VIETNAM CEMENT INDUSTRY REPORT Q3/2018
|
|
- Madlyn Collins
- 5 years ago
- Views:
Transcription
1 VIETNAM CEMENT INDUSTRY REPORT Q3/2018 1
2 Content Summary Current status of consumption and production in ASEAN Business environment Leading enterprises in the industry Macroeconomic situation Vietnam cement industry Legal framework History of Vietnam cement industry Trade agreements Definition and Classification Basic production process World cement industry Scale and market share Production Input materials Consumption Production technology Export Supply-Demand Import Production of Clinker and Cement Price movement Consumption Current status of consumption and production in some typical countries Cement and clinker export 68 2
3 Content Inventories Driving forces of output industry development Price movement World forecast Distribution method Domestic forecast Transport method (logistic warehouse, seaport, specialized ship,...) Enterprise analysis Industry risk Profitability Main risks Performance efficiency SWOT analysis Financial strength forces analysis Return on investment Industry planning Appendix Cement industry planning Update of projects invested in the period Construction and real estate industry planning Portfolio of infrastructure projects in the period Outlook and forecast Financial statements Driving forces of industry development 100 3
4 Abbreviations ADB Asian Development Bank PPP Public Private Partner BOT Build Operate - Transfer GDVC General Department of Vietnam Customs EVN Vietnam Electricity Corporation GSO General Statistics Office of Vietnam FDI Foreign Direct Investment TKV Vietnam National Coal and Mineral Industries Holding Corporation Limited FIA Foreign Investment Agency VICEM Vietnam Cement Industry Corporation ICR International Cement Review VIRAC VIRAC Joint Stock Company VNCA Vietnam National Cement Association 4
5 Summary The quantity of exported cement and clinker in 6M/2018 reached xx.xx million tons Vietnam cement market continues to have excess supply In 6M/2018, the number of produced cement was estimated about xx.xx million tons. 5
6 Summary The demand is projected to gradually increase by x-x% between Selling products directly to projects and industrial customers will be a new trend in this sector in few next years In 2017, cement industry experienced difficulties with decrease in revenue and high inventory quantity. 6
7 Content 1. Business environment 1.1 Macroeconomic situation 1.2 Legal framework 1.3 Trade agreements 7
8 1. Business environment 1.1 Macroeconomic situation GDP growth rate by quarter, Q2/2018 Total gross domestic product in 6M/2018 is estimated to increase by 7.08% compared to the same period in 2017 Sources: VIRAC, GSO GDP by current price and GDP per capita, M/2018 GDP per capita has increased strongly over the past few years. Sources: VIRAC, GSO 8
9 1. Business environment 1.1. Macroeconomic situation % Industrial production index of the manufacturing, M/2018 Source: VIRAC, GSO VND/USD exchange rate, M/2018 The VND/USD exchange rate was quite stable and still supported by a plentiful supply of foreign currencies. Source: VIRAC, SBV 9
10 1. Business environment 1.1 Macroeconomic situation State revenues and expenditures Trillion VND State revenues, 6M/2018 Government expenditures, 6M/2018 Trillion VND Source: VIRAC, GSO Source: VIRAC, GSO 10
11 1. Business environment 1.1 Macroeconomic situation The rate of development of social investment capital in the first six months, Structure of social investment capital, 6M/2018 Sources: VIRAC, GSO 11
12 1. Business environment 1.1 Macroeconomic situation Billion USD FDI capital, M/2018 Foreign direct investment FDI attraction by sector, Q1/2018 Sources: VIRAC, FIA Sources: VIRAC, FIA 12
13 Content 1. Business environment 1.1 Macroeconomic situation 1.2 Legal framework 1.3 Trade agreements 13
14 1. Business environment 1.2 Legal framework - Group of general regulations Decision No.1488/QD-TTg established stricter conditions for new entrants by establishing different technical requirements: Regulations on WHRPG (according to Decision No.1488/QĐ-TTg): 14
15 1. Business environment 1.2 Legal framework - Group of general regulations WHRPG system: Advantages Disadvantages WHRPG Funds: 15
16 1. Business environment 1.2 Legal framework - Group of price regulations Decree No. 177/2013 / ND-CP 16
17 1. Business environment 1.2 Legal framework - Group of price regulations Tax policy: 17
18 1. Business environment 1.2 Legal framework - Group of environmental and resources regulations Environmental Protection Tax applied since 1/2012 No Parameter Concentration C (mg/m³) A B1 B2 Taxable Items Unit Tax rate raised by National Assembly (VND/unit) Tax rate raised by the Standing Committee Natural Resources Tax applied since 2/1/2014 Environmental Protection Tax (EPT) Type of resource Taxation (%) Applicable rate (%) tax Natural Resources Tax (NRT) 18
19 1. Business environment 1.2 Legal framework - Group of environmental and resources regulations However, the tax rate on the resources has been reacted strongly by the business 19
20 1. Business environment 1.2 Legal framework - Group of Export Tax Regulations The Ministry of Finance issued Decree No.122/2016/ND/CP dated 09/01/2016 Materials: Clinker and cement: Import and Export Tariffs applied since 2016 No Item Export tax rate (%) Import tax rate (%) Decree No.122/2016/ND/CP 20
21 Content 1. Business environment 1.1 Macroeconomic situation 1.2 Legal framework 1.3 Trade agreements 21
22 1. Business environment 1.3 Trade agreements Impact from the WTO EVFTA - Vietnam EU Free Trade Agreement signed in early
23 1. Business environment 1.3 Trade agreements RCEP - Regional Comprehensive Economic Partnership 23
24 Content 2.1 World cement industry 2.2 Vietnam cement industry 2.3 Industry risk 2.4 Industry planning 2.5 Outlook and forecast 24
25 2.1 World cement industry Production Million tons Global Cement Production, e Cement production by region 2017e Source: VIRAC, Statista Cement production in Asia is leading the world, 25
26 2.1 World cement industry Production Cement production output of some countries, 2017 Top largest cement producing countries, 2017e No Country Production volume (million tons) Sources: VIRAC, Statista Sources: VIRAC, Statista China is currently the largest cement producer in the world, 26
27 2.1 World cement industry Consumption Million tons Global Cement Consumption, e Consumption structure of cement worldwide, 2017e Source: VIRAC, Global Cement Source: VIRAC, International Cement Review 27
28 2.1 World cement industry Export Cement exports in the world in recent years have grown relatively slowly and fluctuated much over the years. million tons Volume and value of global cement exports, e billion USD Source: VIRAC, Uncomtrade, ITC Export structure of cement worldwide by type, 2017 Source: VIRAC, World s top exports 28
29 2.1 World cement industry Export Export structure of cement by region, 2017e Source: VIRAC, World s top exports Export structure of cement, 2017e million USD Top largest cement exporting countries by value, 2017e Source: VIRAC, World s top exports Source: VIRAC, World s top exports 29
30 2.1 World cement industry Import Global cement imports, e Source: VIRAC, Un Comtrade World's top largest cement importing countries, 2017 America is the largest importer of cement in the world in 2017, million tons Source: VIRAC, Statista 30
31 2.1 World cement industry Price movement USD/ton Average cement price movement worldwide, e Source: VIRAC, Bloomberg 31
32 2.1 World cement industry Current status of consumption and production in some typical countries China: Million tons China's cement production volume, The United States: Source: VIRAC, Statista Million tons Cement and clinker production volume in the US, e Source: VIRAC, USGS 32
33 2.1 World cement industry Current status of consumption and production in some typical countries India: Thousand tons Cement production volume in India, Thailand: Source: VIRAC, Tradingeconomics.com Taiwan: Cement production volume in Thailand, 7/2016-6/2017 Thousand tons Source: VIRAC, Tradingeconomics.com 33
34 2.1 World cement industry Current status of consumption and production in ASEAN D Sources: VIRAC, Cemtech 34
35 2.1 World cement industry Current status of consumption and production in ASEAN Production capacity of Southeast Asian countries and Oceanian countries, Countries Number of factories Production capacity 2015 (ton) Production capacity (ton) Brunei Cambodia Indonesia Laos Malaysia Myanmar Philippines Singapore Thailand Vietnam Australia New Zealand Total Sources: VIRAC, Cemtech 35
36 2.1 World cement industry Leading enterprises in the industry Lafarge Holcim is a merger between two groups which are Holcim and Lafarge No. Largest cement enterprises on the world, 2017 Company name Revenue in 2017 Profit in 2017 Capacity (million tons/year) Sources: VIRAC collects 36
37 Content 2.1 World cement industry 2.2 Vietnam cement industry 2.3 Industry risk 2.4 Industry planning 2.5 Outlook and forecast 37
38 2.2 Vietnam cement industry History of Vietnam cement industry Cement industry is one of the earliest established industries in Vietnam (along with coal, textile, railway...) 38
39 2.2 Vietnam cement industry Definition and Classification Definition: Clinker Cement Classification Vietnam commonly used standards on cement today: 39
40 2.2 Vietnam cement industry Basic production process 40
41 2.2 Vietnam cement industry Basic production process 41
42 2.2 Vietnam cement industry Scale and market share Manufacturing enterprises allocation by region, 2016e Source: VIRAC, GSO Chain allocation by area,
43 2.2 Vietnam cement industry Scale and market share Consumption market share of key enterprises, 6M/2018e There are three main groups of cement suppliers in Vietnam: Source: VIRAC, VNCA 43
44 2.2 Vietnam cement industry Input materials Original production expenses VND/ton Source: VIRAC 44
45 2.2 Vietnam cement industry Input materials Current status of the electricity industry Billion kwh Supply-Demand and Power loss, M/2018e Source: VIRAC, EVN 45
46 2.2 Vietnam cement industry Input materials Electricity prices in Vietnam are quite low compared to those in other countries in the Asia-Pacific region. Average electricity price, 7/2007 6/2018 Source: VIRAC, EVN 46
47 2.2 Vietnam cement industry Input materials Structure of electricity consumption, 6M/2018 Structure of electricity consumption for 4 major industries, 2017e Source: VIRAC, EVN Source: VIRAC, EVN 47
48 2.2 Vietnam cement industry Input materials The status of the coal industry Coal reserves by area, M/2018e Since being a coal exporting country many years ago, in 2014, Vietnam had to import to serve domestic production needs. Forecast for coal supply-demand in the period f million tons 48
49 2.2 Vietnam cement industry Input materials Coal reserves are becoming less and more difficult to exploit : Industry profit declines: 49
50 2.2 Vietnam cement industry Input materials Status of limestone resources in Vietnam Type Unit Source: VIRAC, TKV 50
51 2.2 Vietnam cement industry Input materials Effect of limestone quality on clinker and cement quality Some good limestone areas in the North and Central Mine Content(%) 51
52 2.2 Vietnam cement industry Production technology Comparison between rotary kiln and vertical kiln technology when producing 1,000 tons of cement About raw materials and fuel: Indicator Dry method (ton) Rotary kiln Wet method (ton) Vertical kiln (ton) Indicator Dry method (ton) Rotary kiln Wet method (ton) Vertical kiln (ton) Source: VIRAC (*) Counts for all dust blowers not working Source: VIRAC 52
53 2.2 Vietnam cement industry Production technology Total investment rate in machinery and equipment of cement production line General introduction In which Investment rate Construction expenses Equipment expenses Source: VIRAC, Ministry of Construction 53
54 2.2 Vietnam cement industry Production technology Notes: 54
55 2.2 Vietnam cement industry Production technology Total investment rate for typical projects Project Year Time Origin of equipment Capacity (million tons VND/USD exchange rate China, Vietnam G7 (EU, Japan) of cement/ year) Total fixed investment (million USD) Total fixed investment (billion VND) Total investment rate per ton of cement at the time of project implementation million VND USD (*) Direct investigation Source: VIRAC 55
56 2.2 Vietnam cement industry Production technology Total investment rate for typical projects (continued) Project Year Time VND/USD exchange rate Origin of equipment China, Vietnam G7 (EU, Japan) Capacity (million tons of cement/ year) Total fixed investment (million USD) Total fixed investment (billion VND) Total investment rate per ton of cement at the time of project implementation million VND USD (*) Direct investigation Source: VIRAC 56
57 2.2 Vietnam cement industry Production technology 57
58 2.2 Vietnam cement industry Production technology Comparison between the investment rate of machinery and equipment derived from G7 and from China About capacity No Name of main equipment Design capacity (ton/hour) G7 Actual capacity (ton/hour) Design capacity (ton/hour) China Actual capacity (ton/hour) Source: VIRAC 58
59 2.2 Vietnam cement industry Production technology About investment rate No Name of main equipment Investment rate on equipment of G7 (thousand VND/ton) Investment rate on equipment of China (thousand VND/ton) Source: VIRAC 59
60 2.2 Vietnam cement industry Production technology Causes: For raw grinding system: Comparison of free lime (Fr.CaO) in clinker fired from Chinese kiln and G7 kiln Measurement time Fr.CaO level in clinker fired from G7's kiln (%) Fr.CaO level in clinker fired from Chinese kiln (%) For kiln: For clinker cooling system & transportation: Source: VIRAC For coal grinding system: 60
61 2.2 Vietnam cement industry Production technology About maintenance costs Comparison between maintenance costs of China and G7 devices Unit: VND No Name of main equipment G7 China Source: VIRAC Conclusion: 61
62 2.2 Vietnam cement industry Supply-Demand million tons Cement supply - demand, M/2018e * Supply = total output of cement production; Demand = domestic cement consumption + export output of cement, clinker Source: VIRAC, VNCA 62
63 2.2 Vietnam cement industry Production of Clinker and Cement million tons Cement production volume, M/2018e Source: VIRAC, VNCA Large cement projects since the beginning of 2017 Project City / Province Capacity (million tons/year) Investment time Expected completion Source: VIRAC 63
64 2.2 Vietnam cement industry Production of Clinker and Cement Large enterprises in the North in 2017 Large enterprises in the Central in 2017 Large enterprises in the South in 2017 Group Company Capacity (million tons) Group Company Capacity (million tons) Group Company Capacity (million tons) Source: VIRAC Source: VIRAC Source: VIRAC 64
65 2.2 Vietnam cement industry Consumption million tons Consumption structure by region, M/2018e Source: VIRAC, VNCA 65
66 2.2 Vietnam cement industry Consumption Production - Consumption of the North, M/2018e Million tons Source: VIRAC, VNCA Production - Consumption of the Central, M/2018e Production - Consumption of the South, M/2018e Million tons Million tons Source: VIRAC, VNCA Source: VIRAC, VNCA 66
67 2.2 Vietnam cement industry Consumption million tons Monthly cement consumption, e % Cement consumption growth by region, M/2018 Source: VIRAC, VNCA Source: VIRAC, VNCA 67
68 2.2 Vietnam cement industry Cement and clinker export World s top largest cement exporting countries, e Country e Average cement export price of Vietnam to some markets, 6M/2018e Source: VIRAC, Uncomtrade Source: VIRAC, GDVC 68
69 2.2 Vietnam cement industry Cement and clinker export million tons Cement clinker exports, M/2018e Source: VIRAC, VNCA 69
70 2.2 Vietnam cement industry Cement and clinker export Thousand tons Cement clinker exports, 1/2015 6/2018e Source: VIRAC, GDVC 70
71 2.2 Vietnam cement industry Cement and clinker export In 2017, the main export markets for cement and clinker are Bangladesh and the Philippines. Export markets for cement and clinker, M/2018e million tons Source: VIRAC, GDVC 71
72 2.2 Vietnam cement industry Cement and clinker export The cement exporters of Vietnam are divided into 2 types: Cement manufacturers: million tons/year Capacity of cement manufacturers for export in 2016 Trading company : Source: VIRAC, VNCA 72
73 2.2 Vietnam cement industry Cement and clinker export The enterprises export cement directly, 6M/2018e In 6M/2018, for the export of cement directly, Nghi Son, Vicem Bim Son and Thang Long are the three largest exporting enterprises, Sources: VIRAC, VNCA Exporters of clinker directly, 6M/2018e Sources: VIRAC, VNCA 73
74 2.2 Vietnam cement industry Inventories million tons Stock of cement, M/2018e Source: VIRAC, GSO, VNCA Inventories in the period increased sharply. 74
75 2.2 Vietnam cement industry Price movement thousand VND/ton Sale price of cement at some cement companies, 6M/2018 thousand VND/ton Retail price of cement in the areas, 6M/
76 2.2 Vietnam cement industry Price movement USD/ton Cement price, e Source: VIRAC, ICR Cement price in Vietnam is much lower than that of other countries in the region and the world average price. 76
77 2.2 Vietnam cement industry Price movement USD/ton Export price of cement and clinker, 6/2015 6/2018 Export price Source: VIRAC, Department of Price Management 77
78 2.2 Vietnam cement industry Distribution method Sales through the main distributor Sales through the project distributor Source: VIRAC 78
79 2.2 Vietnam cement industry Transport method Source: VIRAC 79
80 2.2 Vietnam cement industry Transport method List of seaports belonging to cement plants No. Harbor Seaport Company Challenges: Source: VIRAC, MT 80
81 Content 2.1 World cement industry 2.2 Vietnam cement industry 2.3 Industry risk 2.4 Industry planning 2.5 Outlook and forecast 81
82 2.3 Industry risk Main risks - Supply exceeds demand - Input materials - Cement industry planning is beyond the demanding ability of coal industry 82
83 2.3 Industry risk Main risks - The government no longer provides loan guarantees to cement producers - Tightening of road tonnage increases transportation costs 83
84 2.3 Industry risk Main risks The master plan is adjusted to ensure the future of the Vietnamese cement industry List of plants ceased and postponed from the master plan No Owner Plant Capacity (million tons) - Risk from debt structure 84
85 2.3 Industry risk Main risks - Impact from the progress of the construction industry in Vietnam Progress structure of construction projects Source: VIRAC 85
86 2.3 Industry risk Main risks Internal causes of construction industry: Delay and increasing costs in construction works in Vietnam 86
87 2.3 Industry risk SWOT analysis Strength: Weakness: 87
88 2.3 Industry risk SWOT analysis Opportunities: Threats: 88
89 2.3 Industry risk forces analysis 89
90 2.3 Industry risk forces analysis No Main enterpri ses Product distinguish Valuation Target markets Distribution channel Supply Ability The intention of the sales strategy 90
91 Content 2.1 World cement industry 2.2 Vietnam cement industry 2.3 Industry risk 2.4 Industry planning 2.5 Outlook and forecast 91
92 2.4 Industry planning Cement industry planning Decision No. 1488/QD-TTg of the Prime Minister approving the planning on development of Vietnam cement industry. 92
93 2.4 Industry planning Cement industry planning 93
94 2.4 Industry planning Construction and real estate industry planning Decision No:356/QD-TTg planning on development of Vietnam's land road transport till 2020 and orientation to
95 2.4 Industry planning Construction and real estate industry planning Decision No. 445 / QD-TTg approving the adjustment of orientations for master planning for development of Vietnam's urban system up to 2025 with a vision to
96 2.4 Industry planning Construction and real estate industry planning 96
97 2.4 Industry planning Construction and real estate industry planning Decision No. 2127/QD-TTg approving National housing development strategy up to 2020 with vision to 2030: 97
98 2.4 Industry planning Construction and real estate industry planning Outlook of the construction and real estate industry: 98
99 Content 2.1 World cement industry 2.2 Vietnam cement industry 2.3 Industry risk 2.4 Industry planning 2.5 Outlook and forecast 99
100 2.5 Outlook and forecast Driving forces of industry development 100
101 2.5 Outlook and forecast Driving forces of output industry development Forecast for value of construction and infrastructure, f Source: VIRAC Population growth, e Source: VIRAC, GSO 101
102 2.5 Outlook and forecast World forecast Ministry of Industry and Trade 102
103 2.5 Outlook and forecast World forecast Ministry of Industry and Trade Market trend of the cement industry is determined by the development trend of the construction industry. The value of the global cement industry, World cement production, f million USD million tons Source: VIRAC, IMARC Source: VIRAC, Statista 103
104 2.5 Outlook and forecast Domestic forecast Forecast for supply and demand, domestic prices 104
105 2.5 Outlook and forecast Domestic forecast million tons Forecast for cement industry, Source: VIRAC 105
106 2.5 Outlook and forecast Domestic forecast Forecast for M&A trend: 106
107 2.5 Outlook and forecast Domestic forecast M&A activities of cement industry in 2017: 107
108 Content 3. Enterprise analysis 3.1 Profitability 3.2 Performance efficiency 3.3 Financial strength 3.4 Return on investment 108
109 3. Enterprise analysis 3.1 Typical enterprises in 2017 Top 10 cement enterprises with the highest revenue in 2017 Name of enterprise Classification Address 1 Ha Tien 1 Cement Joint Stock Company Charter capital (million VND) Revenue in 2016 (million VND) 2 Nghi Son Cement Company 3 The Vissai Cement Corporation 4 VICEM Hoang Thach Cement Company Limited 5 Bim Son Cement Joint Stock Company 6 VICEM But Son Cement Joint Stock Company 7 Thang Long Cement Joint Stock Company 8 9 VICEM Hoang Mai Cement Joint Stock Company Quang Ninh Cement and Construction Joint Stock Company 10 Sai Son Cement Joint Stock Company Source: VIRAC 109
110 3. Enterprise analysis Ha Tien 1 Cement Joint Stock Company Ha Tien 1 Cement Joint Stock Company 110
111 3. Enterprise analysis The Vissai Cement Corporation The Vissai Cement Corporation 111
112 3. Enterprise analysis Nghi Son Cement Company Nghi Son Cement Company 112
113 3. Enterprise analysis VICEM Hoang Thach Cement Company Limited VICEM Hoang Thach Cement Company Limited 113
114 3. Enterprise analysis Bim Son Cement Joint Stock Company Bim Son Cement Joint Stock Company 114
115 3. Enterprise analysis VICEM But Son Cement Joint Stock Company VICEM But Son Cement Joint Stock Company 115
116 3. Enterprise analysis Thang Long Cement Joint Stock Company Thang Long Cement Joint Stock Company 116
117 3. Enterprise analysis VICEM Hoang Mai Cement Joint Stock Company VICEM Hoang Mai Cement Joint Stock Company 117
118 3. Enterprise analysis Quang Ninh Cement and Construction Joint Stock Company Quang Ninh Cement and Construction Joint Stock Company 118
119 3. Enterprise analysis Ha Tien 1 Cement Joint Stock Company Sai Son Cement Joint Stock Company 119
120 Content 3. Enterprise analysis 3.1 Profitability 3.2 Performance efficiency 3.3 Financial strength 3.4 Return on investment 120
121 3. Enterprise analysis 3.1. Profitability Million VND Net revenue, Source: VIRAC 121
122 3. Enterprise analysis 3.1. Profitability 122
123 3. Enterprise analysis 3.1. Profitability Million VND Gross profit, Source: VIRAC 123
124 Content 3. Enterprise analysis 3.1 Profitability 3.2 Performance efficiency 3.3 Financial strength 3.4 Return on investment 124
125 3. Enterprise analysis 3.2 Performance efficiency Total asset turnover, Unit: times Fixed asset turnover, Unit: times Source: VIRAC Source: VIRAC 125
126 3. Enterprise analysis 3.2 Performance efficiency Inventory turnover, Unit: times Source: VIRAC 126
127 Content 3. Enterprise analysis 3.1 Profitability 3.2 Performance efficiency 3.3 Financial strength 3.4 Return on investment 127
128 3. Enterprise analysis 3.3. Financial strength Payment ratio, Source: VIRAC 128
129 3. Enterprise analysis 3.3. Financial strength Solvency, Source: VIRAC 129
130 Content 3. Enterprise analysis 3.1 Profitability 3.2 Performance efficiency 3.3 Financial strength 3.4 Return on investment 130
131 3. Enterprise analysis 3.4 Return on investment % Profit ratio, Source: VIRAC 131
132 Content 4. Appendix 4.1 Update of projects invested in the period Portfolio of infrastructure projects in the period Financial statements 132
133 4. Appendix 4.1 Update of projects invested in the period No Project Address Investor Capacity (ton/year) (only rotary kiln) Progress 133
134 4. Appendix 4.1 Update of projects invested in the period No Project Address Investor Capacity (ton/year) (only rotary kiln) Progress 134
135 4. Appendix 4.1 Update of projects invested in the period No Project Address Investor Capacity (ton/year) (only rotary kiln) Progress 135
136 4. Appendix 4.1 Update of projects invested in the period No Project Address Investor Capacity (ton/year) (only rotary kiln) Progress 136
137 Content 4. Appendix 4.1 Update of projects invested in the period Portfolio of infrastructure projects in the period Financial statements 137
138 4. Appendix 4.2 Portfolio of infrastructure projects in the period No Seaport City / Province Economic zone Value (million USD) Status Period 138
139 4. Appendix 4.2 Portfolio of infrastructure projects in the period No Power plant and transmission grid City / Province Economic zone Value (million USD) Status Period 139
140 4. Appendix 4.2 Portfolio of infrastructure projects in the period No Railway City / Province Economic zone Status Status Period 140
141 4. Appendix 4.2 Portfolio of infrastructure projects in the period No Bridge and road City / Province Economic zone Value (million USD) Status Period 141
142 4. Appendix 4.2 Portfolio of infrastructure projects in the period No Water supply and wastewater treatment City / Province Economic zone Value (million USD) Status Period 142
143 4. Appendix 4.2 Portfolio of infrastructure projects in the period No Petroleum pipeline City / Province Economic zone Value (million USD) Status Period 143
144 Content 4. Appendix 4.1 Update of projects invested in the period Portfolio of infrastructure projects in the period Financial statements 144
145 4. Appendix 4.3 Financial statements - Ha Tien 1 Cement Joint Stock Company BALANCE SHEET Unit: million VND A. CURRENT ASSETS I. Cash and cash equivalents II. Short-term financial investments III. Short-term receivables 1. Receivables from customers IV. Inventories B. LONG-TERM ASSETS I. Long-term receivables II. Fixed assets 1. Tangible fixed assets 2. Intangible fixed assets INCOME STATEMENT Unit: billion VND Net Revenue from Sales and services provided Cost of goods sold and services provided Gross Profit from sales and services provided Financing income Financial expenses Interest expenses Sales expenses Administrative expenses Net profit from operating activities Total Accounting Profit Before Tax Current Corporate Income Tax Expenses Deferred Corporate Income Tax Expenses Profit After Enterprise Income Tax TOTAL ASSETS CASH FLOW STATEMENT Unit: billion VND A. LIABILITIES I. Short-term Liabilities 1. Short-term Borrowings and Liabilities 2. Taxes and other payables to the State budget II. Long-term liabilities 1. Long-term borrowings and liabilities 2. Long-term provisions for payables B. OWNER'S EQUITY TOTAL LIABILITIES AND OWNER'S EQUITY I. Cash Flow From Operating activities Depreciation of fixed assets Unrealized gain/loss from exchange rate differences Net Cash Flow From Operating activities II. Cash Flow From Investing activities Expenditures on purchase and construction of fixed assets and long-term assets Net Cash Flow From Investing activities III. Cash Flow From Financial activities Net Cash Flow From Financial activities Effect of exchange rate fluctuations Net cash flow during the fiscal year 145
146 4. Appendix 4.3 Financial statements Vissai Ninh Binh Cement Corporation BALANCE SHEET Unit: million VND A. CURRENT ASSETS I. Cash and cash equivalents II. Short-term financial investments III. Short-term receivables 1. Receivables from customers IV. Inventories B. LONG-TERM ASSETS I. Long-term receivables II. Fixed assets 1. Tangible fixed assets 2. Intangible fixed assets INCOME STATEMENT Unit: billion VND Net Revenue from Sales and services provided Cost of goods sold and services provided Gross Profit from sales and services provided Financing income Financial expenses Interest expenses Sales expenses Administrative expenses Net profit from operating activities Total Accounting Profit Before Tax Current Corporate Income Tax Expenses Deferred Corporate Income Tax Expenses Profit After Enterprise Income Tax TOTAL ASSETS CASH FLOW STATEMENT Unit: billion VND A. LIABILITIES I. Short-term Liabilities 1. Short-term Borrowings and Liabilities 2. Taxes and other payables to the State budget II. Long-term liabilities 1. Long-term borrowings and liabilities 2. Long-term provisions for payables B. OWNER'S EQUITY TOTAL LIABILITIES AND OWNER'S EQUITY I. Cash Flow From Operating activities Depreciation of fixed assets Unrealized gain/loss from exchange rate differences Net Cash Flow From Operating activities II. Cash Flow From Investing activities Expenditures on purchase and construction of fixed assets and long-term assets Net Cash Flow From Investing activities III. Cash Flow From Financial activities Net Cash Flow From Financial activities Effect of exchange rate fluctuations Net cash flow during the fiscal year 146
147 4. Appendix 4.3 Financial statements - Nghi Son Cement Company BALANCE SHEET Unit: million VND A. CURRENT ASSETS I. Cash and cash equivalents II. Short-term financial investments III. Short-term receivables 1. Receivables from customers IV. Inventories B. LONG-TERM ASSETS I. Long-term receivables II. Fixed assets 1. Tangible fixed assets 2. Intangible fixed assets INCOME STATEMENT Unit: billion VND Net Revenue from Sales and services provided Cost of goods sold and services provided Gross Profit from sales and services provided Financing income Financial expenses Interest expenses Sales expenses Administrative expenses Net profit from operating activities Total Accounting Profit Before Tax Current Corporate Income Tax Expenses Deferred Corporate Income Tax Expenses Profit After Enterprise Income Tax TOTAL ASSETS CASH FLOW STATEMENT Unit: billion VND A. LIABILITIES I. Short-term Liabilities 1. Short-term Borrowings and Liabilities 2. Taxes and other payables to the State budget II. Long-term liabilities 1. Long-term borrowings and liabilities 2. Long-term provisions for payables B. OWNER'S EQUITY TOTAL LIABILITIES AND OWNER'S EQUITY I. Cash Flow From Operating activities Depreciation of fixed assets Unrealized gain/loss from exchange rate differences Net Cash Flow From Operating activities II. Cash Flow From Investing activities Expenditures on purchase and construction of fixed assets and long-term assets Net Cash Flow From Investing activities III. Cash Flow From Financial activities Net Cash Flow From Financial activities Effect of exchange rate fluctuations Net cash flow during the fiscal year 147
148 4. Appendix 4.3 Financial statements - VICEM Hoang Thach Cement Company BALANCE SHEET Unit: million VND A. CURRENT ASSETS I. Cash and cash equivalents II. Short-term financial investments III. Short-term receivables 1. Receivables from customers IV. Inventories B. LONG-TERM ASSETS I. Long-term receivables II. Fixed assets 1. Tangible fixed assets 2. Intangible fixed assets INCOME STATEMENT Unit: billion VND Net Revenue from Sales and services provided Cost of goods sold and services provided Gross Profit from sales and services provided Financing income Financial expenses Interest expenses Sales expenses Administrative expenses Net profit from operating activities Total Accounting Profit Before Tax Current Corporate Income Tax Expenses Deferred Corporate Income Tax Expenses Profit After Enterprise Income Tax TOTAL ASSETS CASH FLOW STATEMENT Unit: billion VND A. LIABILITIES I. Short-term Liabilities 1. Short-term Borrowings and Liabilities 2. Taxes and other payables to the State budget II. Long-term liabilities 1. Long-term borrowings and liabilities 2. Long-term provisions for payables B. OWNER'S EQUITY TOTAL LIABILITIES AND OWNER'S EQUITY I. Cash Flow From Operating activities Depreciation of fixed assets Unrealized gain/loss from exchange rate differences Net Cash Flow From Operating activities II. Cash Flow From Investing activities Expenditures on purchase and construction of fixed assets and long-term assets Net Cash Flow From Investing activities III. Cash Flow From Financial activities Net Cash Flow From Financial activities Effect of exchange rate fluctuations Net cash flow during the fiscal year 148
149 4. Appendix 4.3 Financial statements - Bim Son Cement Joint Stock Company BALANCE SHEET Unit: million VND A. CURRENT ASSETS I. Cash and cash equivalents II. Short-term financial investments III. Short-term receivables 1. Receivables from customers IV. Inventories B. LONG-TERM ASSETS I. Long-term receivables II. Fixed assets 1. Tangible fixed assets 2. Intangible fixed assets INCOME STATEMENT Unit: billion VND Net Revenue from Sales and services provided Cost of goods sold and services provided Gross Profit from sales and services provided Financing income Financial expenses Interest expenses Sales expenses Administrative expenses Net profit from operating activities Total Accounting Profit Before Tax Current Corporate Income Tax Expenses Deferred Corporate Income Tax Expenses Profit After Enterprise Income Tax TOTAL ASSETS CASH FLOW STATEMENT Unit: billion VND A. LIABILITIES I. Short-term Liabilities 1. Short-term Borrowings and Liabilities 2. Taxes and other payables to the State budget II. Long-term liabilities 1. Long-term borrowings and liabilities 2. Long-term provisions for payables B. OWNER'S EQUITY TOTAL LIABILITIES AND OWNER'S EQUITY I. Cash Flow From Operating activities Depreciation of fixed assets Unrealized gain/loss from exchange rate differences Net Cash Flow From Operating activities II. Cash Flow From Investing activities Expenditures on purchase and construction of fixed assets and long-term assets Net Cash Flow From Investing activities III. Cash Flow From Financial activities Net Cash Flow From Financial activities Effect of exchange rate fluctuations Net cash flow during the fiscal year 149
150 4. Appendix 4.3 Financial statements - VICEM But Son Cement Joint Stock Company BALANCE SHEET Unit: million VND A. CURRENT ASSETS I. Cash and cash equivalents II. Short-term financial investments III. Short-term receivables 1. Receivables from customers IV. Inventories B. LONG-TERM ASSETS I. Long-term receivables II. Fixed assets 1. Tangible fixed assets 2. Intangible fixed assets INCOME STATEMENT Unit: billion VND Net Revenue from Sales and services provided Cost of goods sold and services provided Gross Profit from sales and services provided Financing income Financial expenses Interest expenses Sales expenses Administrative expenses Net profit from operating activities Total Accounting Profit Before Tax Current Corporate Income Tax Expenses Deferred Corporate Income Tax Expenses Profit After Enterprise Income Tax TOTAL ASSETS CASH FLOW STATEMENT Unit: billion VND A. LIABILITIES I. Short-term Liabilities 1. Short-term Borrowings and Liabilities 2. Taxes and other payables to the State budget II. Long-term liabilities 1. Long-term borrowings and liabilities 2. Long-term provisions for payables B. OWNER'S EQUITY TOTAL LIABILITIES AND OWNER'S EQUITY I. Cash Flow From Operating activities Depreciation of fixed assets Unrealized gain/loss from exchange rate differences Net Cash Flow From Operating activities II. Cash Flow From Investing activities Expenditures on purchase and construction of fixed assets and long-term assets Net Cash Flow From Investing activities III. Cash Flow From Financial activities Net Cash Flow From Financial activities Effect of exchange rate fluctuations Net cash flow during the fiscal year 150
151 4. Appendix 4.3 Financial statements Thang Long Cement Joint Stock Company BALANCE SHEET Unit: million VND A. CURRENT ASSETS I. Cash and cash equivalents II. Short-term financial investments III. Short-term receivables 1. Receivables from customers IV. Inventories B. LONG-TERM ASSETS I. Long-term receivables II. Fixed assets 1. Tangible fixed assets 2. Intangible fixed assets INCOME STATEMENT Unit: billion VND Net Revenue from Sales and services provided Cost of goods sold and services provided Gross Profit from sales and services provided Financing income Financial expenses Interest expenses Sales expenses Administrative expenses Net profit from operating activities Total Accounting Profit Before Tax Current Corporate Income Tax Expenses Deferred Corporate Income Tax Expenses Profit After Enterprise Income Tax TOTAL ASSETS CASH FLOW STATEMENT Unit: billion VND A. LIABILITIES I. Short-term Liabilities 1. Short-term Borrowings and Liabilities 2. Taxes and other payables to the State budget II. Long-term liabilities 1. Long-term borrowings and liabilities 2. Long-term provisions for payables B. OWNER'S EQUITY TOTAL LIABILITIES AND OWNER'S EQUITY I. Cash Flow From Operating activities Depreciation of fixed assets Unrealized gain/loss from exchange rate differences Net Cash Flow From Operating activities II. Cash Flow From Investing activities Expenditures on purchase and construction of fixed assets and long-term assets Net Cash Flow From Investing activities III. Cash Flow From Financial activities Net Cash Flow From Financial activities Effect of exchange rate fluctuations Net cash flow during the fiscal year 151
152 4. Appendix 4.3 Financial statements - VICEM Hoang Mai Cement Joint Stock Company BALANCE SHEET Unit: million VND A. CURRENT ASSETS I. Cash and cash equivalents II. Short-term financial investments III. Short-term receivables 1. Receivables from customers IV. Inventories B. LONG-TERM ASSETS I. Long-term receivables II. Fixed assets 1. Tangible fixed assets 2. Intangible fixed assets INCOME STATEMENT Unit: billion VND Net Revenue from Sales and services provided Cost of goods sold and services provided Gross Profit from sales and services provided Financing income Financial expenses Interest expenses Sales expenses Administrative expenses Net profit from operating activities Total Accounting Profit Before Tax Current Corporate Income Tax Expenses Deferred Corporate Income Tax Expenses Profit After Enterprise Income Tax TOTAL ASSETS CASH FLOW STATEMENT Unit: billion VND A. LIABILITIES I. Short-term Liabilities 1. Short-term Borrowings and Liabilities 2. Taxes and other payables to the State budget II. Long-term liabilities 1. Long-term borrowings and liabilities 2. Long-term provisions for payables B. OWNER'S EQUITY TOTAL LIABILITIES AND OWNER'S EQUITY I. Cash Flow From Operating activities Depreciation of fixed assets Unrealized gain/loss from exchange rate differences Net Cash Flow From Operating activities II. Cash Flow From Investing activities Expenditures on purchase and construction of fixed assets and long-term assets Net Cash Flow From Investing activities III. Cash Flow From Financial activities Net Cash Flow From Financial activities Effect of exchange rate fluctuations Net cash flow during the fiscal year 152
153 4. Appendix 4.3 Financial statements - Quang Ninh Cement and Construction Joint Stock Company BALANCE SHEET Unit: million VND A. CURRENT ASSETS I. Cash and cash equivalents II. Short-term financial investments III. Short-term receivables 1. Receivables from customers IV. Inventories B. LONG-TERM ASSETS I. Long-term receivables II. Fixed assets 1. Tangible fixed assets 2. Intangible fixed assets INCOME STATEMENT Unit: billion VND Net Revenue from Sales and services provided Cost of goods sold and services provided Gross Profit from sales and services provided Financing income Financial expenses Interest expenses Sales expenses Administrative expenses Net profit from operating activities Total Accounting Profit Before Tax Current Corporate Income Tax Expenses Deferred Corporate Income Tax Expenses Profit After Enterprise Income Tax TOTAL ASSETS CASH FLOW STATEMENT Unit: billion VND A. LIABILITIES I. Short-term Liabilities 1. Short-term Borrowings and Liabilities 2. Taxes and other payables to the State budget II. Long-term liabilities 1. Long-term borrowings and liabilities 2. Long-term provisions for payables B. OWNER'S EQUITY TOTAL LIABILITIES AND OWNER'S EQUITY I. Cash Flow From Operating activities Depreciation of fixed assets Unrealized gain/loss from exchange rate differences Net Cash Flow From Operating activities II. Cash Flow From Investing activities Expenditures on purchase and construction of fixed assets and long-term assets Net Cash Flow From Investing activities III. Cash Flow From Financial activities Net Cash Flow From Financial activities Effect of exchange rate fluctuations Net cash flow during the fiscal year 153
154 4. Appendix 4.3 Financial statements - Sai Son Cement Joint Stock Company BALANCE SHEET Unit: million VND A. CURRENT ASSETS I. Cash and cash equivalents II. Short-term financial investments III. Short-term receivables 1. Receivables from customers IV. Inventories B. LONG-TERM ASSETS I. Long-term receivables II. Fixed assets 1. Tangible fixed assets 2. Intangible fixed assets INCOME STATEMENT Unit: billion VND Net Revenue from Sales and services provided Cost of goods sold and services provided Gross Profit from sales and services provided Financing income Financial expenses Interest expenses Sales expenses Administrative expenses Net profit from operating activities Total Accounting Profit Before Tax Current Corporate Income Tax Expenses Deferred Corporate Income Tax Expenses Profit After Enterprise Income Tax TOTAL ASSETS CASH FLOW STATEMENT Unit: billion VND A. LIABILITIES I. Short-term Liabilities 1. Short-term Borrowings and Liabilities 2. Taxes and other payables to the State budget II. Long-term liabilities 1. Long-term borrowings and liabilities 2. Long-term provisions for payables B. OWNER'S EQUITY TOTAL LIABILITIES AND OWNER'S EQUITY I. Cash Flow From Operating activities Depreciation of fixed assets Unrealized gain/loss from exchange rate differences Net Cash Flow From Operating activities II. Cash Flow From Investing activities Expenditures on purchase and construction of fixed assets and long-term assets Net Cash Flow From Investing activities III. Cash Flow From Financial activities Net Cash Flow From Financial activities Effect of exchange rate fluctuations Net cash flow during the fiscal year 154
155 REPORT DISCLAIMER 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 organization, or place it on a website for public access without the express written permission of VIRAC. SHOULD YOU NEED ANY ASSISTANCE, PLEASE CONTACT US: VIETNAM INDUSTRY RESEARCH AND CONSULTANCY (VIRAC JSC.,) 6M h Floor, Anh Minh Building, 36 Hoang Cau, O Cho Dua, Dong Da, Hanoi, Vietnam Website: viracresearch@virac.com.vn Tel:
156 Thank you! 156
VIETNAM CEMENT INDUSTRY REPORT Q2/2018
VIETNAM CEMENT INDUSTRY REPORT Q2/2018 1 Content Summary 5 2.1.7 Current status of consumption and production in ASEAN 36 1. Business environment 8 2.1.8 Leading enterprises in the industry 37 1.1 Macroeconomic
More informationVIETNAM CEMENT INDUSTRY REPORT Q1/2018
VIETNAM CEMENT INDUSTRY REPORT Q1/2018 1 Content Summary 5 2.1.7 Current status of consumption and production in ASEAN 35 1. Business environment 7 2.1.8 Leading enterprises in the industry 36 1.1 Macroeconomic
More informationVIETNAM FERTILIZER INDUSTRY REPORT Q2/2018
VIETNAM FERTILIZER INDUSTRY REPORT Q2/2018 Content Executive summary 4 1. Business environment 6 1.1 Macroeconomic situation 7 1.2 Legal framework 10 1.3 Trade agreements 17 2. Industry overview 20 2.1
More informationVIETNAM FERTILIZER INDUSTRY REPORT Q3/2018
VIETNAM FERTILIZER INDUSTRY REPORT Q3/2018 Content Executive summary 4 1. Business environment 6 1.1 Macroeconomic situation 7 1.2 Legal framework 10 1.3 Trade agreements 18 2. Industry overview 21 2.1
More informationVIETNAM RICE-PADDY INDUSTRY REPORT Q2/2018
VIETNAM RICE-PADDY INDUSTRY REPORT Q2/2018 1 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
More informationVIETNAM PULP AND PAPER INDUSTRY REPORT Q2/2018
VIETNAM PULP AND PAPER INDUSTRY REPORT Q2/2018 1 Table of contents Content Page Content Page Abbreviations 4 2.1.4. Price movement of some types of pulp 32 Summary 5 2.2. Paper 34 1. Business environment
More informationBANKING INDUSTRY REPORT Q2/2018
BANKING INDUSTRY REPORT Q2/2018 1 Content Executive summary 4 2.1.3 Interbank interest rate movement of some countries 34 1. Macroeconomic situation affecting the banking industry 5 2.2 Some basic indicators
More informationVIETNAM PHARMACEUTICAL INDUSTRY REPORT Q4/2017
VIETNAM PHARMACEUTICAL INDUSTRY REPORT Q4/2017 1 Content Executive Summary 4 1. Business Environment 6 1.1 Macroeconomic Situation 6 1.2 Legal Barriers 10 1.3 Impacts of Free Trade Agreement 18 2. Vietnam
More informationVIETNAM PHARMACEUTICAL INDUSTRY REPORT Q2/2018
VIETNAM PHARMACEUTICAL INDUSTRY REPORT Q2/2018 1 Content Executive Summary 4 1. Business environment 6 1.1 Macroeconomic situation 6 1.2 Legal framework 10 1.3 Trade agreements 19 2. Pharmaceutical Industry
More informationVIETNAM TEXTILE AND APPAREL INDUSTRY REPORT Q2/2018
VIETNAM TEXTILE AND APPAREL INDUSTRY REPORT Q2/2018 1 TABLE OF CONTENTS Contents Page Contents Page ABBREVIATIONS 4 1.4. Textile dyeing 43 SUMMARY 5 1.5. Apparel 47 I. Business environment 7 1.6. Distribution
More informationVIETNAM LEATHER AND FOOTWEAR INDUSTRY REPORT Q1/2018
VIETNAM LEATHER AND FOOTWEAR INDUSTRY REPORT Q1/2018 Contents Executive summary 5 1. Business environment 7 2.3.4 Import export 36 1.1 Macroeconomic situation 7 2.3.5 Price movements 37 1.2 Legal framework
More informationVIETNAM TEXTILE AND APPAREL INDUSTRY REPORT Q1/2018
VIETNAM TEXTILE AND APPAREL INDUSTRY REPORT Q1/2018 1 TABLE OF CONTENTS Contents Page Contents Page ABBREVIATIONS 4 1.4. Textile dyeing 43 SUMMARY 5 1.5. Apparel 47 I. Business environment 7 1.6. Distribution
More informationVIETNAM FISHERY INDUSTRY REPORT Q2/2018
VIETNAM FISHERY INDUSTRY REPORT Q2/2018 1 Contents Executive summary 4 3. Vietnam seafood market 53 1. Business environment 5 3.1 Characteristics of the Vietnamese fishery industry 53 1.1 Macroeconomic
More informationVIETNAM PETROCHEMICAL INDUSTRY REPORT Q2/2018
VIETNAM PETROCHEMICAL INDUSTRY REPORT Q2/2018 Content Abbreviations 4 2.8 Situations in some typical countries 65 Executive Summary 5 3. Vietnam petrochemical industry 74 1. Business environment 7 3.1
More informationVIETNAM ELECTRONIC COMPONENT REPORT Q4 / 2017
VIETNAM ELECTRONIC COMPONENT REPORT Q4 / 2017 1 Content Name Page Name Page Abbreviations 3 2.2.1. History of industry formation and development 51 Summary 4 2.2.2. Status of the value chain linkage in
More informationVIETNAM CHEMICAL INDUSTRY REPORT Q2/2018
VIETNAM CHEMICAL INDUSTRY REPORT Q2/2018 TABLE OF CONTENTS Content Page Content Page Abbreviations 4 2.5. Current status of the regional chemical industry 29 Summary 5 2.6. Some typical chemicals producing
More informationSTRATEGIC LOCATION. Vinh
STRATEGIC LOCATION CHINA LAOS THAILAND HANOI CAMBODIA NGHE AN Vinh Located in the center of the North Central Coast region of Vietnam. Connect North East Thailand, Laos to the South China Sea. It is a
More informationIntroduction to VIETNAM
Introduction to VIETNAM Vietnam is a densely populated, emerging economy that has implemented market-oriented reforms since 1986 and benefited from large foreign direct investment inflows since its accession
More informationELECTRONIC COMPONENTS INDUSTRY REPORT IN Q2/2018
ELECTRONIC COMPONENTS INDUSTRY REPORT IN Q2/2018 1 Content Section Page Section Page Abbreviations 3 2.2.1. History of industry establishment and development 51 Executive summary 4 2.2.2. Value chains
More informationELECTRONIC COMPONENTS INDUSTRY REPORT IN Q1/2018
ELECTRONIC COMPONENTS INDUSTRY REPORT IN Q1/2018 1 Content Section Page Section Page Abbreviations 3 2.2.1. History of industry establishment and development 50 Executive summary 4 2.2.2. Value chains
More informationOutlook for Central Vietnam, including Tax Incentives
Outlook for Central Vietnam, including Tax Incentives Presentation by Nguyen Quang Phuc, Director, Tax and Advisory Services ECV Business Forum, 24 November 2017 Outlook for Central Vietnam, including
More informationVIETNAM BRIEF ABOUT THE COUNTRY AND OPPORTUNITIES IN DOING BUSINESS
VIETNAM BRIEF ABOUT THE COUNTRY AND OPPORTUNITIES IN DOING BUSINESS 1 CONTENTS: I. OVERVIEW OF ECONOMY IN VIETNAM II. III. IV. OVERVIEW OF FDI IN VIETNAM PROCEDURES FOR INVESTMENT TIPS FOR DOING BUSINESS
More informationCOMPANY UPDATE. Ha Tien 1 Cement JSC (HT1: HOSE): Passing the bottleneck. 1. Company background. 13 March Kien Tran Nguyen.
COMPANY UPDATE 13 March 2015 Kien Tran Nguyen kiennt1@ssi.com.vn Ha Tien 1 Cement JSC (HT1: HOSE): Passing the bottleneck 1. Company background Founded in 1964, Ha Tien 1 was formerly known as Ha Tien
More informationPotential Effects of Regional Comprehensive Economic Partnership (RCEP) on the Philippine Economy*
Potential Effects of Regional Comprehensive Economic Partnership (RCEP) on the Philippine Economy* Caesar B. Cororaton Presented at the Philippine Institute for Development Studies Quezon City, Metro Manila
More informationPPP TO BOOST INFRASTRUCTURE DEVELOPMENT INVESTMENT
PPP TO BOOST INFRASTRUCTURE DEVELOPMENT INVESTMENT By Pham Minh Long/Vuong Son Ha Reason for and Role of Public-Private Partnership Despite considerable efforts to improve Vietnam s infrastructure, the
More informationRecent Legal Developments in Vietnam
Recent Legal Developments in Vietnam 1. New Regulations on Seaport Operations On 4 April 2017, the Government issued Decree No. 37/2017/ND-CP on requirements for seaport operations ( Decree 37 ) which
More informationSINGAPORE REPORT. Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore AND
SINGAPORE REPORT Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore 228208 AND The United States Chamber of Commerce 1615 H St NW Washington
More informationIntroduction to PHILIPPINES
Introduction to PHILIPPINES With a population of about 100 million people, the Philippines, which comprises more than 7,000 islands, is the 12th most populous country in the world. An additional 12 million
More informationPrivate Equity and Institutional Investors: Risks and Opportunities in Cambodia and Lao PDR IPBA, Manila March 2018
Private Equity and Institutional Investors: Risks and Opportunities in Cambodia and Lao PDR IPBA, Manila March 2018 BANGLADESH CAMBODIA INDONESIA LAO PDR MYANMAR SINGAPORE THAILAND VIETNAM AGENDA Introduction
More informationVIETNAM REPORT. Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore AND
VIETNAM REPORT Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore 228208 AND The United States Chamber of Commerce 1615 H St NW Washington
More informationOutline. Laos in Brief. Battery of Asia and Land-Linked. Investment Support in Lao for investors
Outline Laos in Brief Battery of Asia and Land-Linked Benefit to business sectors Foreign investment support Investment Support in Lao for investors Laos in Brief Laos Population 6,8 million (2015) Text
More informationCAMBODIA REPORT. Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore AND
CAMBODIA REPORT Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore 228208 AND The United States Chamber of Commerce 1615 H St NW Washington
More informationINVESTMENT environments IN VIETNAM
VIETNAM The Economic and Cultural Office in Taipei INVESTMENT environments IN VIETNAM Mr. Bui Trong Dinh Assistant to the Head Office / in charge of investment Taipei - October 2010 1 VIETNAM investment
More informationTHANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) Website:
THANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, 72-74 Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) 3 827 0527 Website: www.tcsc.vn MONTHLY REPORT MAY 2012 Research Department research@tcsc.vn
More informationVIETNAM RICE-PADDY INDUSTRY REPORT
VIETNAM RICE-PADDY INDUSTRY REPORT 1 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
More informationTax trends in Vietnam a 2016 update
Tax trends in Vietnam a 2016 update Hoang Phan Tax Partner March 2016 Agenda Vietnam Taxation on Foreign Investment Overview Tax audit trends Vietnam Tax Highlights of 2015 Corporate Income Tax Value Added
More informationINDONESIA REPORT. Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore AND
INDONESIA REPORT Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore 228208 AND The United States Chamber of Commerce 1615 H St NW Washington
More informationTax Newsletter. November, For internal use only
Tax Newsletter November, 2017 For internal use only NEW DOCUMENTS Decision No.1848/QD-TCT regarding process of publicizing the steps for settling complaints to the Tax Authorities Applicable Custom Tariffs
More informationThailand as the Gateway to ASEAN Bonggot Anuroj Executive Director, Investment Marketing Bureau Thailand Board of Investment
Thailand as the Gateway to ASEAN Bonggot Anuroj Executive Director, Investment Marketing Bureau Thailand Board of Investment 16 November 2013 St. Regis Hotel, Bangkok Thailand: 2 nd Largest Economy in
More informationASEAN-Korea Economic Relationship:
ASEAN-Korea Economic Relationship: A Road to More Active Future Cooperation. Choong Lyol Lee, Professor Department of Economics and Statistics Korea University at Sejong ASEAN-Korea Economic Relationship:
More informationTHAILAND REPORT. Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore AND
THAILAND REPORT Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore 228208 AND The United States Chamber of Commerce 1615 H St NW Washington
More informationMALAYSIA REPORT. Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore AND
MALAYSIA REPORT Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore 228208 AND The United States Chamber of Commerce 1615 H St NW Washington
More informationGASIFICATION TECHNOLOGIES CONFERENCE 2015 INDONESIA-CURRENT OUTLOOK FOR FOREIGN INVESTMENT. Richard Cant-North American Director October 12 th, 2015
GASIFICATION TECHNOLOGIES CONFERENCE 2015 INDONESIA-CURRENT OUTLOOK FOR FOREIGN INVESTMENT Richard Cant-North American Director October 12 th, 2015 www.dezshira.com About Dezan Shira & Associates We are
More informationSoutheast Asian Infrastructure
New Report Investment and Market Opportunities in n Infrastructure SouthEast Infrastructure magazine (www.southeastasiainfra.com) is a leading source of information and analysis on infrastructure development
More informationIntroduction to INDONESIA
Introduction to INDONESIA Indonesia is the fifth largest economy in Asia in nominal GDP terms and the third most populous nation behind China and India. It has recorded strong economic growth over the
More informationInvestment Theme 3Q18. Ageing Population. Source: AFP Photo
Investment Theme 3Q18 Ageing Population Source: AFP Photo 91 Investment Theme III: Ageing Population Jason Low, CFA Strategist The global population is growing older and people are living longer. Demographics
More informationLegal news June Contents. Vision & Associates A TTORNEYS. PATENT & TRADEMARK A GENTS. I NVESTMENT & MANAGEMENT C ONSULTANTS
A TTORNEYS. PATENT & TRADEMARK A GENTS. I NVESTMENT & MANAGEMENT C ONSULTANTS Legal news Contents Law on Enterprises...2 Other Sectors...6 Finance... 6 Banking... 6 Trading... 6 Land... 7 Culture Information...
More informationGlobal Economic Management and Asia s Responsibility Masahiro Kawai Asian Development Bank Institute
Global Economic Management and Asia s Responsibility Masahiro Kawai Asian Development Bank Institute PECC 18 th General Meeting Economic Crisis and Recovery: Roles for the Asia-Pacific Economies Washington,
More informationThe VND/USD remained high in the final half of December. The SBV kept selling foreign reserves to stabilize forex market.
Tran Thi Thanh Thao Research Analyst T: +84 4 3726 2600 Thao.TranThiThanh@mbs.com.vn Tran Buu Quoc Institutional Client Services (ICS) Quoc.TranBuu@mbs.com.vn Key interest rates Rates Before Present Basic
More informationCOUNTRY ECONOMIC INDICATORS (CAMBODIA)
OrbiMed Asia Partners III, LP Fund (RRP REG 51072) COUNTRY ECONOMIC INDICATORS (CAMBODIA) Item 2012 2013 2014 2015 2016 Est. 1. GDP per capita ($, current) 973 1,042 1,131 1,218 1,331 2. GDP growth (%,
More informationVietnam: Economic Context
Vietnam: Economic Context Parliamentary Network Visit to Vietnam March 5 8, 218 Hanoi, Vietnam Jonathan Dunn IMF Resident Representative International Monetary Fund Outline 2 IMF activities Economic achievements
More informationIntroduction to MALAYSIA
Introduction to MALAYSIA Malaysia is an upper-middle income, highly open economy with a record of strong economic performance and poverty reduction since independence from Great Britain in 1957. Malaysia
More informationTax Newsletter February For internal use only
Tax Newsletter February 2018 For internal use only NEW REGULATIONS New regulations on the application of trade remedies Procedures for the registration of import tax incentive for an automotive manufacturer
More informationTHANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) Website:
THANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, 72-74 Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) 3 827 0527 Website: www.tcsc.vn MONTHLY REPORT MARCH 2012 Research Department research@tcsc.vn
More informationShankaran Nambiar. Senior Research Fellow. Malaysian Institute of Economic Research. Malaysian Institute of Economic Research
Shankaran Nambiar Senior Research Fellow Outline Introduction ASEAN Economic Community (AEC) ASEAN as a Single Market & Production Base Trade Agreement and ASEAN Malaysia as ASEAN s Investment Hub Introduction
More informationTHANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) Website:
THANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, 72-74 Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) 3 827 0527 Website: www.tcsc.vn MONTHLY REPORT AUGUST 2012 Research Department research@tcsc.vn
More informationEconomic Stimulus Packages and Steel: A Summary
Economic Stimulus Packages and Steel: A Summary Steel Committee Meeting 8-9 June 2009 Sources of information on stimulus packages Questionnaire to Steel Committee members, full participants and observers
More informationINFORMATION FOR STRATEGIC INVESTORS
1. General information INFORMATION FOR STRATEGIC INVESTORS 1.1. General information of the equitized corporation Vietnamese name : CONG TY TNHH MTV - TONG CONG TY PHAT DIEN 3 English name : POWER GENERATION
More informationVIETNAM MARKET REPORT Petrovietnam Securities Incorporated. October 2016
VIETNAM MARKET REPORT 2016 Petrovietnam Securities Incorporated October 2016 1 CONTENTS VIETNAM MARKET REPORT 1. Economic Overview 2. Securities Market Overview 3. Trend Of Vietnamese Economy And Securities
More informationINITIATING REPORT PHA LAI THERMAL JSC - PPC SUMMARY SECTOR: ULTILITIES. Kien Nguyen Research Analyst
PHA LAI THERMAL JSC - PPC SECTOR: ULTILITIES RESEARCH & INVESTMENT ADVISORY ADVISORYTƯADVISOR INITIATING REPORT 18.07.2011 SUMMARY Profile: Pha Lai Thermal Power Joint Stock Company was previously known
More informationItem
Key Indicators for Asia and the Pacific 2015 1 POPULATION Total population million; as of 1 July 73.73 74.88 76.02 77.11 78.12 79.08 80.00 80.95 81.91 82.85 84.22 85.12 86.03 86.93 87.84 88.77 89.71 90.73
More informationHUNG VUONG CORPORATION
HUNG VUONG CORPORATION OCTOBER 2010 1 MAIN CONTENTS 1. BUSINESS OVERVIEW 2. BUSINESS ACTIVITIES 3. FISHERY INDUSTRY OVERVIEW 4. BUSINESS RESULTS 5. BUSINESS STRATEGY & PLAN 6. PEER COMPARISION 7. FINANCIAL
More informationDivision on Investment and Enterprise
Division on Investment and Enterprise Readers are encouraged to use the data in this publication for non-commercial purposes, provided acknowledgement is explicitly given to UNCTAD, together with the reference
More informationNewsletter No. 77. A brief introduction to the legal environment for investments in Vietnam. December 2012
Newsletter No. 77 (EN) A brief introduction to the legal environment for investments in Vietnam December 2012 All rights reserved Lorenz & Partners 2012 Although Lorenz & Partners always pays great attention
More informationRole of PTAs for Promoting MSMEs Integration in GVCs
Role of PTAs for Promoting MSMEs Integration in GVCs Masato Abe, Ph.D. IEDS, TIID, ESCAP Regional Dialogue on ENHANCING THE CONTRIBUTION OF PREFERENTIAL TRADE AGREEMENTS TO INCLUSIVE AND EQUITABLE TRADE
More informationChina in the World Trade System
Phone: (852) 2609-8600; Fax: (852) 2603-5230 Email: LAWRENCELAU@CUHK.EDU.HK; WebPages: http ://www.cuhk.edu.hk/vc China in the World Trade System Lawrence J. Lau, Ph. D., D. Soc. Sc. (hon.) Vice-Chancellor
More informationNon-Life Insurance in Taiwan, Key Trends and Opportunities to 2017
Non-Life Insurance in Taiwan, Key Trends and Opportunities to 2017 Market Intelligence Report Reference code: IS0481MR Published: January 2014 www.timetric.com Timetric John Carpenter House 7 Carmelite
More informationThe Relative Significance of EPAs in Asia-Pacific
The Relative Significance of EPAs in Asia-Pacific 10 November 2015 Kenichi Kawasaki GRIPS/JIIA/RIETI 29 October 2011 Overview The relative significance of EPAs in Asia-Pacific TPP and RCEP are shown to
More informationMalaysia s export growth at record high in 2017
Dr. Mohd Afzanizam Abdul Rashid Chief Economist 03-2088 8075 afzanizam@bankislam.com.my Malaysia s export growth at record high in 2017 Facts Total exports in 2017 grew by 18.9% (2016: 1.2%) to RM935.4
More informationAcquisition of the charter capital of Holcim (Vietnam) Co., Ltd (further information added)
8 August 2016 Subject: To: Acquisition of the charter capital of Holcim (Vietnam) Co., Ltd (further information added) The President of the Stock Exchange of Thailand Reference is made to the resolution
More informationIndia ASEAN Cooperation
Moving Forward with ASEAN-INDIA Connectivity it Financing and Supporting Mechanism: Views from Exim Bank November 27, 2013 Bangkok India ASEAN Cooperation ASEAN is the second-largest trade partner of India
More informationHEALTH INSURANCE REPORT 2017
HEALTH INSURANCE REPORT 2017 Content Abbreviation 3 2.4.2 Public Health Insurance 36 Summary 4 2.4.3 Private Health Insurance 45 1. Business Environment 7 Life Insurance 46 1.1 Macroeconomic situations
More informationTHE ASEAN BUSINESS OUTLOOK SURVEY 2011
THE ASEAN BUSINESS OUTLOOK SURVEY 2011 SINGAPORE REPORT Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore 228208 Copyright Standards This
More informationOPPORTUNITIES AND POTENTIALS OF THE
OPPORTUNITIES AND POTENTIALS OF THE VIETNAMESE GOLD JEWELLERY INDUSTRY Presented by: MR ĐỖ MINH PHÚ Singapore, 5 June, 2018 Chairman of Board of Founders DOJI Gold & Gems Group Số hiệu Tài liệu: I DEVELOPMENT
More informationRegional integration in Asia:
Regional integration in Asia: Trends and Issues Cyn-Young Park Director Economic Research and Regional Cooperation Department Asian Development Bank ADB-ASIAN THINK TANK DEVELOPMENT FORUM 2017: Financing
More informationThe AEC and Taiwan-Indonesia Economic Partnership: A Taiwan Business perspective
The AEC and Taiwan-Indonesia Economic Partnership: A Taiwan Business perspective Apr- 29-2015 Kristy Hsu Program Director, Taiwan ASEAN Studies Center, Chung Hua Institution for Economic Research April
More informationFINANCE TO ENSURE ASIA S ECONOMIC GROWTH DR. RANEE JAYAMAHA CHAIRPERSON - HATTON NATIONAL BANK PLC
FINANCE TO ENSURE ASIA S ECONOMIC GROWTH DR. RANEE JAYAMAHA CHAIRPERSON - HATTON NATIONAL BANK PLC TABLE 1 : REAL GDP GROWTH OF SOUTHEAST ASIA, CHINA AND INDIA (ANNUAL PERCENTAGE CHANGE) PROJECTIONS ASEAN-6
More informationDECREE No. 108/2006/ND-CP OF SEPTEMBER 22, 2006, DETAILING AND GUIDING THE IMPLEMENTATION OF A NUMBER OF ARTICLES OF THE INVESTMENT LAW THE
DECREE No. 108/2006/ND-CP OF SEPTEMBER 22, 2006, DETAILING AND GUIDING THE IMPLEMENTATION OF A NUMBER OF ARTICLES OF THE INVESTMENT LAW THE GOVERNMENT Pursuant to the December 25, 2001 Law on Organization
More informationPTA s INVESTMENT CHAPTER: THE JUXTOPOSITION OF THE INVESTMENT LIBERALISATION PROVISION
PTA s INVESTMENT CHAPTER: THE JUXTOPOSITION OF THE INVESTMENT LIBERALISATION PROVISION Sufian Jusoh Institute of Malaysian and International Studies (IKMAS) Regional Dialogue On ENHANCING THE CONTRIBUTION
More informationAFC VIETNAM FUND UPDATE
Fund Category Country Focus Subscriptions Redemptions Benchmark Fund Manager Vietnam Public Equities Vietnam Monthly at NAV (five business days before month end) Monthly at NAV 30 days notice VN Index
More informationTHANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) Website:
THANH CONG SECURITIES COMPANY Floor 3&5, Centec Tower, 72-74 Nguyen Thi Minh Khai, Dis.3, HCMC Phone : + 84 (08) 3 827 0527 Website: www.tcsc.vn MONTHLY REPORT JULY 2012 Research Department research@tcsc.vn
More informationREPORT OF THE BOARD OF DIRECTORS AT THE 2016 ANNUAL GENERAL MEETING OF SHAREHOLDERS
MASAN CONSUMER CORPORATION Address: 12 th Floor, Kumho Asiana Plaza Saigon, 39 Le Duan, Dist. 1, HCMC, Vietnam Tel: (84-8) 62 555 660 Fax: (84-8) 38 109 463 ENGLISH TRANSLATION REPORT OF THE BOARD OF DIRECTORS
More informationCambodia Case on Ensuring inclusive and sustainable FDI in the Natural Resource
Third Meeting of the Asia-Pacific Foreign Direct Investment (FDI) Network for Least Developed and Landlocked Developing Countries Cambodia Case on Ensuring inclusive and sustainable FDI in the Natural
More informationDKSH Holding Ltd. Presentation Half-year results 2018
DKSH Holding Ltd. Presentation Half-year results 2018 Overview Half-Year 2018 Net sales grew by 7.4% Profit after tax increases 4.5% EBIT on last year s level Increased performance in Healthcare, Performance
More informationThe Relative Significance of EPAs in Asia-Pacific
The Relative Significance of EPAs in Asia-Pacific 19 June 2014 Consulting Fellow, RIETI Kenichi Kawasaki 29 October 2011 Overview The relative significance of EPAs in Asia-Pacific TPP and RCEP are shown
More informationLegal news. Contents. August 2007
A T T O R N E Y S. P A T E N T & T R A D E M A R K A G E N T S. I N V E S T M E N T & M A N A G E M E N T C O N S U L T A N T S Legal news Contents BANKING LAW... 2 ENTERPRISE LAW... 4 Other Sectors...
More informationTHE ASEAN BUSINESS OUTLOOK SURVEY 2011
THE ASEAN BUSINESS OUTLOOK SURVEY 2011 CAMBODIA REPORT Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore 228208 Copyright Standards This
More informationThe Evolving Role of Trade in Asia: Opening a New Chapter. Fall 2018 REO Background Paper
The Evolving Role of Trade in Asia: Opening a New Chapter Fall 2018 REO Background Paper Outline Trade Tensions and Spillovers: Spotlight on Asia Gains from Liberalization 2 Trade tensions have escalated.
More informationHarnessing Globalisation to Build a Better World for the Benefit of All. Yose Rizal Damuri Centre for Strategic and International Studies
Harnessing Globalisation to Build a Better World for the Benefit of All Yose Rizal Damuri Centre for Strategic and International Studies Growing Discontent about Globalisation Dissatisfaction over trade
More informationtariff global business nontariff barriers multinational corporation quota direct foreign investment trade barriers voluntary export restraints
global business tariff multinational corporation nontariff barriers direct foreign investment quota trade barriers voluntary export restraints protectionism government import standard A direct tax on imported
More informationTax Alert. Circular No. 25/2018/TT-BTC dated 16/3/2018 guiding a number of new regulations regarding VAT, CIT and PIT. March 2018
Tax Alert Circular No. 25/2018/TT-BTC dated 16/3/2018 guiding a number of new regulations regarding VAT, CIT and PIT March 2018 1 CIRCULAR NO. 25/2018/TT-BTC GUIDING A NUMBER OF NEW REGULATIONS REGARDING
More informationVietnam Looking Forward
Looking Forward 1 in Regional Perspectives Compared to its regional peers, economy, although the smallest in size, is the most dynamic in terms of growth. GDP growth (%) USD 395 Bn 8.0 7.0 6.0 5.0 4.0
More informationEXECUTIVE SUMMARY - A STUDY ON "FORMALIZATION" OF HOUSEHOLD BUSINESS IN VIETNAM
EXECUTIVE SUMMARY - A STUDY ON "FORMALIZATION" OF HOUSEHOLD BUSINESS IN VIETNAM Central Institute for Economic Management would like to thank the Mekong Business Initiative for supporting the preparation
More informationPHUOC HOA RUBBER JSC.,
8/18/29 8/18/21 8/18/211 8/18/212 8/18/213 8/18/214 8/18/215 8/18/216 8/18/217 PHUOC HOA RUBBER JSC., Unlock Land s Value Equity Update September 29, 217 We issue our BUY rating for Phuoc Hoa Rubber JSC.
More informationBusiness Outlook for ASEAN Country 2017 Thailand Insurance Symposium December 2016 Bangkok, Thailand. Clarence Wong Chief Economist Asia
Business Outlook for ASEAN Country 2017 Thailand Insurance Symposium 2016 19 December 2016 Bangkok, Thailand Clarence Wong Chief Economist Asia Agenda What are our top economic concerns? What does this
More informationAask Advisory Services Pte. Ltd.
Aask Advisory Services Pte. Ltd. Corporate Governance, Risk management, Increased shareholder Value Africa is our business 28 September 2016 Southeast Asia's diverse economies 10 nations with populations
More informationYen and Yuan. The Impact of Exchange Rate Fluctuations on the Asian Economies. C. H. Kwan RIETI
Yen and Yuan The Impact of Exchange Rate Fluctuations on the Asian Economies C. H. Kwan RIETI November 21 The Yen-dollar Rate as the Major Determinant of Asian Economic Growth -4-3 -2 Stronger Yen Yen
More informationJapan-ASEAN Comprehensive Economic Partnership
Japan- Comprehensive Economic Partnership By Dr. Kitti Limskul 1. Introduction The economic cooperation between countries and Japan has been concentrated on trade, investment and official development assistance
More informationTax Newsletter. October, For internal use only
Tax Newsletter October, 2017 For internal use only NEW DOCUMENTS Circular 93/2017/TT-BTC amending the regulations on administrative procedures for registration and change of VAT calculation methods Minimize
More informationLIQUEFIED PETROLEUM GAS SECTOR SECTOR OVERVIEW
LIQUEFIED PETROLEUM GAS SECTOR SECTOR NOTE Jan 2012 Listed corporations Petrolimex Gas JSC. Petro Vietnam Southern Gas JSC. Petro Vietnam Northern Gas JSC. MT Gas JSC. An Pha S.G. Petrol JSC. PetroVietnam
More information