ASSIGNMENT 2 FRONT SHEET

Qualification BTEC Level 4 HND Diploma in Business

Unit number and title Unit 1: Business and Business Environment

Submission date 19/8/2022 Date Received 1st submission

Re-submission Date Date Received 2nd submission

Student Name Hoang Thi Ha Giang Student ID BH00116

Class BA0502 Assessor name Bui Le Thuy Trang

Student declaration

I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand that
making a false declaration is a form of malpractice.

Student’s signature GIANG

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P4 P5 P6 M3 M4 D2
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I. Introduction: ............................................................................................................... 5
II. Six factors (PESTLE) of macro environment. ................................................................5
1. Legal Factor: .................................................................................................................... 5
2. Technology Factor: ...........................................................................................................6
3. Environment Factor: .........................................................................................................6
4. Social Factor: ................................................................................................................... 8
4.1. Crude Birthrate and Crude Death rate: .............................................................................................. 8
4.2. Age structure: .....................................................................................................................................9
4.3. Life style/ Culture: ............................................................................................................................ 10
4.4. Market Segment: ..............................................................................................................................10
5. Economic Factor: ............................................................................................................12
5.1. Vietnam Exchange Rate: .................................................................................................................. 12
5.2. Vietnam GDP Annual Growth Rate .................................................................................................. 12
5.3. Vietnam Interest Rate: ..................................................................................................................... 13
5.4. Vietnam Consumer Price .................................................................................................................. 14
6. Political Factor: .............................................................................................................. 16
6.1. Special Economic Zones ................................................................................................................... 16
6.2. Vietnam's Free Trade Agreements with other countries: ................................................................ 18
6.3. Vietnam's corruption index: ............................................................................................................. 20

III. Five forces model .................................................................................................... 21

1. The threat of entering the dairy industry in Vietnam ....................................................... 21
1.1. Dairy farming and development of purchasing: .............................................................................. 21
1.2. Urbanization: ....................................................................................................................................22
1.3. Current status of dairy cows in Vietnam: ......................................................................................... 23
2. Power supplier ............................................................................................................... 28
3. Competition of existing companies: ................................................................................ 30
4. Buyer power: ................................................................................................................. 31
5. Threat of substitute products: ........................................................................................ 32
IV. VIETNAM DAIRY PRODUCTS JOINT STOCK COMPANY: .............................................33
1. Core value or Mission or Vision; ......................................................................................33
1.1. Core Value: ....................................................................................................................................... 33
1.2. Vision of Vinamilk: ............................................................................................................................34
1.3. Mission of Vinamilk: ......................................................................................................................... 34
1.4. Actions of Vinamilk: ..........................................................................................................................34
2. Organizational structure: ................................................................................................35
3. Human resources: .......................................................................................................... 37
4. Brand name or brand equity: ..........................................................................................38
5. Financial strength/ factors: .............................................................................................39
6. Fix/physical assets; .........................................................................................................45
7. Market resources: .......................................................................................................... 44
8. Technology base or Research and Development: .............................................................45
V. SWOT strategies ...................................................................................................... 48
1. Vinamilk: ....................................................................................................................... 48
 1.1. SWOT table: ......................................................................................................................................49
1.2. SWOT strategies: ..............................................................................................................................50
2. TH True Milk: ................................................................................................................. 51
2.1. Vision, mision and core values: ........................................................................................................ 51
2.2. SWOT table .......................................................................................................................................51
1.3. SWOT strategies: ..............................................................................................................................53
2. Conclusion about different business decisions between Vinamilk and TH True Milk when
they are influenced by external factors: ..............................................................................54
VI. Conclution: ..............................................................................................................55
VII. Reference: ..............................................................................................................56
I. Introduction:
As a business analyst of Vietcombank Fund, after the report on Vinamilk, I will analyze
Vinamilk's internal and external environment to assess if this is an opportunity to become
a business leader. whether an investment is profitable or not. Specifically, I first want to
analyze the positive and negative impact of the macro environment on the company, in
which I will explain the 5 competitive forces model and the PESTLE model of the macro
environment to see opportunities and challenges of the dairy industry environment for
Vinamilk. Second, I will analyze the internal environment of the company by the following
factors: Core value or Mission or Vision; Organizational structure; Human resources;
Brand name or brand equity; Financial strength/factors; Fix/physical assets; Market
resources; Technology base or Research and Development so that from those factors,
Vinamilk's strengths and weaknesses can be seen. After analyzing the internal and
external environment of the company, I obtained a SWOT model, from which I will
evaluate whether the strategy that Vinamilk has chosen is suitable for the objectives set
by the company. And to increase the persuasion, I will analyze Vinamilk's current
competitor, TH true milk. From there to see if Vinamilk is worthy of investment or not.

II. Six factors (PESTLE) of macro environment.

1. Legal Factor:
- Vinamilk must ensure safe and healthy production for customers with a modern system.
The company should comply with food safety rules.
+ Fresh milk products used in the School Milk Program include pasteurized whole
milk and pasteurized fresh milk that meet the provisions of the National Technical
Regulation on liquid dairy products QCVN 5-1: 2010 / BYT promulgated together with
Circular No. 30/2010 / TT-BYT dated June 2, 2010 of the Minister of Health and the
requirements specified in Articles 4 and 5 of the Circular.
+ Input materials of fresh milk products used in the School Milk Program must
meet the National Technical Regulation on raw fresh milk promulgated together with
Circular No. 29/2017 / TT-BNNPTNT dated December 29 -2017 of the Minister of
Agriculture and Rural Development. (Tin, 2022)
 Theat: The regulations on dairy industry in Vietnam have not been updated
compared to the current market changes. It makes it very difficult to capture raw
material information and monitor milk quality today.
2. Technology Factor:
Currently, the production technology equipment that Vinamilk is using all set
international standards, use modern packaging technology, and import technology from
famous equipment suppliers such as Trota Park (Sweden). ), APV (Denmark). Carry out
production according to the PDCA cycle in strict compliance with regulations on factory
hygiene, environment, machinery and personal hygiene according to food processing
industry standards. Strict and effective management system, on the basis of integration
and risk management according to ISO 31000 standard, throughout the chain of activities.
The lines are synchronous, of a new and modern generation, with automatic or
semi-automatic control to meet the requirements of food safety and quality.
Using advanced technology for raising cows such as: Ethernet network, bluetooth
wireless connection technology, wi-fi and remote radio wave identification technology
with RFID tags with automatic identification chip, biological sensor system, surveillance
camera.... help increase cow's milk production.
Opportunity: Increasingly developing technology has given Vinamilk many ways to
create new products to affirm the brand for its products. On the other hand, technology
affects advertising and the level of product communication: Science has developed to
meet the needs of providing products to consumers because consumers' needs are
increasing in quality. and quantity. At the same time, science and technology also create a
new productive force that is very effective for businesses, helping to reduce product
production time and improve product production efficiency.
3. Environment Factor:
-TROPICAL:

Tropical plants are often high in digitized hydrocarbons but low in protein. Moreover, the
mineral content is also low and disproportionate, especially often lacking in phosphorus.
Therefore, the digestibility of tropical grass is much lower than that of temperate grass,
so cows do not eat, poor absorption leads to reduced milk quality, slow growth of cows.
+ Suitable temperature conditions for dairy cows are 10-20 degrees Celsius, relative
humidity 55-56%, average wind speed 5-7km/h and average sunshine. The weather
conditions are ideal for the growth and production of cows. When the air temperature
increases >17°C, the biological efficiency in dairy operations decreases. Furthermore,
insufficient temperature and humidity will negatively affect the milk production of cows.

Theat: This unfavorable condition makes it even more difficult for dairy enterprises to
choose breeds that are adapted to high temperatures. The care, rearing and stables still
have to be very strict to ensure the development of the cows with good growth and a
guaranteed milk supply.

- REUSABLE EQUIPMENT

A dairy cow produces an average of 144 servings of milk per day (250 ml per
serving) providing important nutrients essential for human health such as calcium,
vitamin D, potassium and protein.

To maximize nutrition, dairy cows have diets specifically designed to provide

optimal nutrition while delivering benefits across the food chain. Cows have the ability to
eat foods that humans cannot digest, such as by-products from food processing such as
citrus peels and almond skins, minimizing waste associated with food production.

One by-product of dairy farms with the potential to be sustainable is cow dung, a
natural fertilizer that also converts into a renewable energy source. Cow manure is rich in
nutrients for arable land to improve crop growth performance for humans and animals. A
cow produces 64 liters of manure per day. Enough fertilizer to grow 25kg of corn or 38kg
of tomatoes.

Anaerobic treatment systems and evaporation technology reduce emissions,

converting manure and commercial food waste into electricity, fuel for cars and trucks,
fiber and, of course, fertilizer.

Opportunity: Dairy cows have a green cycle that helps reduce, reuse, and
REPRODUCE potential and useful, helping to reduce costs for cow farmers or large
enterprises. Moreover, protect the environment and build a sustainable future.
4. Social Factor:
4.1. Crude Birthrate and Crude Death rate:
The crude birth rate (per 1,000 people) in Vietnam is reported to be 16.12% in
2020 down 0.3% compared to 2019 and 0.6% compared to 2018 according to the
development indicators collection of World Bank, compiled from officially recognized
sources Vietnam.
Birth rate, raw - actual, historical data, projections and forecasts obtained from
the World Bank in August 2022. (Ha, 2022)

Source: World bank 2022

-> Crude birth rate has decreased at a negligible level.
Crude death rate (per 1,000 people) in Vietnam is reported to be 6,444% in 2020, 0.1%
increase compared to 2019 and 0.15% compared to 2018 according to the Bank's
collection of development indicators. (Ha, 2022)
Source: World bank 2022
-> Crude death rate increased insignificantly.
4.2. Age structure:
This statistic shows the age structure in Vietnam from 2010 to 2020. In 2020, about
23.19% of the total population of Vietnam is from 0 to 14 years old, 68.94% from 15 to 64
years old, and 65 years old. or more is 7.87%. (Quan,
2022)

Source: Statista 2022

Young population structure opens up opportunities for Vinamilk:

→ Vinamilk has abundant labor resources

→ Large consumer market:

Thanks to the increasingly improved living standards of the elderly population, this is a
good sign, being a potential customer of Vinamilk.

Children account for 23,195% in the total population, this is the expected number for
Vinamilk to participate in the powdered milk market. (Quan, 2022)

4.3. Life style/ Culture:

Vietnam is not a country with a tradition of using milk. But with higher incomes and
better nutrition awareness, Vietnamese people have increased their purchases of dairy
products in a sustainable way. It is estimated that by 2050, each Vietnamese person will
consume 34 kg of milk and related dairy products per year, multiplied by the total
population of 112 million people, the market size is 3,800 tons of dairy products. Access
to information becomes easy through newspapers, television, websites, etc. (Quan, 2022)

Opportunity: Therefore, advertising and distribution to customers becomes easier.

Moreover, Vietnam is a country with a rather small body size. Milk contains an
abundant amount of nutrients to help develop the body and add nutrients easily.

One of the important characteristics in the social concept of Vietnamese people is

that they often use products that are suggested by word of mouth with good effect,
making customers feel secure, confident about the quality and they rarely change.
change.

Opportunity: Therefore, has created full trust with consumers to turn them into
loyal customers of the product. This is a great opportunity for Vinamilk.

4.4. Market Segment:

- Customer segment:

+ Group of individual customers. Individuals here can refer to small families,

grandmothers, mothers, etc. to buy products to use for their children. Each time they buy,
they will not buy too much but buy enough to use as 1-2 batches of milk, 1-2 batches of
dairy or milk-related products.

+ Organizational customer group. Organizations using Vinamilk's products can be

primary schools, kindergartens and high schools; volunteering organizations for children;
companies such as hospitals, etc. These are the places where children and young people
are most often present. Therefore, the level of consumption will be high and milk plays a
very important role in the development of children.

- Segment by age:

+ From 0-4 years old: At this age, the frequency of use is daily and parents are the
ones who pay and perform the buying behavior. And the estimated payout is high. This is
a small age and needs to be provided with a lot of nutrients, DHA for the comprehensive
development of the baby. However, because the digestive system of this age is not fully
developed, there will be specialized milk such as powdered milk, not regular instant milk.

+ From 5-14 years old: The age enters the strong development process, so the
body will need a lot of nutrients to serve the learning and training of motor muscles.
Therefore, the frequency of use is still daily and parents are the ones who choose and
decide the buying behavior.

+ From 15 to 30 years old: this is the age of students and working people - they
have been able to control their own needs and purchase costs, so the product can be at a
high cost, in line with the nature of the product. dynamic, youthful of this age. Add
enough energy, good for health, fresh taste. And the level of payment is high because
they are of working age.

+ Over 30 years old: Consumers at this age often have a gradually aging body, so
dairy products need adequate calcium for the body. But they live an organized, health-
conscious life with an emphasis on improving the physical and mental well-being. And the
level of payment is affordable thanks to pensions or children.
 Opportunity: The main segment that Vinamilk targets is children from 5 to 14
years old (Vinamilk 2014), Vinamilk wishes to improve children's physical health and aims
to nurture young talents as preschools are considered the pillars of the day. national
apricot (Vinamilk 2016). The first reason why Vinamilk chose this segment is because
children account for about 23.2% of the population (Statistic 2020). Second, the middle
class population is increasing and they are starting to focus more on the value of the
product rather than the price. This will result in Vinamilk being able to have more
customers. (Euromonitor 2020).

5. Economic Factor:
5.1. Vietnam Exchange Rate:

Source: The state bank 2022

In recent years, the VND/USD exchange rate has been operated in a stable and flexible
direction with a fluctuation range of less than 2%/year thanks to favorable foreign
currency supply and demand as well as the priority policy of stabilizing the macro-
economy. scale of the State. Not only will this trend continue, but the exchange rate is
likely to fluctuate in a narrower band (about 1%) as the benefits of a weak currency to
Vietnam's exports and growth are undermined. decline when the scale of exports / GDP
increases and especially when Vietnam is still on the list of countries to watch for foreign
exchange policy of the US Department of Finance. (Lam, 2022)
5.2. Vietnam GDP Annual Growth Rate
Vietnam's gross domestic product expanded 7.72% yoy in Q2 of 2022, much faster than a
marginally revised 5.05% growth in Q1 and pointing to the the third straight quarter of
expansion, flash data showed. The latest print was also the strongest pace of growth
since Q4 2007 and the highest growth rate for only Q2 since 2011, boosted by a fiscal
stimulus worth about $15 billion and further reopening of the economy after near 2 years
of closure. Output strengthened for industry & construction (7.70% vs 6.38% in Q1),
services (6.60% vs 4.58%), and agriculture (2.78% vs 2.45%). Meantime, household
spending recovered further; while exports stayed solid, particularly to the US. During H1,
the GDP grew 6.42% yoy, stronger than a 5.74% rise in the same period of 2021. For H2,
however, the government has warned that the economy will face multiple headwinds
from both soaring inflation and persistent global uncertainty. For full 2022, the economy
is expected to advance of around 6% to 6.5%. (General Statistics Office of Vietnam,2022)

Source: Statistics office of Vietnam 2022

Opportunity: The upward trend in the average income of the population, in
addition to creating a higher purchasing power in the market, also leads to different
needs and wants from consumers. They may demand more or are willing to spend a
higher amount of money for factors such as quality, variety, convenience, aesthetics, etc.
In addition, another trend is the distribution of income. Many divisions in the population is
also an issue that the company needs to pay attention to. It is this differentiation that
makes the needs and desires of consumers more diversified and creates many different
segments in the market.
5.3. Vietnam Interest Rate:
- Central Bank cuts interest rates for the third time this year in October:
Effective from October 1, the State Bank of Vietnam (SBV) has reduced a series of interest
rates, cutting the refinancing interest rate from 4.50% to a record low of 4.00%. The
move comes after sizable monetary easing in March and May, bringing the total
refinancing rate cuts so far this year to 200 basis points.
Source: The state bank of Vietnam 2022
Opportunity: This decision is intended to increase activity. While the economy grew
strongly in Q3 and is likely to outperform Asian economies markedly, the recovery remains
fragile and vulnerable due to social distancing constraints. can happen abroad to the
outside region. Moreover, inflation is under control, monetary stability and low interest
rates in neighboring economies have created opportunities for the SBV to continue cutting
interest rates.
5.4. Vietnam Consumer Price
In Vietnam, the Consumer Price Index or CPI measures changes in the prices paid by
consumers for a basket of goods and services.
Source: General statistics office of Vietnam 2022

The annual inflation rate in Vietnam declined to 3.14 percent in July of 2022 from June’s
near 2-year high of 3.37 percent, due to a softer rise in prices of both housing &
construction materials (1.13 percent vs 1.53 percent) and transport (15.22 percent vs
21.41 percent). Prices continued to rise for food & catering services (2.98 percent vs 1.27
percent) and textile, footwear and hat (1.84 percent vs 1.42 percent). By contrast, prices
of education fell further (-1.97 percent vs -2.13 percent). Annual core inflation, which
excludes volatile items, rose to a 27-month high of 2.63 percent in July from 1.98 percent
in June. On a monthly basis, consumer prices climbed 0.40 percent in July, easing from a
0.69 percent increase in the prior month.(General Statistics Office of Vietnam,2022)

-> Most dairy products' prices were stable with low inflation.

Opportunity: The Vietnam’s GDP trend increased day, it is a great opportunity for
business. It means that the income and life will go up and the demand to spend money is
high. However, the inflation rates is also high that mean the cost of production will
increase. It will effect on the price of Vinamilk product in market. Vietnam is a member of
WTO is a big pressure for local business to compete other foreign competitor. In addition,
it is also help company to expand the business scales and attract more foreign investment.
6. Political Factor:
Vietnam is a country with a stable political institution that facilitate doing business in
Vietnam. Moreover, Vietnam is a peaceful country without war and terrorism.
The government has many policies to support milk industry for running business.
However, Vietnam is a mixed economy so government stills play the big role in market.
Vietnam government decrease the foreign trade barrier to attract more
investment.Especially the government have more tax policy to support the milk industry.
According to the Law, milk and almost kind of produce from agricultural or heath for
social have just paid 8% tax.
- Government promulgated preferential policies:
+ Decree 3399 / QD-BCT: Approving the planning for development of Vietnam'sdairy
processing industry until 2020, with a vision to 2025. Vietnam is a member of WTO so
they must compete foreign companies but they can attractmore investments.
6.1. Special Economic Zones
- Up to now, Vietnam has 18 special economic zones planned to be established, which
are:
 Special Economic Location Time of establishment Area
Zones and issuance of (Ha)
operating regulations

Van Đon Van Đon, Quang Ninh 31/5/2006 55.133

Đinh Vu - Cat Hai Thuy Nguyen - Cat Hai, 10/1/2008 21.60

Hai Phong

Nghi Sơn Tinh Gia, Thanh Hoa 15/5/2006 18.611,8

Đong Nam - Nghe An Nghe An 11/6/2007 20.776,47

Vung Ang Ky Anh, Ha Tinh 3/4/2006 22.781

Hòn La Quảng Bình 10/6/2008 10.000

Chu Lai Tam Ky- Nui Thanh, 5/6/2003 27.040

Quang Nam

Dung Quat Binh So, Quang Ngai 21/3/2005 45.332

Nhon Hoi Binh Đinh 14/6/2005 12.000

Chan May - Lang Co Thua Thiên - Hue 5/1/2006 27.108

Van Phong Van Ninh, Khánh Hoa 25/4/2006 150.000

Nam Phu Yen Phu Yen 29/4/2009 20.370

Đinh An Tra Vinh 27/4/2009 39.020

Nam Can Ca Mau 23/11/2010 11.000

Phu Quoc Phu Quoc, Kien Giang 10/7/2013 58.923

Đong Nam - Quang Tri Đong Nam, Quang Tri 27/2/2010 23.460

Thai Binh Thai Binh 9/2/2011 30.538

Ninh Co Ninh Co, Nam Đinh 25/2/2011 13950

Source: Dac khu kinh te Vietnam 2019

 The establishment of special economic zones will best exploit the inherent potentials
of localities such as the potential of eco-tourism, marine tourism, transportation, etc.,
and at the same time attract domestic and foreign investment. to accelerate economic
development.
The special economic zone will be a development area with pervasive power, creating
a driving force for the whole economy to develop.
In addition, the construction of special economic zones will increase the added value
of service and tourism industries, contribute to economic restructuring, create new jobs,
increase GRDP and collect billions of USD for the State budget. government.
Currently, Vietnam is having many special preferential policies to attract investment
capital in 3 special economic zones, namely Van Don, Bac Van Phong and Phu Quoc.
Seizing this opportunity, investors began pouring capital into a series of projects worth
billions of dollars.
- Expected revenue from special economic zones:
+ Van Don: $1.9 billion from taxes and fees, $2.1 billion from land use, nearly $10
billion from value-added businesses.
+ Bac Van Phong: 1.2 billion USD from taxes and fees, 1 billion USD from land use and
10 billion USD from investment enterprises.
+ Phu Quoc: Revenue from taxes, fees and land use fees is more than 3.3 billion USD,
the value added by businesses is nearly 20 billion USD.
+ Total revenue from the three special zones is about 50 billion USD.
+ Total GDP of Vietnam in 2017 is 220 billion USD. (Van, 2022)
6.2. Vietnam's Free Trade Agreements with other countries:
The EU-Vietnam Free Trade Agreement (EVFTA) is a new generation FTA between
Vietnam and the 28 EU member states. EVFTA together with the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership
- The main areas of commitment in the EVFTA include: Trade in goods, Rules of origin,
Customs and trade facilitation, Sanitary and phytosanitary measures (SPS), Technical
barriers to trade (TBT), Trade remedies (TR), Cross-border trade in services, Investment,
Competition; SOEs, Government Procurement, Intellectual Property, Sustainable
Development (including environment, labor), Legal issues, Cooperation and capacity
building.
- In the Vietnam-EU Trade Agreement, the EU commits to preferential tariffs for goods
from Vietnam according to the following schedule:
+ Eliminate tariffs as soon as the Agreement comes into effect for 85.6% of tariff lines,
equivalent to about 70.3% of Vietnam's current export turnover to the EU. (Ha, 2022)
+ After 07 years, tariffs will be eliminated on a total of 99.2% of tariff lines, equivalent
to 99.7% of Vietnam's current export turnover to the EU. (Ha, 2022)
+ For about 0.8% of the remaining tariff lines, the EU gives Vietnam a tariff quota with
an import tax within the quota of 0%. (Ha, 2022)
- Impact of Free Trade Agreements on Vietnam
+ Total import and export turnover in February 2022 reached 48.8 billion USD, down
19.1% compared to the previous month, mainly because February 2022 has fewer
working days than January 2022. However, compared to the same period last year, the
total export and import turnover of goods in February 2022 still increased sharply by 19%.
Generally for the first two months of this year, the total import and export turnover of
goods was estimated at 109.62 billion USD, up 14.2% over the same period last year, of
which exports increased by 11.7%; imports increased by 16.7%. Trade balance in the first
2 months of 2022 had a trade deficit of US$ 581 million, of which the domestic economic
sector had a trade deficit of US$ 2.31 billion; FDI sector (including crude oil) had a trade
surplus of 2.89 billion USD. (Ha, 2022)
+ In the first 2 months of 2022, there were 13 imported items worth over 1 billion
USD, accounting for 71.9% of total import turnover.(Ha, 2022)
Opportunity: The free trade agreements that Vietnam has joined and implemented
have helped increase import and export turnover, attracting many sources of foreign
direct investment (FDI).
After joining ASEAN, the WTO along with the signing and implementation of free trade
agreements with other countries, Vietnam's import and export activities also had many
changes in the structure of goods and services. especially the trade balance has shifted
from a heavy deficit to a light deficit and surplus in recent years.
6.3. Vietnam's corruption index:
Vietnam received a Corruption Perceptions Index score of 39 in 2021, ranking 87 among
180 countries. In 2021, the worldwide average score reached 43 index points.

Source: Statista 2022

This also number of CPI highest of Viet Nam in the stage from 2012-2021. Trong 10 năm
này, nhìn chung chỉ số CPI của Việt Nam được cải thiện từ mức thấp nhất là 30 điểm
trong năm 2012 lên 39 điểm trong năm 2021. (Thuy,2022)
Opportunity: The point of corruption skyrocketed compared to previous years,
Vietnam has gradually regained its purity, bringing trust to foreign investors, making it
easier for Vietnam to integrate into the world. chemical.
Threat: Corruption corrupts a part of cadres and civil servants of the state apparatus,
Party organizations and social organizations, erodes people's trust in the state apparatus,
and causes discontent. , resentment among the people towards the Party, the state and
the social system, reducing the effectiveness of the state's management.
III. Five forces model
1. The threat of entering the dairy industry in Vietnam
1.1. Dairy farming and development of purchasing:
A pregnant cow costs 20-30 million VND. The rental price of land for farming is quite high,
while a minimum of 1000m2/cow is required. Dairy cows are not animals that have the
ability to "suffer" so they need to be taken care of very carefully. Dairy farming requires a
fresh system, a reasonable barn and an automatic milking system that meets the
standards of the dairy industry.

Every two weeks or a month, farmers can collect milk sales. Milk production is quite
stable so it is possible to estimate the farmer's income for a year. A long lactation cycle:
about 305 days in theory but longer in practice depending on the time of lactation, about
2 months before the next calving. During the lactation period, about 4-10 weeks after
calving is when the cows reach their peak milk production. Milking technique is also
important to increase milk yield. Cows produce milk under the influence of Oxytocin. This
substance is secreted only when the cow feels comfortable. Today, farmers can use taste
and music to stimulate the cow's ability to produce milk.

Source: Vien Chan Nuoi

The diet of dairy cows is very demanding: and the types of feed need to be in the right
proportions, otherwise it will be counterproductive. Feed for dairy cows consists of 3
main types: concentrate, roughage and minerals. Increasing forage may increase milk
yield but decreasing roughage may decrease milk quality. The common case in our
country is that people often use refined food instead of forage. Meanwhile, the price of
refined feed is many times more expensive than raw food.

Dairy farming has a fast turnover of capital, but in order to build, develop and expand the
scale of cow husbandry, businesses or farmers have to spend a huge amount of initial
investment capital. Cow farmers need knowledge to care for and raise livestock according
to industry standards.

1.2. Urbanization:
According to the data table of Population of Vietnam, the population distribution in our
country has changed in recent years. The proportion of people living in urban areas
increased while the population in rural areas decreased.

Source: Dan so Vietnam 2022

With the increase of urbanization, the increasing demand for life, the health factor is
focused on promoting the growth of nutritional products, especially milk and dairy
products. The dairy market is expanding - customers range from children (products to
help develop the body, mind, ...) to the elderly (nutrition supplements due to anorexia,
osteoporosis, illness, ...) even products for dieters.
 Urbanization contributes to high milk consumption but narrows the scope of
domestic dairy farming.
1.3. Current status of dairy cows in Vietnam:
Structure of Vietnamese dairy cow breed: Currently, mainly HF crossbred cows (Holstein
Friesian - HF crossbred blood ratio from 50%, 70% and 85.7%) account for nearly 85% of
the total cow herd. The number of HF thunf cattle accounts for about 14% of the total
herd and the remaining 1% belongs to Ayshire breeds; Brown Swiss beef; Jersey Cow.

Source: Vien Chan Nuoi2021

Although the export rate has increased, the import rate is still very high because the
domestic source of cattle breed is not enough to meet the needs of domestic livestock
development in 2019, the amount of imported cows is 1000 (thousand cows) compared
to 2018 still. an increase of about 900 (thousand cows) compared to 2020, this rate will
still increase by more than 100 (thousand cows)
Our country has to import more cow breeds to meet that demand; It is estimated that
each year our country's import turnover of dairy cows is 3.5 times higher than the export
volume. New businesses entering the industry will be confused about where to import
cows from and the price of imported cows will be difficult to determine.
- There are two main farming methods in our country:

+ Small and scattered husbandry: The scale of dairy farming households

currently ranges from 7-10 heads/household, the trend of raising dairy cows with a
scale of more than 15-20 heads/household is increasing gradually. But this breeding
method appears to have many limitations invest in equipment for dairy farming.
Milking machines have limited use, mainly in large-scale farms. For small-scale farms,
the new milking machine is about 10%. This is the cause leading to the high rate of
mastitis in dairy cows in small businesses . So milk output does not meet industry
standards.

+ Up to this point in our country, where the largest dairy herd is still in the
Southeast region: 106,283 thousand heads, accounting for 32.07%, but it tends to
decrease due to a decrease in herd in HCMC due to urbanization.

+ Currently, the North Central and Central Coast regions account for 26.23%;
The Red River Delta is 11.50%; Mekong River Delta accounts for 11.38%; Northern
midland and mountainous area accounted for 9.36%; The lowest is the Central
Highlands, accounting for 9.47% of the country's cow herd.
Source: VNdriect 2022

+ Enterprise farming method: Many large enterprises pioneer to invest in high

technology, advanced and modern technology, and quickly absorb the world's technical
advances in both breed and technology in cattle raising. dairy (importing the world's most
productive dairy cow breeds, applying modern technology to milk management and
production) such as: TH Milk currently has 63,000 cows, Vinamilk (including Moc Chau
facility) has 60,000 children, Nutifood has 7,000 children, Dutch Girl has 35,000 children.

Currently, Vinamilk has 14 farms across the country with GlobalGAP standards in
Vietnam; in which, there is 1 embryo transfer center, 3 European organic standard
farms and 2 Chinese organic standard farms. This is the largest farm system in Asia in
terms of quantity applied to this international standard. The average milk yield at
Vinamilk Company is reported to reach 26.1 kg/head/day (equivalent to about 7,960
kg/lactation cycle). At TH milk announced the average milk yield was 28.35
kg/head/day (corresponding to 8,647 kg/lactation cycle.

The current domestic dairy feed source is not enough to meet the demand, so it has to
be imported. It is expected that the amount of imported food will increase day by day.
In 2020, the amount of feed will increase 3.5 times compared to 2015 as estimated by
the Institute of Livestock Production.
Source: Vien Chan Nuoi 2016
- Growth rate of cows and milk production:
+ As of December 31, 2020, the whole country had 331,368 dairy cows, an
increase of 4.29% compared to 2019.
+ The production of fresh cow's milk continuously increased rapidly: in 2018
reached 1258 thousand tons; in 2019 reached 1305.6 thousand tons; in 2020 reached
1702 thousand tons (up 6.4% over the year 2019).
- According to the General Statistics Office, the country's milk production in the first
quarter of 2021 reached 270.1 thousand tons, up 5.1% over the same period last year
.

Source: statista 2022

 + According to the Strategy for livestock industry development in the period of
2021-2030, with an orientation to 2045, with an orientation to 2030, the dairy cow
herd will reach a size of from 650,000 to 700,000 heads, of which about 60% of dairy
cows are raised on large-scale farms.

+ The livestock industry development strategy sets a target that by 2025, cow's
milk production will reach from 1.7 to 1.8 million tons of milk; by 2030 to reach 2.6
million tons of milk.

- Milk consumption per capital:

+ Currently, businesses have diversified and introduced many new products to

the market such as organic products, special nutritional products, etc. However, two
main areas determine the growth of the entire domestic dairy industry. and also the
two most important products are liquid milk and powdered milk. The total value of
these two segments alone accounts for nearly three-quarters of the market value with
the output of fresh milk currently reaching 1,500 thousand liters, powdered milk
reaching 1,500 thousand liters, 138,000 tons. (VIRAC, 2022)

+ However, Vietnam's dairy industry only meets about 35% of domestic

consumption demand, so this is still an industry with great potential for development.
Moreover, Vietnam's per capital milk demand is still low, reaching only 26
liters/person/year, while Thailand is 35 liters/person/year, Singapore is 45
liters/person/year, and other countries Europe from 80-100 liters/person/year.(Page,
2022)

 Vietnam's dairy industry is promising with many opportunities. With the

growth of the dairy industry's capacity, urbanization, and increasing income
levels, people's awareness of the uses of dairy products is increasing day by
day. Therefore, milk is a potential market in Vietnam that can attract many
businesses to participate. However, the dairy market share of big companies
such as Vinamilk, Th True milk, .. has occupied the domestic market,
moreover, the initial investment capital for raising and milk production costs
is high, especially in the dairy industry. UTH/pasteurized milk production
 technology and dryer to make powdered milk. In addition, the cost of
building a farm is very large and the quality and quantity of dairy ingredients
is highly dependent on the land and weather. Those reasons will discourage
newcomers from entering the business.
So the threat of new entrants is low.
2. Power supplier
- Major domestic suppliers:

+ Vinamilk's largest domestic supplier is Persima Binh Duong: supplying boxes for
Vinamilk.

+ Moreover, dairy farms are very important strategic partners of Vinamilk in

providing consumers with the best products.

- Major foreign suppliers:

Some of Vinamilk's biggest suppliers: Fonterra ( SEA ) Pte Ltd and Hoogwegt International
BV : supplying powdered milk and Ttra Pak Indochina : supplying canning and binding
machines.

+ The source of raw materials for agribusiness is from agricultural products.

Specifically, the products of the dairy industry depend on dairy farming. Vietnam is an
agricultural country, but we still import a lot of dairy products, accounting for 70% to 75%
of total demand. In the first 11 months of 2020, our country spent more than 971 million
USD to import milk, up 2.5% over the same period in 2019.(Nguyen, 2022)

+ Newzealand, USA, Maslaysia and Thailand are the main markets supplying milk and
products to Vietnam. In which, imports from Newzealand reached $262.5 million,
accounting for 27% of the country's total import turnover of this commodity group, down
1.7% compared to the first 11 months of 2019. Followed by the US market reached 164.5
million USD, accounting for 17%, up 38%. The third is Maslaysia with USD 61.5 million,
accounting for 6.3%, up 22%; Thailand reached 56.9 million USD, accounting for nearly
6%, up 0.2%. (Ha, 2022)
 + In general, in the first 11 months of 2020, the import turnover of milk and dairy
products from major markets increased over the same period last year. However, import
turnover decreased sharply in some markets such as: Singapore down 54%, reaching 42.4
million USD; France fell 29% to $27.3 million. (Ha, 2022)

- The domestic dairy industry faces the risk of price and exchange rate changes.

+ Especially, world milk price goes up according to statista source. This statistic
illustrates the monthly selling price of whole milk powder in Western Europe from 2019
to 2021. In February 2021, the selling price of whole milk powder stood at around 2.93
euros/ton.

Source: stastista 2022

+ Among domestic dairy companies, Vinamilk is the company that ensures the
source of fresh raw milk from the country and the company tries to expand the area
of cow breeding, but VNM still imports to produce powdered milk of origin.
/originated 100% from the US, Australia, New Zealand, Europe and Japan, the price of
powdered milk in foreign markets has increased with rising prices.
  Building long-term and sustainable development goals for major domestic
and foreign suppliers is Vinamilk's main goal to ensure the supply of raw
materials. Milk purchased from farms must ensure the quality standards
signed between Vinamilk and domestic dairy enterprises. As for raw
materials (typically powdered milk), most of Vinamilk has to import. Based
on the above analysis table, it can be seen that the increasing input price of
powdered milk is also the reason for the increase in the product cost of
Vinamilk.

Therefore, the risk of supplier power is relatively large.

3. Competition of existing companies:

Source: Euromonitor KBSV 2021

According to Euromonitor, in 2020, Vinamilk leads in market share of the whole
industry, accounting for 43.3% (excluding Moc Chau Milk) with a strong distribution
network covering 64 provinces and cities in Vietnam. In particular, in some segments
Vinamilk holds a very large market share such as condensed milk (accounting for
about 80%). As a leading company in the dairy industry with a wide range of products,
Vinamilk is continuing to invest in cows, technology and product quality to maintain
this position. Friesland Campina is a major competitor of Vinamilk in many products
and also tries to improve the quantity and quality of its products.

Friesland Campina accounts for 15.80% of the current dairy market, or a few big
players like TH True Milk - the company that holds a large market share in the fresh
milk segment; Nutrifood, Moc Chau Milk account for about 6-7% of the market, they
are gradually asserting their position in the dairy market Preferential tax rates for
dairy products are an opportunity for many foreign companies to import milk into the
country. Vietnam. Typically, the powdered milk segment is dominated by foreign
companies, including 4 companies Abbott (30%), Dutch Lady (14%), nestle (9%), Mead
Johnson (14%). This industry can shake the price of milk powder. (Ha, 2022)

Therefore, the competition among dairy companies is not high at present.

4. Buyer power:

Domestic raw materials meet 20-25% of domestic demand, so Vietnam is still a

potential dairy market with a significant increase in consumption. In addition, Vinamilk
is an enterprise consisting of: 13 cow farms across the country and 13 milk factories
with a total capacity of 5.1 million liters of liquid milk per day, meeting the needs of
the domestic market as well as export. export with a wide range of products (more
than 250 types of products). Accompanying the factory system is a large distribution
network with 200 distributors, a total of 240,000 retail points (traditional channels)
and 7,800 (modern channels).(Dung, 2022) And supply products products through all
supermarkets in the country, so it is easier to reach customers than businesses in the
same industry. However, there are many milk brands in the market with more
competitive prices. Customers will switch to other products if the company's prices
are high.
 Therefore the buyer's risk is high.

5. Threat of substitute products:

- On the market today, there are many products such as cereal flour, soy milk, energy
drinks, functional foods, those products are added with many ingredients and vitamins to
help people improve their health but not It can be a complete substitute for cow's milk
because cow's milk has an impressive nutritional profile: Rich in high-quality protein,
important vitamins and minerals, including calcium, phosphorus and B vitamins. 1 cup
(240ml) whole milk The substance provides 146 calories, 8 grams of fat, 8 grams of
protein and 13 grams of carbohydrates. (TT, 2022)

- But if you're allergic to cow's milk and there are milk alternatives available on
supermarket shelves, it can be difficult to know which is best for you. When using
alternative products, you should note:

+ Calcium content: Cow's milk is rich in calcium, which is important for healthy
bones and preventing osteoporosis, so choose a milk that contains at least 120mg of
calcium per 100ml.

+ Vitamin B12: Vitamin B12 is found in animal products and is essential for a
healthy brain and immune system. People who limit or avoid animal products from their
diets should choose milk fortified with B12.

+ Cost: Alternative milk is often more expensive than cow's milk. To cut costs, we
have to process milk at home. But one downside to making your own milk is that it won't
be fortified with calcium and vitamin B12.

+ Additives: Some milk alternatives may contain additives such as carrageenan

and vegetable oils to achieve a thick and smooth texture.

 A cup of cow's milk brings full nutrients, good and safe for health that other
types cannot completely replace cow's milk.

Therefore, the risk of these substitute products is not high.

IV. VIETNAM DAIRY PRODUCTS JOINT STOCK COMPANY:

Registration Certificate and Tax Code: 0300588569

Stock code: VNM

Name of Vietnamese: Công ty Cổ phần Sữa Việt Nam

Abbreviate name: Vinamilk

Charter capital :VND 20,899,554,450,000

Head Office :10 Tan Trao, Tan Phu Ward, District 7, HCM City

Tel: (84-28) 54 155 555

Fax: (84-28) 54 161 226

Email: vinamilk@vinamilk.com.vn

Website: www.vinamilk.com.vn www.youtube.com/user/Vinamilk

1. Core value or Mission or Vision;

1.1. Core Value:

To become a world grade brand in food and beverage industry, where people put all their
trust in nutrient and heath products.
(1) INTEGRITY: Integrity and transparency in actions and transactions
(2) COMPLAINCE: To comply with legal regulation, the Company’s Code of Conduct, and the
Company’s procedures and politices.
(3) ETHICS: To respect the etablished ethical standards and act accordingly.
(4) FAIRNESS: To be fair with employees, customers, suppliers and other parties.
(5) RESPECT: To have self-respect, to respect colleagues. To respect the Company and
partners. To cooperate with respect.
1.2. Vision of Vinamilk:
“ To become a world-class brand in the food and beverage industry with nutritional and
health products that are trusted by everyone. ”
During its years of operation, this is considered the guideline of Vinamilk as the brand
always focuses all its resources to build the brand to become a world-class symbol in the
field of food and beverage. , where consumers can put their trust in nutritional products.
1.3. Mission of Vinamilk:
“ To deliver valuable nutrition to the community with our respect, love, and
responsibility. ”
Vinamilk has been constantly developing and diversifying product lines, committed to
bringing the most valuable source of nutrition to the community with all love, respect and
responsibility to the community.
1.4. Actions of Vinamilk:
- Vinamilk often implements many CSR activities.
+ In which, two big programs are mentioned: "Vinamilk 40 years - Reaching
Vietnam" campaign has given nearly 2 million meals to more than 40,000 disadvantaged
children in more than 700 schools across the country and completed. reaching the goal of
more than 1.1 million pounds planted in the "One million pounds" program launched in
2012.
+ In addition, Vinamilk also participates in many other social and charity activities
such as: Spending VND 40 billion for the anti-epidemic, supporting the community and
the frontline force during the COVID-19 outbreak. March to April 2020; Vinamilk
continues to support 8 billion VND for Hanoi, Da Nang, Quang Nam and Quang Ngai in the
next phase, in which, it donated 50,000 sets of test samples to representatives of the
Department of Health and the Hanoi Fatherland Front Committee. Interior in August
2020.
+ In addition to contributions from businesses, Vinamilk's staff members are also
very active in participating in community-based programs such as: The salary is nearly 4
billion VND to help people in the Central region overcome difficulties. to cope with the
consequences of storms and floods; Setting up an internal fund "Million steps, repelling
anti-corona" in 2020 and collected 2 billion VND after just over a month of
implementation - this money was then used to buy masks, hand sanitizer. She provided
meals for nearly 6,000 children at shelters and shelters.
- In 2020, Vinamilk becomes the most community-based enterprise in Vietnam according
to The Global CSR Association. And despite the great impacts of the COVID-19 pandemic,
Vinamilk is still in the top 100 sustainable enterprises in Vietnam.
In short, the vision and mission of Vinamilk declared and given are completely
consistent with the company's business goals and orientation. The values that Vinamilk
brings to customers are not only in products but also in significant contributions to
society. The company's vision and mission as well as reminders are constantly evolving,
creating more new products to meet customer needs, bringing more value to consumers.
2. Organizational structure:

The organizational chart of Vinamilk is professionally presented and the disrtribution of

the deparmentis scientific and rational, decentralizing the responsibilities of each
member and department. Theorganizational chart helps the business operate in the most
efficient way, helping the departments worktogether to create a strong Vinamilk

The relationship between management levels in Vinamilk company:

The decision-making process is a two-way process.
- Governance in the forward and reverse direction helps senior managers have the
opportunity to contact and better understand the thoughts and aspirations of employees,
and vice versa for employees to easily communicate with their superiors. , have the
opportunity to refer to the strategy given by other superiors to achieve the most
common and most suitable strategy for the company.
 + In the forward direction, this is the directing relationship between management
levels. Senior managers have five strategic planning roles, giving the company's overall
strategy and goals in each period. Specifically: the strategy "Vinamilk sets a revenue
target of more than VND 62,000 billion in 2021" and the result exceeded expectations of
VND 64,000 billion for 2021.
+ After determining the strategy and long-term goals of the whole company, the
strategy will be transferred to middle managers (executive directors) to concretize each
strategy into specific plans for each division, each unit. In order for the plan to be
implemented effectively, managers need to have a separate plan for their department in
terms of human resources, equipment,...
-> The implementation of governance in the right direction helps Vinamilk deploy the
strategy in a focused and consistent manner from top to bottom, avoiding differences in a
strategy of all levels and departments. At the same time, management in the right
direction creates a strictly disciplined business.
+ In the opposite direction, this is the reporting relationship between
subordinates and superiors.
+ In the course of work, weekly, monthly and yearly basis managers must report
to intermediate levels the status of professional performance of the department under
their management. Besides solving problems arising between employees and the
company.
-> In the opposite direction, Vinamilk has used extremely flexibly and rationally. This is a
tool for senior managers of Vinamilk to clearly understand their business, besides, in the
opposite direction, Vinamilk creates a comfortable environment, free to give opinions,
freely create and improve. high productivity for the company.
Strengths: Vinamilk applies both of these processes to help the Company have both
"brief" and "needs" to help businesses form a homogeneous body both internally and
externally.
3. Human resources:

According to data from Vinamilk's sustainable development report, the total number of
Vinamilk's employees in 2021 is 7,933 people with diverse industries, ages and
qualifications. Vinamilk always respects and treats employees equally, regardless of
gender, region or religion. Everyone, regardless of field or level, is empowered to
express their values and be a part of the overall success of the organization.
Ratio of managers / total employees: 7.1% / 100%
Ratio by sex / total gender: female employees are 1840 employees, accounting for
23.2% and male employees are 6093 employees, accounting for more than 70%.
- Ratio by age:
+ Under 30 years old, the number of employees: 1737 employees.
+ From 30-40 years old, the number of employees: 3591 employees.
+ From 40-50 years old, the number of employees accounts for 1757 employees.
+ Over 50 years old, the number of employees accounts for 648 employees.
- Labor qualification rate:
+ The worker's degree accounted for 42.91%
+ College of labor accounts for 8.49%
+ University of labor accounts for 46.95%
+ Graduates of labor account for 1.66%
Strengths: Male employees account for more than 70% of Vinamilk's total
employees. Moreover, the number of employees under 40 years old accounts for more
than 60%. This shows that Vinamilk's human resources are strong and are at the best
age for dedication and work. This is a fairly high quality resource, more than 50% of the
total number of employees have college degrees or higher. The majority of the
 workforce has university degrees with 46.95%, which is an advantage of the company's
human resources. Vinamilk has a management team that is experienced and dedicated
to the company. Chairman Mai Kieu Lien has 30 years of experience in the dairy industry
and has played an important role in the development of our company to this day. Other
members have an average of 25 years of experience and ambition. Vinamilk has a team
of engineers who are trained on-site, both promoting and effectively applying the
learned knowledge.

4. Brand name or brand equity:

- Being a famous brand and easily recognized by customers:

In the last month of the second quarter of 2020, Vinamilk continuously received high
appreciation from prestigious research and consulting organizations in the world.
Specifically, according to the Worldpanel Division of Kantar, Vinamilk is the brand
chosen by Vietnamese consumers to buy the most for eight consecutive years in the
"Brand Footprint 2020" report. Market research Nielsen also announced that many
Vinamilk products such as 100% fresh milk, baby milk powder, etc. continue to lead
important segments of the dairy industry in terms of both revenue and volume sold in
Vietnam. These results show that Vietnam's most valuable brand is still maintaining its
leading position in conquering Vietnamese consumers.(Lap, 2022) This is the fourth time
Kantar World Panel has produced this report since the first in 2013 through close global
studies of prominent brands in the FMCG industry, including up to 15,000 brands & 200
categories in 44 countries on 5 continents. (Lap, 2022)
- The value of brand equity is very large:
Vinamilk's brand value is "valued" by Forbes Vietnam at more than 2.4 billion USD,
equivalent to more than 55 trillion VND, accounting for more than 20% of the total
value of the Top 50 leading brands in Vietnam in 2020. Total brand value The ranking of
this year's list reached more than 12.6 billion USD, up 22% compared to the 2019 list.
- Market share of the enterprise:
According to Euromonitor, in 2020, Vinamilk leads in market share of the whole industry,
accounting for 43.3% (excluding Moc Chau Milk) with a wide distribution network across
64 provinces and cities in Vietnam. In particular, in some segments, Vinamilk holds a
very large market share such as condensed milk (accounting for about 80%). As a
 leading company in the dairy industry with a wide range of products, Vinamilk also has a
few competitors, Friesland Campina, which accounts for 15.80% of the current milk
market share, or a few big players like TH True Milk - the company that accounts for
15.80% of the dairy market share. large market share in fresh milk segment; Nutrifood,
Moc Chau Milk accounts for about 6-7% market share, is gradually asserting its position
in the dairy market Preferential tax rates for dairy products are an opportunity for many
foreign companies to import milk into the country Vietnam. Typically, the powdered
milk segment is dominated by foreign companies, including 4 companies Abbott (30%),
Dutch Lady (14%), nestle (9%), Mead Johnson (14%). This industry can shake up the
price of powdered milk. (Ha, 2022)
Strengths: A long history and a solid foundation are the first and foremost thing
that has helped Vinamilk become a leader in the Vietnamese dairy industry. With
products that are completely qualified and competitive with a wide range of existing
products on the market, over 45 years of operation, Vinamilk has certainly become a
recognized brand and received the trust of domestic customers. Furthermore, the
company has achieved great customer satisfaction along with a clear
understanding of the local market. Another noteworthy factor that has truly
solidified Vinamilk's leading position is that it has established a top-notch,
extensive nationwide distribution system that has been increasingly expanded over
time.

5. Financial strength/ factors:

- By the end of 2021, Vinamilk’s total revenue reached VND 61.012 bilion , up 2.2% over
the same period in 2020 and profit after tax reached VND 10,633 billion, down 5.3%.
(Ha,2022).
Source: Bao cao phat trien ben vung cua Vinamilk 2021
Source: Bao cao phat trien ben vung cua Vinamilk 2021
- Total capital: 53,332,403,438,219 (VND)
- Total equity: 35,850,114,249,384 (vnd)
- Total liabilities: 17,482,289,188,835 (VND)
+ In which short-term debt is: 17,068,416,995,519 (VND)
+ In which long-term debt is: 413,872,193,316 (VND)
- Over 45 years of establishment and development, Vietnam Dairy Products Joint Stock
Company Vinamilk (HOSE: VNM) with the share capital of the State Capital Investment
and Trading Corporation (36,00% - 7,524,766,020,000vnd) together with the contributed
capital of other shareholders (64.00% - 13,374,788,430,000 VND) approved and the
number of approved and issued shares of the company from January 1, 2022 - June 30,
2022: 2,089,955,445 ( number of shares) and 20,899.554,450,000 (vnd). (Nguyen, 2022)
- Vietnam Dairy Products Joint Stock Company was listed on Ho Chi Minh Stock Exchange
(“HOSE”), Vietnam on 19 Jan 2006. (loan, 2022)
- Share price of VNM on August 21, 2022:
+ Stock ticker on HOSE: VNM
+ Industry group: Dairy products
+ Charter capital: 24,382,309,830,000 VND
+ Volume of listed shares: 2,089,955,445 shares
+ Volume of shares in circulation: 2,089,956,345 shares
+ Reference price: 71.0 VND
+ Price ceiling: 92.40 VND
+ Floor price: 64.50 VND
+ Highest price: 71.90 VND
+ Lowest price: 71.00 VND
+ Independent audit unit: Vietnam Co., Ltd
+Dividend policy: Not less than 50% of consolidated profit after tax.
- Basic interest rate per share of VNM from Q2/2021 - Q2/2022:
The interest rate of Q2/2021 is VND 1,212 billion compared with Q3/2021 of VND 1,262
billion and Q4/2021 is VND 943 billion, it can be seen that the basic interest rate per
share has a slight fluctuation, in 2022, quarterly 1 was 973 billion dong and 2nd quarter
was 877 billion dong, a slight decrease. (Hoang, 2022)
- >As at June 30, 2022, the Group did not have stocks with potential for dilutive earnings
per share.
Strengths: With good financial capacity, Vinamilk has an advantage over other
competitors who are struggling with raising capital. At each point of sale, Vinamilk
always has refrigerators and freezers to preserve products. The investment in these
modern systems creates a very good impression on customers about product
preservation.
6. Market resources:

- Vinamilk's marketing campaign in 2021:

After phase 1 with many positive results, Vinamilk and VTV Digital officially announced
the next journey of the YOU HEALTHY, HEALTHY VIETNAM community campaign with
the project called "Hopeful GREEN Zone".
Continuing the journey of spreading a healthy and positive lifestyle
Phase 1 of the campaign "Healthy friends, Healthy Vietnam" has recorded positive
results with the program "Spreading a healthy, positive lifestyle - Contribute Covid-19
vaccine to Vietnamese children" ". Specifically, through the campaign, Vinamilk has
contributed 10 billion VND to buy Covid-19 vaccine for children from 12 to under 18
years old through the Ministry of Labor, Invalids and Social Affairs, a part of the budget
will be adjusted. to take care of the children who are F1, F0. In addition, there is a series
of activities "Nutrition for healthy frontline", with hundreds of thousands of nutritional
products being given to more than 10,000 doctors and medical staff at 60 hospitals
across the country.
To further spread the message "Everybody is healthy, Vietnam will be healthy", phase 2
of the campaign was officially started by Vinamilk and VTV Digital with the "Green Zone
of Hope" project.
The "Green Zone of Hope" is an image representing each person's beliefs and the
strength of the community's solidarity and cooperation. When each person chooses a
healthy lifestyle both physically and mentally, each individual will be a "green spot",
from which, together we will create a "green zone" of hope, of faith in overcoming the
pandemic, and of a healthy future in Vietnam.
The activities of the "Green Zone of Hope" project under the Healthy Friends, Healthy
Vietnam campaign will take place from August 23, 2021. Follow and accompany the
campaign at Vinamilk Fanpage to join hands for the community. , VTV24 News Center
Fanpage, VTVGo online TV application, vtv.vn electronic newspaper, Tiktok VTV24 and
other digital content channels of VTV Digital.
The company currently has two distribution channels:
(1) Distribution through traditional channels (220 independent distributors and more
than 140,000 retail points), distributing more than 80% of the company's output. To
support its distribution network, VNM has opened 14 product showrooms in major
cities such as Hanoi, Da Nang, Ho Chi Minh City and Can Tho.
 (2) Distribution through modern channels (such as supermarket system, Metro ...).
Vinamilk's advantage is through the system of invested dairy factories in many localities
throughout the country. With 1,400 first-level agents as well as a nationwide
distribution network with 5,000 agents and 140,000 thousand retail outlets selling
Vinamilk's products as well as in other direct distribution channels such as schools and
hospitals. , supermarkets... For dairy products, when the price of raw materials is high,
dairy companies can sell at a high price that customers still have to accept.
Strengths: The distribution network is not only the core of a long-term strategy but
also a prerequisite for the success of a commodity manufacturer. It allows Vinamilk to
bring its key products to consumers extremely quickly and effectively. Along with solid
distribution, to try to do well, Vinamilk always focuses on investing in modern equipment
and factories. Therefore, a series of modern factories are present in Vietnam to help
reduce transportation costs and the system of advanced equipment helps to confirm
that the output product meets international standards.

7. Fix/physical assets;

- MILK FARM MANUFACTURING INGREDIENTS:

+ MORE THAN 160,000 cows average total cow herd
+ INTERNAL OPERATION:
14 dairy farms and 01 embryo transfer center
1 Cu Chi Fresh Milk Center
83 Raw milk collection station
1 Factory producing and supplying raw materials (Sugar)
+ INTERNATIONAL OPERATION:
1 Lao Jargo farm complex - Laos
- PRODUCTION, PROCESSING BEVERAGE AND MILK FOOD
+ INTERNAL OPERATION:
13 Factory
1 Moc Chau Factory
+ INTERNATIONAL OPERATION:
1 Driftwood workshop - USA
1 Angkor Dairy Factory - Cambodia
- DISTRIBUTION:
3 sales branches, 2 Logistics enterprises
The opening balance of houses and structures is 3,344 billion VND compared to the
ending balance of 3,281 billion VND, which has depreciated more than 100 billion VND.
Machinery and equipment has a beginning balance of 6,800 billion VND compared to the
ending balance of 6,478 billion VND, which has depreciated about 400 billion VND.
Means of transportation, the balance at the beginning of the period is 432 billion VND
compared to the balance at the end of the period, which fluctuates at 451 billion VND.
Office equipment balance at the beginning of the period was 160 billion dong but at the
end of the period it was 154 billion dong.
Cattle had an opening balance of VND 881 billion, but the ending balance was VND 830
billion.
As for other assets, the balance at the beginning of the period was VND 415 billion
compared to the end of the period, the balance was VND 3,175 billion, the balance
skyrocketed.
So the total balance at the beginning of the period is VND 11,620 billion compared to the
ending balance of VND 11,200 billion. Assets with historical cost of VND 6,347 billion have
been fully depreciated but are still in use ( 1/1/2022: VND 5,686 billion )
Strengths: Vinamilk has a huge amount of tangible fixed assets. Vinamilk's fixed
assets have a reasonable proportion, the groups of fixed assets that play a direct role in
milk production such as machinery and equipment or livestock also account for a large
proportion, whereas fixed assets such as equipment occupied by office or means of
transportation is low.

8. Technology base or Research and Development:

PRODUCING FRESH MILK WITH MODERN EQUIPMENT AND ADVANCED PRODUCTION
TECHNOLOGY:
Vietnam Dairy Factory is equipped with pasteurized fresh milk production line with
modern equipment and leading advanced production technology today. The factory
operates on an automatic, closed line, from input material to product output.
Fresh milk after being checked for quality and through measuring and filtering equipment
will be entered into the cold storage system (150 m3/tank).
UHT Sterilization: The advanced pasteurization system heats the milk up to 140 oC, then
the milk is rapidly cooled down to 25 oC, preserving the natural flavor and nutritional
components, vitamins & minerals of the product. Milk is transferred to a sterilized tank
waiting for aseptic filling into sterilized packaging.
 Automated LGV robots will transfer finished pallets to the smart warehouse area. In
addition, LGV transports packaging rolls and packaging materials to the machines
automatically. The LGV robot system can charge its own battery without human
intervention.
The operation system is based on the automation solution Tetra Plant Master, allowing to
connect and integrate the entire plant from input materials to finished products. As a
result, the factory can control all activities taking place in the factory, monitor and control
the quality continuously. The Tetra Plant Master system also provides all the necessary
data so that the plant can continuously improve production and maintenance operations.
In addition, the Wamas warehouse management system that integrates the ERP
management system and the automation solution Tetra Plant Master brings a seamless
flow in the factory's operations with activities from production planning to importing. raw
materials to the finished product warehouse of the whole company.

V. SWOT strategies
1. Vinamilk:
 1.1. SWOT table:

O - OPPORTUNITIES T - THEARTS

1. Demand for milk is always high among potential customers. 1. The European and

SWOT VINAMILK 2. The changes are beneficial to the Government's dairy policy.

3. The export market has prospered in recent years.

American markets still have
many strict regulations for
4. The domestic distribution network is increasingly consolidated. products from Vietnam.
5. The trend of consuming health-oriented products is getting more 2. Covid-19

and more attention.

S-O S-T
S - STRENGTHS
STRATEGY STRATEGY
1. Nationwide distribution channel. 1. ( S2 | S4 | S5 | O3 | O5 | T2 )
2. Product diversification. Strategy to penetrate the Korean market in 2020
3. The familiar brand is extremely influential in the dairy
industry.
4. Equipment and technology; international standard
production plant and raw materials.
5. Large company scale, large investment capital.

W-O W-T
W - WEAKNESSES
STRATEGY STRATEGY
1. The source of raw materials depends a lot on other markets.
1.2. SWOT strategies:
Strategy to penetrate the Korean market in 2020 ( S2 | S4 | S5 | O3 | O5 | T2 )
After a period of exploration and product introduction in the Korean market, in early
June 2020, Vinamilk successfully signed a contract to export a large shipment with 85
product containers, which is a set of 3 soy milk products. high-class branded Vinamilk.
Present in Vietnam for less than 2 years, but this delicious and nutritious nut milk product set
of Vinamilk has quickly been popular with domestic consumers and conquered the Korean
market with an export contract worth 1 ,2 million USD.

As a developed country, with a per capita income of over $30,000, Koreans not only
have a high standard of living but also have very high requirements for domestic and
imported products, and nutritional products. is not an exception. With quality: using
European standard technology, 100% organic ingredients, non-GMO and extremely healthy
nuts such as walnuts, almonds, all originating from the US. Vinamilk's nuts are all researched
and developed to bring "standard taste", distinctive taste and high-class brand image, a set
of 3 soy milk products of red bean, almond and walnut milk of Vinamilk. Vinamilk introduced
in the Korean market initially created a positive impression on consumers.

Not only focusing on product quality, the brand image is also invested by Vinamilk to
conquer the Korean market.

Starting from June 2020, Vinamilk's soy milk and milk tea products have been sold on
Korean e-commerce sites such as 11St and eBay. In Korea, e-commerce is very developed,
the trend of online shopping is increasingly popular with the people of this country, the rate
is over 50%. Moreover, this trend is even stronger in the context of Korean social isolation
because of the Covid-19 pandemic, people limit going out. In addition, convenience store
chains such as CU, GS25 and 7-Eleven are also considered to be suitable distribution channels
to reach the target customers of this product line in the near future.

Vinamilk's strategy has taken full advantage of its strengths such as European
standard production, 100% organic ingredients, not genetically modified, moreover
Vinamilk has invested a lot to build a brand image. high-end to create a good impression
encroaching on the Korean market. Although the covid-19 pandemic and high demand for
Korean products have had an impact on Vinamilk, Vinamilk has filled in that weakness by
selling on e-commerce sites. And the revenue results achieved by Vinamilk show that
Vinamilk has built an effective market penetration strategy.
 2. TH True Milk:
Name of Vietnamese: TH Group

Abbereviate name: TH milk

Head office: No. 166 Nguyen Thai Hoc, Quang Trung Ward, City. Vinh

Tel: 1800 54 54 40

Fax: (84-8) 5429 7373

Email: chamsockhachhang@thmilk.vn

Website:https://www.thmilk.vn/en/home-2/

2.1. Vision, mision and core values:

- Vision and mission:

"From a desire to rise above

To a noble mission"

- Core values:

With the slogan "True Happiness" - True Happiness, TH True Milk's corporate culture always
adheres to 5 core values:

+ For the sake of the community

+ Entirely from nature

+ Fresh, delicious, nutritious

+ Friendly to the situation

+ Learn to excel and harmonize interests

2.2. SWOT table

 O - OPPORTUNITIES T - THEARTS
1. The income and living standards of Vietnamese 1. The competition is fierce and
consumers are increasing day by day, consumers tend to strong with big milk companies
focus on health and invest more in functional foods as well 2. Vietnam's entry into the WTO has

SWOT
as nutritional products. created opportunities for
2. The government has introduced many policies to foreign companies to
TH - true milk support and encourage the development of the dairy participate in the Vietnamese
processing industry. market, so competition among
3. As a new entrant in the dairy market, TH has many dairy companies has also been
opportunities and experiences that other brands have enhanced.
gone through, so thanks to that, the company can learn
from experience and learn to provide the best products.
for customers.
S-O S-T
S - STRENGTHS STRATEGY STRATEGY
1. Large investment, leading modern equipment in Vietnam 1. ( S1 | S4 | O1 )
2. Experienced, enthusiastic and professional staff and management team Strategy to diversify TH true JUICE milk product line in
3. The factories and cow farms have convenient and suitable locations. 2022:
4. The process is closed and modern, ensuring the quality of each product when it reaches

customers, thus attracting and building consumers' trust in the company.

W-O W-T
W - WEAKNESSES
STRATEGY STRATEGY
1. The company's factory is still small with not much capacity, products are not diversified

and abundant.
2. The distribution system has not created high coverage

3. Since most of the raw materials are imported, it creates dependence on input materials

and high costs.

4. Due to the high cost, TH's product price is currently higher on the market in general terms

than other brands.

1.3. SWOT strategies:
Strategy to diversify TH true JUICE milk product line in 2022: ( S1 | S4 | O1 )

Continuing to pioneer in the path of healthy beverages, all from nature, TH Group has launched
more: TH true JUICE milk natural blueberry and TH true JUICE milk Banana natural in early 2022 .

These two products have completed the TH true JUICE milk fruit drink product range, bringing a
variety of choices and a new and varied drink experience to consumers with 4 flavors of orange -
strawberry - blueberry - banana.

TH true JUICE milk blueberry juice is naturally rich in fiber, manganese and antioxidants. In
particular, blueberries contain a large amount of vitamin C and minerals (A, E, B6, B1, B2, zinc ...)
when mixed with the nutrients of TH true MILK fresh milk, which will help strengthen the
immune system. Provides natural, healthy energy.

With the product TH true JUICE milk Banana natural fruit juice, the combination of banana juice
ingredients with fresh milk TH true MILK also brings superior health benefits. Bananas are
considered a "superfood" rich in fiber, including pectin, which is good for the digestive system
and intestines. Bananas are also a good source of vitamin B6, iron, folic acid and rich in vitamin C,
which helps the body prevent anemia. Not only that, the potassium content in bananas is
extremely abundant, this is considered a good mineral for heart health, contributing to
maintaining stable blood pressure. TH true JUICE milk Natural banana is considered the optimal
choice for users to help replenish energy quickly during a long day.

With the above benefits, TH true JUICE natural blueberry milk and natural TH true JUICE milk
Banana are rated as superior in quality.

TH true JUICE milk products are self-contained on modern production lines from Germany with
UHT sterilization technology combined with bottle embryo sterilization. This technology helps to
keep the maximum nutrients, vitamins and flavors for natural fruits and clean fresh milk.
Moreover, the income and living standards of Vietnamese consumers are increasing day by day,
consumers tend to focus on health and invest more in food using completely natural ingredients,
without preservatives. and synthetic flavors, rich in natural nutrients, good for health. The TH
true JUICE milk product line meets the needs of today's customers well because TH true JUICE
milk is the only fruit milk drink on the market that uses fresh milk (instead of remixed powdered
milk) and real fruit (instead of artificial flavoring). The clean fresh milk of TH farm and natural
fruits, which are strictly selected from high-quality raw materials at home and abroad, have
made TH true JUICE milk juice bottles completely from nature.

The strategy of diversifying new product lines of TH True Milk when launched has used
the company's strength of closed production on a modern line from Germany with UHT
sterilization technology combined with sterilization. bottle embryos and real, all-natural
ingredients; Moreover, TH true Milk also takes advantage of today's market opportunities
with a growing income, consumers care a lot about health. Since then, TH True Milk has
pioneered in launching new and highly appreciated product lines. Therefore, it can be seen
that the strategy of diversifying TH true JUICE milk product lines implemented by TH True Milk
has been very successful.

2. Conclusion about different business decisions between Vinamilk and TH True Milk
when they are influenced by external factors:
Vinamilk and TH True Milk have their own short-term and long-term business goals but are very
consistent with the goals set by each company. Despite the impact of Covid 19, with the strength
of the big man, Vinamilk still maintained its domestic market share and above all successfully
penetrated the Korean market. While TH True Milk is a pioneer in the line of natural drinking
milk products, TH True Milk is very confident with its internal strengths and has won over the
new market spectacularly. It can be seen that the different business decisions of Vinamilk and TH
True Milk, despite being affected by external factors, they are still loyal to the set goals and the
results they have achieved are extremely positive.
VI. Conclution:
Thus, as a business analyst at Vietcombank Fund like me, I want to confirm one thing through
the above research: Firstly, factors outside the market have brought many opportunities such as
customers' demand for milk is always high. high level. potential products, beneficial changes in
the Government's dairy policy, the export market has prospered in recent years, the domestic
distribution network has been increasingly strengthened, the trend of consuming dairy products
is increasing day by day. increasing. improved. Health-oriented products are getting more and
more attention; Challenges such as: European and American markets still have many strict
regulations for products from Vietnam, disruption of the global supply chain due to covid-19 in
2021 but the challenge is not too great because Vinamilk knows how to take advantage of
challenges. turn it into an opportunity for your company. Second, the internal factors show that
the company's strengths are diverse: nationwide distribution channels, product diversification,
assurance of product supply, familiar brands with great influence in the industry. international
dairy, equipment and technology; challenges: Vinamilk has not yet controlled the raw material
area in the powdered milk segment, the challenge is still there but not big enough for Vinamilk
to shake. Above all, Vinamilk has taken advantage of its own strengths and opportunities to
come up with a very clear and effective business strategy. Through analysis, it can be seen that
Vinamilk's competitor, TH True Milk, has also implemented an effective business strategy as well
as Vinamilk, but due to its small market share and being a newcomer, TH True Milk is still a
competitor. . . . small competition compared to the big man Vinamilk
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