VIETNAM REAL ESTATE REPORT Q1/2019 · 2019. 3. 15. · VIETNAM REAL ESTATE REPORT Q1/2019. 2 ... In...

1

VIETNAM REAL ESTATE REPORT Q1/2019

2

Executive summary 4 3.3.1 Real estate for rent 43

1. Business environment 7 3.3.2 Real estate for sale 70

1.1 Macroeconomic situation 7 3.4 Risks and challenges 83

1.2 Legal framework 11 3.4.1 Risks 84

1.3 Impact of trade agreements 21 3.4.2 Challenges 87

2. World Real Estate Market 24 3.4.3 SWOT 89

2.1 Real estate market in some countries in the world 24 3.5 Housing development planning 90

2.2 Real estate market in some countries in the region 30 3.6 Driving forces 92

3. Vietnam Real Estate Market 33 3.7 M&A trend 102

3.1 Industry concepts and characteristics 33 4. Enterprise analysis 107

3.2 The period of volatility of Vietnam Real Estate Market 38 5. Appendix 136

3.3 Movement of the real estate market 42 Financial statements 137

Content

3

RS Real estate

MC Ministry of Construction

FIA Foreign Investment Agency

GSO General Statistics Office

VNAT Vietnam National Administration of Tourism

VNREA Vietnam Real Estate Association

VIRAC Vietnam Industry Research And Consultant JSC

Abbreviations

4

Vietnam after a long time developed the

"bubble" with the virtual price and then fall into

recession, house prices gradually return to real

value.

Vietnam is one of the most attractive

destinations for retailers in Southeast Asia due

to the booming economy.

Executive summary

Content is intentionally removed for demo purpose

5

Executive summary

With an export-oriented economy, with

exports accounting for a significant portion of

80% of nominal GDP,

The rate of GDP growth over the years and

policies to attract investment, as well as

tourists in recent years, is driving forces for the

hotel market in Vietnam.


6

Vietnam is seen as an attractive market

compared to other ASEAN countries,

In addition, the former when the retail market

of Vietnam with only three big men in the

industry such as Metro, Big C or Saigon Co.op,

has formed and developed with many big

names in the domestic retail industry

Executive summary


7

1. Business environment

1.1 Macroeconomic situation

1.2 Legal framework

1.3 Impact of trade agreements

Content



8

Source: VIRAC, GSO

Source: VIRAC, GSO

CPI fluctuations by month, 1/2015 –

12/2018

GDP growth by quarter, 2015 –2018


9

Source: VIRAC, GSO



Source: VIRAC, GSO

CPI by commodity group, 2018

Consumer Confidence Index, 2014 –2018


10



Source: VIRAC, GSO

Source: VIRAC, FIA

FDI, 2014 –2018e USD billion

Average lending interest rate applied to USD, 2011 – 2018


11



1.2 Legal framework


Content

12


1.2 Legal framework


Real estate business law effective from 1 July 2015 has some notable changes as follows:

Sale or lease of houses to be formed in the future, investors must be guaranteed by credit institutions:

Real estate business must establish enterprise:

Investors of real estate projects are allowed to transfer all or part of the project

Disclaiming that all real estate transactions must be through a real estate trading platform:

13


1.2 Legal framework


Handling the recovery of real estate projects:

The Vietnam Bank for Social Policies (VBSP) will mobilize capital and provide loans to implement social support policies:

Expanding the scope of real estate business activities of domestic organizations and individuals:

14


1.2 Legal framework


The 2014 Revised Housing Law, effective from July 1, 2015, has some noteworthy points:

Foreigners are allowed to buy and own houses in Vietnam:

Expanding the beneficiaries of social support policies :

15


1.2 Legal framework


16


1.2 Legal framework

Circular 06/2016 amending and supplementing some articles of Circular 36/2014/TT-NHNN

A detailed walk-through map is included in the flat area and the sections

are not included.

Source: VIRAC, Circular 03/2014/TT-BXD)


17


1.2 Legal framework

On 12/15/2016, Circular No. 28/2016/TT-MC


18


1.2 Legal framework

The Ministry of Construction has issued two circulars effective from the beginning of February 1977 relating to apartment buildings and real estate

brokers:


19


1.2 Legal framework


General regulations

On 13/4/2018, the Ministry of Finance announced the draft report submitted to the Government on the proposal for the draft property Tax Law.

20


1.2 Legal framework


21



1.2 Legal framework


Content



22

Vietnam's integration process since 1995 to present

By the end of 2018, Vietnam has signed, implemented, and is negotiating a total of 17 free trade agreements (FTAs).


23



Trans-Pacific Partnership Agreement - TPP:


24

2. World Real Estate Market

2.1 Real estate market in some countries in the world

2.2 Real estate market in some countries in the region

Content

25

US Real estates

Source: VIRAC, National Association of Realtors

USD



House price movement in the US, , 5/2012 – 12/2018


26



Total investment capital in global real estate market, 2008-2017Billion

USD

Source: VIRAC, Statista


27




In Europe:

Ireland’s real estate market:

UK’s real estate market :

28




Germany’s real estate market:

Russia’s real estate market :

29




In Asia and Oceania:

Australia’s real estate market:

New Zealand’s real estate market:

China’s real estate market:

30

In the Middle East housing market:




31




Content

32




In ASEAN countries:

Myanmar’s real estate market:

.

Indonesia’s real estate market:

33

Source: VIRAC, numbeo.com

Home/income price indices in some Asian countries, 2019




Malaysia’s real estate market:

34

3. Vietnam Real Estate Market

3.1 Industry concepts and characteristics

3.2 The period of volatility of Vietnam Real Estate Market

3.3 Movement of the real estate market

3.4 Risks and challenges

3.5 Housing development planning

3.6 Driving forces

3.7 M&A trend

Content

35



Overview of real estate market


36

According to the Department of Housing Management - Ministry of Construction real estate is divided into three categories:




37

Basic characteristics of real estate




38

Characteristics of investment in real estate business in Vietnam




39



Source: VIRAC, GSO

Source: VIRAC, GSO

Number of enterprises in Vietnam real estate business, 2010-2017

Number of labours in Vietnam real estate business, 2010-2017

Vietnam real estate business’s revenue, 2010-2017

40



Billion

VND

Source: VIRAC, GSO Source: VIRAC, GSO

Vietnam real estate business’s before-tax profit, 2010-2017

41







3.6 Driving forces

3.7 M&A trend

Content

42

Periods of real estate in Vietnam

Source: VIRAC





43

Before 1990:

The first real estate fever (1993-1994):

The first freeze (1995-1999):

The second real estate fever (2001-2002):




44

The second freeze (2002-2006):

The third real estate fever (2007-2009):

The third freeze (2009-2013):

2014 – now:




45







3.6 Driving forces

3.7 M&A trend

Content

46

Vietnam's economy is on a growth trajectory in terms of GDP and other economic indicators. Personal income and family expenses are gradually

improving which also has a positive impact on the retail real estate market.

Forecast:


3.3 Movement of the real estate market - 3.3.1 Real estate for rent – Retail market

Retail market


47

Retail market – Hanoi

Source: VIRAC, VNREA

m²

Typical projects are scheduled for 2019-2020




Total supply by category, Q4/2018


48





Supply structure by region, Q4/2018

Vacancy rates and rental prices, Q4/2018


49

The area of supply for commercial centers always accounts for a large

proportion of over xx% of the retail supply area.



Thousand m²

USD/ m²/ month



Rental supply of commercial center, 2010-2018

Rental price and vacancy rates of commercial center, 2010-2018


50

m²





Retail market – Ho Chi Minh city Total supply, Q4/2018

Retail supply structure by region, Q4/2018


51

Typical projects are expected to be completed in 2019-2020





VND/m²/monthVacancy rate and rental prices, Q4/2018


52



Thousand m²

USD/ m²/ month



Supply of commercial center for lease 2007-2018

Rental price and vacancy rate of commercial centers, 2009-2018


53

Source: VIRAC tổng hợp, VNREA



Structure of retail area for rent by purpose, 2015 Structure of retail area for rent by purpose, 2018

Source: VIRAC tổng hợp, VNREA

Lĩnh vực F&B ngày càng chiếm tỉ trọng cao hơn trong trung tâm thương mại.


54

Office market


3.3 Movement of the real estate market - 3.3.1 Real estate for rent – Office market

Content is intentionally removed for demo purposeForecast:

55

Thousand m²



Thousand m²



Office market – Hanoi New supply and vacancy rate of grade A offices, 2010-2018

Total supply by region,Q4/2018


56


USD/m²/month


USD/ m²/ month

Typical projects under construction, 2019




Average rental price by area, Q4/2018

Office rental price, Q1/2015-Q4/2018


57



Big office deals (>1,000m²) in Hanoi, 2018

Source: VIRAC , VNREA


Structure of office for rent by industry, 2018


58

Office market – TP.HCM

Thousand m²



Thousand m²



USD

Office supply and vacancy rate, Q1/2016-Q4/2018

Total supply and rental price by category, Q4/2018


59

Typical projects under construction



USD/ m²/ month



Office rental price, Q1/2015-Q4/2018


60






Big office deals in HCMC, 2018

Structure of office for rent by industry, 2018 Structure of co-working space for rent by enterprise, 2018


61

Forecast:


3.3 Movement of the real estate market - 3.3.1 Real estate for rent – Industrial zone market

Industrial zone market


62

Industrial zone market – HanoiHa



VND thousand/ m²/ lease term



Rental price by area, Q4/2018

Total Supply by Region, Q4/2018


63


Typical projects in the period 2018-2020




64



Ha


USD/ m²/ lease term USD/ m²/ month


Northern Industrial Zone

Average rental price for the Northern

Industrial Zone, Q4/2018

Total supply and vacancy rate of Northern Industrial

Zone, Q4/2018


65



VND thousand/ m²/ lease term

Ha



Industrial zone market – Ho Chi Minh cityTotal supply and vacancy rate, Q4/2018

Rental price by area, Q4/2018


66


Typical projects in the period 2018-2025




Vacancy rate, 2011- 2018


67

There is a continuous increase in demand

Source: VIRAC, VNREA Source: VIRAC, VNREA

USD/m²/lease termUSD/m²/month

Rental price for land by area, 2011 – 2018



Rental price for factories available, 2011 – 2018


68

Apartment for rent is the main segment serving foreigners living and working in Vietnam.

Forecast:


3.3 Movement of the real estate market - 3.3.1 Real estate for rent – Apartment for rent

Apartment for rent


69



Apartment

USD/m²/month



Apartment for rent – Hanoi Total Supply by Category, 2005- 2018

Apartment rental price by category, Q1/2013- Q4/2018


70


USD/ apartmenM/

month

Typical Serviced Apartments in Hanoi, 2019

Source: VIRAC



Apartment rental price and rental capacity, Q1/2015- Q4/2018


71

Apartment for rent – Ho Chi Minh city


Apartment


Typical projects under construction, 2019



Total supply of apartments for rent, Q1/2015- Q4/2018


72


USD/m²/month



Apartment rental prices by class, Q4/2016- Q4/2018


73

Forecast:


3.3 Movement of the real estate market - 3.3.1 Real estate for rent – Hotel market

Hotel market


74



USD/room/night

Room



Hotel market – Hanoi Hotel total supply, Q1/2016 – Q4/2018

Rental price and capacity, Q1/2016- Q4/2018


75

Rental price and capacity, Q4/2018

VND thousand/room/night



VND

thousand/room/night



Room

Hotel market – Ho Chi Minh city


Average rental price and capacity, Q1/2016- Q4/2018

Hotel total supply, Q1/2015 – Q4/2018


76

Forecast:


3.3 Movement of the real estate market - 3.3.2 Real estate for sale – Apartment for sale

Apartment for sale


77

Thousand m²




Apartment for sale – Hanoi

The housing market has increased sharply since 2013.

Housing supply in Hanoi, 2008- 2018


78

Both primary and secondary market prices showed signs of a rise from

2014 to 2015 due to the recovery of the market.




Price fluctuation of apartment for sale, Q1/2008 – Q4/2018


79


Typical projects are projected to complete



Project Investor LocationCompletion

time

Number of

Apartments

Selling price

(USD/m²)


80


Apartment



Apartment for sale – Ho Chi Minh city New supply and number of apartments sold,

2010- 2018


81

USD/m²


USD/m²




High-end apartment segment's price, 2010- 2018Offer price for apartment in Ho Chi Minh City, Q1/2015 –

Q4/2018


82

Project Investor LocationCompletion

time

Number

of

apartme

nts

Selling

price

(USD/m²)




* Selling price does not include taxes and discounts.

Typical projects are open for sale


83

Source: VIRAC

BankInterest

rate(*)

Maximum

loan(**)

Maximum

repayment period

(years)

Lending rates of commercial banks, Q4/2018

If popular-segment customers mainly buy to stay, luxury-segment

customers still mainly have money to buy for investment or wait for selling

out.




Structure of buying houses by purpose in HCM, 2016


84


3.3 Movement of the real estate market - 3.3.2 Real estate for sale – Villa and townhouse market

Villa and townhouse market


85





Villa and townhouse market - HanoiApartment

Total villa/townhouse supply, Q1/2015- Q4/2018

Price fluctuation of villas and townhouses,

Q1/2014- Q4/2018


86



Project Investor Location Completion time Number of

apartments

Selling price

(USD/m² )

Typical projects are expected to to complete

Source: VIRAC


87




Villa and townhouse market - Ho Chi Minh city

ApartmentTotal villa/townhouse supply, Q1/2014- Q4/2018


From 2019 to 2020, it is predicted that xx,xxx villas/townhouses will be supplied on the market.

88



Project Investor Location Completion

time

Number of

apartments

Selling price

(USD/m² )

Typical projects are expected to complete

Source: VIRAC


89







3.6 Driving forces

3.7 M&A trend

Content

90

The subjective risks from the investor side


3.4 Risks and challenges – 3.4.1 Risks


91


3.4 Risks and challenges – 3.4.1 Risks

Objective risks from macro elements


92


No. City, country

name

Country House price on

income (times)

20 cities with the highest average income per capita in 2017 in

the world


Time

House price on income in Vietnam, 2011 – 2017


3.4 Risks and challenges – 3.4.2 Challenges


93

Source: VIRAC, MOC

VND trillion



Stock value of real estate, 6/2015-11/2018


94




95

S W

O T


3.4 Risks and challenges – 3.4.3 SWOT


96







3.6 Driving forces

3.7 M&A trend

Content

97

On 11/30/2011, the Prime Minister approved and approved Decision No. 2127/QD-TTg on national housing development strategy to 2020 and vision

to 2030:


3.5 Planning


98







3.6 Driving forces

3.7 M&A trend

Content

99

In South East Asia

Vietnam

Area of land

Area of sea

Population (2017)

GDP (2017)

Income per capita (2017)

GDP growth rate (2017)

Vietnam


3.6 Driving forces – Geographical location


Hà Nội

Trường Sa

Đồng Nai

Phú Yên

Khánh Hòa

Đồng Tháp

An Giang

CàMau

Bắc Ninh

Hải Phòng

Hoàng Sa

Bình Định

Bình Phước

Hồ ChíMinh

Tiền Giang

Bến Tre

Thanh Hóa

Cần Thơ

Hưng Yên

Nam Định

10

0


3.6 Driving forces – Geographical location

Population distribution in Vietnam


101

Proportion of logistics cost in Vietnam’s GDP in 2016,

compared to other countries

Source: VIRAC collects


3.6 Driving forces – Infrastructure

Content is intentionally removed for demo purposeInvest capital in types of transportation,2010-2015

102

Source: VIRAC, World Bank


3.6 Driving forces – Infrastructure


Source: VIRAC, World Bank Source: VIRAC, World Bank

LPI Index ranks of ASEAN countries, 2010-2018

LPI Index rank of Vietnam, 2007- 2018

103

Largest urban areas of Vietnam

Estimated 2017

Rank City name Under

Population

(million

people)

Source: VIRAC


3.6 Driving forces – Advantages of infrastructure and population


104

Level of urbanization, 2010 - 2017

Disposable income and household expenditures, 2008 – 2017f

Source: VIRAC, GSO

Source: VIRAC, GSO


3.6 Driving forces – Urbanization rate and disposable income


105

Source: VIRAC, MOC

VND trillion

Source: VIRAC, MOC


3.6 Driving forces – Outstanding credit of real estate

Outstanding credit of Real estate, 12/2012-12/2018

Structure of real estate credit balance, 2018


106

Structure of population by stratification (expenditure), 2013 – 2020f

Source: VIRAC, BCG

Million people

Source: VIRAC


3.6 Driving forces – The development of the middle class and consumer confidence index


107

Vietnam is one of the fastest growing travel destinations in Southeast

Asia

Source: VIRAC, TCDL

Million people


3.6 Driving forces – Tourism potential

Number of tourists, 2011-2018


108


3.6 Driving forces – Tourism potential


Vietnam’s revenue in real estate business, 2010-2022f

Source: VIRAC, TCDL

109







3.6 Driving forces

3.7 M&A trend

Content

110

In 2018, real estate market witnessed many large-sacle M&A transactions of over x billion USD.


3.7 M&A trend


111


3.7 M&A trend


Outstanding M&A transactions in real estate business in 2018

112

4. Enterprise analysis

Content

3. Types of real estate

Real estate enterprise analysis

Vingroup - JSC

Vinhomes Sky Lake, Pham Hung-Nam Tu Liem-Hanoi, Vingroup

100


114

Overview of FLC Group:

Five-star resort and golf complex Quy Nhon, Binh Dinh




115

Kinh Bac City Development Corporation



Que Vo Industrial Park, Que Vo District, Bac Ninh Province, KBC


116

Nova Real Estate Investment Corporation:



Residential project in Richstar, Tan Phu, HCMC, Novaland


117

Khang Dien House Trading and Investment Joint Stock Company



Lucasta Villa, District 9, Ho Chi Minh City


Nam Long Investment Corporation

118



Camellia and Ehome, Nam Long


119

Phat Dat Real Estate Development Joint Stock Company



Residential area of EverRich 2 (River City), District 7, HCMC, Phat Dat real

estate development


120



Quoc Cuong Gia Lai Joint Stock Company

Quoc Cuong Gia Lai Residence


121



Green Land Real Estate Group:

Sunview Town Residence – Dat Xanh Group


122



Binh Duong Business and Development Joint Stock Company (TDC):

TDC Plaza apartment building in Binh Duong, Hoa Phu, Thu Dau Mot,

Binh Duong


Overview of AEON Group and AEON MALL Vietnam Co., Ltd Major shopping centers of AEON in Vietnam

Location Shopping center Floor square Total investment



123


124

Overview of Lotte Group



Hanoi

Hoàng Sa

Hồ Chí Minh

Trường SaCần Thơ

Phú Quốc

Vũng Tàu

Đà Nẵng


125

MEGA MARKET VIET NAM COMPANY LIMITED (formerly METRO Cash &

Carry VIETNAM)




126

Overview of BIG C




127

Vincom Retail Joint Stock Company:




128

Vincom Plaza Shopping Center




129

Sai Gon Co.op. Investment and Development Joint Stock Company




130

TOP REAL ESTATE ENTERPRISES WITH HIGHEST REVENUE 2017

Enterprise Location Tax codeTotal assets

(VND million)

Net revenue

(VND million)




131

3. Real estate enterprise analysis

Target group of business results

VND million

Source: VIRAC

Net revenue growth, 2016 - 2017


132



Source: VIRAC

VND

million

Gross profit growth, 2017


133



Source: VIRAC

Liquidity ratio, 2017


134



Source: VIRAC

Receivable turnover, 2016 - 2017


135


Financial indicators

Source: VIRAC

Solvency. 2017


136

Source: VIRAC

Source: VIRAC

Asset turnover ratio, 2017

Fixed asset turnover, 2017




137

Source: VIRAC

Source: VIRAC

Enterprise management expenses/ Net revenue, 2016 - 2017

Interest Expense/Net revenue, 2016 - 2017




138

Source: VIRAC

Sale expenses/ Net revenue, 2016 - 2017




139

Source: VIRAC

Profit ratio , 2017




140


Retail enterprises

Source: VIRAC

Distribution of supermarkets in Vietnam, by region,

2017

Content is intentionally removed for demo purposeRetail market share in Vietnam, 2016

Source: VIRAC

141

5. Appendix

Content

142

BALANCE SHEET

Unit: VND million 2016 2017

A. CURRENT ASSETS

I. Cash and cash equivalents

II. Short-term financial investments

III. Short-term receivables

1. Customer receivables

IV. Inventory

B. NON-CURRENT ASSETS

TOTAL ASSETS

A. LIABILITIES

I. Short-term debt

1. Short-term debt and loan

2. Taxes and amounts payable to the state

II. Long-term debt

1. Long-term debt and loan

2. Long-term provisions

B. EQUITY

TOTAL SOURCES

REPORT ON BUSINESS RESULTS


Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses

General and administrative expenses

Net profit from business activities

Gross accounting profit before tax

Current corporate income tax expense

Deferred corporate income tax expenses

Profit after tax

Appendix

Financial statements

Vingroup


143

No-Va Real Estate Investment Corporation

Appendix


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventory


TOTAL ASSETS

A. LIABILITIES

I. Short-term debt



II. Long-term debt



B. EQUITY

TOTAL SOURCES



Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses






Profit after tax


144

FLC Group

Appendix


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventory


TOTAL ASSETS

A. LIABILITIES

I. Short-term debt



II. Long-term debt



B. EQUITY

TOTAL SOURCES



Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses






Profit after tax

STATEMENTS OF CASH FLOWS


I. Cash flow from business activities

Depreciation of fixed assets

Unrealized foreign exchange gain/loss

Net cash flows from operating activities

II. Cash flow from investment activities

Spending on procurement, construction of fixed assets and other

non-current assets

Net cash flows from investing activities

III. Cash flow from financial activities

Net cash flows from financing activities

Effect of exchange rate difference in foreign currency

Net cash flows during the year


145

Khang Dien Housing Investment & Trading JSC

Appendix


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventory


TOTAL ASSETS

A. LIABILITIES

I. Short-term debt



II. Long-term debt



B. EQUITY

TOTAL SOURCES



Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses






Profit after tax

STATEMENTS OF CASH FLOWS


I. Cash flow from business activities

Depreciation of fixed assets

Unrealized foreign exchange gain/loss

Net cash flows from operating activities

II. Cash flow from investment activities

Spending on procurement, construction of fixed assets and other

non-current assets

Net cash flows from investing activities

III. Cash flow from financial activities

Net cash flows from financing activities

Effect of exchange rate difference in foreign currency

Net cash flows during the year


146

Nam Long Investment JSC

Appendix


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventory


TOTAL ASSETS

A. LIABILITIES

I. Short-term debt



II. Long-term debt



B. EQUITY

TOTAL SOURCES



Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses






Profit after tax


147

Dat Xanh Real Estate Service & Construction JSC

Appendix


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventory


TOTAL ASSETS

A. LIABILITIES

I. Short-term debt



II. Long-term debt



B. EQUITY

TOTAL SOURCES



Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses






Profit after tax


148

Kinh Bac City Development Share Holding Corporation

Appendix


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventory


TOTAL ASSETS

A. LIABILITIES

I. Short-term debt



II. Long-term debt



B. EQUITY

TOTAL SOURCES



Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses






Profit after tax


149

Quoc Cuong Gia Lai Joint Stock Company

Appendix


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventory


TOTAL ASSETS

A. LIABILITIES

I. Short-term debt



II. Long-term debt



B. EQUITY

TOTAL SOURCES



Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses






Profit after tax


150

Phat Dat Real Estate Development JSC

Appendix


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventory


TOTAL ASSETS

A. LIABILITIES

I. Short-term debt



II. Long-term debt



B. EQUITY

TOTAL SOURCES



Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses






Profit after tax


151

Binh Duong Construction and Development JSC

Appendix


BALANCE SHEET


A. CURRENT ASSETS





IV. Inventory


TOTAL ASSETS

A. LIABILITIES

I. Short-term debt



II. Long-term debt



B. EQUITY

TOTAL SOURCES



Net revenue

Cost of goods sold

Gross profit

Financial income

Financial expenses

Interest expenses

Selling expenses






Profit after tax


REPORT DISCLAIMER

REPORT DISCLAIMER

This document has been prepared in good faith on the basis of information available at the date of publication without any

independent verification. VIRAC has produced this report for private circulation to professional clients only. All information and

statistical data herein have been obtained from sources we believe to be reliable and made to ensure the accuracy of the contents of

the pages of the report at the time of preparation. Such information has not been independently verified and VIRAC makes no

representation or warranty, whether express or implied, of any kind with respect to the document and its contents, information and

materials. The content found in this report is proprietary to VIRAC and is provided solely for your personal and non-commercial use.

You agree that you will not use this report for any purpose that is unlawful and that you will not reproduce the report or redistribute it

outside your organisation, or place it on a website for public access without the express written permission of VIRAC.

SHOULD YOU NEED ANY ASSISTANCE, PLEASE CONTACT US:

VIETNAM INDUSTRY RESEARCH AND CONSULTANCY (VIRAC JSC.,)

6th Floor, Anh Minh Building, 36 Hoang Cau, O Cho Dua, Dong Da, Hanoi, Vietnam

Website: http://virac.com.vn/

Email: [email protected] | Tel: +84 463289520

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