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1
ELECTRONIC COMPONENTS INDUSTRY REPORT IN Q1/2018
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Content
Section Page Section Page
Abbreviations 3 2.2.1. History of industry establishment and development 50
Executive summary 4 2.2.2. Value chains in electronics industry 51
1. Business environment 6 2.2.3. Production technology 55
1.1. Macroeconomic situation 6 2.2.4. Input materials 57
1.2. Legal framework 13 2.2.5. Production 58
1.3. Impact of free trade agreement 19 2.2.6. Consumption 67
2. Industry overview 27 2.2.7. Import and export 70
2.1. Global market 26 2.2.8. Analysis of business activities by regions 80
2.1.1. Definition and classification 28 2.3. Industry risks 86
2.1.2. The process of manufacturing electronic components 29 2.4. Industry development planning 91
2.1.3. Network model of production in the electronics industry 30 2.5. Outlook and forecasts 96
2.1.4. Methods of producing electronic components 31 2.5.1. Driving forces for industry development 97
2.1.5. Production and consumption 32 2.5.2. Forecasting industry outlook 101
2.1.6. Imports and exports 36 3. Enterprise analysis 102
2.1.7. Situation of production and consumption in some
typical countries38 3.1. Introduction of enterprises 103
2.1.8. Leading companies in the industry 45 3.2. Financial analysis 106
2.2. Vietnam market 49 4. Appendix of financial statement 111
3
Abbreviations
CIEM Central Institute for Economic Management SIA Semiconductor Industry Association
IT Information technology SIDEC Supporting industries development enterprises center
SI Supporting industries IP Intellectual Property
HT High technology SMT Surface Mount Technology
EI Electronic industry SMD Surface Mount Device
DBS Development bank of Singapore IP Industrial production
FIA Foreign investment agency MC Multinational corporations
FTA Free trade agreements GSO GENERAL STATISTICS OFFICE of VIET NAM
VA Value added GDVC General Department of Vietnam Customs
JEITAJapan Electronics and Information Technology
Industries AssociationLtd Limited
JETRO Japan External Trade Organization TPP Trans-Pacific Partnership Agreement
IA Industrial area VEIA Vietnam Electronic Industries Association
MFN Most favored nation WTO World Trade Organization
SBV State Bank of Vietnam WTST Trung tâm thống kê thương mại chất bán dẫn
NBS Nation Bureau of Statistics of the People's Republic of China
4
Executive Summary
•
Vietnam is shifting its industry to processing and manufacturing sectors, reducing its reliance on mining because of increasingly depleted natural
resources and more difficult conditions for mining and also fluctuating prices.
• The world electronics market has long been dominated by industrialized countries such as the United States, Japan and some EU countries.
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• Supporting industries, components production in Vietnam has not developed because this is a sector that requires large capital investment.
• Vietnam's participation in many trade agreements in the future will help attract foreign investment, especially for direct investment, promote
technology transfer, improve the level of business management, and increase productivity of business.
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Executive Summary
6
Content
1 Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Impact of free trade agreement
7
1. Business environment
1.1 Macroeconomic situation
Sources: VIRAC, GSO
Sources: VIRAC, GSO
• Gross domestic product in 2017 is estimated to increase by 6.81%
compared to 2016.
•
In 2017, although mining declined sharply from the previous
year, industrial production continued to grow positively thanks to the
contribution of the processing and manufacturing industry.
Billion VND
Production value of the electronics industry, 2009-2017e
GDP growth rate, 2011 – 2017
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Average interest rates have the tendency to decrease
In 2017, the VND / USD exchange rate was quite stable around VND
22,400.
%
Sources: VIRAC, SBV
VND/USD exchange rates, 2013 – December/2017
Interest rates, 2011 – 2017
Sources: VIRAC, GSO
1. Business environment
1.1 Macroeconomic situation
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• The gold population structure with the population in the working age by the end of 2017 is still high with 54.8 million people accounting for 58.5% of
the total population of Vietnam, which is one of the competitive advantages of Vietnam compared with the trend of aging population of the world
today.
Labor productivity in Vietnam, 2011-2017e
Sources: VIRAC, GSO
Million VND/laborTotal population and population structure in working age from
2010 to 2017
Sources: VIRAC, GSO
Million people
1. Business environment
1.1 Macroeconomic situation
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Vietnam is gradually becoming a
factory producing and assembling components for electronic products of many
big companies in the world such as Samsung, LG, Canon, Toshiba
The proportion of import-export value of electronics, computers,
phones and components, 2010 – 2017e
Sources: VIRAC, GDVC
Billion USD
Sources: VIRAC, GDVC
Most imported goods, 2017e
Sources: VIRAC, GDVC
Billion VND
Most exported goods, 2017e
1. Business environment
1.1 Macroeconomic situation
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• FDI in 2017 has a strong growth
Sources: VIRAC, FIA
Sources: VIRAC, FIA
Billion USD
FDI attraction by sectors, 2017e
FDI capital, 2015-2017
• In 2017, foreign investors invested in 19 industries,
1. Business environment
1.1 Macroeconomic situation
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Major FDI projects in electronics industry of Vietnam
Sources: VIRAC, SIDEC, FIA
No. Projects LocationInvestment
capitalMain products Operating year
1
2
3
4
5
6
7
8
9
10
1. Business environment
1.1 Macroeconomic situation
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Content
1 Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Impact of free trade agreement
1. Business environment
1.2 Legal framework
14
1.2.1. Tax polices
In terms of import and export
In terms of value added tax
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1.2.1. Tax policies
In terms of corporation tax
1.2.2 Labor policies
1. Business environment
1.2 Legal framework
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PURPOSE
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1.2.3 Credit policies
1.2.4. Land policies
1. Business environment
1.2 Legal framework
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1.2.5 Technology policies
1. Business environment
1.2 Legal framework
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1.2.6. Policies related to environment and food safety
1.2.7. Other policies
1. Business environment
1.2 Legal framework
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Content
1 Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Impact of free trade agreement
20
Vietnam trade integration process from 1995 to present
Until the end of 2017, Vietnam has signed, implemented, and is negotiating a total of 16 FTAs. Accession to international trade agreements brings
opportunities and challenges for domestic firms.
1. Business Environment
1.3 Impact of free Trade Agreements
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1.3.1. WTO - Vietnam is the 150th member of the WTO on November 7, 2006
Commitments
In terms of taxation, electrical and electronic equipment is one of the groups under the commitment of the highest tariff reduction in tariff schedule of
Vietnam in WTO.
No. Indicators
MNF pre-
participating
tax rates (%)
Tax rates in the commitments of
WTO
When
participating
(%)
Final (%)
Commitment to reduce import tariffs in the WTO for electronic products
1. Business Environment
1.3 Impact of free Trade Agreements
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The impact of the WTO on the electronic components market in Vietnam :
Positive impact
Negative impact
1. Business Environment
1.3 Impact of free Trade Agreements
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1.3.2. Comprehensive and Progressive Agreement for Trans-Pacific Partnership
1. Business Environment
1.3 Impact of free Trade Agreements
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Positive impact
Negative impact
1. Business Environment
1.3 Impact of free Trade Agreements
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1.3.3. Free Trade Agreement between EU and Vietnam (EVFTA)
1.3.4. Regional Comprehensive Economic Partnership (RCEP)
1. Business Environment
1.3 Impact of free Trade Agreements
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1.3.5. Other agreements
1. Business Environment
1.3 Impact of free Trade Agreements
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Content
2 Industry overview
2.1 Global market
2.2 Vietnam market
2.3 Industry risks
2.4 Industry development planning
2.5 Outlook and forecasts
28
2. Industry overview
2.1. Global market– 2.1.1. Definition and classification
Definition
Classification
List of some electronic components:
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Demonstration of the process
Source: VIRAC
2. Industry overview
2.1. Global market– 2.1.2. The process of manufacturing electronic components
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• Starting from cheap labor as well as location advantage in indigenous markets and with the boom of the Internet, developing countries including
Vietnam have more opportunities to participate in the supply chain of electronic products in the global market.
Network model of production in the electronics industry
• Associating with high-tech FDI corporations is an
indispensable trend for Vietnam's electronics industry to
develop in the future.
Source: VIRAC
2. Industry overview
2.1. Global market– 2.1.3. Network model of production in the electronics industry
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2 . Industry overview
2.1. Global market – 2.1.4 Methods of producing electronic components
➢ PCBA (Printed Circuit Board Assembly)
➢ EMS (End Manufacturer Sevices):
➢ OEM (Original Equipment Manufacture)
➢ ODM (Original Designed Manufacture)
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Total production value has increased sharply since 2012, but there are signs of
slowing down since 2014. Semiconductor equipment accounts for a large share of
global electronic components production, which is in surplus situation and falling in
demand.
Sources: VIRAC, JEITA, SIA
• The semiconductor industry contributes over 60% of the structure of production
value of electronic component industry in the period of 2010-2016.
Sources: VIRAC, JEITA
Billion USD
Billion USD
Total production value of electronic component
worldwide, 2010 – 2016f
Production value and consumption of
semiconductor equipment, 2010 – 2016f
2 . Industry overview
2.1. Global market – 2.1.5 Production and consumption
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• Over the past two decades, industrialized nations have turned to
manufacture low and middle integrated electronic components in
developing countries through foreign investment to establish facilities.
Sources: VIRAC, SIA
Sources: VIRAC, WSTS
Growth rate %Billion USD
Market share of semiconductor devices, 2016e
Sales of semiconductor devices by type of products, 2016e
2 . Industry overview
2.1. Global market – 2.1.5 Production and consumption
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Consumption of passive components by quarter, 2012 - 2016
In addition to the semiconductor devices (which belongs to active component group), the other group also accounts for a large proportion of passive
components including capacitors, resistors, inductors and transformers, switches and printed circuit boards (PCs).
Sources: VIRAC, Paumanok Publications, Inc.
Million USD
2 . Industry overview
2.1. Global market – 2.1.5 Production and consumption
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Input price (aluminum, copper, iron) for electronic
components, 2012 - 2017
Sources: VIRAC, Worldbank
USD/mt USD/dmtu
Input price (gold, silver, palladium) for electronic components,
2012 - 2017
Sources: VIRAC, Worldbank
USD/troy oz USD/troy oz
Prices of important input materials for producing
electronic components in 2017 tend to be reversed and sharply increased.
2 . Industry overview
2.1. Global market – 2.1.5 Production and consumption
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Sources: VIRAC, UncomtradeSources: VIRAC, Uncomtrade
Billion USD
Import value of electronic components in the world, 2012 - 2016Market share of some typical HS codes, 2012 - 2016
Global demand for electronic component industry continues to increase in the period 2010-2014, but the pace in 2014-2016 is slower due to the impact of
the global economic depression, affecting the demand for electronic products such as telephone, computer.
2 . Industry overview
2.1. Global market – 2.1.6 Import and export
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HS code Name of the products
Import market of electronic components in the world, 2016
Sources: VIRAC, Uncomtrade
China is the world's leading importer of electronic components, accounting for
28.3% of the structure in 2016.
2 . Industry overview
2.1. Global market – 2.1.6 Import and export
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2. Industry overview
2.1 Global market- 2.1.7 Situation of production and consumption in some typical countries
In the past decade, China and India have been considered the
world's factories, but in recent times before Vietnam's participation, multinational corporations are considering relocating factories to this country to take
advantage of cheap labor and investment trade incentives.
Sources: VIRAC, SIA. WSTS, PwC. HIS Global
Semiconductor market revenue of the United States, 1984-2015Billion USD
Electronic Components Market of the United Sates
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In 2015, US-based semiconductor manufacturing companies account for
50% of global sales.Market share and value of semiconductor manufacturing companies in 2015
Sources: VIRAC, SIA. WSTS
Sources: VIRAC, JEITA
Billion Yen
Electronic Components Market of Japan
Electronic component market has shown signs of recovery since 2013
along with the recovery of electronics industry generally in Japan.Production value of electronic components in Japan, 2010 - 2016
2. Industry overview
2.1 Global market- 2.1.7 Situation of production and consumption in some typical countries
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• With the world's leading advanced technology, huge investments in information technology and growing demand for environmentally-friendly, fuel-
efficient equipment, etc. Japan's semiconductor industry is well-developed, accounting for over 50% the production value of the whole electronic
component industry.
Sources: VIRAC, JEITA
Billion Yen
Sources: VIRAC, JEITA
Export – import of electronic components of Japan, 2010 – 2016 Structure of import and export for integrated circuit
of Japan, 2010 – 2016
2. Industry overview
2.1 Global market- 2.1.7 Situation of production and consumption in some typical countries
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Electronic Components Market of China
With the advancement of information technology, China is known as one of the world's electronics manufactories including DVD players, televisions,
computers, etc. Electronic components made in China are mainly products with medium or low value.
Trillion CNY
Sources: VIRAC, NBS
Revenue of Electronic Components Industry in China,
2011 – 2016e
2. Industry overview
2.1 Global market- 2.1.7 Situation of production and consumption in some typical countries
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• China is currently increasing its semiconductor manufacturing and the capacity of manufacturing capacity, buying more equipment, but most of its
facilities are for Light-Emitting Diodes (LEDs) rather than integrated circuits (ICs).
Billion CNY
Sources: VIRAC, NBS
Manufacturing Integrated Circuits of China, 2010 - 2015
2. Industry overview
2.1 Global market- 2.1.7 Situation of production and consumption in some typical countries
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Electronic Components Market of South Korea
Korea is the fourth largest importer of semiconductors in the world and the second largest semiconductor producer in the world after the United States.
Production value and export - import of electronic components of Korea,
2014 – 2016e
Sources: VIRAC, Statista
Production and export in 2015 are all lower than previous years.
Sources: VIRAC, Dramexchange
2014 2015 2016e Đơn vị tính
Production
Import
Export
Market share of DRAM revenue, 2014 - 2016
2. Industry overview
2.1 Global market- 2.1.7 Situation of production and consumption in some typical countries
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Electronic Components Market of Taiwan
Therefore, the biggest competitive advantage of Taiwanese
manufacturers comes from the large scale production, but the cost of production is much smaller than that of competitors and in the production process
requires high accuracy, which makes the error in the process very low, so the rate of product elimination is not high.
Sources: VIRAC, ITA
Bilion USD Billion USD
Sources: VIRAC, ITA
Market and production value of electronic components in
Taiwan, 2014 – 2017fExport and import electronic components of
Taiwan, 2014 – 2017f
2. Industry overview
2.1 Global market- 2.1.7 Situation of production and consumption in some typical countries
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Rank in 2015 Rank in 2016 ManufacturerRevenue in 2015
(million USD)
Revenue in2016
(million USD)
Growth rate of
2015-2016 (%)
Market share in
2016 (%)
List of the 10 largest global semiconductor vendors in revenue, 2015-2016
Nguồn: VIRAC, Telecomlead
According to Gartner, revenue growth for the top 10 global semiconductor vendors reaching 2.6% in 2016 is due to:
2. Industry overview
2.1 Global market - 2.1.8 Leading companies in the industry
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%
By the end of 2017, global tablet sales continued to reduce by 6.3% over the same period last year due to falling demand and saturated markets.
Tablet PC sales in the world, 2016-2017Million tablets
Sources: VIRAC, IDC
2. Industry overview
2.1 Global market - 2.1.8 Leading companies in the industry
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Million computers %
Market share of PC manufacturers, Q4/2017
Sources: VIRAC, IDC
• By 2017, the global PC market has continued to decline PC sales in the world, 2016-2017
Sources: VIRAC, IDC
2. Industry overview
2.1 Global market - 2.1.8 Leading companies in the industry
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Smart phones sales on the world, 2017
Sources: VIRAC, IDC
Three of the five largest global smartphone companies from China - Huawei, OPPO and Xiaomi - all show impressive growth thanks to the success of
mid-range and low-end smartphones.
Million phones %
2. Industry overview
2.1 Global market - 2.1.8 Leading companies in the industry
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Content
2 Industry overview
2.1 Global market
2.2 Vietnam market
2.3 Industry risks
2.4 Industry development planning
2.5 Outlook and forecasts
• Most of these factories produce household electronics, making joint venture with
Japanese companies such as Sony, National, Sanyo, etc. and some small repairing enterprises. These factories together with some factories in the North
formed the nascent electronics industry of Vietnam at this time.
50
2. Industry overview
2.2. Vietnam market– 2.2.1. History of industry establishment and development
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Value chain of electronics industry
Sources: VIRAC collected
•
With simple assembly work,
Vietnam's productivity in electronic products now
accounts for an average of 5-10% of the product value
2 . Industry overview
2.2. Vietnam market – 2.2.2. Value chains in electronics industry - Vietnam's position in the electronic supply chain
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• The locally-made electronic components are growing, but underdeveloped, the localization rate of electronic products is very low, on average 13%,
which are mainly packages with plastic and simple metal parts
Sources: VIRAC collected
The localization rate of Japanese electronics companies in some countries, 2015
2 . Industry overview
2.2. Vietnam market – 2.2.2. Value chains in electronics industry - Localization rate of Vietnam electronics industry
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• Vietnamese enterprises have not yet provided specific electronic parts for the electronics industry.
Global value chain of Sam Sung and Vietnam
Sources: VIRAC tổng hợp
2 . Industry overview
2.2. Vietnam market – 2.2.2. Value chains in electronics industry - Localization rate of Vietnam electronics industry
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No. Problem Main assessment
Requirements of multinational corporations for components vendors• According to the standard of modern production management,
the competitiveness of the components and accessories depends
on three basic factors: quality, cost and delivery time (QCD).
Sources: VIRAC, SIDEC
• Causes of the weakness of the electronic components industry in Vietnam:
2 . Industry overview
2.2. Vietnam market – 2.2.2. Value chains in electronics industry – The reasons why Vietnamese enterprises remain outside the supply chain
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2 . Industry overview
2.2. Vietnam market – 2.2.3. Production technology
• Today, Surface Mount Technology (SMT) is the most widely used technology in the electronics manufacturing industry.
• In general, the process of mounting components onto the circuit board using SMT technology consists of four basic steps:
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• In Vietnam, SMT technology only started in electronics industry in
2008.
• Vietnam's electronic component manufacturers are mainly using
Japanese, Korean and Chinese technology machinery.
Sources: VIRAC, SIDEC
The origin of machinery and technology used in the spare parts
and component industry in Vietnam, 2016
Applying modern management tools and standards to the
manufacture of spare parts and component in Vietnam, 2016
Sources: VIRAC, SIDEC
2 . Industry overview
2.2. Vietnam market – 2.2.3. Production technology/Machinery
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•
At present, Vietnamese
enterprises mainly import discrete electronic components or basic
components for assembly into specialized components, but not able
to produce a complete electronic components.
Metal in some electronic components
Weight
Component Iron (%)Aluminum
(%)
Copper
(%)
Silver
(ppm)
Gold
(ppm)
Palladium
(ppm)
Value
Component Iron (%)Aluminum
(%)
Copper
(%)
Silver
(ppm)
Gold
(ppm)
Palladium
(ppm)
Sources: VIRAC
2 . Industry overview
2.2. Vietnam market – 2.2.4 Input material
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• However, the production of auxiliary products in general and
electronic components in particular is not encouraged.Sources: VIRAC, SIDEC
Sources: VIRAC, SIDEC
Billion VND
Production value of electronics component industry, 2011 – 2017e
Production structure of the electronics industry, 2015
2 . Industry overview
2.2. Vietnam market – 2.2.5 Production
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%
59
• According to a report by the Ministry of Industry and Trade, the Index-
Industry Products of electronic components in 2017 fluctuated, especially
in February because of the Tet holiday, all production activities stagnated,
however, it gradually recovered and increased sharply in Q3 and Q4 of
2017.
• Supporting industries, components production in Vietnam has not
developed because this is a sector that requires large capital investment
Nguồn: VIRAC, SIDEC
Sources: VIRAC , GSO
Monthly Index-Industry Products of electronic component industry,
2016 – 2017(Calculated by original year 2010)
Supply structure of electronic components in 2015
2 . Industry overview
2.2. Vietnam market – 2.2.5 Production
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Sources: VIRAC, GSO
Name of the components Đơn vị 2010 2011 2012 2013 2014 2015 2016 2017e
Production of electronic components in Vietnam, 2010 – 2017e
• The production of electronic components increased sharply with the participation of many large electronic corporations, Vietnam electronics industry
in general and supporting industries in particular will continue to attract a large number of enterprises.
2 . Industry overview
2.2. Vietnam market – 2.2.5 Production
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Sources: VIRAC, GSO
Production of mobile phones over the months, 2016-2017
Million phones
The structure of phone production in Vietnam is concentrated in Bac Ninh
and Thai Nguyen.
The structure of phone production in Vietnam by region, 2017
Sources: VIRAC, GSO
Million phones
2 . Industry overview
2.2. Vietnam market – 2.2.5 Production
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Name of products Unit Made in 2017
Nguồn: VIRAC, GSO
Production of some types of computers, electronic products and components by region, 2017
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2 . Industry overview
2.2. Vietnam market – 2.2.5 Production
63
According to primary data from the General Statistics Office, in 2017, output of various types of electronics and components reached a high level.
2 . Industry overview
2.2. Vietnam market – 2.2.5 Production
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• In the past few years, instead of being taken over, many Vietnamese companies
have done the opposite things, which is spending money to own foreign
enterprises, typically Duc Long Gia Lai Group.
Sources: VIRAC, GSO
Sources: VIRAC, GSO
Number of enterprises and laborers in the electronic components
industry, 2010 - 2016
Classification of electronic components businesses by region, 2016
2 . Industry overview
2.2. Vietnam market – 2.2.5 Production
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Sources: VIRAC, GSO
Sources: VIRAC, GSO
• The revenue of electronic components enterprises has been growing
continuously over the years due to the expansion of production activities of
domestic and FDI enterprises. At the same time, the consumption market
has been extended to many countries and areas.
Trillion VND
Trillion VND
Revenue and profit of electronic components business, 2010 - 2016
Total investment capital and fixed assets of
electronic component industry
2 . Industry overview
2.2. Vietnam market – 2.2.5 Production
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Company name Country Location
Investment
capital
(million USD)
Production Capacity / Sector
Some FDI projects invested in electronic components industry, 2014 - 2016
Source: VIRAC
2 . Industry overview
2.2. Vietnam market – 2.2.5 Production
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• The proportion of smartphone users compared to regular phones in major
cities tends to increase steadily between 2012 and 2017.
Sources: VIRAC, GSO
Million USD
Consumption of electronic component, 2010 – 2017e
Sources: VIRAC, Nielsen
Rate of using smart phones in Vietnam by region, 2017
2 . Industry overview
2.2. Vietnam market – 2.2.6 Consumption
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Source: VIRAC
• In the top 10 enterprises have the largest revenue of electronic component
industry, there is no contribution of domestic enterprises but they are from
FDI enterprises of Korea, Japan, etc.
Sources: VIRAC, SIDEC
Billion VND
Major customers of electronic components industry, 2015
Top 10 largest electronic component enterprises in revenue of 2016
2 . Industry overview
2.2. Vietnam market – 2.2.6 Consumption
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• Multinational corporations specializing in the manufacture of electronic
products also have a high demand for electronic components.
Sources: VIRAC, SIDEC
No. Name of component Material, technology Amount/month
1
2
3
4
Sources: VIRAC, SIDEC
Demand for electronic components of Canon Vietnam
Demand for electronic components of Intel
Direc
Indirect
2 . Industry overview
2.2. Vietnam market – 2.2.6 Consumption
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70
2 . Industry overview
2.2. Vietnam market – 2.2.7 Import and export – Types of phone and components
Sources: VIRAC, GDVC
• Phone and component exports in 2017 reached 45.27 billion USD,
• In 2017, exports of phones and components to most of the markets
have an increasing turnover, while there are 10 markets have export
turnover decreased compared to the previous year.
Exports of all types of phones and components of Vietnam
through months from 2015 to 2017
Sources: VIRAC, GDVC
Billion USD
Structure of phone and component export market, 2017
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Sources: VIRAC, GDVC
%Million USD
Vietnam's cell phone exports, 2017
Vietnam’s phone component exports, 2017
Sources: VIRAC, GDVC
Million USD %
In 2017, Viet Nam exported cell phones with total turnover of 29.76 billion
USD,
In 2017, the total export turnover of phone components in Vietnam
reached over 15.5 billion USD,
2 . Industry overview
2.2. Vietnam market – 2.2.7 Import and export – Types of phone and components
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In the coming time, Vietnam's phone exports will face
more challenges, especially in Southeast Asia market
No. Company name
Top 20 enterprises export all types of phones and components with
over 5 million USD of turnover, 2017
Sources: VIRAC, GDVC
2 . Industry overview
2.2. Vietnam market – 2.2.7 Import and export – Types of phone and components
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Sources: VIRAC, Uncomtrade, GDVC
Imports of phones and component,
2010 – 2017eMillion USD
• In terms of import from the FDI enterprises
• By the end of 2017, import turnover of phones and components of Vietnam
from China has reached the highest level,
Sources: VIRAC, GDVC
Supply market structure of phone and phone components to
Vietnam, 2017
2 . Industry overview
2.2. Vietnam market – 2.2.7 Import and export – Types of phone and components
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Sources: VIRAC, GDVC
Imports of phones and components, 2017
Million USD
No. Company name
Top 20 enterprises import all types of phones and components with
over 10 million USD of turnover, 2017
Sources: VIRAC, GDVC
Vietnam mainly imports phone components from South Korea, China and
Hong Kong
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2 . Industry overview
2.2. Vietnam market – 2.2.7 Import and export – Types of phone and components
75
By the end of 2017, export turnover of computers, electronic products
and components has reached 25.94 billion USD,
Sources: VIRAC, GDVC
Export structure of computers, electronic products and
components by enterprises of Vietnam, 2017
Exports of computers, electronic products and components of
Vietnam, 2010 – 2017
Sources: VIRAC, GDVC
Billion USD %
2 . Industry overview
2.2. Vietnam market – 2.2.7 Import and export – Computers, electronic products and components
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• Export turnover of computers, electronic products and components of Vietnam to China in 2017 reached
Sources: VIRAC, GDVC
Top 10 export markets of computers, electronic products and
components of Vietnam, 2017e
Unit: Million USD
Top 10 export items with the highest FDI, 2017e
Sources: VIRAC, GDVC
2 . Industry overview
2.2. Vietnam market – 2.2.7 Import and export – Computers, electronic products and components
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Imports of computers, electronic products and components of Vietnam over the months, 2016-2017
Sources: VIRAC, GDVC
Billion USD
•
The large trade deficit is the result of the slow development of supporting industries, the
expansion of foreign investment to the domestic economic sector is still weak and need to be overcome.
2 . Industry overview
2.2. Vietnam market – 2.2.7 Import and export – Computers, electronic products and components
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Top 10 markets supply computers, electronic products and components of Vietnam, 2017
Sources: VIRAC, GDVC
• Imports of computers, electronic products and components from the South Korean market in 2017 reached
2 . Industry overview
2.2. Vietnam market – 2.2.7 Import and export – Computers, electronic products and components
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Types
In 2017
(Million
USD)
Compared
to the
same
period in
2016 (%)
Proportion
in 2017(%)
No. Company name
Top 20 enterprises import computers, electronic products and
components with high turnover, 2017Imported computers, electronic products and components, 2017
Sources: VIRAC, GDVC Sources: VIRAC, GDVC
2 . Industry overview
2.2. Vietnam market – 2.2.7 Import and export – Computers, electronic products and components
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2 . Industry overview
2.2. Vietnam market – 2.2.8 Analysis of business activities by regions
Hung Yen
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Bac Ninh
2 . Industry overview
2.2. Vietnam market – 2.2.8 Analysis of business activities by regions
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• SamSung Display Vietnam has adjusted their investment capital by increasing 2.5 billion USD in Bac Ninh
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2 . Industry overview
2.2. Vietnam market – 2.2.8 Analysis of business activities by regions
83
Vinh Phuc
2 . Industry overview
2.2. Vietnam market – 2.2.8 Analysis of business activities by regions
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Hai Phong
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PURPOSE
2 . Industry overview
2.2. Vietnam market – 2.2.8 Analysis of business activities by regions
85
Thai Nguyen
2 . Industry overview
2.2. Vietnam market – 2.2.8 Analysis of business activities by regions
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Content
2 Industry overview
2.1 Global market
2.2 Vietnam market
2.3 Industry risks
2.4 Industry development planning
2.5 Outlook and forecasts
87
Risks in terms of raw materials
Risks in terms of safety of labor hygiene
2 . Industry overview
2.3. Industry risks
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Risks in terms of environment
Risks in terms of policies
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2 . Industry overview
2.3. Industry risks
89
Risks in terms of competitiveness
Risks in terms of increasing labor cost
Region
2017Compared to
2016 (%)Million VND USD
I
II
III
IV
Minimum wage by regions in Vietnam from January 1, 2017
Nguồn: VIRAC, MOIT
2 . Industry overview
2.3. Industry risks
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Strengths Weakness
Opportunities Threats
2 . Industry overview
2.3. Industry risks
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PURPOSE
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Content
2 Industry overview
2.1 Global market
2.2 Vietnam market
2.3 Industry risks
2.4 Industry development planning
2.5 Outlook and forecasts
92
On January/18th/2017, the Prime Minister has issued Decision No. 68 / QD-TTg on Supporting Industry Development Program from 2016 to 2025.
2 . Industry overview
2.4. Industry development planning
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• Specifically for electrical and electronic component sector:
2 . Industry overview
2.4. Industry development planning
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94
Until 2020
2 . Industry overview
2.4. Industry development planning
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PURPOSE
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Until 2030
2 . Industry overview
2.4. Industry development planning
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Content
2 Industry overview
2.1 Global market
2.2 Vietnam market
2.3 Industry risks
2.4 Industry development planning
2.5 Outlook and forecasts
2. Industry overview
2.5 Outlook and forecasts – 2.5.1 Driving forces for industry development
97
From the general situation of electronic components industry in the world
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From geographic location and population of Vietnam
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2. Industry overview
2.5 Outlook and forecasts – 2.5.1 Driving forces for industry development
99
From the Government of Vietnam
From the potential demand of the domestic marketNumber of smart phones and function phones, 2013-2019e
Sources: VIRAC, GfK
Million phones
2. Industry overview
2.5 Outlook and forecasts – 2.5.1 Driving forces for industry development
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•
Thus, the domestic market
has a huge growth potential for e-businesses, thereby boosting
electronic production, which is the driving force for the electronics
manufacturing industry. Sources: VIRAC, GfK
Billion VND
Revenue of domestic electronics technology groups, 2017
Sources: VIRAC, GfK
Trillion VND
Revenue and growth of electronics market in Vietnam,
Q3/2014 – Q4/2017
2. Industry overview
2.5 Outlook and forecasts – 2.5.1 Driving forces for industry development
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2. Industry overview
2.5 Outlook and forecasts– 2.5.2 Forecasting industry outlook
101
Forecasting development of output sector - electronics industry:
Forecasting demand of electronic components industry:
No. Products Demand in 2020
Sources: VIRAC, SIDEC
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Content
3 Enterprise analysis
3.1 Introduction of enterprises
3.2 Financial analysis
103
3 Enterprise analysis
3.1. Introduction of enterprises
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3 Enterprise analysis
3.1. Introduction of enterprises
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PURPOSE
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3 Enterprise analysis
3.1. Introduction of enterprises
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Content
3 Enterprise analysis
3.1 Introduction of enterprises
3.2 Financial analysis
107
• Most of the companies in the group have sales growth in 2016
compared to 2015
• Gross profit margin of the enterprises in the group is very low.
Billion VND
Source: VIRAC
Sources: VIRAC
Net revenue from sales and services, 2015 - 2016
Billion VND
Gross profit and gross profit margin of enterprises, 2016
3 Enterprise analysis
3.2. Enterprise analysis
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Enterprises Cost of salesEnterprise cost
management
Net
revenue
Cost of
sales/net
revenue
ECM/net
revenue
Foster Electric
Vietnam
Doosung Tech
Vietnam
Hosiden Vietnam
Intel Products
Vietnam
Saigon STEC
Sumiden Vietnam
Meiko Vietnam
Haesung Vina
Cost of sales and enterprise cost managementUnit: Billion VND
Billion VND
Source: VIRAC
Source: VIRAC
Asset structure, 2016
3 Enterprise analysis
3.2. Enterprise analysis
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• Capital structure of most companies in the group is paying debt,
mainly borrowing and short-term debt. Billion VND
Source: VIRAC
Source: VIRAC
Capital structure, 2016
Solvency, 2016
3 Enterprise analysis
3.2. Enterprise analysis
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ROS ROA ROE
Profit-
after-tax
(billion
USD)
Net
revenue
(billion
USD)
Average
owner’s
equity(billion
USD)
Total average
asset (billion
USD)
Foster Electric
Vietnam
Doosung Tech
Vietnam
Hosiden
Vietnam
Intel Products
Vietnam
Saigon STEC
Sumiden
Vietnam
Meiko Vietnam
Haesung Vina
Source: VIRAC
Source: VIRAC
Indicators of performance assessment, 2016
Efficiency of asset using, 2016
3 Enterprise analysis
3.2. Enterprise analysis
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Content
4 Appendix of financial statement
112
APPENDIX
Saigon Stec Co.,Ltd
Indicators 2016 2015
1. Revenue for sales and services
2. The deduction from revenue
3. Net revenue from sales and services
4. Cost of goods sold
5. Gross profit
6. Revenue from financial activities
7. Financial cost
- Interest expenses
8. Cost of sales
9. Enterprise cost management
10 Net profit from business activities
11. Other incomes
12. Other costs
13. Other profits
14. Gross profit before tax
15. Current corporate income tax
16. Deferred corporate income tax
17. Profit after corporate income tax
BUSINESS RESULTSUnit: VND
Indicators 2016 2015
TÀI SẢN
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term investments
III. Short-term receivables
1. Accounts receivable of customers
IV. Inventories
V. Other current assets
B. NON-CURRENT ASSETS
I. Long-term receivables
II. Fixed assets
III. Investment in real estate
V. Long term financial investment
V. Other non-current assets
TOTAL ASSETS
C – LIABILITIES
I. Short-term liabilities
1. Short-term payables for suppliers
II. Long-term liabilities
D – OWNER”S EQUITY
I. Owner equity
II. Other funds
TOTAL EQUITY
BALANCE SHEETUnit: VND
Indicators 2016 2015
I. Cash flows from business activities
II. Cash flows from investment
III. Cash flows from finance
Net cash flows during the year
Cash and cash equivalents at the beginning of the year
Impact of exchange rate changes in foreign currency
Cash and cash equivalents at the end of the year
CASH FLOW STATEMENTUnit: VND
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PURPOSE
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APPENDIX
INTEL PRODUCTS VIETNAM CO., LTD
Indicators 2016 2015
1. Revenue for sales and services
2. The deduction from revenue
3. Net revenue from sales and services
4. Cost of goods sold
5. Gross profit
6. Revenue from financial activities
7. Financial cost
- Interest expenses
8. Cost of sales
9. Enterprise cost management
10 Net profit from business activities
11. Other incomes
12. Other costs
13. Other profits
14. Gross profit before tax
15. Current corporate income tax
16. Deferred corporate income tax
17. Profit after corporate income tax
BUSINESS RESULTSUnit: VND
Indicators 2016 2015
TÀI SẢN
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term investments
III. Short-term receivables
1. Accounts receivable of customers
IV. Inventories
V. Other current assets
B. NON-CURRENT ASSETS
I. Long-term receivables
II. Fixed assets
III. Investment in real estate
V. Long term financial investment
V. Other non-current assets
TOTAL ASSETS
C – LIABILITIES
I. Short-term liabilities
1. Short-term payables for suppliers
II. Long-term liabilities
D – OWNER”S EQUITY
I. Owner equity
II. Other funds
TOTAL EQUITY
BALANCE SHEETUnit: VND
Indicators 2016 2015
I. Cash flows from business activities
II. Cash flows from investment
III. Cash flows from finance
Net cash flows during the year
Cash and cash equivalents at the beginning of the year
Impact of exchange rate changes in foreign currency
Cash and cash equivalents at the end of the year
CASH FLOW STATEMENTUnit: VND
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PURPOSE
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APPENDIX
Foster Electric Vietnam co. ltd
Indicators 2016 2015
1. Revenue for sales and services
2. The deduction from revenue
3. Net revenue from sales and services
4. Cost of goods sold
5. Gross profit
6. Revenue from financial activities
7. Financial cost
- Interest expenses
8. Cost of sales
9. Enterprise cost management
10 Net profit from business activities
11. Other incomes
12. Other costs
13. Other profits
14. Gross profit before tax
15. Current corporate income tax
16. Deferred corporate income tax
17. Profit after corporate income tax
BUSINESS RESULTSUnit: VND
Indicators 2016 2015
TÀI SẢN
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term investments
III. Short-term receivables
1. Accounts receivable of customers
IV. Inventories
V. Other current assets
B. NON-CURRENT ASSETS
I. Long-term receivables
II. Fixed assets
III. Investment in real estate
V. Long term financial investment
V. Other non-current assets
TOTAL ASSETS
C – LIABILITIES
I. Short-term liabilities
1. Short-term payables for suppliers
II. Long-term liabilities
D – OWNER”S EQUITY
I. Owner equity
II. Other funds
TOTAL EQUITY
BALANCE SHEETUnit: VND
Indicators 2016 2015
I. Cash flows from business activities
II. Cash flows from investment
III. Cash flows from finance
Net cash flows during the year
Cash and cash equivalents at the beginning of the year
Impact of exchange rate changes in foreign currency
Cash and cash equivalents at the end of the year
CASH FLOW STATEMENTUnit: VND
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PURPOSE
115
APPENDIX
Hosiden Vietnam co. ltd
Indicators 2016 2015
1. Revenue for sales and services
2. The deduction from revenue
3. Net revenue from sales and services
4. Cost of goods sold
5. Gross profit
6. Revenue from financial activities
7. Financial cost
- Interest expenses
8. Cost of sales
9. Enterprise cost management
10 Net profit from business activities
11. Other incomes
12. Other costs
13. Other profits
14. Gross profit before tax
15. Current corporate income tax
16. Deferred corporate income tax
17. Profit after corporate income tax
BUSINESS RESULTSUnit: VND
Indicators 2016 2015
TÀI SẢN
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term investments
III. Short-term receivables
1. Accounts receivable of customers
IV. Inventories
V. Other current assets
B. NON-CURRENT ASSETS
I. Long-term receivables
II. Fixed assets
III. Investment in real estate
V. Long term financial investment
V. Other non-current assets
TOTAL ASSETS
C – LIABILITIES
I. Short-term liabilities
1. Short-term payables for suppliers
II. Long-term liabilities
D – OWNER”S EQUITY
I. Owner equity
II. Other funds
TOTAL EQUITY
BALANCE SHEETUnit: VND
Indicators 2016 2015
I. Cash flows from business activities
II. Cash flows from investment
III. Cash flows from finance
Net cash flows during the year
Cash and cash equivalents at the beginning of the year
Impact of exchange rate changes in foreign currency
Cash and cash equivalents at the end of the year
CASH FLOW STATEMENTUnit: VND
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PURPOSE
116
APPENDIX
Haesung Vina co. ltd
Indicators 2016 2015
1. Revenue for sales and services
2. The deduction from revenue
3. Net revenue from sales and services
4. Cost of goods sold
5. Gross profit
6. Revenue from financial activities
7. Financial cost
- Interest expenses
8. Cost of sales
9. Enterprise cost management
10 Net profit from business activities
11. Other incomes
12. Other costs
13. Other profits
14. Gross profit before tax
15. Current corporate income tax
16. Deferred corporate income tax
17. Profit after corporate income tax
BUSINESS RESULTSUnit: VND
Indicators 2016 2015
TÀI SẢN
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term investments
III. Short-term receivables
1. Accounts receivable of customers
IV. Inventories
V. Other current assets
B. NON-CURRENT ASSETS
I. Long-term receivables
II. Fixed assets
III. Investment in real estate
V. Long term financial investment
V. Other non-current assets
TOTAL ASSETS
C – LIABILITIES
I. Short-term liabilities
1. Short-term payables for suppliers
II. Long-term liabilities
D – OWNER”S EQUITY
I. Owner equity
II. Other funds
TOTAL EQUITY
BALANCE SHEETUnit: VND
Indicators 2016 2015
I. Cash flows from business activities
II. Cash flows from investment
III. Cash flows from finance
Net cash flows during the year
Cash and cash equivalents at the beginning of the year
Impact of exchange rate changes in foreign currency
Cash and cash equivalents at the end of the year
CASH FLOW STATEMENTUnit: VND
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PURPOSE
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APPENDIX
Meiko Vietnam co. ltd
Indicators 2016 2015
1. Revenue for sales and services
2. The deduction from revenue
3. Net revenue from sales and services
4. Cost of goods sold
5. Gross profit
6. Revenue from financial activities
7. Financial cost
- Interest expenses
8. Cost of sales
9. Enterprise cost management
10 Net profit from business activities
11. Other incomes
12. Other costs
13. Other profits
14. Gross profit before tax
15. Current corporate income tax
16. Deferred corporate income tax
17. Profit after corporate income tax
BUSINESS RESULTSUnit: VND
Indicators 2016 2015
TÀI SẢN
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term investments
III. Short-term receivables
1. Accounts receivable of customers
IV. Inventories
V. Other current assets
B. NON-CURRENT ASSETS
I. Long-term receivables
II. Fixed assets
III. Investment in real estate
V. Long term financial investment
V. Other non-current assets
TOTAL ASSETS
C – LIABILITIES
I. Short-term liabilities
1. Short-term payables for suppliers
II. Long-term liabilities
D – OWNER”S EQUITY
I. Owner equity
II. Other funds
TOTAL EQUITY
BALANCE SHEETUnit: VND
Indicators 2016 2015
I. Cash flows from business activities
II. Cash flows from investment
III. Cash flows from finance
Net cash flows during the year
Cash and cash equivalents at the beginning of the year
Impact of exchange rate changes in foreign currency
Cash and cash equivalents at the end of the year
CASH FLOW STATEMENTUnit: VND
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PURPOSE
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APPENDIX
Hanoi Doosung tech co. ltd
Indicators 2016 2015
1. Revenue for sales and services
2. The deduction from revenue
3. Net revenue from sales and services
4. Cost of goods sold
5. Gross profit
6. Revenue from financial activities
7. Financial cost
- Interest expenses
8. Cost of sales
9. Enterprise cost management
10 Net profit from business activities
11. Other incomes
12. Other costs
13. Other profits
14. Gross profit before tax
15. Current corporate income tax
16. Deferred corporate income tax
17. Profit after corporate income tax
BUSINESS RESULTSUnit: VND
Indicators 2016 2015
TÀI SẢN
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term investments
III. Short-term receivables
1. Accounts receivable of customers
IV. Inventories
V. Other current assets
B. NON-CURRENT ASSETS
I. Long-term receivables
II. Fixed assets
III. Investment in real estate
V. Long term financial investment
V. Other non-current assets
TOTAL ASSETS
C – LIABILITIES
I. Short-term liabilities
1. Short-term payables for suppliers
II. Long-term liabilities
D – OWNER”S EQUITY
I. Owner equity
II. Other funds
TOTAL EQUITY
BALANCE SHEETUnit: VND
Indicators 2016 2015
I. Cash flows from business activities
II. Cash flows from investment
III. Cash flows from finance
Net cash flows during the year
Cash and cash equivalents at the beginning of the year
Impact of exchange rate changes in foreign currency
Cash and cash equivalents at the end of the year
CASH FLOW STATEMENTUnit: VND
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PURPOSE
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APPENDIX
Sumidenso Vietnam co. ltd
Indicators 2016 2015
1. Revenue for sales and services
2. The deduction from revenue
3. Net revenue from sales and services
4. Cost of goods sold
5. Gross profit
6. Revenue from financial activities
7. Financial cost
- Interest expenses
8. Cost of sales
9. Enterprise cost management
10 Net profit from business activities
11. Other incomes
12. Other costs
13. Other profits
14. Gross profit before tax
15. Current corporate income tax
16. Deferred corporate income tax
17. Profit after corporate income tax
BUSINESS RESULTSUnit: VND
Indicators 2016 2015
TÀI SẢN
A. CURRENT ASSETS
I. Cash and cash equivalents
II. Short-term investments
III. Short-term receivables
1. Accounts receivable of customers
IV. Inventories
V. Other current assets
B. NON-CURRENT ASSETS
I. Long-term receivables
II. Fixed assets
III. Investment in real estate
V. Long term financial investment
V. Other non-current assets
TOTAL ASSETS
C – LIABILITIES
I. Short-term liabilities
1. Short-term payables for suppliers
II. Long-term liabilities
D – OWNER”S EQUITY
I. Owner equity
II. Other funds
TOTAL EQUITY
BALANCE SHEETUnit: VND
Indicators 2016 2015
I. Cash flows from business activities
II. Cash flows from investment
III. Cash flows from finance
Net cash flows during the year
Cash and cash equivalents at the beginning of the year
Impact of exchange rate changes in foreign currency
Cash and cash equivalents at the end of the year
CASH FLOW STATEMENTUnit: VND
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PURPOSE
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Report Disclaimer
Report Disclaimer
This document has been prepared in good faith on the basis of information available at the date of publication without any independent verification. VIRAC has
produced this report for private circulation to professional clients only. All information and statistical data herein have been obtained from sources we believe to be
reliable and made to ensure the accuracy of the contents of the pages of the report at the time of preparation. Such information has not been independently
verified and VIRAC makes no 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 organisation, 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: viracresearch@virac.com.vn | Tel: +84 463289520
Thank you !
121
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