VIETNAM CASHEW MARKET REPORT Q2/2018 · 2018. 7. 20. · Cashew Market in Vietnam 40 Report Summary 4 3.1 Definitions and Classification 40 1. Business Environment 6 3.2 Process and

VIETNAM CASHEW MARKET REPORT Q2/2018

2

Content

Abbreviations 3 3. Cashew Market in Vietnam 40

Report Summary 4 3.1 Definitions and Classification 40

1. Business Environment 6 3.2 Process and Production Technology 45

1.1 Macroeconomic situation 6 3.3 Production 51

1.2 Legal Framework 11 3.4 Consumption 58

1.3 Impact of Trade Agreements 17 3.5 Export - Import 61

2. Global Cashew Industry 21 3.6 Price 66

2.1 Industry Value Chain 22 3.7 Mode of Payment 69

2.2 Production 23 4. Risks in Vietnam Market 72

2.3 Consumption 28 5. Planning 78

2.4 Export - Import 31 6. Prospects and Forecasts 81

2.5 Price Movement 34 7. Enterprise Analysis 85

2.6 Current situation in some typical countries 36 Appendix - Financial Statement 102

3

Danh mục từ viết tắt

GCC Global Cashew Council

INC International Nut and Dried Fruit Council

NHHH/SBV State Bank of Vietnam

GDVC General Department of Vietnam Customs

GSO General Statistics Office of Vietnam

MARD Ministry of Agriculture and Rural Development

LLC Limited Liability Company

Vinacas Vietnam Cashew Association

VIRAC Vietnam Industry Research And Consultancy

4

Report Summary

Cashew is mainly planted in India, Ivory Coast,

Brazil and Vietnam.

The cashew kernels production output globally

in the season 2017/2018 continues increasing

Production quantity of cashew in the Q1/2018

was estimated to be 201 thousand tons

Although Vietnam is the greatest exporter of

cashew, the industry in Vietnam still faces

challenges,

THE CONTENT IS INTENTIONALLY REMOVED FOR DEMO

PURPOSE

5

Report Summary

There are still opportunities for the prospects

of cashew industry in Vietnam to grow in the

next few years.

In 2016, most of the enterprises have positive

growth of net revenue and the average growth

reached 13.9%.


PURPOSE

Content

6

1. Business Environment

1.1 Macroeconomic Situation

1.2 Legal Framework

1.3 Free Trade Agreements


1.1. Macroeconomic Situation

7

Sources: VIRAC, GSO

Sources: VIRAC, GSO

Cashew is one of the key products of Vietnamese agriculture in the

global market.

GDP growth by quarter, 2015 - Q1/2018

GDP structure due to the current price, Q1/2018e


PURPOSE



8

Sources: VIRAC, GSO

Available income and household expenditure, 2008 – 2017fMillion dong Available income has the uprising trend which is the positive driving

force for the spending on dining demand.

The continuous increase in available income and household

expenditure in the past few years has been the development

motivation for the cashew industry in the country.

Population structure divided by classes (expenditure), 2013 – 2020f

Sources: VIRAC collected, BCG

Million people


PURPOSE



9

Sources: VIRAC, MARD


Million USD

The export structure of main agricultural

export products of Vietnam, Q1/2018e

Price and cashew proportion in main agricultural products, 2010 - Q1/2018e


PURPOSE



10

Sources: VIRAC, SBV

The exchange rates of VND/USD remains stable and still supported by

a plentiful supply of foreign currencies

Sources: VIRAC, Nielsen

Exchange rate of VND/USD, 2013 – 3/2018

Consumer Confidence Index, 2014 – Q4/2017


PURPOSE

Content

11


1.1 Macroeconomic Situation

1.2 Legal Framework



1.2. Legal Framework

12

• QCVN 01-08:2009/BNNPTNT

• QCVN 01–27: 2010/BNNPTNT:

• TCVN 4850:2010

Abbreviations used to classify the cashew kernels

Descriptions English Abbreviations


PURPOSE



13

Quality classification of cashew kernels

Levels SignsNumber of

kernels/kg

Number of

kernels/lbTradenames Descriptions


PURPOSE



14

Levels SignsNumber of

kernels/kg

Number of

kernels/lbTradenames Descriptions

Quality classification of cashew kernels (continue)


PURPOSE



15

• TCCS 2013 /HĐT/VINACAS:

General technical requirements:

Quality classification requirements

Classification on raw cashew nuts

No. Cashew nuts which DO NOT pass through the tube

with hole diameter as follows

Size (Cashew nuts/kg)


PURPOSE



16

Types of export and import taxes applied for cashew industry

Group of regulations on import and export cashew


PURPOSE

Content

17


1.1 Macroeconomic situation

1.2 Legal Framework




18

Vietnam trade integration process from 1995 to present

Until the first quarter of 2018, Vietnam has signed, implemented, and is negotiating a total of 17 FTAs. Accession to international trade agreements

brings opportunities and challenges for domestic firms.


PURPOSE



19

Vietnam – EU (EVFTA) free trade agreement

• Opportunities:

• Challenges:

• Solutions:


PURPOSE



20

RCEP trade agreement

• Opportunities:

• Challenges:

Solutions:


PURPOSE

Content

21

2. Global Cashew Industry

2.1 Industry Value Chain

2.2 Production

2.3 Consumption

2.4 Export – Import

2.5 Price Movement

2.6 Current situation in some typical countries

2. Global cashew industry

2.1 Industry value chain

22

Industry value chain

Sources, VIRAC collected


PURPOSE

Content

23



2.2 Production

2.3 Consumption


2.5 Price Movement


24

Sources: VIRAC, Cashew Handbook

Thousand hectares



2.2 Production

Global cashew planting regions

Sources: VIRAC, INC

Global cashew planting structure, 2016/2017

Global cashew planting area, 2009/2010 – 2016/2017


PURPOSE

25

Thousand tons



2.2 Production


Global raw cashew production output, 2009/2010

– 2016/2017

Global structure of cashew production, 2016/2017

The raw cashew production output is continuously increasing by CARG = 3%

during the 2009/2010 – 2016/2017 season


PURPOSE

The global cashew kernel production output in the season

2017/2018 continues increasing and reaches 789 thousand tons and

26

Thousand tons

Sources: VIRAC, INC


2.2 Production

Sources: VIRAC, INC Sources: VIRAC, INC

Tons

Global cashew kernel production output, 2006/2007 -

2017/2018e

Cashew kernel production structure, 2016/2017 Global cashew production value, 2017/2018e


PURPOSE

In the season 2017/2018, cashew is 3rd ranked in terms of production

output

27

Million USD


2.2 Production

Sources: VIRAC, INC

Sources: VIRAC, INC

Thousand tons

Production value of types of raw nut in the world,

2017/2018

Production output of cashew nuts compared to other nuts, 2006/2007 – 2017/2018e


PURPOSE

Content

28



2.2 Production

2.3 Consumption


2.5 Price Movement


The demand for cashew kernel consumption in 2017 is estimated to reach

787 thousand tons, increase by 10% compared to 2016

29


2.3 Consumption

Thousand tons

Kg/year

Sources: VIRAC, INC Sources: VIRAC, INC

Sources: VIRAC, INC

Kg/year

Global cashew kernel consumption

structure, 2016e

Global cashew kernel consumption, 2011 – 2017e

Consumption per capita of some typical cashew

consumption countries, 2011 - 2016


PURPOSE

30


2.3 Consumption

Sources: VIRAC, INC

From 2010 to 2016, the demand went up by 68.9% and within 7 years, there are at least 4 years that the demand exceeds the supply

Thousand tons

Consumption of dried nuts in the world, 2011 - 2016


PURPOSE

Content

31



2.2 Production

2.3 Consumption


2.5 Price Movement


32


2.4 Export - Import

Sources: VIRAC, INC, ITC

Thousand tons

Sources: VIRAC, ITC

Million USD

The export value for cashew kernel in the world,

2017 – 2017e

The export output for cashew kernel in the world,

2005 – 2017e


PURPOSE

33


2.4 Export - Import

Sources: VIRAC,, ITC

Sources: VIRAC, ITC

Vietnam is now the largest cashew exporter in the world

America is the largest importer of cashew in the worldCashew kernel import structure in the world, 2017e

Cashew kernel export structure in the world, 2017e


PURPOSE

Content

34



2.2 Production

2.3 Consumption


2.5 Price Movement


35


2.5 Price movement

Sources: VIRAC, CBI Ministry of Foreign Affairs

In general, manufacture cost, insurances and transportation of raw cashew

account for about 50% of the cashew kernel’s retail price in the market

Cashew price in the world, 1/2015 – 10/2017

Sources: VIRAC collected

USD/kg

Analysis of cashew’s retail price by contribution ratio


PURPOSE

36


2.5 Price movement

Cashew price in the Q1/2018:

Sources: VIRAC, Cashewinfo

Type Port Price on

12/12/2017

Price on

6/2/2018

Price on

6/3/2018

Price at the end

of 3/2018


PURPOSE

Cash-on-delivery cashew price in India, 12/2017 – 3/2018 (Rs/kg)

Nội dung

37



2.2 Production

2.3 Consumption


2.5 Price Movement


The output of raw cashew in the season 2016/17 reached about 851 thousand

tons, accounting for 23% of the global output.

India is the largest consumption of cashew kernel country in the world, the

consumption is 25% of the total global supply

The cashew export of India is estimated to reach 176,000 tons in the season

2017/18, increasing by 155,000 tons in comparison to the season 2016/17

38

Thousand hectares


Sources: VIRAC, Cashew Handbook, INC

Thousand tons


2.6 Current situation in some typical countries - India

Cashew planting area in India, 2009/2010 – 2016/2017

The production output in India, 2009/2010 – 2016/2017


PURPOSE

39

Thousand hectares



Thousand tons


2.6 Current situation in some typical countries – Ivory Coast

Ivory Coast is 2nd ranked in producing cashew in the world,Cashew planting area in Ivory Coast, 2010 – 2017e

The production output in Ivory Coast, 2009/2010 – 2016/2017


PURPOSE

40

Thousand hectares



Thousand tons



Brazil always plays an important role which is one of the leading

countries in the world to produce, process and export cashew.

However, in the recent years, due to droughts in most states of

northeastern Brazil, their entire production system has declined.

The production output in Brazil, 2009/2010 – 2016/2017

Cashew planting area in Brazil, 2009/2010 – 2016/2017


PURPOSE

Content

41

3. Cashew Market in Vietnam

3.1 Definitions and Classification

3.2 Process and Production Technology

3.3 Production

3.4 Consumption

3.5 Export - Import

3.6 Price

3.7 Mode of payment

Season of cashew

The countries in the north of the equator, including India, Vietnam and west African have

the early harvest time from the beginning of the year to mid-year.

42

3. Cashew market in Vietnam


Flowering time and harvest of cashew


PURPOSE

Some terminologies and definitions

Classification of cashew kernels

43

The components of cashew

Category Commercial terminologies Descriptions




PURPOSE

Quality tolerance

44

Percent Defective Allowable The best types Type I Type II

Sources: VIRAC collected, INC


PURPOSE



Cashew kernel type I (scorched/dessert - LB)

45

The best type of cashew kernel (white)

White pieces Scorched pieces




PURPOSE

Content

46




3.3 Production

3.4 Consumption

3.5 Export - Import

3.6 Price

3.7 Mode of payment

47


3.2 Process and production technology

Cashew processing


PURPOSE

48

Step 1: Moisture

Raw cashew classification machine




PURPOSE

49

Step 2: Heat treatment (Steaming/Roasting): The choice is either steaming or roasting

- Steaming

Cashew roasted machine


PURPOSE



50

Step 3: Cutting and splitting

Step 4: Drying

Cashew cut and split machine

Step 5: Silk peeling off

Step 6: Classifying

.

Cashew silk peeled off machine




PURPOSE

51

Step 7: Quality control/Fumigation

Step 8: Packaging




PURPOSE

Content

52




3.3 Production

3.4 Consumption

3.5 Export - Import

3.6 Price

3.7 Mode of payment

The cashew productivity of the whole country in 2017 is estimated to reach

only 7.4 weight/hectare, decrease by 3.6 weight/hectare compared to 2016.

53


3.3 Production

Thousand hectares


Weight/hectare

The cashew planting area of Vietnam is having tendency to decline

continuously

Thousand tons


The planting area and productivity of cashew in

Vietnam, 2012 – 2017

The output of cashew in Vietnam, 2012 – Q1/2018e


PURPOSE

The main reason for the reduction of cashew planting area is the relatively low economic benefits of the cashew cultivation.

54

No. Crops Types of cashew

Average

productivity

(ton/hectare)

Unit price

(million dong)

Total revenue

(million dong)

Total

expenditure

(million dong)

Profit (million

dong)

Comparison of economic efficiency of 1 hectare when planting cashew applying intensive farming method with rubber and cassava

at Tan Lap in 2012



3.3 Production


PURPOSE

Additionally, the productivity and planting area declined due to the impact of the weather.

55


Cashew planting area structure, 2017e


3.3 Production


PURPOSE

56

Thousand tonsThe cashew production industry in Vietnam has gained some remarkable

achievements, with 1st ranking in cashew kernel exports, 2nd ranking in

processing and 3rd in productivity and output in the world.


Cashew production situation, 2013 – Q1/2018e


3.3 Production


PURPOSE

57

Quality of cashew kernel in Vietnam


3.3 Production


PURPOSE

58

Besides the production for cashew kernels, nowadays, these by-products are used by many companies to produce export products that bring in hundreds

of millions of dollars.

Some difficulties of cashew businesses in Vietnam


3.3 Production


PURPOSE

Content

59




3.3 Production

3.4 Consumption

3.5 Export - Import

3.6 Price

3.7 Mode of payment

Cashew kernel wholes Cashew kernel butts Cashew kernel baby bits Cashew kernel powder Cashew kernel milk

Uses of cashew kernels

60


3.4 Consumption


PURPOSE

61

The domestic consumption for cashew kernel accounts for 10% and the rest

is for export. It is forecasted that the domestic consumption will rise in the

next few years.

Sources: VIRAC, VITIC

TonsDomestic consumption of cashew kernel, 2012 – Q1/2018e


3.4 Consumption


PURPOSE

Content

62




3.3 Production

3.4 Consumption

3.5 Export - Import

3.6 Price

3.7 Mode of payment

The cashew export of Vietnam continues to be 1st ranked in the

world when accounting for 50% of the raw processing cashew and above

60% export cashew kernel globally.

63


3.5 Export and Import – Export

Thousand tons

Sources: VIRAC, GDVC

Million USD

Value and output of cashew exports in Vietnam,

2013 – Q1/2018e


PURPOSE

In terms of exported cashew categories,

64


There are 80 countries which import cashew of Vietnam currently, in

specific, America is the largest importer with 34% of the output,


Output structures of cashew exports by type, 2M/2017

– 2M/2018e

Market structures of cashew exports by output, Q1/2018e




PURPOSE

In 2017, top 20 of cashew export businesses exported 320,676 tons,

accounting for 90% of the total exports of the whole industry

65

Tons

Sources VIRAC, GDVC


Cashew export structures, 2017

Top largest cashew export enterprises in Vietnam, 2017




PURPOSE

66

Thousand tons


Million USD


Vietnam cashew import tends to grow through years The value and imports of cashew in Vietnam, 2013 –

Q1/2018e

Cashew import market by value, 11M/2017


3.5 Export and Import – Import


PURPOSE

Content

67




3.3 Production

3.4 Consumption

3.5 Export - Import

3.6 Price

3.7 Mode of payment

68


3.6 Price

Price of dry cashew in Binh Phuoc, 9/2017 – 3/2018


PURPOSE

Source, VIRAC, MARD

Price of export cashew:

Import price:

69

Sources: VIRAC, GDVCSource: VIRAC collected

USD/ton

Average import cashew price, 1/2013 – 9/2017 Average export cashew price, 1/2017 – 3/2018


3.6 Price


PURPOSE

Content

70




3.3 Production

3.4 Consumption

3.5 Export - Import

3.6 Price

3.7 Mode of payment

71


3.7 Mode of payment


PURPOSE

Directly purchases between farmers and processing companies are reducing and have limitations

Mode of payment in import/export transactions between domestics processing and producing companies and foreign companies:

72


3.7 Mode of payment


PURPOSE

4 Risks in Vietnam market

Content

73

Risks due to the dependence on materials

Risks when importing cashew

Competitive risks in cashew export market

74

4. Risks in Vietnam market


PURPOSE

Interest rate risks

Weather risks

Economic risks

Environment risks

Other risks

75



PURPOSE

76


Strengths Weakness

Opportunities Threats


PURPOSE

5 Planning

Content

73

78

On February, 13th, 2015, Ministry of Agriculture and Rural Development has enacted the decision 579/QĐ-BNN-TT in regard to approving of

development plan for cashew industry up to 2020 and the orientation to 2030.

Development goals

Development plan up to 2020 and orientation to 2030

5. Planning


PURPOSE

79

5. Planning


PURPOSE

6 Prospects and Forecasts

Content

76

6. Prospects and Forecasts

Prospects

77

- Cashew industry in the world

- There are a lot of opportunities for the prospects of cashew industry in Vietnam to grow in the next few years


PURPOSE

6. Prospects and Forecasts

Forecasts

78

- Cashew industry in the world

Global cashew council (GCC) has forecasted the total global output of the season 2017/2018 will reach 7.4 million tons of fresh cashew, which is equal to

3.322 million tons of raw cashew

- Forecast for Vietnam cashew industry

It is predicted that the domestic material price will remain high in the beginning months of 2018 due to the shortage of processing and export material.


PURPOSE

6. Prospects and Forecast

Forecast

79

Forecast in 2018 shows the loss of revenue of cashew output, being

reduced after the difficulties in weather in 2016 and 2017 Thousand tons

Source: VIRAC

Thousand tons

Forecast for cashew production output in

Vietnam, 2012 – 2020f

Forecast for cashew export output in Vietnam, 2013

– 2020f


PURPOSE

Content

84

7. Business Analysis

7.1 Introduction of companies

7.2 Business Analysis

85


7.1. Introduction of companies

Top of cashew processing and export enterprises of Vietnam

Names Addresses Total asset in

2016 (billion

VND)

Net revenue in

2016 (billion

VND)


PURPOSE

OLAM VIETNAM LLC

86

Hoang Gia Luan Trade – Service LLC


PURPOSE



87

Hanoi Trade Corporation - HAPRO

Hanoi Trade Corporation operates in some fields

Export:

Import :

Import market


PURPOSE



88

Long Son Joint Stock Company

Annual revenue:

Total number of employees:

Rank:

Main business sectors:.

Additional business:

Long Sơn has 8 big factories which

producing cashew


PURPOSE



89

Thao Nguyen Co., LTD

Total number of employees:

Main business sectors:

Production and business capacity of Thao Nguyen LTD mainly includes:

Export market consists of:


PURPOSE



90

Hoang Son I Joint Stock Company

Address:

Main business sectors

Material sources

Export market:

Manufacture factory: Quality standard:

Main products:


PURPOSE



91

Hai Viet LLC

Headquarter address:


Rals International Vietnam Co., LTD

Address:


Exports:

Phuc Vinh Manufacture – Trade LLC


PURPOSE



92

Long An Processing and Export Joint Stock Company (LAFOOCO)


PURPOSE



Content

93


7.1 Introduction of companies

7.2 Business Analysis

94


PURPOSE

Billion VND

Source: VIRAC

In 2016, most of the enterprises in the industry have positive growth of net revenue and the average growth reaches 13.9%.

7. Business analysis

7.2. Business analysis

Net revenue, 2015 - 2016

95

Billion VND

Source: VIRAC

In 2016, most of the enterprises have their gross profit margin reduced compared to 2015

Gross profit margin, 2015 - 2016


PURPOSE



96

Source: VIRAC

It can be seen that the common point of the enterprise in the industry is the main way to have the capital which is to borrow when the ratio between

debt and total asset is very high, above 70%, especially with the export business which have the rate above 90%

Repayment ability, 2015 - 2016


PURPOSE



97

Source: VIRAC


PURPOSE

Hai Viet và Phuc Vinh is 2 companies with the highest pay ratio because they have the least debt in the top of cashew enterprises, which use mostly equity

capital

Payment ratio, 2015 -2016



98

Source: VIRAC


PURPOSE

Hoang Gia Luan Company has the fastest fixed asset turnover in the industry

On the contrary, Olam VN, Hapro, Hoang Son I have lower fixed asset turnover than the average level of the industry.

Fixed asset turnover, 2015 - 2016




PURPOSE

99

Source: VIRAC

In general, the profit ratio of cashew enterprises in 2016 increased slightly compared to 2015.

Profit ratio, 2015 - 2016



Top cashew export enterprises having reputation in 2015 due to the Ministry of Industry and Trade

100

Appendix

No. Name Exports (kg) Units for selection

Sources: VIRAC, Ministry of Industry and Trade


PURPOSE

Content

101

Appendix for financial statement

Appendix

Financial Statement

102

Olam Vietnam LLC

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS

I. Cash and petty cash

II. Temporary investments

III. Accounts receivable

1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS

A. CURRENT LIABILITIES

I. Current liabilities

1. Loan and Current liabilities

2. Taxes and accounts payable to the state

II. Long-term liabilities

1. Loan and Long-term liabilities

2. Long-term accounts payable

B. OWNER'S EQUITY

TOTAL LIABILITIES AND OWNER'S EQUITY

BUSINESS RESULTS REPORT

Unit: VND 2015 2016

Net revenue from sales and services

Cost of goods sold and services

Gross profit of goods sold and services

Profit from financial activities

Financial cost

Interest expense

Cost of goods sold

Administration cost

Net profit from business activities

Gross profit before tax

Current corporate income tax expense

Deferred corporate income tax expense

Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016

I. Cash flow from operations

Depreciation of fixed assets

Gain (Loss) from unrealized exchange rate differences

Net Cash flow from operations

II. Cash flow from investing

Shopping, building fixed assets and other long-term

assets

Net Cash flow from investing

III. Cash flow from financing

Net cash flow from financing

Net cash flow during the year


PURPOSE

Appendix

Financial Statement

103

Hoang Gia Luan Trade – Service LLC

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016







assets






PURPOSE

Appendix

Financial Statement

104

Hanoi Trade Corporation - HAPRO

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016







assets






PURPOSE

Appendix

Financial Statement

105

Long Son Joint Stock Company

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016







assets






PURPOSE

Appendix

Financial Statement

106

Thao Nguyen LLC

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016







assets






PURPOSE

Appendix

Financial Statement

107

Hoang Son I Joint Stock Company

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016







assets






PURPOSE

Appendix

Financial Statement

108

Hai Viet LLC

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016







assets






PURPOSE

Appendix

Financial Statement

109

Ral International Vietnam Ltd

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016







assets






PURPOSE

Appendix

Financial Statement

110

Long An Processing and Export Joint Stock Company (LAFOOCO)

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016







assets






PURPOSE

Appendix

Financial Statement

111

Phuc Vinh Manufacture – Trade LLC

BALANCE SHEET

Unit: VND 2015 2016

A. CURRENT ASSETS




1. From customers

IV. Inventory

B. LONG-TERM ASSETS

TOTAL ASSETS








B. OWNER'S EQUITY



Unit: VND 2015 2016





Financial cost

Interest expense

Cost of goods sold

Administration cost





Profit after tax

CASH FLOW STATEMENT

Unit: VND 2015 2016







assets






PURPOSE

REPORT DISCLAIMER

112

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 CONSULTANT (VIRAC JSC.,)

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

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

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

Thank you !

Documents

VIETNAM CASHEW MARKET REPORT Q2/2018 · 2018. 7. 20. · Cashew Market in Vietnam 40 Report Summary 4 3.1 Definitions and Classification 40 1. Business Environment 6 3.2 Process and