Pricing model (unit VND. Million)

Annual registration fee 0.3

CA fee 1

Tender notification fee 0.1

Bidding submission fee 0.1

Winning bidder fee 0.3

e-contract system use fee 0.3

e-shopping mall use fee 0.3

Inflation Rate 0.09

Discounted Rate

2013 2014 2015 2016

The number of packages 81,970 90,167 99,184 109,102

e-procurement ratio 0% 0% 14% 19%

The number of government organizations 10,000 10,000 10,000 10,000

The number of government organizations who use e-GP - - 1,400 1,900

The number of suppliers who are potentially use e-GP 120,000 120,000 120,000 120,000

The number of supplier who use e-GP - - 16,800 22,800

Unit: million VND

2017 2018 2019 2020 2021 2022 2023 2024

120,012 132,014 145,215 159,736 175,710 193,281 212,609 233,870 Increase 10% per year

29% 35% 42% 47% 52% 57% 62% 67% Increase 5% per year

10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

2,900 3,500 4,200 4,700 5,200 5,700 6,200 6,700

120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000

34,800 42,000 50,400 56,400 62,400 68,400 74,400 80,400

Increase 10% per year

Increase 5% per year

Revenue 2015 2016 2017 2018 2019 2020

Annual user registration fee 6,865 10,447 17,879 24,196 32,557 40,852

Annual CA fee 7,628 11,608 19,866 26,884 36,174 45,391

Tender notification fee 1,746 2,922 5,502 8,190 12,122 16,732

Bidding submission fee 11,685 19,559 36,823 54,815 81,133 111,985

Winning bidder fee 5,121 7,794 13,339 18,051 24,289 30,477

e-Contract system use fee 11,933 19,975 37,606 55,981 82,858 114,366

Revenue(FV) 44,978 72,305 131,014 188,117 269,133 359,804

Revenue(PV) 35,773 51,287 82,876 106,125 135,405 161,441

Unit: Million VND

Revenue 2015 2016 2017 2018 2019 2020

Annual user registration fee 6,170 9,462 16,319 22,256 30,179 20,713

Annual CA fee 7,628 11,608 19,866 26,884 36,174 45,391

Tender notification fee 1,514 2,073 3,480 4,620 6,099 7,508

Bidding submission fee 11,685 19,559 36,823 54,815 81,133 111,985

Winning bidder fee 5,121 7,794 13,339 18,051 24,289 30,477

e-Contract system use fee 11,933 19,975 37,606 55,981 82,858 114,366

Revenue(FV) 44,978 72,305 131,014 188,117 269,133 359,804

Revenue(PV) 35,773 51,287 82,876 106,125 135,405 161,441

2021 2022 2023 2024

50,681 62,293 75,976 92,062

56,312 69,214 84,417 102,291

22,834 30,872 41,418 55,206

152,820 206,617 277,203 369,483

37,809 46,472 56,680 68,681

156,069 211,010 283,096 377,338

476,524 626,477 818,790 1,065,062

190,682 223,567 260,588 302,298

2021 2022 2023 2024

42,222 52,298 64,281 78,496

56,312 69,214 84,417 102,291

9,137 11,017 13,182 15,669

152,820 206,617 277,203 369,483

37,809 46,472 56,680 68,681

156,069 211,010 283,096 377,338

476,524 626,477 818,790 1,065,062

190,682 223,567 260,588 302,298

(Unit: M. VND) 2013 2014 2015 2016 2017

Operating Revenues

Revenue from services - - 131,014 72,305 131,014

Other operating revenues - - - - -

- - 44,978 72,305 131,014

- - - - -

Operating Expenses - - - - -

Wages, salaries and employment benefits - - 13,709 7,031 8,737

Supplies and consumables used - - 6,855 3,516 4,369

Repairs and maintenance - - 36,941 41,421 51,233

Depreciation and amortization expenses - 43,270 52,754 52,754 59,043

Other operating expenses - - 6,855 3,516 4,369

- 43,270 117,114 108,238 127,750

- - - - -

Surplus/(Deficit) from Operating Activities - -43,270 -72,136 -35,933 3,264

Total non-operating revenue - - - - -

Interest cost 5,105 19,259 27,926 25,908 23,499

Total non-operating expense 5,105 19,259 27,926 25,908 23,499

- - - - -

Surplus/(Deficit) from Ordinary Activities -5,105 -62,529 -100,062 -61,840 -20,235

Minority interest share of surplus/(deficit) - - - - -

Net surplus/(deficit) before extraordinary items -5,105 -62,529 -100,062 -61,840 -20,235

Extraordinary items - - - - -

Income tax expense - - - - -

Net Surplus/(deficit) for the Year after Tax -5,105 -62,529 -100,062 -61,840 -20,235

Cash Flow Statements

2018 2019 2020 2021 2022 2023 2024

188,117 269,133 359,804 476,524 626,477 818,790 1,065,062

- - - - - - -

188,117 269,133 359,804 476,524 626,477 818,790 1,065,062

- - - - - - -

- - - - - - -

10,462 12,646 15,000 17,792 21,105 25,033 29,693

5,231 6,323 7,500 8,896 10,552 12,517 14,847

57,447 77,685 87,109 97,675 109,523 122,808 172,937

59,043 73,880 64,395 64,395 58,107 58,107 121,499

5,231 6,323 7,500 8,896 10,552 12,517 14,847

137,414 176,857 181,504 197,655 209,839 230,981 353,822

- - - - - - -

50,703 92,276 178,299 278,869 416,638 587,809 711,240

- - - - - - -

19,707 15,915 12,122 8,330 4,538 1,384 0

19,707 15,915 12,122 8,330 4,538 1,384 0

- - - - - - -

30,996 76,361 166,177 270,539 412,100 586,425 711,240

- - - - - - -

30,996 76,361 166,177 270,539 412,100 586,425 711,240

- - - - - - -

7,749 19,090 41,544 67,635 103,025 146,606 177,810

23,247 57,271 124,633 202,904 309,075 439,819 533,430

Cash Flow Statements

2013 2014 2015

OPERATING CASH FLOW

Receipts

Cash receipts from customers - - 44,978

Other receipts - - -

Payments - - -

Employees - - (13,709)

Suppliers - - (6,855)

Interest paid (5,105) (19,259) (27,926)

Other payment - - (36,941)

Net Cash Flows from Operating Activities (5,105) (19,259) (40,453)

- - -

INVESTING CASH FLOW - - -

Receipts - - -

Interest received - - -

Sales of fixed assets - - -

Sales of investments - - -

Payments - - -

Purchases of fixed assets (201,737) (47,421) -

Purchases of investments - - -

Net Cash Flows from Investing Activities (201,737) (47,421) -

- - -

FINANCING CASH FLOWS - - -

Receipts - - -

Capital contributions from government 130,000 - -

Capital contributions from owners 81,031 - -

Proceeds from new borrowings 31,829 88,239 -

Payments - - -

Capital withdrawals - - -

Repayment of borrowings - - -

Dividends paid - - -

Net Cash Flows from Financing Activities (242,860) (88,239) -

- -

Balances as at 1 January - 36,018 57,577

Net increases/(decreases) for period 36,018 21,559 -40,453

Balances as a 31 December 36,018 57,577 17,124

- - -

Operating Cash Flow+Investing Cash Flow -206,842 -66,680 -40,453

Interest paid 5,105 19,259 27,926

Interest paid+OCF+ICF -201,737 -47,421 -12,527

Balance as at 1 January - 36,018 57,577

Interest paid+Repayment of borrowings 5,105 19,259 27,926

CASH AND CASH EQUIVALENT

Simple DSCR (=A+B+a')/(a'+c') -39.51 -2.46 -0.45

Cumulative DSCR -39.51 -0.59 1.61

Total Cost 206,842 66,680 85,431

Total Revenue - - 44,978

Revenue-Cost -206,842 -66,680 -40,453

- - -

Total Cost (PV) 206,842 59,467 67,947

Total Revenue (PV) - - 35,773

Revenue-Cost (PV) -206,842 -59,467 -32,174

Factors 1.00 0.92 0.84

Free Cash Flow (449,702) (154,919) (40,453)

DCF (449,702) (142,128) (34,048)

NPV $5,724,469.15

IRR 24%

2016 2017 2018 2019 2020 2021 2022 2023

72,305 131,014 188,117 269,133 359,804 476,524 626,477 818,790

- - - - - - - -

- - - - - - - -

(7,031) (8,737) (10,462) (12,646) (15,000) (17,792) (21,105) (25,033)

(3,516) (4,369) (5,231) (6,323) (7,500) (8,896) (10,552) (12,517)

(25,908) (23,499) (19,707) (15,915) (12,122) (8,330) (4,538) (1,384)

(41,421) (51,233) (65,196) (96,776) (128,653) (165,310) (212,548) (269,414)

(5,571) 43,176 87,521 137,473 196,529 276,196 377,734 510,442

-

-

-

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

(31,444) - (290,533) - - - - (607,495)

- - - - - - - -

(31,444) - (290,533) - - - - (607,495)

-

-

-

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

- - - - - - - -

(4,547) (17,153) (27,010) (27,010) (27,010) (27,010) (27,010) (22,464)

- - - - -

(4,547) (17,153) (27,010) (27,010) (27,010) (27,010) (27,010) (22,464)

-

17,124 -24,437 1,587 -228,436 -117,973 51,545 221,588 378,204

-41,561 26,024 -230,023 110,463 169,517 170,044 156,615 -436,480

-24,437 1,587 -228,436 -117,973 51,545 221,588 378,204 -58,277

- - - - -

-37,014 43,176 -203,012 137,474 196,528 276,196 377,734 -97,053

25,908 23,499 19,707 15,915 12,122 8,330 4,538 1,384

-11,106 66,676 -183,305 153,388 208,650 284,526 382,272 -95,669

17,124 -24,437 1,587 -228,436 -117,973 51,545 221,588 378,204

30,455 40,652 46,718 42,925 39,133 35,341 31,548 23,848

-0.36 1.64 -3.92 3.57 5.33 8.05 12.12 -4.01

0.2 1.04 -3.89 -1.75 2.32 9.51 19.14 11.85

109,319 87,837 391,129 131,660 163,276 200,329 248,743 915,843

72,305 131,014 188,117 269,133 359,804 476,524 626,477 818,790

-37,014 43,176 -203,012 137,474 196,528 276,196 377,734 -97,053

- - - - -

77,541 55,564 220,654 66,240 73,260 80,162 88,767 291,476

51,287 82,876 106,125 135,405 161,441 190,682 223,567 260,588

-26,254 27,312 -114,528 69,165 88,180 110,520 134,800 -30,888

0.77 0.61 0.65 0.60 0.55 0.50 0.46 0.42

(41,562) 26,023 (230,022) 110,463 169,519 249,186 350,724 (119,517)

(32,093) 15,960 (149,499) 65,865 92,733 125,058 161,483 (50,485)

2024

1,065,062

-

-

(29,693)

(14,847)

-

(350,747)

669,775

-

-

-

-

-

-

-

-

-

-

-

-

(9,858)

(9,858)

-58,277

234,721

176,444

669,776

0

669,776

-58,277

9,858

67.94

62.03

395,286

1,065,062

669,776

112,195

302,298

190,103

0.39 0.36

659,917 16,497,925

6,121,325 5,865,585 255,740