vietnam pepper industry report q2/2018 · 2. world pepper market 2.1 current situation of...

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VIETNAM PEPPER INDUSTRY REPORT Q2/2018

Part Page Part Page

Abbreviations 3 3.2. Value chain of the industry 44

Executive summary 4 3.3. Production process and technology 47

1. Business environment 6 3.4. Current situation of production 54

1.1. Macroeconomic situation 6 3.5. Consumption 58

1.2. Legal framework 10 3.6. Pepper Import - Export 60

1.3. Trade agreements 15 3.7. Price movement of some types of pepper 66

2. World pepper market 19 3.8. Methods of purchase and payment 70

2.1. Current situation of production 20 4. Industry overview 74

2.1.1. Definition and classification 20 4.1. Risk Analysis and SWOT Analysis 74

2.1.2. Production 23 4.1.1. Risk Analysis 74

2.2. Consumption 25 4.1.2. SWOT Analysis 78

2.3. Pepper Import - Export 28 4.2. Development planning and forecast of pepper industry 79

2.3.1. Export 29 4.2.1. Industry planning 79

2.3.2. Import 30 4.2.2. Forecast 82

2.4. Price movement of some types of pepper 31 5. Enterprise analysis 83

2.5. Pepper markets in some countries 34 5.1. Enterprise introduction 83

3. Vietnam pepper market 41 5.2. Enterprise analysis 95

3.1. History of industry formation and development 42 6. Appendix 103

2

Content

3

Abbreviations

MAMPUMalaysian Administrative Modernisation and

Management Planning UnitSB State Bank

WASIWestern Highlands Agriculture and Forestry Science

InstituteSB State Budget

IASVNInstitute of Agricultural Science for Southern

VietnamGDVC General Department of Vietnam Customs

IPC International Pepper Community GSO General Statistics Office of Vietnam

ASTA American Spice Trade Association JSB Joint Stock Bank

IPSARDInstitute of Policy and Strategy for Agriculture and

Rural DevelopmentCO., LTD Company Limited

VIRIVietnam Rural Industries Research and

Development InstituteSBV The State Bank of Vietnam

Nedspice Nedspice Processing Vietnam Company Limited CB Commercial Bank

VIRACVietnam Industry Research and Consultancy

Joint Stock Company MARD Ministry of Agriculture and Rural Development

4

Executive summary

• Pepper industry is one of the agricultural sectors that make an important contribution to the entire agriculture in Vietnam.

• Common pepper products in the world market are black pepper and white pepper.

• Today, pepper, a high-end spice, is the most commonly used spice in the world and plays the leading role (about 34%) in total spice production

value traded in the world.

• Global demand for pepper has been increasing, which makes pepper trade also dynamic.

• The global pepper price depend on the variations of pepper prices in major pepper exprorters.

Content is intentionally removed for demo purpose

5

• Vietnamese pepper is now exported to nearly 80 countries and territories all over the world.

• The average pepper export price of Vietnam was booming in the period 2012-2015, after a sharp fall in two consecutive years from late 2015 to

2017.

• The export turnover of many enterprises declined because the average export price of pepper in 2016 had continuously decreased since the end of

2015, affecting the business results.

Executive summary


6

1. Business environment

1.1 Macroeconomic situation

1.2 Legal framework

1.3 Impact of Economic Agreements

Content

7



Source: VIRAC, GSO

Source: VIRAC, GSO

GDP growth, 2012 – 3M/2018

Gross output of agriculture, forestry and fishery at comparative

prices (2010), 2015 - 2018


the gross domestic product (GDP) in Q1/2018 was estimated to increase

by 7.38% in comparison with the same period in 2017.

8



The VND / USD exchange rate has been quite stable and still supported by a

plentiful supply of foreign currencies

VND/USD exchange rate, 2013-3/2018

Source: VIRAC, GSO

Source: VIRAC, GSO

Average lending rate, 2012 – Q1/2018


9



Value share of pepper industry contributing to Vietnam’s export turnover,

2010 – 3M/2018

Source: VIRAC, GDVC

billion USD

%

Source: VIRAC, GDVC

Import - Export, 2015 – Q1/2018

billion USD billion USD


10



1.2 Legal framework


Content

11


1.2 Legal framework

Group of regulations on production and business of pepper industry


12


1.2 Legal framework


13


1.2 Legal framework

Group of regulations on import and export of pepper industry


14


1.2 Legal framework

Group of regulations on tariffs of pepper industry


15

Content



1.2 Legal framework


16



Vietnam's integration process since 1995

By the end of Q1/2018, Vietnam has signed, implemented and has been negotiating a total of 17 free trade agreements (FTAs).


1995 1998 2000 2002

2007

2008 2009 2011 2015 20172006

2018

17



Vietnam – EAEU Free Trade Agreement


18



Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)


19

2. World pepper market

2.1 Current situation of production

2.2 Consumption

2.3 Pepper Import - Export

2.4 Price movement of some types of pepper

2.5 Pepper markets in some countries

Content

20


2.1 Current situation of production - 2.1.1. Definition and classification


Definition

Uses

Classification

21




22

Indicator Black pepper White pepper

Differences betweem black pepper and white pepper




23


2.1 Current situation of production - 2.1.2. Production

Global pepper production by type, 2012-2017eThousand tons

Source: VIRAC, IPC

• Strong growth in area and productivity will increase world pepper

supply in the upcoming years.

Growth in world's new pepper growing area over the years, 2014 - 2017e

Source: VIRAC, Nedspice

%


24

Structure of global black pepper production by country, 2017e Structure of global white pepper volume by country, 2017e


2.1 Current situation of production - 2.1.2. Production

• In the past, India, Malaysia, Indonesia, Brazil were the leading pepper producers in the world, surpassing other countries. However, since 2005, Vietnam has

risen to become the world's largest pepper producer and has maintained its status for 12 years.

Source: VIRAC, Nedsprice Source: VIRAC, Nedsprice


25



2.2 Consumption




Content

26


2.2 Consumption

Pepper consumption worldwide, 2012 – 2017e


Thousand tons

Pepper consumption structure by region, 2017e


Hot-growth phenomenon of pepper can lead to imbalance in supply

and demand in the future when supply growth exceeds demand growth.


27


2.2 Consumption

Pepper consumption in world’s largest pepper producing countries, 2016 – 2017e


Thousand tons

• Pepper consumption in major pepper producing countries such as Vietnam, Indonesia and Brazil has been increasing, but the growth rate and

pepper consumption in these countries is much lower than that of other pepper importing countries such as The United States, Germany,

Netherlands., etc.


28



2.2 Consumption




Content

Vietnam, Indonesia, Brazil, India, Germany are the five countries with the largest

pepper production in 2017.

Global pepper exports and export growth, 2010-2017eThousand tons %

29

Source: VIRAC, Uncomtrade


2.3 Pepper Import - Export – 2.3.1. Export

Top countries that exported the largest quantity of pepper (tons),

2016 – 2017e

Export structure of pepper by type, 2017e

Source: VIRAC, Uncomtrade Source: VIRAC, Uncomtrade


30


2.3 Pepper Import - Export – 2.3.2. Import

Global pepper imports and import growth, 2012-2017eThousand tons %

Top countries that imported the largest quantity of pepper (tons),

2016 – 2017e




31



2.2 Consumption




Content

32

No CountryHarvest month

1 2 3 4 5 6 7 8 9 10 11 12

x x x x

x x x x

x x x

x x x

x x x x

x x x x

x x x x

Pepper harvest time in major pepper producing countries

Source: VIRAC, IPSARDHarvest time




33



Rupee/quintal

Source: VIRAC

Pepper’s spot price movement at Kochi-India trading floor,

1/2016 – 3/2018

Content is intentionally removed for demo purpose*Exchange rate: 1 USD = 64.0771 Rupee

34



2.2 Consumption




Content

35

Pepper volume in Indonesia, 2017e

Source: VIRAC, Nedsprice

IndonesiaThousand tons

Black pepper volume structure in Indonesia by region, 2017e


White pepper volume structure in Indonesia by region, 2017e





36



Pepper import and export in Indonesia, 2006 - 2017

Source: VIRAC, IPC

Thousand tons million USD


37

India



• According to the Spices Board of India, the Indian pepper industry has

been growing steadily.

Pepper production in India, 2017e


Thousand tons

Thousand tons

Pepper consumption in India, 2017e



38



Structure of pepper import markets of India, 2017


Thousand tons

India’s pepper import and import, 2012-2017

Source: VIRAC, MAMPU

Structure of pepper export markets to India, 2017



39

Brazil Brazil’s pepper production and consumption, 2017e


Thousand tons



Pepper production structure by type, 2017



40



Brazil’s monthly pepper export, 2010 - 2017

Source: VIRAC, VPA

Ton


Structure of Brazil’s pepper importers, 2017


Brazil’s pepper export by type, 2017


41

3. Vietnam pepper market

3.1 History of industry formation and development

3.2 Value chain of the industry

3.3 Production process and technology


3.5 Consumption



3.8 Methods of purchase and payment

Content

42

In Vietnam, wild pepper was found before the 16th century, but it was not until the 17th century that pepper trees were widely grown.

1910-1970 1983-1995



1996-1999


43

2000-2005 2007-2015 2016-nay




44






3.5 Consumption




Content

45

Processing

Distribution

Marketing

R&D

Crop



Source: VIRAC

Value added chain model for agricultural products


46

Value chain of pepper industry



Source: VIRAC

Value chain mapping of pepper industry


47






3.5 Consumption




Content

48


3.3 Production process and technology – 3.3.1 Production process

Diagram of clean pepper processing technology (Black

pepper)

Source: VIRAC, ISAVN

Black pepper processing

• Step 1:

• Step 2:

• Step 3:

• Step 4:

• Step 5:

• Step 6:


49

Black pepper processing line

Productivity: 1-1.5 Ton/hour

No Name of equipment Motor Kw ModelQuan-

tity





Equipments used in black pepper processing line


50

White pepper processing

Step 1:

Step 2:

Step 3:

Step 4:

Step 5:

Step 6:



Diagram of white pepper processing technology



51


3.3 Production process and technology – 3.3.2 Technology standards

Technical requirements in accordance under Vietnamese standards

Table 1 – Physical indicators of black pepper

No Indicator

Required level

NP or SP black pepperProcessed pepper

Special type Type 1 Type 2 Type 3

Table 2 - Chemical indicators of black pepper

No Indicator

Required level

NP or SP black

pepper

Processed

pepper

Ground

pepper


52



ASTA Standards – The U.S

ASTA Standard

Mode Pepper share MoistureExtraneous foreign

matter

ASTA Standards

Note: Types of pepper according to ASTA standards (Clean black pepper, clean black pepper washed by steam, clean white pepper). Source: VIRAC, ISAVN


53



SpecificationClass

I II IIISpecification

Class

I II III

IPC Standard Specifications for White PepperIPC Standard Specifications for Black Pepper

IPC Standards – International Pepper Community

Source: VIRAC, VPA Source: VIRAC, VPA


54






3.5 Consumption




Content

55

Industry scale%

Pepper cultivation area in Vietnam, 2009 - 2017

Source: VIRAC, MARD

Thousand hectares



Source: VIRAC, VPA

Structure of pepper cultivation in Vietnam, 2017Content is intentionally removed for demo purpose

56

Main pepper growing regions in Vietnam



• Central Highlands

• The Southeast


57

Pepper supply in Vietnam is likely to be surplus in 2018 mainly due to the

following reasons :



Pepper production in Vietnam, 2011-3M/2018e

Thousand tons

Source: VIRAC, MARD

Pepper structure by type, 2016

%

Source: VIRAC, IPC


58






3.5 Consumption




Content

59


3.5 Consumption

Thousand tons

Pepper consumption in Vietnam, 2011-2017e



• Pepper consumption in Vietnam has increased over the years

because the spice using habits of Vietnamese people are gradually

changing

Distribution structure of pepper volume in Vietnam, 2016


60






3.5 Consumption




Content

61



Pepper exports and export turnover in Vietnam, 2011 –

3M/2018

Source: VIRAC, GDVC

Thousand tonsmillion USD


By the end of March 2018, Vietnam had exported 60.03 thousand

of pepper

62



Source: VIRAC, GDVC

Structure of Vietnam’s pepper importers by volume, 3M/2018

Content is intentionally removed for demo purposePepper export volume by country, 3M/2018

Source: VIRAC, GDVC

63

In the first two months of 2018, the value of exported black pepper reached over 97 million USD



Structure of exported pepper by type, 2M/2018 Structure of exported pepper by processing step, 2016

Content is intentionally removed for demo purposeSource: VIRAC, TrademapSource: VIRAC, GDVC

64



Top 10 largest pepper export enterprises in Vietnam, 3M/2018

Source: VIRAC, GDVC

Structure of Vietnam’s pepper export by type of enterprise,

2013 – 3M/2018

Source: VIRAC, GDVC


Pepper export price has continued decreasing for the recent two years;

therefore, pepper export value of most enterprises fell despite an increase

in volume.

The proportion of FDI enterprises’ contribution to Vietnam’s export is

gradually decreasing

65

thousand tons

Vietnam’s pepper import, 2010 – 2017e

Source: VIRAC, GDVC


Structure of Vietnam’s pepper import by type, 2016


Nội dung được xóa nhằm mục đích demo

It is estimated that Vietnam imported 30.27 thousand tons of pepper in 2017

Top pepper importing countries by value,(USD), 2016 - 2017



66






3.5 Consumption




Content

67



Region January February March April May

Time and schedule of pepper harvest of Vietnam’s pepper regions

Source: VIRAC, IPSARD

Note: x little harvest; xx consolidated harvest; xxx very consolidated harvest.

• In Vietnam, pepper harvest time is also relatively different among the main cultivated areas.

• The weather in 2017 is signaling unfavorable conditions for new pepper trees.


68



Average monthly export price of pepper, 1/2017- 3/2018

USD/ton

Source: VIRAC

Source: VIRAC

USD/ton

Export price movement of pepper in Vietnam,

4/2017-4/2018


69




VND/kg

The wholesale price of black pepper by month, 1/2017 - 3/2018

Source: VIRAC, MARDSource: VIRAC, MARD

The wholesale price of black pepper by week, 1/2018 - 3/2018

70






3.5 Consumption




Content

71

Domestic pepper purchasing:

Purchasing methods:

Payment methods:


3.8. Methods of purchase and payment


72

As for clean production, pepper is purchased by the unit in two forms :

Method of purchase and payment:

✓ Businesses will buy directly and pay in cash

✓ Deposit for business:




73



Pepper for export:

Purchasing methods:

Payment methods:


74

4. Industry overview

4.1 Risk analysis and SWOT analysis

4.2 Development planning and forecast of pepper industry

Content

75


4.1. Risk analysis and SWOT analysis– 4.1.1. Risk analysis

Economic risk

Quality risk of input pepper


76

Legal risk

Quality risk of human resources




77

Competitive risk

Interest rate risk

Exchange rate risk

Other risks




78

Strengths: Weaknesses:

Opportunities: Threats:


4.1. Risk analysis and SWOT analysis– 4.1.2. SWOT analysis


79


4.1 Risk analysis and SWOT analysis

4.2 Development planning and forecast of pepper industry

Content

80

Promoting production linkages, ensuring food hygiene and safety, aiming at sustainable development


4.2 Development planning and forecast of pepper industry – 4.2.1. Industry planning


81

Increasing trade and integration


4.2 Development planning and forecast of pepper industry – 4.2.1. Industry planning


82


4.2 Development planning and forecast of pepper industry – 4.2.2. Forecast

Thousand tons

Forecast for pepper export volume, 2015 – 2020f

Source: VIRAC


83

5. Enterprise analysis

5.1 Enterprise introduction

5.2 Enterprise analysis

Content



TOP PEPPER EXPORTING ENTERPRISES IN 2016

Enterprise Name Address Tax code

Net Revenue

(billion VND) Total assets

(billion VND)2015 2016

Intimex Group

Olam Vietnam Co., Ltd.

Phuc Sinh Joint Stock Company

Petrolimex International Trading

Joint Stock Company

Hanoi Investment Trading and

Import & Export Company Limited

Nedspice Processing Vietnam

Company Limited

Pearl Trading Service and Import

Export Joint Stock Company

Harris Freeman Vietnam Company

Limited

Lien Thanh Joint Stock Company

DK Commodity Co., Ltd.

84


85



Intimex Group


86





87





88



Petrolimex International Trading Joint Stock Company


89



Hanoi Production Services Import Export Joint Stock Company


90

Nedspice Processing Vietnam Company Limited




91



Pearl Trading Service and Import Export Joint Stock Company

Pearl Corp


92

Harris Freeman Vietnam Company Limited




93





94





95




Contents

96

Net revenue from goods sold and services provided, 2015-2016

Source: VIRAC

billion VND



%


97

Gross profit and gross profit margin of enterprises, 2016

billion VND %

Source: VIRAC




98

Sales expenses/Net revenue, 2015-2016

Source: VIRAC



%


99

Source: VIRAC

Administrative expenses/Net revenue, 2015-2016

Source: VIRAC

Financial expenses/Net revenue, 2015-2016



%

%


100

Asset structure, 2016billion VND

Source: VIRAC

Cơ cấu Source vốn, 2016

billion VND

Source: VIRAC




101

Solvency, 2016

Source: VIRAC

Source: VIRAC

Asset use efficiency, 2016




102

Lien Thanh Phuc SinhHaprosimex

JSC

Pearl

CorporationPitco

Harris

Freeman DK Nedspice Olam Intimex

ROA

ROE

ROS

Profit after tax

Debt to total assets ratio

Debt to equity ratio




103

6. Appendix

Contents

Appendix

Financial statements


104

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS

I. Cash and cash equivalents

II. Short-term Investments

III. Short-term Receivables

1. Short-term trade receivables

IV. Inventories

V. OTHER CURRENT ASSETS

B. LONG-TERM ASSETS

I. Long-term receivables

II. Fixed assets

III. Real estate investment

V. Long-term financial investments

VI. OTHER LONG-TERM ASSETS

TOTAL ASSETS

A. LIABILITIES

I. Short-term Liabilities

1. Short-term payables

II. Long-term Liabilities

B. OWNER’S EQUITY

TOTAL LIABILITIES AND OWNERS’EQUITY

INCOME STATEMENT

Unit: VND 2015 2016

1. Revenue from sales and services rendered

2. Deductions for sales

3. Net Revenue from sales and services rendered

4. Cost of goods sold

5. Gross Profit from sales and services rendered

6. Financing income

7. Financial expenses

- In which: Interest Expenses

8. Sales expenses

9. Administrative expenses

10 Net profit from business activities

11. Other income

12. Other expenses

13. Other profits

14. Gross accounting profit before tax

15. Current Corporate Income Tax Expenses

16. Deferred Corporate Income Tax Expenses

17. Profit After Corporate Income Tax

CASH FLOW STATEMENT

Unit: VND 2015 2016

I. Cash Flow From Operating activities

II. Cash Flow From Investing activities

III. Cash Flow From Financial activities

Net cash flow in the period

Cash and cash equivalents at the beginning of the period

Impact of exchange rate changes in foreign currency

Cash and cash equivalents at the end of the period


Appendix



105

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS





IV. Inventories


B. LONG-TERM ASSETS


II. Fixed assets




TOTAL ASSETS

A. LIABILITIES




B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2015 2016






6. Financing income



8. Sales expenses



11. Other income

12. Other expenses

13. Other profits





CASH FLOW STATEMENT

Unit: VND 2015 2016









Appendix


Hanoi Production Services Import Export Joint Stock Company

106

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS





IV. Inventories


B. LONG-TERM ASSETS


II. Fixed assets




TOTAL ASSETS

A. LIABILITIES




B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2015 2016






6. Financing income



8. Sales expenses



11. Other income

12. Other expenses

13. Other profits





CASH FLOW STATEMENT

Unit: VND 2015 2016









Appendix


Pearl Trading Service and Import Export Joint Stock Company

107

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS





IV. Inventories


B. LONG-TERM ASSETS


II. Fixed assets




TOTAL ASSETS

A. LIABILITIES




B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2015 2016






6. Financing income



8. Sales expenses



11. Other income

12. Other expenses

13. Other profits





CASH FLOW STATEMENT

Unit: VND 2015 2016









Appendix


Petrolimex International Trading Joint Stock Company

108

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS





IV. Inventories


B. LONG-TERM ASSETS


II. Fixed assets




TOTAL ASSETS

A. LIABILITIES




B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2015 2016






6. Financing income



8. Sales expenses



11. Other income

12. Other expenses

13. Other profits





CASH FLOW STATEMENT

Unit: VND 2015 2016









Appendix


Harris Freeman Vietnam Company Limited

109

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS





IV. Inventories


B. LONG-TERM ASSETS


II. Fixed assets




TOTAL ASSETS

A. LIABILITIES




B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2015 2016






6. Financing income



8. Sales expenses



11. Other income

12. Other expenses

13. Other profits





CASH FLOW STATEMENT

Unit: VND 2015 2016









Appendix



110

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS





IV. Inventories


B. LONG-TERM ASSETS


II. Fixed assets




TOTAL ASSETS

A. LIABILITIES




B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2015 2016






6. Financing income



8. Sales expenses



11. Other income

12. Other expenses

13. Other profits





CASH FLOW STATEMENT

Unit: VND 2015 2016









Appendix


Nedspice Processing Vietnam Company Limited

111

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS





IV. Inventories


B. LONG-TERM ASSETS


II. Fixed assets




TOTAL ASSETS

A. LIABILITIES




B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2015 2016






6. Financing income



8. Sales expenses



11. Other income

12. Other expenses

13. Other profits





CASH FLOW STATEMENT

Unit: VND 2015 2016









Appendix



112

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS





IV. Inventories


B. LONG-TERM ASSETS


II. Fixed assets




TOTAL ASSETS

A. LIABILITIES




B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2015 2016






6. Financing income



8. Sales expenses



11. Other income

12. Other expenses

13. Other profits





CASH FLOW STATEMENT

Unit: VND 2015 2016









Appendix


Intimex Group

113

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS





IV. Inventories


B. LONG-TERM ASSETS


II. Fixed assets




TOTAL ASSETS

A. LIABILITIES




B. OWNER’S EQUITY


INCOME STATEMENT

Unit: VND 2015 2016






6. Financing income



8. Sales expenses



11. Other income

12. Other expenses

13. Other profits





CASH FLOW STATEMENT

Unit: VND 2015 2016









Report Disclaimer

114

Report disclaimer

This document has been prepared in good faith on the basis of information available at the date of publication without any independent verification. VIRAC has

produced this report for private circulation to professional clients only. All information and statistical data herein have been obtained from sources we believe to

be reliable and made to ensure the accuracy of the contents of the pages of the report at the time of preparation. Such information has not been independently

verified and VIRAC makes no representation or warranty, whether express or implied, of any kind with respect to the document and its contents, information and

materials. The content found in this report is proprietary to VIRAC and is provided solely for your personal and non-commercial use. You agree that you will not

use this report for any purpose that is unlawful and that you will not reproduce the report or redistribute it outside your organization, or place it on a website for

public access without the express written permission of VIRAC.

SHOULD YOU NEED ANY ASSISTANCE, PLEASE CONTACT US:

VIETNAM INDUSTRY RESEARCH AND CONSULTANCY (VIRAC JSC.,)

6th Floor, Anh Minh Building, 36 Hoang Cau, O Cho Dua, Dong Da, Hanoi, Vietnam

Website: http://virac.com.vn/

Email: [email protected] | Tel: +84 463289520

http://virac.com.vn/

mailto:[email protected]

Thank you !

115

vietnam pepper industry report q2/2018 · 2. world pepper market 2.1 current situation of...

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