vietnam cold storage market 2015

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Vietnam Cold Storage Market 2016

Date of the report: 25th April, 2016Part of StoxPlus’s Market Research Report Series for Vietnam www.stoxresearch.com

@ 2016 StoxPlus Corporation. All rights reserved. All information contained in this publication is copyrighted in the name of StoxPlus, and as such no part of this publication may be reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means graphic, electronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher.

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Date: 25th April, 2016

Dear Our Valued Customer,

Re: The publication of Vietnam Cold Storage Market Report 2016

I am pleased to pleased to announce the publication of Vietnam Cold Storage Market Report 2016.

The purpose of research work is to have an in-depth understanding of cold storage market in Vietnam and assessing potential of the market. We also highlighted current market size as well as potential demand of commercial cold storage for each segment. We believe it should be further studied and evaluated.

In addition to our experience in this industry, we have conducted various discussions and interviews with industry players, cold storage end-customers at executive levels to grasp local insights and the practical ways of the market in Vietnam.

We understand that this is a targeted but also an open research. We would be happy to provide any further information to address any questions that you may have, for any specific sector or target business in Vietnam. Our ultimate objective is to bring real values to our clients via in-depth research and practical local insights.

Should you have any questions, please contact I myself or our Managing Director, Ms. Lan Nguyen at +84-4-35626962 (ext. 109) or her email: [email protected]

Yours sincerely,

Nguyen Quang ThuanCEOStoxPlus Corporation

StoxPlus Joint Stock Company

Head Office5th Floor, Anh Minh Building 36 Hoang Cau, Dong DaHanoi, Vietnam

telephone: +84 (4) 3562 6962 facsimile: +84 (4) 3562 5055

stoxplus.com

Ho Chi Minh City Branch20th Floor, AB Tower76A Le Lai, District 1Ho Chi Minh City, Vietnam

telephone: +84 (8) 3823 3485 facsimile: +84 (8) 3827 3068

mailto:[email protected]

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Table of Contents

Part Content Page

Executive Summary 4

Abbreviation 5

1 Vietnam Cold Storage Market Overview 7 - 19

1.1 Market Structure & Description 7 – 9

1.2 Market Size & Segmentation 11 – 16

1.3 SWOT 18 – 19

2 Growth Potential for Vietnam Cold Storage 21 - 39

2.1 Demand Analysis 21 – 33

2.2 Profiling of Top 5 End-users 35 – 39

3 Competition Landscaping & Analysis 41 – 57

3.1 Market Share 41 – 44

3.2 Key Operational 46 – 48

3.3 New Investments in the next 5 years 50

3.4 Profiling of Top 5 Players 52 - 57

Part Content Page

4 Macroeconomics 59 - 67

4.1 Macroeconomics in Vietnam 59 – 61

4.2 Regulatory Framework 63 – 67

Appendices

Appendix 1: Vietnam seafood export in 2015 69

4

Executive Summary

We have completed the review of cold storage landscape in Vietnam, including the market overview, the existing commercial cold storage providers and their pricing, demand analysis of key end-user groups, investment activities and legal framework. We also pointed out some of the key issues with regards to the cold storage demand for investment opportunity.

Below are the most critical findings that could be important in the report.

1) Total designed capacity of Vietnam commercial cold storage market is estimated at *** pallets in 2015: There are *** professionally-managed commercial cold storages in the South of Vietnam and *** in the North, and many other small independent cold storages.

‘000

pal

lets

Commercial cold storage market in Vietnam has a short development history of 20 years. The market started booming in 2007 with the construction of 4 cold storages in the same year.

Vietnam Commercial Cold storage capacity

Content removed for demo purpose

5

Abbreviation

No. Abbrev. Stand for

1 bn billion

2 CFS Container Freight Station

3 CPI Consumer Price Index

4 CVS Convenient Store

5 F&V Fruit & Vegetables

6 FDI Foreign Direct Investment

7 FMCG Fast-Moving Consumer Goods

8 ICD Inland Container Depot

9 mn million

10 N.A Not Available

11 PFS Preferred Freezer Services

12 SATRA Saigon Trading Group

13 Tbd To Be Determined

14 US$ US Dollar

15 VASEP Vietnam Association of Seafood Exporters and Producers

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Section 1: Vietnam Cold Storage Market Overview

Contents

1.1 Market Structure & Description

1.2 Market Size & Segmentation

1.3 SWOT

7

Cold chain (storage & cold transportation) is classified as climate control logistics

Figure 1: Logistics market structure in Vietnam

Section 1: Vietnam Cold Storage Market Overview1.1 Market Structure & Description

Logi

stic

s

International transportation

Forwarding

Domestic transportation

Cold storage

Cold transportation

Warehousing

Transportation

Other value-added services

ICD & CFS services

Customs clearance

Cold chain

Bonded warehouse

Packing, Inspection, Fumigation, etc.

Container loading & unloading

Source: StoxPlus


8

Cold storage serves as a part of cold chain logistics infrastructure, together with cold transportation


Figure 2: Cold chain logistics for Import goods

PROCESSING MANUFACTURERS

Source: StoxPlus

COLD STORAGE

COLD TRANSPORTATION

IMPORTED

RETAILERS / SEMI RETAILERS

Figure 3: Cold chain logistics for Domestic and Export goods


9

Cold storage market can be divided into in-house and commercial

Figure 4: Cold storage market in Vietnam


Source: StoxPlus

IN-HOUSE COMMERCIAL


10


Contents



1.3 SWOT

11

Section 1: Vietnam Cold Storage Market Overview1.2 Market Size & Segmentation

In-house cold storage serves a wide range of industries in Vietnam

• There is no official data on in -house cold storage in Vietnam. After conducting field survey and interviews with industry players, we identify 4 groups of in-house cold storage owners as follows:

In-house


12


…Meanwhile, commercial cold storage market has total designed capacity of *** pallets as of the end 2015Figure 5: Commercial cold storage market in Vietnam

Source: StoxPlusData takes into account of selected commercial cold storage providers in Vietnam. It is noted that there are many small cold storages (*** pallets) which not included in this figure.

Commercial


13

By geography, commercial cold storage market is more developed in the South with more than *** players

Figure 6: Vietnam cold storage by geography in 2015

Source: StoxPlus

The North

• According to our interviews with industrial players in the North, there are approximately *** commercial cold storages. The biggest cold storage has designed capacity of *** pallets. Besides, average area of each storage is estimated at about *** sqm.


Note: Calculation based on selected cold storage providers.

Commercial


14

Cold Storage in the North is very fragmented with many small independent cold storages, mainly located in Hanoi

Section 1: Vietnam Cold Storage Market Overview1.2 Market Size & Segmentation Commercial


15

Cold Storage in the South is dominated by top 5 players namely SWIRE, PFS, Hoang Lai, SATRA & LOTTE Sea

Figure 7: Distribution by geography of cold storage in the South

Source: StoxPlus

Truong Sa


Long An

Ho Chi Minh City

Binh Duong

Commercial


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Bonded cold storage in Vietnam is still very small


No. Province No. of Bonded Warehouse

1 Hai Phong

2 Binh Duong

3 Ho Chi Minh City

4 Quang Ninh

5 Dong Nai

6 Ba Ria - Vung Tau

7 Bac Ninh

8 Ha Noi

9 Others

TOTAL

Figure 8: Bonded Warehouse in Vietnam in 2015

Source: StoxPlus

Commercial


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Contents



1.3 SWOT

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WEAKNESS

STRENGTH

Section 1: Vietnam Cold Storage Market Overview1.3 SWOT

Vietnam cold storage market has the strength of diverse distribution across locations with demand, yet staying at initial stage with basic services provided. Also, the market is concentrated in South, while there is not much opportunity to develop in North.


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THREATS

OPPORTUNITIES

Section 1: Vietnam Cold Storage Market Overview1.3 SWOT

Export increase thanks to TPP and the needs for cold storage as distribution centers of modern trade would facilitate the development of cold storage. Noting the threats of transport infrastructure and plans to build in-house cold storage of seafood companies.


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Section 2: Sector Growth Potentials

Contents

2.1 Demand Analysis

2.2 Profiling of Top 5 End-users

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Figure 9: Demand source of commercial cold storage in Vietnam

Source: StoxPlusNote: Cold Storage Demand & Quality Requirement are scored from 0 – 6. The higher the score is, the higher the demand/quality requirement is.Size of bubble is market size of end-use sector in 2015.

Section 2: Sector Growth Potentials2.1 Demand Analysis

There are four main sources of cold storage demand including (i) seafood, (ii) meat, (iii) fruit & vegetables, and (iv) grocery retailing.

Seafood

Food Retail

F&V

Meat

Market movement Implication for Commercial Cold Storage


22


Figure 10: Vietnam seafood production volume

Source: StoxPlus, VASEP

Vietnam seafood domestic production continues the upward trend with total volume of *** million tonnes in 2015

Seafood

Figure 11: Growth of Vietnam seafood market


2011 2012 2013 2014 2015

thou

sand

ton

nes

Wild-caught Farm-raisedContent removed for demo purpose

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Figure 12: Seafood import value to Vietnam

Source: StoxPlus, General Customs

Besides, seafood import to Vietnam is recorded good performance to reach over US$***bn in terms of import value

Seafood

Imported seafood serves two main purposes:

• (i) raw materials for reprocessing

• (ii) domestic consumption

2011 2012 2013 2014 2015

US$

mill

ion


24


Figure 13: Seafood export value of Vietnam


The rise in seafood export will increase the demand for cold storages ***

Seafood

Figure 14: Vietnam seafood export breakdown by category, 2015


Value growth 2014 vs 2015

2011 2012 2013 2014 2015

US$

mill

ion


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Section 2: Sector Growth Potentials2.1 Demand Analysis Seafood

Figure 15: Cold storage usage of top exporters in Vietnam

Source: StoxPlusNote: Export sale value in 2015 of top exporters is in US$mn.

No. Company Export sale value 2015

In-house(pallets)

Outsource(pallets)

Cold Storage Usage

1 Minh Phu

2 Vinh Hoan

3 STAPIMEX

4 CASES5 Quoc Viet

6 FIMEX VN7 Trang Khanh

8 Hung Vuong

9 Navico

10 Hung Ca

TOTAL

Figure 16: Cold storage usage of top 10 seafood exporters in 2015

Source: StoxPlus


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Figure 17: Sales in grocery retailers in Vietnam

Source: StoxPlus, Euromonitor

Vietnam grocery retailing is on high growth trajectory with CAGR 2010–2015 of ***% to reach over US$***bn in 2015, posting opportunities for cold storage demand

Grocery Retailing

Figure 18: Sales in grocery retailers in Vietnam by channel in 2015


2010 2011 2012 2013 2014 2015

Gro

cery

Ret

ail S

ales

(U

S$bn

)


27

Section 2: Sector Growth Potentials2.1 Demand Analysis Grocery Retailing

Figure 19: In-house cold storage of retailers in Vietnam

Source: StoxPlusNote: Area per in-house storage is picked from interview with industrial players. No. of outlets data is consolidated by StoxPlus based on Nielsen’s report Dec 2015.

No. Retailer No. of outlets Area per in-house storage (sqm)

Total in-house storage area (sqm)

1 METRO

2 Big C

3 Co.Op Mart

4 LOTTE Mart

5 AEON Mall

6 Co.Op Xtra


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…however, Modern Trade is expected to increase robustly in the next few years, promising demand for ***

Grocery Retailing

Co.op Food Satra Food Medicare Guardian Pharmacity

Figure 20: Number of Minimart stores Figure 21: Number of Super Market stores

Source: StoxPlus Source: StoxPlus


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Figure 22: Fruit & vegetables import/export value in Vietnam


Vietnam fruit & vegetables sector posts a good performance in the period 2010–2015 with export value of US$***bn in 2015

Fruit & Vegetables

2010 2011 2012 2013 2014 2015

Uni

t: U

S$m

n

Export Value Import Value

Figure 23: Fruit & vegetables export volume by product in 2014

Source: Vinafruit


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Vegetexco

Lodato

Tuyen Ky

Liberty Gold Fruit

Others


Figure 24: Frozen processed F&V in Vietnam


Demand from F&V is projected to increase in the future thanks to the expansion of frozen fruit

Fruit & Vegetables

Figure 25: Market share of Vietnam frozen processed F&V by sale value in 2015

Source: StoxPlus


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Source: StoxPlus, Department of Livestock (MARD) from General Customs

Meat production in Vietnam

Meat

Figure 26: Meat production in Vietnam in 2015

Source: StoxPlus, Department of Livestock (MARD). Price data is the average & picked up from Hanoi market

Volume'000 tonnes

PriceUS$/kg

Market sizeUS$mn

PorkPoultryBeef & Veal

Volume'000 tonnes

PriceUS$/kg

Market sizeUS$mn

PorkPoultryBeef & Veal

Figure 27: Meat import to Vietnam in 2015


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Demand for cold storage from meat

Meat

Figure 28: Meat production volume in Vietnam

Source: StoxPlus, Department of Livestock (MARD)

Figure 29: Key players in meat sector of Vietnam

Source: StoxPlus

No. Company Net sales 2014

(US$mn)

In-house Outsource Third-party’s Warehouse Usage

1 C.P Vietnam

2 VISSAN

3 Japfa Comfeed

4 Emivest

5 Marvin

6 DABACO

Implication for commercial cold storage:


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Demand from other sectors

Others

Ice-cream Seed & Flower Cheese Pharmaceuticals

• Cheese in Vietnam is sized at US$***mn in 2015, posting a good performance thanks to the increasing westernization taking place in Vietnamese culture which leads to more Western cuisine in Vietnamese daily meals.

• Cheese manufacturers including Bel, Mondelez are potential customers for commercials cold storage.


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Section 2: Sector Growth Potentials

Contents

2.1 Demand Analysis

2.2 Profiling of Top 5 End-users

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• Registered name: Minh Phu Seafood Corp. Joint Stock Company

• Head office: Industrial Park, Ward 08, Ca Mau City, Ca Mau Province, Vietnam

• Company type:

• Year of establishment:

• Principal businesses:

Company Profiling Production Sites

Minh Phu

Key Financials

Section 2: Sector Growth Potentials2.2 Profiling of Top 5 End-users

Figure 30: Key financial indicators of Minh Phu

Source: StoxPlus

Hoang Sa

Truong SaCa Mau• Shrimp farm (320ha)• Processing plant

(Capacity: 36,000 tonnes/year

Kien Giang• Shrimp farm

(600ha)

Figure 31: Production sites of Minh Phu

Source: StoxPlus, Annual report of Minh Phu

• Cold Storage Usage


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• Registered name: Vinh Hoan Corp. Joint Stock Company

• Head office: National Route 30, Ward 11, Cao Lanh City, Dong Thap Province, Vietnam

• Company type:

• Year of establishment: 1997



Vinh Hoan

Key Financials


Figure 32: Key financial indicators of Vinh Hoan

Source: StoxPlus

Figure 33: Production sites of Vinh Hoan

Source: StoxPlus, Annual report of Vinh Hoan

2011 2012 2013 2014 2015

US$

mn

Total Assets Net Sales


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• Registered name: C.P Vietnam, Joint Stock Company

• Head office: No. 2 Road 2A, Bien Hoa II Industrial Zone, Bien Hoa City, Dong Nai Province

• Company type: Registered on OTC, Ticker: CPVN




C.P Vietnam


Figure 34: Key financial indicators of C.P Vietnam in 2014

Source: StoxPlus

Figure 35: Production sites of C.P Vietnam (food processing business)

Source: Vietnam Fishery Society, Company Website

Net Sales Total Assets

US$

mn

Key Financials


38

• Registered name: Espace Big C

• Head office: Thailand

• Company type: Limited Liability Companies



Company Profiling Distribution Network

Big C


Figure 36: Big C distribution network coverage

Source: StoxPlus, Company Website

Business Features


39

• Registered name: MM Mega Market (Vietnam) Company Limited

• Head office: Zone B, An Phu-An Khanh New Urban Area, District 2, Ho Chi Minh City

• Company type: Limited Liability Company



Company Profiling Distribution Network

Metro Cash & Carry


Figure 37: Metro C&C distribution network coverage

Source: StoxPlus, Company Website

Business Features


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Section 3: Competition Landscaping & Analysis

Contents

3.1 Market Share

3.2 Key Operational

3.3 New Investments in the next 5 years

3.4 Profiling of Top 5 Players

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Section 3: Competition Landscaping & Analysis3.1 Market Share

Figure 38: Market share of Vietnam commercial cold storage market by designed capacity in 2015

Source: StoxPlus

Local commercial cold storage providers dominate the market

Foreign-owned

Local

Other logistics

companies

Others

Hoang Lai

Hung Vuong

Phan Duy

SATRA


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However, foreign-owned cold storage providers are the market leaders in quality of store & management services

FOREIGN-OWNED•

LOCAL•

OTHER LOGISTICS COMPANIES•

OTHERS•

Figure 39: Key groups of players in Vietnam commercial cold storage

Source: StoxPlus



43

Foreign-owned & local are key players in commercial cold storage


FOREIGN-OWNED LOCAL


44

… while logistics companies and others could be the bridge between customers and cold storage providers


OTHER LOGISTICS COMPANIES OTHERS

• There are many other small independent cold and cool storage providers. According to the our interviews, their facilities are very small, usually a few hundred meters square or even a container to be modified for cold storing. Some do not even have racks, but they put the inventory on the ground.

• Their customers are local traders with temporary demand for cold storage.


45


Contents

3.1 Market Share

3.2 Key Operational



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Figure 40: Top commercial cold storage providers’ designed capacity and net sale in 2014

Source: StoxPlusNote: Net sale 2014 is from the companies’ consolidated financial statements. Data is not available for some players

In terms of designed capacity, domestic players dominate the market

Section 3: Competition Landscaping & Analysis3.1 Key Operational


47

Figure 41: Top commercial cold storage providers’ leasing price in 2015 (low season)

Source: StoxPlusNote: Loading/ Unloading cost is not available for some players.

Leasing price ranging from US$*** per tonne while loading/unloading cost is quite similar among providers



48

Figure 42: Top commercial cold storage providers’ occupation rate in 2015 (low season)

Source: StoxPlus

High occupation rate for most providers



49


Contents

3.1 Market Share

3.2 Key Operational



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Section 3: Competition Landscaping & Analysis3.3 New Investments in the next 5 years

There are a few new cold storage establishments in the time to come

No Name Type Owner Operator Location Year inOperation

Capacity(pallets)

Total Investment(US$)

1

2

3

4

5

6

Figure 43: New investments in Vietnam Cold Storage

Source: StoxPlus


51


Contents

3.1 Market Share

3.2 Key Operational



52

• Registered name:

Company Profiling Products & Service

Hoang Lai Group

Key FinancialsFacilities

Section 3: Competition Landscaping & Analysis3.4 Profiling of Top 5 Players

Cold Storage Freeze Service

Warehouse Location Capacity(pallets)

No. of Rooms

Figure 44: Net sales & total assets of Hoang Lai

Source: StoxPlus


53

• Registered name: Swire Cold Storage Vietnam Co., Ltd

• Head office: No. 18, Road 06, Song Than I Industrial Park , Di An, Binh Duong Province, Vietnam

• Company type: FDI


• Principal businesses: SWIRE is one of the largest and most advanced temperature-controlled warehousing facility in Vietnam with the total designed capacity of 36,650 standard pallets.


SWIRE

Facilities


Distribution Center Bonded Warehouse Document Storing


54

• Registered name:


Preferred Freezer Services

Facilities


Key Financials

Figure 45: Net sales & total assets of PFS Vietnam in 2014

Source: StoxPlus


No. of Rooms

PFS Vietnam

Cold Storage Extra Service


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• Registered name: LOTTE Sea Logistics Vietnam Co., Ltd

• Head office:


LOTTE Sea

Facilities


Key Financials

Figure 46: Net sales & total assets of LOTTE Sea Vietnam in 2014

Source: StoxPlus


No. of Rooms

LOTTE Sea Vietnam

Cold Storage Others


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• Registered name: Phan Duy Corp.

• Head office:.


Phan Duy

Facilities


Key Financials

Figure 47: Net sales & total assets of Phan Duy

Source: StoxPlus


No. of Rooms

Phan Duy Nhut Chanh Industrial Park, Hamlet 5, Nhut Chanh Commune, Ben Luc District, Long An Province

36,250 N.A

Cold Storage Others


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• Registered name: Quang Minh Corp. Joint Stock Company

• Head office: 36F/1B, Dong An Road, Binh Hoa, Thuan An, Binh Duong Province

• Company type: Joint Stock Company




Quang Minh

Facilities


Customer Portfolio


No. of Rooms

Ho Chi Minh City

Hanoi

Cold Storage Cold Transport

It is noted that these companies above are customer of Quang Minh for cold chain service (cold storage or cold transport)


58

Section 4: Macroeconomics

Contents

4.1 Macroeconomics in Vietnam

4.2 Regulatory Framework

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Section 4: Macroeconomics4.1 Macroeconomics in Vietnam

Figure 48: Vietnam GDP Growth and CPI

Source: StoxPlus, GSO

Recovery momentum keeps intact for Vietnam economy in 2015

Figure 49: Foreign Direct Investment in Vietnam

Source: StoxPlus, MPI

0%

5%

10%

15%

20%

25%

30%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

CPI

(%)

GD

P gr

owth

(%)

GDP Growth CPIContent removed for demo purpose

60


TPP is expected to facilitate goods flow into Vietnam, especially seafood and agricultural products, resulting in higher cold storage demand in the future


61

Figure 50: FMCG growth 2015 vs. 2014

Source: StoxPlus, Nielsen

FMCG: Vietnam’s volume growth 2015 vs. 2014 is only behind Thailand and Philippines

Figure 51: Value contribution by categories

Source: StoxPlus, Nielsen

Q4 2015 +/- vs Q3 2015

VIETNAM 4.9% +INDONESIA 3.8% +THAILAND 3.8% +PHILIPPINES 3.2% -MALAYSIA 1.9% -TAIWAN 0.5% +HONG KONG -0.4% -SINGAPORE -1.0% -CHINA -4.9% -



62

Section 4: Macroeconomics

Contents

4.1 Macroeconomics in Vietnam

4.2 Regulatory Framework

63

Section 4: Macroeconomics4.2 Regulatory Framework

Figure 52: The schedule of specific commitments in Warehousing Service, including Cold Storage of Vietnam

Source: StoxPlus

Foreign ownership restriction at less than *** % was removed by 11/1/2014 for logistics sector under Vietnam’s Commitments to WTO

Sector & sub-sector

Limitation on Market Access Limitation on National Treatment

Additional Comment

Note: Vietnam became the WTO’s 150th member on 11 January 2007.


64


Cold chain is being encouraged by the Government with various incentives

Support from the Government


65


NAFIQAD is responsible for grant of Food Safety in Cold Storage Sector

Figure 53: Application process for food safety certificate

Source: StoxPlus

Processing for Food Safety Certificate Grant Food Safety Certificate

Step 1 Step 2( 03 working days)

Step 3( 15 working days)

Step 4

Receipt of Dossier for Food Safety Certificate


66


Indicator Technical regulation

Location

Structure

Facility, storage and transportation

Lighting System

Cold Storage

Figure 54: Summaries of Cold storage for fishery product – Conditions for food safety in QCVN 02 - 09:2009/BNNPTNT

Source: StoxPlus

Condition for food safety of fishery cold storage


67


The Government of Vietnam offers many preferential policies and incentive to attract FDI

Economic Incentives

• Foreign investors are typically attracted by the tax incentive for foreign investment in Vietnam, especially the gradual reduction in the Corporate Income Tax.

Year 1997 2009 1/1/2014 1/1/2016

Figure 55: Road map of the corporate income in Vietnam

Source: WTO commitment of Vietnam Content removed for demo purpose

68

Appendices

Contents

Appendix 1 Vietnam seafood export in 2015

69

AppendicesAppendix 1: Vietnam seafood export

Figure 56: Top seafood exporters in Vietnam in 2015


The seafood market in Vietnam is very fragmented

Figure 57: Sale value of top seafood exporters in Vietnam in 2015



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Publishing License No. 1022-2016/CXBIPH/40-20/HD dated on April 11th, 2016

‹#›

Contact us at StoxPlus

Hoang LeAssistant Manager, Biinform+84 (0) 43562 69 62 (ext. 108)+84 (0) 985 152 [email protected]

Head Office5th Floor, Anh Minh Building36 Hoang Cau StreetHanoi, Vietnam+ 84 (4) 3562 6962

Ho Chi Minh City Branch2nd Floor, 63D Vo Van TanWard 06, District 03Ho Chi Minh City, Vietnam+84 (8) 3823 3485

Lan NguyenManaging Director, Biinform+84 (0) 43562 69 62 (ext. 109)+84 (0) 964 946 [email protected]