vietnam fertilizer market 2015
TRANSCRIPT
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Vietnam Fertilizer Market 2015Date of report: 21 October 2015
Type of Services: Standard Report
Part of StoxPlus’s Market Research Report Series for Vietnam
@ 2015 StoxPlus Corporation.
All rights reserved. All information contained in this publication is copyrighted in the name of StoxPlus, and as such no part of this publication may be
reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means graphic, electronic or mechanical, including
photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher.
2
Date: 20 October 2015
Dear Clients,
Re: The publication of Vietnam Fertilizer Market Report, 2015
StoxPlus has been issuing the first updated Vietnam Fertilizer Market
Report in the last 2 years, providing the first and most comprehensive
report on this sector. Taking into account feedbacks from our clients, in
addition to the comprehensive analysis of the market itself, we updated
Vietnam fertilizer Market Report this year with the focus on analyzing
demand and supply together with distribution network and price of
fertilizer in Vietnam.
The research provides latest information on current situation of supply –
demand in Vietnam fertilizer sector by analyzing two main sources of
demand including (i) domestic, and (ii) exporting activities as well as
the key development trends. Full 10 year forecasts (2015 – 2025) are
included in this update.
As part of the research, we have conducted various field trips as well as
discussions and interviews with industry players at management levels
to grasp local insights of how fertilizer is distributed in Vietnam. For the
pricing survey, we analyze fertilizer price in the North, Central, and the
South.
We understand that this is a targeted but also an open research. We would
be happy to provide any further information to address any questions that
you may have, for any specific sector or target business in Vietnam. Our
ultimate objective is to bring real values to our clients via in-depth
research and practical local insights.
Should you have any questions, please contact I myself or our Research
Manager, Ms. Lan Nguyen at +84-4-35626962 (ext. 109) or her email:
Yours sincerely,
Nguyen Quang Thuan
CEO
StoxPlus Corporation
StoxPlus Joint Stock Company
Head office:
5th Floor, Anh Minh Building
36 Hoang Cau, Dong Da
Hanoi, Vietnam
telephone: (+84-4) 3 562 6962
stoxplus.com
Ho Chi Minh City Branch:
20th Floor, AB Tower
76A Le Lai Street, District 1
Ho Chi Minh City, Vietnam
telephone: (+84-8) 3823 3485
stoxplus.com
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Table of Contents
Part Content Page
Executive Summary 5
1 Market Overall 7 - 37
1.1 Market Structure & Overview 7 - 9
1.2 Market Size & Growth 10
1.3 Segmentation Analysis 13
1.4 Demand Analysis 15
1.5 Supply Analysis 20
1.6 Value Chain Analysis 26
1.7 Pricing 36
2 Analysis of NPK Fertilizer Market 38 - 53
2.1 Demand - Supply Analysis 38
2.2 Competitive Landscaping and Analysis 43
2.3 Pricing 49
2.4 Profile of 2 FDI players 51
3 Analysis of Nitrogen Fertilizer Market 54 – 68
3.1 Demand - Supply Analysis 54
3.2 Competitive Landscaping and Analysis 60
3.3 Profile of top 4 Urea manufacturers 64
Part Content Page
4 Analysis of Phosphate Fertilizer Market 69 - 74
4.1 Demand - Supply Analysis 69
4.2 Profile of top 3 Phosphate manufacturers 71
5 Industrial Performance 75 - 79
6 Macroeconomic Situations and Regulatory
framework
80 - 90
6.1 Macroeconomics 80
6.2 Regulatory Framework 86
7 Appendixes 91 - 101
7.1 Appendix 1: Status of projects 91
7.2 Appendix 2: Factsheet of selected fertilizer
companies
93
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Abbreviation
No. Word Stand for
1 APR Annual Percentage Rate
2 ATIGA Asean Trade in Goods Agreement
3 EBIT Earning Before Income Tax
4 GSO General Statistic Office
5 JVF Japan Vietnam Fertilizer Company
6 MARD Ministry of Agriculture and Rural Development
7 MOF Ministry of Finance
8 MOIT Ministry of Industry and Trade
9 MT Million tons
10 NYMEX New York Mercantile Exchange
11 PVFC PetroVietnam Fertilizer and Chemical JSC
12 PVN Petrovietnam
13 TSC Techno – Agricultural Supplying JSC
14 USDA U.S. Department of Agriculture
5
Executive Summary
1. From a country that has to import
fertilizer, Vietnam has been able to supply
domestic consumption of fertilizers
There is a gap between price of fertilizers in
the North and in the South.
Distribution system for fertilizer in Vietnam is
very fragmented and regional-based
Total demand for NPK fertilizer is
forecasted to increase by 4% annually.
However, demand for each NPK segment
varies
2. Since 2014, Vietnam NPK has witnessed a
supply surplus. However, quality of NPK
fertilizer in Vietnam varies. Premium NPK,
especially those produced by chemical
machinery technology, has not been produced
in Vietnam
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Executive Summary (cont’d)
NPK fertilizer supply will increase in the next
5 years. However, quality of NPK fertilizers of
pipeline projects is still questionable
3. Nitrogen fertilizer witnesses a stable
demand in recent years
4.Phosphate fertilizer is still supply – demand
locally.
5. In 2014, most of listed fertilizer companies
had higher EBITDA than that of 2013
6. Major market for fertilizer has a bright
outlook
7. Vietnam Government has issued several
policies supported for fertilizer market
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Section 1: Market Overall
1.1 Market Structure & Overview
1.2 Market Size & Growth
1.3 Segmentation Analysis
1.4 Demand Analysis
1.5 Supply Analysis
1.6 Value Chain Analysis
1.7 Pricing
Contents
8
Section 1: Market Overall
Market Structure & Overview
Vietnam Fertilizer Market is divided into 2 main segments: Organic Fertilizer and Inorganic Fertilizer.
Ammonium
Sulphate (SA)
Popular in Vietnam
before 1970s.
Currently, market
share of this sector is
insignificant, mostly
used for low
productivity crops.
Fertilizers
Organic
Fertilizers
Inorganic
Fertilizers
Phosphate (P)
Fertilizers
Potassium (K)
Fertilizers
Nitrogen (N)
Fertilizers
Diammonium
Phosphate (DAP)
Urea
Very popular in
Vietnam, demand for
inorganic fertilizers is
over 10mn tons per
year. Hence, we focus
on this sector only.
SA is completely imported due to the
incapability of production.
There are merely 2 manufacturers: DAP Dinh
Vu and DAP Lao Cai.
4 main manufacturers are: Phu My Fertilizer
(“DPM”), Ca Mau Fertilizer (“DCM”), Ha Bac
Fertilizer and Ninh Binh Fertilizer.
NPK Synthetic
Fertilizers
Superphosphate
Fused Magnesium
Phosphate (FMP)
Lam Thao Superphosphate and Chemicals
(“LAS”) and Southern Fertilizer only.
LAS, Ninh Binh Phosphate Fertilizer and Van
Dien Fused Magnesium Phosphate.
Potassium is imported entirely.
Top 3 players are all subsidiaries of Vinachem:
LAS, Binh Dien and Southern Fertilizer.
Source: StoxPlus
Figure 1: Structure for Vietnamese Fertilizer Market
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A long story for the development of Vietnam Fertilizer Market
Section 1: Market Overall
Market Structure & Overview
• Before 1960: the edge of organic fertilizer.
It is a tradition that farmers use organic fertilizer including green manure, legumes, filled
bars, strawberry dirt, muck, etc. to increase crop yield.
• 1960 – 1992: single nutrient fertilizer’s emergence.
There is a presence of inorganic fertilizer majorly under the single nutrient type. Urea is
manured majorly while phosphate and potassium are applied with a minority part.
• After 1992: The extensive use of fertilizer in Vietnam.
Agricultural production has grown significantly and constantly over years thanks to the
application of fertilizers. Since a country with a large amount of imported products, local
production has gradually met market demand. By establishing new factories and expanding
current scale production, there is a significant increase in fertilizer production from
approximately VND 5,370 thousand tons in 2009 to over 9 thousand tons in 2014.
• Vietnam still has to import some types of fertilizers, that domestic companies have yet been
able to produced (SA and K) or domestic production has yet met demand (DAP). Total
imported fertilizer is in a downward trend leading to a supply surplus for Urea, phosphate and
NPK. However, SA and Potassium still depend on imports entirely due to the incapacity of
production.
• The main suppliers for domestic consumption are subsidiaries of Vinachem and PVN, which
account for over 90% of the market share. From 2013 onwards, domestic market could be in
oversupply of Urea, P and NPK (total capacity of domestic producers will exceed demand),
while Vietnam still imports other fertilizers (SA, DAP and K).
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Section 1: Market Overall
1.1 Market Structure & Overview
1.2 Market Size & Growth
1.3 Segmentation Analysis
1.4 Demand Analysis
1.5 Supply Analysis
1.6 Value Chain Analysis
1.7 Pricing
Contents
11
Vietnam fertilizers sector was about US$3.87bn in 2014
Section 1: Market Overall
Market Size & Growth
Source: StoxPlus estimated from GSO, PVFC
Figure 2: Fertilizer Demand and Supply (Unit: 1000 MT)
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Figure 3: Vietnam Fertilizer Demand and Supply Forecasted
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1000 M
T/year
Local Production Total Demand (Forecast 2% growth) Total Demand (Forecast 4% growth) Total Demand (Forecast 6% growth)
Source: StoxPlus estimated
Section 1: Market Overall
Market Size & Growth
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Section 1: Market Overall
1.1 Market Structure & Overview
1.2 Market Size & Growth
1.3 Segmentation Analysis
1.4 Demand Analysis
1.5 Supply Analysis
1.6 Value Chain Analysis
1.7 Pricing
Contents
14
Figure 4: Fertilizer Demand by types of products (Unit:1000 MT)
Source: StoxPlus estimated from PVFC
Section 1: Market Overall
Segmentation
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Section 1: Market Overall
1.1 Market Structure & Overview
1.2 Market Size & Growth
1.3 Segmentation Analysis
1.4 Demand Analysis
1.5 Supply Analysis
1.6 Value Chain Analysis
1.7 Pricing
Contents
16
Section 1: Market Overall
Demand Analysis
NPK is the most popular fertilizer, contributed 37% of total demand for fertilizer
Figure 5: Fertilizer demand by category, 2014
Source: StoxPlus from MARD
The demand for fertilizer also depend on habit of farmers. Cultivation habits of
farmers are shifting.
• Before 1990, Vietnam is an agricultural country with obsolete technology. Hence,
the application of fertilizer for crops is still limited and not particular. Major
fertilizers manured are single nutrient such as Urea, Phosphate.
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Section 1: Market Overall
Demand Analysis
The South of Vietnam has the highest demand for fertilizer
Total area of
agricultural
production land
(Thousand ha)
Paddy land
(Thousand
ha)
Maize planted
land
(Thousand ha)
Forestry Land
(Thousand ha)
Figure 7: Agricultural land areas by category, 2014
Source: StoxPlus from GSOSource: StoxPlus from MARD
Figure 6: Fertilizer demand by regions
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Section 1: Market Overall
Demand Analysis
There are 3 main cropping seasons in Vietnam with different demand for fertilizer
Figure 8: Fertilizer demand by seasons
Source: StoxPlus from MARD
Figure 9: Fertilizer demand by seasons
Source: StoxPlus from MARD
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Section 1: Market Overall
Demand Analysis
Among tremendous types of crops, rice is the highest fertilizer usage one.
Figure 10: Fertilizer demand by crops
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Section 1: Market Overall
1.1 Market Structure & Overview
1.2 Market Size & Growth
1.3 Segmentation Analysis
1.4 Demand Analysis
1.5 Supply Analysis
1.6 Value Chain Analysis
1.7 Pricing
Contents
21
Section 1: Market Overall
Supply Analysis
Source: StoxPlus estimated from GSO, PVFC
Figure 11: Fertilizer Demand and Supply (Unit: 1000 MT)
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Figure 13: Top 10 fertilizer import companies by value, 1H2015
Source: StoxPlus from MARD, MOIT, Agromonitor
Figure 12: Imported fertilizers by countries, 1H2015
Source: StoxPlus from General Customs
There are several reasons leading to the decrease in
importing fertilizers
No. CompaniesImport Amount
(USDmn)
1
2
3
4
5
6
7
8
9
10
Section 1: Market Overall
Supply Analysis
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From a country importing fertilizer, Vietnam has gradually becoming a fertilizer exporter, especially
to Cambodia market
Figure 15: Top 15 fertilizer export companies by value, 1H2015
No. CompaniesExport Amount
(US$mn)
1 Quang Binh Export Import Company
2 Ha Anh Export Import Company
3 Baconco
4 Southern Fertilizer
5 Can Tho fertilizer & Chemical JSC
6 Binh Dien Fertilizer
7 Tuong Dung Company
8 Ca Mau Fertilizer
9 Fivestar
10 Nguyen Duy Ltd.
11 Vedan Vietnam
12 Phu My Fertilizer
13 Tuong Nguyen Export Import Company
14 Hoang Anh Gia Lai Subsidiary
15 Ninh Binh FertilizerSource: StoxPlus from General Customs
Source: StoxPlus from MARD, MOIT, Agromonitor
Figure 14: Structure of exported fertilizers by countries, 1H2015
Section 1: Market Overall
Supply Analysis
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Section 1: Market Overall
Supply Analysis
No. Name of the project Area
Designed
capacity (1,000
tons/year)
Investment amount
(US$mn)Investment period
2011 - 2015 period
1
2
3
4
5
6
7
8
9
10
2016-2020 period
1
2
3
2021 - 2030 period
1
As the large number of projects commencing in following years, Urea and NPK will likely experience a
supply surplus. Meanwhile, DAP and Potassium production capacity is invested more instead of entirely
import.
Source: StoxPlus from MOF
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Section 1: Market Overall
Supply Analysis
Most of phosphate manufacturers are located in the North
Mother SOE Company Area
Designed Capacity (1000 MT/year)
Fused Magnesium
PhosphateNPK Superphosphate Urea DAP
Vinachem
the North
the South
the North
the North
the South
the South
the North
the North
the North
the North
PVNthe South
the South
Others
the South
the South
the South
the South
Source: StoxPlus consolidated
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Section 1: Market Overall
1.1 Market Structure & Overview
1.2 Market Size & Growth
1.3 Segmentation Analysis
1.4 Demand Analysis
1.5 Supply Analysis
1.6 Value Chain Analysis
1.7 Pricing
Contents
27
Section 1: Market Overall
Value Chain Analysis
Raw Material
Manufacture
Distribution channels
Source: StoxPlus
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Fertilizer is distributed through a complicated and overlapping distribution system consisting of 4
major groups of players. No players own a distribution network. Rather, they connect with different
agents to distribute fertilizer productsFert
iliz
er
Domestic production
Local manufacturers
Regional distributors
Trading companies
Agents
Import
Production Distribution
Agents level 1,
2,3
• Fertilizer is distributed via many layers of distributors from manufacturers to end users (farmers). The reason is because Vietnamese farmers
tend to buy fertilizer on credit, and pay back when they have harvested and sold their farming products.
• Manufacturers and distributors do not engage in selling products on credit, as it would require a lot of capital. Also, it increases level of
financial risk. Only local agents at level 2 or 3 can take that risk. Therefore, the distribution network for fertilizer is very fragmented.
Section 1: Market Overall
Value Chain Analysis
Source: StoxPlus
29
A unique characteristic of Vietnam fertilizer distribution is that no player owns a distribution
network. Rather, they connect with a network of agents to distribute fertilizer products
Section 1: Market Overall
Value Chain Analysis
Source: StoxPlus
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Company Profile Distribution network
Distribution capacity
PVFCCo has the most developed distribution network nationwide.
• Registered name: Petrovietnam Fertilizer and Chemical JSC
• Head office: No 43 Mac Dinh Chi, Da Kao Ward, District 1, Ho Chi Minh
• Year of establishment: 2004. Charter Capital: VND3800bn (US$190mn)
• Type of company: Listed Company
• Principal group businesses: Production and merchandise of fertilizers
liquefied Amonia, industrial gas and other chemicals; Merchandise of
fertilizer and chemicals (apart from poisonous chemicals); Electricity
production and trade; Other activities under the business license;
• Main products: Fertilizer products, Chemical products
• # of employees: 1,090 by Dec 2012
Section 1: Market Overall
Value Chain Analysis
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Company Profile Distribution capacity
Vinacam is a major import – export company for fertilizer products.
• Registered name: VINACAM JOINT STOCK COMPANY
• Head office: 28 Mac Dinh Chi, Da Kao St, County 1, Ho Chi Minh City
• Year of establishment: 2005
• Charter Capital: VND70bn (USD$3.33mn)
• Import Volume: 552.243MT of fertilizers (2013)
• Sales Volume : 571.800MT of fertilizers (2013)
• Type of company: 100% Private
Financial indicators
2009 2012 2013
Section 1: Market Overall
Value Chain Analysis
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Company Profile Distribution capacity
Apromaco has an extensive network of 500 agents nationwide.
• Registered name: Agricultural Products and Materials JSC
• Head office: 14 Ngo Tat To, Van Mieu, Dong Da, Hanoi
• Year of establishment: 1990. Charter Capital: VND159.6bn
(US$7.60mn)
• Type of company: Unlisted company
Financial indicators
2009 2010 2011 2012 2013 2014
Section 1: Market Overall
Value Chain Analysis
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Company Profile Distribution capacity
TSC used to be a major fertilizer distributor in the South. They have a distribution network
in the South West region.
• Registered name: Techno - Agricultural Supplying JSC
• Head office: No 1D, Pham Ngu Lao, Ninh Kieu Dist, Can Tho
• Year of establishment: 1976. Charter Capital: VND70bn (US$3.33mn)
• Type of company: 100% Private
• Principal group businesses: Export and import of chemical fertilizers &
agricultural products; Production of seeds, plant protection
• Main products: Fertilizer products, Agriculture material products
• Subsidiaries: West Export Food Processing JSC; TSC Agrichem JSC; TSC
Seeds JSC
• Owner: FIT Investment Group (65.1%);
VND million FY2010 FY2011 FY2012 FY2013 FY2014
Financial indicators
Section 1: Market Overall
Value Chain Analysis
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No. Company name Province Region Manufacturing capacity Distribution capacity
1
2
3
4
5
6
7
Major regional distributors and level-1 agents in the North
Section 1: Market Overall
Value Chain Analysis
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No. Company name Province Region Manufacturing capacity Distribution capacity
8
9
10
11
12
13
14
15
Major regional distributors and level-1 agents in the South
Section 1: Market Overall
Value Chain Analysis
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Section 1: Market Overall
1.1 Market Structure & Overview
1.2 Market Size & Growth
1.3 Segmentation Analysis
1.4 Demand Analysis
1.5 Supply Analysis
1.6 Value Chain Analysis
1.7 Pricing
Contents
37
Section 1: Market Overall
Pricing
The price of fertilizer depends strongly on crude oil price, fertilizer price on international market
and the Government’s policies.
Figure 17: Crude Oil Price
Source: StoxPlus from NYMEX
45.72
US$ /
Barr
el
US$ /
MT
Rock Phosphate Potassium DAP Urea
Figure 16: Global price of major fertilizer, 2010 – 2015 ytd
Source: StoxPlus from World Bank
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Section 2: Analysis of NPK Fertilizer Market
Contents
2.1 Demand - Supply Analysis
2.2 Competitive Landscaping and Analysis
2.3 Pricing
2.4 Profile of top 2 FDI players
39
According to StoxPlus’ analysis, Vietnam is still suffering from a high shortage of high-quality NPK
which merely accounted for 10% of the market share.
Figure 18: Vietnam NPK demand and supply
Source: StoxPlus from MARD, MOIT, Agromonitor
Section 2: Analysis of NPK Fertilizer Market
Demand – Supply Analysis
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Figure 20: Vietnam NPK supply by regions
Source: StoxPlus consolidated
Figure 19: Vietnam NPK demand by regions
Source: StoxPlus consolidated
Section 2: Analysis of NPK Fertilizer Market
Demand – Supply Analysis
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NPK demand depends on the growth of of crop consumption and export, especially rice
Figure 21: Vietnam NPK consumption by crops, 2014
Source: StoxPlus consolidated
Source: StoxPlus from BMI Report
Figure 22: Vietnam consumption and production of rice, 2014-2019f
Section 2: Analysis of NPK Fertilizer Market
Demand – Supply Analysis
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NPK demand will increase constantly at over 4% in following years as the total agricultural crops are
expected to grow significantly.
Figure 23: Vietnam NPK forecasted demand and supply
Source: StoxPlus
We are here
Section 2: Analysis of NPK Fertilizer Market
Demand – Supply Analysis
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Section 2: Analysis of NPK Fertilizer Market
2.1 Demand - Supply Analysis
2.2 Competitive Landscaping and Analysis
2.3 Pricing
2.4 Profile of top 2 FDI players
Contents
44
Vinachem and its subsidiaries account for nearly half of existing NPK fertilizer capacity
Figure 24: Market share by capacity of local manufacturers in 2014
(thousand MT/year)
Source: StoxPlus consolidated
Section 2: Analysis of NPK Fertilizer Market
Competitive Landscaping and Analysis
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Vinachem and its subsidiaries account for nearly half of existing NPK fertilizer capacity
No. Project Name City/Province Region Investment
cost (US$mn)
NPK capacity
(tons/year)
Companies Timeframe Status
1
2
3
4
5
6
7
Section 2: Analysis of NPK Fertilizer Market
Competitive Landscaping and Analysis
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46
Section 2: Analysis of NPK Fertilizer Market
Competitive Landscaping and Analysis
Figure 25: Market share of key players by NPK import volume, 6M2015
Source: StoxPlus from Agromonitor
Vietnam is lacking of high quality NPK as the technology applied nationwide is mostly basic
Country Export Value (US$)
Figure 26: Export value of NPK by countries, 6M2015
Source: StoxPlus from Agromonitor
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Different groups of players have different competitive advantages that impact their market position
Section 2: Analysis of NPK Fertilizer Market
Competitive Landscaping and Analysis
Source: StoxPlus consolidated
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48
Section 2: Analysis of NPK Fertilizer Market
Competitive Landscaping and Analysis
Key Players Product differentiation Pricing Target market Implications
More details on differentiation strategy of key players
Source: StoxPlus consolidated
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49
Section 2: Analysis of NPK Fertilizer Market
2.1 Demand - Supply Analysis
2.2 Competitive Landscaping and Analysis
2.3 Pricing
2.4 Profile of top 2 FDI players
Contents
50
Section 2: Analysis of NPK Fertilizer Market
Pricing
Price of NPK fertilizer in the South is more expensive than the North
Figure 27: NPK Phu My 16-16-8 price as of October 15 2015
Source: StoxPlus consolidated
Price ranged from
Price ranged from VND
Price ranged from VND
Price ranged from
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51
Section 2: Analysis of NPK Fertilizer Market
Contents
2.1 Demand - Supply Analysis
2.2 Competitive Landscaping and Analysis
2.3 Pricing
2.4 Profile of top 2 FDI players
52
Ownership Structure Financial Indicators
Strengths and WeaknessesCompany Profile
• Registered name: Japan Vietnam Fertilizer Company
• Total investment capital: US$39,750,000
• Established in 1995, after 10 years, the company has operated the first
manufacturer in Vietnam, specialized in NPK fertilizer, capability of 350,000
ton per year in Long Thanh ville, Dong Nai Province.
• Aiming on providing the best qualified fertilizer to the market, JVF has
focused on advance technology and diversified product with purpose to meet
the demand of Vietnamese’s farmers. JVF won several well-known prize of
Vietnam.
• Technology: As a company applies chemical technology – one of the most
advanced NPK manufacturing technology, JVF is also the contract manufacture
of large firms such as: Phu My Urea – PVFCCo, Fivestar,… besides having its
own distribution network. There is no specific amount that they have invested
in R&D.
Japan Vietnam Fertilizer Company
2011 2012 2013
Section 2: Analysis of NPK Fertilizer Market
Profile of 2 FDI players
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Financial Indicators
Company Profile Strengths and Weaknesses
Ownership Structure
BACONCO Fertilizers Joint Venture
• Registered name: Baconco fertilizers Joint venture
• Head office: Phu My 1 Industrial Park – Tan Thanh District, Ba Ria – Vung Tau
province
• Year of establishment: 1996. Total investment capital: US$46.9mn
• Type of company: Joint venture
• Principal group businesses: Baconco Co., Ltd. manufactures and distributes
fertilizers and crop care products. It also provides crop nutrition, crop
protection, and liquid foliar products. .
• Main products: the exclusive USP High Tech, ĐẠM CAO 20, SOP 100%,
SuperTan, and AVS families; pesticides, herbicides, etc.
• Capacity: 200,000 tones per year Employees: 500
• Technology: Baconco is currently applying simple mixing technology. Then
they will package products and distribute by their nationwide distribution
channels.
2012 2013 2014
Section 2: Analysis of NPK Fertilizer Market
Profile of 2 FDI players
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54
Section 3: Analysis of Nitrogen Fertilizer Market
Contents
3.1 Demand - Supply Analysis
3.2 Competitive Landscaping and Analysis
3.3 Profile of top 5 Urea manufacturers
55
Section 3: Analysis of Nitrogen Fertilizer Market
Demand – Supply Analysis
Total demand for nitrogen fertilizers in 2015 is forecasted to reach around 4,210 thousand MT,
accounting for over 37% nationally.
Figure 28: Local demand of nitrogen fertilizers, 2009 – 2015F
Source: StoxPlus estimated from PVFCCo
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56
Local capacity as of 31/12/2014 reached 2,355 thousand MT/year, which is surely a supply surplus for
Urea market leading to an increase in export volume.
Section 3: Analysis of Nitrogen Fertilizer Market
Demand – Supply Analysis
Figure 29: Local demand and Urea supply by key manufacturers, 2003 - 2015
Source: StoxPlus from PVFCCo
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57
Figure 30: Market share of key players by Urea import volume, 6M2015 Figure 31: Breakdown of Urea Import by countries
Source: StoxPlus from Agromonitor Source: StoxPlus from General Department of Vietnam Customs
Section 3: Analysis of Nitrogen Fertilizer Market
Demand – Supply Analysis
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58
Section 3: Analysis of Nitrogen Fertilizer Market
Demand – Supply Analysis
Vietnam is still suffering from a high shortage of DAP (imported over 65%) and SA (imported entirely)
Figure 32: Local production of Nitrogen fertilizer by real capacity,
8M2015 (Unit: 1000 MT)
Source: StoxPlus from MOIT
Figure 33: Import volume by category, 8M2015 (Unit: 1000 MT)
Source: StoxPlus from Vietnam General Custom
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59
Figure 34: Breakdown of export volume by countries, 6M2015
Source: StoxPlus from Agromonitor
Company Export value (US$)
PetroVietnam Camau Fertilizer Joint Stock Company
Phu My Fertilizer Corporation
Ninh Binh Fertilizer Sole Proprietorship Co., Ltd
Tuong Dung Company
Loi Danh Trading and Services Co., Ltd
Hoang Anh Gia Lai Subsidiary
5 - Star International Group
Chinh Phuong Export Import and Trading Co., Ltd
Ha Bac Chemicals and Fertilizer Co., Ltd
Tuong Nguyen Export Import and Trading Co., Ltd
Figure 35: Top 10 export players by value, 6M2015
Source: StoxPlus from Agromonitor
Section 3: Analysis of Nitrogen Fertilizer Market
Demand – Supply Analysis
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Section 3: Analysis of Nitrogen Fertilizer Market
Contents
3.1 Demand - Supply Analysis
3.2 Competitive Landscaping and Analysis
3.3 Profile of top 5 Urea manufacturers
61
Phu My Fertilizer and Ca Mau Fertilizer accounts for over 60% of Urea market share.
Figure 36: Market share by capacity of local manufacturers in 2015
(thousand MT/year)
Source: StoxPlus consolidated
Section 3: Analysis of Nitrogen Fertilizer Market
Competitive Landscaping and Analysis
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62
Section 3: Analysis of Urea Fertilizer Market
Competitive Landscaping and Analysis
Figure 37: Price of Urea, November 2014 – October 2015
Vietnam Urea price is still affected strongly by China Urea due to the lack of controlling from
smuggling, leading to price dumping.
Source: StoxPlus from Binh Dien Fertilizer
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63
Section 3: Analysis of Urea Fertilizer Market
Competitive Landscaping and Analysis
Key Players Product differentiation Pricing Target market Implications
PVN Phu My Fertilizer
PVN Ca Mau Fertilizer
Vinachem Ha Bac Fertilizer
Vinachem Ninh Binh Fertilizer
More details on differentiation strategy of key players.
Source: StoxPlus
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64
Section 3: Analysis of Nitrogen Fertilizer Market
Contents
3.1 Demand - Supply Analysis
3.2 Competitive Landscaping and Analysis
3.3 Profile of top 5 Urea manufacturers
65
Financial Indicators
Company Profile Breakdown of Revenue 2014
Ownership Structure
Phu My Fertilizer
2008 2009 2010 2011 2012
• Registered name: Petrovietnam Fertilizer and Chemical JSC
• Head office: No 43 Mac Dinh Chi, Da Kao Ward, District 1, Ho Chi Minh
• Year of establishment: 2004. Charter Capital: VND3800bn (US$190mn)
• Type of company: Listed Company
• Principal group businesses: Production and merchandise of fertilizers
liquefied Amonia, industrial gas and other chemicals; Merchandise of
fertilizer and chemicals (apart from poisonous chemicals); Electricity
production and trade; Other activities under the business license;
• Main products: Fertilizer products, Chemical products
• # of employees: 1,090 by Dec 2012
Section 3: Analysis of Urea Fertilizer Market
Profile of top 5 Urea Manufacturers
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66
Section 3: Analysis of Urea Fertilizer Market
Profile of top 5 Urea Manufacturers
Ownership Structure Financial Indicators
Strengths and WeaknessesCompany Profile
• Registered name: PetroVietnam Ca Mau Fertilizer Joint Stock
Company
• Total investment capital: US$ 252,095,238
• Established in 2011, the company specialized in urea fertilizer,
distributing in Southeast, Western, Cuu Long Delta and other Asia
markets as Cambodia, Thailand. The company operates a fertilizer
factory with the capability of 800,000 tons urea each year,
equivalent to 40% domestic demand.
• Technology: As a company applies chemical technology – one of
the most advanced manufacturing technology besides having its
own distribution network.
PetroVietnam Ca Mau Fertilizer Joint Stock Company
2012 2013 2014
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67
Section 4: Analysis of Phosphate Fertilizer Market
Profile of top 3 Phosphate Manufacturers
Ownership Structure Financial Indicators
Strengths and WeaknessesCompany Profile
• Registered name: Ha Bac Nitrogenous Fertilizer & Chemicals
Company Limited (HANICHEMCO)
• Total investment capital: VND2,000bn
• Established 1976, the company has capacity of producing 2 million
tons of Urea fertilizer, 45,000 tons high quality NH3; 180,000 tons
NPK fertilizer.
• HANICHEMCO won several well-known prizes of Vietnam.
Ha Bac Nitrogenous Fertilizer & Chemicals Company Limited (HANICHEMCO)
2011 2012 2013
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68
Section 3: Analysis of Urea Fertilizer Market
Profile of top 5 Urea Manufacturers
Ownership Structure Financial Indicators
Strengths and WeaknessesCompany Profile
• Registered name: The Southern Fertilizer JSC
• Total investment capital: 435,433,060,000 VND
• Established in 1976.
• Currently, the company produces more than 600,000 tons of
fertilizers with a turnover of 4.500 billion and more than 1,100
staff and workers. The company has 9 attached units and a joint
venture with LG Chem Corporation, Korea
• Business scope:
Manufacturing and trading of fertilizers, types (superphosphate,
NPK, foliar Yogen ...), cement, sulfuric acid and other chemical
products.
Purchase of equipment, machinery, spare parts and raw materials
for production of fertilizers and chemicals.
Fabrication and installation of equipment, chemical production line.
Production, processing, bottling, packaging, wholesaling plant
protection products.
Southern Fertilizer JSC
2012 2013 2014
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69
Section 4: Analysis of Phosphate Fertilizer Market
Contents
4.1 Demand - Supply Analysis
4.2 Profile of top 3 Phosphate manufacturers
70
Local production of Superphosphate and Fused Magnesium Phosphate is capable of meeting domestic
demand.
Section 4: Analysis of Phosphate Fertilizer Market
Demand – Supply Analysis
CompanySuperphosphate
(1000 MT/year)
Fused Magnesium
Phosphate
(1000 MT/year)
Figure 38: Local production of Phosphate, 6M2015
Source: StoxPlus consolidated
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71
Section 4: Analysis of Phosphate Fertilizer Market
Contents
4.1 Demand - Supply Analysis
4.2 Profile of top 3 Phosphate manufacturers
72
Section 4: Analysis of Phosphate Fertilizer Market
Profile of top 3 Phosphate Manufacturers
Ownership Structure Financial Indicators
Strengths and WeaknessesCompany Profile
Van Dien Fused Magnesium Phosphate JSC
2012 2013 2014
Other33%
• Registered name: Van Dien Fused Magnesium Phosphate JSC.
• Total investment capital: 289.734.570.000 VNĐ
• Established in 1963. Current capacity 450,000 tons / year of which
300.00 tons of calcined phosphate and 150,000 tons of NPK .
• The company owns six patents and inventions and utility solutions
• Business Scope of the Company :
- Manufacturing and trading of calcined phosphate , fertilizers ,
building materials , packaging.
- Export of calcined phosphate and other fertilizers.
- Import of fertilizers and raw materials , machinery and
equipment for production and business.
- Business and commerce services.
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73
Ownership Structure Financial Indicators
Strengths and WeaknessesCompany Profile
• Registered name: Ninh Binh Phosphate Fertilizer Joint Stock
Company
• Total investment capital: 104,875,510,000 VNĐ
• Established in 1977
• Produce 300,000 tons of FMP per year, 200,000 tons NPK per year
• Business scope:
Manufacture of fertilizers and nitrogen compounds
Production of cement
Wholesale material, other equipment installed in the
building
Production of other specialized machines that have not
been categorized (Manufacturing; processing;
manufacturing; equipment manufacturing FMP)
Ninh Binh Phosphate Fertilizer Joint Stock Company
2012 2013 2014
Section 4: Analysis of Phosphate Fertilizer Market
Profile of top 3 Phosphate Manufacturers
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74
Section 4: Analysis of Phosphate Fertilizer Market
Profile of top 3 Phosphate Manufacturers
Financial Indicators
Company Profile Income results
Ownership Structure
Lam Thao Fertilizers & Chemicals Jsc
2008 2009 2010 2011 2012
70%
12%
18%
• Registered name: Lam Thao Fertilizers & Chemicals JSC
• Head office: Lam Thao Town, Lam Thao District, Phu Tho Province
• Year of establishment: 1962. Charter Capital: VND648bn
(US$32mn)
• Type of company: Listed Company
• Principal group businesses: Produce and trade of fertilizers,
chemical, electricity, water, cement, fuel oil; Design construction
works, manufacture and installation of equipment, chemical
product lines
• Main products: Phosphate fertilizer, Fused phosphate fertilizer,
NPK fertilizer, Sulfuric acid.
• # of employees: 2,978 by Dec 2012
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75
Section 5: Industrial Performance
Contents
76
Source: StoxPlus
In 2014, most of listed fertilizer companies had higher EBITDA than that of 2013
Figure 39: % EBITDA of Listed Fertilizer Companies
Section 5: Industrial Performance
Key financial ratios
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77
Figure 40: D/E of Listed Fertilizer Companies
Source: StoxPlus
The average D/E ratio of listed fertilizer companies has improved, standing at 0.86 times.
Section 5: Industrial Performance
Key financial ratios
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78
Figure 41: Net Profit Margin of Listed Fertilizer Companies
Source: StoxPlus
In 2014, net profit margin grows unequally among other firms.
Section 5: Industrial Performance
Key financial ratios
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79
Section 4: Analysis of Phosphate Fertilizer Market
Competitive Landscaping and Analysis
Figure 42: SG&A/Revenue of selected players
SGNA/Revenue ratio in 2014 performed unevenly among industry players.
Source: StoxPlus
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80
Section 6: Macroeconomic Situations and Regulatory Framework
6.1 Macroeconomic Situations
6.2 Regulatory Framework
Contents
81
Market Overview: Bright Outlook For Agribusiness In VietnamFigure 43: Breakdown of Vietnamese Agriculture Industry, 2013
Source: GSO
72%
26%
2%
54.8%
10.3%
27.3%
6.3%
Figure 44: Breakdown of Vietnamese Farming
Source: GSO
Section 6: Vietnam Macro Economy and Agribusiness Overview
Macroeconomic Situations| Overview
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82
Rice: Vietnam is the third largest rice exporter by volume yielding US$2.96bn value in 2014
Source: Ministry of Agriculture and Rural Development of Vietnam
Figure 45: Vietnam Rice Production
2008 2009 2010 2011 2012 2013 2014
1000 t
on
s
2010 2011 2012 2013 2014
China
Philippine
Malaysia
Ghana
Indonesia
Ivory Coast
Hong Kong
Singapore
Figure 46: Rice Export (1000 MT)
Source: Ministry of Agriculture and Rural Development of Vietnam
Section 6: Vietnam Macro Economy and Agribusiness Overview
Macroeconomic Situations| Major market
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83
Coffee
Source: StoxPlus from USDA
Figure 47: Vietnam Coffee Production, 2008-2014
There is no specific restriction on foreign ownership of local coffee
companies. However, there would be some minor issues for foreign
investor such as land rental right, which should be approved by
MONRE, Ministry of Defense, etc. since Highland region of Vietnam
used to have sensitive politic issue with minority ethnic people.
2008 2009 2010 2011 2012 2013 2014
1000 6
0kg b
ags
Section 6: Vietnam Macro Economy and Agribusiness Overview
Macroeconomic Situations| Major market
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84
Sugar and Sugarcane: Vietnam has annual of 1.765mn tons sugar and annual of 20.1mn tons of
sugarcane in 2013Figure 48: Vietnam Sugar Production & Consumption, 2008-2013
Source: Ministry of Agriculture and Rural Development of Vietnam
2008 2009 2010 2011 2012 2013 2014
Figure 49: Vietnam Sugarcane Production, 2008-2014
2008 2009 2010 2011 2012 2013
Sugar Production Sugar consumption
Source: Ministry of Agriculture and Rural Development of Vietnam
1000 t
ons
1000 t
ons
Section 6: Vietnam Macro Economy and Agribusiness Overview
Macroeconomic Situations| Major market
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85
Fertilizer industry would benefit tax reduction from a number of signed FTAs
Section 6: Vietnam Macro Economy and Agribusiness Overview
Macroeconomic Situations
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86
Section 6: Macroeconomic Situations and Regulatory Framework
6.1 Macroeconomic Situations
6.2 Regulatory Framework
Contents
87
The Government has issued policies regulating the management of fertilizers and stabilize market
price to protect local farmers.
Fertilizers are listed in the list of conditional commodities in
Vietnam.
• Decree No. 202/2013/NĐ-CP replaced Decree No. 113/2003/ND-CP
dated 10/07/2003 of the Government on management of
manufacturing and trading of fertilizers and the Decree
No.191/2007 /ND-CP dated 31/12/2007 of the Government
amending.
• Since 01 February 2014, MOIT and MARD has specific management
functions in fertilizer industry. Whereas, MOIT is assigned to
manage the production, sales and quality of inorganic fertilizers
while MARD is in charge of organic fertilizers and other fertilizer
(mixture of organic and inorganic, other fertilizers).
The Government tightens the procedure of fertilizer quality
management.
• Fertilizer producers and distributors are required to obey stricter
conditions in quality testing, business license, import – export,…
Accordingly, fertilizer manufacturers, distributors and importers
are required to submit several papers which proves that labels of
fertilizers are conformable with the laws on goods labels and the
laws on goods quality; also the fertilizers are safe for the
environment. It is believed as a “life vest” for local producers and
farmers who are affected negatively by fake and unqualified
fertilizers.
Fertilizer Law: regulatory round up
• Under the Regulations on Fertilizer (Decree No. 202/2013/NĐ-CP dated
November 27th 2013 ), MOIT and MARD shall manage the fertilizer industry
that prioritize quality, and strictly impose violations.
• Also under this decree, fertilizer is listed as conditional commodities in
Vietnam which include the following:
− Oil & Gas;
− Explosive Substances;
− Wines;
− Tobacco;
− Electricity;
− Rice, etc.
Section 6: Macroeconomic Situations and Regulatory Framework
Regulatory Framework
88
The legal framework encourage foreign companies to invest in Vietnamese market.
Ownership structure:
Licensing Procedure:
Licensing process for manufacturing fertilizers
Licensing process for distributing fertilizers
Section 6: Macroeconomic Situations and Regulatory Framework
Regulatory Framework
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89
The new laws on VAT has negative impacts on local fertilizer prices.
Section 6: Macroeconomic Situations and Regulatory Framework
Regulatory Framework
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90
Several changes in import tax will have significant impacts on the imported fertilizer market.
The Government has adjusted the import taxes for major fertilizers,
especially Urea.
• On November 15th 2013, the Ministry of Finance issued Circular No.
164/2013/TT-BTC about export tariffs, and import tax which stated that Urea
and DAP fertilizer import tax increased to 6% from 3% in 2013; Potassium and
SA import taxes remain unchanged at 0%; NPK at 6%. Thus, in addition to NPK
import goods are subject to import duties of 6% (if originating from Asean, the
tax rate shall be 3%), two major fertilizer Urea and DAP by other domestically
produced shall be charged taxes when imported into Vietnam as 6% and 3%
respectively since the beginning of 2015. This will affect the amount of import
of these commodities in the coming year due to domestic goods price
competitive advantage. Other items, such as potassium fertilizers, SA ...
which are unable to produce in the country should remain 0% in import taxes.
The new regulation on fertilizer tax promote local production significantly.
• As of 12/30/2014, the import tariffs of UREA in Vietnam was in line with WTO
commitments. With this tax rate, UREA imports fell significantly and
encouraged domestic production (according to data from the General
Department of Customs, within 4 months of 2014, after a 3% tax rate has
effect, UREA 69% imports decreased in volume and 72% in value over the same
period in 2013). Currently, the total production of urea production of 4
factories: Hebei, Ninh Binh (Vinachem) and Phu My and Ca Mau (PetroVietnam)
has met domestic demand and partly for export.
Type of
fertilizers
Tax rate from
01/01/2014 –
25/10/2014
Applicable tax
rate since
25/10/2014(%)
Figure 50: Fertilizer Tax applied in 2015
Section 6: Macroeconomic Situations and Regulatory Framework
Regulatory Framework
Source: StoxPlus
91
Section 7: Appendixes
7.1 Status of projects
7.2 Factsheet of listed fertilizer companies
Contents
92
Section 7: Appendixes
Status of projects
No. Name of the project AreaDesigned capacity
(1,000 tons/year)
Investm
ent
amount
(US$mn)
Investment period Status
2011 - 2015 period
1 Bac Giang
2 Thanh Hoa
3 Lao Cai
4 Lao Cai
5 Thanh Hoá
6 Laos PDR
7 the North
8 the North
9 the North
10Ba Ria - Vung
Tau
2016-2020 period
1 the South
2 Laos PDR
3 the North
2021 - 2030 period
the North
Source: StoxPlus consolidated
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93
Section 7: Appendixes
7.1 Status of projects
7.2 Factsheet of listed fertilizer companies
Contents
94
Section 7: Appendixes
Factsheet of listed fertilizer companies
South Basic Chemicals HT1 HT1 HT1 CSV
VND 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after
tax
Net Profit Margin
%
Cash Flow From
Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
PetroVietnam Camau Fertilizer HT1 HT1 HT1 DCM
VND Millions 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin %
Financial Expense
Interest
Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit
Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
95
Section 7: Appendixes
Factsheet of listed fertilizer companies
DAP Dinh Vu Fertlizers HT1 HT1 DDV
VND Millions 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales &
Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin
%
Financial
Expense
Interest
Expense
Profit/(Loss) before tax
Net Profit/(Loss) after
tax
Net Profit
Margin %
Cash Flow From
Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts
payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
Duc Giang Chemicals HT1 HT1 DGC
VND Millions 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales &
Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin
%
Financial
Expense
Interest
Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit
Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts
payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
96
Section 7: Appendixes
Factsheet of listed fertilizer companies
Phu My Fertilizer HT1 HT1 DPM
VND Millions 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales &
Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin
%
Financial
Expense
Interest
Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit
Margin %
Cash Flow From
Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts
payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
Materials Biochemistry Fertilizer HT1 HT1 HSI
VND Millions 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales &
Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA
Margin %
Financial
Expense
Interest
Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit
Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts
payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
97
Viet Tri Chemical HT1 HT1 HVT
VND Millions 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales &
Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin
%
Financial
Expense
Interest
Expense
Profit/(Loss) before tax
Net Profit/(Loss) after
tax
Net Profit
Margin %
Cash Flow From
Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts
payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
Section 7: Appendixes
Factsheet of listed fertilizer companies
Lam Thao Fertilizers HT1 HT1 LAS
VND Millions 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales &
Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin
%
Financial
Expense
Interest
Expense
Profit/(Loss) before tax
Net Profit/(Loss) after
tax
Net Profit
Margin %
Cash Flow From
Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts
payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
98
Section 7: Appendixes
Factsheet of listed fertilizer companies
Petrolimex Petrochemical HT1 HT1 PLC
VND Millions 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales &
Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA
Margin %
Financial
Expense
Interest
Expense
Profit/(Loss) before
tax
Net Profit/(Loss) after
tax
Net Profit
Margin %
Cash Flow From
Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts
payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
SouthEast PVFC HT1 HT1 PSE
VND Millions 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales &
Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin
%
Financial
Expense
Interest
Expense
Profit/(Loss) before tax
Net Profit/(Loss) after
tax
Net Profit
Margin %
Cash Flow From
Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts
payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
99
Section 7: Appendixes
Factsheet of listed fertilizer companies
Quang Binh Import And Export HT1 HT1 QBS
VND Millions 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales &
Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin
%
Financial
Expense
Interest
Expense
Profit/(Loss) before tax
Net Profit/(Loss) after
tax
Net Profit
Margin %
Cash Flow From
Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts
payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
The Southern Fertilizer HT1 HT1 SFG
VND Millions 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales &
Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin
%
Financial
Expense
Interest
Expense
Profit/(Loss) before tax
Net Profit/(Loss) after
tax
Net Profit
Margin %
Cash Flow From
Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts
payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
100
Section 7: Appendixes
Factsheet of listed fertilizer companies
Can Tho Techno-Agricultural HT1 HT1 TSC
VND Millions
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales &
Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin
%
Financial
Expense
Interest
Expense
Profit/(Loss) before tax
Net Profit/(Loss) after
tax
Net Profit
Margin %
Cash Flow From
Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts
payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Can Tho Fertilizer & Chemical HT1 HT1 CFCC
VND Millions 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales &
Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin
%
Financial
Expense
Interest
Expense
Profit/(Loss) before tax
Net Profit/(Loss) after
tax
Net Profit
Margin %
Cash Flow From
Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts
payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
101
Section 7: Appendixes
Factsheet of listed fertilizer companies
Van Dien Phosphate Fertilizer HT1 HT1 VAF
VND Millions 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales &
Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin
%
Financial
Expense
Interest
Expense
Profit/(Loss) before tax
Net Profit/(Loss) after
tax
Net Profit
Margin %
Cash Flow From
Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts
payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
CICO HT1 HT1 CICO
VND Millions 2011 2012 2013 2014
Sales
Cost of Goods Sold
Gross Profit
GP Margin %
Overhead Expenses
Sales &
Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin
%
Financial
Expense
Interest
Expense
Profit/(Loss) before tax
Net Profit/(Loss) after
tax
Net Profit
Margin %
Cash Flow From
Operation
CFO/Sales
Current Assets
Accounts
receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts
payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
102
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Publishing License No. 3188-2015/CXBIPH/76-71/HD dated on October 29th, 2015
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