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VIETNAM WOOD INDUSTRY REPORT, Q2/2018
Abbreviation 3 2.4.2 Processing technology 64
Executive summary 4 2.4.3 Value chain 65
1. Business environment 7 2.4.4 Raw materials 66
1.1 Macroeconomic situation 8 2.4.5 Production 73
1.2 Legal framework 13 2.4.6 Consumption 82
1.3 Trade agreements 25 2.4.7 Import export 86
2. Market overview 29 2.4.8 Competitive analysis 101
2.1 Definition and classification 30 2.4.9 Inventory 105
2.2 Value chain 33 3 Risk analysis 106
2.3 World wood market 34 4 Outlook and forecast 109
2.3.1 Raw materials 35 4.1 Industry development planning 110
2.3.2 Production 41 4.2. Outlook 112
2.3.3 Trade 47 4.3 Forecast 115
2.3.4 Wood market in some big countries 56 5 Enterprise analysis 117
2.3.5 Some famous wooden furniture brand in the world 60 5.1 Enterprise introduction 118
2.4 Vietnam wood market 62 5.2 Financial analysis 120
2.4.1 History of formation and development 63 6 Appendix of financial statements 125
Content
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3
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
4
Executive summary
Group of industrial wood (artificial boards) includes products such as
plywood, wood chip and fiberboard. Artificial board is the product
having the fastest growth rate,
Over the past 15 years, global wood chip trade has increased by nearly
75%, mainly due to the expansion of pulp production in China. China
and Japan are the two largest woodchip importing countries, followed
by Finland, Sweden and Turkey.
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Executive summary
Vietnam's wood processing industry has become a major export
commodity, ranking fourth only to coffee, seafood and machinery and
spare parts.
In 2017, Vietnam's concentrated forestation area was estimated at 241.3
thousand hectares, an increase of 1.2% compared to 2016.
The industrial production index of wood processing industry is estimated
at VND 266 trillion, up slightly by 8.2% compared to 2016.
Production of wood chips in Q1/2018 is estimated at 1.329 thousand
tons, down 22% over the same period in 2017..
According to the Vietnam Chamber of Commerce and Industry (VCCI),
the domestic high-end furniture market in 2017 is worth USD 2.5 billion,
with 80% of European imports and 20% of domestic production.
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Executive summary
Vietnam wood industry has many advantages compared to those of
other countries in the region due to
The US is Vietnam's most important timber export market. US trade
policy is moving in the direction of reducing trade deficit, trade
protection, encouraging domestic production.
With the FTAs in effect since 2018, the timber industry will enter a new
phase with many prospects for export growth.
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Content
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1. Business environment
1.1 Macroeconomic situation
Source: VIRAC, GSO
Source: VIRAC, GSO
GDP growth rate by quarter, 2015 - Q1/2018
VND billion
Production value of agriculture, forestry and fishery in Q1
(at comparative prices 2010), 2015 - 2018
Source: VIRAC, GSO
GDP structure at current prices, Q1/2018eContent is intentionally removed for demo purpose
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1. Business environment
1.1 Macroeconomic situation
USD
billion
Source: VIRAC, GDVC
Source: VIRAC, GDVC, GSO
USD
billion
Most exported commodities, Q1/2018
Vietnam import-export value, 2011 - Q1/2018
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1. Business environment
1.1 Macroeconomic situation
Source: VIRAC, SBV
VND/USD exchange rate, 2013-3/2018Content is intentionally removed for demo purpose
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1. Business environment
1.1 Macroeconomic situation
Oil prices
Source: VIRAC, Indexmundi
USD/barrel
World crude oil prices, 2011 - 3/2018
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Investment in wood exploitation and processing
1. Business environment
1.1 Macroeconomic situation
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Content
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Domestic policies
1. Business environment
1.2. Legal framework
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1. Business environment
1.2. Legal framework
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1. Business environment
1.2. Legal framework
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International policies
1. Business environment
1.2. Legal framework
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1. Business environment
1.2. Legal framework
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1. Business environment
1.2. Legal framework
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1. Business environment
1.2. Legal framework
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1. Business environment
1.2. Legal framework
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1. Business environment
1.2. Legal framework
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Other regulations when exporting wood to European markets:
1. Business environment
1.2. Legal framework
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The impact of the Brexit event on Vietnamese timber exports
1. Business environment
1.2. Legal framework
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1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
1.3 Trade agreements
Content
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FLEGT Voluntary Partnership Agreement (VPA)
1. Business environment
1.3 Trade agreements
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FLEGT Voluntary Partnership Agreement (VPA)
1. Business environment
1.3 Trade agreements
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Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
1. Business environment
1.3 Trade agreements
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2. Market overview
2.1 Definition and classification
2.2 Value chain
2.3 World wood market
2.4 Vietnam wood market
Content
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2. Market overview
2.1 Definition and classification
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2. Market overview
2.1 Definition and classification
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2. Market overview
2.1 Definition and classification
2.2 Value chain
2.3 World wood market
2.4 Vietnam wood market
Content
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Value chain of wood industry
2. Market overview
2.2 Value chain of the industry
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2. Market overview
2.1 Definition and classification
2.2 Value chain
2.3 World wood market
2.4 Vietnam wood market
Content
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African natural wood market
European natural wood market
2. Market overview
2.3 World wood market – 2.3.1. Raw materials
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2. Market overview
2.3 World wood market – 2.3.1. Raw materials
Source: VIRAC, FAO
Source: VIRAC, FAO
Million m³
Production structure of industrial logs by region, 2016
Production and consumption of logs in the world, 2010 - 2016
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2. Market overview
2.3 World wood market – 2.3.1. Raw materials
Source: VIRAC, FAO
Million m³
Source: VIRAC, FAO
The most used types of wood in South East Asia market, 2017
Global logs trade, 2010 - 2016
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2. Market overview
2.3 World wood market – 2.3.1. Raw materials
Source: VIRAC, FAO
Source: VIRAC, FAOSource: VIRAC, FAO
Source: VIRAC, FAO
Top 10 largest industrial logs consuming countries in the world, 2016
Top 10 largest industrial logs producing countries in the world, 2016 Top 10 largest logs importing countries, 2017
Top 10 largest logs exporting countries, 2017
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2. Market overview
2.3 World wood market – 2.3.1. Raw materials
Source: VIRAC, FAO
Source: VIRAC, FAO
Million m³
Source: VIRAC, FAO
USD billion
Lumber production structure by region, 2016
Global lumber trade, 2010 - 2016
Global production and consumption of lumber, 2010 - 2016Million m³
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2. Market overview
2.3 World wood market – 2.3.1. Raw materials
Source: VIRAC, Trade map
Source: VIRAC, FAO
USD
billion
USD
billion
Top largest lumber exporting countries, 2017
Top largest lumber importing countries, 2017
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2. Market overview
2.3 World wood market – 2.3.2. Production
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Million
m³
2. Market overview
2.3 World wood market – 2.3.2. Production
Source: VIRAC, FAO
Source: VIRAC, FAO
Industrial wood production and consumption, 2011 - 2016
Industrial wood production structure by region, 2016
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2. Market overview
2.3 World wood market – 2.3.2. Production
Source: VIRAC, FAO
Industrial wood production structure by product, 2011 - 2015
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2. Market overview
2.3 World wood market – 2.3.2. Production
Source: VIRAC, FAO
Source: VIRAC, FAO
Top largest industrial wood producing countries in the world, 2016
Top largest industrial wood consuming countries in the world, 2016
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2. Market overview
2.3 World wood market – 2.3.2. Production
Source: VIRAC,CSIL
Global wood products production, 2003 - 2012
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2. Market overview
2.3 World wood market – 2.3.2. Production
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Source: VIRAC,CSIL
USD
billion
2. Market overview
2.3 World wood market – 2.3.3. Trade
Global trade value of wood products, 2008 - 2015
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Source: VIRAC, Forestryconnect
2. Market overview
2.3 World wood market – 2.3.3. Trade
Top the world's largest wood processing and exporting countries by volume, 2015
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2. Market overview
2.3 World wood market – 2.3.3. Trade
Source: VIRAC, Trade map
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2. Market overview
2.3 World wood market – 2.3.3. Trade
Source: VIRAC, Trade map
Source: VIRAC, Trade map
Global wood chips trade, 2010 - 2016
Structure of wood chips import in the world, 2016
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Source: VIRAC, Trademap
2. Market overview
2.3 World wood market – 2.3.3. Trade
tructure of world wood chip exports, 2016
Average price of wood chips exported by some large
countries, 2010 - 2016Content is intentionally removed for demo purpose
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2. Market overview
2.3 World wood market – 2.3.3. Trade
Source: VIRAC, FAO
Source: VIRAC, FAOSource: VIRAC, FAO
Top largest industrial wood importing countries in the world, 2016 Top largest industrial wood exporting countries in the world, 2016
Global industrial wood trade, 2010 - 2015
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USD
billion
2. Market overview
2.3 World wood market – 2.3.3. Trade
Source: VIRAC,CSIL
Global furniture trade, 2005 – 2017F
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Source: VIRAC, Trademap
Source: VIRAC, Trademap
2. Market overview
2.3 World wood market – 2.3.3. Trade
Top 10 largest wooden furniture exporters in the world, 2016
Top 10 largest wooden furniture importers in the world, 2016
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2. Market overview
2.3 World wood market – 2.3.4. Wood market in some big countries
Source: VIRAC, Gappingworld
Wood production in China, 2010 - 2017
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Source: VIRAC, Globalwood
2. Market overview
2.3 World wood market – 2.3.4. Wood market in some big countries
Source: VIRAC, Globalwood
China's main wood products export structure, 2015
Trade of wood and wooden products in China, 2010 - 2016
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2. Market overview
2.3 World wood market – 2.3.4. Wood market in some big countries
Source: VIRAC, Globalwood
Import market structure of wooden furniture in China, 2016
Export market structure of wooden furniture in China, 2016
Source: VIRAC, Globalwood
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Source: VIRAC, Statista
2. Market overview
2.3 World wood market – 2.3.4. Wood market in some big countries
Source: VIRAC, Statista
USD
million
Export and import of wood and wood products in the USA, 2010 - 2016
Exports of wood and wood products in the US by region, 2016Content is intentionally removed for demo purpose
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Source: VIRAC, Statista
Source: VIRAC, Statista
2. Market overview
2.3 World wood market – 2.3.4. Wood market in some big countries
Import value of wooden furniture in the US, 2013 - 2016
Import market structure of wooden furniture in the US, 2016
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Top the most famous brands of wooden furniture in the world
2. Market overview
2.3 World wood market – 2.3.5. Most famous brands of wooden furniture in the world
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Top the most famous brands of wooden furniture in the world
2. Market overview
2.3 World wood market – 2.3.5. Most famous brands of wooden furniture in the world
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2. Market overview
2.1 Definition and classification
2.2 Value chain
2.3 World wood market
2.4 Vietnam wood market
Content
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History of wood processing industry in Vietnam
2. Market overview
2.4 Vietnam market – 2.4.1. History of formation and development of the industry
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2. Market overview
2.4 Vietnam market – 2.4.2. Processing technology
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Value chain of wood processing industry in Vietnam
2. Market overview
2.4 Vietnam market – 2.4.3. Value chain of Vietnam wood industry
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+ +=
2. Market overview
2.4 Vietnam market – 2.4.4. Raw materials
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Source: VIRAC, MARD
2. Market overview
2.4 Vietnam market – 2.4.4. Raw materials
The volume of timber harvested from planted forest, 2010 - Q1/2018
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Wood supply from rubber trees liquidated annually
Source: VIRAC, GSO
2. Market overview
2.4 Vietnam market – 2.4.4. Raw materials
Thousand ha
Annual rubber plantation area in Vietnam, 2010 - 2017e
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Source: VIRAC, Vietnam Timber and Forest Product
Association
Source: VIRAC, Vietnam Timber and Forest Product
Association
2. Market overview
2.4 Vietnam market – 2.4.4. Raw materials
Import of wood material, 2013 - 2017
Import value of logs and lumber into Vietnam, 2013 - 2017
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2. Market overview
2.4 Vietnam market – 2.4.4. Raw materials
Source: VIRAC, GDVC
Source: VIRAC, GDVC
Source: VIRAC, GDVC
Million m³
USD
million
Top largest logs suppliers of Vietnam, 2017
Import volume of logs and lumber into Vietnam, 2013 - 2017Top largest wood material importing enterprises, 2017
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Source: VIRAC, GDVC
2. Market overview
2.4 Vietnam market – 2.4.4. Raw materials
Source: VIRAC, GDVC
The most imported types of wood, 2016 - 2017
Top largest lumber suppliers of Vietnam, 2017
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Source: VIRAC, Vietnam Timber and Forest Product Association
Source: VIRAC, Vietnam Timber and Forest Product Association
2. Market overview
2.4 Vietnam market – 2.4.4. Raw materials
Demand for wood material in Vietnam,
2012 - 2016
Structure of using wood material, 2016
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Source: VIRAC, GSO
Source: VIRAC, GSO
2. Market overview
2.4 Vietnam market – 2.4.5. Production
Number of enterprises and employees in wood industry, 2010 - 2016
Allocation of timber enterprises by region, 2010 - 2016Content is intentionally removed for demo purpose
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Source: VIRAC, GSO
Source: VIRAC, GSOSource: VIRAC, GSO
2. Market overview
2.4 Vietnam market – 2.4.5. Production
VND trillionScale of wood enterprises by investment and by
labor, 2015
Investment capital and fixed assets of the industry, 2010 - 2016
Total revenue and profit of the wood industry, 2010 - 2016
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2. Market overview
2.4 Vietnam market – 2.4.5. Production
Source: VIRAC, GSO
VND billion Production value of wood processing industry, 2008 - 2017e
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Wood chip industry
2. Market overview
2.4 Vietnam market – 2.4.5. Production
Allocation of wood chip producers by area, 2015
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2. Market overview
2.4 Vietnam market – 2.4.5. Production
Source: VIRAC, GSO
1000 tons
Wood chip production output in Vietnam, 2010 - Q1/2018
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Artificial board industry (industrial wood)
2. Market overview
2.4 Vietnam market – 2.4.5. Production
Source: VIRAC, GSO
1000 m³Artificial board production, 2010 - Q1/2018
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2. Market overview
2.4 Vietnam market – 2.4.5. Production
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2. Market overview
2.4 Vietnam market – 2.4.5. Production
Classification of enterprises by source of capital, 2015
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Source: VIRAC, GSO
2. Market overview
2.4 Vietnam market – 2.4.5. Production
1000 items
Source: VIRAC, GSO
Structure of wooden furniture production by product type, Q1/2018
Wooden product production, 2010 - Q1/2018
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Domestic consumption market of wood and wood products
2. Market overview
2.4 Vietnam market – 2.4.6. Consumption
Source: VIRAC, Vietnam Timber and Forest Product
Association
Giá trị Consumption đồ gỗ Việt Nam tại thị trường nội địa, 2006 – 2016eContent is intentionally removed for demo purpose
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2. Market overview
2.4 Vietnam market – 2.4.6. Consumption
Source: VIRAC, Tổng cục Thuế
Top largest timber enterprises in 2016
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2. Market overview
2.4 Vietnam market – 2.4.6. Consumption
Source: VIRAC, GSO
Source: VIRAC, GSO
Consumption value of wood chips, 2010 - Q1/2018
Consumption value of artificial boards, 2010 - Q1/2018
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2. Market overview
2.4 Vietnam market – 2.4.6. Consumption
Source: VIRAC, GSO
VND
billion
Consumption value of wooden furniture, 2010 - Q1/2018
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Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Export
Export share of furniture in Vietnam and some South
East Asian countries by market, 2016
Structure of wood and wood products exported by category, 2017
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USD billion
Source: VIRAC, GDVC
2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Export
Source: VIRAC, GDVC
Export value of wood and wood products of
Vietnam, 2011 - Q1/2018
Structure of export markets for wood and wood products Q1/2018
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Source: VIRAC, GDVC
2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Export
Source: VIRAC, GDVCSource: VIRAC, GDVC
USD
million
Export value of wood furniture and wood products of
Vietnam, Q1/2017 - Q1/2018Export of wood and wood products by month, 2016 - 2018
Structure of contribution to export of wood and wood products of
Vietnam, 2013 - Q1/2018
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Source: VIRAC, GDVC
2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Export
USD
million
Source: VIRAC, GDVC
Wood product exports to the US market, 2015 - 2017
Wood exports to the US market, 2011 – Q1/2018
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Source: VIRAC, GDVC
2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Export
Source: VIRAC, GDVC
USD
million
Commodity 2015 2016 2017
Value of Vietnamese wood products exported to ChinaUnit: USD million
Export turnover of wood and wood products to China, 2011 - Q1/2018
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Source: VIRAC, GDVC
2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Export
Source: VIRAC, GDVC
USD million
Export share of wood and wood products to Europe by country, Q1/2018
Export turnover of wood and wood products to Europe, 2009 - Q1/2018
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2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Export
Major commodities exported to the EU, Q1/2018 (Unit: USD thousand)
Source: VIRAC, GDVCSource: VIRAC, GDVC
USD thousand
Top exporters of wood and wood products to Europe, Q1/2018
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2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Export
Strengths Weaknesses
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2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Export
Opportunities Threats
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Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Export
Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
USD million
Wood chip exports by volume, 2010 - 2017
Wood chip exports by value, 2010 - 2017
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Source: VIRAC, GDVC
2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Export
Source: VIRAC, GDVC
Source: VIRAC, GDVC
Top largest wood chip exporting enterprises, 2017
Structure of wood chip export markets by volume, 2017 Structure of wood chip export markets by value, 2017
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Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Export
USD
million
Export value of all kinds of boards in Vietnam, 2011-2017
Export of boards in Vietnam, 2013 - 2017
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Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Export
Source: VIRAC, GDVC, Vietnam Timber and Forest
Product AssociationExport value of wooden furniture, 2010 - 2017
Export volume and value of wooden products, 2013 - 2017
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2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Export
Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
Source: VIRAC, GDVC, Vietnam Timber and Forest
Product Association
Top 10 largest wooden furniture exporters, 2017
Export market structure of wooden furniture, 2017
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Source: VIRAC, GDVC
Source: VIRAC, GDVC
2. Market overview
2.4 Vietnam market – 2.4.7. Import export – Import
USD
million
Import of wood and wood products of Vietnam, 2010 - Q1/2018
Import market structure of wood and wood products Q1/2018
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Strengths
2. Market overview
2.4 Vietnam market – 2.4.8. Competitive analysis
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Weaknesses
2. Market overview
2.4 Vietnam market – 2.4.8. Competitive analysis
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Opportunities
2. Market overview
2.4 Vietnam market – 2.4.8. Competitive analysis
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Threats
2. Market overview
2.4 Vietnam market – 2.4.8. Competitive analysis
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2. Market overview
2.4 Vietnam market – 2.4.9. Inventory
Source: VIRAC, GSO
Inventory index of beds, cabinets, tables, chairs,
2012 – 5M/2017
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3 Risk analysis
Content
107
3. Risk analysis
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Risks of lack of raw materials
Risks of legality of wood material
108
3. Risk analysis
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Risk of lack of information on export markets
Legal risk
Competitive risk
109
4. Outlook and forecast
4.1 Industry development planning
4.2 Outlook
4.3 Forecast
Content
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Industry development planning
4. Outlook and forecast
4.1. Industry development planning
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4. Outlook and forecast
4.1 Industry development planning
4.2 Outlook
4.3 Forecast
Content
112
4. Outlook and forecast
4.2. Outlook
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4. Outlook and forecast
4.2. Outlook
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4. Outlook and forecast
4.1 Industry development planning
4.2 Outlook
4.3 Forecast
Content
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World market
4. Outlook and forecast
4.3. Forecast
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4. Outlook and forecast
4.3. Forecast
USD
billion
Source: VIRAC, GDVC
Forecast of export turnover of wood and wood products of Vietnam to 2020
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5. Enterprise analysis
5.1 Enterprise introduction
5.2 Financial analysis
Content
118
CompanyTotal assets
(VND billion)
Revenue
(VND billion)General information
Shing Mark Vina Co., Ltd.
Nitori Vietnam Processing
Enterprise
San Lim Furniture Vietnam
Co., Ltd
Poh Huat Vietnam JSC
Woodworth Wooden
(Vietnam) Co., Ltd
An Cuong Wood JSC
Timber Industries Co., Ltd.
Rochdale Spears Co., Ltd.
Johnson Wood Joint Stock
Company
5. Enterprise analysis
5.1. Enterprise introduction
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5. Enterprise analysis
5.1 Enterprise introduction
5.2 Financial analysis
Content
120
5. Enterprise analysis
5.2. Financial analysis
Gross profit margin, 2015 - 2016
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5. Enterprise analysis
5.2. Financial analysis
Cost of sales/Net revenue ratio
General and administrative expenses/Net revenue ratio
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.
5. Enterprise analysis
5.2. Financial analysis
Self-financing ratio, 2015 - 2016
Fixed assets turnover, 2015 - 2016
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5. Enterprise analysis
5.2. Financial analysis
Average charge, 2015 - 2016
Inventory days, 2015 - 2016
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5. Enterprise analysis
5.2. Financial analysis
Solvency, 2015 - 2016
Return ratio, 2015 - 2016
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6. Appendix of Financial statement
Content
126
6. Appendix of Financial statement
6.1. An Cuong Wood JSC
BALANCE SHEETS
Unit: VND 2015 2016
I CURRENT ASSETS
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivable
Receivables of customers
5 Inventories
II NON-CURRENT ASSETS
1 Other long-term receivables
2 Fixed assets
3 Tangible fixed assets
Intangible fixed assets
5 Commercial advantage
III TOTAL ASSETS
I LIABILITIES
1 Current liabilities
Current borrowings and liabilities
Receivables of sellers
Taxes and other payables to the State budget
2 Non-current liabilities
II EQUITY
III TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Revenue from financial activities
5 Financial expenses
Loan interest expenses
6 Cost of sales
7 General and administrative expenses
8 Net profit from business activities
9 Before-tax profit
10 Current income tax
11 Deferred income tax
12 After-tax profit
CASH FLOW STATEMENT
Unit: VND 2015 2016
1 Cash flow from operating activities
Net cash flow from operations
2 Cash flow from investing activities
Net cash flow from investing activities
3 Cash flow from financing activities
Net cash flow from financing activities
4 Net cash flow of the year
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BALANCE SHEETS
Unit: VND 2015 2016
I CURRENT ASSETS
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivable
Receivables of customers
5 Inventories
II NON-CURRENT ASSETS
1 Other long-term receivables
2 Fixed assets
Tangible fixed assets
Intangible fixed assets
3 Commercial advantage
III TOTAL ASSETS
I LIABILITIES
1 Current liabilities
Current borrowings and liabilities
Receivables of sellers
Taxes and other payables to the State budget
2 Non-current liabilities
II EQUITY
III TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Revenue from financial activities
5 Financial expenses
Loan interest expenses
6 Cost of sales
7 General and administrative expenses
8 Net profit from business activities
9 Before-tax profit
10 Current income tax
11 Deferred income tax
12 After-tax profit
CASH FLOW STATEMENT
Unit: VND 2015 2016
1 Cash flow from operating activities
Net cash flow from operations
2 Cash flow from investing activities
Net cash flow from investing activities
3 Cash flow from financing activities
Net cash flow from financing activities
4 Net cash flow of the year
6. Appendix of Financial statement
6.2. Johnson Wood JSC
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128
BALANCE SHEETS
Unit: VND 2015 2016
I CURRENT ASSETS
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivable
Receivables of customers
5 Inventories
II NON-CURRENT ASSETS
1 Other long-term receivables
2 Fixed assets
3 Tangible fixed assets
Intangible fixed assets
5 Commercial advantage
III TOTAL ASSETS
I LIABILITIES
1 Current liabilities
Current borrowings and liabilities
Receivables of sellers
Taxes and other payables to the State budget
2 Non-current liabilities
II EQUITY
III TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Revenue from financial activities
5 Financial expenses
Loan interest expenses
6 Cost of sales
7 General and administrative expenses
8 Net profit from business activities
9 Before-tax profit
10 Current income tax
11 Deferred income tax
12 After-tax profit
CASH FLOW STATEMENT
Unit: VND đồng 2015 2016
1 Cash flow from operating activities
Net cash flow from operations
2 Cash flow from investing activities
Net cash flow from investing activities
3 Cash flow from financing activities
Net cash flow from financing activities
4 Net cash flow of the year
6. Appendix of Financial statement
6.3. Poh Huat Vietnam Co., Ltd.
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129
BALANCE SHEETS
Unit: VND 2015 2016
I CURRENT ASSETS
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivable
Receivables of customers
5 Inventories
II NON-CURRENT ASSETS
1 Other long-term receivables
2 Fixed assets
3 Tangible fixed assets
Intangible fixed assets
5 Commercial advantage
III TOTAL ASSETS
I LIABILITIES
1 Current liabilities
Current borrowings and liabilities
Receivables of sellers
Taxes and other payables to the State budget
2 Non-current liabilities
II EQUITY
III TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Revenue from financial activities
5 Financial expenses
Loan interest expenses
6 Cost of sales
7 General and administrative expenses
8 Net profit from business activities
9 Before-tax profit
10 Current income tax
11 Deferred income tax
12 After-tax profit
CASH FLOW STATEMENT
Unit: VND 2015 2016
1 Cash flow from operating activities
Net cash flow from operations
2 Cash flow from investing activities
Net cash flow from investing activities
3 Cash flow from financing activities
Net cash flow from financing activities
4 Net cash flow of the year
6. Appendix of Financial statement
6.4. Rochdale Spears Co., Ltd.
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130
BALANCE SHEETS
Unit: VND 2015 2016
I CURRENT ASSETS
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivable
Receivables of customers
5 Inventories
II NON-CURRENT ASSETS
1 Other long-term receivables
2 Fixed assets
3 Tangible fixed assets
Intangible fixed assets
5 Commercial advantage
III TOTAL ASSETS
I LIABILITIES
1 Current liabilities
Current borrowings and liabilities
Receivables of sellers
Taxes and other payables to the State budget
2 Non-current liabilities
II EQUITY
III TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Revenue from financial activities
5 Financial expenses
Loan interest expenses
6 Cost of sales
7 General and administrative expenses
8 Net profit from business activities
9 Before-tax profit
10 Current income tax
11 Deferred income tax
12 After-tax profit
CASH FLOW STATEMENT
Unit: VND 2015 2016
1 Cash flow from operating activities
Net cash flow from operations
2 Cash flow from investing activities
Net cash flow from investing activities
3 Cash flow from financing activities
Net cash flow from financing activities
4 Net cash flow of the year
6. Appendix of Financial statement
6.5. Salim Furniture Vietnam Co., Ltd.
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131
BALANCE SHEETS
Unit: VND 2015 2016
I CURRENT ASSETS
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivable
Receivables of customers
5 Inventories
II NON-CURRENT ASSETS
1 Other long-term receivables
2 Fixed assets
3 Tangible fixed assets
Intangible fixed assets
5 Commercial advantage
III TOTAL ASSETS
I LIABILITIES
1 Current liabilities
Current borrowings and liabilities
Receivables of sellers
Taxes and other payables to the State budget
2 Non-current liabilities
II EQUITY
III TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Revenue from financial activities
5 Financial expenses
Loan interest expenses
6 Cost of sales
7 General and administrative expenses
8 Net profit from business activities
9 Before-tax profit
10 Current income tax
11 Deferred income tax
12 After-tax profit
CASH FLOW STATEMENT
Unit: VND 2015 2016
1 Cash flow from operating activities
Net cash flow from operations
2 Cash flow from investing activities
Net cash flow from investing activities
3 Cash flow from financing activities
Net cash flow from financing activities
4 Net cash flow of the year
6. Appendix of Financial statement
6.6. Shing Mark Vina Co., Ltd.
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132
BALANCE SHEETS
Unit: VND 2015 2016
I CURRENT ASSETS
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivable
Receivables of customers
5 Inventories
II NON-CURRENT ASSETS
1 Other long-term receivables
2 Fixed assets
3 Tangible fixed assets
Intangible fixed assets
5 Commercial advantage
III TOTAL ASSETS
I LIABILITIES
1 Current liabilities
Current borrowings and liabilities
Receivables of sellers
Taxes and other payables to the State budget
2 Non-current liabilities
II EQUITY
III TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Revenue from financial activities
5 Financial expenses
Loan interest expenses
6 Cost of sales
7 General and administrative expenses
8 Net profit from business activities
9 Before-tax profit
10 Current income tax
11 Deferred income tax
12 After-tax profit
CASH FLOW STATEMENT
Unit: VND 2015 2016
1 Cash flow from operating activities
Net cash flow from operations
2 Cash flow from investing activities
Net cash flow from investing activities
3 Cash flow from financing activities
Net cash flow from financing activities
4 Net cash flow of the year
6. Appendix of Financial statement
6.7. Timber Industries Co., Ltd.
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133
BALANCE SHEETS
Unit: VND 2015 2016
I CURRENT ASSETS
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivable
Receivables of customers
5 Inventories
II NON-CURRENT ASSETS
1 Other long-term receivables
2 Fixed assets
3 Tangible fixed assets
Intangible fixed assets
5 Commercial advantage
III TOTAL ASSETS
I LIABILITIES
1 Current liabilities
Current borrowings and liabilities
Receivables of sellers
Taxes and other payables to the State budget
2 Non-current liabilities
II EQUITY
III TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Revenue from financial activities
5 Financial expenses
Loan interest expenses
6 Cost of sales
7 General and administrative expenses
8 Net profit from business activities
9 Before-tax profit
10 Current income tax
11 Deferred income tax
12 After-tax profit
CASH FLOW STATEMENT
Unit: VND 2015 2016
1 Cash flow from operating activities
Net cash flow from operations
2 Cash flow from investing activities
Net cash flow from investing activities
3 Cash flow from financing activities
Net cash flow from financing activities
4 Net cash flow of the year
6. Appendix of Financial statement
6.8. Woodworth Wooden Co., Ltd
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134
BALANCE SHEETS
Unit: VND 2015 2016
I CURRENT ASSETS
1 Cash and cash equivalents
2 Short-term financial investments
3 Short-term receivable
Receivables of customers
5 Inventories
II NON-CURRENT ASSETS
1 Other long-term receivables
2 Fixed assets
3 Tangible fixed assets
Intangible fixed assets
5 Commercial advantage
III TOTAL ASSETS
I LIABILITIES
1 Current liabilities
Current borrowings and liabilities
Receivables of sellers
Taxes and other payables to the State budget
2 Non-current liabilities
II EQUITY
III TOTAL CAPITAL RESOURCES
INCOME STATEMENT
Unit: VND 2015 2016
1 Net revenue
2 Cost of goods sold
3 Gross profit
4 Revenue from financial activities
5 Financial expenses
Loan interest expenses
6 Cost of sales
7 General and administrative expenses
8 Net profit from business activities
9 Before-tax profit
10 Current income tax
11 Deferred income tax
12 After-tax profit
CASH FLOW STATEMENT
Unit: VND 2015 2016
1 Cash flow from operating activities
Net cash flow from operations
2 Cash flow from investing activities
Net cash flow from investing activities
3 Cash flow from financing activities
Net cash flow from financing activities
4 Net cash flow of the year
6. Appendix of Financial statement
6.9. Nitori Vietnam Processing Enterprise
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108
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Report Disclaimer
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