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Vietnam Plastic Packaging Market Report 2018


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Download free preview of Vietnam Plastic Packaging Market 2018 including market size & structure, key players, market performance and hindrances.

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Vietnam Plastic Packaging Market Report 2018

  1. 1. INDUSTRY PREVIEW Vietnam Plastics Packaging Market 2018
  2. 2. Page 2 Table of Contents No Contents Page 1 Vietnam Plastic Packaging Market 2018 2 - 14 1.1 Market Structure & Description 3 1.2 Size & Segmentation 4 1.3 Competition Dynamics 5 – 7 1.4 Prospects 8 – 9 1.5 Hindrances 10 – 11 1.6 Appendix: Key Players’ Profile 12 – 14 2 StoxPlus Introduction 15 – 25
  3. 3. Page 3 Market Structure & Description Source: StoxPlus Plastic Packaging is the intersection between Plastics & Packaging sector Figure 1: Market structure of plastic packaging market, 2017 Paper & Corrugated Boxes PACKAGING PLASTIC PACKAGING Glass Packaging Metal Packaging Others PLASTICS Technical Household Construction FLEXIBLE RIGID Mono-layered Multi-layered Plates Mold tubes HDPE products PET Others • Flexible packaging includes mono-layered & multi-layered segments. Of which, the former is dominated by medium and small family businesses, mostly used for low value products while the later serves increasing demand from food & beverage with market size 2017 estimated at US$33 bn, contributing 15% to GDP in 2017. • Rigid packaging includes companies that manufacture PET/ non PET (HDPE, LDPE) bottles, preforms, trays and tubes used for packaging.
  4. 4. Page 4 Size & Segmentation Source: StoxPlus Plastic Packaging is the largest segment with total size of over US$5bn in 2017 Figure 2: Vietnam packaging industry by segmentation, 2017 • Amongst packaging sectors, plastic packaging is the largest segment with total size of over US5 bn in 2017, registering 2012-2017 CAGR of 10.9%. In particular: ➢ FLEXIBLE PACKAGING: Food sector and non-food sectors registered 2012-2017 CAGR of 13.4% in average, boosting the high demand for flexible packaging. Highlighted sectors include Instant coffee (2012-2017 CAGR of 16.5%), Skincare (15.1%) and Laundry care (13.0%). In food sector, instant coffee performed well driven by the active export activities and Vietnamese consumers’ growing preference for convenient products. Meanwhile, in non-food sector, skincare healthy growth reflected rising health-consciousness trendline and laundry care grew thanks to the expansion of fabric softener. ➢ RIGID PACKAGING: PET sector outperformed the market with registered CAGR of 15.9% driven by beverage sector. Notably, ready-to- drink tea is the largest PET packaging end-user segment, accounting for around 30% domestic demand. Recovering from the scandals related to the top players in 2016, RTD tea is expected to regain its popularity due to the rising health-awareness trendline - 1.00 2.00 3.00 4.00 5.00 6.00 2010 2011 2012 2013 2014 2015 2016 2017 Plastic packagingPaper & Corrugated Boxes Glass Packaging Metal Packaging
  5. 5. Page 5 Competition Dynamics | Overview Source: StoxPlus Key players in Vietnam plastic packaging market Figure 3: Key players in Vietnam plastic packaging market Non-PET bottles are very popular packaging for chemical and pharmaceutical products. There are approximately over 80 PET independent manufacturers in Vietnam, of which top 10 companies occupied approximately 60% of total market share Mono-layered flexible packaging products are relatively low added-value and the market is dominated by families business at small scale. Top 14 key players dominate multi-layered flexible packaging market, accounting for approximately 42% market share. KEY PLAYERS KEY PLAYERS KEY PLAYERS KEY PLAYERS
  6. 6. Page 6 Competition Dynamics | Sample Source: StoxPlus Note: Revenue takes into account ALL BUSINESS LINE Vietnam flexible packaging market is mostly dominated by the top 14 players, accounting for 41.9% market share Figure 4: Multi-layered flexible packaging competition landscape, 2017 TIER 1 • The market is dominated by the top 14 players, accounting for 41.9% of the total flexible packaging market. 67 other companies share the remaining 58.1%. Big names in Vietnam flexible packaging are Tapack, Batico, Liksinn, J.S Packaging and Huhmataki. • Foreign flexible packaging companies such as Huhtamaki (Finland), J.S Packaging (South Korea), Tong Yuan (Taiwan), and Ngai Mee (Singapore) entered into Vietnam since 1996. These are all subsidiaries of major global flexible packaging companies who have served multinational end-users like Unilever for a long time. They are aggressively competing with local companies, leveraging their modern machinery and equipment, as well as expertise on flexible packaging. TIER 2 & TIER 3 • Tier 2 (8 companies) are medium ones with net sale of about US$3–5 mn while Tier 3 (35 firms) are small flexible manufacturers (US$1mn net sales). Up-to-date information about the competition dynamics, operational and financial indicators of key players are featured in our comprehensive standard report - Vietnam Flexible Packaging Market 2018 Tapack Batico Liksin J.S Packaging Huhtamaki Thanh Phu Ngai Mee Saplastic Tong Yuan Saigon Trapaco Minh Viet Namkuyng Vina Rang Dong Sapaco Other
  7. 7. Page 7 Competition Dynamics | Financial Indicators Source: StoxPlus Revenue takes into account ALL BUSINESS LINE Our Biinform portal provides ~ 1 million available company reports ready to purchase Figure 5: Financial Indicators of Selected Key Players (US$mn), 2017 COMPANY Type SALES RANGE COGS NPAT TOTAL ASSET OWNER’S EQUITY Tapack Foreign-owned 50 – 100 57.2 3.2 47.9 31.9 Batico Foreign-owned 50 – 100 49.8 2.3 38.6 13.2 J.S Packaging Foreign-owned < 50 44.4 1.5 27.3 8.6 Liksin SOEs 50 - 100 48.3 3.2 71.2 49.3 Rang Dong Private 50 - 100 53.4 (2.4) 68.6 23.5 Saplastic Private <50 40.7 0.9 50.7 12.0 App Private < 50 35.4 3.2 24.4 15.3 Thanh Phu Private < 50 30.7 4.0 35.9 19.0
  8. 8. Food sectors drove up demand for plastics packaging, especially from the consumption growth in RTD tea (14.7%), instant coffee (16.5%) and Seafood export (10.4%) Prospects| Growth opportunities SECTOR SEGMENT SIZE 2017 US$mn 2012-2017 CAGR IMPLICATION FOR SEGMENTS COMMENT BEVERAGE Ready-to-drink Tea 1,717 14.7% Flexible packaging (mono-layered for label) Rigid packaging (PET) ➢ Recovering from the scandals related to the top players in 2016, RTD tea is expected to regain its popularity due to the rising health-awareness trendline. The robust growth of this sector is expected to boost the development of PET bottles. Notably, majority of top players in beverage field such as Suntory Pepsico, Coca-Cola or Tan Hiep Phat all had their own in-house packaging operation. Instant Coffee 274.4 16.5% Flexible packaging (multi-layered) ➢ Instant coffee is expected to be the key driver for flexible packaging in Vietnam in terms of growth and volume demand, especially when new product development coupled with creative packaging are important to maintain competitiveness among brands. FOOD Sauces & Condiments 1,046.1 10.1% Flexible packaging (multi-layered) ➢ Glass and flexible plastic are projected to maintain their top positions, although the portion of glass is shrinking. ➢ Stand-up pouches continued to be negligible in sauces, dressings and condiments in the country. Indeed, this was not only due to a lack of innovation from manufacturers, but also due to the low consumer demand for new packaging despite the higher demand for convenience ➢ The increasing competitive landscape due to low entry barrier will require more products development while put a pressure on average unit price. Seafood Export 8.3 10.4% Flexible packaging (multi-layered) ➢ The stable rise in seafood export will increase the demand for flexible packaging
  9. 9. A strong growth of many items in non-food sector especially from Skin care (15.1%), Laundry care (13.0%) and Surface care (12.2%) Prospects| Growth opportunities SECTOR SEGMENT SIZE 2017 US$mn 2012-2017 CAGR IMPLICATION FOR SEGMENTS COMMENT HOME CARE Laundry care 1,401.5 16.7% Rigid packaging (PET) Flexible packaging (multi-layered for label) ➢ Key strategy for boosting sales is to raise brand profiles through aggressive promotional and advertising campaigns, especially on social medias. In addition, as laundry care is maturing in urban areas, players are reaching out to low-income segments in rural areas. Notably, big-package size is highly-favored in this area. Surface care 103.9 12.7% Rigid packaging (PET) Flexible packaging (multi-layered for label) ➢ Improved living standard with higher awareness of health issues raises demand for surface care, especially in middle and high- income households. Surface care sector is expected to expand healthily in near term future. ➢ Eye-catching packaging design and television advertising campaigns are believed to be the key drivers to boost up manufacturers’ total sales PERSONAL CARE Skin care 329.6 16.7% Rigid packaging (PET) Flexible packaging (multi-layered) ➢ International brand names have occupied mostly total market share with diversified product ranges, while domestic players or private labels remained blurred in Vietnam market due to its low quality. Hair care 240.5 9.5% Rigid packaging (PET) Flexible packaging (multi-layered) ➢ The hair care sector has healthy growth potential as new products have been developed in line with customers'’ demands. Particularly, demand for styling products has become greater as the popularity of men’s grooming products rises. In shampoo segment, key players have launched innovative products that provides new benefits such as hair fall control, fights pollution, intensive repair, etc. Bath & Shower 151.5 10.5% Rigid packaging (PET) Flexible packaging (multi-layered) ➢ Bath and shower market is expected to grow at a slower pace as the market is reaching its maturity stage.
  10. 10. 11% 10% 10% 15% 14% 13% 28% 89% 90% 90% 85% 86% 87% 72% 2016 2017 2018e 2019f 2020f 2021f 2022f [Demand vs. Production Capacity of in Vietnam] [Imported Plastic Resin Volume (mn tons)] • Total annual demand is around 5.463 million tons while domestic supply only satisfied 0.570 million tons. Source: StoxPlus, Vietnam Customs, Master Plan on Development of Petrochemical Sector Vung Ro and PTT-Aramco projects have not been taken into account due to the fact that these projects are currently delayed. Plastic resin demand is forecasted with CAGR of 10% during the period 2018 – 2023. IMPORT DOMESTIC PRODUCTION Forecast plastic demand at 2018-2023 CAGR = 10% Nghi Son Project Long Son Project 2.7 3.2 3.5 3.9 4.5 5.6 5.7 2012 2013 2014 2015 2016 2017 2018e Limited domestic supply for increasing plastic resin demand in Vietnam Hindrances | Plastic Resin
  11. 11. Page 11 Hindrances | Plastic Resin Taking into account of all planned projects, domestic production would reach 2.60mn tons, meeting 28.5% of domestic demand in 2022 (compared to 10% in 2017) [Upcoming Projects in Vietnam Petrochemical] [Existing Domestic Plastic Resin Capacity] [Domestic Production of Plastic Resin in Vietnam] PROJECT CAPACITY (mn tons/year) PRODUCT STATUS Nghi Son Refinery & Petrochemical 0.37 PP Launch in 2018 Long Son 1.40 PP, HDPE, LLDPE Launch in 2021 Hyosung 0.3 PP IC granted in Aug-2018 Vung Ro Petroleum 0.7 PP IC revoked PTT – Aramco 0.8 PE Delayed Source: StoxPlus, Decision 676/QD-BCT dated on 6th Mar 2017, Decision 2412/QD-BCT dated on 17th May 2011 Data is consolidated from Master Plan on Development of Petrochemical Sector with update & validation from StoxPlus on these project’s status. ITEM COMPANY CAPACITY (mn tons/year) PP Binh Son Refinery 0.15 PVC AGC Chemicals Vietnam 0.10 PVC TPC Plastic & Chemical 0.19 PS Vietnam Polystyrene 0.05 EPS Vietnam Polystyrene 0.04 PLASTIC RESIN 0.53 570 570 570 570 570 943 943 943 2,343 3,912 4,409 5,021 5,463 5,819 6,345 6,918 7,543 8,225 2013 2014 2015 2016 2017 2018e 2019f 2020f 2021f 2022f Installed capacity Gap Demand NGHI SON REFINERY & PETROCHEMICAL LONG SON ** IC: Investment Certificate
  12. 12. Appendix| Key Players’ Profiles • Registered name: Tan Tien Plastic Packaging • Head office: Lot II, Group 4, Road 13, Tan Binh Industrial Park, Tan Phu District, Ho Chi Minh City • Establishment Year: 1966 • Charter capital: US$6.6 mn (as of 2017) • Principal businesses: Tapack is the leading flexible packaging firm in Vietnam, specializing in manufacture of high-end flexible packaging. Its products serve many major players in beverage, packaged food, seafood, and agri-business sector in Vietnam. Besides, the company engages in real estate business including commercial building development. COMPANY PROFILING FINANCIAL PERFORMANCE KEY CLIENTS PRODUCTION SITES Unit: US$mn 2014 2015 2016 2017 Net sales 70.8 62.0 61.9 64.2 CoGS 63.1 53.4 51.8 57.2 Gross Profit 7.7 8.6 10.1 7.0 % Gross Profit(*) 10.9% 13.9% 16.3% 10.9% NPAT 2.0 3.7 5.9 4.1 % NPAT(*) 2.8% 5.9% 9.5% 6.3% Total Assets 55.1 36.2 40.7 47.9 Total Liabilities 31.6 11.4 11.7 16.0 ROA (*) 3.6% 10.1% 14.4% 8.5% ROE (*) 8.5% 14.8% 20.2% 12.7% No Plant Location Production lines 1 Main factory Headquarter in Tan Phu District, Ho Chi Minh City • Factory is located on an area of 50,000m2 • Equipment & capacity: • Rotogravure printer: 400m/minute • Engraving machines: 7,200 cylinders/year • 5-layers tandem extrusion laminator: 400,000,000m2/year
  13. 13. Appendix| Key Players’ Profiles • Registered name: Liksin Industry – Printing – Packaging Corporation • Head office: No. 159 Kinh Duong Vuong Str., Ward 12, Dist. 6, Ho Chi Minh City, Vietnam • Establishment Year: 1978 • Charter capital: US$37.2mn (as of 2017) • Principal businesses: Liksin is one of the leading packaging manufacturers in Vietnam, engaging in 04 main business lines: (i) packaging manufacturing and trading (mainly flexible/paper/metal packaging), (ii) labels and packaging printing, (iii) vocational education, and (iv) real estate. COMPANY PROFILING FINANCIAL PERFORMANCE KEY CLIENTS PRODUCTION SITES Unit: US$mn 2014 2015 2016 2017 Net sales 51.3 CoGS 45.2 Gross Profit 6.1 % Gross Profit(*) 11.9% NPAT 3.6 % NPAT (*) 7.0% Total Assets 43.7 Total Liabilities 26.8 ROA (*) 8.1% ROE (*) 21.0% No. Unit Location Total Factory Area (sqm) 1 Liksin Packaging Enterprise Long An 30,000 2 Liksin Printing Packaging Enterprise Long An 20,000 3 An Khang Liksin Packaging Enterprise HCMC 5,000 4 Liksin Northern Packaging Bac Ninh 10,080 5 Dong Nam Viet Packaging Binh Duong 28,400 6 An Lac Labels Long An 5,000 Content to be removed for preview purpose
  14. 14. Appendix| Key Players’ Profiles • Registered name: Tin Thanh Packaging Joint Stock Company • Head office: Lot C20, Duc Hoa Ha Plastic Industrial Zone, Binh Tien Village, Duc Hoa Ha Commune, Duc Hoa District, Long An Province, Vietnam • Establishment Year: 1995 • Principal businesses: Batico is one of the top flexible packaging producer in Vietnam. The company’s products offerings include a wide range of plastic pouches and rolls. In long-term, Batico will expand into other products such as paper & metal packaging and packaging materials (membrane) to get ahead of the "one-stop- shopping" trend. The company currently has one factory and constructs new one as well. Both production sites locate in Long An province. COMPANY PROFILING FINANCIAL PERFORMANCE KEY CLIENTS PRODUCTION SITES Unit: US$mn 2014 2015 2016 2017 Net sales 44.6 CoGS 39.1 Gross Profit 5.5 % Gross Profit(*) 12.4% NPAT 1.6 % NPAT (*) 3.5% Total Assets 77.7 Total Liabilities 31.9 ROA (*) 2.0% ROE (*) 3.4% Content to be removed for preview purpose No. Plant Location Notes 1 First factory Long An • Total area of 18,500 msq • LLPDE film production capacity: 160 ton/month • Printing capacity: 25 mn meter/month • Laminating capacity : 24 mn meter/ month • Bag cutting 3 mn sqm/month 2 Second factory Long An The new plant will be built in the coming years with total area of 55,000 msq
  15. 15. Page 15 Table of Contents No Contents Page 1 Vietnam Plastic Packaging Market 2018 2 - 14 1.1 Market Structure & Description 3 1.2 Size & Segmentation 4 1.3 Competition Dynamics 5 – 7 1.4 Prospects 8 – 9 1.5 Hindrances 10 – 11 1.6 Appendix: Key Players’ Profile 12 – 14 2 StoxPlus Introduction 15 – 25
  16. 16. Page 16 Overview • Date of incorporation: March 11, 2008; • Legal representative: Mr. Nguyen Quang Thuan • Number of staff: 80 (as of April 2018) including Data Analysts, Market Analysts, IT Engineers and Product Developers. • Charter capital: VND24 billion (US$1.1 million); Shareholders: NIKKEI: 17.55%; QUICK: 17.55%; Management and other: 64.9%; • Two offices: Hanoi Head Office and HCMC Branch StoxPlus is a pioneer and a Vietnam’s leader in financial and business information services since 2008 Leveraging on our financial and corporate database we provide, on the order basis, research services by our professional team with local insights and international experience: • Industry Report • Customized research • Commercial Due Diligence • Market Entry Consulting • Business matching and Support We offer below products leveraging on our comprehensive financial database: • FiinPro Platform: financial database for professionals covering equity, industry and economic data and analytic tools • FiinTrade Platform: the first comprehensive information platform for trading into Vietnamese stocks • Securities Datafeed: via API or XML StoxPlus Joint Stock Company We offer below products on-the-shelf and by order basis by leveraging on an aggregated source of more than 1 mil+ Vietnamese companies: • Company Report: from basic profile, factsheet, credit report to comprehensive research reports. Financial Information Research & Consulting Business Information
  17. 17. Page 17 Board of Directors and Management Our Management have extensive and diverse experiences in information, technologies & related services Thuan Nguyen, FCCA Chairman and CEO Co-founder of StoxPlus previously working as an investment manager of Vietnam Holding Asset Management Ltd and manager at PwC Vietnam & Australia Hieu Nguyen, MBA Vice Chairman Co-founder of StoxPlus previously working as a specialist at the Department for International Development of UK (DFID) in Vietnam. and Consulting Manager at PwC Vietnam Yoichi Noor Iwamoto Board Member Representative of NIKKEI Inc. at StoxPlus. He is currently Managing Director of NIKKEI CHINA (Hong Kong) Ltd. Chiharu Kawai Board Member Representative from QUICK Corp at StoxPlus. He is currently General Manager of Global Business Department at QUICK Corp. Bolat Duisenov Board Member CEO of Kusto Group Vietnam – a private equity fund with AUM of US$300M operating in Vietnam. Huy Mac, CFA, FCCA Board Member A well-known financier with Lehman Brothers and KPMG. Recently he was CEO of KB Securities (Vietnam) and ex-DCEO of MB Securities. Dong Le, CFA Director, BiinForm Previously Senior Investment Manager at BIDV-Vietnam Partners Investment Management and audit manager at Deloitte Vietnam Trang Truong, MBA Managing Director, FiinForm Managing Financial Information Unit of StoxPlus and lead business analyst for innovative product development at StoxPlus Tung Do CTO Oversight technology and product development at StoxPlus. Previously various managerial position at IT Outsourcing firms including CMC and EKGIS
  18. 18. Page 18 Research and Consulting Services • Leveraging on industry and corporate database, we offer insightful industry reports for Vietnam. • Our Analyst team cover around 20 key sectors of Vietnam and offering reports ready to use in the portal or in an order basis Industry Report A selection of sectors we cover: Consumer Finance Cement PET Packaging Healthcare Services Banking SOEsLogistics Flexible Packaging Fertilizer Food & Beverage
  19. 19. Page 19 Our advantages in database business make us differentiated from other international vendors Research and Consulting Services VCCI Trade Associations StoxPlus Data Exchanges Self–contribution General Statistics Office Credit Information Centre Stock Exchanges Ministries (MOF, MOIT) Banks Chambers of Commerce Local Market Insights Biinform Database Data Cleaning up and Validation • Database of~1 million businesses registered in Vietnam • Company profiles, Ownership and financial data • All types of enterprises: JSC, LTD, FDI, SOE … • All key industries of Vietnam
  20. 20. A Global Standard: International Corporations Client CONSUMER FINANCE CEMENT OTHERS Research and Consulting Services
  21. 21. Page 21 Research and Consulting Services • When the information standard reports is not sufficient nor available, we customize our report to specific requirements by clients plus value added services including presentation, company visits, or business matching. • The scope is more in-depth research tailored to clients’ specific segments of interest with insights input by industry experts. We have a team of seasoned and experienced consultants for customized research assignments and market entry consulting projects. We provide comprehensive analysis and local insights to our clients at quality standards of the world’s prestige advisory firms Market Research • We support investors to explore investment opportunities and define market entry strategies into Vietnam. • Our market entry services range from market due diligence, partner screening, to business set-up. We support clients who are penetrating into Vietnam by either M&A, Equity Investments, Foreign Direct Investments or simply business alliance with domestic enterprises. • Actionable recommendation for clients’ entry strategies, including advisory on all stages: • Market assessment • Business Intelligence • Investment Screening • Trade Connection Market-entry consulting
  22. 22. Page 22 Research and Consulting Services We differentiate our services by leveraging on our Corporate Database; Industry Database and Local Market Expertise with down on-the-ground surveys and a network of industry experts Local Market Insights Biinform Database International Experience RESEARCH SPECIALISATION SURVEY/IN-DEPTH INTERVIEWS WITH LOCAL INSIGHTS NETWORK OF INDUSTRY EXPERTS COMBINATION OF TOP DOWN AND BOTTOM UP APPROACH • Professional teams with experience in market research/due diligence for water & utility • Track records with prestige customers (both fund and industry players) • Most updated industry database (incl. water sector) We put strong focus on developing network of experts who are C-level personnel in the industry. This expert network will be fully utilized for this project. Gaining market intelligence via in-depth interviews with: • Market players • Industry experts • End-use sector players • Policy-makers The advantage of understanding appropriate approaches to generate insights is leveraged. A thorough approach for the project is applied. Demand estimation from end-use industry and industry landscape from industry players will be both included. • Combination of hard data leveraging Biinform database and local insight (track record, expertise & network) • Database of all Vietnam Water Companies (production data such capacity, key operational indicators)
  23. 23. Research and Consulting Services We have a great track record in supporting large local and foreign clients from Day 1 when they first come into Vietnam Page 23 JAPAN FINANCIAL SERVICES OTHER INDUSTRIES KOREA WESTERN COUNTRIES OTHERS
  24. 24. Research and Consulting Services We are proudly making contribution to capital and trade flows within Vietnam and between Vietnam and the World via our product and services; and also via various conferences and industry seminars providing thought leadership about Vietnam market Speaking at Cemtech Asia 2015, 2016, 2017 Annual Consumer Finance Conference, co-host with SBV 2016, 2017 Annual Foreign Investor Conference, co-host with HOSE M&A Seminar, co-host with Singapore Business Group, 2017 SME Financing Conference, 2017 Trade Risk management Conference, co-host with CIC, 2017 FiinPro Talk Series (quarterly) Vietnam Renewable Energy Conference, co- host with Eurocham, 2018 Page 24
  25. 25. Contact us at StoxPlus Nguyen Thi Huyen Trang Senior Associate, Client Service Advisor t: +84 (28) 3933 3586 e: 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 For Financial Information Services For Business Information Services For Research and Consulting Services Le Xuan Dong, CFA Director, Research and Consulting t: +84-24-3562 6962 (ext. 110) e: Nguyen Anh Tuyet Manager, Client Service Advisor t: +84 (28) 3933 3585 (ext. 208) e: