contents 2. World seafood market 2.1 World seafood market Production Consumption Seafood trade Price movement of some aqua products 2.2 Seafood market in some countries in the region 30

31 2. World seafood market 2.1 World seafood market Global seafood trade billion USD Global seafood trade, e The period of witnessed the strong growth of global seafood trade Source: VIRAC, FAO billion USD Global seafood exports, Source: VIRAC, FAO 31

32 2. World seafood market 2.1 World seafood market Global seafood trade Global seafood exports by region, 2016 Source: VIRAC, FAO Global seafood imports by region, 2016 Source: VIRAC, FAO 32

33 2. World seafood market 2.1 World seafood market Global seafood trade billion USD Top 10 seafood exporters, 2016e China not only leads the world in seafood production, but is also the largest exporter of seafood since 2002 Source: VIRAC, Worldrichestcountries In 2016, the volume of seafood imported into the United States reached a record, imports of all major products have increased in which catfish increased the most. Top 10 seafood importers, 2016e billion USD Source: VIRAC, Worldrichestcountries 33

34 Contents 2. World seafood market 2.1 World seafood market Production Consumption Seafood trade Price movement of some aqua products 2.2 Seafood market in some countries in the region 34

35 2. World seafood market 2.1 World seafood market Price movement of some aqua products World shrimp prices, 1/2014 3/2018 Shrimp Price Supply Export 35

36 2. World seafood market 2.1 World seafood market Price movement of some aqua products Major markets 36

37 2. World seafood market 2.1 World seafood market Price movement of some aqua products Tuna: Price Supply Canned tuna market: Thailand 37

38 2. World seafood market 2.1 World seafood market Price movement of some aqua products Ecuador: Spain: Philippines: The United States: EU: Russia: Asia-Pacific: 38

39 2. World seafood market 2.1 World seafood market Price movement of some aqua products High squid and octopus prices due to low yield Octopus 39

40 2. World seafood market 2.1 World seafood market Price movement of some aqua products Squid 40

41 Contents 2. World seafood market 2.1 World seafood market Production Consumption Seafood trade Price movement of some aqua products 2.2 Seafood markets in some countries in the region 41

42 2. World seafood market 2.2 Seafood markets in some countries in the region China Geographic advantages and Chinese policies in aquaculture development 42

43 2. World seafood market 2.2 Seafood markets in some countries in the region Million tons Seafood production in China, e CNY/kg Source: VIRAC, FAO Seafood price index in China, 01/ /2017 Source: VIRAC, Ministry of Agriculture of China 43

44 2. World seafood market 2.2 Seafood markets in some countries in the region China is also the world's leading exporter, with Japan accounting for about 50% of its exports USD thousand Tuna, squid-octopus exports of China, Ton Tuna export structure, 2016 Source: VIRAC, FAO Squid, octopus export structure, 2016 Source: VIRAC, FAO 44

45 2. World seafood market 2.2 Seafood markets in some countries in the region Indonesia Indonesia Area Water area Coastline Population GDP (2016) Agriculture s contribution to GDP (2016) Fishery s contribution to GDP (2016*) Million tons Seafood production of Indonesia, e Source: VIRAC, FAO 45

46 46 2. World seafood market 2.2 Seafood markets in some countries in the region Export Shrimp exports of Indonesia, e Thousand tons Import Ton Source: VIRAC, VASEP Seafood trade of Indonesia (average in the period ) Source: VIRAC, California enviromental associates

47 2. World seafood market 2.2 Seafood markets in some countries in the region US seafood consumption by type of product, 2016e Source: VIRAC, FAO Fisheries' contribution to the US economy, Production of some US seafood, Thousand tons Source: VIRAC, NMFS Source: VIRAC, NMFS 47

48 2. World seafood market 2.2 Seafood markets in some countries in the region Ton Squid, octopus and shrimp import of the US, Shrimp import of the US, by volume, 2017 Nguồn: VIRAC, VASEP Nguồn: VIRAC, VASEP 48

49 2. World seafood market 2.2 Seafood markets in some countries in the region Ton Thailand Area Water area Coastline Population (2016) GDP (2016) Agriculture's contribution to GDP (2016) Ton Seafood production of Thailand, Source: VIRAC, FAO 49

50 2. World seafood market 2.2 Seafood markets in some countries in the region Shrimp and tuna exports of Thailand, Export million USD Source: VIRAC, VASEP 50

51 2. World seafood market 2.2 Seafood markets in some countries in the region Top 10 largest seafood companies in 2016 Founded year Headquarter Revenue in 2016 (billion USD) Logo Source: VIRAC 51

52 2. World seafood market 2.2 Seafood markets in some countries in the region 52

53 Contents 3. Vietnam seafood market 3.1 Characteristics of the Vietnamese fishery industry 3.2 Situation of aquaculture and exploitation 3.3 Production 3.4 Consumption 3.5 Risks and challenges 3.6 Driving forces 3.7 Industry development planning and forecast 53

54 3. Vietnam seafood market 3.1 Characteristics of the Vietnamese fishery industry Characteristics Scale of Vietnam fishery industry Number of fishery enterprises Source: VIRAC, GSO 54

55 3. Vietnam seafood market 3.1 Characteristics of the Vietnamese fishery industry Fisheries workers in Vietnam Number of laborers farming, fishing and processing aquatic products, Thousand people The quality of human resources is limited: Source: VIRAC, GSO The system of fishing ports, wharves, mooring areas: Form of organization of exploitation: 55

56 3. Vietnam seafood market 3.1 Characteristics of the Vietnamese fishery industry Strong fisheries areas in the country 56

57 3. Vietnam seafood market 3.1 Characteristics of the Vietnamese fishery industry Sector value chain and linkage among subjects in the fisheries sector, etc Value chain of aquaculture 57

58 3. Vietnam seafood market 3.1 Characteristics of the Vietnamese fishery industry Longitudinal linkages between actors in the fisheries sector Source: VIRAC, VASEP 58

59 3. Vietnam seafood market 3.1 Characteristics of the Vietnamese fishery industry Role of the fisheries sector in Vietnam 1. Role of the seafood processing industry in the national economy 2. Advantages of Vietnam's seafood processing industry 59

60 Contents 3. Vietnam seafood market 3.1 Characteristics of the Vietnamese fishery industry 3.2 Situation of aquaculture and exploitation 3.3 Production 3.4 Consumption 3.5 Risks and challenges 3.6 Driving forces 3.7 Industry development planning and forecast 60

61 3. Vietnam seafood market 3.2 Situation of aquaculture and exploitation Overview of aquaculture and exploitation Farming area Thousand ha Fish farming area, e Fishing fleets Source: VIRAC, GSO Fishing boats with a capacity of 90 CV, e Thousand CV Unit Source: VIRAC, GSO 61

62 3. Vietnam seafood market 3.2 Situation of aquaculture and exploitation Overview of aquaculture and exploitation Seafood production, Q1/2018e Thousand tons Source: VIRAC, VASEP, GSO 62

63 3. Vietnam seafood market 3.2 Situation of aquaculture and exploitation Overview of aquaculture and exploitation Fishing and aquaculture results, 2016 Q1/2018 Source: VIRAC, GSO 63

64 3. Vietnam seafood market 3.2 Situation of aquaculture and exploitation Overview of aquaculture and exploitation Seafood production in Vietnam, 2016 Q1/2018e 2016 (thousand tons) 2017e (thousand tons) Q1/2018e (thousand tons) Q1/2018 compared to Q1/2017 (%) Source: VIRAC, GSO 64

65 3. Vietnam seafood market 3.2 Situation of aquaculture and exploitation Current status of seafood exploitation Fishery exploitation Thousand tons Vietnamese seafood exploitation, 2010 Q1/2018e Source: VIRAC, GSO Structure of fishery exploitation by area, 2016e Exploitation output of coastal provinces by region, 2017e Thousand tons Source: VIRAC, MARD Source: VIRAC, GSO 65

66 3. Vietnam seafood market 3.2 Situation of aquaculture and exploitation Current status of aquaculture Source of fingerlings Material imports 66

67 3. Vietnam seafood market 3.2 Situation of aquaculture and exploitation Current status of aquaculture million USD Seafood imports, Q1/2018e Source: VIRAC, VASEP, GDVC Vietnam imports mostly raw materials, aqua breeding stock. The largest imports in Q1/2018 are from the Indian market (accounting for 24.8% of the Seafood import structure, Q1/2018e import value). Followed by Norway, China, Taiwan, etc. Source: VIRAC, GDVC 67

68 3. Vietnam seafood market 3.2 Situation of aquaculture and exploitation Current status of aquaculture Feed for aquaculture Aquaculture activities 68

69 3. Vietnam seafood market 3.2 Situation of aquaculture and exploitation Current status of aquaculture Aquaculture Thousand tons Production of some aquatic species, 2013 Q1/2018e Pangasius Source: VIRAC, GSO Shrimp 69

70 3. Vietnam seafood market 3.2 Situation of aquaculture and exploitation Current status of aquaculture Ratio of catfish farming area self-invested in some provinces and cities in 2016 Structure of pangasius production by province, Q1/2018e Source: VIRAC, MARD Source: VIRAC, VASEP Content is intentionally removed Đối với cá tra for basa: demo purpose Shrimp farming area in brackish waters, e Thousand ha As for shrimp: Source: VIRAC, VASEP, MARD 70

71 Contents 3. Vietnam seafood market 3.1 Characteristics of the Vietnamese fishery industry 3.2 Situation of aquaculture and exploitation 3.3 Production 3.4 Consumption 3.5 Risks and challenges 3.6 Driving forces 3.7 Industry development planning and forecast 71

72 3. Vietnam seafood market 3.3 Production Domestic seafood processing Seafood processing for export 72

73 3. Vietnam seafood market 3.3 Production Processing facilities of aquatic products for export by type of enterprise and kind of processed products in 2012 Type Northern Central South East South West Total Type of business State-owned enterprises Joint stock companies Private enterprises Joint venture enterprises 100% foreign owned enterprises Frozen Dried Canned Fish sauce Prawn crackers Total number of export processing facilities Proportion Source: VIRAC, VASEP 73

74 3. Vietnam seafood market 3.3 Production Stage of collection, preliminary processing, processing Shrimp Pangasius Tuna 74

75 3. Vietnam seafood market 3.3. Production Frozen seafood production, 2011 Q1/2018e Thousand tons Source: VIRAC, GSO Frozen seafood and is product that has been processed or pre-processed and are sold for domestic consumption at supermarkets, wholesale markets, shops, etc. 75

76 Contents 3. Vietnam seafood market 3.1 Characteristics of the Vietnamese fishery industry 3.2 Situation of aquaculture and exploitation 3.3 Production 3.4 Consumption 3.5 Risks and challenges 3.6 Driving forces 3.7 Industry development planning and forecast 76

77 3. Vietnam seafood market 3.4 Consumption Kg Seafood consumption per capita in Vietnam, billion VND Domestic consumption value of seafood, Consumption Source: VIRAC, FAO Source: VIRAC, GSO 77

78 3. Vietnam seafood market 3.4 Consumption Vietnamese seafood is currently consumed in more than 160 markets. Vietnam's seafood exports have made great strides in the past 20 years. 78

79 3. Vietnam seafood market 3.4 Consumption million USD Seafood exports, 2010 Q1/2018e Source: VIRAC, GDVC 79

80 3. Vietnam seafood market 3.4 Consumption 80

81 3. Vietnam seafood market 3.4 Consumption Seafood export structure by value, Q1/2018e In the first quarter of 2018, the United States, Japan, China, Korea are four major seafood import markets of Vietnam. Exports of some main aquatic species in Q1/2018 according to VASEP: million USD Source: VIRAC, GDVC Export value of aquatic products, Q1/2018e Source: VIRAC, VASEP 81

82 3. Vietnam seafood market 3.4 Consumption Pangasius billion USD Pangasius export value Q1/2018e Pangasius export structure by value, 2017e Source: VIRAC, VASEP Source: VIRAC, VASEP 82

83 3. Vietnam seafood market 3.4 Consumption Pangasius million USD Export value of catfish to some markets, Source: VIRAC, VASEP 83

84 3. Vietnam seafood market 3.4 Consumption Shrimp billion USD Shrimp export value, 2011 Q1/2018e Export structure of shrimp products, Q1/2018e Source: VIRAC, VASEP Source: VIRAC, VASEP 84

85 3. Vietnam seafood market 3.4 Consumption Top 10 major shrimp importers of Vietnam are 85

86 3. Vietnam seafood market 3.4 Consumption Tuna million USD Export value of the tuna sector, 2011 Q1/2018e In Q1/2018, export value of the tuna sector was about 148 million USD Exported tuna products, 2017e Source: VIRAC, VASEP Source: VIRAC, VASEP 86

87 3. Vietnam seafood market 3.4 Consumption Tuna Export value of the tuna sector, 2011 Q1/2018e million USD Currently, tuna products of Vietnam appear in 97 countries in the world, expanding more than in Exported tuna products, 2017e Source: VIRAC, VASEP Source: VIRAC, VASEP 87

88 3. Vietnam seafood market 3.4 Consumption 8 major tuna export markets of Vietnam, including million USD Tuna export turnover by market, 2017e Source: VIRAC, VASEP 88

89 Contents 3. Vietnam seafood market 3.1 Characteristics of the Vietnamese fishery industry 3.2 Situation of aquaculture and exploitation 3.3 Production 3.4 Consumption 3.5 Risks and challenges 3.6 Driving forces 3.7 Industry development planning and forecast 89

90 3. Vietnam seafood market 3.5 Risks and challenges Risks Environmental risks and exploitation management risks Competitive risks 90

91 3. Vietnam seafood market 3.5 Risks and challenges Risks Island dispute risk Risk in export markets Material risk 91

92 3. Vietnam seafood market 3.5 Risks and challenges Challenges Firstly, Secondly, Thirdly, Fourthly, Fifthly, Sixthly, 92

93 3. Vietnam seafood market 3.5 Risks and challenges Challenges Seventhly, Eighthly, 93

94 3. Vietnam seafood market 3.5 Risks and Challenges SWOT Advantages: Limitations: 94

95 3. Vietnam seafood market 3.5 Risks and challenges SWOT Opportunities: Challenges: 95

96 Contents 3. Vietnam seafood market 3.1 Characteristics of the Vietnamese fishery industry 3.2 Situation of aquaculture and exploitation 3.3 Production 3.4 Consumption 3.5 Risks and challenges 3.6 Driving forces 3.7 Industry development planning and forecast 96

97 3. Vietnam seafood market 3.6 Driving forces Driving forces of industry development Favourable socio-economic conditions: 97

98 Contents 3. Vietnam seafood market 3.1 Characteristics of the Vietnamese fishery industry 3.2 Situation of aquaculture and exploitation 3.3 Production 3.4 Consumption 3.5 Risks and challenges 3.6 Driving forces 3.7 Industry development planning and forecast 98

99 3. Vietnam seafood market 3.7 Industry development planning and forecast Industry planning On 8/16/2013, the Prime Minister issued Decision No.1445 / QD-TTg on approving the master plan for fisheries development up to 2020 and vision 2030 with the following main contents: 99

100 3. Vietnam seafood market 3.7 Industry development planning and forecast Industry planning 100

101 3. Vietnam seafood market 3.7 Industry development planning and forecast Forecast - Global fishery industry Thousand tons Global seafood production and consumption forecast, 2017f f Source: VIRAC, OECD, FAO 101

102 3. Vietnam seafood market 3.7 Industry development planning and forecast Forecast - Vietnam fishery industry million USD Seafood export value, f Source: VIRAC, VASEP 102

103 Contents 4. Enterprise analysis 4.1 Enterprise introduction 4.2 Business results indicators 4.3 Financial indicators 4.4 Performance indicators 103

104 4. Enterprise analysis 4.1 Enterprise introduction TOP FISHERY ENTERPRISES WITH THE HIGHEST REVENUE IN 2016 Name of enterprise Address Tax code Charter capital (VND million) Total assets (VND million) Net revenue (VND million) Hung Vuong Joint Stock Company - HVG Minh Phu Corporation - MPC Vinh Hoan Corporation - VHC Soc Trang Seafood Joint Stock Company - STAPIMEX Viet Thang Feed Joint Stock Company - VTF An Giang Fisheries Import - Export Joint Stock Company - AGF Quoc Viet Seafood Processing and Export Company Limited Nha Trang Seafoods Joint Stock Company - F17 Minh Hai Seafood Joint Stock Company Danang Seaproducts Import-Export Corporation 104

105 4. Enterprise analysis 4.1 Enterprise introduction Hung Vuong Joint Stock Company - HVG 105

106 4. Enterprise analysis 4.1 Enterprise introduction Minh Phu Corporation - MPC 106

107 4. Enterprise analysis 4.1 Enterprise introduction Vinh Hoan Corporation - VHC 107

108 4. Enterprise analysis 4.1 Enterprise introduction Soc Trang Seafood Joint Stock Company - STAPIMEX: 108

109 4. Enterprise analysis 4.1 Enterprise introduction Viet Thang Feed Joint Stock Company - VTF 109

110 4. Enterprise analysis 4.1 Enterprise introduction An Giang Fisheries Import - Export Joint Stock Company - AGF 110

111 4. Enterprise analysis 4.1 Enterprise introduction Quoc Viet Seafood Processing and Export Company Limited 111

112 4. Enterprise analysis 4.1 Enterprise introduction Nha Trang Seafoods Joint Stock Company - F17 112

113 4. Enterprise analysis 4.1 Enterprise introduction Minh Hai Seafood Joint Stock Company 113

114 4. Enterprise analysis 4.1 Enterprise introduction Danang Seaproducts Import-Export Corporation - SPD 114

115 Contents 4. Enterprise analysis 4.1 Enterprise introduction 4.2 Business results indicators 4.3 Financial indicators 4.4 Performance indicators 115

116 4. Enterprise analysis 4.2 Business results indicators VND million Net revenue growth, Source: VIRAC 116

117 4. Enterprise analysis 4.2 Business results indicators VND million Gross profit growth, Source: VIRAC 117

118 4. Enterprise analysis 4.2 Business results indicators 118

119 4. Enterprise analysis 4.2 Business results indicators Selling expenses/net revenue, 2016 Source: VIRAC 119

120 Enterprise analysis 4.2 Business results indicators Administrative expenses/net revenue, 2016 Source: VIRAC Financial expenses/net revenue, 2016 Source: VIRAC

121 Contents 4. Enterprise analysis 4.1 Enterprise introduction 4.2 Business results indicators 4.3 Financial indicators 4.4 Performance indicators 121

122 4. Enterprise analysis 4.3 Financial indicators Accounts receivable turnover, Source: VIRAC 122

123 4. Enterprise analysis 4.3 Financial indicators HVG MPC VHC Soc Trang VTF AGF Quoc Viet Seafoods F17 Minh Hai SPD Average Current Ratio Quick Ratio Cash Ratio Source: VIRAC HVG MPC VHC Soc Trang VTF AGF Quoc Viet Seafoods F17 Minh Hai SPD Average Days in inventory Total asset turnover Fixed asset turnover Source: VIRAC 123

124 Contents 4. Enterprise analysis 4.1 Enterprise introduction 4.2 Business results indicators 4.3 Financial indicators 4.4 Performance indicators 124

125 4. Enterprise analysis 4.4 Performance indicators HVG MPC VHC Soc Trang VTF AGF Quoc Viet Seafoods F17 Minh Hai SPD Average ROA (%) ROE (%) ROS (%) Profit after tax (VND million) Debt to total asset ratio (%) Debt to equity ratio (%) Source: VIRAC 125

126 Contents 5. Appendix 126

127 Appendix Financial Statement INCOME STATEMENT Hung Vuong Joint Stock Company - HVG Unit: VND million Net revenue BALANCE SHEETS Cost of goods Unit: VND million Gross profit A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expense Loan interest expenses II. Short-term financial investments III. Short-term receivable 1. Short-term receivables of customers Cost of sales Enterprise administration expenses Net profit from business operations IV. Inventories Total accounting profit before tax B. LONG-TERM ASSETS Costs of current corporate income tax TOTAL ASSETS Costs of deferred corporate income tax Profit after tax A. LIABILITIES I. Current liabilities 1. Borrowings and short-term financial leased liabilities 2. Taxes and other payables to the State budget II. Long-term Liabilities 1. Borrowings and long-term financial leased liabilities 2. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND million I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange profit(loss) Net Cash Flow From Operations II Cash flow from investing activities Purchases of fixed assets and other 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 of the year 113

128 Appendix Financial Statement INCOME STATEMENT Minh Phu Corporation - MPC Unit: VND million Net revenue BALANCE SHEETS Cost of goods Unit: VND million Gross profit A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expense Loan interest expenses II. Short-term financial investments III. Short-term receivable 1. Short-term receivables of customers Cost of sales Enterprise administration expenses Net profit from business operations IV. Inventories Total accounting profit before tax B. LONG-TERM ASSETS Costs of current corporate income tax TOTAL ASSETS Costs of deferred corporate income tax Profit after tax A. LIABILITIES I. Current liabilities 1. Borrowings and short-term financial leased liabilities 2. Taxes and other payables to the State budget II. Long-term Liabilities 1. Borrowings and long-term financial leased liabilities 2. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND million I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange profit(loss) Net Cash Flow From Operations II Cash flow from investing activities Purchases of fixed assets and other 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 of the year 113

129 Appendix Financial Statement INCOME STATEMENT Vinh Hoan Corporation - VHC Unit: VND million Net revenue BALANCE SHEETS Cost of goods Unit: VND million Gross profit A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expense Loan interest expenses II. Short-term financial investments III. Short-term receivable 1. Short-term receivables of customers Cost of sales Enterprise administration expenses Net profit from business operations IV. Inventories Total accounting profit before tax B. LONG-TERM ASSETS Costs of current corporate income tax TOTAL ASSETS Costs of deferred corporate income tax Profit after tax A. LIABILITIES I. Current liabilities 1. Borrowings and short-term financial leased liabilities 2. Taxes and other payables to the State budget II. Long-term Liabilities 1. Borrowings and long-term financial leased liabilities 2. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND million I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange profit(loss) Net Cash Flow From Operations II Cash flow from investing activities Purchases of fixed assets and other 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 of the year 113

130 Appendix Financial Statement INCOME STATEMENT Soc Trang Seafood Joint Stock Company - STAPIMEX Unit: VND million Net revenue BALANCE SHEETS Cost of goods Unit: VND million Gross profit A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expense Loan interest expenses II. Short-term financial investments III. Short-term receivable 1. Short-term receivables of customers Cost of sales Enterprise administration expenses Net profit from business operations IV. Inventories Total accounting profit before tax B. LONG-TERM ASSETS Costs of current corporate income tax TOTAL ASSETS Costs of deferred corporate income tax Profit after tax A. LIABILITIES I. Current liabilities 1. Borrowings and short-term financial leased liabilities 2. Taxes and other payables to the State budget II. Long-term Liabilities 1. Borrowings and long-term financial leased liabilities 2. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND million I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange profit(loss) Net Cash Flow From Operations II Cash flow from investing activities Purchases of fixed assets and other 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 of the year 113

131 Appendix Financial Statement INCOME STATEMENT Viet Thang Feed Joint Stock Company - VTF Unit: VND million Net revenue BALANCE SHEETS Cost of goods Unit: VND million Gross profit A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expense Loan interest expenses II. Short-term financial investments III. Short-term receivable 1. Short-term receivables of customers Cost of sales Enterprise administration expenses Net profit from business operations IV. Inventories Total accounting profit before tax B. LONG-TERM ASSETS Costs of current corporate income tax TOTAL ASSETS Costs of deferred corporate income tax Profit after tax A. LIABILITIES I. Current liabilities 1. Borrowings and short-term financial leased liabilities 2. Taxes and other payables to the State budget II. Long-term Liabilities 1. Borrowings and long-term financial leased liabilities 2. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND million I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange profit(loss) Net Cash Flow From Operations II Cash flow from investing activities Purchases of fixed assets and other 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 of the year 113

132 Appendix Financial Statement INCOME STATEMENT An Giang Fisheries Import - Export Joint Stock Company - AGF Unit: VND million Net revenue BALANCE SHEETS Cost of goods Unit: VND million Gross profit A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expense Loan interest expenses II. Short-term financial investments III. Short-term receivable 1. Short-term receivables of customers Cost of sales Enterprise administration expenses Net profit from business operations IV. Inventories Total accounting profit before tax B. LONG-TERM ASSETS Costs of current corporate income tax TOTAL ASSETS Costs of deferred corporate income tax Profit after tax A. LIABILITIES I. Current liabilities 1. Borrowings and short-term financial leased liabilities 2. Taxes and other payables to the State budget II. Long-term Liabilities 1. Borrowings and long-term financial leased liabilities 2. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND million I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange profit(loss) Net Cash Flow From Operations II Cash flow from investing activities Purchases of fixed assets and other 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 of the year 113

133 Appendix Financial Statement INCOME STATEMENT Quoc Viet Seafood Processing and Export Company Limited Unit: VND million Net revenue BALANCE SHEETS Cost of goods Unit: VND million Gross profit A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expense Loan interest expenses II. Short-term financial investments III. Short-term receivable 1. Short-term receivables of customers Cost of sales Enterprise administration expenses Net profit from business operations IV. Inventories Total accounting profit before tax B. LONG-TERM ASSETS Costs of current corporate income tax TOTAL ASSETS Costs of deferred corporate income tax Profit after tax A. LIABILITIES I. Current liabilities 1. Borrowings and short-term financial leased liabilities 2. Taxes and other payables to the State budget II. Long-term Liabilities 1. Borrowings and long-term financial leased liabilities 2. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND million I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange profit(loss) Net Cash Flow From Operations II Cash flow from investing activities Purchases of fixed assets and other 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 of the year 113

134 Appendix Financial Statement INCOME STATEMENT Nha Trang Seafoods Joint Stock Company - F17 Unit: VND million Net revenue BALANCE SHEETS Cost of goods Unit: VND million Gross profit A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expense Loan interest expenses II. Short-term financial investments III. Short-term receivable 1. Short-term receivables of customers Cost of sales Enterprise administration expenses Net profit from business operations IV. Inventories Total accounting profit before tax B. LONG-TERM ASSETS Costs of current corporate income tax TOTAL ASSETS Costs of deferred corporate income tax Profit after tax A. LIABILITIES I. Current liabilities 1. Borrowings and short-term financial leased liabilities 2. Taxes and other payables to the State budget II. Long-term Liabilities 1. Borrowings and long-term financial leased liabilities 2. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND million I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange profit(loss) Net Cash Flow From Operations II Cash flow from investing activities Purchases of fixed assets and other 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 of the year 113

135 Appendix Financial Statement INCOME STATEMENT Minh Hai Seafood Joint Stock Company Unit: VND million Net revenue BALANCE SHEETS Cost of goods Unit: VND million Gross profit A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expense Loan interest expenses II. Short-term financial investments III. Short-term receivable 1. Short-term receivables of customers Cost of sales Enterprise administration expenses Net profit from business operations IV. Inventories Total accounting profit before tax B. LONG-TERM ASSETS Costs of current corporate income tax TOTAL ASSETS Costs of deferred corporate income tax Profit after tax A. LIABILITIES I. Current liabilities 1. Borrowings and short-term financial leased liabilities 2. Taxes and other payables to the State budget II. Long-term Liabilities 1. Borrowings and long-term financial leased liabilities 2. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND million I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange profit(loss) Net Cash Flow From Operations II Cash flow from investing activities Purchases of fixed assets and other 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 of the year 113

136 Appendix Financial Statement INCOME STATEMENT Danang Seaproducts Import-Export Corporation Unit: VND million Net revenue BALANCE SHEETS Cost of goods Unit: VND million Gross profit A. SHORT-TERM ASSETS I. Cash and cash equivalents Revenue from financing activities Financial expense Loan interest expenses II. Short-term financial investments III. Short-term receivable 1. Short-term receivables of customers Cost of sales Enterprise administration expenses Net profit from business operations IV. Inventories Total accounting profit before tax B. LONG-TERM ASSETS Costs of current corporate income tax TOTAL ASSETS Costs of deferred corporate income tax Profit after tax A. LIABILITIES I. Current liabilities 1. Borrowings and short-term financial leased liabilities 2. Taxes and other payables to the State budget II. Long-term Liabilities 1. Borrowings and long-term financial leased liabilities 2. Provision for long-term payables B. OWNER S EQUITY TOTAL CAPITAL RESOURCES CASH FLOW STATEMENT Unit: VND million I. Cash Flow From Operating Activities Depreciation of fixed assets Unrealized foreign exchange profit(loss) Net Cash Flow From Operations II Cash flow from investing activities Purchases of fixed assets and other 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 of the year 113

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