toxPlus is pleased to introduce the fourth issue of Vietnam Flexible Packaging Market 2018 Report. This report presents an in-depth analysis of flexible packaging industry: sector-specific breakdown and crosscutting market issues. The purpose of this report is to assess potentials of flexible packaging market in Vietnam through market size and growth, value chain analysis and competition dynamics

1. ‹#›
Date of the report: October 2018
Part of StoxPlus’s Market Research Report Series for Vietnam www.biinform.com
@ 2018 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
reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means graphic, electronic or mechanical, including
photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher.

2. 2
NO . WORD STAND FOR
1 Batico Tin Thanh Packaging
2 BOPP Bi-axially Oriented Polypropylene
3 CAGR Compound Annual Growth Rate
4 EBIT Earnings Before Interest & Tax
5 EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization
6 F&B Food and Beverage
7 FDI Foreign Direct Investment
8 FTAs Free Trade Agreements
9 GSO General Statistics Office Of Vietnam
10 JSC Joint Stock Company
11 mn million
12 MPI Ministry of Planning and Investment
13 NYMEX New York Mercantile Exchange
14 PE Polyethylene
15 PVC Polyvinyl Chloride
16 RTD Ready-to-drink
17 Tapack Tan Tien Plastic Packaging
18 THP Tan Hiep Phat Beverage Group
19 VCB Vietcombank
Abbreviation

3. 3
Part Content Page
Executive Summary
1 Vietnam Flexible Packaging Sector 7-20
1.1 Market Structure & Description 7
1.2 Value Chain Analysis 9-13
1.3 Market Size & Segmentation 15-16
1.3 Industry Consolidation 18
1.4 Regulatory Framework 20
2 Competitive Landscape 21-42
2.1 Market Share 22-23
2.2 Market Movement 25
2.3 Financial Benchmarking 27-36
2.4 Top 5 Players’ Profiling 38-42
3 Analysis of Flexible Packaging Demand in Vietnam 43-57
3.1 Key Takeaways 44
3.2 Demand from Food Sectors 46-51
3.3 Demand from Home Care & Personal Care 53-58
Appendices 60-62
Table of Contents

4. 4
Executive Summary
We have completed the review of Vietnam
flexible packaging industry landscape, focusing
multi-layered flexible packaging sector in
Vietnam. Information covered include market
size, competition dynamics, analysis of
potential demand from end-used markets,
profiles of major key end-users and major
players. Ultimately, we assessed the
attractiveness and potential revenue pool of
each potential market segment for flexible
packaging
Below are the most critical findings:
Net Sales of Top Flexible Packaging Firms in 2017
Tapack
Rang Dong Plastic
Batico
Liksin Corp.
J.S. Plastic Packaging
Saplastics
Agriculture printing
Huhtamaki
Thanh Phu
Simiplast
Takigawa
Ngai Mee
K.K. Plastic
Tong Yuan
2013 2014 2015 2016 2017
Flexible Packaging Market size (US$mn)
Market size (US$mn)
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5. 5
Executive Summary
5) Flexible packaging serves a wide range
of end-used markets. Domestic demand is
very potential due to strong growth and
that end users outsource their packaging
to third party: We analyzed in-depth the
competitive landscape and demand for
flexible packaging in each of the end-used
markets.
6) Profitability indicators of top 14
flexible packaging companies reduced
due to higher cost of raw materials
Profitability of Flexible Packaging
Companies in Vietnam
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2012 2013 2014 2015 2016 2017
GPM OPM NPM

6. 6
Section 1: Vietnam Flexible Packaging Sector
1.1 Market Structure & Description
1.2 Value Chain Analysis
1.3 Market Size & Segmentation
1.4 Industry Consolidation
1.5 Regulatory Framework
Contents

7. 7
Figure xx: Container & Packaging Sector Structure in Vietnam
Source: StoxPlus
Section 1: Vietnam Flexible Packaging Sector
1.1 Market Structure & Description
CONTAINER&
PACKAGINGINDUSTRY
•
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Section 1: Vietnam Flexible Packaging Sector
1.1 Market Structure & Description
1.2 Value Chain Analysis
1.3 Market Size & Segmentation
1.4 Industry Consolidation
1.5 Regulatory Framework
Contents

9. 9
Section 1: Vietnam Flexible Packaging Sector
1.2 Value Chain Analysis
Figure xx: Production Process of Flexible Packaging in Vietnam
Source: StoxPlus, E&Y
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10. 10
Source: StoxPlus
Figure xx: Container & Packaging Sector Structure in Vietnam
• Packaging companies (known in the materials industry as “converters”) are engaged in the conversion of commodity raw materials such as polymer,
board or paper into value-added consumer or industrial packaging.
Section 1: Vietnam Flexible Packaging Sector
1.2 Value Chain Analysis
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11. 11
Source: StoxPlus, General Customs
Note: 2018e: estimated figure.
Local flexible packaging manufacturers in Vietnam heavily relies on import plastic resins
Figure xx: Plastic Resin Import Volume & Price to Vietnam
Section 1: Vietnam Flexible Packaging Sector
1.2 Value Chain Analysis
Figure xx: Breakdown of Plastic Resin Import Volume by Country,
8M 2018
Source: StoxPlus, General Customs
2013 2014 2015 2016 2017 2018e
Vol ('000 tons) Avg. price (US$ per ton)
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• Vietnamese petrochemicals industry is set to experience a surge of capacity from 2017-2018 with the completion of new refinery-based complexes
operated by Nghi Son Refinery & Petrochemical and Long Son Petroleum.
Source: StoxPlus
Note: Data in 2018 is estimated by Y-o-Y growth rate from 8M2017 to 8M2018
Data from 2019 forwarded is estimated through future production
Note plants, and CAGR rate in 2013-2017
Section 1: Vietnam Flexible Packaging Sector
1.2 Value Chain Analysis
Figure xx: Plastic Resin Demand vs. Production Capacity (thousand tons)
Producer Product Capacity
(tons p.a)
Status
Nghi Son To start commercial operation in
Nov 2018
Long Son To complete in 2020
Existing Petrochemical Plants in Vietnam
Planned Petrochemical Plant in Vietnam
Producer Product Capacity
(tons p.a)
Status
TPC Vina Operated since 1998
BSR Operated since 2009
ACVN Operated since 2002
VNPS Operated since 2006
LG-Vina Chem Operated since 1997
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Source: StoxPlus, Bloomberg
Price of crude oil determined production and demand of plastic
Figure xx: Daily Price of Polyolefin and Brent Crude Oil, 2014-2018
Section 1: Vietnam Flexible Packaging Sector
1.2 Value Chain Analysis
20
40
60
80
100
120
800
1,000
1,200
1,400
1,600
1,800
Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18
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Section 1: Vietnam Flexible Packaging Sector
1.1 Market Structure & Description
1.2 Value Chain Analysis
1.3 Market Size & Segmentation
1.4 Industry Consolidation
1.5 Regulatory Framework
Contents

15. 15
Source: StoxPlus
Flexible
Packaging in
Vietnam
Section 1: Vietnam Flexible Packaging Sector
1.3 Market Size & Segmentation
Figure xx: Vietnam Flexible Packaging Market Structure
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16. 16
Our Methodology on Market Sizing
• We estimate the size of the multi-layered flexible packaging based on
our understanding of market share and competition dynamics.
Section 1: Vietnam Flexible Packaging Sector
1.3 Market Size & Segmentation
Source: StoxPlus’s estimation
Figure xx: Vietnam Multi-layered Flexible Packaging Market Size
2013 2014 2015 2016 2017
Market size (US$mn)
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Section 1: Vietnam Flexible Packaging Sector
1.1 Market Structure & Description
1.2 Value Chain Analysis
1.3 Market Size & Segmentation
1.4 Industry Consolidation
1.5 Regulatory Framework
Contents

18. 18
Source: StoxPlus
Figure xx: Significant M&A Deals in Vietnam Packaging Sector
Section 1: Vietnam Flexible Packaging Sector
1.4 Industry Consolidation & M&A
No. Acquirer Country Target company Deal value Year Description
1
2
3
5

19. 19
Section 1: Vietnam Flexible Packaging Sector
1.1 Market Structure & Description
1.2 Value Chain Analysis
1.3 Market Size & Segmentation
1.4 Industry Consolidation
1.5 Regulatory Framework
Contents

20. 20
Tariff on raw materials and environmental protection tax
Section 1: Vietnam Flexible Packaging Sector
1.5 Regulatory Framework
Tariff duty on raw materials
• Dependency on raw material imports exposed Vietnamese flexible packaging manufacturers risk associated with import duty regulation. From Jun
2017, LDPE resins enjoyed preferential tariff duty rate of 0%. On the other hand, the most recent imposed tariff on PP resins was raised from 1% to
3%, according to Decree No. 122/2002 / ND-CP and effective from Jan 2017. Ministry of Finance (MOF) justified the decision in Feb 2017 based on
confidence in local manufacturers, especially Nghi Son Refinery’s upcoming production. Lawmakers felt that import duty was required to protect local
industry. However, Nghi Son refinery’s production was delayed until Nov 2018 and unable to supply for plastic market.
• As a result, domestic raw materials were inadequate, causing plastic enterprises to pay premium taxes when importing raw materials. The raise in PP
tariff caused a stir among local plastic and flexible packaging manufacturers. The Vietnam Plastic Association (VPA) did preliminary calculation and
determined that new tax rate would result in US$82mn incurred cost domestic enterprises to pay for export businesses within FTA in 2017.
Environmental protection tax on nylon bags
• Latest regulation by Ministry of Finance, effective from Jan 2019, the environmental protection tax rate for plastic bag would be 50,000VND /kg,
increased from the current rate of 10,000VND /kg. The environmental protection tax rate for plastic bags was designed to limit the production and
use of plastic bags, thus lessen environmental pollution.
• Taxable nylon bags were bags made from single plastic films such as HDPE or LDPE, excluding pre-packaged goods and environmental friendly plastic
bags that meet green criteria certified by authorized organizations.

21. 21
Section 2: Competitive Landscape
2.1 Market Share
2.2 Market Movement
2.3 Financial Benchmarking
2.4 Top 5 Players’ Profiling
Contents

22. 22
Section 2: Competitive Landscape
2.1 Market Share
Figure xx: Market Share by Sales Value of Leading Flexible Packaging Manufacturers in Vietnam, 2016 vs. 2017
Source: StoxPlus
2016 2017
% %
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NET SALES 2017
US$mn (1)
CAPACITY
mn sqm p.a
MAJOR CLIENTS COMPETITION ADVANTAGES
(1) – Exchange rate VND/US$ = 22,715
Section 2: Competitive Landscape
2.1 Market Share
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Section 2: Competitive Landscape
2.1 Market Share
2.2 Market Movement
2.3 Financial Benchmarking
2.4 Top 5 Players’ Profiling
Contents

25. 25
Section 2: Competitive Landscape
2.2 Market Movements
Key development trends
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Section 2: Competitive Landscape
2.1 Market Share
2.2 Market Movement
2.3 Financial Benchmarking
2.4 Top 5 Players’ Profiling
Contents

27. 27
Our analysis on listed logistics companies’ ownership structure is empowered by the most comprehensive and insightful financial database for Vietnam –
our Biinform database
VCCI
Trade Associations
StoxPlus existing database
Self –contribution by businesses
International Companies
Local Companies
General Statistics Office
Credit Information Centre
Stock Exchanges
Ministries (MOF, MOIT)
Vietnam Social Insurance
The Media
Chambers of Commerce
Banks
Information of
~800,000 businesses
registered in Vietnam
Section 2: Competitive Landscape
2.3 Financial Benchmarking
We utilize our most comprehensive corporate databases in Vietnam namely Biinform

28. 28
• Our analysis on flexible packaging companies’ financial performance is empowered by the most comprehensive and insightful corporate database in
Vietnam – our Biinform database. Particularly, there are 6 listed flexible packaging companies in Vietnam (1 listed on HOSE, 2 listed on HNX and 3
registered on UPCOM) and 71 unlisted companies in our database. The sample covers top 77 companies in multi-layered flexible packaging segment,
accounting for approximately 80% of total market size in 2017. We believe the analysis represents the sector performance of Vietnam multi-layered
flexible packaging market.
• In the following part, we analyze the financial performance of 77 multi-layer flexible packaging manufacturers including sales & growth, profitability,
management efficiency, capital structure and cost structure.
MAJOR FOREIGN-OWNED COMPANIES MAJOR DOMESTIC COMPANIES
Section 2: Competitive Landscape
2.3 Financial Benchmarking
We utilize our most comprehensive corporate database to analyze financial performance of
flexible packaging companies in Vietnam
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29. 29
Source: StoxPlus Source: StoxPlus
Section 2: Competitive Landscape
2.3 Financial Benchmarking
Flexible packaging sector is fragmented by nature
Figure xx: Flexible Packaging Companies by Sales Volume, 2017 Figure xx: Flexible Packaging Companies by Sales (US$mn) & Ownership,
2017
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2.7% 1.7% 2.0% 2.1% 1.8% 1.1%
6.0% 4.7% 3.3% 2.8% 2.6% 2.5%
2011 2012 2013 2014 2015 2016
Foreign Local
Source: StoxPlus
SECTOR FOREIGN-OWNED VS. LOCAL
Source: StoxPlus
Section 2: Competitive Landscape
2.3 Financial Benchmarking
Figure xx: Profitability Indicator of Multi-layered Flexible Packaging Companies
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31. 31
2.7% 1.7% 2.0% 2.1% 1.8% 1.1%
6.0% 4.7% 3.3% 2.8% 2.6% 2.5%
2011 2012 2013 2014 2015 2016
Foreign LocalSECTOR FOREIGN-OWNED VS. LOCAL
Source: StoxPlus
Section 2: Competitive Landscape
2.3 Financial Benchmarking
Figure xx: Financial Expenses & SG&A over Net Sales
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2.7% 1.7% 2.0% 2.1% 1.8% 1.1%
6.0% 4.7% 3.3% 2.8% 2.6% 2.5%
2011 2012 2013 2014 2015 2016
Foreign Local
Source: StoxPlus
SECTOR FOREIGN-OWNED VS. LOCAL
Source: StoxPlus
Section 2: Competitive Landscape
2.3 Financial Benchmarking
Figure xx: Capital Management Efficiency of Multi-layered Flexible Packaging Companies
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Source: StoxPlus Source: StoxPlus
3.57
2.55
1.51
1.45
1.44
0.52
0.28
0.28
0.16
0.08
0.00
0.00
0.00
0.00
Section 2: Competitive Landscape
2.3 Financial Benchmarking
Figure xx: D/E of Flexible Packaging Manufacturers in Vietnam Figure xx: D/E of Top 14 Flexible Packaging Manufacturers
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• In 2017, net sales of the top 14 multi-layered flexible packaging were categorized into 3 tiers:
 Below US$25mn:
 US$25-50mn:
 Over US$50m:
Source: StoxPlus
NET SALES 2017
Section 2: Competitive Landscape
2.3 Financial Benchmarking
Figure xx: Top 14 Flexible Packaging Companies – 2017 Net Sales (US$mn) and Growth
2016 vs. 2017 GROWTH
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35. 35
Source: StoxPlus
Section 2: Competitive Landscape
2.3 Financial Benchmarking
Figure xx: Profitability Indicators of Top 14 Flexible Packaging Companies, 2017
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36. 36
Source: StoxPlus
• In 2017 overall, top 14 Flexible companies managed to improve management efficiency as ROE and ROA were taken into consideration to
evaluate
 Very efficient:
 Efficient:
 Less efficient:
Section 2: Competitive Landscape
2.3 Financial Benchmarking
Figure xx: Capital Management Efficiency of Top 14 Multi-layered Flexible Packaging Companies, 2017
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Section 2: Competitive Landscape
2.1 Market Share
2.2 Market Movement
2.3 Financial Benchmarking
2.4 Profiling of Top 5 Players (by net sales)
Contents

38. 38
Company Profiling Ownership Structure
Financial Indicators Factories & Facilities
Figure xx: Tapack’s Ownership Structure & Management Team, 2017
Source: Tapack’s Annual Report 2017
Tan Tien Plastic Packaging (Tapack)
Name # share % share
Name Title
Plant Location Area
(sqm)
Launch
year
FacilitiesUnit 2013 2014 2015 2016 2017
Net sales VNDbn
CoGS VNDbn
Gross profit VNDbn
Gross profit margin %
SG&A VNDbn
% SG&A %
Net profit after tax VNDbn
Net profit margin %
Total assets VNDbn
Total liabilities VNDbn
Owner's equity VNDbn
ROA %
ROE %
Section 2: Competitive Landscape
2.4 Top 5 Players’ Profiling
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Company Profiling Ownership Structure
Financial Indicators Factories & Facilities
Figure xx: RDP’s Ownership Structure & Management Team, 2017
Rang Dong Plastic
Unit 2013 2014 2015 2016 2017
Net sales VNDbn
CoGS VNDbn
Gross profit VNDbn
Gross profit margin %
SG&A VNDbn
% SG&A %
Net profit after tax VNDbn
Net profit margin %
Total assets VNDbn
Total liabilities VNDbn
Owner's equity VNDbn
ROA %
ROE %
Name # share % share
Name Title
Source: Rang Dong’s Annual Report 2017
Plant Location Area
(sqm)
Launch
year
Facilities
Section 2: Competitive Landscape
2.4 Top 5 Players’ Profiling
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Company Profiling Ownership Structure
Financial Indicators Factories & Facilities
Figure xx: Liksin’s Ownership Structure & Management Team, 2017
Source: Liksin’s Financial Statement 2017
Liksin Corp
Unit 2013 2014 2015 2016 2017
Net sales VNDbn
CoGS VNDbn
Gross profit VNDbn
Gross profit margin %
SG&A VNDbn
% SG&A %
Net profit after tax VNDbn
Net profit margin %
Total assets VNDbn
Total liabilities VNDbn
Owner's equity VNDbn
ROA %
ROE %
Name % share
Ho Chi Minh City People’s Committee 100%
Plant Location Area
(sqm)
Name Title
Section 2: Competitive Landscape
2.4 Top 5 Players’ Profiling
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Company Profiling Ownership Structure
Financial Indicators Factories & Facilities
Figure xx: Batico’s Ownership Structure & Management Team, 2017
Tin Thanh Packaging (Batico)
Unit 2013 2014 2015 2016 2017
Net sales VNDbn
CoGS VNDbn
Gross profit VNDbn
Gross profit margin %
SG&A VNDbn
% SG&A %
Net profit after tax VNDbn
Net profit margin %
Total assets VNDbn
Total liabilities VNDbn
Owner's equity VNDbn
ROA %
ROE %
Source: Batico’s website
Plant Location Area
(sqm)
Launch
year
Facilities
Name # share % share
Section 2: Competitive Landscape
2.4 Top 5 Players’ Profiling
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Company Profiling Ownership Structure
Financial Indicators Factories & Facilities
Figure xx: VNJS’s Ownership Structure & Management Team, 2017
Source: J.S Packaging website
Vietnam J.S Plastic Packaging (VNJS)
Name # share % share
Boo Kyung Park 100%
Name Title
Boo Kyung Park CEO
Plant Location Area
(sqm)
Launch
year
FacilitiesUnit 2013 2014 2015 2016 2017
Net sales VNDbn
CoGS VNDbn
Gross profit VNDbn
Gross profit margin %
SG&A VNDbn
% SG&A %
Net profit after tax VNDbn
Net profit margin %
Total assets VNDbn
Total liabilities VNDbn
Owner's equity VNDbn
ROA %
ROE %
Section 2: Competitive Landscape
2.4 Top 5 Players’ Profiling
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Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.1 Key Takeaways
3.2 Demand from Food Sectors
3.3 Demand from Home Care & Personal Care
Contents

44. 44
Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.1 Key Takeaways
• Looking at the breakdown of revenue by business segment, it can be seen
that flexible packaging is used as the packaging solution for a wide range
of industries, including:
• Packaged Food: Mostly used in jelly, instant noodles,
confectionary, dairy (yogurt), and dry food
• Seafood: Flexible packaging is used for many seafood products,
especially for export
• Beverage: Flexible packaging is used for RTD coffee and tea
• Consumer Goods: Products such as shampoo, detergent also use
flexible packaging
• Pharmaceutical and Agrochemical products
• This revenue breakdown is very typical for major companies in flexible
packaging.
• In the following section, we will analyze in-depth major target market to
understand more closely the demand and potential revenue pool for
flexible packaging.
.
No. Sector Segment % of Net Sale
1 Packaged Food
Jelly
Instant noodles
Confectionary
Milk - yogurt
Food
Frozen Food
Dry Food
Raw coconut jelly materials
Sauces, Dressing & Condiment
F&B
2 Seafood Seafood
3 Beverage
Coffee
Tea
4 Consumer Good
Shampoo
Detergent
5 Pharmaceuticals
Pharmaceutical
Veterinary medicine
6 Industrials
Garment
Industrial enzymes
7 Agrochemical Agrochemical products
Others
Source: StoxPlus
Figure xx: Revenue Breakdown by Category of a Typical Flexible Packaging Company in the South

45. 45
Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.1 Key Takeaways
3.2 Demand from Food Sectors
3.3 Demand from Home Care & Personal Care
Contents

46. 46
SEGMENT 2017 SIZE
US$mn
2016-2017
Growth
2012-2017
CAGR
ANALYSIS
Noodles
Instant Coffee
Sauces &
Condiments
Confectionery
Seafood Export
Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.2 Demand from Food Sectors
Vietnamese people’s packaged food consumption, except for noodles, continued to expand
healthily in 2017, posting strong demand for flexible packaging
Source: StoxPlus, EUI
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Noodles
Figure xx: Noodles Market Size (US$mn) and Growth, 2013-2018
Source: StoxPlus, EUI
Company Brand Share Packaging Partner
Acecook Vietnam
Hao Hao, Vina
Acecook, Hao 100,
Masan
Omachi, Kokomi,
Sagami
Uniben 3 Mien
Asia Foods Gau do
Figure xx: Market Share of Top Noodles Manufacturers, 2017
Source: StoxPlus, EUI
-3.0%
-1.0%
1.0%
3.0%
5.0%
7.0%
9.0%
11.0%
13.0%
880.0
900.0
920.0
940.0
960.0
980.0
1,000.0
1,020.0
1,040.0
1,060.0
2013 2014 2015 2016 2017 2018
(forecast)
US$mn Growth
Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.2 Demand from Food Sectors
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Instant Coffee
Figure xx: Instant Coffee Market Size (US$mn) and Growth, 2013-2018
Source: StoxPlus, EUI
Company Brand Share Packaging Partner
Nestlé Vietnam Ltd Nescafe
Vinacafe Bien Hoa Vinacafe
Trung Nguyen Corp
Trung
Nguyen, G7
Future Enterprises
Pte Ltd
Future
Figure xx: Market Share of Top Instant Coffee Manufacturers, 2017
Source: StoxPlus, EUI
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0.0
50.0
100.0
150.0
200.0
250.0
300.0
2013 2014 2015 2016 2017 2018
(forecast)
US$mn Growth
Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.2 Demand from Food Sectors
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Sauces & Condiments
Figure xx: Sauces & Condiments Market Size (US$mn) and Growth, 2013-
2018
Source: StoxPlus, EUI
Company Brand Share Packaging Partner
Masan
Nam Ngu, Tham Thai
Tu, Chinsu
Ajinomoto
Aji-ngon, Ajinomoto, Aji-
mayo
Unilever Vietnam Knorr
Nestlé Vietnam Maggi
Figure xx: Market Share of Top Sauces & Condiments Manufacturers,
2017
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
0.0
200.0
400.0
600.0
800.0
1,000.0
1,200.0
2013 2014 2015 2016 2017 2018
(forecast)
US$mn Growth
Source: StoxPlus, EUI
Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.2 Demand from Food Sectors
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Confectionery
Figure xx: Confectionery Market Size (US$mn) and Growth, 2013-2018
Source: StoxPlus, EUI
Company Brand Share Packaging Partner
Perfetti Van Melle
Vietnam Ltd
Alpenliebe, Mentos,
Golia
Bien Hoa
Confectionery
Bibica, Volcano
Haiha Confectionery
Hai Ha, Chip Chip,
Haihapop
Long Hai Co Ltd Long Hai, Natty
Figure xx: Market Share of Confectionery Manufacturers, 2017
Source: StoxPlus, EUI
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
2013 2014 2015 2016 2017 2018
(forecast)
US$mn Growth
Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.2 Demand from Food Sectors
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Seafood Exports
Figure xx: Seafood Exports Market (US$mn) and Growth, 2013-2018
Source: StoxPlus, General Customs
Figure xx: Seafood Exports Destination, 1H2018
Source: StoxPlus, General Customs
-13.0%
-8.0%
-3.0%
2.0%
7.0%
12.0%
17.0%
22.0%
0.0
1,000.0
2,000.0
3,000.0
4,000.0
5,000.0
6,000.0
7,000.0
8,000.0
9,000.0
2013 2014 2015 2016 2017 1H2018
US$mn Growth
Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.2 Demand from Food Sectors
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Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.1 Key Takeaways
3.2 Demand from Food Sectors
3.3 Demand from Home Care & Personal Care
Contents

53. 53
SUMMARY
SECTOR SEGMENT SIZE 2017
US$mn
2016-2017
Growth
2012-2017
CAGR
ANALYSIS
HOME CARE Laundry care
Surface care
PERSONAL
CARE
Skin care
Hair care
Bath & Shower
Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.3 Demand from Home Care & Personal Care
Source: StoxPlus, EUI
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Laundry Care
Figure xx: Laundry Care Market Size (US$mn) and Growth, 2013-2018
Source: StoxPlus, EUI
Source: StoxPlus, EUI
Figure xx: Laundry Care Market Share, 2017
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
0.0
200.0
400.0
600.0
800.0
1,000.0
1,200.0
1,400.0
1,600.0
2013 2014 2015 2016 2017 2018
(forecast)
US$mn Growth
Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.3 Demand from Home Care & Personal Care
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55. 55
Surface Care
Figure xx: Surface Care Sales and Growth, 2013-2018
Source: StoxPlus, EUI
Figure xx: Surface Care Market Share, 2017
Source: StoxPlus, EUI
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
0.0
20.0
40.0
60.0
80.0
100.0
120.0
2013 2014 2015 2016 2017 2018
(forecast)
US$mn Growth
Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.3 Demand from Home Care & Personal Care
Content is removed for demo purpose

56. 56
Hair Care
Figure xx: Hair Care Sales and Growth, 2013-2018
Source: StoxPlus, EUI
Figure xx: Hair Care Market Share, 2017
Source: StoxPlus, EUI
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
0.0
50.0
100.0
150.0
200.0
250.0
300.0
2013 2014 2015 2016 2017 2018
(forecast)
US$mn Growth
Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.3 Demand from Home Care & Personal Care
Content is removed for demo purpose

57. 57
Skin Care
Figure xx: Skin Care Sales and Growth, 2013-2018
Source: StoxPlus, EUI
Figure xx: Skin Care Market Share, 2017
Source: StoxPlus, EUI
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
2013 2014 2015 2016 2017 2018
(forecast)
US$mn Growth
Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.3 Demand from Home Care & Personal Care
Content is removed for demo purpose

58. 58
Bath & Shower
Figure xx: Bath & Shower Sales and Growth, 2013-2018
Source: StoxPlus, EUI
Figure xx: Bath & Shower Market Share, 2017
Source: StoxPlus, EUI
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
2013 2014 2015 2016 2017 2018
(forecast)
US$mn Growth
Section 3: Analysis of Flexible Packaging Demand in Vietnam
3.3 Demand from Home Care & Personal Care
Content is removed for demo purpose

59. 59
Appendices
Appendix 1 Factsheet of Listed Flexible Packaging Manufacturers
Contents

60. 60
Appendices
Appendix 1: Factsheet of Listed Flexible Packaging Manufacturers
Rang Dong Plastic
HLCM HLCM HLCM
RDP
VND Millions 2013 2014 2015 2016 2017
Net Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
Tan Tien Plastic Packaging
HLCM HLCM HLCM
TTP
VND Millions 2013 2014 2015 2016 2017
Net Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets

61. 61
Appendices
Appendix 1: Factsheet of Listed Flexible Packaging Manufacturers
Agriculture Printing INN
VND Millions 2013 2014 2015 2016 2017
Net Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
Saigon Plastic Packaging SPP
VND Millions 2013 2014 2015 2016 2017
Net Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets

62. 62
Appendices
Appendix 1: Factsheet of Listed Flexible Packaging Manufacturers
Saigon Packaging
HLCM HLCM HLCM
SPA
VND Millions 2013 2014 2015 2016 2017
Net Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets
Sivico SIV
VND Millions 2013 2014 2015 2016 2017
Net Sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
Depreciation
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From Operation
CFO/Sales
Current Assets
Accounts receivable
Inventory
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets

63. 63
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64. ‹#›‹#›
Contact us at StoxPlus
Dong Le, CFA
Director, Research and Consulting Services
+84 (024) 3562 6962 (ext. 110)
+84 (0) 91 205 7529
Dong.le@stoxplus.com
Hai Khieu
Assistant Manager, Research and Consulting Services
+84 (024) 3562 6962 (ext. 110)
+84 (0) 96 651 0388
Hai.khieu@stoxplus.com
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5th Floor, Anh Minh Building
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+ 84 (24) 3562 6962
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Ho Chi Minh City, Vietnam
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