Vietnam dairy products joint stock company, widely known as vinamilk

Link video: https://youtu.be/QMds7EqkPho Table of Contents 1) INTRODUCTION 2) ANALYSIS OF THE BALANCE SHEET 3) ANALYSIS OF THE INCOME STATEMENT 4) RATIO ANALYSIS 13 a Liquidity ratios .13 b Efficiency ratios 15 c Long-term solvency ratios 18 d Profitability ratios 21 e Market value ratios 24 5) CONCLUSION 25 6) REFERENCES 26 7) APPENDIX 28 1) INTRODUCTION Vietnam Dairy Products Joint Stock Company, widely known as Vinamilk, is considered the most enormous dairy corporation in Vietnam The company was established in 1976 based on three dairy factories from the old regime, including Thong Nhat Dairy Factory, Truong Tho Dairy factory, and Dielac Powdered Milk Factory In 2003, the company legally changed its name to Vietnam Dairy Products Joint Stock Company According to Neilsen Vietnam, compared to other liquid milk production companies in Vietnam, Vinamilk is the leader for consecutive years (Nguyen, 2021) Nguyen (2021) also pointed out that Vinamilk’s portfolio has approximately 250 types of products, including 50 different varieties of the liquid milk that fulfil the nutritional demands and expectations of its customers, and they are supplied to roughly 500 different outlets across all 63 provinces and cities  Postal address: No 10, Tan Trao Street, Tan Phu Ward, District 7, HCMC  Business registration and tax code: 0300588569  Fax: (+84 28) 54 161 226  Email address: vinamilk@vinamilk.com.vn a) Members of BOD  Mdm Le Thi Bang Tam: Chairwoman Independent of the BOD   Mdm Mai Kieu Lien: CEO, Executive BOD member  Mrs Dang Thi Thu Ha: BOD member  Mr Le Thanh Liem: BOD member  Mr Michael Chye Hin Fah: BOD member b) The company's independent (external) audit firm KPMG has been the independent auditor of Vinamilk for many years It took part in the stock exchange of Ho Chi Minh city (HOSE) in 2006 with the stock exchange code VNM According to Vietstock (n.d), its listed shares were 2,089,955,445 shares from its first trading date (19/01/2006) c) The company's primary line(s) of business Supplemented food and common food are the two main products that Vinamilk manufactured Its products are diverse from organic nutrients, vinamilk yogurt, powdered milk, liquid milk, infant cereals, to soymilk, special nutrition products for adults, beverages (fruit juice, tea, ), ice cream, and cheese (Vinamilk, n.d) d) The majority-owned subsidiaries of your company Based on information gathered from Vietstock (n.d), there are many subsidiaries and associates domestically and internationally up to 31/12/2020; however, the four following companies stand out:  GTNFoods Joint-stock Company: 75% ownership  Vietsugar Joint-stock Company: 65% ownership  Driftwood Dairy Holding Corporation: 100% ownership  Angkor Dairy Products CO., LTD:  100% ownership 2) ANALYSIS OF THE BALANCE SHEET VINAMILK- BALANCE SHEET DECEMBER 31, 2018, 2019, and 2020 2018 VND 2019 % VND 2020 % VND % Total current assets Total 20,559,756,794,837 55.02% 24,721,565,376,552 55.34% 29,665,725,805,058 61.25% non- current assets 16,806,351,859,342 44.98% 19,987,308,009,482 44.74% 18,766,754,868,571 38.75% Total assets 37,366,108,654,179 100% 44,669,873,386,034 100% 48,432,480,673,629 100% 29.69 Liabilities 33.49 11,094,739,362,252 % 14,968,618,181,670 % 14,785,358,443,807 30.53% Current liabilities 10,639,592,009,462 28.47% 14,442,851,833,360 32.31% 14,212,646,285,457 29.35% Long-term liabilities 455,147,352,790 1.22% 525,766,348,310 1.18% 572,712,158,332 70.31 66.51 1.18% Total stockholders’ equity 26,271,369,291,927 % 29,731,255,204,364 % 33,647,122,229,822 69.47% 37,366,108,654,179 100% 44,699,873,386,034 100% 48,432,480,673,629 100% Total liabilities and equity Mộc Châu Milk - BALANCE SHEET DECEMBER 31, 2018, 2019, and 2020 2018 VND Current assets 2019 % 2020 VND % VND % 920,008,745,494 81.14% 871,146,017,234 81.25% 1,035,835,997,796 84.72% Long-term assets 213,842,736,144 18.86% 201,068,240,278 18.75% 186,760,081,520 15.28% 1,133,851,481,63 Total assets 100% 1,072,214,257,512 100% 1,222,596,079,316 100% 32.22 Liabilities 365,999,329,385 32.28% 345,474,233,711 % 310,686,053,788 25.41% liabilities 363,951,329,385 32.10% 342,561,033,711 31.95% 250,595,700,494 20.50% Long-term 2,048,000,000 0.18% 0.27% 60,090,353,294 4.91% Current 2,931,200,000 liabilities Total stockholders’ equity 67.78 767,852,152,253 67.72% 726,740,023,801 % 911,910,025,528 74.59% Total liabilities 1,133,851,481,63 and equity 100% 1,072,214,257,512 100% 1,222,596,079,316 100% Review of current assets (Figure 1), the company's short-term assets of Vinamilk after the end of 2019 will not be much different when only 0.32% increase compared to 2018 However, 2020 seems to have many differences when the figure increased by 5.91% compared to 2019 (up 6.23% compared to 2018 On the rival side, short-term assets of Moc Chau company tend to increase gradually but not as much as Vinamilk when in 2019) increased 0.11% and 3.58% (2020) compared to 2018 The difference between these two companies is not too big because the change is not much in Cash and cash equivalent, short-term financial investments, accounts receivable - short-term, inventories, other current assets Regarding the cash and cash equivalents of Vinamilk, from 2018 to 2020, the company has increased and then decreased, but overall, at the end of 2020, it increased by 0.29% compared to 2018 Short-term financial investment has decreased slightly at the end of the year 2019 but will increase much in 2020 (12.54% compared to 2018) Account receivable- short-term decreased by 1.71% from 2018 to 2020 In addition, the company decreased by 4.66% in inventories and 0.22% in other current assets until the end of 2020 Compared to Moc Chau, Vinamilk has a lower cash and cash equivalent in 2019(6.88% vs 5.97%) However, Vinamilk has stability Both have the same short-term financial investment increase overall from 2018-2019, of which Vinamilk is 12.54% and Moc Chau is 9.03% Moc Chau's accounts receivable - short term tends to increase when reaching 11.89% in 2020 (nearly double from 6.44% in 2018) and Moc Chau's inventories decrease from 30.83% to 16.72% during these years This shows that Moc Chau's inventory reduction ratio is better than that of Vinamilk In addition, the other current assets of Vinamilk did not increase as strongly as its competitors when Moc Chau increased by 3.5% (reaching 4.37% in 2020 compared to 0.87% in 2018) Regarding non-current assets (Figure 2), both Vinamilk and Moc Chau tended to decrease gradually in the three years from 2018 to 2020 For Vinamilk, the difference in the first two years was only 0.24%, but in the third year, the difference is quite large compared to the previous two years (6.23% compared to 2018) Moc Chau is similar to Vinamilk when the difference in 2018 and 2019 is 0.11%, but not as much at the end of 2020 as the rival company when it is only 3.58% lower than in the first year of 2018 In the sub-categories of total non-current assets, Vinamilk has up to three items of a downtrend and three items of unstable trend Three items, including fixed assets, investment property, and longterm financial investment, tend to have a lower rate in 2020 than in 2018 The remaining items in longterm assets tend to fluctuate throughout 2018-2020.  Compared to Moc Chau, Vinamilk's fixed assets have a reduced rate of 7.17% while that of Moc Chau is 5.96% in the three years 2018-2020 The key difference is that Moc Chau's long-term work in progress rate in 2019 was 0% It can be seen that Vinamillk's short-term liabilities increased from 28.47% in 2018 to 32.31% in 2019 while the opposite with Moc Chau decreased from 32.10% to 31.95% In this last year, both Vinamilk and Moc Chau had a decrease rate when both were only 29.35% and 20.50% However, Moc Chau decreased more than Vinamilk to 8.49% In terms of short-term debt to total debt, Vinamilk has increased from 95.90% in 2018 to 96.13% by the end of 2020 Meanwhile, the difference between 2018 and 2020 of Moc Chau is 18.78% in the downward direction This shows that Moc Chau's short-term debt settlement is better than Vinamilk In terms of non-current liabilities, Vinamilk has a decrease rate in 2019 (down 0.04% compared to 2018), but this ratio did not make any difference when it remained 1.18% in 2020 Regarding the side of rival companies, although not too much different in two years 2018 and 2019 (0.09%), it increased significantly at the end of 2020 (increased 4.73% compared to 2018)  In terms of long-term debt to total debt, Moc Chau showed that the company did not handle well after 2019 when long-term debt at the end of the year reached 19.3% Meanwhile, Vinamilk can solve it stably when it reduces 0.23% from 2018 to 2020 Finally, Vinamilk had a decrease in total stockholder's equity compared to Moc Chau when it fell from 70.31% to 69.47% (0.84%).In 2020, GTNFoods Company indirectly owned shares in Moc Chau milk through its subsidiary VILICO (Vietnam Livestock Corporation) Since then, Moc Chau has been invested and raised the equity level to 74.59% (from 6.87% in 2018) However, Vinamilk is the parent company holding over 75% of shares in GTNFoods 3) ANALYSIS OF THE INCOME STATEMENT Vinamilk - Income Statement For the year ended 31st, December 2018 2019 2020 Cod Names e VND (%) VND (%) VND (%) Revenue from sales of goods and provision of services 56,400,229,726,71 52,629,230,427,284 100% 100% 59,722,908,393,236 100% Revenue deductions 67,280,456,692 0.13% 82,106,963,973 0.146% 86,622,167,689 0.15% 56,318,122,762,74 Revenue 10 52,561,949,970,592 99.87% 99.854% 59,636,286,225,547 99.85% 29,745,906,112,11 Cost of sales 11 27,950,543,501,501 53.11% 52.741% 31,967,662,837,839 53.53% 26,572,216,650,62 Gross profit 20 24,611,406,469,091 46.76% 47.114% 27,668,623,387,708 46.33% Financial income 21 759,917,391,001 1.44% 807,316,707,483 1.431% 1,581,092,655,317 2.65% 22 118,007,001,674 0.22% 186,969,681,828 0.332% Financial expense 308,569,328,835 0.52% In which: Interest expense 23 51,367,418,852 0.10% 108,824,893,987 0.193% 143,818,465,177 0.24% 12,993,454,552,85 Selling expense 25 12,265,936,906,433 23.31% G&A expenses 26 23.038% 13,447,492,622,165 22.52% 1,133,300,231,790 2.15% 1,396,302,416,955 2.476% 1,958,155,456,285 3.28% Net operating 12,797,090,115,37 profit 30 11,876,513,440,752 22.57% 22.690% 13,539,380,824,416 22.67% Other income 31 450,247,329,980 0.86% 249,446,259,179 0.442% 212,386,195,135 0.36% Other expense 32 275,064,504,609 0.52% 250,826,735,994 0.445% 233,230,932,527 0.39% other activities 40 175,182,825,371 0.33% -1,380,476,815 -0.002% -20,844,737,392 -0.03% Results of Profit before tax 12,795,709,638,55 50 12,051,696,266,123 22.90% 22.687% 13,518,536,087,024 22.64% Income tax expensecurrent 51 1,874,905,255,483 3.56% 2,238,365,796,113 3.969% 2,310,674,009,890 3.87% Income tax expensedeferred 52 -28,838,670,599 -0.05% Net profit after tax 3,011,961,553 0.005% -27,870,156,991 10,554,331,880,89 60 10,205,629,711,239 19.39% 18.713% 11,235,732,234,125 18.81% 5478 4770 Basic earnings per share 5295 Moc Chau Milk - Income Statement For the year ended 31st, December -0.05% 2018 Names Code 2019 VND % VND 2020 % VND % Revenue from sales of goods and provision of services 2,484,796,888,263 100% 2,562,406,601,059 100% 2,825,554,281,941 100% Revenue deductions 3,099,972,622 0.12% 3,987,033,429 0.16% 2,606,681,764 0.092% Net Revenue 10 2,481,696,915,641 99.88% 2,558,419,567,630 99.84% 2,822,947,600,177 99.908% Cost of sales 11 2,014,999,720,838 81.09% 2,071,913,387,984 80.86% 1,934,684,702,507 68.471% Gross Profit 20 466,697,194,803 18.78% 486,506,179,646 18.99% 888,262,897,670 31.437% Financial income 21 43,068,005,339 1.73% 47,754,045,218 1.86% 41,113,006,037 1.455% 22 - - 161,917,808 0.01% 64,215,261 0.002% Interest expense 23 - - 161,917,808 0.01% - - Selling expense 25 277,687,938,427 11.18% 321,788,261,204 12.56% 596,632,396,883 21.116% G&A expenses 26 26,556,991,235 23,346,164,361 0.91% 29,480,449,517 profit 30 205,520,270,480 8.27% 188,963,881,491 7.37% 303,198,842,046 10.731% Other income 31 7,004,521,654 0.28% 9,994,309,240 0.39% 4,654,702,834 0.165% Other expense 32 11,728,075,262 0.47% 13,351,377,383 0.52% 10,285,939,791 0.364% 40 -4,723,553,608 -0.19% -3,357,068,143 -0.13% -5,631,236,957 -0.199% Financial expense In which: 1.07% 1.043% Net operating Results of other activities Profit before tax 50 200,796,716,872 8.08% 185,606,813,348 7.24% 297,567,605,089 10.531% Income tax 51 20,155,926,020 0.73% 16,832,308,939 10 0.81% 18,664,584,468 0.596% The efficiency ratio is commonly used to assess how well a corporation manages its assets and liabilities daily Vinamilk Inventory Units 2018 2019 2020 2019 2020 compared compared to 2018 (Δ) to 2019 (Δ) Times 5.06 5.97 6.52 +0.91 +0.55 Days 72.16 61.14 56.01 -11.02 -5.13 Times 11.33 12.51 11.50 +1.18 -1.01 Days 32.22 29.19 31.75 -3.03 +2.56 Times 1.41 1.26 1.23 -0.15 -0.03 turnover  Day's sales in inventory  Receivable turnover  Day's sales in receivables  Total asset turnover i) Inventory turnover 15 The inventory turnover of Vinamilk has witnessed an increasing trend over years The inventory turnover rose to 0.91 times in 2019 but just rose slightly in 2020, which is 0.55 times The day’s sales in inventory and inventory turnover have a close relationship Inventory increased in the last years, while the day’s sales in inventory have a negative number Day’s sales in inventory measure the average days the business can sell their merchandise Thus, the day’s sales in inventory declined in 2020 compared to the year 2018 Although the data from 2018 to 2919 decreased to approximately 12 days to sell the inventories, compared to 2019, in 2020, it only needed around days to sell out its inventories completely As the day’s sales in inventory decrease, it is a positive effect for the Vinamilk company ii) Receivable turnover   The receivable turnover had increased from 2018 to 2019, but the ratio dropped in the next year However, the ratio increased to 12.51 times in 2019, compared to 2018 which increased about 1.18 times In contrast, the ratio declined in the year 2020 about 1.01 times The data of the day’s sales in receivable goes oppositely with receivable turnover Different from day’s sales in inventory, the more days to collect the money, the more negative effect on the receivable parts iii) Total asset turnover This metric assesses how well a corporation uses its assets to generate sales revenue or sales income In general, the total asset turnover decreases between 2018 and 2020 To be more specific, compared to 2019 and 2018, and between 2020 and 2019, the ratio declined 0.15 and 0.03 times, respectively The data proves that from 2018 to 2020, Vinamilk faced difficulties in effectively managing assets to produce sales Moc Chau Inventory turnover  16 Units Times 2018 5.76 2019 7.05 2020 9.46 2019 2020 compared compared to 2018 (Δ) to 2019 (Δ) +1.29 +2.41 Day's sales in Days 63.33 51.76 38.58 -11.57 -13.18 Times 33.99 35.89 19.42 +1.9 -16.47 Days 10.74 10.17 18.80 -0.57 +8.63 inventory  Receivable turnover  Day's sales in receivables  Compared to the Moc Chau company, Vinamilk has only the days of day’s sales in receivables, which was the greater days than Moc Chau In contrast, the inventory turnover, receivable turnover, and the total asset turnover, Moc Chau has a higher ratio than the competitor Moc Chau’s inventory turnover ratio increased more strongly than Vinamilk during the three years Besides, about the day’s sales in inventory, from 2018 to 2020, Vinamilk sold the inventories lower and slower than Moc Chau Next, the average days that Moc Chau business receives the money is also lower than Vinamilk In terms of total asset turnover, Moc Chau’s ratio is always higher than Vinamilk and the ratio increases year by year c Long-term solvency ratios Solvency ratio (Leverage ratio): is a metric that evaluates a company's capacity to meet its financial leverage in the long run The ratios can address the problem of the company's ability to pay its obligations by comparing debt levels to equity, assets, and earnings i) Total debt ratio Total debt ratio = Total assets−Total equity (times) Total assets Year 2018 2019 2020 Vinamilk 0.3 0.34 0.31 17 Moc Chau 0.32 0.32 0.25 A debt ratio is a calculation that compares total debt to total assets to determine a company's leverage Moc Chau's debt ratios have been stable over the last three years, with the same ratio of 0.32 in 2018 and 2019, and a minor decrease to 0.25 in 2020 Vinamilk was in a similar condition, with an average debt ratio of roughly 0.32 and no hint of significant change throughout the period Both companies had lower-than-one ratios, indicating that they had more assets than liabilities and could satisfy their obligations ii) Debt/Equity Debt to equity = total debt (times) total equity Year 2018 2019 2020 Vinamilk 0.42 0.5 0.44 Moc Chau 0.48 0.48 0.34 The debt-to-equity ratio is a measure of how much a company relies on debt rather than whollyowned cash to fund its operations Overall, there is not much of a difference between the two businesses when it comes to this ratio Vinamilk’s average debt to equity ratio was 0.45 while Moc Chau’s was 0.43 The given number informs that Vinamilk and Moc Chau seem to have the ability to take control of the debt iii) Equity multiplier 18 Equity multiplier= Total assets (times) Total equity Year 2018 2019 2020 Vinamilk 1.42 1.5 1.44 Moc Chau 1.48 1.48 1.34 The equity multiplier is a risk index that reflects how much of a company's assets are funded by equity rather than debt It is computed by dividing the total asset value of a firm by the whole shareholders' equity Vinamilk's equity multiplier rate has been fluctuating during the given period, rising from 1.42 in 2018 to 1.5 in 2019, then falling to 1.44 in 2020 It was brought out by significant growth in the company's assets and a slight increase in its equity Moc Chau, on the other hand, has shown a negative tendency across the time, falling from 1.48 in the first two years to 1.34 in the third, indicating the company has lower financial leverage over the years Moc Chau seemed to finance its assets with debt rather than equity iv) Times interest earned Times interest earned = EBIT (times) Interest Year 2018 2019 2020 Vinamilk 235.62 117.58 94.0 Moc Chau 1,146.30 The TIE ratio is a calculation that determines a company's ability to meet existing debt based on current income The figure shows how many times a company's pre-tax earnings might cover its interest costs Vinamilk's data reflect a declining record, with a drop from 234.62 to 117.58 in just one year, followed by a gradual decrease to 94.0 in 2020 This demonstrates the company's financial strength in 19 terms of its ability to meet its current interest payment with available earnings The downward trend, however, suggests a minor gain in profit before taxes and a significant increase in interest expenditure.  Moc Chau's time interest earned cannot be estimated because there is no data on the financial spending between 2018 and 2020 Apart from 2020, Moc Chau's ratio was 9.7 times bigger than Vinamilk's, with a remarkable proportion of 1,146.30 v) Cash coverage ratio Cash coverage ratio = EBITDA (times) Interest Year 2018 2019 2020 Vinamilk 256.33 129.96 103.67 Moc Chau 1,533.50 The cash coverage ratio, which is expressed as a ratio of the cash available to the amount of interest to be paid, and is used for calculating the amount of cash available to pay for a borrower's interest expense It can be seen that Vinamilk’s cash coverage reduced rapidly in 2019, from 256.33 down to 129.96, and continued to drop to 103.67 in 2020 Despite the downward trend, Vinamilk is still showing great financial growth for the past years of operation Due to a lack of ratios, Moc Chau is difficult to compare Its 2019 figures demonstrate a substantial gap in cash coverage, which is almost 12 times higher than Vinamilk's The situation could be explained by the fact that the corporation has more liquid assets and can more easily fund its debt d Profitability ratios Profitability ratios are a group of financial indicators that are used to evaluate a company's ability to create earnings over time in relation to its revenue, operational costs, balance sheet assets, or shareholders' equity 20 i) Profit margin Profit margn = Net income (%) Sales Profitability is a measure that is used to assess how profitable a company or commercial activity is It shows the proportion of sales that resulted in a profit From 2018 to 2020, Vinamilk's profit margin has been consistent, varying between 18% and 19% Moc Chau, on the other hand, cannot compared to Vinamilk since its rates are less than 10% in three years Vinamilk clearly makes a lot more money than its rival Although Moc Chau's profit margin increased by 3.41% from 2019 to 2020, it is still significantly lower than Vinamilk's ii) Return on assets (ROA) and Return on equity (ROE) 21 Return on assets = Nincome (%) Total assets Return on equity = Net income (%) Total equity The rate of return required to establish if investing in a company makes sense is determined by the ROA, which informs investors about the company's performance Over time, Vinamilk has had a greater ROA rate than Moc Chau, but it is decreasing significantly This is due to Vinamilk's impressive increase in total assets The company is certainly more efficient in terms of profit generation Having a higher ROA means that the firm is earning more money on less investment From 2019 to 2020, Moc Chau's ROA increased considerably Its ratio is nearly as high as Vinamilk's, at around 23 percent in 2020, compared to only 15.57 per cent in 2019 Moc Chau is still working hard to make the most of its resources The return on equity (ROE) is a measure of a company's profitability to its equity Vinamilk's ROE has been falling due to a significant increase in its shareholder equity In 2018, 2019, and 2020, the company's ratio decreased from 38.85 per cent to 35.5 per cent and finally to 33.39 per cent respectively Nonetheless, the total ROE ratio remains steady Vinamilk's ROE is higher than its competitor's, indicating that the company has more financial leverage Whereas the rise in Moc Chau's ROE showed that the business has taken on more debt The company's ROE declined slightly from 23.53 per cent in 2018 to 22.97 per cent in 2019 and increased up to 30.79 per cent in 2020 22 e Market value ratios The market value ratio assesses the economic health of companies and helps determine the value of company’s stock i) Price-to-book ratio The price-to-book ratio (P/B ratio) is being used to illustrate the difference between the firm’s market capitalization and its book value (Fernando, 2021) Price-to-book ratio = Book value per share = Price of share (times) BVPS Total stockholder s ' equity (VND) Number of shares outstanding VINAMILK 2018 2019 2020 BVPS (VND) 15,086 17,073 16,102 P/B (times) 7.95 6.82 6.76 MOC CHAU MILK 2018 2019 2020 BVPS (VND) 13,508 12,248 13,651 P/B (times) - - 5.29 The P/B ratios of Vinamilk in 2018, 2019, and 2020 were 7.95, 6.82, and 6.76 times respectively This means that, from the period 2018-2020, Vinamilk's stock price has been valued 6.7 times higher than the book value of the business, and the investors were willing to pay a premium of more than 6.7 times for Vinamilk’s stock However, Vinamilk's P/B ratio decreased about 1.13 times from 2018 to 23 2019 and 0.06 times between 2019-2020 This can be explained that during the COVID-19 pandemic, almost every business will suffer unexpected losses from the lockdown.  On the other hand, there was no competition in the stock price between Vinamilk and Moc Chau in 2018 and 2019 since Moc Chau company just entered the stock market on December 18, 2020 (Vietstock, n.d) In 2020, the P/B ratio of Moc Chau was 5.29 times, lower than that of Vinamilk However, the official listing of shares with stock code MCM is an important event marking the maturity in business and corporate governance of Moc Chau Dairy Company 5) CONLUSION In conclusion, when compared to the overall economic and industry conditions, as well as competitor operations, Vinamilk has had consistent financial performance, profitable business results, and successful business outcomes for the three most recent years of 2018, 2019, and 2020 Vinamilk shows that it can manage its financial commitments efficiently, despite fluctuations in liquidity ratios and long-term solvency ratios The efficiency ratio, on the other hand, shows that Vinamilk is growing slower than its competitor, Moc Chau milk, in terms of transferring assets, inventories, and receivables into sales Profitability ratios demonstrate how various firms differ in size and growth stage Vinamilk has a huge scale, but in comparison to its rivals, its ROA and ROE ratios have not risen year over year This indicates how fiercely competitive the dairy industry has become To summarize, due to its superior market ratios, Vinamilk continues to dominate the market 24 6) REFERENCES a) Fernando, J (2021, January 23) Price-To-Book (P/B Ratio) Retrieved November 22, 2021, from https://www.investopedia.com/terms/p/price-to-bookratio.asp b) GSO (2021, January 6) COVID-19 IMPACTS ON LABOUR AND EMPLOYMENT SITUATION IN QUARTER IV OF 2020 Retrieved November 24, 2021, from https://www.gso.gov.vn/en/data-and-statistics/2021/01/covid-19-impacts-on-labour-andemployment-situation-in-quarter-iv-of-2020/ c) Giap, V (2021, January 21) Mộc Châu Milk vượt gần 80% kế hoạch lợi nhuận năm 2020 Retrieved November 20, 2021, from https://bnews.vn/moc-chau-milk-vuot-gan-80-ke-hoach-loinhuan-nam-2020/184399.html d) Moc Chau Milk (2018) Báo cáo tài kiểm tốn năm 2018 Retrieved November 12, 2021, from https://mcmilk.com.vn/wp-content/uploads/2020/06/Mộc-Châu-Milk_BCTC-kiểm-toán- năm-2018-_Ký-sốv.pdf e) Moc Chau Milk (2019) Báo cáo tài kiểm tốn năm 2019 Retrieved November 12, 2021, from https://mcmilk.com.vn/wp-content/uploads/2020/06/Mộc-Châu-Milk_BCTC-kiểm-toán- năm-2019_Ký-số.pdf f) Moc Chau Milk (2020) Báo cáo tài kiểm tốn 2020 Retrieved November 12, 2021, from https://mcmilk.com.vn/wp-content/uploads/2021/02/MCM_Báo-cáo-tài-ch%C3%ADnh-đượckiểm-toán-năm-2020.pdf g) Nguyen, M (2021, April 27) Vinamilk, a Vietnamese top brand in liquid milk for many consecutive years Retrieved November 15, 2021, from https://vietnamtimes.org.vn/vinamilk-avietnamese-top-brand-in-liquid-milk-for-many-consecutive-years-30980.html 25 h) Vinamilk (2019, March 4) Audited Consolidated Financial Statement 2018 Retrieved November 12, 2021, from https://www.vinamilk.com.vn/static/uploads/article/155316514845d4eafd8cc8e9eae59e5cc4306b0d3bc654c9b047c1bd403ec13bd4041aef90.pdf i) Vinamilk (2020a, February 29) Audited Consolidated Financial Statement 2019 Retrieved November 12, 2021, from https://www.vinamilk.com.vn/static/uploads/article/1582951466f0616b494ccaf82021a51af885b49bae7c14f7920487da7031951233d2180ed7.pdf j) Vinamilk (2020b, April 20) Vượt trở ngại covid, Vinamilk xuất sữa qua Trung Quốc Vn Retrieved November 24, 2021, from https://www.vinamilk.com.vn/vi/thong-cao-bao-chi/2068/vuot-tro-ngai-covid-vinamilk-xuatkhau-sua-qua-trung-quoc k) Vinamilk (2020c) Audited Consolidated Financial Statement 2020 Retrieved November 12, 2021, from https://static2.vietstock.vn/data/HOSE/2020/BCTC/VN/NAM/VNM_Baocaotaichinh_2020_Kie mtoan_Hopnhat.pdf l) Vietstock (n.d.) Viet Nam Dairy Products Joint Stock Company Retrieved November 15, 2021, from https://finance.vietstock.vn/VNM/profile.htm m) Vietstock (n.d.-a) Symbol Industry Seed Moc Chau Dairy Cattle Corporation JSC (UPCoM: MCM) Retrieved November 20, 2021, from https://finance.vietstock.vn/MCM-ctcp-giong-bosua-moc-chau.htm 26 7) APPENDIX Figure 1:   2018   Vinamilk 2019 Moc Vinamilk 2020 Moc Chau Vinamilk Moc Chau Chau Current Assets 55.02% 81.14% 55.34% 81.25% 61.25% 84.72% Cash and cash equivalent 4.07% 2.04% 5.97% 6.88% 4.36% 1.75% 40.96% 27.84% 39.11% 35.75% 49.99% 6.44% 10.08% 6.65% 10.71% 11.89% Short-term financial 23.21% investment Accounts receivable - 12.42% short-term Inventories 14.79% 30.83% 11.16% 27.40% 10.13% 16.72% Other current assets 0.53% 0.87% 0.30% 1.21% 0.31% 4.37% Figure 2:     27 2018 Vinamilk 2019 Moc Vinamilk 2020 Moc Vinamilk Moc   Chau Chau Chau Long-term assets 44.98% 18.86% 44.74% 18.75% 38.75% 15.28% Fixed assets 35.77% 18.34% 33.34% 18.06% 28.60% 12.38% in 2.32% 0.04% 2.11% 0.00% 2.19% 2.39% financial 2.86% 0.01% 2.21% 0.01% 2.01% 0.01% 0.47% 6.88% 0.69% 5.77% 0.49% Long-term work progress Long-term investments Other non-current assets Figure 3: Peer evaluation: 28 3.55% Thanh Mai Diem My Minh Quan Huyen Trang Thanh Mai 25% 25% 25% 25% 100% Diem My 25% 25% 25% 25% 100% Minh Quan 25% 25% 25% 25% 100% Huyen 25% 25% 25% 25% 100% Trang 29 Total ... INTRODUCTION Vietnam Dairy Products Joint Stock Company, widely known as Vinamilk, is considered the most enormous dairy corporation in Vietnam The company was established in 1976 based on three dairy. .. Nhat Dairy Factory, Truong Tho Dairy factory, and Dielac Powdered Milk Factory In 2003, the company legally changed its name to Vietnam Dairy Products Joint Stock Company According to Neilsen Vietnam, ... increasing Vinamilk' s revenue In terms of total revenue from sales of goods and provision of services, Moc Chau has also increased steadily like Vinamilk However, it has not grown as well and as