3. Page 3
Market Structure & Description
Source: StoxPlus
Plastic Packaging is the intersection between Plastics & Packaging sector
Figure 1: Market structure of plastic packaging market, 2017
Paper & Corrugated Boxes
PACKAGING
PLASTIC PACKAGING
Glass Packaging
Metal Packaging
Others
PLASTICS
Technical
Household
Construction
FLEXIBLE
RIGID
Mono-layered
Multi-layered
Plates
Mold tubes
HDPE products
PET
Others
• Flexible packaging includes mono-layered & multi-layered
segments. Of which, the former is dominated by medium and
small family businesses, mostly used for low value products while
the later serves increasing demand from food & beverage with
market size 2017 estimated at US$33 bn, contributing 15% to GDP
in 2017.
• Rigid packaging includes companies that manufacture PET/ non
PET (HDPE, LDPE) bottles, preforms, trays and tubes used for
packaging.
4. Page 4
Size & Segmentation
Source: StoxPlus
Plastic Packaging is the largest segment with total size of over US$5bn in 2017
Figure 2: Vietnam packaging industry by segmentation, 2017
• 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
-
1.00
2.00
3.00
4.00
5.00
6.00
2010 2011 2012 2013 2014 2015 2016 2017
Plastic
packagingPaper &
Corrugated
Boxes
Glass Packaging
Metal Packaging
5. Page 5
Competition Dynamics | Overview
Source: StoxPlus
Key players in Vietnam plastic packaging market
Figure 3: Key players in Vietnam plastic packaging market
Non-PET bottles are very popular
packaging for chemical and
pharmaceutical products.
There are approximately over 80 PET independent
manufacturers in Vietnam, of which top 10 companies
occupied approximately 60% of total market share
Mono-layered flexible packaging
products are relatively low added-value
and the market is dominated by families
business at small scale.
Top 14 key players dominate multi-layered flexible
packaging market, accounting for approximately 42%
market share.
KEY PLAYERS
KEY PLAYERS KEY PLAYERS
KEY PLAYERS
6. Page 6
Competition Dynamics | Sample
Source: StoxPlus
Note: Revenue takes into account ALL BUSINESS LINE
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,
accounting for 41.9% of the total flexible packaging
market. 67 other companies share the remaining 58.1%.
Big names in Vietnam flexible packaging are Tapack,
Batico, Liksinn, J.S Packaging and Huhmataki.
• Foreign flexible packaging companies such as Huhtamaki
(Finland), J.S Packaging (South Korea), Tong Yuan
(Taiwan), and Ngai Mee (Singapore) entered into Vietnam
since 1996. These are all subsidiaries of major global
flexible packaging companies who have served
multinational end-users like Unilever for a long time.
They are aggressively competing with local companies,
leveraging their modern machinery and equipment, as
well as expertise on flexible packaging.
TIER 2 & TIER 3
• Tier 2 (8 companies) are medium ones with net sale of
about US$3–5 mn while Tier 3 (35 firms) are small flexible
manufacturers (US$1mn net sales).
Up-to-date information about the competition dynamics,
operational and financial indicators of key players are
featured in our comprehensive standard report - Vietnam
Flexible Packaging Market 2018
Tapack
Batico
Liksin
J.S Packaging
Huhtamaki
Thanh Phu
Ngai Mee
Saplastic
Tong Yuan
Saigon Trapaco
Minh Viet
Namkuyng Vina
Rang Dong
Sapaco
Other
7. Page 7
Competition Dynamics | Financial Indicators
Source: StoxPlus
Revenue takes into account ALL BUSINESS LINE
Our Biinform portal provides ~ 1 million available company reports ready to purchase
Figure 5: Financial Indicators of Selected Key Players (US$mn), 2017
COMPANY Type SALES RANGE COGS NPAT TOTAL ASSET
OWNER’S
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
8. 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%)
Prospects| Growth opportunities
SECTOR SEGMENT
SIZE 2017
US$mn
2012-2017
CAGR
IMPLICATION
FOR SEGMENTS
COMMENT
BEVERAGE
Ready-to-drink
Tea
1,717 14.7%
Flexible packaging
(mono-layered for
label)
Rigid packaging
(PET)
➢ Recovering from the scandals related to the top players in 2016,
RTD tea is expected to regain its popularity due to the rising
health-awareness trendline. The robust growth of this sector is
expected to boost the development of PET bottles. Notably,
majority of top players in beverage field such as Suntory Pepsico,
Coca-Cola or Tan Hiep Phat all had their own in-house packaging
operation.
Instant Coffee 274.4 16.5%
Flexible packaging
(multi-layered)
➢ Instant coffee is expected to be the key driver for flexible
packaging in Vietnam in terms of growth and volume demand,
especially when new product development coupled with creative
packaging are important to maintain competitiveness among
brands.
FOOD
Sauces &
Condiments
1,046.1 10.1%
Flexible packaging
(multi-layered)
➢ Glass and flexible plastic are projected to maintain their top
positions, although the portion of glass is shrinking.
➢ Stand-up pouches continued to be negligible in sauces, dressings
and condiments in the country. Indeed, this was not only due to a
lack of innovation from manufacturers, but also due to the low
consumer demand for new packaging despite the higher demand
for convenience
➢ The increasing competitive landscape due to low entry barrier
will require more products development while put a pressure on
average unit price.
Seafood
Export
8.3 10.4%
Flexible packaging
(multi-layered)
➢ The stable rise in seafood export will increase the demand for
flexible packaging
9. A strong growth of many items in non-food sector especially from Skin care (15.1%), Laundry
care (13.0%) and Surface care (12.2%)
Prospects| Growth opportunities
SECTOR SEGMENT
SIZE 2017
US$mn
2012-2017
CAGR
IMPLICATION
FOR SEGMENTS
COMMENT
HOME
CARE
Laundry care 1,401.5 16.7%
Rigid packaging
(PET)
Flexible packaging
(multi-layered for
label)
➢ Key strategy for boosting sales is to raise brand profiles through
aggressive promotional and advertising campaigns, especially on
social medias. In addition, as laundry care is maturing in urban
areas, players are reaching out to low-income segments in rural
areas. Notably, big-package size is highly-favored in this area.
Surface care 103.9 12.7%
Rigid packaging
(PET)
Flexible packaging
(multi-layered for
label)
➢ Improved living standard with higher awareness of health issues
raises demand for surface care, especially in middle and high-
income households. Surface care sector is expected to expand
healthily in near term future.
➢ Eye-catching packaging design and television advertising
campaigns are believed to be the key drivers to boost up
manufacturers’ total sales
PERSONAL
CARE
Skin care 329.6 16.7%
Rigid packaging
(PET)
Flexible packaging
(multi-layered)
➢ International brand names have occupied mostly total market
share with diversified product ranges, while domestic players or
private labels remained blurred in Vietnam market due to its low
quality.
Hair care 240.5 9.5%
Rigid packaging
(PET)
Flexible packaging
(multi-layered)
➢ The hair care sector has healthy growth potential as new
products have been developed in line with customers'’ demands.
Particularly, demand for styling products has become greater as
the popularity of men’s grooming products rises. In shampoo
segment, key players have launched innovative products that
provides new benefits such as hair fall control, fights pollution,
intensive repair, etc.
Bath & Shower 151.5 10.5%
Rigid packaging
(PET)
Flexible packaging
(multi-layered)
➢ Bath and shower market is expected to grow at a slower pace as
the market is reaching its maturity stage.
10. 11% 10% 10% 15% 14% 13%
28%
89% 90% 90% 85% 86% 87%
72%
2016 2017 2018e 2019f 2020f 2021f 2022f
[Demand vs. Production Capacity of in Vietnam]
[Imported Plastic Resin Volume (mn tons)]
• Total annual demand is around 5.463 million tons while domestic supply only satisfied 0.570 million tons.
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.
IMPORT
DOMESTIC
PRODUCTION
Forecast plastic demand at 2018-2023 CAGR = 10%
Nghi Son Project
Long Son Project
2.7
3.2
3.5
3.9
4.5
5.6 5.7
2012 2013 2014 2015 2016 2017 2018e
Limited domestic supply for increasing plastic resin demand in Vietnam
Hindrances | Plastic Resin
11. Page 11
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)
[Upcoming Projects in Vietnam Petrochemical]
[Existing Domestic Plastic Resin Capacity]
[Domestic Production of Plastic Resin in Vietnam]
PROJECT
CAPACITY
(mn tons/year)
PRODUCT STATUS
Nghi Son Refinery &
Petrochemical 0.37 PP Launch in 2018
Long Son 1.40 PP, HDPE, LLDPE Launch in 2021
Hyosung 0.3 PP IC granted in Aug-2018
Vung Ro Petroleum 0.7 PP IC revoked
PTT – Aramco 0.8 PE Delayed
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.
ITEM COMPANY
CAPACITY
(mn tons/year)
PP Binh Son Refinery 0.15
PVC AGC Chemicals Vietnam 0.10
PVC TPC Plastic & Chemical 0.19
PS Vietnam Polystyrene 0.05
EPS Vietnam Polystyrene 0.04
PLASTIC RESIN 0.53
570 570 570 570 570 943 943 943
2,343
3,912
4,409
5,021
5,463
5,819
6,345
6,918
7,543
8,225
2013 2014 2015 2016 2017 2018e 2019f 2020f 2021f 2022f
Installed capacity Gap Demand
NGHI SON REFINERY &
PETROCHEMICAL
LONG SON
** IC: Investment Certificate
12. Appendix| Key Players’ Profiles
• Registered name: Tan Tien Plastic Packaging
• Head office: Lot II, Group 4, Road 13, Tan Binh Industrial Park,
Tan Phu District, Ho Chi Minh City
• Establishment Year: 1966
• Charter capital: US$6.6 mn (as of 2017)
• Principal businesses: Tapack is the leading flexible packaging firm
in Vietnam, specializing in manufacture of high-end flexible
packaging. Its products serve many major players in beverage,
packaged food, seafood, and agri-business sector in Vietnam.
Besides, the company engages in real estate business including
commercial building development.
COMPANY PROFILING
FINANCIAL PERFORMANCE KEY CLIENTS
PRODUCTION SITES
Unit: US$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%
No Plant Location Production lines
1
Main
factory
Headquarter in Tan
Phu District, Ho
Chi Minh City
• Factory is located on an area of
50,000m2
• Equipment & capacity:
• Rotogravure printer:
400m/minute
• Engraving machines: 7,200
cylinders/year
• 5-layers tandem extrusion
laminator: 400,000,000m2/year
13. Appendix| Key Players’ Profiles
• Registered name: Liksin Industry – Printing – Packaging
Corporation
• Head office: No. 159 Kinh Duong Vuong Str., Ward 12, Dist. 6, Ho
Chi Minh City, Vietnam
• Establishment Year: 1978
• Charter capital: US$37.2mn (as of 2017)
• Principal businesses: Liksin is one of the leading packaging
manufacturers in Vietnam, engaging in 04 main business lines: (i)
packaging manufacturing and trading (mainly flexible/paper/metal
packaging), (ii) labels and packaging printing, (iii) vocational
education, and (iv) real estate.
COMPANY PROFILING
FINANCIAL PERFORMANCE KEY CLIENTS
PRODUCTION SITES
Unit: US$mn
2014 2015 2016 2017
Net sales 51.3
CoGS 45.2
Gross Profit 6.1
% Gross Profit(*) 11.9%
NPAT 3.6
% NPAT (*) 7.0%
Total Assets 43.7
Total Liabilities 26.8
ROA (*) 8.1%
ROE (*) 21.0%
No. Unit Location
Total Factory Area
(sqm)
1 Liksin Packaging Enterprise Long An 30,000
2
Liksin Printing Packaging
Enterprise
Long An 20,000
3
An Khang Liksin Packaging
Enterprise
HCMC 5,000
4 Liksin Northern Packaging Bac Ninh 10,080
5 Dong Nam Viet Packaging Binh Duong 28,400
6 An Lac Labels Long An 5,000
Content to be
removed for preview
purpose
14. Appendix| Key Players’ Profiles
• Registered name: Tin Thanh Packaging Joint Stock Company
• Head office: Lot C20, Duc Hoa Ha Plastic Industrial Zone, Binh
Tien Village, Duc Hoa Ha Commune, Duc Hoa District, Long An
Province, Vietnam
• Establishment Year: 1995
• Principal businesses: Batico is one of the top flexible packaging
producer in Vietnam. The company’s products offerings include a
wide range of plastic pouches and rolls. In long-term, Batico will
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
constructs new one as well. Both production sites locate in Long
An province.
COMPANY PROFILING
FINANCIAL PERFORMANCE KEY CLIENTS
PRODUCTION SITES
Unit: US$mn
2014 2015 2016 2017
Net sales 44.6
CoGS 39.1
Gross Profit 5.5
% Gross Profit(*) 12.4%
NPAT 1.6
% NPAT (*) 3.5%
Total Assets 77.7
Total Liabilities 31.9
ROA (*) 2.0%
ROE (*) 3.4%
Content to be
removed for preview
purpose
No. Plant Location Notes
1 First factory Long An
• Total area of 18,500 msq
• LLPDE film production capacity: 160
ton/month
• Printing capacity: 25 mn meter/month
• Laminating capacity : 24 mn meter/
month
• Bag cutting 3 mn sqm/month
2
Second
factory
Long An
The new plant will be built in the coming
years with total area of 55,000 msq
16. Page 16
Overview
• Date of incorporation: March 11, 2008;
• Legal representative: Mr. Nguyen Quang Thuan
• Number of staff: 80 (as of April 2018) including Data Analysts, Market
Analysts, IT Engineers and Product Developers.
• Charter capital: VND24 billion (US$1.1 million); Shareholders: NIKKEI:
17.55%; QUICK: 17.55%; Management and other: 64.9%;
• Two offices: Hanoi Head Office and HCMC Branch
StoxPlus is a pioneer and a Vietnam’s leader in financial and business information services since 2008
Leveraging on our financial and
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professional team with local insights
and international experience:
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We offer below products leveraging on
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StoxPlus Joint Stock Company
www.stoxplus.com
We offer below products on-the-shelf
and by order basis by leveraging on an
aggregated source of more than 1 mil+
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• Company Report: from basic profile,
factsheet, credit report to
comprehensive research reports.
Financial Information
www.fiinform.com
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www.biinform.com
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www.biinform.com
17. Page 17
Board of Directors and Management
Our Management have extensive and diverse experiences in information, technologies & related
services
Thuan Nguyen, FCCA
Chairman and CEO
Co-founder of StoxPlus
previously working as an
investment manager of
Vietnam Holding Asset
Management Ltd and
manager at PwC Vietnam &
Australia
Hieu Nguyen, MBA
Vice Chairman
Co-founder of StoxPlus
previously working as a
specialist at the Department
for International
Development of UK (DFID) in
Vietnam. and Consulting
Manager at PwC Vietnam
Yoichi Noor Iwamoto
Board Member
Representative of NIKKEI
Inc. at StoxPlus. He is
currently Managing
Director of NIKKEI CHINA
(Hong Kong) Ltd.
Chiharu Kawai
Board Member
Representative from
QUICK Corp at StoxPlus.
He is currently General
Manager of Global
Business Department at
QUICK Corp.
Bolat Duisenov
Board Member
CEO of Kusto Group
Vietnam – a private equity
fund with AUM of US$300M
operating in Vietnam.
Huy Mac, CFA, FCCA
Board Member
A well-known financier
with Lehman Brothers
and KPMG. Recently he
was CEO of KB Securities
(Vietnam) and ex-DCEO of
MB Securities.
Dong Le, CFA
Director, BiinForm
Previously Senior
Investment Manager at
BIDV-Vietnam Partners
Investment Management
and audit manager at
Deloitte Vietnam
Trang Truong, MBA
Managing Director,
FiinForm
Managing Financial
Information Unit of
StoxPlus and lead business
analyst for innovative
product development at
StoxPlus
Tung Do
CTO
Oversight technology and
product development at
StoxPlus. Previously
various managerial
position at IT Outsourcing
firms including CMC and
EKGIS
18. Page 18
Research and Consulting Services
• Leveraging on industry and corporate database, we offer insightful industry reports for
Vietnam.
• Our Analyst team cover around 20 key sectors of Vietnam and offering reports ready to use in
the portal or in an order basis
Industry Report
A selection of sectors we cover:
Consumer Finance Cement PET Packaging Healthcare Services
Banking SOEsLogistics Flexible Packaging
Fertilizer
Food & Beverage
19. Page 19
Our advantages in database business make us differentiated from other international vendors
Research and Consulting Services
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20. A Global Standard: International Corporations Client
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21. Page 21
Research and Consulting Services
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22. Page 22
Research and Consulting Services
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23. Research and Consulting Services
We have a great track record in supporting large local and foreign clients from Day 1 when they first
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Page 23
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We are proudly making contribution to capital and trade flows within Vietnam and between Vietnam
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providing thought leadership about Vietnam market
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Page 24
25. Contact us at StoxPlus
Nguyen Thi Huyen Trang
Senior Associate, Client Service Advisor
t: +84 (28) 3933 3586
e: trang.nguyen@stoxplus.com
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5th Floor, Anh Minh Building
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t: +84-24-3562 6962 (ext. 110)
e: dong.le@stoxplus.com
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