(TIỂU LUẬN) AMA CASE STUDY OF TTC SUGAR (SBT)

HANOI UNIVERSITY Faculty of Management and Tourism THE BALANCED SCORECARD DEVELOP FOR SBT  - - AMA CASE-STUDY OF TTC SUGAR (SBT) Tutor: Đỗ Vân Anh Tutorial: Nguyễn Hằng Thị Phương Đỗ Thị Thùy Linh 1704010061 Lại Phương Linh 1704010063 Ngô Huyền Nga 1704010073 Vũ Hà Trang 1704010119 Phan Thị Thanh Thúy 1704010106 Date: April 26, 2021 Abstract 1704010039 TABLE OF CONTENTS ABSTRACT I COMPANY BACKGROUND History Vision Mission Production Capabilities II INDUSTRY ANALYSIS Existing Rivalry Potential Entry Threat of Substitutes Bargaining power of suppliers Bargaining power of customer III COMPANY STRATEGY Nature of products and services Degree of integration with value chain a Inbound logistics b Outbound logistics c Marketing & Service Degree of Geographical Diversification Degree of Industry Diversification IV BALANCED SCORECARD Strategy map Structure analysis of strategy map Balanced scorecard for the company V VI HYPOTHESE CONCLUSION REFERENCE I Company Background History Thanh Thanh Cong - Bien Hoa whose full name is Thanh Thanh Cong Sugar Company Limited (abbreviation: TTC Sugar), stock code: SBT The company is a subsidiary of Thanh Thanh Cong Group (TTC Group) The company's head office is located in Tan Hung commune, Tan Chau district, Tay Ninh province On July 15, 1995, Bourbon Tay Ninh Sugar Joint Stock Company (SBT) was formerly a joint venture between Group Sucreries Bourbon Group (GB) and Union of Sugarcane and Sugar II, Tay Ninh Sugar Union was established On 23/03/2007, the company transformed operations into a joint stock company called Bourbon Tay Ninh Joint Stock Company On December 2, 2013, the organization officially changed its name to Thanh Thanh Cong Tay Ninh Sugar Joint Stock Company On September 1, 2017, after delisting on HOSE, Bien Hoa Sugar Joint Stock Company officially merged into Thanh Thanh Cong Tay Ninh Sugar Joint Stock Company On November 29, 2017, the company officially changed its name to Thanh Thanh Cong - Bien Hoa Joint Stock Company (According to annual report, 2020) Vision With a vision of building a sustainable business, the company has strategically oriented to become the leading agricultural company in Vietnam and furthermore, in the Indochina region All activities of TTC Bien Hoa are directed by the Board of Directors towards long-term economic growth together with the 0development of the Social Community From that, it has contributed to completing the general goal "The business is at the center of the goal of sustainable development and enhancing the national competitiveness" The enterprise aims to become a product solution provider The top-ranked and sustainable agriculture in Indochina, at the same time creating a modern, sustainable agriculture that brings energy - nutrients of natural origin, not genetically modified (According to annual report, 2020) Mission From Decree 2020-2021, the development direction of Bien Hoa TTC is to become a provider of sustainable and sourced agricultural products in Indochina to meet the diversified and everincreasing needs of customers from individuals to businesses This is a long journey that needs synchronous development of all production and business activities in the company The company aims to always prioritize the development of organic agriculture and this raw material area In addition, SBT plans to upgrade sugar products and provide energy solutions from sugarcane to transform itself into an international trader and importer Moreover, the company also desires to build an intensive supply chain management process in accordance with the new business model, restructure the consumer distribution system in the direction of exploiting the power of synergies while promoting business transformation roadmap (According to annual report, 2020) Production Capabilities As the leading Sugar company in Vietnam in terms of market share and product portfolio, TTC Bien Hoa has been constantly investing in technology innovation for many years, researching and implementing many projects to increasingly improve production capacity, product quality, developing new products as well as saving costs and increasing the competitiveness of the company's products in the Vietnamese and international markets TTC Bien Hoa currently owns Sugar refining factories with a total capacity of 37,500 tons of sugar cane / day and a total production capacity of 4,250 tons of sugar / day These factors are conditions for TTC Bien Hoa to be confident for expanding raw material areas and better autonomy of input materials, in the Decree 2019-2020, the total area of raw materials including investment material areas and agricultural material areas of the company is nearly 64,000 hectares There are many changes in the structure of leased areas for investment material from farmers and farm material areas owned by the company through three seasons, reflecting the development view of Bien Hoa TTC Accordingly, the company orientation will be more proactive in the use of raw material areas when gradually reducing the dependency ratio on investment material areas and increasing the percentage of farmland in order to promote operational efficiency, as well as be proactive in the use of land use (According to annual report, 2020) II Industry Analysis Existing Rivalry Vietnam’s sugar industry related to production, processing and marketing of sugars Up to now, according to Vietnam Sugarcane and Sugar Association (VSAA), there are 29 companies in which we can call some typical names such as Thanh Thanh Cong Bien Hoa joint stock company (SBT), Vietnam Sugar Joint stock company, Quang Ngai Sugar Joint stock company (QNS), Can Tho sugar and sugarcane Joint stock company (CASUCO), Lam Son Sugar and Sugarcane Joint stock company (LSS), Son La sugar and sugar cane Joint stock company (SLS), etc Although each company has a different strength, no company can dominate totally the others Additionally, there is no monopoly, a duopoly or an oligopoly in the industry As a result, it makes the degree of competition between existing firms in the sugar industry increase Not only domestic companies but foreign corporations also impact strongly on Vietnam's sugar industry In early 2020, the ASEAN Trade in Goods Agreement (ATIGA) was taken effect in Vietnam, so the import tariff was reduced to 5% This makes the total amount of importing sugar in Vietnam soared For example, looking at the details in the following paragraph , the Ministry of Industry and Trade illustrated that the amount of sugar which was imported from Thailand increased approximately 10th times from 2019 to months early of 2020 Although the Vietnam government intervened immediately to help the domestic firms, it was a temporary solution Therefore, the level of competition between foreign corporations with the existing firms is also high Potential Entry Large companies in the sugar industry have many competitive advantages that are seen as the barriers for new entrants The existing productions with high quality, brand name, high technology and innovation and low cost, which requires the new entrants to invest a large number of costs about the marketing, technology equipment, and R&D costs to build up the brand’s reputation and distribution system Furthermore, according to VSAA, in Vietnam’s sugar industry, the number of existing firms is declining from 41 to 29 companies because of ATIGA and Covid 19 epidemiological situation Therefore, it will be high risk if a new company goes to the industry at present For all reasons above, new corporations are difficult to entrant this industry and the degree of competition between potential entry is low Threats of Substitutes Because the main industry is sugar so the analysis will be focused on sugar mainly Sugar is regarded mainly as one substance to add the sweetness or sugary flavor for any kind of dishes and drink As a result, it seems like a semi – necessity for our daily life However, it can possibly cause some health issues like: obesity, high blood pressure As a result, consumers tend to fathom for other substitutes to displace sugar and use for healthy purposes: honey because it contains more nutritional factors , and sugar made from stevia which is not disadvantageous for people who are diagnosed with diabetes Nonetheless, for daily needs people still choose sugar as their priorities for meals and others because it seems more ubiquitous and is easy to find As a result, threats of substitution are considered to be Medium Bargaining power of supplies The supplier of sugar companies in Vietnam is sugarcane from domestic fields The production scale of sugarcane in the Mekong Delta is still mainly small and fragmented There are no large farms and sugarcane fields, but mainly farm households with an average sugarcane area of 0.7 / household Not only that, but sugarcane also faces fierce competition by other crops.In the 2019-2020 crop, the sugarcane area will continue to decrease by 15-20% sugarcane is less competitive with other crops, people switch to planting some fruit trees such as oranges, grapefruit, dragon fruits Meanwhile, there is a shortage in raw material for sugar processing factories and unable to satisfy the sufficient capacity 5 Bargaining power of customers Currently, the sugar industry in Vietnam has faced a lot of challenges COVID 19 pandemic has affected both the consuming volume of households and sugar consuming businesses Output decreased sharply compared to the previous year, to the lowest level in 19 years due to unfavorable weather conditions and competitive pressure with imported sugar and sweeteners According to the statistics of the Vietnam Sugar Association (VSSA), in the period 2010-2018, the sugar produced in Vietnam is enough to meet the domestic consumption demand However, from 2019 up to now, due to the decline in the area and production of sugarcane in the country, the amount of sugar produced domestically cannot meet the demand for domestic consumption, and must be converted to import After Vietnam joins trade agreements, especially the ASEAN Trade in Goods Agreement (ATIGA), the import and export tax on sugar from ASEAN countries to Vietnam has decreased on average from 85% to 5% The amount of sugar imported into Vietnam increases suddenly, with competitive levels of price Thus, domestic customers have many choices of sugar brands III Company Strategy Nature of products and services According to TTC Sugar’s annual report in 2020, it currently produces two product lines: a sugar product line and a Sugar side product - after the sugar product line In which, sugar product line is the main product line with 63 different product categories such as RE sugar (19 types); RS line (17 types); yellow sugar (8 types); alum sugar (6 types); organic sugar (6 types); functional products (4 types); liquid sugar (3 types) In addition, there are other Sugar side products such as Drinks, Bagasse; After sugar products such as commercial electricity, water color, molasses and microbiological fertilizers According to Ms Huynh Bich Ngoc - Chairman of the Board of Directors of TTC Sugar, "TTC Sugar products are born to provide consumers with quality products, ensuring health, safety and food hygiene" From the year 2019 to 2020, TTC Sugar has been focusing all of its efforts to promote production and business to be ready for strategic action to lead market share (which accounts for 46% of domestic market share in 2020) and provide high quality, organic sugar products This strategy will be realized by exploiting the value chain of sugarcane, diversifying main product ranges, promoting product development Next to sugar and After sugar, agricultural product chain; expanding location and scale of operation; boosting export as well as actively researching international trade markets, giving specific plans for purchasing raw materials at forward prices / negotiable prices to optimize production costs From the above analysis, we suppose that TTC sugar’s main strategy follows product - differentiation strategy by diversifying their products to serve various kinds of customers 2 Degree of integration within value chain a Inbound logistics Sugar cane is the direct source of the Sugar industry as well as of TTC sugar According to the annual report of 2020 , the company now has a system of sugarcane growing raw material areas in countries: Vietnam, Laos and Cambodia with a total area up to 63,827 hectares (until June 2020) Moreover, in July 2020, TTC has signed the official concession of 3,127 hectares of land in Cambodia, which helps promote investment and development of the organic sugarcane area in 2020 and 2021 After being harvested, sugarcane will be transported to material storage warehouses or directly to factories of TTC Sugar (of which the factory with the largest production capacity is in Tay Ninh) for processing the finished products b Outbound logistics TTC Sugar has main distribution channels: Business (B2B), Commerce, Consumption (B2C) and Export TTC Sugar’s business channel now has more than 821 customers who are directly distributed products in different industries such as beverage, food, confectionery, cream, and pharmaceutical products primary distributors and 191 secondary, third and fourth distribution agencies in the Commerce channel In Consumption channel TTC sugar has a strategy to promote the development of HORECA Hotel, Restaurant, Cafe / Catering system Sugar products planned to conquer the HORECA Channel will include RE Sugar, Alum Sugar and Baking Sugar, Golden Sugar and Brown Sugar, Bar Sugar and Sugar Balls, Molasses and Liquid Sugar and Diet Sugar Expected to 2022, the point of sale in the Region South, Central and North will be covered up to 30,000 points (Development Strategy “3 house” of SBT, 2019) Currently, TTC Bien Hoa branded products are present at more than 70,300 retail stores, 5,200 supermarkets, convenience stores, more than 3,500 points of sale and well-known partners on the e-commerce floor of Vietnam c Marketing and Service According to Annual Report 2020, the company always want to bring customers and partners clean products with guaranteed quality and reasonable prices Therefore, company always maintains the interaction with the client through the forms: survey, interview, organization of specialized seminars,… one periodically as well as receiving comments hotline, regular email order quickly receives closed comments contribution and gives suitable solutions for customers Degree of Geographical Diversification TTC Sugar has been stretching its brand and product to both domestic markets and international due to its large distribution system TTC Sugar is currently the Vietnam Sugar enterprise that owns the largest organic sugarcane material area with a total area of more than 63,000 hectares in Vietnam, Laos, and Cambodia In addition, TTC Sugar is gradually establishing a distribution network throughout the country Up to now, the company's products account for more than 50% of the domestic market with sugar factories in main areas Consumers can easily find TTC Sugar's products at any large and small supermarket chain across the country, convenience stores, grocery stores, e-commerce floors, In 2020, TTC Sugar is also honored to be in the Top most purchased brands in big cities (Ho Chi Minh City, Hanoi, Da Nang, Can Tho) Not only focusing on the domestic market, the company has exported its product to 24 countries, including fastidious markets such as the US, Europe, Korea, and Singapore,… In December 2018, the first organic sugar products branded TTC Sugar of a Vietnamese enterprise were successfully exported and highly appreciated in Belgium, Bulgaria, the Czech Republic, Malta, France, and Italy (Annual Report, 2020) Degree of Industry Diversification Besides manufacturing its own products with sugar, beverages, microbiological organic fertilizers, TTC Sugar also diversified and expanded its profit margin by endowing money in other industries such as electrical energy with diverse categories of Hydropower, Solar Power, Rooftop Solar Power and Wind Power Besides, TTC Sugar highly appreciates the potential for strong growth and profitability in the future of businesses that currently own real estate such as office buildings or industrial parks Therefore, the company has invested in buying shares of companies whose projects are identified as key complexes and industrial clusters IV Balanced Scorecard Strategy map Structure analysis of strategy map Before developing the balance scorecard, it is necessary to understand the structure analysis which illustrates the causal links in the strategy map This helps the TTC Sugar’s manager “read” and gain insights into the strategy map There are five types of conditions to consider in a structural analysis: strength of ties, orphan objectives, focal points, trigger points, and distinctive objectives developed by the strategy map above In the report, we will consider learning and growth as bottom and customer perspective as top of strategy map In TTC Sugar’s strategy map, there are four strength ties consisting of developing employee skills toward enhancing productivity and manufacturing, diversifying products toward increasing customer satisfaction, enhancing productivity and manufacturing quality toward increasing customer satisfaction, and increasing market share toward growing operating income Looking at the details of the strategy map, it can be seen that to increase customer satisfaction, managers must diversify products, enhance productivity and manufacturing quality Additionally, they need to train or instruction in order to develop employee skills, so it can help the company improve productivity and manufacturing quality Although aligning employees with company goals, attracting and retaining quality employees are also important for enhancing productivity and manufacturing quality, this effect is moderate and not as strong or important as the effect of developing employee skills Beside strength ties, there are many moderate and one weak ties which managers anticipate that implementing the causal strategic objective will not have a strong impact on accomplishing the strategic objectives linked to it For example, expanding distribution channels might have only a moderate effect on increasing customer satisfaction because in order to satisfy customers, expanding distribution channels has to depend on other factors such as selling price and quality of product The managers believe that enhancing supplier relationships as weak ties or orphan objectives That’s because in controlling material, a good supplier relationship only creates trust mutually and a part of the origin of material Therefore, managers decide to remove enhanced supplier relationships from its strategy map because this strategic objective has at best a weak effect on improving quality of material With the above ties, it can see that enhancing productivity and manufacturing quality, diversifying products, meeting customer satisfaction, increasing market share, growing operating income, and maximizing shareholder value are considered as focal points The first focal point is enhancing productivity and manufacturing quality which includes five other strategic objectives: developing employee skills, aligning employees with company goals, attracting and retaining quality employees, improving quality of material, diversifying products respectively The second focal point (diversify products) is influenced by developing new products and taking advantage of residual material With the third focal point (increasing customer satisfaction), in order to achieve this objective, it must diversify products, enhance productivity and manufacturing quality, and expand the distribution channel The fourth item relates to increasing market share affected by four strategic objectives in turn attracting new customers, increasing customer satisfaction, maintaining customer loyalty, diversifying products About growing operating income, it can be seen that it depends on increasing market share and enhancing productivity and manufacturing quality And the last one (maximize shareholder value) is considered as a result from growing operating income and reducing expenses It has two trigger points in this strategy “diversifying products” and “increasing customer satisfaction” respectively The former is a start point to support and help achieve three other strategic objectives (enhance productivity and manufacturing quality, increase customer satisfactions, and increase market share) The latter also result in the achievement of three strategic objectives such as attracting new customers, maintaining customer loyalty, and increasing market share The manager must special concentrate at this point because it is the centrality to many other strategic objectives across the strategy map According to the SBT’s strategy, it can be seen that the managements pursue a product differentiation strategy, and become a product solution provider widely The key step to achieve a product differentiation strategy requires TTC Sugar to diversify the product to increase customer satisfaction, improve productivity and production quality, and increase market share With the aim of becoming a product solution provider, it is necessary to expand the distribution channel which helps the corporation increase customer satisfaction and approach with more new customers As a result, expanding the distribution channel and diversifying products is considered as the distinctive objective rather than other ones The reasons which help the managers make decisions to choose the points are the advantage of market share and the experience in manufacturing many different products In 2020, TTC Sugar was a leader in the domestic Sugar production market with 46% Additionally, it already has many productions with 63 different sugar products and some sugar side products- after sugar products as refer above Therefore, it is an advantage competitive with another corporation in the Sugar market To sum up, from using the five tools of structural analysis—strength of ties, orphan objectives, focal points, trigger points, and distinctive objectives, TTC Sugar’s managers can link their strategies with objectives correctly To achieve its financial goals, TTC Sugar needs to delight its customers by “diversifying products”, “enhancing productivity and manufacturing quality”, and “expanding distribution channel” These objectives will distinguish between TTC Sugar and their competitors Additionally, some strength ties which are mentioned before, can help TTC Sugar stay its current position as a leader of sugar yield The reason for that is TTC Sugar has done well in researching and developing new products to diversify products along with developing employee skills to improve productivity and manufacturing quality However, it can be seen that the link into expanding the distribution channel to customer satisfaction is still a moderate tie because there are many factors which also influence this relationship such as: selling price, belief, demand etc Thus, TTC Sugar’s managers need to monitor the needs of customers continuously in order to have a fast and reasonable solution Furthermore, the good supplier relationship will not be concerned about more by managers because it is difficult to improve quality of material from this objective Hence, in the future, they can invest more in the different resources to improve quality of material Balance scorecard for the company Company strategy: "Ensuring market share, optimizing costs, diversification of products thence reaching out to countries in the region and around the world" Target Strategic Measures Initiatives Performance objectives 2020-2021 Financial Growing Revenue growth 20% Perspective operating Income 50% Percentage of Manage costs and unused growth in capacity operating income from year to year Make full use of machine Data not Reduce expenses Percentage of available decrease in cost capacity to produce one good /per tons of Maximize shareholder value of sugar Percentage of selling expenses/net sales Percentage of administrative expenses/net sales ROE Control the usage of selling expenses, cut unnecessary expenses 3.2% Control the usage of administrative expenses, cut unnecessary expenses 1.95% Build strong customer relationship Strengthen the promotion of images and brands TTC Sugar through the internet, further research discount policy for customers, with deep concern 1.65% close to the relationship with the customer Customer Service Enhance customer satisfaction Percentage of customer's satisfaction (above Good) Maintain customer loyalty Percentage of revenue from existing customer Increase in new customers in B2B in comparison to prior year Increase in new customers in B2C in comparison to prior year Increase in new customers in Identify future needs of customers, current consumption trend Promote customer service, support Frequently inquire feedback, to gradually meet up their demands Boost and take deep care of relationship with customers Establish some sale promotion program for loyal clients Identify the new potential types of customer in terms of market, needs, characteristics, upcoming trend Enrich marketing, broadcasting about products and the firm Regularly consider, reevaluate the quality of products periodically and price, and discuss to research, 99% 25% 24% Export in comparison to prior year Increase in new customers in Commerce in comparison to prior year Increase market share Improve manufacturing productivity Improve manufacturing and product quality Internal business process Diversify the products Make full use of the value chain of raw materials, residual materials Develop new sugar related products Improve the quality of materials (sugarcane) Improve manufacturing controls develop new products Growth in market share yearly Improve customer's satisfaction to retain old customers, and set up program, strategy to attract new customers Capacity of Manage manufacturing pressed process strictly to identify sugarcane problems and solve them (tons/day) timely Reduce the time of waiting Production of sugar (tons/day) which does not produce products 50% 40,000 6,000 Percentage of Training and improving spoilage products workers' skills Maintenance machine regularly Select quality input materials Number of products lines 0.21% Number of product lines Research and develop new from residual parts of material products Number of new sugar related products planned to develop Research and guide farmer to Percentage of qualified grow sugarcane effectively sugarcane Select quality sugarcane varieties Organize Percentage of R&D/manufacturing teams to processes with implement advanced controls advanced controls 79 Data not available Data not available Learning and Growth Develop technical, necessary skills for employees Attract and retain quality employee Align employees with company's goals Number of training courses per year Employee training programs Employees evaluation Survey about the employees' understanding after course Organize staff qualification periodically Turnover rate of core staffs employees' satisfaction rating Offer attractive remuneration for employees Employee participation and suggestions program to build teamwork 415 100% 8% Data not available Financial Perspective: With this aspect, because TTC aims to follow product – differentiated strategy, as a result, we decided to choose growth in operating income for the first measurement of income earned from selling different products Additionally, managers also want to delve into how the company has kept the cost structure; therefore, the percentage of selling/administrative expenses over the total net sales will be calculated to evaluate If those proportions go down over time, it means that the company has controlled how much they have spent Eventually, from the growth in operating income and the reduction in expenses, the shareholders will maximize their value The ROE ( return on equity) will be used to assess the results Customer Perspective TTC’s strategy mainly focuses on diversifying and strengthen their customers in terms of types: from B2B ( the corporate business segment from big to small and medium entities) which are the core customers, B2C ( from business to consumers), and also wants to expand the export to the foreign regions, from that its market share can be enlarged To monitor the objectives, company ought to conduct several surveys to inspect and study about any changes in consumption trend, or few market researches to identify any opportunities or threats on customers, and frequently inquire about clients’ feedbacks, so that customers’ demands can be meet up and satisfied The negative complaints collected can be used to evaluate the customers’ satisfaction As mentioned above, TTC sugar aspires to diversify and attract new customers; therefore, companies still can make use of market research to clarify the potential new types of customers, in terms of needs, characteristics, and upcoming trends Marketing is able to be utilized and periodical re-evaluation, discussion among the Sales Team, Marketing and R&D team should be expedited for any improvement in products and any special program for customers Internal Process It contains of three essential subprocesses: Innovation process: As TTC Sugar pursues product – differentiation strategy, the products will be diversified for various needs of customers and be emphasized on creating inner value, so the price level ranges from mid to high level Therefore, to satisfy customers as well as aligning with the mission to become sustainable,… R&D processes will be emphasized predominantly in the strategy Diversification and cutting costs will be along with each other Firm is studying how to take advantage of residual part of raw materials and for other types of product and more sugar – related ones; by that way, the revenue structure of the firm will be enlarged and the residual materials will not be wasted TTC sugar will measure by the number of each type planned to develop annually This process will contribute to serve the needs of customer Operation process: Producing and distribution process will also meet the needs of customers, too In this situation, TTC sugar tends to intensify the productivity to catch up with the larger demands from customers and take advantage of its factory – scale TTC assess the quality by the number of spoilage products and compare the productivity from year to year Distribution process: Distribution can be also considered as an important means to materialize the ambition of expanding to other regions aside from Vietnam of TTC This firm is making most out of the effort to enhance its supply chain and cooperate with logistics partner for better distribution V Hypotheses In order to support the balance scorecard, our group has created the following assumptions Financial perspective From the aspect of finance, the most important goal is maximizing shareholder value We assume that the decrease in manufacturing costs leads to the growth in operating income We assume that ROE can rise by building strong customer relationships For all reasons above, the company can maximize shareholder value Due to the unavailability of data, there are some statistics assumed to be the target performance of the year 2020-2021 According to recent years statistics, Because of the decreasing trend of manufacturing cost, the target performance of the percentage of selling cost/ net sales and of administrative cost/ net sales are 3.2% and 1.95% respectively In the year 2019-2020, net revenue of the company still increased 18.72% due to the effect of COVID 19 pandemic and the fierce competition of domestic and external rivals Thus, we forecast net revenue will continuously increase in the next year, reaching 20% As a result of the increase in net revenue and the decrease in manufacturing costs, it is expected that operating income will increase about 50% in comparison to prior year ROE is assumed to rise to 1.65% as following the increasing trend Customer service perspective by increasing customer satisfaction, the company could attract new target customers, especially in each field such as: B2B,B2C, Commercial and Export, maintain customer loyalty, and lead to the increase in market share For internal business process perspective, there are some following assumptions Manufacturing productivity could be improved by strictly controlling the manufacturing process and reducing time of waiting By promoting research and development of new products, the company can diversify the products, develop new sugar-related products and could make full use of the value chain of raw materials and residual materials For learning and growth perspective, it is assumed that by promoting the numbers of training courses and periodically staff qualification, employees could improve their technical and necessary skills We assume that offering the attractive remuneration for employees could retain and attract qualified employees for the company The encouragement of employees to participate in teamwork and suggesting and building programs could make employees align with the company goals VI Conclusion REFERENCE Báo cáo Thường niên niên độ 2019-2020 Retrieved from: https://www.ttcsugar.com.vn/quan-he-co-dong-ct/bao-cao-thuong-nien-nien-do-2019-2020phien-ban-smart-pdf/2723.aspx Lam Thanh ,2020 Đường nhập nhiều sản xuất, 29/40 nhà máy hoạt động Thời Việt Online Retrieved from: https://thoivietbao.vn/duong-nhap-nhieu-hon-san-xuat-chi-con-29-40-nha-may-hoat-dongd145574.html 2020, December TTC Sugar sẵn sàng vươn rộng đơi cánh vút bay Đầu Tư Chứng Khốn Retrieved from: https://tinnhanhchungkhoan.vn/ttc-sugar-san-sang-vuon-rong-doi-canh-vut-bay-post256768.html Định hướng phát triển SBT Retrieved from: https://www.ttcsugar.com.vn/uploads/files/20191125%20-%20SBT%20-%20Dinh%20huong %20phat%20trien%20ND%2019-20%20cua%20SBT%20-%20VFV_1576827106.pdf Báo cáo triển vọng ngành đường 2021, Vietcombank Retrieved from: https://vcbs.com.vn/vn/Communication/GetReport?reportId=8264 BT, 2021 Ngành mía đường có nhiều khởi sắc Báo Điện Tử Đảng Cộng Sản Việt Nam Retrieved from: https://dangcongsan.vn/kinh-te/nganh-mia-duong-co-nhieu-khoi-sac-577074.html Nguyễn Hải, 2021 Đường nhập đè bẹp nước CafeF Retrieved from: https://cafef.vn/duong-nhap-khau-de-bep-duong-trong-nuoc-20210410132827008.chn Minh Quân, 2019 Nữ hồng mía đường tâm đưa Đường Biên Hịa đến với 50 triệu người tiêu dùng Thanh Niên Retrieved from: https://thanhnien.vn/tai-chinh-kinh-doanh/nu-hoang-mia-duong-quyet-tam-dua-duong-bien-hoaden-voi-50-trieu-nguoi-tieu-dung-1159475.html Thế Vinh, 2020 “Giải pháp để cứu ngành mía đường” Vn Business Retrieved from: https://vnbusiness.vn/thi-truong/giai-phap-nao-de-cuu-nganh-mia-duong-1071032.html Thu Huyền, 2021 “Nhìn lại tranh ngành mía đường Việt Nam năm 2020 triển vọng 2021” Báo Công Thương Retrieved from: https://vca.org.vn/nhin-lai-buc-tranh-nganh-mia-duong-viet-nam-nam-2020-va-trien-vong-2021a22509.html Phương Ánh, 2020 “Nhiều dấu hiệu Thái Lan bán phá giá đường vào Việt Nam” Vn Express Retrieved from: https://vnexpress.net/nhieu-dau-hieu-thai-lan-ban-pha-gia-duong-vao-viet-nam-4199918.html Đức Tuân, 2020 “Nhà Nước không bao cấp cho ngành mía đường” Nơng Nghiệp Việt Nam Retrieved from: https://nongnghiep.vn/nha-nuoc-khong-bao-cap-cho-nganh-mia-duong-d257884.html Nguyên Phúc, 2020 “Nâng cao lực cạnh tranh cho ngành mía đường” Nhân Dân Điện Tử Retrieved from: https://nhandan.com.vn/tin-tuc-kinh-te/nang-cao-nang-luc-canh-tranh-cho-nganh-mia-duong473259/ ... Chairman of the Board of Directors of TTC Sugar, "TTC Sugar products are born to provide consumers with quality products, ensuring health, safety and food hygiene" From the year 2019 to 2020, TTC Sugar. .. a Inbound logistics Sugar cane is the direct source of the Sugar industry as well as of TTC sugar According to the annual report of 2020 , the company now has a system of sugarcane growing raw...HANOI UNIVERSITY Faculty of Management and Tourism THE BALANCED SCORECARD DEVELOP FOR SBT  - - AMA CASE- STUDY OF TTC SUGAR (SBT) Tutor: Đỗ Vân Anh Tutorial: Nguyễn Hằng