NATURAL RUBBER INDUSTRY REPORT IN Q1/2018
Summary 4 3.4 Import - Export 59
1. Business environment 6 3.5 Price movement 66
1.1 Macroeconomic situation 6 4. Risk analysis 68
1.2 Legal framework 11 4.1 SWOT analysis 69
2. World natural rubber industry 21 5. Industrial development planning 70
2.1 Definition 22 5.1 Natural rubber industry planning 71
2.2 Value chain of production 26 5.2 Natural rubber production planning 74
2.3 Production 28 6. Driving forces, outlook and forecasts 79
2.4 Consumption 35 6.1 Driving forces 80
3. Vietnam natural rubber industry 41 6.2 Outlook 83
3.1 History of formation and development 42 7. Enterprise analysis 86
3.2 Production 44 7.1 Enterprise introduction 87
3.3 Consumption 53 7.2 Financial analysis 98
Content
2
Abbreviations
3
ANRPC Association of Natural Rubber Producing Countries
ECM Enterprise cost management
COS Cost of sales
FE Financial expenses
NR Net revenue
GDVC General Department of Vietnam Customs
GSO General Statistic Office of Vietnam
IRSG International Rubber Study Group
RAOT Rubber Authority Of Thailand
VRA Vietnam Rubber Association
VIRAC Vietnam Industry Research and Consultant
VRG Vietnam Rubber Group
4
Summary
Rubber trees are grown mainly in Southeast
Asia, Africa and a small part of the Americas.
Five countries which are Thailand, Indonesia,
China, Malaysia and Vietnam have the largest
planting area in the world
In 2017, natural rubber consumption in the
world continues to grow from
After rising to record prices in Q1 / 2017,
rubber prices fell sharply in Q2 and remained
steady in Q3 thanks to stable and increasing
crude oil prices.
According to ANRPC, Vietnam has been the
leading rubber producing country in Asia since
2013,
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Summary
In 2017, natural rubber consumption is
expected to reach tons,
Currently, Vietnam is ranked the third country
in the world of exporting natural rubber,
Vietnam still has to import a
large amount of rubber due to the fact that the
quality of processed rubber does not meet the
requirements of production although the
output of latex production in the country is not
reduced, the abundant source of goods and the
demand for temporary import for re-export
increases.
The leading companies in the rubber industry in
2016 all have turnover, profits decreased
compared with 2015.
Although the rubber market in 2017 has many
changes, but 2017 is still considered a positive
year with the rubber industry of Vietnam.
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Content
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
7
Source: VIRAC, GSO
1. Business environment
1.1 Macroeconomic situation
• GDP in 2017 was estimated at 6.81%
Natural rubber is one of the important agricultural products of
Vietnam.
Source: VIRAC, GSO
GDP growth rate, 2011 - 2017
Structure of GDP by current price, 2017e
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In 2017, natural rubber export accounted for of total export turnover of
agriculture, forestry and fishery.
Source: VIRAC, MARD
1. Business environment
1.1 Macroeconomic situation
Export structure of agricultural products of Vietnam, 2017e
Source: VIRAC, MARD
Share of rubber in import-export turnover of agricultural, forestry and fishery products, 2010 - 2017e
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1. Business environment
1.1 Macroeconomic situation
Source: VIRAC, SBV
The 2018 exchange rate is expected to remain stable. The exchange rate
in 2018 has many supporting factors
Complex movement of the Chinese Yuan is having a negative impact on
Vietnam's export of natural rubber.
Source: VIRAC, SBV
VND/USD exchange rate, 2013-2017
VND/CNY exchange rate, 2016-2017
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• World crude oil prices in 2017 are volatile.
Crude oil is the main raw material for the production of artificial rubber, the substitute product of natural rubber.
World crude oil price, 2011 - 2017
Sources: VIRAC, World Bank
1. Business environment
1.1 Macroeconomic situation
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Content
11
1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
12
National standard of natural rubber
1. Business environment
1.2 Legal framework
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13
1. Business environment
1.2 Legal framework
- According to Decision No. 61 / QD-BKHCN dated 01/19/2005 of the Ministry of Science and Technology,
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- In December 2016, the Vietnam Rubber Association was granted a certificate of legality by the National Office of Intellectual Property (Ministry of
Science and Technology) for the trademark "Vietnam Rubber"
1. Business environment
1.2 Legal framework
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Import and export taxes applicable to the rubber industry
1. Business environment
1.2 Legal framework
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• The impact of China's natural rubber policy
1. Business environment
1.2 Legal framework
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HS code Description of goodsPreferential import
tax rates
Normal import tax
rates
Special preferential tax rates
(ACFTA)
Value
added tax
Import tariff of natural rubber to China, 2017
Preferential import tax rates
Nguồn: VIRAC, VRA
1. Business environment
1.2 Legal framework
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Value added tax for the natural rubber industry
18
1. Business environment
1.2 Legal framework
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Import tariff of natural rubber
19
1. Business environment
1.2 Legal framework
Code Description of goodsPreferential
taxACFTA AKFTA VJEPA AIFTA
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1. Business environment
1.2 Legal framework
Code Description of the goods Preferential
taxACFTA AKFTA VJEPA AIFTA
Import tariff of natural rubber
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Content
21
2. World natural rubber industry
2.1 Definition
2.2 Value chain of production
2.3 Production
2.4 Consumption
2. World natural rubber industry
2.1 Definition
22
Rubber trees can be planted in three types of soil: red basaltic soil, grayish Potzon on ancient alluvial soil and shale sandstone.
Classification of natural rubber
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Classification of natural rubber: Natural rubber after mining is divided into two types of latex and cup lump.
• Latex:
A typical latex sample consists of:
23
2. World natural rubber industry
2.1 Definition
Characteristics of Latex:
Latex can be coagulated by the following causes:
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Latex after initial processing includes:
• Cup lump:
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2. World natural rubber industry
2.1 Definition
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Life cycle of rubber tree
The basic construction stage Stage of exploitation Liquidation
2. World natural rubber industry
2.1 Definition
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2. World natural rubber industry
2.1 Definition
2.2 Value chain of production
2.3 Production
2.4 Consumption
27
There are 5 groups involved in the value chain of world natural rubber industry
2. World natural rubber industry
2.2 Value chain of world natural rubber industry
Pro
du
cti
o
n
Value chain of world natural rubber industry
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2. World natural rubber industry
2.1 Definition
2.2 Value chain of production
2.3 Production
2.4 Consumption
• Rubber trees are grown mainly in Southeast Asia, Africa and a small
part of the Americas
29
2. World natural rubber industry
2.3 Production
Yield of rubber in the 6 main Asian producing countries,
2017
Source: VIRAC, VRA
Source: VIRAC, ANRPC
Top 5 countries with the largest rubber planting area,
2011 – 2016e
Thousand ha
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Unit: kg/ha/year
30
Source: VIRAC, ANRPC
Top countries with the largest harvesting area of natural rubber,
2016e
Thousand
ha
Rubber area in Indonesia increased by hectares in the period 2011-
2016
China: In the period 2011-2016, the area of rubber harvest increased by
2. World natural rubber industry
2.3 Production
Some other countries such as Cambodia and Sri Lanka are also affected
by low rubber prices.
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2. World natural rubber industry
2.3 Production
Source: VIRAC, ANRPC
Thousand tons
Production from 2014 to 2016 tended to decrease due to a number of
reasons:
Production of natural rubber in the world,
2010 – 9M/2017e
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• In the main producing countries there is a group of socio-economic and structural factors that restrict the production of natural rubber
2. World natural rubber industry
2.3 Production
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2. World natural rubber industry
2.3 Production
Source: VIRAC, IRSG
The outstanding characteristic of natural rubber compared to
synthetic rubber is good elasticitiy and good recovery.
In the period 2010-2017, the proportion of natural rubber production
accounted for of global production and did not change much.
Structure of world rubber production, 2010 - 2017e
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2. World natural rubber industry
2.3 Production
Source: VIRAC, IRSG
Thousand tons
Thailand is the largest producer and exporter of natural rubber in the
world since 1991,
Source: VIRAC, ANRPC
Thousand
tons
• China is playing an increasingly important role in the production of natural
rubber in the world.
Top countries with the largest natural rubber volume in the
world, 2011 - 2017e
World Natural Rubber Production by Region, 2014-2017e
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Content
35
2. World natural rubber industry
2.1 Definition
2.2 Value chain of production
2.3 Production technology and machinery
2.4 Consumption
In 2017, world natural rubber consumption was estimated at thousand
tons.
Demand for rubber in the world
36
2. World natural rubber industry
2.4 Consumption
Consumption of natural rubber in the world, 2010 - 2017e
Source: VIRAC, ANRPC
Thousand tons %
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2. World natural rubber industry
2.4 Consumption
Source: VIRAC, IRSG, Statista
Thousand
tons
In general, the production volume and tire weight have a great impact on
the consumption demand of natural rubber.
Consumption demand for natural rubber in the world is forecasted to
increase significantly in the upcoming time. The following factors also
help increase the global demand for natural rubber:
Demand for world rubber, 2010-2017e
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2. World natural rubber industry
2.4 Consumption
At the same time, there are a number of factors that restrain the growth of the world natural rubber demand.
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Source: VIRAC, IRSG, ANRPC
Proportion of world natural rubber consumption by region,
2014 – 2017e
2. World natural rubber industry
2.4 Consumption
In 2017, Asia-Pacific continues to be the region with the largest
natural rubber consumption in the world,
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Natural rubber is an important raw material in tire production,
China and India continue to be the two largest countries of
consuming natural rubber in the world
40
2. World natural rubber industry
2.4 Consumption
Source: VIRAC, IHS
Structure of natural rubber consumption by region, 2016
Structure of using natural rubber, 2016e
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Content
3. Vietnam natural rubber industry
3.1 History of formation and development
3,2 Production
3.3 Consumption
3.4 Import - Export
3.5 Price movement
3. Vietnam natural rubber industry
3.1 History of formation and development
42
History and development of the natural rubber industry of Vietnam:
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3. Vietnam natural rubber industry
3.1 History of formation and development
43
Position of natural rubber in the whole rubber industry
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3. Vietnam natural rubber industry
3.1 History of formation and development
3,2 Production
3.3 Consumption
3.4 Import - Export
3.5 Price movement
3. Vietnam natural rubber industry
3.2 Production
45
• In 2017, the total area of rubber plantation in the whole country
reached hectares,ha
Source: VIRAC, MARD, VRA
Source: VIRAC, MARD
• After the South East, the Central Highlands is the second largest rubber
planting region in Vietnam.Rubber plantation area by region, 2016
Rubber plantation area in Vietnam, 2010 – 2017e
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3. Vietnam natural rubber industry
3.2 Production
46
• The number of enterprises and rubber planters has been declining in
the last three years due to many difficulties in expansion of rubber
plantations.
Source: VIRAC, GSO
Source: VIRAC, GSOSource: VIRAC, GSO
VND Billion
People
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Number of enterprises and labourers planting rubber,
2010 - 2016
Distribution of rubber plantation enterprises by region,
2010 - 2016The total revenue and profit of the rubber plantation industry,
2010 - 2016
3. Vietnam natural rubber industry
3.2 Production
47
Source: VIRAC, GSO
Source: VIRAC, GSO
People
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Number of enterprises and labourers in production of rubber products,
2010 - 2016
Distribution of rubber product production enterprises, 2016
3. Vietnam natural rubber industry
3.2 Production
48
Source: VIRAC
Main participants planting rubber
in Vietnam can be divided into
three groups.
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Structure of the main participants of Vietnam rubber industry
Main participants VRG Private rubber companies Small rubber plantations
Vietnam Rubber Group (VRG)
3. Vietnam natural rubber industry
3.2 Production
49
Source: VIRAC, GSO Source: VIRAC, VRA
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Private enterprise
Small rubber plantations
Province Area of small rubber
plantationsTotal area rubber plantation
Small rubber plantation area of some provinces Structure of rubber plantation area, 2016
Thousand tons
Sources: VIRAC, MARD, VRA
Production and productivity of natural rubber production in Vietnam, 2011 - 2017e
50
According to the Report of the Association of Natural Rubber Producing Countries (ANRPC), Vietnam has led in rubber producing productivity in Asia
since 2013,
3. Vietnam natural rubber industry
3.2 Production
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Sources: VIRAC, VRG
Structure of rubber production of VRG, 2016
Rubber proportion of VRG, 2017e
Sources: VIRAC, VRG
•
Therefore, restructuring of VRG's
products is considered to be very reasonable in the current situation.
3. Vietnam natural rubber industry
3.2 Production
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3. Vietnam natural rubber industry
3.2 Production
52
Source: VIRAC, VRA
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Production targets of some natural rubber companies, 2016
Area of rubber
exploitation (ha)
Output of rubber
exploitation (tons)
Productivity
(tons/ha)
Output of purchased
rubber (tons)
Output of processed
rubber (tons)
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3. Vietnam natural rubber industry
3.1 History of formation and development
3.2 Production
3.3 Consumption
3.4 Import – Export
3.5 Price movement
3. Vietnam natural rubber industry
3.3 Consumption
54
• Rubber is the input material for many production and consumption
sectors:Thousand tons
Source: VIRAC, VRA
• In 2017, the natural rubber consumption of Vietnam was estimated at
thousand tons,
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Consumption of natural rubber in Vietnam, 2010 – 2017e
3. Vietnam natural rubber industry
3.3 Consumption
55
• Of the total volume of natural rubber exploited and imported, exported natural rubber still accounts for a large proportion, the rest is to serve the
demand for domestic consumption.
Source: VIRAC, GSO, GDVC, VRA
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Proportion of natural rubber consumption by supply,
2010 – 2017e
3. Vietnam natural rubber industry
3.3 Consumption
56
Source: VIRAC, GSO, GDVC
Thousand pieces Ton
Source: VIRAC, VRA
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Major domestic rubber products, 2010 – 2017e Structure of natural rubber consumption, 2016e
• Natural rubber in Vietnam is mainly used for the production of tires, gloves, pillow cushion, etc.
3. Vietnam natural rubber industry
3.3 Consumption
57
•
Accordingly, tires have the largest export value in the products of Vietnam rubber processing industry,
Source: VIRAC, GDVC, VRASource: VIRAC, GDVC, VRA
USD Million
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Category of Vietnamese exported tires, 2016eExport value of tires in Vietnam, 2011 - 2016e
3. Vietnam natural rubber industry
3.3 Consumption
58
Source: VIRAC, GDVC, VRA
Source: VIRAC, GDVC, VRA
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Top 10 leading enterprises of exporting tire, 2016e
No. Companies Proportion (%)
Vietnam's export tire market, 2016e
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Content
3. Vietnam natural rubber industry
3.1 History of formation and development
3.2 Production
3.3 Consumption
3.4 Import – Export
3.5 Price movement
3. Vietnam natural rubber industry
3.4 Import and Export – Export
60
• Export of natural rubber in 2017 reached tons with an estimated
value of billion USD.Thousand tons
Source: VIRAC, MARD, VRA
USD Million
Source: VIRAC, VRA
• However, most of Vietnam's rubber is still exported as raw materials.
Content is intentionally removed for demo purposeExport structure of rubber industry, 2016
Natural rubber export of Vietnam, 2010 – 2017e
3. Vietnam natural rubber industry
3.4 Import and Export – Export
61
In 2017, Vietnam exported natural rubber to 28 markets, of which China
continues to be the largest export market of Vietnam.
Type structure is one of the main reasons that Vietnam's rubber is heavily
dependent on Chinese market,
Source: VIRAC, MARD
Source: VIRAC, VRA
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Vietnam’s natural rubber export markets, 2017e
Structure of exported natural rubber by type, 2017
3. Vietnam natural rubber industry
3.4 Import and Export – Export
62
Source: VIRAC, GDVC
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No. Enterprise No. Enterprise
Top 20 leading enterprises of exporting natural rubber in 2017 by turnover
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3. Vietnam natural rubber industry
3.4 Import and Export – Export
63
In 2017, export of rubber products reached million USD, increasing by
over the same period in 2016.
Source: VIRAC, VRA
USD Million
Source: VIRAC, VRASource: VIRAC, GDVC
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Exports of products made of rubber, 2010 – 2017
Export structure of products made of rubber, 2016e
Export markets of rubber products, 2017
3. Vietnam natural rubber industry
3.4 Import and Export – Import
64
Source: VIRAC, MARD
USD Million
Source: VIRAC, MARD
Thousand
tons
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Import of natural rubber of Vietnam, 2010-2017
Import markets of Vietnam's natural rubber by volume, 2017
3. Vietnam natural rubber industry
3.4 Import and Export – Import
65
Source: VIRAC, VRA, GDVC
Source: VIRAC, GDVC
USD Million
The markets supplying rubber products for Vietnam are mostly located in Asia.
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Import of products made of rubber, 2010 – 2017
Markets which import products made of rubber, 2017
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3. Vietnam natural rubber industry
3.1 History of formation and development
3.2 Production
3.3 Consumption
3.4 Import – Export
3.5 Price movement
3. Vietnam natural rubber industry
3.5 Price movement
67
Source: VIRAC, VRA
USD/ton
Source: VIRAC, VRA
VNĐ/kg
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Exporting price movement of natural rubber of Vietnam,
2006 – 2017Rubber price movement in the country, 1/2016-12/2017
• From 2012 until now, natural rubber price have fallen
continuously due to the slow recovery of the world economy after the crisis from 2009 to 2010, which led to a slow increase in demand for rubber
and high inventory, making the price drop. On the other hand, the impact of low crude oil prices makes it hard for natural rubber to return to high
prices
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4. Risk analysis
4.1 SWOT analysis
4. Risk analysis
4.2 SWOT analysis
69
S WTO
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Content
5. Industrial development planning
5.1 Natural rubber industry planning
5.2 Natural rubber production planning
On June 03, 2009, the Prime Minister issued Decision No. 750 / QD-TTg on approving the master plan for development of Vietnam rubber industry to 2015
with orientation to 2020.
5. Industrial development planning
5.1 Natural rubber industry planning
71
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5. Industrial development planning
5.1 Natural rubber industry planning
73
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5. Industrial development planning
5.1 Natural rubber industry planning
74
Content
5. Industrial development planning
5.1 Natural rubber industry planning
5.2 Natural rubber production planning
On May 14, 2015, the Ministry of Industry and Trade issued Decision No. 4665 / QD-BCT approving the development plan for the production of Vietnam's
rubber products by 2025 with a vision to 2035.
5. Industrial development planning
5.2 Natural rubber production planning
75
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5. Industrial development planning
5.2 Natural rubber production planning
76
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5. Industrial development planning
5.2 Natural rubber production planning
77
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5. Industrial development planning
5.2 Natural rubber production planning
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6. Driving forces, outlook and forecasts
6.1 Driving forces
6.2 Outlook
Favorable natural conditions:
Favorable socio-economic conditions
Government’s supporting policies:
6. Driving forces, outlook and forecasts
6.1 Driving forces
80
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6. Driving forces, outlook and forecasts
6.1 Driving forces
81
Opportunities from economic integration and WTO participation:
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6. Driving forces, outlook and forecasts
6.1 Driving forces
82
In addition, the economic integration with the world also brings many opportunities for the natural rubber industry of Vietnam:
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6. Driving forces, outlook and forecasts
6.1 Driving forces
6.2 Outlook
6. Driving forces, outlook and forecasts
6.2 Outlook - outlook for the world market
84
There are four factors that affect natural rubber price in 2017:
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6. Driving forces, prospects and forecasts
6.2 Prospects - Prospects for Vietnam market
85
2013 2014F 2015F 2016F 2017F 2018F CAGR
Tire of heavy truck
Radial
Bias
Growth rate of radial tire
Decline rate of bias tire
Source: VIRAC, MOIT
Vietnam rubber market in general and natural rubber in particular will continue to grow strongly in the next few years thanks to the development of
automobile consumption.
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Forecasted demand for tires in Vietnam, 2013 – 2018F
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7. Enterprise analysis
7.1 Enterprise introduction
7.2 Financial analysis
7. Enterprise analysis
7.1 Enterprise introduction
87
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Top enterprises in the natural rubber industry having largest revenue in 2016
NameCharter capital
(VND Million)Total assets (VND Million)
Revenue in 2016 (VND
Million)
7. Enterprise analysis
7.1 Enterprise introduction
88
Overview of Dau Tieng Rubber Corporation.
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7. Enterprise analysis
7.1 Enterprise introduction
89
Phuoc Hoa Rubber Joint Stock Company
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7. Enterprise analysis
7.1 Enterprise introduction
90
Phu Rieng Rubber Company Limited
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7. Enterprise analysis
7.1 Enterprise introduction
91
Dongil Rubber Belt Company Limited Vietnam (DRB)
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7. Enterprise analysis
7.1 Enterprise introduction
92
VRG Khai Hoan Joint Stock Company
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7. Enterprise analysis
7.1 Enterprise introduction
93
Dong Nai Rubber Corporation (Donaruco)
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7. Enterprise analysis
7.1 Enterprise introduction
94
Dong Phu Rubber Joint Stock Company
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7. Enterprise analysis
7.1 Enterprise introduction
95
Vietnam NOK Company Limited
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7. Enterprise analysis
7.1 Enterprise introduction
96
Vietnam – Italia Company Limited
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7. Enterprise analysis
7.1 Enterprise introduction
97
BINH DUONG INVESTMENT AND TRADE JOINT STOCK COMPANY
(BECAMEX ITC)
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Content
7. Enterprise analysis
7.1 Enterprise introduction
7.2 Financial analysis
99
From the difficulties in 2015, the rubber sector in 2016 continued to encounter lower growth than forecasted.
7. Enterprise analysis
7.2 Financial analysis – Profitability
Source: VIRAC
VND Million
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Net revenue growth rate, 2015-2016
100
7. Enterprise analysis
7.2 Financial analysis – Profitability
Source: VIRAC
VND Million
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Gross profit growth rate, 2015-2016
101
Most rubber planting and processing businesses in 2016 had an increase in gross margin compared to that in 2015.
7. Enterprise analysis
7.2 Financial analysis – Profitability
Source: VIRACContent is intentionally removed for demo purpose
Gross profit margin, 2015-2016
102
7. Enterprise analysis
7.2 Financial analysis – Solvency
Source: VIRAC
Source: VIRAC
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Quick payment ratio, 2015-2016
Current payment ratio, 2015-2016
103
7. Enterprise analysis
7.2 Financial analysis – Solvency
Source: VIRAC
Source: VIRAC
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Receivables turnover ratio, 2015-2016
104
7. Enterprise analysis
7.2 Financial analysis – Repayment capability
Source: VIRAC
Source: VIRAC
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Total Debt/Total Assets, 2015-2016
Total Debt/Owners' equity, 2015-2016
105
7. Enterprise analysis
7.2 Financial analysis – Performance efficiency
Source: VIRAC
Source: VIRAC
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Total asset turnover, 2015-2016
Fixed asset turnover, 2015-2016
106
7. Enterprise analysis
7.2 Financial analysis – Performance efficiency
Source: VIRAC
VND Million
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Financial expenses, 2016
107
7. Enterprise analysis
7.2 Financial analysis – Profit ratio
Source: VIRAC
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Profit margin, 2016
REPORT DISCLAIMER
108
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
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