VIETNAM CONSTRUCTION AND INSTALLATION INDUSTRY … · Trade issued Circular 30/2015/TT-BCT On...
Transcript of VIETNAM CONSTRUCTION AND INSTALLATION INDUSTRY … · Trade issued Circular 30/2015/TT-BCT On...
VIETNAM CONSTRUCTION AND INSTALLATION INDUSTRY
REPORT Q2/2018
1
Abbreviations 3
Executive summary 4
1. Business environment 6
1.1 Macroeconomic situation 6
1.2 Legal framework 12
1.3 Impact of trade agreements 20
2. Global market 23
3. Vietnam market 35
3.1 Definition and classification 35
3.2 Value chain of the industry 37
3.3 Technology 39
3.3.1 Technology in Electrical installation 40
3.3.2Technology in construction and installation of water
supply and drainage systems42
3.4Market size and characteristics of Vietnam
construction and installation market43
3.5 Input factors 48
3.6 Outputs 55
Contents
3.6.1 Electrical installation 56
3.6.2Construction and installation of water supply and
drainage system72
3.6.3 Installation of heating and air-conditioning systems 84
3.6.4 Finishing construction works 86
3.6.5 Other dedicated construction 89
4. Industry risk 92
4.1 Risk analysis 92
4.2 SWOT analysis 95
5. Outlook and forecast 97
5.1 Driving forces of industry development 97
5.2 Industry planning and outlook 102
5.3 Forecast 107
6. Enterprise analysis 110
6.1 Enterprise introduction 110
6.2 Financial analysis 122
7. Appendix of financial statements 131
2
3
MPI Ministry of Planning and Investment MOIT Ministry of Industry and Trade
BMI Business Monitor International SBV State Bank of Vietnam
EVN Vietnam Electricity Corporation VEA Vietnam Environment Administration
ENR Engineering News-Record VIRAC Vietnam Industry Research And Consultancy JSC
FIA Foreign Investment Agency VWSA Vietnam Water Supply and Sewerage Association
GDVC General Department of Vietnam Customs WHO World Health Organization
GSO General Statistics Office WSA World Steel Association
MOC Ministry of Construction
Abbreviations
4
Executive summary
Central America and Asia are the two regions
with the highest proportion of investment
capital for construction of transport
infrastructure in 2017.
On 9/16/2015, the Ministry of Industry and
Trade issued Circular 30/2015/TT-BCT
On 9/29/2017, the Ministry of Construction
issued Circular No. 10/2017/TT-BXD
Increased demand especially in low-end urban
areas has set the goal for the expansion of
power transmission networks to these areas.
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Executive summary
According to a report by the Ministry of
Natural Resources and Environment (VEA), the
demand for clean water in 2015 in grade III
urban areas and above is 120
liters/person/day.
The civil engineering industry faces such
following risks:
Geographic location with many rivers and
streams makes hydropower be a major source
of electricity in the country's total electricity
supply.
In 2016, the top construction companies have
impressive growth.
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Impact of trade agreements
Contents
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1. Business environment
1.1 Macroeconomic situation
Source: VIRAC, GSO
7
Source: VIRAC, GSO
GDP in 2017 was estimated to increase by 6.81% compared to 2016, of which
increasing by 5.15% in Q1; 6.28% in Q2; 7.46% in Q3; 7.65% in Q4.
Construction’s distribution to GDP, 2013 - 2021f
GDP growth, 2011 - 2017
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The proportion of Construction industry contribution to GDP
continuously increased between 2013 and 2016; however, the
growth rate was low
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1. Business environment
1.1 Macroeconomic situation
Source: VIRAC, SBV
Source: VIRAC, GSO
According to statistics, Vietnam has about 40% of road traffic in the
transport system which is of low and very low quality.
VND/USD exchange rate, 2013-2017
Value of construction and infrastructure
million USD
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1. Business environment
1.1 Macroeconomic situation
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Source: VIRAC, FIA
FDI, 2015-2017billion USD
In 2017, FDI experienced a sharp growth
In 2017, foreign investors have invested in 19 industries
Source: VIRAC, FIA
FDI attraction by sector, 2017
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Source: VIRAC, GSO
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1. Business environment
1.1 Macroeconomic situation
Vietnam's population has grown rapidly over the last few
decades..
Million people
The rapid increase in urbanization also entails the need to improve the
quality of infrastructure and public transport, which is one of the factors
contributing to the development of the civil engineering industry.
Urbanization rate, 2010 - 2017
Source: VIRAC, GSOPopulation pyramid, 2016
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1. Business environment
1.1 Macroeconomic situation
Source: VIRAC, MPI
As the demand for capital for development grows, national budgets for this purpose are limited, so the attraction and efficient use of ODA is becoming
increasingly urgent.
Situation of ODA attraction and disbursement, 2010-2018f
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Impact of trade agreements
Contents
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1. Business environment
1.2. Legal framework
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On April 15, 2010, the Ministry of Industry and Trade issued Circular No. 14/2010/TT-BCT
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1. Business environment
1.2. Legal framework
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The method of determining the total cost of capital:
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1. Business environment
1.2. Legal framework
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The Ministry of Industry and Trade issued Circular No. 03/2012/TT-BCT dated January 19, 2012 to amend and supplement some articles of Circular No.
14/2010/TT-BCT on the method of preparation, elaboration, promulgation and management of electricity transmission prices.
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1. Business environment
1.2. Legal framework
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Decree No. 64/2012/ND-CP on construction permit:
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1. Business environment
1.2. Legal framework
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On 9/16/2015, the Ministry of Industry and Trade issued Circular No. 30/2015/TT-BCT stipulating the method of determining the level of expenses for
elaboration, appraisal, announcement, adjustment and management of electricity development planning for provincial-level People's Committees and medium
and small-sized hydropower development plannings.
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1. Business environment
1.2. Legal framework
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New legal framework for PPP:
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1. Business environment
1.2. Legal framework
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On 9/20/2017, the Ministry of Construction issued Decision No. 964/QĐ-BXD on conversion investment costs in construction,
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1. Business environment
1.2. Legal framework
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On 9/29/2017, the Ministry of Construction issued Circular No. 10/2017/TT-BXD on national technical standards on products, goods, construction
materials and guidance on technical regulation conformity certification and conformity announcement.
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1. Business environment
1.2. Legal framework
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On 2/6/2018, the Ministry of Construction issued Circular No. 02/2018/TT-BXD on environment protection regulations in construction and system of
reports on environment protection in Construction industry
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1. Business environment
1.2. Legal framework
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Impact of trade agreements
Contents
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1. Business environment
1.3. Impact of trade agreements
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1995 1998
2000
2002
2006
2007
2008
2009
2011 2015
Vietnam's integration process, 1995 - present
By the end of the 1st quarter ò 2018, Vietnam has signed, implemented, and has been negotiating a total of 17 free trade agreements (FTAs). Accession to
international trade agreements brings both opportunities and challenges for domestic firms.
2016
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1. Business environment
1.3. Impact of trade agreements
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Formation of ASEAN Economic Community (AEC):
Vietnam’s parcitipation in total 15 free trade agreements (FTA),
RCEP agreement (ASEAN+6):
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Contents
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2. Global market
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Source: VIRAC, PwC
2. Global market
Proportion of civil engineering investment in each region by type of works, 2017e
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2. Global market
billion USD
Source: VIRAC, Preqin
Source: VIRAC, Preqin Source: VIRAC, Preqin
Quantities and value of investment in new energy projects, 2009-2016
Share of new energy projects by region, 2009-2016Share of new energy projects by type,2009-2016
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2. Global market
Input factors
In 2016, steel production in almost all countries decreased compared to
2015.
Source: VIRAC, WSA
Million tons
Million tons
Source: VIRAC, WSA
World's top 10 largest steel companies, 2016
World's top 10 largest steel producing countries, 2016
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2. Global market
Input factors
Million tons
China is the world leader in cement production, accounting for more than 50%
of global cement production. Followed by India, USA, etc.
Million tons
Source: Global Cement
Source: Global CementWorld's top 10 largest cement companies, 2015
World's top 10 largest cement producing countries, 2017
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billion USD
billion USD
Source: VIRAC, ENR
Source: VIRAC, ENR
2. Global market
Typical enterprises
Top 10 international bidders having the largest turnover, 2015
Top 10 domestic bidders having the largest turnover, 2015
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2. Global market
Typical projects
No Project Location Contractor Completion year Capacity
(MW)
Typical electrical installation projects
Source: VIRAC
No Project Location Contractor Completion
year
Capacity
Typical water-main and sewerage installation projects
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Source: VIRAC, ENR
No Company CountryTotal revenue
(billion USD)
International revenue
(billion USD)
World’s top 10 biggest building contractors, 2016
2. Global market
Typical enterprises
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2. Global market
Top 10 countries with the best infrastructure in the world in 2016 – World Economic Forum
Rank
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2. Global market
Top 10 countries with the best infrastructure in the world in 2016 – World Economic Forum
Rank
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2. Global market
Top 10 countries with the best infrastructure in the world in 2016 – World Economic Forum
Rank
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2. Global market
Top 10 countries with the best infrastructure in the world in 2016 – World Economic Forum
Rank
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3. Vietnam market
3.1 Definition and classification
3.2 Technology
3.3 Value chain of the industry
3.4Market size and characteristics of Vietnam construction and
installation market
3.5 Input factors
3.6 Output of construction and installation industry
Contents
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3. Vietnam market
3.1 Definition and classification
Construction and installation works
Bidding on construction and installation works
Classification:
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Contents
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3. Vietnam market
3.1 Definition and classification
3.2 Value chain of the industry
3.3 Technology
3.4Market size and characteristics of Vietnam construction and
installation market
3.5 Input factors
3.6 Output of construction and installation industry
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3. Vietnam market
3.2 Value chain of the industry
Value chain of construction and installation industry
Source: VIRAC
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Contents
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3. Vietnam market
3.1 Definition and classification
3.2 Value chain of the industry
3.3 Technology
3.4Market size and characteristics of Vietnam construction and
installation market
3.5 Input factors
3.6 Output of construction and installation industry
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3. Vietnam market
3.3 Technology - 3.3.1 Technology in Electrical installation
Types of substations used in electrical installtions
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3. Vietnam market
3.3 Technology - 3.3.1 Technology in Electrical installation
MACHINES USED IN ELECTRICAL INSTALLTIONS
Source: VIRAC
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system
Construction of waste water drainage system using vacuum technology Advantages:
Source: VIRAC
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system – Water waste treatment technology
1. Aerotank
2. UASB Tank Content is intentionally removed for demo purpose
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system – Water waste treatment technology
3. AAO treatment technology
Water waste treatment technology AAO
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system – Water waste treatment technology
4. Water waste treatment technology AO
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system – Water waste treatment technology
5. Water waste treatment technology MBBR
Water waste treatment technology MBBR
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system – Water waste treatment technology
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system – Water waste treatment technology
6. Membrane Bioreactor Technology MBR
Water waste treatment technology MBRMembrane in Water waste treatment technology MBR
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system – Water waste treatment technology
Features MBR (Membrane Bio-Reactor) MBBR (Moving Bed Biofilm Reactor)
Comparison between MBR and MBBR
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system – Water waste treatment technology
7. Water waste treatment technology SBR (Sequencing batch reactor)
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system – Water waste treatment technology
8. Water waste treatment technology IFAS
Water waste treatment technology IFASWater waste treatment technology IFAS
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system
Urban water waste treatment plants and technology used
No. Plants City/ Province Capacity (m³/day) Technology used Status
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system
Urban water waste treatment plants and technology used
No. Plants City/ Province Capacity (m³/day) Technology used Status
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system
Urban water waste treatment plants and technology used
No. Plants City/ Province Capacity (m³/day) Technology used Status
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system
Urban water waste treatment plants and technology used
No. Plants City/ Province Capacity (m³/day) Technology used Status
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system
Urban water waste treatment plants and technology used
No. Plants City/ Province Capacity (m³/day) Technology used Status
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3. Vietnam market
3.2 Technology - 3.3.2 Technology in Construction and installation of water supply and drainage system
Urban water waste treatment plants and technology used
No. Plants City/ Province Capacity (m³/day) Technology used Status
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Contents
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3. Vietnam market
3.1 Definition and classification
3.2 Value chain of the industry
3.3 Technology
3.4Market size and characteristics of Vietnam construction and
installation market
3.5 Input factors
3.6 Output of construction and installation industry
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3. Vietnam market
3.4 Market size and characteristics of Vietnam construction and installation market
Source: VIRAC, GSO Source: VIRAC, GSO
Along with the general economic development, the requirement of improving the quality of infrastructure as well as the number of enterprises
operating in the construction and installation industry have also increased rapidly over the past years.
Number of employees in the industry, 2010-2016Number of enterprises in the industry, 2010-2016
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Source: VIRAC, GSO
Source: VIRAC, GSO
3. Vietnam market
3.4 Market size and characteristics of Vietnam construction and installation market
The Red River Delta and the South East are two regions having the fastest
growth in number of companies in the construction and installation industry.
Number of enterprises by region, 2011-2016
Enterprise distribution by region, 2016
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Source: VIRAC, GSO
billion VND
Source: VIRAC, GSO
billion VND
3. Vietnam market
3.4 Market size and characteristics of Vietnam construction and installation market
Total investment in construction and installation industry, 2010-2016
Fixed assets invested in construction and installation industry, 2010-
2016
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Source: VIRAC, GSO
Source: VIRAC, GSO
billion VND
billion VND
3. Vietnam market
3.4 Market size and characteristics of Vietnam construction and installation market
Sales of construction and installation industry, 2010-2016
Profit of construction and installation industry, 2010-2016
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3. Vietnam market
3.1 Definition and classification
3.2 Value chain of the industry
3.3 Technology
3.4Market size and characteristics of Vietnam construction and
installation market
3.5 Input factors
3.6 Output of construction and installation industry
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3. Vietnam market
3.5 Input factors – Materials
Steel
Cement
Source: VIRAC, Department of price management
Construction steel prices, 8M/2017
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3. Vietnam market
3.5 Input factors – Materials
Construction machinery
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3. Vietnam market
3.5 Input factors – Machinery
Source: VIRAC, GDVCSource: VIRAC, GDVC
Source: VIRAC, GDVC Source: VIRAC, GDVC
Import share of construction machines by manufacturers, 2017e
Import share of construction machines by country, 2017e Import share of new construction machines by manufacturers, 2017e
Import share of construction machines by type, 2017e
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3. Vietnam market
3.5 Input factors – Labour
Although Vietnam's labor productivity has improved significantly in 2011, it is still low compared to that in other countries in the region.
Source: VIRAC, GSO
Labor productivity in Vietnam, 2006-2016e
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3. Vietnam market
3.5 Input factors – Labour
Labor productivity of each profession in Vietnam, 2015
Labor productivity has not really changed much, still depends on resources, cheap labor. Source: VIRAC, GSO
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3. Vietnam market
3.5 Input factors – Labour
Minimum wage by country. 2014 - 2016While many countries tend to reduce the minimum wage, Vietnam,
Indonesia and China are the three countries having the minimum wage
increase. Remarkably, Vietnam is the country with the highest wage
increase.
Source: VIRAC, GSO
USD
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3. Vietnam market
3.1 Definition and classification
3.2 Value chain of the industry
3.3 Technology
3.4Market size and characteristics of Vietnam construction and
installation market
3.5 Input factors
3.6 Output of construction and installation industry
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Electricity sector overview
At present, the location of power plants is heavily dependent on the
distribution of natural resources, so there is a clear distinction among
regions.
In the future, coal-fired plants will be prioritized.
Distribution of main power plants
Source: VIRAC, EVN
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Electricity sector overview – Production
Source: VIRAC, EVN, GSO, MOIT* Excluding electricity imported from Laos
On domestic power generation:
Total electricity supply, 2010 – 3M/2018eMillion kWh
Source: VIRAC, EVN, MOIT
Commercial electricity, 2012 – 3M/2018e
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The main sources of electricity generation are Hydropower, Gas, and Coal-
fired, accounting for 93.78% of total power generation capacity in 3 first
months of 2018.
Coal-fired power share has increased dramatically due to a number of
major reasons:
Renewable energy has not been widely used for power development,
Production structure of electricity by source of materials, 2012 – 3M/2018e
Source: VIRAC, EVN, MOIT
3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Electricity sector overview – Production
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Electricity sector overview – Consumption
kWh
Source: VIRAC, MOIT
Source: VIRAC, Worldbank
Electricity consumption per capita in Vietnam, 2000-2017e
Electricity consumption structure, Q1/2018
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Electricity sector overview
Source: VIRAC, EVN
The installed capacity of electric generator both increased rapidly and gradually reduced the dependence on imports.
Power plant installed capacity in Vietnam and the CAGR in each period
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Construction and installation process of power transmission line
Electric
field
strength
E (kV/m)
Time
allowed
(minute)
Source: VIRAC, National Electricity Technical Regulation
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Construction and installation process of power transmission line
Construction and installation process of power transmission line
Source: VIRAC, National Electricity Technical Regulation
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Infrastructure for power tranmission
Source: VIRAC, EVN
Length of transmission and distribution grid, 2011 - 2017
(*) Estimated by VIRAC
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Unit 2012 2013 2014 2015 2016 2017
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No Project Length
(km)
Capacity
(MVA)
3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Infrastructure for power tranmission
Source: VIRAC, EVN
Typical national grid upgrading projects put into use in 2017
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No Project Length
(km)
Capacity
(MVA)
3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Infrastructure for power tranmission
Source: VIRAC, EVN
Typical national grid upgrading projects which are expected to put into use in 2018
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Power infrastructure projects
No Project Capacity Owner No Project Capacity Owner
Power infrastructure projects, 2016-2020
Source: VIRAC, EVN
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Market size of electrical installation sector
billion VND
Source: VIRAC, GSO
Source: VIRAC, GSO
Investment capital in Electrical installation, 2010-2016
Number of employees in Electrical installation, 2010-2016
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Market size of electrical installation sector
Source: VIRAC, GSO
Source: VIRAC, GSO
billion VND
billion VNDProfit of electrical installation sector, 2010-2016
Sales of electrical installation sector, 2010-2016
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Market size of electrical installation sector
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No. Enterprise Revenue (2016)
Top enterprises in electrical installation sector having the largest revenue in 2016
88
3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Investment in electricity grids
billion VND
Source: VIRAC, EVN
Infrastructure for power tranmission still has lots of limitations, Total investment in power grid is estimated at VND 824,000 billion from 2016-2030.
Total investment capital in electricity grids, 2011-2030f
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.1 Electrical installation – Typical enterprises
Top enterprises in electrical installation sector having the largest revenue in 2016
No Enterprise Revenue 2016 (VND) No Enterprise Revenue 2016 (VND)
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.2 Construction and installation of water supply and drainage system – Construction process of water
supply and drainage pipeline
Construction process of water supply and drainage pipeline
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.2 Construction and installation of water supply and drainage system – Demand for clean water consumption
Litter/person/day
Source: VIRAC, VEA
Source: VIRAC, VEA
Demand for clean water consumption in Vietnam, 2015-2025f
Proportion of clean water supply in Vietnam, 2015-
2025f
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.2 Construction and installation of water supply and drainage system – Status of management, development of
water supply and drainage
On 12/22/2016, the Prime Minister issued Decision No. 2502/QĐ-TTg adjusting the development direction of urban water supply and industrial parks of
Vietnam until 2025 with a vision to 2050.
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.2 Construction and installation of water supply and drainage system – Current status of wastewater management
Current status of wastewater management in Vietnam, 2013
Source: VIRAC, Worldbank
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.2 Construction and installation of water supply and drainage system – Current status of wastewater management
Most wastewater treatment plants meet all the standards, whether they receive watsewater from general or private drainage system.
Source: VIRAC, World Bank
Capacity of some wastewater treatment plants, 2013
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.2 Construction and installation of water supply and drainage system – Typical projects
Name of plant Capacity
(m³/ngđ)
Techn
ology
Capital source Name of plant Capacity
(m³/ngđ)
Technolo
gy
Capital
source
Typical wastewater treatment plants completed in the period 2013-2016
Source: VIRAC, VWSA
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.2 Construction and installation of water supply and drainage system – Market size of construction and
installation of water supply and drainage system
billion VND
Source: VIRAC, GSO
Source: VIRAC, GSO
Investment capital in this sector has been continuously fluctuated in
recent years.
Investment capital, 2010-2016
Number of employees, 2010-2016
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.2 Construction and installation of water supply and drainage system – Market size of construction and
installation of water supply and drainage system
Source: VIRAC, GSO
Source: VIRAC, GSO
billion VND
billion VND
Profit of water supply and drainage system sector, 2010-2016
Sales of water supply and drainage system sector, 2010-2016
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.2 Construction and installation of water supply and drainage system – Targets
Development targets of wastewater treatment and drainage
Source: VIRAC, WHO, VEA*According to Decision 2502/QD-TTg on adjusting the development orientation of urban water supply and industrial parks of Vietnam up to 2025 with a vision to 2050
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.2 Construction and installation of water supply and drainage system – Investment in construction of water
supply and drainage system
Project Province/city Review point Project Province/city Review point
According to the Priority and Grading Criteria based on Urban Water Supply and Urban Development Orientation in Vietnam by 2025, with a vision of
2050 (adjusted in April 2016), 51 water supply and drainage projects, which have been invested in the period 2016-2030 have the following rating
points
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.2 Construction and installation of water supply and drainage system – Investment in construction of water
supply and drainage system
Project Province/city Review point Project Province/city Review point
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.2 Construction and installation of water supply and drainage system – Investment in construction of water
supply and drainage system
Source: VIRAC, VWSA
Source: VIRAC, VWSA
Capital source for projects on water supply and
drainage,
2016-2020
ODA structure mobilized for projects on water
supply and drainage, 2016-2020
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.3 Installation of heating and air conditioning systems– Market size
billion
VND
Source: VIRAC, GSO
Source: VIRAC, GSO
Investment in installation of heating and air
conditioning systems, 2010-2016
Number of employees in installation of heating and
air conditioning systems, 2010-2016
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.3 Installation of heating and air conditioning systems– Market size
Source: VIRAC, GSO
Source: VIRAC, GSO
billion VND
billion VND
Sales of installation of heating and air conditioning
systems, 2010-2016
Profit of installation of heating and air conditioning
systems, 2010-2016
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No. Enterprise Revenue (2016)
Top enterprises that have the highest revenue in sector of installation of
heating and air conditioning systems, 2016
3. Vietnam market
3.6 Output of construction and installation industry – 3.6.3 Installation of heating and air conditioning systems– Market size
105
3. Vietnam market
3.6 Output of construction and installation industry – 3.6.4 Finishing construction works – Market size
Source: VIRAC, GSO
Source: VIRAC, GSO
Number of enterprises and employees in finishing
construction works, 2010 - 2016
Enterprise distribution in finishing construction
works by region, 2010 - 2016
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.4 Finishing construction works – Market size
Source: VIRAC, GSO
Source: VIRAC, GSO
billion VND
billion VND
Sales and profit of finishing construction works,
2010 - 2016
Investment capital and fixed assets of finishing
construction works, 2010 - 2016
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.4 Finishing construction works
Top 10 enterprises in construction works finishing sector having the largest revenue in 2016
Source: VIRAC
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No. Enterprise Revenue in 2016
(VND)
108
3. Vietnam market
3.6 Output of construction and installation industry – 3.6.5 Other dedicated construction – Market size
Other dedicated construction is the construction of special works
to meet the own purposes of using and exploiting.
Source: VIRAC, GSO
Source: VIRAC, GSO
Number of enterprises and employees in other
dedicated construction sector, 2010 - 2016
Enterprise distribution in other dedicated
construction sector by region, 2010 - 2016
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.5 Other dedicated construction – Market size
Source: VIRAC, GSO
Source: VIRAC, GSO
billion VND
billion VND
Revenue and profit of other dedicated construction
sector, 2010 - 2016
Investment capital and fixed assets of other
dedicated construction sector, 2010 - 2016.
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3. Vietnam market
3.6 Output of construction and installation industry – 3.6.5 Other dedicated construction
Top 10 enterprises in other dedicated construction sector having the largest revenue in 2016
Source: VIRAC
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No. Enterprise Revenue in 2016
(VND)
Contents
111
4. Industry risk
4.1 Risk analysis
4.2 SWOT analysis
112
4. Industry risk
4.1 Risk analysis
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4. Industry risk
4.1 Risk analysis
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Contents
114
4. Industry risk
4.1 Risk analysis
4.2 SWOT analysis
115
4. Industry risk
4.2 SWOT analysis
Strengths
Weaknesses
Opportunities
Threats
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116
5. Outlook and forecast
5.1 Driving forces of industry development
5.2 Industry planning and outlook
5.3 Forecast
117
5. Outlook and forecast
5.1 Driving forces of industry development – Geographic location
Geographic location with many rivers and streams makes hydropower be
a major source of electricity in the country's total electricity supply.
Vietnam
Vietnam
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5. Outlook and forecast
5.1 Driving forces of industry development – Geographic location
Population distribution in Vietnam
Hà Nội
Hoàng Sa
Trường Sa
Nam Định
Đồng NaiHồ Chí Minh
An Giang
Phú Yên
Khánh Hòa
Bắc Ninh
Tiền Giang
Đồng Tháp
Cà Mau
Hải Phòng
Bình Định
Bình Phước
Bến Tre
Thanh Hóa
Cần Thơ
Hưng Yên
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Largest urban area of Vietnam
Estimated in 2017
Rank City Under
Population
(Million
people)
5. Outlook and forecast
5.1 Driving forces of industry development – Advantages from infrastructure and population
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The cost of capital investment for infrastructure development is raised
from public spending and foreign capital.
Structure of investment costs for infrastructure development in GDP, 1995 - 2013
Source: VIRAC, MOT
5. Outlook and forecast
5.1 Driving forces of industry development – Infrastructure
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Contents
121
5. Outlook and forecast
5.1 Driving forces of industry development
5.2 Industry planning and outlook
5.3 Forecast
122
Decree No. 44/2015/ND-CP details some contents of approval on the master plan for development of construction materials in Vietnam up to 2020 and
orientation to 2030.
5. Outlook and forecast
5.2 Industry planning and outlook
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5. Outlook and forecast
5.2 Industry planning and outlook
Decision No. 838/QD-BXD of the Ministry of Construction approving the plan for human resources development in the construction industry in the
period 2011-2020 as follows:
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5. Outlook and forecast
5.2 Industry planning and outlook
Decision No. 428/QD-TTg on approving the adjustment of the National Electricity Development Plan in the period 2011-2020 with a vision to 2030
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Category Unit2011 -
2015
2016 -
2020
2021 -
2025
2026 -
2030
5. Outlook and forecast
5.2 Industry planning and outlook
Source: VIRAC, EVN
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• On October 29, 2014, the Prime Ministry issued the Decision No. 1942/QĐ – TTg on approving Planning of drainage systems and water waste in
residential areas and industrial areas in Dong Nai River basin until 2030
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5. Outlook and forecast
5.2 Industry planning and outlook
127
Capacity (m³/day)
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5. Outlook and forecast
5.2 Industry planning and outlook
128
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5. Outlook and forecast
5.2 Industry planning and outlook
129
Capacity (m³/day)
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5. Outlook and forecast
5.2 Industry planning and outlook
130
• On January 25, 2013, the Prime Ministry issued the Decision No. 228/QĐ – TTg on approving Planning of drainage systems and water waste in
residential areas and industrial areas in Cau River basin until 2030
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5. Outlook and forecast
5.2 Industry planning and outlook
131
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5.2 Industry planning and outlook
Contents
132
5. Outlook and forecast
5.1 Driving forces of industry development
5.2 Industry planning and outlook
5.3 Forecast
133
5. Outlook and forecast
5.3 Forecast
No Product type UnitDomestic demand
In 2015 In 2020
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134
5. Outlook and forecast
5.3 Forecast
billion VND
Source: VIRAC, MOC
Value of construction and installation industry, 2014-2025f
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Contents
135
6. Enterprise analysis
6.1 Enterprise introduction
6.2 Financial analysis
136
6. Enterprise analysis
6.1. Enterprise introduction
Company nameTotal assets 2016
(billion VND)Revenue 2016 (billion VND) Revenue 2015 (billion VND)
Truong Son Construction Corporation
Fecon Joint Stock Company
Trung Nam Construction and Engineering Corporation
Thang Long Elevator Equipment Group Company Limited
Mechanical and Electrical Construction Hawee Joint Stock
Company
Binh Duong Water Environment Joint Stock Company
Sai Gon Traffic Construction Joint Stock Company
Power Construction Limited Company No. 2
Seaprodex Refrigeration Industry Corporation
Shin-wha Construction Company Limited
Top enterprises with largest revenue in construction and installation industry, 2016
Source: VIRAC
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6. Enterprise analysis
6.1. Enterprise introduction
Truong Son Construction Corporation
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138
6. Enterprise analysis
6.1. Enterprise introduction
FECON Joint Stock Company
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139
6. Enterprise analysis
6.1. Enterprise introduction
Trung Nam Construction and Engineering Corporation
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140
6. Enterprise analysis
6.1. Enterprise introduction
Thang Long Elevator Equipment Group Company Limited
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141
6. Enterprise analysis
6.1. Enterprise introduction
Mechanical and Electrical Construction Hawee Joint Stock Company
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142
6. Enterprise analysis
6.1. Enterprise introduction
Binh Duong Water Environment Joint Stock Company
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143
6. Enterprise analysis
6.1. Enterprise introduction
Sai Gon Traffic Construction Joint Stock Company
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144
6. Enterprise analysis
6.1. Enterprise introduction
Power Construction Limited Company No. 2
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145
6. Enterprise analysis
6.1. Enterprise introduction
Seaprodex Refrigeration Industry Corporation
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146
6. Enterprise analysis
6.1. Enterprise introduction
Shin-wha Construction Company Limited
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Contents
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6. Enterprise analysis
6.1 Enterprise introduction
6.2 Financial analysis
148
6. Enterprise analysis
6.2. Financial analysis
Gross profit margin, 2015 - 2016
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149
6. Enterprise analysis
6.2. Financial analysis
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150
6. Enterprise analysis
6.2. Financial analysis
Source: VIRAC
Source: VIRAC
Administrative expenses/Net revenue ratio
Selling expenses/Net revenue ratio
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151
6. Enterprise analysis
6.2. Financial analysis
Source: VIRAC
Self-financing rate, 2015 - 2016
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152
6. Enterprise analysis
6.2. Financial analysis
Source: VIRAC
Current ratio, 2015 - 2016
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153
6. Enterprise analysis
6.2. Financial analysis
Source: VIRAC
Fixed asset turnover, 2016
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154
6. Enterprise analysis
6.2. Financial analysis
Source: VIRAC
Day
Days of sales outstanding, 2016
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155
6. Enterprise analysis
6.2. Financial analysis
Source: VIRAC
Profit margin, 2016
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156
7. Appendix of financial statements
Contents
157
7. Appendix of financial statements
7.1. Truong Son Construction Corporation
BALANCE SHEET
Unit: VND 2015 2016
I Current assets
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivables
Customer receivables
5 Inventory
II Long-term assets
1 Long-term receivables
Long-term receivables from customers
2 Fixed assets
Tangible fixed assets
Intangible fixed assets
5 Commercial advantages
III Total assets
I Liabilities
1 Short-term liabilities
Short-term debt and loan
Payments to suppliers
Taxes and amounts payable to the state
2 Long-term liabilities
Long-term debt and loan
II Owner's equity
III Total assets and liabilities
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Financial income
5 Financial expenses
Interest expenses
6 Selling expenses
7 Administrative expenses
8 Net profit from business activities
9 Pre-tax profit
10 Current corporate income tax
11 Deferred corporate income tax
12 Profit after tax
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7. Appendix of financial statements
7.2. Fecon Joint Stock Company
BALANCE SHEET
Unit: VND 2015 2016
I Current assets
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivables
Customer receivables
5 Inventory
II Long-term assets
1 Long-term receivables
Long-term receivables from customers
2 Fixed assets
Tangible fixed assets
Intangible fixed assets
5 Commercial advantages
III Total assets
I Liabilities
1 Short-term liabilities
Short-term debt and loan
Payments to suppliers
Taxes and amounts payable to the state
2 Long-term liabilities
Long-term debt and loan
II Owner's equity
III Total assets and liabilities
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Financial income
5 Financial expenses
Interest expenses
6 Selling expenses
7 Administrative expenses
8 Net profit from business activities
9 Pre-tax profit
10 Current corporate income tax
11 Deferred corporate income tax
12 Profit after tax
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7. Appendix of financial statements
7.3. Trung Nam Construction and Engineering Corporation
BALANCE SHEET
Unit: VND 2015 2016
I Current assets
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivables
Customer receivables
5 Inventory
II Long-term assets
1 Long-term receivables
Long-term receivables from customers
2 Fixed assets
Tangible fixed assets
Intangible fixed assets
5 Commercial advantages
III Total assets
I Liabilities
1 Short-term liabilities
Short-term debt and loan
Payments to suppliers
Taxes and amounts payable to the state
2 Long-term liabilities
Long-term debt and loan
II Owner's equity
III Total assets and liabilities
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Financial income
5 Financial expenses
Interest expenses
6 Selling expenses
7 Administrative expenses
8 Net profit from business activities
9 Pre-tax profit
10 Current corporate income tax
11 Deferred corporate income tax
12 Profit after tax
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160
7. Appendix of financial statements
7.4. Thang Long Elevator Equipment Group Company Limited
BALANCE SHEET
Unit: VND 2015 2016
I Current assets
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivables
Customer receivables
5 Inventory
II Long-term assets
1 Long-term receivables
Long-term receivables from customers
2 Fixed assets
Tangible fixed assets
Intangible fixed assets
5 Commercial advantages
III Total assets
I Liabilities
1 Short-term liabilities
Short-term debt and loan
Payments to suppliers
Taxes and amounts payable to the state
2 Long-term liabilities
Long-term debt and loan
II Owner's equity
III Total assets and liabilities
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Financial income
5 Financial expenses
Interest expenses
6 Selling expenses
7 Administrative expenses
8 Net profit from business activities
9 Pre-tax profit
10 Current corporate income tax
11 Deferred corporate income tax
12 Profit after tax
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161
7. Appendix of financial statements
7.5. Mechanical and Electrical Construction Hawee Joint Stock Company
BALANCE SHEET
Unit: VND 2015 2016
I Current assets
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivables
Customer receivables
5 Inventory
II Long-term assets
1 Long-term receivables
Long-term receivables from customers
2 Fixed assets
Tangible fixed assets
Intangible fixed assets
5 Commercial advantages
III Total assets
I Liabilities
1 Short-term liabilities
Short-term debt and loan
Payments to suppliers
Taxes and amounts payable to the state
2 Long-term liabilities
Long-term debt and loan
II Owner's equity
III Total assets and liabilities
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Financial income
5 Financial expenses
Interest expenses
6 Selling expenses
7 Administrative expenses
8 Net profit from business activities
9 Pre-tax profit
10 Current corporate income tax
11 Deferred corporate income tax
12 Profit after tax
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7. Appendix of financial statements
7.6. Binh Duong Water Environment Joint Stock Company
BALANCE SHEET
Unit: VND 2015 2016
I Current assets
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivables
Customer receivables
5 Inventory
II Long-term assets
1 Long-term receivables
Long-term receivables from customers
2 Fixed assets
Tangible fixed assets
Intangible fixed assets
5 Commercial advantages
III Total assets
I Liabilities
1 Short-term liabilities
Short-term debt and loan
Payments to suppliers
Taxes and amounts payable to the state
2 Long-term liabilities
Long-term debt and loan
II Owner's equity
III Total assets and liabilities
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Financial income
5 Financial expenses
Interest expenses
6 Selling expenses
7 Administrative expenses
8 Net profit from business activities
9 Pre-tax profit
10 Current corporate income tax
11 Deferred corporate income tax
12 Profit after tax
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163
7. Appendix of financial statements
7.7. Sai Gon Traffic Construction Joint Stock Company
BALANCE SHEET
Unit: VND 2015 2016
I Current assets
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivables
Customer receivables
5 Inventory
II Long-term assets
1 Long-term receivables
Long-term receivables from customers
2 Fixed assets
Tangible fixed assets
Intangible fixed assets
5 Commercial advantages
III Total assets
I Liabilities
1 Short-term liabilities
Short-term debt and loan
Payments to suppliers
Taxes and amounts payable to the state
2 Long-term liabilities
Long-term debt and loan
II Owner's equity
III Total assets and liabilities
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Financial income
5 Financial expenses
Interest expenses
6 Selling expenses
7 Administrative expenses
8 Net profit from business activities
9 Pre-tax profit
10 Current corporate income tax
11 Deferred corporate income tax
12 Profit after tax
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164
7. Appendix of financial statements
7.8. Power Construction Limited Company No. 2
BALANCE SHEET
Unit: VND 2015 2016
I Current assets
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivables
Customer receivables
5 Inventory
II Long-term assets
1 Long-term receivables
Long-term receivables from customers
2 Fixed assets
Tangible fixed assets
Intangible fixed assets
5 Commercial advantages
III Total assets
I Liabilities
1 Short-term liabilities
Short-term debt and loan
Payments to suppliers
Taxes and amounts payable to the state
2 Long-term liabilities
Long-term debt and loan
II Owner's equity
III Total assets and liabilities
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Financial income
5 Financial expenses
Interest expenses
6 Selling expenses
7 Administrative expenses
8 Net profit from business activities
9 Pre-tax profit
10 Current corporate income tax
11 Deferred corporate income tax
12 Profit after tax
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165
7. Appendix of financial statements
7.9. Seaprodex Refrigeration Industry Corporation
BALANCE SHEET
Unit: VND 2015 2016
I Current assets
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivables
Customer receivables
5 Inventory
II Long-term assets
1 Long-term receivables
Long-term receivables from customers
2 Fixed assets
Tangible fixed assets
Intangible fixed assets
5 Commercial advantages
III Total assets
I Liabilities
1 Short-term liabilities
Short-term debt and loan
Payments to suppliers
Taxes and amounts payable to the state
2 Long-term liabilities
Long-term debt and loan
II Owner's equity
III Total assets and liabilities
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Financial income
5 Financial expenses
Interest expenses
6 Selling expenses
7 Administrative expenses
8 Net profit from business activities
9 Pre-tax profit
10 Current corporate income tax
11 Deferred corporate income tax
12 Profit after tax
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7. Appendix of financial statements
7.10. Shinwa Construction Company Limited
BALANCE SHEET
Unit: VND 2015 2016
I Current assets
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivables
Customer receivables
5 Inventory
II Long-term assets
1 Long-term receivables
Long-term receivables from customers
2 Fixed assets
Tangible fixed assets
Intangible fixed assets
5 Commercial advantages
III Total assets
I Liabilities
1 Short-term liabilities
Short-term debt and loan
Payments to suppliers
Taxes and amounts payable to the state
2 Long-term liabilities
Long-term debt and loan
II Owner's equity
III Total assets and liabilities
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Financial income
5 Financial expenses
Interest expenses
6 Selling expenses
7 Administrative expenses
8 Net profit from business activities
9 Pre-tax profit
10 Current corporate income tax
11 Deferred corporate income tax
12 Profit after tax
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REPORT DISCLAIMER
REPORT DISCLAIMER
This document has been prepared in good faith on the basis of information available at the date of publication without any
independent verification. VIRAC has produced this report for private circulation to professional clients only. All information and
statistical data herein have been obtained from sources we believe to be reliable and made to ensure the accuracy of the contents of
the pages of the report at the time of preparation. Such information has not been independently verified and VIRAC makes no
representation or warranty, whether express or implied, of any kind with respect to the document and its contents, information and
materials. The content found in this report is proprietary to VIRAC and is provided solely for your personal and non-commercial use.
You agree that you will not use this report for any purpose that is unlawful and that you will not reproduce the report or redistribute it
outside your organisation, or place it on a website for public access without the express written permission of VIRAC.
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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
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