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ANALYSIS THE COMPANY
Vinh Hoan Corporation (VHC)
1.1.1 History of formation and development
Founded on December 19, 1997, in Cao Lanh City, Dong Thap Province, Vinh Hoan Limited Liability Company, now known as VHC, is headquartered on Highway 30 in Ward 11, Cao Lanh City, Dong Thap Province.
Picture 1.1: Logo of Vinh Hoan Corporation
Ms Truong Thi Le Khanh, the Chairman of the Board of Directors of VHC and often referred to as the "Queen of Pangasius," has played a pivotal role in transforming VHC into Vietnam's largest pangasius exporter Her success is attributed to the implementation of a current value chain optimization strategy focused on sustainable development.
Picture 1.2: Truong Thi Le Khanh - Chairman of the Boad of Directors of VHC
In 2003, the Vietnamese Pangasius export industry experienced a significant boom, propelling VHC to the forefront of the nation's pangasius export turnover Additionally, the majority of fish farming areas across the country are meticulously regulated to ensure compliance with national standards.
As of June 2012, over half of Vietnam's food safety and environmental regulations have been audited and certified by international sustainable standards, including Global GAP and Aqua GAP VHC achieved the Aqua GAP certification for pangasius farming in 2019 and subsequently led the Vietnamese pangasius industry in export turnover, as reported by the Vietnam Association of Seafood Exporters and Producers (VASEP) Additionally, VHC was the first company to receive the Aquaculture Stewardship Council (ASC) certification for sustainable pangasius farming in 2012 In 2019, the US Department of Agriculture's Food Safety Inspection Department (FSIS) recognized the equivalence of Vietnam's pangasius industry, confirming that VHC's pangasius not only boasts a delicious flavor and high nutritional value but also meets stringent market requirements.
Mr Struan Stevenson, Vice Chairman of the European Parliament's Fisheries Committee, transformed his views on Vietnamese pangasius following his visit to the VHC factory This visit highlighted VHC's crucial role in reshaping the misconceptions held by foreign politicians regarding Vietnamese seafood, particularly in addressing concerns about cleanliness and environmental impact.
1.1.2 Main business lines o Inland aquaculture o Processing and preserving seafood and seafood products o Buying and selling seafood, agricultural products and foodstuffs o Buying and selling chemicals for seafood production and processing o Trading in machinery o Producing fishmeal o Producing grease, plants and animals o Extract and produce gelatin, hydrolyzed collagen o Import and export gelatin, hydrolyzed collagen, pharmaceutical chemistry o Purchase and sale of agricultural raw materials and preliminary treatment, materials for production, processing aquatic and marine products
• Model of corporations and subsidiaries
Picture 1.3: Scale of Vinh Hoan Corporation
Vinh Hoan, leveraging the bravery and expertise of its Board of Directors, has significantly enhanced its capacity and management quality in response to the global demand for Vietnamese pangasius products This strategic growth has propelled the company to the 2nd position among catfish and basa fish exporters and the 3rd position among all Vietnamese seafood exporting enterprises.
• Major pangasius export markets of Vietnam:
VHC is poised to capitalize on inventory restocking in key markets, leveraging its superior product quality and premium pricing to avoid antidumping duties Since 2017, the company has identified the US, EU, and China as its primary export markets, with the US accounting for 58% of total exports, followed by the EU at 15% and China at 10% As Vietnam’s leading pangasius exporter to the US, VHC directs approximately 60% of its exports to this market Additionally, VHC maintains a significant presence in other regions, including Canada (38.2%), Japan (29.5%), Hong Kong (26.5%), and Australia (22.3%).
The growth of pangasius exports in the EU has faced significant challenges due to market barriers and competition with various white fish species Additionally, safety and environmental concerns have adversely affected the fish's reputation Consequently, from 2013 to 2017, Vietnam's pangasius exports to the EU experienced a gradual decline Although the demand for imports slowed during the Covid-19 pandemic, it has only recently begun to influence pangasius exports to this market.
Exports to this region totaled 98.4 million USD, marking a 33.8% decline Projections indicate that the export value of pangasius to the EU is expected to continue its downward trend through the end of the year.
The US market presents both challenges and opportunities for Vietnamese pangasius exporters Following the imposition of high anti-dumping duties and increased inspections by the USDA's Food Safety and Inspection Service (FSIS) starting in August 2017, the US remains a significant market due to its growing demand for fishery products and strong brand loyalty In the first nine months of the year, the US accounted for 50% of Vietnam's pangasius exports, making it the largest export market among 133 destinations However, the export value to the US has yet to recover and stabilize post-Covid-19, despite its substantial contribution to the overall pangasius export structure.
In recent years, China has emerged as Vietnam's largest importer of pangasius, representing 23% of the country's net export value for this fish in 2017 The combination of a high population, polluted water sources, and significant air pollution has heightened consumer awareness and demand for domestically sourced freshwater fish.
Chart 1.1: Business result of Vinh Hoan Corporation
From 2014 to 2015, VHC achieved remarkable financial growth, with profit after tax soaring nearly threefold to reach 439 billion VND in 2014 Additionally, in 2015, VHC reported a net revenue exceeding 6,495.5 billion VND, reflecting a 3.2% increase compared to the previous year.
The period of 2015 to 2017, the consolidated net revenue of Vinh Hoan JSC reached more than VND 7,304 billion and profit after tax reached VND 565.0 billion in
2016 However, the growth rate of VHC in this period was light-speed
Between 2017 and 2018, Vinh Hoan Corporation (VHC) achieved a net profit of VND 8,151 billion in 2017 In 2018, a surge in market demand coincided with limited supply, benefiting VHC amidst the US-China trade war and anti-dumping duties on Vietnamese pangasius exports to the US (POR13) This situation enabled VHC to significantly increase its selling prices and expand its market share in the US, resulting in a 25-30% rise in pangasius prices across all markets Ultimately, VHC recorded consolidated revenue of VND 9,271 billion, with revenue from finished goods sales reaching VND 7,231 billion, representing 78% of total revenue.
Table 1.1: Antidumping duties on Vietnamese Pangasius exporters to the US (POR13)
VHC achieved impressive financial performance in 2017, boasting a Return on Equity (ROE) of 22.4% and a Return on Assets (ROA) of 12.5%, significantly outperforming the average industry, which faced negative ratios due to a materials supply crisis over the past two years.
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LOGISTIC FLOW
Define of Third-party (3PL)
Third-party logistics (3PL) refers to the practice of organizations outsourcing their distribution, warehousing, and fulfillment services to external businesses, as outlined in Tony Hines' "Supply Chain Strategies." This approach allows companies to enhance efficiency in logistics and supply chain management by leveraging specialized services provided by third-party providers.
Third-party logistics providers (3PL) specialize in customizable warehousing and transportation services tailored to meet customers' needs and market conditions Their offerings often extend beyond logistics, incorporating value-added services that enhance production and procurement processes, effectively integrating parts of the supply chain These providers, also known as third-party supply chain management providers (3PSCM) or supply chain management service providers (SCMSP), focus on specific functions within supply management, including warehousing, transportation, and raw material supply.
2.1.1 Why should businesses use 3PL logistic services?
Businesses leveraging 3PL logistics services can efficiently manage documentation, booking shipping lines, and other essential tasks With strong connections to shipping lines, logistics companies can provide competitive pricing, resulting in significant cost and time savings for businesses while minimizing capital investment.
For new businesses entering the market or starting to export internationally, utilizing 3PL logistics services is crucial for gaining expertise and knowledge These services provide guidance from consultants who help streamline the transportation process, ensuring smooth and efficient delivery of goods.
When businesses face challenges in transporting large volumes of goods, they often turn to outsourcing for assistance Hiring experts can provide the flexibility needed to scale operations effectively and streamline supply chain processes.
Company’s current logistics flows
Physical flow in logistics networks refers to the movement of materials, products, inventories, and goods, primarily directed from the point of origin to the point of consumption.
Chart 2.1: Process of transporting goods
The physical flow of goods for the 3PL service provider begins at the Dong Thap warehouse, where items are prepared for shipment to the depot A forwarder then delivers shipping line containers to the depot for the collection and packing of goods Once packed, the containers are transported by trailer truck to Cai Mep Port (POL), where they are stored in the container yard until the estimated time of departure (ETD) At ETD, cranes load the containers onto the ship, which then sets sail to the Port of Amsterdam via the Suez route Upon arrival at the Port of Amsterdam (ETA), the forwarder's agent receives the containers at the container yard and discharges the goods for inspection.
FWD brings empty cont to the depot to pack goods into it
Containers will be shipped to Cai Mep Port and placed in CY until ETD
The cont arrive at the CY and discharge goods for checking purpose
Goods will be loaded out of the containers and sent to Consignee
Goods will be delivered to DC
The ship departs to Port of Amsterdam by Suez route
Cont will be placed on ship by crane Goods will be sent to Depot The physical flow starts when goods are located at the warehouse in Dong Thap
After checking phase, goods will be delivered to distribution centre by trailer truck Finally, goods will be loaded out of the containers and sent to consignee
Note: o FWD: Forwarder o SL: Shipping Line o CY: Container yard o POL: Port of loading o ETD: Estimated time of Departure o ETA: Estimated time of Arrival o DC: Distribution Centre
Port of Loading: Cai Mep Port (Vietnam)
Port of Discharge: Port of Rotterdam (Netherlands)
Type of container: Refrigerated ISO containers 40’RH
Height: 8ft 6in HIGH CUBE Inside
Length: 37ft 11in Width: 7ft 6.2in Height: 7ft 3.6in Container’s weight: 4,110 kg Product’s weight: 28,390 kg Maximum weight: 32,500 kg
According to “What is Information Logistics?” by Dr Darek M HAFTOR,
The "information flow" is a crucial element of logistics services, alongside goods and currency The advent of global economic integration and containerization has revolutionized international business management in the 20th century Efficient information systems facilitate the transportation of goods "Door to Door," encompassing key activities such as loading, unloading, container transport via ships, aircraft, trucks, and trains, as well as storage and compliance with import and export regulations in accordance with Vietnamese law and international trade practices.
Information flows in logistics services include two main categories:
Type 1: Information about time, related to the place It determines where the goods are, in what state during the process of moving from the "Door" of the supplier, to the
The concept of "Door to Door" logistics is crucial for effective command and execution in third-party logistics (3PL) Key elements of this information include arrival times, storage durations, loading and unloading schedules, and departure times from specific locations Timely financial transactions are also essential, as they must adhere to set deadlines Ultimately, the success and efficiency of the entire coordination process hinge on the critical factor of time.
Type 2: Information relating to the flow of money and goods, which are the following main document: Documents relating to sea and rail transport, trucking, transport truck load, …; Origin of goods, freight forwarding; Cargo insurance, ; Documents related to State management procedures; Documents relating to the payment of goods between the buyer and the seller
Chart 2.2 Process of Information Flow
Consignee sends a booking order email (B.O) to Shipper
Shipper needs to check the warehouse’s inventory
Shipper sends a booking service email to Forwarder
Forwarder sends booking cargo ship to Shipping Line
Shipping Line sends booking cargo ship confirmation to Forwarder
Forwarder confirms booking Logistics Service to Shipper
Shipping Line sends an ATD to Forwarder
Forwarder forwards an ATD email to Shipper
Shipper sends an email includes: ATD, ETA, documents, CLP and the number of the containers that have been exported to Consignee
Forwarder sends a pre-alert email to overseas Agent latest 2 days after ATD
Upon the cargo ship's arrival at the port, the Shipping Line issues an arrival note to the overseas Agent, who then relays this information to the Consignee to notify them of the ATA.
Accurate documentation is crucial in international logistics and customs clearance, as it ensures timely delivery of shipments to their international destinations and minimizes the risk of customs delays.
To make sure your products get to their destination without any trouble, it’s essential to get your paperwork and shipping documentation right
Chart 2.3 Process of Document Flow Shipper sends booking request to Forwarder
Shipping Line sends a booking note to Forwarder about vessel information will go and quantity of goods can transport Forwarder receives and sends booking request to Shipping Line
Forwarder sends a booking note to Shipper
Shipper will send SI (1) for Forwarder
Forwarder rights and sends SI (2) to Shipping Line
The Master Bill of Lading (MBL) is issued by the shipping line, while the House Bill of Lading (HBL) is provided by the freight forwarder Additionally, the Delivery Order (D/O) facilitates the release of cargo, and the Shipping Introduction (SI) outlines the shipment details Lastly, the Actual Time of Arrival (ATD) indicates when the shipment is expected to arrive at its destination.
There are two cases for using MBL or HBL
HBL: Shipper requires Forwarder to use HBL:
Shippers often trust forwarding companies to manage their shipments discreetly, opting to keep both the forwarding company's and the consignee's names confidential However, if a vessel faces delays, it becomes crucial to accurately document the shipping date on the Letter of Credit (L/C), despite potential discrepancies from the shipping line.
Forwarder sends HBL to Shipper
Shipping Line receives SI and issues MBL to Forwarder on ATD date and the Shipping
Line also sends D/O to Agent Shipping Line at destination
Consignee receives the HBL from Shipper and immediately sends HBL to Agent Forwarder
After the vessel arrives at the port, Consignee will bring DO to arrive to receive the goods
Agent Forwarder receives HBL and then give MBL to Agent Shipping Line to receive DO
Afterwards Agent Forwarder gives D/O to Consignee After 2 days of vessel run, Shipper will send HBL to Consignee and at the same time
Forwarder will send MBL to Agent Forwarder
The Forwarder can easily adjust the vessel's departure date at the Shipper's request, allowing for the acceptance of the Letter of Credit (L/C) and enabling the Shipper to receive payment from the Consignee, even if the date is signed backward.
The House Bill of Lading (HBL), issued by the Forwarder, allows for quick and convenient edits based on the Shipper's requests However, it has notable drawbacks; for instance, in cases of lost goods or discrepancies in quantity and quality, the Shipper cannot hold the Shipping Line accountable using the HBL Therefore, it is crucial for the Shipper to utilize HBL only when they are confident in the Forwarder's ability to manage their order responsibly.
MBL: Shipper requires Forwarder to use MBL:
Due to the lack of trust in forwarders, who can easily refuse to address order issues because they require minimal capital to operate, shippers utilize Master Bill of Lading (MBL) to safeguard their shipments.
The consignee mandates the use of a Master Bill of Lading (MBL) from the shipper, as they recognize that the shipper can easily alter the departure date and fulfill the letter of credit (L/C) using a House Bill of Lading (HBL) Consequently, the consignee insists on an MBL to ensure practical accuracy in the shipping documentation.
The Shipping Instruction (SI) must include essential details such as the date and booking number, the name of the designated carrier, and the names of both the shipper and consignee It should also specify the name of the goods, quantity, and type of packing, particularly if a container is used Additionally, the SI should detail the net weight, Verified Gross Mass (VGM), and cubic meters (CBM), with 1 CBM equating to 1 m³ Important logistical information such as the port of loading and port of discharge, along with the delivery time and place, must be included Finally, the terms of payment—whether prepaid or due upon arrival—should be clearly stated, along with any other additional documents if applicable.
Problems and Solution
2.3.1 Failure of preserving products cold temperatures
Maintaining the cold temperature of Pangasius fillets is essential for quality preservation, yet logisticians face challenges in ensuring the product remains at freezing point Two critical scenarios can lead to temperature fluctuations: first, during the loading process from the shipper's warehouse into the container, and second, upon arrival at the discharge port, where containers are often placed in extremely hot conditions in the container yard (CY).
To ensure the integrity of temperature-sensitive products during loading, it is crucial to maintain the container temperature at -18 degrees Celsius prior to loading Additionally, the warehouse discharge area should be strategically designed with features such as loading pits, adjustable loading boards, mobile ramps, lifting tables, and essential equipment like dock shelters and dock levelers These provisions will help guarantee that the cargo remains within a safe temperature range throughout the loading process.
The second case significantly impacts the quality of Pangasius fillets in the container To mitigate this issue, it is essential for the Logistic Agent to generate Release Documentation, enabling the safe transport of the container to a cold warehouse for preservation.
Release Documentation encompasses all agreements, documents, terminations, discharges, releases, and similar instruments that the Buyer may reasonably request These documents serve to confirm the termination of all commitments and the release of all obligations related to the Master Promissory Note.
2.3.2 Cold container air conditioner system malfunction
To be concerned with logistics, potential risks can be happened unavoidably, especially with frozen goods because they are related to not only inside quality but also technical problems
In sea freight, logisticians face unpredictable risks, such as malfunctions in cold container air conditioning systems, which can disrupt cargo shipping Maintaining a consistent temperature of -18 degrees Celsius is vital for preserving the quality of Pangasius fillets Any increase in temperature can lead to product spoilage, negatively impacting the shipper's revenue, reputation, and the overall quality of the logistics company.
To minimize technical issues, logisticians should prioritize high-quality containers when selecting them in ICD, opting for new containers equipped with reliable generator systems All reefer containers must undergo a Pre-Trip Inspection (PTI) as per IICL standards When choosing between Carrier Global Air Conditioning and Star Cool, it is advisable to select Carrier Global due to its advanced technology and greater prevalence in Vietnam, which simplifies maintenance and repairs Additionally, logisticians should partner with shipping lines that excel in transportation from Vietnam to Europe for optimal efficiency.
The Pre-Trip Inspection (PTI) service involves a thorough examination of both the container and its machinery, ensuring that the reefer equipment operates efficiently at the correct settings while confirming that the container is clean and free from damage.
When selecting suitable shipping lines, logisticians should consider several key criteria based on their specific routes For shipments between the USA and Canada, major players include WHL, APL, ONE, CAM, HY, and Caeser For transporting cold cargoes in Asia, SITC Shipping Lines is an excellent option In the South America route, CMA, HL, Hamburg Sud, and APL are popular choices For consignees in Mediterranean countries, MSC and UASC offer the most competitive prices Forwarders have multiple options for shipping to Japan, including ONE, RCL, HL, and NYK for direct routes, or TS and WHL for transit routes For shipments to Taiwan, Evergreen Shipping Lines is recommended, as Evergreen Marine Corporation specializes in this region Additionally, MCC, a subsidiary of Maersk, along with Hubline, provides further shipping solutions.
Samudera and Cosco are prominent players in the East Asia shipping route In addition to their popularity in East Asia, Cosco, CMA, and ONE have also established a strong presence in South America, Japan, and Australia The Chinese Line serves as the final option for shipping routes originating from China.
Logisticians must remain adaptable when selecting carriers from various shipping lines, as fostering strong relationships with these lines is essential for securing favorable deals During peak seasons, shipping lines often face full capacity, which can jeopardize urgent transport needs However, having alternative carriers as a backup plan can mitigate this issue Overall, pre-existing relationships with shipping lines can yield significant financial advantages for third-party logistics (3PL) companies.
Normally, there are two cases that the air conditioner system usually malfunctioned The first stage is at Shipper’s warehouse and the second stage is from Shipper’s warehouse to CY
• First case: Air conditioner of cold container break down at warehouse
Step 1: The driver will check to determine the damage, then report to the warehouse manager as well as the forwarder, who are representatives hiring the driver The forwarder will report back to the shipper so they can capture obviously their flow situation
Step 2: Warehouse manager needs to take photos and recording videos of the air conditioner then send it immediately for the shipping line’s technician in case we can fix the air conditioner right away With more serious damage, the forwarder will send the booking to SI, which can be the same company or different one depending on the geographical location convenient for receiving At the same time, forwarder hire trailer tractor truck to pull another cold container to the warehouse in order to load products on the new container
Step 3: Forwarder will update new information of new seal numbers and container numbers on the electronic customs declaration, the shipping line will automatically update MBL after we take new container
• Second case: Air conditioner of cold container break down on the road (from Dong Thap to Vung Tau)
A temperature tracking device is installed in cold containers, and it is the driver's responsibility to monitor the temperature regularly If the temperature rises unexpectedly, the driver must promptly report the issue to the forwarder, who will then arrange for another container to ensure the integrity of the cargo.
To facilitate the exchange process, the forwarder must transport the goods from SL to CY or the nearest Derpo to remove the seal Following this, it is essential for the forwarder to update the new seal and container numbers To maintain transparency, all transitions from damaged to new refrigeration units should be documented as evidence in the event of any loss of goods.
2.3.3 Optimize the exchange of information and goods flow management
EVALUATION
The method of control temperature to preserve high quality of goods
Temperature fluctuations during storage can significantly diminish product quality for consumers, presenting a critical challenge that requires resolution Implementing a warehouse system equipped with dock shelters has gained popularity globally, including in Vietnam, as an effective solution to this issue.
Finding cold storage facilities equipped with a Dock Shelter system is straightforward This system facilitates the easy loading and unloading of goods into containers while ensuring optimal temperature stability, particularly for frozen products that require freshness and durability Consequently, Dock Shelters play a crucial role in minimizing the risks associated with low product temperature and maintaining overall quality.
The method of other problems
Choosing skilled drivers who can repair refrigeration systems and understand container operations is crucial for minimizing technician costs In more severe situations, it's important to contact a technician or notify the shipping company for a replacement to prevent additional expenses from not inspecting the container before loading Timely management is essential to ensure the smooth flow of goods aligns with the estimated time of departure (ETD).
Enhancing the criteria for selecting shipping lines is a strategic approach that ensures long-term efficiency for businesses With numerous reputable shipping lines available, companies have the flexibility to choose the most suitable carrier based on their specific routes To effectively manage this selection process, logistics firms must establish robust relationships with both large and small shipping lines, ensuring confidence in their booking capabilities.
The method of information flow
A website significantly enhances business operations by providing customers with quick and accurate access to essential information This convenience not only meets customer needs but also boosts sales By enabling efficient online interactions, businesses can engage with customers without the necessity of face-to-face meetings, allowing clients to easily discover the services they seek.
Working with staff and managers, customers can be provided with detailed information about products and services according to customers' wishes Email forms
Implementing effective contact information can enhance a small business's customer service, giving it a more professional appearance The evolution of service methods, particularly the adoption of one-stop solutions, simplifies the feedback process for customers while allowing the company to efficiently monitor operational flow.
The integration of technology in logistics enhances the efficiency of information flow, benefiting customers who need door-to-door services while also lowering personnel costs in high-end logistics Moreover, developing an order statistics system allows companies to prioritize their business needs, enabling them to formulate effective future strategies and foster long-term relationships with shipping lines and import/export companies.
Vietnam's pangasius and seafood exports play a crucial role in the country's economy, and understanding this sector is essential for identifying effective strategies to expand and improve its growth By exploring the current landscape of seafood exports, we can develop actionable solutions that enhance the industry's potential and ensure its sustainable development.
Vietnam's seafood industry, particularly pangasius production, is experiencing significant growth in exports to international markets This surge in demand is largely influenced by favorable weather conditions in the Mekong Delta, as well as the challenges faced by competitors in other countries, including natural disasters and crop failures Additionally, recent trade agreements have played a crucial role in boosting Vietnam's export volumes for this commodity.
Investing in Vinh Hoan Corporation is advantageous due to its status as a prominent and reputable company Collaborating with Vinh Hoan can significantly enhance the reputation and growth of the forwarding company Transporting frozen seafood presents unique challenges and risks compared to conventional goods, necessitating the use of cold containers to maintain product quality and comply with consignee inspection requirements Therefore, a well-defined and logical plan, along with contingency options for potential issues, is essential for successful logistics management.
In the long-term success of a company, the establishment of an effective information technology system is crucial This advancement not only enhances the ability to meet customer needs but also fosters stronger connections between customers and the company, ultimately transforming them into loyal patrons.
Ho Chi Minh City, 31st October 2020 Implementation’s student – Group 4