INDUSTRY PREVIEW

Vietnam Plastics Packaging Market 2018

Table of Contents

No Contents Page

1 Vietnam Plastic Packaging Market 2018 2 - 14

1.1 Market Structure & Description 3

1.2 Size & Segmentation 4

1.3 Competition Dynamics 5–7

1.4 Prospects 8–9

1.5 Hindrances 10 – 11

1.6 Appendix: Key Players’ Profile 12 – 14

2 StoxPlus Introduction 15 – 25

Page 2
 Market Structure & Description
Plastic Packaging is the intersection between Plastics & Packaging sector

Figure 1: Market structure of plastic packaging market, 2017

Technical
Mono-layered
PLASTICS

FLEXIBLE
Household
Multi-layered

Construction Plates
Mold tubes
RIGID HDPE products
PLASTIC PACKAGING
PET
Others

Paper & Corrugated Boxes

• Flexible packaging includes mono-layered & multi-layered
segments. Of which, the former is dominated by medium and
PACKAGING

small family businesses, mostly used for low value products while
Glass Packaging
the later serves increasing demand from food & beverage with
market size 2017 estimated at US$33 bn, contributing 15% to GDP
in 2017.
Metal Packaging
• Rigid packaging includes companies that manufacture PET/ non
PET (HDPE, LDPE) bottles, preforms, trays and tubes used for
packaging.
Others

Source: StoxPlus
Page 3
 Size & Segmentation
Plastic Packaging is the largest segment with total size of over US$5bn in 2017

Figure 2: Vietnam packaging industry by segmentation, 2017

6.00
Metal Packaging
5.00
Glass Packaging

4.00

3.00
Plastic
Paper & packaging
Corrugated
Boxes 2.00

1.00

-
2010 2011 2012 2013 2014 2015 2016 2017

Source: StoxPlus
• Amongst packaging sectors, plastic packaging is the largest segment with total size of over US5 bn in 2017, registering 2012-2017 CAGR of
10.9%. In particular:
➢ FLEXIBLE PACKAGING: Food sector and non-food sectors registered 2012-2017 CAGR of 13.4% in average, boosting the high demand for
flexible packaging. Highlighted sectors include Instant coffee (2012-2017 CAGR of 16.5%), Skincare (15.1%) and Laundry care (13.0%). In
food sector, instant coffee performed well driven by the active export activities and Vietnamese consumers’ growing preference for
convenient products. Meanwhile, in non-food sector, skincare healthy growth reflected rising health-consciousness trendline and
laundry care grew thanks to the expansion of fabric softener.
➢ RIGID PACKAGING: PET sector outperformed the market with registered CAGR of 15.9% driven by beverage sector. Notably, ready-to-
drink tea is the largest PET packaging end-user segment, accounting for around 30% domestic demand. Recovering from the scandals
related to the top players in 2016, RTD tea is expected to regain its popularity due to the rising health-awareness trendline
Page 4
 Competition Dynamics | Overview
Key players in Vietnam plastic packaging market

Figure 3: Key players in Vietnam plastic packaging market

Top 14 key players dominate multi-layered flexible There are approximately over 80 PET independent
packaging market, accounting for approximately 42% manufacturers in Vietnam, of which top 10 companies
market share. occupied approximately 60% of total market share
KEY PLAYERS KEY PLAYERS

Non-PET bottles are very popular

Mono-layered flexible packaging
packaging for chemical and
products are relatively low added-value
pharmaceutical products.
and the market is dominated by families
business at small scale.
KEY PLAYERS KEY PLAYERS

Source: StoxPlus
Page 5
 Competition Dynamics | Sample
Vietnam flexible packaging market is mostly dominated by the top 14 players, accounting for
41.9% market share
Figure 4: Multi-layered flexible packaging competition landscape, 2017

TIER 1
• The market is dominated by the top 14 players,
Tapack
accounting for 41.9% of the total flexible packaging
Batico market. 67 other companies share the remaining 58.1%.
Big names in Vietnam flexible packaging are Tapack,
Liksin Batico, Liksinn, J.S Packaging and Huhmataki.
• Foreign flexible packaging companies such as Huhtamaki
J.S Packaging
(Finland), J.S Packaging (South Korea), Tong Yuan
(Taiwan), and Ngai Mee (Singapore) entered into Vietnam
Huhtamaki since 1996. These are all subsidiaries of major global
flexible packaging companies who have served
Thanh Phu
multinational end-users like Unilever for a long time.
Other
They are aggressively competing with local companies,
Ngai Mee leveraging their modern machinery and equipment, as
well as expertise on flexible packaging.
Saplastic
Tong Yuan TIER 2 & TIER 3
Saigon Trapaco
Minh Viet • Tier 2 (8 companies) are medium ones with net sale of
Namkuyng Vina about US$3–5 mn while Tier 3 (35 firms) are small flexible
Sapaco
Rang Dong manufacturers (US$1mn net sales).
Up-to-date information about the competition dynamics,
Source: StoxPlus
operational and financial indicators of key players are
Note: Revenue takes into account ALL BUSINESS LINE featured in our comprehensive standard report - Vietnam
Flexible Packaging Market 2018

Page 6
 Competition Dynamics | Financial Indicators
Our Biinform portal provides ~ 1 million available company reports ready to purchase

Figure 5: Financial Indicators of Selected Key Players (US$mn), 2017

OWNER’S
COMPANY Type SALES RANGE COGS NPAT TOTAL ASSET
EQUITY

Tapack Foreign-owned 50 – 100 57.2 3.2 47.9 31.9

Batico Foreign-owned 50 – 100 49.8 2.3 38.6 13.2

J.S Packaging Foreign-owned < 50 44.4 1.5 27.3 8.6

Liksin SOEs 50 - 100 48.3 3.2 71.2 49.3

Rang Dong Private 50 - 100 53.4 (2.4) 68.6 23.5

Saplastic Private <50 40.7 0.9 50.7 12.0

App Private < 50 35.4 3.2 24.4 15.3

Thanh Phu Private < 50 30.7 4.0 35.9 19.0

Source: StoxPlus
Revenue takes into account ALL BUSINESS LINE

Page 7
Prospects| Growth opportunities
Food sectors drove up demand for plastics packaging, especially from the consumption
growth in RTD tea (14.7%), instant coffee (16.5%) and Seafood export (10.4%)
SIZE 2017 2012-2017 IMPLICATION
SECTOR SEGMENT COMMENT
US$mn CAGR FOR SEGMENTS

➢ Recovering from the scandals related to the top players in 2016,

Flexible packaging
RTD tea is expected to regain its popularity due to the rising
(mono-layered for
health-awareness trendline. The robust growth of this sector is
Ready-to-drink label)
1,717 14.7% expected to boost the development of PET bottles. Notably,
Tea Rigid packaging
majority of top players in beverage field such as Suntory Pepsico,
(PET)
Coca-Cola or Tan Hiep Phat all had their own in-house packaging
BEVERAGE operation.
➢ Instant coffee is expected to be the key driver for flexible
packaging in Vietnam in terms of growth and volume demand,
Flexible packaging
Instant Coffee 274.4 16.5% especially when new product development coupled with creative
(multi-layered)
packaging are important to maintain competitiveness among
brands.
➢ Glass and flexible plastic are projected to maintain their top
positions, although the portion of glass is shrinking.
➢ Stand-up pouches continued to be negligible in sauces, dressings
and condiments in the country. Indeed, this was not only due to a
Flexible packaging
Sauces & lack of innovation from manufacturers, but also due to the low
1,046.1 10.1% (multi-layered)
Condiments consumer demand for new packaging despite the higher demand
for convenience
FOOD
➢ The increasing competitive landscape due to low entry barrier
will require more products development while put a pressure on
average unit price.

Flexible packaging
Seafood ➢ The stable rise in seafood export will increase the demand for
8.3 10.4% (multi-layered)
Export flexible packaging
Prospects| Growth opportunities
A strong growth of many items in non-food sector especially from Skin care (15.1%), Laundry
care (13.0%) and Surface care (12.2%)
SIZE 2017 2012-2017 IMPLICATION
SECTOR SEGMENT COMMENT
US$mn CAGR FOR SEGMENTS
Rigid packaging
➢ Key strategy for boosting sales is to raise brand profiles through
(PET)
aggressive promotional and advertising campaigns, especially on
Flexible packaging
Laundry care 1,401.5 16.7% social medias. In addition, as laundry care is maturing in urban
(multi-layered for
areas, players are reaching out to low-income segments in rural
label)
areas. Notably, big-package size is highly-favored in this area.
HOME ➢ Improved living standard with higher awareness of health issues
CARE raises demand for surface care, especially in middle and high-
Rigid packaging
(PET) income households. Surface care sector is expected to expand
Surface care 103.9 12.7% Flexible packaging healthily in near term future.
(multi-layered for ➢ Eye-catching packaging design and television advertising
label) campaigns are believed to be the key drivers to boost up
manufacturers’ total sales
Rigid packaging ➢ International brand names have occupied mostly total market
(PET) share with diversified product ranges, while domestic players or
Skin care 329.6 16.7%
Flexible packaging private labels remained blurred in Vietnam market due to its low
(multi-layered) quality.
➢ The hair care sector has healthy growth potential as new
Rigid packaging products have been developed in line with customers'’ demands.
PERSONAL (PET) Particularly, demand for styling products has become greater as
CARE Hair care 240.5 9.5% Flexible packaging the popularity of men’s grooming products rises. In shampoo
(multi-layered) segment, key players have launched innovative products that
provides new benefits such as hair fall control, fights pollution,
intensive repair, etc.
Rigid packaging
(PET) ➢ Bath and shower market is expected to grow at a slower pace as
Bath & Shower 151.5 10.5%
Flexible packaging the market is reaching its maturity stage.
(multi-layered)
 Hindrances | Plastic Resin
Limited domestic supply for increasing plastic resin demand in Vietnam

• Total annual demand is around 5.463 million tons while domestic supply only satisfied 0.570 million tons.
[Demand vs. Production Capacity of in Vietnam]
[Imported Plastic Resin Volume (mn tons)]
Forecast plastic demand at 2018-2023 CAGR = 10% 5.6 5.7

4.5
Long Son Project
IMPORT 3.9
Nghi Son Project 3.5
3.2
2.7

72%
2012 2013 2014 2015 2016 2017 2018e
89% 90% 90% 85% 86% 87%

DOMESTIC
28% PRODUCTION
11% 10% 10% 15% 14% 13%

2016 2017 2018e 2019f 2020f 2021f 2022f

Source: StoxPlus, Vietnam Customs, Master Plan on Development of Petrochemical Sector
Vung Ro and PTT-Aramco projects have not been taken into account due to the fact that these projects are currently delayed. Plastic resin demand is
forecasted with CAGR of 10% during the period 2018 – 2023.
 Hindrances | Plastic Resin
Taking into account of all planned projects, domestic production would reach 2.60mn tons,
meeting 28.5% of domestic demand in 2022 (compared to 10% in 2017)
[Domestic Production of Plastic Resin in Vietnam]
[Upcoming Projects in Vietnam Petrochemical]
CAPACITY
[Existing Domestic Plastic Resin Capacity] PROJECT PRODUCT STATUS
(mn tons/year)
CAPACITY Nghi Son Refinery &
ITEM COMPANY
(mn tons/year) Petrochemical 0.37 PP Launch in 2018
PP Binh Son Refinery 0.15 Long Son 1.40 PP, HDPE, LLDPE Launch in 2021
PVC AGC Chemicals Vietnam 0.10 Hyosung 0.3 PP IC granted in Aug-2018
PVC TPC Plastic & Chemical 0.19 Vung Ro Petroleum 0.7 PP IC revoked
PS Vietnam Polystyrene 0.05 PTT – Aramco 0.8 PE Delayed
EPS Vietnam Polystyrene 0.04 ** IC: Investment Certificate
PLASTIC RESIN 0.53
8,225
7,543
6,918
6,345
5,819
5,463
5,021
4,409
3,912

LONG SON
NGHI SON REFINERY &
PETROCHEMICAL

2,343
570 570 570 570 570 943 943 943

2013 2014 2015 2016 2017 2018e 2019f 2020f 2021f 2022f

Installed capacity Gap Demand

Source: StoxPlus, Decision 676/QD-BCT dated on 6th Mar 2017, Decision 2412/QD-BCT dated on 17th May 2011
Data is consolidated from Master Plan on Development of Petrochemical Sector with update & validation from StoxPlus on these project’s status.
Page 11
 Appendix| Key Players’ Profiles

COMPANY PROFILING PRODUCTION SITES

• Registered name: Tan Tien Plastic Packaging No Plant Location Production lines
• Head office: Lot II, Group 4, Road 13, Tan Binh Industrial Park,
Tan Phu District, Ho Chi Minh City • Factory is located on an area of
• Establishment Year: 1966 50,000m2
• Equipment & capacity:
• Charter capital: US$6.6 mn (as of 2017) • Rotogravure printer:
Headquarter in Tan
• Principal businesses: Tapack is the leading flexible packaging firm Main 400m/minute
1 Phu District, Ho
in Vietnam, specializing in manufacture of high-end flexible factory • Engraving machines: 7,200
Chi Minh City
packaging. Its products serve many major players in beverage, cylinders/year
packaged food, seafood, and agri-business sector in Vietnam. • 5-layers tandem extrusion
Besides, the company engages in real estate business including laminator: 400,000,000m2/year
commercial building development.

FINANCIAL PERFORMANCE KEY CLIENTS

Unit: US$mn
2014 2015 2016 2017
Net sales 70.8 62.0 61.9 64.2
CoGS 63.1 53.4 51.8 57.2
Gross Profit 7.7 8.6 10.1 7.0
% Gross Profit(*) 10.9% 13.9% 16.3% 10.9%
NPAT 2.0 3.7 5.9 4.1
% NPAT(*) 2.8% 5.9% 9.5% 6.3%
Total Assets 55.1 36.2 40.7 47.9
Total Liabilities 31.6 11.4 11.7 16.0
ROA (*) 3.6% 10.1% 14.4% 8.5%
ROE (*) 8.5% 14.8% 20.2% 12.7%
 Appendix| Key Players’ Profiles

COMPANY PROFILING PRODUCTION SITES

• Registered name: Liksin Industry – Printing – Packaging Total Factory Area

No. Unit Location
Corporation (sqm)
• Head office: No. 159 Kinh Duong Vuong Str., Ward 12, Dist. 6, Ho 1 Liksin Packaging Enterprise Long An 30,000
Chi Minh City, Vietnam Liksin Printing Packaging
2 Long An 20,000
• Establishment Year: 1978 Enterprise

• Charter capital: US$37.2mn (as of 2017) An Khang Liksin Packaging

3 HCMC 5,000
Enterprise
• Principal businesses: Liksin is one of the leading packaging
manufacturers in Vietnam, engaging in 04 main business lines: (i) 4 Liksin Northern Packaging Bac Ninh 10,080
packaging manufacturing and trading (mainly flexible/paper/metal 5 Dong Nam Viet Packaging Binh Duong 28,400
packaging), (ii) labels and packaging printing, (iii) vocational
6 An Lac Labels Long An 5,000
education, and (iv) real estate.

FINANCIAL PERFORMANCE KEY CLIENTS

Unit: US$mn
2014 2015 2016 2017
Net sales 51.3
CoGS 45.2
Gross Profit 6.1
% Gross Profit(*) 11.9% Content to be
NPAT 3.6 removed for preview
% NPAT (*) 7.0% purpose
Total Assets 43.7
Total Liabilities 26.8
ROA (*) 8.1%
ROE (*) 21.0%
 Appendix| Key Players’ Profiles

COMPANY PROFILING PRODUCTION SITES

• Registered name: Tin Thanh Packaging Joint Stock Company

No. Plant Location Notes
• Head office: Lot C20, Duc Hoa Ha Plastic Industrial Zone, Binh
Tien Village, Duc Hoa Ha Commune, Duc Hoa District, Long An
• Total area of 18,500 msq
Province, Vietnam
• LLPDE film production capacity: 160
• Establishment Year: 1995 ton/month
1 First factory Long An • Printing capacity: 25 mn meter/month
• Principal businesses: Batico is one of the top flexible packaging
• Laminating capacity : 24 mn meter/
producer in Vietnam. The company’s products offerings include a
month
wide range of plastic pouches and rolls. In long-term, Batico will
• Bag cutting 3 mn sqm/month
expand into other products such as paper & metal packaging and
packaging materials (membrane) to get ahead of the "one-stop-
shopping" trend. The company currently has one factory and Second The new plant will be built in the coming
2 Long An
constructs new one as well. Both production sites locate in Long factory years with total area of 55,000 msq
An province.

FINANCIAL PERFORMANCE KEY CLIENTS

Unit: US$mn
2014 2015 2016 2017
Net sales 44.6
CoGS 39.1
Gross Profit 5.5
% Gross Profit(*) 12.4% Content to be
NPAT 1.6 removed for preview
% NPAT (*) 3.5% purpose
Total Assets 77.7
Total Liabilities 31.9
ROA (*) 2.0%
ROE (*) 3.4%
Table of Contents

No Contents Page

1 Vietnam Plastic Packaging Market 2018 2 - 14

1.1 Market Structure & Description 3

1.2 Size & Segmentation 4

1.3 Competition Dynamics 5–7

1.4 Prospects 8–9

1.5 Hindrances 10 – 11

1.6 Appendix: Key Players’ Profile 12 – 14

2 StoxPlus Introduction 15 – 25

Page 15
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Hieu Nguyen, MBA
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Development of UK (DFID) in
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