US embassy cable - 05HANOI459

UNCLAS  HANOI 000459 
 
SIPDIS 
 
 
E.O. 12958:  N/A 
TAGS: ETRD, ECON, VM 
SUBJECT:  VIETNAM:  STATE ROLE IN THE ECONOMY 
 
 
1.  What follows is Embassy Hanoi's effort to map out the involvement 
 
2. Goods, sectors and industries included in SOE fact sheets 
 
Aviation 
Banking 
Beer 
Cement 
Chemicals 
Coffee 
Construction 
Electricity 
Footwear 
Furniture and Wood-Based Products 
Insurance 
Liquor 
Milk and Milk Products 
Mining 
Oil and Gas 
Paper 
Pharmaceuticals 
Processed Food and Beverage 
Railways 
Rice 
Rubber and Plastic 
Securities 
Ship Building 
Shipping 
Steel 
Telecom 
Textile and Apparel 
Tobacco and Cigarettes 
 
3.  Explanation of Information in SOE Fact Sheets 
 
Amount of State control:  Indicates if there is a State monopoly poli 
 
Market Share controlled by State:  Reports State share of sector or i 
 
Sector regulated by:  Indicates body that oversees overall industry. 
 
Major SOEs:  Lists the largest SOEs in each sector. This generally in 
 
Key Associate SOEs:  These may be large member enterprises under the 
 
Non-State market shareholders:  This attempts to list key domestic pr 
 
Note:  In conducting this research there were significant data gaps. 
 
4.  Aviation 
 
Amount of State control:  100 percent 
 
Market share controlled by State: 
Domestic flights:100 percent 
International flights  44 percent 
Cargoes  30 percent 
 
Sector regulated by:  Civil Aviation Administration of Vietnam (CAAV) 
 
Major SOE's:Vietnam Airlines 
 
Key Associate SOE's: 
Pacific Airlines (86 percent owned by Vietnam Airlines, the remaining 
VASCO (100 percent owned by Vietnam Airlines) 
 
Non-State market shareholders:  None 
 
5.  Banking 
 
Amount of State control:  76 - 80 percent.  Vietnam has gone ahead o 
 
Market share controlled by State: 
Lending:76-78 percent 
Deposit:80 percent 
 
Sector regulated by:  State Bank of Vietnam 
 
Major SOE's: 
Bank for Foreign Trade of Vietnam (Vietcombank) 
m (Vietcombank) 
Bank for Investment and Development of Viet Nam (BIDV) 
Industrial and Commercial Bank of Vietnam (Incombank) 
Vietnam Bank for Agriculture and Rural Development (VBARD) 
 
Note:  Vietcombank is the first state-owned commercial bank slated fo 
 
Key Associate SOE's: 
 
BIDV Securities Company 
Incombank Securities Company 
Vietcombank Securities Company 
VBARD Securities Company 
 
Non-State market shareholders: 
 
Market share (lending) 
33 joint stock banks10-11 percent 
 
4 joint venture banks 
VID Public Bank (50 percent BIDV) 
Indovina Bank (50 percent Incombank) 
ChoHung Vina Bank (50 percent Vietcombank) 
Vina Siam Bank (37 percent VBARD) 
 
27 foreign bank branches 
 
Joint-venture banks and foreign bank branches have approximately 8-9 
 
6.  Beer 
 
Amount of State control:  No monopoly policy, but foreign investment 
 
Production share controlled by: 
State:62.3 percent 
Domestic private:  11.6 percent 
FDI: 26.1 percent 
 
Sector regulated by:Ministry of Industry (MOI) 
 
y (MOI) 
 
Major SOE's:SABECO, HABECO (hold a combined 40 percent market share) 
 
Key Associate SOE's: 
Hanoi-Haiduong Beer Joint-Stock Company 
Thanh Hoa Beer Joint-Stock Company 
Chuong Duong Beverage Company 
 
Non-State market shareholders: 
Heineken and Tiger (wholly foreign owned) 
San Miguel, Fosters and Carlsberg (joint-ventures) 
 
7.  Cement 
 
Amount of State control:  No monopoly policy, but heavily protected w 
 
Production share controlled by: 
State:66.8 percent 
Domestic private: 3.0 percent 
FDI:  30.2 percent 
 
Sector regulated by:  Ministry of Industry (MOI) 
 
Major SOE's:Vinacement. This corporation includes all central state- 
 
Key Associate SOE's:  Holcim Co., (a joint-venture between Ha Tien Ce 
 
Non-State market shareholders:  Chinfon Haiphong Cement Corporation 
 
8.  Chemicals 
 
Amount of State control:  No monopoly policy. 
 
Production share controlled by:  Since chemicals include a great vari 
 
Percent: State     Non-state    Foreign-invested 
 
Soldering stick:  100 
 Q 100 
Chemical fertilizer:  99.7    0.3 
Sulfuric Acid:    97    3 
Bicycle tubes:     80.2    3.6  16.1 
Insecticide:   68.6      18.2       13.6 
Bicycle tires:    61.4   8.3  30.3 
Detergent:    41    8.8  50.2 
Soda NaOH:    22.3   77.7 
Paint:    15       18.3  66.7 
 
Sector regulated by:Ministry of Industry (MOI) 
 
Major SOE's:VINACHEM (Vietnam National Chemical Corporation) with 41 
 
Key Associate SOE's: 
Yokohama Vietnam 
P&G Vietnam, Lever Vietnam 
Yogen Mitsui  Vina 
ICI (Vietnam ICI Paint Joint Venture Company) 
JVF (Japan- Vietnam Fertilizer Company) 
TPC Vina (TPC Vina Plastics and Chemical Company) 
 
Non-State market shareholders: 
Kova Paint Co. Ltd. 
Tan Dai Hung Plastics Joint Stock Co. 
 
Note:  Concerning fertilizer, there is no protection policy. The Gove 
 
9.  Coffee 
 
Amount of State control:  No monopoly policy.  The Government encoura 
 
Market share controlled by State: 
Production share:  20 percent (80 percent belong to farmers and plant 
percent belong to farmers and plant 
Share of exports:  80 percent 
 
Note:  Where there are no special conditions on the export of coffee, 
 
Sector regulated by: Ministry of Agriculture and Rural Development (M 
 Ministry of Industry (MOI) 
 Ministry of Trade (MOT) 
 
Major SOE's: 
VINACAFE (Vietnam National Coffee Corporation) 
INTIMEX (INTIMEX Import- Export Corporation) 
Northern Foodstuff Company 
 
Key Associate SOE's:  Dakman Joint Venture Company 
 
Non-State market shareholders: 
Olam Company (100 percent foreign-owned) 
Thai Hoa Production and Trading Co. Ltd 
Trung Nguyen Coffee Enterprise 
 
10.  Construction 
 
Amount of State control:  No monopoly policy. 
 
Market share controlled by State: 
SOEs's turnover in 2004 accounted for 59.3 percent 
SOEs's investment in 2003 accounted for 57.6 percent 
 
 Percent: StatePrivateFIE 
Construction     56.642.70.7 Construction Materials63.526 
Consultancy Service69.230.30.5 
 
Note:   Data in Ministry of Construction's(MOC) 2004 Annual Industry 
 
s(MOC) 2004 Annual Industry 
 
Players in the market:  Total: 7,845 enterprises (as of 2002) 
 
Major SOEs (100 percent State owned equity): 
Vietnam Construction Import - Export Corporation (Vinaconex) 
Song Da Corporation 
 
Note: All member companies of Vinaconex will be equitized in 2005. Th 
 
Other SOEs: 
Infrastructure Construction and Development Corporation (LICOGI) 
Vietnam Machinery Installation Corp. (LILAMA) 
Housing and Urban Development Corporation (HUD) 
Ha Noi Construction Corporation (HACC) 
Construction Corporation for the Central Region (COSEVCO) 
Construction Corporation No. 1 
Song Hong Construction Corporation 
Vietnam Cement Corporation (VNCC) 
Construction Machinery Corporation (COMA) 
Industrial Development Investment Corporation (IDICO) 
Vietnam Building Glass and Ceramics Corporation (VIGLACERA) 
Building Material Corporation No. 1 (FICO) 
Bach Dang Construction Corporation 
 
Foreign Invested Enterprises (FIEs): 294 enterprises (as of November 
 
Sector regulated by:Ministry of Construction 
 
 
Key Associate SOE's:  Vinaconex 3, Vinaconsul, Vinata JV, Vikowa Vina 
 
11.  Electricity 
 
Amount of State control:  State monopoly in transmission.  Distributi 
 
Market share controlled by State: 
Electricity generation production:  96.8 percent 
(Non-state: 0.02 percent; FIE: 3.2 percent) 
Transmission:  100 percent 
Distribution:  100 percent 
 
Major SOEs (100 percent State owned equity): 
Electricity of Vietnam (EVN) with 53 subsidiaries 
 
Non-SOE: 
Quang Ninh Thermal Power Plan 
Hai Phong Thermal Power Plan 
Hiep Phuoc Electricity Company 
Nomura Company 
Mekong Energy Company 
Vedan Power Company 
Bourbon Power Company 
 
Sector regulated by: Ministry of Industry 
 
Major SOE's:EVN 
 
Key Associate SOE's: 
Quang Ninh Thermal Power Plan 
Hai Phong Thermal Power Plan 
 
12.  Footwear 
 
Amount of State control:  No monopoly policy 
 
Percent production share controlled by: 
StateDomestic privateFIE 
Shoes and leather 
footwear: 22.63443.4 
Fabric Shoes:52.143.7   4.1 
 
oes:QQ52.1QQQQ43.7 Q Q 4.1 
 
Sector regulated by:Ministry of Industry (MOI) 
 
Major SOE's:LEAPRODEXIM (Vietnam National Leather and Footwear Corpo 
 
Key Associate SOE's: 
Hanoi Shoe Joint-Stock Company 
SAGODA Shoe and leather Joint-Stock Company 
Viet Shoe Joint Stock Company. 
 
Non-State market shareholders: 
BITI'S, BITA's 
Cao Khai International Ltd. 
Carimax Saigon Ltd. 
Captopvina Vietnam Ltd. 
Chang Shin Vietnam Ltd. 
Chang Yang Vietnam Ltd. 
Bely Enterprise Ltd. 
Asia Song Production Ltd. 
 
13.  Furniture and Wood-Based Products 
 
Amount of State control:  No monopoly policy 
 
Production share controlled by: 
State:15.5 percent 
Domestic private: 69 percent 
FIE: 15.5 percent 
 
Sector regulated by:Ministry of Industry (MOI) 
 
Major SOE's:VinaFor 
 
Key Associate SOE's: 
Hai Phong Forest Products Stock Co. 
Vietnam-Japan Wood Chip Co. 
Co Do Stock Co. 
 
Non-State market shareholders: 
Khai Vy Ltd. Co. 
Hoang Anh Gia Lai 
Savimex 
Scansia Pacific 
 
14.  Insurance 
 
Amount of State control:  Vietnam has agreed to allow market access f 
 
s f 
 
Market share controlled by State 
Life insurance:43.8 percent 
Non-life insurance 79.3 percent 
 
Sector regulated by:  Ministry of Finance 
 
Major SOE's: 
Bao Viet (43.8 percent for life; 41.3 percent for non-life) 
Petro Vietnam Insurance (non-life 12.8 percent) 
Vinare 
 
Note: Vinare is specialized in reinsurance services. The Law on Insur 
 
Key Associate SOE's: 
Bao Minh (non-life market share 25.2 percent) 
Note:  Bao Minh has just been equitised and the State has retained 63 
 
Non-State market shareholders: 
 
OwnershipMarket share 
Life Insurance: 
Prudentialwholly foreign owned 40 percent 
Manulifewholly foreign owned12 percent 
AIAwholly foreign owned 5 percent (AIA and 
BaoMinh-CMGJVBaoMinh-CMG) 
 
Non-life insurance:Ownership 
Bao Longjoint stock 
Petrolimex Insurance joint stock 
Post & Telecom Insurancejoint stock 
 
Vien Dong JS Insurancejoint stock 
Vietnam Int'l AssuranceJV (Bao Viet holds 51 percent) 
United Insurance CoJV (Bao Minh holds 51 percent) 
ance CoQQJV (Bao Minh holds 51 percent) 
BIDV - QBE Insurance JV (BIDV holds 50 percent) 
Samsung - Vina Insurance JV (Vinare holds 50 percent) 
Incombank-Asia InsuranceJV (Incombank holds 50 percent) 
Allianz - AGF Insurancewholly foreign owned 
Groupama Insurancewholly foreign owned 
 
15.  Liquor 
 
Amount of State control:No monopoly policy 
 
Production share controlled by: 
State:4.0 percent 
Domestic private:  95.6 percent 
FIE: 0.4 percent 
 
Sector regulated by:Ministry of Industry (MOI) 
 
Major SOE's:HABECO; SABECO 
 
Key Associate SOE's: 
Hanoi Liquor Company 
Binh Tay Liquor Company 
 
16.  Milk and Milk Products 
 
Amount of State control:  No monopoly policy 
 
Production share controlled by: 
State:69.2 percent 
Domestic private:  0.0 percent 
FIE: 30.8 percent 
 
Sector regulated by:Ministry of Industry (MOI) 
 
Major SOE's:Moc Chau Cattle Breeding Company 
 
Key Associate SOE's: 
Vinamilk Joint-Stock Company (75 percent market share in milk) 
Nutifood Joint-Stock Company 
Kinh Do Joint-Stock Company 
 
Non-State market shareholders: 
areholders: 
Dutch Lady Vietnam 
Delta 
 
Note:  Vietnam Milk Company (Vinamilk) is the largest milk company in 
 
Moc Chau company is the only wholly state owned company in milk area 
 
17.  Mining 
 
Amount of State control:  45-95 percent depending on product.  Foreig 
 
Market share controlled by: 
 
StateNon-state FIE 
Coal mining: 95 percent  2 percent3 percent 
Metal ores:74 percent25 percent1 percent 
Stone and 
other mining:45 percent53 percent2 percent 
 
Sector is regulated by:  Ministry of Industry 
 
Major SOEs: 
Vinacoal 
Vietnam Mining Corporation 
 
18.  Oil and Gas 
 
Amount of State control:  The State controls both the upstream (explo 
 
Players in the market: 
By ownership: 
SOE (100 percent State owned equity): 
Vietnam National Oil and Gas Corporation (PetroVietnam) 
Petrolimex (under MOT) 
Petec (under MOT) 
PetroVietnam Trading Company (Petechim) (under PetroVietnam) 
SaigonPetro (under Ho Chi Minh City People's Committee) 
Vinapco (under Vietnam Airlines) 
 
Non-SOE (foreign companies): 
(foreign companies): 
Vietsovpetro (JV) 
Hoang Long Joint Operation, BHP, BP, ConocoPhilips, KNOC, SK Corp., G 
 
By production stage: 
Upstream (exploration and production): 
PetroVietnam 
More than 30 foreign companies operate in cooperation with PetroVietn 
 
Downstream: (SOEs only) 
Petrolimex (largest importer with 60-70percent market share), Petec, 
 
Liquefied Petroleum Gas (LPG): 
Saigon Petro, Petrolimex, Elf Gas, Mobil Unique 
 
Sector Regulated By: Ministry of Industry (Upstream and LPG) 
Ministry of Trade (Petroleum import) 
 
19.  Paper 
 
Amount of State control:  No monopoly policy, but highly protected wi 
 
Market share controlled by: 
State:  33 percent 
Domestic private: 35 percent 
FIE:  2 percent 
 Imported:  30 percent 
 
Sector regulated by:  Ministry of Industry (MOI) 
 
Major SOE's:Vinapimex (controlled by MOI) has 12 member companies th 
 
Key Associate SOE's:  None 
 
Non-State market shareholders: 
New Toyo Tissue Paper Company (FDI) 
Vinh Tien Joint-Stock Company 
Le Hoa Joint-Stock Company 
Tien Phat Co., Ltd. 
 
td. 
 
20.  Pharmaceuticals 
 
Amount of State control:  No monopoly policy, but manufacturing and t 
 
Production share controlled by State: 
 
  State Non-stateFIE 
Medical ampoule: 84.6 percent 15.3 percent0.1 percent 
Liquid medicine: 83.7 percent 7.9 percent 8.4 percent 
Tablets:   83 percent 14.1 percent2.9 percent 
 
Sector regulated by:  Pharmaceutical Management Department (Ministry 
 
Major SOE's:Vietnam Pharmaceutical General Corporation, with 18 memb 
 
Key Associate SOE's: 
Sanofi Pharma Vietnam 
Rhone- Poulenc Rorer 
 
Non-State market shareholders: 
Hitsamisu 
Rohto Mentholatllm 
Novartis (wholly foreign-owned) 
Do Thanh Pharmaceutical Co.Ltd. 
 
21.  Processed Food and Beverage 
 
Amount of State control:  No monopoly policy 
 
Production share controlled by: 
State:38.3 percent 
Domestic private: 37.6 percent 
FIE: 24.1 percent 
 
Sector regulated by:  Ministry of Industry (MOI) 
 
Major SOE's: 
Vifon 
Vissan 
Halong Canned Food Company 
 
Key Associate SOE's:  Vifon Acecook Joint-Venture 
 
oint-Venture 
 
Non-State market shareholders: 
Unilever Bestfood 
Pataya Vietnam Ltd. 
Ajinomoto Vietnam 
 
22.  Railways 
 
Amount of State control:  Monopoly policy applied. 
 
Market share controlled by State:  100 percent 
 
Sector Regulated By: Ministry of Transportation 
 
Major SOE's:Vietnam National Railways (VNR) 
 
23.  Rice 
 
Amount of State control:  No monopoly policy, but trade subject to fo 
 
Production share controlled by: 
 
StateNon-state  FIE 
Milled rice: 2.6 percent 97.4 percent  0.01 percent 
Rice export: 97.9 percent 1.5 percent  0.5 percent 
 
Sector regulated by:  Ministry of Agriculture and Rural Development ( 
 
Major SOE's:  Vinafood 
 
Non-State market shareholders: 
Hiep thanh 
Vinh Phat 
Mivimex 
Angimex-Kitoku 
 
24.  Rubber and Plastic 
 
Amount of State control:  No monopoly policy applied. 
 
Market share controlled by: 
Manufacture of rubber and plastic products: 
State 31.1 percent 
Non-state 44.2 percent 
24.8 percent 
(production value) 
 
ction value) 
 
Players in the market:  Total of rubber and plastic manufacturers: 80 
 
Rubber: 
Major SOE (100 percent State owned equity): 
Geruco 
Casumina 
 
Non-State: 
Yokohama 
Inoue 
Kenda 
Shinfa 
Veloce 
Camel 
 
Sector Regulated By: Ministry of Industry 
 
25.  Securities 
 
Amount of State control:  Vietnam has not agreed to provide market ac 
 
Market share controlled by State:  State-owned securities firms take 
 
Sector regulated by:  State Securities Commission 
 
Major SOE's: 
BIDV Securities Company 
Incombank Securities Company 
Vietcombank Securities Company 
VBARD Securities Company 
Bao Viet Securities Company 
 
Non-State market shareholders: 
Market share 
9 joint stock securities companies 
 
ACB Securities Company 
De Nhat Joint Stock Securities Company 
Mekong Joint Stock Securities Company 
Thang Long Securities Ltd. Company 
Eastern Asia Bank Securities Company 
Hai Phong  Joint Stock Securities Company 
Saigon Securities Company 
HCMC Joint Stock Securities 
 
1 joint venture fund management company 
 
26.  Ship Building 
 
Amount of State control:  No monopoly policy applied. 
 
Market share controlled by State: 
 
 
Ship Building in 2004:  State, 80 percent; Non-State, 20 percent 
 
SOEs account for 66 percent of the number of companies in this sector 
 
Major SOEs (100 percent State owned equity): 
 
Vietnam Shipping Industry Corporation (Vinashin) 
 
Note: Vinashin includes 35 independent member companies, 13 dependent 
 
Other SOEs: 
Ba Son Shipyard Company 
An Phu Shipyard Company (HCM) 
 
Key Associate SOE's: Song Dao Marine Industry Company 
 
Non-SOE: 
Saigon Shipyard JV 
Trung Hai Shipyard Company 
Song Dao Marine Industry Company 
Hoang Anh Marine Industry Company 
 
Sector Regulated By: Ministry of Transportation 
 
27.  Shipping 
 
Amount of State control:  No monopoly. However, foreign investors are 
 
Market share controlled by State: 
 
Total capacity of Vietnamese flagged ships up to October 2004: 2.85 m 
 
SOEs' capacity up to October 2004: 62 percent (1.78 million DWT) 
SOEs account for 57 percent of the number of companies. 
 
es. 
 
Key SOEs: 
Vietnam National Shipping Lines (Vinalines) 
 
Other SOEs: 
Vietnam Ocean Shipping (Vosco) 
Vitranschart 
 
Key Associate SOE's:  Gemartrans JV 
 
Non-State: 
APM-Saigon Shipping JV Company 
Gemartrans JV 
Gemadept 
Vietnam Japan International Transport Co. (Vijaco) 
Vietnam Container Exploitation JV (Vinabridge) 
 
Sector Regulated By: Ministry of Transportation 
 
28.  Steel 
 
Amount of State control:  No monopoly policy, but heavily protected w 
 
Production share controlled by: 
State: 33.6 percent 
Domestic private:  29.5 percent 
FDI:  37.0 percent 
 
Sector regulated by:  Ministry of Industry (MOI) 
 
Major SOE's:  Vietnam Steel Corporation 
 
Key Associate SOE's: 
Vina KyoEi Steel Ltd. 
VSC-Posco Steel Corp. 
Vinausteel Ltd. 
Natsteel Vina Co. Ltd. 
 
Non-State market shareholders:  Zamil Steel Vietnam 
 
29.  Telecom 
 
Amount of State control:  Monopoly policies are applied for fix local 
 
Market share controlled by State: 
 
SOEs account for 66.7 percent of the number of companies. 
nies. 
SOE turnover in 2003 accounted for over 99 percent. 
 
Fix local telephone service: 100 percent 
VNPT, Vietel, SPT, ETC 
 
Domestic long-distance telephone service: 100 percent 
VNPT, Vietel, SPT, ETC 
 
International long-distance telephone service: 100 percent 
VNPT, Vietel, SPT, ETC 
 
Domestic long-distance and international telephone service using IP p 
VNPT, Vietel, SPT, ETC, Vishipel98.1 percent 
Hanoi Telecom:  1.9 percent 
 
Mobile service:100  percent 
VNPT (MobiFone and Vinaphone) 90 percent 
Vietel    4 percentSPT (S-Fone)  6 percent 
 
Leased Lines: 
VNPT, Vietel,ETC 53 percent 
FPT (equitized) 47 percent 
 
Internet:72.9 percent 
VNPT (VDC): 51.6 percent 
Netnam  6.7 percent 
SPT   6.3 percent 
Vietel  8.3 percent 
Hanoi Telecom:    0.2 percent 
FPT (equitized)25.4 percent 
OCI   1.4 percent 
 
Sector Regulated By:  Ministry of Post and Telematics 
 
Major SOEs (100 percent State owned equity): 
 1.4 percent 
 
Sector Regulated By:  Ministry of Post and Telematics 
 
Major SOEs (100 percent State owned equity): 
Vietnam Post and Telecommunications Corporation (VNPT) 
Vietnam Military Telecom Company (VIETEL) 
Saigon Post and Telecommunication Corporation (SPT) 
 
Other SOEs: 
Electricity Telecommunication Company (ETC) 
Vietnam Shipping Telecommunication Company (VISHIPEL) 
Netnam 
 
Key Associate SOE's: 
Hanoi Telecommunication Joint Stock Company (Hanoi Telecom) 
Note:  State-owned capital accounts for 51 percent. 
 
Non-SOE: 
FPT (Equitized:  90 percent private and 10 percent State) 
One Connection Internet (OCI) 
 
30.  Textile and Apparel 
 
Amount of State control:  No monopoly policy 
 
Production share controlled by State: 
Textile31.7 percent 
Apparel31.0 percent 
 
Sector regulated by:  Ministry of Industry (MOI); quota allocation is 
 
Major SOE's: 
Vinatex, controlled by MOI, members consist of all centrally-state ow 
 
Key Associate SOE's: 
Vinatex has nine joint-ventures with domestic companies such as Binh 
 
Non-State market shareholders: 
There are more than a thousand companies, among the biggest companies 
 
mpanies 
 
31.  Tobacco and cigarettes 
 
Note: As Vietnam has had to import most of tobacco so far, the data m 
 
Amount of State control:  The Government retains monopoly over cigare 
 
Production share controlled by State:  100 percent 
 
Sector regulated by:  Ministry of Industry (MOI) 
 
Major SOE's: 
VINATABA (Vietnam National Tobacco Corporation) 
Khanh Hoa Tobacco Company 
Ben Thanh Tobacco Company 
Dong Nai Tobacco Company 
Binh Duong Tobacco Company 
27/7 Tobacco Company 
 
Key Associate SOE's: 
Da Nang Tobacco Company (a joint venture between VINATABA and DaNang 
 
Non-State market shareholders:  None.  The private sector is only all 
 
 
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