1.

Market Overview
2. Value Chain Analysis
3. Market Sectors Analysis
5. Market Entry Analysis
6. Master plan for Industry Development
7. New Law and Regulations on the industry
8. Top Players in the industry
 Market
Overview
Key ratios (January 2020)
Price/Equity 27.32
Gross Profit 17.71%
EBIT 4.71%
Net Profit 3.06%
Liquidity 1.25
ROA 9.99%
ROE 16.76%

Vietnam’s beverage industry is Vietnam is one of the highest beverage

strengthened rapidly, accompanied by a consuming market as well. Compared to
boost in economic growth, advantageous 2010, Vietnam's alcohol consumption
demographics, rising tourism and higher increased by nearly 95%, ranks first in
income middle-class. With the growth the world, and doubles the second-rank-
rate of 6% annually, the sector is one the ing country- India, and 16 times more
driving industry of Vietnam’s economy, than the United States.
has the highest production value and the
2nd highest total revenue.

1
 Penetration rate in Vietnam’s food and beverage industry

40

35

30

25

20

15

10

2019 2020 2021 2022 2023 2024

Beer segment is the strongest in Vietnam Vietnamese government plans to decrease its stake
beverage industry. This sector only in state-owned enterprises to encourage the coun-
accounts for more than a half of bever- try’s private sector, supporting the positive outlook
age revenue, leading by Sabeco, which for Vietnam’s beverage industry. This, accompanied
takes over 40% of the market share. by Vietnam’s membership of WTO and a number of
However, the company had been free trade deals such as CPTPP and the EVFTA, aims
acquired by Thailand giant – ThaiBev in to attract multinational companies to invest in the
the end of 2017, making this sector drinks sector as well as generate opportunities for
mainly controlled by a foreign firm. Vietnamese companies to expand their exports.

2
 Trends
transforming
the beverage
industry
Alcoholic beverages (beer, wine and spir-
its) are the largest accounting for more than
70% of the total retail of the beverage indus-
try. Despite receiving a modest annual growth
rate of 3.5% by 2020, the beer industry is
considered to have a great opportunity to
invest because the country’s consumption is in
the top 10 of Asia and a favorable average per
capita consumption of 42 liters by 2020.

3
 ILITY Incr
B
IA NA eas
T

ed
SUS

for
cus
R OFFERING

on health anD W
SUME

TRENDS
ON

EL
C

LN
TO

E
CT

SS

ID RE
prem
nce

umi
i

Convenie zation

Vietnamese consumers are considered to be For alcohol consumption, Vietnam records the
more and more health-conscious in Southeast highest increase per capita in the world, with 4.6
Asia, calling for manufacturers to start rethink- billion liters consumed in 2019, accounted for
ing market offerings that calibrate towards VND 44.3 billion, which appears to be a poten-
healthier product portfolio such as fruit juices tial market for foreign players. The increases in
or herbal teas. This shown through the fall in GDP were in sync with the increases in adult's
revenue growth of carbonated soft drinks in alcohol per capita consumption, due to the
Vietnam, from 27.9% in 2011 to 9.3% in 2019 up-growth in the economy, as well as the pro-
and is forecasted to further fall to 5.7% by 2023. longed period of a weak alcohol control policy.

4
 Value Chain
Analysis

Cultivation/Import raw Raw Material Processing Beverage P

material Warehousin
Many multi-national companies
and big groups in the sector are
using new technologies to create
environmental friendly products,
contributing to easing waste.

Packaging and Material

Production
5
Production and Transportation distribu- Retail, Marketing and
ng tion Beverage Consumption
Due to the income gap between Of the selling price, 51% of the
urban and rural areas, the con- selling price goes to manufactur-
sumption of wine and spirits is ers, 34.6% are taxes such as VAT,
concentrated in urban centers such special consumption tax, ... retail-
as Hanoi, Ho Chi Minh City and Da ers are entitled to about 9.7%.
Nang. .

The UN sustainable development Goals and health-con-

scious awareness impact directly on companies’ branding,
consumer choices and cost of production. Package disposal –
Reuse and Recycle

6
 Non-alcoholic
Drinks
8000
7000
6000
5000
4000
3000
2000
1000
0

2015 2016 2017 2018 2019 2020 2021 2022 2023

Although they are the only two major foreign firms in the segment,
Coca-cola and Suntory Pepsico largely dominate the market by
taking over 64% of the market share, following by Tan Hiep Phat
and Trung Nguyen – two big domestic players. The reasons behind
are due to:

Small production scale

Obsolete manufacturing equipment (accounts for 52% of all firms)

7
 Bottled water

Soft Drinks

Juices

Revenue of this segment is projected amount to USD 7.098

4
million in 2020 with the expected growth rate of 6.5% until
2023, mostly accounted for soft drinks.
3
The consumption per capita is growing rapidly under the
positive influence of consumer choices. Young generation
under 24-year-old taking over around 40 percent of the 2

country’s population demonstrates sustainable growth in the

soft drink sector. The tendency of a healthy lifestyle will
1
significantly change the appearance of the industry when 83
percent of consumers choosing nutritious and healthier prod-
o
ucts over sugary ones.
2020 2015

With the fastest growing in the

fast-moving consumer goods
(FMCG) industry, the volume
sales of soft drinks and carbon-
ated soft drinks in Vietnam is
Tan Hiep Phat
likely to reach 3.3 billion and 1.5
Suntory Pepsico
billion liters in 2020,
Cocacola
respectively.
Other

8
9
 Beer
Consumption
Vietnam is well-known for beer drinking culture. Currently,
the country is the biggest beer market in Southeast Asia, 3rd
in Asia and 15th in the world for beer consumption. The
rapid growth speed of this market attracts the covetous
glances of foreign investors, turning this playground into a
fierce battle.

6 60

5 50

4 40

3 30

2 20

1 10

0 0

10
 Beer consumption by Beer consumption by
geographical factor segmented factor

South Middle-end (VND 21.000-35.000/litre)

Middle High-end (>VND 35.000/litre)

North Low-end (<VND 20.000/litre)

Beer revenue in 2019 is USD 7.7 billion and is expected to reach USD 8.2 billion in 2020 with
an annual growth of 5.5% in the period of 2019 – 2023. This growth rate is estimated to be
higher, at 6-7%. The consumption growth rate is remarkable and constant in a long period,
along with that is the developing population, Vietnam’s beer industry combined all the most
favorable criteria for sustainable development.

Market shares
However, it is not simple to enter
this market. Only the investment units
based on the value chain from materi-
als, logistics to distribution systems,
along with strong financial resources
for new marketing strategies to win in
this race. Big players like Sabeco,
Habeco, Carlsberg and Heineken takes
over 90% of the market share. Rivalry
in this segment is relatively intense.

Sabeco Heineken Habeco

Carlsberg Other
11
 Other
Alcoholic
Drinks
In comparison with most revenue market in the world, Viet-
nam’s wine and spirit segment is relatively humble. The growth
rate keeps at around 4% yearly. Beside wine and spirits produc-
tion, revenue accounts mostly on Cider, Perry and Rice Wine.

According to WHO estimation, unofficial / non-statistical alco-

hol, mostly self-brewed alcohol, accounts for 64% of total
alcohol consumption. These wines usually really strong (up to
40 vol%), and are widely consumed and popularized in non-cen-
tral cities.

The chart below shows the average alcohol consumption by liter

per person of some big cities in Vietnam
LITERS PER PERSON

VietNam
HaNoi

Nam Dinh

Bac Giang

Lao Cai

Khanh Hoa

Nghe An

Dak Lak

Gia Lai

Binh Duong

Tay Ninh

Can Tho

Ben Tre

12
 0 1 2 3 4

5.00%
2.000

4.00%
1.500
3.00%

1.000
2.00%

500 1.00%

0 0.00%

Wine Spirits Cider,Perry

Revenue (Million USD)
and Rice Wine
Growth rate (%)

Per Annual
Most revenue
Beverage types Revenue person
market
revenue rate
Whisky USD 50m USD 0.5 4.1% India (USD 19,789m)

Vodka USD 261m USD 2.68 4.9% USA (USD 22,148m)

Rum USD 3m USD 0.03 4.2% USA (USD 2,750m)

Spirits
Gin USD 0.8m USD 0.009 4.9% USA (USD 3,990m)
growth
Brandy USD 23m USD 0.2 2.3% USA (USD 15,403m)
Liqueurs and
USD 10m USD 0.10 4.1% China (USD 132,832m)
Other Spirits*

Still Wine USD 273m USD 2.81 4.3% USA (USD41,490)

Sparkling
Wine Wine
USD 0.8m USD 0.008 3.8% Italy (USD 8,844m)

Fortified Wine USD 0.07m USD 0.0007 4.5% USA (USD 2,997m)
Cider, Perry and Rice
USD 1,638m USD 16.82 3.7% Japan (USD 37,172m)
Wine

*included ready-to-drink cocktails and mix drinks

13
14
 Development
plan for beverage
industry by 2025
100% According to Decision 3690/QĐ-BCT, MOIT
90% planned to focus on developing beverage industry
to meet domestic demand and exportation:
80%
Beer production capacity will shift towards balancing
70%
regional outputs: those population areas with a low
60% capacity such as the Northern Midlands and Mountains,

50% Central Highlands, and the Mekong River Delta will be

targeted for higher volume output.
40%

30%
Wine production will be concentrated in the Red River

20% Delta, the Southeast and the Mekong River Delta

region.
10%

0%
The Central Highlands and Central Coast regions will
Mekong Delta

Morthern Mountainous

Red River Delta

Southern Region

Central Highland

North Central Region

develop wines and fruit wines. The remaining regions

are mainly white wine and blended wine, combined
with refining of traditional local wine. Non-alcohol
products will be concentrated in the Southeast region,
the Red River Delta region, the North Central region
and the Central Coast region.
Beer brewing capacity

Wine production capacity Focus on fruit-based soft drinks in the Southeast,

Non-Alcohol product capacity Mekong River Delta and Central Coast regions. Develop
purified water and mineral water product in all regions
of the country.

15
 20.000
Investment for each segment in the industry:

18.000
Internal sector restructuring in the direction of reducing the
proportion of beer and wine industry; gradually increasing 16.000

the proportion of the beverage industry.

14.000

12.000

10.000

8.000

6.000
2035

4.000
2025

2.000

2020
0

0 5000 10.000 15.000 20.000 25.000 2016-2020 2021-2025

Beer Production Beer segment

Non-alcohol Production Wine segment

Wine- Production Non-alcohol segment

16
 Law on Prevention
and Control of
Harmsof Liquor and
Beer abuse
One of the most significant changes in Vietnam’s regulation 2020 is the Law on “Preven-
tion and control of harms of liquor and beer abuse. It targets to reduce the number of traffic
accidents caused by alcohol use, and to meet WHO requirements of discourage drinking and
protect consumer’s health.
“Alcohol is one of the three main reasons causing traffic accidents in Vietnam. A national analysis on
1,061 traffic accidents in Vietnam shows that one in five causes of alcohol use. About 59% of victims
between the ages of 15 - 29 and 24% from 30 - 44, 97% were male and 82% of the victims had alcohol
level higher than 50mg / 100ml of blood” – WHO, 2019.

From 01/01/2020, Decree 100/2019/NĐ-CP officially comes into force. Some highlighted
articles which might put impact to beverage industry development:
Article 3, clause 3: Advertising alcohol with alcoholic beverages of 15 vol% or higher is prohibited.
For alcohol or beer advertisement with an alcohol content of under 5.5 vol%, the regulations must be
complied with:

Do not advertise on television within 18-21h, except for ads available in sports programs that have
direct copyright oversea.
Do not advertise on spoken newspapers or on television right before, during and after the
children's program
Do not advertise on transportation.

Article 14: Do not use beer or any type of liquor as sponsor

Article 32:
Clause 5: Not selling alcohol and beer to persons under 18 years of age for all establishments
selling liquor and beer
Clause 7 : Do not opening alcohol selling points near schools and hospitals.
Article 21, clause 1: Strictly prohibit using transport vehicle after using alcohol. The following are the fine
levels for violations of alcohol use while in traffic.

17
The drink-driving sanction comes into effect on the same day with the Decree 100, forces drivers
to be more responsible when driving. The fine level is quite high compared to the average GDP
per person per year of USD 3,000 in 2020, which makes people hesitate to drink before driving.
Bloomberg portal announced that under the new law, there will be a reduction in Vietnam’s beer sector

revenue of at least 25% from the beginning of 2020. According to Mr. Khuat Viet Hung – Vice-chairman of the

National Committee on Traffic Safety, traffic accidents in Vietnam reduced significantly in January 2020,

delegated to the impact of Decree 100 .

Beer consumption decline is likely to push the soft-drinks revenue go up since this segment is an alternative

for the alcoholic one.

80-100
breath or thousands VND 2-3 millions VND 10-12 6-8 millions VND 10-12
50 milligrams/ 100 ~ ~ months ~ months
USD 3.45-4.32 USD 86 -129 USD 259-345
milliliters of blood

> 0.25 to 0.4 milligrams/ 200-300 4-5 millions VND

1 liter of breath or thousands VND VND 16-18 16-18 millions VND 16-18
> 50 to 80 milligrams/ ~ ~ months ~ months
100 milliliters of blood USD8.63-13 USD 173-215 USD 690 - 777

> 0.4 milligrams/ 1 liter of 400-600 6-8 millions VND

breath or thousand VND VND 22-24 40-60 millions VND 22-24
~
> 80 milligrams/ 100 ~ ~ months USD 1.726-2.589 months
milliliters of blood USD17.26-26 USD 259-345

18
 Import Tax and
Free Trade
Agreements

Beverage Type HS Code MFN ATIGA ACFTA AKFTA AANZFTA

172 Countries VN-ASEAN ASEAN-CHINA ASEAN-KOREA ASEAN-AUSTRALIA

NEW ZEALAND

Bottled Water 2201 35 0 0 0 0

Juice 2009 20-35

Other soft drinks 2202 20-35 0 0 0 0

Beer 2203 35 0 0 N/A 80

Wine 2204 50 0-5 0 N/A 80

2205 50 0 0 N/A 80
2206 20-40 0 0 0 20 NA
Spirits
2207 45 0 20 N/A 45-80

Legal source 125/2017/ 156/2017/ 153/2017/ 157/2017/ 158/2017/

NĐ/CP NĐ/CP NĐ/CP NĐ/CP NĐ/CP

Effective date 01/01/2018 01/01/2018 01/01/2018 01/01/2018 01/01/2018

19
 - Goods imported into Vietnam are subject to import tax. As prescribed by the law
No.107/2016/QH13 dated 06 April, 2016, one of three tax rates can be applied, including preferential
rates, special preferential rates and ordinary rates (Clause 3, Article 5). Preferential rates are applied
to imports originated from MFN countries that accord Vietnam most-favored nation treatment
(Official Letter no.8687/TCHQ-TXNK dated 09 September 2016)

- Free trade agreements play an important role in the beverage market due to a reduction in taxes
for most of the drink types, generating a competitive playground for foreign and domestics compa-
nies.

* EVFTA: On June 30th, 2019, Vietnam and EU signed EVFTA and are going through the internal
approval process before officially coming into force. In resolution 117/NQ-CP dated Dec 09th 2019,
Government request Ministry of Industry and Trade to escalate the reviewing process and approve
the agreement in the early half of 2020. The approval is most likely to heat up the competitiveness
in the industry.

AIFTA AJCEP VJEPA VCFTA VN-EAEU VKFTA AHKFTA EVFTA

ASEAN_INDIA ASEAN-JAPAN VN-JAPAN VN-CHILE VN-EURASIAN VN-KOREA ASEAN-HONGKONG VN-EU

10 19 9 24 22.3 0 35-40 35-40

20 25-35

10-15 15 7-17.5 17-20 6.7-22.3 0 20-35 20-35

65 65 65 53 22.3 35 NA 35

65 65 65 59 31.8-NA 50-35 NA 50
65 65 65 59 35-NA 55 NA 55
5-10 8-15 4-7 40 12.7-25.5 0 20-NA 20-40
10-65 65 65 55 28.6-NA 48 NA 48

159/2017/ 160/2017/ 155/2017/ 154/2017/ 150/2017/ 149/2017/ 07/2020/ NA*

NĐ/CP NĐ/CP NĐ/CP NĐ/CP NĐ/CP NĐ/CP NĐ/CP

01/01/2018 01/01/2018 01/01/2018 01/01/2018 01/01/2018 01/01/2018 11/06/2018 NA*

20
 Main players in the
Non-alcohol Drinks
HEINEKEN VIETNAM BREWERY LIMITED Business ID no.: 0300816663
COMPANY CARLSBERG VIETNAM BREWERIES LIMITED
Address: 88 Dong Khoi Street, District 1, Ho Chi
Minh City, VietNam
Email: CorporateAffairs.Department@suntory-
pepsico.vn
Charter Capital : USD 302,100,000
Revenue: VND 17,217,517,751,000
Profit: VND 1,639,206,353,000
Total Assets:: VND 12,350,131,062,000

SAIGON BEER - ALCOHOL - BEVERAGE Business ID no.: 0304324655 LAMDONG FOODSTUFFS JOINT-STOCK
CORPORATION COMPANY
Address: 82- 84, Bui Thi Xuan st., Ben Thanh
Ward, District 1, HCMCity
Email: [email protected]
Charter Capital : VND 2,500,000,000,000
Revenue: VND 4,842,327,008,099
Profit: VND 258,700,845,095
Total Assets:: VND 6,080,914,759,416

HANOI BEER ALCOHOL AND BEVERAGE HALONG BEER AND BEVERAGE JOINT
Business ID no.: 0300792451
JOINT STOCK CORPORATION STOCK COMPANY
Address: 485 Ha Noi Street, Linh Trung Ward
Thu Duc District, Ho Chi Minh City, Vietnam
Email: [email protected]
Charter Capital : VND 12,376,606,243,429
Revenue: VND 8,508,902,243,926
Profit: VND 548,664,243,074
Total Assets:: VND 8,462,691,407,948

21
Business ID no.: 3600261626
SAPPORO VIETNAM LIMITED Business ID no.: 4201624478
Address: Bien Hoa 1 Industrial Zone, An Binh
Address: 248 Thong Nhat Street - Nha Trang -
Ward, Bien Hoa City, Dong Nai Province,
Khanh Hoa
Vietnam
Email: [email protected]
Thu Duc District, Ho Chi Minh City, Vietnam
Charter Capital : VND 330,000,000,000
Email: [email protected]
Revenue: 1,805,644,868,629
Charter Capital : VND 265,791,350,000
Profit: VND 107,854,753,458
Revenue: VND 3,454,856,973,562
Total Assets:: VND 584,454,057,452
Profit: VND 636,977,311,480

Business ID no.: 5800408245 THANG LONG WINE JOINT STOCK Business ID no.: 0300584564
Address: No. 219, Binh Duong Boulevard, Vinh COMPANY Address: No. 606, Vo Van Kiet Street, Cau Kho
Phu Ward, Thuan An Town, Binh Duong Ward, 1 District, Ho Chi Minh City, VietnamViet-
Province, Vietnam Email: [email protected] nam
Charter Capital : VND 176,000,000,000 Email: [email protected]
Revenue: VND 6,067,155,822,953 Charter Capital : VND 85,000,000,000

Profit: 959,045,092,864 Revenue: VND 296,499,854,631

Total Assets:: VND 2,859,583,530,725 Profit: VND 5,236,247,885
Total Assets:: VND 235,635,481,695

Business ID no.: 1100101187 VIET HA BEER AND BEVERAGE JOINT Business ID no.: 3700895030
Address: National Road 1A, Tuong Khanh STOCK COMPANY Address: Lot D-3A-CN, My Phuoc 2 IP, My Phuoc
Quarter, Khanh Hau Ward, Tan An City, Long Ward, Ben Cat Town, Binh Duong Province,
An Province, Vietnam Email: vVNInfo@laviewa- Vietnam Email:contact@wonderfarmon-
ter.com line.comCharter Capital : USD 44,800,000
Charter Capital : USD 2,663,400 Revenue: VND 266,209,555,614
Revenue: VND 2,501,856,000,000 Profit: VND 23,422,690,223
Profit: VND 258,511,000,000 Total Assets:: VND 535,203,809,517
Total Assets:: VND 1,088,643,000,000

22
 Main players
in the Alcohol Drinks
HEINEKEN VIETNAM BREWERY LIMITED Business ID no.: 0300583659
CARLSBERG VIETNAM BREWERIES LIMITED
COMPANY Address: 18th-19th Floors, Vietcombank Tower,
No. 5, Cong Truong Me Linh Street, Ben Nghe
Ward, District 1, Ho Chi Minh City, Vietnam
Email: [email protected]
Charter Capital : VND 6,412,811,860,000
Revenue: VND 25,853,493,266,981
Profit: VND 7,547,036,533,057
Total Assets:: VND 20,591,660,295,043

SAIGON BEER - ALCOHOL - BEVERAGE LAMDONG FOODSTUFFS JOINT-STOCK

Business ID no.: 0304324655
CORPORATION COMPANY
Address: No. 187, Nguyen Chi Thanh, Ward 12,
District 5, Ho Chi Minh City, Vietnam
Email: [email protected]
Charter Capital : VND 2,500,000,000,000
Revenue: VND 36,043,018,331,946
Profit: VND 4,402,749,946,424
Total Assets:: VND 22,366,742,792,213

HANOI BEER ALCOHOL AND BEVERAGE Business ID no.: 0101376672 HALONG BEER AND BEVERAGE JOINT
JOINT STOCK CORPORATION Address: No. 183, Hoang Hoa Tham Street, STOCK COMPANY
Ngoc Ha Ward, Ba Dinh District, Ha Noi City,
Vietnam
Email: [email protected]
Charter Capital : VND 2,318,000,000,000
Revenue: VND 9,177,750,422,618
Profit: VND 484,332,728,484
Total Assets:: VND 9,202,846,010,059

23
Business ID no.: 3300100586
SAPPORO VIETNAM LIMITED Business ID no.: 1100780718
Address: Lot B8, Phu Bai Industrial Park, Phu Bai
Address: Viet Hoa - Duc Hoa III Industrial Zone,
Ward, Huong Thuy Town, Thua Thien-Hue
Duc Lap Ha Commune, Duc Hoa District, Long
Province, Vietnam
An Province, Vietnam
Email: [email protected]
Charter Capital : USD 93,000,000 Revenue:
Charter Capital : VND 344,410,831,958
616,850,251,666
Revenue: VND 2,504,535,912,709
Profit: VND -
Profit: VND 109,371,905,650
Total Assets:: VND 1,004,619,023,109
Total Assets:: VND 2,008,116,424,004

Business ID no.: 0301387752 THANG LONG WINE JOINT STOCK Business ID no.: 0101275603
Address: No. 219, Binh Duong Boulevard, Vinh COMPANY Address: No.3 - Alley 191, Lac Long Quan,Nghia

Phu Ward, Thuan An Town, Binh Duong Do Ward, Cau Giay District, Ha Noi City,

Province, Vietnam Vietnam

Email: [email protected] Email: [email protected]

Charter Capital :VND 146,571,500,000 Charter Capital : VND 27,000,000,000
Revenue: 463,810,838,495 Revenue: VND 98,199,774,320
Profit: VND 16,686,302,439 Profit: VND 13,837,078,853

Total Assets:: VND 228,092,507,910 Total Assets:: VND 138,365,190,839

VIET HA BEER AND BEVERAGE JOINT Business ID no.: 2300296351

Business ID no.: 5700433939
STOCK COMPANY Address: Tien Son Industrial Zone, Hoan Son
Address: No. 130, Le Loi Street, Yet Kieu Ward,
Commune, Tien Du District, Bac Ninh Province,
Ha Long City, Quang Ninh Province, Vietnam
Email: [email protected] Vietnam
Email: [email protected]
Charter Capital : VND 30,000,000,000
Charter Capital : VND 215,000,000,000
Revenue: VND 437,260,947,088
Revenue: 180,236,645,666
Profit: VND 46,332,399,794
Total Assets:: VND 191,596,917,485 Profit: VND 6,071,269,077
Total Assets:: VND 343,886,504,138

24
MANUFACTURE OF BEVERAGES REPOST-VIETNAMCREDIT 2020
WRITTEN BY:
RECHAL NHAT THU

EDITED BY:
JIMY LE

DESIGN BY:
DANIEL NGUYEN

VIETNAMCREDIT - BUSINESS INFORMATION PROVIDER IN VIETNAM

Company Report - Industry Report - Business Supporting Service

Email: [email protected]
Website: http://www.vietnamcredit.com.vn

HANOI OFFICE HOCHIMINH.C OFFICE

Address: Floor 15, LICOGI 13 tower Address: Floor 8, Master Building
No.164, Khuat Duy Tien Street, No.41-43, Tran Cao Van Street,
Thanh Xuan District, HN, Vietnam District 3, HCMC, Vietnam
Tel: +84-246 262 0082 Tel: +84-283 521 0453
Fax: +84-246 262 0083 Fax: +84-283 521 0460
 CH JUI
AM CE
PA
GN
MI E
LK
SO BE
FtD ER AL
RIN CO
K HO
L