Vietnam ma research report 2016

StoxPlus is pleased to introduce Vietnam MA Research Report 2016, the 6th issue on this industry. This report presents a board range of topics, both sectorspecific and crosscutting market issues. In addition to the MA data mining, we also focus on MA opportunities and capital flows into Vietnam thanks to a number of FTAs, namely VietnamSouth Korea FTA, TPP. Our MA report utilized extracted database with over 5 years of historical data in Vietnam. In addition to data analysis, the report also relies on the authors extensive knowledge and experience in advising deals in Vietnam. We strongly believe that this report will be valuable to institutional investors, investment companies and foreign players who are considering MA as a strategy to set a foothold or to expand your businesses in Vietnam. Below are the most critical findings in our 6th issue: 1) Vietnam MA continued its upward trend: Vietnam MA in 2015 recorded 341 deals with total value of US5.20bn. This indicates a 23.1% increase in terms of number of deals (compared to 277 deals in 2014) and 9.7% increase in deal value (compared to US4.74bn). 2) Inbound MA into Vietnam accounted for 46% of MA deal value and totaled US2.42bn in 2015, 21% lower than in 2014. There were only 98 inbound deals originated by investors from familiar countries such as Hong Kong, Thailand, Japan, South Korea, US, Malaysia and Singapore. 3) Domestic MA was also busy with total deal value of US2.70bn. For domestic MA, the most favored sectors include: (i) Banks, (ii) Real Estate with 29 deals totaling US776.7mn, and (iii) Food Beverage with 37 deals valued at US449.0mn. The acceleration in banking MA was due to the financial sector restructuring as set out in Decision No. 254QĐTTG. Bank MA is expected to continue in 2016. 4) 2015 marked the year of Vietnam’s further integration into the global market with many new FTAs signed. Viet Nam concluded negotiations for four free trade agreements (FTAs), including those with the Eurasian Economic Union, the European Union, South Korea and the TransPacific Partnership, during 2015. FTAs are likely to boost capital flows into Vietnam in the coming time, both in terms of trading as well as investment, including MA activities. 5) Capital flow from Japan has dropped in recent years, but is expected to bounce back after TPP is signed. In 2015, twoway trade between Vietnam and Japan totaled US24bn, with Vietnam experiencing a trade surplus. Due to TPP and removed tariffs, trade activities will likely increase, especially seafood exported from Vietnam and plastic products imported from Japan to Vietnam. 6) Thailand investors have been increasing investment in Vietnam for years, and are expected to do so after AEC is established. Vietnam has become a favorite investment destination of Thai firms, especially in Industrial Goods and Retail. 7) In our last issue of Vietnam MA report, we have analyzed very detailed opportunities from privatization of SOEs. As SOE IPOs accelerated in 2015, many opportunities have been realized. During 2015, there were 104 SOE IPOs, accounting for 40.0% of 289 IPOs targeted for the year. The most active sectors for IPOs include (i) industrials, (ii) consumer goods and (iii) consumer services, accounting for 85% total IPO deals. 8) 2015 also marked significant improvement in legal framework on foreign investment, supporting MA activities in the coming years. For onthe–stockmarket MA, Decree 602015NDCP relaxed the thresholds for foreign ownership. Depending on the target company’s business lines and its shareholders’ approval, these changes could enable foreign investors’ acquisition of up to 100% of a local company’s charter capital. See more at: http:stoxresearch.comReports158vietnammaresearchreport2016.aspxsthash.LXpX19ZS.dpuf

M&A Opportunities from Global Integration Vietnam M&A Research Report 2016 – Issue 08 January 2016 Thuan Nguyen, FCCA Lan Nguyen Hai Khieu Anh Nguyen CEO Senior Manager Research Associate Research Associate StoxPlus Corporation StoxPlus Corporation StoxPlus Corporation StoxPlus Corporation thuan.nguyen@stoxplus.com lan.nguyen@stoxplus.com hai.khieu@stoxplus.com anh.phuong@stoxplus.com +84(4) 35626962 (ext 111) +84(4) 35626962 (ext 109) +84(4) 35626962 (ext 108) +84(4) 35626962 (ext 108) Table of contents PREFACE ACRONYMS Our Methodology 5–6 Important Disclosures EXECUTIVE SUMMARY 8-9 VIETNAM M&A ACTIVITIES REVIEW 11 - 31 OPPORTUNITIES FROM FTAs 32 - 46 UPDATE ON REALIZATION OF OPPORTUNITIES FROM SOE PRIVATIZATION 47 - 54 REGULATORY FRAMEWORK FOR M&A IN VIETNAM 55 - 64 Appendix 1: In-bound M&A Transactions Factsheet 65 - 77 About StoxPlus Corporation 78 @ 2016 StoxPlus Corporation All rights reserved All information contained in this publication is copyrighted in the name of StoxPlus, and as such no part of this publication may be reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means graphic, electronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher Vietnam M&A Research Report 2016 | Issue | January 2016 Preface We are pleased to bring you the Vietnam M&A Research Report 2016 (Issue 6) In addition to the M&A data mining, we also focus on M&A opportunities and capital flows into Vietnam thanks to a number of FTAs, namely VietnamSouth Korea FTA, TPP Our M&A report utilized extracted database with over years of historical data in Vietnam In addition to data analysis, the report also relies on the authors extensive knowledge and experience in advising deals in Vietnam We have surveyed relevant foreign and local institutional investors as well as conducting a number of in-depth interviews in with experienced M&A advisers and Government officials in during our preparation We strongly believe that this report will be valuable to institutional investors, investment companies and foreign players who are considering M&A as a strategy to set a foothold or to expand your businesses in Vietnam Vietnam M&A Research Report 2016 | Issue | January 2016 About StoxPlus This report is prepared by a team of experienced analysts, researchers and data clerks at StoxPlus StoxPlus is a leading financial and business information provider in Vietnam Our services include provision of high quality data feeds, analytic tools and market research StoxPlus is now serving a client portfolio of over 100 corporate data clients including securities companies, research houses, asset managers, investment companies, and thousands of sophisticated individual investors Our Research division has been established as an independent research house in Vietnam to provide local insights to our clients at quality standards of the World’s prestige advisory firms More details can be found at www.StoxResearch.com If you have any questions about this report or our services, please don not hesitate to contact Thuan Nguyen, CEO of StoxPlus at thuan.nguyen@stoxplus.com or +84- 4-3562 6962, ext 111 Acronyms No 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Word AEC AnDate ASEAN BOD CAGR CF ECs EGs FTAs GCs GRDI GSO HNX HOSE IPSI MAC MARD MM MNCs SBV SCs SEGs SOE SSC TBT WEF Stands for ASEAN Economic Community Announcement Date The Association of Southeast Asian Nations Board of Directors Compounding Annual Growth Rate Consumer Finance Economic Corporations Economic Groups Free Trade Agreements Government Corporations Global Retail Development Index General Statistics Office Hanoi Stock Exchange Ho Chi Minh City Stock Exchange Industrial Policy and Strategy Institute Middle and Affluent Class Ministry of Agriculture and Rural Development Money Market Multi-National Corporations The State Bank of Vietnam State Corporations State Enterprise Groups State-Owned Enterprise State Securities Commission Technical Barriers to Trade World Economic Forum Vietnam M&A Research Report 2016 | Issue | January 2016 Our Methodology Sources and Completeness of Data • Data works in Vietnam are actually a very tedious and time consuming job due to lack of a sound reporting system and regulations This is particularly true for M&A activities In many case where the seller finds it positive for their public relation or investor relation works, they would be proactive in spreading the news • In many cases, including the public and listed companies, we found it hard to obtain an official explanation in a deal that has been actually concluded This is particularly true in Real Estate sector where it is sensitive from tax perspective if the deal value and details are announced • As such, we combine a variety of sources and data mining skills to uncover as many as possible unannounced M&A deals that have happened Even though our database is yet comprehensive, we believe our methodology is as exhaustive as possible to identify M&A deals in Vietnam Public domains Unannounced deals – Surveyed by StoxPlus Unannounced deals – Unidentified (Unknown unknown) Vietnam M&A Research Report 2016 | Issue | January 2016 Our Methodology Sources and Completeness of Data • Our sources of M&A data include: • Public information and media releases; • Data announced by reliable portals such as Bloomberg and Thomson Reuters; • Large shareholder transactions on HOSE and HNX from Fiinpro platform; • Review changes of management team of all public companies from Fiinpro platform; • Data mining from financial statements of large corporations in Vietnam; • Press release from all private equity funds • We believe that our database might not include all M&A transactions but it is the most comprehensive in Vietnam and have covered all the market in all material aspects Deal Value • If deal value is not publicly and explicitly disclosed, we calculate the deal size from deal parameters such as purchase price per share We also obtained deal size and value from our intelligent network where possible Deal Valuation Multiples • In calculating price earning ratio (P/E), we use the acquiree latest EPS For deal P/B, we take the deal price divided by book value per share in a pre-deal basis, this means the cash proceed from the transaction is not included in the book value Sector Classification • We adopt the Industrial Classification Benchmark (ICB) for all sector classification Vietnam M&A Research Report 2016 | Issue | January 2016 Important Disclosures • This material is prepared by StoxPlus Corporation for information purpose only This material is not intended to recommend or suggest any particular transaction • Any information contained in this material shall be used at your own discretion and risk StoxPlus Corporation will not be subject to any liability for any consequence caused by the information contained in this material • This material may be changed without any prior notice Content of this material may be changed according to any changes in the situation, or effects of the additional information after its preparation, and StoxPlus Corporation shall undertake no obligation to update, revise or complement the content of this material according to the changes • While this material is prepared based on the public information and other information StoxPlus Corporation duly obtained, StoxPlus Corporation has not independently verified its accuracy, completeness, or suitability for your use, also shall not guarantee them • StoxPlus Corporation reserves the copyright of this material This material is protected in accordance with the copyright laws of Vietnam and other countries, as well as the treaty provisions regarding the copyrights signed between Vietnam and other countries For any purpose whatsoever, no one shall be entitled to duplicate, summarize, quote, or reprint this material, or disclose it to the third party without StoxPlus Corporation’s prior consent Vietnam M&A Research Report 2016 | Issue | January 2016 Executive Summary Vietnam M&A continued its upward trend: Vietnam M&A in 2015 recorded 341 deals completed with total value of US$5.20bn This indicates a 23.1% increase in terms of number of deals (compared to 277 deals in 2014) and 9.7% increase in deal value (compared to US$4.74bn) Small and medium deals still dominated the market Particularly, M&A deals with value less than US$25mn stayed at 288 out of 341, equivalent to 84% of total deal number Inbound M&A into Vietnam accounted for 46% of M&A deal value and totaled US$2.42bn in 2015, 21% lower than in 2014 There were only 98 inbound deals originated by investors from familiar countries such as Hong Kong, Thailand, Japan, South Korea, US, Malaysia and Singapore In terms of deal volume, Japanese were the most active investors with 15 inbound deals, totaling US$310.4mn, or 12.8% of total inbound value In terms of deal value, Hong Kong investors topped with 05 Real Estate deals, 02 Retail deals and 01 Travel & Leisure deal, having total investment of US$1,101.5mn or 45.5% total inbound M&A deal value This page is intentionally removed for demo purpose Inbound M&A in 2015 300 600 900 1,200 Hong Kong Japan Thailand South Korea US Malaysia Singapore Canada Finland Taiwan Philippines Kazakhstan na UK Caymand Islands Majority Minority Vietnam M&A Research Report 2016 | Issue | January 2016 Executive Summary (Cont’d) Capital flow from Japan has dropped in recent years, but is expected to bounce back after TPP is signed In 2015, two-way trade between Vietnam and Japan totaled US$24bn, with Vietnam experiencing a trade surplus Due to TPP and removed tariffs, trade activities will likely increase, especially seafood exported from Vietnam and plastic products imported from Japan to Vietnam Japanese firm could increase investment in textile, which is the top sector from Vietnam to Japan currently One such case is Itochu, who invested 5% in Vinatex – the leading textile corporation in Vietnam – back in 2014 After the deal, Itochu continued to sign a business alliance with Vinatex to build its capacity on dyeing and textile materials production The reason is to take advantage of TPP and country of origin (“COG”) requirement Currently, Vietnamese companies imported most of the textile materials If the materials are not made in Vietnam, the product cannot meet the COG requirement of TPP and thus export taxes would still be applied Therefore, the investment of Itochu in Vinatex made sense in order for them to take advantage of TPP’s removed tariffs This page is intentionally removed for demo purpose Top export sectors from Vietnam to Japan by value (US$mn) 490 Crude Oil 1,502 650 Seafood products 1,195 932 Machinery & parts 1,431 1,255 Transportation vehicles & parts 2,065 1,774 Textile products - 500 8M2015 2,620 1,000 1,500 2,000 2,500 3,000 2014 Vietnam M&A Research Report 2016 | Issue | January 2016 Section 1: Vietnam M&A Activity Review 1.1 Vietnam M&A Activities Review 1.2 Inbound M&A 1.3 Domestic M&A 1.4 Outbound M&A Vietnam M&A Research Report 2016 | Issue | January 2016 10 Looking forward • For the first time, Vietnamese law makers introduced new, more reasonable classification of foreign invested companies – FCG and LCG - together with different investment conditions and M&A procedures respectively applicable to each of the two groups With the new voting thresholds, the new M&A legislation makes it more cost effective, dramatically reducing the time it takes to conduct M&A transactions The new voting rules tend to support financially stronger shareholders, i.e those who wish to become a majority shareholder, as they can pass decisions in a company with a smaller percentage of approving votes In this regard, the new legislation encourages acquirers to buy more into the target company With the new, improved legal platform, M&A transactions in Vietnam should run faster and more smoothly With respect to implementation, as usual, there remain issues to be addressed and resolved However, with the macro-economic factors getting more and more encouraging, the market should soon experience a noticeable increase in M&A traffic This page is intentionally removed for demo purpose Vietnam M&A Research Report 2016 | Issue | January 2016 64 Appendix 1: In-bound M&A Transactions Factsheet Vietnam M&A Research Report 2016 | Issue | January 2016 65 Appendix 1: Top Inbound M&A deals VIETNAM M&A TRANSACTION 2015 Sector: Acquiror SINGAPORE 18 SINGAPORE 18 SINGAPORE 18 Type Minority 20 Size (US$m) 15.80 16 AnDate 7/20/2015 17 Stake 0.00% → n.a 20 Size (US$m) 16 AnDate 20 Size (US$m) 16 AnDate Taget Name Seller N/A Sector: Acquiror Type 17 Stake → 100% Taget Name Seller Sector: Acquiror Type 17 Stake N/A → N/A Taget Name NOVALAND Seller This page is intentionally removed for demo purpose Sector: Acquiror JAPAN 18 Type AnDate 20 Size (US$m) Type AnDate Size (US$m) 16 17 Stake Taget Name Seller Sector: Acquiror Taget Name Seller GERMANY Stake 0.00% → n.a Appendix 1: Top Inbound M&A deals VIETNAM M&A TRANSACTION 2015 Sector: Acquiror SINGAPORE 18 SINGAPORE 18 SINGAPORE 18 Type Minority 20 Size (US$m) 15.80 16 AnDate 7/20/2015 17 Stake 0.00% → n.a 20 Size (US$m) 16 AnDate 20 Size (US$m) 16 AnDate Taget Name Seller N/A Sector: Acquiror Type 17 Stake → 100% Taget Name Seller Sector: Acquiror Type 17 Stake N/A → N/A Taget Name NOVALAND Seller This page is intentionally removed for demo purpose Sector: Acquiror JAPAN 18 Type AnDate 20 Size (US$m) Type AnDate Size (US$m) 16 17 Stake Taget Name Seller Sector: Acquiror Taget Name Seller GERMANY Stake 0.00% → n.a Appendix 1: Top Inbound M&A deals VIETNAM M&A TRANSACTION 2015 Sector: Acquiror SINGAPORE 18 SINGAPORE 18 SINGAPORE 18 Type Minority 20 Size (US$m) 15.80 16 AnDate 7/20/2015 17 Stake 0.00% → n.a 20 Size (US$m) 16 AnDate 20 Size (US$m) 16 AnDate Taget Name Seller N/A Sector: Acquiror Type 17 Stake → 100% Taget Name Seller Sector: Acquiror Type 17 Stake N/A → N/A Taget Name NOVALAND Seller This page is intentionally removed for demo purpose Sector: Acquiror JAPAN 18 Type AnDate 20 Size (US$m) Type AnDate Size (US$m) 16 17 Stake Taget Name Seller Sector: Acquiror Taget Name Seller GERMANY Stake 0.00% → n.a Appendix 1: Top Inbound M&A deals VIETNAM M&A TRANSACTION 2015 Sector: Acquiror SINGAPORE 18 SINGAPORE 18 SINGAPORE 18 Type Minority 20 Size (US$m) 15.80 16 AnDate 7/20/2015 17 Stake 0.00% → n.a 20 Size (US$m) 16 AnDate 20 Size (US$m) 16 AnDate Taget Name Seller N/A Sector: Acquiror Type 17 Stake → 100% Taget Name Seller Sector: Acquiror Type 17 Stake N/A → N/A Taget Name NOVALAND Seller This page is intentionally removed for demo purpose Sector: Acquiror JAPAN 18 Type AnDate 20 Size (US$m) Type AnDate Size (US$m) 16 17 Stake Taget Name Seller Sector: Acquiror Taget Name Seller GERMANY Stake 0.00% → n.a Appendix 1: Top Inbound M&A deals VIETNAM M&A TRANSACTION 2015 Sector: Acquiror SINGAPORE 18 SINGAPORE 18 SINGAPORE 18 Type Minority 20 Size (US$m) 15.80 16 AnDate 7/20/2015 17 Stake 0.00% → n.a 20 Size (US$m) 16 AnDate 20 Size (US$m) 16 AnDate Taget Name Seller N/A Sector: Acquiror Type 17 Stake → 100% Taget Name Seller Sector: Acquiror Type 17 Stake N/A → N/A Taget Name NOVALAND Seller This page is intentionally removed for demo purpose Sector: Acquiror JAPAN 18 Type AnDate 20 Size (US$m) Type AnDate Size (US$m) 16 17 Stake Taget Name Seller Sector: Acquiror Taget Name Seller GERMANY Stake 0.00% → n.a Appendix 1: Top Inbound M&A deals VIETNAM M&A TRANSACTION 2015 Sector: Acquiror SINGAPORE 18 SINGAPORE 18 SINGAPORE 18 Type Minority 20 Size (US$m) 15.80 16 AnDate 7/20/2015 17 Stake 0.00% → n.a 20 Size (US$m) 16 AnDate 20 Size (US$m) 16 AnDate Taget Name Seller N/A Sector: Acquiror Type 17 Stake → 100% Taget Name Seller Sector: Acquiror Type 17 Stake N/A → N/A Taget Name NOVALAND Seller This page is intentionally removed for demo purpose Sector: Acquiror JAPAN 18 Type AnDate 20 Size (US$m) Type AnDate Size (US$m) 16 17 Stake Taget Name Seller Sector: Acquiror Taget Name Seller GERMANY Stake 0.00% → n.a Appendix 1: Top Inbound M&A deals VIETNAM M&A TRANSACTION 2015 Sector: Acquiror SINGAPORE 18 SINGAPORE 18 SINGAPORE 18 Type Minority 20 Size (US$m) 15.80 16 AnDate 7/20/2015 17 Stake 0.00% → n.a 20 Size (US$m) 16 AnDate 20 Size (US$m) 16 AnDate Taget Name Seller N/A Sector: Acquiror Type 17 Stake → 100% Taget Name Seller Sector: Acquiror Type 17 Stake N/A → N/A Taget Name NOVALAND Seller This page is intentionally removed for demo purpose Sector: Acquiror JAPAN 18 Type AnDate 20 Size (US$m) Type AnDate Size (US$m) 16 17 Stake Taget Name Seller Sector: Acquiror Taget Name Seller GERMANY Stake 0.00% → n.a Appendix 1: Top Inbound M&A deals VIETNAM M&A TRANSACTION 2015 Sector: Acquiror SINGAPORE 18 SINGAPORE 18 SINGAPORE 18 Type Minority 20 Size (US$m) 15.80 16 AnDate 7/20/2015 17 Stake 0.00% → n.a 20 Size (US$m) 16 AnDate 20 Size (US$m) 16 AnDate Taget Name Seller N/A Sector: Acquiror Type 17 Stake → 100% Taget Name Seller Sector: Acquiror Type 17 Stake N/A → N/A Taget Name NOVALAND Seller This page is intentionally removed for demo purpose Sector: Acquiror JAPAN 18 Type AnDate 20 Size (US$m) Type AnDate Size (US$m) 16 17 Stake Taget Name Seller Sector: Acquiror Taget Name Seller GERMANY Stake 0.00% → n.a Appendix 1: Top Inbound M&A deals VIETNAM M&A TRANSACTION 2015 Sector: Acquiror SINGAPORE 18 SINGAPORE 18 SINGAPORE 18 Type Minority 20 Size (US$m) 15.80 16 AnDate 7/20/2015 17 Stake 0.00% → n.a 20 Size (US$m) 16 AnDate 20 Size (US$m) 16 AnDate Taget Name Seller N/A Sector: Acquiror Type 17 Stake → 100% Taget Name Seller Sector: Acquiror Type 17 Stake N/A → N/A Taget Name NOVALAND Seller This page is intentionally removed for demo purpose Sector: Acquiror JAPAN 18 Type AnDate 20 Size (US$m) Type AnDate Size (US$m) 16 17 Stake Taget Name Seller Sector: Acquiror Taget Name Seller GERMANY Stake 0.00% → n.a Appendix 1: Top Inbound M&A deals VIETNAM M&A TRANSACTION 2015 Sector: Acquiror SINGAPORE 18 SINGAPORE 18 SINGAPORE 18 Type Minority 20 Size (US$m) 15.80 16 AnDate 7/20/2015 17 Stake 0.00% → n.a 20 Size (US$m) 16 AnDate 20 Size (US$m) 16 AnDate Taget Name Seller N/A Sector: Acquiror Type 17 Stake → 100% Taget Name Seller Sector: Acquiror Type 17 Stake N/A → N/A Taget Name NOVALAND Seller This page is intentionally removed for demo purpose Sector: Acquiror JAPAN 18 Type AnDate 20 Size (US$m) Type AnDate Size (US$m) 16 17 Stake Taget Name Seller Sector: Acquiror Taget Name Seller GERMANY Stake 0.00% → n.a Appendix 1: Top Inbound M&A deals VIETNAM M&A TRANSACTION 2015 Sector: Acquiror SINGAPORE 18 SINGAPORE 18 SINGAPORE 18 Type Minority 20 Size (US$m) 15.80 16 AnDate 7/20/2015 17 Stake 0.00% → n.a 20 Size (US$m) 16 AnDate 20 Size (US$m) 16 AnDate Taget Name Seller N/A Sector: Acquiror Type 17 Stake → 100% Taget Name Seller Sector: Acquiror Type 17 Stake N/A → N/A Taget Name NOVALAND Seller This page is intentionally removed for demo purpose Sector: Acquiror JAPAN 18 Type AnDate 20 Size (US$m) Type AnDate Size (US$m) 16 17 Stake Taget Name Seller Sector: Acquiror Taget Name Seller GERMANY Stake 0.00% → n.a Appendix 1: Top Inbound M&A deals VIETNAM M&A TRANSACTION 2015 Sector: Acquiror SINGAPORE 18 SINGAPORE 18 SINGAPORE 18 Type Minority 20 Size (US$m) 15.80 16 AnDate 7/20/2015 17 Stake 0.00% → n.a 20 Size (US$m) 16 AnDate 20 Size (US$m) 16 AnDate Taget Name Seller N/A Sector: Acquiror Type 17 Stake → 100% Taget Name Seller Sector: Acquiror Type 17 Stake N/A → N/A Taget Name NOVALAND Seller This page is intentionally removed for demo purpose Sector: Acquiror JAPAN 18 Type AnDate 20 Size (US$m) Type AnDate Size (US$m) 16 17 Stake Taget Name Seller Sector: Acquiror Taget Name Seller GERMANY Stake 0.00% → n.a About Us About StoxPlus Corporation StoxPlus is proud to be a leading financial and business information corporation in Vietnam, providing 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criteria • A complete analysis for each sector and sector to sector comparison International Benchmarking Classification standards are applied Market Research Our Research division has been established as an independent research house in Vietnam since 2011 to provide local insights to our clients at quality standards of the World’s prestige advisory firms Our research team with a team of 50 experienced staff with CFA Charterholders, ACCA Chartered Accountants and MBAs with extensive experience in investment, banking, corporate finance and technology with well respected firms in the United Kingdom, United States, Australia and Vietnam • Covering 10 key sectors of Vietnam namely Financial including Banking, Consumer Finance, Payment Cards; Construction Materials including Cement; Consumer Goods and Services; Healthcare including Hospital Operation and Clinics; Flexible Packaging; Internet and E-commerce; Chemicals (Fertilizers & Pesticides); etc • Local insights at standards of the World’s prestige advisory firms for “ready-to-use” reports via web portal: www.StoxResearch.com and customizable researches including defining market entry • Customers include a Global Fortune 500 company and many Japanese players Contact us If you have any questions about this report or our services, please don’t hesitate to contact Thuan Nguyen, CEO of StoxPlus at thuan.nguyen@stoxplus.com or +84-4-3562 6962, ext 111 Publishing license No 71 - 2016/CXBIPH/226 - 01/HD issued on 01/13/2016 Printed 100 copies in English, size 21x29.7cm, at Hong Duc Publishing Company, Hanoi, Vietnam Vietnam M&A Research Report 2016 | Issue | January 2016 78