VIETNAM FISHERY INDUSTRY REPORT Q2/2018
1
Contents
Executive summary 4 3. Vietnam seafood market 53
1. Business environment 5 3.1 Characteristics of the Vietnamese fishery industry 53
1.1 Macroeconomic situation 5 3.2 Situation of aquaculture and exploitation 60
1.2 Legal framework 10 3.2.1 Overview of aquaculture and exploitation 60
1.3 Free trade agreements 16 3.2.2 Current status of seafood exploitation 65
2. World seafood market 22 3.2.3 Current status of aquaculture 66
2.1 World seafood market 22 3.3 Production 71
2.1.1 Production 22 3.4 Consumption 76
2.1.2 Consumption 28 3.5 Risks and challenges 88
2.1.3 Global seafood trade 30 3.6 Driving forces 95
2.1.4 Price movement of some aqua products 34 3.7 Industry development planning and forecast 97
2.2 Seafood market in some countries in the region 41 4. Enterprise analysis 102
5. Appendix 125
2
MARD Ministry of Agriculture and Rural Development GDVC General Department of Vietnam Customs
FAO Food and Agriculture Organization of the United Nations GSO General Statistics Office
FTA Free Trade Agreement TBT Technical Barriers to Trade
ILO International Labour Organization VASEP Vietnam Association of Seafood Exporters and Producers
SPS Sanitary and Phytosanitary Measures VIRACVietnam Industry Research And Consultancy Joint Stock
Company
Abbreviation
3
Executive Summary
4
Vietnam has long been a leading seafood
producer and exporter in the region, along with
Indonesia and Thailand.
The seafood processing sector has developed
into a spearhead economic sector,
2016 is a successful year of some companies
when the gross profit of big companies such as
Hung Vuong, Vinh Hoan, Viet Thang, etc
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1 Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Free trade agreements
Contents
5
Part I. Business environment
1. Macroeconomic situation
Source: VIRAC, GDVC
Fishery’s contribution to GDP, 2013 – Q1/2018e
6
GDP growth rate by quarter, 2015 – Q1/2018
Source: VIRAC, GSO
%
• Gross domestic product in Q1/2018 was estimated to increase by 7.38%
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Part I. Business environment
1. Macroeconomic situation
Source: VIRAC, SBV
The VND/USD exchange rate was stable and supported by a plentiful supply of
foreign currencies
Source: VIRAC, SBV
7
VND/USD exchange rate, 2013-3/2018
Lending rates and mobilizing rates, 2012- Q1/2018%
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1. Business environment
1.1. Macroeconomic situation
Source: VIRAC, GDVC
Source: VIRAC, GDVC
billion USD
Fishery’s contribution to Vietnam’s total exports, 2013 – Q1/2018e
8
Import - Export, 2006 – Q1/2018
billion USD
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1. Business environment
1.1. Macroeconomic situation
The young population structure creates a potential market for
the development of the fisheries sector
Source: VIRAC, GSO
Million people
Source: VIRAC, GSO
Labor force in agriculture, industry, fishery,
2011 – 2017eThousand people
9
Total population and age structure of labor force, 2014 - 2017e
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Contents
Part I. Business environment
1. Macroeconomic situation
2. Legal framework
3. Free trade agreements
10
1. Business environment
1.2 Legal framework
Fisheries Law
11
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1. Business environment
1.2 Legal framework
12
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1. Business environment
1.2 Legal framework
Group of standards and decrees on aquaculture
No Sector Tax rate on salesGroup of laws, decrees on taxes with aquaculture, fishing and processing
13
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1. Business environment
1.2 Legal framework
14
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1. Business environment
1.2 Legal framework
15
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Free trade agreements
Contents
16
1. Business environment
1.3 Free trade agreements
Vietnam - Korea Free Trade Agreement (VKFTA) Item MFN tax of Korea Commitments on import duties
Vietnam - Eurasian Economic Union Free Trade Agreement (Nga,
Kazakhstan, Belarus, Armenia và Kyrgyzstan):
Item MFN tax of EAEU Commitments on import duties
17
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1. Business environment
1.3 Free trade agreements
EU – Vietnam Free Trade Agreement (EVFTA)Item MFN tax of the EU GSP tax Commitments on import duties
(*) EIF: The tax rate is 0% as soon as the agreement takes effect.
18
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1. Business environment
1.3 Free trade agreements
ASEAN Economic Community (AEC)
19
Comprehensive and Progressive Agreement for Trans-Pacific Partnership CPTPP:Content is intentionally removed for demo purpose
1. Business environment
1.3 Free trade agreements
20
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1. Business environment
1.3 Free trade agreements
Some international certification on aquaculture
Stand
ard
Certificati
ng unit
Ecological
labels
Required
permission
Devel
op
indep
enden
t
stand
ards
Indepe
ndent
certific
ation
Be
recognize
d in the
ASC
standard
Be
recogniz
ed in the
BAP
standard
MSC
IFFORS
ASC
BAP
FOS
Global
GAP
(1) MSC:
(2) IFFO RS:
(3) ASC:
(4) BAP:
(5) FOS:
(6) Global GAP:
21
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2. World seafood market
2.1 World seafood market
2.1.1 Production
2.1.2 Consumption
2.1.3 Seafood trade
2.1.4 Price movement of some aqua products
2.2 Seafood markets in some countries in the region
Contents
22
2. World seafood market
2.1 World seafood market – 2.1.1 Production
Million tons
Global aquaculture and fishing production, 2009 – 2017e
Source: VIRAC, FAO
Global aquaculture production grew at a CAGR of 2.78% per year for the
period 2009 – 2017e.
Source: VIRAC, FAO
Structure of fishing and aquaculture areas in 2016e
23
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2. World seafood market
2.1 World seafood market – 2.1.1 Production
Structure of fishing fleets by area, 2014
Source: VIRAC, ILO
Source: VIRAC, FAO
Global fishermen
Global fishing fleets
Structure of global fishermen, 2016e
Million people
24
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2. World seafood market
2.1 World seafood market – 2.1.1 Production
Source: VIRAC, FAO
Asia is the region with the largest fishing and aquaculture production
volume in the world
25
Source: VIRAC, FAOSource: VIRAC, FAO
Structure of world aquaculture production by region,
2016
Structure of world fishing production by region,
2016
Structure of world fishing and aquaculture production by
region, 2016
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2. World seafood market
2.1 World seafood market – 2.1.2 Production
Aquaculture by region, 2015Thousand tons
Source: VIRAC, FAO
With its long coastline, dense river systems, and the encouraging
development, aquaculture in East Asia, South Asia and Southeast Asia
have developed very fast.
Top 10 countries in terms of aquaculture, 2016
Million tons
Source: VIRAC, Worldatlas
26
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2. World seafood market
2.1 World seafood market – 2.1.2 Production
Top 10 countries in terms of fishing 2015
Source: VIRAC, FAO
Top 10 most caught fishes 2015
Source: VIRAC, FAO
Million tons
27
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2. World seafood market
2.1 World seafood market
2.1.1 Production
2.1.2 Consumption
2.1.3 Seafood trade
2.1.4 Price movement of some aqua products
2.2 Seafood markets in some countries in the region
Contents
28
2. World seafood market
2.1 World seafood market – 2.1.3 Consumption
Source: VIRAC, FAO
Million tons
Source: VIRAC, FAO
Seafood consumption per capita, 2009 - 2016
Unit: kg
29
Global seafood consumption, 2009 - 2016e
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2. World seafood market
2.1 World seafood market
2.1.1 Production
2.1.2 Consumption
2.1.3 Seafood trade
2.1.4 Price movement of some aqua products
2.2 Seafood market in some countries in the region
Contents
30
2. World seafood market
2.1 World seafood market – 2.1.3 Global seafood trade
billion USDGlobal seafood trade, 2008 – 2017e
Source: VIRAC, FAO
The period of 2010 - 2014 witnessed the strong growth of global
seafood trade
31
Source: VIRAC, FAO
Global seafood exports, 1976 - 2016
billion USD Content is intentionally removed for demo purpose
2. World seafood market
2.1 World seafood market – 2.1.3 Global seafood trade
Source: VIRAC, FAO
Source: VIRAC, FAO
32
Global seafood exports by region, 2016
Global seafood imports by region, 2016
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2. World seafood market
2.1 World seafood market – 2.1.3 Global seafood trade
Top 10 seafood exporters, 2016ebillion USD
Source: VIRAC, Worldrichestcountries
• China not only leads the world in seafood production, but is also the largest
exporter of seafood since 2002
Top 10 seafood importers, 2016ebillion USD
Source: VIRAC, Worldrichestcountries
In 2016, the volume of seafood imported into the United States
reached a record, imports of all major products have increased in
which catfish increased the most.
33
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2. World seafood market
2.1 World seafood market
2.1.1 Production
2.1.2 Consumption
2.1.3 Seafood trade
2.1.4 Price movement of some aqua products
2.2 Seafood market in some countries in the region
Contents
34
2. World seafood market
2.1 World seafood market – 2.1.3 Price movement of some aqua products
35
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World shrimp prices, 1/2014 – 3/2018Shrimp
Price
Supply
Export
2. World seafood market
2.1 World seafood market – 2.1.3 Price movement of some aqua products
Major markets
36
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2. World seafood market
2.1 World seafood market – 2.1.3 Price movement of some aqua products
Tuna:
Price
Supply
Canned tuna market:
Thailand
37
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2. World seafood market
2.1 World seafood market – 2.1.3 Price movement of some aqua products
38
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Ecuador:
Spain:
Philippines:
The United States:
EU:
Russia:
Asia-Pacific:
2. World seafood market
2.1 World seafood market – 2.1.3 Price movement of some aqua products
High squid and octopus prices due to low yield
39
✓ Octopus
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2. World seafood market
2.1 World seafood market – 2.1.3 Price movement of some aqua products
40
✓ Squid
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2. World seafood market
2.1 World seafood market
2.1.1 Production
2.1.2 Consumption
2.1.3 Seafood trade
2.1.4 Price movement of some aqua products
2.2 Seafood markets in some countries in the region
Contents
41
2. World seafood market
2.2 Seafood markets in some countries in the region
China
Geographic advantages and Chinese policies in aquaculture development
42
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2. World seafood market
2.2 Seafood markets in some countries in the region
Seafood production in China, 2012 – 2016eMillion tons
Source: VIRAC, Ministry of Agriculture of China
Source: VIRAC, FAO
Seafood price index in China, 01/2010 – 03/2017
CNY/kg
43
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2. World seafood market
2.2 Seafood markets in some countries in the region
Source: VIRAC, FAO
China is also the world's leading exporter, with Japan accounting for about 50% of
its exports
Tuna, squid-octopus exports of China, 2012 - 2016
USD thousand Ton
Source: VIRAC, FAO
Tuna export structure,
2016
Squid, octopus export
structure, 2016
44
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2. World seafood market
2.2 Seafood markets in some countries in the region
Indonesia
Area
Water area
Coastline
Population
GDP (2016)
Agriculture’s contribution to GDP (2016)
Fishery’s contribution to GDP (2016*)
Indonesia
Seafood production of Indonesia, 2012 – 2016e
Million tons
Source: VIRAC, FAO
45
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2. World seafood market
2.2 Seafood markets in some countries in the region
Export
Import
Shrimp exports of Indonesia, 2011 – 2016e
Thousand tons
Seafood trade of Indonesia (average in the period 2011 -
2015)
Source: VIRAC, VASEP
Source: VIRAC, California enviromental associates
Ton
46
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2. World seafood market
2.2 Seafood markets in some countries in the region
US seafood consumption by type of product, 2016e
Source: VIRAC, FAO
Fisheries' contribution to the US economy, 2012 - 2015
Source: VIRAC, NMFS
Production of some US seafood, 2011 - 2015
Source: VIRAC, NMFS
Thousand tons
47
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2. World seafood market
2.2 Seafood markets in some countries in the region
Ton
48
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Squid, octopus and shrimp import of the US, 2016 - 2017
Nguồn: VIRAC, VASEP Nguồn: VIRAC, VASEP
Shrimp import of the US, by volume, 2017
2. World seafood market
2.2 Seafood markets in some countries in the region
Ton
Area
Water area
Coastline
Population (2016)
GDP (2016)
Agriculture's contribution to GDP (2016)
Thailand
Seafood production of Thailand, 2006 -2015
Source: VIRAC, FAO
Ton
49
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2. World seafood market
2.2 Seafood markets in some countries in the region
Shrimp and tuna exports of Thailand, 2010 - 2016
Source: VIRAC, VASEP
Export
million USD
50
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2. World seafood market
2.2 Seafood markets in some countries in the region
Top 10 largest seafood companies in 2016
Founded year Headquarter Revenue in 2016
(billion USD)
Logo
Source: VIRAC
51
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2. World seafood market
2.2 Seafood markets in some countries in the region
52
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3. Vietnam seafood market
3.1 Characteristics of the Vietnamese fishery industry
3.2 Situation of aquaculture and exploitation
3.3 Production
3.4 Consumption
3.5 Risks and challenges
3.6 Driving forces
3.7 Industry development planning and forecast
Contents
53
Characteristics
3. Vietnam seafood market
3.1 Characteristics of the Vietnamese fishery industry
Scale of Vietnam fishery industry
Source: VIRAC, GSO
54
Number of fishery enterprises 2010 - 2016 Content is intentionally removed for demo purpose
3. Vietnam seafood market
3.1 Characteristics of the Vietnamese fishery industry
Fisheries workers in Vietnam
The system of fishing ports, wharves, mooring areas:
Form of organization of exploitation:
Source: VIRAC, GSO
Thousand people
55
The quality of human resources is limited:
Number of laborers farming, fishing and processing aquatic
products, 2010 - 2016
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Strong fisheries areas in the country
3. Vietnam seafood market
3.1 Characteristics of the Vietnamese fishery industry
56
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Sector value chain and linkage among subjects in the fisheries sector, etc
3. Vietnam seafood market
3.1 Characteristics of the Vietnamese fishery industry
Value chain of aquaculture
57
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Longitudinal linkages between actors in the fisheries sector
3. Vietnam seafood market
3.1 Characteristics of the Vietnamese fishery industry
Source: VIRAC, VASEP
58
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Role of the fisheries sector in Vietnam
1. Role of the seafood processing industry in the national economy
2. Advantages of Vietnam's seafood processing industry
3. Vietnam seafood market
3.1 Characteristics of the Vietnamese fishery industry
59
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3. Vietnam seafood market
3.1 Characteristics of the Vietnamese fishery industry
3.2 Situation of aquaculture and exploitation
3.3 Production
3.4 Consumption
3.5 Risks and challenges
3.6 Driving forces
3.7 Industry development planning and forecast
Contents
60
Source: VIRAC, GSO
Thousand ha
Farming area
Fishing fleets
Unit
Source: VIRAC, GSO
3. Vietnam seafood market
3.2 Situation of aquaculture and exploitation – 3.2.1 Overview of aquaculture and exploitation
Thousand CV
61
Fishing boats with a capacity of 90 CV, 2010 - 2016e
Fish farming area, 2010 - 2016e
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Source: VIRAC, VASEP, GSO
Thousand tons
3. Vietnam seafood market
3.2 Situation of aquaculture and exploitation – 3.2.1 Overview of aquaculture and exploitation
62
Seafood production, 2009 - Q1/2018e
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Fishing and aquaculture results, 2016 – Q1/2018
Source: VIRAC, GSO
3. Vietnam seafood market
3.2 Situation of aquaculture and exploitation – 3.2.1 Overview of aquaculture and exploitation
63
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Seafood production in Vietnam, 2016 – Q1/2018e
Source: VIRAC, GSO
3. Vietnam seafood market
3.2 Situation of aquaculture and exploitation – 3.2.1 Overview of aquaculture and exploitation
64
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2016 (thousand tons) 2017e (thousand tons) Q1/2018e (thousand tons)Q1/2018 compared to
Q1/2017 (%)
3. Vietnam seafood market
3.2 Situation of aquaculture and exploitation - 3.2.2 Current status of seafood exploitation
Fishery exploitationThousand tons
Source: VIRAC, GSO
Structure of fishery exploitation by area, 2016e
Source: VIRAC, GSO
65
Source: VIRAC, MARD
Thousand tons
Exploitation output of coastal provinces by region, 2017e
Vietnamese seafood exploitation, 2010 – Q1/2018e
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Source of fingerlings
Material imports
3. Vietnam seafood market
3.2 Situation of aquaculture and exploitation - 3.2.3 Current status of aquaculture
66
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Source: VIRAC, VASEP, GDVC
Vietnam imports mostly raw materials, aqua breeding stock. The largest
imports in Q1/2018 are from the Indian market (accounting for 24.8% of the
import value). Followed by Norway, China, Taiwan, etc.
million USD
3. Vietnam seafood market
3.2 Situation of aquaculture and exploitation - 3.2.3 Current status of aquaculture
Source: VIRAC, GDVC
67
Seafood imports, 2013 - Q1/2018e
Seafood import structure, Q1/2018e
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Feed for aquaculture
Aquaculture activities
3. Vietnam seafood market
3.2 Situation of aquaculture and exploitation - 3.2.3 Current status of aquaculture
68
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Aquaculture
Pangasius
Source: VIRAC, GSO
3. Vietnam seafood market
3.2 Situation of aquaculture and exploitation - 3.2.3 Current status of aquaculture
Thousand tons
Shrimp
69
Production of some aquatic species, 2013 – Q1/2018e
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Thousand ha
Đối với cá tra – basa:
As for shrimp:
Source: VIRAC, VASEP
Source: VIRAC, VASEP, MARD
Source: VIRAC, MARD
3. Vietnam seafood market
3.2 Situation of aquaculture and exploitation - 3.2.3 Current status of aquaculture
70
Ratio of catfish farming area self-invested in some
provinces and cities in 2016
Shrimp farming area in brackish waters, 2011 - 2017e
Structure of pangasius production by province,
Q1/2018e
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3. Vietnam seafood market
3.1 Characteristics of the Vietnamese fishery industry
3.2 Situation of aquaculture and exploitation
3.3 Production
3.4 Consumption
3.5 Risks and challenges
3.6 Driving forces
3.7 Industry development planning and forecast
Contents
71
3. Vietnam seafood market
3.3 Production
Domestic seafood processing
Seafood processing for export
72
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3. Vietnam seafood market
3.3 Production
Processing facilities of aquatic products for export by type of enterprise and kind of processed products in 2012
Type Northern Central South East South West Total
Type of business
State-owned enterprises
Joint stock companies
Private enterprises
Joint venture enterprises
100% foreign owned enterprises
Frozen
Dried
Canned
Fish sauce
Prawn crackers
Total number of export
processing facilities
Proportion
Source: VIRAC, VASEP
73
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Stage of collection, preliminary processing, processing
Shrimp
Pangasius
Tuna
3. Vietnam seafood market
3.3 Production
74
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3. Vietnam seafood market
3.3. Production
Source: VIRAC, GSO
Thousand tons
Frozen seafood and is product that has been processed or pre-processed and are sold for domestic consumption at supermarkets, wholesale markets,
shops, etc.
75
Frozen seafood production, 2011 – Q1/2018e
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3. Vietnam seafood market
3.1 Characteristics of the Vietnamese fishery industry
3.2 Situation of aquaculture and exploitation
3.3 Production
3.4 Consumption
3.5 Risks and challenges
3.6 Driving forces
3.7 Industry development planning and forecast
Contents
76
Consumption
3. Vietnam seafood market
3.4 Consumption
Domestic consumption value of seafood, 2013 - 2016
billion VND
Source: VIRAC, GSO
Seafood consumption per capita in Vietnam, 2010 -
2013Kg
Source: VIRAC, FAO
77
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Vietnamese seafood is currently consumed in more than 160 markets.
• Vietnam's seafood exports have made great strides in the past 20 years.
3. Vietnam seafood market
3.4 Consumption
78
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million USD
Source: VIRAC, GDVC
3. Vietnam seafood market
3.4 Consumption
Seafood exports, 2010 – Q1/2018e
79
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3. Vietnam seafood market
3.4 Consumption
80
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In the first quarter of 2018, the United States, Japan, China, Korea are
four major seafood import markets of Vietnam.
Source: VIRAC, GDVC
Exports of some main aquatic species in Q1/2018 according to VASEP:
Source: VIRAC, VASEP
million USD
3. Vietnam seafood market
3.4 Consumption
81
Seafood export structure by value, Q1/2018e
Export value of aquatic products, Q1/2018eContent is intentionally removed for demo purpose
Pangasius
Source: VIRAC, VASEP
billion USD
Source: VIRAC, VASEP
3. Vietnam seafood market
3.4 Consumption
Pangasius export value 2011 - Q1/2018e
82
Pangasius export structure by value, 2017e
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Pangasius
3. Vietnam seafood market
3.4 Consumption
83
Source: VIRAC, VASEP
million USDExport value of catfish to some markets, 2016 - 2017
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Shrimp
Source: VIRAC, VASEP
Source: VIRAC, VASEP
billion USD
3. Vietnam seafood market
3.4 Consumption
Shrimp export value, 2011 – Q1/2018e
Export structure of shrimp products, Q1/2018e
84
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3. Vietnam seafood market
3.4 Consumption
85
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Top 10 major shrimp importers of Vietnam are
Tuna
million USD
In Q1/2018, export value of the tuna sector was about 148 million USD
Source: VIRAC, VASEP
Source: VIRAC, VASEP
3. Vietnam seafood market
3.4 Consumption
Export value of the tuna sector, 2011 – Q1/2018e
Exported tuna products, 2017e
86
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Tuna
million USD
Currently, tuna products of Vietnam appear in 97 countries in the
world, expanding more than in 2016.
Source: VIRAC, VASEP
Source: VIRAC, VASEP
3. Vietnam seafood market
3.4 Consumption
Export value of the tuna sector, 2011 – Q1/2018e
Exported tuna products, 2017e
87
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3. Vietnam seafood market
3.4 Consumption
million USD
Source: VIRAC, VASEP
8 major tuna export markets of Vietnam, including
88
Tuna export turnover by market, 2017e
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3. Vietnam seafood market
3.1 Characteristics of the Vietnamese fishery industry
3.2 Situation of aquaculture and exploitation
3.3 Production
3.4 Consumption
3.5 Risks and challenges
3.6 Driving forces
3.7 Industry development planning and forecast
Contents
89
3. Vietnam seafood market
3.5 Risks and challenges - 3.5.1 Risks
Environmental risks and exploitation management risks
Competitive risks
90
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3. Vietnam seafood market
3.5 Risks and challenges - 3.5.1 Risks
Island dispute risk
Risk in export markets
Material risk
91
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3. Vietnam seafood market
3.5 Risks and challenges - 3.5.2 Challenges
• Firstly,
• Secondly,
• Thirdly,
• Fourthly,
• Fifthly,
• Sixthly,
92
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3. Vietnam seafood market
3.5 Risks and challenges - 3.5.2 Challenges
• Seventhly,
• Eighthly,
93
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Advantages:
Limitations:
3. Vietnam seafood market
3.5 Risks and Challenges - 3.5.3 SWOT
94
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Opportunities:
Challenges:
3. Vietnam seafood market
3.5 Risks and challenges - 3.5.3 SWOT
95
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3. Vietnam seafood market
3.1 Characteristics of the Vietnamese fishery industry
3.2 Situation of aquaculture and exploitation
3.3 Production
3.4 Consumption
3.5 Risks and challenges
3.6 Driving forces
3.7 Industry development planning and forecast
Contents
96
3. Vietnam seafood market
3.6 Driving forces
Driving forces of industry development
Favourable socio-economic conditions:
97
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3. Vietnam seafood market
3.1 Characteristics of the Vietnamese fishery industry
3.2 Situation of aquaculture and exploitation
3.3 Production
3.4 Consumption
3.5 Risks and challenges
3.6 Driving forces
3.7 Industry development planning and forecast
Contents
98
On 8/16/2013, the Prime Minister issued Decision No.1445 / QD-TTg on approving the master plan for fisheries development up to 2020 and vision 2030 with the
following main contents:
3. Vietnam seafood market
3.7 Industry development planning and forecast – 3.7.1 Industry planning
99
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3. Vietnam seafood market
3.7 Industry development planning and forecast – 3.7.1 Industry planning
100
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3. Vietnam seafood market
3.7 Industry development planning and forecast – 3.7.2 Forecast - Global fishery industry
101
Source: VIRAC, OECD, FAO
Thousand tons
Global seafood production and consumption forecast,
2017f - 2026f
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3. Vietnam seafood market
3.7 Industry development planning and forecast – 3.7.2 Forecast - Vietnam fishery industry
Source: VIRAC, VASEP
million USD
102
Seafood export value, 2011 - 2020f
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Contents
4. Enterprise analysis
4.1 Enterprise introduction
4.2 Business results indicators
4.3 Financial indicators
4.4 Performance indicators
103
TOP FISHERY ENTERPRISES WITH THE HIGHEST REVENUE IN 2016
Name of enterprise Address Tax code
Charter
capital
(VND million)
Total assets
(VND
million)
Net revenue
(VND million)
Hung Vuong Joint Stock
Company - HVG
Minh Phu Corporation -
MPC
Vinh Hoan Corporation -
VHC
Soc Trang Seafood Joint
Stock Company -
STAPIMEX
Viet Thang Feed Joint
Stock Company - VTF
An Giang Fisheries
Import - Export Joint
Stock Company - AGF
Quoc Viet Seafood
Processing and Export
Company Limited
Nha Trang Seafoods
Joint Stock Company -
F17
Minh Hai Seafood Joint
Stock Company
Danang Seaproducts
Import-Export
Corporation
4. Enterprise analysis
4.1 Enterprise introduction
104
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4. Enterprise analysis
4.1 Enterprise introduction
Hung Vuong Joint Stock Company - HVG
105
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Minh Phu Corporation - MPC
4. Enterprise analysis
4.1 Enterprise introduction
106
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Vinh Hoan Corporation - VHC
4. Enterprise analysis
4.1 Enterprise introduction
107
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Soc Trang Seafood Joint Stock Company - STAPIMEX:
4. Enterprise analysis
4.1 Enterprise introduction
108
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Viet Thang Feed Joint Stock Company - VTF
4. Enterprise analysis
4.1 Enterprise introduction
109
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An Giang Fisheries Import - Export Joint Stock Company - AGF
4. Enterprise analysis
4.1 Enterprise introduction
110
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Quoc Viet Seafood Processing and Export Company Limited
4. Enterprise analysis
4.1 Enterprise introduction
111
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Nha Trang Seafoods Joint Stock Company - F17
4. Enterprise analysis
4.1 Enterprise introduction
112
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Minh Hai Seafood Joint Stock Company
4. Enterprise analysis
4.1 Enterprise introduction
113
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Danang Seaproducts Import-Export Corporation - SPD
4. Enterprise analysis
4.1 Enterprise introduction
114
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Contents
4. Enterprise analysis
4.1 Enterprise introduction
4.2 Business results indicators
4.3 Financial indicators
4.4 Performance indicators
115
4. Enterprise analysis
4.2 Business results indicators
VND million
Source: VIRAC
116
Net revenue growth, 2015 - 2016
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4. Enterprise analysis
4.2 Business results indicators
Source: VIRAC
VND million
117
Gross profit growth, 2015 - 2016
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4. Enterprise analysis
4.2 Business results indicators
118
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4. Enterprise analysis
4.2 Business results indicators
Source: VIRAC
119
Selling expenses/Net revenue, 2016
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4. Enterprise analysis
4.2 Business results indicators
Source: VIRAC
Source: VIRAC
120
Financial expenses/Net revenue, 2016Content is intentionally removed for demo purpose
Administrative expenses/Net revenue, 2016
Contents
4. Enterprise analysis
4.1 Enterprise introduction
4.2 Business results indicators
4.3 Financial indicators
4.4 Performance indicators
121
4. Enterprise analysis
4.3 Financial indicators
Source: VIRAC
122
Accounts receivable turnover, 2015 - 2016
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4. Enterprise analysis
4.3 Financial indicators
HVG MPC VHC Soc Trang VTF AGF Quoc Viet Seafoods F17 Minh Hai SPD Average
Current Ratio
Quick Ratio
Cash Ratio
HVG MPC VHC Soc Trang VTF AGF Quoc Viet Seafoods F17 Minh Hai SPD Average
Days in inventory
Total asset turnover
Fixed asset turnover
Source: VIRAC
Source: VIRAC
123
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Contents
4. Enterprise analysis
4.1 Enterprise introduction
4.2 Business results indicators
4.3 Financial indicators
4.4 Performance indicators
124
4. Enterprise analysis
4.4 Performance indicators
HVG MPC VHC Soc Trang VTF AGF Quoc Viet Seafoods F17 Minh Hai SPD Average
ROA (%)
ROE (%)
ROS (%)
Profit after tax (VND million)
Debt to total asset ratio (%)
Debt to equity ratio (%)
Source: VIRAC
125
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5. Appendix
Contents
126
Hung Vuong Joint Stock Company - HVG
BALANCE SHEETS
Unit: VND million 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
113
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
Appendix
Financial Statement
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Minh Phu Corporation - MPC
BALANCE SHEETS
Unit: VND million 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
113
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
Appendix
Financial Statement
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Vinh Hoan Corporation - VHC
BALANCE SHEETS
Unit: VND million 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
113
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
Appendix
Financial Statement
Content is intentionally removed for demo purpose
Soc Trang Seafood Joint Stock Company - STAPIMEX
BALANCE SHEETS
Unit: VND million 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
113
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
Appendix
Financial Statement
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Viet Thang Feed Joint Stock Company - VTF
BALANCE SHEETS
Unit: VND million 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
113
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
Appendix
Financial Statement
Content is intentionally removed for demo purpose
An Giang Fisheries Import - Export Joint Stock Company - AGF
BALANCE SHEETS
Unit: VND million 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
113
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
Appendix
Financial Statement
Content is intentionally removed for demo purpose
Quoc Viet Seafood Processing and Export Company Limited
BALANCE SHEETS
Unit: VND million 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
113
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
Appendix
Financial Statement
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Nha Trang Seafoods Joint Stock Company - F17
BALANCE SHEETS
Unit: VND million 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
113
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
Appendix
Financial Statement
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Minh Hai Seafood Joint Stock Company
BALANCE SHEETS
Unit: VND million 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
113
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
Appendix
Financial Statement
Content is intentionally removed for demo purpose
Danang Seaproducts Import-Export Corporation
BALANCE SHEETS
Unit: VND million 2015 2016
A. SHORT-TERM ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivable
1. Short-term receivables of customers
IV. Inventories
B. LONG-TERM ASSETS
TOTAL ASSETS
A. LIABILITIES
I. Current liabilities
1. Borrowings and short-term financial leased
liabilities
2. Taxes and other payables to the State budget
II. Long-term Liabilities
1. Borrowings and long-term financial leased
liabilities
2. Provision for long-term payables
B. OWNER’S EQUITY
TOTAL CAPITAL RESOURCES
113
INCOME STATEMENT
Unit: VND million 2015 2016
Net revenue
Cost of goods
Gross profit
Revenue from financing activities
Financial expense
Loan interest expenses
Cost of sales
Enterprise administration expenses
Net profit from business operations
Total accounting profit before tax
Costs of current corporate income tax
Costs of deferred corporate income tax
Profit after tax
CASH FLOW STATEMENT
Unit: VND million 2015 2016
I. Cash Flow From Operating Activities
Depreciation of fixed assets
Unrealized foreign exchange profit(loss)
Net Cash Flow From Operations
II Cash flow from investing activities
Purchases of fixed assets and other long-term assets
Net cash flow from investing activities
III. Cash flow from financing activities
Net cash flow from financing activities
Effect of foreign exchange differences
Net cash flow of the year
Appendix
Financial Statement
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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
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