THE CASE STUDY APPLIES BETWEEN MASAN AND VINGROUP IN VIETNAM MARKET

VIETNAM GENERAL CONFEDERATION OF LABOUR TON DUC THANG UNIVERSITY FACULTY OF BUSINESS ADMINITRATION GROUP REPORT SUBJECT: NEGOTIATON THE FAST-CHANGING ANALYSIS BUSINESS ENVIRONMENT IN RETAIL AND MANUFACTURING INDUSTRY THE CASE STUDY APPLIES BETWEEN MASAN AND VINGROUP IN VIETNAM MARKET Advised by MBA Tran Khanh Group 3: Truong Minh Thi Ho Thi Thuy Duong Bui Le Hong Nghia Tran Ha My Hien Phan Tran Thien Nh Le Tran Thao Vy 28th , May 2022 20 ACKNOWLEDGEMENTS First and foremost, our team would like to express our heartfelt gratitude and respect to Mr Tran Khanh for accompanying us during the second semester Your valuable contributions will motivate our team to finish this report It is unavoidable that there will be flaws in the process of implementing the article's content due to a lack of knowledge Our team is eager to hear your thoughts and suggestions so that we can learn from our mistakes and complete this report as efficiently as possible Thank you from the bottom of our hearts! 20 No Name Trương Thi ( Leader) Hồ Thị Dương Bùi Lê Nghĩa Phan Thiên Nhi Trần Hà Hiền Lê Trần Vy 20 TABLE OF CONTENTS REASON FOR WRITING I INTRODUCTION 1.1 General overview 1.2 Issue 14 1.3 Objectives 15 II LITERATURE REVIEW 17 2.1 BATNA (Best Alternative to Negotiated Agreement) 17 2.2 ZOPA 18 2.3 Integrative negotiation 19 III NEGOTIATION ANALYSIS: 21 3.1 Company background 21 3.2 Revenue and profit after purchasing VinComerce - VinEco 26 3.3 Past corporation 29 3.4 Evaluation of the status after M&A (Mergers and acquisitions) 30 3.5 Challenge 33 3.6 Theory of application 34 IV SOLUTION: 36 4.1 Past solution review: 36 4.2 Future Suggestions 40 V CONCLUSION 43 REFERENCES: 44 20 LIST OF FIGURES Figure 1: M&a activities southeast asia countries 2017-2019 (Billion USD) Figure 2: Top 10 markets by score growth 2020-2021 Figure 3: M&A activities by country 2019-2020 10 Figure 4: Proportion of mergers and acquisitions in Vietnam 11 Figure 5: M&A value of home and foreign investors from 2018 to 2020 (%) 11 Figure 6: VietNam - M&A and IOP transactions 12 Figure 7: M&A market in Vietnam from 2019 to 2021 13 Figure 8: Forecast of M&A value in VietNam in 2021 14 Figure 9: ZOPA Method 18 Figure 10: Structure of Masan Group 21 Figure 11: Masan's Revenue from 2018 to 2021 ( Billion VND) 22 Figure 12: Brands of Vingroup 23 Figure 13: Vingroup’s shareholder structure 24 Figure 14: Business results of Vingoup 2015-2019 ( Billions) 25 Figure 15: Number of Vinmart and Vinmart + stores 26 Figure 16: Masan's business results 2020 27 Figure 17: Revenue of Masan’s business segments after months in 2020-2021 .28 Figure 18: Ownership structure diagram 30 Figure 19: Some huge retail chains in 2019 31 Figure 20 : Expected sales of Meat Deli 32 Figure 21: The grow rate of MEATDeli monthly since June 2019 33 Figure 22 : Financial indicators of Masan and MWG in 2019 37 Figure 23: Negative factores affecting M&A activities in VietNam 38 Figure 24: Positive factores affecting M&A activities in VietNam 39 Figure 25 : Vincommerce profit 2015-2021 40 Figure 26: Retail sales of Vietnam - April 2020 41 20 REASON FOR WRITING In recent years, the M&A sector in Vietnam has been in a period of the renaissance as local companies step up efforts to expand their business operations with M&A as one of their main strategies Vingroup, Masan Group, Hoa Phat Group, Vietnam Dairy Products Joint Stock Company, and Novaland Group are the units with the largest M&A activities in the market, both in terms of value and number of transactions in the past two years The positive transformation in domestic M&A activities will still be maintained for these businesses because in addition to having enough cash in reserve to find quality targets, but also being strategic in continuing to invest and continue to look for market expansion opportunities and improve profit margins As Vietnam's economy continues to grow thanks to supportive regulations and policies of the Government and trade agreements Domestic companies will continue to play an important role in future M&A activities, creating many corporations with a scale comparable to large corporations in the region Therefore, in order to have a deeper understanding of M&A transactions between buyers and sellers, the team analyzed the topic: “ The fast-changing analysis business environment in retail and manufacturing industry - The case study applies between Masan and Vingroup in Vietnam market" 20 I INTRODUCTION 1.1 General overview In the free trade market, merger and acquisition (M&A) is a familiar concept for domestic and foreign strategic investors In the M&A process businesses need to plan, prepare for transactions, access and exchange information with investors On the other hand, enterprises need to focus on the appraisal and contract negotiation carefully Besides, the reason for enterprises to consider an M&A transaction cognize be business expansion, market development, market share, finding partners, receive attractive offers from buyers; financial difficulties, risk of default Statistics over the past 20 years demonstrate that Vietnam has more than 4,000 M&A deals with a value of nearly 50 billion USD, ranking third in Southeast Asia in terms of M&A value Vietnam is considered a dynamic country in M&A activities when it attracts foreign capital flows and foreign investors to participate in the market However, in the new context, the goal of the enterprise when determining a successful M&A deal changes according to the requirements and vision of the enterprise is a problem that needs to be solved (Ministry of industry and trade - VN) Market trends: M&A activities in Vietnam have increased sharply during the 10 years from 2007 to 2017 and peaked in 2017 with a scale of 10 billion USD, of which contributed 50% of the value of the Sabeco deal M&A value tends to decrease in 2018 and 2019 (Vietnam M&A Forum - MAF) M&A activities of Southeast Asian countries from 2017 to 2019 are different In 2018, Vietnam ranked 2nd in terms of M&A value in Southeast Asia, but in 2019 it has dropped to 3rd place, after Singapore and Thailand 20 Figure 1: M&a activities southeast asia countries 2017-2019 (Billion USD) Source:MAF,HSF Over the past 25 years, Vietnam has transformed from a low-income country into one of the fastest-growing economies in the world, with GDP per capita increasing nearly tenfold from 1996 to 2021, which is supported by the strong socioeconomic status of a young population and a rapidly growing middle class Along with economic growth, mergers and acquisitions (M&A) activities in Vietnam have also skyrocketed thanks to the progress of equitization and market liberalization What makes Vietnam attractive in the eyes of investors, is its young and dynamic population, with an increasing average income in society Out of your 100 million people, nearly 45 million are now middle class Young people, well-educated, and enjoying a good education will be a strong point of Vietnam in the eyes of investors (MAF- VN 2021) These favorable demographic factors will help provide potential human resources for the development of current and future technology businesses The Covid-19 pandemic has had a huge impact on the economy M&A activities in Vietnam as well as globally decreased sharply due to cautious reactions from investors At the same time, conditions of global isolation hinder understanding, assessment, and decision-making This led to many deals having to be halted because buyers and consultants incapability to carry out detailed appraisals, meetings, negotiations, etc The turmoil caused by Covid-19 in global markets has severely affected the M&A market, according to a report by market research firm Euromonitor In the first half of 2020, the 20 number of global M&A deals decreased by 25% year on year due to the Covid-19 pandemic In Vietnam alone, the total value of M&A in 2019 reached $7.2 billion, equaling 94.7% of the value in 2018 Due to the impact of Covid-19 as well as a number of other factors, the M&A value in 2020 is expected continue to decline, estimated at 3.5 billion USD, equal to 48.6% compared to 2019 Besides, Vietnam's M&A value is expected to start recovering in mid-2021 to about 4.5 - billion USD and reach billion USD before the pandemic by 2022 (CMAC) According to Euromonitor, Vietnam is predicted to be fifth in the ranking with an expansion rate of 23.67% between 2020 and 2021, after countries such as Singapore, Ireland, the Philippines and Qatar The M&A market continues to be led by foreign investors, with a focus on four countries: Japan, Korea, Thailand and Singapore Figure 2: Top 10 markets by score growth 2020-2021 Source: Euromonitor The M&A market continues to be led by foreign investors, with a focus on four countries: Japan, Korea, Thailand and Singapore 20 Figure 3: M&A activities by country 2019-2020 Source: MAF - Vietnam M&A Forum During the period of 2019 - 2020, the market recorded many more M&A deals such as Mitsubishi Corporation (Japan) and Nomura Real Estate acquired 80% in phase II of Vingroup's Grand Park project; Aozora Bank buys 15% shares of Orient Commercial Joint Stock Bank; Lotte Chemical (Korea) acquired VinaPolytech Company; SCG Group (Thailand) acquired Bien Hoa Packaging Company; etc The proportion of M&A in Vietnam by industry group is highly appreciated, respectively: Real estate, banking, retail and technology (Vietnam M&A Forum - MAF) 10 20 Figure 20 : Expected sales of Meat Deli Source: Investment in securities, Specialized page of financial statements Figure 21: The grow rate of MEATDeli monthly since June 2019 Source: Investment in securities, Specialized page of financial statements 3.5 Challenge: Although the above merger brings great benefits to Masan, in the short term Masan still faces many profit challenges at an early stage when entering the retail market because there is not much experience in implementing large-scale retail The reception of 33 20 2,600 supermarkets and shops increased Masan's workforce by over 20,000 people, nearly three times more than before The problem is to manage and run the chain These issues come from the "skills of managing the chain of the business" which are not effective Unable to control all the quality of goods: The process of rotating and checking goods is the most time-consuming stage in the retail chain business Poor quality control of inputs will affect the service quality of the business Difficulties in HR management: The distance between stores makes it impossible for managers to closely monitor all employees across the store system Therefore, many stores face the problem of dishonest employees, causing great losses for the business Inefficient financial management: As the scale expands, effective financial management becomes a difficult problem for businesses Profit and loss management One of the challenges they face is the distribution channel, the strong competition from the convenience chain When big names like GS25, Circle K and other mini supermarkets The penetration of the Vietnamese retail market probably more intense with consumer goods companies such as Masan Although, currently Masan has inherited the brand and familiar customer base of Vinmart, if in the process of product quality development and service quality without improvement, Masan will lose trust and loyalty; this is also an important factor becoming a barrier that makes the Winmart retail system inaccessible to potential customers in the future 3.6 Theory of application It is easy to identify some negotiation theories applied by enterprises such as Masan and Vingroup in the case of buying and selling company shares: - First, it must be mentioned that Integrative negotiation is clearly shown here in terms of the transaction nature of the two parties (the buyer intends to buy real and the seller intends to sell real) On the part of the Seller (Vingroup) wants to change the development strategy with the orientation to focus on its inherent strengths: 34 20 Technology - Industry Masan has the strategic goal of developing and expanding the consumer goods industry, which is why they are the buyers Owning a large system such as VinCommerce will help Masan optimize the distribution channel, reduce the intermediate cost to consumers, so Masan's profit will definitely increase - The second is the theory of BATNAs: With the size of the Vincommerce system chain, Vingroup can select foreign entities with stronger financial potential to transfer the Group (Thailand), Lotte Group (Korea), Aeon (Japan)ect These are all foreign corporations capable of carrying out VCM acquisitions with transaction values up to billions of dollars Through the above analysis, it can be seen that Vingroup has many options besides Masan to resell to foreign entities and can collect large amounts of cash to reinvest in Production But in 2016, when it was rumored that 7-Eleven would acquire Vinmart and Vinmart (+) chains, Vingroup representatives voiced their claim to never sell Vietnamese brands to foreign countries The limitation of VCM acquirers to domestic corporations has made it quite difficult to select partners capable of making this billion-dollar deal That is also the reason why Masan is the ideal object that Vingroup wants to aim for The combination of Vietnamese people – Vietnamese goods is the reason to make this negotiation attractive at that time Finally, the Zopa method: From the above information, it can be seen that MasanGroup is the complete piece for this negotiation However, at that time Masan was not possibly afford and finance to make an immediate purchase, but had to switch to the form of “Stock Swap.” This means that MCH will issue new shares to swap the number of VCM and VinEco shares that Vingroup holds Vingroup will swap all shares in VinCommerce into shares of the new company after the merger Masan Group will take control of the operation, Vingroup is the shareholder 35 20 IV SOLUTION: The changing market situation is the reason that the parties have to change the inputs to the pricing model and the valuation results will be lower than before On the other hand, due to difficulties and financial pressures, the seller will have to accept a lower price than expected and the buyer has the opportunity to buy the business at a cheaper price In M&A, although thoroughly appraised, it is also impossible to foresee 100% of the risk of the deal because there is always a certain gap left for the parties 4.1 Past solution review: With the assurance that it will never sell the brand to a foreign country, it is clear that the sale of VCM to Masan demonstrates Vingroup's strong "national spirit." For domestic units, in addition to the necessary conditions, which are strong financial potential, it is also necessary to add the condition of being able to operate the system so as not to affect the reputation of Vingroup after reselling Vinmart and Vinmart (+) supermarket systems According to the value, the three names that are included in this operation include: Masan, Saigon Co.op, Mobile World (MWG) Saigon Co.op may be an option when the annual revenue amounts to VND 35,000 billion and owns 140 Co.op Mart supermarkets by the end of 2019 The unit also pursued the acquisition of the Big C supermarket system in 2016 After losing the Big C deal, in June 2019, Saigon Co.op successfully pursued the acquisition of the French Auchan supermarket system while the group owned and operated 15 supermarkets in HCM, Hanoi and Tay Ninh Assuming that the valuation of VCM in the transaction between GIC Singapore and Vingroup is used as a reference basis, the value of the VCM transaction will fall in the range of USD 1.97 billion (3.07*64.3%) This amount is double the amount Saigon Co.op is willing to pay to pursue the previous Big C deal (1.05 billion USD), this is a very large amount, especially for state-owned companies such as Saigon Co.op, the legal procedure to mobilize enough capital will take more time than other private corporations 36 20 In addition to Saigon Co.op, the Mobile World (MWG) is also the unit capable of conducting business WMG is one of the leading players in the retail sector with annual revenue amounting to more than 102.174 billion VND in 2019 As of October 2019, the enterprise owns the “The Mobile World (MWG)” with more than 1,000 stores In the first half of 2018, MWG announced the acquisition of 90% of Tran Anh power plant retail chain for VND 850 billion MWG is also pursuing a strategy to attract competitors to increase its market share and future growth Accordingly, the ownership of VCM will help the group quickly increase its influence and market share in the retail market However, raising large capital with billions of dollars is considered unprecedented for the group The last applicant was Masan Group, which had annual revenue of 37.354 billion VND in 2019 and enterprise is one of the leading consumer goods manufacturers in Vietnam Masan is known for his extensive acquisitions Figure 22 : Financial indicators of Masan and MWG in 2019 Source: Financial report of Masan and MWG By comparing the financial indicators of the domestic units that can pursue this deal, it can be seen that Masan is the hardest opponent when the indicators of profit, EBITDA, equity and total assets are more than the rest In addition, Masan is also a major shareholder of Techcom Bank, which is one of the strategic financial partners of Vingroup in the projects that Vingroup is implementing Therefore, the above analysis can partly see why Masan was selected to carry out Vingroup's VCM resale 37 20 The team has drawn out negative and positive impacts on negotiations in the past by researching and analyzing information about the M&A deal between Masan and VinGroup To carry out the most effective negotiation and negotiation, specific goals must be clearly defined, good and appealing strategies must be used, risks must be adjusted, and both parties must benefit from the deal As a result, the team has identified both negative and positive factors that will influence the negotiation process, such as: In a negative perspective, impact factors include: Buyer modifies strategy as a result of Covid-19 Businesses and investment funds are adjusting their strategies in response to the changing global economic situation and the effects of Covid-19 Due Diligence could not be carried out Because of the global and Vietnamese isolation policies, many deals had to be halted because the buyer and consultant could not conduct detailed appraisals and negotiations In addition, the buyer's financial difficulty Causing businesses to focus on their primary industry, resulting in the cancellation of deals, particularly acquisitions outside of their primary industry and acquisitions based on loans Figure 23: Negative factores affecting M&A activities in VietNam Furthermore, the bid price was lower than expected When the pricing was done before the period, the buyer changed the price policy, only accepting to buy at a lower price, resulting in the two parties being unable to close the deal, especially those related 38 20 to the State the new normal Uncertainty among the transaction's parties During this time, many factors of uncertainty on the part of both buyers and sellers make a transaction more difficult to complete Positive factors include: Buyers now have more options Because the crisis forces many businesses to restructure, sell assets, seek investment, or sell off part or all of their subsidiaries, investors and businesses with good financial potential will have many options The opportunity to purchase a business at a lower cost Because of the changing market situation, the parties change the inputs for the pricing models, resulting in lower valuations than before However, due to difficulties and financial pressure, the seller will be forced to accept a lower price than expected, and the buyer will have the opportunity to purchase the business at a lower price Figure 24: Positive factores affecting M&A activities in VietNam Furthermore, there is an opportunity to restructure the company Many businesses have made numerous acquisitions or investments outside of their industry in the past without success Businesses must re-evaluate their investments and restructure their operations to focus on key areas and industries Finally, the buyer will have the opportunity to learn more about the company The prolonged isolation period also has a positive aspect in that it allows businesses and 39 20 investors more time to learn and evaluate businesses, particularly more conditions to evaluate the long-term growth of enterprises A more detailed evaluation will assist investors in making better decisions Since then, the team has made additional comments and recommendations to both buyers and sellers 4.2 Future Suggestions 4.2.1 Overview of the business situation after years: According to Masan Group's report, the consumer retail sector in 2021 still lost VND 1,446 billion, after 2020 it lost VND 4,186 billion Thus, in years after receiving the transfer of VinMart and VinMart+ from Vingroup (now renamed WinMart, WinMart +), Masan Group has made a total loss of more than 5,600 billion VND from retail Figure 25 : Vincommerce profit 2015-2021 Source: Financial statements of VinEcomerce Receiving thousands of stores, 14 farms with about 25,000 employees will be a difficult problem for a manufacturing company as Masan In addition, differences in corporate culture, governance challenges Masan must handle before competing with external competitors So, the biggest risk Masan faces is how to operate the new retail chain effectively Masan will need a lot more money to invest and also change strategy to suit future consumer tastes 4.2.2 Recommendations in the future 40 20 From the information gathered and analyzed above, the team evaluated and considered new solutions to improve the outcome of the negotiation The timing of trading is one of the factors determining the success of trading in the present and future Therefore, choosing the time to sell is extremely important to ensure the initial goal of the parties involved in the deal The time of the deal is the time when all businesses face the Covid 19 pandemic Vingroup has become one of the dominant players in the market with a network of retail supermarkets across the country This is obviously a good opportunity for Vingroup to increase profits from VinCommerce According to the data of the General Statistics Office of Vietnam (GSO), retail sales of goods, down 21.9% compared to the same period in April 2020 due to the impact of the social distancing period, have recovered strongly since May 2020 Total retail sales of goods and consumer service revenue in November 2020 increased 6.8% over the same period Figure 26: Retail sales of Vietnam - April 2020 (General Statistics Office of VietNam) 41 20 In order to optimize the original intentions of the buyer and the seller, this deal can be implemented in the form of "Co-ownership" or "Joint Venture" Understandably, Vingroup will own one more VinCommerce and VinEco shares and at the same time Masan will hold the remaining shares The difference is that the organizational structure and operation will be changed Since Vingroup is still in the hands of the majority of the shares from which all profits will be distributed, the focus will be on the technology sector as initially desired In addition, to optimize Vingroup's resources, Masan will operate Vinmart and Vinmart+ retail systems instead As well as bringing Masan's production products into this system chain Along with the available experience of Vingroup, Masan will support the adaptation step by step when moving from manufacturer to retailer 42 20 V CONCLUSION M&A no longer stops at femininity, merger but rather chain linkage, business model transformation, expansion of production and business in order to improve the resistance, adapt to the new situation This is the fastest, most efficient way for businesses to change and enhance their value chains Buying a business will reduce the time it takes to set up a business, find premises, recruit people, find partners, build a system, set up chains, etc which will save the business time, effort, and be able to seize opportunities quickly, especially in the context of COVID-19, making it difficult to get around This report also specifies that financial difficulties require enterprises to prioritize the focus on the main industry and cancel and postpone expansion transactions, especially acquisition transactions outside the main industries and fields of operation; repurchase based on loans, etc The buyer changes the price policy and only accepts the purchase at a lower price, so in many deals, both the seller and the buyer have difficulties, as well as fail to close the agreement Many uncertainties on the part of both the buyer and the seller lead to a more difficult transaction Therefore, market dominance and choice will be available to investors and enterprises with good financial potential, because the crisis caused many enterprises to restructure, sell less assets, call for investment, etc In fact, not only in the current period but in the past, many enterprises have made acquisitions or investments outside the industry but not effectively Therefore, in order to succeed in M&A, it is imperative for the business to re-evaluate the investment and restructure the business to focus on the main industry, sector or priority for sustainable development strategy rather than expansion In order to successfully carry out the negotiation quickly, it is necessary to directly make an attractive offer in terms of benefits when this project is started - the ‘win-win‘ policy and at the same time point out similar views in business, the opponent will be more easily convinced 43 20 REFERENCES: Dini Turipanam Alamanda1, Puspa Ovinia Saraswati , Fajar Sidiq Adi Prabowo, Muhammad Azhari (2018) Study of Open and Sealed Auctions in Astra Credit Companies Using Batna and Zopa https://www.researchgate.net/publication/332683335_Study_of_Open_and_Sealed _Auctions_in_Astra_Credit_Companies_Using_Batna_and_Zopa Sungsoon Park , Gary E Bolton, Ling Rothrock, Jeannette Brosig, (2010), Towards an interdisciplinary perspective of training intervention for negotiations: Developing strategic negotiation support contents https://www.sciencedirect.com/science/article/abs/pii/S0167923610000448 Thanh Hằng, (2021), Quá trình hình thành phát triển Masan https://bom.so/ItQIoh Wiki bất động sản, (2022), Công ty Cổ phần Tập đồn Masan - Cơng ty hàng tiêu dùng lớn Việt Nam https://bom.so/Iulbh8 Nguyễn Đăng Quang (2020), - Từ “Người dạy cho người Nga ăn mì gói tương ớt” đến xây dựng nên đế chế thực phẩm ngàn tỷ Việt Nam https://bom.so/r7JyUN Huỳnh Nhật Trình (2021, April 2) M&A Case Study: Phân tích thương vụ Masan Vincommerce - Phần 1: Tại Vingroup lại lựa chọn Masan để chuyển nhượng VCM? https://www.google.com/url? q=https://vietnambusinessinsider.vn/ma-case-study-phan-tich-thuong-vu-masan44 20 va-vinecommerce-phan-1-tai-sao-vingroup-lai-lua-chon-masan-de-chuyennhuong-vcma22276.html&sa=D&source=docs&ust=1650592970445147&usg=AOvVaw337T nxvc7Bf5wfgQdoF3I6 Vietnam Business insider (2021),M&A Case Study: Phân tích thương vụ Masan VinEcommerce - Phần 1: Tại Vingroup lại lựa chọn Masan để chuyển nhượng VCM? https://vietnambusinessinsider.vn/ma-case-study-phan-tich-thuong-vu- masan-va-vinecommerce-phan-1-tai-sao-vingroup-lai-lua-chon-masan-de-chuyennhuong-vcm-a22276.html Vingroup (2020, 05 16) Doanh thu Vingroup Vingroup 2019 https://ircdn.vingroup.net/storage/Uploads/0_Quan%20he%20co %20dong/0_Vingroup_2020/DHDCD/Vietnam/8.%20VIC_BC%20BGD%20tinh %20hinh%20kinh%20doanh%202019%20va%20ke%20hoach%202020.pdf Baodaut (2018, August 22) Vingroup định hướng đến 2028 trở thành tập đồn cơng nghệ - công nghiệp - dịch vụ đẳng cấp quốc tế https://baodautu.vn/vingroupdinh-huong-den-2028-tro-thanh-tap-doan-cong-nghe -cong nghiep -dich-vudang-cap-quoc-te-d86686.html Vnexpress (03/12/2019) Toan tính Vingroup, Masan sau sáp nhập, https://www.tinnhanhchungkhoan.vn/toan-tinh-cua-vingroup-masan-sau-cuoc-sapnhap-post226577.html 45 20 Hải Nam (03/12/2019) Vì Vingroup 'dứt tình' bán cơng ty Vinmart, VinEco cho Masan? https://kinhtemoitruong.vn/vi-sao-vingroup-dut-tinh-ban-cong-ty-vinmartvineco-cho-masan-11657.html Jingjing Yao; Zhi-Xue Zhang and Leigh Anne Liu, May 2020, When there is No ZOPA: Mental Fatigue, Integrative Complexity, and Creative Agreement in Negotiations-https://www.researchgate.net/profile/Leigh-Anne Liu/publication/341789919_When_there_is_No_ZOPA_Mental_Fatigue_Integrati ve_Complexity_and_Creative_Agreement_in_Negotiations/links/5f0a6d62458515 5050a015d1/When-there-is-No-ZOPA-Mental-Fatigue-Integrative-Complexity-andCreative-Agreement-in-Negotiations.pdf Gerard Beenena & John E Barbuto Jr, Mar 2014, Let's Make a Deal: A Dynamic Exercise for Practicing Negotiation Skills https://www.researchgate.net/publication/271930735_Let's_Make_a_Deal_A_Dyn amic_Exercise_for_Practicing_Negotiation_Skills Palmira Lopez-Fresno1 , Taina Savolainen2 and Silvia Miranda3, 2018, Role of Trust in Integrative Negotiations https://academicpublishing.org/index.php/ejkm/article/view/1112 Thúy Hiền, 12/12/202, Thị trường M&A Việt Nam hấp dẫn nhà đầu tư bất chấp COVID-19, https://www.vietnamplus.vn/thi-truong-ma-viet-nam-hap-dan-cac-nhadau-tu-bat-chap-covid19/760353.vnp 46 20 M&A Report 2021: VietNam -Truong Nhat Quang, Le Thi Loc, Nguyen Ngoc Bich Tram (2021).https://www.iflr.com/article/b1qxjwwmn3xyz4/mampa-report-2021vietnam Masan Group , 2019, MASAN GROUP Annual Report , https://masangroup-cmsproduction.s3-ap-southeast1.amazonaws.com/iblock/d92/d925b07e4787e2ef1e01092859570ccd/6767a951c8 2c9cc074eb118f9cb375ad.pdf Vietnam’s solid economic fundamentals continue to attract overseas investors: Baker McKenzie (Oct 28 2019).http://fiinpro.com/News/Detail/3160120?lang=enUS 47 20 ... environment in retail and manufacturing industry - The case study applies between Masan and Vingroup in Vietnam market" 20 I INTRODUCTION 1.1 General overview In the free trade market, merger and acquisition... continuing to expand and develop the future market, with the ambition to become a market leader in consumer goods - retail in Vietnam and towards international scale 3.1.2 Vingroup Corporation: Vingroup. .. Cholimex, etc Masan currently has more than 20 years of experience in the field of business and specializes in manufacturing consumer goods in the Vietnamese market With the goal of leading in the consumer