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VIETNAM WOOD INDUSTRY REPORT, Q3/2019
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Abbreviation 3 3.3 Production 30
Executive summary 4 3.4 Consumption 39
1. Business environment 6 3.5 Import export 43
1.1 Macroeconomic situation 7 3.6 Industry development planning 61
1.2 Legal framework 9 3.7 Outlook 62
2.World wood market
Market overview21 4 Enterprise analysis 64
2.1 Production 24 4.1 Enterprise introduction 65
3 Vietnam wood market 27 4.2 Financial analysis 67
3.1 History of foundation and development 28 3.10 Appendix 76
3.2 Value chain 29
Content
2
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Content
GSO General Statistics Office of Vietnam CO., LTD Company Limited
GDVC General Department of Vietnam Customs IZ Industrial Zone
EUTR EU Timber Regulation SBV State Bank of Vietnam
CSIL Center for Industrial Studies IMEX Import Export
JSC Joint Stock Company VA Value Added
EVFTA EU – Vietnam Free Trade Agreement
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Executive summary
WORLD MARKET
PRODUCTION
• The global wood processing market has increased from x billion USD
in 2012 to x billion USD in 2016 with an annual growth rate (CAGR) of
x%.
TRADE
• China, Canada and Germany are the largest exporters of industrial
wood, while the US is the leading import market.
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Executive summary
VIETNAM MARKET
DOMESTIC MATERIALS
• Generally, in 6M/2019, the area of concentrated forestation in the
whole country is estimated at x thousand hectares, down by x%
compared to the same period last year
MATERIAL IMPORT
PRODUCTION
CONSUMPTION
TRADE
OUTLOOK
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1. Business environment
1.1 Macroeconomic situation
Source: VIRAC, GSO
• The gross domestic product (GDP) in the second quarter of 2019 is
estimated to increase by x% over the same period last year, lower than
the growth rate of the second quarter of 2018 but higher than the
growth of the second quarter of 2016 and 2017.
Source: VIRAC, GSO
%
USD
billion
Source: VIRAC, GDVC
Export turnover of Vietnam, 2011 - 6M/2019
GDP structure at current prices, 6M/2019GDP growth rate by quarter, 2016 - 2019
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The VND/USD exchange rate in the first 6 months of 2019 continued the
slight upward trend. At the end of June 2019, the central rate was at
VND x/USD, higher than the VND x - x level for the same period of 2018
and VND x at the end of 2017.
1. Business environment
1.1 Macroeconomic situation
Source: VIRAC, World Bank
USD/barrel
Source: VIRAC, SBV
World crude oil prices, 2011 - 6/2019
VND/USD exchange rate, 1/2013 – 6/2019
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Domestic policy
General management policy
• Land Law (2003); Law on environmental protection (2005); Forestry Law (2017)
• Circular 35/2011/TT-BNNPTNT issued by the Ministry of Agriculture and Rural Development on May 20, 2011
• Circular 01/2012/TT-BNNPTNT issued by the Ministry of Agriculture and Rural Development on January 4, 2012 and Circular No. 42/2012/TT-BNNPTNT
• Circular No. 11/2017/TT-BNNPTNT
Policy of planning and industry development.
• Decision No. 57/QD-TTg
• Decision No. 2728/QD-BNN-CB issued by the Ministry of Agriculture and Rural Development on October 31,
• Decision No. 957/QD-BNN-TCLN issued by the Ministry of Agriculture and Rural Development on May 8, 2014, approving the action plan for developing
timber and timber products market in the period of 2014 - 2020.
1. Business environment
1.2. Legal framework
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• Circular No. 15/2014/TT-BXD dated September 15, 2014
• Circular No. 21/2016/TT-BNNPTNT
• Circular 4/2017, February 24, 2017
• The Forest Law passed on November 15, 2017 at the 4th session of the XIV National Assembly, taking effect from January 1, 2019.
1. Business environment
1.2. Legal framework
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Tax policy
• VAT:
• Export tax: According to Circular 182/2015/TT-BTC issued by the Ministry of Finance on import and export tariffs in 2016,
Import tax policy
• Decree No. 187/2013/ND-CP issued by the Government on November 20, 2013
• Circular No. 37/2014/TT-BCT issued by the Ministry of Industry and Trade on October 24, 2014
1. Business environment
1.2. Legal framework
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International policy
The Lacey Act
Some acts that violate the Lacey Act
1. Business environment
1.2. Legal framework
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Legal timber regulations of Europe
Accountability includes the following main contents:
1. Business environment
1.2. Legal framework
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Australian Illegal Logging Prohibition Act
On October 5, 2017, the Australian Government announced that it will revise its Illegal Logging Prohibition Regulation 2012.
1. Business environment
1.2. Legal framework
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According to the Vietnam Trade Office in Australia, from 11 September 2018 there have been changes in the requirements of dealing with sulfuryl
fluoride compounds for wood and wood products, including packaging and objects. Material for dunnage made of wood imported into Australia.
1. Business environment
1.2. Legal framework
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Japanese Clean Wood Act
Korean Clean Wood Act
1. Business environment
1.2. Legal framework
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Changes in China's forestry policy
Effects on Vietnam
1. Business environment
1.2. Legal framework
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Other regulations when exporting wood to the European market:
Tax regulations
•
Non-tax regulations
Environmental requirements
1. Business environment
1.2. Legal framework
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Impact of Brexit on Vietnam's wood export
• In the short term, Brexit has not had a strong impact on Vietnam's wood export activities but in the long run, this impact will be stronger and more clear.
1. Business environment
1.2. Legal framework
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Impact of US-China trade war
➔ Vietnam's wood industry is heavily influenced by the US-China trade war, because United States and China are the main export countries of Vietnam in
the industry.
1. Business environment
1.2. Legal framework
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2. WORLD MARKET
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• The timber processing industry in the pre-processing stage includes establishments producing sawn timber, planks, beams, wood, piles, joints,
shingles, paving, siding, and logs from roundwood.
2. World market
2.1 Production - Wood processing
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Top five industrial timber producers, China, the US, the Russian
Federation, Germany and Canada, account for 69% of global production
in 2017, a sharp increase compared to 2012 (63%).
Million
m³
Source: VIRAC, FAO
Source: VIRAC, FAO
2. World market
2.1 Production - Industrial wood
Industrial wood production and consumption, 2011-2030f
Structure of industrial wood production by country, 2017
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Particle board and melamine board clipboard is mainly
used in furniture production in most countries.
Source: VIRAC, FAO
2. World market
2.1 Production - Industrial wood
Structure of industrial wood production by product type, 2017
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• The furniture industry in the world has historically been a labor-
intensive and natural resource-based industry.
2. World market
2.1 Production - Furniture
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Source: VIRAC, FredSource: VIRAC, Fred
Source: VIRAC, Fred Source: VIRAC, Fred
2. World market
2.1 Production - Furniture
Price index of wooden furniture production for children, 2004-2018 Price index of office furniture production, 1965-2018
Price index of furniture and kitchen furniture
production, 1967-2018Price index of office furniture manufacturing, 1998-2018
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3. VIETNAM MARKET
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History of wood processing industry in Vietnam
• Carpentry in Vietnam has been established since ancient times. Many ethnic groups in the northwest mountainous region - Viet Bac have long been in small stilt
houses with wooden and bamboo.
3. Vietnam market
3.1 History of foundation and development of the industry
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Domestic
distribution
Export
Value chain of Vietnam's wood processing industry
3. Vietnam market
3.2 Vietnam wood industry value chain
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• The number of wood enterprises (exploiting and processing wood)
has increased continuously over the years, of which x% of enterprises
are privately owned, x% of enterprises are state-owned.
Source: VIRAC, GSO
Source: VIRAC, GSO
3. Vietnam market
3.3 Production
Number of enterprises and workers in wood industry, 2010 - 2017
Distribution of wood processing enterprises by region, 2017e
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Investment capital, the wood industry has fixed assets and annual long-
term investments continuously grow over the years due to the
development potential of the industry from increasing demand and
benefits from FTAs.
Source: VIRAC, GSO
Source: VIRAC, GSOSource: VIRAC, GSO
Scale of wood industry enterprises by investment capital and labor, 2016
3. Vietnam market
3.3 Production
Investment capital and fixed assets of wood industry, 2010 - 2017e
Revenue and profit of wood industry, 2010 - 2017e
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Recent 15-year period has witnessed the spectacular growth of FDI
enterprises.
Source: VIRAC, VASEP
The number of FDI enterprises operating by active models and by
countries of wood industry, 2018e
3. Vietnam market
3.3 Production
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• The wood industry in 2018 is generally positive with many FTAs signed and gradually going into effect.
• Japanese and Korean markets are also in the process of expanding and increasing the demand for wood products.
Source: VIRAC, GSO
Billion VND
3. Vietnam market
3.3 Production – Wood processing
Production value of wood processing industry, 2008 - 2018e
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Woodchip is the raw material of the pulp and artificial board industry.
Source: VIRAC, GSO
Million tons
3. Vietnam market
3.3 Production – Woodchips
Production of woodchips in Vietnam, 2010 – 6M/2019
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Artificial board manufacturing of the wood furniture industry has
developed strongly in recent years, leading to the development of a
number of related industries including the manufacturing of artificial
boards (industrial wood).
Source: VIRAC, GSO
Million m³
3. Vietnam market
3.3 Production – Industry wood
Production of artificial boards, 2010 – 6M/2019
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➢ In August 2018, Kim Tin Group inaugurated the modern MDF - FSC Vietnam board factory in the world top 10 with an annual capacity of x m³ in
Nam Dong Phu and Tan Lap Industrial Zones, Dong Phu District, Binh Phuoc Province.
3. Vietnam market
3.3 Production – Industrial wood
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Enterprises producing interior and exterior wood products are mainly
private enterprises, of which about x% are concentrated in the North
(Hanoi, Phu Tho, Bac Ninh ...) and x% of enterprises are concentrated in
South Central Coast and Southeast (Binh Dinh, Binh Duong, Dong Nai ...).
3. Vietnam market
3.3 Production – Wood products
Classifying enterprises by capital origin, 2015
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Source: VIRAC, GSO
• In the first 6 months of 2019, the production output of wooden furniture is estimated at x million units, of which chairs and tables are still the largest
products corresponding to x% and x%.
1000 units
Source: VIRAC, GSO
3. Vietnam market
3.3 Production – Wood products
Structure of wooden furniture production by product type, 6M/2019e Production of wooden furniture products, 2010 - 6M/2019e
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• Therefore, some Vietnamese furniture enterprises want to join the domestic market and choose high-class segment by bidding for four- and five-star
resorts, hotels.
Source: VIRAC, Vietnam Timber and Forest Product
Association
Million USD
3. Vietnam market
3.4 Consumption
Consumption value of Vietnamese furniture in the domestic market, 2006 - 2018e
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•
• Among the top wood processing enterprises in
Vietnam in 2018, 8 out of 9 companies are FDI
enterprises showing the weakness of domestic
wood enterprises.
Source: VIRAC
Billion VND
3. Vietnam market
3.4 Consumption
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The value of woodchip consumption decreased in 2016 and 2017 due to
reduced consumption and woodchip prices also decreased when China
pressed prices.
Source: VIRAC, GSO
Source: VIRAC, GSO
Billion
VND
Billion
VND
3. Vietnam market
3.4 Consumption
Woodchip consumption value, 2010 – 6M/2019e
Consumption value of artificial board group, 2010 – 6M/2019e
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Consumption value of wood furniture products is constantly increasing in the period of 2010 - 2015 and then slightly decreases in the period of 2016 -
2017. The main consumption market of this product group is still exported and has a great contribution from FDI enterprises
Source: VIRAC, GSO
Billion
VND
3. Vietnam market
3.4 Consumption
Consumption value of wood furniture, 2010 - 6M / 2019e
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In the first 6 months of 2019, the export value of wood and wood
products reached x USD billion, an increase of x% compared to the same
period of 2018.
USD billion
Source: VIRAC, GDVC
Source: VIRAC, GDVC
3. Vietnam market
3.5 Import Export - Export
Wood and wood product export market structure, 6M/2019
Export turnover of wood and wood products of Vietnam, 2011 - 6M/2019
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The proportion of wood export of domestic enterprises has improved
significantly from 2017 to the end of Q2/2019, from x% to x%.Source: VIRAC, GDVC
Source: VIRAC, GDVC
Million
USD
3. Vietnam market
3.5 Import Export - Export
Export of wood and wood products by month, 2016 - 6M/2019
Structure contributing to the export of wood and wood products in Vietnam,
2013 - 6M/2019
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2018 is a successful year of Vietnam's export wood processing industry,
expressed in many aspects including a sharp increase in export turnover,
in addition, Vietnam is also gradually aiming to use wood of legal origin.
Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
Million USD
Source: VIRAC, GDVC
3. Vietnam market
3.5 Import Export - Export
Export structure of furniture products, 6M/2019
Export turnover of some wooden products, 6M/2019
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• Vietnam's wood and wood products are mostly exported to the US,
accounting for x% of the total export volume of this group of the
country, reaching USD billion in 6M/2019, up x% compared to
6M/2018.
Source: VIRAC, GDVC
Million
USD
3. Vietnam market
3.5 Import Export - Export
Source: VIRAC, MOIT
Million
USD
Import value of US wooden furniture, 5T/2019
Exporting wood and wood products to the US market, 2011 - 6M/2019
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Source: VIRAC, GDVC
woodchips are Vietnam's largest and most important export item to China
in terms of turnover.
Million
USD
3. Vietnam market
3.5 Import Export - Export
Export turnover of wood and wood products to China, 2011
- 6M/2019
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Source: VIRAC, GDVC
Product 2015 2016 2017 2018 2018 coompared to 2017 (%)
The value of Vietnam's wood products exported to China, 2015 - 2018
Unit: million USD
3. Vietnam market
3.5 Import Export - Export
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• In the EU, Britain is the leading country in import turnover of wood
and wood products from Vietnam in 6M/2019 with x%.
Source: VIRAC, GDVC
Source: VIRAC, GDVC
Million USD
Proportion of exports of timber and timber products to EU by country, 6M/2019e
3. Vietnam market
3.5 Import Export - Export
Export turnover of wood and wood products to Europe, 2009 - 6M/2019e
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• By the end of 2018, White Feathers International Co., Ltd is the largest
exporter of wood and wood products to the EU market.
Source: VIRAC, GDVC
3. Vietnam market
3.5 Import Export - Export
Top enterprises exporting wood and wood products to EU, 2018e
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According to statistics from Eurostats, in the first 2 months of 2019, EU reduced imports from the domestic market and increased the import of wooden
furniture from outside markets.
Main market supplying wooden furniture to the EU market, 2M/2018
Source: VIRAC, EuroStats
2M/2019 Compared to 2M/2018 (%)
Market Volume (Million tons) Value (Billion Eur) Value (Million USD) Volume Value
3. Vietnam market
3.5 Import Export - Export
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Strengths Weeknesses
3. Vietnam market
3.5 Import Export - Export
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Opportunities Challenges
3. Vietnam market
3.5 Import Export - Export
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China, Japan and South Korea are the three largest importers of
woodchips of Vietnam, with the amount of imported chips in these
markets accounting for x% of the total value and x% of the exported
chips in 4T/2019.
Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
Million USDMillion tons
Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
Importer 2015 2016 2017 2018 4M/2019
China
Japan
Korea
Volume of woodchips exported to major markets (million tons), 2015-
4M/2019
Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
3. Vietnam market
3.5 Import Export - Export
Woodchips export of Vietnam, 2010 – 4M/2019e
Market structure of woodchip export by value, 4M/2019
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In 2018, there were x woodchip exporters with turnover of over USD x
million. In particular, Hao Hung Co., Ltd has achieved outstanding
turnover with x million USD.
Source: VIRAC, GDVC
USD
3. Vietnam market
3.5 Import Export - Export
Top exporters of woodchips 2018
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• In recent years, boards have become an important export item of
Vietnam,
Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
Million
USD
Export value of all types of planks in Vietnam, 2011 -
2018
3. Vietnam market
3.5 Import Export - Export
Export of planks of Vietnam, 2013 – 5M/2019e
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• In the structure of wood and wood products, wood furniture accounts
for the highest proportion with x% of the total value of wood and
wood products exports in 5M/2019, estimated at USD x million, up x%
over the same period of 2018.
Source: VIRAC, GDVC, Vietnam Timber and Forest Product Association
Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
Million
USD
3. Vietnam market
3.5 Import Export - Export
Quantity and value of exported wood products, 2013 - 6M/2019
Export value of wooden furniture products, 2010 - 6M/2019
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• In general, export of wooden furniture has a lot of growth potential, especially
bedroom furniture, due to the large market demand.
3. Vietnam market
3.5 Import Export - Export
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• According to the statistics of the General Department of Customs,
the import turnover of Vietnam's wood and wood products in the
first 6 months of 2019 is estimated at USD x million, an increase of
x% compared to 6M/2018.
Source: VIRAC, GDVC
Source: VIRAC, GDVC
Million
USD
Importing wood and wood products from Vietnam, 2010 - 6M/2019
3. Vietnam market
3.5 Import Export - Import
Market structure of Vietnam's wood and wood products import, 6M/2019
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Source: VIRAC
Major imported wood and wood products of Vietnam, 2018
Produuct
Import turnover from 2015 to 2017 (Million USD) 2018
Major supplying
countries
Main imported
items2015 2016 2017
Import
turnover
(million USD)
Import volume
(Million m³)
3. Vietnam market
3.5 Import Export - Import
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• Prime Minister's Decision 57/QD-TTg dated January 9, 2012 approving the forest protection and development plan for the period 2011-2020.
• On May 5, 2014, the Minister of Agriculture and Rural Development issued Decision No. 919/QD-BNN-TCLN on "Action Plan - Improving the added value of wood
products through processing in the period of 2014 - 2020".
• On May 8, 2014, the Minister of Agriculture and Rural Development signed Decision No. 957/QD-BNN-TCLN Approving the "Action Plan for market development
of timber and timber products in the period of 2014 - 2020".
3. Vietnam market
3.6 Industry planning
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Development prospects of Vietnam's wood industry
In terms of domestic market
3. Vietnam market
3.7 Prospects
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USA: wood and wood products export to the US market are forecast to grow in the coming time
China: In the coming time, Vietnam's wood and wood products exports to China continue to be supported by factors such as:
3. Vietnam market
3.7 Prospects
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4. ENTERPRISE ANALYSIS
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Company
Total assets
(billions
dong)
Revenue
(billions
dong)
General information
Wanek furniture Co., LTD
Nitori Vietnam Processing
Enterprise
An Cuong Wood JSC
Shing Mark Vina Co., Ltd.
VRG Dongwha MDF JSC
4. Enterprise analysis
4.1. Enterprise introduction
Top 10 wood industry enterprises with the largest revenue, 2018
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Company
TOTAL
ASSETS
(Billion VND)
Revenue
(Billion
VND)
General information
Rochdale Spears Co., Ltd.
San Lim Furniture Vietnam
Co., Ltd
Poh Huat Vietnam JSC
Woodworth Wooden
(Vietnam) Co., Ltd
Timber Industries Co., Ltd.
Top 10 wood industry enterprises with the largest revenue, 2018
4. Enterprise analysis
4.1. Enterprise introduction
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• The list of the top 10 enterprises in wood industry in 2018 has almost no change compared to 2017, most of the wood enterprises in the group with
the highest revenue are FDI enterprises from Taiwan, China, Malaysia
Billion
VND
Source: VIRAC
4. Enterprise analysis
4.2. Financial analysis
Profit, 2017 - 2018
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• An Cuong Wood Joint Stock Company is the only Vietnamese enterprise in the top of wood enterprises with the highest revenue in 2018, this year, the
company's revenue increased by x% and is the business with the strongest increase in net revenue in the year. 2018, reaching the 3rd position in the
top business.
4. Enterprise analysis
4.2. Financial analysis
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• In general, selling expenses/net revenue of top wood enterprises in 2017 and 2018 did not change and remained at x%.
Source: VIRAC
4. Enterprise analysis
4.2. Financial analysis
Selling expenses, 2017 - 2018
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• The majority of businesses in the group have average administrative expenses/net revenue, except Rochdale Spears, which has the highest ratio of
general and administration expenses (reached x% in 2017 and x% in 2018) however, it has decreased slightly over the years due to the increase in net sales
thanks to a positive export to the UK market.
Source: VIRAC
4. Enterprise analysis
4.2. Financial analysis
Administrative expenses, 2017 - 2018
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• Due to business characteristics, the wood industry has a relatively high average number of inventory days on average of 87 days in 2018. In general, the
average inventory days of the whole wood industry in 2018 increased by about 8 days compared to 2017 Because most businesses expand production capacity,
the value of inventories is high, but still within acceptable levels.
Source: VIRAC
Days
4. Enterprise analysis
4.2. Financial analysis
Days in inventory, 2017-2018
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• Shing Mark Vina is the enterprise with the highest average collection period, reaching x days in 2018
Source: VIRAC
Days
4. Enterprise analysis
4.2. Financial analysis
Days of sales outstanding, 2017 - 2018
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• Most of the companies in the industry have a high self-financing rate because they are FDI enterprises with a healthy and stable financial situation,
except Woodworth Wooden Vietnam and Rochdale Spears, which have two billion companies. lowest self-financing rate.
Source: VIRAC
4. Enterprise analysis
4.2. Financial analysis
Self-financing ratio, 2017 - 2018
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• Current solvency of most enterprises in the group is ensured due to reasonable structure of assets and financing structure of enterprises when
short-term assets are mainly in the form of inventories and receivables and sponsored are mainly from short-term sources (payable to suppliers and short-
term loans).
Source: VIRAC
4. Enterprise analysis
4.2. Financial analysis
Solvency, 2017 - 2018
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4. Enterprise analysis
4.2. Financial analysis
• In 2017, Nitori Vietnam is the best performer in the analyzed group with the highest ROA and ROE in 2017 because after-tax profit increased
significantly compared to 2016 (up x%) in when total assets increased by only x% and equity increased by only x%
Source: VIRAC
Profit margin, 2017 - 2018
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APPENDIX
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Appendix
Financial statement - Wanek furniture Co., LTD
BALANCE SHEETS
Unit: VND 2017 2018
A. CURRENT ASSETS 3,651,100,748,121 4,378,313,084,993
I. Cash and cash equivalents 795,474,559,524 412,650,186,295
II. Short-term financial investments 1,000,000,000 1,000,000,000
III. Short-term receivables 1,280,417,936,751 1,478,664,998,847
1. Receivables from customers 1,042,117,695,989 1,455,052,546,634
IV. Inventories 1,479,782,666,894 2,176,852,231,885
B. LONG-TERM ASSETS 836,579,966,062 783,664,224,046
I. Long-term receivables 54,855,546,039 11,130,139,070
II. Fixed assets 657,161,904,516 587,346,365,573
TOTAL ASSETS 4,487,680,714,183 5,161,977,309,039
A. LIABILITIES 1,495,650,085,558 3,232,660,919,597
I. Current liabilities 1,495,586,338,043 3,232,597,172,082
1. Borrowings and short-term financial leased
liabilities- -
2. Taxes and other payables to the State budget 296,697,230 35,553,289,595
II. Long-term liabilities 63,747,515 63,747,515
1. Borrowings and long-term financial leased
liabilities- -
2. Provision for long-term payables 63,747,515 63,747,515
B. OWNER’S EQUITY 2,992,030,628,625 1,929,316,389,442
I. Owner's equity 2,992,030,628,625 1,929,316,389,442
II. Other funding sources - -
TOTAL CAPITAL RESOURCES 4,487,680,714,183 5,161,977,309,039
INCOME STATEMENT
Unit: VND 2017 2018
Net revenue of goods sold and services provided 11,625,263,507,443 13,659,407,533,976
Cost of goods sold and services provided 10,370,638,541,128 12,174,363,501,200
Gross profit of goods sold and services provided 1,254,624,966,315 1,485,044,032,776
Revenue of financial activities 36,602,001,716 78,203,406,395
Financial expenses 13,239,085,525 31,524,307,000
Interest expenses - -
Selling expenses 329,238,433,982 417,328,699,535
Administrative expenses 159,141,001,196 168,071,157,297
Net profit of business activities 789,608,447,328 946,323,275,339
Total accounting profit before tax 805,937,234,382 954,452,557,357
Current corporate income tax expenses 120,144,049,159 168,691,747,921
Deferred corporate income tax expenses 4,615,314,606 -4,024,951,381
Profit after tax 681,177,870,617 789,785,760,817
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash flow from business activities
Net cash flow from business activities 432,885,806,005 283,229,547,807
II. Cash flow from investing activities
Net cash flow from investing activities -290,986,176,191 175,293,929,274
III. Cash flow from financial activities
Net cash flow from financing activities - -846,580,000,000
Net cash flow of the year 141,899,629,814 -388,056,522,919
Cash and cash equivalents at beginning of the financial
period653,250,156,999 795,474,559,524
Cash and cash equivalents at the end of the financial
period795,474,559,524 412,650,186,295
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Financial statement - Nitori Vietnam Processing Enterprise
BALANCE SHEETS
Unit: VND 2017 2018
A. CURRENT ASSETS 2,248,294,170,494 2,437,228,259,998
I. Cash and cash equivalents 1,141,542,265,904 1,379,432,891,979
II. Short-term financial investments - -
III. Short-term receivables 566,936,801,056 488,516,129,134
1. Receivables from customers 530,242,636,659 479,564,505,325
IV. Inventories 539,815,103,534 569,279,238,885
B. LONG-TERM ASSETS 538,177,133,873 443,189,759,419
I. Long-term receivables 1,410,000,000 1,582,000,000
II. Fixed assets 494,621,969,758 400,213,653,967
TOTAL ASSETS 2,786,471,304,367 2,880,418,019,417
A. LIABILITIES 370,917,382,885 331,660,190,196
I. Current liabilities 370,917,382,885 330,686,706,268
1. Borrowings and short-term financial leased
liabilities- -
2. Taxes and other payables to the State budget 28,944,254,091 17,246,455,116
II. Long-term liabilities - 973,483,928
1. Borrowings and long-term financial leased
liabilities- -
2. Provision for long-term payables - -
B. OWNER’S EQUITY 2,415,553,921,482 2,548,757,829,221
I. Owner's equity 2,415,553,921,482 2,548,757,829,221
II. Other funding sources - -
TOTAL CAPITAL RESOURCES 2,786,471,304,367 2,880,418,019,417
INCOME STATEMENT
Unit: VND 2017 2018
Net revenue of goods sold and services provided 3,786,155,603,323 3,756,251,631,230
Cost of goods sold and services provided 2,599,017,421,846 2,836,041,561,392
Gross profit of goods sold and services provided 1,187,138,181,477 920,210,069,838
Revenue of financial activities 21,525,842,977 45,633,880,188
Financial expenses 13,844,941,503 4,685,738,826
Interest expenses - -
Selling expenses 123,107,413,722 122,017,599,990
Administrative expenses 113,475,115,977 127,115,904,101
Net profit of business activities 958,236,553,252 712,024,707,109
Total accounting profit before tax 958,550,163,577 712,074,356,079
Current corporate income tax expenses 100,523,738,388 66,889,637,217
Deferred corporate income tax expenses -3,515,327,195 4,488,811,123
Profit after tax 861,541,752,384 640,695,907,739
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash flow from business activities
Net cash flow from business activities 824,964,515,701 756,580,145,031
II. Cash flow from investing activities
Net cash flow from investing activities -60,874,176,219 -24,771,545,773
III. Cash flow from financial activities
Net cash flow from financing activities -701,530,000,000 -507,492,000,000
Net cash flow of the year 62,560,339,482 224,316,599,258
Cash and cash equivalents at beginning of the financial
period1,085,086,408,587 1,141,542,265,904
Cash and cash equivalents at the end of the financial
period1,141,542,265,904 1,379,432,891,979
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Financial statement - An Cuong Wood JSC
BALANCE SHEETS
Unit: VND 2017 2018
A. CURRENT ASSETS 2,012,199,435,502 2,267,958,718,466
I. Cash and cash equivalents 65,882,673,325 11,916,458,195
II. Short-term financial investments 495,000,000,000 476,000,000,000
III. Short-term receivables 534,751,959,463 598,832,705,151
1. Receivables from customers 389,847,230,847 501,880,098,096
IV. Inventories 902,346,181,724 1,155,968,166,074
B. LONG-TERM ASSETS 692,775,550,454 1,114,416,883,782
I. Long-term receivables - -
II. Fixed assets 341,461,686,725 334,862,814,566
TOTAL ASSETS 2,704,974,985,956 3,382,375,602,248
A. LIABILITIES 680,931,571,174 902,986,188,664
I. Current liabilities 680,931,571,174 902,986,188,664
1. Borrowings and short-term financial leased
liabilities95,910,040,002 327,095,813,104
2. Taxes and other payables to the State budget 25,296,670,966 59,201,120,787
II. Long-term liabilities - -
1. Borrowings and long-term financial leased
liabilities- -
2. Provision for long-term payables - -
B. OWNER’S EQUITY 2,024,043,414,782 2,479,389,413,584
I. Owner's equity 2,024,043,414,782 2,479,389,413,584
II. Other funding sources - -
TOTAL CAPITAL RESOURCES 2,704,974,985,956 3,382,375,602,248
INCOME STATEMENT
Unit: VND 2017 2018
Net revenue of goods sold and services provided 3,004,499,941,312 3,672,634,778,990
Cost of goods sold and services provided 2,061,512,585,541 2,662,034,904,039
Gross profit of goods sold and services provided 942,987,355,771 1,010,599,874,951
Revenue of financial activities 31,553,261,948 38,376,511,375
Financial expenses 8,958,119,131 17,054,258,786
Interest expenses 5,630,872,220 12,768,176,277
Selling expenses 263,303,106,540 345,280,819,075
Administrative expenses 88,237,783,587 83,586,111,599
Net profit of business activities 614,041,608,461 603,055,196,866
Total accounting profit before tax 617,245,952,123 612,951,407,986
Current corporate income tax expenses 137,416,301,837 135,607,903,367
Deferred corporate income tax expenses - -290,272,008
Profit after tax 479,829,650,286 477,633,776,627
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash flow from business activities
Net cash flow from business activities 201,387,616,157 58,471,305,142
II. Cash flow from investing activities
Net cash flow from investing activities -386,667,875,952 -356,845,206,167
III. Cash flow from financial activities
Net cash flow from financing activities 242,294,764,804 244,408,903,102
Net cash flow of the year 57,014,505,009 -53,964,997,923
Cash and cash equivalents at beginning of the financial
period8,882,249,164 65,882,672,725
Cash and cash equivalents at the end of the financial
period65,882,672,725 11,916,457,595
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Appendix
Financial statement - Shing Mark Vina Co., Ltd.
BALANCE SHEETS
Unit: VND 2017 2018
A. CURRENT ASSETS 2,070,619,190,679 2,779,696,780,764
I. Cash and cash equivalents 41,090,828,774 22,652,732,945
II. Short-term financial investments 600,000,000 256,600,000,000
III. Short-term receivables 842,955,802,659 1,268,660,273,621
1. Receivables from customers 754,161,495,509 1,211,568,558,057
IV. Inventories 1,132,003,199,144 1,199,402,388,340
B. LONG-TERM ASSETS 3,548,069,844,413 3,660,043,612,723
I. Long-term receivables - -
II. Fixed assets 1,205,671,123,452 1,222,634,245,218
TOTAL ASSETS 5,618,689,035,092 6,439,740,393,487
A. LIABILITIES 820,854,045,411 1,034,741,886,299
I. Current liabilities 820,854,045,411 1,034,741,886,299
1. Borrowings and short-term financial leased
liabilities129,678,138,295 252,975,000,737
2. Taxes and other payables to the State budget 728,698,359 2,013,375,200
II. Long-term liabilities - -
1. Borrowings and long-term financial leased
liabilities- -
2. Provision for long-term payables - -
B. OWNER’S EQUITY 4,797,834,989,681 5,404,998,507,188
I. Owner's equity 4,797,834,989,681 5,404,998,507,188
II. Other funding sources - -
TOTAL CAPITAL RESOURCES 5,618,689,035,092 6,439,740,393,487
INCOME STATEMENT
Unit: VND 2017 2018
Net revenue of goods sold and services provided 3,146,654,710,733 3,340,734,306,972
Cost of goods sold and services provided 2,936,087,437,014 3,117,251,994,161
Gross profit of goods sold and services provided 210,567,273,719 223,482,312,811
Revenue of financial activities 16,558,827,990 35,090,375,570
Financial expenses 14,879,927,379 22,957,074,036
Interest expenses 2,664,795,210 4,467,368,627
Selling expenses 84,832,342,607 80,844,165,826
Administrative expenses 32,658,199,744 32,257,400,198
Net profit of business activities 94,755,631,979 122,514,048,321
Total accounting profit before tax 94,093,143,159 124,746,470,282
Current corporate income tax expenses 22,380,551,499 25,541,452,775
Deferred corporate income tax expenses - -
Profit after tax 71,712,591,660 99,205,017,507
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash flow from business activities
Net cash flow from business activities - -122,505,671,792
II. Cash flow from investing activities
Net cash flow from investing activities - -526,264,541,533
III. Cash flow from financial activities
Net cash flow from financing activities - 631,255,362,442
Net cash flow of the year - -17,514,850,883
Cash and cash equivalents at beginning of the financial
period- 41,090,828,774
Cash and cash equivalents at the end of the financial
period- 22,652,732,945
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Financial statement - VRG Dongwha MDF JSC
BALANCE SHEETS
Unit: VND 2017 2018
A. CURRENT ASSETS 774,131,913,849 821,948,887,449
I. Cash and cash equivalents 299,318,520,117 251,854,350,234
II. Short-term financial investments 7,000,000,000 195,000,000,000
III. Short-term receivables 121,015,224,464 75,865,832,576
1. Receivables from customers 51,604,374,151 46,993,582,057
IV. Inventories 337,188,299,470 290,213,918,782
B. LONG-TERM ASSETS 3,097,991,338,949 2,935,779,853,353
I. Long-term receivables 10,375,205,260 11,040,668,599
II. Fixed assets 2,946,610,617,984 2,787,729,804,203
TOTAL ASSETS 3,872,123,252,798 3,757,728,740,802
A. LIABILITIES 935,767,965,444 706,628,062,565
I. Current liabilities 564,042,509,921 706,598,917,565
1. Borrowings and short-term financial leased
liabilities212,397,899,904 395,114,000,000
2. Taxes and other payables to the State budget 28,501,075,240 22,653,769,382
II. Long-term liabilities 371,725,455,523 29,145,000
1. Borrowings and long-term financial leased
liabilities371,696,310,523 -
2. Provision for long-term payables 29,145,000 29,145,000
B. OWNER’S EQUITY 2,936,355,287,354 3,051,100,678,237
I. Owner's equity 2,936,355,287,354 3,051,100,678,237
II. Other funding sources - -
TOTAL CAPITAL RESOURCES 3,872,123,252,798 3,757,728,740,802
INCOME STATEMENT
Unit: VND 2017 2018
Net revenue of goods sold and services provided 2,785,328,926,174 3,290,955,890,569
Cost of goods sold and services provided 1,955,891,081,744 2,485,760,212,830
Gross profit of goods sold and services provided 829,437,844,430 805,195,677,739
Revenue of financial activities 11,517,398,176 17,048,928,953
Financial expenses 24,672,047,909 45,851,376,342
Interest expenses 16,886,230,643 21,683,261,610
Selling expenses 163,199,755,422 182,996,066,051
Administrative expenses 90,323,838,890 78,815,091,621
Net profit of business activities 562,759,600,385 514,582,072,678
Total accounting profit before tax 560,670,480,727 498,334,742,612
Current corporate income tax expenses 44,755,781,052 33,589,351,729
Deferred corporate income tax expenses - -
Profit after tax 515,914,699,675 464,745,390,883
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash flow from business activities
Net cash flow from business activities 598,223,680,605 728,074,485,641
II. Cash flow from investing activities
Net cash flow from investing activities -311,735,918,227 -246,275,027,092
III. Cash flow from financial activities
Net cash flow from financing activities -434,356,649,207 -528,856,847,750
Net cash flow of the year -147,868,886,829 -47,057,389,201
Cash and cash equivalents at beginning of the financial
period450,545,172,994 299,318,520,117
Cash and cash equivalents at the end of the financial
period299,318,520,117 251,854,350,234
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Appendix
Financial statement - Rochdale Spears Co., Ltd.
BALANCE SHEETS
Unit: VND 2017 2018
A. CURRENT ASSETS 910,787,987,485 994,004,379,327
I. Cash and cash equivalents 88,996,748,687 60,692,453,663
II. Short-term financial investments - -
III. Short-term receivables 316,166,305,962 385,132,189,657
1. Receivables from customers 285,738,440,815 347,243,895,585
IV. Inventories 459,313,471,534 513,967,747,751
B. LONG-TERM ASSETS 265,644,415,781 242,975,879,190
I. Long-term receivables 54,277,862,190 56,781,062,190
II. Fixed assets 175,915,224,098 153,241,633,755
TOTAL ASSETS 1,176,432,403,266 1,236,980,258,517
A. LIABILITIES 788,339,575,296 799,118,081,887
I. Current liabilities 757,774,375,296 777,430,055,210
1. Borrowings and short-term financial leased
liabilities342,074,868,025 340,905,813,187
2. Taxes and other payables to the State budget 13,054,170,960 -4,501,219,554
II. Long-term liabilities 30,565,200,000 21,688,026,677
1. Borrowings and long-term financial leased
liabilities30,565,200,000 21,688,026,677
2. Provision for long-term payables - -
B. OWNER’S EQUITY 388,092,827,970 437,862,176,630
I. Owner's equity 388,092,827,970 437,862,176,630
II. Other funding sources - -
TOTAL CAPITAL RESOURCES 1,176,432,403,266 1,236,980,258,517
INCOME STATEMENT
Unit: VND 2017 2018
Net revenue of goods sold and services provided 1,924,622,693,706 2,126,882,244,226
Cost of goods sold and services provided 1,656,585,575,161 1,853,349,210,833
Gross profit of goods sold and services provided 268,037,118,545 273,533,033,393
Revenue of financial activities 6,097,284,052 10,075,982,522
Financial expenses 21,044,186,469 22,825,601,382
Interest expenses 12,996,106,425 12,725,606,057
Selling expenses 45,559,749,157 40,908,604,181
Administrative expenses 162,818,971,902 164,961,062,652
Net profit of business activities 44,711,495,069 54,913,747,700
Total accounting profit before tax 35,239,070,190 58,849,805,234
Current corporate income tax expenses 12,199,684,707 18,417,553,796
Deferred corporate income tax expenses - -9,337,097,222
Profit after tax 23,039,385,483 49,769,348,660
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash flow from business activities
Net cash flow from business activities 109,654,692,827 -6,991,877,935
II. Cash flow from investing activities
Net cash flow from investing activities -45,615,140,452 -4,687,070,180
III. Cash flow from financial activities
Net cash flow from financing activities 16,233,838,069 -9,645,798,854
Net cash flow of the year 80,273,390,444 -21,324,746,969
Cash and cash equivalents at beginning of the financial
period11,297,082,634 88,996,748,687
Cash and cash equivalents at the end of the financial
period88,996,748,687 60,692,453,663
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Appendix
Financial statement - San Lim Furniture Vietnam Co., Ltd
BALANCE SHEETS
Unit: VND 2017 2018
A. CURRENT ASSETS 665,562,130,241 672,232,887,174
I. Cash and cash equivalents 115,520,996,386 40,265,745,192
II. Short-term financial investments 1,200,000,000 1,200,000,000
III. Short-term receivables 170,048,228,332 210,579,025,321
1. Receivables from customers 134,345,331,407 157,938,667,376
IV. Inventories 359,051,103,922 393,476,126,830
B. LONG-TERM ASSETS 837,222,295,398 987,738,444,215
I. Long-term receivables 474,314,905 474,314,905
II. Fixed assets 780,633,252,225 748,668,265,318
TOTAL ASSETS 1,502,784,425,639 1,659,971,331,389
A. LIABILITIES 540,450,102,413 624,701,497,885
I. Current liabilities 401,266,876,288 534,001,021,973
1. Borrowings and short-term financial leased
liabilities210,916,077,546 292,600,366,664
2. Taxes and other payables to the State budget 208,081,522 262,536,476
II. Long-term liabilities 139,183,226,125 90,700,475,912
1. Borrowings and long-term financial leased
liabilities138,933,226,125 90,450,475,912
2. Provision for long-term payables - -
B. OWNER’S EQUITY 962,334,323,226 1,035,269,833,504
I. Owner's equity 962,334,323,226 1,035,269,833,504
II. Other funding sources - -
TOTAL CAPITAL RESOURCES 1,502,784,425,639 1,659,971,331,389
INCOME STATEMENT
Unit: VND 2017 2018
Net revenue of goods sold and services provided 2,393,202,590,993 2,102,422,189,231
Cost of goods sold and services provided 1,934,490,135,063 1,877,836,249,478
Gross profit of goods sold and services provided 458,712,455,930 224,585,939,753
Revenue of financial activities 4,195,128,164 6,002,352,245
Financial expenses 19,795,281,722 23,832,125,618
Interest expenses 13,999,334,685 13,076,972,270
Selling expenses 56,918,013,669 52,935,551,835
Administrative expenses 59,368,417,524 63,101,605,881
Net profit of business activities 326,825,871,179 90,719,008,664
Total accounting profit before tax 323,810,832,864 88,133,773,631
Current corporate income tax expenses 49,107,689,175 15,039,934,793
Deferred corporate income tax expenses -77,671,949 158,328,560
Profit after tax 274,780,815,638 72,935,510,278
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash flow from business activities
Net cash flow from business activities 308,099,328,380 161,105,031,613
II. Cash flow from investing activities
Net cash flow from investing activities -175,123,969,176 -267,852,053,948
III. Cash flow from financial activities
Net cash flow from financing activities -114,297,736,714 31,076,296,874
Net cash flow of the year 18,677,622,490 -75,670,725,461
Cash and cash equivalents at beginning of the financial
period98,145,365,837 115,520,996,386
Cash and cash equivalents at the end of the financial
period115,520,996,386 40,265,745,192
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Appendix
Financial statement - Poh Huat Vietnam JSC
BALANCE SHEETS
Unit: VND 2017 2018
A. CURRENT ASSETS 782,559,297,769 827,403,937,515
I. Cash and cash equivalents 250,665,320,982 184,436,866,485
II. Short-term financial investments 23,613,746,296 25,148,639,805
III. Short-term receivables 149,047,255,306 196,740,483,167
1. Receivables from customers 120,070,168,369 149,245,139,183
IV. Inventories 317,681,002,201 375,312,166,462
B. LONG-TERM ASSETS 353,209,691,765 364,685,437,822
I. Long-term receivables 120,000,000 120,000,000
II. Fixed assets 318,373,212,472 336,471,573,652
TOTAL ASSETS 1,135,768,989,534 1,192,089,375,337
A. LIABILITIES 539,330,390,093 466,081,779,329
I. Current liabilities 539,330,390,093 466,081,779,329
1. Borrowings and short-term financial leased
liabilities188,392,242,956 101,650,332,001
2. Taxes and other payables to the State budget 3,046,596,192 3,198,008,328
II. Long-term liabilities - -
1. Borrowings and long-term financial leased
liabilities- -
2. Provision for long-term payables - -
B. OWNER’S EQUITY 596,438,599,441 726,007,596,008
I. Owner's equity 596,438,599,441 726,007,596,008
II. Other funding sources - -
TOTAL CAPITAL RESOURCES 1,135,768,989,534 1,192,089,375,337
INCOME STATEMENT
Unit: VND 2017 2018
Net revenue of goods sold and services provided 1,925,755,518,794 2,034,676,515,767
Cost of goods sold and services provided 1,627,817,298,229 1,748,829,772,591
Gross profit of goods sold and services provided 297,938,220,565 285,846,743,176
Revenue of financial activities 4,663,569,483 7,496,171,477
Financial expenses 12,830,045,081 8,421,482,953
Interest expenses 3,857,640,847 3,571,769,769
Selling expenses 71,670,810,360 70,548,323,716
Administrative expenses 62,949,673,860 59,436,845,169
Net profit of business activities 155,151,260,747 154,936,262,815
Total accounting profit before tax 158,376,872,275 154,592,094,521
Current corporate income tax expenses 25,263,833,772 25,204,261,175
Deferred corporate income tax expenses 177,405,139 -181,163,220
Profit after tax 132,935,633,364 129,568,996,566
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash flow from business activities
Net cash flow from business activities 185,500,644,139 115,526,453,855
II. Cash flow from investing activities
Net cash flow from investing activities -44,451,075,074 -37,654,555,622
III. Cash flow from financial activities
Net cash flow from financing activities -104,479,313,269 -143,522,806,122
Net cash flow of the year 36,570,255,796 -65,650,907,889
Cash and cash equivalents at beginning of the financial
period214,014,793,193 250,665,320,982
Cash and cash equivalents at the end of the financial
period250,665,320,981 184,436,866,484
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Appendix
Financial statement - Woodworth Wooden (Vietnam) Co., Ltd
BALANCE SHEETS
Unit: VND 2017 2018
A. CURRENT ASSETS 636,544,492,495 834,872,929,209
I. Cash and cash equivalents 40,128,032,647 116,175,705,584
II. Short-term financial investments - -
III. Short-term receivables 79,885,640,527 152,203,209,528
1. Receivables from customers 74,014,386,971 145,029,783,400
IV. Inventories 497,878,477,136 550,182,709,664
B. LONG-TERM ASSETS 251,830,118,092 237,887,480,789
I. Long-term receivables - -
II. Fixed assets 247,924,444,597 225,242,895,555
TOTAL ASSETS 888,374,610,587 1,072,760,409,998
A. LIABILITIES 602,920,554,837 748,779,907,286
I. Current liabilities 511,940,554,837 679,059,907,286
1. Borrowings and short-term financial leased
liabilities22,745,000,000 23,240,000,000
2. Taxes and other payables to the State budget 325,014,788 9,208,953,360
II. Long-term liabilities 90,980,000,000 69,720,000,000
1. Borrowings and long-term financial leased
liabilities90,980,000,000 69,720,000,000
2. Provision for long-term payables - -
B. OWNER’S EQUITY 285,454,055,750 323,980,502,712
I. Owner's equity 285,454,055,750 323,980,502,712
II. Other funding sources - -
TOTAL CAPITAL RESOURCES 888,374,610,587 1,072,760,409,998
INCOME STATEMENT
Unit: VND 2017 2018
Net revenue of goods sold and services provided 1,978,786,411,086 1,982,548,750,467
Cost of goods sold and services provided 1,843,812,332,078 1,839,943,386,118
Gross profit of goods sold and services provided 134,974,079,008 142,605,364,349
Revenue of financial activities 5,725,318,719 6,532,819,987
Financial expenses 5,390,705,420 12,940,366,830
Interest expenses 4,538,295,000 4,139,327,750
Selling expenses 46,308,307,079 50,163,321,731
Administrative expenses 37,961,654,121 37,983,559,738
Net profit of business activities 51,038,731,107 48,050,936,037
Total accounting profit before tax 50,779,324,473 48,441,915,279
Current corporate income tax expenses 10,337,089,093 10,080,616,383
Deferred corporate income tax expenses -12,078,569 -165,148,066
Profit after tax 40,454,313,949 38,526,446,962
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash flow from business activities
Net cash flow from business activities 195,038,840,556 111,783,720,748
II. Cash flow from investing activities
Net cash flow from investing activities -21,537,116,396 -12,786,836,685
III. Cash flow from financial activities
Net cash flow from financing activities -159,267,804,204 -22,718,000,000
Net cash flow of the year 14,233,919,956 76,278,884,063
Cash and cash equivalents at beginning of the financial
period25,903,888,181 40,128,032,647
Cash and cash equivalents at the end of the financial
period40,128,032,647 116,175,705,584
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Appendix
Financial statement - Timber Industries Co., Ltd.
BALANCE SHEETS
Unit: VND 2017 2018
A. CURRENT ASSETS 416,391,615,170 440,485,884,569
I. Cash and cash equivalents 27,902,676,255 42,935,559,672
II. Short-term financial investments 34,451,947,900 16,205,000,000
III. Short-term receivables 81,282,980,667 78,553,080,276
1. Receivables from customers 74,551,098,326 77,115,099,963
IV. Inventories 258,550,268,726 294,646,433,004
B. LONG-TERM ASSETS 226,465,567,067 213,653,939,961
I. Long-term receivables - -
II. Fixed assets 226,465,567,067 213,653,939,961
TOTAL ASSETS 642,857,182,237 654,139,824,530
A. LIABILITIES 263,792,082,954 255,391,027,375
I. Current liabilities 263,792,082,954 255,391,027,375
1. Borrowings and short-term financial leased
liabilities39,547,151,411 34,649,191,500
2. Taxes and other payables to the State budget 2,455,754,663 2,114,443,595
II. Long-term liabilities - -
1. Borrowings and long-term financial leased
liabilities- -
2. Provision for long-term payables - -
B. OWNER’S EQUITY 379,065,099,283 398,748,797,155
I. Owner's equity 379,065,099,283 398,748,797,155
II. Other funding sources - -
TOTAL CAPITAL RESOURCES 642,857,182,237 654,139,824,530
INCOME STATEMENT
Unit: VND 2017 2018
Net revenue of goods sold and services provided 1,774,419,794,902 1,519,080,459,185
Cost of goods sold and services provided 1,607,764,385,333 1,405,995,215,117
Gross profit of goods sold and services provided 166,655,409,569 113,085,244,068
Revenue of financial activities 7,030,150,562 4,847,051,651
Financial expenses 2,045,858,638 1,697,658,077
Interest expenses 842,792,370 986,006,956
Selling expenses 43,288,866,604 37,383,818,231
Administrative expenses 57,109,102,726 62,238,847,442
Net profit of business activities 71,241,732,163 16,611,971,969
Total accounting profit before tax 71,248,142,729 16,407,064,587
Current corporate income tax expenses 14,486,998,961 4,140,124,958
Deferred corporate income tax expenses - -
Profit after tax 56,761,143,768 12,266,939,629
CASH FLOW STATEMENT
Unit: VND 2017 2018
I. Cash flow from business activities
Net cash flow from business activities 56,712,372,795 1,560,437,989
II. Cash flow from investing activities
Net cash flow from investing activities -14,875,993,678 18,140,867,865
III. Cash flow from financial activities
Net cash flow from financing activities -118,882,486,839 -4,660,350,512
Net cash flow of the year -77,046,107,722 15,040,955,342
Cash and cash equivalents at beginning of the financial
period104,962,283,764 27,902,676,255
Cash and cash equivalents at the end of the financial
period27,902,676,254 42,935,559,672
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87
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