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Vietnam Auto Part Industry: Ready for a breakthrough

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Vietnam is one of the most promising markets for automotive sector. In the last 5 years, the market enjoyed a healthy growth of 18% and is expected to continue around 20% growth in the next 5 years thanks to the low car penetration rate, golden population structure and rising disposal income in Vietnam. Vietnamese government give so many incentive policies to encourage the development of local automotive and auto part sectors. Local automotive manufacturers are open to cooperate with auto part suppliers in order to exploit local market as well as for exporting to ASEAN countries. However, the auto part sector in Vietnam is still underdeveloped mainly due to the low car sale volume and limited capability of auto part suppliers.
3 months ago, FiinGroup conducted a market research on Vietnam auto part sector for KOTRA so we would like to share some key research findings with you to assist you to get more in-depth understanding.
Read more here: http://fiingroup.vn/News/Detail/3098629?lang=en-US
Should you wish to receive FiinGroup's PDF format of the handout or require further information, please contact us via message/ email!
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Vietnam Auto Part Industry: Ready for a breakthrough

  1. 1. ‹#› Vietnam Auto Part Industry: Ready for a breakthrough 16th October 2019 | Global TransportTech 2019 Presented by: Le Xuan Dong, CFA, Head of Market Research and Consulting Services Financial Information | Business Information | Market Research
  2. 2. Contents Overview of Automotive Industry in Vietnam 1 Auto part industry in Vietnam 2 Domestic auto part suppliers & potential partnership 3 FiinGroup's recommendation on market entry 4 Financial Information | Business Information | Market Research 2
  3. 3. Local automotive sector keeps the strong momentum thanks to increasing domestic demand and strong support from Vietnamese Government Section 1: Overview of Automotive Industry in Vietnam 1. Market Overview Source: FiinGroup, GSO, General Customs Forecast is based on sales growth of VAMA & Hyundai Thanh Cong in 8M2019 Figure 1: Car sales volume in Vietnam, thousand units Figure 2: Production volume & imported CBU cars, thousand units Source: FiinGroup, VAMA, GSO 134.0 192.8 254.9 243.4 268.4 71.0 125.5 112.5 97.3 82.9 2014 2015 2016 Production vol. (CKD/SKD) 2017 2018 Import (CBU) 173.5 271.1 308.2 281.4 340.3 408.3 2014 2015 2016 2017 2018 2019f Financial Information | Business Information | Market Research 3
  4. 4. Total designed capacity stays at 814,000 units p.a. with the commercial launching of VinFast and Thaco Luxury car plant in May 2019 and the industry is expected to witness a surge by 590,000 units p.a. in designed capacity by 2025. Section 1: Overview of Automotive Industry in Vietnam 1. Market Overview Figure 3: Automotive designed capacity in Vietnam, thousand units p.a. Source: FiinGroup Existing Capacity Planned New Capacity Expected Total Capacity 2019 2025 2025 VinFast 250.0 250.0 500.0 VinFast - GM Vietnam plant 30.0 30.0 Thaco 207.0 120.0 327.0 Huyndai Thanh Cong 102.0 150.0 252.0 Toyota 50.0 20.0 70.0 TCIEV (Nissan) 37.0 37.0 VEAM 30.0 30.0 Do Thanh 22.5 22.5 Vinamotor 16.0 16.0 Ford 14.0 14.0 Honda 10.0 10.0 Mitsubishi 5.0 50.0 55.0 Others 40.5 40.5 Total 814.0 590.0 1,404.0 Unit: thousand units p.a. 544.0 270.0 590.0 814.0 1,404.0 2018 2019 2025 Financial Information | Business Information | Market Research 4
  5. 5. 64.1 56.0 30.7 29.0 27.1 Toyota Hyundai Thanh Cong Vinamazda Thaco Kia Honda 22.2 8.7 7.5 6.8 6.6 Thaco Truck Ford Hyundai Thanh Cong Do Thanh Isuzu Section 1: Overview of Automotive Industry in Vietnam 1. Market Overview Passenger cars accounted for over 70% of total car sales volume in 2018 Figure 4: Car sales volume by category, 2018 PCs 72.9% CVs 25.4% SPVs 1.7% Source: FiinGroup, VAMA PCs (i.e Passenger cars) include sedans, SUVs, MPV, convertible cars and hatchback. CVs (i.e Commercial vehicles) include trucks, buses. SPVs (i.e Special purpose vehicles) include ambulance, fire-fighting trucks, refrigerated trucks, etc. THACO Financial Information | Business Information | Market Research 5
  6. 6. 96 66 64 27 25 12 10 7 7 7 THACO Toyota Hyundai Honda Ford Isuzu Suzuki Do Thanh Source: FiinGroup, VAMA Section 1: Overview of Automotive Industry in Vietnam 1. Market Overview Thaco is #1 automotive manufacturers in terms of sales volume in 2018 Figure 5: Car sales volume by auto makers in 2018, thousand units 123% -14% GM Vietnam Mitsubishi 17% 54% -7% 14% 25%7% 11% 106% 2017 vs. 2018 Y-o-Y Growth Financial Information | Business Information | Market Research 6
  7. 7. 99%98% 80% 77% 55% 38% Thaco Toyota Honda Ford TotalHuyndai Thanh Cong CKD & SKD CBU  81,609 cars were imported to Vietnam in 2018, mainly from Thailand and Indonesia given zero import tariff for CBU car with a localization value of not less than forty per cent calculated using the formula set out in ATIGA.  CKD & SKD are popular in Vietnam, accounting for 77% of total car sales volume in 2018. Average localization rate stays low since automotive supporting industries in Vietnam are under-developed. Source: FiinGroup, General Customs, VAMA Section 1: Overview of Automotive Industry in Vietnam 1. Market Overview CKD/ SKD cars accounted for 77% of car sales volume in 2018 Figure 6: Breakdown of sales volume by category: CKD/SKD vs. CBU, 2018 Sales volume 2018 (thousand units)96.1 65.9 63.5 27.1 24.6 340.3 Financial Information | Business Information | Market Research 7
  8. 8. Vietnam government plans local automotive industry to achieve the average localization rate of 30% and 40% by 2020 and 2025, respectively … Source: Decree No. 1211/QD-TTg on Development Plan of Automobile Industry in Vietnam by 2030 Section 1: Overview of Automotive Industry in Vietnam 2. CKD/SKD vs. CBU 2020 2025 2030 Government general objectives for localization rate Cars with 9 seats or fewer Cars with 10 seats or more Trucks Special vehicles 30% - 40% 40% - 45% 55% - 60% 35% - 45% 50% - 60% 75% - 80% 30% - 40% 45% - 55% 70% - 75% 25% - 35% 40% - 45% 60% - 70% Financial Information | Business Information | Market Research 8
  9. 9. Source: FiinGroup, In-depth interviews with OEMs Section 1: Overview of Automotive Industry in Vietnam 2. CKD/SKD vs. CBU …, however, actual average localization rate of Vietnam automotive industry remained low at less than 20% as of June 2019 Figure 7: Localization rate of top OEMs in Vietnam, 2019 Less than 10% 60%Less than 10%(Fadil) COMPANY’S AVERAGE PASSENGER CARS TRUCK BUS TARGET 15% - 18% 15% - 18% 35% - 45% 60% 60% 20% 37% (Innova) 45% 12% 12% (Accent) 40% 30% 30% (Honda City) 40% 10% 10% 40% Financial Information | Business Information | Market Research 9
  10. 10. Section 1: Overview of Automotive Industry in Vietnam 2. CKD/SKD vs. CBU 30,000 to 40,000 auto parts are needed to make a car. However, almost auto accessories and parts are supplied by parent companies and other foreign companies Key challenges for auto part suppliers in Vietnam include low car sales volume per model, heavy reliance on imported raw materials and underdeveloped local supporting industries Main reasons for low localization rate 1 Small car sale volume 2 Heavy reliance on imported raw materials 3 Underdeveloped local supporting industries Financial Information | Business Information | Market Research 10
  11. 11. Section 1: Overview of Automotive Industry in Vietnam 3. Regulatory framework Auto part manufacturers in Vietnam are entitled to enjoy incentive policies offered by the Government in accordance to Decree No. 111/2015/ND-CP dated on 3rd November 2015 Corporate Income Tax Import tariff  Corporate Income Tax (CIT) is set at 10% for 15 years (compared to standard CIT rate of 20%). Preferential credit policy Surface water/land rent  0% import tariff applied for machines/equipments imported to create fixed assets of the auto part projects  Provincial People’s Committees shall provide further incentives for large auto part manufacturing projects beside the Government’s rent exemption/reduction policy  Auto part manufacturers shall be granted loans at preferential interest rates from the Government’s funding sources. Financial Information | Business Information | Market Research 11 SOME KEY INCENTIVE POLICIES Source: Decree No.111/2015/ND-CP
  12. 12. 1 2 3 A copy of overseas Vehicle Type Approval (VTA) issued by a foreign competent authority A quality control certificate prepared by a foreigncar manufacturer/assembler for cars Valid documents by foreign competent authority on quality assurance for the CBU car manufacturing plants outside Vietnam In Oct 2017, the Government issued Decree 116/2017/ND-CP to encourage domestic automotive manufacturing in Vietnam with technical barriers for CBU cars Section 1: Overview of Automotive Industry in Vietnam 3. Regulatory framework SIMPLIFICATION OF REQUIRED PROCEDURES FOR IMPORTING CBU CARS TECHNICAL 1 BARRIES/REQUIREMENTS FOR CBU CARS 2 The Government is planning to issue an amendment on Decree 116/2017/CP to simplify procedure for importing CBU cars after receiving feedbacks from OEMs players and car importers. Lot by lot test requirement for technical and environmental safety inspection 4 Financial Information | Business Information | Market Research 12
  13. 13. Contents Overview of Automotive Industry in Vietnam 1 Auto part industry in Vietnam 2 Domestic auto part suppliers & potential partnership 3 FiinGroup's recommendation on market entry 4 Financial Information | Business Information | Market Research 13
  14. 14. Source: FiinGroup, VAMA Domestic Automobile Manufacturing & Assembly CBU Imported Cars Automobile Components, Parts Distribution Channels 1S – Auto Showroom 2S – Auto Garage for Repair & Maintenance 3S = 1S + 2S 23% 77% Section 2: Auto part industry in Vietnam 1. Market structure Vietnam automobile sector is fragmented with 241 auto part manufacturers (134 FDI & 107 local) in Vietnam Figure 8: Vietnam Automobile Sector Structure Financial Information | Business Information | Market Research 14
  15. 15. Given the favorable tariffs, imported auto parts surpassed US$3.5bn in 2018 Source: FiinGroup, , General Customs Section 2: Auto part industry in Vietnam 2. Auto part import Figure 9: Total import value (US$mn) of auto parts, 2014- 2018 Figure 10: Import value of auto parts by country, 2014-2018 Source: FiinGroup, General Customs 2,183 3,028 3,571 3,276 3,580 2014 2015 2016 2017 2018 25% 23% 22% 22% 22% 25% 24% 24% 20% 22% 19% 20% 19% 20% 17% 16% 19% 19% 16% 17% 4% 5% 6% 13% 4% 11% 4% 12% 14% 16% 2014 Thailand 2015 Japan 2016 Korea China 2017 Indonesia 2018 Other Financial Information | Business Information | Market Research 15
  16. 16. Source: FiinGroup, General Customs Thaco imported over US$1.7bn in auto parts, focusing on CKD units and electronic parts Figure 11: Import value (US$mn) of Thaco by auto part groups & country,2018 Section 2: Auto part industry in Vietnam 2. Auto part import 43% 52% 51% 31% 26% 41% 25% 40% % 32% CKD Kits Electric & Electronic Parts Body Parts Engine Parts Powertrain System 5 Japan Korea China Thailand Others 692 Financial Information | Business Information | Market Research 16 284 220 194 136 96 34 26 129 CKD Kits Electric & Electronic Parts Body Parts Engine Parts Powertrain System Interior Parts Climate Control System Brake Parts Others
  17. 17. 30 21 167 Body Parts 106 Engine Parts 104 Powertrain System 103 Electric & Electronic Parts 89 Interior Parts 47 Climate Control System 36 Brake Parts Suspension Parts Others Toyota Vietnam imported over US$703mn for auto parts Figure 12: Import value (US$mn) of Toyota Vietnam by auto part groups, 2018 Section 2: Auto part industry in Vietnam 2. Auto part import Source: FiinGroup, General Customs 65% 31% 33% 52% 26% 8 % 51% 1 0 % 60% 24% Body Parts Engine Parts Powertrain System Electric & Electronic Parts Interior Parts Japan Korea China Thailand Others Financial Information | Business Information | Market Research 17
  18. 18. Hyundai Thanh Cong imported primarily from Korea with over 80% of total value Figure 13: Import value (US$mn) of Hyundai Thanh Cong by auto part groups, 2018 Section 2: Auto part industry in Vietnam 2. Auto part import Source: FiinGroup, General Customs 67% 85% 87% 89% 68% 27% 13% 12% 11% 27% Body Parts Engine Parts Powertrain System Electric & Electronic Parts Interior Parts Korea India Turkey China 148 Financial Information | Business Information | Market Research 18 122 90 48 44 21 20 19 81 Body Parts Engine Parts Powertrain System Electric & Electronic Parts Interior Parts Steering Parts Brake Parts Wheel & Tire Others
  19. 19. Ford imported primarily from China with over 78% of total value Figure 14: Import value (US$mn) of Ford by auto part groups, 2018 Section 2: Auto part industry in Vietnam 2. Auto part import Body Parts 83% Interior Parts 88% Engine Parts 77% Powertrain System 80% Electric & Electronic Parts 65% China Thailand Netherlands U.S Others Source: FiinGroup, General Customs Body Parts 43 Interior Parts 35 Engine Parts 29 Powertrain System 28 Electric & Electronic Parts 17 Climate Control System 9 Wheel & Tire 6 Brake Parts 5 Others 19 Financial Information | Business Information | Market Research 19
  20. 20. Honda also imported primarily electronic parts from parent companies Figure 15: Import value (US$mn) of Honda by auto part groups, 2018 Section 2: Auto part industry in Vietnam 2. Auto part import Source: FiinGroup, General Customs 50% 92% 88% 20% 56% Electric & Electronic Parts Body Parts Interior Parts Powertrain System Engine Parts Thailand Japan China Indonesia Others 21 Financial Information | Business Information | Market Research 20 19 18 13 10 8 5 4 13 Electric & Electronic Parts Body Parts Interior Parts Powertrain System Engine Parts Climate Control System Suspension Parts Steering Parts Others
  21. 21. Contents Overview of Automotive Industry in Vietnam 1 Auto part industry in Vietnam 2 Domestic auto part suppliers & potential partnership 3 FiinGroup's recommendation on market entry 4 Financial Information | Business Information | Market Research 21
  22. 22. 42% 64% 69% 0% 11% 50% 43% 40% 0% 33%% local firm Section 3: Domestic auto part suppliers & potential partnership 1. Domestic auto part suppliers Majority of auto part manufacturers in Vietnam are in Electric & Electronics Parts, Wheel & Tire and Body Parts Figure 16: Number of auto part companies by auto part groups, 2019 73 28 27 13 9 9 7 5 3 4 45 Electric & Electronic Parts Wheel & Tire Body Parts Interior Parts Powertrain System Climate Control System Suspension Parts Exhaust System Brake Parts Engine Parts Other(*) 51% Financial Information | Business Information | Market Research 22 Source: FiinGroup. The analysis is based on our comprehensive database of 241 auto part manufacturers in Vietnam including both foreign owned and local private companies (*): Others include Fastener,Plug, Clamp, Protector, Trap, Rivet, Oil seal, Nozzle, Rubber mounting/bushing…
  23. 23. PRICE CAPABILITY • Low order quantity due to small car sale volume • Reliance on imported raw materials (must purchase raw materials from suppliers appointed by car manufacturers) High product selling price • Quality management system requirement • Low technical skill • Lack of experience in producing high end products • Weak R&D capacity • Lack of funding sources to purchase modern facilities • High defect rate • Management capacity (late delivery, etc.) Difficulties to meet high technical requirements from car manufacturers SALES AND MARKETING • Sales and marketing activities are weak at almost local auto part companies. Local auto part manufacturers is lacking skilled sales staff for auto part industry. Normal sales staffs don’t have enough technical know-how to convince customers while technical engineers don’t have sales skills to win contracts. It’s common that the auto part company’s CEO or owner will take responsibilities of sales activities Section 3: Domestic auto part suppliers & potential partnership 1. Domestic auto part suppliers Some key challenges for local private auto part makers in Vietnam Financial Information | Business Information | Market Research 23 Source: FiinGroup from In-depth interviews with a sample of 30 leading auto part manufacturers in Vietnam
  24. 24. FiinGroup follows Kotra’s classification of 12 auto part groups. It is noted that amongst 12 groups, 3 auto part groups namely Climate Control System, Steering Parts and Exhaust System are imported and not manufactured in Vietnam. Section 3: Domestic auto part suppliers & potential partnership 2. Potential partnership with domestic auto part suppliers Potential partnership opportunities amongst top 30 domestic auto part suppliers in Vietnam No. Company name Financial Information | Business Information | Market Research 24 Country Net sales (US$mn) Year Auto part group Detail of opportunities 1 The Southern Rubber Industry (Casumina) Vietnam 167.4 2018 Wheel & Tire Trading and land leasing 2 Kumho Tire Vietnam Korea 157.2 2018 Wheel & Tire Trading 3 Vietnam Precision Industrial No.1 (VPIC1) Taiwan 146.3 2018 Body Parts Co-R&D, JV and trading 4 Estec Vietnam Korea 134.0 2018 Interior Parts Trading 5 Dry Cell And Storage Battery (Pinaco) Vietnam 127.6 2018 Electric & Electronic Parts Co-R&D, JV and trading 6 Enkei Vietnam Japan 48.9 2018 Wheel & Tire Trading 7 CX Technology (Vietnam) Taiwan 48.1 2018 Brake Parts Co-R&D and trading 8 Hanoi Plastic Vietnam 46.7 2018 Body Parts Co-R&D, JV and trading 9 Futu 1 Vietnam 38.3 2018 Engine Parts Co-R&D and trading 10 Tam Hop Group Vietnam 34.9 2018 Body Parts Co-R&D and trading 11 Cosmos Industrial No.1 Vietnam 32.7 2018 Body Parts Co-R&D, JV and trading 12 Export Mechanical Tool (EMTC) Vietnam 23.0 2018 Body Parts & Toolkits Co-R&D, JV and trading 13 Nidec Tosok Vietnam Japan 21.5 2014 Powertrain System Trading 14 Bando Manufacturing (Vietnam) Japan 12.0 2014 Engine Parts Trading
  25. 25. Contents Overview of Automotive Industry in Vietnam 1 Auto part industry in Vietnam 2 Domestic auto part suppliers & potential partnership 3 FiinGroup's recommendation on market entry 4 Financial Information | Business Information | Market Research 25
  26. 26. Typical procurement procedure in automobile industry Section 4: FiinGroup's recommendation on market entry 1. OEMs’ requirements *Note: Depending the actual situation, OEMs could skip or add some more steps Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Information exchange between car manufacturers and auto part makers. Site visit by car manufacturers to assess auto part supplier’s production capability Car manufacturer provides standard technical drawings and technical requirements Auto part company provides sample & quotation Sample Product Verification & Contract Negotiation Receive a license and sign the contract Financial Information | Business Information | Market Research 26
  27. 27. Section 4: FiinGroup's recommendation on market entry 1. OEMs’ requirements PRICE: The price offered by potential auto part suppliers must be lower than that of other existing suppliers or that of imported parts. EXPERIENCE/TRACK RECORDS: The car manufacturers prefer to work with auto part suppliers that are existing suppliers of their parent companies in the world. They also consider to work with suppliers of other car manufacturers. PRODUCTION CAPACITY: Auto part companies must have enough capacity to provide products upon request from car manufacturers. Since an auto part company is permitted to provide products to several car manufacturers, they must commit that there’s no conflict of work loads among orders from different car manufacturers. Financial Information | Business Information | Market Research 27 Some key criteria required by car manufacturers for auto part suppliers PRIORITISATION More QUALITY: The quality of auto parts offered must meet the technical requirements of each car manufacturers or some international standard such as AITF, ISO, etc.so that auto part companies may get the licenses for auto part production from the car manufacturers. Less
  28. 28. Section 4: FiinGroup's recommendation on market entry 2. Potential partnership with OEMs OEMs in Vietnam are open for collaboration with Korean auto part suppliers Open for collaboration Note • Honda Vietnam indicates that “pass through” collaboration may be the most appropriate approach to enter that market as well as cooperate with them for now. • VinFast is open to cooperate with leading Korean auto part makers. • Domestic makers (with manufacturing plants in Vietnam) should be an advantage • Thaco is open for collaboration with Korean part suppliers. However, key challenge is high offering price by Korean auto part makers compared to those by its auto part subsidiaries. • Potential auto parts: body parts & interior parts • Toyota Vietnam aims to increase the average localization rate from 20 per cent to 45 per cent with further supplier base development in Vietnam • Potential auto parts: body parts, interior parts and others • Thanh Cong Group (the Vietnamese partner in the JV) is willing to cooperate with Korean partners to produce auto part manufacturers for its Huyndai JV and other car makers. Thanh Cong Group is also developing Viet Hung IP (Quang Ninh) which has favorable location for auto part plants. • One of key factors for choosing auto part makers is good offered price compared to Ford Vietnam’s existing international auto part suppliers. Financial Information | Business Information | Market Research 28
  29. 29. Increasing demand for higher localization rate Financial Information | Business Information | Market Research 29 • The Ministry of Finance proposed a draft regulation on new special tax calculation for domestically-produced cars to encourage automotive makers to increase localization rate. Taxable price for domestically-produced automobiles with 9 seats or less will be exclusive of the value of the auto parts produced domestically, encouraging automotive makers to increase the localization rate and enhance price competitiveness of domestic assembled cars. • To enjoy the tax incentives from the regulation, car manufacturers are expected to increase their localization rate via the cooperation with domestic auto part suppliers. Good feedback from local OEMs • As our discussion with leading car manufacturers, they aim to increase their localization rate to over 40 per cent via further development of local supplier base. For example, Toyota Vietnam’s key focuses for localization in Vietnam include Seats, Body parts and Plastics auto parts. • OEMs are leveraging existing motorcycle supplier base to find new auto part suppliers. Demand from VinFast • The company plans to achieve the production capacity of 250,000 car per year from 4Q2019 and 500,000 cars per year by 2025. Thus, their demand for auto parts in Vietnam in the coming period is expected to increase significantly. • According to our discussion with both auto part companies and OEM competitors, VinFast is aggressively seeking for domestic auto part suppliers. Almost key auto part companies in Vietnam are approached by VinFast. Some of them are providing products to VinFast (domestic products or imported products) while others are on negotiation stage Section 4: FiinGroup's recommendation on market entry 3. Recommendations on market entry Potential advantages for auto part companies to do business in Vietnam
  30. 30. POTENTIAL COLLABORATION • Collaboration opportunity: LOW • Collaboration type: Become their potential suppliers (preferred for Korean auto part makers have manufacturing plants in Vietnam already) • Most of tier 1 auto part companies in Vietnam are FDIs who produce auto parts upon the orders from their parent companies or foreign customers. Majority of their output products are exported while small portions are supplied to local car manufacturers. • Collaboration opportunity: HIGH • Collaboration type: R&D co-operation or become their clients or suppliers • Local companies are open for cooperation with new partners and clients. However, most of them are small-scale businesses and able to provide small and simple auto parts only. They would be good candidates for Korean auto part makers in pass through collaboration since they have existing manufacturing plants in Vietnam and are open to cooperate. Section 4: FiinGroup's recommendation on market entry 3. Recommendations on market entry For the market entry strategy, we suggest that Korean auto part makers may start with Pass-through first to test the market demand and then set up factories later on • Key requirements for such “pass through” collaboration are as follows: o Be an existing auto part suppliers for OEMs’ overseas plants o Have a local partner with an existing manufacturing plant in Vietnam o Providing key input materials or parts for further processing in Vietnam and supplying to OEMs to test the market demand. Financial Information | Business Information | Market Research 30
  31. 31. Thank you! Financial Information | Business Information | Market Research 31
  32. 32. ‹#› Contact us Dong Le, CFA Director, Head of Market 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 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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