INDIVIDUAL ASSIGNMENT

Name: Vũ Minh Quang – SS170817

Subject: FIN202
Class: MKT1708
Lecture: Nguyễn Thị Thanh Nhàn
Contents
I. Introduction:.....................................................................................................................3
1. Background of VIETNAM DAIRY PRODUCTS JOINT STOCK COMPANY
(Vinamilk):............................................................................................................................3
2. Market share:................................................................................................................4
3. Key competitors:...........................................................................................................5
II. SWOT:..................................................................................................................................7
III. Analysis Financial Statement in 3 year:......................................................................9
1. Financial Statement:.....................................................................................................9
2. Common- size for Income Statement & Balance Sheet:...........................................12
3. Liquidity Ratios (current & quick ratios):.................................................................13
4. Efficiency Ratios (inventory turnover, account receivable turnover, total asset
turnover)..............................................................................................................................14
5. Leverage Ratio (total debt ratio, debt to equity ratio, equity multiplier):.............15
6. Profitability Ratios (gross profit margin, operating profit margin, net profit
margin):...............................................................................................................................16
7. Dupont analysis (ROA, ROE) and making comparison versus key competitor:
16
8. Market value indicators (EPS, P/E):.........................................................................17
IV. Conclusion:.......................................................................................................................17
V. References:........................................................................................................................18
I. Introduction:

1. Background of VIETNAM DAIRY PRODUCTS JOINT STOCK

COMPANY (Vinamilk):

- Vinamilk is the short name of Vietnam Dairy Products Joint Stock

Company (Vietnam Dairy Products Joint Stock Company), a
company that produces and trades milk and dairy products as well as
related equipment and machinery in Vietnam, is a large company in
Vietnam. 15th in Vietnam in 2007. The company is the leading
enterprise of the dairy processing industry, currently occupying 75%
of the dairy market share in Vietnam. In addition to strong domestic
distribution with a network of 183 distributors and nearly 94,000
sales points covering 64 provinces and cities, Vinamilk products are
also exported to many countries in the United States, France,
Canada, Poland, Germany, the Middle East, and the Middle East.
Southeast Asia… Vinamilk pays great attention to the investment in
technological equipment. All livestock barn systems are built by the
company according to the most modern standards in the world.

- In 8 years, with many efforts, the company has successfully built

many dairy farms and has plans to build many more new system
farms.

- The meaning of Vinamilk Logo: is a combination of stylized letters

and round shapes with the main colors being blue and white. Blue
symbolizes hope, trust, quality assurance. Then white represents the
color of milk, the color of nutrients. The color clearly shows the
characteristics of a brand specializing in milk, while also showing
the message of commitment to product quality.

- The principal activities of the Vinamilk are to produce and distribute

condensed milk, powdered milk, fresh milk, soya milk, yogurts, ice
 cream, cheese, fruit juice, coffee, and other products derived from
milk

- The company mainly operates in the field of processing,

manufacturing, trading, importing and exporting dairy products and
other nutritional products. In November 2003, the Company
changed to a joint stock company, officially renamed Vietnam Dairy
Products Joint Stock Company (Vinamilk) with the stock code
VNM.

2. Market share:

- Vinamilk has almost dominated the Vietnamese dairy market with over
55% market share, making this business almost no room for growth. For a
long time, the company's management often set an annual business goal of
capturing an additional 0.5% market share of the whole industry.

- According to Nielsen IQ data in 2021, Vinamilk is the largest manufacturer,

accounting for 22.3% of the market share by traditional channels. Abbott and
VitaDairy ranked second and third, respectively, with market shares of 20.6%
 and 8.1%, respectively.

Powdered milk market in Vietnam in 2021 (Source: Nielsel IQ)

- In 2022 in terms of market share of powdered milk manufacturers in Vietnam

(according to traditional distribution channels), Abbott is leading with 20.4%, Vinamilk
falls to second place with 19.6% and VitaDairy holds the market share. 10.1% - third in the
ranking.
 Powdered milk market in Vietnam in 2021 (Source: Nielsel IQ)

3. Key competitors:

● The battle for market share and customers between brands is always a never-ending
battle. Even tycoons like Vinamilk are always threatened by many competitors in
the dairy industry. Up to the present time, the direct competitors to Vinamilk are:
TH TRUE MILK and NUTI FOOD are two typical brands that compete directly
with VNM.

VINAMILK TH TRUE MILK NUTIFOOD

Company - TH True Milk was - Nutifood Nutrition Food

Overview established in 2008. The TH
True Milk project was
launched in 2009 with the
import of Israeli dairy
technology and thousands of
cows from New Zealand.
Since then, the company has
seen rapid growth.
- According to retail market
measurement data in
November 2018, TH True
Milk milk grew by nearly
22% in volume and 30% in
revenue. Up to now, the
market share of fresh milk
in urban retail channels has
reached 40%.
Joint Stock Company,
formerly known as Thanh
Tam Nutrition Food Joint
Stock Company, was
established on March 29,
2000. On June 16, 2011 the
company changed its name
to Nutifood Nutrition Food
Joint Stock Company. .
With a nationwide
distribution system,
NutiFood has witnessed an
annual revenue increase of
more than 250%.
- As of December 2020,
Nutifood's brand value is
$93.9 million and is the
third largest dairy company
in Vietnam.

Market The company currently
share accounts for 43.3% market
share and leads the dairy
industry in Vietnam. In
addition to strong domestic
distribution with a network
TH TRUE MILK holds NutiFood hold 22%
45% market share in market share in Vietnam's
Vietnam's fresh milk fresh milk industry
industry
 of 244 distributors and
nearly 140,000 sales points
covering 64/64 provinces,
Vinamilk's products are
also exported to the United
States, France, Canada,
Poland, Germany, the
Middle East and Southeast
Asia.

Competitive Vinamilk is a stable and - Natural source of clean - High advantages in

advantage high-quality input source, milk nutritional milk lines for
besides it is a good image - Modern milk production children
of a business with quality line and system imported - Is a long-standing brand
products that ensure directly from Australia of nutritious milk for
nutrition. In the past time, - 100% self-sufficient input children, trusted by
this difference has been materials, not dependent on consumers
effectively exploited. On imports from abroad
TVCs, as well as articles…
the product is always
emphasized as a “fresh,
pure, natural product” with
the message “100% pure
fresh milk”

II. SWOT:

Strengths: Weakness:

- Strong brand: Vinamilk is a familiar - Not active in raw material sources:

brand and trusted by Vietnamese
consumers for more than 34 years.
- Marketing is highly effective: the
brand's advertising, PR, and Marketing
programs are highly effective.
- Good and experienced leadership and
management: Vinamilk has a team of
good, experienced and ambitious
leaders proven by sustainable business
profits.
- Diversified product portfolio, high
quality products but lower prices than
imported products of the same type and
the largest market share in Vietnam
Not active in raw material sources,
heavily dependent on imported
materials (60%), so input costs are
strongly affected by world milk prices
and exchange rate fluctuations.
- The market share of powdered milk
is not high, cannot compete with
powdered milk products imported
from the US, Australia, the
Netherlands.... According to the latest
report of BVSC, the domestic
powdered milk market is accounted for
65% by imported dairy products, 20%
by Dutchlady, and 16% by Vinamilk.
 among suppliers of the same product.
- Wide distribution network, combining
many modern and traditional
distribution channels
- Strong finance: While many businesses
are facing difficulties because of loan
interest rates, Vinamilk has a relatively
safe capital structure, with a debt/total
asset ratio of 16.7% (2009).
- Modern equipment and technology
Opportunities:
- The supply of raw materials is receiving
support from the government, imported
materials have a reduced tax rate
- High potential customer force and great
demand
- Competitors are gradually weakening
and Vietnamese people's attitudes
towards milk are gradually changing
Threats:
- Market entry of many strong
competitors: The dairy market is
fiercely competitive when there are
many companies participating,
especially large dairy companies in the
world such as Nestle, Dutchlady,
Abbott, Enfa, Anline, Mead Johnson,...
The tax reduction roadmap that
Vietnam has committed when joining
the WTO → this is an opportunity for
Vinamilk's competitors to easily more
in penetrating the Vietnamese market.
- Feed costs for dairy cows account for
70% of the selling price of milk, while
this cost in Thailand accounts for only
57%, and less than 43% in Taiwan.
This is the main reason leading to the
high cost of raw milk, while the input
price of raw materials of dairy
processing companies is low, dairy
farmers are not interested in their
work.
- More than 90% of the profits from
exports come from the Iraqi market
– a market with many political and
economic risks. Therefore, Vinamilk's
export profit is still not stable.
- The Vietnamese people's preference
to use foreign goods is a big challenge
for Vinamilk and other businesses in
the industry
III. Analysis Financial Statement in 3 year:
Analyze the company's financial statements (from 2019 to 2021) and compare
them with other companies' indexes to get an overview of Vietnam Dairy
Products Joint Stock Company

1. Financial Statement:

b. Income Statement: * In Millions of VND (except for per share items)

Period Ending: 2021 2020 2019
31/12 31/12 31/12
Total Revenue 60919164.85 59636286.23 56318122.76
Revenue 60919164.85 59636286.23 56318122.76
Other Revenue, Total - - -
Cost of Revenue, Total 34640863.35 31967662.84 29745906.11
Gross Profit 26278301.49 27668623.39 26572216.65
Total Operating Expenses 49158846.18 46096905.4 43521032.65
Selling/General/Admin. Expenses, Total 14517982.83 15405648.08 14265574.06
Research & Development - - -
Depreciation / Amortization 389882.95 772145.46 124182.91
Interest Expense (Income) - Net Operating -89019.77 -1045251.97 -594687.33
Unusual Expense (Income) - - 7541.52
Other Operating Expenses, Total 89019.77 -2064836.56 -19943.11
Operating Income 11760318.66 13539380.82 12797090.12
Interest Income (Expense), Net Non-Operating
- - -
Gain (Loss) on Sale of Assets -77135.39 -43122.49 -42612.96
Other, Net -1084781.44 22277.75 41232.48
Net Income Before Taxes 12922235.49 13518536.09 12795709.64
Provision for Income Taxes 2289699.51 2282803.85 2241377.76
Net Income After Taxes 10632535.97 11235732.23 10554331.88
Minority Interest 2766835.39 -136795.38 26843.79
Equity In Affiliates - - -
U.S GAAP Adjustment - - -
Net Income Before Extraordinary Items 10532477.1 11098936.86 10581175.67
Total Extraordinary Items - - -
Net Income 10532477.1 11098936.86 10581175.67
Total Adjustments to Net Income -1092036.66 -1131165.41 -1042687.23
Income Available to Common
Excluding Extraordinary Items 9440440.44 9967771.44 9538488.45
Dilution Adjustment 1092036.66 - -
Diluted Net Income 9440440.44 9967771.44 9538488.45
Diluted Weighted Average Shares 2089.93 2089.65 2089.68
Diluted EPS Excluding Extraordinary Items 4517.11 4770.06 4564.57
DPS - Common Stock Primary Issue 3850 3578.33 3562.49
Diluted Normalized EPS 3818.47 5078.24 4613.91

c. Balance Sheet: * In Millions of VND (except for per share items)

Period Ending: 2021 2020 2019
31/12 31/12 31/12
Total Current Assets 36109910.65 29665725.81 24721565.38
Cash and Short Term Investments 23483256.33 19424922.59 15100938.97
Cash 1187350.25 863853.26 2378583.76
Cash & Equivalents 2348551.87 1247389.56 286610.87
Short Term Investments 21134250.88 17313679.77 12435744.33
Total Receivables, Net 5019895.76 4732083.33 3992934.6
Accounts Receivables - Trade, Net 4355508.99 4157129.13 3457703.81
Total Inventory 6773071.63 4905068.61 4983044.4
Prepaid Expenses 40426.03 603651.27 644647.4
Other Current Assets, Total 793260.89 - -
Total Assets 53332403.44 48432480.67 44699873.39
Property/Plant/Equipment, Total - Net 12750118.29 13779940.4 14687755.17
Property/Plant/Equipment, Total - Gross 28775366.76 28100268.86 27171281.71
Accumulated Depreciation, Total -16025248.48 -14320328.46 -12483526.54
Goodwill, Net 1813007.89 2058548.01 2366060.1
Intangibles, Net 1086503.97 1136500.99 1149630.6
Long Term Investments 743862.02 1033437.89 1048694.41
Note Receivable - Long Term 664386.78 19974.11 21169.97
Other Long Term Assets, Total 801853.1 738353.48 704997.76
Other Assets, Total 23708288.74 - -
Total Current Liabilities 17068417 14212646.29 14442851.83
Accounts Payable 4213887.65 3199186.02 3648445.58
Payable/Accrued - - -
Accrued Expenses 2827775.82 2749212.68 2611779.21
Notes Payable/Short Term Debt 9361726.12 7295788.08 5330653.26
Current Port. of LT Debt/Capital Leases 20628 20709 20808
Other Current liabilities, Total 644399.4 947750.51 2831165.79
Total Liabilities 17482289.19 17135297.94 17195815.14
Total Long Term Debt 75636 167421.75 122992.98
Long Term Debt 75636 167421.75 122992.98
Capital Lease Obligations - - -
Deferred Income Tax 316335.26 345559.11 374926.88
Minority Interest 2766835.39 2349939.5 2227196.96
Other Liabilities, Total -21564650.69 59731.3 27846.49
Total Equity 35850114.25 31297182.73 27504058.24
Redeemable Preferred Stock, Total - - -
Preferred Stock - Non Redeemable, Net - - -
Common Stock, Total 21102212.87 20899554.45 17416877.93
Additional Paid-In Capital 34110.71 - -
Retained Earnings (Accumulated Deficit) 11946701.71 6909725.67 7875462.4
Treasury Stock - Common - -11644.96 -11644.96
ESOP Debt Guarantee - - -
Unrealized Gain (Loss) - - -
Other Equity, Total 2767088.96 3499547.57 2223362.87
Total Liabilities & Shareholders' Equity 53332403.44 48432480.67 44699873.39
Total Common Shares Outstanding 2089.96 2089.65 2089.65
 2. Common- size for Income Statement & Balance Sheet:

a) Vinamilk, Common-size for Income Statement:

12 month ended 2021 2020 2019
31/12 31/12 31/12
Total Revenue 60919164.85 100.00% 59636286.23 100.00% 56318122.76 100.00%
Cost of Revenue 34640863.35 56.86% 31967662.84 53.60% 29745906.11 52.82%
Gross Profit 26278301.49 43.14% 27668623.39 46.40% 26572216.65 47.18%
Operating Income 11760318.66 19.30% 13539380.82 22.70% 12797090.12 22.72%
EBT 12922235.49 21.21% 13518536.09 22.67% 12795709.64 22.72%
Net Income 10532477.1 17.29% 11098936.86 18.61% 10581175.67 18.79%

- With this part of EBT, Net Income and Operating Income, the percentage has a
slight fluctuation as follows: the percentage decreases from 2019 to 2020 and
shows signs of continuing to decrease in 2021. The company's gross profit (after
deducting related items) shows negative signs. Specifically, in 2019 gross profit
accounted for 47.18%, in 2020 it decreased by 0.78% (46.40%) and the number in
2021 is 43.14% (lower than in 2020 is 3.26% and 4.04% in 2019).
- The cost of delivering and manufacturing a product or service to consumers (Cost
of Revenue) increases year by year (from 52.82% in 2019 to 56.86% in 2021).
- In short, the Common-size Income Vietnam Dairy Products Joint Stock Company
has changed in the period 2019 to 2021. For many reasons, the percentage of each
indicator is more or less different, but most of the Covid-19 epidemic has affected
operations financials and earnings of the company

b) Vinamilk, Common-size for Balance Sheet:

- The common-size balance sheet provides information on firms' assets, liabilities,

and equity. Below is the competition for three years from 2019 to 2021 with a
percentage change.

2021 2020 2019

Assets
31/12 31/12 31/12
Current Assets 67.71% 61.25% 55.31%
Non-current Assets 32.29% 38.75% 44.69%
Total Assets 100.00% 100.00% 100.00%

- The percentage of current assets increased from 2019 to 2020 then increased
sharply from 2020 to 2021 reached 67.71%.
 - The long-term assets (non-current assets) in total assets decreased from 2019 to
2020 and decreased sharply from 2020 to 2021 (32.29%), not reaching the 2019
level.

2021 2020 2019

Liabilities & Stockholders' Equity
31/12 31/12 31/12
Current Liabilities 32.00% 29.35% 32.31%
Non-current Liabilities 0.78% 6.03% 6.16%
Total Liabilities 32.78% 35.38% 38.47%
Shareholders' Equity 67.22% 64.62% 61.53%
Total Liabilities and
Shareholders' Equity 100.00% 100.00% 100.00%
- According to the result of Liabilities & Stockholders' Equity in above table, total
liability decreased from 2019 to 2021 by 5.69%. In contrast, shareholder equity
increased gradually from 2019 to 2021 by 5.69%.
- With regard to non-current liabilities, the ratio is slightly volatile: specifically, it
decreased by 0.12% from 2019 to 2020 but then continue strongly decreased by
5.26% from 2020 to 2021.

2021 2020 2019

Total asset
53332403.44 48432480.67 44699873.39
%change 119.31% 108.35% 100%

- Regarding the change percentage of assets, Vinamilk has steady growth and
stability. Compare with 2019, total asset rises 8.35% in 2020 and continue to
increase by 10.96% in 2021 (119.31%).

3. Liquidity Ratios (current & quick ratios):

The quick ratio measures higher liquidity. Only highly liquid assets are included in the
calculation. Inventories and other short-term assets are left out because their liquidity is
very low when money is needed to pay off debt.
 2021 2020 2019
Liquidity Ratios
31/12 31/12 31/12
Current Ratio 2.12 2.09 1.71
Quick Ratio 1.71878 1.74216 1.36666

Current Ratio: Indicate Vinamilk's ability to use current assets to pay short-term
liabilities. The current ratio in 2019 is 1.71, in 2020 is 2.09, and finally is 2.12 in 2022
Quick Ratio: The higher a firm's debt solvency, the faster it will pay off its debt. On the
other hand, too high a currency ratio is also negative because it shows that the company is
not using the assets efficiently. It can be seen that the current ratio of Vinamilk Curren in
the past 3 years has been greater than 1 but not too much, so this enterprise is still in a safe
state, ensuring short-term debt payment and the risk of bankruptcy is low. Moreover, if this
ratio is much smaller than the current ratio, it shows that the company is relying too much
on inventory. It can be seen that over the years, Vinamilk's quick ratio is almost on par
with the current ratio. In general, Vinamilk's quick payment ratio is increasing. The lowest
is in 2019 (1.36) and the highest in 2020(1.74). In 2021(1.71) decreased a bit but not
significantly.

4. Efficiency Ratios (inventory turnover, account receivable turnover, total

asset turnover)

Efficiency Ratios 2021 2020 2019

31/12 31/12 31/12
Account receivable turnover 13.98669248 14.34554578 16.28772326
Total asset turnover 1.142254257 1.231328344 1.259916829
Inventory turnover 5.9 6.4 5.6

- Inventory with Vinamilk's inventory turnover, the index over the years has been
at a low level of over 5 and peaked at 6.4 in 2020. This shows that this is the year
Vinamilk sells fast and inventory is not stagnant too much. However, the inventory
turnover tends to decrease from 2020 to 2021, showing that enterprises have taken
measures to handle goods quickly but still ensure enough goods in stock in case the
market is not ready. There is a drastic change in this area. Although 2020 is an
economic year heavily impacted by the Covid-19 pandemic, Vinamilk still has a
 good inventory turnover index, showing that the business has taken real inventory
management measures. This is an effective measure even when the economy is
being greatly affected by the epidemic.
- From the table above, it can be seen that accounts receivable turnover tends to
decrease. Specifically, from 2019-2020 down 1.94; from 2020 – 2021 down 0,36.
Meanwhile, VNM's revenue has increased over the years (total revenue in the
income statement table above). Theoretically, a decrease in this index indicates that
the business is having problems collecting debts from customers even though
revenue is still growing steadily.

5. Leverage Ratio (total debt ratio, debt to equity ratio, equity

multiplier):

Leverage Ratio 2021 2020 2019

31/12 31/12 31/12
Total debt ratio 0.327798638 0.353797652 0.384694941
Debt to equity ratio 0.487649469 0.547502888 0.625210105
Equity multiplier 1.487649469 1.547502888 1.625210105

The three ratios are all decreasing year by year. Debt to equity has a slight change in 3
years. It decreased (from 0.62 in 2019 to 0.54 in 2020 and 0.48 in 2021). Total dept ratio
and equity multiplier are also decrease

6. Profitability Ratios (gross profit margin, operating profit margin,

net profit margin):

Profitability Ratios 2021 2020 2019

31/12 31/12 31/12
Gross profit margin (%) 0.431363456 0.463956177 0.471823551
Operating profit margin (%) 0.19304793 0.227032595 0.227228634
Net profit margin (%) 0.172892671 0.186110463 0.187882251
Profitability Ratios 2021 2020 2019
31/12 31/12 31/12
Gross profit margin 43.14% 46.40% 47.18%
Operating profit margin 19.30% 22.70% 22.72%
Net profit margin 17.29% 18.61% 18.79%

- Gross profit margin has steadily decreased over the years (35% in 2019 to 40% in
2021), proving this is a bad sign.
- The operating profit shows a more holistic view, taking into account operating
costs to generate revenue. However, from 2019 to 2021, Vinamilk's operating profit
dropped and reached 4.49%. That proves that the business has not really been able
to expand its profit margin.
- According to the table of profitable ratios, Vinamilk’s Net profit margin decreased
from 2019-2020 and continues to decrease from 2010 to 2021 (17.29%). It shows
that the business is still weak and cannot generate more profit from a revenue dong
as expected.

7. Dupont analysis (ROA, ROE):

Dupont analysis 2021 2020 2019

31/12 31/12 31/12
ROA 19.75% 22.92% 23.67%
ROE 29.38% 35.46% 38.47%

Both the ROA, ROE and net profit margin decreased in 2019-2020 and from 2020 to 2021.
- Looking at the table, it can be seen that the ROA of VNM tends to decrease. From
2019-2020, down 0.76%; from 2020-2021 continued to decrease by 3.16%. Despite
the decrease, the ROA shows that VNM is using its revenue-generating assets
effectively. In 2020-2021 ROA is only at 29.38% (2019-38.47%), which can be
understood as a result of the impact of COVID-19 on VNM's business.
- It can be seen that VNM's ROE has decreased over the years, but it is over 30%,
specifically, from 2019-2020 ROE decreased by nearly 3%, and from 2020-2021
continued to decrease by nearly 2%. Despite that, ROE shows that VNM uses
equity quite effectively.
 8. Market value indicators (EPS, P/E):

Market value indicators 2021 2020 2019

31/12 31/12 31/12
EPS 5039.559178 5311.385572 5063.611452
P/E 19.12 22.81 21.26

The earnings per share and price-earnings ratio both changed from 2019 to 2021. Having
growth from 2019-2020 is a positive sign but by the period from 2020-2021 both indices
have plummeted to 19.12. The impact of covid 19 has affected them but they have a solid
economic foundation for a long time so Vinamilk will recover soon.

IV. Conclusion:

To sum up, these are the most basic indicators that determine whether a
company's management and business activities are effective. Investors looking at it can
make a preliminary assessment of whether to invest in VNM or not. Going through the
process of collecting data from financial statements, charting, and analysis, it can be
concluded that VNM is a stock worth long-term investment even though the growth from
2nd to 4th in 2021 tends to the downward trend can be explained by the impact of COVID
19 on VNM's business. VNM has a long history of development in Vietnam, is an
enterprise operating stably for many years, and has a solid foundation, fast and stable
growth, good liquidity, fast asset turnover, and targets. on good profitability... In addition,
VNM is increasingly reaching out to the world, enhancing Vietnam's brand name. The
above shows that VNM is worth receiving and a long-term investment.
V. References:

1.HuyenTrang. 20/09/2022. Powdered milk market: the top two positions Vinamilk and
Abbott witnessed the "threat" from an emerging name.
https://cafef.vn/thi-truong-sua-bot-2-ngoi-vi-top-dau-vinamilk-va-abbott-chung-kien-su-
de-doa-tu-mot-cai-ten-moi-noi-20220919212815396.chn#:~:text=VNM%3A%20C
%C3%B4ng%20ty%20C%E1%BB%95%20ph%E1%BA%A7n%20S%E1%BB%AFa
%20Vi%E1%BB%87t%20Nam&text=Tr%C6%B0%E1%BB%9Bc
%20%C4%91%C3%B3%2C%20s%E1%BB%91%20li%E1%BB%87u%20c%E1%BB
%A7a,%25%20v%C3%A0%208%2C1%25

2.Vinamilk.
https://www.vinamilk.com.vn/

3.Investing.com
https://www.investing.com/equities/vietnam-dairy-products-jsc

4.Brade Mar. 2022. Vinamilk's competitors.

https://brademar.com/cac-doi-thu-canh-tranh-cua-vinamilk/