3 20180917 StoxPlus - Logistics Report 2018 - Demo - 20180925093226

‹#›
StoxPlus Joint Stock Company
Head Office Ho Chi Minh City Branch

5th Floor, Anh Minh Building Second Floor, May Plaza
36 Hoang Cau, Dong Da 63D Vo Van Tan Street
Hanoi, Vietnam Ward 6, District 3
Ho Chi Minh City, Vietnam
telephone: +84 (4) 3562 6962
Date: 17th September, 2018 telephone: +84 (8) 3823 3485
stoxplus.com
Dear Valued Clients,
Re: The publication of Vietnam Logistics Market Report 2018
StoxPlus is pleased to announce the publication of Vietnam Logistics Market

Report 2018.
The purpose of research work is to have an in-depth understanding of Should you have any questions, please contact I myself or our
logistics market in Vietnam and assessing its potential. The research Director - Biinform, Mr. Dong Le at +84 (024) 3562 6962 (ext.
provides latest information on market size as well as competition 110) or his email: dong.le@stoxplus.com
landscaping of Vietnam logistics market. Particularly, for this issue, we
focus on analyzing three main segments of logistics sector including (i)
transportation (Road, Inland Waterway, Ocean, Rail and Air), (ii) Yours sincerely,
Warehousing and (iii) Express Services. Key financial figures on both listed
and private logistics companies are also included.
In addition to our experience in this industry, we have conducted various

discussions and interviews with industry players, logistics end-customers at
executive levels to grasp local insights and the practical ways of doing
logistics in Vietnam. Nguyen Quang Thuan
Chief Executive Officer
We understand that this is a targeted but also an open research. We would StoxPlus Corporation
be happy to provide any further information to address any questions that
you may have, for any specific sector or target business in Vietnam. Our
ultimate objective is to bring real values to our clients via in-depth research
and practical local insights.
2
Executive Summary
We have completed a review of the logistics 4) Total logistics costs in Vietnam are
market landscape in Vietnam, including the estimated at US$39.6bn in 2017, equivalent
market overview, the existing logistics to 18% of GDP.
providers, the demand analysis of key end-
Logistics Costs as a Percentage of GDP, 2017
user groups, the investment activities and
legal framework. We also pointed out some of
the key development trend as well as
investment opportunity for new investors. 18.0%
15.4%
13.5%
11.7% 10.7%
Below are the most critical findings that 8.6% 9.2%
could be important in the report.
1) Logistics Sector in Vietnam can be
segmented into three main categories
namely Transportation, Forwarding and
Warehousing.
Vietnam Logistics Structure
Transportation
Forwarding
LOGISTICS
VIETNAM
Warehousing
Other value-added Content is removed for demo purpose

services
2) Vietnam logistics sector is in the early

development stage with 3,000 companies,
of which the majority are providing 1PL and
2PL services.
3
Executive Summary
3.27
9.9%
2.98
2016 2018
Vietnam's logistics sector ranked 39th of 160

countries worldwide (and 5th within ASEAN)
in terms of Logistics Performance Index (LPI),
according to the World Bank in 2016. Vietnam
logistics is also appreciated for its high Global
Competitiveness (GCI), to be considered as
one of the top 5 countries having the highest
speed of connection to global network in the
last 6 years (WB).
Content is removed for demo purpose
4
Executive Summary
9) There are 4 main types of warehouse 10) Recent years witnessed the rising fierce
serving different target customers. competition in express service sector due to
Distribution Center with its demand-driven the expotentional growth of Vietnam e-
activities are viewed as the future of commerce market.
warehousing
5
Executive Summary
11) In overall, logistics companies in 12) Review of foreign ownership in Vietnam

Vietnam perform quite well during the listed logistics companies.
surveyed period
6
Table of Content
PART CONTENT PAGE
Executive Summary 3–6

1 Overview of Vietnam Logistics Sector 9 – 14
2 Key Figures on Vietnam Logistics Sector 15 – 24
3 Key Featured Segments 25 - 38
3.1 Contract Logistics 25 – 33
3.2 Express Services 34 - 38
4 Sector Performance 39 – 60
4.1 Market Size & Segmentation 39 – 43
4.2 Competition Dynamics 44 – 48
4.3 Financial Performance 49 – 56
4.3 Foreign Ownership of Listed Companies 57 – 60
5 Macroeconomics 61 – 66
6 Regulatory Framework 67 - 71
APPENDIX 72 - 83
1 Top 10 Listed Logistics Companies’ Factsheet 72 – 77
2 Profile of Top Logistics Companies 78 - 83
7
Abbreviation
NO . WORD STANDS FOR
8
Contents
Section 1: Overview of Vietnam Logistics Sector
9
Market Structure & Description
Logistics Sector in Vietnam can be segmented into three main categories namely
Transportation, Forwarding and Warehousing
Figure 1: Logistics Sector Structure in Vietnam
Transportation
Forwarding
LOGISTICS
VIETNAM
Warehousing
Other value-
added services
Source: StoxPlus
10
The sector is fragmented with over 3,000 firms..
Figure 2: Number of Vietnam Logistics Companies by Category, 2017
DEMAND SOURCES FOR 3PL SERVICES IN VIETNAM BY VALUE
3,000
COMPANIES
Source: StoxPlus, VLA
11
Foreign-invested players are dominating the market with experience and professional
management
Figure 3: Competition Dynamics of Vietnam Logistics Sector
100% FDI and

Joint Ventures
Logistics
companies SOEs
in Vietnam
Private
companies
Source: StoxPlus
12
Logistics Sector Performance
Total logistics costs in Vietnam are estimated at US$39.6bn in 2017, equivalent to 18% of
GDP
Figure 4: Logistics Costs as a Percentage of GDP, 2017
30%
25%
20% 18.0% ?
15.4%
15% 13.5%
11.7%
10.7%
8.6% 9.2%
10%
5%
0%
World North Europe Asia Thailand China Vietnam
America Pacific
Source: WorldBank
13
Logistics Sector Performance
Vietnam’s logistics system is strengthening thanks to …
Figure 5: Logistics System’s Performance – Selected Indicators
VIETNAM’S LPI SCORE, 2016 vs. 2018
3.27
9.9%
2.98
2016 2018
Source: StoxPlus, WorldBank
14
Contents
Section 2: Key Figures on Vietnam Logistics Sector
15
Transportation | Road
Road remains the key transportation line in Vietnam…
Figure 6: Transported Freight Volume by Transportation Line, 1H2018
[Transported Freight Volume by Road, mn Tons ]
Source: StoxPlus
16
Transportation | Ocean & Inland Waterway
Cargo throughput via seaport robusted with 2015-2017 CAGR of xx%
Figure 7: Cargo Throughput via Vietnam Seaport, mn Tons

[Cargo Throughput by Categories, mn Tons]
2012-2017 CAGR = xx%
Source: StoxPlus
17
Transportation | Ocean & Inland Waterway StoxPlus Database
Transported freight volume of Vietnam shipping fleet reached xx tons in 2017
Figure 8: No. of Vietnam Shipping Fleet and Capacity (mn Tons) Figure 9: Transported Freight Volume by Vietnam Shipping Fleet
(mn Tons)
2007-2017 CAGR = xx%
Source: StoxPlus
18
The market share of domestic transport of Vietnam shipping fleets xx
Figure 10: Ocean Shipping Companies in Vietnam
Domestic Foreign-invested

Source: StoxPlus, Vietnam Maritime Administration
19
Shipping fleet structure in Vietnam is not optimized. The majority of vessel is…
Figure 11: Volume Breakdown by Category

DWT NT
Figure 12: Number of Shipping Fleet Breakdown by Size Range

DWT NT
Source: StoxPlus Compilation
20
State-owned companies are the leading players with high capacity shipping fleet
Figure 13: Top 10 Shipping Fleet Operators as of August, 2018
Source: StoxPlus Compilation
21
Transported freight volume by inland waterway transportation is expected to reach xx

mn by 2018
Figure 14: Transported Freight Volume by IWT, mn Tons
[Top 5 Provinces by IWT Cargo Throughput,

2017]
Province % Cargo Throughput
Source: StoxPlus
22
Transportation | Railway
Vietnam's railway network plays a small and decreasing role in the country's supply chain
Figure 15: Transported Freight Volume in Vietnam by Railway, mn Tons
Source: StoxPlus
23
Transportation | Air
Air freight …
Figure 16: Transported Freight Volume in Vietnam by Air, thousand Tons
Y-o-Y growth rate

xx%
Source: StoxPlus
24
Contents
Section 3: Key Featured Segments
3.1 Contract logistics
3.2 Express services
25
Contract logistics – a rising trend in Vietnam logistics industry
Figure 17: Definition of contract logistics

CONTRACT LOGISTICS SERVICES IN VIETNAM
Final Production ➢ THE LINKAGE BETWEEN CONTRACT LOGISTICS &

Distribution Line WAREHOUSING SECTOR IN VIETNAM
CONTRACT
Inventory LOGISTICS
Management
Warehousing
Distribution
Plan

DEFINITION:
26
There are 4 main types of warehouse serving different target customers.
Figure 18 Warehousing Market Segmentation Analysis
Source: StoxPlus
27
Nearly 70% of surveyed warehouses are located in the xx part of Vietnam
Figure 19: Key players Warehouse Distribution (Sqm)
NORTH
CENTRAL
SOUTH
Source: StoxPlus
Methodology
• Warehousing companies (defined as firms providing warehousing and storage services including cold storages, distribution center, bonded
warehouse and dry warehouses) are identified in our Biinform database with 800,000 businesses registered in Vietnam by the main business line,
following Vietnam Standard Industry Classification (VSIC).
28
Foreign-invested players leverage .. while domestic firms have competitive advantages

of …
Figure 20: Key Groups of Players in Vietnam Warehousing
DOMESTIC
FOREIGN-OWNED
Source: StoxPlus
29
3.1 Contract logistics Cold Storage
In-house cold storage serves a wide range of industries in Vietnam…
30
…Meanwhile, the commercial cold storage market had a total designed capacity of xx
pallets by the end of 2017
Figure 21: Designed Capacity of Commercial Cold Storage in Vietnam, 1996-2017
Source: StoxPlus
31
Local commercial cold storage providers …
Figure 22: Market Share of Vietnam Commercial Cold Storage Market by Designed Capacity, 2017
Source: StoxPlus
32
However, foreign-owned cold storage providers are …
Figure 23: Key groups of players in Vietnam commercial cold storage
FOREIGN-OWNED
LOCAL
OTHER LOGISTICS COMPANIES
OTHERS
Source: StoxPlus
33
Contents
3.2 Express services
34
3.2 Express Services
Express services can be viewed as the intersection between transportation & other value-
added services
DEFINITION:
Figure 24: Simplified Services of Express Delivery in Vietnam
SERVICES MARKET OVERVIEW
35
FOREIGN PLAYERS
DOMESTIC PLAYERS

NEW PARTICIPANTS
36
Biinform® Portal
Ecommerce sales in Vietnam is still …
Figure 25: Ecommerce Sales in Vietnam, 2015 & 2025 [Top Ecommerce Sites in Vietnam]

Source: Source: StoxPlus
37
Biinform® Portal
The on-going expansion of eCommerce marketplaces will help to ..
MOVEMENT OF TOP ECOMMERCE SITES IN VIETNAM IMPLICATION FOR EXPRESS SERVICES &
. LOGISTICS
Source: StoxPlus
38
Contents
Section 4: Sector Performance
4.1 Market Size & Segmentation
4.2 Competition Dynamics
4.3 Financial Performance
4.4 Foreign Ownership of Listed Companies
39
OUR APPROACH – We utilize our most comprehensive corporate databases
• Our analysis on logistics companies is empowered by the most comprehensive and insightful corporate database for Vietnam. Particularly, StoxPlus
database covers over 1 million corporates including 3,000 logistics companies in Vietnam.
1. PERFORMANCE OF SELECTED LOGISTICS COMPANIES 2. FOREIGN OWNERSHIP OF LISTED COMPANIES
• Analyze market size & growth and competition dynamics • Review the participation of foreign entities (industry
of key logistics segmentation. players & investors) in terms of ownership (owner’s equity)
as of September 2018 in Vietnam public logistics companies
• Review the performance of top players in each segment
• Review the financial performance including profitability,
capital structure & liquidity, cost structure and valuation of
listed logistics companies
40
Majority of large-scale companies concentrated in xx sectors
Figure 26: Number and Total Revenue of Logistics Companies in Figure 27: Total Revenue of Logistics Companies Breakdown by Size
Vietnam by Size Range, 2017 – StoxPlus’s Sample Range and Segmentation, 2017 – StoxPlus’s Sample
Source: StoxPlus Source: StoxPlus
STOXPLUS’S APPROACH FOR SEGMENTATION:
41
Total revenue of 240+ companies registered at US$xx bn, representing approximately

xx% of logistics costs in 2017
Figure 28: Market Size & Segmentation of Logistics Companies in Vietnam, 2015-2017
Source: StoxPlus
42
Figure 29: Net Sales Growth by Segmentation, 2017
[# OF [CAGR 2014-
COMPANIES] 2017]
Source: StoxPlus
43
Contents
44
Top 15 key players are selected based on net sales, services development & quality,
brand recognition and recommendations from industry experts
COMPANY SEGMENT NET SALES NPM 2017 KEY OPERATIONAL INDICATORS
(US$mn) 2017 &
2014-2017
CAGR
45
(US$mn) 2017 &
2014-2017
CAGR
46
(US$mn) 2017 &
2014-2017
CAGR
47
(US$mn) 2017 &
2014-2017
CAGR
48
Contents
49
In overall, logistics companies in Vietnam perform quite well during the surveyed period
Figure 30: Financial Performance of Logistics Companies in Vietnam – StoxPlus’s Sample
Profitability Ratios 2014 2015 2016 2017

GPM
OPM
NPM
ROA
ROE
Cost Structure 2014 2015 2016 2017

%COGS
%SG&A
%Financial expense
Capital Structure & Liquidity

2014 2015 2016 2017
Ratios
Total Liabilities / Total Assets
Total Liabilities / Owners’
Equity
Quick ratio
Current ratio
Management Ratios
Account Receivables Turnover
2014 Content
2015 2016is removed
2017 for demo purpose
Number of Days of Receivables
Account Payables Turnover
Number of Days of Payables
Source: StoxPlus
50
Figure 31: Financial Performance of Logistics Segmentation, 2017
Source: StoxPlus
51
Figure 32: Profitability Ratios of Logistics Segmentation
Source: StoxPlus
52
Figure 33: Capital Management Efficiency Ratios of Logistics Segmentation – ROA & ROE, 2017
Source: StoxPlus
53
Figure 34: Capital structure & Liquidity of Logistics Segmentation, 2017
Source: StoxPlus
54
Figure 35: Management Ratios of Logistics Segmentation, 2017
Source: StoxPlus
55
Figure 36: Cost Structure of Logistics Segmentation, 2017
Source: StoxPlus
56
Contents
57
Review of foreign ownership in Vietnam listed companies by sectors

Figure 37: Average Foreign Ownership by Sectors (ICB Level 3), 2017
Source: StoxPlus
58
Review of foreign ownership in Vietnam listed logistics companies by net sales

Figure 38: Number of Companies by Foreign Ownership, 2017 Figure 54: Foreign Ownership by Net Sales, 2017
59
Review of foreign ownership in Vietnam listed logistics companies by sectors

Figure 39: Number of Companies by Sectors, 2017 Figure 40: Foreign Ownership by Sectors, 2017
Source: StoxPlus, Fiinpro
60
Contents
Section 5: Macroeconomics
61
Biinform® Portal
GDP
GDP growth was impressive at 6.81% in FY2017 and 7.08% in 1H2018, setting record in
recent years, driven by industries, manufacturing and processing
Figure 41: GDP Growth YoY Figure 42: GDP’s composition 2017
62
Inflation
CPI kept below 4%, meeting target but ..; consumption nearly reached 2014 growth levels
indicating ..
Figure 43: CPI Growth YoY Figure 44: Retail sales growth YoY (US$mn)
63
Trade Balance
High trade surplus a good sign for Vietnam, albeit strong reliance on ..
Figure 45: Trade Balance (US$bn) Figure 46: Vietnam’s Major Trade Partners 1H2018
Source: StoxPlus from Customs Source: StoxPlus from Customs
64
Foreign Investment
Bullish FII and FDI disbursement bring about ..
Figure 47: FDI 2012- Q12018 (US$bn) Figure 48: FII 2016-1Q2018 (US$bn)
Source: StoxPlus from MOIT

Source: StoxPlus from GSO
65
Biinform® Portal
Exchange Rate
The exchange rate has …
Figure 49: US$/VND Exchange Rate 2012-2018
Source: StoxPlus , Fiinpro Content is removed for demo purpose
66
Contents
Section 6: Regulatory Framework
67
Decision No. 200/QD-TTg dated February 14, 2017 shed the light on the improvement of
Vietnam logistics services
68
Review of key regulations for logistics segmentation in Vietnam as of December, 2017
69
Figure 50: Foreign Ownership Limitations by Logistics Sectors in Vietnam, 2017
70
71
Contents
Appendices
Appendix 1 Top 20 Listed Logistics Companies’ Factsheet
Appendix 2 Profile of Top Logistics Companies
72
Appendix
Appendix 1: Top 20 Listed Logistics Companies’ Factsheet
VIETTEL POST GEMADEPT
VND Billions 2013 2014 2015 2016 2017 VND Billions 2013 2014 2015 2016 2017
Net sales Net sales
Cost of Sales Cost of Sales

Gross Profit Gross Profit
GP Margin % GP Margin %
Overhead Expenses Overhead Expenses
Sales & Marketing Sales & Marketing
S&M % S&M %
Administration Administration
Admin % Admin %
EBIT EBIT
EBIT Margin % EBIT Margin %
EBITDA EBITDA
EBITDA Margin % EBITDA Margin %
Financial Expense Financial Expense
Interest Expense Interest Expense

Profit/(Loss) before tax Profit/(Loss) before tax
Net Profit/(Loss) after tax Net Profit/(Loss) after tax
Net Profit Margin % Net Profit Margin %
Current Assets Current Assets

Accounts receivable Accounts receivable
Non-Current Assets Non-Current Assets
Total Assets Total Assets
Current Liabilities Current Liabilities
Accounts payable Accounts payable
Borrowings Borrowings
Non-Current Liabilities Non-Current Liabilities
Total Liabilities Total Liabilities
Net Assets Net Assets
Debt/ Total Assets % Debt/ Total Assets %
73
Appendix
Net sales Net sales

S&M % S&M %
Admin % Admin %
EBIT EBIT
EBITDA EBITDA


74
Appendix
Net sales Net sales

S&M % S&M %
Admin % Admin %
EBIT EBIT
EBITDA EBITDA


75
Appendix
Net sales Net sales

S&M % S&M %
Admin % Admin %
EBIT EBIT
EBITDA EBITDA


76
Appendix
Net sales Net sales

S&M % S&M %
Admin % Admin %
EBIT EBIT
EBITDA EBITDA


77
Contents
Appendices
Appendix 1 Top 20 Listed Logistics Companies’ Factsheet
Appendix 2 Profile of Top Logistics Companies
78
Appendix
Appendix 2: Profile of Top Logistics Companies
Gemadept Corporation
COMPANY PROFILE BUSINESS LINES
KEY OPERATIONAL INDICATORS FINANCIAL HIGHLIGHTS
79
Appendix
Transimex Corporation
80
Appendix
Indo Trans Logistics
81
Appendix
Kuehne +Nagel
82
Appendix
DB Schenker Vietnam
83
This page is intentionally left blank
84
Contact us at StoxPlus
Dong Le, CFA

Head Office
Director, Biinform
5th Floor, Anh Minh Building
+84 (024) 3562 6962 (ext. 110)
36 Hoang Cau Street
+84 (0) 91 205 7529
Hanoi, Vietnam
Dong.le@stoxplus.com
+ 84 (24) 3562 6962
Ho Chi Minh City Branch

3rd Floor, Profomilk Plaza Bldg
51-53 Vo Van Tan, District 3
Ho Chi Minh City, Vietnam
Hai Khieu + 84 (28) 3933 3586
Assistant Manager, Biinform
+84 (024) 3562 6962 (ext. 110)
+84 (0) 96 651 0388
Hai.khieu@stoxplus.com
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StoxPlus Joint Stock Company

Head Office Ho Chi Minh City Branch

Dear Valued Clients,

Re: The publication of Vietnam Logistics Market Report 2018

StoxPlus is pleased to announce the publication of Vietnam Logistics Market

In addition to our experience in this industry, we have conducted various

Other value-added Content is removed for demo purpose

2) Vietnam logistics sector is in the early

Vietnam's logistics sector ranked 39th of 160

Content is removed for demo purpose

Content is removed for demo purpose

11) In overall, logistics companies in 12) Review of foreign ownership in Vietnam

Content is removed for demo purpose

PART CONTENT PAGE

Executive Summary 3–6

NO . WORD STANDS FOR

Content is removed for demo purpose

Section 1: Overview of Vietnam Logistics Sector

The sector is fragmented with over 3,000 firms..

Figure 2: Number of Vietnam Logistics Companies by Category, 2017

DEMAND SOURCES FOR 3PL SERVICES IN VIETNAM BY VALUE

Source: StoxPlus, VLA

Content is removed for demo purpose

100% FDI and

Content is removed for demo purpose

Content is removed for demo purpose

Vietnam’s logistics system is strengthening thanks to …

Figure 5: Logistics System’s Performance – Selected Indicators

VIETNAM’S LPI SCORE, 2016 vs. 2018

Content is removed for demo purpose

Source: StoxPlus, WorldBank

Section 2: Key Figures on Vietnam Logistics Sector

Road remains the key transportation line in Vietnam…

Figure 6: Transported Freight Volume by Transportation Line, 1H2018

[Transported Freight Volume by Road, mn Tons ]

Content is removed for demo purpose

Cargo throughput via seaport robusted with 2015-2017 CAGR of xx%

Figure 7: Cargo Throughput via Vietnam Seaport, mn Tons

2012-2017 CAGR = xx%

Content is removed for demo purpose

Transported freight volume of Vietnam shipping fleet reached xx tons in 2017

2007-2017 CAGR = xx%

Content is removed for demo purpose

The market share of domestic transport of Vietnam shipping fleets xx

Figure 10: Ocean Shipping Companies in Vietnam

Content is removed for demo purpose

Figure 11: Volume Breakdown by Category

Figure 12: Number of Shipping Fleet Breakdown by Size Range

Content is removed for demo purpose

Source: StoxPlus Compilation

Figure 13: Top 10 Shipping Fleet Operators as of August, 2018

Source: StoxPlus Compilation

Content is removed for demo purpose

Transported freight volume by inland waterway transportation is expected to reach xx

[Top 5 Provinces by IWT Cargo Throughput,

Province % Cargo Throughput

Content is removed for demo purpose

Figure 15: Transported Freight Volume in Vietnam by Railway, mn Tons

Content is removed for demo purpose

Figure 16: Transported Freight Volume in Vietnam by Air, thousand Tons

Y-o-Y growth rate

Content is removed for demo purpose