belt and road country vietnam - pwc · 1 vietnam macroeconomic overview source: bmi, pwc research...

Belt and Road country – Vietnam

PwC

1 Vietnam Macroeconomic Overview 3

1.1 Vietnam Key Industry Overview 11

2 Our Capabilities 27

3 Our Team 33

Contents

2

Contents

PwC

Vietnam Macroeconomic Overview

1 Vietnam Macroeconomic Overview

3

Contents

PwC 4


Source: BMI, PwC Research & Analysis

Vietnam has seen tremendous economic growth in recent years, but still remains one of the smaller economies in the region

• In spite of the growth of 6% p.a. for the period 2010 - 2016, Vietnam is the country with the lowest GDP in 2016 among selected neighbouring countries, about one fifth the size of South Korea’s GDP

• Although the GDP per capita of Vietnam has recently eclipsed USD 2,000, the country’s average income level remains below selected surrounding countries

Nominal GDP – Selected countries in 2016 (USDbn)

2,169

2,939

3,634

5,844

8,194

9,748

MalaysiaSouth

Korea

27,870

Thailand IndonesiaChina VietnamPhilippines

GDP per capita – Selected countries in 2016 (USD)

204

300304

395

940

1,393

ThailandSouth

Korea

Malaysia VietnamPhilippinesIndonesia

11,324

China

Contents

PwC

Vietnam’s GDP has increased gradually over years, with the greatest contribution from private enterprises. Moreover, there was a steady shift away from agriculture and towards services and industry

5


Source: BMI, PwC Research & Analysis

37%

19%

32%

37%

135

18%

18%

39%

156

2011

33%

37%

32%

20%

10%11%

2010

34%

2012

113

201

2016

16%

33%

41%40%

33%

2014 2015

10%

17%

13%

191

18%

39%

2013

10%10%

170

10%

33%

186

2014

186

43%

191

29%

10%

19%

2016

10% 10%18%

201

43%

2015

43%

18%17%

29%

2012

44%

16%10%

156

10%

170

2013

29%

16%13%

15%

2011

29%

29%113

2010

44%

29%45%

11%

43%

13529%

Nominal GDP structure by sectors over 2010 - 2015 (USDbn) Nominal GDP structure by ownership over 2010 - 2015 (USD bn)

-8%

2012

27%

64%

6%

6%

2014

4%

2011

27%

6%3%

66%

30%36%

2013

27%

2%

1%

6%

65%

3%

2015

68% 69%

28%

7%

2016

27%

-4%

67%

2010

6%6%

66%

Final consumption- State

Trade balance (goods & services) Investment

Final consumption- Household

Nominal GDP structure by expenditures (USDbn)

Agriculture, forestry, and fishing

Industry and construction Others

ServiceOthersForeign investment sectorNon- StateState

265

233219

205193

181170160152145136

249

6.5%6.5%6.5%6.7%6.5%6.2%

6.7%

6.0%

5.4%5.2%

6.2%6.4%

0

50

100

150

200

250

300

0

1

2

3

4

5

6

7

2021f2018f2016 2019f2017f 2020f201520142011 2012 20132010

Real GDP (USDbn - 2010 prices) and growth

Contents

PwC

Market liberalization and global economic integration have widened the door for business opportunities in Vietnam, and ushered in a period of Fiscal stability

6


1986 – Doi Moi Policy mandated

Shifted economy from centrally planned to market oriented

Cut import duties to 0% of 8,603 tariff lines (93%) to date.

669 more are expected to be reduced to 0% by 2018

2007 – WTO participation

2010 – ASEAN Free Trade Area took effect

Reduced international trade restrictions and improved transparency

2001 – Bilateral Trade Agreement between US and

Vietnam took effect

Provided access to the US market for Vietnamese goods and

attracted FDI from Western countries

2015-2016 – Korea-VN, EU-VN Free Trade Agreement, ASEAN Economic Community signed

Cut import duties of goods between Vietnam and signing partners

AEC allowed the free movement of goods across ten member countries

Source: Vietnam Customs, Vietnam General Statistics Office

Trade liberalization timeline

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

2010 2011 2012 2013 2014 2015 2016 2017f 2018f 2019f 2020f

Average lending rate, % Central bank policy rate, %

Interest rates, % (2010-2020f)

9.2

18.7

9.3

6.6

4.1

0.6 2.6

5.0 4.9 4.8 4.8

2010 2011 2012 2013 2014 2015 2016 2017f 2018f 2019f 2020f

Stable inflation rate

Inflation rate, % (2010-2020f)

In Effect9 AgreementsUSD 25.0 Trn Signed

3 AgreementsUSD 36.3 Trn

FTAs and Total GDP

Under Negotiation3 AgreementsUSD 26.5 Trn

Contents

PwC

Vietnam imports mostly unfinished goods, and exports of finished goods have increased substantially since 2010, both in absolute terms and as a share of Nominal GDP.

7


Source: GSO, PwC Research & Analysis

Goods Import-Export Balance of Vietnam

Export as % of Nominal GDP Top Exports (2016)

Top Imports (2016)

2

-4

201

-10-13

162

2014 2015

166

2010

150

85

132

115

2013

114

97

72

107

2011 2012

148

132

175177

2016

ImportsExports Balance

81%86%

73%77%

65%

Exports

74%

2016

201

2015

135

156

191

170

2011 201420132010

113

2012

186

84%

Category Value (USDbn)

%

Mobile phones and components

34.3 19%

Garments 23.8 13%

Computers, electronicsand components

19.0 11%

Shoes 13.0 7%

Machinery 10.1 6%

Category Value (USDbn)

%

Machinery 28.3 16%

Computers, electronicsand components

27.9 16%

Mobile phones and components

10.6 6%

Fabrics 10.5 6%

Steel 8.0 5%

Nominal GDP

Contents

PwC

Industry and Manufacturing are the main FDI sectors in Vietnam, as Vietnam shifts from an Aid-receiving country to an Investment-Earning country


8

Source: Ministry of Planning and Investment, PwC Research & Analysis

Cumulative FDI by Sector

USD Mn

Yearly Registered FDI, USD Mn

2010-2017

Auto and Motorbike Trading

1.9%

16.6%

5.8%

3.5%

Mining

1.6%

Manufacturing, processing

59.2%

Real Estate

Construction

Electricity, Gas, Water

Tourism

3.9%

Other

7.6%

24.1

18.9

22.4

14.7

18.6

3.24.14.13.62.9 4.2

0

5

10

15

20

25

2010 2011 2012 2013 2014 2015

ODA

13.0

FDI

FDI vs. ODA, 2010-2015

USD Bn

19.9%

36.8%

5.8%

2011

14,650

17.3%

18,600

15.9%

27.4%

2010

48.6%

8.5%

10.7%19.8%

14.2%

2012

13,013

69.9%

3.7%

4.3%

9.1%

6.1%2.8%

23,638

49.5%

4.9%

22.7%

2017 8M

22,352

76.7%

2016

4.4%

18.5%

4.8%3.7%

14.4%

7.8%

68.1%

11.6%

75.9%

7.3%

3.1%

2014

5.9%

7.8%

9.9%

63.8%

2.8%

2015

1.8%

2013

24,372

6.9%

2.5%

24,11518,907

Manufacturing, Processing

Other Construction

Auto and Motorbike Trading

Real Estate

Electricity, Gas, Water

Contents

PwC 9


Chinese FDI projects in Vietnam are heavily weighted in the Manufacturing and Infrastructure sectors

Source: Comtrade, MPI, PwC Research & Analysis

Cumulative Chinese FDI In Vietnam (As of

June 2017)

11.19 Bn USD Total

5.6%

Infrastructure(Power, Gas, Water)

Other

15.0%Real Estate

Manufacturing

61.4%18.2%

Cumulative Chinese FDI, as of June 2017, is largely focused in the Manufacturing and Infrastructure sectors• The Chinese have invested in 54 of 63 provinces, but over 41% has been located

in 3 provinces – Binh Thuan, Tay Ninh, and Bac Giang• While growth p.a. has been varied due to the massive Vinh Tan 1 Power plant

investment in 2013, Chinese FDI has achieved a CAGR of 20.2% from 2011-2016

BOT, BT, BTO

100% Foreign-Owned

66.5%

JV, JSC, Other

18.5%

15.0%

Ownership Structure of Chinese FDI

1,875

748

0

1,000

2,000

3,000

-200

0

200

400

600

1,720

2,579

2016

Growth (%)

2017 8M

FDI (USD Bn)

2013 2015

2,338

744344

201420122011

450

Chinese FDI, 2011-2017 8M

Ranking

CAGR

2011-17f

22.9%

5 49 7 4 410

Contents

PwC

Vietnam Key Industry Overview

10

1.1 Vietnam Key Industry Overview Contents

PwC

Certain characteristics of the Vietnamese economy bode well for economic growth, especially in a number of key industries related to the Belt & Road Initiative

1.1 Vietnam Key Industry Overview

11

Source: Transport Master Plan, PDP VII, PwC Research & Analysis

Cost-Competitive Labour Force

Garment Manufacturing

Consumer Electronic Manufacturing

Strong need to improve and

develop Infrastructure

Emergence of an upper middle

Class

Energy & Transport Infrastructure

Automotive Manufacturing

Key Characteristics

Industries which Benefit

@

!

$

#• Vietnam has only 1/6th the amount of roadways which it

should have (According to National construction standards)• Vietnam’s Transport Master Plan 2025 includes over 200 projects,

with required investment capital of nearly USD 25 billion• The Power Development Plan VII envisions a nearly 4-fold

increase in Installed Power Generation Capacity from 2015-2030

2021f

31.5%

2010

17.6%

22.3%

60.0%

8.5%3.8%

2016

60.1%53.1%

43.1%

Middle Income

Lower Income

Upper Income

Income groups in Vietnam, % total household

0

1

2

3

4

2000 2005 2010 2015

Vietnam

Thailand

China

+69.2%

Manufacturing Labor Cost

USD/Hr, 2000-2015

Contents

PwC

Vietnam’s Key Activities

Garment Manufacturing: Industry Structure


12

Source: GSO, Euromonitor, BMI, PwC Analysis & Research

FibreRaw Material

Yarns Fabrics End-Use Garment

IntermediateGarment

Spinning Weaving

Dyeing

Cutting

Sewing

Distribution

Textile Garment

• In 2015, total production volume of fibre was 1,306.5 tons, including- Cotton: 1,300 tons- Silk: 6.5 tons

• Most producers in this stage are individual farmers

• Total production of yarn was c.1.7mn tons in 2015 with total value of USD 6,150mn

• There are 60 local and foreign producers- Silk: 40 producers- Wool: 3 producers- Cotton: 17 producers

• Total Fabric production volume in 2015 was c. 1.4bn square meters

• A total of 38 companies, including both private, local firms and foreign investors are producing fabric (Silk: 16 companies, Wool: 16 companies, Cotton: 6 companies)

• For general garments, there are 7,042 producers, of which 782 are foreign players, and 36 are public

USD 1,825mn

Fibre

consumption

96.2%

3.8% Production

Import

USD 8,228mn

64.4%

35.6%

Local

Consumption

Yarn

Export

Fabric

Production

1,392 mn sqm

Export

Local

Consumption89.7%

Fabric

consumption

USD 10,512mn

10.3%

Export

Local

Consumption

90.4%

9.6%

USD 23,416mn

Garments

*Note: 2016 Data

Top import

partners

Top export

partners

Contents

PwC

• The workforce of Vietnam is well-suited for the labour-intensive Garment Manufacturing Sector

• Vietnam maintains an attractive cost of labour, a sizeable working population, with competitive manufacturing wages, and low overall cost of living

• Average Manufacturing Labor cost in Vietnam is USD 181 per month, lower than both the Philippines, Malaysia, and Thailand

• As a result of a relatively lengthy history of garment manufacturing, Vietnam’s factory infrastructure, supply chain networks, and regulation are all well-established

• Extensive experience in the sector has provided Vietnam with competent management and a well-trained workforce

• Vietnam is considered a top Contract-Manufacturing location in Asia, and in the world

• Many international brands utilize contract manufacturers in multiple industrial zones near Ho Chi Minh City and Hanoi

• Most contract manufacturing companies are established by either Korean or Chinese foreign investors

• The Vietnamese government offers preferential CIT rates for Garment Manufacturers

• As a signatory of 16 FTAs with both source and destination countries, Vietnam is a prime location for contract manufacturing for textiles and garments

Garment Manufacturing: Why Vietnam?


13

Source: GSO, Euromonitor, BMI, PwC Analysis & Research Data is taken in 2016

Top Contract Manufacturing Location Well-suited Labour Force

Contents

PwC

Vietnam’s Key Activities

Distribution Engineering Design

Product Developing

Consumer Electronic Manufacturing: Industry Structure


14

Source: GSO, Euromonitor, BMI, PwC Analysis & Research

Intermediate Accessories

AccessoriesEnd-Use products

Electronics products

Manufacturing

Electronics Manufacturing

• With the significant growth in export of electronic accessories, Vietnam currently attracts lots of foreign investors in manufacturing consumer electronic products.

• In 2015, there were a total of 486 companies active in the sector, which includes both local and foreign players participating in electronics manufacturing

Domestic

Production

USD 7,012mn

Import

Components

1.8%

98.2%

Local

Consumption

USD 31,182mn

49.9%

Accessories

50.1% Export

*Note: 2015 Data

Top import

partners

Top export

partners

Import

End-UseElectronic

Product Source

USD 33,195mn

40.9%

59.1%Domestic

Production

ComponentsRaw Material

81.4

116.1

31.1

14.9

23.7

21.3

10.9

8.29.9

2012 2016

7.3

Hong Kong

USA

Mainland ChinaKorea

Vietnam

CAGR

2012-2016Top 5 Exporters of Cell Phones

USD Bn 2012-2016-6.8%

7.8%

20.2%

2.8%

9.3%

Contents

PwC

• Vietnam rests in the middle of ASEAN, and close to both East and South Asia, all of which are high-growth markets for Consumer Electronics

• Vietnam, itself, is developing quickly, especially in the electronics-heavy mobile technology, telecom, and IT sectors (strong domestic market)

• In addition to advantageous access to markets, Vietnam maintains a relatively low cost of labor and a large employable population

• Most electronics manufacturing companies are established by Korean, American, or Japanese foreign investors

• Relative to other low-cost producing countries, Vietnam has well-established infrastructure and a business environment favorable to international investors

• Vietnam is considered a top Manufacturing location in Asia, and in the world

• Due to consistent cost-competitive labour, well-established supply chain networks, appropriate infrastructure, and investment incentives, large international companies have made large manufacturing investments in Vietnamese Manufacturing Zones

• The Vietnamese government offers preferential CIT rates for manufacturing of High-Tech Consumer Electronics

• As a result of their cooperation with 16 FTAs, Vietnam enjoys low tariffs with both export destination countries and source countries of imports

Consumer Electronics Manufacturing: Why Vietnam?


15


Top Manufacturing Location Access to High-Growth Markets

Contents

PwC

Power Infrastructure: Demand Growth will necessitate sizeable investments in Coal, Renewable, and Gas-fired Power plants


16

Source:, PDP 7 Revised Projections; PwC Research & Analysis

0

20

40

60

80

100

120

140

36.5

59.9

2025f2020f

96.6

+8.88%

2015

129.6

2030f

Installed

Capacity (GW)

*Including proposed Ninh Thuan Nuclear plant, which has been postponed indefinitely

Installed Capacity by Technology

2015-2030

2030f

+8.45%

571.8

2025f2020f

400.4

2015

169.4

265.4

CAGR

2015-30

12.1%

2.4%

4.8%

28.2%

Vietnam’s Projected Electricity Demand (TWh)

2015-2030

RE CoalHydroGas/OilImport

• The Ministry of Industry and Trade has projected rapid growth in electricity demand, driven by industrialization and increasing residential consumption

• Coal and Renewable Power projects are slated to see consistent, increasing investment in the coming decade, as a result

• EVN’s unbundling is leading to a greater share of foreign investment in the sector, specifically in Equity investment, EPC, and O&M Capabilities

• China, Japan, and Korea have been key international investors in the Power sector

• With competitive EPC pricing and lengthy experience in the sector, Chinese contractors could have a strategic advantage for future Power projects

Gas/Oil

Nuclear

PeakDemand

Coal

Hydro

Import

Renewable

CAGR

Contents

PwC

Transportation Infrastructure: Expansion in transport networks and infrastructure systems will be the backbone of construction growth in Vietnam, accommodating a rapid urbanization trend within key cities

17


The growth in the transport infrastructure industry is largelysupported by government initiatives and foreign investments

• Vietnam’s transport infrastructure sector is set to grow 6.5% in 2017,4.1% in 2018 and average 3.9% growth between 2019 and 2025. Roadand bridge networks are set to grow the most, registering 10.3% realgrowth in 2016, 8.8% in 2019 and average 4.6% growth between 2019and 2025.

• In January 2016, the Directorate for Roads announced that it willdevelop roads in 14 underdeveloped provinces and investUSD400 million to build more than 4,000 bridges by 2021.Around half of the bridges will be in remote mountainouscommunities.

• The Ministry of Transport is currently seeking approval from thecentral government to build a 1,372km highway worth USD10.3 billionto link Hanoi and HCMC.

• Two of Vietnam’s largest road projects are currently underconstruction via PPP-schemes and due for completion by2020.

• Given that the Government has indicated it will not be able to fullyfund all necessary infrastructure upgrades, Vietnam has embracedPPPs and FDIs to have a significant role in financing theseprojects. This presents an opportunity for foreign investors. China isan example of such participation, having increased their foreigninvestments into Vietnam by more than five times from USD 2billion in 2012 to USD10.5 billion in 2016. Vietnam,

59%

Japan, 10% South Korea, 10%

US, 6%Philippines, 4%

China, 3%

France, 2%

India, 2%

Australia, 1%Cambodia, 1%Others, 2%

Market share of local and foreign companies involved in road and bridge construction in Vietnam

0

20

40

60

80

100

2016f 2017f 2018f 2019f 2020f 2021f 2022f 2023f 2024f 2025f

Ports, Harbours and Waterways Infrastructure Industry Value

Airports Infrastructure Industry Value

Railways Infrastructure Industry Value

Roads and Bridges Infrastructure Industry Value

Key transport infrastructure industry value(VND trillion)

Source: BMI Research: Vietnam Infrastructure Report Q1 2017

Contents

PwC

• As a vital sector to maintain economic growth, the Vietnamese government has prioritized both Energy and Transport sectors, as outlined in their respective Master Plans

• Vietnam’s Power Development Plan forecasts a quadrupling of Installed Capacity from 2015-2030, mostly through new Coal and Renewable installations

• The Ministry of Transports’ Master Plan also outlines nearly USD 25 billion in priority projects from the present to 2025

• Vietnam’s economy has grown consistently over the past decade, driving demand for new roads, ports, manufacturing capacity, and electricity

• Vietnam’s electrical demand has grown twice as fast as it’s GDP over the past decade, far outpacing other countries in the region. This indicates that there is latent power demand which will only bring further growth as the economy matures

• By and large, there remains an ‘infrastructure gap’ between what infrastructure exists and what is needed to keep up with economic growth, increased industrial capacity, and rising consumption

Energy and Transport Infrastructure: Why Vietnam?


18


Strong Demand Growth High-Impact Sector

Contents

PwC

Distribution Engineering Design

Product Developing

Automotive Manufacturing and Assembly: Industry Structure


19

Raw material

Component supply

R&D CustomersAssembly/

Manufacturing

Manufacturing

Automotive Manufacturing

• Supplier: In Vietnam suppliers provide around 300 types of parts and components, accounting for 30% of demand.

• Automotive part supply is still underdeveloped in Vietnam and the localisation rate in car

manufacturing stage is around 20-40%, much lower than other countries in the region such as Thailand and Indonesia (around 80% – 90%) (BMI Industry View – Vietnam – Q4 2017).

• The automotive industry in Vietnam is mainly in the stage of assemblingand largely

dependent on import parts

• Total assembly capacity: 460,000 cars per year.

+10.7%

Special-purpose

vehicles

Commercial

vehicle

Passenger cars

2020f

+12.0%

1,601

130

1,270

1,655

2016

2,516

105

86

747

767

3,773

1,141

2012

1,988

CAGR

12-16 16-20

10.4%

5.0%

14.2%

9.7%

5.6%

11.9%

Number of car in Vietnam

Unit: thousand cars

Passenger cars have contributed the most to the rapid increase

in Vietnam's total number of vehicles…

… however, Vietnam’s car penetration rate is still at a lower rank

compare with other neighbouring countries

0

15

2010

20

190

10

5

5 5015

0

25

Vietnam

Indonesia

Malaysia

China

Thailand

Philippines

Car penetration

No. of car Per 100 people

Total number of car

Million cars

• The upside potential of vehicle market in Vietnam remains large,

reflected by the rising car number and low car penetration rate.

Source: HBR, MOT, BMI, PwC Research and Analysis

Contents

PwC

Automotive Manufacturing and Assembly: Why Vietnam?

20


Share of households that own a car (%)

2016

Vietnam 2%

Bangladesh 2%

Pakistan

17%

83%

Philippines

81%

82%

Indonesia

6%

India 6%

4%

Thailand

3%

China

51%

Japan

Malaysia

South Korea

The small proportion of car owning households suggests potential for market demand to growth

Source: VAMA, Statista , BMI, Pew Research Centre, PwC research and analysis

25%

92,873

81%

19%

Imported

cars (CBU)

2012

75%

304,607

Domestic

assembled

cars (CKD)

2016

CAGR

12 - 16

44%

32%

2012 – 2016, no. of carsCar sales volume – by origin

Domestic assembled cars still accounts for 75% of the total new registration

Low cost of manufacturing labour with large labour forcecould direct manufacturers into setting up plants in Vietnam

3.02.72.4

4.84.53.8

6.5

5.55.0

2020f2016 2018f

Vietnam

Mexico

China

Costs per hour in USD

Manufacturing labour costs per hour

Contents

PwC

Our Capabilities

2 Our Capabilities

21

Contents

PwC 22

2016Certificate of Merit for

Contributionto the Independent Auditing Profession

Prime Minister of Vietnam

About PwC VietnamHanoi

Ho Chi Minh City

Established in 1994

Staff strength of

nearly 800 with 17

Partners

Certificate of Merit for Contribution awarded by the Prime Minister of Vietnam

2015Certificate of Merit for

Contributionto the Tax Consultancy

Profession

Prime Minister of Vietnam

by GTM*

Dealmakers of the Year-Vietnam, 2014Acquisition International

Leader in Asia-Pacific Business Consulting services, 2015

IDC MarketScape

Recommended Law Firm, 2016IFLR1000

2 Our Capabilities Contents

PwC 23

Advisory Firm of the Year, 2011 Deal Makers Monthly

M&A AwardsDealmakers of the Year-Vietnam 2014Acquisition International

Upper Mid-market Advisor of the Year, 2010Acquisition International

Awards for our Advisory services in Vietnam

Global awards for our Advisory services

Our awards in Vietnam for other lines of services & areas:

Recommended Law Firm, 2016IFLR1000

Legal & Tax Advisory Firm of the Year, 2013Acquisition International

Sustained Excellence in Tax Consultancy, 2014 Acquisition International

Certificate of Merit for Contribution tothe Tax Consultancy Profession, 2013Prime Minister of Vietnam

First firm in Vietnam to be Approved as a Recognized Employer for CPA Australia, 2011

Golden Dragon Award for Contribution to Vietnam’s Economic Development2011, 2010, 2009, 2008

Vietnam Economic Times

Tax Controversy Leaders, 2013 International Tax Review

Tax Disputes Firm of the Year, 2010International Tax Review

Our Selected Awards

2 Our Capabilities Contents

PwC

PwC deals strategy – Vietnam - presentation

2 Our Capabilities

24

PwC Vietnam Deals Strategy Team20+ strategy specialists in Hanoi and Ho Chi Minh City

Our objective is to help our clients to grow and expand their businesses in Vietnam, with a team of local strategy specialists (20 consultants) on the ground in both Hanoi and HCMC

Market review and assessment

Strategic and Commercial due diligence

Feasibility study and market entry strategy

Strategy and development plan

PwC (Vietnam) Ltd.800+ staff in Hanoi and Ho Chi Minh City

Contents

PwC 25

2 Our Capabilities

Our strategy team has substantial experience in these, and other key industries in Vietnam

Broad Industry Experience

• Our strategy team has performed over 80 engagements in Vietnam over the past few years, which gives us a unique, comprehensive view of the market and it’s intricacies

• Several of our engagements have been in Belt & Road – related industries, where we have identified the most interesting markets to invest in in Vietnam for foreign investors

333

5

8

3

14

10

15

13

AgricultureEnergy Utility & Mining

Transport-ation &

Logistics

OthersCross Sector

Education, Media &

Advertising

Manufac-turing

Financial Services

Retail & Consumer

Healthcare

Number of projects conducted by Strategy team VN by industry, 2013-2017

Contents

PwC

Our Team

3 Our Team

26

Contents

PwC

PwC Vietnam – team CVs

3 Our Team

27

IntroductionStephen leads the Advisory Group in Vietnam delivering corporate finance, due diligence, business valuation, strategy and other consulting services to international and domestic clients of the firm. Since joining PwC’s Advisory Department in Vietnam, Stephen has taken the lead role in the execution on a number of advisory projects in sectors such as banking and finance, insurance, infrastructure, construction, telecommunications, manufacturing and working on behalf of private equity fund managers, hedge funds, local corporations and multi-nationals.

Get in touch(+84) [email protected]

LocationVietnam – based in Ho Chi Minh

Stephen GaskillPartner – PwC Vietnam

IntroductionHien leads the Deals / Strategy team in Vietnam and has more than 9 years of professional experience in strategy consulting. Prior to PwC, he worked for L.E.K. Consulting, where he was a project leader. He has conducted multiple strategic due diligences (both commercial and vendor) for global private equity houses and corporate clients. In addition, he also participated in several long term strategic plan projects in various industries such as financial services, consumer finance, retail, construction, transportation, industrial services and energy.

Get in touch(+84) (8) 3832 0796 (ext) [email protected]


Nguyen Luong HienDirector– PwC Vietnam – head of deals / strategy

Introduction

Johnathan is a Partner in PwC Vietnam’s Advisory division specialising in valuation and corporate finance services. Johnathan has a wealth of valuation experience and over the years has worked on the financial modelling and independent valuations of businesses in real estate, retail & consumer goods, infrastructure, public development, manufacturing (motor components, machinery), logistics, oil & gas, and education, etc.

Get in touch+84 28 3824 [email protected]


Johnathan OoiPartner – PwC Vietnam – head of capital infrastructure

IntroductionGlenn is a senior executive and advisor in the Urban Real Estate & Infrastructure Development field, with 25 years of international experience working for private and government sector organizations in South East Asia, Australia and the Middle East. Glenn’s speciality is providing strategic advice and program management for all Urban Development, Procurement & Delivery functions across a wide variety of real estate and infrastructure project types.

Glenn HughesDirector – PwC Vietnam

Get in touchTel: +84 126 532 0895 [email protected]


Contents

mailto:[email protected]

mailto:[email protected]

belt and road country vietnam - pwc · 1 vietnam macroeconomic overview source: bmi, pwc research...

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