Vietnam Cold Storage Market 2015

‹#›
Vietnam Cold Storage Market 2016
Date of the report: 25th April, 2016
Part of StoxPlus’s Market Research Report Series for Vietnam www.stoxresearch.com
@ 2016 StoxPlus Corporation.
All rights reserved. All information contained in this publication is copyrighted in the name of StoxPlus, and as such no part of this publication may be
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2
Date: 25th April, 2016
Dear Our Valued Customer,
Re: The publication of Vietnam Cold Storage Market Report 2016
I am pleased to pleased to announce the publication of Vietnam Cold
Storage Market Report 2016.
The purpose of research work is to have an in-depth understanding of
cold storage market in Vietnam and assessing potential of the market.
We also highlighted current market size as well as potential demand of
commercial cold storage for each segment. We believe it should be
further studied and evaluated.
In addition to our experience in this industry, we have conducted
various discussions and interviews with industry players, cold storage
end-customers at executive levels to grasp local insights and the
practical ways of the market 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. Our ultimate objective is to bring real values to our clients
via in-depth research and practical local insights.
Should you have any questions, please contact I myself or our Managing
Director, Ms. Lan Nguyen at +84-4-35626962 (ext. 109) or her email:
lan.nguyen@stoxplus.com
Yours sincerely,
Nguyen Quang Thuan
CEO
StoxPlus Corporation
StoxPlus Joint Stock Company
Head Office
5th Floor, Anh Minh Building
36 Hoang Cau, Dong Da
Hanoi, Vietnam
telephone: +84 (4) 3562 6962
facsimile: +84 (4) 3562 5055
stoxplus.com
Ho Chi Minh City Branch
20th Floor, AB Tower
76A Le Lai, District 1
Ho Chi Minh City, Vietnam
telephone: +84 (8) 3823 3485
facsimile: +84 (8) 3827 3068

3
Table of Contents
Part Content Page
Executive Summary 4
Abbreviation 5
1 Vietnam Cold Storage Market Overview 7 - 19
1.1 Market Structure & Description 7 – 9
1.2 Market Size & Segmentation 11 – 16
1.3 SWOT 18 – 19
2 Growth Potential for Vietnam Cold Storage 21 - 39
2.1 Demand Analysis 21 – 33
2.2 Profiling of Top 5 End-users 35 – 39
3 Competition Landscaping & Analysis 41 – 57
3.1 Market Share 41 – 44
3.2 Key Operational 46 – 48
3.3 New Investments in the next 5 years 50
3.4 Profiling of Top 5 Players 52 - 57
Part Content Page
4 Macroeconomics 59 - 67
4.1 Macroeconomics in Vietnam 59 – 61
4.2 Regulatory Framework 63 – 67
Appendices
Appendix 1: Vietnam seafood export in 2015 69

4
Executive Summary
We have completed the review of cold storage
landscape in Vietnam, including the market
overview, the existing commercial cold storage
providers and their pricing, demand analysis of
key end-user groups, investment activities and
legal framework. We also pointed out some of
the key issues with regards to the cold storage
demand for investment opportunity.
Below are the most critical findings that could
be important in the report.
1) Total designed capacity of Vietnam
commercial cold storage market is estimated
at *** pallets in 2015: There are ***
professionally-managed commercial cold
storages in the South of Vietnam and *** in the
North, and many other small independent cold
storages.
‘000pallets
Commercial cold storage market in Vietnam
has a short development history of 20 years.
The market started booming in 2007 with
the construction of 4 cold storages in the
same year.
Vietnam Commercial Cold storage capacity
Content removed for demo purpose

5
Abbreviation
No. Abbrev. Stand for
1 bn billion
2 CFS Container Freight Station
3 CPI Consumer Price Index
4 CVS Convenient Store
5 F&V Fruit & Vegetables
6 FDI Foreign Direct Investment
7 FMCG Fast-Moving Consumer Goods
8 ICD Inland Container Depot
9 mn million
10 N.A Not Available
11 PFS Preferred Freezer Services
12 SATRA Saigon Trading Group
13 Tbd To Be Determined
14 US$ US Dollar
15 VASEP Vietnam Association of Seafood Exporters and Producers

6
Section 1: Vietnam Cold Storage Market Overview
Contents
1.1 Market Structure & Description
1.2 Market Size & Segmentation
1.3 SWOT

7
Cold chain (storage & cold transportation) is classified as climate control logistics
Figure 1: Logistics market structure in Vietnam
Logistics
International
transportation
Forwarding
Domestic
transportation
Cold storage
Cold
transportation
Warehousing
Transportation
Other value-
added services
ICD & CFS services
Customs clearance
Cold chain
Bonded warehouse
Packing, Inspection,
Fumigation, etc.
Container loading &
unloading
Source: StoxPlus

8
Cold storage serves as a part of cold chain logistics infrastructure, together with cold
transportation
Figure 2: Cold chain logistics for Import goods
PROCESSING MANUFACTURERS
Source: StoxPlus
COLD STORAGE
COLD
TRANSPORTATION
IMPORTED
RETAILERS / SEMI RETAILERS
Figure 3: Cold chain logistics for Domestic and Export goods

9
Cold storage market can be divided into in-house and commercial
Figure 4: Cold storage market in Vietnam
Source: StoxPlus
IN-HOUSE COMMERCIAL

10
Contents
1.3 SWOT

11
In-house cold storage serves a wide range of industries in Vietnam
• There is no official data on in -house cold storage in Vietnam.
After conducting field survey and interviews with industry
players, we identify 4 groups of in-house cold storage owners as
follows:
In-house

12
…Meanwhile, commercial cold storage market has total designed capacity of *** pallets
as of the end 2015
Figure 5: Commercial cold storage market in Vietnam
Source: StoxPlus
Data takes into account of selected commercial cold storage providers in Vietnam. It is noted that there are many small cold storages (*** pallets) which not included in this
figure.
Commercial

13
By geography, commercial cold storage market is more developed in the South with more
than *** players
Figure 6: Vietnam cold storage by geography in 2015
Source: StoxPlus
The North
• According to our interviews with industrial players in the North, there
are approximately *** commercial cold storages. The biggest cold
storage has designed capacity of *** pallets. Besides, average area of
each storage is estimated at about *** sqm.
Note: Calculation based on selected cold storage providers.
Commercial

14
Cold Storage in the North is very fragmented with many small independent cold
storages, mainly located in Hanoi
1.2 Market Size & Segmentation Commercial

15
Cold Storage in the South is dominated by top 5 players namely SWIRE, PFS, Hoang Lai,
SATRA & LOTTE Sea
Figure 7: Distribution by geography of cold storage in the South
Source: StoxPlus
Truong Sa
Long An
Ho Chi Minh City
Binh Duong
Commercial

16
Bonded cold storage in Vietnam is still very small
No. Province No. of Bonded Warehouse
1 Hai Phong
2 Binh Duong
3 Ho Chi Minh City
4 Quang Ninh
5 Dong Nai
6 Ba Ria - Vung Tau
7 Bac Ninh
8 Ha Noi
9 Others
TOTAL
Figure 8: Bonded Warehouse in Vietnam in 2015
Source: StoxPlus
Commercial

17
Contents
1.3 SWOT

18
WEAKNESS
STRENGTH
1.3 SWOT
Vietnam cold storage market has the strength of diverse distribution across locations
with demand, yet staying at initial stage with basic services provided. Also, the market
is concentrated in South, while there is not much opportunity to develop in North.

19
THREATS
OPPORTUNITIES
1.3 SWOT
Export increase thanks to TPP and the needs for cold storage as distribution centers of
modern trade would facilitate the development of cold storage. Noting the threats of
transport infrastructure and plans to build in-house cold storage of seafood companies.

20
Section 2: Sector Growth Potentials
Contents
2.1 Demand Analysis
2.2 Profiling of Top 5 End-users

21
Figure 9: Demand source of commercial cold storage in Vietnam
Source: StoxPlus
Note: Cold Storage Demand & Quality Requirement are scored from 0 – 6.
The higher the score is, the higher the demand/quality requirement is.
Size of bubble is market size of end-use sector in 2015.
2.1 Demand Analysis
There are four main sources of cold storage demand including (i) seafood, (ii) meat, (iii)
fruit & vegetables, and (iv) grocery retailing.
Seafood
Food
Retail
F&V
Meat
Market movement Implication for
Commercial Cold Storage

22
2.1 Demand Analysis
Figure 10: Vietnam seafood production volume
Source: StoxPlus, VASEP
Vietnam seafood domestic production continues the upward trend with total volume of
*** million tonnes in 2015
Seafood
Figure 11: Growth of Vietnam seafood market
2011 2012 2013 2014 2015
thousandtonnes
Wild-caught Farm-raisedContent removed for demo purpose

23
2.1 Demand Analysis
Figure 12: Seafood import value to Vietnam
Source: StoxPlus, General Customs
Besides, seafood import to Vietnam is recorded good performance to reach over
US$***bn in terms of import value
Seafood
Imported seafood serves two main purposes:
• (i) raw materials for reprocessing
• (ii) domestic consumption
2011 2012 2013 2014 2015
US$million

24
2.1 Demand Analysis
Figure 13: Seafood export value of Vietnam
The rise in seafood export will increase the demand for cold storages ***
Seafood
Figure 14: Vietnam seafood export breakdown by category, 2015
Value growth 2014 vs 2015
2011 2012 2013 2014 2015
US$million

25
2.1 Demand Analysis Seafood
Figure 15: Cold storage usage of top exporters in Vietnam
Source: StoxPlus
Note: Export sale value in 2015 of top exporters is in US$mn.
No. Company Export sale
value 2015
In-house
(pallets)
Outsource
(pallets)
Cold Storage Usage
1 Minh Phu
2 Vinh Hoan
3 STAPIMEX
4 CASES
5 Quoc Viet
6 FIMEX VN
7 Trang Khanh
8 Hung Vuong
9 Navico
10 Hung Ca
TOTAL
Figure 16: Cold storage usage of top 10 seafood
exporters in 2015
Source: StoxPlus

26
2.1 Demand Analysis
Figure 17: Sales in grocery retailers in Vietnam
Source: StoxPlus, Euromonitor
Vietnam grocery retailing is on high growth trajectory with CAGR 2010–2015 of ***% to
reach over US$***bn in 2015, posting opportunities for cold storage demand
Grocery Retailing
Figure 18: Sales in grocery retailers in Vietnam by channel in 2015
2010 2011 2012 2013 2014 2015
GroceryRetailSales(US$bn)

27
2.1 Demand Analysis Grocery Retailing
Figure 19: In-house cold storage of retailers in Vietnam
Source: StoxPlus
Note: Area per in-house storage is picked from interview with industrial players. No.
of outlets data is consolidated by StoxPlus based on Nielsen’s report Dec 2015.
No. Retailer No. of outlets Area per in-house
storage (sqm)
Total in-house storage
area (sqm)
1 METRO
2 Big C
3 Co.Op Mart
4 LOTTE Mart
5 AEON Mall
6 Co.Op Xtra

28
2.1 Demand Analysis
…however, Modern Trade is expected to increase robustly in the next few years,
promising demand for ***
Grocery Retailing
Co.op Food Satra Food Medicare Guardian Pharmacity
Figure 20: Number of Minimart stores Figure 21: Number of Super Market stores
Source: StoxPlus Source: StoxPlus

29
2.1 Demand Analysis
Figure 22: Fruit & vegetables import/export value in Vietnam
Vietnam fruit & vegetables sector posts a good performance in the period 2010–2015
with export value of US$***bn in 2015
Fruit & Vegetables
2010 2011 2012 2013 2014 2015
Unit:US$mn
Export Value Import Value
Figure 23: Fruit & vegetables export volume by product in 2014
Source: Vinafruit

30
Vegetexco
Lodato
Tuyen Ky
Liberty
Gold Fruit
Others
2.1 Demand Analysis
Figure 24: Frozen processed F&V in Vietnam
Demand from F&V is projected to increase in the future thanks to the expansion of
frozen fruit
Fruit & Vegetables
Figure 25: Market share of Vietnam frozen processed F&V by sale
value in 2015
Source: StoxPlus

31
2.1 Demand Analysis
Source: StoxPlus, Department of Livestock (MARD) from General Customs
Meat production in Vietnam
Meat
Figure 26: Meat production in Vietnam in 2015
Source: StoxPlus, Department of Livestock (MARD). Price data is the average & picked
up from Hanoi market
Volume
'000 tonnes
Price
US$/kg
Market size
US$mn
Pork
Poultry
Beef & Veal
Volume
'000 tonnes
Price
US$/kg
Market size
US$mn
Pork
Poultry
Beef & Veal
Figure 27: Meat import to Vietnam in 2015

32
2.1 Demand Analysis
Demand for cold storage from meat
Meat
Figure 28: Meat production volume in Vietnam
Source: StoxPlus, Department of Livestock (MARD)
Figure 29: Key players in meat sector of Vietnam
Source: StoxPlus
No. Company Net sales
2014
(US$mn)
In-house Outsource Third-party’s
Warehouse Usage
1 C.P Vietnam
2 VISSAN
3 Japfa Comfeed
4 Emivest
5 Marvin
6 DABACO
Implication for commercial cold storage:

33
2.1 Demand Analysis
Demand from other sectors
Others
Ice-cream Seed & Flower Cheese Pharmaceuticals
• Cheese in Vietnam is sized
at US$***mn in 2015, posting
a good performance thanks
to the increasing
westernization taking place
in Vietnamese culture which
leads to more Western
cuisine in Vietnamese daily
meals.
• Cheese manufacturers
including Bel, Mondelez are
potential customers for
commercials cold storage.

34
Contents
2.1 Demand Analysis

35
• Registered name: Minh Phu Seafood Corp. Joint Stock Company
• Head office: Industrial Park, Ward 08, Ca Mau City, Ca Mau
Province, Vietnam
• Company type:
• Year of establishment:
• Principal businesses:
Company Profiling Production Sites
Minh Phu
Key Financials
Figure 30: Key financial indicators of Minh Phu
Source: StoxPlus
Hoang Sa
Truong Sa
Ca Mau
• Shrimp farm (320ha)
• Processing plant
(Capacity: 36,000
tonnes/year
Kien Giang
• Shrimp farm
(600ha)
Figure 31: Production sites of Minh Phu
Source: StoxPlus, Annual report of Minh Phu
• Cold Storage Usage

36
• Registered name: Vinh Hoan Corp. Joint Stock Company
• Head office: National Route 30, Ward 11, Cao Lanh City, Dong Thap
Province, Vietnam
• Company type:
• Year of establishment: 1997
Vinh Hoan
Key Financials
Figure 32: Key financial indicators of Vinh Hoan
Source: StoxPlus
Figure 33: Production sites of Vinh Hoan
Source: StoxPlus, Annual report of Vinh Hoan
2011 2012 2013 2014 2015
US$mn
Total Assets Net Sales

37
• Registered name: C.P Vietnam, Joint Stock Company
• Head office: No. 2 Road 2A, Bien Hoa II Industrial Zone, Bien Hoa
City, Dong Nai Province
• Company type: Registered on OTC, Ticker: CPVN
C.P Vietnam
Figure 34: Key financial indicators of C.P Vietnam in 2014
Source: StoxPlus
Figure 35: Production sites of C.P Vietnam (food processing
business)
Source: Vietnam Fishery Society, Company Website
Net Sales Total Assets
US$mn
Key Financials

38
• Registered name: Espace Big C
• Head office: Thailand
• Company type: Limited Liability Companies
Company Profiling Distribution Network
Big C
Figure 36: Big C distribution network coverage
Source: StoxPlus, Company Website
Business Features

39
• Registered name: MM Mega Market (Vietnam) Company Limited
• Head office: Zone B, An Phu-An Khanh New Urban Area, District 2,
Ho Chi Minh City
• Company type: Limited Liability Company
Company Profiling Distribution Network
Metro Cash & Carry
Figure 37: Metro C&C distribution network coverage
Source: StoxPlus, Company Website
Business Features

40
Section 3: Competition Landscaping & Analysis
Contents
3.1 Market Share
3.2 Key Operational
3.3 New Investments in the next 5 years
3.4 Profiling of Top 5 Players

41
3.1 Market Share
Figure 38: Market share of Vietnam commercial cold storage market by designed capacity in 2015
Source: StoxPlus
Local commercial cold storage providers dominate the market
Foreign-
owned
Local
Other
logistics
companie
s
Others
Hoang Lai
Hung Vuong
Phan Duy
SATRA

42
However, foreign-owned cold storage providers are the market leaders in quality of store
& management services
FOREIGN-OWNED
•
LOCAL
•
OTHER LOGISTICS COMPANIES
•
OTHERS
•
Figure 39: Key groups of players in Vietnam commercial cold storage
Source: StoxPlus
3.1 Market Share

43
Foreign-owned & local are key players in commercial cold storage
3.1 Market Share
FOREIGN-OWNED LOCAL

44
… while logistics companies and others could be the bridge between customers and cold
storage providers
3.1 Market Share
OTHER LOGISTICS COMPANIES OTHERS
• There are many other small independent cold and cool
storage providers. According to the our interviews, their
facilities are very small, usually a few hundred meters
square or even a container to be modified for cold storing.
Some do not even have racks, but they put the inventory on
the ground.
• Their customers are local traders with temporary demand
for cold storage.

45
Contents
3.1 Market Share
3.2 Key Operational

46
Figure 40: Top commercial cold storage providers’ designed capacity and net sale in 2014
Source: StoxPlus
Note: Net sale 2014 is from the companies’ consolidated financial statements. Data is not available for some players
In terms of designed capacity, domestic players dominate the market
3.1 Key Operational

47
Figure 41: Top commercial cold storage providers’ leasing price in 2015 (low season)
Source: StoxPlus
Note: Loading/ Unloading cost is not available for some players.
Leasing price ranging from US$*** per tonne while loading/unloading cost is quite
similar among providers
3.1 Key Operational

48
Figure 42: Top commercial cold storage providers’ occupation rate in 2015 (low season)
Source: StoxPlus
High occupation rate for most providers
3.1 Key Operational

49
Contents
3.1 Market Share
3.2 Key Operational

50
There are a few new cold storage establishments in the time to come
No Name Type Owner Operator Location Year in
Operation
Capacity
(pallets)
Total Investment
(US$)
1
2
3
4
5
6
Figure 43: New investments in Vietnam Cold Storage
Source: StoxPlus

51
Contents
3.1 Market Share
3.2 Key Operational

52
• Registered name:
Company Profiling Products & Service
Hoang Lai Group
Key Financials
Facilities
Cold Storage Freeze Service
Warehouse Location Capacity
(pallets)
No. of Rooms
Figure 44: Net sales & total assets of Hoang Lai
Source: StoxPlus

53
• Registered name: Swire Cold Storage Vietnam Co., Ltd
• Head office: No. 18, Road 06, Song Than I Industrial Park , Di An,
Binh Duong Province, Vietnam
• Company type: FDI
• Principal businesses: SWIRE is one of the largest and most advanced
temperature-controlled warehousing facility in Vietnam with the
total designed capacity of 36,650 standard pallets.
SWIRE
Facilities
Distribution Center Bonded Warehouse Document Storing

54
• Registered name:
Preferred Freezer Services
Facilities
Key Financials
Figure 45: Net sales & total assets of PFS Vietnam in 2014
Source: StoxPlus
(pallets)
No. of Rooms
PFS Vietnam
Cold Storage Extra Service

55
• Registered name: LOTTE Sea Logistics Vietnam Co., Ltd
• Head office:
LOTTE Sea
Facilities
Key Financials
Figure 46: Net sales & total assets of LOTTE Sea Vietnam in 2014
Source: StoxPlus
(pallets)
No. of Rooms
LOTTE Sea Vietnam
Cold Storage Others

56
• Registered name: Phan Duy Corp.
• Head office:.
Phan Duy
Facilities
Key Financials
Figure 47: Net sales & total assets of Phan Duy
Source: StoxPlus
(pallets)
No. of Rooms
Phan Duy Nhut Chanh Industrial Park, Hamlet 5, Nhut
Chanh Commune, Ben Luc District, Long An
Province
36,250 N.A
Cold Storage Others

57
• Registered name: Quang Minh Corp. Joint Stock Company
• Head office: 36F/1B, Dong An Road, Binh Hoa, Thuan An, Binh
Duong Province
• Company type: Joint Stock Company
Quang Minh
Facilities
Customer Portfolio
(pallets)
No. of Rooms
Ho Chi Minh City
Hanoi
Cold Storage Cold Transport
It is noted that these companies above are customer of Quang Minh for cold chain
service (cold storage or cold transport)

58
Section 4: Macroeconomics
Contents
4.1 Macroeconomics in Vietnam
4.2 Regulatory Framework

59
Figure 48: Vietnam GDP Growth and CPI
Source: StoxPlus, GSO
Recovery momentum keeps intact for Vietnam economy in 2015
Figure 49: Foreign Direct Investment in Vietnam
Source: StoxPlus, MPI
0%
5%
10%
15%
20%
25%
30%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
CPI(%)
GDPgrowth(%)
GDP Growth CPI

60
TPP is expected to facilitate goods flow into Vietnam, especially seafood and
agricultural products, resulting in higher cold storage demand in the future

61
Figure 50: FMCG growth 2015 vs. 2014
Source: StoxPlus, Nielsen
FMCG: Vietnam’s volume growth 2015 vs. 2014 is only behind Thailand and Philippines
Figure 51: Value contribution by categories
Source: StoxPlus, Nielsen
Q4 2015 +/- vs Q3 2015
VIETNAM 4.9% +
INDONESIA 3.8% +
THAILAND 3.8% +
PHILIPPINES 3.2% -
MALAYSIA 1.9% -
TAIWAN 0.5% +
HONG KONG -0.4% -
SINGAPORE -1.0% -
CHINA -4.9% -

62
Contents

63
Figure 52: The schedule of specific commitments in Warehousing Service, including
Cold Storage of Vietnam
Source: StoxPlus
Foreign ownership restriction at less than *** % was removed by 11/1/2014 for logistics
sector under Vietnam’s Commitments to WTO
Sector &
sub-sector
Limitation on Market Access Limitation on National
Treatment
Additional
Comment
Note: Vietnam became the WTO’s 150th member on 11 January 2007.

64
Cold chain is being encouraged by the Government with various incentives
Support from the Government

65
NAFIQAD is responsible for grant of Food Safety in Cold Storage Sector
Figure 53: Application process for food safety certificate
Source: StoxPlus
Processing for Food Safety Certificate Grant Food Safety
Certificate
Step 1 Step 2
( 03 working days)
Step 3
( 15 working days)
Step 4
Receipt of Dossier for
Food Safety Certificate

66
Indicator Technical regulation
Location
Structure
Facility, storage and
transportation
Lighting System
Cold Storage
Figure 54: Summaries of Cold storage for fishery product – Conditions for food safety in
QCVN 02 - 09:2009/BNNPTNT
Source: StoxPlus
Condition for food safety of fishery cold storage

67
The Government of Vietnam offers many preferential policies and incentive to attract
FDI
Economic Incentives
• Foreign investors are typically attracted by the tax incentive for
foreign investment in Vietnam, especially the gradual reduction in
the Corporate Income Tax.
Year 1997 2009 1/1/2014 1/1/2016
Figure 55: Road map of the corporate income in Vietnam
Source: WTO commitment of Vietnam Content removed for demo purpose

68
Appendices
Contents
Appendix 1 Vietnam seafood export in 2015

69
Appendices
Appendix 1: Vietnam seafood export
Figure 56: Top seafood exporters in Vietnam in 2015
The seafood market in Vietnam is very fragmented
Figure 57: Sale value of top seafood exporters in Vietnam in 2015

70
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Publishing License No. 1022-2016/CXBIPH/40-20/HD dated on April 11th, 2016

‹#›
Contact us at StoxPlus
Hoang Le
Assistant Manager, Biinform
+84 (0) 43562 69 62 (ext. 108)
+84 (0) 985 152 028
Hoang.le@stoxplus.com
Head Office
5th Floor, Anh Minh Building
36 Hoang Cau Street
Hanoi, Vietnam
+ 84 (4) 3562 6962
Ho Chi Minh City Branch
2nd Floor, 63D Vo Van Tan
Ward 06, District 03
Ho Chi Minh City, Vietnam
+84 (8) 3823 3485
Lan Nguyen
Managing Director, Biinform
+84 (0) 43562 69 62 (ext. 109)
+84 (0) 964 946 760
lan.nguyen@stoxplus.com

Vietnam Cold Storage Market 2015

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