PLASTICS RESIN AND SYNTHETIC RUBBER INDUSTRY REPORT...

PLASTICS RESIN AND SYNTHETIC RUBBER INDUSTRY REPORT Q1/2018

TABLE OF CONTENTS

2

Abbreviations3 3. Plastic resins 63

Executive Summary4 4. Synthetic Rubber 70

I. Business environment 5 5. Price-affecting factors 74

1. Macroeconomic situation 5 IV. Industry risks 76

2. Legal framework 9 1. Industry risks 76

3. Trade agreements 13 2. SWOT analysis 79

II. Global market 15 V. Industry trend, forecast and planning 81

1. Definition and classification 15 1. Industry trend 81

2. Chain value of the industry 19 2. Global market forecast 83

4. Input material 22 3. Local market forecast 87

5. Plastic resins 38 4. Industry development planning 91

6. Synthetic Rubber 51 VI. Business analysis 94

III. Local market 58 1. Business Introduction 94

1. Industry scale 58 2. Financial analysis 97

2. Input material 60 VII. Appendix 107

Abbreviations

3

Abbreviation Full Name Abbreviation Name

BR Butadien Rubber PET Polyethylene Terephthalate

CIS Commonwealth of independent states PP Polypropylene

ISRG International Rubber study group PS Polystyrene

HIPS High Impact Polystyrene PVC Poly Vinyl Chloride

HPE High Density Polyethylene SBR Styrene Butadien Rubber

LLDPE Low Density Polyethylene TPP Trans-Pacific partnership

NAFTA North America Free Trade Area VPA Vietnam plastic association

PE Polyethyelene

Executive summary

4

• Primeval plastics and synthetic rubber are important input materials

for many industries, especially plastics and automobile industry.

• The development of the polymer industry relates to the petrochemical

industry and is affected by the price fluctuation, supply and demand

for the main raw materials like crude oil, gas.

• China takes the lead in thermoplastic production, with an output of

92.1 tons in 2016.

• In 2016, global sales of polymer-based products reached 851 billion

USD, up 6.2% compared to 2015.

• Global synthetic rubber production and consumption has been on the

upward trend in recent years, much greater than those of natural

rubber.

TÓM TẮT BÁO CÁO

5

• In Vietnam, the oil refinery sector has just newly-fledged, having only

Dung Quat oil refinery in operation.

• Plastic material and additive production in 9M/2017 were estimated at

915 thousand tons, up 32.8% over the same period in 2016 (689

thousand tons).

• In the first 9 months of 2017, the domestic consumption of plastic

materials reached 4,575 thousand tons, up 19.3% over the same period

in 2016.

• The demand for plastic resins has increased, resulting in a sharp

increase in plastic resin import volume between 2012 and 2016 with a

CAGR of 19%.

• Opec Plastics is a leading company among top importers of plastic raw

materials in 9M/ 2017.

• In recent years, Vietnam’s plastic industry has been highly appreciated

in terms of growth speed compared to ASEAN countries

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Part I. Business environment

1. Macroeconomic situation

2. Legal framework

3. Trade agreements

6



Source: VIRAC, GDVC

Source: VIRAC, GSO

GDP growth rate by quarter, 2015 – 2017

Imports of plastic raw materials and percentage contribution to total turnover,

2010 – 2017

7

Content is intentionally removed for demo purpose



Source: VIRAC, SBV

Source: VIRAC, SBV

USD/VND exchange rate, 2013 – 12/2017

CNY/VND exchange rate, 1/2016 – 12/2017

8




FDI attraction by sector, 2017

Vietnamese plastic enterprise’s SCG ownership, 2016

9


TABLE OF CONTENTS



2. Legal framework

3. Trade agreements

10

11

• The Prime Minister signed Decision No.45/2017/QD-TTg amending and supplementing Decision No. 36/2016/QD-TTg regulating the application of

ordinary tax tariff on imported goods.


2. Legal framework


2. Legal framework

12



2. Legal framework

13


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2. Legal framework

3. Trade agreements

14

15

• The plastic industry is opened to positive signals thanks to priorities brought about by free trade agreements.

• Joining free trade agreements has helped Vietnam to attract immensly FDI.


3. Trade agreements

TABLE OF CONTENTS

Part II. Global market

1. Definition and classification

2. Chain value of the industry

3. Input materials

4. Plastic resins

5. Synthetic rubber

16


1. Definition and classification – 1.1. Plastic resins

Classification by polymer effect with temperature

17


Thermoplastic production share, 2015

Thermoset plastic production share, 2015

Source: VIRAC, ICIS

Source: VIRAC, ICIS


1. Definition and classification – 1.1. Plastic resins

Polymer usage structure, 2015

Source: VIRAC, ICIS

18


Source: VIRAC, Rubbernews

Synthetic rubber production structure, 2015


1. Definition and classification – 1.2. Synthetic rubber

19


• Synthetic rubber is a compound made from chemical reactions which is mainly

comprised of oil and gas.

• Synthetic rubber is classified via multiple ways.

TABLE OF CONTENTS




3. Input materials

4. Plastic resins

5. Synthetic rubber

20



21




22


• Oil refinery plants:

• The oil refinery technology with various raw material combination alters chemical features to generate desirable products.

TABLE OF CONTENTS




3. Input materials

4. Plastic resins

5. Synthetic rubber

23


3. Input materials – 3.1. Overview

24




Source: VIRAC, IHS

Monomer input materials structure, 2016

25


Input materials for the plastic resin and synthetic rubber industry (generally known as polymer) are oil and gas products.



Source: VIRAC, ICIS

Source: VIRAC, ICIS

Products gained from Naphtha distillation, 2015

Products gained from Ethane distillation, 2015

26



3. Input materials – 3.2. Ethylene

Global ethylene supply and demand, 2010 -2016

Ethylene’s application, 2016

Source: VIRAC, IHS

Source: VIRAC, ICIS

27




Source: VIRAC, Stratas Advisor

Ethylene production capacity and demand by region, 2015

Ethylene dichloride consumption by region, 2016

Source: VIRAC, IHS

28


Ethylene production structure, 2016

Source: VIRAC, Statista

Million tons

Source: VIRAC, Platts



Global ethylene prices, 11/2016 – 12/2017

29




Source: VIRAC, Uncomtrade

Source: VIRAC, UncomtradeSource: VIRAC, Uncomtrade

Global ethylene trade, 2011 - 2016

Global ethylene export structure, 2016 Ethylene import structure, 2016

30



3. Input materials – 3.3. Propylene

Source: VIRAC, ICIS

Source: VIRAC, ICIS

Global propylene export structure, 2010 – 2016

Propylene export structure by region, 2016

31



3. Input materials – 3.3. Propylene

Source: VIRAC, ICIS

Global Propylene export, 2011 – 2016e

Source:VIRAC, Platts

32


Global Propylene price, 11/2016 – 11/2017

Source: VIRAC, ICIS

Global butadiene capability and production, 2011 -2015

Butadiene production structure by country, 2015

Source: VIRAC, ICIS


3. Input materials – 3.4. Butadiene

33




Source: VIRAC, IHS

Source: VIRAC, American Chemical Society

Butadiene consumption structure by type 2017

SBR consumption by region, 2016

34




Fluctuations of butadiene prices, 1/2011 – 1/2017

Source: VIRAC, Bloomerg

35




Butadiene production capacity of some companies in the world

36



3. Input materials – 3.5. Benzene

Global benzene supply and demand, 2012 – 2017F

Source: VIRAC, IHS

37



3. Input materials – 3.5. Benzene


Structure of benzene use in the world, 2015

Fluctuations of Benzene prices, 11/2016 – 11/2017


38


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39




3. Input materials

4. Plastic resins

5. Synthetic rubber


4. Plastic resins – 4.1. Production

Source: VIRAC, Europe PlasticSource: VIRAC, Europe Plastic

Plastics resin production structure by country, 2016Global polymer production, 2009 – 2016e

40




41


42


4. Plastic resins – 4.2. Consumption

Global polymer production capacity, 2016

Source: VIRAC, Cefic Chemdata International 2016

Million tons

Million tons


Plastic resin production capacity by region, 2016

43



Global polymer sales, 2006 - 2016

Billion USD


Regional polymer sales, 2016


44

Source: VIRAC, VPA

Source: VIRAC, Statista

• Plastic resins have a wide variety of use cases for multiple sectors.



Kg/person

Polymer consumption structure by sector, 2015

Global per capita plastic material consumption by region, 2015

Source: VIRAC, ICIS

Source: VIRAC, AMI

Global polymer consumption demand, 2010 – 2016e

Polymer consumption demand by region, 2016



45


46


Source: VIRAC, IHS



Source: VIRAC, ICIS

PE demand by region, 2016

PE consumption by type, 2016

PE consumption by use case, 2016

47

Source: VIRAC, UN Comtrade


4. Plastic resins – 4.3. Import-export

Billion USD


Global PE export, 2012 - 2016e

Plastic resin exporting markets, 2016e


Million tons

48




Billion

USD


Plastic resin importing markets, 2016e

Global PE import, 2012 - 2016e

Million tons


49



Source : VIRAC, Plastic Insight

Source : VIRAC, Plastic Insight

Billion USD

Million USD

Top 10 world‘s largest PP importers, 2016

Top 10 world‘s largest PVC importers, 2016

Source: VIRAC, Plastics New Europe

Fluctuations of polymer price, 5/2015 – 9/2017



50


Source: VIRAC, ICIS

China

PVC production and consumption in China, 2010 -2025f


4. Plastic resins – 4.4. Characteristics of some main polymer producing markets

51


Source: VIRAC, Europe Plastic

Europe’s polymer production, 2011- 2016



Europe

52


Key European polymer im-exporting markets, 2016






Europe’s polymer usage by sector, 2016 Europe’s polymer usage by types, 2016

Europe’s polymer demand by country, 2016

53


Source: VIRAC, Statistic

Polymer production in America, 2008 -2016



54


The rest of Asia – Potential Demand



55


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3. Input materials

4. Plastic resins

5. Synthetic rubber

56

Source: VIRAC, IRSG Source: VIRAC, IRSG

Source: VIRAC, IRSG

Global rubber production and consumption, 2010 – 6M/2017 Rubber production structure in the world, 2010 – 6M/2017

Global rubber consumption structure, 2010 – 6M/2017


5. Synthetic rubber – 5.1. Production and consumption

57


Source: VIRAC, IRSG

Source: VIRAC, IRSG

Global synthetic rubber production and consumption, 2010 –

6M/2017

The structure of synthetic rubber consumption by product, 2015



58


Source: VIRAC, IRSG

Source: VIRAC, IRSG

Global synthetic rubber production, 2013 - 6M/2017

Global synthetic rubber production market, 6M/2017



59


Source: VIRAC, IRSG

Source: VIRAC, IRSG

Synthetic rubber consumption, 2013 - 6M/2017

Synthetic rubber consumption market, 6M/2017



60


Source: VIRAC, IRSG

Source: VIRAC, Uncomtrade

Global synthetic rubber trade, 2012 - 2016e

Top largest synthetic rubber importers – exporters 2016e


5. Synthetic rubber – 5.2. Import - Export

61


Source: VIRAC, IRSG

Global price volatility of natural rubber and synthetic rubber, 2012 - Q3/2017


5. Synthetic rubber – 5.3. Price fluctuation

62


TABLE OF CONTENTS

Part III. Vietnam's market

1. Industry scale

2. Input materials

3. Plastic resins

4. Synthetic rubber

5. Price-affected factors

63

Source: VIRAC



64

No Product

Capacity

(ton/year) Producer

1 PVC

2 PVC

3 PP

4 PE

5 BOPP

6 BOPP

7 PS

8 PET

9 EPS

10 EPS

Total

Plastic resin and additives production capacity, 2015


TABLE OF CONTENTS


1. Industry scale

2. Input materials

3. Plastic resins

4. Synthetic rubber


65


2. Input materials

66


67


2. Input materials

Monomer imports, 2012 - 6T/2017e

Source: VIRAC, GDVC

Thousand USD

Aromatic compound imports, 2013 - 6T/2017e

Source: VIRAC, GDVC

Thousand USD

TABLE OF CONTENTS


1. Industry scale

2. Input materials

3. Plastic resins

4. Synthetic rubber


68

Source: VIRAC, MIT, GSO



3. Plastic resins – 3.1 Production

Polymer Production, 2010 – 2017

69

Polypropylene supply and demand in Vietnam, 2010 – 2017


Source: VIRAC, TCTK


3. Plastic resins – 3.1 Production

70


LLDPE, LDPE, HDPE, PP distribution figures in the northern market,

2014-2015

Source: VIRAC, HCD White paper

PP production and consumption of Binh Son Oil Refinery, 2013 -

6T/2017

Source: VIRAC, HCD White paper

Plastic materials by region, 2017





71

Polymer consumption in Vietnam, 2010 – 2017

Polymer consumption structure by sector in Vietnam, 2017


Source: VIRAC, GDVC

Source: VIRAC, GDVC


3. Plastic resins – 3.3 Import - Export

Plastic resins imports, 2010 – 2017

Plastic material importing market by output, 2017

72


Plastic material importing market by value, 2017

Source: VIRAC, GDVC

Source: VIRAC, GDVC



Source: VIRAC, GDVC

Polymer import structure by volume, 6T/2017e Proportion of top largest plastic material importers, 9T/2017

73


Plastic material import structure by type, 2017

Source: VIRAC, GDVC



74


Source: VIRAC, GDVC

Polymer

type

2012 2013 2014 2015 2016 2017

PE

PP

PVC

PET

EVA

PS

Imports of some polymer types, 2012 – 9T/2017e

Source: VIRAC, GDVC



Source: VIRAC, GDVC

PP importing markets, 6T/2017e

75


Source: VIRAC, GDVC

PE import structure by type, 6T/2017ePE importing markets, 6T/2017e



Source: VIRAC, GDVC

76


Source: VIRAC, GDVC

Top largest PE importing enterprises, 6T/2017e

Top largest PP importing enterprises, 6T/2017e

Source: VIRAC, GDVC



Source: VIRAC, GDVC

77


Source: VIRAC, GDVC

Polymer importing market structure by volume, 2017Polymer importing value, 2012-2017

Polymer importing market structure by value, 2017

Source: VIRAC, GDVC



Source: VIRAC, GDVC

PE & PP export values, 2017

78


Source: VIRAC, GDVC

Top 10 largest plastic material exporters, 9T/2017Plastic export structure by type, 2017

Source: VIRAC, GDVC



Source: VIRAC, GDVC

79


Source: VIRAC, GDVC

Top 10 largest PE exporters, 6T/2017e

PE exporting market structure, 6T/2017e PP exporting market structure, 6T/2017e

Top 10 largest PP exporters, 6T/2017e

Source: VIRAC, GDVC


3. Plastic resins – 3.4. Production technology

80


TABLE OF CONTENTS


1. Industry scale

2. Input materials

3. Plastic resins

4. Synthetic rubber


81

Source: VIRAC, UN Comtrade, GDVC


4. Synthetic rubber – 4.1 Import - Export

Synthetic rubber import and export, 2011 – 2017e

82




Source: VIRAC, GDVC

Export market structure of synthetic rubber, 2017e

Import market structure of synthetic rubber, 2017e

Source: VIRAC, GDVC

83




Source: VIRAC, GDVC

Top 10 largest synthetic rubber exporters, 9T/2017e

Top 10 largest synthetic rubber importers, 9T/2017e

Source: VIRAC, GDVC

84


TABLE OF CONTENTS


1. Industry scale

2. Input materials

3. Plastic resins

4. Synthetic rubber


85

World crude oil average price, 2014 -2017

Monomer price volatility, 2/2016 - 1/2017



Source: VIRAC, Bloomberg

Source: VIRAC, Bloomberg

86


TABLE OF CONTENTS

Part IV. Industry risks

1. Industry risks

2. SWOT analysis

87


1. Industry risks

88



1. Industry risks

89


TABLE OF CONTENTS


1. Industry risks

2. SWOT analysis

90


2. SWOT analysis

91

Strength Weaknesses

Opportunities Threats


TABLE OF CONTENTS

Part V. Industry trend, forecast and planning

1. Industry trend

2. Global market forecast

3. Vietnam's market forecast

4. Industry development planning

92

Source: VIRAC, European Bioplastic


1. Industry trend

Bioplastic production capacity in the world,

2012 - 2018F

93


TABLE OF CONTENTS


1. Industry trend




94

Source: VIRAC, IHS



Global PP & PE demand growth, 2014 – 2019f

95




96


Source: VIRAC, Polymerupdate



97

Time Company Capacity Location

Synthetic rubber production projects in Asia, 2012 - 2016


TABLE OF CONTENTS


1. Industry trend




98

Source: VIRAC



99

Project Location Capital Capacity (million tons/year)

Some petrochemical refining projects in Vietnam, 2010 - 2020


Source: VIRAC, GDVC

Source: VIRAC, VPA



Plastics consumption per capita, 1989 – 2020F

Plastic export turnover, 2010 – 2017e

100


Source: VIRAC, MOIT

2013 2014F 2015F 2016F 2017F 2018F CAGR

Demand forecast for tires in Vietnam, 2013 – 2018F



101


Source: VIRAC,

PP and PVC production capacity forecast, 2016 – 2021f



102


Thousand tons/year

TABLE OF CONTENTS


1. Industry trend




103



104




Source: VIRAC, MOIT

105

No. Project name Location

Investment information

Capacity (1.000

tons/year)

Investment capital

(million USD)Time

Oil refinery projects, 2011 - 2020


TABLE OF CONTENTS

Part VI. Business analysis

1. Business introduction

2. Financial analysis

106

Company Logo

Total asset

(VND

billion)

Revenue

(VND billion)General information


6.1 Business introduction

107



6.1 Business introduction

Company Logo

Total asset

(VND

billion)

Revenue

(VND billion)General information

108


TABLE OF CONTENTS


1. Business introduction

2. Financial analysis

109

Net revenue, 2015 - 2016


6.2 Financial analysis – Business performance

110


Gross profit, 2015 - 2016



111


Self-financing rate, 2015 - 2016



112


Financial expenses, 2015 - 2016



113


Total assets ratio, 2015 - 2016


6.2 Financial analysis – Financial indicators

114


Fixed assets ratio, 2015 - 2016



115


Total debt / equity, 2015 - 2016



116


Profit ratio, 2015 - 2016



117


Payment indicators of enterprises, 2015 - 2016


6.2 Financial analysis – Payment indicators

118


TABLE OF CONTENTS

Part VII. Appendix

119

BALANCE SHEETS

Unit: VND million

2015 2016

A. CURRENT ASSETS

I. Cash and cash equivalents

II. Short-term Investments

III. Account Receivable

1. Trade receivable

2. Advances to suppliers

IV. Inventories

V. Other current assets

B. NON-CURRENT ASSETS

I. Fixed assets

II. Long-term Investments

III. Other long-term assets

TOTAL ASSETS

A. LIABILITIES

I. Current Liabilities

1. Short-term loans

2. Trade payables

II. Non current Liabilities

2. Long-term loans

B. OWNER’S EQUITY

C. MINORITY INTEREST

TOTAL LIABILITIES AND OWNERS’EQUITY

INCOME STATEMENT

Unit: VND million

2015 2016

Net Revenue from Sale of goods and services

Cost of good sold

Gross Profit

Financing income

Financial expense

Interest Expenses

Selling Expenses

General & adminitrative expenses

Operating profit

Other Income

Other Expenses

Other Profits

Profit from associate & venture companny

Total Profit Before Tax

Current corporate Income Tax Expense

Deferred Income Tax Expense

Net Profit After Tax

CASH FLOW STATEMENT

Unit: VND million

2015 2016

I. Cash Flow From Operating activities

Net Cash Flow From Operations

II. Cash Flow From Investing activities

Cash Flow From Investing activities

III. Cash Flow From Financing activities

Cash Flow From Financing actvities

Net Cash Flow in the period

Cash and cash equivalents at beginning of year

Influence Of Exchange Rate Differences

Cash and cash equivalents at end of year

120

APPENDIX

TPC VINA Plastic and Chemical Corporation Limited


CASH FLOW STATEMENT

Unit: VND million

2015 2016











BALANCE SHEETS

Unit: VND million

2015 2016

A. CURRENT ASSETS




1. Trade receivable


IV. Inventories



I. Fixed assets



TOTAL ASSETS

A. LIABILITIES


1. Short-term loans

2. Trade payables


2. Long-term loans

B. OWNER’S EQUITY



INCOME STATEMENT

Unit: VND million

2015 2016


Cost of good sold

Gross Profit

Financing income

Financial expense

Interest Expenses

Selling Expenses


Operating profit

Other Income

Other Expenses

Other Profits






121

APPENDIX

Resinoplast Vietnam Company Limited


122

APPENDIX

SIK Vietnam Company Limited

CASH FLOW STATEMENT

Unit: VND million

2015 2016











BALANCE SHEETS

Unit: VND million

2015 2016

A. CURRENT ASSETS




1. Trade receivable


IV. Inventories



I. Fixed assets



TOTAL ASSETS

A. LIABILITIES


1. Short-term loans

2. Trade payables


2. Long-term loans

B. OWNER’S EQUITY



INCOME STATEMENT

Unit: VND million

2015 2016


Cost of good sold

Gross Profit

Financing income

Financial expense

Interest Expenses

Selling Expenses


Operating profit

Other Income

Other Expenses

Other Profits







123

APPENDIX

Vietnam Polystyrene Company Limited

CASH FLOW STATEMENT

Unit: VND million

2015 2016











BALANCE SHEETS

Unit: VND million

2015 2016

A. CURRENT ASSETS




1. Trade receivable


IV. Inventories



I. Fixed assets



TOTAL ASSETS

A. LIABILITIES


1. Short-term loans

2. Trade payables


2. Long-term loans

B. OWNER’S EQUITY



INCOME STATEMENT

Unit: VND million

2015 2016


Cost of good sold

Gross Profit

Financing income

Financial expense

Interest Expenses

Selling Expenses


Operating profit

Other Income

Other Expenses

Other Profits







124

APPENDIX

AGC Chemicals Vietnam Company Limited

CASH FLOW STATEMENT

Unit: VND million

2015 2016











BALANCE SHEETS

Unit: VND million

2015 2016

A. CURRENT ASSETS




1. Trade receivable


IV. Inventories



I. Fixed assets



TOTAL ASSETS

A. LIABILITIES


1. Short-term loans

2. Trade payables


2. Long-term loans

B. OWNER’S EQUITY



INCOME STATEMENT

Unit: VND million

2015 2016


Cost of good sold

Gross Profit

Financing income

Financial expense

Interest Expenses

Selling Expenses


Operating profit

Other Income

Other Expenses

Other Profits







125

APPENDIX

Toyo Ink Compounds Vietnam Company Limited

CASH FLOW STATEMENT

Unit: VND million

2015 2016











BALANCE SHEETS

Unit: VND million

2015 2016

A. CURRENT ASSETS




1. Trade receivable


IV. Inventories



I. Fixed assets



TOTAL ASSETS

A. LIABILITIES


1. Short-term loans

2. Trade payables


2. Long-term loans

B. OWNER’S EQUITY



INCOME STATEMENT

Unit: VND million

2015 2016


Cost of good sold

Gross Profit

Financing income

Financial expense

Interest Expenses

Selling Expenses


Operating profit

Other Income

Other Expenses

Other Profits







126

APPENDIX

Viet Thai Plastchem Company Limited

CASH FLOW STATEMENT

Unit: VND million

2015 2016











BALANCE SHEETS

Unit: VND million

2015 2016

A. CURRENT ASSETS




1. Trade receivable


IV. Inventories



I. Fixed assets



TOTAL ASSETS

A. LIABILITIES


1. Short-term loans

2. Trade payables


2. Long-term loans

B. OWNER’S EQUITY



INCOME STATEMENT

Unit: VND million

2015 2016


Cost of good sold

Gross Profit

Financing income

Financial expense

Interest Expenses

Selling Expenses


Operating profit

Other Income

Other Expenses

Other Profits







127

APPENDIX

Tin Kim Plastic Joint Stock Company

CASH FLOW STATEMENT

Unit: VND million

2015 2016











BALANCE SHEETS

Unit: VND million

2015 2016

A. CURRENT ASSETS




1. Trade receivable


IV. Inventories



I. Fixed assets



TOTAL ASSETS

A. LIABILITIES


1. Short-term loans

2. Trade payables


2. Long-term loans

B. OWNER’S EQUITY



INCOME STATEMENT

Unit: VND million

2015 2016


Cost of good sold

Gross Profit

Financing income

Financial expense

Interest Expenses

Selling Expenses


Operating profit

Other Income

Other Expenses

Other Profits







128

APPENDIX

Dainichi Color Viet Nam Company Limited

CASH FLOW STATEMENT

Unit: VND million

2015 2016











BALANCE SHEETS

Unit: VND million

2015 2016

A. CURRENT ASSETS




1. Trade receivable


IV. Inventories



I. Fixed assets



TOTAL ASSETS

A. LIABILITIES


1. Short-term loans

2. Trade payables


2. Long-term loans

B. OWNER’S EQUITY



INCOME STATEMENT

Unit: VND million

2015 2016


Cost of good sold

Gross Profit

Financing income

Financial expense

Interest Expenses

Selling Expenses


Operating profit

Other Income

Other Expenses

Other Profits







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