CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Items 2018
ASSETS 37,366,108,654,179
I. Current Assets 20,559,756,794,837
1. Cash & cash equivalents 1,522,610,167,671
Cash 1,072,610,167,671
Cash equivalents 450,000,000,000
2. Short-term financial investments 8,673,926,951,890
Trading securities 443,154,262,451
Allowance for diminution in the value of trading securities (605,728,258)
Held-to-maturity investments 8,231,378,417,697
3. Accounts receivable - short-term 4,639,447,900,101
Accounts receivable from customers 3,380,017,354,930
Prepayments to suppliers 876,158,254,325
Short-term loans receivable 0
Other short-term receivables 394,535,471,938
Allowance for doubtful debts (11,263,181,092)
4. Inventories 5,525,845,959,354
Inventories 5,538,304,348,980
Allowance for inventories (12,458,389,626)
5. Other current assets 197,925,815,821
Short-term prepaid expenses 54,821,120,257
Deductible value added tax 142,642,380,500
Taxes receivable from State Treasury 462,315,064
II. Long-term assets 16,806,351,859,342
1. Accounts receivable - long-term 88,443,241,642
Long-term receivables from customers 67,658,410,631
Long-term loan receivables 3,143,509,548
Other long-term receivables 17,641,321,463
2. Fixed assets 13,365,353,599,098
Tangible fixed assets 13,047,771,431,436
- Cost 22,952,360,450,312
- Accumulated depreciation (9,904,589,018,876)
Intangible fixed assets 317,582,167,662
- Cost 475,569,436,392
- Accumulated depreciation (157,987,268,730)
3. Investment property 90,248,200,759
- Cost 147,320,450,623
- Accumulated depreciation (57,072,249,864)
4. Long-term work in progress 868,245,878,253
Long-term work in progress 214,398,200,249
Construction in progress 653,847,678,004
5. Long-term financial investments 1,068,660,695,119
Investments in associates 497,498,739,617
Equity investments in other entities 72,083,527,154
Allowance for diminution in the value of long-term (921,571,652)
financial investments
Held-to-maturity investments 500,000,000,000
6. Other non-current assets 1,325,400,244,471
Long-term prepaid expenses 750,599,476,304
Deferred tax assets 36,460,665,848
Goodwill 538,340,102,319
TOTAL ASSETS 37,366,108,654,179

LIABILITIES 11,094,739,362,252
I. Current liabilities 10,639,592,009,462
Short-term accounts payable to suppliers 3,991,064,706,111
Advance from customers 535,552,943,437
Taxes payable to State Treasury 341,669,047,623
Payables to employees 215,270,553,609
Short-term accrued expenses 1,437,232,532,734
Short-term unearned revenue 6,910,881,322
Other short-term payables 2,540,327,951,932
Short-term borrowings 1,060,047,652,329
Provision - short-term 4,502,303,315
Bonus and welfare fund 507,013,437,050
II. Long-term liabilities 455,147,352,790
Long-term accounts payable to suppliers 0
Long-term accrued expenses 2,054,753,617
Long-term unearned revenue 415,848,218
Other long-term payables 29,607,431,175
Long-term borrowings 215,798,919,361
Deferred tax liabilities 204,757,714,031
Provision - long-term 2,512,686,388

EQUITY 26,271,369,291,927
I. Owners' capital 26,271,369,291,927
Share capital 17,416,877,930,000
Treasury shares (10,485,707,360)
Foreign exchange differences 27,635,831,784
Investment & development fund 1,191,672,373,593
Retained profits 7,155,434,314,256
- Retained profits brought forward 3,560,050,505,957
- Profit for the current year 3,595,383,808,299
Non-controlling interest 490,234,549,654
TOTAL RESOURCES 37,366,108,654,179
NCIAL POSITION Horizontal analysis *We choose base year is 2018
2019 Variances %
44,699,873,386,034 7,333,764,731,855 19.6%
24,721,565,376,552 4,161,808,581,715 20.2%
2,665,194,638,452 1,142,584,470,781 75.0%
2,378,583,764,655 1,305,973,596,984 121.8% Cash equivalents of VNM dropped 36% in 2019 compared
286,610,873,797 (163,389,126,203) (36.3%) converted into cash which was explained by Cash increased
12,435,744,328,964 3,761,817,377,074 43.4%
1,153,041,048 (442,001,221,403) (99.7%) Trading securities decreased substantially (roughly 100%)
(840,586,787) (234,858,529) 38.8% profits; instead, VNM was likely to rise Held-to-maturity in
12,435,431,874,703 4,204,053,457,006 51.1% more bank deposits and corporate bonds.
4,503,154,728,959 (136,293,171,142) (2.9%)
3,474,498,518,959 94,481,164,029 2.8%
There was a climb of 49% in the amount of Allowance for d
576,013,061,394 (300,145,192,931) (34.3%) even though Accounts receivable just rose slightly, about 3%
31,170,336,327 31,170,336,327 emergence of short-term loan receivables under agreement
438,267,517,904 43,732,045,966 11.1% upward trend in the amount of other short-term receivables
(16,794,705,625) (5,531,524,533) 49.1%
4,983,044,403,917 (542,801,555,437) (9.8%) Although Inventories slightly declined by one in ten, Allowa
4,996,114,799,978 (542,189,549,002) (9.8%) growth of one in twenty in 2019 might be explained by the f
(13,070,396,061) (612,006,435) 4.9% obsolete inventories value and simultaneously increase allo
134,427,276,260 (63,498,539,561) (32.1%)
68,634,341,838 13,813,221,581 25.2% VNM experienced a remarkable surge in the amount of taxe
60,875,991,566 (81,766,388,934) (57.3%) Treasury due to the fact that VNM had overpaid taxes paya
4,916,942,856 4,454,627,792 963.5%
19,978,308,009,482 3,171,956,150,140 18.9%
Long-term receivables from customers as well as long-term
21,169,968,995 (67,273,272,647) (76.1%) dramatically from 2018 to 2019 as long-term receivables h
0 (67,658,410,631) (100.0%) term receivables. Therefore, short-term receivables had bee
545,312,000 (2,598,197,548) (82.7%) a dramatical surge of short-term receivables by the same ti
20,624,656,995 2,983,335,532 16.9%
14,893,540,216,703 1,528,186,617,605 11.4% Tangible fixed assets increased gradually as VNM focused
13,743,909,618,601 696,138,187,165 5.3% for researching and developing new products for differentia
26,227,436,154,249 3,275,075,703,937 14.3% urban to rural areas.
(12,483,526,535,648) (2,578,937,516,772) 26.0%
1,149,630,598,102 832,048,430,440 262.0% At the same time, VNM also invested on new trademark reg
1,297,664,982,735 822,095,546,343 172.9% material areas by business combination, new procurement
(148,034,384,633) 9,952,884,097 (6.3%) rised) and indefinite life land which was not amortized (dep
62,018,116,736 (28,230,084,023) (31.3%)
81,481,271,444 (65,839,179,179) (44.7%) Investment property saw an downward trend as VNM stead
(19,463,154,708) 37,609,095,156 (65.9%) depreciation of investment property fell.
943,845,551,903 75,599,673,650 8.7%
249,633,893,396 35,235,693,147 16.4% VNM started to invest infrastructure such as construction a
694,211,658,507 40,363,980,503 6.2% reason why VNM experienced an increase in long-term wor
986,676,290,429 (81,984,404,690) (7.7%)
 688,112,587,059 190,613,847,442 38.3% Financial investments of VNM grew as VNM planned for it
104,537,010,212 32,453,483,058 45.0% Held-to-maturity investments dipped as some of those were
(5,973,306,842) (5,051,735,190) 548.2%
200,000,000,000 (300,000,000,000) (60.0%) Goodwill recorded by VNM jumped from 500 billion to 230
3,071,057,864,716 1,745,657,620,245 131.7% was the consequence of the merger & acquisition of GTNFo
678,630,479,869 (71,968,996,435) (9.6%) Châu Milk) in order to expand the cows herd and selling ac
26,367,280,852 (10,093,384,996) (27.7%)
2,366,060,103,995 1,827,720,001,676 339.5%
44,699,873,386,034 7,333,764,731,855 19.6%

14,968,618,181,670 3,873,878,819,418 34.9%

14,442,851,833,360 3,803,259,823,898 35.7%
3,648,445,576,699 (342,619,129,412) (8.6%)
245,247,666,160 (290,305,277,277) (54.2%) Short-term accounts payable to suppliers slipped slightly be
619,393,665,850 277,724,618,227 81.3% and became its own suppliers for materials. Furthermore, V
borrowings by 400% for investing in a short period. Howev
239,520,745,753 24,250,192,144 11.3%
well as Bonus and welfare fund also climbed to higher amo
1,738,321,908,844 301,089,376,110 20.9% was delaying to pay for its staff. Accordingly, VNM hesitate
2,111,168,658 (4,799,712,664) (69.5%) Treasury, Short-term accrued expenses, Provision - short-te
1,956,364,398,828 (583,963,553,104) (23.0%) created more liabilities as the figures of those depicted upw
5,351,461,260,191 4,291,413,607,862 404.8%
8,048,885,766 3,546,582,451 78.8%
633,936,556,611 126,923,119,561 25.0%
525,766,348,310 70,618,995,520 15.5%
427,916,520 427,916,520
VNM's long-term liabilities, except deferred tax liabilities, a
0 (2,054,753,617) (100.0%) converted into short-term liabilities, some of which had alr
0 (415,848,218) (100.0%) hand, deferred tax liabilities rose by four-fifths; hence, VNM
27,418,573,520 (2,188,857,655) (7.4%) obligations for some reasons.
122,992,982,893 (92,805,936,468) (43.0%)
374,926,875,377 170,169,161,346 83.1%
0 (2,512,686,388) (100.0%)

29,731,255,204,364 3,459,885,912,437 13.2%

29,731,255,204,364 3,459,885,912,437 13.2%
17,416,877,930,000
(11,644,956,120) (1,159,248,760) 11.1% Treasury shares of VNM grew in amount by approximately
23,174,494,894 (4,461,336,890) (16.1%) shares more to avoid its share market price declined. In 20
2,200,188,373,195 1,008,515,999,602 84.6% of foreign exchange rate like the previous year as foreign e
a fifth. Moreover, VNM poured more and more its finance i
7,875,462,401,924 720,028,087,668 10.1%
fund. Retained profits in 2019 of VNM might be a good sign
4,543,346,786,755 983,296,280,798 27.6% as it recorded a considerable growth of nearly less than a t
3,332,115,615,169 (263,268,193,130) (7.3%) last year, 2018. Last but not least, Non-controlling interest
2,227,196,960,471 1,736,962,410,817 354.3% a leap in the amount, which is more than three times as hig
44,699,873,386,034 7,333,764,731,855 19.6%
pped 36% in 2019 compared to 2018 because VNM had been
s explained by Cash increased significantly by nearly 122%.

substantially (roughly 100%) as VNM resold almost to make

ly to rise Held-to-maturity investments by a half by making
rate bonds.

he amount of Allowance for doubtful debts of VNM in 2019

ble just rose slightly, about 3%. However, there were also an
receivables under agreements of between parties, and an
other short-term receivables by 11%.

declined by one in ten, Allowance for inventories witnessed a

19 might be explained by the fact that VNM had written down
simultaneously increase allowance for resolution.

le surge in the amount of taxes receivable from State

VNM had overpaid taxes payable to the State.

ustomers as well as long-term loan receivables reduced

19 as long-term receivables had been converted into short-
hort-term receivables had been paid on due so we cannot see
rm receivables by the same time.

d gradually as VNM focused on investing infrastructure using

g new products for differentiated market segmentations from

vested on new trademark registration for new products, raw

mbination, new procurement software, definite life land (cost
which was not amortized (depreciation decreased).

ownward trend as VNM steadily stopped investing in, thus,

operty fell.

ucture such as construction and machinery might be the

an increase in long-term work in progress
 grew as VNM planned for its main products and activities;
dipped as some of those were overdue.

mped from 500 billion to 2300 billion (increased by 240%)

erger & acquisition of GTNFoods (parent company of Mộc
d the cows herd and selling activities.

o suppliers slipped slightly because VNM was independent

for materials. Furthermore, VNM increased its Short-term
ting in a short period. However, Payables to employees as
d also climbed to higher amounts might indicate that VNM
ff. Accordingly, VNM hesitated to settle Tax payable to State
expenses, Provision - short-term for its obligations, instead,
figures of those depicted upward trend.

xcept deferred tax liabilities, all dropped as they had been

ilities, some of which had already been settled. On the other
ose by four-fifths; hence, VNM postponed to pay for its

in amount by approximately 11%, VNM repurchased its

market price declined. In 2019, VNM did not take advantage
he previous year as foreign exchange differences fell less than
d more and more its finance into Investment and development
of VNM might be a good sign of VNM's operating activities
growth of nearly less than a third compared to the figure of
east, Non-controlling interest of VNM's subsidiaries witnessed
more than three times as high as that of previous year.
 CONSOLIDATED STATEMENT OF INCOME
Items 2018 2019
Revenue from sales of goods & provision of services 52,629,230,427,284 56,400,229,726,717
Revenue deductions 67,280,456,692 82,106,963,973
Net revenue 52,561,949,970,592 56,318,122,762,744
Cost of sales 27,950,543,501,501 29,745,906,112,117
Gross profit 24,611,406,469,091 26,572,216,650,627
Financial income 759,917,391,001 807,316,707,483
Financial expenses 118,007,001,674 186,969,681,828
In which: Interest expense 51,367,418,852 108,824,893,987
Share of (loss)/profit in associates 22,433,720,557 (5,716,591,103)
Selling expenses 12,265,936,906,433 12,993,454,552,852
General & administration expenses 1,133,300,231,790 1,396,302,416,955
Net operating profit 11,876,513,440,752 12,797,090,115,372
Other income 450,247,329,980 249,446,259,179
Other expenses 275,064,504,609 250,826,735,994
Results of other activities 175,182,825,371 (1,380,476,815)
Profit after tax 12,051,696,266,123 12,795,709,638,557
Income tax expenses - current 1,874,905,225,483 2,238,365,796,113
Income tax expense/(benefit) - deferred (28,838,670,599) 3,011,961,553
Net profit after tax 10,205,629,711,239 10,554,331,880,891
Net profit after tax attributable to equity holders 10,227,281,151,464 10,581,175,671,989
Net profit after tax attributable to non-controlling interest (21,651,440,225) (26,843,791,098)
 Horizontal analysis *We choose base year is 2018
Variances % Revenue from sales of goods & provision of services showed a growth of 7,2%, even t
3,770,999,299,433 7.2% deductions also increased by 22% might be the result of change in credit policy for cu
14,826,507,281 22.0% related parties. This led to a climb in Net revenue, which is 7,1%.
3,756,172,792,152 7.1%
1,795,362,610,616 6.4%
1,960,810,181,536 8.0% Cost of sales also saw an upward trend and Gross profit still had a positive figure, an
47,399,316,482 6.2%
68,962,680,154 58.4%
57,457,475,135 111.9%
Financial expenses of VNM in 2019 was sesquialteral ratio of that figure in 2018 mig
(28,150,311,660) (125.5%)
outcome of more borrowings were made by VNM. It also recorded a big loss from its
727,517,646,419 5.9% 125% because VNM gave more effort to invest infrastructure for its associates at first
263,002,185,165 23.2% any attention to make profits at this cycle. Ultimately, Net operating profit illustrated
920,576,674,620 7.8% 7,8% which was a fair indication of VNM's stewardship and management in operation
(200,801,070,801) (44.6%)
(24,237,768,615) (8.8%) Although other income such as rental income, dividend income income of disposal de
(176,563,302,186) (100.8%) nearly a half, VNM still received a quite efficient profit after tax with a slight rise of 6
744,013,372,434 6.2%
363,460,570,630 19.4%
31,850,632,152 (110.4%) In 2018, VNM had given an Deffered income tax benefit but in the following year 201
obligation to its Deferred income tax expense. Last but not least, in 2019, VNM recor
348,702,169,652 3.4% Net profit after tax with a climb of 3,4% compared to 2018. VNM also had responsibi
353,894,520,525 3.5% more of its Net profit after tax for non-controlling interest as in 2019, there was a bou
(5,192,350,873) 24.0% controlling interest of VNM's subsidiaries in its Capital.
 a growth of 7,2%, even though Revenue
nge in credit policy for customers and
,1%.

had a positive figure, an increase of 8%.

f that figure in 2018 might be an

orded a big loss from its associates of
for its associates at first without paying
erating profit illustrated a growth of
management in operations.

me income of disposal decreased be

tax with a slight rise of 6,2%.

n the following year 2019, VNM had an

ast, in 2019, VNM recorded moderate
VNM also had responsibility to provide
in 2019, there was a bounce in Non-
 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Items 2018 % of 2018
ASSETS 37,366,108,654,179 100.00%
I. Current Assets 20,559,756,794,837 55.02%
1. Cash & cash equivalents 1,522,610,167,671 4.07%
Cash 1,072,610,167,671 2.87%
Cash equivalents 450,000,000,000 1.20%
2. Short-term financial investments 8,673,926,951,890 23.21%
Trading securities 443,154,262,451 1.19%
Allowance for diminution in the value of trading securities (605,728,258) (0.00%)
Held-to-maturity investments 8,231,378,417,697 22.03%
3. Accounts receivable - short-term 4,639,447,900,101 12.42%
Accounts receivable from customers 3,380,017,354,930 9.05%
Prepayments to suppliers 876,158,254,325 2.34%
Short-term loans receivable 0 0.00%
Other short-term receivables 394,535,471,938 1.06%
Allowance for doubtful debts (11,263,181,092) (0.03%)
4. Inventories 5,525,845,959,354 14.79%
Inventories 5,538,304,348,980 14.82%
Allowance for inventories (12,458,389,626) (0.03%)
5. Other current assets 197,925,815,821 0.53%
Short-term prepaid expenses 54,821,120,257 0.15%
Deductible value added tax 142,642,380,500 0.38%
Taxes receivable from State Treasury 462,315,064 0.00%
II. Long-term assets 16,806,351,859,342 44.98%
1. Accounts receivable - long-term 88,443,241,642 0.24%
Long-term receivables from customers 67,658,410,631 0.18%
Long-term loan receivables 3,143,509,548 0.01%
Other long-term receivables 17,641,321,463 0.05%
2. Fixed assets 13,365,353,599,098 35.77%
Tangible fixed assets 13,047,771,431,436 34.92%
- Cost 22,952,360,450,312 61.43%
- Accumulated depreciation (9,904,589,018,876) (26.51%)
Intangible fixed assets 317,582,167,662 0.85%
- Cost 475,569,436,392 1.27%
- Accumulated depreciation (157,987,268,730) (0.42%)
3. Investment property 90,248,200,759 0.24%
- Cost 147,320,450,623 0.39%
- Accumulated depreciation (57,072,249,864) (0.15%)
4. Long-term work in progress 868,245,878,253 2.32%
Long-term work in progress 214,398,200,249 0.57%
Construction in progress 653,847,678,004 1.75%
5. Long-term financial investments 1,068,660,695,119 2.86%
Investments in associates 497,498,739,617 1.33%
Equity investments in other entities 72,083,527,154 0.19%
Allowance fro diminution in the value of long-term financial (921,571,652) (0.00%)
investments
Held-to-maturity investments 500,000,000,000 1.34%
6. Other non-current assets 1,325,400,244,471 3.55%
Long-term prepaid expenses 750,599,476,304 2.01%
Deferred tax assets 36,460,665,848 0.10%
Goodwill 538,340,102,319 1.44%
TOTAL ASSETS 37,366,108,654,179 100.00%

LIABILITIES 11,094,739,362,252 29.69%

I. Current liabilities 10,639,592,009,462 28.47%
Short-term accounts payable to suppliers 3,991,064,706,111 10.68%
Advance from customers 535,552,943,437 1.43%
Taxes payable to State Treasury 341,669,047,623 0.91%
Payables to employees 215,270,553,609 0.58%
Short-term accrued expenses 1,437,232,532,734 3.85%
Short-term unearned revenue 6,910,881,322 0.02%
Other short-term payables 2,540,327,951,932 6.80%
Short-term borrowings 1,060,047,652,329 2.84%
Provision - short-term 4,502,303,315 0.01%
Bonus and welfare fund 507,013,437,050 1.36%
II. Long-term liabilities 455,147,352,790 1.22%
Long-term accounts payable to suppliers 0 0.00%
Long-term accrued expenses 2,054,753,617 0.01%
Long-term unearned revenue 415,848,218 0.00%
Other long-term payables 29,607,431,175 0.08%
Long-term borrowings 215,798,919,361 0.58%
Deferred tax liabilities 204,757,714,031 0.55%
Provision - long-term 2,512,686,388 0.01%

EQUITY 26,271,369,291,927 70.31%

I. Owners' capital 26,271,369,291,927 70.31%
Share capital 17,416,877,930,000 46.61%
Treasury shares (10,485,707,360) -0.03%
Foreign exchange differences 27,635,831,784 0.07%
Investment & development fund 1,191,672,373,593 3.19%
Retained profits 7,155,434,314,256 19.15%
- Retained profits brought forward 3,560,050,505,957 9.53%
- Profit for the current year 3,595,383,808,299 9.62%
Non-controlling interest 490,234,549,654 1.31%
TOTAL RESOURCES 37,366,108,654,179 100.00%
NCIAL POSITION Vertical analysis *Total assets or total resources is base item
2019 % of 2019
44,699,873,386,034 100.00%
24,721,565,376,552 55.31%
The proportion of Current assets remained unchanged between year 2018 and 20
2,665,194,638,452 5.96% Cash & cash equivalents increased slightly is the consequence of growth in Cash
2,378,583,764,655 5.32% nearly 3% to more than 5% as opposed to Cash equivalents proportion which dro
286,610,873,797 0.64% compared to 2018.
12,435,744,328,964 27.82%
1,153,041,048 0.00% In 2019, proportion of Trading securities of VNM became insignificant to Total a
(840,586,787) (0.00%) to-maturity investments proportion rose remarkably which made up approximate
12,435,431,874,703 27.82% assets.
4,503,154,728,959 10.07%
3,474,498,518,959 7.77% The proportions of Short-term accounts receivable of VNM declined even though
576,013,061,394 1.29% figures illustrate an upward trend in amount, except Prepayments to suppliers, w
31,170,336,327 0.07% dip in both proportion and amount.
438,267,517,904 0.98%
(16,794,705,625) (0.04%) The proportion of VNM's Inventories saw a fall from roughly 15% down to 11% i
4,983,044,403,917 11.15% value and the amount of Allowance for doubtful debts.
4,996,114,799,978 11.18%
(13,070,396,061) (0.03%)
Other current assets saw its proportion slipping in total as respectively, Short-ter
134,427,276,260 0.30% stayed stable in proportion (but increase in amount), Deductible value added tax
68,634,341,838 0.15% proportion and value of its figure the previous year and Taxes receivable from St
60,875,991,566 0.14% noticeably in amount but had no substantial change in its proportion.
4,916,942,856 0.01%
19,978,308,009,482 44.69%
21,169,968,995 0.05% Except for other long-term receivables which remained constant in proportion, al
0 0.00% accounts receivable items fell in both their proportion and value amount.
545,312,000 0.00%
20,624,656,995 0.05%
14,893,540,216,703 33.32%
13,743,909,618,601 30.75% While proportion of tangible fixsed assets decreased minimally from almost 36%
26,227,436,154,249 58.67% 2019, proportion of intangible fixed assets was on an upward trend from nearly 1
(12,483,526,535,648) (27.93%) Accordingly, proportion of investment property was on a downward trend but not
1,149,630,598,102 2.57%
1,297,664,982,735 2.90%
(148,034,384,633) (0.33%)
62,018,116,736 0.14%
81,481,271,444 0.18%
(19,463,154,708) (0.04%)
943,845,551,903 2.11% In general, proportion of long-term work in progress as well as long-term financi
249,633,893,396 0.56% dipped. They fluctuated between 2% and 3%, of each.
694,211,658,507 1.55%
986,676,290,429 2.21%
 688,112,587,059 1.54%
104,537,010,212 0.23%
(5,973,306,842) (0.01%)
200,000,000,000 0.45%
3,071,057,864,716 6.87% With other non-current assets of VNM, we all witnessed a drop in both proportion
678,630,479,869 1.52% of Long-term prepaid expenses and Deferred tax assets. By contrast, VNM's Good
26,367,280,852 0.06% enormous increase from just 1,4% in 2018 to 5,3% in the next year.
2,366,060,103,995 5.29%
44,699,873,386,034 100.00%

14,968,618,181,670 33.49%
14,442,851,833,360 32.31%
Of current liabilities, there was a reduction in proportion of Short-term accounts
3,648,445,576,699 8.16%
suppliers, Advance from customers, Payables to employees, Short-term unearned
245,247,666,160 0.55% short-term payables, whereas there was a rise in proportion of Taxes payable to S
619,393,665,850 1.39% Short-term accrued expenses, Short-term provision and Bonus and welfare fund,
239,520,745,753 0.54% Short-term borrowings proportion from nearly 3% to roughly 12% later next yea
1,738,321,908,844 3.89%
2,111,168,658 0.00%
1,956,364,398,828 4.38%
5,351,461,260,191 11.97%
8,048,885,766 0.02%
633,936,556,611 1.42%
525,766,348,310 1.18% Overall, proportions of specific items of long-term liabilities were not as significa
427,916,520 0.00% current liabilities items. Moreover proportion of long-term liabilities fell by 0,4%
0 0.00%
0 0.00%
27,418,573,520 0.06% Proportion of total liabilities to total assets increased tremendously in 2019 by ne
122,992,982,893 0.28%
374,926,875,377 0.84%
0 0.00%

29,731,255,204,364 66.51%
29,731,255,204,364 66.51% There was more than 66% of Total assets contributed by Owners' capital, which i
17,416,877,930,000 38.96% the proportion of that made up 70% in 2018. Share capital constituted less than i
while Treasury shares stayed steady. Foreign exchange differences accounted for
(11,644,956,120) -0.03%
last year which is 0,07%. Retained profits also represented a smaller proportion
23,174,494,894 0.05% though its value depicted a bigger amount of Total assets. On the contrary, Invest
2,200,188,373,195 4.92% development fund, as well as Non-controlling interest all occupied a larger propo
7,875,462,401,924 17.62%
4,543,346,786,755 10.16%
3,332,115,615,169 7.45%
2,227,196,960,471 4.98%
44,699,873,386,034 100.00%
l resources is base item

ged between year 2018 and 2019. Specifically,

onsequence of growth in Cash proportion from
uivalents proportion which dropped a half in 2019

became insignificant to Total assets, instead, Held-

y which made up approximately 28% of Total

of VNM declined even though some of those

pt Prepayments to suppliers, which experienced a

m roughly 15% down to 11% in both Inventories

bts.

total as respectively, Short-term prepaid expenses

t), Deductible value added tax is half the
r and Taxes receivable from State Treasury grew
e in its proportion.

ined constant in proportion, all other Long-term

ion and value amount.

ed minimally from almost 36% in 2018 to 33% in

an upward trend from nearly 1% to more than 2%.
s on a downward trend but not much significantly.

ess as well as long-term financial investments all

ch.
essed a drop in both proportion and value amount
ssets. By contrast, VNM's Goodwill had an
in the next year.

portion of Short-term accounts payable to

mployees, Short-term unearned revenue, Other
roportion of Taxes payable to State Treasury,
n and Bonus and welfare fund, as well as a surge in
to roughly 12% later next year.

liabilities were not as significant as those of

ng-term liabilities fell by 0,4%.

sed tremendously in 2019 by nearly 4%.

ted by Owners' capital, which is a slip compared to

e capital constituted less than in the previous year,
ange differences accounted for 0,05% lower than
resented a smaller proportion of Total assets even
assets. On the contrary, Investment and
est all occupied a larger proportion of Total assets.
 CONSOLIDATED STATEMENT OF INCOME
Items 2018 % of 2018
Revenue from sales of goods & provision of services 52,629,230,427,284 100.13%
Revenue deductions 67,280,456,692 0.13%
Net revenue 52,561,949,970,592 100.00%
Cost of sales 27,950,543,501,501 53.18%
Gross profit 24,611,406,469,091 46.82%
Financial income 759,917,391,001 1.45%
Financial expenses 118,007,001,674 0.22%
In which: Interest expense 51,367,418,852 0.10%
Share of (loss)/profit in associates 22,433,720,557 0.04%
Selling expenses 12,265,936,906,433 23.34%
General & administration expenses 1,133,300,231,790 2.16%
Net operating profit 11,876,513,440,752 22.60%
Other income 450,247,329,980 0.86%
Other expenses 275,064,504,609 0.52%
Results of other activities 175,182,825,371 0.33%
Profit after tax 12,051,696,266,123 22.93%
Income tax expenses - current 1,874,905,225,483 3.57%
Income tax expense/(benefit) - deferred (28,838,670,599) (0.05%)
Net profit after tax 10,205,629,711,239 19.42%
Net profit after tax attributable to equity holders 10,227,281,151,464 19.46%
Net profit after tax attributable to non-controlling interest (21,651,440,225) (0.04%)
F INCOME Vertical analysis *Net revenue is base item
2019 % of 2019
56,400,229,726,717 100.15% Revenue deductions in 2019 made up a larger proportion of Net revenue compared
82,106,963,973 0.15% revenue from goods and services also accounted for a larger proportion.
56,318,122,762,744 100.00%
29,745,906,112,117 52.82% Cost of sales in 2019 constituted a smaller proportion of VNM's Net revenue might b
26,572,216,650,627 47.18% more effective inventory and material policy than in 2018.
807,316,707,483 1.43%
186,969,681,828 0.33% Proportion of Financial income in 2019 became smaller than that figure in 2018, wh
108,824,893,987 0.19% made up a larger slice with Interest expense also contributed bigger slice to Net rev
(5,716,591,103) (0.01%)
12,993,454,552,852 23.07%
Selling expenses accounted for a smaller slice from 23,3% in 2018 down to 23,1% in
1,396,302,416,955 2.48% & administration expenses in 2019 accounted for a bigger proportion might be an e
12,797,090,115,372 22.72% management as incentives to encourage a better performance. Hence, VNM generat
249,446,259,179 0.44% profit as it contributed a larger proportion than last year.
250,826,735,994 0.45%
(1,380,476,815) (0.00%) Even though, VNM made better Net operating profit in proportion, its Profit after ta
12,795,709,638,557 22.72% proportion to Net revenue in 2019 than in 2018 because of the fact that Results of ot
2,238,365,796,113 3.97% contribution in 2019 while it had contributed a positive amount of that in 2018.
3,011,961,553 0.01%
10,554,331,880,891 18.74% Eventually, in 2019, the fact that, VNM had bigger proportions which were amounte
10,581,175,671,989 18.79% expenses and Deferred income tax expenses, resulted in a decrease in the proportion
(26,843,791,098) (0.05%) after tax from 19,4% in 2018 to 18,7% in 2019.
Net revenue compared to 2018. Therefore, Total
proportion.

M's Net revenue might be an aftermath of VNM's

n that figure in 2018, while Financial expenses

bigger slice to Net revenue.

2018 down to 23,1% in 2019. By contrast, General

oportion might be an effort of VNM towards its
e. Hence, VNM generated a better Net operating

rtion, its Profit after tax represented a smaller

e fact that Results of other activities had a negative
unt of that in 2018.

ns which were amounted by Current income tax

crease in the proportion contributed by Net profit