Vietnam Plastic Packaging Sector Report Issue Date: 30 July 2013 Part of StoxPlus’s Market Research Reports for Vietnam

@ 2013 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.

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Table of Contents

Our research contacts for this report are: Thuan Nguyen, FCCA CEO & Head of Research [email protected] +84 98 389 0000 Harry Hoan Tran, CFA Senior Analyst [email protected] +75 1597 1532 Trang Truong Senior Manager Institutional Data Clients [email protected] +84 98 342 2985 Duy Nguyen Associate Research Division [email protected] +84 90 326 2010

Part

Content

Page

Executive Summary

4–5

1

Analysis of the Vietnam Plastic Container Market

6 – 11

2

Regulation on Disposal and Recycling of Plastic Containers

3

Plastic Packaging from Major Beverage Players

15

3.1

Overall market analysis of Soft-Drinks Market

16

3.2

Summary of Major Players

17

3.2.1

Tan Hiep Phat

18 – 20

3.2.2

PepsiCo (Vietnam)

21 – 23

3.2.3

Coca Cola (Vietnam)

24 – 25

3.2.4

Universal Robina Corporation (Vietnam)

26 – 27

3.2.5

Nestle (Vietnam)

28 – 29

3.2.6

Vinamilk

30 – 32

4

Plastic Packaging from Major Food Players

33

4.1

Summary of Major Players

34

4.2

Tuong An Vegetable Oil

35 – 37

4.3

Cai Lan Oils & Fats

38 – 39

12 – 14

DISCLAIMER All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, StoxPlus , its Directors and employees accept no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and StoxPlus makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained.

2

Table of Contents

Our research contacts for this report are: Thuan Nguyen, FCCA CEO & Head of Research [email protected] +84 98 389 0000 Harry Hoan Tran, CFA Senior Analyst [email protected] +75 1597 1532 Trang Truong Senior Manager Institutional Data Clients [email protected] +84 98 342 2985 Duy Nguyen Associate Research Division [email protected] +84 90 326 2010

Part

Content

Page

4.4

Ajinomoto Vietnam

40 – 41

4.5

Masan Consumer

42 – 44

4.6

Unilever Vietnam

45 – 46

4.7

Miko Foods

47

5

Analysis of Major Plastic Container Manufacturers

48

5.1

Summary of Major Players

49

5.2

Key Player Analysis

6

Appendices

64

Appendix 1: Key Figures on Soft Drink Market in Vietnam

65

Appendix 2: Soft Drink Brands: Sales Volume and Market Shares, 2008-2011

66

Appendix 3: Key Figures on Packed Food Market in Vietnam

67

Appendix 4: Packed Foods: Sales Value and Market Shares, 2009-2012

68

Appendix 5: List of interviews conducted

69

51 – 55

DISCLAIMER All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, StoxPlus , its Directors and employees accept no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and StoxPlus makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained.

3

Part 1: Analysis of the Vietnam Plastic Container Market

4

Part 1: Analysis of the Vietnam Plastic Container Market

Plastic packaging market is estimated at US$2.4bn in 2012. Two segments enjoying a high growth are flexible packaging (mainly for foods) and PET plastic containers (mainly for beverages) Figure 1: Description of Packaging Industry in Vietnam

Packaging Industry in Vietnam

Plastic Packaging Size: US$2.4bn [1]

Flexible Packaging Size: US$410mn [2]

PET bottles Size: US$282mn [3]

Plastic Containers

Glass Packaging Closures Cardboard and Papers

Rigid

Metal Packaging

Other

PE and PP containers [4]

[1] Plastic packaging is a subsector of plastic industry in Vietnam. Data on total market size is not available but statistics from Vietnam Customs Office shows that total plastic resin imported to Vietnam in 2012 is 2.56 million tons valuing US$4.36 billion. Almost all 100% plastic resin materials demand in Vietnam are imported and our general understanding that resin materials accounting for 70% of total sales. As such, total market size of plastic industry in Vietnam is estimated at US$6.2bn in 2012. According to Ministry of Industrial & Trade, plastic packaging segment accounted for 39% of total production output of the plastic industry. Therefore, the plastic packaging would be estimated at US$2.4bn in 2012. According to Vietnam Packaging Association, Vietnamese plastic packaging has been growing sharply recently with the annual growth rate of around 20%-25% over the last 5 years mainly in flexible and PET segments. Figure 3: Vietnam Plastic Production Output (million tons) 3.80 3.20

Others

[2] Flexible packaging in Vietnam, by our own calculation, is estimated at US$410mn in 2012 by StoxPlus. The sector is rather fragmented with many small companies. The major local players is Tan Tien Plastics JSC (17.49%), Saigon Plastics (4.55%) and Saigon Trapaco (4.78%). Figure 2: Major Players in Flexible Packaging Segment Kim Cuong 2.33% Rang Dong 3.50%

Others 18.25%

Tan Tien 17.49%

Thanh Phu 8.75%

Saplastic 4.55%

Saigon Trapaco 4.78% JS 5.25% Tong Yuan 5.83%

Liksin 7.00%

Huktamaki 7.81%

Ngai mee 7.11%

Tin Thanh 7.35%

0.89

0.95

1.00

1.13

1.28

1.38

1.60

2000

2001

2002

2003

2004

2005

2006

1.88

2007

2.29

2008

2009

2010

Source: StoxPlus, Vietnam Plastic Association

[3] Plastic bottles in Vietnam were almost imported before 2000 and the pioneer in this sector is Ngoc Nghia and Bao Van with their first plants established in early 2000. PET bottle manufacturing are now mainly dominated by local companies including Bao Van Plastics JSC and Ngoc Nghia Plastics whose combined market share up to 80%, as claimed by company management. Total plastic revenue of Ngoc Nghia for 2012 at US$84.5mn their 30% market share would imply a total market size of US$282mn in 2012 (for independent manufacturers only). [4] PE and PP containers are mainly for agricultural products such as rice, sugar and coffee; and chemical (fertilizers) etc. This market is significantly large because there are more than 1.5 billion plastic sacks per year for this sector, according to VPA.

5

Part 1: Analysis of the Vietnam Plastic Container Market

Plastic packaging is the largest sector within plastic industry in Vietnam and it has been increasing in recent years

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6

Part 1: Analysis of the Vietnam Plastic Container Market

Use of plastic container or the end-market segmentation

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7

Part 1: Analysis of the Vietnam Plastic Container Market

Export of Plastic Products and Materials from Vietnam amounting to about US$2bn in 2012 Figure 7: Export of plastic products and materials from Vietnam Plastic Export

Figure 9: Plastic Products Export by Vietnam

2011

2012

Change

US$mn

US$mn

%

2500 1,982.0 2000

Plastic materials (PE, PET, PVC etc) Total

1,355

1,585

17%

239

397

66%

1,594

1,982

24%

1,593.7 USDmn

Plastic finished products

1500 1000

Main export items are finished products and the plastic material export is very small because the Vietnam petro-chemical has not yet developed.

500

750.0 336

930.0

1,049.0 808.0

485

0 2005

2006

2007

2008

2009

2010

2011

2012

Figure 8: Export of Finished Plastic Products: by category

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Bags Plates, sheets and films Delivery packaging and containers Canvas Plastic products for household goods Plastic products for industrial Flower pots and decorations Plastic stationeries for office and schools Plastic piles and accessories Products for homecare and technical (car) Closures, caps and valves Plastics products for construction Sanitary/toilet accessories Cosmetic containers Others Total

2011 US$mn 387.2 256.6 157.5 129.2 79.7 102.0 74.2 35.4 31.0 7.2 0.4 0.2 0.2 0.2 93.8 1,354.7

2012 US$mn 458.1 267.9 204.5 160.1 96.7 103.0 74.5 55.5 36.5 26.9 0.4 0.3 0.3 0.2 100.3 1,585.0

Change % 18.3% 4.4% 29.8% 23.9% 21.3% 1.0% 0.4% 56.8% 17.7% 273.7% 10.0% 45.0% 30.0% 20.0% 6.9% 17.0%

Figure 10: Export destination countries

1 2 3 4 5 6 7 8 9 10

Japan US Germany Campuchia UK Netherland Indonesia Thailand Malaysia Philippines Other Total

2011 US$mn 288.0 126.1 99.7 78.8 77.1 82.8 56.0 35.7 37.6 38.3 434.6 1,354.7

2012 US$mn 357.1 161.2 105.9 102.7 90.1 88.5 72.7 55.3 45.8 37.9 467.9 1,585.0

Change % 24.0% 27.8% 6.2% 30.3% 16.8% 6.9% 29.9% 54.7% 21.8% -1.1% 7.7% 17.0%

Pre-forms are included in this category. Major exporters are Ngoc Nghia (US$22.5mn in 2012) and Bao Van. Source: StoxPlus, Vietnam Customs Office

8

Part 1: Analysis of the Vietnam Plastic Container Market

Import of plastic resin in Vietnam

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9

Part 2: Regulations on Disposal and Recycling of Plastic Containers in Vietnam

10

Part 2: Regulations on Disposal and Recycling of Plastic Containers in Vietnam

Taxation regulations on plastic products are ambiguous causing many confusions for plastic manufacturers

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11

Part 2: Regulations on Disposal and Recycling of Plastic Containers in Vietnam

About 20% of plastic wastes in HCMC are buried at landfills. Waste collection system in Vietnam has not yet been well established Collection, Disposal and Recycling of solid waste •

Figure 13: The flow of plastic waste in Ho Chi Minh City

In Vietnam, the percentage of categorizing waste at sources is very low, for example in 2011, the percentage at household is 7.32% and the percentage at enterprises is 56.19%, according to the Natural Resources & Environment Policy and Strategy Institute.

•

In pursuant with Decision 2149/QD-TTg, by 2015 the Government aims for 85% of urban solid waste to be collected, of which 60% has to be recycled.

•

In practice, average percentage of solid waste collection in Vietnam increased from 72% in 2004 to around 80 - 82% in 2008 and 83 - 85% in 2010. Of those collected solid waste, 80% will end up in landfills. However, 50% of landfill solid waste is buried in unqualified manner that is hazardous to the environment (according to Mr. Tang The Cuong and Mr. Luong Hoang Tung of MONRE cited on local newspapers).

Recycled Waste Collection

250,000 tons/ year

Sources

Waste Collecti on

82,000 tons/ year

48,000 tons/ year

Transfer Stations

Landfills

Recycling of plastic waste •

•

•

According to Ho Chi Minh City Waste Recycling Fund, it is estimated that about 250,000 tons of plastic waste are generated in HCMC per year. Of which, 48,000 tons (19.2%) are buried in landfill sites (the majority of those buried in landfills are low value plastics). The remaining 200,000 tons of plastic waste are collected for recycling purposes or directly discharged to the environment.

Environment

Environm ent

Source: Ho Chi Minh City Waste Recycling Fund

Currently, plastic recycling technology used in big cities of Vietnam is obsolete with low efficiency, high costs and creating pollution, according to MONRE. Besides, plastic waste recycling activities are unorganized, mostly carried out by small businesses.

Ho Chi Minh city

Vietnam is planning to build two plastic recycling factories with capacity of 50,000 tons/factory. However, as the plastic waste collection system is fragmented and ineffective. This makes the two factories in short of input materials. For example in HCMC, average plastic waste collected for recycling purpose is 6,000 - 7,000 tons/day, that is insufficient to the input demand of recycling businesses.

Average landfill cost

VND300,000/ton

No. of plastic waste collecting business units

400

No. of plastic recycling business units

80

Average plastic waste collected for recycling purpose

6,500 tons/day

Average plastic containers waste generated

2,200 tons/day

Source: StoxPlus, HCMC Plastic Association, Trade Press

12

Part 3: Soft-Drink and Major Players

13

Part 3: Soft-Drink and Major Players

Overall market analysis: RTD tea is currently the highest growing segment due to its healthy and wellness characteristics Market sizing

Segmentation •

Figure 14: Soft drink market sizing and segmentation, 2011

Total soft drink market in Vietnam is estimated at US$1.7bn by 2011 end by Euromonitor International. In which, on-trade market (hotels, bars, restaurants etc) and off-trade market (off licenses such as supermarkets, corner shops etc) accounting for 55% (US$929mn) and 45% (US$776mn), respectively.

The highest value segment is RTD tea amounting to US$877mn in 2011 which is dominating by THP (Green Tea) and URC (C2).

•

The second largest segment is carbonated drinks amounting to US$426mn and in which Coca-Cola and PepsiCo accounting for about 80% total market share.

•

The third largest is bottled water market with 3 biggest players: PepsiCo (Aquafina), La Vie and Coca-Cola Vietnam (Dasani) which is about US$213mn total market size.

Off-trade

US$mn

•

1,000 900 800 700 600 500 400 300 200 100 -

On-trade

Total Value 877

426 213 93

5

56

1

33

Growth rate For off-trade market, it historically achieved a growth rate of 25.8% for the 5 year period 2006-2011. RTD tea is the highest growth segment with annual rate of 58.4% for the same period.

Competition dynamics •

• •

Before 2005, soft drinks in Vietnam comprised mostly of carbonates, international manufacturers such as PepsiCo Vietnam and Coca-Cola Beverages Vietnam dominated due to their financial strength and global expertise. In 2006, Tan Hiep Phat introduced Zero Green Degree Tea and since then, this product has totally changed the competition landscape of soft drinks in Vietnam. In 2009, THP has officially surpassed the two foreign giants and obtained the largest market share in soft drinks in Vietnam. In 2011, URC has overtook Coca-Cola’s position to become the third ranked player with highest sales volume share from its brand namely C2 Cool & Clean products.

Figure 15: Breakdown of Off-trade soft drinks, 2011 and growth Off-trade

US$mn

•

900 800 700 600 500 400 300 200 100 -

2011-2006 CAGR

Masan Consumer has recently tapped on this segment

70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0%

774 58.4% 390

218 21.2% 21.9% 15.3% 59 12.0% 10.3%70 5 1

25.8%

32

6.2%

The high growth of RTD tea by THP thanks to the health and wellness trend and their aggressive marketing. With improving living conditions, better access of information and with increasing number of people suffering from diabetes and over-weights, Nutrition intake became an important factor for consumer’s decision. Vinamilk, the largest milk player, also tapped on this market by introducing its artichoke RTD tea, Coca-Cola with Real Leaf (2011) and most recently in 13 June 2013, Masan Consumers launched a RTD tea in summer season in Hanoi. Source: StoxPlus, Euromonitor International

14

Part 3: Soft-Drinks and Major Players

Summary of 6 selected major soft-drink companies

No

Company

Major brands using PET bottles

3.1

Tan Hiep Phat Group

1. 2. 3.

Dr. Thanh Zero Degree Green Tea Number 1

Established in 1994, Tan Hiep Phat Group’s main business is the manufacturing and distribution of RTD tea, sports and energy drinks, fruit/vegetable juice, bottled water and beer. Zero Degree Green Tea and Number 1 are among the most popular non-alcoholic brands of the company, being the leading brand in RTD tea and ranked second in energy drinks in retail volume terms.

3.2

PepsiCo Vietnam

1. 2. 3. 4.

Carbonates Aquafina bottled water Energy drinks Juices

Entered into Vietnam in February 1994, PepsiCo set up a joint venture with International Beverages Company (IBC) to manufacture and distribute Pepsi-Cola and 7Up products in Vietnam right after the US Embargo to Vietnam was lifted. PepsiCo now has 10 portfolio items in soft drinks. For carbonates only, PepsiCo is the largest player with 41% off-trade market share.

Carbonated Cokes Dasani bottled water Energy drinks Juices

Entered into Vietnam in Aug 1995, the first joint-venture between Coca Cola and Vietnam Food Im-export Corporation established at Thuong Tin dist., Hanoi. In 09/ 1995, the 2nd JV between Coca Cola and Chuong Duong also was built in Binh Duong. In 01/1998, the 3rd Plant Non Nuoc in Da Nang established. In 10/1998, three joint ventures was merged into one. Currently, Coca Cola has 10 brands in Vietnam namely Coca - Cola, Coke Light, Sprite, Fanta, Real Leaf, Minute Maid Nutriboost, Minute Maid Teppy, Schweppes, Samurai and Dasani. In carbonates, Coca Cola holds 33% off-trade market share.

1. 2.

C2 Red Dragon

Universal Robina Corporation (Vietnam) was set up in 2003 in VSIP, Binh Duong province. URC (Vietnam) currently has 2 factories in Binh Duong and Ha Noi. It portfolio in Vietnam includes: Confectionary: CreamO, Magic, Dynamite; Snack: Funbite, Piattos; and RTD Tea: C2, Red Dragon. Its most well-known brand is C2. This RTD tea brand only ranked after THP’s RTD brands.

1. 2.

La Vie Maggi

Nestle Vietnam engages in various products including: Confectionary: KitKat; Cereals/Nutrition foods: Milo, KoKo Krunch; Coffee: NesCafe; Mineral water: La Vie; and Dressings, Sauces: Maggi. Its most well-known products in Vietnam are La Vie and Maggi which are both using PET bottles.

Vfresh

The leading the dairy industry in Vietnam with more than 40% market shares and a production capacity far beyond that of other competitors. Vinamilk dominates some segments such as condensed milk (85% market shares) and yogurt (90% market shares). Vinamilk recently introduced various soft drinks under Vfresh brand including Soy bean, ICY water and many other.

3.3 Coca-Cola Vietnam

3.4

3.5

3.6

1. 2. 3. 4.

Universal Robina

Nestle Vietnam

Vinamilk 1.

Business Profile

15

Part 3: Soft-Drinks and Major Players

Tan Hiep Phat – General Information BUSINESS PROFILE • Registered name: Tan Hiep Phat Manufacturing & Services Company Ltd • Head office: No 219, 13 National Highway, VinhPhu Village, Thuan An District, Binh Duong Province, Vietnam • Company type: private/family business & company limited

PRODUCT CATEGORIES AND BRANDS Soft Drink Category RTD Tea

Sports & Energy Drinks

• Year of establishment: 1994 • Principal businesses: Tan Hiep Phat Group’s main business is the manufacturing and distribution of RTD tea, sports and energy drinks, fruit/vegetable juice, bottled water and beer.

Fruit/Vegetable Juices

• Founder and Chairman/CEO: Mr. Tran Quy Thanh. THP is a family business. His daughter Ms. Tran Phuong Uyen is Deputy General Director, a Harvard University graduate and in charge of R&D and product development.

Carbonated Tea Bottled Water Beer

• Number of employees: 5000, in 2000

COMPANY BACKGROUND • The company was founded on 15 October 1994, under the name Ben Thanh Beer & Beverages Co Ltd. • 1996 - 2002: The company started its beer manufacturing with two brands Gold Ben Thanh and Laser.

THP's Brand Dr Thanh Zero Degree Green Tea Winter Melon Tea Number 1 Number 1 - Vitamin Number 1 - Lemon Number 1 - Strawberry Active Soya Juicie ikun Number 1 Ben Thanh Beer Gold Beer

2011 Sales Volume (million litres) 24.3 207.4 Very insignificant

8.1

Very insignificant

Source: Management interview

PRODUCTION SITES • Main office and plants: Tan Hiep Phat’s head office and factory are located in ThuanAn District, Binh Duong Province, spanning over 110,000 sqm (office: 6.037m2; plants: 77.511m2; and warehousing: 45.552m2) with total capacity of 1 billion litres per annum.

• In 2004, THP launched soy bean soft drink namely Number 1 Soya with Japan made technology and Ben Thanh Beer & Beverages Co Ltd changed its name to Tan Hiep Phat Manufacturing and Trading Co Ltd.

• Chu Lai Plant: May 2012: kicked off a US$91mn Number One plant covering 27 hectares in Chu Lai Economic Zone in Quang Nam province. The plant aims at supplying RTD tea and energy drinks to Da Nang market and central-western highland provinces.

• In 2005: THP extended its product portfolio by introducing Zero Degree Green Tea with aseptic technology and Number 1 which are among the most popular non-alcoholic brands of the company, being the leading brand in RTD tea and ranked second in energy drinks in retail volume terms.

• Ha Nam Plant: Sep 2012: kicked off a US$71mn Number One plant in Ha Nam province with expected annual capacity of 600 million litres per year. The first phase expected to be operational from early 2014. The plant aims at supplying RTD tea and energy drinks to northern provinces including Hanoi.

• 2012: kicked off construction of Chu Lai and Ha Nam Plants.

16

Part 3: Soft-Drinks and Major Players

Tan Hiep Phat – Product Categories

SALES VOLUME

Dr Thanh

Zero Degree Green Tea

Number 1 / Vitamin/ Lemon/ Arrange/ Strawberry/ Active

Number 1 (Normal)

MARKET SHARE OF THP’S MAJOR BRAND

Strawberry

THP’S BRANDS IN OFF-TRADERTD TEA

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17

Part 3: Soft-Drinks and Major Players

Tan Hiep Phat – It is their strategy to self-serving their bottling and packaging demand

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Part 3: Soft-Drinks and Major Players

PepsiCo (Vietnam) – General Information BUSINESS PROFILE IN VIETNAM

PRODUCTION SITES

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19

Part 3: Soft-Drinks and Major Players

PepsiCo (Vietnam) – Product Categories and Sales Volume

SALES VOLUME BY PRODUCT CATEGORIES

MARKET SHARE OF PEPSICO’S MAJOR BRANDS

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20

Part 3: Soft-Drinks and Major Players

PET bottles at PepsiCo (Vietnam) will be increasing but it seems that they tend to self-serving

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21

Part 3: Soft-Drinks and Major Players

Coca Cola (Vietnam) – General Information BUSINESS PROFILE IN VIETNAM

SALES VOLUME BY PRODUCT CATEGORY

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22

Part 3: Soft-Drinks and Major Players

Coca Cola (Vietnam) – Key Notes

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Part 3: Soft-Drinks and Major Players

Universal Robina Corporation (Vietnam) – General Information

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24

Part 3: Soft-Drinks and Major Players

Universal Robina Corporation (Vietnam) – Key Notes from meeting with URC (Vietnam)

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25

Part 3: Soft-Drinks and Major Players

Nestle Vietnam – General Information

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26

Part 3: Soft-Drinks and Major Players

Nestle Vietnam – La Vie is the top bottled water brand in Vietnam

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27

Part 3: Soft-Drinks and Major Players

Vinamilk – General Information

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Part 3: Soft-Drinks and Major Players

Vinamilk – Product Categories

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Part 3: Soft-Drinks and Major Players

Vinamilk – Key Notes

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Part 4: Packed Foods and Major Players

31

Part 4: Packed Foods and Major Players

Overview of the 6 selected packed food companies No 4.1

Company

Major brands using PET bottles

Tuong An Oil JSC 1.

Tuong An

Business Profile Tuong An is the second largest manufacturer of edible oils and fats in Vietnam. It also involves in instant packaged foods such as instant noodles and porridge. In packed foods, Tuong An holds 4% value share and ranked the 7th.

4.2

Calofic JV

1. 2. 3. 4.

Neptune Meizan Cai Lan Kiddy

4.3

Ajinomoto Vietnam

1. 2. 3. 4.

Umani seasoning: Ajinomoto, Ajinomoto Plus Flavor seasoning: Aji-ngon, Aji quick Liquid seasoning: Lisa, Mayonaise Aji-Mayo, Phu Sy Beverage: Birdy (canned coffee)

Established since 1991, Ajinomoto Vietnam is a 100% foreign-owned company - a member of Ajinomoto Group. Brand Ajinomoto ranks no. 2 in sauces, dressings and condiments market, following Nam Ngu of Masan consumers. Brand Ajinomoto is used for Umani seasoning products only.

1. 2. 3. 4.

Fish Sauce Soya Sauce Chilli Sauce Vinh Hao bottled water

Masan Consumer provides a wide range of packed food products including Fish sauce, Soya Source, Chili Source, Instant Noodles, Coffee and Instant Cereal. Fish Sauce and Soy Sauce of Masan Consumer each dominates 80% total market share while Chilli Sauce holds 40% total market share in Vietnam. Most recently, it diversified into bottled water by acquisition of Vinh Hao Mineral Water JSC.

4.4

Masan Consumer

4.5

Unilever Vietnam 1. 2.

4.6

Knorr Lipton IceTea

Miko Foods JSC 1.

Ong Tay Fish Sauce

Cai Lan Oils and Fats Industries Company (CALOFIC) is a joint venture between Vietnam Vegetable Oils Industry Corporation (Vocarimex - under Ministry of Industry and Trade) and Wilmar Group, Singapore. Cai Lan Oils & Fats Industries Co continued to lead sales in 2012 with a 37% value share. The key product is Neptune oil which has a very high-quality image built over the years through various marketing activities.

Unilever Vietnam is the largest player in personal and home care products. It also engages in food businesses with well branded names such as Knorr (dressings), Lipton Tea (hot and RTD tea) and Wall (ice cream). Total revenue of Unilever in Vietnam is about US$1bn. They have demand for PET bottles in Sunlight - a brand of home care. For Lipton tea, it needs PET bottles but currently this brand is manufactured by PepsiCo under their joint venture cooperation. Mikofood is established by the same owners of Micoem. While Micoem has been produced instant noodles in Vietnam in the past 20 years (its well known brands for instant noodles include Micoem, Cung Dinh, etc.), Mikofood is established to operate in sauces, dressing and condiments sector. So far Mikofood has had only one brand in sauces, namely Ong Tay fish sauce.

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Part 4: Packed Foods and Major Players

Tuong An Vegetable Oil JSC – General Information COMPANY PROFILE

PRODUCTION SITES

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Part 4: Packed Foods and Major Players

Tuong An Vegetable Oil JSC – General Information

Company facts & figures

Sales Volume and Peers

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Part 4: Packed Foods and Major Players

Tuong An Vegetable Oil JSC – Key Notes

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Part 4: Packed Foods and Major Players

Cai Lan Oils & Fats Industries Company Ltd (Calofic)

BUSINES PROFILE

SALES VOLUME AND CAPACITY Brand

• Cai Lan Oils and Fats Industries Company (CALOFIC) is a joint venture between Vietnam Vegetable Oils Industry Corporation (Vocarimex - under Ministry of Industry and Trade) and Wilmar Group, Singapore. • Vietnam Vegetable Oils Industry Corporation (VOCARIMEX) is a state-owned company, a leading company in processing and trading vegetable oils, aromas and cosmetics in Vietnam. VOCARIMEX has 4 subsidiary units including: Tuong An Vegetable Oil Joint Stock Company, Tan Binh Vegetable Oil Joint Stock Company, Vegetable Oil Extraction Joint Stock Company (VOE) and Vegetable Oil Trading Joint Stock Company (VOT) as well as 4 associated companies Golden Hope - Nha Be Edible Oil Co. Ltd, Cai Lan Oils & Fats Industries Co. Ltd, LG VINA Cosmetic Co. Ltd and Vegetable Oil Packing Joint Stock Company.

Type

1 Ha Long, Quang Ninh prov. 2 HCMC 2 HCMC

No. of production lines

2 2 2

Average Price '000/litre 42

1 Neptune

Edible Oil

95,000

2 Simply

Edible Oil

77,500

45 38

4 Cai Lan

Edible Oil Edible Oil

30,000 40,000

30

5 Kiddy

Edible Oil

2,000

147

6 Olivoila

Edible Oil

100,000

252

3 Meizan

PRODUCTION SITES Plant

Sales Volume tons/year

OILS AND FAT: MARKET SHARE Capacity No of employee

tons/day 500 800 800

• Total capacity is 2100 tons per day, in equivalent to 700,000 tons per year.

100% 80%

420 330 330

60% 40%

22%

21%

22%

23%

23%

20%

33%

34%

35%

36%

37%

2008

2009

2010

2011

2012

Others Tuong An JSC Calofic

0%

Source: StoxPlus, Company Management Interview, Euromonitor International

• Cai Lan Oils & Fats Industries Co continued to lead sales in 2012 with a 37% value share. The key product is Neptune oil which has a very high-quality image built over the years through various marketing activities. The company offers a wide variety for both mass and premium markets, in different pack sizes to satisfy different consumers’ needs. • Tuong An Vegetable Oil JSC and Golden Hope Nha Be Edible Oils Company follow with a 23% and 11% market share respectively.

36

Part 4: Packed Foods and Major Players

Cai Lan Oils & Fats Industries Company Ltd (Calofic) – Key Meeting Notes

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Part 4: Packed Foods and Major Players

Ajinomoto Vietnam – General Information

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Part 4: Packed Foods and Major Players

Ajinomoto Vietnam – Key Notes

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Part 4: Packed Foods and Major Players

Masan Consumer – General Information

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Part 4: Packed Foods and Major Players

Masan Consumer – Key Notes

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Part 4: Packed Foods and Major Players

Masan Consumer – Key Notes

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Part 4: Packed Foods and Major Players

Unilever (Vietnam) Ltd – General Information PROFILE & FACTS

PRODUCT CATEGORIES AND BRANDS

• Registered name: Unilever Vietnam International Limited

Foods & Drinks

• Home-base at HCMC: 156 Nguyen Luong Bang, Tan Phu Ward, District 7, Ho Chi Minh City. Branches in: Hanoi, DaNang, Can Tho • One factory at: Lot A 2-3, Tay Bac Cu Chi IZ, Cu Chi, HCMC • Year of establishment: 1995 • Investment: To date, Unilever has invested more than USD 300 millions into Vietnam. • Principal group businesses: consumer products

Dressings & Condiments

RTD and hot Tea

Ice Cream

Home Care

• # of employees: 2,500 (including 2,000 workers at Cu Chi factory and 500 office employees. • Revenue: last year 2012 about US$1bn (of which US$3.5mn was spent on plastic packaging costs). Laundry Products

NATIONWIDE MARKET SHARE BY BRAND Cleaning Products

% 80 70

71.5

70

60

53

49.7

47.7

50 40

Personal Care

63.9

34.2

32.9

30 20

2012 14.5

Tooth-paste

2013

10 0

Deodorant Skin, face & hair care

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Part 4: Packed Foods and Major Players

Unilever Vietnam Ltd – Key Notes

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Part 4: Packed Foods and Major Players

Miko Foods JSC – General Information

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Contents

Part 5: Analysis of Major Plastic Container Companies

46

Part 5: Analysis of Major Plastic Container Companies

Overall analysis of 4 selected PET bottle manufacturers in Vietnam

No

Company

5.1

Ngoc Nghia Industrial- Service-Trading JSC

Business model • PET plastic products (preforms, bottles, and caps) . • Food businesses (sauces and confectioneries)

2012 Plastic Key notes Sales (US$mn) 82.5 Ngoc Nghia JSC is a group of businesses in plastic packaging and food manufacturing. For plastic business, Ngoc Nghia is one of the leading PET bottle manufacturers in Vietnam with an market share of about 30-35% for major players in carbonated drinks such as PepsiCo, in edible oils & fats such as Calofic and in bottled water such as Vinh Hao. Recently the company diversified into food manufacturing (confectionery and sauce) but it is not successful and it seems that the group is suffering from the adverse impacts from the food business to the plastic business.

5.2

Visy Packaging Vietnam Ltd

5.3

Dynaplast Packaging Vietnam Ltd

5.4

Duy Tan Plastic Ltd

• PET preforms and bottles

6.0

Established in 1998 and in April 2009, it won major supply contracts in Vietnam with a bottled water company (La Vie – a brand of Nestle) and a major edible oil manufacturer (Neptune and Meizan brands of Calofic - a joint venture between Vocarimex and Winmar (a Singapore Edible Oil Manufacture). Currently, its plant at Binh Duong almost all operating at 100% capacity for these two major customers.

• Rigid PET containers

19.0

Established in 1959, PT Dynaplast Tbk. is the leading manufacturer of high quality rigid plastic packaging in Indonesia catering to a diverse mix of companies and industries. Dynaplast Packaging (Vietnam) Co., Ltd is one of 14 production centers of Dynaplast PT Dynaplast Tbk in Indonesia, Thailand and Vietnam. In Vietnam, Dynaplast has only one factory in Binh Duong

• PET pre-forms and bottles • Other plastic container

100.0

Duy Tan is one of the leading local plastic company (a 100% privateowned company), having one parent company and two subsidiaries, with 3 factories (1 in HCMC and 2 in Long An province).

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Part 5.1: Ngoc Nghia Industry – Service - Trading JSC

48

Part 5.1: Ngoc Nghia Industry – Service – Trading JSC

Ngoc Nghia Group - General Information Company Profile

Ngoc Nghia Group’s Organisation Structure

• Registered name: Ngoc Nghia Industry - Service - Trading Joint Stock Company (formerly known as Ngoc Nghia Plastic Joint Stock Company).

Ngoc Nghia Industrial-ServiceTrading JSC

• Head office: IV-22 Tan Thanh, Tan Binh IZ, Tan Phu dist., HCMC • Year of establishment: 1993. Current Charter Capital: VND522.5bn (US$26mn). Type of company: Public but unlisted company • Auditors: Financial statements are audited by KPMG

International PET JSC (IPC): 98%

• Principal group businesses: (i) Manufacturing of plastic packaging; (ii) Beverage manufacturing; (iii) Foods manufacturing & trading.

Global Caps JSC (GCC): 98%

Vietnam PET Plastic JSC (VNP): 99%

Hong Phu Foods JSC (HPF): 98.5%

Dong A Foods JSC (98%)

• Chairman& CEO: Mr. La Van Hoang. Age: 44. Founding shareholder with 30 years of experience in plastic packaging and 17 years of experience in PET bottles.

Group of companies

• # of employees: 1192 (for Group) and 541 (parent company) by Dec 2011.

Main Product Categories (Group level) 1 PET Containers 2 Foods 3 Confectionery

PET bottles; PET preforms and PET caps Sauces made by Hong Phu Foods JSC with major brands: Kabin and Thai Long Made by Dong A Foods JSC with brand: Deli Food. Major product categories are chocolates, cakes, Cookies and candy/sweets.

Parent & Subsidiary Companies of Ngoc Nghia Group # 1 2 3 4 5 6

Subsidiary Ngoc Nghia Plastics VinaPET JSC INTERPET JSC Global Cap JSC Dong A Foods JSC Hong Phu Foods JSC

Business model PET bottles PET bottles PET pre-forms & bottles Caps & closures Confectionery Sauces

% owned Parent co. 99.00% 98.00% 98.00% 95.05% 90.00%

Charter capital (VNDbn) 522.5 23.62 80.00 30.00 55.00 90.00

Key notes: Ngoc Nghia is currently the largest PET bottle manufacturer in Vietnam. Comparing to its direct competitor, the size of Ngoc Nghia is almost double of Bao Van Plastic JSC. Total plastic revenue of Ngoc Nghia in 2011 is a VND1714bn (US$85mn) while that of Bao Van is about US$40mn. The Company claims that they have currently more than 1000 customer portfolio in beverage (mostly soft drinks), foods (mostly Oils & Fats, Seasonings & Dressings) and pesticides. Ngoc Nghia’s largest customers are PepsiCo and Coca-Cola. It is released that 10% of total production volume by PepsiCo are bottled via integrated bottling system with Ngoc Nghia. Source: The Company’s Annual Report 2012, Interviews with company’s representative, Trade sources, Assocation sources

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Part 5.1: Ngoc Nghia Industry – Service – Trading JSC

Ngoc Nghia Group - General Information Historical Developments

Shareholders # 1 2 3 4 5 6

Shareholder La Van Hoang Bui Bich Hong La Bui Ngoc Hong La Bui Hoang Nghia Red River Holding Others

% Chairman/CEO Board member Vice-chairman Board member Private equity fund

30.28% 18.65% 18.26% 8.80% 10.79% 13.22% 100.00%

Share (VNDbn) 158.21 97.45 95.41 45.98 56.38 69.07 522.50

There are three co-founders Le Van Hoang, Bui Bich Hong and La Bui Ngoc Hong. This is a typical extended family business in Vietnam. Their senior management team in key areas such as purchasing, finance, sales are mostly related persons.

• 1993 - 1999: Ngoc Nghia Manufacturing – Trading Company Ltd established in June 1993 and then in mid 1999: The first PET bottle factory established in Tan Binh IZ, HCMC with total land area of 13.798m2. • 2003: Ngoc Nghia Plastics Company Ltd established in June 2003 and in Aug 2003 the second factory (22.572m2) kicked off at Cu Chi West-North IZ, Cu Chi dist., HCMC for PET pre-forms, PET bottles and closures, including a well-equipped laboratory. Being accepted as a supplier for PepsiCo and Coca Cola • 2005: Ngoc Nghia’s PET bottling system officially integrated with PEPSI’s factory at Hoc Mon, HCMC with a 10-year agreement. The production line technology provided by SIDEL. • May 2007: IPO and converted into Ngoc Nghia Plastics Joint stock Company. • May 2009: Sign contract for PET bottle filling system with Vinamilk, similar with PEPSI. • Jul 2009: INTERPET JSC established as a 98% owned subsidiary with charter capital of VND80bn (US$4m) to enhance PET bottle production capability. Factory located at Linh Trung III IZ, Trang Bang dist., Tay Ninh. • Oct 2009: Red River Holding, a foreign private equity fund , acquired 14.23% equity stake in the company. • June 2009: Dong A Food JSC, a confectionery manufacturer and 95% owned by Ngoc Nghia, established in Trang Bang, Tay Ninh. Also, Hong Phu Foods JSC, a sauce manufacturer, established in Binh Thuan province with charter capital of VND90mn. Ngoc Nghia holds 90% ownership. • Mar 2010: A PET bottle production line of INTERPET integrated with COCA-COLA in its Da Nang factory. • 2010: Acquired 99% stake of VinaPET (PET Plastics Vietnam JSC) for VND116bn (US$6m). • Jan 2011: bonus share issue to increase chapter capital to VND522.5bn (US$26m). • Jul 2011: Change company name to Ngoc Nghia Industry- Service – Trading JSC and operates as a holding structure.

Source: The Company’s Annual Report 2012, Interviews with company’s representative, Trade sources, Assocation sources

• May 2012: Global Cap JSC, 99.4% owned by Ngoc Nghia,established with charter capital of VND30bn and then increased to VND99bn in mid 2013.

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Part 5.1: Ngoc Nghia Industry – Service – Trading JSC

Ngoc Nghia Plastics - Financial Summary Breakdown of Consolidated Revenue 2,000.0

Plastic

Ngoc Nghia Consolidated Results

Food 123.1

Net sales

140.6 VND billions

1,500.0 81.5

1,000.0

1,714.7 500.0 520.0

749.9

1,732.6

1,121.8

3500 3000 2500 2000 1500 1000 500 0 -500

32%

Net profit/(loss)

% gross margin 3,234.0 2,782.0

2,408.0 1,838.0 24%

1,203.3 48.6

1,873.0 28%

31%

28%

370.0

41.7

Actual

(110.5) Actual

Actual

(27.1) Forecast

Forecast

2010

2011

2012

2013

2014

40% 33% 35% 30% 25% 20% 503.9 15% 10% 5% 0% Forecast

2008

2009

2010

2011

2012

Main revenue sources of Ngoc Nghia are still plastic PET. Investments in food businesses started from mid 2009 and it generated revenues from 2010 and enjoyed a moderate growth rate but still in large loss-making positions.

The company is forecasted to continue making loss in 2013 due to losses from food businesses. As per our interview, the company will not make investment in new factories by 2015 but rather increase the capacity utilisation from existing facilities.

Domestic Revenue vs. Export Total Revenue Domestic Export Total

2015

Breakdown of Profit Before Tax (PBT)

2008

2009

2010

2011

2012

2010

2011

2012

VNDbn

VNDbn

VNDbn

VNDbn

VNDbn

VNDbn

VNDbn

VNDbn

520

750

1,163

1,698

1,395

-

-

40

139

478

520

750

1,203

1,837

1,873

The company started exports pre-forms and caps from late 2009. Included in total PET revenue of VND1732.6 (US$85mn) is VND473bn (US$22mn) export revenue, accounting for 26.34% of total plastic revenue. Ngoc Nghia mainly exports PET preforms and caps to Japan, Thailand, Malaysia, Philippines, Laos, Campuchia, India and Indonesia.

Source: The Company’s Annual Report 2012, Interviews with company’s representative, Trade sources, Assocation sources

Plastic

147.0

176.5

283.6

% PBT margin

13.1%

10.3%

16.4%

Food

(67.9)

(258.2)

(201.2)

(9.4)

(1.2)

9.3

Reconciling items* Other incomes, net Business Income tax Profit Before Tax

4.5

3.6

0.6

(25.7)

(31.0)

(51.1)

48.7

(110.1)

41.3

* Reconciling items are elimination of internal sales. PET Plastic businesses at Ngoc Nghia are profitable while food businesses are making large losses. As per our discussion with Ngoc Nghia’s representative, this is because of the weak product research and development. Also, the food companies invested heavily in marketing and distribution network.

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Part 5.1: Ngoc Nghia Industry – Service – Trading JSC

Ngoc Nghia Plastics - Production Capability and Customers

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52

Part 5.1: Ngoc Nghia Industry – Service – Trading JSC

Ngoc Nghia Plastics - Production Capability & Volume

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53

Contents

Part 5.2: Dynaplastic Packaging (Vietnam) Company Ltd

54

Part 5.2: Dynaplast Packaging Vietnam Co., Ltd

Dynaplast Packaging Vietnam - General Information

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Part 5.2: Dynaplast Packaging Vietnam Co., Ltd

Dynaplast Packaging Vietnam – Key Notes From Meeting with Dynaplast

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56

Contents

Part 5.3: VisyPak Packaging (Vietnam) Ltd

57

Part 5.3: VisyPak Packaging (Vietnam) Ltd

VisyPak Packaging Vietnam Ltd – General Infomation

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Part 5.3: VisyPak Packaging (Vietnam) Ltd

VisyPak Packaging Vietnam Ltd – Key Notes

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59

Contents

Part 5.4: Duy Tan Plastic Corporation

60

Part 5.4: Duy Tan Plastic Corporation

Duy Tan Plastics Corporation – General Information

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61

Contents

Part 6: Appendices

62

Part 6: Appendices

Appendix 1: Key Figures on Soft Drinks Market in Vietnam SOFT DRINKS: BREAKDOWN BY SALES VALUE, 2011 No

Product Type

1

Bottled Water

2

Carbonates

3

Concentrates

4

Fruit/Vegetable Juice

5

RTD Coffee

6

RTD Tea

7

Sports and Energy Drinks

8

Other

Total

SOFT DRINKS: BREAKDOWN BY SALES VOLUME, 2011

Off-trade

On-trade

Total Value

US$mn

US$mn

US$mn

No

Product Type

Off-trade

On-trade

Total Value

million litres

million litres

million litres

59

155

213

1

Bottled Water

225.7

325.7

551.4

218

208

426

2

Carbonates

270.0

202.6

472.6

5

-

5

3

Concentrates

0.2

-

0.2

70

24

93

4

Fruit/Vegetable Juice

60.7

12.1

72.8

1

0

1

5

RTD Coffee

0.7

0.2

0.9

390

487

877

6

RTD Tea

562.5

291.9

854.4

32

25

56

7

Sports and Energy Drinks

37.0

18.7

55.7

3

31

33

8

Other

1.2

12.4

14.2

776

929

1,706

1,158.0

863.6

2,022.2

Total

SOFT DRINKS: OFF-TRADE SALES VOLUME OVER YEARS No

Product Type

2006

2007

2008

2009

2010

2011

million litres

million litres

million litres

million litres

million litres

million litres

1

Bottled Water

121.3

136.5

154.8

174.9

198.4

225.7

2

Carbonates

185.0

197.9

214.1

231.4

252.8

270.0

3

Concentrates

0.1

0.2

0.2

0.2

0.2

0.2

4

Fruit/Vegetable Juice

27.1

31.0

36.9

42.6

50.9

60.7

5

RTD Coffee

0.3

0.4

0.5

0.5

0.6

0.7

6

RTD Tea

59.4

102.9

184.0

302.6

417.1

562.5

7

Sports and Energy Drinks

28.4

29.6

31.0

33.1

35.1

37.0

8

Other

1.3

1.3

1.5

1.5

1.7

1.9

422.9

499.8

623.0

786.8

956.8

1,158.7

Total

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Part 6: Appendices

Appendix 2: Soft Drink Brands: Sales Volume and Market Shares, 2008-2011

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64

Part 6: Appendices

Appendix 3: Key Figures on Packed Food Market in Vietnam

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65

Part 6: Appendices

Appendix 4: Packed Foods - Sales Value and Market Shares, 2009-2012

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66

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