Vietnam Agrochemical Market Report 2018

INDUSTRY PREVIEW
Vietnam Agrochemicals Market 2018

Table of Contents
No Contents Page
1 Vietnam Agrochemicals Market Preview 2018 2 – 15
1.1 Market Structure & Description 3
1.2 Overview of Vietnam Fertilizers Market 4 - 7
1.3 Overview of Vietnam Pesticides Market 8 – 11
1.5 Appendix – Key Players’ Profile 12 – 14
2 StoxPlus Introduction 15 – 25

Market Structure & DescriptionAGROCHEMICALS
PESTICIDESFERTILIZERS
• Raw material for pesticides is imported 100%. Notably, while 60% is being
used for agribusiness, the remaining portion of raw materials and
pesticides are being processed for export purpose.
• Key manufacturers and distributors include Loc Troi Corp., Vietnam
Fumigation (VFC), H.A.I Agrochem, Syngenta Vietnam ltd., etc.
Source: StoxPlus
Agrochemicals is segmented into 02 key segmentations: fertilizers and pesticides
Figure 1: Market structure of agrochemicals market, 2017
Phosphate (P)
Potassium (K)
Nitrogen (N)
NPK Synthetic
(NPK)
SA
DAP
Urea
Superphosphate
FMP
• SA fertilizer is imported 100%, mainly from China. In particular, SA import
volume accounted for roughly 23.2% of total fertilizers import volume in
Vietnam. Key SA Distributors include Vinacam, Apromaco, etc.
• 80% of DAP fertilizer is imported, mostly from China (accounting for ~80% of total
import). Key local producers include DAP Dinh Vu and DAP Lao Cai are facing
fierce competition from low-price import products, leading to profit loss in
recent years.
• Vinachem and PVN are top players in this segment. In 2017, PVN sales volume
accounted for 61.4% of total consumption, followed by Vinachem (10.2%).
• Currently, phosphate production mainly served domestic consumption, which is
estimated to be 1.8mn tons in 2017. Vinachem is the key player in this segment
with over 50% market share. Currently, Vinachem owned Southern Fertilizer,
Supe Lam Thao and Van Dien. Notably, in the export market, this traditional
product is highly-preferred by Japanese partners.
• Potassium fertilizer is imported wholly, mainly from Lithuania and Russia.
Potassium import volume accounted for around 26.8% of total fertilizer import
volume. Notable Kali distributors include Vinacam, Apromaco, etc.
• NPK market is fragmented with the participation of various suppliers. Due to the
high demand for NPK, which accounted for 40% of total fertilizer consumption,
over 50% of NPK volume is imported. Top 3 players including LAS, Binh Dien and
Southern Fertilizer are Vinachem’s subsidiaries, together occupying 40% market
share by consumption volume.
Herbicides
Insecticides
Fungicides
Others

Size & Segmentation | Fertilizer
Domestic production satisfies roughly 85% of highly in-demand fertilizers including NPK, Urea
and Phosphate
• During 2013-2017 period, total supply of fertilizers fluctuated following the pace of agriculture sector, which is heavily impacted by
environmental factors. In near-term prospects, the outlook of agriculture sector is positive, mostly driven by (i) Incentives policy for
agriculture investment such as Decree 57/2018/ND-CP; (ii) Enterprises’ persistence effort in sharpening competitiveness by applying
technology and farming standard.
• By supply volume, NPK is the largest segment with nearly 30% market share, followed by Urea (~24%) and Phosphate fertilizer (~12%). Notably,
Kali fertilizer is the fastest growing segment with 2013-2017 CAGR of 5.5% while the growth rate of other segmentation stabilized.
• While highly in-demand fertilizers including NPK (37% of total consumption), Urea (~23%) and Phosphate (~15%) are satisfied by domestic
production, Kali, SA and majority (80%-90%) of DAP are imported due to shortage of raw materials, and high production cost. Thus, in 2017,
Vietnam trade balance experienced deficit of 3.8mn tons of fertilizers despite the excessive local production.
Source: StockPlus from MoIT and Customs
Figure 2: Total supply of fertilizers (thousand tons), 2013-2017
-
2,000
4,000
6,000
8,000
10,000
12,000
2013 2014 2015 2016 2017
'000tons
NPK
UreaP
Fertilizers
DAP
K
Fertilizers
SA
Others
** Total supply = Domestic production + Import volume
BREAKDOWN OF FERTILIZER SUPPLY BY CATEGORY

Competition Dynamics | Fertilizer
Vinachem, PVN (via their subsidiaries) dominated fertilizer sector with approx. 44.4% market
share in 2017
• Vietnam fertilizer market is fragmented with the participants of approx. 500 producers and distributors, of which majority are small-scaled
and family-run businesses. Vinachem and PVN (via their subsidiaries) dominated fertilizer sector with 44.4% market share in 2017
➢ NPK: In 2017, Vinachem dominated the market with market share of over 40% while the remainders held insignificant market share as
this market is highly fragmented.
➢ Phosphate: Vinachem retained its leading position with market share of approx. 50% thanks to the its dominant position of exploiting
apatite, the key raw materials for phosphate fertilizer production.
➢ Urea: Up to 62% of the sales volume was occupied by PVN's subsidiaries namely Ca Mau Fertilizer and Phu My Fertilizer.
Source: StoxPlus Consolidation
Phu My
Ca Mau
Lam Thao
Binh Dien
The Southern
Van Dien
Ha Bac
DAP Vinachem
Others
PVN
Vinachem
0%
20%
40%
60%
80%
100%
NPK Urea Phosphate
Binh Dien Lam Thao Van Dien The Southern
Ca Mau Phu My Ha Bac Others
SALES VOL. SHARE OF KEY PLAYERS BY SEGMENT
Figure 3: Market share of key players by sales volume (tons), 2017

Source: StoxPlus
Note: The sales revenue covers ALL BUSINESS LINES
Key operational indicators | Fertilizer
INDICATORS Phu My Fertilizer Binh Dien Fertilizer PetroVietnam Camau
Fertilizer
Quang Binh Import & Export Lam Thao Fertilizers
Established year 2007 2011 2011 2007 2009
Net sale
(US$ mn)
> 200 > 200 > 200 100-200 100-200
No. of factories 02 05 01 01 01
No. of agents • 100 level-1agents
• 2,800 level -2 agents
• 200 level-1 agents
• 2,500 level-2 agents
• 300 agents • 50 agents
No. of province
coverage
02 04 01 04 02
Designed capacity
(‘000 tons/ year)
• Phu My Fertilizer: 800
• NPK Phu My: 250
• Binh Dien – Long An: 500
• Binh Dien – Lam Dong: 100
• Binh Dien – Ninh Binh: 400
• Binh Dien – Quang Tri: 75
• Binh Dien – Mekong: 100
• PetroVietnam Camau
Fertilizer: 800
• NPK Dinh Vu: 100 • Lam Thao Fertilizer: 1,850
Production volume
(‘000 tons)
• Phu My fertilizer: 798.7 • Total: 686 • Urea: 851.1 • N/A • Total: 1,443.7
➢ Super phosphate: 721.2
➢ Melted phosphate: 72.9
➢ NPK: 649.7
Expansion plan N/A Increase Binh Dien - Long An
Fertilizer Plant’s capacity by
200,000 tons / year
N/A N/A N/A
Sales volume
(‘000 tons)
• Phu My fertilizer: 794.4
• Others (trading): 373.8
• Total: 683.3 • Urea 864.5
• Others (trading): 69.2
• N/A • Total: 1,114.1
➢ Super phosphate: 382.9
➢ Melted phosphate: 37.4
➢ NPK: 693.8
Product offerings • NPK Phu My
• Kali Phu My
• DAP Phu My
• NPK fertilizer branded
"Dau Trau" is the
company’s key product
line. Offering types
include: Granular, 3-
color, Powdered, Liquid
• Urea
• Complex fertilizers
• Biomineral fertilizers
• 8 self-produced NPK
fertilizer products and 11
imported products of
Urea, DAP and P fertilizer
• Super phosphate
• Melted phosphorus
• NPK-S
Figure 4: Selected operational indicators of key players in fertilizer sector, 2017
Our Biinform portal provides ~ 1 million available company reports ready to purchase

COMPANY Key business line Type
SALES
REVENUE
COGS NPAT TOTAL ASSET
OWNER’S
EQUITY
Binh Dien Fertilizer: NPK State-owned >200 221.63 15.40 150.68 49.60
PetroVietnam Camau
Fertilizers: Urea, complex fertilizers,
biomineral fertilizers
Chemicals
Oil and gas
State-owned >200 158.15 27.46 570.36 257.32
Phu My
Fertilizers: NPK, Kali, DAP
Basic chemicals
State-owned >200 243.19 51.23 420.88 361.95
Lam Thao
Fertilizers
Chemicals
Others: electricity, water, cement,
petroleum
State-owned 100 - 200 142.22 6.08 120.30 56.40
Quang Binh Import & Export
Fertilizers: NPK, Urea, DAP, P
Chemicals: Sulfur, DCPP
Agricultural products
Private 100 – 200 189.14 0.60 98.29 36.42
Japan Vietnam Fertilizer Fertilizer: NPK, NPK+TE Foreign-owned 100 - 200 49.66 6.83 42.54 33.19
Tuong Nguyen Export & Import Fertilizer Private 100 - 200 104.11 0.05 25.05 3.11
Thien Thanh Loc Fertilize Private 50 - 100 72.91 0.01 33.92 0.65
Nguyen Phan Fertilizer Private 50 - 100 84.36 1.28 14.19 5.35
Nguyen Ngoc Fertilizer Private < 50 32.73 (0.30) 11.76 (0.29)
Page 7
Figure 5: Selected financial indicators (US$ mn) of key players in fertilizer sector, 2016
Source: StoxPlus
Note: The sales revenue takes into account all the business lines
Key financial indicators | Fertilizer

Size & Segmentation | Pesticides
Total value of import pesticides and materials reached approx. US$ 1bn in 2017, posting CAGR
2013-2017 of 7%
• Over the reviewed course, the import value of pesticides in Vietnam has grown at 2013-2017 CAGR of 7% driven by farmers’ overusing
pesticides situation. Given the insufficient capacity of producing pesticides coupled with Vietnamese Government orientation of not
developing this sector, Vietnam has to import nearly 100% of this product.
• While the pesticides and materials import value fluctuated insignificantly throughout year, it is notable that this figure in 2017 increased
sharply by 35% compared to 2016. In 2017, many decisions were issue to ban the importation of selected highly in-demand substances, which
are considered to be harmful (Eg.: Decision 3435/QD-BNN-BVTV, Decision 4154/QD-BNN-BVTV, etc.). Thus, the continuous abolishment of
active chemicals in 2017 drove up the pre-stock demand of pesticides importers.
• Due to the competitive advantage of low price offerings coupled with low transportation cost, China remained the key exporter of pesticides
and chemical materials to Vietnam.
Source: StockPlus from Custom
-
200.0
400.0
600.0
800.0
1,000.0
1,200.0
2013 2014 2015 2016 2017
US$mn
Figure 6: Pesticides and materials import value, 2013-2017
Herbicide
Fungicide
InsecticidesMolluscicides
Plant growth
regulators
Others

Competition Dynamics | Pesticides
By import volume, top 10 companies occupied approx. 30-40% market share by segmentation
Figure 7: Import volume market share by segment, 2017
Source: StoxPlus from Vibiz
Nicotex
Viet Thang
Loc Troi
SPC HCMC
An Nong
PSC1
H.A.I
Syngenta
Nhat Thanh
Thanh Son
Others
Syngenta
Adc
Viet Thang
UPL
Loc Troi
SPC HCMC
Viguato
Tan Thanh
Binh Phuong
H.A.I
Others
Viet Thang
Vietnam
Fumigation
A Chau
Nicotex
Thanh Son
Syngenta
Adc
Binh Phuong
Truong
Thinh
SPC HCMC
Others
84.4
thousand tons
Herbicide Fungicide Insecticide
• There are over 200 manufacturing and trading enterprises in Vietnam pesticides. Of which, top 10 key importers occupied approx. 40% of
total import value in 2017. By total import volume, leading companies are Viet Thang (4.3% market share in 2017), Nicotex (3.4%) and Loc
Troi Group (2.7%).
• Leading companies had advantages of long-standing operation (+25 years), wide distribution networks (e.g. Loc Troi group has over 5,000
distribution agents across the country while this figure for Vietnam Fumigation and H.A.I Agrochem are 2,500 and 1,800 respectively) and
diversified product offerings.
112.5
thousand tons
244.2
thousand tons

INDICATORS Loc Troi Group Vietnam Fumigation Hai Agrochem Saigon Plant Protection Viet Pesticide
Established year 1993 1993 1992 1993 2006
Net sales
(US$ mn)
>200 100-200 50-100 50-100 <50
No. of factories 02 01 01 01 01
Designed capacity
(tpa)
N/A 9,500 5,000 N/A N/A
Distribution network • 25 branches
• (01 in Campuchia)
- 5,000 retail agents
• 16 branches
• About 400 level-1
agents
• 12 branches
• (01 in Campuchia)
About 300 level-1
agents
• 15 branches
• (01 in Myanmar)
• 01 service station
• 100 agents
• 01 supermarket
• 01 manufacture
• 04 branches
• 01 depot for plant
protection chemicals
• 01 farm
No. of province coverage 02 16 11 14 07
Import volume
(thousand tons)
17.2 11.0 N/A 12.9 N/A
Product offerings • 10 products of
seed treatment,
insecticides and
herbicide
• 18 products of
pesticides, herbicide,
and fungicides
• 39 products of
molluscicides,
herbicides,
insecticides,
fungicides and plant
growth stimulator
• 80 products of
pesticides,
herbicides, fongicides
• 10 products of
molluscicides,
herbicides,
insecticides,
fungicides, and
rodenticide
Page 10
Source: StoxPlus
Key operational indicators | Pesticides
Figure 8: Selected operational indicators of key players in pesticides sector, 2017

COMPANY Key business line Type
SALES
REVENUE
COGS NPAT
TOTAL
ASSET
OWNER’S
EQUITY
Loc Troi Group
Seeding
Rice & coffee
Crop chemicals: insecticides & herbicides
Fertilizer: Urea & biological – organic
products.
Private > 200 271.26 15.34 270.91 95.71
Vietnam Fumigation
Fumigation service
Agro-chemicals: pesticides, herbicide, &
fungicides
Private 100 - 200 74.76 6.44 66.02 33.84
HAI Agrochem
Pesticides: molluscicides, herbicides,
insecticides, fungicides & plant growth
stimulator
Fertilizers: NPK fertilizer
Private 50 -100 61.82 2.70 95.16 59.29
Nicotex
Pesticides: herbicides, insecticides,
fungicides, molluscicides, & plant growth
stimulator
Fertilizers: Inorganic & organic
Private < 50 20.37 1.27 18.31 7.77
Saigon Plant Protection
Pesticides: Insecticides, herbicides &
fungicides
State-owned < 50 29.06 1.36 26.03 7.83
Vietnam Pesticide
Fumigation service
Crop chemicals: Herbicides, Insecticides,
Fungicides, Molluscicides, & Rodenticide
State-owned < 50 22.46 3.43 24.73 15.30
Green Fields
Pesticides: herbicides, insecticides,
fungicides, molluscicides, & plant growth
stimulator
Private < 50 15.08 2.45 20.77 12.37
Page 11
Figure 9: Selected financial indicators (us$mn) of key players in pesticides sector, 2016
Source: StoxPlus
Key financial indicators | Pesticides

Appendix| Key Players’ Profiles
• Registered name: Binh Dien Fertilizer Joint Stock Company
• Head office: No. C12/2, National Highway 1°, Tan Kien Commune,
Binh Chanh District Ho Chi Minh City, Vietnam
• Establishment Year: 2011
• Charter capital: US$ 25.1mn (as of 2017)
• Principal businesses: Binh Dien operates as a producer and
distributor in fertilizer sector, providing over 100 kinds of products
to the market. Currently, the company runs 5 fertilizer factories,
all located in the Southern Vietnam. In addition to fertilizer
business, the company also engages in pesticides and real estate
sectors.
COMPANY PROFILING
FINANCIAL PERFORMANCE PRODUCTION SITES
KEY PRODUCTS & DISTRIBUTION CAPACITY
Unit: US$mn
2014 2015 2016 2017
Net sales 280,503 265,577 261,399 277,363
CoGS 250,571 232,170 221,633 232,924
Gross Profit 29,932 33,407 39,767 44,438
% Gross Profit(*) 10.7% 12.6% 15.2% 16.0%
NPAT 12,692 12,326 15,399 15,353
% NPAT (*) 4.5% 4.6% 5.9% 5.5%
Total Assets 131,336 157,006 150,677 168,940
Total Liabilities 87,102 108,297 101,077 115,241
ROA (*) N/A 8.5% 10.0% 9.6%
ROE (*) N/A 26.5% 31.3% 29.7%
No Plant Location Designed Capacity
(thousand tpa)
1 Binh Dien-Long An Long An Province 500
2 Binh Dien – Ninh
Binh
Ninh Binh Province 400
3 Binh Dien – Lam
Dong
Lam Dong Province 100
4 Binh Dien – Mekong Tay Ninh Province 100
5 Binh Dien – Quang
Tri
Quang Tri Province 75
Expansion plan: Enhance Binh Dien - Long An Fertilizer Plant’s
capacity by 200,000 tons/ year
FERTILIZERS
• “Dau Trau” NPK
• “Dau Trau”
Agrotain
• Organic
• Foliar
PESTICIDES
• Herbicides
• Insecticides
• Fungicides
• Plant growth
stimulator
OTHERS
• Real estate
Since its establishment, Bind Dien has developed a broad distribution
network of around 200 leval-1 agents and 2,500 agents in level 2. By
having good brand recognition through the brand name “Dau Trau”
and stable relationship with agent network, Binh Dien has retained
high fertilizer consumption of about 683 thousand tons in 2017.

• Registered name: Baconco company limited
• Head office: Phu My 1 Industrial Zone, Tan Thanh District, Ba Ria -
Vung Tau Province
• Principal businesses: Baconco Co., Ltd. manufactures and
distributes fertilizers and crop care products. The product lines of
the company is widely known under the brand "Con Co." In 2004,
the company expanded its business to pesticides segment,
providing crop protection chemicals and liquid foliar offerings.
COMPANY PROFILING
Unit: US$mn
2014 2015 2016 2017
Net sales 93,512
CoGS 75,434
Gross Profit 18,078
% Gross Profit(*) 19.3%
NPAT 9,985
% NPAT (*) 10.7%
Total Assets 43,897
Total Liabilities 14,691
ROA (*)
24.3%
ROE (*) 33.4%
No Plant Location
Designed Capacity
(thousand tpa)
1
Baconco
Fertilizer
Headquarter in Tan Thanh
District, Ba Ria - Vung Tau
Province
200
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purpose
• Technology: AVS, Melting Urea, Turbomix, USP (Urea Super
Phosphate), N-protect
FERTILIZERS
• Soil fertilizer:
NPK , Single,
Organic
• Foliar fertilizer
PESTICIDES
• Herbicides
• Insecticides
• Fungicides
OTHERS
• Warehousing
and trade
services.
Annually, Baconco produces and distributes nearly 200,000 tons of
NPK fertilizer in average. Baconco has developed a strong network of
over 300 level-1 agents distributing its products to farmers through
over 5,000 retail outlets nationwide. The company also participates in
exporting activities and has partnerships with 32 countries around the
world, focusing mainly on developing countries such as Angola,
Zambia, Cambodia, Myanmar, etc.

• Registered name: Green Fields Joint-Stock Company
• Head office: Lot G3-1 + G4 + MB1-4, Duc Hoa 1 Industrial Zone -
Hanh Phuc, Duc Hoa Dong Commune, Duc Hoa District, Long An
Province, Vietnam
• Principal businesses: Green Fields Jsc. focus its operation on
manufacturing and distributing pesticides. The company
distributes nearly 70 trade names of many plant protection
products, including 5 categories: insecticides, fungicides,
molluscicides, herbicides and plant growth regulator.
COMPANY PROFILING
Unit: US$mn
2014 2015 2016 2017
Net sales 19,356.16
CoGS 14,469.02
Gross Profit 4,887.14
% Gross Profit(*) 0.25
NPAT 1,694.37
% NPAT (*) 0.09
Total Assets 15,174.55
Total Liabilities 4,307.43
ROA (*)
0.11
ROE (*) 0.16
No Plant Location Production line
1 Main plant
Headquarter in Duc Hoa
District, Long An Province
The company now
has the line of
machinery &
equipment for the
production of the
following drugs:
- EC drugs
- SC drugs
- Drugs WP, Gr
PESTICIDES
• Insecticides: 34 products
• Fungicides: 21 products
• Molluscicides: 2 products
• Herbicides: 7 products
• Plant Growth Stimulator: 3
products
In 2017, the company has 5 branches and 28 level-1 distribution
agents nationwide. It is notable that the company’s business is
concentrated in the East and South West markets with its
headquarter, main factory, 5 branches and 24 level-1 agents
operating there. In comparison with other benchmarking companies
with hundred to thousand agencies, the distribution network of Green
Fields company is relatively limited.
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Table of Contents
No Contents Page
1 Vietnam Agrochemicals Market Preview 2018 2 – 15
1.1 Market Structure & Description 3
1.2 Overview of Vietnam Fertilizers Market 4 - 7
1.3 Overview of Vietnam Pesticides Market 8 – 11
1.4 SWOT Analysis 12
1.5 Appendix – Key Players’ Profile 13 - 15
2 StoxPlus Introduction 16 – 26

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• Combination of hard data leveraging Biinform database and local insight (track record, expertise & network)
• Database of all Vietnam Water Companies (production data such capacity, key operational indicators)

We have a great track record in supporting large local and foreign clients from Day 1 when they first
come into Vietnam
Page 23
JAPAN
FINANCIAL
SERVICES
OTHER
INDUSTRIES
KOREA WESTERN COUNTRIES OTHERS

We are proudly making contribution to capital and trade flows within Vietnam and between Vietnam
and the World via our product and services; and also via various conferences and industry seminars
providing thought leadership about Vietnam market
Speaking at Cemtech Asia
2015, 2016, 2017
Annual Consumer Finance
Conference, co-host with
SBV 2016, 2017
Annual Foreign Investor
Conference, co-host
with HOSE
M&A Seminar, co-host
with Singapore Business
Group, 2017
SME Financing
Conference, 2017
Trade Risk management
Conference, co-host with CIC,
2017
FiinPro Talk Series
(quarterly)
Vietnam Renewable
Energy Conference, co-
host with Eurocham, 2018
Page 24

Contact us at StoxPlus
Nguyen Thi Huyen Trang
Senior Associate, Client Service Advisor
t: +84 (28) 3933 3586
e: trang.nguyen@stoxplus.com
Head Office
5th Floor, Anh Minh Building
36 Hoang Cau Street
Hanoi, Vietnam
+ 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
+ 84 (28) 3933 3586
For Financial Information Services
For Business Information Services
For Research and Consulting Services
Le Xuan Dong, CFA
Director, Research and Consulting
t: +84 (24) 3562 6962 (ext. 110)
e: dong.le@stoxplus.com
Nguyen Anh Tuyet
Manager, Client Service Advisor
t: +84 (28) 3933 3585 (ext. 208)
e: tuyet.nguyen@stoxplus.com

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