vietnam fishery industry report q2/2018 · hung vuong, vinh hoan, viet thang, etc content is...

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

Content is intentionally removed for demo purpose

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%




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%


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



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


Contents



2. Legal framework

3. Free trade agreements

10


1.2 Legal framework

Fisheries Law

11



1.2 Legal framework

12



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



1.2 Legal framework

14



1.2 Legal framework

15



1.1 Macroeconomic situation

1.2 Legal framework


Contents

16



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




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




ASEAN Economic Community (AEC)

19

Comprehensive and Progressive Agreement for Trans-Pacific Partnership CPTPP:Content is intentionally removed for demo purpose



20




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


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


2.1 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




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




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




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




Top 10 countries in terms of fishing 2015

Source: VIRAC, FAO

Top 10 most caught fishes 2015

Source: VIRAC, FAO

Million tons

27




2.1.1 Production

2.1.2 Consumption

2.1.3 Seafood trade



Contents

28


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




2.1.1 Production

2.1.2 Consumption

2.1.3 Seafood trade


2.2 Seafood market in some countries in the region

Contents

30


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



Source: VIRAC, FAO

Source: VIRAC, FAO

32

Global seafood exports by region, 2016

Global seafood imports by region, 2016




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




2.1.1 Production

2.1.2 Consumption

2.1.3 Seafood trade


2.2 Seafood market in some countries in the region

Contents

34


2.1 World seafood market – 2.1.3 Price movement of some aqua products

35


World shrimp prices, 1/2014 – 3/2018Shrimp

Price

Supply

Export



Major markets

36




Tuna:

Price

Supply

Canned tuna market:

Thailand

37




38


Ecuador:

Spain:

Philippines:

The United States:

EU:

Russia:

Asia-Pacific:



High squid and octopus prices due to low yield

39

✓ Octopus




40

✓ Squid




2.1.1 Production

2.1.2 Consumption

2.1.3 Seafood trade



Contents

41



China

Geographic advantages and Chinese policies in aquaculture development

42




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




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




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




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




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




Ton

48


Squid, octopus and shrimp import of the US, 2016 - 2017

Nguồn: VIRAC, VASEP Nguồn: VIRAC, VASEP

Shrimp import of the US, by volume, 2017



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




Shrimp and tuna exports of Thailand, 2010 - 2016


Export

million USD

50




Top 10 largest seafood companies in 2016

Founded year Headquarter Revenue in 2016

(billion USD)

Logo

Source: VIRAC

51




52


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



Scale of Vietnam fishery industry

Source: VIRAC, GSO

54

Number of fishery enterprises 2010 - 2016 Content is intentionally removed for demo purpose



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


Strong fisheries areas in the country



56


Sector value chain and linkage among subjects in the fisheries sector, etc



Value chain of aquaculture

57


Longitudinal linkages between actors in the fisheries sector




58


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



59





3.3 Production

3.4 Consumption


3.6 Driving forces


Contents

60

Source: VIRAC, GSO

Thousand ha

Farming area

Fishing fleets

Unit

Source: VIRAC, GSO


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


Source: VIRAC, VASEP, GSO

Thousand tons



62

Seafood production, 2009 - Q1/2018e


Fishing and aquaculture results, 2016 – Q1/2018

Source: VIRAC, GSO



63


Seafood production in Vietnam, 2016 – Q1/2018e

Source: VIRAC, GSO



64


2016 (thousand tons) 2017e (thousand tons) Q1/2018e (thousand tons)Q1/2018 compared to

Q1/2017 (%)


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


Source of fingerlings

Material imports


3.2 Situation of aquaculture and exploitation - 3.2.3 Current status of aquaculture

66


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



Source: VIRAC, GDVC

67

Seafood imports, 2013 - Q1/2018e

Seafood import structure, Q1/2018e


Feed for aquaculture

Aquaculture activities



68


Aquaculture

Pangasius

Source: VIRAC, GSO



Thousand tons

Shrimp

69

Production of some aquatic species, 2013 – Q1/2018e


Thousand ha

Đối với cá tra – basa:

As for shrimp:


Source: VIRAC, VASEP, MARD

Source: VIRAC, MARD



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





3.3 Production

3.4 Consumption


3.6 Driving forces


Contents

71


3.3 Production

Domestic seafood processing

Seafood processing for export

72



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


73


Stage of collection, preliminary processing, processing

Shrimp

Pangasius

Tuna


3.3 Production

74



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





3.3 Production

3.4 Consumption


3.6 Driving forces


Contents

76

Consumption


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


Vietnamese seafood is currently consumed in more than 160 markets.

• Vietnam's seafood exports have made great strides in the past 20 years.


3.4 Consumption

78


million USD

Source: VIRAC, GDVC


3.4 Consumption

Seafood exports, 2010 – Q1/2018e

79



3.4 Consumption

80


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:


million USD


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


billion USD



3.4 Consumption

Pangasius export value 2011 - Q1/2018e

82

Pangasius export structure by value, 2017e


Pangasius


3.4 Consumption

83


million USDExport value of catfish to some markets, 2016 - 2017


Shrimp



billion USD


3.4 Consumption

Shrimp export value, 2011 – Q1/2018e

Export structure of shrimp products, Q1/2018e

84



3.4 Consumption

85


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




3.4 Consumption

Export value of the tuna sector, 2011 – Q1/2018e

Exported tuna products, 2017e

86


Tuna

million USD

Currently, tuna products of Vietnam appear in 97 countries in the

world, expanding more than in 2016.




3.4 Consumption

Export value of the tuna sector, 2011 – Q1/2018e

Exported tuna products, 2017e

87



3.4 Consumption

million USD


8 major tuna export markets of Vietnam, including

88

Tuna export turnover by market, 2017e





3.3 Production

3.4 Consumption


3.6 Driving forces


Contents

89


3.5 Risks and challenges - 3.5.1 Risks

Environmental risks and exploitation management risks

Competitive risks

90



3.5 Risks and challenges - 3.5.1 Risks

Island dispute risk

Risk in export markets

Material risk

91



3.5 Risks and challenges - 3.5.2 Challenges

• Firstly,

• Secondly,

• Thirdly,

• Fourthly,

• Fifthly,

• Sixthly,

92



3.5 Risks and challenges - 3.5.2 Challenges

• Seventhly,

• Eighthly,

93


Advantages:

Limitations:


3.5 Risks and Challenges - 3.5.3 SWOT

94


Opportunities:

Challenges:


3.5 Risks and challenges - 3.5.3 SWOT

95





3.3 Production

3.4 Consumption


3.6 Driving forces


Contents

96


3.6 Driving forces

Driving forces of industry development

Favourable socio-economic conditions:

97





3.3 Production

3.4 Consumption


3.6 Driving forces


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:


3.7 Industry development planning and forecast – 3.7.1 Industry planning

99



3.7 Industry development planning and forecast – 3.7.1 Industry planning

100



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



3.7 Industry development planning and forecast – 3.7.2 Forecast - Vietnam fishery industry


million USD

102

Seafood export value, 2011 - 2020f


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



104




Hung Vuong Joint Stock Company - HVG

105


Minh Phu Corporation - MPC



106


Vinh Hoan Corporation - VHC



107


Soc Trang Seafood Joint Stock Company - STAPIMEX:



108


Viet Thang Feed Joint Stock Company - VTF



109


An Giang Fisheries Import - Export Joint Stock Company - AGF



110


Quoc Viet Seafood Processing and Export Company Limited



111


Nha Trang Seafoods Joint Stock Company - F17



112


Minh Hai Seafood Joint Stock Company



113


Danang Seaproducts Import-Export Corporation - SPD



114


Contents






115



VND million

Source: VIRAC

116

Net revenue growth, 2015 - 2016




Source: VIRAC

VND million

117

Gross profit growth, 2015 - 2016




118




Source: VIRAC

119

Selling expenses/Net revenue, 2016




Source: VIRAC

Source: VIRAC

120

Financial expenses/Net revenue, 2016Content is intentionally removed for demo purpose

Administrative expenses/Net revenue, 2016

Contents






121



Source: VIRAC

122

Accounts receivable turnover, 2015 - 2016




HVG MPC VHC Soc Trang VTF AGF Quoc Viet Seafoods F17 Minh Hai SPD Average

Current Ratio

Quick Ratio

Cash Ratio


Days in inventory

Total asset turnover

Fixed asset turnover

Source: VIRAC

Source: VIRAC

123


Contents






124




ROA (%)

ROE (%)

ROS (%)

Profit after tax (VND million)

Debt to total asset ratio (%)

Debt to equity ratio (%)

Source: VIRAC

125


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


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


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


Minh Phu Corporation - MPC

BALANCE SHEETS







IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


113

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













Appendix

Financial Statement


Vinh Hoan Corporation - VHC

BALANCE SHEETS







IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


113

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













Appendix

Financial Statement


Soc Trang Seafood Joint Stock Company - STAPIMEX

BALANCE SHEETS







IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


113

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













Appendix

Financial Statement


Viet Thang Feed Joint Stock Company - VTF

BALANCE SHEETS







IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


113

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













Appendix

Financial Statement


An Giang Fisheries Import - Export Joint Stock Company - AGF

BALANCE SHEETS







IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


113

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













Appendix

Financial Statement


Quoc Viet Seafood Processing and Export Company Limited

BALANCE SHEETS







IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


113

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













Appendix

Financial Statement


Nha Trang Seafoods Joint Stock Company - F17

BALANCE SHEETS







IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


113

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













Appendix

Financial Statement


Minh Hai Seafood Joint Stock Company

BALANCE SHEETS







IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


113

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













Appendix

Financial Statement


Danang Seaproducts Import-Export Corporation

BALANCE SHEETS







IV. Inventories

B. LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


113

INCOME STATEMENT


Net revenue

Cost of goods

Gross profit


Financial expense


Cost of sales






Profit after tax

CASH FLOW STATEMENT













Appendix

Financial Statement


REPORT DISCLAIMER

REPORT DISCLAIMER

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