1 VIETNAM PULP AND PAPER INDUSTRY REPORT Q2/2018
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VIETNAM PULP AND PAPER INDUSTRY REPORT Q2/2018
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Table of contents
Content Page Content Page
Abbreviations 4 2.2. Paper 25
Summary 5 2.2.1. Production 25
1. Business environment 7 2.2.2. Consumption 31
1.1. Macroeconomic situation 7 2.2.3. Import - Export 34
1.2. Legal framework 12 2.3. The pulp and paper industry in some countries 37
2. The world pulp and paper industry 19 3. The pulp and paper industry in Vietnam 51
2.1. Pulp 19 3.1. History of formation and development 51
2.1.1. Production 19 3.2. Pulp 54
2.1.2. Consumption 21 3.2.1. Production 55
2.1.3. Import - Export 23 3.2.2. Consumption 56
3.2.3. Import 57
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Table of contents
Content Page Content Page
3.3. Paper 58 5. Enterprise analysis 81
3.3.1. Production 59 5.1. Introduction of enterprises 81
3.3.2. Consumption 61 5.2. Indicators of business results 93
3.3.3. Export 65 5.3. Indicators of finance 100
3.3.4. Import 68 5.4. Indicators of performance efficiency 104
4. Overview of the industry 71
4.1. Competitiveness analysis 71
4.2. Planning 75
Abbreviations
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Abbreviations
AEC ASEAN Economic Community GDVC General Department of Vietnam Customs
CAGR Compound Annual Growth Rate GSO General Statistics Office (of Vietnam)
CEPI Confederation of European Paper Industry JPA Japan Paper Association
CPA China Paper Association MFN Most Favored Nation
CPTPPThe Comprehensive and Progressive agreement
for Trans-Pacific PartnershipRISI
Resource Information Systems Inc. (an
information port of pulp and paper industry)
FAO Food and Agriculture Organization SBV State Bank of Vietnam
GDP Gross Domestic Product VPPA Vietnam Pulp and Paper Association
Summary
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• Produced pulp volume in the world reached 156.8 million tons in 2017
• Produced paper volume in the world was nearly 432 million tons in 2017
• In the 1st quarter of 2018, export value of pulp and paper of Vietnam was 208.5 million USD
• In 2017, the number of consumed pulp increased by 11.2% to 171,319 tons in comparison with that in 2016,
• Pulp import is forecast to be the main trend of manufacturers in the paper industry
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Summary
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• From 2011 to 2017, the production of paper grew at the CAGR of 6.62%. In the 1st quarter of 2018, the quantity of produced paper reached
approximately 889 thousand tons.
• Paper consumption in Vietnam market has been rapidly increasing at the average rate of 7.37% per year between 2011
and 2017
• The number of exported paper of Vietnam in Q1/2018 was about 51 thousand tons which
valued 208.5 million USD, increasing by 48.2% compared with the same period of 2017
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Table of contents
1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
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1. Business environment
1.1 Macroeconomic situation
•
gross domestic product in the 1st quarter of 2018 was estimated to
increase by 7.38% compared with the same period of 2017
• According to reports by General Statistics Office (GSO), the
production index of processing and manufacturing industry in
Q1/2018 increased by 113.8% in comparison with the same period of
2017
%
Source: VIRAC, GSO
Source: VIRAC, GSO
GDP growth, 2011 - Q1/2018
Production index of processing and manufacturing industry,
2012 - Q1/2018
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1. Business environment
1.1 Macroeconomic situation
• Average interest rate has tended to decrease since 2011
• Export value of Vietnam in Q1/2018 was estimated to reach 55 billion USD
• Import Export value of Vietnam in Q1/2018 was about 52.8 billion USD
Source: VIRAC collects
Proportion of the contribution of pulp and paper industry to
Vietnam’s export value, 2012- Q1/2018
Average interest rate, 2012- Q1/2018
Source: VIRAC, NFSCContent is intentionally removed for demo purpose
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1. Business environment
1.1 Macroeconomic situation
• The VND/USD exchange rate is quite stable and still supported by a
plentiful supply of foreign currencies
Source: VIRAC collects
Source: VIRAC, NHNN
The VND/USD exchange rate, 2015-Q1/2018
The VND/CNY exchange rate, 2016-Q1/2018
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1. Business environment
1.1 Macroeconomic situation
Report on socio-economic situation in 2017 by the General Statistics Office revealed that total revenue of services and goods retails was about 3,934.2
trillion VND
The current positive status of services and goods business has positively impacted the paper and pulp demand
The young population structure creates a potential environment for
the development of the paper industry
Source: VIRAC, GSO
million
people
Vietnam’s population and population structure in workforce,
2010-2017
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Table of contents
1. Business environment
1.1 Macroeconomic situation
1.2 Legal framework
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1. Business environment
1.2 Legal framework
Group of regulations on pulp and paper business and production
No. Scrap HS code
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1. Business environment
1.2 Legal framework
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1. Business environment
1.2 Legal framework
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1. Business environment
1.2 Legal framework
Allowable imported scrap Fee (thousand VND/ profile)
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1. Business environment
1.2 Legal framework
Energy rated consumption for paper products until the end of 2020
No Product Capacity (ton year)Rate
(MJ/ton)
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Group of regulations on import taxes of pulp and paper industry
1. Business environment
1.2 Legal framework
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2. The world pulp and paper industry
2.1 Pulp
2.1.1 Production
2.1.2 Consumption
2.1.3 Pulp trade
2.2 Paper
2.2.1 Production
2.2.2 Consumption
2.2.3 Paper trade
2.3 The pulp and paper industry in some countries
Table of contents
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2. The world pulp and paper industry
2.1 Pulp – 2.1.1 Production
million tonsWorld pulp output quantity reached 156.8 million tons in 2017, increasing
by 3.1 million tons which was equal to 2.0% growth in comparison with the
year 2016
Source: VIRAC, FAO
Source: VIRAC, FAO
The United States has the world’s highest output quantity
World pulp output quantity, 2014-2020f
Structure of pulp production by country, 2017eContent is intentionally removed for demo purpose
2. The world pulp and paper industry
2.1 Pulp
2.1.1 Production
2.1.2 Consumption
2.1.3 Pulp trade
2.2 Paper
2.2.1 Production
2.2.2 Consumption
2.2.3 Paper trade
2.3 The pulp and paper industry in some countries
Table of contents
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2. The world pulp and paper industry
2.1 Pulp – 2.1.2 Consumption
Source: VIRAC, CEPI
Asia is the world’s largest consumer of pulp with the consumption of
60.8 million tons (2016)
World pulp consumption by type, 2011 – 2017e
million tons
Source: VIRAC, CEPI
The number of pulp consumption over the world in 2017 was 178 million
tons, decreasing by 1 million ton which was equal to 0.6% decline in
comparison with the year 2016
Structure of world consumption by region, 2016e
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2. The world pulp and paper industry
2.1 Pulp
2.1.1 Production
2.1.2 Consumption
2.1.3 Pulp trade
2.2 Paper
2.2.1 Production
2.2.2 Consumption
2.2.3 Paper trade
2.3 The pulp and paper industry in some countries
Table of contents
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2. The world pulp and paper industry
2.1 Pulp – 2.1.3 Pulp trade
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Source: VIRAC, TrademapContent is intentionally removed for demo purpose
World pulp export - import, 2016 – 2017
The world pulp import value in 2017 experienced fairly marked growth
The world pulp import and export increased in 2017 thanks to 2
main reasons:
2016 2017 Growth
Source: VIRAC, Uncomtrade
Top 10 countries that have the highest pulp import, 2016-2017
Unit: million tons
2. The world pulp and paper industry
2.1 Pulp
2.1.1 Production
2.1.2 Consumption
2.1.3 Pulp trade
2.2 Paper
2.2.1 Production
2.2.2 Consumption
2.2.3 Paper trade
2.3 The pulp and paper industry in some countries
Table of contents
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2. The world pulp and paper industry
2.2 Paper – 2.2.1 Production
million
tons
World paper output quantity experienced a continuous increase with CAGR
of 1.6% from 2012 to 2017
Source: VIRAC, RISI, CEPI
Source: VIRAC collects
The world’s largest paper manufacturer is China with paper output of
108.5 million tons, followed by the United States with 77.7 million tons,
and next by Japan with 26.1 million tons (2016)
Top 10 leading countries in paper production output, 2016e
World paper output quantity, 2012-2017e
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2. The world pulp and paper industry
2.2 Paper – 2.2.1 Production
Source: VIRAC, RISI
Paperboard and packaging paper
Source: VIRAC collects
Structure of world production of paperboard and packaging paper,
2016e
World output quantity of paperboard and packaging paper,
2012-2017e
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2. The world pulp and paper industry
2.2 Paper – 2.2.1 Production
Tissue paper
Source: VIRAC collects
Global tissue paper output quantity, 2000 – 2017e
Global output quantity of tissue papers, by type,
2012 – 2016e
Source: VIRAC collects
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2. The world pulp and paper industry
2.2 Paper – 2.2.1 Production
Market shares of the world supplies of tissue papers, 2016e
Source: VIRAC, PapnewsContent is intentionally removed for demo purpose
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2. The world pulp and paper industry
2.2 Paper – 2.2.1 Production
Newspaper and printing paper
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2. The world pulp and paper industry
2.1 Pulp
2.1.1 Production
2.1.2 Consumption
2.1.3 Pulp trade
2.2 Paper
2.2.1 Production
2.2.2 Consumption
2.2.3 Paper trade
2.3 The pulp and paper industry in some countries
Table of contents
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2. The world pulp and paper industry
2.2 Paper – 2.2.2 Consumption
The 5-year period between 2012 and 2016 witnessed a gradual growth
of the global paper consumption.
Paper consumption was nearly 414 million tons in 2016, increasing 3
million tons in comparison with the year 2015
Global paper consumption by region, 2012 - 2016e
Source: VIRAC, CEPI
Global revenue from paper consumption, 2012-2020f
Source: VIRAC, Statistic
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2. The world pulp and paper industry
2.2 Paper – 2.2.2 Consumption
Some trends in 2018 impact the world paper:
• Retails:
• The development of the Internet:
• Health consciousness:
• Environmentally friendly products
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2. The world pulp and paper industry
2.1 Pulp
2.1.1 Production
2.1.2 Consumption
2.1.3 Pulp trade
2.2 Paper
2.2.1 Production
2.2.2 Consumption
2.2.3 Paper trade
2.3 The pulp and paper industry in some countries
Table of contents
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2. The world pulp and paper industry
2.2 Paper – 2.2.3 Paper trade
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• in 2017, total export value of paper in the world increased to
159.5 billion USD, by 5.3% compared to 2016
Source: VIRAC, Trademap
Source: VIRAC, Trademap
World export value of paper, 2010-2017ebillion USD
• In 2017, paperboard and packaging paper were the most exported
products, accounting for 52.5% of total paper export value over the
world.
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2. The world pulp and paper industry
2.2 Paper – 2.2.3 Paper trade
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Source: VIRAC, Uncomtrade
Top 10 countries that have the highest paper export value, 2017e
Source: VIRAC, Uncomtrade
2016 (billion USD) 2017 (billion USD) Growth2016 (billion
USD)
2017 (billion
USD)Growth
Top 10 countries that have the highest paper import value, 2017e
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2. The world pulp and paper industry
2.1 Pulp
2.1.1 Production
2.1.2 Consumption
2.1.3 Pulp trade
2.2 Paper
2.2.1 Production
2.2.2 Consumption
2.2.3 Paper trade
2.3 The pulp and paper industry in some countries
Table of contents
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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China
China
Area
Area of woods
Population (2016)
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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Source: VIRAC, VPPA
Paper production and consumption in China, 2016e
Source: VIRAC, VPPA
China’s pulp output quantity by input materials, 2012 - 2016e
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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China’s pulp import-export, 2012 - 2017e
Source: VIRAC, Trademap
Structure of China‘s pulp import, 2017
Source: VIRAC, Trademap
billion USD
billion USDChina’s paper import-export, 2013 - 2017e
Source: VIRAC, Uncometrade
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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The United States
Area
Area of woods
Population (2016)
GDP (2016)
The United States ranked 2nd in terms of paper output quantity with 79.02
million tons
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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The US pulp production, 2010-2017e
Source: VIRAC, FAO
Source: VIRAC, FAO
The US paper output quantity, 2011 - 2017e
million
tons
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The US import-export value of pulp, 2010 – 2017e
Source: VIRAC, Uncomtrade
2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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billion USD
Top 10 countries that have the highest pulp export value to the US,
2017e
Source: VIRAC, Uncomtrade Source: VIRAC, Uncomtrade
2016 2017 Growth
Unit: USDStructure of the US pulp export by value, 2017e
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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Paper trade in the US, 2016 – 2017e
Source: VIRAC collects
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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Japan is the third largest paper producer and the 4th largest wood pulp
producer over the world
Source: VIRAC, JPA
Japan
Area
Area of woods
Population (2016)
GDP (2016)
Output quantity of paper and paperboard in Japan,
2012 – 2017e
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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Japan’s pulp import-export, 2010 – 2017e
Source: VIRAC, Trademap
Source: VIRAC, Uncomtrade
billion USD
Japan’s recycled paper export-import,
2010-2017ethousand
USD
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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Source: VIRAC, JPA Source: VIRAC, JPA
Source: VIRAC, JPA
Japan’s trade of paper and paperboard, 2016 – 2017e
Structure of Japan’s paper import, 2017e Structure of Japan’s paper export, 2017e
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Source: VIRAC collects
2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
Year of
EstablishmentHeadquarter
Revenue,2016
(billion USD)Logo
Top 10 largest paper companies over the world, 2016
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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2. The world pulp and paper industry
2.3 The pulp and paper market in some countries
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Table of contents
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3 The paper and pulp in Vietnam
3.1 History of formation and development 3.3 Paper
3.2 Pulp 3.3.1 Production
3.2.1 Production 3.3.2 Consumption
3.2.2 Consumption 3.3.3 Export
3.2.3 Import 3.3.4 Import
3. The paper and pulp in Vietnam
3.1 History of formation and development
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Source: VIRAC tổng hợp
History of formation and development of paper industry
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3. The paper and pulp in Vietnam
3.1 History of formation and development
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Table of contents
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3 The paper and pulp in Vietnam
3.1 History of formation and development 3.3 Paper
3.2 Pulp 3.3.1 Production
3.2.1 Production 3.3.2 Consumption
3.2.2 Consumption 3.3.3 Export
3.2.3 Import 3.3.4 Import
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3. The paper and pulp in Vietnam
3.2. Pulp – 3.2.1. Production
Output quantity of Pulp, 2010 – Q1/2018
Source: VIRAC, GSO
tons
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3. The paper and pulp in Vietnam
3.2. Pulp – 3.2.2. Consumption
Pulp consumption by volume, 2010 – Q1/2018 Revenue of pulp consumption, 2010 – Q1/2018
Domestic pulp consumption fluctuates depending on trend of pulp production.
million VND
Source: VIRAC, GSO
tons
Source: VIRAC, GSO
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Source: VIRAC, ITC, TRADEMAP
Source: VIRAC, UNCOMTRADE
3. The paper and pulp in Vietnam
3.2. Pulp – 3.2.3. Import
thousand USDPulp import, 2011 - 2017
Top 10 countries that have the highest volume of pulp
imported by Vietnam, 2017
Vietnam’s pulp import has continuously risen for 2 current years,
increasing to151,720 thousand USD (2017), by 18.6% compared to the year
2016.
In 2017, the US was the major pulp supplier for Vietnam market with
market share of 42.3%2016 2017 Growth
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Table of contents
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3 The paper and pulp in Vietnam
3.1 History of formation and development 3.3 Paper
3.2 Pulp 3.3.1 Production
3.2.1 Production 3.3.2 Consumption
3.2.2 Consumption 3.3.3 Export
3.2.3 Import 3.3.4 Import
3. The paper and pulp in Vietnam
3.3. Paper – 3.3.1 Production
59
Source: VIRAC, VPPA
Source: VIRAC, VPPA
tons
• Between 2011 and 2017, paper production grew at CAGR of 6.6.2% Structure of paper production by type, Q1/2018
Paper production by type, 2011 – Q1/2018
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3. The paper and pulp in Vietnam
3.3. Paper – 3.3.1 Production
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• Packaging paper:
• Paper for printing and writing:
• Tissue paper:
• Joss paper:
• Paper for newspaper printing:
Source: paperonwebSource: VIRAC, VPPA
kg per capita
kg per capita
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3. The paper and pulp in Vietnam
3.3. Paper – 3.3.2 Consumption
tons
Source: VIRAC, VPPA
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Domestically produced paper consumption,
2011 – Q1/2018
Average paper consumption per capita in Vietnam,
2011 – 2017Average paper consumption per capita in some countries,
2016
Paper consumption in Vietnam market rapidly increases at the rate of 7.37% per
year from 2011 to 2017
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Source: VIRAC, GSO
million VND
3. The paper and pulp in Vietnam
3.3. Paper – 3.3.2 Consumption
Source: VIRAC, VPPA
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Revenue from paper industry, 2010 – Q1/2018
Structure of paper consumption by type, Q1/2018
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Source: VIRAC tổng hợp
3. The paper and pulp in Vietnam
3.3. Paper – 3.3.2 Consumption
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Structure of tissue paper consumption by type,
2016
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3. The paper and pulp in Vietnam
3.3. Paper – 3.3.2 Consumption
Source: VIRAC, GSO
tons
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Inventories of some paper products, 2010 – Q1/2018
As a feature of paper industry, paper products should not be stored for a long time due to the risk of fire, mold and rottenness that reduce product
quality and enterprise’s activities
Source: VIRAC, VPPA, TCHQ
tons million
USD
Source: VIRAC, TCHQ
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3. The paper and pulp in Vietnam
3.3. Paper – 3.3.3 Export
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Paper export, 2011 – Q1/2018Vietnam’s paper export in Q1/2018 reached nearly 51 thousand tons,
which valued 208.5 million USD, increasing by 48.2% compared to
the same period in 2017.
Top 10 countries that are Vietnam’s major paper importers, by value
Q1/2018
In Q1/2018, China is still Vietnam’s major importer with value of 37.4 million
USD
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3. The paper and pulp in Vietnam
3.3. Paper – 3.3.3 Export
Source: VIRAC, TCHQ
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Contribution of FDI businesses to paper export, 2013 – 2017
tons
67
Source: VIRAC, VPPA, TCHQ
3. The paper and pulp in Vietnam
3.3. Paper – 3.3.3 Export
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Export of some paper products, 2011 - 2016
Source: VIRAC, VPPA, TCHQ Source: VIRAC, VPPA, TCHQ
Source: VIRAC, TCHQ
million USD
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3. The paper and pulp in Vietnam
3.3. Paper – 3.3.4 Import
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Paper import, 2011 – Q1/2018 Import of paper products, 2011 – Q1/2018
Structure of import paper and paper products by value,
Q1/2018According to General Department of Vietnam Customs (GDVC), in Q1/2018,
Vietnam imported 480 thousand tons of papers, which value 437 million USD
China is the largest exporter of paper and paper products to
Vietnam
Source: VIRAC, VPPA, TCHQ
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3. The paper and pulp in Vietnam
3.3. Paper – 3.3.4 Import
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Structure of paper import by volume, 2017
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3. The paper and pulp in Vietnam
3.3. Paper – 3.3.4 Import
Source: VIRAC, TCHQ
Top largest paper import enterprises in Vietnam, Q1/2018
No. Enterprise
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Table of contents
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4 Overview of the industry
4.1 Competitiveness analysis
4.2 Planning
4. Overview of the industry
4.1. Competitiveness analysis
72
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5-force analysis
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4. Overview of the industry
4.1. Competitiveness analysis
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4. Overview of the industry
4.1. Competitiveness analysis
Strengths: Weaknesses:
Opportunities: Threats:
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Table of contents
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4 Overview of the industry
4.1 Competitiveness analysis
4.2 Planning
4. Overview of the industry
4.2. Planning
76
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Target of the paper industry development until 2025
Orientation of development
77
4. Overview of the industry
4.2. Planning
No. Project’s manager RegionDesigned capacity (tons/year)
PeriodPulp Paper
Portfolio of investment projects by period
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4. Overview of the industry
4.2. Planning
Source: VIRAC, Development planning of Vietnam paper industry until 2020-2025
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Portfolio of investment projects by period
No. Project’s manager RegionDesigned capacity (tons/year)
PeriodPulp Paper
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4. Overview of the industry
4.2. Planning
Criterion Unit 2015 2020 2025
Criteria of designed capacity
Criterion Unit 2015 2020 2025
Criteria of output quantity
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Source: VIRAC, Development planning of Vietnam paper industry until 2020-2025
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4. Overview of the industry
4.2. Planning
Period
Regions (Unit: ha)
North-
westNortheast Central
Northern
CentralCentral Coast
Northern
Central
Highlands
Southern
Central
Highlands
Southwest
Regions of growing material trees for paper production
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Source: VIRAC, Development planning of Vietnam paper industry until 2020-2025
Table of contents
5. Enterprise analysis
5.1 Introduction of enterprises
5.2 Indicators of business results
5.3 Indicators of finance
5.4 Indicators of performance efficiency
81
5. Enterprise analysis
5.1 Introduction of enterprises
Typical enterprises in paper and pulp industry, 2016
Enterprise Address Tax code
Net revenue
(million VND)Total assets
(million
VND)2015 2016
82
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Diana Unicharm Joint Stock Company
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5. Enterprise analysis
5.1 Introduction of enterprises
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An Hoa Paper Joint Stock Company
84
5. Enterprise analysis
5.1 Introduction of enterprises
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Viet Hung Packaging Ltd.
85
5. Enterprise analysis
5.1 Introduction of enterprises
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Bien Hoa Packaging JSC
86
5. Enterprise analysis
5.1 Introduction of enterprises
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Sabeco – Song Lam Packaging JSC
87
5. Enterprise analysis
5.1 Introduction of enterprises
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Viet Tri Paper JSC
88
5. Enterprise analysis
5.1 Introduction of enterprises
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An Binh Paper JSC
89
5. Enterprise analysis
5.1 Introduction of enterprises
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Hai Phong Stationery & Packaging Corporation
90
5. Enterprise analysis
5.1 Introduction of enterprises
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Dong Hai JSC of Ben Tre
91
5. Enterprise analysis
5.1 Introduction of enterprises
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Khatoco Printing and Packaging JSC
92
5. Enterprise analysis
5.1 Introduction of enterprises
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Table of contents
5. Enterprise analysis
5.1 Introduction of enterprises
5.2 Indicators of business results
5.3 Indicators of finance
5.4 Indicators of performance efficiency
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94
5. Enterprise analysis
5.2 Indicators of business results
Growth of net revenue, 2015 - 2016billion
VND
Source: VIRAC collectsContent is intentionally removed for demo purpose
95
5. Enterprise analysis
5.2 Indicators of business results
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Gross profit margin, 2015 - 2016
Source: VIRAC collects
5. Enterprise analysis
5.2 Indicators of business results
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5. Enterprise analysis
5.2 Indicators of business results
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Sales expenses/ Net revenue, 2015 – 2016
Source: VIRAC collects
5. Enterprise analysis
5.2 Indicators of business results
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Enterprise management expenses/ Net revenue, 2015 - 2016
Source: VIRAC collects
Financial expenses /Net revenue, 2015 - 2016
Source: VIRAC collects
5. Enterprise analysis
5.2 Indicators of business results
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Table of contents
5. Enterprise analysis
5.1 Introduction of enterprises
5.2 Indicators of business results
5.3 Indicators of finance
5.4 Indicators of performance efficiency
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101
5. Enterprise analysis
5.3 Indicators of finance
Days of sales outstanding, 2015 - 2016days
Source: VIRAC collectsContent is intentionally removed for demo purpose
102
Liquidity, 2016
Source: VIRAC collects
Source: VIRAC collects
Days' sales in inventory, 2016
days
5. Enterprise analysis
5.3 Indicators of finance
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Structure of Assets and Total assets turnover, 2016
Source: VIRAC collects
Source: VIRAC collects
Structure of debts and Debt/Equity ratio2016
5. Enterprise analysis
5.3 Indicators of finance
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Table of contents
5. Enterprise analysis
5.1 Introduction of enterprises
5.2 Indicators of business results
5.3 Indicators of finance
5.4 Indicators of performance efficiency
104
105
5. Enterprise analysis
5.2 Indicators of performance efficiency
Ratios of profitability on assets and equity, 2016
Source: VIRAC collects
Content is intentionally removed for demo purpose
106
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