HO CHI MINH CITY UNIVERSITY OF BANKING

SAI GON INTERNATIONAL SCHOOL OF BUSINESS

REPORTING FOR PRESENTATION

STRATEGIC MANAGEMENT
Topic: Organizational Analysis and Competitive Advanatge
Lecturer: Ms. Phạm Hương Diên
Class: IBP21.D01-02

GROUP 3 MEMBER ID
1 ĐẶNG TÂM NHƯ 110320210163
2 ĐẶNG THỊ THANH HUYỀN 110321220065
3 LÊ VÕ VÂN ANH 110321220249
4 NGUYỄN THẢO NGUYÊN 110321220117
5 VÕ THÁI THƯ TRANG 110321220224

YEAR: 2023 – 2024

I. PROFILE
1. General Information
- Vietnam Airlines is the national flag carrier of Vietnam, headquartered in
Hanoi, located at Noi Bai International Airport.
- It operates both domestic and international flights, connecting Vietnam with
various destinations worldwide through 117 routes across 19 countries.
- Established in January 1956 as a state-owned enterprise (accounting for
86.34% shares) Vietnam Airlines has grown and become a major player in the
aviation industry, offering services to over 52 destinations.
- Vietnam Airlines is the shareholder holding the largest percentage of shares in
Pacific Airlines with a shareholding ratio of 98%. The airline also owns a
small airline specializing in operating short domestic flights, VASCO Aviation
Services Company.
- Having joined Skyteam in 2010 and became the first Southeast Asian carrier
to participate in this alliance.
2. Vision, Mission and Core Value
a. Vision
Become a leading Asian airline of customer’s choice and be the main force of
transportation of Vietnam as a flag carrier.
b. Mission
- Uphold the No. 1 position as Vietnam’s aviation group leader.
- Provide diverse and high-quality air transport up to customers’ expectations.
- Create a civilized and professional working environment with various
opportunities for career development for employees.
- Run effective business operations, ensure sustainable benefits for
shareholders.
c. Core value
- Safety: is the top prior factor and the foundation for all activities
- Customer - centric approach: is aware of the company’s growth and customer
trust
- Employees: are the most valuable asset. To preserve harmony and strengthen
unity in the organization, all remuneration strategies are based on equity and
deserving benefits.
- Creativity: is the business motto with a wide variety of business aspects that
are constantly innovated by a breakthrough mindset for the purpose of
achieving big success.
- Responsibility: corporate social responsibility (CSR) is always an important
component to ensure all decisions made and actions taken that are in line with
social sustainability.
 3. Development Period
- Vietnam Airlines, the Flag Carrier of Vietnam was founded in January 1956,
marking the birth of the civil aviation sector in Vietnam.
- The period between 1976 and 1980 set a milestone of expansion and
effective operation of multiple international routes to Asian countries such
as Laos, Cambodia, China, Thailand, the Philippines, Malaysia and Singapore.
- In April 1993, the Flag Carrier of Vietnam (Vietnam Airlines) officially
became a state-owned air transport enterprise.
- May 27, 1995: Establishment of Vietnam Aviation Corporation consisting of
the Vietnam Airlines and 20 air service entities.
- 2003, Receiving and operating the first Boeing 777, the modern aircraft,
starting the fleet modernization program
- 2006, Becoming an official member of IATA-International Air Transport
Association
- 2014: Initial Public Offering (IPO) at Ho Chi Minh City Stock Exchange.
- Jul. 2018: Awarded the Skytrax certificate for the 3rd consecutive time as a 4-
star international airline (2016,2017,2018)
- Jul. 2020: Awarded the highest level, 5-Star, for COVID-19 Airline Safety
Rating from Skytrax.

II. RESOURCE-BASED VIEW FRAMEWORK

1. SWOT of Vietnam Airlines
● Strengths:
- Reputation and a strong brand name: Vietnam Airlines has established a
strong reputation and brand presence. In 2022, the airline continued to excel,
earning numerous prestigious awards that underscored its leading position in
the Asian aviation market. This long standing recognition across Vietnam
means that Vietnam Airlines remains a top choice for travelers without the
need for extensive marketing efforts. In 2023, Vietnam Airlines was ranked
44th of World Airline Awards by Skytrax, increasing 4 rankings compared to
2022. Additionally, it holds the distinction of being the only representative
from Vietnam.

(https://www.worldairlineawards.com/worlds-top-100-airlines-2023/)

- Safety is always its top priority: It has a strong safety record, receiving
accolades such as being listed among the world's top 25 airlines in 2023. The
airline obtained the Operational Safety Audit (IOSA) Certificate from IATA in
2006 and has successfully acquired the Foreign Air Operator Certificate for
flights to various countries including the United States. Additionally, Vietnam
 Airlines conducts regular assessments to ensure compliance with the highest
aviation standards. It was also the first and only airline in Vietnam to receive
the Extended Range Twin Operations certification.

- Capital support from government: Vietnam Airlines, primarily owned by

the government with an 86% stake, receives support as both a regulator and
investor. In late 2020, a 12,000 billion VND support package was approved by
the National Assembly to assist the airline with liquidity and equity. Policies
from the Ministry of Finance, such as tax deferrals and rent payment
extensions, have helped Vietnam Airlines overcome challenges, particularly
during the post-pandemic recovery phase.

- Diverse strategic partnership: Vietnam Airlines has become a member of

Skyteam alliance since 2010. This alliance provides this airline with access to
a global network of routes (117 routes) and foreign passengers. Moreover,
Vietnam Airlines also has agreement with some corporations in aspects of
technology, products, advertising and communication activities. This
partnership system aims to improve operational efficiency and business
development, which makes a positive contribution to the growth of Vietnam’s
aviation industry.

- Vietnam Airlines applied aircraft technology: Vietnam Airlines has made

significant and outbreaking steps when applying digital technology into its
operations, including reservations, ticketing, flight scheduling and
maintenance system. Some of their efforts include introducing online check-in
services at all 22 domestic airports in 2022, marking it as the first in Vietnam
to offer such a comprehensive service. Vietnam Airlines has introduced the
PressReader app for electronic newspaper reading, offering passengers a
modern and engaging way to enjoy media. Moreover, a collaboration with
Vietnam Posts and Telecommunications Group (VNPT) has enabled the
provision of internet services on flights for the first time in Vietnam,
showcasing Vietnam Airlines' commitment to leveraging technology for
improving customer satisfaction and operational efficiency.

● Weaknesses:
- State governance mechanisms may result in low flexibility in
management: One weakness of Vietnam Airlines is that the state operating
mechanism can lead to slow and dependent decision making. The level of
flexibility in operations will certainly not be high
- Financial loss: The long-awaited financial report for 2022 from Vietnam
Airlines has been released, revealing a net loss of 11.223 trillion VND,
marking the third consecutive year of losses for the airline. The audited report
by Deloitte Vietnam highlighted existing issues, including short-term debt and
post-tax losses. The airline's continuous operation depends on financial
 support from the Vietnamese government and extensions of repayment terms
for loans and contracts. HOSE has cautioned Vietnam Airlines about potential
delisting if the 2022 financial statements continue to show net losses or
negative equity

(https://finance.vietstock.vn/hvn/financials.htm)

-
High price: When compared to certain airlines, Vietnam Airlines’ ticket
prices tend to be on the higher side. In the fiercely competitive aviation
industry, pricing plays a significant role. If Vietnam Airlines consistently
offers higher fares, it may face challenges in attracting price-sensitive
passengers.
- The cost of maintaining the airline's operations: Vietnam Airlines is the
airline that owns the most aircraft with 104 aircraft. Vietnam Airlines’ fleet
structure also includes the most advanced aircraft models, including wide-
body aircraft including Boeing 787-9, Boeing 787-10 and Airbus A350.
Therefore, the cost to maintain operations is extremely high
- Limitations in human resources: potential risk of labor shortages in the
aviation industry due to the pace of market recovery. This implies that the
recovery of the aviation market may not be rapid enough to meet the demand
for personnel, leading to a potential shortage of specialized workforce such as
pilots, flight attendants, mechanics, and engineers.
● Opportunities:
- People concern more about CSR:
Corporate Social Responsibility (CSR) is considered a corporate strategy for
airlines to survive and thrive (Thu Anh Hoang, 2020). The aviation industry
has faced criticism as the cause led to air pollution by emission thrown away
annually and caused an estimated 6,800 premature deaths by adverse effects
on the respiratory system.
Recognising this consequences, in recent years, VietNam Airlines has invested
in new generation fleet (Boeing 787-9, Airbus A350-900 seating with less fuel
consumption and carbon emission, even limit noise pollution Moreover, this
 airline brand also launch several meaningful campaign for community (Dream
Trip, Charity Run, Flights of Love) to community.
- Support from the government and the domestic political situation is stable
and safe:
According to foreign experts, the stability in politics has been a good chance
for the development period of Vietnam Airlines, which has unique dominance
that not all countries have.
● Threats:
- The consequence of pandemic still persist and last:
The adverse effect pandemic brought really leads to other problems that exist
until now. According to a survey, the demand of customers spent on transport
and travel reduced significantly, which has an impact on Vietnam Airlines
revenue and operation. Although throughout 2023, the operation has recovered
gradually, the growth is still slower than expected and can not return back to
the well-being period before 2019.
- Domestic market is sensitive about pricing:
In Nielsen's 2019 market research report, Vietnam's price elasticity is
negative-the highest compared to neighboring countries in Southeast Asia.
80% of consumers polled said they are aware and aware when prices change.
Domestic customers are always concerned and put the price issue on the top
when deciding to book tickets. Therefore, this is still vital factors needed to
care

2. VRIO framework
a. Definition:
○ Resource-based view is a model that sees key resources to superior firm
performance and to achieve and sustain competitive advantage (Ovidijus
Jurevicius, 2023)
- Instead of finding the competitive environment, this model help organization
to look inside to research the resources of competitive advantage.
- It relies on key resources and key capabilities, which are factors that help
businesses determine what they want and what they do well. It will include
tangible and intangible resources with the capabilities. Two kinds of
resources must be heterogeneous (resources differ from other companies,
such as: price, reputation, campaign) and immobile (resources are stable and
do not move from company to company at least in the short-run, for example:
brand equity, knowledge or intellectual property).
 ○ The VRIO framework, a widely-used tool for analyzing a firm's
resources and capabilities, provides decision-makers with a structured
set of criteria to determine if these assets can offer sustained
competitive advantage (Knott, 2015; Bresser and Powalla, 2012).
- The framework involves assessing four key aspects (Barney, 1991):
■ Valuable: The resource or capability must provide value to the firm
and its customers.
■ Rare: The resource or capability must be rare or unique compared to
competitors.
■ Inimitable: The resource or capability should not be easily imitated or
replicated by competitors.
■ Organized: The firm must be organized to exploit the resource or
capability effectively.

(Barney, 1991)
 b. Analysis:
Strengths Valuable Rare Inimitable Organized Implication
Reputation and YES YES YES YES SUSTAINABLE
strong brand name COMPETITIVE
ADVANTAGE
Safety as top priority YES NO NO YES COMPETITIVE
PARITY

Capital support from YES YES YES YES SUSTAINABLE

government COMPETITIVE
ADVANTAGE
Diverse strategic YES YES YES YES SUSTAINABLE
partnerships COMPETITIVE
ADVANTAGE
Technology YES NO NO YES COMPETITIVE
application PARITY

● Reputation and strong brand name

Vietnam Airlines has established a strong reputation and brand presence in the
domestic aviation industry through consistent excellence and numerous
prestigious awards. Notably, Vietnam Airlines stands as the sole
representative from Vietnam in various prestigious international rankings,
such as Skytrax and AirlineRatings, underscoring its unique position in the
market. This exclusivity enhances its rarity, as competitors find it challenging
to replicate the airline's strong brand image and customer appeal. Building
such a reputation requires time, resources, and consistent performance, making
it an inimitable asset for Vietnam Airlines. Moreover, it is likely that the
airline's management organizes its operations around maintaining and
enhancing its brand reputation, ensuring consistency in service quality and
performance, further solidifying its position as a leading player in the aviation
sector.

⇒ VNA reputation and strong brand name satisfies all V, R, I, and O.

● Safety as top priority
Safety serves as a valuable asset for Vietnam Airlines, not only enhancing its
reputation and fostering trust among passengers but also setting it apart in the
industry. However, the presence of competitors like VietjetAir, Pacific
Airlines, and Bamboo Airways, who also boast impressive safety records and
have received the IOSA certification from IATA (Thomas, 2024; CAAV,
2023), implies that Vietnam Airlines' safety practices may not be entirely
unique and inimitable. Despite this, Vietnam Airlines likely has well-
established safety management systems in place, ensuring compliance with
strict aviation standards through regular assessments.

⇒ Emphasis on safety only satisfies the V and O aspects.

● Capital support from government
 The capital support provided by the government to Vietnam Airlines is
invaluable, offering financial stability and enabling strategic investments
crucial for post-pandemic recovery. Such support is rare in the airline industry,
giving Vietnam Airlines a competitive edge. The extent of government
backing is likely difficult for competitors to imitate, and the airline
demonstrates organized financial management, utilizing funds efficiently.
Additionally, Vietnam Airlines has implemented effective cost-saving
measures in collaboration with government support (Phan, 2021), further
highlighting its organizational prowess in maximizing resources.

⇒ Capital support from the government satisfies all aspects of the VRIO
analysis.
● Diverse strategic partnerships:
Becoming a part of the Skyteam alliance really brought Vietnam Airlines a
reliable and wide network. This is a relatively rare factor because it not only
opens the connection between Asia Countries, from developing flight routes,
but also gives opportunities for Vietnam Airlines to boost reputation, bring
valuable agreement with giant strategic partnerships (ANA, Hotel Chains and
Travel Agencies,...) and provide diverse resources, which enhance its service
offerings that can not be easy to get and imitate. Moreover, the ability of
Vietnam Airlines to leverage alliances and partnership is quite effective by
coordinating the operation process with partnership to reach the similar and
common benefits.
⇒ Strategic partnership satisfies all V, R, I, O
● Technology application:

In the modern world, Vietnam Airlines has integrated into advancement

technology. This is considered as an important resource for developing and
maintaining a system effectively and efficiently in its operation.
The growth of technology in management and logistic systems such as
ticketing, flight scheduling, robust IT infrastructure bring remarkable value for
management and information systems (MIS) that allows this airline to build
long-term competitive advantage over competition. Moreover, the
organization system is excessively effective in each process that brings great
experience for customers.
However, in this situation, applying technology into operation is not rare and
can be imitated in the following time. Some airlines such as Vietjet, Bamboo
and other domestic ones also gradually integrate although their system is
lower and worse compared to Vietnam Airlines, the pioneer airline in
Vietnam.

⇒ The advancement in technology is a factor that just satisfies V and O.

3. Core Competencies of Vietnam Airlines from VRIO
● The concept of core competencies refers to the organization's potential to
establish permanent and sustainable competitive advantage in today’s
unpredictable business landscape (Papula and Volná, 2013).
 ● Core competencies of Vietnam Airlines
○ Reputation and strong brand name
○ Capital support from the government
○ Diverse strategic partnerships

● Advantages and disadvantages from VRIO framework to Vietnam Airlines

○ The identification of three core competencies for Vietnam Airlines represents

both advantages and potential limitations.

○ On the positive side, these core competencies differentiate Vietnam Airlines

from its competitors, attract customers, and offer essential resources.
Additionally, these core competencies likely enhance the airline's resilience
and adaptability to market changes, ensuring its continued relevance and
competitiveness.

○ However, the reliance on only three core competencies may limit its ability to
maintain competitiveness and adapt to industry trends. This could leave the
airline vulnerable to challenges in non-core areas like safety standards and
technological innovation, which are crucial for sustained success in the
aviation sector.

⇒ The airline must continue to leverage its core competencies while

addressing weaknesses in non-core areas to ensure sustained growth and
competitiveness in the dynamic aviation industry.

III. IFAS table (TRANG + VÂN ANH)

Internal Factors Weight Rating Weighte Comments
d Score
Strengths
Reputation & a strong brand .12 4.5 .54 Vital for market leadership
name
and credibility

Safety is always its top .2 5.0 1.0 Safety paramount

priority
Capital support from .07 4.0 .28 Crucial government backing
government secures stability
Diverse strategic partnership .10 4.0 .4 Enhances growth and
efficiency
Vietnam Airlines applied .08 4.5 .36 Innovative tech boosts airline
aircraft technology efficiency
Weaknesses
State governance mechanisms .10 3.0 .3 State control hampers agility
may result in low flexibility
in management
Financial loss .13 2.8 .364 Persistent losses raise
concerns
High price .05 3.0 1.5 Price disparity risks
competitiveness
The cost of maintaining the .05 2.0 .1 High operation costs strain
airline's operations finances
Limitations in human .10 3.5 .35 Potential labor shortages pose
resources risks
Total Scores 1.00 5.194

1. Reputation & a strong brand name:

● This is the second important factor because Vietnam Airlines has tried to build
their reputation for many years so it got 12% of weight.

● Currently, it is a 4-star international airline and is aiming to become the leading

5-star quality airline in Asia. This showed the concern of Vietnam Airline in
boosting and launching the campaign; therefore, we rated 4.5 and weighted 0.2

2. Safety is always its top priority:

● The most important element for each flight, this is a core value of the brand
● Responsible for regular self-assessment, voted by AirlineRatings.com as one of
the 20 best airlines in the world in 2023, which is the highest score at weight and
rating (AirlineRatings, headquartered in Australia, is a reputable website in the
world specializing in evaluating the safety and service quality of more than 435
 global airlines.). This is why we rated 5.0 and weighted 0.2

3. Capital support from government:

Vietnam Airlines' ability to continue operating will depend on financial support

from the Government and the extension of loans and payables from commercial
banks, credit institutions and suppliers. Furthermore, in addition to divesting
capital in Cambodia Angkor Air, in the financial report, Vietnam Airlines also
said it had signed contracts to sell 5 A321 aircraft with a total liquidation value of
more than 37 million USD. This secures stability; therefore we weighted 0.07 and
offered 4.0 for rating

4. Diverse strategic partnership:

● According to HSC, VNA will only choose one strategic partner and it is difficult
to predict who this strategic partner will be, and to become a strategic partner of
Vietnam Airlines, investors will have to spend at least 6,300 billion VND,
equivalent to 300 million USD.
● This is core competencies of Vietnam Airline because this company knows and
researches value and position. Therefore, we scored 0.1 at weight and 4.0 at
rating

5. Vietnam Airlines applied aircraft technology:

● Vietnam Airlines gradually apply technology in the company's operation but it

still needs time and much expenditure to complete and utilize => 0.08 for weight
● In addition to internet service on flights, Vietnam Airlines also enhances
customer experience with facial recognition technology (reservation cancellation
service on website and Lotus lounge access service). From 2023, the Vietnam
Aviation Administration has proposed that the Ministry of Transport continue to
pilot the application of biometric authentication technology for passengers when
checking in for aircraft. Vietnam Airlines is oriented to become the leading
digital aviation company in the region so we rated 4.5 on the company's response
to that factor.

6. State governance mechanisms may result in low flexibility in management:

● This dependence of Vietnam Airlines could potentially restrict their decision-

making power, as they might need to align their strategies with government
priorities or directives.
● Partly due to Covid 19 services, Vietnam Airlines encountered many difficult
problems and needed the government's help. So the solution is that it should
enhance transparency and accountability, foster a culture of innovation and agility
within the organization and reduce its dependency on government funding and
increasing operational autonomy could also improve its flexibility and
competitiveness in the market. It affectsVietnam Airlines a lot with 0.1 for weight
and 3.0 for rating.

7. Financial loss:
 ● Vietnam Airlines has a series of 14 consecutive quarters of losses (starting from
the first quarter of 2020 - to the second quarter of 2023), liabilities of Vietnam
Airlines (remaining 70,757 billion VND) exceeding total assets of about 11,599
billion VND.
● By the end of the first half of 2022, the company's short-term debt is 57,274
billion VND, about 43,993 billion VND higher than short-term assets (13,281
billion VND). This means that the business's ability to repay debt is weak, which
impacts the company's strategic position. It is the reason we weighted 0.13 and
rated 2.8.

8. High price:

● Pricing strategies can impact an airline's brand perception, potentially creating

exclusivity or luxury that may not align with all travelers' preferences. So the
Vietnam airline industry's long-term success relies on a balance between
competitive pricing and a compelling value proposition. However, the high price
of VNA can help the airline cover costs and adjust ticket price ranges to suit each
customer segment.
● Instead, Vietnam Airlines provides the quality of service and advanced
technology or new products that makes up for the concern of customers.
Therefore we weighted it 0.05 and it is rated 3.0 for the care of company

9. The cost of maintaining the airline's operations:

Vietnam Airlines faces significant operational costs due to its large fleet of 104
aircraft, including advanced models like Boeing 787-9, 787-10, and A350. These
costs include maintenance, training, fuel, depreciation, financing, and
infrastructure. Vietnam Airlines should optimize route networks, improve fuel
efficiency, negotiate maintenance contracts, explore fleet modernization
opportunities, and enhance revenue streams. And the weight is 0.05 and 2.0 at
rating because it is still under the control of the company.

10. Limitations in human resources:

The aviation industry faces potential labor shortages due to slow market recovery,
a specialized workforce, training backlogs, and global competition. The industry
relies on a highly skilled workforce, and a labor shortage could arise if recovery
outpaces recruitment or retention.
When facing this problem, VNA and stakeholders are trying to collaborate on
proactive workforce planning measures, investing in training, and fostering a
resilient workplace culture. And the weight is 0.1 and it is rated 3.5.
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