VIETNAM CEMENT INDUSTRY REPORT Q1/2018
1
Content
Summary 5
1. Business environment 7
1.1 Macroeconomic situation 7
1.2 Legal framework 13
1.3 Trade agreements 22
2. Industry overview 25
2.1 World cement industry 25
2.1.1 Production 25
2.1.2 Consumption 28
2.1.3 Export 29
2.1.4 Import 31
2.1.5 Price movement 32
2.1.6Current status of consumption and production in some
typical countries33
2.1.7 Current status of consumption and production in ASEAN 35
2.1.8 Leading enterprises in the industry 36
2.2 Vietnam cement industry 38
2.2.1 History of Vietnam cement industry 38
2.2.2 Definition and Classification 39
2.2.3 Basic production process 40
2.2.4 Scale and market share 42
2.2.5 Input materials 44
2.2.6 Production technology 52
2.2.7 Supply-Demand 62
2.2.8 Production of Clinker and Cement 63
2.2.9 Consumption 65
2.2.10 Cement and clinker export 68
2
Content
2.2.11 Inventories 74
2.2.12 Price movement 75
2.2.13 Distribution method 78
2.2.14Transport method (logistic warehouse, seaport,
specialized ship, ...)79
2.3 Industry risk 81
2.3.1 Main risks 82
2.3.2 SWOT analysis 87
2.3.3 5-forces analysis 89
2.4 Industry planning 91
2.4.1 Cement industry planning 91
2.4.2 Construction and real estate industry planning 94
2.5 Outlook and forecast 99
2.5.1 Driving forces of industry development 100
2.5.2 Driving forces of output industry development 101
2.5.3 World forecast 102
2.5.4 Domestic forecast 104
3. Enterprise analysis 108
3.1 Profitability 120
3.2 Performance efficiency 123
3.3 Financial strength 126
3.4 Return on investment 129
4. Appendix 131
4.1 Update of projects invested in the period 2011-2030 131
4.2Portfolio of infrastructure projects in the period 2010-
2030136
4.3 Financial statements 143
3
4
ADB Asian Development Bank
BOT Build – Operate - Transfer
EVN Vietnam Electricity Corporation
FDI Foreign Direct Investment
FIA Foreign Investment Agency
ICR International Cement Review
Abbreviations
PPP Public – Private Partner
GDVC General Department of Vietnam Customs
GSO General Statistics Office of Vietnam
TKVVietnam National Coal and Mineral Industries Holding
Corporation Limited
VICEM Vietnam Cement Industry Corporation
VIRAC VIRAC Joint Stock Company
VNCA Vietnam National Cement Association
5
Vietnam cement market continues to have
excess supply
The perspective of cement demand can vary
significantly based on the development of
infrastructure projects and real estate cycles.
Cement quality is determined by two main
factors: limestone materials and technology,
equipment.
Logistic is still the weak point of the cement
companies in Vietnam.
Summary
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Summary
Three groups of cement suppliers in Vietnam:
Sales strategy:
Cement prices in the country are stable over
the years, the lowest in the North, and the
highest in the South
Production expenses:
Because of the competition within the industry
with large cement companies joining the
market, small cement firms are forced into
bankruptcy or merger because they are not
competitive enough.
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Content
8
Sources: VIRAC, GSO
Sources: VIRAC, GSO
Gross domestic product in 2017 is estimated to increase by 6.81% compared to
2016,
GDP per capita has increased strongly over the past few years.GDP by current price and GDP per capita, 2013-2017
GDP growth rate by quarter, 2015-2017
1. Business environment
1.1 Macroeconomic situation
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1. Business environment
1.1. Macroeconomic situation
9
Source: VIRAC, SBV
Source: VIRAC, GSO
%
Industrial production index of the manufacturing, 2012 - 2017
VND/USD exchange rate, 2013-2017
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In 2017, the VND / USD exchange rate was quite stable around
VND 22,400.
10
.
Source: VIRAC, GSO
Source: VIRAC, GSO
VND trillion
VND trillion
1. Business environment
1.1 Macroeconomic situation
State revenues, 2017
Government expenditures, 2017
State revenues and expenditures
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Sources: VIRAC, GSO
11
The investment capital for society development by current
prices for economic sectors, 2010 – 2016e
The rate of development of social investment capital increasing
at current prices, 2013-2017
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1. Business environment
1.1 Macroeconomic situation
12
Sources: VIRAC, FIA
Sources: VIRAC, FIA
FDI attraction by sector, 2017
FDI capital, 2015-2017Billion USD
Foreign direct investment
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1. Business environment
1.1 Macroeconomic situation
13
1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Content
1. Business environment
1.2 Legal framework - Group of general regulations
14
Decision No.1488/QD-TTg established stricter conditions for new entrants by establishing different technical requirements:
Regulations on WHRPG (according to Decision No.1488/QĐ-TTg):
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1. Business environment
1.2 Legal framework - Group of general regulations
15
Advantages Disadvantages
WHRPG system:
WHRPG Funds:
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16
Decree No. 177/2013 / ND-CP
1. Business environment
1.2 Legal framework - Group of price regulations
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1. Business environment
1.2 Legal framework - Group of price regulations
17
Tax policy:
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1. Business environment
1.2 Legal framework - Group of price regulations
18
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1. Business environment
1.2 Legal framework - Group of environmental and resources regulations
No Parameter
Concentration C (mg/m³)
A B1 B2
Type of resourceTaxation
(%)
Applicable tax
rate (%)
Taxable
Items
Unit Tax rate raised by
National Assembly
(VND/unit)
Tax rate raised
by the Standing
Committee
Environmental Protection Tax (EPT)
Natural Resources Tax (NRT)
Environmental Protection Tax applied since 1/2012
Natural Resources Tax applied since 2/1/2014
19
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However, the tax rate on the resources has been reacted strongly by the business
20
1. Business environment
1.2 Legal framework - Group of environmental and resources regulations
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1. Business environment
1.2 Legal framework - Group of Export Tax Regulations
The Ministry of Finance issued Decree No.122/2016/ND/CP dated 1 September 2016
Materials:
Clinker and cement:
No Item Export tax rate (%) Import tax rate (%)
Decree No.122/2016/ND/CP
Import and Export Tariffs applied since 2016
21
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22
1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Content
1. Business environment
1.3 Trade agreements
23
Impact from the WTO
EVFTA - Vietnam EU Free Trade Agreement signed in early 2016
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24
1. Business environment
1.3 Trade agreements
RCEP - Regional Comprehensive Economic Partnership
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25
2. Industry overview
2.1 World cement industry
2.2 Vietnam cement industry
2.3 Industry risk
2.4 Industry planning
2.5 Outlook and forecast
Content
2. Industry overview
2.1 World cement industry – 2.1.1 Production
26
Source: VIRAC, Statista
Cement production in Asia is leading the world,
Cement production by region 2015e
Global Cement Production, 2011 – 2076e
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Million tons
China is currently the largest cement producer in the world,
No CountryProduction volume
(million tons)
27
Cement production output of some countries, 2017
Sources: VIRAC, Statista
Sources: VIRAC, Statista
Top largest cement producing countries, 2017e
2. Industry overview
2.1 World cement industry – 2.1.1 Production
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2. Industry overview
2.1 World cement industry – 2.1.2 Consumption
Source: VIRAC, Global Cement
28
Source: VIRAC, International Cement Review
Global Cement Consumption, 2010 – 2018e
Consumption structure of cement worldwide , 2016
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Million tons
2. Industry overview
2.1 World cement industry – 2.1.3 Export
Cement exports in the world in recent years have grown relatively
slowly and fluctuated much over the years.
29
million tons
Source: VIRAC, Uncomtrade, ITC
USD billion
Source: VIRAC, World’s top exports
Volume and value of global cement exports, 2012 -
6M/2017e
Export structure of cement worldwide by type, 2016
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2. Industry overview
2.1 World cement industry – 2.1.3 Export
30
USD million
Source: VIRAC, World’s top exports
Source: VIRAC, World’s top exports Source: VIRAC, World’s top exports
Top largest cement exporting countries by value, 2016e Export structure of cement, 2016e
Export structure of cement by region, 2016
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2. Industry overview
2.1 World cement industry – 2.1.4 Import
Source: VIRAC, Un Comtrade
Source: VIRAC, Statista
31
million tons
America is the largest importer of cement in the world in 2016,
World's top largest cement importing countries, 2016
Global cement imports, 2010 – 2016e
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2. Industry overview
2.1 World cement industry – 2.1.5 Price movement
32
USD/ton
Source: VIRAC, Bloomberg
Average cement price movement worldwide, 2000 - 2016e
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2. Industry overview
2.1 World cement industry – 2.1.6 Current status of consumption and production in some typical countries
33
China:
million tons
Source: VIRAC, Statista
The United States:
Source: VIRAC, USGS
Thousand tons
Cement and clinker production volume in the US, 2012 -
2017e
China's cement production volume, 6/2016 - 6/2017
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2. Industry overview
2.1 World cement industry – 2.1.6 Current status of consumption and production in some typical countries
34
Thousand tons
Source: VIRAC, Tradingeconomics.com
Source: VIRAC, Tradingeconomics.com
Thousand tons
India:
Thailand:
Taiwan: Cement production volume in Thailand, 7/2016 - 6/2017
Cement production volume in India, 7/2016 - 6/2017e
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D
Sources:VIRAC, Cemtech
35
2. Industry overview
2.1 World cement industry – 2.1.7 Current status of consumption and production in ASEAN
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36
Sources: VIRAC collects
No. Company nameRevenue in
2017
Profit in
2017
Capacity(mil
lion
tons/year)
Largest cement enterprises on the world, 2017Lafarge Holcim is a merger between two groups which are Holcim
(Switzerland) and Lafarge
2. Industry overview
2.1 World cement industry – 2.1.8 Leading enterprises in the industry
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37
2. Industry overview
2.1 World cement industry
2.2 Vietnam cement industry
2.3 Industry risk
2.4 Industry planning
2.5 Outlook and forecast
Content
2. Industry overview
2.2 Vietnam cement industry – 2.2.1 History of Vietnam cement industry
Cement industry is one of the earliest established industries in
Vietnam (along with coal, textile, railway ...)
38
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2. Industry overview
2.2 Vietnam cement industry – 2.2.2 Definition and Classification
39
Definition:
Clinker
Cement
Classification
Vietnam commonly used standards on cement today:
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40
2. Industry overview
2.2 Vietnam cement industry – 2.2.3 Basic production process
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2. Industry overview
2.2 Vietnam cement industry – 2.2.3 Basic production process
41
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2. Industry overview
2.2 Vietnam cement industry – 2.2.4 Scale and market share
Source: VIRAC, GSO
42
Manufacturing enterprises allocation by region, 2016e
Chain allocation by area, 2016
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2. Industry overview
2.2 Vietnam cement industry – 2.2.4 Scale and market share
There are three main groups of cement suppliers in Vietnam:
Source: VIRAC, VNCA
43
Consumption market share of key enterprises, 2017e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
Original production expenses (This division is based on clinker price structure of some leading companies)
Source: VIRAC
44
VND/ton
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Current status of the electricity industry
Source: VIRAC, EVN
Billion kWh
2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
45
Supply-Demand and Power loss, 2011 - 2017e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
46
Source: VIRAC, EVN Source: VIRAC, EVN
Structure of electricity consumption 8/2017eStructure of electricity consumption for 4 major industries,
2016
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Country Average electricity price (VND/kwh)
Source: VIRAC, Eurocham
2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
47
(* Prices are in VND)
Source: VIRAC, EVN
Average electricity price, 1/2007 – 12/2017
Average electricity price in some countries, 2016
Electricity prices in Vietnam are quite low compared to those in other
countries in the Asia-Pacific region.
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The status of the coal industry
Since being a coal exporting country many years ago, in 2014, Vietnam had to
import to serve domestic production needs.
2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
48
Coal reserves by area, 2016
million tons
Forecast for coal supply-demand in the period 2015-2030f
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Coal reserves are becoming less and more difficult to exploit :
Industry profit declines:
2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
49
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Type Unit 2010 2015 2020
Status of limestone resources in Vietnam
2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
50
Source: VIRAC, TKV
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Effect of limestone quality on clinker and cement quality
Mine
Content(%)
2. Industry overview
2.2 Vietnam cement industry – 2.2.5 Input materials
51
Some good limestone areas in the North and Central
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Comparison between rotary kiln and vertical kiln technology when producing 1,000 tons of cement
About raw materials and fuel:
Indicator
Rotary kiln
Vertical kiln (ton)Dry method (ton)
Wet method
(ton)
Source: VIRAC
2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
52
Indicator
Rotary kilnVertical kiln
(ton)Dry method (ton) Wet method (ton)
(*) – Counts for all dust blowers not workingSource: VIRAC
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Total investment rate in machinery and equipment of cement production line
General introduction
Investment rate
In which
Construction
expensesEquipment expenses
Source: VIRAC, Ministry of Construction
2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
53
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Notes:
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2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
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2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
55
Project
Time Origin of equipment Capacity
(million tons
of
cement/year
)
Total fixed
investment
(USD
million)
Total fixed
investment
(VND
billion)
Total investment rate
per ton of cement at
the time of project
implementation
Year
VND/USD
exchange
rate
China,
Vietnam
G7 (EU,
Japan)
VND
millionUSD
Total investment rate for typical projects
Source: VIRAC(*) Direct investigation
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2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
56
Project
Time Origin of equipment Capacity
(million tons
of
cement/year
)
Total fixed
investment
(USD
million)
Total fixed
investment
(VND
billion)
Total investment rate
per ton of cement at
the time of project
implementation
Year
VND/USD
exchange
rate
China,
Vietnam
G7 (EU,
Japan)
VND
millionUSD
Total investment rate for typical projects (continued)
Source: VIRAC(*) Direct investigation
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2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
57
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Comparison between the investment rate of machinery and equipment derived from G7 and from China
• About capacity
No Name of main equipment
G7 China
Design capacity
(ton/hour)
Actual capacity
(ton/hour)
Design capacity
(ton/hour)
Actual capacity
(ton/hour)
Source: VIRAC
2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
58
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• About investment rate
No Name of main equipmentInvestment rate on quipment of
G7 (VND thousand/ton)
Investment rate on quipment of
China (VND thousand/ton)
Source: VIRAC
2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
59
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Causes:
For raw grinding system:
For kiln:
For clinker cooling system & transportation:
Comparison of free lime (Fr.Cao) in clinker fired from Chinese kiln
and G7 kiln
Measurement
time
Fr.CoO level in clinker fired
from G7's kiln (%)
Fr.CoO level in clinker fired
from Chinese kiln (%)
Source: VIRAC
For coal grinding system:
2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
60
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• About maintenance costs
No Name of main equipment G7 China
Source: VIRAC
Conclusion:
2. Industry overview
2.2 Vietnam cement industry – 2.2.6 Production technology
61
Unit: VNDComparison between maintenance costs of China and G7 devices
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2. Industry overview
2.2 Vietnam cement industry – 2.2.7 Supply-Demand
62
Source: VIRAC, VNCA
million tons
* Supply = total output of cement production; Demand = domestic cement consumption + export output of cement, clinker
Cement supply - demand, 2011 - 2017e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.8 Production of Clinker and Cement
million tons
Source: VIRAC, VNCA
63
Source: VIRAC
ProjectCity /
Province
Capacity
(million
tons/year)
Investment time Expected completion
Large cement projects since the beginning of 2017
Cement production volume, 2011 - 2017e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.8 Production of Clinker and Cement
64
Source: VIRAC
Group CompanyCapacity
(million tons)
Source: VIRAC
Group ConpanyCapacity
(million tons)
Large enterprises in the Central in 2017
Source: VIRAC
Group ConpanyCapacity
(million tons)
Large enterprises in the North in 2017
Large enterprises in the South in 2017
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2. Industry overview
2.2 Vietnam cement industry – 2.2.9 Consumption
65
Source: VIRAC, VNCA
million tons Consumption structure by region, 2011 - 2017e
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66
Source: VIRAC, VNCA
Source: VIRAC, VNCASource: VIRAC, VNCA
million tons
million tons
million tons
2. Industry overview
2.2 Vietnam cement industry – 2.2.9 Consumption
Production - Consumption of the North, 2011 - 2017e
Production - Consumption of the South, 2011 -
2017eProduction - Consumption of the Central, 2011 -
2017e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.9 Consumption
Source: VIRAC, VNCA
67
million tons
Source: VIRAC, VNCA
%
Cement consumption growth by region, 2010 - 2017Monthly cement consumption, 1/2016 - 12/2017
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2. Industry overview
2.2 Vietnam cement industry – 2.2.10 Cement and clinker export
68
World’s top 6 largest cement exporting countries 2016e
million tons
Source: VIRAC, VNCA, Uncomtrade
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2. Industry overview
2.2 Vietnam cement industry – 2.2.10 Cement and clinker export
69
million tons
Source: VIRAC, VNCA
Cement clinker exports, 2010 - 2017e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.10 Cement and clinker export
70
The situation of cement export in the upcoming time is forecasted to be more difficult as China's excess cement production and export prices are low,
thus creating fierce competition for Vietnamese export cement.
Thousand tons
Source: VIRAC, GDVC
Cement clinker exports, 1/2015 - 12/2017e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.10 Cement and clinker export
71
Source: VIRAC, GDVC
In 2017, the main export markets for cement and clinker are Bangladesh and the Philippines.
million tons
Export markets for cement and clinker, 2015 - 2017e
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The cement exporters of Vietnam are divided into 2 types:
Cement manufacturers:
Trading company :
Capacity of cement manufacturers for export in 2016
2. Industry overview
2.2 Vietnam cement industry – 2.2.10 Cement and clinker export
Source: VIRAC, VNCA
72
million
tons/year
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In 2017, for the export of cement directly, Vicem Ha Long, Nghi Son and
Thang Long are the three largest exporting enterprises,
Sourcces: VIRAC, VNCA
73
Sources: VIRAC, VNCA
The enterprises export cement directly
, 2017
Exporters of clinker directly, 2017
2. Industry overview
2.2 Vietnam cement industry – 2.2.10 Cement and clinker export
2. Industry overview
2.2 Vietnam cement industry – 2.2.11 Inventories
74
Source: VIRAC, GSO, VNCA
million tons
Inventories in the period 2010 – 2017 increased sharply.
Stock of cement, 2010 - 2017e
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2. Industry overview
2.2 Vietnam cement industry – 2.2.12 Price movement
Cement price in Vietnam is much lower than that of other countries in the region and the world average price.
Source: VIRAC, ICR
75
USD/ton Cement price, 2016
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2. Industry overview
2.2 Vietnam cement industry – 2.2.12 Price movement
Generally in 2017, cement prices are stable compared to 2016 because the price of raw materials and inputs, production costs are stable so the cement
manufacturing factories hold cement price stably.
76
Source: VIRAC, Department of Price
Management
VND thousand/ton
Cement price, 2016
Sale price of cement at some cement companies, 2017
VND thousand/ton
Source: VIRAC, Department of Price
Management
Retail price of cement in the areas, 2017
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Export price
2. Industry overview
2.2 Vietnam cement industry – 2.2.12 Price movement
Source: VIRAC, Department of
Price Management
77
USD/tonExport price of cement and clinker, 6/2015 - 12/2017
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2. Industry overview
2.2 Vietnam cement industry – 2.2.13 Distribution method
Sales through the main distributor
Sales through the project distributor
Source: VIRAC
78
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2. Industry overview
2.2 Vietnam cement industry – 2.2.14 Transport method
Source: VIRAC
79
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List of seaports belonging to cement plants
No. Harbor Seaport Company Challenges:
Source: VIRAC, Bộ GTVT
80
2. Industry overview
2.2 Vietnam cement industry – 2.2.14 Transport method
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81
2. Industry overview
2.1 World cement industry
2.2 Vietnam cement industry
2.3 Industry risk
2.4 Industry planning
2.5 Outlook and forecast
Content
2. Industry overview
2.3 Industry risk – 2.3.1 Main risks
82
- Supply exceeds demand
- Input materials
- Coal subsidies no longer have preferential prices
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- The government no longer provides loan guarantees to cement producers
- Tightening of road tonnage increases transportation costs
2. Industry overview
2.3 Industry risk – 2.3.1 Main risks
83
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The master plan is adjusted to ensure the future of the Vietnamese cement industry
- Risk from debt structure
No Owner Plant
Capacity
(million
tons)
2. Industry overview
2.3 Industry risk – 2.3.1 Main risks
84
List of plants ceased and postponed from the master plan
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- Impact from the progress of the construction industry in Vietnam
2. Industry overview
2.3 Industry risk – 2.3.1 Main risks
85
Progress structure of construction projects 2010 - 2015
Source: VIRAC
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Internal causes of construction industry: Delay and increase costs in construction works in Vietnam
2. Industry overview
2.3 Industry risk – 2.3.1 Main risks
86
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Advantage:
Limitation:
2. Industry overview
2.3 Industry risk – 2.3.2 SWOT analysis
87
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Opportunities:
Challenges:
2. Industry overview
2.3 Industry risk – 2.3.2 SWOT analysis
88
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2. Industry overview
2.3 Industry risk – 2.3.3 5-forces analysis
89
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No Main
enterpri
ses
Product
distinguish
Valuation Target
markets
Distribution channel Supply Ability The intention of the sales strategy
2. Industry overview
2.3 Industry risk – 2.3.3 5-forces analysis
90
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91
2. Industry overview
2.1 World cement industry
2.2 Vietnam cement industry
2.3 Industry risk
2.4 Industry planning
2.5 Outlook and forecast
Content
2. Industry overview
2.4 Industry planning – 2.4.1 Cement industry planning
Decision No. 1488/QD-TTg of the Prime Minister approving the planning on development of Vietnam cement industry.
92
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Year Cement demand
(million tons)
2. Industry overview
2.4 Industry planning – 2.4.1 Cement industry planning
93
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Decision No:356/QD-TTg planning on development of Vietnam's land road transport till 2020 and orientation to 2030
2. Industry overview
2.4 Industry planning – 2.4.2 Construction and real estate industry planning
94
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Decision No. 445 / QD-TTg approving the adjustment of orientations for master planning for development of Vietnam's urban system up to 2025 with a vision to
2050
2. Industry overview
2.4 Industry planning – 2.4.2 Construction and real estate industry planning
95
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2. Industry overview
2.4 Industry planning – 2.4.2 Construction and real estate industry planning
96
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Decision No. 2127/QD-TTg approving National housing development strategy up to 2020 with vision to 2030:
2. Industry overview
2.4 Industry planning – 2.4.2 Construction and real estate industry planning
97
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Outlook of the construction and real estate industry:
2. Industry overview
2.4 Industry planning – 2.4.2 Construction and real estate industry planning
98
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99
2. Industry overview
2.1 World cement industry
2.2 Vietnam cement industry
2.3 Industry risk
2.4 Industry planning
2.5 Outlook and forecast
Content
2. Industry overview
2.5 Outlook and forecast – 2.5.1 Driving forces of industry development
100
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2. Industry overview
2.5 Outlook and forecast – 2.5.2 Driving forces of output industry development
101
Population growth, 2011 – 2017e
Forecast for value of construction and infrastructure,
2010 – 2022f
Source: VIRAC
Source: VIRAC, GSO
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2. Industry overview
2.5 Outlook and forecast – 2.5.3 World forecast – Ministry of Industry and Trade
102
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2. Industry overview
2.5 Outlook and forecast – 2.5.3 World forecast – Ministry of Industry and Trade
Market trend of the cement industry is determined by the development trend of the construction industry.
103
USD million
Source: VIRAC, IMARC
The value of the global cement industry, 2017e -
2022e
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Forecast for supply and demand, domestic prices
2. Industry overview
2.5 Outlook and forecast – 2.5.4 Domestic forecast
104
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2. Industry overview
2.5 Outlook and forecast – 2.5.4 Domestic forecast
105
million tons
Source: VIRAC
Forecast for cement industry, 2017e - 2020e
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Forecast for M&A trend:
2. Industry overview
2.5 Outlook and forecast – 2.5.4 Domestic forecast
106
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M&A activities of cement industry in 2017:
107
2. Industry overview
2.5 Outlook and forecast – 2.5.4 Domestic forecast
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Content
3. Enterprise analysis
3.1 Profitability
3.2 Performance efficiency
3.3 Financial strength
3.4 Return on investment
108
3. Enterprise analysis
3.1 Typical enterprises in 2015
Name of enterprise Classification Address
Charter
capital
(VND
million)
Revenue in 2016
(VND million)
1 Ha Tien 1 Cement Joint Stock Company
2 The Vissai Cement Corporation
3 Nghi Son Cement Company
4 VICEM Hoang Thach Cement Company Limited
5 Bim Son Cement Joint Stock Company
6 VICEM But Son Cement Joint Stock Company
7 Thang Long Cement Joint Stock Company
8VICEM Hoang Mai Cement Joint Stock
Company
9Quang Ninh Cement and Construction Joint
Stock Company
10 Sai Son Cement Joint Stock Company
Top 10 cement enterprises with the highest revenue in 2016
Source: VIRAC
109
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3. Enterprise analysis
Ha Tien 1 Cement Joint Stock Company
110
Ha Tien 1 Cement Joint Stock Company
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3. Enterprise analysis
The Vissai Cement Corporation
111
The Vissai Cement Corporation
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3. Enterprise analysis
Nghi Son Cement Company
112
Nghi Son Cement Company
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3. Enterprise analysis
VICEM Hoang Thach Cement Company Limited
113
VICEM Hoang Thach Cement Company Limited
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3. Enterprise analysis
Bim Son Cement Joint Stock Company
114
Bim Son Cement Joint Stock Company
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3. Enterprise analysis
VICEM But Son Cement Joint Stock Company
115
VICEM But Son Cement Joint Stock Company
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3. Enterprise analysis
Thang Long Cement Joint Stock Company
116
Thang Long Cement Joint Stock Company
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3. Enterprise analysis
VICEM Hoang Mai Cement Joint Stock Company
117
VICEM Hoang Mai Cement Joint Stock Company
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3. Enterprise analysis
Quang Ninh Cement and Construction Joint Stock Company
118
Quang Ninh Cement and Construction Joint Stock Company
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3. Enterprise analysis
Ha Tien 1 Cement Joint Stock Company
119
Sai Son Cement Joint Stock Company
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Content
3. Enterprise analysis
3.1 Profitability
3.2 Performance efficiency
3.3 Financial strength
3.4 Return on investment
120
3. Enterprise analysis
3.1. Profitability
121
Source: VIRAC
VND million Net revenue growth, 2015 - 2016
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3. Enterprise analysis
3.1. Profitability
122
Source: VIRAC
VND millionGross profit growth, 2015 - 2016
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Content
3. Enterprise analysis
3.1 Profitability
3.2 Performance efficiency
3.3 Financial strength
3.4 Return on investment
123
3. Enterprise analysis
3.2 Performance efficiency
Source: VIRAC
124
Source: VIRAC
Unit: times Unit: times
Fixed asset turnover, 2015 - 2016Total asset turnover, 2015 - 2016
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3. Enterprise analysis
3.2 Performance efficiency
125
Source: VIRAC
Unit: timesInventory turnover, 2015 - 2016
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Content
3. Enterprise analysis
3.1 Profitability
3.2 Performance efficiency
3.3 Financial strength
3.4 Return on investment
126
3. Enterprise analysis
3.3. Financial strength
127
Source: VIRAC
Payment ratio, 2015 - 2016
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3. Enterprise analysis
3.3. Financial strength
128
Source: VIRAC
Solvency, 2015 - 2016
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Content
3. Enterprise analysis
3.1 Profitability
3.2 Performance efficiency
3.3 Financial strength
3.4 Return on investment
129
3. Enterprise analysis
3.4 Return on investment
130
Source: VIRAC
%Profit ratio, 2015 - 2016
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131
4. Appendix
4.1 Update of projects invested in the period 2011-2030
4.2 Portfolio of infrastructure projects in the period 2010-2030
4.3 Financial statements
Content
132
No Project Address Investor
Capacity
(ton/year) (only
rotary kiln)
Progress
4. Appendix
4.1 Update of projects invested in the period 2011-2030
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133
No Project Address Investor
Capacity
(ton/year) (only
rotary kiln)
Progress
4. Appendix
4.1 Update of projects invested in the period 2011-2030
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134
No Project Address Investor
Capacity
(ton/year) (only
rotary kiln)
Progress
4. Appendix
4.1 Update of projects invested in the period 2011-2030
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135
No Project Address InvestorCapacity (ton/year)
(only rotary kiln)Progress
4. Appendix
4.1 Update of projects invested in the period 2011-2030
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136
4. Appendix
4.1 Update of projects invested in the period 2011-2030
4.2 Portfolio of infrastructure projects in the period 2010-2030
4.3 Financial statements
Content
4. Appendix
4.2 Portfolio of infrastructure projects in the period 2010-2030
No Seaport City / Province Economic zoneValue (USD
million)Status Period
137
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No Power plant and transmission gridCity /
ProvinceEconomic zone
Value
(USD
million)
Status Period
138
4. Appendix
4.2 Portfolio of infrastructure projects in the period 2010-2030
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No RailwayCity /
ProvinceEconomic zone Status Status Period
139
4. Appendix
4.2 Portfolio of infrastructure projects in the period 2010-2030
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No Bridge and roadCity /
ProvinceEconomic zone
Value (USD
million)Status Period
140
4. Appendix
4.2 Portfolio of infrastructure projects in the period 2010-2030
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No Water supply and wastewater treatmentCity /
ProvinceEconomic zone
Value
(USD million)Status Period
141
4. Appendix
4.2 Portfolio of infrastructure projects in the period 2010-2030
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No Petroleum pipeline City / Province Economic zoneValue
(USD million)Status Period
142
4. Appendix
4.2 Portfolio of infrastructure projects in the period 2010-2030
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143
4. Appendix
4.1 Update of projects invested in the period 2011-2030
4.2 Portfolio of infrastructure projects in the period 2010-2030
4.3 Financial statements
Content
4. Appendix
4.3 Financial statements - Ha Tien 1 Cement Joint Stock Company
BALANCE SHEET
Unit: VND million 2015 2016
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivables from customers
IV. Inventories
B. LONG-TERM ASSETS
I. Long-term receivables
II. Fixed assets
1. Tangible fixed assets
2. Intangible fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
1. Short-term Borrowings and Liabilities
2. Taxes and other payables to the State budget
II. Long-term liabilities
1. Long-term borrowings and liabilities
2. Long-term provisions for payables
B. OWNER'S EQUITY
TOTAL LIABILITIES AND OWNER'S EQUITY
144
INCOME STATEMENT
Unit: VND billion 2015 2016
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND billion 2015 2016
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
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4. Appendix
4.3 Financial statements – Vissai Ninh Binh Cement Corporation
BALANCE SHEET
Unit: VND million
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivables from customers
IV. Inventories
B. LONG-TERM ASSETS
I. Long-term receivables
II. Fixed assets
1. Tangible fixed assets
2. Intangible fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
1. Short-term Borrowings and Liabilities
2. Taxes and other payables to the State budget
II. Long-term liabilities
1. Long-term borrowings and liabilities
2. Long-term provisions for payables
B. OWNER'S EQUITY
TOTAL LIABILITIES AND OWNER'S EQUITY
145
INCOME STATEMENT
Unit: VND billion 2015 2016
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND billion 2015 2016
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
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4. Appendix
4.3 Financial statements - Nghi Son Cement Company
BALANCE SHEET
Unit: VND million 2015 2016
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivables from customers
IV. Inventories
B. LONG-TERM ASSETS
I. Long-term receivables
II. Fixed assets
1. Tangible fixed assets
2. Intangible fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
1. Short-term Borrowings and Liabilities
2. Taxes and other payables to the State budget
II. Long-term liabilities
1. Long-term borrowings and liabilities
2. Long-term provisions for payables
B. OWNER'S EQUITY
TOTAL LIABILITIES AND OWNER'S EQUITY
146
INCOME STATEMENT
Unit: VND billion 2015 2016
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND billion 2015 2016
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
4. Appendix
4.3 Financial statements - VICEM Hoang Thach Cement Company
BALANCE SHEET
Unit: VND million 2015 2016
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivables from customers
IV. Inventories
B. LONG-TERM ASSETS
I. Long-term receivables
II. Fixed assets
1. Tangible fixed assets
2. Intangible fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
1. Short-term Borrowings and Liabilities
2. Taxes and other payables to the State budget
II. Long-term liabilities
1. Long-term borrowings and liabilities
2. Long-term provisions for payables
B. OWNER'S EQUITY
TOTAL LIABILITIES AND OWNER'S EQUITY
147
INCOME STATEMENT
Unit: VND billion 2015 2016
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND billion 2015 2016
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
4. Appendix
4.3 Financial statements - Bim Son Cement Joint Stock Company
BALANCE SHEET
Unit: VND million 2015 2016
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivables from customers
IV. Inventories
B. LONG-TERM ASSETS
I. Long-term receivables
II. Fixed assets
1. Tangible fixed assets
2. Intangible fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
1. Short-term Borrowings and Liabilities
2. Taxes and other payables to the State budget
II. Long-term liabilities
1. Long-term borrowings and liabilities
2. Long-term provisions for payables
B. OWNER'S EQUITY
TOTAL LIABILITIES AND OWNER'S EQUITY
148
INCOME STATEMENT
Unit: VND billion 2015 2016
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND billion 2015 2016
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
4. Appendix
4.3 Financial statements - VICEM But Son Cement Joint Stock Company
BALANCE SHEET
Unit: VND million 2015 2016
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivables from customers
IV. Inventories
B. LONG-TERM ASSETS
I. Long-term receivables
II. Fixed assets
1. Tangible fixed assets
2. Intangible fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
1. Short-term Borrowings and Liabilities
2. Taxes and other payables to the State budget
II. Long-term liabilities
1. Long-term borrowings and liabilities
2. Long-term provisions for payables
B. OWNER'S EQUITY
TOTAL LIABILITIES AND OWNER'S EQUITY
149
INCOME STATEMENT
Unit: VND billion 2015 2016
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND billion 2015 2016
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
4. Appendix
4.3 Financial statements – Thang Long Cement Joint Stock Company
BALANCE SHEET
Unit: VND million 2015 2016
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivables from customers
IV. Inventories
B. LONG-TERM ASSETS
I. Long-term receivables
II. Fixed assets
1. Tangible fixed assets
2. Intangible fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
1. Short-term Borrowings and Liabilities
2. Taxes and other payables to the State budget
II. Long-term liabilities
1. Long-term borrowings and liabilities
2. Long-term provisions for payables
B. OWNER'S EQUITY
TOTAL LIABILITIES AND OWNER'S EQUITY
150
INCOME STATEMENT
Unit: VND billion 2015 2016
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND billion 2015 2016
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
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4. Appendix
4.3 Financial statements - VICEM Hoang Mai Cement Joint Stock Company
BALANCE SHEET
Unit: VND million 2015 2016
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivables from customers
IV. Inventories
B. LONG-TERM ASSETS
I. Long-term receivables
II. Fixed assets
1. Tangible fixed assets
2. Intangible fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
1. Short-term Borrowings and Liabilities
2. Taxes and other payables to the State budget
II. Long-term liabilities
1. Long-term borrowings and liabilities
2. Long-term provisions for payables
B. OWNER'S EQUITY
TOTAL LIABILITIES AND OWNER'S EQUITY
151
INCOME STATEMENT
Unit: VND billion 2015 2016
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND billion 2015 2016
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
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4. Appendix
4.3 Financial statements - Quang Ninh Cement and Construction Joint Stock Company
BALANCE SHEET
Unit: VND million 2015 2016
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivables from customers
IV. Inventories
B. LONG-TERM ASSETS
I. Long-term receivables
II. Fixed assets
1. Tangible fixed assets
2. Intangible fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
1. Short-term Borrowings and Liabilities
2. Taxes and other payables to the State budget
II. Long-term liabilities
1. Long-term borrowings and liabilities
2. Long-term provisions for payables
B. OWNER'S EQUITY
TOTAL LIABILITIES AND OWNER'S EQUITY
152
INCOME STATEMENT
Unit: VND billion 2015 2016
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND billion 2015 2016
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
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4. Appendix
4.3 Financial statements - Sai Son Cement Joint Stock Company
BALANCE SHEET
Unit: VND million 2015 2016
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
1. Receivables from customers
IV. Inventories
B. LONG-TERM ASSETS
I. Long-term receivables
II. Fixed assets
1. Tangible fixed assets
2. Intangible fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
1. Short-term Borrowings and Liabilities
2. Taxes and other payables to the State budget
II. Long-term liabilities
1. Long-term borrowings and liabilities
2. Long-term provisions for payables
B. OWNER'S EQUITY
TOTAL LIABILITIES AND OWNER'S EQUITY
153
INCOME STATEMENT
Unit: VND billion 2015 2016
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND billion 2015 2016
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
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REPORT DISCLAIMER
Report disclaimer
This document has been prepared in good faith on the basis of information available at the date of publication without any
independent verification. VIRAC has produced this report for private circulation to professional clients only. All information and
statistical data herein have been obtained from sources we believe to be reliable and made to ensure the accuracy of the contents of
the pages of the report at the time of preparation. Such information has not been independently verified and VIRAC makes no
representation or warranty, whether express or implied, of any kind with respect to the document and its contents, information and
materials. The content found in this report is proprietary to VIRAC and is provided solely for your personal and non-commercial use.
You agree that you will not use this report for any purpose that is unlawful and that you will not reproduce the report or redistribute it
outside your organization, or place it on a website for public access without the express written permission of VIRAC.
SHOULD YOU NEED ANY ASSISTANCE, PLEASE CONTACT US:
VIETNAM INDUSTRY RESEARCH AND CONSULTANCY (VIRAC JSC.,)
6Mh Floor, Anh Minh Building, 36 Hoang Cau, O Cho Dua, Dong Da, Hanoi, Vietnam
Website: http://virac.com.vn/
Email: [email protected] | Tel: +84 463289520
Thank you !
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