BACHELOR THESIS Major International Economics Topic ORIENTATIONS AND SOLUTIONS TO IMPROVE WINE IMPORT ACTIVITIES OF THANH DAT IMPORT EXPORT CO , LTD IN THE PERIOD 2017 2021 TABLE OF CONTENT INTRODUCTI.
BACHELOR THESIS Major International Economics Topic: ORIENTATIONS AND SOLUTIONS TO IMPROVE WINE IMPORT ACTIVITIES OF THANH DAT IMPORT EXPORT CO., LTD IN THE PERIOD 2017-2021 TABLE OF CONTENT ABBREVIATIONS Abbreviations Meaning WTO World Trade Organisation ASEAN Association of Southeast Asian Nations AANZFTA ASEAN-Australia-New Zealand Free Trade Area CIF Cost, Insuarance and Freight VAT Value added tax CO., LTD Limited liability company FTA Free Trade Agreement FOB Free On Board LIST OF FIGURES EXECUTIVE SUMMARY The thesis "ORIENTATIONS AND SOLUTIONS TO IMPROVE WINE IMPORT ACTIVITIES OF THANH DAT IMPORT EXPORT CO., LTD IN THE PERIOD 2017-2021" was written to find out the problems of wine importating activities and propose some solutions to improve the importation of wine at Thanh Dat company The thesis is divided into three chapters In chapter 1, I provided an overview of the Vietnamese imported wine market as well as an overview of the company, including the company's formation and development, functions and duties, services, organizational structure, and current business activities, including business products, capital and assets of the company, workforce, customers, and partners In chapter 2, I discussed the current state of alcohol importation at Thanh Dat Company, including a study of the company's wine import process as well as an analysis of the results of the company's import activities over the last years, including indicators such as wine import turnover over time, wine import turnover by market, import turnover by wine type and import form, and a comparison of the performance to the import plan set forth In addition, I looked at the company's business efficiency and competitiveness indices Then, determine the company's current accomplishments and limits, as well as the sources of those deficiencies With Chapter 3, I have come up with some ideas for the firm and some recommendations for the government in order to enhance the company's import operations after analyzing the present status of wine import activities at Thanh Dat company INTRODUCTION Rationale Since the national program "Doi Moi" and the policy of opening up to develop the market economy, our country has achieved many great achievements in many fields, especially the economy, which has transformed our country from a poor and backward country becomes a country with a developed economy, people's living standards are increasingly improved and relations are expanded with many countries in the world This has confirmed one thing, opening of international economic integration is a right step of the Government Only when international economic integration is effective can we create a new position in the international market and limit unfair treatment Participating in international economic integration, we can take advantage of capital, advanced techniques and technologies to meet the requirements of industrialization and modernization of the country, besides creating favorable conditions for we are expanding import and export markets, creating favorable conditions for product consumption Opening the door for integration is therefore not only for our businesses to reach out, but also for foreign enterprises to enter into production and business in our country In international economic integration, international trade is an activity field that plays a key role in promoting the domestic economy to integrate with the world economy In international trade, imports play an important role in promoting trade as well as developing the national economy Importing helps to ensure timely, complete and synchronous demand for production materials for production, has a strong impact on the innovation of equipment and production technology so that production level is improved, labor productivity is improved to catch up with advanced countries in the world Besides, imports also help to timely supplement the production needs and the domestic life is still unbalanced, contributing to improving people's living standards Therefore, import activities in general and import business activities in particular are very important Established in 2003, Thanh Dat Import-Export Limited Liability Company was established with the main function of trading in importing wines from many countries around the world As one of the small and medium-sized companies operating in the field of importing goods, in the early days of establishment the company had to face many difficulties such as limited capital, competition with foreign companies and big companies or finding business partners,etc However, with the constant efforts of all members of the company, the company has grown up day by day, gradually gaining the trust of customers and partners, expanded business relationships and gained a strong foothold in the market Currently, the company is continuing to grow and further strengthen the promotion of market research to promptly respond to the needs of consumers Through the period of internship, learning and researching how it works at Thanh Dat company combined with the knowledge I have learned, I have done a thesis with the topic: "ORIENTATIONS AND SOLUTIONS TO IMPROVE WINE IMPORT ACTIVITIES OF THANH DAT IMPORT EXPORT CO., LTD IN THE PERIOD 2017-2021" This topic revolves around the problem of wine importation and proposes some solutions to improve the importation of wine at Thanh Dat company Objectives The topic is researched with the purpose of finding out the current status of wine import activities at Thanh Dat company and offering some solutions to improve that activity Research tasks include: - Firstly, Overview of the Vietnamese wine market and Thanh Dat ImportExport Co., Ltd Secondly, the actual situation of wine import activities at Thanh Dat ImportExport Co., Ltd Third, Orientation and some solutions to complete wine import activities at Thanh Dat Import-Export Co., Ltd Scope The object of research is the importation of wine Research scope: Space: Wine import activities at Thanh Dat company Time: From 2017 to 2021 Methodology The article uses historical materialism methods, statistical research, data analysis and forecasting to analyze the current situation and propose a solution to improve wine import activities at Thanh Dat company Research structure In addition to the introduction, conclusion, and references to the topic, there are main chapters: Chapter 1: OVERVIEW OF VIETNAMESE WINE MARKET AND THANH DAT IMPORT-EXPORT CO., LTD Chapter 2: SITUATION OF WINE IMPORT ACTIVITIES AT THANH DAT IMPORT EXPORT CO., LTD IN THE PERIOD 2017-2021 Chapter 3: ORIENTATIONS AND SOME SOLUTIONS TO COMPLETE WINE IMPORTING ACTIVITIES AT THANH DAT IMPORT-EXPORT CO., LTD CHAPTER 1: OVERVIEW OF VIETNAMESE WINE MARKET AND THANH DAT IMPORT-EXPORT CO., LTD 1.1 OVERVIEW OF VIETNAMESE WINE MARKET 1.1.1 Introduction of Vietnamese wine market In recent years, wine has gradually become a favorite drink of many Vietnamese people, especially businessmen, who jobs that often come in contact with customers because wine makes every conversation more natural and easier That also helps the Vietnamese wine market as well as the world to thrive With a population of about 97.0 million people in 2020, Vietnam's total wine consumption is relatively high, being the third largest wine market in the Association of Southeast Asian Nations (ASEAN), at 15.3 million liters in 2020 Currently, in 2020 there are more than 15 wine and other alcohol drinks production and bottling enterprises nationwide with annual output increasing by about 12-13 million liters The Vietnamese wine market is also being targeted by many French and Italian wine companies because this is the best wine consumption market in Asia with a growth rate of 10% By 2024, Vietnam's alcohol consumption is expected to reach 22.3 million liters, with per capita alcohol consumption forecast to increase to 0.3 liters per adult Red wine dominates the wine market in Vietnam, accounting for about 76% of total wine consumption in 2020 According to the Vietnam General Statistics Office, in 2019, the total import turnover of wine reached 53.2 million USD In which, Italy, Chile and France are the leading suppliers of wine in Vietnam market, followed by Spain, USA and Australia, etc The number of wines coming from these countries is increasing every year 1.1.1.1 Vietnamese domestic wine production capacity: According to the Vietnam Beverages Association, there are approximately 15 wine producers operating in Vietnam with a total annual increasing capacity of approximately 12 to 13 million liters However, their market share is quite limited in comparison to their foreign rivals who have built up brand awareness and have a good reputation for quality and consistency Vietnamese wineries such as Da Lat Winery, which makes some of the best locally made wines, can only penetrate the lower market segment with prices ranging from U.S $3 to U.S $6 In addition, the shortage of raw materials is another problem that most local producers are facing So far, the wine producers in Vietnam are mostly confined to a few regions like Lam Dong and Phan Rang provinces, and the grapes not seem to be of a quality for making premium wines, according to some experts Recently Da Lat Winery had to import grapes and wine inputs from France to produce better quality wine In general, the domestic wine production capacity is still limited, unable to meet the needs of domestic consumers Following are some typical wine production companies of Vietnam: - Hanoi Liquor Co Ltd (Halico) Halico produces alcoholic drinks in Vietnam in both wine and spirits, but it is especially strong in spirits In 2021 Halico produced just over 10 million liters of wine and spirits and expected to produce 15 million liters of wine and spirits in 2022 The company is the largest spirits manufacturer in Vietnam, with its key brands being Hanoi Lua Moi (New Rice), Hanoi Nep Moi (New Sticky Rice), and Vodka Hanoi, a form of non-flavored vodka In 2021 Halico controlled almost 41 percent of the spirits in Vietnam, largely due to the popularity of its flagship brand, Hanoi Lua Moi The company has products in both still light grape wine and sparkling wine However, its presence in wine remains low in this highly fragmented environment, and the company has not yet managed to accrue a quantifiable volume share in wine By investing in modern product line technology and diversifying its products, Halico is aiming to meet increasing customer demands and serve all segments in spirits and wine Halico will not only concentrate on its traditional market in the Northern Vietnam, but also plans to expand to central provinces, southern areas, Laos and Cambodia markets Additionally, Halico exported its premium brands to Korea, Japan and Taiwan as well as entered the U.S market in the last few years - Lam Dong Foodstuffs JSC (Ladofoods) Ladofoods is in a good position to perform well over the forecast period, especially with the increasingly favorable image of red wine and its health benefits The company is likely to also focus on its “traditional” spin to red wine, to add to the unique positioning for its Dalat brand The export market has yet to become a focus for the company – instead, it is set to intensify its promotional efforts for wine sales in the domestic market In July 2007, Ladofoods negotiated with French strategic alliance P&P Import & Export Co to establish the Dalat France Wine JV in order to grow grapes as well as produce and trade wine in Vietnam Ladofoods is mostly famous for its wine products, with specialties in producing and trading varieties of Dalat red wines, Dalat white wines, Dalat strawberry wine, Dalat mulberry wine, Dankia wine, Lemon liquor, Dalat whiskey, Dalat rum, and Aviva wine coolers Its grape varietal is Cardinal, which is grown in Ninh Thuan province The wine processing technology employed by Ladofoods comes from Italy and Germany, thus its wine products meet international standards All products from Ladofoods, including wine and non-alcoholic products such as soft drinks and spreads, are manufactured at its factory located in Dalat city The winery of Ladofoods had annual production capacity of three million liters in 2020, and the company aims to upgrade its capacity to five million liters per annum in 2025 In the alcoholic drinks category, Ladofoods concentrates mostly on wine The company has a presence in both grape wine and local non-grape wine sectors, although its share of non-grape wine is very small Its key products include still grape wines, sparkling, strawberry, mulberry, and mixed-fruit wines Still grape wine, particularly still red wine, accounts for the largest amount of sales Ladofoods’ products are mainly sold in Southern Vietnam, particularly in Ho Chi Minh City - Thang Long Liquor Co Thang Long Liquor Co is one of the largest producers (distributors) of wine in Vietnam, falling behind Ladofoods in 2005 The company’s key brands include Thang Long fruit wine, Thang Long Still Grape Wine, Thang Long Dry Wine, Thang Long Sparkling Wine, and Thang Long Vodka All of Thang Long’s products are manufactured locally, and the majority of its sales occur through off-trade outlets in Northern Vietnam Thang Long Liquor Co has a grape wine manufacturing factory in Ninh Thuan province It has also built a winery with annual production capacity that is expected to reach 10 million liters in 2025 in Ninh Thuan province, for the production of cardinal, shiraz and saw-blanc grape varietals Thang Long Liquor Company’s strongest presence is in Northern Vietnam, followed by the Central Vietnam The company’s share in South Vietnam is rather low due to its weak distribution network and a lack of effective marketing activities The widespread presence of local wine companies coupled with a growing presence of Australian still red and white wine brands, such as Jacob Creek have hindered the company’s development in the South Although its product types were continuously diversified and their prices were economically positioned (retail prices were just only from VND 27,000 to VND 50,000 per Thang Long product), its brands still face competition from counterfeit wines In order to improve its competitiveness, Thang Long has decided to invest more capital in production technology, to ensure its product quality, to demonstrate care for the environment by setting up a new winery in Ninh Thuan, and train farmers there to ensure the good quality of shiraz and sauvignon blanc grape varietals It has also focused on 10 related to the technical part of the contract In order to so, it is imperative that the Company build its own qualified and qualified staff, especially technical staff, which is the biggest limitation 3.2.1.7 Organize the implementation of measures to ensure the quality of import activities Here, quality includes both the quality of the workforce and the quality of professional performance in wine import activities Only by improving and perfecting the quality of operations as well as the consistency in the whole process will the efficiency be improved and the company will create a reputation in the field of import and export Currently, the Company is building a quality management system according to ISO standards Therefore, in the coming time, it is required that the import process also take the ISO standard as a basis to standardize the import process, improve the efficiency of completing import contracts 3.2.2 Recommendations for the government and Vietnam Alcohol and Beverage Association In the market mechanism, each enterprise has the full right to operate in its business field and comply with the law The role of the state is to orient and create a favorable business environment for enterprises to promote their capabilities, especially in import and export business However, in reality, the import business also generates many difficulties that need macro adjustment from the state to improve the business efficiency of each enterprise and contribute to the efficiency of the entire economy Based on that fact, I would like to make some recommendations to the government and Vietnam Alcohol and Beverage Association as follows: 3.2.2.1 Strengthen and expand relations with countries and international organizations The Government needs to maintain and expand cooperative relations in the direction of diversification and multilateralization On that basis, properly identify key market areas that are beneficial to Vietnam's economic development The Government must be the leader for import-export units, directly doing business with businesses in that market area The expansion of cooperation relations with countries around the world will contribute to changing the management policy of the state towards more openness and transparency Besides, expanding foreign economic relations also helps 61 domestic enterprises to access new technologies, reduce production costs and increase competitiveness The Government implements policy measures to promote competitiveness in order to maintain the expansion and development of business activities in the country while taking advantage of business opportunities provided by accessing to foreign markets Participating in international organizations will create opportunities for domestic enterprises to increase their competitiveness and enjoy preferential treatment when participating in such organizations 3.2.2.2 Completing the management mechanism of import and export activities Up to now, although the State management agencies have made great efforts to gradually improve the import management mechanism, there are still some shortcomings due to objective and subjective reasons, causing difficulties and obstacles for import activities of importing enterprises, so to improve the mechanism of management of import and export activities, the State can conduct some policies: - - To step by step renovate the import-export mechanism in a synchronous manner across sectors and fields Actively reforming administration, removing the donor mechanism and unnecessary management stages to create the most favorable conditions for import and export activities Expansion of the export mechanism must be associated with the expansion of the import mechanism Renovating the import-export mechanism must serve the goal of economic development, protect the country's young industries, and at the same time must be in harmony with international trade practices and international commitments Therefore, the orientation of building a mechanism to manage import and export of goods in the coming time is to eliminate the situation of maintaining too long the monopoly in a number of goods and service industries Promote administrative reform towards eliminating troublesome procedures Implement consistent, public, transparent, and stable policies in accordance with Vietnamese law and international commitments, ensure export promotion, and reasonably and selectively protect domestically produced goods and improve the competitiveness of Vietnamese goods 62 3.2.2.3 Strengthen foreign currency management to ensure capital for import activities One difficulty for the company at present is that foreign currency capital is still very limited, so to create more favorable conditions for the company as well as other private importers can proceed: - - The State can loosen foreign exchange relations between import and export enterprises This helps them take advantage of each other's idle foreign currency, improving capital efficiency The State needs to keep the exchange rate stable at a reasonable level, avoiding abnormal and uncontrolled fluctuations of the exchange rate The State's exchange rate stabilization will create peace of mind for businesses involved in import and export activities 3.2.2.4 The government should support import enterprises The Government can direct banks to guarantee importers can borrow large amounts from foreign manufacturers in the form of deferred payment This is especially important when units have to carry out allocation plans that are too large for their capabilities Increase credit capital for businesses by implementing a flexible interest rate policy based on the creditworthiness of the business Provide consulting services for businesses such as consulting to support project planning, business plans Provide advice on financial restructuring and debt restructuring for businesses with weak resilience in the current conditions Increase other capital sources by exploiting and seeking capital from international organizations, exploiting framework measures signed with foreign banks to finance businesses 3.2.2.5 The government should organize economic information for businesses Information today is very important for all businesses However, the information capture of enterprises is still limited, affecting production and business activities Therefore, the State should regularly organize economic information forums for businesses about economic situation at home and abroad, fluctuations in the market, predictions about such fluctuations so that importers can make a reasonable import business plan to avoid risks The Government can set up economic information organizations in embassies so that enterprises can collect necessary information about markets, 63 products and prices in countries where enterprises import goods At the same time, the State can publish publications introducing specialized goods and products 64 CONCLUSION Import and export business activities in the market economy are very complicated and influenced by many different factors, while the business environment is always volatile and has many shortcomings Import-export business requires business people to always seek innovation and creativity to achieve the goal of profit As a company operating in the field of import-export business, over the years, Thanh Dat Import-Export Co., Ltd has always made efforts, constantly striving to be able to stand firmly in the market economy Therefore, the achievements that the company has achieved during the past years are undeniable The company's growth is a testament to the role of small and medium enterprises in import business The topic " ORIENTATIONS AND SOLUTIONS TO IMPROVE WINE IMPORT ACTIVITIES OF THANH DAT IMPORT EXPORT CO., LTD IN THE PERIOD 2017-2021" helped me better understand the business activities of a company in the market economy And with the knowledge I have learned and the practical experience after an internship at the company, I have conducted research and analysis of the company's activities The thesis is divided into chapters, in chapter 1, I gave an overview of the imported wine market of Vietnam and an overview of the company including the process of formation and development of the company, functions and duties, the company's services, the company's organizational structure, and an overview of the company's current business activities, including business products, capital and assets of the company, workforce, customers and partners of the company In chapter 2, I pointed out the current situation of alcohol importation at Thanh Dat company, in which I delved into the study of the company's wine import process along with analyzing the results of the import activities that the company achieved in the last years, including indicators such as wine import turnover over the years, wine import turnover by market, import turnover by wine type and import form and thereby compared the performance with the import plan set by the company Besides, I also analyzed the indicators of business efficiency and competitiveness of 65 the company From there, identify the achievements and limitations that still exist in the company and find out the causes of those shortcomings With chapter 3, after analyzing the current situation of wine import activities at my company, I have come up with some solutions for the company and some recommendations for the Government in order to improve import activities of the company From what I have done in the thesis, I hope to partially improve the import activities at the company, contribute to promoting the efficiency of the company's operations and help the company develop more and grow stronger in the near future 66 REFERENCES Assoc Prof Ngo Thi Tuyet Mai and Assoc Prof Nguyen Nhu Binh (2019), International economic integration, National Economic University, Hanoi Assoc Prof Ta Van Loi and Assoc Prof Nguyen Thi Huong (2016), International business, National Economic University, Hanoi Assoc Prof Ta Van Loi, Froreign Trade Practical (2018), National Economic University, Hanoi Assoc Prof Nguyen Thua Loc and Assoc Prof Tran Van Bao, Commercial business management (2016), National Economic University, Hanoi “Comprehensive Study of the Vietnamese Wine Market” (2010), JBC International Dr Tran Van Hoe, International Trade Credit and Payment 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LTD IN THE PERIOD 2017-2021" This topic revolves around the problem of wine importation and. .. Thanh Dat company imports all three types of wine: red wine, white wine and rose wine The proportion of imported wines of the company is in line with the tastes of Vietnamese consumers (Red wine. .. $63,152 to $134,174) Coming in second place in the import results table is white wine Within five years from 2017 to 2021, the market share of white wine in total imported wine of Thanh Dat Import- Export