VIETNAM RICE-PADDY INDUSTRY REPORT Q2/2018

Transcription

1 VIETNAM RICE-PADDY INDUSTRY REPORT Q2/2018 1

2 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 2

3 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 3

4 Abbreviations 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 4

5 Summary The yield of rice in the season 2016/2017 was estimated at million tons, up 10.2 million tons from the previous year, equivalent to 2.08% - a record output while the consumption reached 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 5

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 thousand tons, equivalent to 99.3%; the rice production in the Mekong Delta is 23.7 million tons, down by thousand tons, equivalent to 0.4%. 6

7 Content 1. Business Environment 1.1 Macroeconomic Situation 1.2 Legal Framework 1.3 The impact of Free Trade Agreements 7

8 1. Business Environment 1.1. Macroeconomic Situation 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). GDP growth, M/2017 Sources: VIRAC, GSO Production value of agriculture, forestry and fishery, Q3/2015-Q3/2017 Sources: VIRAC, GSO 8

9 1. Business Environment 1.1. Macroeconomic Situation 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, 30 th. VND/USD exchange rate, /2017 The average interest rate is on the downward trend Interest rate, M/2017e Sources: VIRAC, SBV Sources: VIRAC, GSO 9

10 1. Business Environment 1.1. Macroeconomic Situation Vietnam's export turnover in the first nine months was estimated at $ billion, increasing by 20% over the same period last year, Million USD Imports and exports, 2014 Q3/2017e Proportion value of rice-paddy industry contributing to Vietnam exports, Thousand USD % Sources: VIRAC, GDVC Rice is the main export product of Vietnam, however, the contribution of pepper to total export turnover is limited, which is only 1.2%. Sources: VIRAC, GDVC 10

11 Content 1. Business Environment 1.1 Macroeconomic Situation 1.2 Legal Framework 1.3 Free Trade Agreements 11

12 1. Business Environment 1.2. Legal Framework Legal policies related to inputs Land polices related to rice-paddy cultivation Paddy land protection Policies of land allocation limit 12

13 1. Business Environment 1.2. Legal Framework Limit of agricultural land allocation due to Land Law 2013 Area/purposes Annual crops cultivation, aquaculture land, salt making land Perennial plant cultivation Protective forest land, production forest land Policies related to agricultural property 13

14 1. Business Environment 1.2. Legal Framework In addition, the policy on agricultural land mentions many shortcomings:: 14

15 1. Business Environment 1.2. Legal Framework 2. Credit policy for agricultural in general and for rice-paddy in particular 15

16 1. Business Environment 1.2. Legal Framework 3. Irrigation policy 4. Rice-paddy production policy High output encouragement and food security guarantee policy 16

17 1. Business Environment 1.2. Legal Framework 5. Rice export policy 17

18 1. Business Environment 1.2. Legal Framework 6. Regulation on floor price for rice production 18

19 Content 1. Business Environment 1.1 Macroeconomic situation 1.2 Legal Framework 1.3 Free Trade Agreements 19

20 1. Business Environment 1.3 Free Trade Agreements 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. Vietnam trade integration process from 1995 to present 20

21 1. Business Environment 1.3 Free Trade Agreements 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: 21

22 1. Business Environment 1.3 Free Trade Agreements Trans-Pacific Partnership trade agreement (TPP) 22

23 1. Business Environment 1.3 Free Trade Agreements ASEAN Trade in Goods Agreements (ATIGA) Ton Rice exports proportion of Vietnam to ASEAN countries in 2017 Sources: VIRAC, GDVC 23

24 Content 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 24

25 2. Global rice-paddy market 2.1 Establishment history The history of establishing global rice-paddy industry 25

26 2. Global rice-paddy market 2.1 Establishment history Paddy area, output and global productivity in the period of 1960/ /17 Sources: VIRAC, FAO 26

27 Content 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 27

28 2. Global rice-paddy market 2.2 Classification 4 main types of rice are used widely in the world nowadays: Besides, rice is also classified due to its shape Source: VIRAC 28

29 2. Global rice-paddy market 2.2 Classification The types of rice Paddy Parboiled rice Brown rice White rice Precooked rice Dried rice Other types Sources: VIRAC, USDA 29

30 2. Global rice-paddy market 2.2 Classification The competitiveness comparison of long grain rice between some countries in the world Countries Production cost Product quality Supply sources reliability Domestic Export Domestic Export Sources: VIRAC, USDA 30

31 Content 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 31

32 2. Global rice-paddy market 2.3 Input factors Factors which affect global rice-paddy industry Weather has impact on production output and quality 32

33 2. Global rice-paddy market 2.3 Input factors 2. Fertilizer The quantity of fertilizer used in rice-paddy cultivation, f Sources: VIRAC, Statista 33

34 Content 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 34

35 2. Global rice-paddy market 2.4 Production Global rice-paddy production, 2008/ /2017 Rice production output in the season 2016/2017 was estimated at million tons, increasing by 10.2 million tons from the previous year, and reached record levels in history. The structure of rice production output by regions, 2016/17 Sources: VIRAC, STATISTA, FAO In Africa, rice output in the year increased by 1% compared to 2016, reaching 20.3 million tons. Sources: VIRAC, STATISTA, FAO 35

36 2. Global rice-paddy market 2.4 Production 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 Sources: VIRAC, USDA 36

37 2. Global rice-paddy market 2.4 Production 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. 37

38 Content 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 38

39 2. Global rice-paddy market 2.5 Consumption Rice consumption in the period from 1960/61 to 2016/17 Thousand tons Sources: VIRAC, USDA periods. After 56 years, global consumption in 2016/17 has reached 478,838 thousand tons, increasing by 206% compared to the previous 39

40 2. Global rice-paddy market 2.5 Consumption Asia is the most rice-consuming region in the world Rice consumption by regions in the season 2016/2017 Sources: VIRAC, USDA 40

41 2. Global rice-paddy market 2.5 Consumption Million tons Rice consumption by using purposes, Nine out of ten of the largest rice consumers in the season 2016/17 are Thousand tons located in Asia (except Brazil). Sources: VIRAC, FAO Top 10 largest rice consumers in the season 2016/17 Sources: VIRAC, FAO 41

42 2. Global rice-paddy market 2.5 Consumption Kg/person Rice consumption per capita in the regions, 2006 & 2016 Rice consumption per capita in the world in 2016 reached kg / person, lower than 2006 with 56.5 kg / person. Sources: VIRAC, OCED Changes in consumer incomes have impacted on rice consumption per capita. Incomes and rice consumption per capita of some countries in 2016 Kg/person USD Sources: VIRAC, OCED 42

43 Content 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 43

44 2. Global rice-paddy market 2.6 Global rice trade Thousand tons Global rice exports in the period from 2000/01 to 2016/17 Sources: VIRAC, USDA In the period 2010/16, rice output entering the world's trade tends to increase. 44

45 2. Global rice-paddy market 2.6 Global rice trade In terms of import: Top 10 largest rice importers in the season 2016/17 Thousand tons Sources: VIRAC, USDA Rice imports by regions, 2016/17 Sources: VIRAC, USDA 45

46 2. Global rice-paddy market 2.6 Global rice trade In terms of export: Top 10 rice exporters in the season 2016/17 Thousand tons Sources: VIRAC, USDA Rice exports by regions, 2016/17 Sources: VIRAC, USDA 46

47 Content 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 47

48 2. Global rice-paddy market 2.7 Price movements USD/tấn Rice price movements from November/1987 to November/2017 The relatively stable period of rice prices extends from the early 1990s to 2001, Sources: VIRAC, Indexmundi The 2007/2008 season witnessed unprecedented increase in rice prices, reaching a record of $ per ton in June/

49 2. Global rice-paddy market 2.7 Price movements The rice price after the warming period of 2007/08 has cooled down, 49

50 Content 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 50

51 2. Global rice-paddy market 2.8 Typical countries Thailand Area, output and productivity of Thailand rice-paddy industry 2015/ / /18f Main season Supporting season Total Main season Supporting season Total Main season Supporting season Total Sources: VIRAC, Thailand Rice Association Production 51

52 2. Global rice-paddy market 2.8 Typical countries Consumption Trade Million tons Thailand rice exports, 2010/ /17 Sources: VIRAC, USDA Policies 52

53 2. Global rice-paddy market 2.8 Typical countries 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. 53

54 2. Global rice-paddy market 2.8 Typical countries India Area, output and productivity of India rice-paddy industry Sources: VIRAC, Minister of Agriculture & Farmers Welfare, India Production 54

55 2. Global rice-paddy market 2.8 Typical countries Consumption Thousand tons India rice consumption, 2011/ /18F Trade Thousand tons Sources: VIRAC, USDA India rice exports, 2011/ /17 55

56 2. Global rice-paddy market 2.8 Typical countries Policies 56

57 2. Global rice-paddy market 2.8 Typical countries China Production output, consumption of rice in China, 2012/ /17 Thousand tons Production Price Sources: VIRAC, USDA Consumption 57

58 2. Global rice-paddy market 2.8 Typical countries Trade Thousand tons Rice trade of China, 2012/ /17 In the season 2016/17, China imported more than 5.3 million tons of rice, maintaining its leading position in rice imports. Sources: VIRAC, USDA 58

59 Content 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 59

60 3. Vietnam rice-paddy market 3.1 History of development and establishment Establishment history of Vietnam rice-paddy industry Rice-paddy area and output, Sources: VIRAC, FAO The period from 1885 to 1954: French colonial period: development of innovation rice-paddy cultivation 60

61 3. Vietnam rice-paddy market 3.1 History of development and establishment The period from 1954 to 1975 The period from 1976 to

62 3. Vietnam rice-paddy market 3.1 History of development and establishment The period from 1981 to 1987: The period from 1988 to the present 62

63 Content 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 63

64 3. Vietnam rice-paddy market 3.2 Industry value chain Rice-paddy production and distribution chain 1. Cultivation Source: VIRAC collected 64

65 3. Vietnam rice-paddy market 3.2 Industry value chain 2. Purchase, processing 65

66 3. Vietnam rice-paddy market 3.2 Industry value chain 3. Domestic distribution Structure of domestic rice distribution market in 2016 Source: VIRAC collected 66

67 Content 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 67

68 3. Vietnam rice-paddy market 3.3 Rice-paddy cultivation Rice-paddy cultivated seasons Rice-paddy area and output in the 3 seasons of the period from 2010 to 2017e Main rice-paddy cultivated seasons in Vietnam Regions Seasons Cultivating time Sources: VIRAC, GSO 68

69 3. Vietnam rice-paddy market 3.3 Rice-paddy cultivation 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. 69

70 3. Vietnam rice-paddy market 3.3 Rice-paddy cultivation 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 thousand tons and equal to 96.2%. 70

71 3. Vietnam rice-paddy market 3.3 Rice-paddy cultivation Rice-paddy cultivated area by regions, Sources: VIRAC, GSO 71

72 3. Vietnam rice-paddy market 3.3 Rice-paddy cultivation Rice seeds Fertilizer Fertilizer application for rice cultivation averaged over 1ha Kg/ha Sources: VIRAC, WB 72

73 Content 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 73

74 3. Vietnam rice-paddy market 3.4 Rice production Thousand tons Vietnam rice production from 2010/11 to 2017/18 Sources: VIRAC, USDA 74

75 Content 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 75

76 3. Vietnam rice-paddy market 3.5 Rice consumption Thousand tons Vietnam rice consumption from 2010/11 to 2017/18 The structure of rice consumption by volume, 2017e Sources: VIRAC, USDA Sources VIRAC, OCED 76

77 Content 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 77

78 3. Vietnam rice-paddy market 3.6 Rice trade Export volume and value of rice, Sources: VIRAC, GDVC 2017 is considered as a successful year for the rice industry. The rice export volume reached thousand tons, increasing by 20.4%, the export value of rice reached thousand USD, increasing by 21.2%. 78

79 3. Vietnam rice-paddy market 3.6 Rice trade In 2017, China is Vietnam s largest rice import market, The structure of rice export by volume, 2017 Sources: VIRAC, GDVC The structure of rice export by products, 2017e Sources: VIRAC, USDA 79

80 3. Vietnam rice-paddy market 3.6 Rice trade Concentrated export contract of rice Rice proportion exported under concentrated export contract, Sources: VIRAC, GDVC 80

81 3. Vietnam rice-paddy market 3.6 Rice trade The structure of rice exports by output, 2017 Sources: VIRAC, GDVC 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. 81

82 Content 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 82

83 3. Vietnam rice-paddy market 3.7 Price movements Comparison of the asking price for exported rice between Thailand and Vietnam in 2017 USD/ton Sources: VIRAC, Department of Price Management Months Domestic price for rice in 2017 Ordinary rice in the North Finished product of rice-paddy in the South (5%) 83

84 Content Industry overview 4.1 Analysis of risks 4.2 Analysis of competitiveness 4.3 Industry planning 4.4 Forecasts 84

85 4. Industry overview 4.1 Analysis of risks Risks 85

86 4. Industry overview 4.1 Analysis of risks Other risks 86

87 4. Industry overview 4.1 Analysis of risks Challenges 87

88 Content Industry overview 4.1 Analysis of risks 4.2 Analysis of competitiveness 4.3 Industry planning 4.4 Forecasts 88

89 4. Industry overview 4.2 Analysis of competitiveness 5 FORCES analysis 89

90 4. Industry overview 4.2 Analysis of competitiveness Strengths: Weakness: Opportunities: Threats: 90

91 Content Industry overview 4.1 Analysis of risks 4.2 Analysis of competitiveness 4.3 Industry planning 4.4 Forecasts 91

92 4. Industry overview 4.3 Industry planning Planning 92

93 4. Industry overview 4.3 Industry planning Orientation of rice production by regions 93

94 4. Industry overview 4.3 Industry planning 94

95 Content Enterprise analysis 5.1 Introduction of enterprises 95

96 TOP OF THE LARGEST RICE-PADDY ENTERPRISES WITH THE GREATEST REVENUE IN 2016 Name Address Tax code Total 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 96

97 VINAFOOD II 97

98 VINAFOOD I 98

99 Kigimex 99

100 TAN THANH AN COMPANY LIMITED 100

101 TAN DONG TIEN JSC 101

102 GIA INTERNATIONAL CORP 102

103 TIN THUONG INVESTMENT TRADING JSC 103

104 THUAN MINH IMPORT EXPORT CORPORATION 104

105 AGRICAM 105

106 VIETNAM INTIMEX JOINT STOCK CORPORATION 106

107 Content 5. Enterprise analysis 5.2 Indicators of business results 5.3 Indicators of finance 5.4 Indicators of performance efficiency 107

108 5. Enterprise analysis 5.2 Indicators of business results Billion VND Net revenue of 10 enterprises in the industry, Source: VIRAC collected 108

109 5. Enterprise analysis 5.2 Indicators of business results 109

110 5. Enterprise analysis 5.2 Indicators of business results Gross profit margin, Source: VIRAC collected 110

111 5. Enterprise analysis 5.2 Indicators of business results. 111

112 5. Enterprise analysis 5.2 Indicators of business results Cost of sales/net revenue, Source: VIRAC collected 112

113 5. Enterprise analysis 5.2 Indicators of business results Enterprise cost management/net revenue, Source: VIRAC collected Financial expenses/net revenue, Source: VIRAC collected 113

114 Content 5. Enterprise analysis 5.2 Indicators of business results 5.3 Indicators of finance 5.4 Indicators of performance efficiency 114

115 5. Enterprise analysis 5.3 Indicators of finance Average number of receivable days, day Source: VIRAC collected 115

116 5. Enterprise analysis 5.3 Indicators of finance Solvency ratio, 2016 Source: VIRAC collected Inventory day, 2016 day Source: VIRAC collected 116

117 5. Enterprise analysis 5.3 Indicators of finance Asset structure and total assets turnover in 2016 Source: VIRAC collected Debt structure and debt/equity ratio 2016 Source: VIRAC collected 117

118 Content 5. Enterprise analysis 5.2 Indicators of business results 5.3 Indicators of finance 5.4 Indicators of performance efficiency 118

119 5. Enterprise analysis 5.4 Indicators of performance efficiency Profitability on assets and equity, 2016 Source: VIRAC collected 134

120 Content 6. Appendix 120

121 Appendix Financial statements VINAFOOD II BALANCE SHEET Unit: Billion VND 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 Unit: Billion VND 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 Unit: Billion VND 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 121

122 Appendix Financial statements VINAFOOD I BALANCE SHEET Unit: Billion VND 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 Unit: Billion VND 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 Unit: Billion VND 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 122

123 Appendix Financial statements Kigimex BALANCE SHEET Unit: Billion VND 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 Unit: Billion VND 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 Unit: Billion VND 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 123

124 Appendix Financial statements Tan Thanh An Company Limited BALANCE SHEET Unit: Billion VND 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 Unit: Billion VND 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 Unit: Billion VND 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 124

125 Appendix Financial statements Tan Dong Tien JSC BALANCE SHEET Unit: Billion VND 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 Unit: Billion VND 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 Unit: Billion VND 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 125

126 Appendix Financial statements Gia International Corp BALANCE SHEET Unit: Billion VND 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 Unit: Billion VND 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 Unit: Billion VND 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 126

127 Appendix Financial statements Tin Thuong Investment Trading JSC BALANCE SHEET Unit: Billion VND 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 Unit: Billion VND 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 Unit: Billion VND 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 127

128 Appendix Financial statements Thuan Minh Import Export Corporation BALANCE SHEET Unit: Billion VND 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 Unit: Billion VND 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 Unit: Billion VND 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 128

129 Appendix Financial statements Agricam BALANCE SHEET Unit: Billion VND 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 Unit: Billion VND 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 Unit: Billion VND 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 129

130 Appendix Financial statements Vietnam Intimex Joint Stock Corporation BALANCE SHEET Unit: Billion VND 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 Unit: Billion VND 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 Unit: Billion VND 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 130

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