ReportPlasticPackaging Demo StoxPlus July2013

Vietnam Plastic Packaging
Sector Report
Issue Date: 30 July 2013
Part of StoxPluss Market Research Reports for Vietnam
@ 2013 StoxPlus Corporation.

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#
Table of Contents
Our research contacts for Part Content Page

this report are:
Executive Summary 45
Thuan Nguyen, FCCA
CEO & Head of Research 1 Analysis of the Vietnam Plastic Container Market 6 11
thuan.nguyen@stoxplus.com
+84 98 389 0000 2 Regulation on Disposal and Recycling of Plastic Containers 12 14
Harry Hoan Tran, CFA 3 Plastic Packaging from Major Beverage Players 15
Senior Analyst
harry.tran@stoxplus.com 3.1 Overall market analysis of Soft-Drinks Market 16
+75 1597 1532
3.2 Summary of Major Players 17
Trang Truong
Senior Manager 3.2.1 Tan Hiep Phat 18 20
Institutional Data Clients
trang.truong@stoxplus.com 3.2.2 PepsiCo (Vietnam) 21 23
+84 98 342 2985
3.2.3 Coca Cola (Vietnam) 24 25
Duy Nguyen
3.2.4 Universal Robina Corporation (Vietnam) 26 27
Associate
Research Division
3.2.5 Nestle (Vietnam) 28 29
Duy.nguyen@stoxplus.com
+84 90 326 2010
3.2.6 Vinamilk 30 32
4 Plastic Packaging from Major Food Players 33
4.2 Tuong An Vegetable Oil 35 37
4.3
DISCLAIMER
Cai Lan Oils & Fats 38 39
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 Part Content Page

this report are:
4.4 Ajinomoto Vietnam 40 41
Thuan Nguyen, FCCA
CEO & Head of Research 4.5 Masan Consumer 42 44
thuan.nguyen@stoxplus.com
+84 98 389 0000 4.6 Unilever Vietnam 45 46
Harry Hoan Tran, CFA 4.7 Miko Foods 47

Senior Analyst
harry.tran@stoxplus.com 5 Analysis of Major Plastic Container Manufacturers 48
+75 1597 1532
Trang Truong
Senior Manager 5.2 Key Player Analysis 51 55
Institutional Data Clients
trang.truong@stoxplus.com 6 Appendices 64
+84 98 342 2985
Appendix 1: Key Figures on Soft Drink Market in Vietnam 65
Duy Nguyen
Appendix 2: Soft Drink Brands: Sales Volume and Market Shares, 2008-2011 66
Associate
Research Division
Appendix 3: Key Figures on Packed Food Market in Vietnam 67
Duy.nguyen@stoxplus.com
+84 90 326 2010
Appendix 4: Packed Foods: Sales Value and Market Shares, 2009-2012 68
Appendix 5: List of interviews conducted 69
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
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

[1] Plastic packaging is a subsector of plastic industry in Vietnam. Data on total
Flexible Packaging market size is not available but statistics from Vietnam Customs Office
Size: US$410mn shows that total plastic resin imported to Vietnam in 2012 is 2.56 million
[2] PET bottles
Plastic Packaging Size: US$282mn tons valuing US$4.36 billion. Almost all 100% plastic resin materials
Size: US$2.4bn [3] demand in Vietnam are imported and our general understanding that resin
Packaging
[1] Plastic Containers materials accounting for 70% of total sales. As such, total market size of
Industry in
plastic industry in Vietnam is estimated at US$6.2bn in 2012.
Vietnam
Glass Packaging According to Ministry of Industrial & Trade, plastic packaging segment
Closures PE and PP accounted for 39% of total production output of the plastic industry.
containers [4] Therefore, the plastic packaging would be estimated at US$2.4bn in 2012.
Cardboard and According to Vietnam Packaging Association, Vietnamese plastic
Rigid
Papers 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.
Metal Packaging Other
Figure 3: Vietnam Plastic Production Output (million tons)
3.80
3.20
Others
2.29
1.88
1.38 1.60
1.13 1.28
[2] Flexible packaging in Vietnam, by our own calculation, is estimated at US$410mn in 2012 0.89 0.95 1.00
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%). 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Figure 2: Major Players in Flexible Packaging Segment Source: StoxPlus, Vietnam Plastic Association
Kim Cuong
2.33%
Others
[3] Plastic bottles in Vietnam were almost imported before 2000 and the pioneer in this sector
Tan Tien
Rang Dong 18.25% 17.49% is Ngoc Nghia and Bao Van with their first plants established in early 2000. PET bottle
3.50% Thanh Phu
8.75% manufacturing are now mainly dominated by local companies including Bao Van Plastics
Saplastic JSC and Ngoc Nghia Plastics whose combined market share up to 80%, as claimed by
4.55%
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
Liksin
Saigon 7.00% Huktamaki manufacturers only).
Trapaco 7.81%
4.78% [4] PE and PP containers are mainly for agricultural products such as rice, sugar and coffee;
JS 5.25% Tin Thanh and chemical (fertilizers) etc. This market is significantly large because there are more
Ngai mee 7.35% than 1.5 billion plastic sacks per year for this sector, according to VPA.
Tong Yuan
7.11%
5.83%
5
Plastic packaging is the largest sector within plastic industry in Vietnam and it has been increasing in recent years
Content in this slide is intentionally deleted in this demo report
6
Use of plastic container or the end-market segmentation
7
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 Figure 9: Plastic Products Export by Vietnam
Plastic Export 2011 2012 Change

2500
US$mn US$mn %
1,982.0
2000
Plastic finished products 1,355 1,585 17% 1,593.7
USDmn
Plastic materials (PE, PET, PVC etc) 239 397 66% 1500
Total 1,594 1,982 24% 1,049.0
930.0
1000 750.0 808.0
485
Main export items are finished products and the plastic material export is very small 500 336
because the Vietnam petro-chemical has not yet developed.
0
2005 2006 2007 2008 2009 2010 2011 2012
Figure 8: Export of Finished Plastic Products: by category

Figure 10: Export destination countries
2011 2012 Change
US$mn US$mn % 2011 2012 Change
1 Bags 387.2 458.1 18.3% US$mn US$mn %
2 Plates, sheets and films 256.6 267.9 4.4% 1 Japan 288.0 357.1 24.0%
3 Delivery packaging and containers 157.5 204.5 29.8% 2 US 126.1 161.2 27.8%
4 Canvas 129.2 160.1 23.9% 3 Germany 99.7 105.9 6.2%
5 Plastic products for household goods 79.7 96.7 21.3% 4 Campuchia 78.8 102.7 30.3%
6 Plastic products for industrial 102.0 103.0 1.0% 5 UK 77.1 90.1 16.8%
7 Flower pots and decorations 74.2 74.5 0.4% 6 Netherland 82.8 88.5 6.9%
8 Plastic stationeries for office and schools 35.4 55.5 56.8% 7 Indonesia 56.0 72.7 29.9%
9 Plastic piles and accessories 31.0 36.5 17.7% 8 Thailand 35.7 55.3 54.7%
9 Malaysia 37.6 45.8 21.8%
10 Products for homecare and technical (car) 7.2 26.9 273.7%
10 Philippines 38.3 37.9 -1.1%
11 Closures, caps and valves 0.4 0.4 10.0%
Other 434.6 467.9 7.7%
12 Plastics products for construction 0.2 0.3 45.0%
Total 1,354.7 1,585.0 17.0%
13 Sanitary/toilet accessories 0.2 0.3 30.0%
14 Cosmetic containers 0.2 0.2 20.0%
15 Others 93.8 100.3 6.9%
Total 1,354.7 1,585.0 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
Import of plastic resin in Vietnam
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
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
Recycled
enterprises is 56.19%, according to the Natural Resources & Environment
Policy and Strategy Institute. Waste
Collection Waste
In pursuant with Decision 2149/QD-TTg, by 2015 the Government aims for Collecti
85% of urban solid waste to be collected, of which 60% has to be recycled. on
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 250,000
82,000 48,000
tons/ tons/
collected solid waste, 80% will end up in landfills. However, 50% of landfill tons/ year
year year
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 Transfer Landfills
MONRE cited on local newspapers). Sources Stations
Recycling of plastic waste Environm

ent
Environment
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 Source: Ho Chi Minh City Waste Recycling Fund
waste are collected for recycling purposes or directly discharged to the
environment.
Currently, plastic recycling technology used in big cities of Vietnam is obsolete Ho Chi Minh city
with low efficiency, high costs and creating pollution, according to MONRE. Average landfill cost VND300,000/ton
Besides, plastic waste recycling activities are unorganized, mostly carried out
by small businesses. No. of plastic waste collecting business units 400
Vietnam is planning to build two plastic recycling factories with capacity of No. of plastic recycling business units 80
50,000 tons/factory. However, as the plastic waste collection system is
fragmented and ineffective. This makes the two factories in short of input Average plastic waste collected for recycling 6,500 tons/day
purpose
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 Average plastic containers waste generated 2,200 tons/day
recycling businesses.
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
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
Off-trade On-trade Total Value
Euromonitor International. In which, on-trade market (hotels, bars, restaurants etc)
and off-trade market (off licenses such as supermarkets, corner shops etc) accounting 1,000 877
for 55% (US$929mn) and 45% (US$776mn), respectively. 900
800
Segmentation 700
US$mn
600
500 426
The highest value segment is RTD tea amounting to US$877mn in 2011 which is
400
dominating by THP (Green Tea) and URC (C2). 300 213
200 93 56
The second largest segment is carbonated drinks amounting to US$426mn and in 100 5 1 33
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$213mn total market size.
Growth rate
For off-trade market, it historically achieved a growth rate of 25.8% for the 5 year
period 2006-2011. RTD tea is the highest growth segment with annual rate of 58.4%
for the same period.
Competition dynamics Figure 15: Breakdown of Off-trade soft drinks, 2011 and growth
Before 2005, soft drinks in Vietnam comprised mostly of carbonates, international Off-trade 2011-2006 CAGR
manufacturers such as PepsiCo Vietnam and Coca-Cola Beverages Vietnam
dominated due to their financial strength and global expertise. In 2006, Tan Hiep Phat 900 774 70.0%
800 Masan Consumer 60.0%
introduced Zero Green Degree Tea and since then, this product has totally changed 58.4%
700 has recently tapped 50.0%
the competition landscape of soft drinks in Vietnam. In 2009, THP has officially 600 on this segment
US$mn
surpassed the two foreign giants and obtained the largest market share in soft drinks 500 390 40.0%
25.8%
400 30.0%
in Vietnam. 218
300 21.2% 21.9% 20.0%
In 2011, URC has overtook Coca-Colas position to become the third ranked player 200 15.3%
59 12.0% 10.3%70 32 10.0%
100 5 1 6.2%
with highest sales volume share from its brand namely C2 Cool & Clean products. - 0.0%
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 consumers 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 Business Profile
3.1 Tan Hiep Phat Group 1. Dr. Thanh Established in 1994, Tan Hiep Phat Groups main business is the manufacturing and distribution
2. Zero Degree Green Tea of RTD tea, sports and energy drinks, fruit/vegetable juice, bottled water and beer. Zero Degree
3. Number 1 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. Carbonates Entered into Vietnam in February 1994, PepsiCo set up a joint venture with International
2. Aquafina bottled water Beverages Company (IBC) to manufacture and distribute Pepsi-Cola and 7Up products in
3. Energy drinks Vietnam right after the US Embargo to Vietnam was lifted. PepsiCo now has 10 portfolio items in
4. Juices soft drinks. For carbonates only, PepsiCo is the largest player with 41% off-trade market share.
3.3 Entered into Vietnam in Aug 1995, the first joint-venture between Coca Cola and Vietnam Food
Coca-Cola Vietnam Im-export Corporation established at Thuong Tin dist., Hanoi. In 09/ 1995, the 2nd JV between
1. Carbonated Cokes
Coca Cola and Chuong Duong also was built in Binh Duong. In 01/1998, the 3rd Plant Non Nuoc
2. Dasani bottled water
in Da Nang established. In 10/1998, three joint ventures was merged into one. Currently, Coca
3. Energy drinks
Cola has 10 brands in Vietnam namely Coca - Cola, Coke Light, Sprite, Fanta, Real Leaf, Minute
4. Juices
Maid Nutriboost, Minute Maid Teppy, Schweppes, Samurai and Dasani. In carbonates, Coca Cola
holds 33% off-trade market share.
3.4 Universal Robina 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:
1. C2
Confectionary: CreamO, Magic, Dynamite; Snack: Funbite, Piattos; and RTD Tea: C2, Red
2. Red Dragon
Dragon. Its most well-known brand is C2. This RTD tea brand only ranked after THPs RTD
brands.
3.5 Nestle Vietnam Nestle Vietnam engages in various products including: Confectionary: KitKat; Cereals/Nutrition
1. La Vie foods: Milo, KoKo Krunch; Coffee: NesCafe; Mineral water: La Vie; and Dressings, Sauces:
2. Maggi Maggi. Its most well-known products in Vietnam are La Vie and Maggi which are both using PET
bottles.
3.6 Vinamilk 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
1. Vfresh
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.
15
Tan Hiep Phat General Information
BUSINESS PROFILE PRODUCT CATEGORIES AND BRANDS

Registered name: Tan Hiep Phat Manufacturing & Services Company Ltd 2011 Sales Volume
Soft Drink Category THP's Brand (million litres)
Head office: No 219, 13 National Highway, VinhPhu Village, Thuan An District, RTD Tea Dr Thanh 24.3
Binh Duong Province, Vietnam Zero Degree Green Tea 207.4
Winter Melon Tea Very insignificant
Company type: private/family business & company limited Sports & Energy Drinks Number 1
Number 1 - Vitamin
Year of establishment: 1994
Number 1 - Lemon 8.1
Principal businesses: Tan Hiep Phat Groups main business is the Number 1 - Strawberry
manufacturing and distribution of RTD tea, sports and energy drinks, Active
fruit/vegetable juice, bottled water and beer. Fruit/Vegetable Juices Soya
Juicie
Founder and Chairman/CEO: Mr. Tran Quy Thanh. THP is a family business. Carbonated Tea ikun
His daughter Ms. Tran Phuong Uyen is Deputy General Director, a Harvard Bottled Water Number 1 Very insignificant
University graduate and in charge of R&D and product development. Beer Ben Thanh Beer
Gold Beer
Number of employees: 5000, in 2000
Source: Management interview
COMPANY BACKGROUND PRODUCTION SITES

The company was founded on 15 October 1994, under the name Ben Thanh Main office and plants: Tan Hiep Phats head office and factory are located in
Beer & Beverages Co Ltd. 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
1996 - 2002: The company started its beer manufacturing with two brands Gold per annum.
Ben Thanh and Laser.
Chu Lai Plant: May 2012: kicked off a US$91mn Number One plant covering 27
In 2004, THP launched soy bean soft drink namely Number 1 Soya with Japan hectares in Chu Lai Economic Zone in Quang Nam province. The plant aims at
made technology and Ben Thanh Beer & Beverages Co Ltd changed its name supplying RTD tea and energy drinks to Da Nang market and central-western
to Tan Hiep Phat Manufacturing and Trading Co Ltd. highland provinces.
In 2005: THP extended its product portfolio by introducing Zero Degree Green Ha Nam Plant: Sep 2012: kicked off a US$71mn Number One plant in Ha Nam
Tea with aseptic technology and Number 1 which are among the most popular province with expected annual capacity of 600 million litres per year. The first phase
non-alcoholic brands of the company, being the leading brand in RTD tea and expected to be operational from early 2014. The plant aims at supplying RTD tea and
ranked second in energy drinks in retail volume terms. energy drinks to northern provinces including Hanoi.
2012: kicked off construction of Chu Lai and Ha Nam Plants.
16
Tan Hiep Phat Product Categories
SALES VOLUME Dr Thanh Zero Degree Green Tea
Number 1 / Vitamin/ Lemon/ Arrange/ Strawberry/ Active
Number 1 (Normal) Strawberry
MARKET SHARE OF THPS MAJOR BRAND THPS BRANDS IN OFF-TRADERTD TEA
17
Tan Hiep Phat It is their strategy to self-serving their bottling and packaging demand
18
PepsiCo (Vietnam) General Information
BUSINESS PROFILE IN VIETNAM PRODUCTION SITES

PEPSICO VIETNAM AND CARBONATES
19
PepsiCo (Vietnam) Product Categories and Sales Volume
SALES VOLUME BY PRODUCT CATEGORIES MARKET SHARE OF PEPSICOS MAJOR BRANDS
20
PET bottles at PepsiCo (Vietnam) will be increasing but it seems that they tend to self-serving
21
Coca Cola (Vietnam) General Information
BUSINESS PROFILE IN VIETNAM SALES VOLUME BY PRODUCT CATEGORY
22
Coca Cola (Vietnam) Key Notes
23
Universal Robina Corporation (Vietnam) General Information
24
Universal Robina Corporation (Vietnam) Key Notes from meeting with URC (Vietnam)
25
Nestle Vietnam General Information
26
Nestle Vietnam La Vie is the top bottled water brand in Vietnam
27
Vinamilk General Information
28
Vinamilk Product Categories
29
Vinamilk Key Notes
30
Part 4: Packed Foods and Major Players
31
Overview of the 6 selected packed food companies
No Company Major brands using PET bottles Business Profile
4.1 Tuong An Oil JSC 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,
1. Tuong An
Tuong An holds 4% value share and ranked the 7th.
4.2 Calofic JV 1. Neptune

Cai Lan Oils and Fats Industries Company (CALOFIC) is a joint venture between Vietnam
2. Meizan
Vegetable Oils Industry Corporation (Vocarimex - under Ministry of Industry and Trade) and
3. Cai Lan
Wilmar Group, Singapore. Cai Lan Oils & Fats Industries Co continued to lead sales in
4. Kiddy
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.
4.3 Ajinomoto Vietnam 1. Umani seasoning: Ajinomoto, Ajinomoto Plus

Established since 1991, Ajinomoto Vietnam is a 100% foreign-owned company - a member
2. Flavor seasoning: Aji-ngon, Aji quick
of Ajinomoto Group. Brand Ajinomoto ranks no. 2 in sauces, dressings and condiments
3. Liquid seasoning: Lisa, Mayonaise Aji-Mayo,
market, following Nam Ngu of Masan consumers. Brand Ajinomoto is used for Umani
Phu Sy seasoning products only.
4. Beverage: Birdy (canned coffee)
4.4 Masan Consumer Masan Consumer provides a wide range of packed food products including Fish sauce,
1. Fish Sauce Soya Source, Chili Source, Instant Noodles, Coffee and Instant Cereal. Fish Sauce and
2. Soya Sauce
Soy Sauce of Masan Consumer each dominates 80% total market share while Chilli Sauce
3. Chilli Sauce
holds 40% total market share in Vietnam. Most recently, it diversified into bottled water by
4. Vinh Hao bottled water
acquisition of Vinh Hao Mineral Water JSC.
4.5 Unilever Vietnam 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
1. Knorr
RTD tea) and Wall (ice cream). Total revenue of Unilever in Vietnam is about US$1bn.
2. Lipton IceTea
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.
4.6 Miko Foods JSC 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
1. Ong Tay Fish Sauce 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.
32
Tuong An Vegetable Oil JSC General Information
COMPANY PROFILE PRODUCTION SITES
33
Tuong An Vegetable Oil JSC General Information
Company facts & figures Sales Volume and Peers
34
Tuong An Vegetable Oil JSC Key Notes
35
Cai Lan Oils & Fats Industries Company Ltd (Calofic)
BUSINES PROFILE SALES VOLUME AND CAPACITY
Cai Lan Oils and Fats Industries Company (CALOFIC) is a joint venture Brand Type Sales Volume Average Price
between Vietnam Vegetable Oils Industry Corporation (Vocarimex - under tons/year '000/litre
Ministry of Industry and Trade) and Wilmar Group, Singapore. 1 Neptune Edible Oil 95,000 42
2 Simply Edible Oil 77,500 45
Vietnam Vegetable Oils Industry Corporation (VOCARIMEX) is a state-owned
3 Meizan Edible Oil 30,000 38
company, a leading company in processing and trading vegetable oils, aromas
and cosmetics in Vietnam. VOCARIMEX has 4 subsidiary units including: 4 Cai Lan Edible Oil 40,000 30
Tuong An Vegetable Oil Joint Stock Company, Tan Binh Vegetable Oil Joint 5 Kiddy Edible Oil 2,000 147
Stock Company, Vegetable Oil Extraction Joint Stock Company (VOE) and 6 Olivoila Edible Oil 100,000 252
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.
PRODUCTION SITES OILS AND FAT: MARKET SHARE

Plant No. of production Capacity No of employee
lines 100%
80%
tons/day
1 Ha Long, Quang Ninh prov. 2 500 420 60% Others
2 HCMC 2 800 330 22% 23% 23%
22% 21%
2 800 330 40% Tuong An JSC
2 HCMC
20% Calofic
33% 34% 35% 36% 37%
Total capacity is 2100 tons per day, in equivalent to 700,000 tons per year.
0%
2008 2009 2010 2011 2012
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
Cai Lan Oils & Fats Industries Company Ltd (Calofic) Key Meeting Notes
37
Ajinomoto Vietnam General Information
38
Ajinomoto Vietnam Key Notes
39
Masan Consumer General Information
40
Masan Consumer Key Notes
41
Masan Consumer Key Notes
42
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
Dressings & Condiments RTD and hot Tea Ice Cream
Investment: To date, Unilever has invested more than USD 300 millions into
Vietnam.
Home Care
Principal group businesses: consumer products
# 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
71.5 70
70
Personal Care
63.9
60 53
47.7 49.7
50
40 34.2 32.9
30 2012 Tooth-paste
20 14.5 2013
10
0
Deodorant
Skin, face & hair care
43
Unilever Vietnam Ltd Key Notes
44
Miko Foods JSC General Information
45
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
2012 Plastic
No Company Business model Key notes
Sales (US$mn)
5.1 Ngoc Nghia Industrial- Service-Trading PET plastic products (pre- 82.5 Ngoc Nghia JSC is a group of businesses in plastic packaging and food
JSC forms, bottles, and caps) . manufacturing.
Food businesses (sauces
and confectioneries) 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 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.
5.3 Dynaplast Packaging Vietnam Ltd 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
5.4 Duy Tan Plastic Ltd PET pre-forms and bottles 100.0 Duy Tan is one of the leading local plastic company (a 100% private-
Other plastic container owned company), having one parent company and two subsidiaries, with 3
factories (1 in HCMC and 2 in Long An province).
47
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 Groups Organisation Structure

Registered name: Ngoc Nghia Industry - Service - Trading Joint Stock Company
(formerly known as Ngoc Nghia Plastic Joint Stock Company). Ngoc Nghia Industrial-Service-
Head office: IV-22 Tan Thanh, Tan Binh IZ, Tan Phu dist., HCMC Trading JSC
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 Global Caps Vietnam PET Hong Phu Foods
Dong A Foods
Principal group businesses: (i) Manufacturing of plastic packaging; (ii) PET JSC (IPC): JSC (GCC): Plastic JSC JSC (HPF):
JSC (98%)
98% 98% (VNP): 99% 98.5%
Beverage manufacturing; (iii) Foods manufacturing & trading.
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.
# of employees: 1192 (for Group) and 541 (parent company) by Dec 2011.
Group of companies
Main Product Categories (Group level) Parent & Subsidiary Companies of Ngoc Nghia Group
Charter capital
1 PET Containers PET bottles; PET preforms and PET caps
# Subsidiary Business model % owned (VNDbn)
Sauces made by Hong Phu Foods JSC with major brands: 1 Ngoc Nghia Plastics PET bottles Parent co. 522.5
2 Foods
Kabin and Thai Long 2 VinaPET JSC PET bottles 99.00% 23.62
Made by Dong A Foods JSC with brand: Deli Food. Major 3 INTERPET JSC PET pre-forms & bottles 98.00% 80.00
3 Confectionery product categories are chocolates, cakes, Cookies and
4 Global Cap JSC Caps & closures 98.00% 30.00
candy/sweets.
5 Dong A Foods JSC Confectionery 95.05% 55.00
6 Hong Phu Foods JSC Sauces 90.00% 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 Nghias
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 Companys Annual Report 2012, Interviews with companys

representative, Trade sources, Assocation sources
49
Ngoc Nghia Group - General Information
Shareholders Historical Developments

1993 - 1999: Ngoc Nghia Manufacturing Trading Company Ltd established in June
# Shareholder % Share (VNDbn) 1993 and then in mid 1999: The first PET bottle factory established in Tan Binh IZ,
1 La Van Hoang Chairman/CEO 30.28% 158.21 HCMC with total land area of 13.798m2.
2 Bui Bich Hong Board member 18.65% 97.45
2003: Ngoc Nghia Plastics Company Ltd established in June 2003 and in Aug 2003
3 La Bui Ngoc Hong Vice-chairman 18.26% 95.41
the second factory (22.572m2) kicked off at Cu Chi West-North IZ, Cu Chi dist.,
4 La Bui Hoang Nghia Board member 8.80% 45.98
HCMC for PET pre-forms, PET bottles and closures, including a well-equipped
5 Red River Holding Private equity fund 10.79% 56.38
laboratory. Being accepted as a supplier for PepsiCo and Coca Cola
6 Others 13.22% 69.07
100.00% 522.50 2005: Ngoc Nghias PET bottling system officially integrated with PEPSIs factory at
Hoc Mon, HCMC with a 10-year agreement. The production line technology
There are three co-founders Le Van Hoang, Bui Bich Hong and La Bui Ngoc Hong.
provided by SIDEL.
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. 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 Companys Annual Report 2012, Interviews with companys May 2012: Global Cap JSC, 99.4% owned by Ngoc Nghia,established with charter
representative, Trade sources, Assocation sources capital of VND30bn and then increased to VND99bn in mid 2013.
50
Ngoc Nghia Plastics - Financial Summary
Breakdown of Consolidated Revenue Ngoc Nghia Consolidated Results

2,000.0
Plastic Food
140.6 Net sales Net profit/(loss) % gross margin
123.1 3,234.0
1,500.0 3500 2,782.0 40%
3000 2,408.0 33% 35%
2500 32% 31% 30%
VND billions
1,838.0 1,873.0 28% 28%
81.5 2000 24% 25%
1,000.0 1500 1,203.3 20%
1,714.7 1,732.6 503.9
1000 370.0 15%
- 500 48.6 41.7 10%
500.0 1,121.8
0 5%
- 749.9 -500 0%
520.0 Actual (110.5)
Actual Actual (27.1)
Forecast Forecast Forecast
-
2008 2009 2010 2011 2012 2010 2011 2012 2013 2014 2015
Main revenue sources of Ngoc Nghia are still plastic PET. Investments in food
The company is forecasted to continue making loss in 2013 due to losses from food
businesses started from mid 2009 and it generated revenues from 2010 and
businesses. As per our interview, the company will not make investment in new
enjoyed a moderate growth rate but still in large loss-making positions.
factories by 2015 but rather increase the capacity utilisation from existing facilities.
Domestic Revenue vs. Export Breakdown of Profit Before Tax (PBT)

Total Revenue 2008 2009 2010 2011 2012 2010 2011 2012
VNDbn VNDbn VNDbn VNDbn VNDbn VNDbn VNDbn VNDbn
Domestic 520 750 1,163 1,698 1,395 Plastic 147.0 176.5 283.6
Export - - 40 139 478 % PBT margin 13.1% 10.3% 16.4%
Total 520 750 1,203 1,837 1,873 Food (67.9) (258.2) (201.2)
Reconciling items* (9.4) (1.2) 9.3
The company started exports pre-forms and caps from late 2009. Included in total
Other incomes, net 4.5 3.6 0.6
PET revenue of VND1732.6 (US$85mn) is VND473bn (US$22mn) export revenue,
Business Income tax (25.7) (31.0) (51.1)
accounting for 26.34% of total plastic revenue. Ngoc Nghia mainly exports PET pre-
forms and caps to Japan, Thailand, Malaysia, Philippines, Laos, Campuchia, India Profit Before Tax 48.7 (110.1) 41.3
and Indonesia. * 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 Nghias representative, this is
because of the weak product research and development. Also, the food companies
Source: The Companys Annual Report 2012, Interviews with companys invested heavily in marketing and distribution network.
representative, Trade sources, Assocation sources
51
Ngoc Nghia Plastics - Production Capability and Customers
52
Ngoc Nghia Plastics - Production Capability & Volume
53
Contents
Part 5.2: Dynaplastic Packaging

(Vietnam) Company Ltd
54
Part 5.2: Dynaplast Packaging Vietnam Co., Ltd
Dynaplast Packaging Vietnam - General Information
55
Part 5.2: Dynaplast Packaging Vietnam Co., Ltd
Dynaplast Packaging Vietnam Key Notes From Meeting with Dynaplast
56
Contents
Part 5.3: VisyPak Packaging (Vietnam) Ltd
57
VisyPak Packaging Vietnam Ltd General Infomation
58
VisyPak Packaging Vietnam Ltd Key Notes
59
Contents
Part 5.4: Duy Tan Plastic Corporation
60
Part 5.4: Duy Tan Plastic Corporation
Duy Tan Plastics Corporation General Information
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 SOFT DRINKS: BREAKDOWN BY SALES VOLUME, 2011
No Product Type Off-trade On-trade Total Value No Product Type Off-trade On-trade Total Value
US$mn US$mn US$mn million litres million litres million litres
1 Bottled Water 59 155 213 1 Bottled Water 225.7 325.7 551.4

2 Carbonates 218 208 426 2 Carbonates 270.0 202.6 472.6
3 Concentrates 5 - 5 3 Concentrates 0.2 - 0.2
4 Fruit/Vegetable Juice 70 24 93 4 Fruit/Vegetable Juice 60.7 12.1 72.8
5 RTD Coffee 1 0 1 5 RTD Coffee 0.7 0.2 0.9
6 RTD Tea 390 487 877 6 RTD Tea 562.5 291.9 854.4
7 Sports and Energy Drinks 32 25 56 7 Sports and Energy Drinks 37.0 18.7 55.7
8 Other 3 31 33 8 Other 1.2 12.4 14.2
Total 776 929 1,706 Total 1,158.0 863.6 2,022.2
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
Total 422.9 499.8 623.0 786.8 956.8 1,158.7
63
Part 6: Appendices
Appendix 2: Soft Drink Brands: Sales Volume and Market Shares, 2008-2011
64
Part 6: Appendices
Appendix 3: Key Figures on Packed Food Market in Vietnam
65
Part 6: Appendices
Appendix 4: Packed Foods - Sales Value and Market Shares, 2009-2012
66
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Our research contacts for Part Content Page

4 Plastic Packaging from Major Food Players 33

4.1 Summary of Major Players 34

4.2 Tuong An Vegetable Oil 35 37

Our research contacts for Part Content Page

Harry Hoan Tran, CFA 4.7 Miko Foods 47

Appendix 5: List of interviews conducted 69

Figure 1: Description of Packaging Industry in Vietnam

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Use of plastic container or the end-market segmentation

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Plastic Export 2011 2012 Change

Figure 8: Export of Finished Plastic Products: by category

Source: StoxPlus, Vietnam Customs Office

Import of plastic resin in Vietnam

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Collection, Disposal and Recycling of solid waste

In practice, average percentage of solid waste collection in Vietnam increased

Recycling of plastic waste Environm

Summary of 6 selected major soft-drink companies

No Company Major brands using PET bottles Business Profile

Tan Hiep Phat General Information

BUSINESS PROFILE PRODUCT CATEGORIES AND BRANDS

COMPANY BACKGROUND PRODUCTION SITES

Tan Hiep Phat Product Categories

SALES VOLUME Dr Thanh Zero Degree Green Tea

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

Number 1 (Normal) Strawberry

MARKET SHARE OF THPS MAJOR BRAND THPS BRANDS IN OFF-TRADERTD TEA

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PepsiCo (Vietnam) General Information

BUSINESS PROFILE IN VIETNAM PRODUCTION SITES

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PepsiCo (Vietnam) Product Categories and Sales Volume

SALES VOLUME BY PRODUCT CATEGORIES MARKET SHARE OF PEPSICOS MAJOR BRANDS

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Coca Cola (Vietnam) General Information

BUSINESS PROFILE IN VIETNAM SALES VOLUME BY PRODUCT CATEGORY

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Coca Cola (Vietnam) Key Notes

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Universal Robina Corporation (Vietnam) General Information

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Nestle Vietnam General Information

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

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Vinamilk General Information

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Vinamilk Product Categories

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Vinamilk Key Notes

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Overview of the 6 selected packed food companies

No Company Major brands using PET bottles Business Profile

4.2 Calofic JV 1. Neptune

4.3 Ajinomoto Vietnam 1. Umani seasoning: Ajinomoto, Ajinomoto Plus

Tuong An Vegetable Oil JSC General Information