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VIETNAM PHARMACEUTICAL INDUSTRY REPORT Q1/2018
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Contents
Executive Summary 4
1. Business environment 6
1.1 Macroeconomic situation 6
1.2 Legal framework 10
1.3 Trade agreements 19
2. Pharmaceutical Industry Overview 26
2.1 Global Pharmaceutical Industry 26
2.1.1 Production - Consumption 27
2.1.2 Export - Import 30
2.1.3Production and Consumption Situation in major
countries31
2.1.4 Large Enterprises in the world 35
2.2 Vietnam Pharmaceutical Industry Overview 37
2.2.1 History of Vietnam Pharmaceutical Industry 38
2.2.2 Industry Position 39
2.2.3 Industry Scale and Feature 40
2.2.4 Value Chain of Vietnam Pharmaceutical Industry 43
2.2.5 Raw Materials 44
2.2.6 Production technology 47
2
2.2.7 R&D 49
2.2.8 Production 50
2.2.9 Consumption 53
2.2.10 Export - Import 62
2.2.11 Price movements 67
2.2.12 Distribution system 70
2.3 Risks and challenges 76
2.4 Industry planning 83
2.5 Driving forces and forecast 85
3. Enterprise analysis 95
3.1 Profitability Ratios 98
3.2 Cost structure 101
3.3 Asset Management Ratios 105
3.4 Capital Structure 109
3.5 Solvency 111
3.6 Return on Investment 113
4. Appendix of financial statements 115
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ETC Ethical drugs
EU-GMP Europe Good Manufacturing Practice
EVFTA EU – Vietnam Free Trade Agreement
GDP Good Distribution Practice
Generic Drug
Drug product that is comparable to a brand/reference
listed drug product in dosage form, strength, quality
and performance characteristics, and intended use."
GLP Good Laboratory Practice
GMP Good Manufacturing Practice
GMP - WHOGood Manufacturing Practice recommended by the
World Health Organization (WHO - GMP)
GPP Good Pharmacy Practice
GSP Good Storage Practice
Abbreviations
OTC Over The Counter (nonprescription-drugs)
Patent Drug Drugs under intellectual property rights
Pharmerging Countries with emerging Pharmaceutical Industry
PIC/S - GMPPharmaceutical Inspection Co-operation Scheme on Good
Manufacturing Practice (EU-GMP)
GDC General Department of Vietnam Custom
GSO General Statistic Office of Vietnam
TPP Trans-Pacific Partnership
WHO World Health Organization
WTO World Trade Organization
MOH Ministry of Health
DAV Drug Administration of Vietnam
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Executive Summary
There are approximately 178 pharmaceutical
manufacturers nationwide.
Vietnam's pharmaceutical sector uses about
60,000 tons of pharmaceuticals, including 80-
90% of imported pharmaceuticals.
The growth of the prescription drug market
will exceed the growth rate of Over-the-
counter (OTC) market
The market value of patented drugs in Vietnam
tends to increase
According to the Drug Administration of
Vietnam - Ministry of Health, the number of
drug items re-declared price as of 12/6/2017:
the number of drug items with fluctuating
price increase/decrease occupy very little
(about 0.026%) of the total commercially
available drugs..
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Executive Summary
The biggest wholesale market systems in
Vietnam pharmaceutical distribution in Ho Chi
Minh City and Hanoi.
Pharmaceutical products are necessities, thus,
economic growth virtually has hardly any
impact on the industry growth rate,
For the WTO, the Vietnamese pharmaceutical
market has gradually opened
M&A trend between domestic and foreign
enterprises takes place strongly in the form of
franchise drug production and the field of
distribution.
Most of the enterprises of pharmaceutical
industry maintained positive operation with
high levels of gross profit and net profit in the
period 2015-2016
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Contents
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1. Business environment
1.1 Macroeconomic situation
GDP growth, 2011 – 2017• GDP in 2017 reached 6.81%,
Source: VIRAC, GSO
Source: VIRAC, GSO
Unit: %
Consumer Price Index for Medicines and Health
Services, 2012 – 2017
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1. Business environment
1.1 Macroeconomic situation
In 2017, the VND/USD exchange rate was stable around VND 22,400.
Source: VIRACSource: VIRAC, SBV
VND/USD exchange rate, 2013 - 2017VND/CNY exchange rate, 2016 – 2017
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The pharmaceutical market has a lot of potential when the
demand for medicines is always increasing
1. Business environment
1.1 Macroeconomic situation
Source: VIRAC, GSO
Population and population growth, 2006 -2017
Million people
Source: VIRAC, GSO
Population structure, 1999 - 2016 Content is intentionally removed for demo purpose
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Contents
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1. Business environment
1.2 Legal framework
Regulations on standards of Pharmaceutical Industry
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1. Business environment
1.2 Legal framework
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Regulations on drug registration
Regulations on control of drug prices
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1. Business environment
1.2 Legal framework
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Regulations on import-export
Regulations on drug advertising information
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1. Business environment
1.2 Legal framework
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Regulations on drug promotion
Distribution
Bidding
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1. Business environment
1.2 Legal framework
Content is intentionally removed for demo purposeRegulations on importing pharmaceutical materials
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1. Business environment
1.2 Legal framework
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1. Business environment
1.2 Legal framework
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1. Business environment
1.2 Legal framework
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Contents
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1. Business environment
1.3 Trade agreements
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1.3.1. WTO - Vietnam became the 150th member of WTO on 11/07/2006
Source: VIRAC, GDVC
Pharmaceuticals imports ,2010 - 2017e
USD million
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1. Business environment
1.3 Trade agreements
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1. Business environment
1.3 Trade agreements
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1.3.2 TPP - Trans-Pacific Partnership, signed on 02/04/2016 in Auckland, New Zealand
1. Business environment
1.3 Trade agreements
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1. Business environment
1.3 Trade agreements
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1.3.3 Other trade agreements
1. Business environment
1.3 Trade agreements
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2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry
2.2 Vietnam Pharmaceutical Industry Overview
2.3 Risks and challenges
2.4 Industry planning
2.5 Driving forces and forecast
Contents
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In the period of 2010 - 2016, global drug spending increased at a CAGR of
4.6% per year from USD 888.2 billion in 2010 to USD 1,163.6 billion in
2016.
2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry – 2.1.1 Production – Consumption
Source: VIRAC, IMS health
Global spending on medicines, 2010 - 2016e
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Source: VIRAC, EvaluatePharma
2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry – 2.1.1 Production – Consumption
Source: VIRAC, IMS health
Consumption structure by types of medicines, 2011 - 2016World sales of prescription drugs, 2010 - 2016
USD billion
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World’s top 10 consumed phamaceuticals, 2016
Source: VIRAC, IMS health
Source: VIRAC, IMS health
2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry – 2.1.1 Production – Consumption
USD billion
Consumption market share by group, 2016
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Global pharmaceutical import – export tended to decrease slightly in
2015
ExportValue
(USD billion)Import
Value
(USD billion)
Top pharmaceutical importing – exporting countries, 2016
Source: VIRAC, Trademap
2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry – 2.1.2 Export - Import
Source: VIRAC, UN Comtrade, Trademap
Source: VIRAC, UN Comtrade, Trademap
Global pharmaceutical exports, 2010 - 2016e
Global pharmaceutical imports, 2010 - 2016e
USD billion
USD billion
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2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry – 2.1.3 Typical countries
1. The United States
General information about the US healthcare industry, 2016e
Source: VIRAC, OECD
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2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry – 2.1.3 Typical countries
2. Japan
Source: VIRAC, OECD
General information about Japan healthcare industry, 2016e
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2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry – 2.1.3 Typical countries
General information about China healthcare industry, 2016e3. China
Source: VIRAC, OECD
Source: VIRAC, CEIC Data
CNY billion
* Revenue includes: chemical drugs, biopharmaceuticals, oriental medicines and
medicinal herbs
Revenue of China’s pharmaceutical industry, 2012 - 2016
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2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry – 2.1.3 Typical countries
4. Germany
5. France
General information about Germany healthcare industry,
2016e
General information about France healthcare industry, 2016e
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Company General information
Source: VIRAC, igeahub
USD billion
2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry – 2.1.4 Top 10 typical pharmaceutical enterprises
Top 10 pharmaceutical enterprises with largest revenue, 2016
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2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry – 2.1.4 Top 10 typical pharmaceutical enterprises
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2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry
2.2 Vietnam Pharmaceutical Industry Overview
2.3 Risks and challenges
2.4 Industry planning
2.5 Driving forces and forecast
Contents
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Northern domination before 1858,
From 1858, during the French colonial period,
1946 - 1954 resistance war against France,
1954 – 1975,
After 1975,
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.1 History of Vietnam Pharmaceutical Industry
2005
1990
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2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.2 Industry Position
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Classification by ownership:
Classification by product segment:
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.3 Industry Scale and Feature
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Classification of medicine markets by distribution methods Classification of medicine markets by ownership
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.3 Industry Scale and Feature
Source: VIRAC, Hanoi University of Medicine and Pharmacy
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Hà Nội
Hoàng Sa
Trường Sa
Nam Định
Đồng NaiHồ Chí Minh
An Giang
Phú Yên
Khánh Hòa
Bắc Ninh
Tiền Giang
Đồng Tháp
Cà Mau
Hải Phòng
Bình Định
Bình Phước
Bến Tre
Thanh Hóa
Cần Thơ
Hưng Yên
Source: VIRAC
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.3 Industry Scale and Feature
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Value chain of Vietnam pharmaceutical industry
Source: VIRAC
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.4 Value chain of the industry
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Classification of pharmaceutical materials :
Sort by origin:
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.5 Raw materials
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Pharmaceutical materials imports in 2012 tended to increase sharply,
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.5 Raw materials
The dependence almost entirely on the supply of pharmaceutical materials from foreign countries has made enterprises lose control of production
activities, lack of competitiveness and quality of drugs is not as expected.
Source: VIRAC, GDVC
Pharmaceutical materials imports, 2012 - 2017e
USD million
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2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.5 Raw materials
Pharmaceutical materials imports, 2016 – 2017eUSD million
Source: VIRAC, GDVC
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Currently 50% of machinery and equipment for pharmaceutical
production is from imported sources.
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.6 Production technology
Company
Origin
Origin of machinery and equipments of a number of large
pharmaceutical companies
Source: VIRAC
No Name of machineYear in
useOrigin Price
Source: VIRAC
Some major machineries in pharmaceutical manufacturing line
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2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.6 Production technology
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Source: VIRAC, igeahub
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.7 R&D
Ratio of R&D/revenue at major pharmaceutical companies in the world, 2016
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In fact, medicine companies in Vietnam are facing many difficulties in funding investment in research and development, technical staff and equipment of
high quality which has not met the requirements yet.
Outsourcing
Franchising
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.8 Production
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Source: VIRAC, DAV
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.8 Production
It is estimated that in 2017, domestic pharmaceutical production value reached USD 2.5 billion, up 12.0% over the same period in 2016. Generally,
domestic pharmaceutical production has been increasing steadily over the years with a CAGR of FY2010 - 2017e of 15%.
USD billion
Domestic pharmaceutical production value, 2010 - 2017e
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Source: VIRAC, GSO
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.8 Production
Medicine production by type, 2010 – 2017e
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Products Unit 2012 2013 2014 2015e 2016e 2017e
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2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption
Pharmaceutical market value, 2010 – 2017e
USD billion
Source: VIRAC, DAV
The pharmaceutical industry is growing at a compound annual
growth rate (CAGR) of 17.4% for the period 2010 - 2017e. Causes
are:
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The pharmaceutical industry in Vietnam is still considered relatively
young compared to the global industry.
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption
Source: VIRAC, DAV
Value ratio of domestically produced medicines in Vietnam,
2010 – 2017e
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According to data from the General Statistics Office, the amount of pharmaceuticals consumed domestically focused on drugs containing penicillin or
antibiotics, drugs containing hormones and vitamins. Drugs like serum and vaccines are domestically consumed at a very small number. Causes leading to
this:
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption
Source: VIRAC, GSO
VND trillion
Domestically produced medicine consumption, 2010 - 2017e
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Source: VIRAC, DAV, StatistaSource: VIRAC, DAV
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption
Spending on medicines in Vietnam, 2009 – 2017e
USD/person/year
Spending on medicines per capita in some countries, 2016e
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2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption
Source: VIRAC, DAV
Pharmaceuticals are distributed throughout the country through two
distribution channels through the hospital (prescribed) or through the
drug stores (not prescribed).
Source: VIRAC, DAV
Medicines consumption structure by channel, 2010 - 2017e
Current status of Patented and Generic drugs, 2010 - 2017e
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Market data for prescription and non-prescription medicines is unclear
because there is a lack of clear distinction between these two forms of sales. USD billion
Source: VIRAC, DAV
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption - ETC market
Market value of prescription drugs (ETC), 2011 – 2017e
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The OTC market has experienced relatively strong growth in value over the
past few years.
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption - OTC market
Market value of non-presciption drugs (OTC), 2010 – 2017eUSD billion
Source: VIRAC, DAV
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The market value of patented drugs in Vietnam is on the upward trend but
still lower than that of the whole industry.
Distribution cost also plays an important role in determining medicine prices.
Source: VIRAC, DAV
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption - Patented drugs
USD billion
Patened drugs (Patent), 2010 – 2017e
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Source: VIRAC, DAV
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.9 Consumption - Generic drugs
USD billion
Generic drug market, 2010 – 2017e
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Vietnam pharmaceutical industry mostly depends on imported sources
with the total value of over USD 2 billion each year, moreover, in 2017,
Vietnam imported more than USD 2.8 billion, an increase of 10%
compared to the previous year.
Source: VIRAC, GDVC
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.10 Export - Import
USD million
Source: VIRAC, GDVC
Pharmaceutical imports, 2010 - 2017e
Pharmaceutical imports, 2016 - 2017e
USD million
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Source: VIRAC, GDVC
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.10 Export - Import
Top importing enterprises, 2017e
No Partners Importing enterprises
Source: VIRAC, GDVC
Vietnam’s top import partners, 2017e
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However, Vietnam pharmaceutical industry is less competitive than
others:
Pharmaceutical exports in Vietnam only reached a small value of USD
144.6 million, increasing 29.9% compared to 2016.
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.10 Export - Import
Source: VIRAC, UN Comtrade, GDVC
Pharmaceutical exports, 2012 - 2017e
USD million
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2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.10 Export - Import
Top exporting enterprises, 2017
Source: VIRAC, GDVC
Source: VIRAC, GDVC
No Exporting enterprises
Export structure by country, 2017
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2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.10 Export - Import
2017 financial information of some major importing-exporting enterprises
Source: VIRAC
No Exporting enterprises Revenue(VND billion)
No Importing enterprises Revenue(VND billion)
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Drug prices tend to be stable over the years with a low increase.
Source: VIRAC, DAV
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.11 Price movements
Rate of drug re-price (increase), 2013 - 2016
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Price movements of some major drugs in the market, 12/2016 – 12/2017Unit: VND 1,000
Source: VIRAC, Agency for Price Management
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.11 Price movements
No Drugs Unit Manufacturer 12/2016 3/2017 6/2017 9/2017 12/2017
Compared
to the
beginning
of the
same
period
Drug prices in the market in 2017 continueto be stable, which could meet all demands for disease prevention and treatment.
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Type of drugLong Chau
drug store
Yen Trang
drug storeDifference
Source: VIRAC
There is a huge difference in drug prices listed at Ministry of Health and the
ones distributed to customers.
The difference in the price of some drugs at some drug stores, 2017
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.11 Price movements
Unit: VND thousand
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Drugs distribution network in Vietnam
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.12 Distribution system
Source: VIRAC
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The distribution system in Vietnam includes these main components:
1. Professional pharmaceutical distribution enterprises
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.12 Distribution system
Top pharmaceuticals distribution enterprise by revenue, 2016
Source: VIRAC
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2. Pharmaceutical companies producing along with distributing
3. The wholesale market system
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.12 Distribution system
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44. Public and private hospitals system
5.The private clinics system
Source: VIRAC, GSO
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.12 Distribution system
The number of medical facilities, 2010 - 2016
Unit: number of facilities
Excluding private-owned ones
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6. Drug stores system:
2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.12 Distribution system
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2. Pharmaceutical Industry Overview
2.2 Vietnam Pharmaceutical Industry Overview – 2.2.12. Distribution System
Chain LogoNumber of
storesArea
Typical chain of pharmacies, 2016
Source: VIRAC
VND billion
Source: VIRAC
Outstanding distribution chain business results, 2016
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2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry
2.2 Vietnam Pharmaceutical Industry Overview
2.3 Risks and challenges
2.4 Industry planning
2.5 Driving forces and forecast
Contents
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Pharmaceutical industry is among the industries that are mostly under the management of the State.
2. Pharmaceutical Industry Overview
2.3 Risks and challenges – 2.3.1 Legal risks
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Material risk
2. Pharmaceutical Industry Overview
2.3 Risks and challenges– 2.3.2 Industry Risks
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2. Pharmaceutical Industry Overview
2.3 Risks and challenges – 2.3.2 Industry Risks
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Market risks
Competitive risks
The risks on products and technology
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Investment risk and failure in research and development
2. Pharmaceutical Industry Overview
2.3 Risks and Challenges – 2.3.2. Industry Risks
Average cost of R&D to produce new drugs (USD million)
Source: VIRAC, Innothink
Exchange rate risk
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Source: VIRAC, DAV
2. Pharmaceutical Industry Overview
2.3 Risks and challenges – 2.3.3 Challenges
Unqualified sample ratio, 2010 – 2016e
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2. Pharmaceutical Industry Overview
2.3 Risks and challenges – 2.3.3 Challenges
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2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry
2.2 Vietnam Pharmaceutical Industry Overview
2.3 Risks and challenges
2.4 Industry planning
2.5 Driving forces and forecast
Contents
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2. Pharmaceutical Industry Overview
2.4 Industry planning
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2. Pharmaceutical Industry Overview
2.1 Global Pharmaceutical Industry
2.2 Vietnam Pharmaceutical Industry Overview
2.3 Risks and challenges
2.4 Industry planning
2.5 Driving forces and forecast
Contents
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Subsidy policy of the State
Policy to increase domestic drug spending
Extension policy of the national health insurance system
Impact from world economic agreements
2. Pharmaceutical Industry Overview
2.5 Driving forces and forecast – Driving forces
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Population motivation and healthcare awareness:
Source: VIRAC, WHO
2. Industry Overview
2.5. Driving Forces and Forecast – Driving Forces
USD million
Total healthcare expenses, 2010 – 2016f
Source: VIRAC, IMS health
Million people
Over-60 population growth in the world, 1950 – 2050
Source: VIRAC, GSO
Population tower, 2016
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88
Patents in the field of pharmaceuticals and medicine research require not only a long period but also a proper investment. Co-operation in drug research
and development not only minimizes costs but also improves the chances of successful drug testing.
Hitech pharmaceuticals
2. Pharmaceutical Industry Overview
2.5 Driving forces and forecast – Industry development trend
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2. Pharmaceutical Industry Overview
2.5 Driving forces and forecast – Global M&A trend
Source: VIRAC, EvaluatePharma
M&A of pharmaceutical industry, 2010 - 2016
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2. Pharmaceutical Industry Overview
2.5 Driving forces and forecast – M&A trend in Vietnam
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Country Growth rate Generic development trends have been seen during the past year as the
FDA tried to expand its market development.
Source: VIRAC, IMS health
2. Pharmaceutical Industry Overview
2.5 Driving forces and forecast – Forecast for Global Pharmaceutical Industry
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The increase of specific medicines
Drug USD
billionDrug
USD
billion
The revenue of top drugs in developed countries, 2018 The revenue of top drugs in developing countries, 2018
Source: VIRAC, IMS health Source: VIRAC, IMS health
2. Pharmaceutical Industry Overview
2.5 Driving forces and forecast – Forecast for Global Pharmaceutical Industry
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The trend of VND/USD exchange rate in the coming time will continue to increase, which will affect the prices as well as sales of the pharmaceutical
industry when both pharmaceuticals and raw materials are imported.
2. Pharmaceutical Industry Overview
2.5 Driving forces and forecast – Forecast for Vietnam pharmaceutical industry
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Source: VIRAC
2. Pharmaceutical Industry Overview
2.5 Driving forces and forecast – Forecast for Vietnam pharmaceutical industry
USD billion
The growth of total drug consumption and average drug spending per capita,
2010-2020f
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3. Enterprise analysis
3.1 Profitability Ratios
3.2 Cost structure
3.3 Asset Management Ratios
3.4 Capital Structure
3.5 Solvency
3.6 Return on Investment
Contents
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3. Enterprise analysis
10 typical pharmaceutical enterprises in 2016
96
No Company
Busine
ss
sector
Revenue
(VND
billion)
Main features
1
DHG
Pharmaceutical
Joint Stock
Company
2TRAPHACO Joint
Stock Company
3
Domesco
Medical Import
Export JSC
4
Imexpharm
Pharmaceutical
JSC
5
OPC
Pharmaceutical
JSC
10 typical pharmaceutical enterprises in 2016
Source: VIRAC
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3. Enterprise analysis
10 typical pharmaceutical enterprises in 2016
97
No CompanyBusiness
sector
Revenue
(VND
billion)
Main features
6 S.P.M JSC
7
Vimedimex
Medi –
Pharma JSC
8
Ha Tay
Pharmaceut
ical JSC
9
Ben Tre
Pharmaceut
ical JSC
10
Lam Dong
Pharmaceut
ical JSC
Source: VIRAC
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3. Enterprise analysis
3.1 Profitability Ratios
3.2 Cost structure
3.3 Asset Management Ratios
3.4 Capital Structure
3.5 Solvency
3.6 Return on Investment
Contents
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3. Enterprise Analysis
3.1 Profitability Ratios
99
Pharmaceutical companies have a good business year when they have a positive profit margin, with the average group of producers having higher gross
margins and ROS than the distribution group.
Profit indicators, 2015 - 2016
VND billion
Source: VIRAC
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100
3. Enterprise analysis
3.1 Profitability Ratios
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101
3. Enterprise Analysis
3.1 Profitability Ratios
Source: VIRAC
COGS/NR, 2015 - 2016
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102
3. Enterprise analysis
3.1 Profitability Ratios
3.2 Cost structure
3.3 Asset Management Ratios
3.4 Capital Structure
3.5 Solvency
3.6 Return on Investment
Contents
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3. Enterprise analysis
3.2 Cost structure
Source: VIRAC
Selling expenses, 2015 - 2016
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3. Enterprise analysis
3.2 Cost structure
Source: VIRAC
Administrative expenses, 2015 - 2016
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105
3. Enterprise analysis
3.1 Profitability Ratios
3.2 Cost structure
3.3 Asset Management Ratios
3.4 Capital Structure
3.5 Solvency
3.6 Return on Investment
Contents
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106
3. Enterprise analysis
3.3 Asset Management Ratios
Day
Source: VIRAC
Days in inventory, 2016
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107
3. Enterprise analysis
3.3 Asset Management Ratios
Day
Source: VIRAC
Days of sales outstanding, 2016
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3. Enterprise analysis
3.3 Asset Management Ratios
Source: VIRAC
Asset turnover, 2016
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3. Enterprise analysis
3.1 Profitability Ratios
3.2 Cost structure
3.3 Asset Management Ratios
3.4 Capital Structure
3.5 Solvency
3.6 Return on Investment
Contents
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110
3. Enterprise analysis
3.4 Capital Structure
Source: VIRAC
Self-financing ratio, 2015 - 2016
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111
3. Enterprise analysis
3.1 Profitability Ratios
3.2 Cost structure
3.3 Asset Management Ratios
3.4 Capital Structure
3.5 Solvency
3.6 Return on Investment
Contents
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112
Solvency, 2015 - 2016
Source: VIRAC
3. Enterprise analysis
3.5 Solvency
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113
3. Enterprise analysis
3.1 Profitability Ratios
3.2 Cost structure
3.3 Asset Management Ratios
3.4 Capital Structure
3.5 Solvency
3.6 Return on Investment
Contents
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114
3. Enterprise analysis
3.6 Return on investment
Profit ratio, 2015 - 2016
Source: VIRAC
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115
4. Appendix
Financial Statement
Content
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DHG Pharmaceutical Jsc.
BALANCE SHEETS
Unit: VND 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
113
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
4. Appendix
Financial Statement
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Traphaco Jsc.
BALANCE SHEETS
Unit: VND 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
114
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
4. Appendix
Financial Statement
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Domesco Medical Import Export Jsc.
BALANCE SHEETS
Unit: VND 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
115
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
4. Appendix
Financial Statement
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Imexpharm Pharmaceutical Jsc.
BALANCE SHEETS
Unit: VND 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
116
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
4. Appendix
Financial Statement
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OPC Pharmaceutical JSC.
BALANCE SHEETS
Unit: VND 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
117
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
4. Appendix
Financial Statement
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S.P.M Corp
BALANCE SHEETS
Unit: VND 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
118
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
4. Appendix
Financial Statement
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Vimedimex Medi – Pharma Jsc.
BALANCE SHEETS
Unit: VND 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
119
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
4. Appendix
Financial Statement
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Ha Tay Pharmaceutical JSC.
BALANCE SHEETS
Unit: VND 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
120
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
4. Appendix
Financial Statement
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Ben Tre Pharmaceutical Jsc.
BALANCE SHEETS
Unit: VND 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
121
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
4. Appendix
Financial Statement
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Lam Dong Pharmaceutical Jsc.
BALANCE SHEETS
Unit: VND 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
122
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
4. Appendix
Financial Statement
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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 organisation, or place it on a website for public access without the express written permission of VIRAC.
SHOULD YOU NEED ANY ASSISTANCE, PLEASE CONTACT US:
VIETNAM INDUSTRY RESEARCH AND CONSULTANCY (VIRAC JSC.,)
6th Floor, Anh Minh Building, 36 Hoang Cau, O Cho Dua, Dong Da, Hanoi, Vietnam
Website: http://virac.com.vn/
Email: [email protected] | Tel: +84 463289520
123
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Thank you !