(Tiểu luận) international business strategy doji group future development directions

TON DUC THANG UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION INTERNATIONAL BUSINESS STRATEGY DOJI GROUP – FUTURE DEVELOPMENT DIRECTIONS Lecture: Ms Nguyen Thi Hong Hanh Group member: Thai Le Thanh Vy Tran Ngoc Anh Tho Pham Nguyen Khanh Chi Nguyen Phan Gia Tue Nguyen Phuong Nam Thai Diep Thao Nhi 719H0603 719H0797 719H1068 719H0574 719H0789 719H0468 Ho Chi Minh City, 15th Nov, 2022 0 Tieu luan TABLE OF CONTENTS INTRODUCTION……………………………………………………………………1 CHAPTER COMPANY ANALYSIS 1.1 Business model analysis canvas of DOJI 1.1.1 Customer segments .2 1.1.2 Value Porposition 1.1.3 Channel 1.1.4 Customer relationship 1.1.5 Revenue stream 1.1.6 Key resources 1.1.7 Key activities 1.1.8 Key partners 1.1.9 Cost tructure 10 1.2 External analysis 12 1.2.1 PESTEL anlysis 12 1.2.1.1 Political 12 1.2.1.2 Economic .12 1.2.1.3 Social .13 1.2.1.4 Technological 13 1.2.1.5 Environmental .15 1.2.1.6 Legal 15 1.2.2 Five forces framework 16 1.2.2.1 Threat of new entrants 16 1.2.2.2 The power of suppliers 17 1.2.2.3 The power of buyers 18 1.2.2.4 Threat of substitute products 18 1.2.2.5 Rivalry among existing competitors 19 1.3 Internal analysis through VIRO 20 1.4 Financial situation .21 CHAPTER FUTURE GROWTH 24 2.1 Timeline of project: 25 2.2 Implementation 26 2.3 Financial Plan: 28 0 Tieu luan CHAPTER CONCLUSION .30 REFERENCES…………………………………………………………………… 31 0 Tieu luan LIST OF FIGURE Figure 1.1 Logo of DOJI .2 Figure 1.2 Webside of DOJI Jewelry Figure 1.3 DOJI Jewelry Factory Figure 1.4 DOJI Tower Figure 1.5 TP Bank - Member of DOJI group .8 Figure 1.6 Logo of DOJILand - Member of DOJI Group Figure 1.7 The business results of DOJI 22 Figure 2.1 The ground is considered 27 LIST OF TABLE Table 1.1 Business Model Canvas of DOJI .11 Table 1.2 VRIO Frame of DOJI 21 Table 1.3 DOJI's business results for the last years 22 Table 2.1 Grantt of new project 25 Table 2.2 Financial plan 29 0 Tieu luan INTRODUCTION The DOJI Group is one of the famous enterprises in the field of gold, silver, jewelry, and gems in Vietnam Accordingly, DOJI has made a strong mark in the Vietnamese business community with its impressive revenue growth and growing brand value DOJI also dominates the domestic market with the gold bar trading system, distributing Diamonds and high-end Jewelry After the covid 19 pandemic, Vietnam's current gold and jewelry market have more or less influenced However, DOJI still retains its position as a "big man" in the field of jewelry and gems and competes with two other big competitors, PNJ and SJC Because jewelry is a specific industry, besides developing in foreign markets, the DOJI also pays special attention to developing strategies in the Vietnam market In this report, we perform a performance analysis of DOJI's activities through the canvas business model, VRIO framework, and the company's financial position We feel it is necessary to focus on further development in the Vietnamese market Analyzing the Vietnamese market by methods such as (PESTEL, Five Forces, ) shows the purchasing power, the development of the jewelry and gem industry after covid, and the strong development of competitors such as PNJ, SJC, Therefore, to make a big change and gain more market share of DOJI, we propose a development strategy to compete with PNJ in the next years Accordingly, we the planning with each phase Therefore, our report will include the following: • Chapter 1: Analysis of the company • Chapter 2: Analysis of the macro environment and future development directions • Chapter 3: Conclusion 0 Tieu luan CHAPTER COMPANY ANALYSIS Figure 1.1 Logo of DOJI DOJI GOLD & GEMS GROUP COMPANY, formerly TTD Trading and Technology Development Company, was established in 1994 by Mr Do Minh Phu TTD became the first company to bring to the international market the Vietnamese star Ruby stone product Since then, the company has been named the world's star Ruby king, bringing Vietnam to be depicted as a bright spot on the international Gemstone map 1.1 Business model analysis canvas of DOJI 1.1.1 Customer segments DOJI targets the majority of female customers, with diverse ages but focusing more on adult age Customers that DOJI targets are people with high income and understanding of the value of the jewelry industry 1.1.2 Value Porposition DOJI always committed to bring customers top quality products for personal values and the essence of life The motto of VALUES OF PRODUCTS - CORE SERVICES (BLUE CHIPS) is considered as a red thread throughout the Group's production and business activities DOJI products always come with criteria that competitors can hardly follow: beauty, long lasting, unique, elegance, creativity, high quality, innovation, physical evidences, satisfaction  Beauty: DOJI Group's constant efforts to create jewelry products are not out of the question of beauty and beauty  Long lasting: 0 Tieu luan DOJI jewelry products have lasting value over time not only thanks to their eternal materials but also because of their delicate designs It is easy to imagine when DOJI's products are carefully preserved by customers for the next generation as a meaningful gift  Unique: The difference and uniqueness in the design of DOJI will not be able to be mixed with other brands, helping customers to own their own unique products  Elegance: DOJI high-class jewelry products are a combination of the quintessence of the earth (with precious materials produced from the ground) and the quintessence of people (with the talented hands of a jeweler)  Creativity: Modern technology can replace the steps of jewelry production, but creativity cannot be replaced by any machine DOJI's design experts with extensive experience and outstanding creativity are able to create unique products that are loved by a large number of customers  High quality: DOJI's gem and diamond products are tested by world famous gemological institutes such as: GIA, HRD, IGI In addition, determining the quality of products is the development of the Group, the Center DOJILAB accreditation was established This is a prestigious testing center with modern machinery and leading experts in Vietnam, cooperating with famous foreign inspection centers such as Thailand, Singapore, Germany  Innovation: DOJI Group always updates the latest jewelry trends in fashion capitals of the world such as the UK, France to launch the most trendy jewelry products In the field of design, besides domestic experts and artisans with decades of experience, DOJI Group also cooperates regularly with experts from Matsumi Company (Japan) The Group also has many years of cooperation with the world's leading suppliers of gems and diamonds At the same time, DOJI Group also regularly cooperates with partners around the world to apply modern machinery and production technology to create sophisticated products 0 Tieu luan  Physical evidences: DOJI high-end jewelry products are manufactured according to standard processes with the support of modern machinery and equipment From the stage of design, prototyping with the ingenuity and sophistication of human hands to finishing products with equipment imported from Japan, special attention is paid In jewelry manufacturing activities: Besides traditional processing methods, DOJI Group uses a modern industrial method of cutting and grinding gemstones that can cut and sharpen all different types of gemstones including Diamond Invisible Setting - one of the advanced technologies in the world applied by DOJI Group to create the highest quality jewelry products 1.1.3 Channel Direct: DOJI has a system of nearly 100 distribution centers of gold, silver and jewelry, typically in big cities such as Hanoi, Ho Chi Minh City, Da Nang, etc., and nearly 500 agents in many provinces and cities across Vietnam Indirect: Customers can buy any product of DOJI Luxury Jewelry through ecommerce service with website trangsuc.doji.vn Furthermore, DOJI also have a wide network such as: Facebook, Zalo, Instagram, Youtube, Figure 1.2 Webside of DOJI Jewelry 1.1.4 Customer relationship 0 Tieu luan DOJI Jewelry always has the best after-sales service and customer care policy, including warranty policies, exchange policies, installment policies to bring maximum benefits to customers DOJI launches many special promotions on each occasion of Tet holiday or wedding season, such as promotion program for the season of love, welcoming the new month peacefully, to attract more customers For customers who are members of DOJI, DOJI always gives exclusive E-vouchers on birthdays, holidays and Tet 1.1.5 Revenue stream • Revenue from product sales • Revenue from investment in real estate (DOJI Land) • Revenue from restaurant services (JadeMoon Premium Chinese Restaurant) • Revenue from banking and finance sector (TP Bank) 1.1.6 Key resources  Factory to manufacture gold, silver and gems at Hanoi The factory was started construction with a total construction capital of more than VND 300 billion, an area of over 10,000 m2 and has more than 5,000 m2 of workshops DOJI Jewelry Factory is invested in scale, spacious equipment, modern jewelry production line 0 Tieu luan Figure 1.3 DOJI Jewelry Factory  Many golden lands in Hanoi and Ho Chi Minh City: - DOJI Tower Building, the largest Center of Gold, Silver, Gems and Jewelry in the country at Le Duan, Ba Dinh District, Hanoi, 16 floors high and basements; total usable area 18,883 m2; - Office building Ruby Plaza at 44 Le Ngoc Han, Hai Ba Trung district, Hanoi, 17 floors; total usable area 12,000 m2; - Jewelry, Jewelry and Office Building at 214 Phan Dang Luu, Phu Nhuan District, Ho Chi Minh City, 10 floors high; total usable area 4,454 m2; - Ruby Tower office building at 81-83-85 Ham Nghi, District 1, Ho Chi Minh City, 20 floors high, total usable area 13,500 m2 0 Tieu luan In short, with the supplier's bargaining power, DOJI can get raw materials from wholesale suppliers at affordable prices If the cost or product does not match the DOJI, then they can switch suppliers for a more reasonable price DOJI may have multiple suppliers to meet its supply chain requirements For example, DOJI may have different suppliers for each facility in different supply chains In this way, it can ensure efficiency in its supply chain As noted above, as the industry is an important customer for its suppliers, DOJI can develop close relationships with suppliers for mutual benefits 1.3.2.3 The power of buyers The number of suppliers in DOJI's gold, silver, gems, and diamond industries is more active than the number of companies that manufacture the product This means that buyers have a few companies to choose from and therefore don't have much control over pricing This makes the bargaining power of buyers a weaker force in the industry Product differentiation in this industry is so high that the customer has a lot of power when there are many products and when the customer has many alternatives to buy That means it is very difficult for buyers to find a substitute product or an alternative company that manufactures a particular product Since then, the bargaining power of buyers has become a weaker force in the industry In addition to price, quality and design are also important to buyers and loyal customers For these buyers, there is less price pressure, which makes buyers' bargaining power a weaker force in the industry So DOJI jewelry and gems should continue to focus more on innovation that makes a difference to attract more buyers Product quality remains a top priority, creating exclusive products to impress customers It needs to build a large customer base because the bargaining power of buyers is very weak  DOJI can take advantage of economies of scale to develop cost advantages and sell at low prices to low-income buyers In this way, an important potential market can be easily reached DOJI may take measures to reduce buyer power by implementing loyalty programs or by differentiating its products and services 18 0 Tieu luan 1.3.2.4 Threat of substitute products The existence of products outside the boundaries of the common product boundary increases the trend of customers switching to alternative products To explore these alternatives, one has to look beyond similar products that are branded by competitors There are very few substitutes available for products manufactured in the industry in which DOJI operates A small number of available substitutes are also made by low-margin industries That means it does not have the highest value in terms of maximum profits that companies can earn in the gold, silver, and gem businesses All of these factors make the threat of alternative products a weaker force in the industry So, to make this force not stronger in the industry in the future, DOJI needs to: o Firstly, there is still a need to focus on improving the quality of products supplied to the market Based on that, get the trust of customers, attract more people, and provide higher quality products but at a lower price than high-quality high-quality alternatives o Secondly, DOJI should focus on developing proprietary products, proving itself to be the only source of supply to the market, and not easily transitioning to alternative products that cannot provide these unique benefits To be able to meet the DOJI needs to understand the needs of customers through market research and towards the customer's wishes 1.3.2.5 Rivalry among existing competitors Finally, examine the current level of competition in the market, which is determined by the number of current competitors and the capabilities of each competitor Competition is high when there are many competitors of equal size and strength when the industry is slow to grow and when it is easy for consumers to switch to low-cost competitors Competitors: o Domestic joint-stock companies: Saigon Jewelry Company Limited (SJC), Bao Tin Minh Chau Jewelry Company, etc These companies are gradually improving and affirming their position their own in the marketplace 19 0 Tieu luan o Private businesses and stores: Diamond World, Silver Cricket, Kute Jewelry This is a group of competitors that can capture the tastes of customers and is the main competitor in the popular jewelry market Currently In the future, they will be strong competitors o Foreign companies: Design International France and Pranda Thailand are operating on a large scale, with modern technology, experience in marketing as well as the financial potential for advertising, and establishing a network retail in our country's market Especially rival PNJ, which is highly appreciated in the country and in the region With a wide range of skin types from popular to high-end and many unique designs but the price is reasonable, it is suitable for many customers and meets the needs of agent stores in provinces throughout the country Moreover, the initial charter capital of PNJ is also many times larger than that of DOJI (PNJ is 24600 mil while DOJI is 4500 mil) In addition, the popularity and brand recognition with customers is also more (eg: PNJ's Facebook fan page is 1.2 million while DOJI has only 600k more, ) That shows that DOJI needs to try harder and contribute more to competitive activities to achieve market leadership This makes competition between existing companies a challenge stronger force in the industry In addition, competition will be more intense when exit barriers are high, forcing companies to stay in the industry despite falling profit margins Barriers to exit can be long-term loan contracts and high fixed costs The strategies of the companies are different, which means they are unique to each other This resulted in them running directly into each other strategically This makes competition between existing companies a powerful force in the industry In the DOJI jewelry, gold, silver, and gemstone manufacturing business, with positive growth, competitors are less likely to get involved in the actions and capital is qualified to business This makes competition between existing companies a weaker player in the industry For each different company in this industry, products are manufactured with different supply and demand benefits Therefore, it is difficult for companies to compete for each other's customers because each of their products is unique This makes competition a weaker force in the industry As the industry is in a growing phase, DOJI may start to focus on new customers instead of competing with customers from other companies And it is 20 0 Tieu luan necessary to have an in-depth market research plan to understand the supply and demand situation in the industry and limit overproduction 1.4 Internal analysis through VIRO The VRIO model created by Jay Barney helps businesses analyze the company's resources and competitiveness The purpose of this is to find out if those strengths can create a sustainable competitive advantage Coming to DOJI, they always understand consumers in each region to "tailor" according to requirements and meet all needs for product quality and design, continuously promoting competitive advantages The following is a more specific breakdown of DOJI's VRIO model: Location Promotion activities Product diversification Quality of products Modern equipments Customer services V R I O Valuable Rare Inimitable Organized YES NO NO YES YES YES NO YES YES YES YES YES YES YES NO YES YES NO NO YES YES NO NO YES Table 1.2 VRIO Frame of DOJI My team evaluates based on basic factors that a jewelry company needs such as: location, promotion, product diversification, product quality, modern equipment and customer service To maintain its current position, DOJI always focuses on investing in product diversification but must have unique characteristics Know how to please customers of all ages, meet the needs of Stocking - Fashion - Gifts at the same time Constantly rising up, researching and applying science and technology to production with the aim of diversifying products DOJI is proactive, creating competitive pressure with itself and leading the market, causing many units in the industry to pursue when creating unique products, positioning high-end jewelry brands in the Vietnamese market Male For example, in recent times, DOJI Jewelry has become a partner of the world's 21 0 Tieu luan leading diamond company - De Beers in cooperating to test a special line of 99 cut diamonds 1.5 Financial situation DOJI owns 15 member companies, affiliated companies contributing capital, 61 branches, nearly 200 centers and stores spread across the country, along with more than 400 agents and points of sale, creating a distribution system Products cover most regions These figures help DOJI rise to become the leading enterprise in the field of gold, silver and gemstone trading Year Revenue Profit 2019 2020 2021 88.900 billion 100.654 billion 130.850 billion 150.9 billion 440.5 billion 560.6 billion Table 1.3 DOJI's business results for the last years However, DOJI's profit margin is very low compared to the general level In terms of growth, profit increases in times But compared to the revenue scale, the profit margin ratio is less than 0.5% 600 500 400 300 200 100 Revenue Profit 2019 2020 2021 Figure 1.7 The business results of DOJI In 2019 and 2020, DOJI's profit has grown strongly, reaching 150 billion and 440 billion dong However, if compared with the revenue scale of 2020 at 100,600 billion, the profit margin of the leading enterprise in gold, silver and gem trading is only slightly higher than 0.4% 22 0 Tieu luan In 2021, when the COVID-19 wave is complicated, having a great impact on the entire Vietnamese economy in general and the retail sector in particular, DOJI Jewelry Group will still maintain its position as a leading brand in Vietnam leading brand in Vietnam Core product lines such as High Jewelry, Diamonds of DOJI Group still maintain revenue growth of about 25 - 30% in the first months of 2021 With this year's ranking, DOJI Group has made its mark for consecutive years, maintaining the 3rd position in the list of honors and for more than a decade in the Top largest private enterprises in Vietnam DOJI's huge revenue mainly comes from sales and investment sources such as jewelry, real estate and banking and finance However, despite operating for a long time in many fields, DOJI's outstanding strength is still the king in the jewelry industry "The combined revenue of both SJC and PNJ" can show that DOJI has become a strong brand in the field of gem jewelry Currently, DOJI Jewelry builds a brand with main product lines including: Diamond House Jewelry, Gems City Color Stone Jewelry, Wedding Land Wedding Jewelry, and Loc Phat Tai Gold Jewelry DOJI's high-end jewelry brands in each segment are bright spots in the market with outstanding differences compared to competitors Over the years, DOJI has always been aware of the importance of improving competitiveness by making extensive and in-depth investments, improving product quality and actively promoting the brand 23 0 Tieu luan CHAPTER FUTURE GROWTH According to the analysis team in the financial situation section, DOJI's jewelry business brings the highest revenue compared to the other two industries, which are real estate and finance and banking, so our team decided to focus on developing this industry in the future In the field of gem jewelry, DOJI also has many competitors, especially PNJ Currently, there are many DOJI stores across Vietnam's provinces and cities, but large store centers are located essentially in Hanoi and Ho Chi Minh City There are only small stores in other provinces To take advantage of that, our team would like to propose a strategy to expand the market, and reach more customers by opening more large centers in potential provinces such as Binh Duong, Can Tho, and Ba Ria - Vung Tau In the short term the first year, we hope to open a large jewelry center in Binh Duong, providing all the products and services that DOJI jewelry is selling to customers Firstly, Binh Duong has the highest per capita income in the country, while DOJI's products are mainly for the high-income customer segment, so Binh Duong is considered a suitable location Secondly, Binh Duong currently has Diamond World stores specializing in selling diamond products and diamond jewelry, not yet selling other items that DOJI is doing business, so having one more store can sell diamond products all DOJI products and services will also attract new customers Thirdly, TGKC stores are concentrated in supermarkets, causing limitations for customers in shopping convenience, if there is a need, they have to go to supermarkets, park cars, waste time, so DOJI's opening a new store with its own space outside will be more convenient and also great to attract customers Fourthly, in Binh Duong, DOJI's competitor, PNJ, has 11 large and small stores This shows that Binh Duong is a potential location for the jewelry industry From these reasons, Binh Duong is a potential province for DOJI to choose to expand in the future 24 0 Tieu luan 2.1 Timeline of project: No 6 Project Time Prepare market expansion project Binh Duong market survey Market research of Binh Duong Choose the form of market entry, plan and target Preparing to enter Binh Duong market Selecting, renting shop, office space Store at Nguyen An Ninh street, Di An city, Binh Duong province Do administrative procedures in Binh Duong Designing store Constructing and decorating store Prepare human resources for store opening day Prepare marketing campaign for store opening day (KOLs, influential artists,…) Starting Finishing months day 1/1/23 day 2/28/23 month 3/1/23 3/31/23 months 4/1/23 5/31/23 month 6/1/23 6/30/23 month month months 7/1/23 8/1/23 9/1/23 7/31/23 8/31/23 12/31/23 months 11/1/23 12/31/23 months 11/1/23 12/31/23 Table 2.4 Grantt of new project 25 0 Tieu luan Q1 2023 (Year 0) Q2 Q3 Q4 2.2 Implementation The future strategy for DOJI is to expand into other potential markets It is expected that in the immediate future, a store will be opened in Di An city, Binh Duong and January 1, 2024 will be the opening date of the showroom To prepare for this day, here is a Gantt chart to clarify each step to take when opening a DOJI store: Step 1: Prepare market expansion project Because of choosing a strategy to expand stores, its reputation to markets, cities and provinces has potential in terms of customer segments as well as geographical location, the first thing to is to prepare specific strategies and plans for this project The plan needs to specify what needs to be done, how long it will take to the work, when it is expected to start selling, etc After researching and considering the locations and number of branches nationwide, Binh Duong will be the first province where DOJI can open a showroom within the next years Step 2: Binh Duong market survey Binh Duong currently has big cities and is currently one of the extremely potential markets in the country because it has the highest development rate in the country In addition, according to the survey, there are currently only “the gioi kim cuong” branches in commercial centers in Binh Duong scattered in towns and cities in the province So maybe in the future, DOJI should consider opening a large showroom in one of the major cities in this market to promote the brand as well as increase sales The customer segment in big cities in Binh Duong such as Di An, Thu Dau Mot, Binh Duong new city has quite high average income, especially in residential areas as well as isolated housing areas Therefore, this may be a market to help DOJI develop more in the future, covering the whole country After downsizing in Binh Duong, DOJI needs to have an additional survey of smaller markets like cities DOJI should make a specific plan about when and where to open a showroom, whether there will be more potential new sources of customers, what is the purpose of market expansion, etc This can be extended for months Step 3: Preparing to enter Binh Duong market After surveying the entire market, Di An could be one of the most potential cities that DOJI might consider opening a store As this city is experiencing a very fast growth rate, the per capita income is also quite high for people living in residential 26 0 Tieu luan and central areas Therefore, DOJI can rent a space with facades with an area of about 360m2 located on Nguyen An Ninh Street, Di An City because here are many high-income people, surrounded by high-class residential areas level and villa area From there, if possible, DOJI can increase revenue quickly Because customers have high income, they often want to own valuable products as well as great brand value Figure 2.8 The ground is considered After choosing the premises to rent, the next thing to is to complete the main legal procedures to start the store business This may take month to complete Next is to go into the design, construction and decoration of the store, which lasts about months In addition, to prepare for the opening day, DOJI needs to carefully recruit employees in all departments Finally, DOJI needs time to contact artists, KOLs, and marketing months before the opening date Step 4: Grand opening 27 0 Tieu luan Opening events as well as opening promotions will last for month to attract customers, attract new customers, as well as position the brand in new markets Step 5: Starting a business The new store will start operating from the opening day, and will last into the future 2.3 Financial Plan: After analyzing the market and drawing a Grantt diagram for the project, our team created a detailed cost table for this project, including initial implementation costs and operating costs for the first month Categories Unit price Amount Total ground Rent space (month) Rent deposit (monthly) Electricity and water costs 180.000.000 180.000.000 100.000.000 Cost 1.360.000.000 180.000.000 1.080.000.000 100.000.000 (monthly) Employee salary 5.000.000 8.000.000 5.000.000 6.500.000 5.500.000 Store design and build Grand Openning Cost (outsourcing costs) Master of Ceremonies Dancers and Singers Teabreak, Grand opening wine Cameraman Full event service (8 hours) Gifts for KOLs and celebrities in event Marketing Cost Email-marketing Telephone Social Media Paid advertising SEO Marketing campaign (outsourcing agency) Customer research and survey Total Table 2.5 Financial plan Sale staff Store manager Receptionist Inspector Security guard 28 0 Tieu luan 16 2 2 130.000.000 80.000.000 16.000.000 10.000.000 13.000.000 11.000.000 2.000.000.000 610.000.000 50.000.000 200.000.000 30.000.000 30.000.000 50.000.000 250.000.000 500.000.000 30.000.000 15.000.000 35.000.000 30.000.000 20.000.000 250.000.000 120.000.000 4.600.000.000 29 0 Tieu luan CHAPTER CONCLUSION One of the major gem groups in the Vietnamese market is DOJI DOJI has left a distinctive impression on the hearts of Vietnamese enterprises thanks to its substantial financial resources, solid people, and astute development strategy Along with growing its business in the gold, silver, jewelry, and gemstone sectors, DOJI also diversifies into other industries like banking, real estate, etc However, DOJI continues to concentrate on the commercial sector Gold, silver, and jewelry continue to be important today The business is often up against rivals like PNJ and SCJ in Vietnam Despite having many rivals, DOJI continues to hold a "large" position in Vietnam But to keep its position and pursue further expansion, a plan for the Vietnamese market must be developed Moreover, with the macro characteristics of the Vietnamese market, there are not only many benefits but also many difficulties when developing and competing in the home market, especially for a specific industry such as jewelry Political and economic stability is considered a big advantage for the company Technology plays a role in the new transformation in the jewelry industry However, technology to produce and design gold and jewelry is still difficult in Vietnam because mainly Vietnamese companies import technologies from abroad The law in Vietnam also greatly supports the development of companies Besides, because the DOJI market is aimed at the domestic market, holding and understanding the culture also creates favorable conditions for making development strategies For the gold, silver, jewelry, and gem industries in Vietnam, when using the Five Forces model to analyze, the team found that there are two factors (the threat of new competitors and the power of suppliers) that remains under control and has little influence on the DOJI The remaining three factors are all factors that DOJI needs to focus on, such as always creating new products to limit substitute products and creating new products to attract customers because this industry depends a lot much on customers With a relatively familiar market, the factor that is of great concern for the company to develop further is the current competitors in the market After analyzing many companies such as PNJ, SJC, , our team found that PNJ is a suitable competitor to compete Accordingly, the proposed DOJI will have a strategy to compete with PNJ and the plan is expected to develop in about years In the plan on opening a large center in Binh Duong, based on the financial situation from 2019 to 2021, the profit in 2021 is about 560 billion With the cost level given for the above strategy, such a cost level is considered appropriate This is considered a new strategy 30 0 Tieu luan that can help DOJI expand its market share and affirm its position in Vietnam as well as a step to create momentum for development in the world market REFERENCES DOJI Group – Tập đoàn Vàng bạc Đá quý DOJI [online] Available at: < https://DOJI.vn/ > Tập Đồn DOJI Năm Liên Tiếp Giữ Ngơi Vương VNR500 [online] Available at: < https://trangsuc.DOJI.vn/tin-trang-suc/tap-doan-DOJI-3-nam-lien-tiepgiu-ngoi-vuong-vnr500 > [Accessed 09 Nov 2022] “Tài Sản Lớn Nhất Của DOI Là Con Người" [online] Available at: < https://trangsuc.DOJI.vn/tin-trang-suc/tai-san-lon-nhat-cua-DOJI-lacon-nguoi > [Accessed 09 Nov 2022] Tập Đoàn Vàng Bạc Đá Quý DOJI | Tin Chuyên Ngành [online] Available at: < http://DOJI.vn/tin-tuc/tin-chuyen-nganh/ > [Accessed 09 Nov 2022] PNJ 2020 [online] Available at: < https://www.poi.com.vn/luc-day-so-cua-pni.html > [Accessed 09 Nov 2022] “Tiết lộ tình hình tài 'đế chế' vàng bạc đá quý DOJI đại gia Đỗ Minh Phú” [online] Available at: < https://vietnamfinance.vn/tiet-lo-tinh-hinh-tai-chinh-de-chevang-bac-da-quy-DOJI-cua-dai-gia-do-minh-phu-20180504224268852.htm > [Accessed 03 Nov 2022] “5 yếu tố khẳng định văn hóa doanh nghiệp DOJI” [online] Available at: < https://vietnamnet.vn/5-yeu-to-khang-dinh-van-hoa-doanh-nghiep-cua-DOJI603982.html > [Accessed 03 Nov 2022] “Giải mã bước tiến khổng lồ DOJI” [online] Available at: < https://kinhtedothi.vn/giai-ma-buoc-tien-khong-lo-DOJI.html > [Accessed 03 Nov 2022] “Sau thâu tóm Thế Giới Kim Cương, DOJI công bố lợi nhuận 188 tỷ đồng năm 2020” [online] Available at: < https://cafebiz.vn/sau-khi-thau-tom-the-gioi-kimcuong-DOJI-cong-bo-loi-nhuan-188-ty-dong-nam-2020-20210406165417607.chn [Accessed 05 Nov 2022] 31 0 Tieu luan > Ngan Hang Nha Nuoc Viet Nam (2013) Nhung quy dinh moi ve quan ly luong hoat dong kinh doanh vang va chat luong vang trang suc, my nghe Retrieved November 29, 2013, from https://www.sbv.gov.vn/webcenter/portal/vi/menu/fm/ddnhnn/nctd/nctd_chitiet? Brademar (2022) Phan tich mo hinh swot cua PNJ Retrieved 2022 from https://brademar.com/phan-tich-mo-hinh-swot-cua-pnj-2/ Thu vien phap luat (2012) Nghi dinh 24 2012 ND CP quan ly hoat dong kinh doanh vang Retrieved April, 3, 2012 from https://thuvienphapluat.vn/van-ban/Thuongmai/Nghi-dinh-24-2012-ND-CP-quan-ly-hoat-dong-kinh-doanh-vang-137569.aspx Trang suc DOJI (2020) Hoat dong san xuat kinh doanh Retrieved 2020 from https://trangsuc.DOJI.vn/hoat-dong-san-xuat-kinh-doanh Tuyen dung DOJI (2019) Linh vuc hoat dong Retrieved 2019 from https://tuyendung.DOJI.vn/linh-vuc-hoat-dong.html Vietnambiz (2019) Moi truong vi mo macro environment la gi cac yeu to thuoc moi truong vi mo Retrieved September 10, 2019 from https://vietnambiz.vn/moi-truongvi-mo-macro-environment-la-gi-cac-yeu-to-thuoc-moi-truong-vi-mo20190909223859777.htm 32 0 Tieu luan ... of DOJILand - Member of DOJI Group Figure 1.7 The business results of DOJI 22 Figure 2.1 The ground is considered 27 LIST OF TABLE Table 1.1 Business Model Canvas of DOJI. .. and future development directions • Chapter 3: Conclusion 0 Tieu luan CHAPTER COMPANY ANALYSIS Figure 1.1 Logo of DOJI DOJI GOLD & GEMS GROUP COMPANY, formerly TTD Trading and Technology Development. .. Logo of DOJI .2 Figure 1.2 Webside of DOJI Jewelry Figure 1.3 DOJI Jewelry Factory Figure 1.4 DOJI Tower Figure 1.5 TP Bank - Member of DOJI group