VIETNAM REAL ESTATE REPORT Q1/2018 - VIRAC

1

VIETNAM REAL ESTATE REPORT Q1/2018

2

Executive summary 4 3.3.1 Real estate for rent 40

1. Business environment 7 3.3.2 Real estate for sale 67

1.1 Macroeconomic situation 7 3.4 Risks and challenges 77

1.2 Legal framework 11 3.4.1 Risks 78

1.3 Impact of trade agreements 18 3.4.2 Challenges 80

2. World Real Estate Market 21 3.4.3 SWOT 82

2.1 Real estate market in some countries in the world 21 3.5 Housing development planning 83

2.2 Real estate market in some countries in the region 27 3.6 Driving forces 85

3. Vietnam Real Estate Market 30 3.7 M&A trend 94

3.1 Industry concepts and characteristics 30 4. Enterprise analysis 97

3.2 The period of volatility of Vietnam Real Estate Market 34 5. Appendix 125

3.3 Movement of the real estate market 39 List of infrastructure projects for the period 2010-2030 126

Financial statements 130

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.

The supply of office space for lease in Ho Chi

Minh City in Q4/2017 remained unchanged,

Executive summary

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Executive summary

With an export-oriented economy, with

exports accounting for a significant portion of

80% of nominal GDP,

According to statistics at the end of Q3/2017,

only 750 foreigners are owning houses,

therefore, the demand for rental apartments is

relatively large.

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.

The number of 5-star hotel rooms still accounts

for a large proportion of the market despite

the increase in supply from 3-star hotels.


6

Vietnam is seen as an attractive market

compared to other ASEAN countries,

2017 is the year witnessed many large M & A

transactions in the real estate market when

many big investors trust to pour money into

Vietnam.

Typical businesses with the largest real estate

revenue in 2016 show a clear orientation

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

GDP in 2017 was estimated to increase by 6.81% compared to 2016, of which

increasing by 5.15% in Q1; 6.28% in Q2; 7.46% in Q3; 7.65% in Q4.

Source: VIRAC, GSO

CPI fluctuations, 2014-2017

GDP growth, 2011 - 2017


9

Source: VIRAC, GSO



Source: VIRAC, GSO

Group CPI compared to 2016 (%)

CPI in 2017 by commodity group

Consumer Confidence Index, 2014 – Q3/2017


10

In 2017, foreign investors have invested in 19 industries,



Source: VIRAC, GSO

Source: VIRAC, FIA

FDI, 2015-2017USD billion

Average lending interest rate applied to USD, 2011 - 2017


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 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

Point e, Clause 1, Article 89, Construction Law 2014:


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:

Content is intentionally removed for demo purposeContent is intentionally removed for demo purpose

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1.2 Legal framework


Content



20

1998 2000 2002 2007 2008 2009 2011 2015

Vietnam's integration process since 1995 to present

By the end of 2017, Vietnam has signed, implemented, and is negotiating a total of 16 free trade agreements (FTAs).

2016 20172006


21



Trans-Pacific Partnership Agreement - TPP:


22

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

23

US Real estates

Source: VIRAC, National Association of Realtors

USD



House price movement in the US, 5/2012 – 11/2017


24




In Europe:

Ireland’s real estate market:

UK’s real estate market :

25




Germany’s real estate market:

Russia’s real estate market :

26




In Asia and Oceania:

Australia’s real estate market:

New Zealand’s real estate market:

China’s real estate market:

27

In the Middle East housing market:




28




Content

29




In ASEAN countries:

Myanmar’s real estate market:

.

Indonesia’s real estate market:

30

Source: VIRAC, numbeo.com

Home/income price indices in some 2016 countries




Malaysia’s real estate market:

Korea, Thailand

31

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

32



Overview of real estate market

Definition Content is intentionally removed for demo purpose

33

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




34

Basic characteristics of real estate

Firstly,

Secondly,

Thirdly,




35

Fourthly,

Characteristics of investment in real estate business in Vietnam




36







3.6 Driving forces

3.7 M&A trend

Content

37

Periods of real estate in Vietnam

Source: VIRAC





38

Before 1990:

The first real estate fever (1993-1994):

The first freeze (1995-1999):

The second real estate fever (2001-2002):




39

The second freeze (2002-2006):

The third real estate fever (2007-2009):

The third freeze (2009-2013):

2014 – now:




40







3.6 Driving forces

3.7 M&A trend

Content

41

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


42

Retail market – Hanoi

Source: VIRAC, VNREA

m²

Typical projects are scheduled for 2018-2020

Ongoing projectsArea

(m²)

Completion

timeLocation




Total supply by category, Q4/2017


43





Supply structure by region, Q4/2017

Vacancy rates and rental prices, Q4/2017


44

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

proportion of over 90% of the retail supply area.



Thousand m²

USD/ m²/ month



Rental supply of commercial center, 2010-2017e

Rental rates and vacancy rates of commercial center, 2010-2017e


45

m²





Retail market – Ho Chi Minh city Total supply, Q4/2017

Retail supply structure by region, Q4/2017


46

Regarding rental prices, average rents in the CBD as well as out-of-

town areas remained unchanged in Q4.

Ongoing projects Area (m²)Completion

timeLocation

Typical projects are expected to be completed in 2018-2020





VND/m²/monthVacancy rate and rental prices, Q4/2017


47



Thousand m²

USD/ m²/ month



Supply of commercial center for lease, 2007-2017e

Rental price and vacancy rate of commercial centers, 2007-2017e


48

In addition to the economic recovery (low inflation rate, improved GDP, high consumption), Vietnam's joining the EU - Vietnam FTA has attracted a large

amount of foreign direct investment in the real estate, electronics, consultancy, finance, etc. The demand for office space has increased sharply as many

foreign businesses will come to Vietnam and set up their offices in Vietnam in the coming years.

Office market


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


49

Thousand m²



Thousand m²



Office market – Hanoi New supply and vacancy rate of grade A offices, 2010-2017e

Total supply by region, Q4/2017


50


Ongoing projects Area (m²) Completion time Location

USD/m²/month


USD/ m²/ month

Typical projects under construction, Q4/2017




Average rental price by area, Q4/2017

Office rental price, Q1/2015-Q4/2017


51

Office market – TP.HCM

Thousand m²



Thousand m²



USD

Office supply and vacancy rate, Q1/2015-Q4/2017

Total supply and rental price by category, Q4/2017


52

Ongoing projects Area (m²)Completion

timeLocation

Typical projects under construction



USD/ m²/ month

Ho Chi Minh City's office market continued to grow well in Q4/2017 with

rising offer rents in both segments.



Office rental price, Q1/2015-Q4/2017


53

Forecast:


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

Industrial zone market


54

Industrial zone market – Hanoi

Total supply of industrial parks in Hanoi remained stable compared to

the previous quarter and the same period last year due to the absence

of any new supply entering the market.

Ha



VND thousand/ m²/ lease term



Rental price by area, Q4/2017e

Total Supply by Region, Q4/2017e


55


Ongoing projects Area (ha) Location

Typical projects in the period 2018-2020




56



Ha


USD/ m²/ lease term USD/ m²/ month


Northern Industrial Zone

Average rental price for the Northern

Industrial Zone, Q4/2017

Total supply and vacancy rate of Northern Industrial

Zone, Q4/2017


57



VND thousand/ m²/ lease term

Ha



Industrial zone market – Ho Chi Minh cityTotal supply and vacancy rate, Q4/2017

Rental price by area, Q4/2017


58


Ongoing projects Area (ha) Location

Typical projects in the period 2018-2025




Vacancy rate, 2011-2017


59

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 – 2017



Rental price for factories available, 2011 - 2017


60

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


61



Apartment

USD/m²/month



Apartment for rent – Hanoi

Apartment for rent is the main segment serving foreigners living and

working in Vietnam.

Total Supply by Category, 2000-2017

Apartment rental price by category, Q1/2012-Q4/2017Content is intentionally removed for demo purpose

62

Rental rates tended to decrease from 2014 and continued in

2016,


USD/ apartment/ month

Projects

Number of

apartment

s

LocationOccupancy

rateClass

Typical Serviced Apartments in Hanoi

Source: VIRAC



Apartment rental price and rental capacity, Q1/2014-Q4/2017


63

Apartment for rent – Ho Chi Minh city


Apartment


Ongoing projects Number of

apartmentsCompletion time Location

Typical projects under construction



Total supply of apartments for rent, Q1/2015-Q4/2017


64


USD/m²/month



Apartment rental prices by class, Q4/2016-Q4/2017


65

Forecast:


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

Hotel market


66



USD/room/night

Room



Hotel market – Hanoi

With the increasing number of high-income tourists coming to Hanoi

thanks to the exhibitions, conferences, etc, is the favorable conditions

for the five-star hotel sector to occupy the hotel market.

Hotel total supply, Q1/2015 - Q4/2017

Rental price and capacity, Q1/2015-Q4/2017


67

Rental price and capacity, Q4/2017

VND thousand/room/night



VND

thousand/room/night



Room

Hotel market – Ho Chi Minh city


Average rental price and capacity, Q1/2015-Q4/2017

Hotel total supply, Q1/2015 – Q4/2017


68

Forecast:


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

Apartment for sale


69

Thousand m²




Apartment for sale – Hanoi

The housing market has increased sharply since 2013.

Housing supply in Hanoi, 2008-2017e


70

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 – Q4/2017e


In the coming years, positive macroeconomic

fundamentals will continue to drive the overall housing

market as well as the condominium market.

71


Typical projects are open for sale in the last 6 months of 2017



Project Investor LocationCompletion

time

Number of

Apartments

Selling price

(USD/m²)

* Selling price does not include taxes and discounts.


72


Apartment



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

2010-2017e


73

USD/m²


USD/m²




High-end apartment segment's price, 2010-2017eOffer price for apartment in Ho Chi Minh City, Q1/2015 –

Q4/2017


74

Project Investor LocationCompletion

time

Number

of

apartme

nts

Selling

price

(USD/m²)




* Selling price does not include taxes and discounts.



75

Source: VIRAC

BankInterest

rate(*)

Maximum

loan(**)

Maximum

repayment period

(years)

Lending rates of commercial banks, 2017

*First year interest rate

** Borrowing ratio on assets

*** Per percentage of loan demand

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

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

out. Not only in HCMC, here is the same situation in other provinces.




Structure of buying houses by purpose in HCM, 2016


76

Forecast:


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

Villa and townhouse market


77





Villa and townhouse market - HanoiApartment

Total villa/townhouse supply, Q1/2015-Q4/2017

Price fluctuation of villas and townhouses,

Q1/2014-Q4/2017


78



Project Investor Location Completion time Number of

apartments

Selling price

(USD/m² )


Source: VIRAC

* Selling price does not include taxes and discounts


79




Villa and townhouse market - Ho Chi Minh city

ApartmentTotal villa/townhouse supply, Q1/2014-Q4/2017


80



Project Investor Location Completion

time

Number of

apartments

Selling price

(USD/m² )

Typical projects are open for sale in 2017

Source: VIRAC* Selling price does not include taxes and discounts


81







3.6 Driving forces

3.7 M&A trend

Content

82

The subjective risks from the investor side


3.4 Risks and challenges – 3.4.1 Risks


83



Objective risks from macro elements


84

Objective risks from macro elements




85


No. City, country

name

Country House price on

income (times)

20 cities with the highest average income per capita in 2016 in

the world


Time

House price on income in Vietnam, 2011 – 2016


3.4 Risks and challenges – 3.4.2 Challenges


86

Source: VIRAC, MOC

VND trillion


3.4 Risks and challenges – 3.4.2 Challenges

In the period 2010-2012, the real estate market after a period of hot

development has fallen into a "frozen" situation.

Stock value of real estate, 2013 – 12/2017


87

S W

O T


3.4 Risks and challenges – 3.4.3 SWOT


88







3.6 Driving forces

3.7 M&A trend

Content

89

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


90







3.6 Driving forces

3.7 M&A trend

Content

91

In South East Asia

Vietnam

Area of land

Area of sea

Population (2016)

GDP (2016)

Income per capita (2016)

GDP growth rate (2016)

Vietnam


3.6 Driving forces – Geographical location


92

Population distribution in Vietnam


3.6 Driving forces – Geographical location


93

The cost of capital investment for infrastructure development is raised

from public spending and foreign capital.

Structure of investment costs for infrastructure development in GDP, 1995 - 2013

Source: VIRAC, MOT


3.6 Driving forces – Infrastructure


94

Largest urban areas of Vietnam

Estimated 2015

Rank City name Under

Population

(million

people)

Source: VIRAC


3.6 Driving forces – Advantages of infrastructure and population


95

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


96

Source: VIRAC, MOC

VND trillion

Source: VIRAC, MOC


3.6 Driving forces – Outstanding credit of real estate

Outstanding credit of Real estate, 2012-2017

Structure of real estate credit balance, 2017


97

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


98

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, 2011-2017


99







3.6 Driving forces

3.7 M&A trend

Content

100

2017 is the year witnessed many large M&A transactions in the real estate market when many big investors believe to pour money into Vietnam.

According to consulting firm, JLL Vietnam, the total value of real estate M&A last year amounted to USD 1.5 billion. Of which, there are five typical M

& A deals:.


3.7 M&A trend


101


3.7 M&A trend


102

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


104

Overview of FLC Group:

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




105

Kinh Bac City Development Corporation



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


106

Nova Real Estate Investment Corporation:



Residential project in Richstar, Tan Phu, HCMC, Novaland


107

Khang Dien House Trading and Investment Joint Stock Company



Lucasta Villa, District 9, Ho Chi Minh City


Nam Long Investment Corporation

108



Camellia and Ehome, Nam Long


109

Phat Dat Real Estate Development Joint Stock Company



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

estate development


110



Quoc Cuong Gia Lai Joint Stock Company

Quoc Cuong Gia Lai Residence


111



Green Land Real Estate Group:

Sunview Town Residence – Dat Xanh Group


112



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



113


114

Overview of Lotte Group



Hanoi

Hoàng Sa

Hồ Chí Minh

Trường SaCần Thơ

Phú Quốc

Vũng Tàu

Đà Nẵng


115

MEGA MARKET VIET NAM COMPANY LIMITED (formerly METRO Cash &

Carry VIETNAM)




116

Overview of BIG C




117

Vincom Retail Joint Stock Company:




118

Vincom Plaza Shopping Center




119

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




120



SOME OUTSTANDING FOREIGN INVESTORS INVESTING REAL ESTATE PROJECTS IN VIETNAM

Investor Project StatusTotal investment

(USD million)

In the North

In the South

Source: VIRAC


121

TOP REAL ESTATE ENTERPRISES WITH HIGHEST REVENUE 2016

Enterprise Location Tax code

Charter

capital

(VND

million)

Total assets

(VND

million)

Net revenue

(VND million)




122

3. Real estate enterprise analysis

Target group of business results

VND million

Source: VIRAC

Net revenue growth, 2015 - 2016


123



Source: VIRAC

VND

million

Gross profit growth, 2015 - 2016


124



Source: VIRAC

SE/NR, 2015 - 2016


125



Source: VIRAC

Source: VIRAC

G&AE/NR, 2015 - 2016

FE/NR, 2015 - 2016Content is intentionally removed for demo purpose

126


Financial indicators

Source: VIRAC

Account receivable turnover, 2015 - 2016


127


Financial indicators

VIC NVL FLC KDH NLG DXG KBC QCG PDR TDCIndustry

average

Current ratio

Quick ratio

Cash ratio

VIC NVL FLC KDH NLG DXG KBC QCG PDR TDC

Industry

average

Days in inventory

Total asset turnover

Fixed asset turnover

Source: VIRAC

Source: VIRAC


128


Targets of business results

VIC NVL FLC KDH NLG DXG KBC QCG PDR TDCIndustry

average

ROA (%)

ROE (%)

ROS (%)

Lợi nhuận sau thuế (tỷ đồng)

Tỷ số Nợ trên tổng tài sản (%)

Tỷ số nợ trên vốn chủ sở hữu (%)


129


Retail enterprises

Source: VIRAC

Source: VIRAC

Distribution of supermarkets in three regions in Vietnam, 2016

Retail market share in Vietnam in 2016


130

5. Appendix

Content

131

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. 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

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

Appendix

Financial statements

Vingroup


132

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









non-current assets






No-Va Real Estate Investment Corporation

Appendix



133

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









non-current assets






FLC Group

Appendix



134

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









non-current assets






Khang Dien Housing Investment & Trading JSC

Appendix



135

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









non-current assets






Nam Long Investment JSC

Appendix



136

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









non-current assets






Dat Xanh Real Estate Service & Construction JSC

Appendix



137

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









non-current assets






Kinh Bac City Development Share Holding Corporation

Appendix



138

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









non-current assets






Quoc Cuong Gia Lai Joint Stock Company

Appendix



139

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









non-current assets






Phat Dat Real Estate Development JSC

Appendix



140

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









non-current assets






Binh Duong Construction and Development JSC

Appendix



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

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VIETNAM REAL ESTATE REPORT Q1/2018 - VIRAC

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