vietnam fertilizer industry report...
TRANSCRIPT
VIETNAM FERTILIZER INDUSTRY REPORT Q2/2018
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 Situation of fertilizer industry in the world 20
2.1.1 Supply demand 21
2.1.2 Import export 22
2.1.3 Price movement 24
2.1.4Production and consumption situation in some typical
countries26
2.2 Vietnam fertilizer industry situation 32
2.2.1 History of Vietnam fertilizer industry 33
2.2.2 Definition and Classification 34
2.2.3 Scale and Characteristics of market 37
2.2.4 Main activities 38
2.2.5 Input materials 40
Content
2.2.6 Production technology 44
2.2.7 Supply demand 47
2.2.8 Import export 53
2.2.9 Inventory 60
2.2.10 Price movement 63
2.2.11 Transport and distribution 64
2.3 Industry risks 65
2.4 Planning and forecast 74
2.4.1 Planning 75
2.4.2 Global forecast 78
2.4.3 Domestic forecast 80
3. Enterprise analysis 82
3.1 Top 10 enterprises 83
3.2 Target group of business results 92
3.3 Target group of finance 98
3.4 Target group of cash flow 103
4. Appendix of financial statements 105
2
3
ADB Asia Development Bank
EVN Vietnam Electricity
FAO Food and Agriculture Organization
FAV Fertilizer Association Vietnam
FDI Foreign Direct Investment
FIA Foreign Investment Agency
GDVC General Department of Vietnam Custom
Abbreviation
GSO General Statistics Office
MOT Ministry of Transport
MARD Ministry of Agriculture and Rural Development
VinacominVietnam National Coal and Mineral Industries Holding
Corporation Limited
UN comtrade United Nations Database of Trade Statistics
VIRAC Vietnam Industry Research and Consultancy
Fertilizer market continues to oversupply,
estimated supply of nutrition by fertilizer
ingredients increased to 3.4% while demand
increased slightly by 0.6%
Asia and the Americas are the largest
fertilizer consuming regions in the world,
Fertilizer prices tend to rise again due to high
demand while supply is scarce and the impact
of raw material costs and transportation (due
to rising oil, gas and coal prices).
Average supply exceeds the demand.
Vietnam fertilizer production has focused on
the single and mixed market for NPK and
DAP
Fertilizer consumption tends to decrease over
the years
Fertilizer imports have fluctuated
continuously over the years
Asian countries continue to be the main
export markets of Vietnam.
Executive summary
4
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Executive summary
5
Fertilizers are in a saturated state, domestic
firms have to compete fiercely with imports,
while demand tends to fall, leading to
downward pressure in the 2016-2020 period.
In particular, Cambodia continues to be the main
export market,
Fertilizer inventories tend to increase over the
years, but the growth rate has been decreasing.
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Content
6
7
1. Business environment
1.1 Macroeconomic situation
Monthly CPI fluctuation, 2014 – 3/2018
Source: VIRAC, GSO
Source: VIRAC, GSO
GDP growth, 2012 – 3M/2018• GDP in Q1/2018 is estimated to increase by 7.38% over the same period last
year, this is the highest increase of the first quarter in 10 years.
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8
1. Business environment
1.1 Macroeconomic situation
Source: VIRAC
Source: VIRAC, SBV
VND/CNY exchange rate, 2016 - 3/2018
VND/USD exchange rate, 3/2015 - 3/2018
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1. Business environment
1.1 Macroeconomic situation
9
Source: VIRAC, GDVC
USD million
Source: VIRAC, GDVC
Export- Import by quarter, Q1/2015 - Q1/2018
Structure of export commodities, 3M/2018
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Content
10
• Circular No. 36/2010/TT-BNNPTNT
• Decree No. 163/2013/ND-CP
1. Business environment
1.2 Legal framework - Group of regulations on production, trading and use of fertilizers
11
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• Decree No. 202/2013/ND-CP
1. Business environment
1.2 Legal framework - Group of regulations on production, trading and use of fertilizers
12
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1. Business environment
1.2 Legal framework - Group of regulations on production, trading and use of fertilizers
13
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1. Business environment
1.2 Legal framework - Group of regulations on taxes of fertilizer import and export
14
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1. Business environment
1.2 Legal framework - Group of regulations on taxes of fertilizer import and export
15
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1. Business environment
1.2 Legal framework - Group of regulations on taxes of fertilizer import and export
16
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Content
17
18
Vietnam's integration process since 1995 to date
As of Q1/2018, Vietnam had signed, implemented, and has been negotiating a total of 17 free trade agreements (FTAs). Accession to international trade
agreements brings opportunities and challenges for domestic firms.
1. Business environment
1.3 Trade agreements
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1. Business environment
1.3 Trade agreements
19
Export taxes in 2016 Export taxes applied
since 10/5/2016
Tariffs under the Vietnam-EU trade agreement
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Content
2. Industry overview
2.1 Situation of fertilizer industry in the world
2.2 Vietnam fertilizer industry situation
2.3 Industry risks
2.4 Planning and forecast
20
2. Industry overview
2.1 World fertilizer market – 2.1.1 Fertilizer supply-demand
21
Demand by nutrient and nutrient supply, 2015 – 2017e
Source: VIRAC, FAO
Million tons
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Over the years, urea exports have been steadily increasing, mainly from
countries in West Asia and East Asia.
2. Industry overview
2.1 World fertilizer market – 2.1.2 Import export
22
Source: VIRAC, Trademap
USD billionFertilizer exports, 2012 - 2017e
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Top fertilizer exporting countries, 2016 - 2017
Source: VIRAC, UN comtrade Source: VIRAC, UN comtrade
China is a country in the top import and export countries
2. Industry overview
2.1 World fertilizer market – 2.1.2 Import export
Top fertilizer importing countries, 2016 - 2017
Country 2016e 2017e Growth Country 2016e 2017e Growth
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Fertilizer prices tend to rise again due to high demand but supply scarcity and the impact of raw material and transportation costs (due to rising oil, gas and
coal prices).
2. Industry overview
2.1 World fertilizer market – 2.1.3 Price movement
24
USD/tonPrice movement of main fertilizers in the world, 1/2012 – 3/2018
Source: VIRAC, Worldbank
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2. Industry overview
2.1 World fertilizer market – 2.1.3 Price movement
25
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China - world leader in fertilizer production
2. Industry overview
2.1 World fertilizer market – 2.1.4 Situation of fertilizer industry in countries
26
Conflict in consumption and production of fertilizer in China
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2. Industry overview
2.1 World fertilizer market – 2.1.4 Situation of fertilizer industry in countries
27
Fertilizer production in China continues to grow low
Source: VIRAC, The Wall Street Journal
USD billion
Top largest fertilizer enterprises in China, 2017
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2. Industry overview
2.1 World fertilizer market – 2.1.4 Situation of fertilizer industry in countries
28
Source: VIRAC, Trademap
USD thousand
Export 2017 2018
Source: VIRAC, Fert
Change in fertilizer export tax rate, 2017 - 2018
Fertilizer exports in China are forecasted to continue to fall in the coming years. Import and export of fertilizers from China, 2010 - 2017
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2. Industry overview
2.1 World fertilizer market – 2.1.4 Situation of fertilizer industry in countries
29
India
Fertilizer demand is increasing
Source: VIRAC, Centre for Monitoring Indian Economy
Million tons
Imports of fertilizers by type in India, 2015 - 2017Content is intentionally removed for demo purpose
Impact of cost of production on fertilizer industry in India
2. Industry overview
2.1 World fertilizer market – 2.1.4 Situation of fertilizer industry in countries
30
Perspectives on India fertilizer industry
Source: VIRAC, Fertilizer Association of India
Structure of fertilizer production in India by type, 2012 - 2017
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There are also other countries that also have large-scale fertilizer production:
United States
Russia
Canada
Germany
Brazil
2. Industry overview
2.1 World fertilizer market – 2.1.4 Situation of fertilizer industry in countries
31
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Content
2. Industry overview
2.1 Situation of fertilizer industry in the world
2.2 Vietnam fertilizer industry situation
2.3 Industry risks
2.4 Planning and forecast
32
2. Industry overview
2.2 Vietnam Fertilizer Industry – 2.2.1 History of Industry Development
33
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Classified according to the nutrient
requirements of plants
Classified according to source
2. Industry overview
2.2 Vietnam Fertilizer Industry – 2.2.2 Definition and Specification
34
Structure of major fertilizers 2014
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Name of fertilizer Chemical composition Characteristic Type of suitable land
2. Industry overview
2.2 Vietnam Fertilizer Industry – 2.2.2 Definition and Specification
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Name of fertilizer Chemical composition Characteristic Type of suitable land
2. Industry overview
2.2 Vietnam Fertilizer Industry – 2.2.2 Definition and Specification
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2. Industry overview
2.2 Vietnam Fertilizer industry– 2.2.3 Scale and characteristic of market
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Fertilizer industry revenue, 2010 - 2016
VND billion
Source: VIRAC, GSO Source: VIRAC, GSO
Share by revenue, 2016
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2. Industry overview
2.2 Vietnam Fertilizer industry– 2.2.4 Main activities
38
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2. Industry overview
2.2 Vietnam Fertilizer industry– 2.2.4 Main activities
39
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Source: VIRAC,Vinacomin
Source: VIRAC,Vinacomin
Market segment of coal consumption
Coal reserves are concentrated in the Red River Delta coal basin and the coal used in fertilizer production accounts for 4% of the coal consumption
market.
2. Industry overview
2.2 Vietnam Fertilizer industry– 2.2.5 Input material
40
Coal reserves by area
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2. Industry overview
2.2 Vietnam Fertilizer industry– 2.2.5 Input material
41
Million tonnes
Forecast for coal supply and demand in the period 2015-2030
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The reserves of apatite ore are plentiful and meet the demand
Source: VIRAC, Vietnam Chemical GroupSource: VIRAC, Vietnam Chemical Group
2. Industry overview
2.2 Vietnam Fertilizer industry– 2.2.5 Input material
42
Thousand tonnes
Thousand tonnes
Forecast for ore demand for fertilizer, 2015 - 2030Exploration ore reserves in 2014
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Domestic gas production will meet demand until 2076, the annual plant consumption of 1 billion m³ to produce 1.6 million tonnes of Urea
Source: VIRAC, Vietnam Gas Corporation
2. Industry overview
2.2 Vietnam Fertilizer industry– 2.2.5 Input material
43
Market segment of natural gas consumption
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Technology Advantage Disadvantage Using businesses
Production technology of NPK
2. Industry overview
2.2 Vietnam Fertilizer industry– 2.2.6 Production technology
44
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Production technology of Urea
2. Industry overview
2.2 Vietnam Fertilizer industry– 2.2.6 Production technology
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Production technology of DAP
Production technology of Phosphate
2. Industry overview
2.2 Vietnam Fertilizer industry– 2.2.6 Production technology
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.7 Supply demand
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Million tonsSupply - Demand, 2012 – 3M/2018e
Production and consumption of domestic producers,
2012 – 3M/2018e
Source: VIRAC, GSO, MARD, GDVC
Source: VIRAC, GSO, MARD, GDVC
Million tons
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.7 Supply demand
48
Fertilizer production, 2012 – 3M/2018e
Source: VIRAC, GSO
Million tons
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.7 Supply demand
49
The impact of tax policies on domestic production
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.7 Supply demand
Source: VIRAC
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Fertilizer production capacity of big domestic enterprises, 3/2018
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.7 Supply demand
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Source: VIRAC
Factory Capacity
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.7 Supply demand
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Million tons
Source: VIRAC, GSO, MARD
Demand and consumption of fertilizer, 2012 - 3M/2018e
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Source: VIRAC, GDVC, MARD
2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.8 Import export
53
Fertilizer imports, 2012 – 3M/2018e
Fertilizer imports have fluctuated continuously over the years as a result of domestic demand - supply and import and export tax policies as well as
major import markets.
Thousand tons
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.8 Import export
54
Source: VIRAC, MARD, GDVC
Source: VIRAC, MARD, GDVC
Thousand tonsFertilizer imports, 3M/2017 / 3M/2018e
Fertilizer imports by type, 3M/2018e
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.8 Import export
55
Source: VIRAC, MARD, GDVC
Import structure of fertilizer by countries, 3M/2017 – 3M/2018
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.8 Import export
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Prices of some types of imported fertilizer 3M/2018
Type of fertilizer Average unit price
3M/2018
Unit: USD
Source: GDVC
Structure of importing fertilizer enterprises, 3M/2018
Source: GDVC
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.8 Import export
57
Million tons
Fertilizer exports, 2012 – 3M/2018e
Source: VIRAC, MARD, GDVC
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.8 Import export
58
Source: VIRAC, GDVC
Thousand tons
Source: VIRAC, GDVC
Fertilizer exports by country, 3M/2018e Fertilizer exports by country, 3M/2017 - 3M/2018e
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.8 Import export
59
Temporary import for export by type, 3M/2017
Type of fertilizer Share
Source: VIRAC, GDVC
Source: VIRAC, GDVC
Type of fertilizer Share
Vietnam fertilizer exports by type, 3M/2017
Fertilizer exports by origin, 3M/2018
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Fertilizer inventories tend to increase over the years, causes are:
2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.9 Inventory
60
Source: VIRAC, GSO
Million tons
Fertilizer inventories, 2010 - 2017e
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Ure and DAP prices have been fluctuating much in the first three months of 2018, specifically:
Source: VIRAC, VIETRADE- MOIT
2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.10 Price movement
61
* Price movements of main products (highest price) from Tran Xuan Soan market
VND
Price movement, 2014 - 3/2018
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.10 Price movement
62
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.11 Transport and distribution
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Key seaports in Vietnam
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2. Industry overview
2.2 Vietnam Fertilizer Market – 2.2.11 Transport and distribution
64
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2. Industry overview
2.1 Situation of fertilizer industry in the world
2.2 Vietnam fertilizer industry situation
2.3 Industry risks
2.4 Planning and forecast
65
Source: VIRAC, Worldbank
USD/ton
2. Industry overview
2.3 Industry risks
66
Coal, oil prices, 7/2011 – 3/2018
• Coal prices in Australia
• Average oil prices of Dated Brent, West Texas Intermediate and Dubai Fateh
Risk of input material prices
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Weather influences the direction of impact and efficiency of fertilizer.
2. Industry overview
2.3 Industry risks
67
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Risk of output sector
Source: VIRAC, MARD
2. Industry overview
2.3 Industry risks
68
Thousand ha
Structure of cultivation area, 2017 Area of paddy land for years, 2010 - 2014
Source: MNRE
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2. Industry overview
2.3 Industry risks
69
Main agricultural products exports, 3M/2017 – 3M/2018
Source: VIRAC, MARD 2013
Thousand tons USD million
Source: VIRAC, MARD
Demand for fertilizer by crop
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Source: VIRAC, MARD
Source: VIRAC, MARD
Thousand ha
Source: VIRAC, MARD
Thousand tons
2. Industry overview
2.3 Industry risks
Area of rice cultivation by season, 2017
Rice output by season, 2012 - 2017
Area of rice cultivation by region, 2012 - 2017
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2. Industry overview
2.3 Industry risks
71
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2. Industry overview
2.3 Industry risks
72
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2. Industry overview
2.3 Industry risks – 5-forces analysis
73
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Content
2. Industry overview
2.1 Situation of fertilizer industry in the world
2.2 Vietnam fertilizer industry situation
2.3 Industry risks
2.4 Planning and forecast
74
1. Planning the fertilizer production system
Decision No. 6868/QD-BTC approving the master plan for the development of the fertilizer production system and distribution system in the 2011-2020
period, with a view to 2025.
2. Industry overview
2.4 Planning and forecast – 2.4.1 Planning
75
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2. Planning the fertilizer distribution system
3. Group of support solutions
2. Industry overview
2.4 Planning and forecast – 2.4.1 Planning
76
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2. Industry overview
2.4 Planning and forecast – 2.4.1 Planning
77
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2. Industry overview
2.4 Planning and forecast – 2.4.2 Global forecast
78
Forecast supply and demand of fertilizer by nutrients, 2017e - 2020f
Million tons
Source: VIRAC, FAO, IFA
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2. Industry overview
2.4 Planning and forecast – 2.4.2 Global forecast
79
Fertilizer prices tend to decrease over the years mainly due to oversupply, which is caused by oversupply and falling prices of raw materials.
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2. Industry overview
2.4 Planning and forecast – 2.4.3 Domestic forecast
80
Million tons
Source: VIRAC
Forecast of supply and demand, 2010 - 2020f
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2. Industry overview
2.4 Planning and forecast – 2.4.3 Domestic forecast
81
The trend of developing high quality mixed fertilizers, organic fertilizers, replacing for low-tech fertilizers.
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3. Enterprise analysis
3.1 Top 10 enterprises
3.2 Target group of business results
3.3 Target group of finance
3.4 Target group of cash flow
Content
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Enterprise name AddressChartered capital
(VND million)
Total assets
(VND million)
Net revenue
(VND million)
1
2
3
4
5
6
7
8
9
Top 10 businesses with largest revenue in 2017
Source: VIRAC
3. Enterprise analysis
3.1 Top 10 enterprises
83
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Phu My Fertilizer Plant - PetroVietnam Fertilizer and Chemicals Corporation
3. Enterprise analysis
3.1 Top 10 enterprises
84
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Binh Dien Fertilizer Joint Stock Company
3. Enterprise analysis
3.1 Top 10 enterprises
85
BFC’s fertilizer plants
Source: VIRAC
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Ca Mau Petroleum Fertilizer Joint Stock Company
3. Enterprise analysis
3.1 Top 10 enterprises
86
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Lam Thao Fertilizers and Chemicals Joint Stock Company
3. Enterprise analysis
3.1 Top 10 enterprises
87
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Ha Bac Nitrogenous Fertilizer & Chemicals Joint Stock Company
3. Enterprise analysis
3.1 Top 10 enterprises
88
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DAP – VINACHEM Joint Stock Company
3. Enterprise analysis
3.1 Top 10 enterprises
89
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Quảng Bình Import Export Company
3. Enterprise analysis
3.1 Top 10 enterprises
90
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Southwest Petrovietnam Fertilizer and
Chemicals CorporationSoutheast Petrovietnam Fertilizer and
Chemicals Corporation
Central Petrovietnam Fertilizer and
Chemicals Corporation
North Petrovietnam Fertilizer and
Chemicals Corporation
3. Business analysis
3.1 Top 10 businesses
91
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3. Enterprise analysis
3.1 Top 10 enterprises
3.2 Target group of business results
3.3 Target group of finance
3.4 Target group of cash flow
Content
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Source: VIRAC
3. Enterprise analysis
3.2 Target group of business results
93
VND billionNet revenue
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3. Enterprise analysis
3.2 Target group of business results
94
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3. Enterprise analysis
3.2 Target group of business results
95
Source: VIRAC
VND billion
Gross profit margin, 2016 - 2017
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Source: VIRAC
3. Enterprise analysis
3.2 Target group of business results
96
Self-financing rate, 2016 - 2017
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3. Enterprise analysis
3.2 Target group of business results
97
Source: VIRAC
Source: VIRAC
Selling expenses, 2016 - 2017
Administrative expenses, 2016 - 2017
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3. Enterprise analysis
3.1 Top 10 enterprises
3.2 Target group of business results
3.3 Target group of finance
3.4 Target group of cash flow
Content
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Source: VIRAC
3. Enterprise analysis
3.3 Target group of finance
99
Fixed asset turnover, 2016 - 2017
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Source: VIRAC
Day
3. Enterprise analysis
3.3 Target group of finance
100
Producing enterprises Trading enterprises
Days in inventory, 2016 - 2017
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Source: VIRAC
3. Enterprise analysis
3.3 Target group of finance
101
DayDays of sales outstanding, 2016 - 2017
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3. Enterprise analysis
3.3 Target group of finance
102
Source: VIRAC
Profit Ratio, 2016 - 2017
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3. Enterprise analysis
3.1 Top 10 enterprises
3.2 Target group of business results
3.3 Target group of finance
3.4 Target group of payment
Content
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3. Enterprise analysis
3.4 Target group of payment
104
Source: VIRAC
Index of payment, 2016 - 2017
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4. Appendix
Content
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106
Phu My Fertilizer
BALANCE SHEET
Unit: VND 2016 2017
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
1. Long-term receivables
2. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Current 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. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2016 2017
Net revenue from goods sold and services provided
Cost of goods sold and services provided
Gross profit of goods sold and services provided
Revenue from financing activities
Financial expenses
Interest expenses
Selling expenses
Administrative 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 2016 2017
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange gain (loss)
Net Cash Flow From Operations
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 financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow during the fiscal year
4. Appendix
Financial statements
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4. Appendix
Financial statements
Binh Dien
BALANCE SHEET
Unit: VND 2016 2017
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
1. Long-term receivables
2. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Current 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. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2016 2017
Net revenue from goods sold and services provided
Cost of goods sold and services provided
Gross profit of goods sold and services provided
Revenue from financing activities
Financial expenses
Interest expenses
Selling expenses
Administrative 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 2016 2017
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange gain (loss)
Net Cash Flow From Operations
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 financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow during the fiscal year
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4. Appendix
Financial statements
Ca Mau Fertilizer
BALANCE SHEET
Unit: VND 2016 2017
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
1. Long-term receivables
2. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Current 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. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2016 2017
Net revenue from goods sold and services provided
Cost of goods sold and services provided
Gross profit of goods sold and services provided
Revenue from financing activities
Financial expenses
Interest expenses
Selling expenses
Administrative 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 2016 2017
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange gain (loss)
Net Cash Flow From Operations
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 financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow during the fiscal year
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4. Appendix
Financial statements
Lam Thao Chemicals
BALANCE SHEET
Unit: VND 2016 2017
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
1. Long-term receivables
2. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Current 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. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2016 2017
Net revenue from goods sold and services provided
Cost of goods sold and services provided
Gross profit of goods sold and services provided
Revenue from financing activities
Financial expenses
Interest expenses
Selling expenses
Administrative 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 2016 2017
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange gain (loss)
Net Cash Flow From Operations
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 financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow during the fiscal year
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4. Appendix
Financial statements
Ha Bac Fertilizer
BALANCE SHEET
Unit: VND 2016 2017
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
1. Long-term receivables
2. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Current 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. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2016 2017
Net revenue from goods sold and services provided
Cost of goods sold and services provided
Gross profit of goods sold and services provided
Revenue from financing activities
Financial expenses
Interest expenses
Selling expenses
Administrative 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 2016 2017
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange gain (loss)
Net Cash Flow From Operations
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 financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow during the fiscal year
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111
4. Appendix
Financial statements
Dinh Vu DAP
BALANCE SHEET
Unit: VND 2016 2017
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
1. Long-term receivables
2. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Current 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. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2016 2017
Net revenue from goods sold and services provided
Cost of goods sold and services provided
Gross profit of goods sold and services provided
Revenue from financing activities
Financial expenses
Interest expenses
Selling expenses
Administrative 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 2016 2017
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange gain (loss)
Net Cash Flow From Operations
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 financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow during the fiscal year
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112
4. Appendix
Financial statements
Quang Binh Import Export
BALANCE SHEET
Unit: VND 2016 2017
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
1. Long-term receivables
2. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Current 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. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2016 2017
Net revenue from goods sold and services provided
Cost of goods sold and services provided
Gross profit of goods sold and services provided
Revenue from financing activities
Financial expenses
Interest expenses
Selling expenses
Administrative 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 2016 2017
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange gain (loss)
Net Cash Flow From Operations
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 financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow during the fiscal year
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4. Appendix
Financial statements
Southwest Petroleum Chemicals
BALANCE SHEET
Unit: VND 2016 2017
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
1. Long-term receivables
2. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Current 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. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2016 2017
Net revenue from goods sold and services provided
Cost of goods sold and services provided
Gross profit of goods sold and services provided
Revenue from financing activities
Financial expenses
Interest expenses
Selling expenses
Administrative 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 2016 2017
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange gain (loss)
Net Cash Flow From Operations
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 financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow during the fiscal year
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114
4. Appendix
Financial statements
Southeast Petroleum Chemicals
BALANCE SHEET
Unit: VND 2016 2017
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
1. Long-term receivables
2. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Current 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. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2016 2017
Net revenue from goods sold and services provided
Cost of goods sold and services provided
Gross profit of goods sold and services provided
Revenue from financing activities
Financial expenses
Interest expenses
Selling expenses
Administrative 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 2016 2017
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange gain (loss)
Net Cash Flow From Operations
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 financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow during the fiscal year
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115
REPORT DISCLAIMER
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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
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