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Vietnam Cold Chain Market Report 2019

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FiinGroup is pleased to introduce Vietnam Cold Chain Market Report 2019, the first and most comprehensive issue on Vietnam cold chain industry. This report presents a board range of topics, both sector-specific and crosscutting market issues.

We have completed the research on Vietnam cold chain market, including background of the market, the demand analysis of key end-user groups, the financial performance of each sector, investment and expansion trends, along with the profiles of key cold storage and cold transportation service providers.

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Vietnam Cold Chain Market Report 2019

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  2. 2. FiinGroup Joint StockCompany Head Office 5th Floor, Anh Minh Building 36 Hoang Cau, Dong Da Hanoi, Vietnam Tel: +84 (24) 3562 6962 www.fiingroup.vn Ho Chi Minh CityBranch 3rd Floor, Profomilk Plaza Bldg, 51-53 Vo Van Tan, Ward 6, District 3, Ho Chi Minh, Vietnam Tel: +84 (28) 3933 3586 Date: May 2nd, 2019 Dear Our Value Clients, Re: The publication of Vietnam Cold Chain Market Report 2019 FiinGroup has been issuing Vietnam Cold Storage Market Report for the last three years. Taking into account feedbacks from our clients, in addition to the comprehensive analysis of Vietnam cold storage sector, in Vietnam Cold Chain Market Report 2019, we also cover cold transportation and full cold chain in Vietnam with the emphasis on the current market size and competitive landscape. The purpose of research work is to have an in-depth understanding of Vietnam cold chain market and potential opportunities for local and foreign players in the sector. Particularly, with an aim to assess the cold chain outlook, key growth drivers for both cold storage and transportation such as seafoods (import & export), modern trade, meat and fruit & vegetables are included. In addition to our experience in this industry, we have conducted various discussions and interviews with industry experts, cold chain end- customers at executive levels to grasp local insights and the practical ways of doing cold chain business in Vietnam. We understand that this is a targeted but also an open research. We would be happy to provide any further information to address any questions that you may have, for any specific sector or target business in Vietnam. Should you have any questions, please contact me or our Manager, Mr. Hai Khieu at +84 (24) 3562 6962 (ext. 121) or his email: hai.khieu@fiingroup.vn. Yours sincerely, Le Xuan Dong Director, Research and Consulting Services FiinGroup Joint Stock Company 2Financial Information | Business Information | Research and Consulting Services
  3. 3. Table of Content 3Financial Information | Business Information | Research and Consulting Services Part Content Page 1 Overview of cold chain market in Vietnam 7-24 1.1 Market Structure & Description 7 1.2 Market Size & Segmentation 9 1.3 Analysis of cold storage in Vietnam 11-17 1.4 Analysis of cold transportation in Vietnam 19-21 2 Market Potentials 23-38 2.1 Market Potentials 23-25 2.2 Potential demands from seafoods 27-30 2.3 Potential demands from food retail 32-33 2.4 Potential demands from F&V 35-36 2.5 Potential demands from meat 38 Part Content Page 3 Competition dynamics 40-54 3.1 Cold chain 40 3.2 Cold storage 42-49 3.3 Cold transportation 51-54 4 Sector Financial Performance 56-61 Appendices 63-78 Regulatory framework 63-68 Profiling of top key players in cold chain market 70-76 List of cold chain companies covered in Section 4 78
  4. 4. Abbreviation 4Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  5. 5. We have completed the research on Vietnam Cold Chain Market, including background of the market, the demand analysis of key end-user groups, financial performance of each sectors, investment and expansion trends, along with the profiles of key cold storage and cold transportation service providers. Below are the most critical findings that could be important for your consideration. 1) The rented cold storage market in Vietnam had a total designed capacity of xx pallets at the end of 2018: There are xx professionally- managed rented cold storages in the South of Vietnam, xx in the North, and many other small, independent cold storages. Central market is gaining attention with the open of Transimex’s Cold storage in Danang. The rented cold storage market in Vietnam has a short development history of 20 years. The market started booming after 2007 thanks to remarkable import & export activities after WTO accession and many FTAs in recent years. Vietnam rented cold storage capacity Executive summary Content is removed for demo purpose 5Financial Information | Business Information | Research and Consulting Services
  6. 6. Contents 6Financial Information | Business Information | Research and Consulting Services Section 1: Overview of cold chain market in Vietnam Page 1 Market structure and description 7 2 Market size and segmentation 9 3 Analysis of cold storage in Vietnam 11 – 17 4 Analysis of cold transportation in Vietnam 19 – 21
  7. 7. Section 1: Overview of Cold chain market in Vietnam 1. Market structure and Description Cold chain (storage & cold transportation) is classified as climate control logistics Figure 1: Logistics market structure in Vietnam Source: FiinGroup Logistics International transportation Forwarding Domestic transportation Warehousing Transportation Other value-added services ICD & CFS services Customs clearance Cold chain Bonded warehouse Packing, Inspection, Fumigation, etc. Container loading & unloading Content is removed for demo purpose 7Financial Information | Business Information | Research and Consulting Services
  8. 8. Contents 8Financial Information | Business Information | Research and Consulting Services Section 1: Overview of cold chain market in Vietnam Page 1 Market structure and description 7 2 Market size and segmentation 9 3 Analysis of cold storage in Vietnam 11 – 17 4 Analysis of cold transportation in Vietnam 19 – 21
  9. 9. Cold chain industry in Vietnam is estimated to reach US$xxxmn in 2019 Section 1: Overview of Cold chain market in Vietnam 2. Market size and segmentation Figure 2: Market size(*) of Vietnam cold chain market in 2019 Cold chain Cold storage Cold transportation xxx pallets 9Financial Information | Business Information | Research and Consulting Services xxx refrigerated trucks & terminal tracks Content is removed for demo purpose Source: FiinGroup
  10. 10. Contents 10Financial Information | Business Information | Research and Consulting Services Section 1: Overview of cold chain market in Vietnam Page 1 Market structure and description 7 2 Market size and segmentation 9 3 Analysis of cold storage in Vietnam 11 – 17 4 Analysis of cold transportation in Vietnam 19 – 21
  11. 11. Section 2: Analysis of Cold storage in Vietnam 3. Analysis of cold storage in Vietnam | Overview Cold storage market can be divided into owned and rented cold storage Cold storage in Vietnam Owned cold storage Rented cold storage DEFINITION PURPOSE KEY PLAYERS CHARACTERISTICS Content is removed for demo purpose 11Financial Information | Business Information | Research and Consulting Services
  12. 12. Source: FiinGroup (*) Data takes into account designed capacity of xx cold storages in Vietnam. It is noted that we do not cover small-scaled cold storages with designed capacity of less than 1,000 pallets. Figure 3: Designed capacity(*) of rented cold storage in Vietnam, thousand pallets Section 2: Analysis of Cold storage in Vietnam 3. Analysis of cold storage in Vietnam | Market size Rented cold storage market had a total designed capacity of xxx,xxx pallets in 2018 Content is removed for demo purpose 12Financial Information | Business Information | Research and Consulting Services
  13. 13. NORTH SOUTH CENTRAL Section 2: Analysis of Cold storage in Vietnam 3. Analysis of cold storage in Vietnam | Segmentation By geography, rented cold storage market is more developed in the South with xx cold storages which account for xx% of total designed capacity as of December 2018 Figure 4: Cold storage designed capacity by region, 2018 Content is removed for demo purpose 13Financial Information | Business Information | Research and Consulting Services
  14. 14. The year of 2015 witnessed the rise of North market after almost 10 years of inactiveness Figure 5: Designed capacity(*) of rented cold storage in the North of Vietnam, thousand pallets NORTH Section 2: Analysis of Cold storage in Vietnam 3. Analysis of cold storage in Vietnam | Segmentation 14Financial Information | Business Information | Research and Consulting Services Source: FiinGroup (*) Data takes into account designed capacity of xx cold storages in the North of Vietnam. It is noted that we do not cover small-scaled cold storages with designed capacity of less than 1,000 pallets. Content is removed for demo purpose
  15. 15. Cold Storage in the North is fragmented with many small independent cold storages, mainly located in Hanoi, Hung Yen and Bac Ninh NORTH Bac Ninh Ha Noi Hung Yen Figure 6: Distribution by geography of cold storage in the North Section 2: Analysis of Cold storage in Vietnam 3. Analysis of cold storage in Vietnam | Segmentation 15Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  16. 16. South market boomed since 2009 thanks to increasing demand from seafood and retail Figure 7: Designed capacity(*) of rented cold storage in the South of Vietnam, thousand pallets SOUTH Section 2: Analysis of Cold storage in Vietnam 3. Analysis of cold storage in Vietnam | Segmentation Source: FiinGroup (*) Data takes into account designed capacity of xx cold storages in the South of Vietnam. It is noted that we do not cover small-scaled cold storages with designed capacity of less than 1,000 pallets. Content is removed for demo purpose 16Financial Information | Business Information | Research and Consulting Services
  17. 17. Cold storage market in the South is dominated by top five players namely Emergent Cold, PFS, Hoang Lai, SATRA & LOTTE Sea Figure 8: Distribution by geography of cold storage in the South Truong Sa Long An 17Financial Information | Business Information | Research and Consulting Services Ho Chi Minh City Binh Duong SOUTH Section 2: Analysis of Cold storage in Vietnam 3. Analysis of cold storage in Vietnam | Segmentation Content is removed for demo purpose
  18. 18. Contents 18Financial Information | Business Information | Research and Consulting Services Section 1: Overview of cold chain market in Vietnam Page 1 Market structure and description 7 2 Market size and segmentation 9 3 Analysis of cold storage in Vietnam 11 – 17 4 Analysis of cold transportation in Vietnam 19 – 21
  19. 19. Section 1: Overview of cold chain market in Vietnam 4. Cold transportation Cold transportation in Vietnam is growing quickly and being predicted to remain the growth momentum in the coming future Figure 9: Cold transportation in Vietnam, 2018 19Financial Information | Business Information | Research and Consulting Services Source: FiinGroup. Content is removed for demo purpose
  20. 20. Source: FiinGroup 2015 2016 2017 2018E Domestic Import Export x,xxx Section 1: Overview of cold chain market in Vietnam 4. Cold transportation | Container Demand for cold transportation in Vietnam has been on the rise with increasing cold container throughput via Vietnam seaports Figure 10: Container throughput via sea ports system, TEUs Cargo throught via refrigerated containers (‘000 Teus) x,xxx x,xxx x,xxx CAGR2015-2018=xx% 20Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  21. 21. Section 1: Overview of cold chain market in Vietnam 4. Cold transportation | Bulk There are xx cold transportation companies in Vietnam owing xxx refrigerated trucks Main routes Figure 11: Cold transportation for bulk cargo in Vietnam, 2019 Providers Facilities 21Financial Information | Business Information | Research and Consulting Services Source: FiinGroup. The analysis is based on a list of cold transportation companies in FiinGroup’s database. The list does not cover small-scale cold transportation providers such as household business or individuals in logistic cooperatives. Content is removed for demo purpose
  22. 22. Contents 22Financial Information | Business Information | Research and Consulting Services Section 2: Market potentials Page 1 Market potentials 23 – 25 2 Potential demands from seafoods 27 – 30 3 Potential demands from food retail 32 - 33 4 Potential demands from F&V 35 - 36 5 Potential demands from meat 38
  23. 23. Section 2: Market potentials 1. Market potentials Huge potential for cold chain industry in Vietnam xx% demand for cold chain is from Food group xx% from OthersEnd-use sectors Regions Expansion NORTH CENTRALSOUTH COLD TRANSPORTATIONCOLD STORAGE Content is removed for demo purpose 23Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose Content is removed for demo purpose
  24. 24. Section 2: Market potentials 1. Market potentials Cold chain is growing in line with the development of end-use sectors such as Seafood, Retail, Meat, etc. Figure 12: Demand for cold chain from end-use sectors, 2019 24Financial Information | Business Information | Research and Consulting Services Source: FiinGroup Content is removed for demo purpose
  25. 25. Section 2: Market potentials 1. Market potentials Zoom in End-use sectors: Demand for cold chain originated from five main sources (i) Seafood (ii) Grocery retail (iii) Fruit & Vegetables, (iv) Meat and (v) Others. Seafood export remains the leading user for cold storage 25Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  26. 26. Contents 26Financial Information | Business Information | Research and Consulting Services Section 2: Market potentials Page 1 Market potentials 23 – 25 2 Potential demands from seafoods 27 – 30 3 Potential demands from food retail 32 - 33 4 Potential demands from F&V 35 - 36 5 Potential demands from meat 38
  27. 27. Source: FiinGroup, VASEP Section 2: Market potentials 2. Potential demands from seafoods Vietnam seafood production continues its strong growth with xx.xx million tonnes volume in 2018, with frozen seafood dominated the domestic consumption Figure 13: Seafood production volume in Vietnam Figure 14: Vietnam seafood domestic consumption by category, 2017 Source: FiinGroup, VASEP Wild-caught Farm-raised 27Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  28. 28. Figure 15: Vietnam seafood import value (US$mn), 2012-2018 Section 2: Market potentials 2. Potential demands from seafoods The rise in seafood import will spur the demand for both in-house and bonded cold storages Source: FiinGroup, VASEP Figure 16: Import volume (US$mn) and Y-o-Y growth of major market, 2018 Import value Y-o-Y Growth Import value Y-o-Y growth 28Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  29. 29. Figure 17: Seafood export value (US$mn), 2012-2018 Section 2: Market potentials 2. Potential demands from seafoods Exporting in the Southeast region will continue to drive the demand for cold chain Source: FiinGroup, VASEP Figure 18: Vietnam seafood export value (US$bn) and market share of major markets, 2018 Export value 29Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  30. 30. Section 2: Market potentials 2. Potential demands from seafoods In the meantime, with increasing in-house storages, demand for rented cold storage next to seafood manufacturing plants is expected to decrease. However, seafood is considered the main driver of sector growth. 30Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  31. 31. Contents 31Financial Information | Business Information | Research and Consulting Services Section 2: Market potentials Page 1 Market potentials 23 – 25 2 Potential demands from seafoods 27 – 30 3 Potential demands from food retail 32 - 33 4 Potential demands from F&V 35 - 36 5 Potential demands from meat 38
  32. 32. Section 2: Market potentials 3. Potential demands from food retail Vietnam grocery retail witnessed healthy growth, surpassing US$xxbn in 2018. Robust development of modern retailers fueled the sector, posting opportunities for cold chain Figure 21: Sales in grocery retailers in Vietnam Figure 22: Number of modern retailer in Vietnam Source: FiinGroup, EUI Content is removed for demo purpose 32Financial Information | Business Information | Research and Consulting Services
  33. 33. Section 2: Market potentials 3. Potential demands from food retail Currently, most retailers have their own in-house cold storages… 33Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  34. 34. Contents 34Financial Information | Business Information | Research and Consulting Services Section 2: Market potentials Page 1 Market potentials 23 – 25 2 Potential demands from seafoods 27 – 30 3 Potential demands from food retail 32 - 33 4 Potential demands from F&V 35 - 36 5 Potential demands from meat 38
  35. 35. Source: FiinGroup, General Customs Section 2: Market potentials 4. Potential demands from F&V Vietnam fruit & vegetables sector posts an impressive performance in the period 20xx-20xx with export value of US$ x.xbn in 2018 Figure 24: Fruit & vegetables import/export value in Vietnam Content is removed for demo purpose 35Financial Information | Business Information | Research and Consulting Services
  36. 36. Figure 25: Processed fruit & vegetables in Vietnam Source: FiinGroup, General Customs Figure 26: Processed fruit & vegetables in peer countries, 2018 Section 2: Market potentials 4. Potential demands from F&V Processed fruit & vegetables sector witnessed a promising growth with x.x% CAGR, higher than other regional countries Content is removed for demo purpose 36Financial Information | Business Information | Research and Consulting Services
  37. 37. Contents 37Financial Information | Business Information | Research and Consulting Services Section 2: Market potentials Page 1 Market potentials 23 – 25 2 Potential demands from seafoods 27 – 30 3 Potential demands from food retail 32 - 33 4 Potential demands from F&V 35 - 36 5 Potential demands from meat 38
  38. 38. Figure 27: Meat production volume in Vietnam Source: FiinGroup, Department of Livestock(MARD) Section 2: Market potentials 5. Potential demands from meat Demand for cold chain from meat sector started to warm up with the rise of chilled meat products Source: FiinGroup, Department of Livestock(MARD) 38Financial Information | Business Information | Research and Consulting Services Figure 28: Meat export and import value of Vietnam Content is removed for demo purpose
  39. 39. Contents 39Financial Information | Business Information | Research and Consulting Services Section 3: Competition dynamic Page 1 Cold chain 40 2 Cold storage 42 - 49 3 Cold transportation 51 - 54
  40. 40. FULL-CHAIN SERVICES PROVIDER SPECIALIZED SERVICES PROVIDER 3PL COMPANY Section 3: Competition dynamic 1. Cold chain | General dynamics Cold chain in Vietnam consists of three main sectors with different characteristics and business strategy Type # companies Example Strategy & Characteristics 40Financial Information | Business Information | Research and Consulting Services
  41. 41. Contents 41Financial Information | Business Information | Research and Consulting Services Section 3: Competition dynamic Page 1 Cold chain 40 2 Cold storage 42 - 49 3 Cold transportation 51 - 54
  42. 42. Section 3: Competition dynamic 2. Cold storage | Market share Logistics companies and local providers lead the market in terms of total designed capacity Figure 29: Vietnam rented cold storage market by designed capacity, 2018 Content is removed for demo purpose 42Financial Information | Business Information | Research and Consulting Services
  43. 43. Section 3: Competition dynamic 2. Cold storage | Market share Cold storage in Vietnam could be divided into different tiers based on their features 43Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  44. 44. Cold storage in Vietnam Tier 1 Tier 2 FACILITIES VALUE-ADDED SERVICE TECHNOLOGY TARGET CUSTOMERS Section 3: Competition dynamic 2. Cold storage | Market share Specifically, cold storage in Vietnam could be classified based on facilities, target customers, value-added services and technology KEY PLAYERS 44Financial Information | Business Information | Research and Consulting Services
  45. 45. Section 3: Competition dynamic 2. Cold storage | Market share |Foreign – Owned Group Despite the decline in market share, foreign cold storage providers are still the market leaders in quality and management services Figure 30: Foreign Rented cold storage capacity in Vietnam, 2018 Source: FiinGroup Highlights 45Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  46. 46. Section 3: Competition dynamic 2. Cold storage | Market share | Local Local rented cold storage providers boomed in the 2000s and are leading the market in terms of total designed capacity Figure 31: Local Rented cold storage capacity in Vietnam, 2018 Source: FiinGroup Highlights Content is removed for demo purpose 46Financial Information | Business Information | Research and Consulting Services
  47. 47. Section 3: Competition dynamic 2. Cold storage | Market share | Other logistic companies Logistics companies has gained significant market share with xx% CAGR during 2010-2018 Source: FiinGroup Figure 32: Cold storage capacity by logistics companies in Vietnam, 2018 Highlights Content is removed for demo purpose 47Financial Information | Business Information | Research and Consulting Services
  48. 48. Section 3: Competition dynamic 2. Cold storage | Key operational High occupation rate in peak season for most providers Figure 33: Top rented cold storage providers’ current utilization rate in peak season, 2018 Source: FiinGroup Content is removed for demo purpose 48Financial Information | Business Information | Research and Consulting Services
  49. 49. Section 3: Competition dynamic 2. Cold storage | Investment in the sector At least xx,xxx pallets from new cold storages will be available in the near future 49Financial Information | Business Information | Research and Consulting Services Figure 34: Expansion plan of selected top players Content is removed for demo purpose
  50. 50. Contents 50Financial Information | Business Information | Research and Consulting Services Section 3: Competition dynamic Page 1 Cold chain 40 2 Cold storage 42 - 49 3 Cold transportation 51 - 54
  51. 51. Section 3: Competition dynamic 3. Cold transportation Almost players could provide services for cold containers while cold transportation service for bulk products is the strength of only several key players in the market TERMINAL TRACTORS REFRIGERATOR TRUCKS 51Financial Information | Business Information | Research and Consulting Services Cold transportation Content is removed for demo purpose
  52. 52. Section 3: Competition dynamic 3. Cold transportation Cold transportation industry promises huge potential but fierce competition Business strategy applied by players in the market Competition Content is removed for demo purpose 52Financial Information | Business Information | Research and Consulting Services
  53. 53. Section 3: Competition dynamic 3. Cold transportation What do cold transportation companies do to gain the market share? Competition factors Content is removed for demo purpose 53Financial Information | Business Information | Research and Consulting Services
  54. 54. Section 3: Competition dynamic 3. Cold transportation In term of refrigerator trucks, xxx and xxx are leading players in Vietnamese market Figure 35: Top 10 cold transportation companies for bulk products, 2019 Source: FiinGroup, the company’s website or via interview with sales man Content is removed for demo purpose 54Financial Information | Business Information | Research and Consulting Services
  55. 55. Contents 55Financial Information | Business Information | Research and Consulting Services Section 4: Sector Financial Performance Page Sector Financial Performance 56 - 61
  56. 56. • Our analysis on cold chain companies’ financial performance is empowered by the most comprehensive and insightful financial database for Vietnam – our FiinPro Platform. At the time of this report, financial data for FY2018 is not available. FiinGroup will update this part once the FY2018 data is available. Methodology Section 4: Sector Financial Performance Methodology Content is removed for demo purpose 56Financial Information | Business Information | Research and Consulting Services
  57. 57. The sector yielded outstanding profitability ratios, thanks to growing demand and declining operation costs. Figure 36: Financial performance of cold chain companies in Vietnam – FiinGroup’s sample 57Financial Information | Business Information | Research and Consulting Services Capital Structure & Liquidity Ratios 2014 2015 2016 201 7 Total Liabilities / Total Assets Total Liabilities / Owners’ Equity Quick ratio Current ratio Management Ratios 2014 2015 2016 2017 Account Receivables Turnover Number of Days of Receivables Account Payables Turnover Number of Days of Payables Profitability Ratios 2014 2015 2016 201 7 GPM OPM NPM ROA ROE Cost Structure 2014 2015 2016 201 7 %COGS %SG&A %Financial expense Section 4: Sector Financial Performance Content is removed for demo purpose
  58. 58. Source: FiinGroup Section 4: Sector Financial Performance Cold transportation and full chain companies yielded impressive profitability, while cold storage providers has been underperforming Figure 37: Profitability ratios of cold chain segmentation, 2017 58Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  59. 59. Source: FiinGroup Section 4: Sector Financial Performance Cold transportation and full chain companies yielded impressive profitability, while cold storage providers has been underperforming Figure 38: Profitability ratios of cold chain segmentation, 2017 59Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  60. 60. Source: FiinGroup Section 4: Sector Financial Performance Cold storage companies rely on financial leverage, while cold transportation and full chain companies possess great liquidity ratios Figure 39: Capital structure & liquidity ratios of cold chain segmentation, 2017 60Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  61. 61. Source: FiinGroup 61Financial Information | Business Information | Research and Consulting Services Section 4: Sector Financial Performance Full chain companies have a balanced cost structure, while COGS covers almost xx% total costs of other sectors Figure 40: Cost structure of cold chain segmentation Content is removed for demo purpose
  62. 62. Contents 62Financial Information | Business Information | Research and Consulting Services Appendices Page Appendix 1 Regulatory framework 63 - 68 Appendix 2 Profiling of top key players in cold chain market 70- 76 Appendix 3 List of cold chain companies covered in Section 4 78
  63. 63. Region Class I and Class II logistics center Dedicated logistics center 63Financial Information | Business Information | Research and Consulting Services Source: FiinGroup Figure 41: The number of large-scale logistics centers according to the Development Plan Appendices Appendix 1. Regulatory framework Logistics industry has been oriented to focus on nationwide logistics center development by 2030 Content is removed for demo purpose
  64. 64. Sector & sub-sector Limitation on Market Access Limitation on National Treatment Additional Comment 64Financial Information | Business Information | Research and Consulting Services Source: FiinGroup Appendices Appendix 1. Regulatory framework Foreign ownership restriction at less than xx% was removed on 11/1/2014 for the logistics sector under Vietnam’s Commitments to WTO Figure 42: The schedule of specific commitments in Warehousing Service, including Cold Storage of Vietnam Content is removed for demo purpose
  65. 65. Appendices Appendix 1. Regulatory framework Cold chain is being encouraged by the Government with various incentives 65Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  66. 66. Figure 43: Application process for food safety certificate 66Financial Information | Business Information | Research and Consulting Services Appendices Appendix 1. Regulatory framework NAFIQAD is responsible for grant of Food Safety in Cold Storage Sector Content is removed for demo purpose
  67. 67. Indicator Technical regulation 67Financial Information | Business Information | Research and Consulting Services Source: FiinGroup Figure 44: Summaries of Cold storage for fishery products – Conditions for food safety in QCVN 02 - 09:2009/BNNPTNT Appendices Appendix 1. Regulatory framework Condition for food safety of fishery cold storage Content is removed for demo purpose
  68. 68. Year 1997 2009 1/1/2014 1/1/2016 The Corporate Income Tax 68Financial Information | Business Information | Research and Consulting Services Figure 45: Road map of the corporate income in Vietnam Source: WTO commitment of Vietnam Appendices Appendix 1. Regulatory framework The Government of Vietnam offers many preferential policies and incentive to attract FDI Content is removed for demo purpose
  69. 69. Contents 69Financial Information | Business Information | Research and Consulting Services Appendices Page Appendix 1 Regulatory framework 63 - 68 Appendix 2 Profiling of top key players in cold chain market 70- 76 Appendix 3 List of cold chain companies covered in Section 4 78
  70. 70. Appendices Appendix 2. Profiling of top key players in cold chain market There are xx new cold storage establishments from both foreign and local investors in the last 5 years Figure 46: List of completed rented cold storage investments in Vietnam, 2013-2018 70Financial Information | Business Information | Research and Consulting Services No. Company name Location Completion year Capacity Estimated Investment Value (US$ mn)(pallets) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Source: FiinGroup Content is removed for demo purpose
  71. 71. Appendices Appendix 2. Profiling of top key players in cold chain market ABA Cooltrans Company Profiling Products & Service Key Financials Facilities Figure 47: Net sales & total assets of ABA Cooltrans Source: FiinGroup Content is removed for demo purpose 71Financial Information | Business Information | Research and Consulting Services
  72. 72. Appendices Appendix 2. Profiling of top key players in cold chain market Freight Mark Vietnam Company Profiling Products & Service Key Financials Facilities Figure 48: Net sales & total assets of Freight Mark Vietnam Source: FiinGroup Content is removed for demo purpose 72Financial Information | Business Information | Research and Consulting Services
  73. 73. Appendices Appendix 2. Profiling of top key players in cold chain market Hoang Lai Company Profiling Products & Service Key Financials Facilities Figure 49: Net sales & total assets of Hoang Lai Source: FiinGroup Facilities 73Financial Information | Business Information | Research and Consulting Services Content is removed for demo purpose
  74. 74. Appendices Appendix 2. Profiling of top key players in cold chain market Emergent Cold (SWIRE) Company Profiling Products & Service Facilities Content is removed for demo purpose 74Financial Information | Business Information | Research and Consulting Services
  75. 75. Appendices Appendix 2. Profiling of top key players in cold chain market Tan Hung Company Profiling Products & Service Key Financials FacilitiesFigure 50: Net sales & total assets of Tan Hung Source: FiinGroup Content is removed for demo purpose 75Financial Information | Business Information | Research and Consulting Services
  76. 76. Appendices Appendix 2. Profiling of top key players in cold chain market Quang Minh Company Profiling Products & Service Key Financials Facilities Figure 51: Net sales & total assets of Quang Minh Source: FiinGroup Content is removed for demo purpose 76Financial Information | Business Information | Research and Consulting Services
  77. 77. Contents 77Financial Information | Business Information | Research and Consulting Services Appendices Page Appendix 1 Regulatory framework 63 - 68 Appendix 2 Profiling of top key players in cold chain market 70- 76 Appendix 3 List of cold chain companies covered in Section 4 78
  78. 78. No. Company name Location Classification of service Cold Storage Capacity Cold Transportation Capacity (cold trucks)(pallets) 78Financial Information | Business Information | Research and Consulting Services Appendices Appendix 3. List of cold chain companies covered in Section 4 There are xx cold chain companies covered for their financial performance during 2014-2017 Figure 52: List of cold chain companies covered for their financial performance, 2014-2017 Content is removed for demo purpose
  79. 79. This page is intentionally left blank 79Financial Information | Business Information | Research and Consulting Services
  80. 80. ‹#› Contact us Dong Le, CFA Director, Research and Consulting Services M: +84 (024) 3562 6962 (ext. 110) T: +84 (0) 912 057 529 E: dong.le@fiingroup.vn W: www.fiingroup.vn Hai Khieu Manager, Research and Consulting Services T: +84 (024) 3562 6962 (ext. 120) M: +84 (0) 966 510 388 E: hai.khieu@fiingroup.vn W: www.fiingroup.vn Head Office 5th Floor, Anh Minh Building 36 Hoang Cau Street Hanoi, Vietnam + 84 (24) 3562 6962 Ho Chi Minh City Branch 3rd Floor, Profomilk Plaza Bldg 51-53 Vo Van Tan, District 3 Ho Chi Minh City, Vietnam + 84 (28) 3933 3586

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