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STUDENT DETAILS
Student name: Lê Thanh Trúc Student ID number: 31171025083

Student name Nguyễn Thị Minh Hà Student ID number 31171020710

Student name: Bùi Đức Thuận Student ID number: 31171020470

Student name: Lê Thu Vân Student ID number: 31171021119

Student name: Phạm Nguyễn Vân Anh Student ID number: 31171025198

Student name: Trương Khánh Trâm Student ID number: 31161024318

UNIT AND TUTORIAL DETAILS

Unit name: International Business
Tutorial/Lecture: Class day and time:
Lecturer or Tutor name: Phạm Thị Bích Ngọc

ASSIGNMENT DETAILS
Title: Group project report
Length: Due date: 4/12/2019 Date submitted: 4/12/2019

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TABLE OF CONTENTS
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ABSTRACT ………………………………………………………………………………….4
CHAPTER 1. INTRODUCTION
1.1 History and development…………………………………………………………………4
1.2 Product, market…………………………………………………………………………...5
1.3 Business result…………………………………………………………………………….6
CHAPTER 2. PEST ANALYSIS
2.1 Political factor…………………………………………………………………………….7
2.2 Economic factor…………………………………………………………………………..7
2.3 Social factor……………………………………………………………………………….8
2.4 Technological factor……………………………………………………………………….8
CHAPTER 3. INTERNATIONAL BUSINESS STRATEGY
3.1 Introduce international business strategy……………………………………………….…9
3.2 The Organization of International Business……………………………………………....12
3.3 Entry Strategy and Strategic Alliances…………………………………………………….14
3.4 Global Production and Supply Chain Management……………………………………....17
3.5 Global Marketing and R&D……………………………………………………………….20
3.6 Global Human Resource Management …………………………………………………....25
CHAPTER 4. CONCLUSION
4.1 Pros and Cons of VINAMILK strategies………………………………………………….25
4.2 Achievements……………………………………………………………………………...28
4.3 Recommendation…………………………………………………………………………..29
REFERENCES

Executive summary
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This study was conducted to analyze the factors affecting Vinamilk's successes and failures, as
well as its international business strategy.
The method we use in this descriptive-analytical study was studying the internal data of Vinamilk
through annual reports, announcements, as well as external sources - news, competitors, etc. The
information is then aggregated to draw conclusions based on academic knowledge.
From studying the internal, external factors of Vinamilk strategy, as well as its current business
conditions, trends, challenges and opportunities, we draw conclusions and make
recommendations for Vinamilk to improve on international business.

Chap 1: Introduction
1.1 History and development
Vinamilk (VNM), also known as Vietnam Dairy Products Joint Stock Company, was
established in 1976 under the name “Southern Coffee Dairy Company”. At that time, VNM
was a 100% state-owned enterprise, formed based on taking over 3 milk factories from the
old regime: Thong Nhat milk factory (precursor was Foremost factory), Truong Tho milk
factory (precursor was Cosuvina factory), Dielac milk powder factory (precursor was Nestlé
milk powder factory - Switzerland). Then in 1995, VNM officially launched the first milk
factory located in Hanoi. Following the first one, VNM continued to establish one more in
Can Tho in 2001, 2 more in Binh Dinh and Saigon in 2003. From 2003 until now, VNM has
built some more milk factories and milkcow farms all over the country: Nghe An, Tien Son
and the most modern and 100% automatic Binh Duong milk factories; Tuyen Quang, Binh
Dinh, Nghe An, Thanh Hoa, Lam Dong, Tay Ninh, Ha Tinh, Thong Nhat - Thanh Hoa
milkcow farms.
There are some noteworthy points about the development progress of VNM. Particularly in
2003, VNM decided to change their name to Vietnam Dairy Products Joint Stock Company.
There are maybe two reasons for this. In 2010, VNM used to sell coffee besides dairy
products. Dang Le Nguyen Vu, chairman of the board of Trung Nguyen coffee, pointed out
that the problem of each business is focusing all its efforts on developing the “core
capacity” in a professional way (1). Therefore, after nearly 1 year of several meetings and
discussions, the two leaders finally came to an agreement that VNM would sell the Saigon
coffee factory to Trung Nguyen with the price of nearly 40 million VND. The second reason
is that, the old name was taken from the previous regime, which only focused their
production on the southern part of Vietnam, but now they are aiming at the coverage of
Vietnam and even exporting to foreign partners. Also in the same year, VNM changed from
 5
a state-owned company into an equitized entity, and from then on, VNM has seen a drastic
increase in charter capital, revenue and profit. Not until 2006 was VNM officially listed on
Ho Chi Minh Stock Exchange (HOSE), which helped VNM attract foreign investment, and
this was a breakthrough that made VNM step closer to an international entity. What is more,
in 2013 VNM purchased 70% shares of Driftwood Dairy Holding, and by May 2016,
Vinamilk increased its ownership in this company to 100%. Explaining for the aim of this
commercial behavior, Driftwood is one of the oldest milk producers in Southern California,
USA with a portfolio of fresh milk, yogurt, ice cream, and juice.
Now, VNM has become:
- Largest listed F&B on HOSE ($9.3B market cap)
- The most valuable brand by Forbes Vietnam ($2.2B)
- The biggest dairy production facilities (15 dairy factories)
- The largest cow farm developer (15 farms; 28,500 herd)
- Nationwide distribution network plus 5 overseas subsidiaries
- Top 50 global dairy producers
1.2 Product and market
According to Vinamilk annual report 2018, Vinamilk had 12 dairy farms in Vietnam and
1 partner dairy farm in Xiengkhouang, Laos; they also noted that they had introduced 18
new products, which added up to their massive number of wide range products that appeal
to consumers of all ages. Vinamilk now has more than 200 products (2), divided into 12
categories, including organic nutrients, liquid milk, nutrition energy drink, yogurt, powdered
milk, beverage, ice cream, cheese, condensed milk, soymilk, special products for adult and
cereal (6) . With a wide range of products, Vinamilk aims to serve their customers at all
ages, from toddlers to teenagers and elderly. They have a strong network of distribution with
retailers and wholesalers from small to large scale: it isn’t hard for customers to find
Vinamilk’s products from the small grocery stores near their home to big supermarkets like
BigC or Coop Mart. At present, Vinamilk has 3 main branches in Ha Noi, Da Nang, Can
Tho and one headquarters in Ho Chi Minh City and 37 Vinamilk stores across the country.
Vinamilk also export their products to more than 40 countries worldwide, which include the
South East Asian, the Middle East, Africa and other countries. Their key export products
consist of Powder Milk, Condensed product, Cereal, Soya drink, Milk drink and Beverage
(2).
1.3 Business result
 6
VINAMILK is a leading nutrition group in Vietnam and generating over USD 1,5
billion/year in revenue (2). Vinamilk has relatively high price compared to their competitors -
a pack of 4 boxes of Vinamilk cost 31.000đ on Lotte shelves while Dutch lady’s is lower at the
price of 28.500đ (Appendix 1 and 2). However their value proposition is more money for
higher quality and they witnessed an increase in market share of 0.9% in 2018 compared to
2017. Their total revenue in 2018 is about 53.000 billion (4) , an increase of 2.9% from 2017,
which consolidated of 85% from the domestic market and 15% from oversea markets (3).
Their total issued and listed shares reach 1.7 billion shares with about 60% of shareholders are
foreign (5)

Appendix 1 (8)

Appendix 2 (7)
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Chap 2: PEST Analysis
The current environment has a great influence on the performance of the company. Therefore,
the PEST Analysis is very essential for a company to understand the market.
2.1 Political factor
Vietnam is a country with a stable political institutions. Besides, the government also
has many policies to support milk industry as well as domestic enterprises. However, the
government still play such a big role in the market. Nowadays, the government is trying to
decrease the foreign trade barriers to attract more foreign investment. The government also
conduct more tax policy to support the milk industry. According to the Law, milk and some
kind of product from agricultural or heath industry just have to pay 8% tax. Moreover,
government also promulgated preferential policies which approved 2000 billion for projects to
develop dairy industry to 2020. In another aspect, Vinamilk is one of the largest milk companies
in Vietnam. Vinamilk is developing abroad to USA, India, China… It can be seen that Vinamilk
today is not only a local company but also international enterprise
2.2 Economic factor
Vietnam's fast growing economy has had a positive impact on domestic purchasing
power. Vietnam's GDP index increased which is a great opportunity for every business.Vietnam
joined WTO which causes competitive pressure on enterprises. In addition, lower import tax on
dairy products creates favorable conditions for imported dairy products to increase. There are
also increasing inflation, increasing gasoline and increasing cow prices. It means that the
income and life will increase and the demand to spend money will become higher. However, the
cost of production will increase.
2.3 Social factor
To develop the diary market, Vietnam now has become the most potential nation.
Currently, Vietnamese is young population, its leading to the development of milk consumption
for this age [30]. Besides, Vietnam’s average income is 2400 USD for each person in 2019 [18]
and the buyer in the middle class is high which means that companies should focus on these
people because they are important customers who not only pay for products that they buy but
also paid for their child. Moreover, people tend to focus on improving their health and beauty so
that Vinamilk should provide product that can meet their satisfaction such as yogurt, fresh
milk,.. Most of Vietnamese people still think that drinking milk is not a part of their habit .
Vietnamese parents take much care about improving the weight and height of their children, if
they have a chance to perceived about benefits of drinking milk, they are willing to spend
money for buying Vinamilk products.
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2.4 Technological factor
In 2017, Vinamilk is 1 of 11 Vietnamese brands in the Top 1000 Asian Brand [20], still
in the forefront of the dairy industry[48].Up to now, Vinamilk has 12 farms spread out along the
country with modern equipment, high technology to bring the best caring system for the cows,
such as insulation roof systems, rubber mattresses , a collar mounted with an electronic chip to
monitor the health of the cow, automatic milking system ... Compare with international
standards, Vinamilk's farms always ensure food standards become Global Good Agricultural
Practices (Global GAP) [25].. and certified by the Bureau Veritas as Global GAP Standard
Farm System Asia's largest farms by number of farms [21]. Factory of Vinamilk always lead in
high technology and science. To convert technology investment timely, Vinamilk also depend
on funding, demand of the market and product structure. Whenever consumers have knowledge
about the company and through customer’s satisfaction, companies can build trust with
customers. Vinamilk also have a modern system from European countries and advances
technology.

Chap 3: International Business strategy

3.1 Introduce international business strategy
A firm’s strategy indicates the activities that directors do in order to achieve the goals of
the firm, which include raising profitability and profit growth.
Profitability relates to the rate of return the firm makes on its capital investment. Meanwhile,
profit growth is the percentage increase in net profits over time. Theoretically, to increase
profitability and profit growth, firms need to add value, lower cost, sell more in existing market
and widespread to international market.
 9

Vietnam's dairy market always has a leader named Vinamilk, ranked 49th in the top 50
dairy companies with the world's largest revenue. Vinamilk applies both Profit Growth strategy
and Profitability strategy. With the stable and enormous domestic selling system, currently
occupying 75% market share of milk in Vietnam accompanied by the strong distribution in the
country with a network of 183 distributors and nearly 240,000 sales points covering all 64
provinces, Vinamilk's desire to expand does not stop there. (34) The story of an overseas market
of Vinamilk sooner or later will happen. 46 countries and territories are now consuming
Vinamilk’s products such as US, France, Canada, Poland, Germany, Central East, Southeast
Asia … with a total export output of more than 208,000 tons. (35)

In 1998, Vinamilk originally started exporting the first powdered milk products to the
Middle East, with the main market being Iraq under the United Nations' oil-for-food program.

In 2010, after being licensed by the Ministry of Planning and Investment, Vinamilk
purchased 19.3% of Miraka Limited's shares in New Zealand. This can be said to be Vinamilk's
first factory investment project in the world market. One of the reasons why Miraka was chosen
by Vinamilk is that this powdered milk factory is located in the center of North Island - New
Zealand - where there is a high-quality material area famous worldwide. (36)

In May 2013, with the first successes of having first dairy factory investment in the
international market as a milestone for Vinamilk's international business strategy, this brand
took the next step - selecting Vinamilk's commercial representative in the US with the name
Driftwood specializing in produce products such as butter, juice, ice cream and bread.
 10

The United States is considered the world's largest consumption and growth market with
314 million people, a high-end dairy market but not too strict and fastidious. The move from the
"granary" of raw materials like to the US dairy market did not surprise the strategic planners.

In the US market, Vinamilk chooses the key account distribution channel and the
supermarket channel in the form of short channel to save costs, direct distribution to schools,
hotels, hospitals, supermarkets, restaurants, ... Vinamilk's international business strategy is now
more specific: Producing high value-added products, forming a closed supply chain "upstream"
to consumers. It is obviously an application of Profitability Strategy

On May 25, 2016, Vinamilk launched Angkor Dairy Factory in Phnom Penh, Kingdom
of Cambodia after 10 years of penetrating and exploring this market. (37) By March 2017,
Vinamilk had 100% ownership of this dairy factory. Continuously in the end of May 2016,
Vinamilk held many events in Myanmar, Cambodia, Thailand ... marking the expansion of
investment and expanding Vinamilk's market share abroad, especially in the ASEAN region…

On May 12, 2017 in Beijing, Vinamilk achieved a contract of cooperation to supply

Vinamilk's dairy products into the Chinese market - a very enormous and potential market with
the world's highest population, total market value of dairy is about 30 billion USD / year.

3.1.1 Foundation from early days entering international market

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Right from the first days of joining international business with Iraq market in 1998,
Vinamilk had set up a strategy to expand its product consumption market to foreign countries,
firstly the Middle East market - a potential market with high population and unsatisfied in terms
of milk demand. As a result, until now, Vinamilk's export market share has grown from Iraq to
the whole Middle East region, when its revenue accounts for a large proportion of export revenue
in particular, as well as Vinamilk's general revenue. In the period of 2010 to 2015, Vinamilk's
sales in the Middle East market increased by about 38%. In recent years, there has been a
continuous increase in the penetration of this market, when actively participating in product trade
fairs and World Commerce Centers held in countries in the Middle East region. Recently, at the
beginning of last year, Vinamilk signed a contract to export $ 12.5 million worth of baby milk
formula for children to the Middle East market on the first day of the 2016 Gulfood Fair at the
Dubai World Trade Center (DWTC). These activities will create a solid ground for Vinamilk's
10% annual growth target in this market. (38)
3.1.2 Wide spread ideas and global brand goals
3.1.2a Cambodia and Southeast Asia markets
.At the time Vinamilk built Angkor Dairy Factory in Cambodia - the first and only dairy
factory in Cambodia, Vinamilk had more than 10 years of exploring and penetrating the
Cambodian market, with the goal of turning Cambodia into the second largest export of the
Company. Cambodia is a very potential market when considered as a new "economic tiger" in
Asia, economic growth in recent years has continuously reached over 7% / year, people's lives
have been improved. There has been a need for health care and improvement of the human
physical conditions, including a very high demand for milk use. However, in contrast to rising
demand, the country's milk processing industry is underdeveloped. In 2016, the per capita milk
consumption in Cambodia was 5 kg, only one third of that in Vietnam and because there was no
factory yet, 100% of domestic milk consumption was imported. (39) Because of grasping that
potential, in addition to the support of the governments of Vietnam and Cambodia, Vinamilk
joined forces with Cambodian BPC Company to set up Angkor Dairy Company Limited (BPC
holds 49%, Vinamilk holds a 51% stake). By the beginning of 2017, Vinamilk continued pouring
an additional 11 million USD to hold the entire factory. These steps have shown the tremendous
attraction of the Cambodian market to Vinamilk and at the same time, Angkor is expected to be
a model for Vinamilk to expand to other markets in the region such as Myanmar. (40)
3.1.2b American and European markets
Previously mentioned, in 2013, Vinamilk also invested in holding 70% of the Driftwood
Dairy Holding Corporation Factory (California, USA) - one of the oldest and leading dairy
 12
producers in Northern California. By 2016, Vinamilk acquired all shares of this factory. In 2015,
Driftwood's total revenue reached USD 119 million, equivalent to over VND 2,600 billion,
contributing about 6.5% of Vinamilk's consolidated revenue. In addition, Vinamilk has opened a
subsidiary in Poland in the hope that it will be a bridge for the company to penetrate into the
European market. (41)
In conclusion, although Vinamilk has created a firm strong foundation in the Vietnamese dairy
market, Vinamilk is not satisfied but has a strategy to bring the brand out of the country, with a
vision to become a world icon in the dairy industry.
3.2 The Organization of International Business
Currently, the functional division structure of Vietnam Dairy Products Joint Stock
Company (Vinamilk) includes:
.

General Meeting of Shareholders: The General Meeting of Shareholders is the highest

authority of Vietnam Dairy Products Joint Stock Company. The General Meeting of Shareholders
has the rights and duties through the development orientation, decision of production and business
plans and tasks; decide to amend and supplement the Company's charter capital; elect, relieve and
dismiss members of the Board of Directors and the Control Board; and decided to reorganize and
dissolve the Company and other rights and duties in accordance with the Company's Charter.
Administrative Council: The Board of Directors is the highest management organization
of Vinamilk, elected by the General Meeting of Shareholders including one Chairman of the
Board of Directors and four members with a term of five years. Members of the Board of Directors
may be re-elected for an unlimited number of terms. The total number of independent non-
 13
executive members of the Board of Directors must account for at least one-third of the total
members of the Board of Directors. The Board of Directors on behalf of the Company decides all
matters related to the purpose and interests of the Company, except for matters that fall under the
authority of the General Meeting of Shareholders. The Board of Directors is responsible for
overseeing the activities of the Director and other managers in the Company. Rights and
obligations of the Board of Directors are stipulated by the Law, the Company's Charter and the
Resolution of the General Meeting of Shareholders.
Control Board: The Supervisory Board of Vinamilk includes four members elected by
the General Meeting of Shareholders. The term of the Supervisory Board is five years;
Supervisory Board members may be re-elected with an unlimited number of terms. The
Supervisory Board is responsible for checking the rationality, legality, honesty and the degree of
caution in the management and administration of business activities, in the organization of
accounting, statistics and financial statements in order to ensure Legal interests of shareholders.
The Supervisory Board operates independently from the Board of Directors and the Board of
Directors.
Moreover, VNM also has an international division structure:

According to this structure, VNM is divided into 3 departments, including 2 domestic

ones: production and logistics, domestic subsidiaries and associates, and an international
division is overseas subsidiaries and associates.

3.3 Entry Strategy and Strategic Alliances

3.3.1 Exporting
As of 2018, Vinamilk has exported its products to 40 countries and territories
which include the South East Asian, the Middle East, Africa and other countries. The main export
 14
products of Vinamilk include powder milk, cereal, milk drink, condensed product, soya drink and
other beverages. Total target revenue of Vinamilk by 2021 is 80,000 billions dong, sales in foreign
markets of Vinamilk is expected to be VND 19,000 billion (accounting for 25%). [50]
Most recently, Vinamilk's products were officially launched in Thailand, Myanmar and
Bangladesh. Currently, outside of Asia, Vinamilk continues to strengthen its presence and focus
more on new international markets (especially in Africa) by investing in marketing research
activities. to adapt to local culture, launch strong products (milk powder, nutritional powder, etc.),
expand distribution system and increase brand awareness.
In the future, China is considered as a potential market for Vinamilk with the largest
population in the world, and the total market value of dairy products is about USD 30 billion a
year.
3.3.2 Joint venture with a host country’s firm
In order to facilitate its products exportation, Vinamilk has associated with foreign
companies as well as established subsidiaries abroad to make exporting easier.
3.3.2a South East Asia
In the Thailand market, the company selected Top Most Enterprise - a Thai company -
to distribute Vinamilk products in Thailand.
In Cambodia, Vinamilk contributed 51% share capital to establish a joint venture, Angkor
Dairy Products Co., Ltd., and owned 100% of stake in 2017
On 24/5, in Xieng Khouang Province, Lao People's Democratic Republic, Vietnam Dairy
Products Joint Stock Company (Vinamilk) officially launched Lao-Jagro Development Company
Xiengkhouang Co., Ltd. (Lao-Jagro) and started construction of phase 1 of the "organic" dairy
cow complex with a scale of 5,000 hectares in Laos. The company currently owns 51% of Lao-
Jagro.
3.3.2b Europe
Previously, Vinamilk also invested in the European market by increasing its investment
capital in Miraka Limited of New Zealand from 121 million New Zealand dollars (NZD) to
147,945,157 NZD (equivalent to 2,534 billion VND) to develop UHT fresh milk production line,
thereby officially holding 19.3% of Miraak's capital.
3.3.3 Wholly owned subsidiary
3.3.3a Europe
To enter the European market, besides buying a 22.8% stake in New Zealand's Miraka
company, Vinamilk's BOD also approved the establishment of a subsidiary in the Republic of
Poland, named Vinamilk Europe Spóstka z Ograniczona Odpowiedzialnoscia with a charter
 15
capital of US $ 3 million (equivalent to 9 million PLN). Vinamilk General Director Mai Kieu
Lien will act as the capital representative for legal entities established in Poland. This company
is established as a limited liability company and is wholly owned by Vinamilk.
3.3.3b USA
Outside Europe, Vinamilk also expanded its investment in the US market. Here,
Vinamilk has also contributed US $ 7 million and holds 70% of the equity of Driftwood Dairy
Holding Corporation. Driftwood Dairy is a company specializing in manufacturing and
distributing dairy products (such as fresh milk, soy milk, ice cream, ice cream, etc.), high quality
fruit juices and snacks. The company's products are distributed in California market and can be
exported. The company officially owned 100% of stake in May 2016.
3.3.4 Risks & challenges
3.3.4a Vinamilk exporting challenges
Some challenges of Vinamilk's exports include competition with domestic rivals. For
example, in China there are rivals such as China Modern Dairy, China Mengniu Dairy Co. and
Yili. Moreover, in certain countries, there are tariffs or non-tariffs barrier that makes it hard for
foreign companies to enter the market (Vo Trung Hieu, Vinamilk’s international business
director).
Another major challenge is that the quality of domestic milk is not equal to that of foreign
milk. Vietnam has a hot and humid tropical climate which is not suitable for dairy farming.
Besides, the high product prices makes it difficult to compete with foreign products from
Australia, New Zealand, etc.
3.3.4b Vinamilk foreign exchange risks
The risks that Vinamilk currently faces in foreign exchanges are currency volatility, the
unpredictable movement of exchange rates in the global foreign exchange market exchange rates
have a substantial influence on companies’ operations and profitability. However, the company
have a way to control this by estimating foreign currency needs, preparing reserves, forecasting,
monitoring and analyzing exchange rate fluctuations to balance needs and adjust their plan
accordingly (Vinamilk Annual Report 2017).
3.3.4c Political risks
Geopolitical instability in the Middle East, especially in Iraq, is the cause of the decline
in Vinamilk's overseas sales. Iraq was Vinamilk's first overseas market when the company
started exporting in 1998. This affects the growth plan of Vinamilk. The largest dairy company
in Vietnam expects revenue from foreign markets to contribute 25% to total revenue in 2020,
 16
from 18.5% in 2016. However, that number has decreased. down to 14.6% (Nikkei Investment
Reviews).
3.3.5 Conclusions
Vinamilk's strategy includes exporting, associating with foreign companies to
distribute products as well as raising shares and opening its own companies in potential markets.
Vinamilk's overseas business results are very positive. This shows Vinamilk's desire to reach out
to the world. We can see the trend of increasing the shareholding ratio, then fully owning foreign
companies, demonstrating Vinamilk's desire to own the production line and improve its control
in foreign markets.
However, Vinamilk also encountered some barriers when entering foreign markets such
as the volatility of foreign currencies, facing competitors with higher quality products, as well as
being jeopardized by complicated political issues.
The company has been actively tackle these challenges by regularly monitor the political
fluctuations in countries where the company intends to invest or is doing business or export
activities, timely identify and analyze changes in the context and market to respond appropriately
by developing and executing programs and projects to maintain and enhance competitive
advantages and market share, etc.
3.4 Global Production and Supply Chain Management
3.4.1 Global Production
Each year, approximately 15 billion Vinamilk products are manufactured by 13 factories
spread throughout Vietnam. So far, Vinamilk has exported its products to 43 countries and
territories, including countries with very high requirements on nutritional quality such as Japan,
Canada, USA, Australia, Thailand ... [28]
In addition to the main export products such as Baby Powdered Milk and Sweetened
Condensed to traditional markets. In recent years, Vinamilk’s current has four key segments:
condensed milk, liquid milk, powdered milk, and yogurt. Vinamilk has also exported other
products such as UHT 100% Fresh Liquid Milk, Vinamilk Sweetened (yogurt), Probi (drinking
yogurt), and other products like Vfresh juice... in order to diversify Vinamilk products in the
international market:
Recently, Vinamilk's products were officially launched in Thailand, Myanmar and
Bangladesh and outside of Asia [26], Vinamilk continues to strengthen its presence and focus
more on new international markets (especially in Africa) [16] by investing in marketing
research activities in market to match local culture, launch products provide health (milk
powder, nutritional powder ...), expand distribution system and increase brand awareness
 17
3.4.2 Supply Chain Management:
a/ Model Vinamilk Supply Chain:

Vinamilk’s supply chain in the domestic market.[49]

b/Supply Chain Management:

Supply chain of Vinamilk included both domestic and foreign parties:

Activity 1: Purchase (raw materials from imports and exports)

Vinamilk's total cows has increased from 3,000 (in 1991) to 120,000 (including Vinamilk's
farms and farmers signed contracts to sell milk to Vinamilk), supply for the market about 750
tons of raw fresh milk per day. Vinamilk currently has a system of 10 farms spread throughout
Vietnam meeting the Global GAP standard with all breeding cows imported from Australia,
USA and New Zealand. It is expected that Vinamilk's total cows will be raised to about 200,000
by 2020, with the raw milk output expected to more than double, reaching 1,000 - 1,200 tons
per day, ensuring the supply of milk materials, serving customers demand in both domestic and
export [27]. Most of Vinamilk cows were imported from Australia and New Zealand (A2 cows
of Vinamilk come from a special breeding program in New Zealand) enable the business to
produce high-quality raw milk. bắt đầu từ 2016 ). Since 2014, Vinamilk still gets its raw
materials from domestic suppliers, but until now, with the "White revolution" began in 1991,
 18
has contributed to the formation and development of the dairy industry in Vietnam, helping
Vinamilk to be in control of 50% of its raw materials for production by less import raw
materials from foreign [27]. According to Vinamilk's annual financial report, on export sales
increased by 15% over the same period, contributing VND 4,152 billion or nearly 15% to the
total revenue in the first 6 months of 2019[17]. Vinamilk now has gradually asserted its position
in the international market [22].

Activity 2: Processing:

Vinamilk apply new technology in produce products. Their factory is equipped with fresh
pasteurized milk production line with modern equipment and leading advanced production
technology. The factory operates on an automated, closed line, from the input material to the
output. Fresh milk after quality check and through measuring equipment, filter will be imported
into the system of refrigerated tanks. From refrigerated tanks, raw milk will go through
processing stages: centrifugal separating bacteria, homogenizing, pasteurizing, cooling to 4 ° C
and transferring to tanks ready for UHT sterilization . Vinamilk products can keep its fresh taste
for 6 months without preservatives [33].

Activity 3: Distribution:

Foreign Market:

Up to now, Vinamilk's products have been exported to more than 40 countries around the world,
including Southeast Asia, the Middle East, Africa and other countries. The quality certificate
include: ISO 9001:2008; ISO 14001; HALAL; BRC; FSSC 22000. Their main products to
exports include: Powdered milk; Condensed milk; Nutritional powder; Soymilk; Milk and
Beverage [23].
Domestic Market:
Vinamilk brand is well known to the most of consumers in Vietnam has 2 main distribution
channels:
+ Traditional distribution channel: the distribution network of Vinamilk pays across
provinces and cities nationwide from rural to urban areas and its increase very
strong, from big cities such as Hanoi, Ho Chi Minh City, Da Nang. , Hai Phong,
Quang Ninh,... In big cities, there will be many distributors divided by district. In
provinces with small population sizes, a province may have 1-3 distributors. (This
channel distributed almost 80% products of Vinamilk) [31]
+ Modern distribution channel like system of supermarkets, Metro, ... across the nation [31]
 19
Activity 4: Recovering products:

Often, faulty products come from many reasons: raw materials, quality control processes,
transportation processes, ... Vinamilk will periodically make statistics to find out the reasons
why customers complain and common errors to take immediate measures. After determining the
cause, the company will conduct exchange or compensation to customers [32].

3.4.3 Advantages of Vinamilk Supply Chain:

First of all, Speed is one of an advantage when Vinamilk apply supply chain management in
their process (purchasing, producing, distributing and recovering), the time between each
process will be used as much as its can to save time. Instead of choosing one supplier for the
whole process, Vinamilk choose many suppliers from many sources to expand risk. Moreover,
it's also linking chain members, depend on each other and develop together.

3.4.4 Limitations of Vinamilk Supply Chain:

The supply network is still through many intermediaries thus increasing transaction costs,
increasing product prices. Logistics services have not been provided to save on transportation
costs and limit product storage [33].

3.4.5 Recommendations:

- Regularly perform the control to minimize damaged products, supplement funding to

recover and replace products for customers.
- Building a milk treatment area to better store milk before shipping to the factory
- Closely monitor distribution channels, limit fake products on the market
- Expand marketing strategy to many areas

3.5 Global Marketing and R&D

3.5.1 Market Segmentation
With each different market, Vinamilk has different marketing strategies to
penetrate the market and reach the target customers. Vinamilk's mixed marketing strategy is a
combination of many factors including product attributes, distribution strategy, communication
strategy, pricing strategy. It can be easily realized that for a business, identifying target
customers is an important thing that can help them devise strategies and products for each
customer. In order to identify target customers, the first thing to do for businesses is to segment
existing customers group in the market. These groups of customers will have similar things in
 20
common and the buying behavior of each group will be different. Back to the case of Vinamilk,
the distribution of Vinamilk's customer segmentation is based on the main factor which is
demographic variables and another auxiliary element is geographic variables [10]. It can be seen
that Vinamilk's goal is to be able to satisfy all customer segmentation from children to elder in
any occupation. In addition, the main target customer of vinamilk is children under 14 years of
age because most of vinamlik's products and commercials so far have been aimed at serving this
customer segmentation such as Optimum Gold, Dielac product line like Dielac Grow Plus,
Dielac Grow, ect… [10] Vinamilk's customer segment does not seem to change between
different national markets due to the nature of each product line and customer segment does not
have much difference between countries. However, there are still great differences in culture
and development level, so Vinamilk has to choose suitable marketing campaigns for each
market.
3.5.2 Product attribution
Although demand is growing globally, there are many differences between markets in
many countries. Specifically, we can see that the market that Vinamilk is aiming for is Asian
market, countries like Indonesia and Myanmar have different milk consumption needs. This is
the result of differences in culture, education, economic development level of both countries.
According to VDSC's report, the dairy industry in Myanmar is still in the early stages of
development. Nearly 85% of milk production comes from dairy farms in Mandalay, Yangon,
Naypyidaw with small processing facilities. [11]Therefore, the quality control of input dairy
products is still quite limited. The main dairy products consumed in this market include fresh
milk, condensed milk, yogurt and ice cream. Fresh milk and condensed milk are the most
popular thanks to the habit of using drinks combining milk products with tea and coffee.
Industrial yogurt represents a niche market when people are still in the habit of consuming
homemade yogurt [11] . However, sales of dairy products in Indonesia have increased over the
past 5 years. Consumers in this country are quite price sensitive. The trend of buying smaller
and cheaper packaged food imports has been increasingly chosen by Indonesian consumers.
Indonesian consumers prefer international brands and imported products. Rising incomes,
modernized lifestyles, and urbanization increase consumer demand for meat products, dairy
products, bakery products and processed foods. Many people follow Islam and Buddhism.
Holidays are quite abundant in Indonesia and accordingly food is consumed a lot on these
occasions. However, 90% of Indonesia's population is Muslim, so meat products are often
strictly controlled. Therefore, the opportunity is also for products that address specific health
problems or to increase vitamin and mineral content. For example, organic products, calcium
 21
milk to avoid osteoporosis, daily milk for nursing mothers, baby food and foods suitable for
special dietary needs distinct [13] . In particular, flavored yogurt is preferred over traditional
white yogurt products. Greek yogurt, with its unique flavor, high nutritional content and low fat
content, is well received by Indonesian consumers.
It is clear that the difference between the two markets in Indonesia and Myanmar with
different consumer needs, leading to the strategies and products that VNM promote will also be
different. In Myanmar, priority will be on fresh and condensed milk products and the main task
will be to raise people's awareness of the consumption of dairy products, especially industrial
milk products that have ensured quality. As for Indonesia, the market with a growing dairy
industry, especially the most popular yogurt industry, VNM has researched and developed this
new yogurt flavor and launched similar products in Vietnam in the first half of 2018.[13]
3.5.3 Distribution
In 2018, vinamnilk decided to focus on the Asian market, including China,
according to the leader of the Hunan Provincial Department of Commerce, milk is one of the
most imported and the strongest consumer products in China. The annual growth rate is about
19%.(4)Last year, China imported nearly 2.8 million tons of milk with a turnover of nearly US
$ 11 billion. Hunan with favorable location, developed services and trade will be the door for
Vinamilk to penetrate many other provinces in China. [13]
Since September 2018, Vinamilk's yogurt products have started to be sold in the eye-
catching locations of Hop Ma supermarket (belonging to Alibaba) in Hunan, China. This
product is also in the Top 3 best selling cold commodities in Thien Hong, another large
supermarket in the province with a population of nearly 80 million people. [13] Hop Ma
Supermarket is a model for the "new retail" model in China, integrating traditional and online
sales through mobile applications. Catching the growing trend of online consumption in China,
Vinamilk has developed its own store on e-commerce channels like Tmall (Alibaba) and
cooperated with big e-commerce websites in Hubei such as Daily Fresh. , Lucky and Fresh.
In addition to continuing to promote distribution in existing provinces, Vinamilk's
representative said the company will use this as a springboard to develop to many other
provinces and cities of China, including first-class cities such as Beijing, Shanghai, which has a
large population and high consumption level, means that competition will also be fiercer.
Mr. Tran Quang Trung, Chairman of the Vietnam Dairy Association said that, not only well
prepared in terms of finance and production capacity, Vinamilk has been proactive in supplying
raw materials, having appropriate business and marketing strategies. With the culture of
 22
Chinese consumers, it will create a solid foothold for the Vietnamese dairy brand in the world's
largest population market.[12]
3.5.4 Communication
There are many factors to affect Vinamilk's business results, including sales and
advertising in order to position products and brands when competing fiercely with foreign
rivals. Vinamilk has applied almost 4 direct selling communication strategies, sales promotion,
direct marketing and especially advertising. Vinamilk's total budget for advertising and
marketing in 2015 reached more than VND 4,600 billion, more than double the amount spent in
2014. At the same time, Vinamilk spent VND 2,074.5 billion on advertising costs. , market
research and more than 6,947 billion dong for the cost of promotion, display and product
introduction services, equivalent to about 25 billion dong per day [14]. VNM has applied
communication strategy through a full range of channels includes direct selling, sales
promotion, direct marketing, advertising
Personal offers are a form of direct communication between salespeople and potential
customers in order to introduce and persuade them to care or buy products. Currently Vinamilk
has a large sales team, Being trained with quality, with firm knowledge about Vinamilk,
understanding customers' psychology and more importantly, a professional working style, good
communication ability, always enthusiastic in working and ready to divide. share with
customers the questions information.
Vnm has a sales and marketing team with experience in analyzing and identifying
consumer tastes and trends, and assisting direct salespeople.
Currently, most businesses apply promotions to encourage customers to buy more in the
last months of the year. Vinamilk has also applied many promotions with many different forms
such as discounts, incentives for customers who are members of Vinamilk, exchanging gifts
when collecting a lot of gift stamps, increasing 15% of milk volume. but the price is the same
for milk powder, etc.
In a mixed promotion strategy, advertising is judged to be a strategic means to gain or
maintain a competitive advantage in the market. Understand the importance of advertising in a
marketing strategy. Vinamilk always focuses on promoting relentless creativity and has
achieved a lot of success from advertising to increase its sales. As a company specializing in
producing goods and dairy products, the source of supply is mainly from cows, so the image of
cows is considered as the typical and core image in each advertisement clip of the products. But
not so that the image of the cows appearing in each Vinamilk ad is monotonous and duplicated,
 23
but conversely they are always vibrant, funny, unique and always leave an unforgettable
impression in please every audience.
Direct marketing is a direct communication method that most businesses are aiming to
give customers a sense of interest. Vinamik always captures information about all customer
feedback to keep up. while offering solutions and new strategies when facing risks. A typical
example when consumers speak up about vinamik's ad with the song "hundred percent, one
hundred percent, raw fresh milk hundred percent ...", due to consumers' impact, it caused
negative thoughts in the family relationship for children. After receiving feedback from the
Consumer Association, Vinamilk changed another ad and cut the ad itself. Although not as
impressed but also appease the customer.
It can be seen that VNM has combined both strategies but mainly is a pull strategy because
Vinamilk has strengths in advertising as well as a long distribution channel system, which will
support the pull strategy work much more better.[14]
3.5.5 Pricing strategy
In general, VNM has a reasonable price strategy and is quite competitive. VNM
applied a policy of product stratification. For each distribution channel, VNM offers appropriate
pricing policies for each channel, maximizing competitiveness and profit. Besides, large
production scale and a variety of products are favorable to help VNM save costs.
The policy is more expensive to have a better product. Based on the psychology of
customers when buying products at high prices and with reputable quality, can be trusted by
consumers, So it can price products higher. Since then, VNM is considered as a brand with
domestic price but quality is accepted in European and Middle East countries.
The policy remains the same but the quality is higher: if VNM finds that the current
product has a low position, the company will reposition the product with a higher value but
keep the price. An example is VNM's pasteurized fresh milk line.
Adjust prices for each distribution channel
3.5.6 R&D
Despite its experience in competing with global dairy industry giants, VNM will
not have many advantages when facing other companies in foreign markets. VNM needs to
make more efforts to understand consumer characteristics in the local market, research and
launch suitable products to promote development in new markets. follow the world trend;
attaching importance to the development of organic foods and the application of biotechnology
in order to become one of the leading symbols of belief in nutrition and health products for
human life. Put good health criteria first and focus on researching and developing specific
 24
products for the elderly, the sick and children segments. Currently, outside of Asia, Vinamilk
continues to strengthen its presence and focus more on new international markets (especially in
Africa) by investing in marketing research activities. market to match local culture, launch
strong products (milk powder, nutritional powder ...), expand distribution system and increase
brand awareness.
3.6 Global Human Resource Management
Vinamilk strives to recruit talents and import modern technologies from the world by
sending its employees to study abroad in other countries. One outstanding action in 2012 was a
scholarship to study in Russia in fields related to milk processing technology for 5 years (9).
After graduating students would return and work at the company's headquarters in Vietnam,
many of them took important roles in the company afterward.

Chap 4: Conclusion
4.1 Pros and Cons of VINAMILK strategies
By applying international business strategy mentioned above, Vinamilk will have these
following pros and cons:
Pros:
- Huge supply of high-quality raw material for dairy industry:
Vinamilk currently has a system of 10 farms in Vietnam that meet GlobalGAP standards
with all breeding cows imported from Australia, USA and New Zealand. The total number of
cows provide milk to the company (including Vinamilk's farms and signed farmers) is now
more than 120,000, with an output of about 750 tons of raw fresh milk per day. It is expected
that the total cow population will increase to around 200,000 by 2020 and the production of raw
fresh milk will more than double. (41)
Besides one factory in North Island – New Zealand, Vinamilk also has two big factories
in Asia, one in Cambodia and another is in Myanmar. All factories abroad of Vinamilk are
equipped by the world's most advanced technology, a closed system of equipment and complete
automation from processing to finished products and packaging, ensuring absolute safety and
hygiene of food. Each Factory produces 54,000 tons of powdered milk each year, has a capacity
of 400 million liters of liquid milk per year and is in the stage of expanding through phase 2
with an increased capacity, doubled that, reaching 800 million liters of milk per year. (42)
In addition, Vinamilk also owns two farms built according to Organic Europe standards
in Vietnam and a complex of Organic farms under construction in Laos with an estimated area
 25
of up to 20,000 ha and a scale of 100 cow herds. Thousands of children, ready to meet the
demand for the production of Organic milk products. (43)
- Reaching new high potential market with increasing income, life standard and
demand for consuming dairy products raising:
Each international market that Vinamilk joined has a big population. For example:
The United States with 314 million people, also is considered as the world's largest
consumption and growth market
Cambodia with economic growth in recent years has continuously reached over 7% per
year. The need for health care and improvement of human physical conditions, including a very
high demand for milk use.
Myanmar market offers great opportunities for dairy companies; Milk consumption of
about 55 million people in this country is lower than the average level in the region.
Specifically, in Myanmar is 10 liters / person / year, much lower than other markets
including Singapore 45 liters / person / year and Malaysia 30 liters / person / year.
Huge market with 1,4 billion people of China is one of the biggest potential markets that
Vinamilk wants to penetrate. The total value of the dairy market is about USD 30 billion / year.
Demand for dairy products in China is forecast to increase 37% to 76 billion USD in the next 5
years, meaning that China will surpass the US to become the largest dairy market in the world.
(44)
- By spreading out through different countries, different regions and continents,
Vinamilk can minimize the risk of international investment:
Myanmar is one of Vinamilk's strategic foreign markets to compensate for the decline in
the Iraqi market, which used to account for 60% of overseas sales. In 2017, Vinamilk reported
the first export decrease in 20 years due to political fluctuations in the Middle East. Export sales
reached VND 7,400 billion (equivalent to USD 312 million), down 4.2% from the previous
year. (45)
Cons:
- When entering too many different markets with different situations of Economic,
Politics, Demographics, Culture, Trade laws… there will be many kinds of risk could happen to
Vinamilk foreign business. The Vinamilk’s Board of Director need to adjust the business
strategy to adopt with those different situations in time and minimize the risk. For example,
trend of consuming dairy product types can fluctuate across time. Particularly, changes in
consumption trends, in particular animal and cow's milk, are on the decline in Asia countries
because consumers have many alternatives such as vegetable milk or nutritious drinks.
 26
Especially in big cities, consumers are shifting to consuming products with higher nutritional
content, typically high-class dairy products meeting European organic standards, which is also a
trend currently available in developed countries like USA, EU. (46)
- There will be a high standard to meet and maintain in terms of product quality which
Vinamilk must always pay attention to guarantee and improve. For instance, to export dairy
products to China market, Vinamilk must prepare a profile includes information from the farm
to the final product such as cow origin, veterinary control procedures, vaccinations, veterinary
drug lists, sampling, testing records, and then the Information about farms, factories ... All must
be in English and Chinese. Next, the list of exported products must be accompanied by quality
standards, self-declaration associated with testing.
- Although entering many other markets, Vinamilk still has to face with various
competitors such as domestic business of the target market or other foreign company invest in
international market like Vinamilk themselves. As New Zealand – the initial step that Vinamilk
took to widespread their international strategy, New Zealand itself possess 8th dairy industry
worldwide.

Source: TDB Dairy Companies Review 2018 (47)

In New Zealand, Miraka – The company that Vinamilk bought shares of, account for
only 1% of market shares in New Zealand dairy market, and it will be difficult to compete with
other big companies which already possessed too much market shares.

4.2 Achievements
Overall profits
 27
With the above strategies, Vinamilk's profits witnessed growth. Vietnam Dairy Products
Joint Stock Company (Vinamilk) announced its business results in the fourth quarter of 2018:
the enterprise earned VND 13,017 billion in revenue, an increase of 5.3% compared to the same
period last year. Profit after tax recorded an impressive figure of VND 2,277 billion, up sharply
to 30.5%. Accumulated in 2018, the leading company in the dairy industry achieved a turnover
of 52,631 billion VND, a profit of 11,516 billion VND, exceeding the plan set at the beginning
of the year (Vinamilk Annual Report 2018).

Foreign exchanges

In addition to the 13 factories present in Vietnam, the brand holds a 22.8% stake in the
Miraka factory (New Zealand), owns 100% of the Driftwood factory (USA), holds 100% of the
investment. Angkor Milk factory in Cambodia, set up a trading office in Thailand and opened a
subsidiary in Poland as a gateway to trade Vinamilk's commercial activities in Europe.

Vinamilk products are present in 46 countries and territories, including countries with high
quality requirements such as Japan, USA, Australia, New Zealand, Canada ...

4.3 Recommendation

Currently, Vinamilk global business is growing stably and healthily. With strong foundation
from domestic market with clear core values developed and high financial status support,
Vinamilk has very high potential when it comes to international market. Although, there are
some cons that our group can propose to Vinamilk to improve their global business strategy in
order to achieve higher performance.

1. Diversify their products category which each category is suitable with different market
situations.

2. To be prepared with change in economic trend, Vinamilk should always has a backup
strategy to adopt right at the moment the situation goes wrong.

3. The marketing strategy to promote Vinamilk brand image in other international markets has
not been paid enough attention. Vinamilk marketing managers should make efforts to generate
core value of Vinamilk to foreign consumers perception since it can add more value to products.
It is a part of Profitability Strategy that Vinamilk can improve for their business strategy.
 28

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