vietnam textile and apparel industry report q2/2018 … · iii. industry outlook and risk 95 iv....
TRANSCRIPT
VIETNAM TEXTILE AND APPAREL INDUSTRY REPORT Q2/2018
1
TABLE OF CONTENTS
2
Contents Page Contents Page
ABBREVIATIONS4
1.4. Textile dyeing 43
SUMMARY 5 1.5. Apparel 47
I. Business environment 7 1.6. Distribution and export system 54
1. Macroeconomic situation 7 1.7. Machinery of textile apparel industry 56
2. Legal framework 16 2. Vietnam textile and apparel market 59
3. Trade agreements 21 2.1. Vietnam textile and apparel market's overview 59
II. Industry overview 27 2.2. Input materials 67
1. World textile and apparel market 27 2.3. Spinning 74
1.1. Value chain of textile and apparel industry 29 2.4. Textile dyeing 80
1.2. Input materials 33 2.5. Apparel 86
1.3. Spinning 40 2.6. Distribution and export system 92
TABLE OF CONTENTS
3
Contents Page Contents Page
III. Industry outlook and risk 95 IV. Enterprise analysis 110
1. Industry risk 95 1. Garment enterprise analysis 110
1.1. 5-forces analysis 95 2. Textile and fiber enterprise analysis 125
1.2. SWOT analysis 99 IV. Conclusion 138
1.3. Risks 101 Appendix 140
2. Industry outlook 104
2.1. Industry planning 104
2.2. Forecast and assessment of industry outlook 107
ABBREVIATIONS
ABBREVIATIONS
4
Shortened
formFull form
Shortened
formFull form
CAGR Compounded Annual Growth Rate PET Polyethylene terephthalate
CMT Cut – Make – Trim GDVC General Department of Vietnam Customs
CNTAC China National Textile & Apparel Council GSO General Statistics Office of Vietnam
CPI Consumer Price Index CI Corporate Income
JCS Joint Stock Company Co., Ltd. Company Limited
NR Net Revenue FA Fixed Assets
EU European Union LTA Long-term Assets
GDP Gross Domestic Product LSA Short-term Assets
OBM Original brand manufacturer UAE The United Arab Emirates
ODM Original design manufacturer VCOSA Vietnam Cotton and Spinning Association
OEM Original Equipment Manufacturer VINATEX Vietnam Textile Corporation
VITAS Vietnam Textile and Apparel Association
SUMMARY
5
• The world textile and apparel industry is deeply influenced by
macroeconomic fluctuations.
• China, The United States, Germany and Japan are the largest textile
and apparel consuming countries in the world.
WORLD TEXTILE AND APPAREL MARKET
Content is intentionally removed for demo purpose
SUMMARY
6
• Textile and apparel industry is one of the key sectors of Vietnam and
has the second largest export turnover with export value contributing
10-15% to GDP.
• Vietnam is one of the top 10 textile and apparel exporting countries in
the world.
• Domestic textile and apparel enterprises are weak in the knowledge-
intensive stages such as building distribution system, exporting,
designing and branding..
VIETNAM TEXTILE AND APPAREL MARKET
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
Part I. Business environment
1. Macroeconomic situation
2. Legal framework
3. Trade agreements
4. Trans-Pacific Partnership Agreement
7
8
Source: VIRAC, GSO
VND Trillion
GDP growth rate by quarter, 2015 – Q1/2018
GDP by current price and GDP per capita, 2013 – Q1/2018
Source: VIRAC, GSO
Content is intentionally removed for demo purpose
• Gross domestic product in the first quarter of 2018 is estimated to increase
by 7.38%, compared to the same period of 2017.
• In 2016, sales from the textile and apparel industry was 33 billion USD,
accounting for 16.7% GDP.
Part I. Business environment
1. Macroeconomic situation
9
Sources: VIRAC, FIA
FDI capital, 2014 – Q1/208Billion USD
FDI attraction by sector, 2017
Sources: VIRAC, FIA
Part I. Business environment
1. Macroeconomic situation
Content is intentionally removed for demo purpose
Foreign Direct Investment (FDI)
FDI attracted 618 new projects over the period from January to March 20, 2018.
10
Total value of exported and imported commodity of Vietnam in Q1/2018 reached 108.43 billion USD
Sources: VIRAC, GDVC
Billion USDBillion USD
Imports and exports of commodity, 2015 – Q1/2018
Part I. Business environment
1. Macroeconomic situation
Content is intentionally removed for demo purpose
Part I. Business environment
1. Macroeconomic situation
Source: VIRAC
11
Source: VIRAC, GDVC
Source: VIRAC, GDVC
USD billion
USD billion
Main imported products from China, Q1/2018e
Main exported products to China, Q1/2018e VND/CNY exchange rate, 2/1016 – 3/2018
Content is intentionally removed for demo purpose
Part I. Business environment
1. Macroeconomic situation
12
Source: VIRAC, SBV
VND/USD exchange rate, 2013-3/2018
Content is intentionally removed for demo purpose
The VND / USD exchange rate has been quite stable and still supported by a plentiful supply of foreign currencies
Part I. Business environment
1. Macroeconomic situation – Impact of related sectors
Project Capacity (barrel/day) Situation Year of project completion
Petrochemical refining projects being implemented in Vietnam
13
Source: VIRAC
Content is intentionally removed for demo purpose
Part I. Business environment
1. Macroeconomic situation – Impact of related sectors
• In the first three months of 2018, the total retail sales of consumer goods and services are estimated at 1.048 trillion VND
14
Source: VIRAC, GSO
Retail sales of goods, 2010 – Q1/2018
Content is intentionally removed for demo purpose
Brand Company
Number of stores Revenue in
Q1/2018
(billion
VND)2016 2017 Q1/2018
Source: VIRAC, Retail Asia Publishing
Boom of modern retail systems:
(*) estimated
Part I. Business environment
1. Macroeconomic situation – Impact of related sectors
15
Content is intentionally removed for demo purpose
Leading retailers in Vietnam market, 2016 – Q1/2018
TABLE OF CONTENTS
16
Part I. Business environment
1. Macroeconomic situation
2. Legal framework
3. Trade agreements
4. Trans-Pacific Partnership Agreement
Part I. Business environment
2. Legal framework
Group of regulations and standards on textile and apparel production:
17
Content is intentionally removed for demo purpose
18
Group of policies and regulations affecting the industry
These regulations have an important influence on the sector of textile and apparel.
Part I. Business environment
2. Legal framework
Content is intentionally removed for demo purpose
19
Part I. Business environment
2. Legal framework
Content is intentionally removed for demo purpose
Part I. Business environment
2. Legal framework
• Corporate Income Tax
20
Group of regulations on import and export:
Group of tax regulations:
• Import TaxContent is intentionally removed for demo purpose
TABLE OF CONTENTS
21
Part I. Business environment
1. Macroeconomic situation
2. Legal framework
3. Trade agreements
4. Trans-Pacific Partnership Agreement
Part I. Business environment
3. Trade agreements
22
Content is intentionally removed for demo purpose
Part I. Business environment
3. Trade agreements
23
Vietnam – South Korea Free Trade Agreement
Content is intentionally removed for demo purpose
Part I. Business environment
3. Trade agreements
24
Vietnam – EU Free Trade Agreement
Content is intentionally removed for demo purpose
25
Comprehensive and Progressive Agreement for Trans-Pacific Partnership
Part I. Business environment
3. Trade agreements
Content is intentionally removed for demo purpose
Part I. Business environment
3. Trade agreements
26
Regional Comprehensive Economic Partnership (RCEP)
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
Part II. Industry overview
1. World textile and apparel market
1.1. Industry size
1.2. Value chain of global textile and apparel market
1.3. Input materials
1.4. Spinning
1.5. Textile dyeing
1.6. Apparel
1.7. Distribution and export system
1.8. Machinery of textile apparel industry
27
Part II. Industry overview
1.1 Industry size
• In 2017, the global textile and garment turnover is estimated at about USD 1,400 million.
28
Sources: VIRAC, Euromonitor Passport Data 2017
Market size of global textile and apparel industry, 2012 – 2021f
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
29
Part II. Industry overview
1. World textile and apparel market
1.1. Industry size
1.2. Value chain of global textile and apparel market
1.3. Input materials
1.4. Spinning
1.5. Textile dyeing
1.6. Apparel
1.7. Distribution and export system
1.8. Machinery of textile apparel industry
Part II. Industry overview
1. World textile and apparel market – 1.2. Value chain of global textile and apparel market
30
Content is intentionally removed for demo purpose
Value chain of global textile and apparel industry is divided into 5 basic stages
31
Part II. Industry overview
1. World textile and apparel market – 1.2. Value chain of global textile and apparel market
Content is intentionally removed for demo purpose
Part II. Industry overview
1. World textile and apparel market – 1.2. Value chain of global textile and apparel market
CMT OEM/FOB
ODM
OBM
32
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
33
Part II. Industry overview
1. World textile and apparel market
1.1. Industry size
1.2. Value chain of global textile and apparel market
1.3. Input materials
1.4. Spinning
1.5. Textile dyeing
1.6. Apparel
1.7. Distribution and export system
1.8. Machinery of textile apparel industry
Part II. Industry overview
1. World textile and apparel market – 1.3. Input materials
• Cotton is the input material of the textile and apparel industry to produce natural fibers. Cotton is grown in more than 100 countries around the world
and is highly concentrated in three major producing countries: India, China and the United States.
34
Source: VIRAC, Indexmundi
USD/kgWorld cotton price, 9/2012 – 3/2018
Content is intentionally removed for demo purpose
Part II. Industry overview
1. World textile and apparel market – 1.3. Input materials
35
Price fluctuations of PTA, MEG, PET Chip and PSF in Asia, 3/2016 – 3/2018e
Source: VIRAC, TextileBeacon
Content is intentionally removed for demo purpose
Part II. Industry overview
1. World textile and apparel market – 1.3. Input materials
36
Million tons Million tonsGlobal cotton production, 2012/2013 - 2017/2018e Global cotton consumption, 2012/2013 - 2017/2018e
Content is intentionally removed for demo purposeSource: VIRAC, USDA
Source: VIRAC, USDA
Part II. Industry overview
1. World textile and apparel market – 1.3. Input materials
37
There are two method of producing cotton in the world:
Brazil's cotton productivity has been greatly improved thanks to technological improvements.
Indian cotton productivity is low due to unfavorable natural conditions.
Source: VIRAC, USDA,
Cotton productivity in some countries, 2015/2016 - 2017/2018e
Kg/ha
Content is intentionally removed for demo purpose
Part II. Industry overview
1. World textile and apparel market – 1.3. Input materials
38
Bangladesh
Turkey
India
The United States
China
Content is intentionally removed for demo purpose
Part II. Industry overview
1. World textile and apparel market – 1.3. Input materials
39
Thousand tons Thousand tons
Source: VIRAC, USDASource: VIRAC, USDA
World cotton exports, 2012/13 - 2017/18e World cotton imports, 2012/13 - 2017/18e
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
40
Part II. Industry overview
1. World textile and apparel market
1.1. Industry size
1.2. Value chain of global textile and apparel market
1.3. Input materials
1.4. Spinning
1.5. Textile dyeing
1.6. Apparel
1.7. Distribution and export system
1.8. Machinery of textile apparel industry
Part II. Industry overview
1. World textile and apparel market – 1.4. Spinning
Source: VIRAC, Statista
41
Source: VIRAC, The fiber year, FRED
Fiber consumption by type, 2017Million tons
Fiber production and consumption worldwide, 2000 – 2017e
Content is intentionally removed for demo purpose
World fiber import and export, 2010 - 2017e
Nguồn: VIRAC, CIRFS
Part II. Industry overview
1. World textile and apparel market – 1.4. Spinning
Cotton and polyester fibers are the two main types of fibers.
42
Global demand for types of fiber 1980 – 2030e
Source: VIRAC, PCI Fibres
Million tons
Source: VIRAC, ICAC, CIRFS, TFY, FEB
Global fiber consumption structure, 2016 Structure of global consumption purpose of fiber, 2014
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
43
Part II. Industry overview
1. World textile and apparel market
1.1. Industry size
1.2. Value chain of global textile and apparel market
1.3. Input materials
1.4. Spinning
1.5. Textile dyeing
1.6. Apparel
1.7. Distribution and export system
1.8. Machinery of textile apparel industry
Part II. Industry overview
1. World textile and apparel market – 1.5. Textile dyeing
Source: VIRAC, UNcomtrade
44
Global fiber and fabric production index, Q1/2015 –Q2/2017
billion USD
Source: VIRAC, ITMF
Global textile trade, 2010 – 2016e
Content is intentionally removed for demo purpose
Part II. Industry overview
1. World textile and apparel market – 1.5. Textile dyeing
45
Content is intentionally removed for demo purpose
46
Sources: VIRAC, WTO Secreteriat
Sources: VIRAC, WTO Secreteriat
In 2017, in terms of the textiles exports, China, EU28 and India are still the
three countries and regions with the largest export turnover,
Billion USD
billion USD
Top 10 largest textile exporters in the world, 2017e
Top 10 largest importers of textiles in the world, 2017e
Part II. Industry overview
1. World textile and apparel market – 1.5. Textile dyeing
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
47
Part II. Industry overview
1. World textile and apparel market
1.1. Industry size
1.2. Value chain of global textile and apparel market
1.3. Input materials
1.4. Spinning
1.5. Textile dyeing
1.6. Apparel
1.7. Distribution and export system
1.8. Machinery of textile apparel industry
Part II. Industry overview
1. World textile and apparel market – 1.6. Apparel
Source: VIRAC, Marketline
48
billion USD
Scale of global textile production 2014-2018e
Content is intentionally removed for demo purpose
Part II. Industry overview
1. World textile and apparel market – 1.6. Apparel
Global textile and apparel trade is heavily influenced by major
economies such as Europe and the United States.
Source: VIRAC, UN Comtrade
49
billion USD
Global textile and apparel import and export value, 2010 – 2023e
Content is intentionally removed for demo purpose
Part II. Industry overview
1. World textile and apparel market – 1.6. Apparel
Source: VIRAC, WTO Secreteriat
50
Source: VIRAC, WTO Secreteriat
billion USD
billion USD
World's top 10 largest apparel exporting countries,
2017e
World's top 10 largest apparel importing countries,
2017e
Content is intentionally removed for demo purpose
Part II. Industry overview
1. World textile and apparel market – 1.6. Apparel
Source: VIRAC, Marketline
51
Source: VIRAC, Marketline
billion USD
Export structure of textile and apparel worldwide, 2017e
Global apparel trade value 2003-2018F
Content is intentionally removed for demo purpose
There is a huge gap in annual spending on apparel per capita between
developing and developed countries.
52
Part II. Industry overview
1. World textile and apparel market – 1.5. Apparel
billion USD
USD/year
Source: VIRAC, Euromonitor
Scale of global apparel market 2015-2025f
Spending on apparel per capita 2014-2019F
Content is intentionally removed for demo purpose
These days, EU, the USA, China and Japan are the biggest consumption
markets
Sale growth rates of developed markets such as EU, the USA and Japan
are relatively lower than sale growth rate of China.
Part II. Industry overview
1. World textile and apparel market – 1.6 Apparel
53
• Currently, the textile and apparel industry is gradually improving, but there
are still big gap among countries.
Source: VIRAC, Jobstreet
Source: VIRAC, Jobsteet
USD/month
USD/month
Average wage of textile and apparel industry in some countries, 2016
Average wage in some countries, 2016
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
54
Part II. Industry overview
1. World textile and apparel market
1.1. Industry size
1.2. Value chain of global textile and apparel market
1.3. Input materials
1.4. Spinning
1.5. Textile dyeing
1.6. Apparel
1.7. Distribution and export system
1.8. Machinery of textile apparel industry
Part II. Industry overview
1. World textile and apparel market – 1.7. Distribution and export system
Export and marketing
Commercialization
Source: VIRAC, Marketline
55
billion USD
The value of global apparel retail industry 2014-2019eContent is intentionally removed for demo purpose
TABLE OF CONTENTS
56
Part II. Industry overview
1. World textile and apparel market
1.1. Industry size
1.2. Value chain of global textile and apparel market
1.3. Input materials
1.4. Spinning
1.5. Textile dyeing
1.6. Apparel
1.7. Distribution and export system
1.8. Machinery of textile apparel industry
Part II. Industry overview
1. World textile and apparel market – 1.8. Machinery of textile apparel industry
Source: VIRAC, ITC
57
Source: VIRAC, ITC
thousand USD
World's top largest textile machinery importing countries, 2016e World's top largest textile machinery exporting countries, 2016e
Content is intentionally removed for demo purpose
thousand USD
Part II. Industry overview
1. World textile and apparel market – 1.8. Machinery of textile apparel industry
Country Manufacturer
Some of the largest textile manufacturers in the world
58
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
Part II. Industry overview
2. Vietnam textile and apparel industry
2.1. Industry overview
2.2. Input materials
2.3. Spinning
2.4. Textile dyeing
2.5. Apparel
2.6. Distribution and export system
59
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.1. Industry overview
Indicator Value
INDUSTRY OVERVIEW
60
Content is intentionally removed for demo purpose
Number of enterprises of Vietnam textile and apparel industry, 2012 - 2016
61
Sectors 2012 2013 2014 2015 2016
Sources: VIRAC, GSO
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.1. Industry overview
Content is intentionally removed for demo purpose
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.1. Industry overview
The South East region is home for the largest number of textile and
apparel enterprises in the country with three major cities: Ho Chi
Minh City, Binh Duong and Dong Nai.
Source: VIRAC, GSO
62
Textile and apparel enterprises distributed by region, 2016
Content is intentionally removed for demo purpose
At present, Vietnam has 8,149 private enterprises in the textile and apparel
industry, mainly located in the South East,
Sources: VIRAC, GSO
63
Sources: VIRAC, Enterprise Survey 2014
Textile and apparel private enterprises distributed by region, 2016
The proportion of turnover of types of apparel enterprises, 2014
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.1. Industry overview
Content is intentionally removed for demo purpose
Sources: VIRAC, GSO
Sectors 2012 2013 2014 2015 2016
Proportion of textile
and apparel sectors in
2016
Numbers of laborers in Vietnam textile and apparel industry, 2012 - 2016
64
Textile and apparel is currently the most labor-intensive industry. The labor force of the textile and apparel industry accounts for more than 20% of the
labor force in the industrial sector and nearly 5% of the total labor force.
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.1. Industry overview
Content is intentionally removed for demo purpose
• Textile and apparel industry responds to industrial revolution 4.0 :
65
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.1. Industry overview
Content is intentionally removed for demo purpose
The import-export balance of Vietnam's textile and apparel commodity,
2013 - 2017
66
No. Type 2013
(Million USD)
2014
(Million USD)
2015
(Million USD)
2016
(Million USD)
2017
(Million USD)
2017
compared to
2016 (%)
Sources: VIRAC, VITAS
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.1. Industry overview
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
67
Part II. Industry overview
2. Vietnam textile and apparel industry
2.1. Industry overview
2.2. Input materials
2.3. Spinning
2.4. Textile dyeing
2.5. Apparel
2.6. Distribution and export system
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.2. Input materials
68
Source: VIRAC, Vietrade, Cotton, inc
Thousand tons
Thousand hectares
Cotton planting area in some major regions
Source: VIRAC, MARD, GSO
Thousand hectares
Tình hình sản xuất bông của Việt Nam, 2013/2014 -
2016/2017e
Content is intentionally removed for demo purpose
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.2. Input materials
69
Region Features
Content is intentionally removed for demo purpose
Method of cultivation and cotton growing regions of Vietnam
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.2. Input materials
Source: VIRAC, Vietrade, Cotton, inc
70
Thousand tons
Content is intentionally removed for demo purpose
• Because of the ongoing development of textile and apparel industry, the
number of cotton consumption in Vietnam is projected to grow
Cotton demand by quantity, 2016/2017 – 2018/2019e
Source: VIRAC, USDA
Cotton supply by quantity, 2016/2017 – 2018/2019e
Thousand tons
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.2. Input materials
71
Source: VIRAC, GDVC
USD/tonCotton import price, 8/2014 – 2/2018
Content is intentionally removed for demo purpose
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.2. Input materials
Source: VIRAC, GDVC
72
million USDThousand tons
Source: VIRAC, GDVC
Cotton imports in Vietnam, 2013 – Q1/2018
Import market structure of cotton in Vietnam, Q1/2018e
Content is intentionally removed for demo purpose
• In the first quarter of 2018, the quantity of imported cotton was
approximately 408.8 thousand tons
• Vietnam imports cotton mainly from the US, India, Australia, Brazil,
Ivory Coast ... in which America is the main market,
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.2. Input materials
73
• Import and export of some other raw materials:
Source: VIRAC, GDVC
million USD
Source: VIRAC, GDVC Source: VIRAC, GDVC
Import-export turnover of textile, leather and foot-wear
materials and auxiliaries, 2013 – Q1/2018e
Import market structure of textile, leather and foot-wear
materials and auxiliaries, Q1/2018eExport market structure of textile, leather and foot-wear
materials and auxiliaries, Q1/2018e
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
74
Part II. Industry overview
2. Vietnam textile and apparel industry
2.1. Industry overview
2.2. Input materials
2.3. Spinning
2.4. Textile dyeing
2.5. Apparel
2.6. Distribution and export system
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.3. Spinning
Source: VIRAC, GSO
75
Source: VIRAC, GSO
Thousand tons
Thousand tonsbillion VND
Yarn production volume, 2010 – Q1/2018e
Yarn volume and consumption value, 2010 – Q1/2018e
Content is intentionally removed for demo purpose
In Q1/2018, number of produced yarn is estimated about
549.1 thousand tons
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.3. Spinning
Source: VIRAC, GDVC
76
million USD
Yarn import and export in Vietnam, 2010 – Q1/2018e
Content is intentionally removed for demo purpose
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.3. Spinning
Source: VIRAC, GDVC
77
• In Q1/2018, China is the main yarn export market of Vietnam,
Source: VIRAC, GDVC
Export structure of yarn by volume, Q1/2018e
Import structure of yarn by volume, Q1/2018e
Content is intentionally removed for demo purpose
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.3. Spinning
Company name Capacity Product segment
Source: VIRAC, VITAS
78
Source: VIRAC, VITAS
Number of yarn piles and rotors in Vietnam yarn industry, 2010 – 2017e
Content is intentionally removed for demo purpose
Long fiber producing enterprises in Vietnam
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.3. Spinning
79
Time Company name Country Investment Value (million USD) Location
Some fiber projects in Vietnam in the period 2014 - 2016
Source: VIRAC
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
80
Part II. Industry overview
2. Vietnam textile and apparel industry
2.1. Industry overview
2.2. Input materials
2.3. Spinning
2.4. Textile dyeing
2.5. Apparel
2.6. Distribution and export system
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.4. Textile dyeing
Vietnam's fabric production only meets 15-16% of demand.
Source: VIRAC, GSO
81
Source: VIRAC, GSO
Source: VIRAC, GSO
Million m²
VND trillion
Fabric production volume in Vietnam, 2010 – Q1/2018e
Fabric consumption value, 2012 – Q1/2018e
Production structure of Vietnamese fabrics, 2012 – Q1/2018e
Content is intentionally removed for demo purpose
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.4. Textile dyeing
Source: VIRAC, GDVC
82
Source: VIRAC, GDVC
million USD
Fabric export-import turnover of Vietnam, 2011 – Q1/2018e Vietnam's fabric import market structure, Q1/2018e
Content is intentionally removed for demo purpose
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.4. Textile dyeing
Textile dyeing and finishing process
83
Content is intentionally removed for demo purpose
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.4. Textile dyeing
General assessment of textile machinery and technology in Vietnam
General assessment of dyeing technology in Vietnam
Material and power Unit Vietnam Germany Finland
Source: VIRAC
77
Content is intentionally removed for demo purpose
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.4. Textile dyeing
Causes leading to the nondevelopment of Vietnam textile dyeing industry:
85
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
86
Part II. Industry overview
2. Vietnam textile and apparel industry
2.1. Industry overview
2.2. Input materials
2.3. Spinning
2.4. Textile dyeing
2.5. Apparel
2.6. Distribution and export system
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.5. Apparel
Garment production volume is increasing but mostly for export.
Source: VIRAC, GSO
87
Million units
Apparel production volume, 2012 – Q1/2018e
Market share of domestic apparel market, 2016e
Content is intentionally removed for demo purpose
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.5. Apparel
• In general, the domestic apparel market is still rather modest due
to people's low living standards.
88
million USD
Source: VIRAC, GDVC
Source: VIRAC, VITAS
Apparel exports (including fabric) of Vietnam, 2010 –
Q1/2018e
Structure of apparel for export, 6M/2017eContent is intentionally removed for demo purpose
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.5. Apparel
• The United States, the EU, Japan, Korea are the four largest
importers of textiles and garments in Vietnam.
89
Source: VIRAC, GDVC
Source: VIRAC, GDVC
billion USD
Export market structure of textiles and apparel in Vietnam,
Q1/2018e
Export value of textiles and apparel to some countries, 2013 – Q1/2018e
Content is intentionally removed for demo purpose
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.5. Apparel
90
Source: VIRAC, GDVC
billion USD
Textile and apparel exports of FDI enterprises and domestic
enterprises, Q1/2018e
Content is intentionally removed for demo purpose
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.5. Apparel
91
Countries US EU Japan
China
India
Vietnam
Source: VIRAC, GSO
Source: VIRAC
Average time of order production in some countries (day)Average time of order production in Vietnam (day)
Inventory index of textile and apparel industry, 8/2016 -
12/2017
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
92
Part II. Industry overview
2. Vietnam textile and apparel industry
2.1. Industry overview
2.2. Input materials
2.3. Spinning
2.4. Textile dyeing
2.5. Apparel
2.6. Distribution and export system
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.6. Distribution and export system
Export, distribution and marketing activities
Domestic textile and apparel enterprises do not have a large distribution system to the consumers, especially in the international market.
In the domestic market, the distribution system is still very limited and the distribution channel development strategy is still problematic.
93
Content is intentionally removed for demo purpose
Method of export of textiles and apparel
94
Payment methods
Part II. Industry overview
2. Vietnam textile and apparel industry – 2.6. Distribution and export system
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
Part III. Industry outlook and risk
1. Industry risk
1.1. Five Forces analysis
1.2. SWOT analysis
1.3. Risks
95
96
In general, competition in the textile and apparel industry in Vietnam
is high.
Factors Opinions Assessment
Sources: VIRAC collects
Competition level of textile and apparel industry in Vietnam
Part III. Industry outlook and risk
1. Industry risk – 1.1. Five Forces analysis
Content is intentionally removed for demo purpose
• Entrance barriers:
97
Factors Opinions Assessment
Factors Opinions Assessment
Content is intentionally removed for demo purpose
Part III. Industry outlook and risk
1. Industry risk – 1.1. Five Forces analysis
• Market competitiveness
• Bargaining power of customers
98
Factors Opinions Assessment
Factors Opinions Assessment
Content is intentionally removed for demo purpose
Part III. Industry outlook and risk
1. Industry risk – 1.1. Five Forces analysis
• Bargaining power of suppliers
• Threats of substitutes:
TABLE OF CONTENTS
99
Part III. Industry outlook and risk
1. Industry risk
1.1. Five Forces analysis
1.2. SWOT analysis
1.3. Risks
Strengths Weaknesses
Opportunities Threats
100
Part III. Industry outlook and risk
1. Industry risk – 1.2. SWOT analysis
Content is intentionally removed for demo purpose
MỤC LỤC
101
Part III. Industry outlook and risk
1. Industry risk
1.1. Five Forces analysis
1.2. SWOT analysis
1.3. Risks
Part III. Industry outlook and risk
1. Industry risk – 1.3. Risks
Risk of economic integration
Legal framework risk
Competitive risk
93
Content is intentionally removed for demo purpose
Part III. Industry outlook and risk
1. Industry risk – 1.3. Risks
Risk of input materials
Labor risk
Economic risk
94
Content is intentionally removed for demo purpose
Part III. Industry outlook and risk
2. Industry outlook
2.1. Industry planning
2.2. Forecast and assessment of industry outlook
104
TABLE OF CONTENTS
Part III. Industry outlook and risk
2. Industry outlook – 2.1. Industry planning
105
On April 11, 2014, the Ministry of Industry and Trade issued Decision No. 3128/QD-BCT approving the master plan for the development of Vietnam's
textile and apparel industry to 2020 with a vision to 2030..
Content is intentionally removed for demo purpose
Part III. Industry outlook and risk
2. Industry outlook – 2.1. Industry planning
Indicator Unit 2015 2020 2030
106
Specific targets of the textile and apparel industry to 2030
Content is intentionally removed for demo purpose
MỤC LỤC
107
Part III. Industry outlook and risk
2. Industry outlook
2.1. Industry planning
2.2. Forecast and assessment of industry outlook
Part III. Industry outlook and risk
2. Industry outlook – 2.2. Forecast and assessment of industry outlook
Source: VIRAC, VINATEX
108
billion USDForecast for textile and garment export turnover, 2016 - 2020f
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
Part IV. Enterprise analysis
1. Garment enterprise analysis
2. Textile and fiber enterprise analysis
109
Part IV. Enterprise analysis
1. Garment enterprise analysis
Top 8 enterprises in Vietnam apparel industry with the largest net revenue in 2017
Enterprise AddressNet revenue
(billion VND)
Total assets
(billion VND)
Viet Tien Garment Corporation
Nha Be Garment Corporation JSC
Hoa Tho Textile Garment JSC
Garment Corporation 10
TNG Investment and Trade JSC
Duc Giang Corporation
Sai Gon Garment Manufacturing Trade JSC
Dong Nai Garment Corporation
110
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
1. Garment enterprise analysis
111
VIET TIEN GARMENT CORPORATION
Production capacity of Viet Tien Corporation
Source: VIRAC, Viet Tien Garment Company
Export market structure of Viet Tien, 2017
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
1. Garment enterprise analysis
112
Production capacity of Hoa Tho Textile and Garment Corporation
HOA THO GARMENT CORPORATION
Source: VIRAC, Hoa Tho Textile and Garment JSC
Source: VIRAC, Hoa Tho Textile and Garment JSC
Textile export market structure of Hoa Tho, 2017
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
1. Garment enterprise analysis
113
NHA BE GARMENT CORPORATION JSC
Structure of textile export market of Nhà Bè, 2017
Source: VIRAC, Nha Be Garment JSC
Source: VIRAC, Nha Be Garment JSC
USD million
Production capacity of Nha Be Garment JSC
Export turnover of Nha Be, 2011-2017
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
1. Garment enterprise analysis
114
GARMENT CORPORATION 10
Production capacity of Garment Corporation 10
Source: VIRAC, Garment Corporation 10
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
1. Garment enterprise analysis
115
Production capacity of Duc Giang Corporation
Duc Giang Corporation
Source: VIRAC, Duc Giang Garment Corporation
Structure of textile export market of Duc Giang, 2017
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
1. Garment enterprise analysis
116
Production capacity of TNG, 2017
THAI NGUYEN INVESTMENT AND TRADING JOINT STOCK COMPANY
Source: VIRAC, TNG
Structure of textile export market of TNG, 2017Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
1. Garment enterprise analysis
117
SAI GON GARMENT MANUFACTURING TRADING JOINT STOCK COMPANY
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
1. Garment enterprise analysis
118
Dong Nai Garment Corporation
Source: VIRAC, Dong Nai Garment JSC
Structure of textile export market of Dong Nai Garment,
2014
Content is intentionally removed for demo purpose
System of Machine of Dong Nai Garment, 2016
Part IV. Enterprise analysis
1. Garment enterprise analysis
119
Source: VIRAC
billion VND
Net revenue, 2016 - 2017
Content is intentionally removed for demo purpose
• Viet Tien Garment Corporation had the highest net revenue in selected businesses.
Part IV. Enterprise analysis
1. Garment enterprise analysis
120
Source: VIRAC
billion VNDGross profit margin, 2016 - 2017
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
1. Garment enterprise analysis
Financial expenses of businesses tended to decrease in 2017.
121
Source: VIRAC
billion VND
Financial expenses and financial expenses/net revenue ratio, 6
Content is intentionally removed for demo purpose
The average financial expenses/ net revenue ratio of selected group was 1.2% in 2017.
Part IV. Enterprise analysis
1. Garment enterprise analysis
122
Source: VIRAC
Debt/Equity ratio, 2016 - 2017
Content is intentionally removed for demo purpose
• The majority of garment businesses have high debt/equity ratio
Part IV. Enterprise analysis
1. Garment enterprise analysis
123
Source: VIRAC
Source: VIRAC
%
Solvency ratio, 2016 - 2017
Profit Ratio, 2016 - 2017
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
124
Part IV. Enterprise analysis
1. Garment enterprise analysis
2. Textile and fiber enterprise analysis
Part IV. Enterprise analysis
2. Textile and fiber enterprise analysis
Vietnam's top 5 textile and yarn enterprises with the largest net revenue, 2017 (billion VND)
Enterprise AddressNet revenue
(billion VND)
Total assets
(billion VND)
125
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
2. Textile and fiber enterprise analysis
126
Thanh Cong Textile Garment Investment Trading JSC
Source: VIRAC, TCG
Products UnitProduced,
2017
2017
compared to
2016
Production, 2017
Nguồn: VIRAC, TCGNguồn: VIRAC, TCG
Investment projects in 2017
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
2. Textile and fiber enterprise analysis
127
Product Production capacity Machinery, input materials
Production capacity of Thanh Cong Textile Garment Investment Trading JSC
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
2. Textile and fiber enterprise analysis
128
Production capacity of Phong Phu Corporation
Phong Phu Corporation
Source: VIRAC, Phong Phu Corp
Structure of textile export market of Phong Phú 2014
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
2. Textile and fiber enterprise analysis
129
Product Description
Viet Thang Corporation
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
2. Textile and fiber enterprise analysis
130
Hue Textile Garment JSC
Production capacity of Hue Textile Garment JSC
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
2. Textile and fiber enterprise analysis
131
Century Synthetic Fiber Corporation
Source: VIRAC, Centery Fiber Source: VIRAC, Century Fiber
Ton
TonFiber consumption structure of Century Synthetic Fiber
Corporation, 2017
Fiber production of Century Fiber, 2017
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
2. Textile and fiber enterprise analysis
132
Source: VIRAC
billion VNDNet revenue of textile and fiber enterprises, 2016 - 2017
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
2. Textile and fiber enterprise analysis
133
Source: VIRAC
Source: VIRAC
billion VND
Gross profit margin, 2016 - 2017
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
2. Textile and fiber enterprise analysis
134
Source: VIRAC
VND billion Financial expenses and financial expenses/ net profit, 2016 - 2017
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
2. Textile and fiber enterprise analysis
135
Source: VIRAC
Source: VIRAC
Round
Day
Total asset turnover, 2016 - 2017
Days in inventory, 2016 - 2017
Content is intentionally removed for demo purpose
Part IV. Enterprise analysis
2. Textile and fiber enterprise analysis
136
Source: VIRAC
Content is intentionally removed for demo purposeSource: VIRAC
Solvency Ratio, 2016 - 2017 Profit Ratio, 2016 - 2017
TABLE OF CONTENTS
Part V: Conclusion
137
Part V: Conclusion
138
Content is intentionally removed for demo purpose
TABLE OF CONTENTS
Appendix
139
BALANCE SHEET
Unit: VND million 2016 2017
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
IV. Inventories
V. Other current assets
B. LONG-TERM ASSETS
II. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
II. Long-term liabilities
B. OWNER'S EQUITY
I. Owner's equity
II. Other funding sources
TOTAL LIABILITIES AND OWNER'S EQUITY
133
INCOME STATEMENT
Unit: VND million 2016 2017
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND million 2016 2017
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
VIII. Appendix
Financial statements - Viet Tien Garment Corporation
Content is intentionally removed for demo purpose
134
VIII. Appendix
Financial statements - Hoa Tho Textile Garment JSC
BALANCE SHEET
Unit: VND million 2016 2017
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
IV. Inventories
V. Other current assets
B. LONG-TERM ASSETS
II. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
II. Long-term liabilities
B. OWNER'S EQUITY
I. Owner's equity
II. Other funding sources
TOTAL LIABILITIES AND OWNER'S EQUITY
INCOME STATEMENT
Unit: VND million 2016 2017
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND million 2016 2017
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
135
VIII. Appendix
Financial statements – Nha Be Garment Corporation
BALANCE SHEET
Unit: VND million 2016 2017
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
IV. Inventories
V. Other current assets
B. LONG-TERM ASSETS
II. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
II. Long-term liabilities
B. OWNER'S EQUITY
I. Owner's equity
II. Other funding sources
TOTAL LIABILITIES AND OWNER'S EQUITY
INCOME STATEMENT
Unit: VND million 2016 2017
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND million 2016 2017
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
136
VIII. Appendix
Financial statements – Garment Corporation 10 - JSC
BALANCE SHEET
Unit: VND million 2016 2017
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
IV. Inventories
V. Other current assets
B. LONG-TERM ASSETS
II. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
II. Long-term liabilities
B. OWNER'S EQUITY
I. Owner's equity
II. Other funding sources
TOTAL LIABILITIES AND OWNER'S EQUITY
INCOME STATEMENT
Unit: VND million 2016 2017
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND million 2016 2017
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
137
VIII. Appendix
Financial statements – Duc Giang Corporation
BALANCE SHEET
Unit: VND million 2016 2017
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
IV. Inventories
V. Other current assets
B. LONG-TERM ASSETS
II. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
II. Long-term liabilities
B. OWNER'S EQUITY
I. Owner's equity
II. Other funding sources
TOTAL LIABILITIES AND OWNER'S EQUITY
INCOME STATEMENT
Unit: VND million 2016 2017
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND million 2016 2017
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
138
VIII. Appendix
Financial statements - TNG Investment and Trade JSC
BALANCE SHEET
Unit: VND million 2016 2017
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
IV. Inventories
V. Other current assets
B. LONG-TERM ASSETS
II. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
II. Long-term liabilities
B. OWNER'S EQUITY
I. Owner's equity
II. Other funding sources
TOTAL LIABILITIES AND OWNER'S EQUITY
INCOME STATEMENT
Unit: VND million 2016 2017
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND million 2016 2017
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
139
VIII. Appendix
Financial statements – Sai Gon Garment Manufacturing Trading Corporation
BALANCE SHEET
Unit: VND million 2016 2017
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
IV. Inventories
V. Other current assets
B. LONG-TERM ASSETS
II. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
II. Long-term liabilities
B. OWNER'S EQUITY
I. Owner's equity
II. Other funding sources
TOTAL LIABILITIES AND OWNER'S EQUITY
INCOME STATEMENT
Unit: VND million 2016 2017
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND million 2016 2017
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
140
VIII. Appendix
Financial statements – Dong Nai Garment Corporation
BALANCE SHEET
Unit: VND million 2016 2017
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
IV. Inventories
V. Other current assets
B. LONG-TERM ASSETS
II. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
II. Long-term liabilities
B. OWNER'S EQUITY
I. Owner's equity
II. Other funding sources
TOTAL LIABILITIES AND OWNER'S EQUITY
INCOME STATEMENT
Unit: VND million 2016 2017
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND million 2016 2017
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
141
VIII. Appendix
Financial statements – Phong Phu Corporation
BALANCE SHEET
Unit: VND million 2016 2017
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
IV. Inventories
V. Other current assets
B. LONG-TERM ASSETS
II. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
II. Long-term liabilities
B. OWNER'S EQUITY
I. Owner's equity
II. Other funding sources
TOTAL LIABILITIES AND OWNER'S EQUITY
INCOME STATEMENT
Unit: VND million 2016 2017
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND million 2016 2017
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
142
VIII. Appendix
Financial statements – Viet Thang Corporation
BALANCE SHEET
Unit: VND million 2016 2017
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
IV. Inventories
V. Other current assets
B. LONG-TERM ASSETS
II. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
II. Long-term liabilities
B. OWNER'S EQUITY
I. Owner's equity
II. Other funding sources
TOTAL LIABILITIES AND OWNER'S EQUITY
INCOME STATEMENT
Unit: VND million 2016 2017
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND million 2016 2017
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
143
VIII. Appendix
Financial statements – Thanh Cong Textile Garment Investment Trading JSC
BALANCE SHEET
Unit: VND million 2016 2017
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
IV. Inventories
V. Other current assets
B. LONG-TERM ASSETS
II. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
II. Long-term liabilities
B. OWNER'S EQUITY
I. Owner's equity
II. Other funding sources
TOTAL LIABILITIES AND OWNER'S EQUITY
INCOME STATEMENT
Unit: VND million 2016 2017
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND million 2016 2017
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
144
VIII. Appendix
Financial statements – Century Synthetic Fiber Corporation
BALANCE SHEET
Unit: VND million 2016 2017
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
IV. Inventories
V. Other current assets
B. LONG-TERM ASSETS
II. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
II. Long-term liabilities
B. OWNER'S EQUITY
I. Owner's equity
II. Other funding sources
TOTAL LIABILITIES AND OWNER'S EQUITY
INCOME STATEMENT
Unit: VND million 2016 2017
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND million 2016 2017
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
145
VIII. Appendix
Financial statements – Hue Textile Garment JSC
BALANCE SHEET
Unit: VND million 2016 2017
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term financial investments
III. Short-term receivables
IV. Inventories
V. Other current assets
B. LONG-TERM ASSETS
II. Fixed assets
TOTAL ASSETS
A. LIABILITIES
I. Short-term Liabilities
II. Long-term liabilities
B. OWNER'S EQUITY
I. Owner's equity
II. Other funding sources
TOTAL LIABILITIES AND OWNER'S EQUITY
INCOME STATEMENT
Unit: VND million 2016 2017
Net Revenue from Sales and services provided
Cost of goods sold and services provided
Gross Profit from sales and services provided
Financing income
Financial expenses
Interest expenses
Sales expenses
Administrative expenses
Net profit from operating activities
Total Accounting Profit Before Tax
Current Corporate Income Tax Expenses
Deferred Corporate Income Tax Expenses
Profit After Enterprise Income Tax
CASH FLOW STATEMENT
Unit: VND million 2016 2017
I. Cash Flow From Operating activities
Depreciation of fixed assets
Unrealized gain/loss from exchange rate differences
Net Cash Flow From Operating activities
II. Cash Flow From Investing activities
Expenditures on purchase and construction of fixed assets
and long-term assets
Net Cash Flow From Investing activities
III. Cash Flow From Financial activities
Net Cash Flow From Financial activities
Effect of exchange rate fluctuations
Net cash flow during the fiscal year
Content is intentionally removed for demo purpose
REPORT DISCLAIMER
153
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 representation or warranty, whether express or implied, of any kind with respect to the document and its contents, information and
materials. The content found in this report is proprietary to VIRAC and is provided solely for your personal and non-commercial use. You agree that you will not
use this report for any purpose that is unlawful and that you will not reproduce the report or redistribute it outside your organization, or place it on a website for
public access without the express written permission of VIRAC.
SHOULD YOU NEED ANY ASSISTANCE, PLEASE CONTACT US:
VIETNAM INDUSTRY RESEARCH AND CONSULTANCY (VIRAC JSC.,)
6th Floor, Anh Minh Building, 36 Hoang Cau, O Cho Dua, Dong Da, Hanoi, Vietnam
Website: http://virac.com.vn/
Email: [email protected] | Tel: +84 463289520
Thank you !
154