INTRODUCTION 2 1. Vinamilk background 2 2. Vinamilk market size and market growth 2 3. Mauritius business environment 4 4. SWOT Analysis 4 CHAPTER I: BUSINESS ENVIRONMENT RESEARCH 5 1.1 Political environment 5 1.2. Economic environment 6 1.2.1. General economic environment 6 1.2.2. Dairy industry environment 7 1.2.3. Sociocultural environment 7 1.2.4. Legal environment 8 CHAPTER II: COMPARATIVE STRATEGY AND MODE OF MARKET ENTRY 9 2.1. Competitive strategy 9 2.2. Mode of market entry 10 CHAPTER III: ESTIMATED PROFIT AND GROWTH 12 3.1. Vinamilk’s pricing strategy: 13 3.2. Vinamilk’s marketing strategy: 13 CONCLUSION 13 REFERENCES 15 INTRODUCTION 1. Vinamilk background Founded in 1976, with a mindset of creativity, innovation, and permanent efforts, The Vietnam Dairy Products Joint Stock Company (Vinamilk) has grown to become one of the biggest corporations in Vietnam after 45 years of establishment and development. Vinamilk has constantly contributed to the development of the country in general and of the dairy industry in particular, elevating Vietnam’s dairy products in the global market. Celebrating 45 years of establishment in 2021, Vinamilk not only becomes the top and leading dairy company in Vietnam but asserts its brand position on the international map.
FOREIGN TRADE UNIVERSITY SCHOOL OF ECONOMICS AND INTERNATIONAL BUSINESS -□□□□□ - MID - TERM REPORT Subject: INTERNATIONAL BUSINESS Topic: BUSINESS PROJECT OF VINAMILK IN MAURITIUS Group Class: KDOE307 Lecturer: Assoc Prof Dr Phan Thị Thu Hiền Hanoi, June 2023 TABLE OF CONTENTS INTRODUCTION Vinamilk background 2 Vinamilk market size and market growth Mauritius business environment 4 SWOT Analysis CHAPTER I: BUSINESS ENVIRONMENT RESEARCH 1.1 Political environment 1.2 Economic environment 1.2.1 General economic environment 1.2.2 Dairy industry environment 1.2.3 Socio-cultural environment 1.2.4 Legal environment CHAPTER II: COMPARATIVE STRATEGY AND MODE OF MARKET ENTRY 2.1 Competitive strategy 2.2 Mode of market entry .10 CHAPTER III: ESTIMATED PROFIT AND GROWTH 12 3.1 Vinamilk’s pricing strategy: 13 3.2 Vinamilk’s marketing strategy: .13 CONCLUSION .13 REFERENCES .15 INTRODUCTION Vinamilk background Founded in 1976, with a mindset of creativity, innovation, and permanent efforts, The Vietnam Dairy Products Joint Stock Company (Vinamilk) has grown to become one of the biggest corporations in Vietnam after 45 years of establishment and development Vinamilk has constantly contributed to the development of the country in general and of the dairy industry in particular, elevating Vietnam’s dairy products in the global market Celebrating 45 years of establishment in 2021, Vinamilk not only becomes the top and leading dairy company in Vietnam but asserts its brand position on the international map In Annual Report 2020, Vinamilk has pointed out core values including that directs all activities, behaviors, and decisions of Vinamilk: + INTEGRITY (Integrity and transparency in all actions and transactions) + RESPECT (To have self-respect, respect colleagues, respect the Company and partners, and cooperate with respect) + FAIRNESS (To be fair with employees, customers, suppliers and other parties) + ETHICS (To respect the established ethical standards and act accordingly) + COMPLIANCE (To comply with legal regulations and the Company’s Code of Conduct, rules, policies and procedures) With the vision “to become a world-grade brand in food and beverage industry, where people put all their trust in nutrient and health products” and the mission “to deliver the valuable nutrition to community with our respect, love and responsibility”, Vinamilk provides customers with the nutrition solution with international standards that satisfies their needs with delicious products with various product lines such as: Vinamilk fresh milk, Vinamilk yogurt, condensed milk, Baby food, etc and, powdered milk is one of the most leading and outstanding products Vinamilk has demonstrated a strong spirit of constant innovation, improvement, and seeking out new directions in order to make the company stronger and stronger in the market Vinamilk market size and market growth In recent years, Vinamilk has made an impressive development and become one of the biggest corporations in Vietnam, and now continues to make constant efforts to conquer international markets, approaching its goal to be positioned as one of the 50 biggest dairy companies worldwide After more than 45 years of establishment and development, from small factories at the beginning, Vinamilk has now expanded its scale to 46 subordinate units, consisting of headquarter, branches, 16 factories, 14 dairy farms, warehouses, subsidiaries and affiliates in Vietnam and over the world According to Euromonitor, the Vietnamese dairy market reached a value of 135 trillion Vietnam dong in 2020, representing a growth of over 8% compared to 2019 This growth can be attributed to the rapid expansion of the yogurt and fresh milk segments Figure 1.2.1: Vietnamese dairy market experienced stable growth in both volume and value from 2016 to 2020 Fresh milk segment is the most significant contributor to the value of the dairy industry in Vietnam, encompassing popular brands such as Vinamilk, Moc Chau milk, TH True milk, Dutch Lady, and Nutifood Among them, Vinamilk currently holds the largest market share, with 40% of the total value of Vietnam's dairy market Figure 1.2.2: Fresh milk market in Vietnam in 2020 In recent years, Vinamilk has made an impressive development to become one of the biggest corporations in Vietnam, and now it continues to make constant efforts to conquer international markets, approaching its goal to be positioned as one of the 50 biggest dairy companies worldwide According to the rankings announced by UKbased Plimsoll Publishing Ltd on April 20, 2021, the company climbed to the top 40 world dairy producers with the highest turnovers (The UK-based Plimsoll Publishing Ltd) Mauritius business environment Based on our research, Mauritius is a country that has a very healthy and functional economy, though not without its trouble in the form of high inflation and unemployment We believe this can be a good place for a foreign business to expand into due to some considerable advantages to Vinamilk in cultural, economic, and political environments Therefore, the purpose of this report is to point out and explain the facts and statistics that we think would make this country a good place to build and staff the factory SWOT Analysis - Strengths: + Vinamilk’s strong financial growth over years making it the most valuable brand in Vietnam + Increasing and diversified Vinamilk’s product lines + Using international standards and advanced technology in manufacturing helps Vinamilk maintain the hygiene and quality products - Weaknesses: + Imported materials (from Sweden and G7 countries of Europe) + Negative Press - Rumors have always surrounded Vinamilk regarding the various products but none of them has been proven to date - Opportunities: + Growing demand for dairy products with a growing middle-class population and increasing disposable income in Mauritius + Taking advantage of Mauritius’s beneficial natural conditions + Mauritius’s limited domestic production: Mauritius has limited domestic production of dairy products, which makes it reliant on imports + Health-conscious consumer trend in Mauritius - Threats: + Difficulties in the supply chain since Mauritius is an island nation + Cultural preferences and taste preferences in Mauritius + Lacking some factors in raising cows in Mauritius We use SWOT analysis to assess Vinamilk’s internal and external factors, as well as current and future potential in order to evaluate its competitive position and to develop strategic planning when Vinamilk first enters the Mauritius market CHAPTER I: BUSINESS ENVIRONMENT RESEARCH 1.1 Political environment Mauritius operates in the framework of a multi-party representative parliamentary democracy, in which the President serves as the Head of State and the Prime Minister Head of Government Legislative power is vested in both the Government and the unicameral National Assembly Mauritius is the only African country classified as a “full democracy” by Democracy Index in 2022 and is consistently ranked first in good governance by the Ibrahim Index of African Governance Moreover, in terms of corruption, Mauritius also has a somewhat good record, especially relative to African countries, as it scores 54/100 in the Corruption Perception Index and is ranked 49th out of 180 countries Overall, Mauritius has a peaceful, stable, and functional political environment with good governance, which makes it stand out not just among African nations, where the aforementioned traits are a rare occurrence, but among all countries in the world as well 1.2 Economic environment 1.2.1 General economic environment Since independence from the British in 1968, Mauritius has transformed from a lowincome and agriculture-based to a high-income and diversified country based on tourism, textiles, sugar, and financial services Such is the success of Mauritius that was dubbed “the Mauritian miracle” and “the success of Africa” In 2022, with a population of 1.26 million people, Mauritius has a GDP of US$11 billion, which places it in the middle of African countries; however, it boasts a GDP per capita of US$9.111, placing it in the upper tier, with the World Bank considering it to be a high-income country For most of the period, Mauritius has sustained a growth rate of roughly 4%, which is notable compared to sub-African countries and other developed countries However, the COVID pandemic had the impact of delivering a negative growth rate of -14.9% in 2020, though growth has been positive since 2021 Regarding its other data, Mauritius experienced a high inflation rate of 10.8% in 2022, and until April 2023, when inflation decreased to about 9%, it maintained a double-digit inflation rate Unemployment lies around 7.66%, which is moderately high; while the Mauritian Central Statistic Office estimates labor productivity to be 102.30 points in 2021, and wage is at US$821.69 per month Its Gini coefficient, which measures income inequality, lies at a medium figure of 36.8 Corporate tax in Mauritius ranges from 15% to 17%, while the individual tax is from 10% to 25% The country also offers tax holidays and incentives in specific sectors However, Mauritius is also a noted tax haven Overall, the data shows that Mauritius has a very healthy and functional economy, though not without its trouble in the form of high inflation and unemployment This can be a good place for a foreign business to expand into 1.2.2 Dairy industry environment On paper, Mauritius is gifted with geographical and economic elements advantageous to the development of the dairy industry, including a pristine and clean environment free of major tropical animal diseases, and continuously rising demand from both locals and tourists Moreover, increasingly common heavy rain means that there is no shortage of grass for the industry In reality, Mauritius’ milk production has steadily decreased and is projected to drop 9.7% per year, from 2,100 metric tons in 2021 to 1,200 in 2026 The country also only ranks 172nd in terms of milk production The country heavily relies on import for milk, with import accounting for 95% of milk consumption There are several reasons for this underdevelopment of the milk industry in Mauritius Firstly, production cost plays a major factor, as breeding cattle for milk requires expensive land, buildings, special machines, etc., and animal feeds are imported because Mauritius has no fodder collection industry Secondly, the market is limited, as while locals are fond of powdered milk, they have no such attachment to fresh milk, and the government has no effective marketing campaign or an effective distributing system to solve the issue Thirdly, veterinary service, though free, is constrained by a lack of veterinarians Fourthly, many breeders are grouped into cooperatives, but cooperatives can be inefficient and suffer financial difficulties That said, there have been promising signs in the industry in recent years The sector has received major investments, with projects such as Golden Cream Ltd and SKC Surat, and a biotechnology park from the Indian company Aadicon Biotechnology Ltd The joint FAO/IAEA Division has also been assisting Mauritius in increasing its research capacity to make its dairy industry more competitive through local production, utilization of by-products of the sugar industry and lands available due to the decline in sugar cane production 1.2.3 Socio-cultural environment Mauritius is a multi-ethnic, multi-language, and plural society with four major religions (Hinduism, Christianity, Islam, and Buddhism), in which Hinduism is practiced by a majority of people Secularism is the official government policy, with religious discrimination forbidden and freedom to practice or change one’s religion guaranteed Religious public holidays are the Hindu festivals of Maha Shivaratree, Ougadi, Thaipoosam Cavadee, Ganesh Chaturthi, and Diwali; the Christian festivals of Assumption and Christmas; and the Muslim festival of Eid al-Fitr The official language of Mauritius is English, a legacy of British colonialism; yet aside from usage in official documents and communications, as well as in tourism, English is rarely used daily Instead, the business and social aspects, as well as the media, and literary expression are dominated by the French language, no doubt a strong mark left behind by the presence of French settlers French is also associated with high culture, which is another reason for its more frequent usage The island of Mauritius had no indigenous population, and was historically characterized by waves of European colonization and multiple immigration of Indian and Chinese The coexistence of Mauritian Indian, African, European, and Chinese led to a sharing of values and culture, collective participation in festivals, and increased understanding between people of different ethnic backgrounds That said, it is also unpopular to encourage the dissolution of cultural boundaries, as Mauritians from different cultural backgrounds are very distinct 1.2.4 Legal environment The legal system of Mauritius is a hybrid one, derived from both British common law and French civil law The system in Mauritius is adversarial and the Supreme Court has held that the rules of evidence are derived from an adversarial model of justice Litigations can be settled either via out-of-court arbitration and mediation, or courtmandated commercial litigation or mediation The country has a solid reputation in terms of legal practice through a strong legal and regulatory framework in compliance with international demand for greater transparency The country is also a member of multiple investment protection treaties, non-double taxation treaties, as well as anti-corruption treaties such as the Convention on Mutual Administrative Assistance in Tax Matters and the Eastern and Southern Africa Anti Money Laundering Group Mauritius also has a system of automatic information exchange to combat tax and financial crimes through the Common Reporting Standard and the Foreign Accounts Tax Compliance Act That said, there are still instances where the enforcement of laws is co-opted by nefarious actors for political or other purposes CHAPTER II: COMPARATIVE STRATEGY AND MODE OF MARKET ENTRY 2.1 Competitive strategy As assessed from the above analysis of the business market and the decision of acquisition to enter the Mauritius dairy market, it is recommended that a Multidomestic strategic approach should be used, and the key product used for targeting the market is powdered milk to best suit this market When entering Mauritius’ dairy market, it is essential to notice the differences between the business environment and consumer product preferences Regarding Mauritius's dairy industry environment, Mauritius's domestic dairy products are considered to be underdeveloped due to the lack of promotion in consumption from the government for the dairy industry and the shortage of animal feeds This is contrary to the Vietnamese dairy industry since this is seen as one of the most potential industries in Vietnam, with over 200 dairy producers, along with fastgrowing milk consumption per capita of 28 liters in 2021 This poses a challenge for Vinamilk to discover a more profound way to enter Mauritius’ dairy market by raising awareness through marketing activities and optimizing the production process to utilize the natural resources best, the available supply chain, and the regulatory framework here Besides the fundamental differences in the business environment, Vinamilk should also understand Mauritians’ preferences in consuming dairy products The most popular form of milk consumed by Mauritians is powdered milk According to the Dairy Regional Trade Policy Paper, September 2004, among the COMESA countries, Mauritius is the country where most dairy is consumed for powdered milk Powdered milk in Mauritius is usually sold in large packages weighing approximately 1kg It is used for many purposes by Mauritians, not only for primary household consumption as an alternative to fresh milk and an essential ingredient in a wide range of dishes such as baked goods and desserts On the other hand, most of the products within the powdered milk line of Vinamilk serve more niche usage purposes and consumers, such as Vinamilk Optimum Gold, Dielac Grow for children, or Optimum Mama Gold for pregnant women Even though Vinamilk does have a line of full-cream powdered milk for the whole family, it is not as popular, too Hence, in order to serve the demand of the Mauritius dairy market, Vinamilk would need to customize the product’s taste and functions to be suitable for Mauritians' demand Not only the product’s taste and functions but Vinamilk would also need to be aware of the price adjustment when entering the market As stated above, Powdered milk in Mauritius is usually sold in large packages with a price range between Rs 136 to Rs 337 (Equivalent to $1.65 - $4.09) This price range is much lower than the average price of powdered milk sold in Vietnam (approximately $8.12 - $20) This is also a challenge for Vinamilk to adapt to the dairy market in Mauritius In conclusion, entering the Mauritius dairy market requires Vinamilk to adapt its product to local preferences and find the most suitable comprehensive marketing, supply chain management, and sales tactics Therefore, it is recommended that Vinamilk should use a multi-domestic strategy with the key product being the fullcream powdered milk to set up business in this region 2.2 Mode of market entry In pursuit of expanding a formula milk production factory to Mauritius, Vinamilk is advised to choose acquisition as its mode of entry This strategic decision involves acquiring an existing company in Mauritius to gain a foothold in the local market and establish a significant presence By opting for acquisition, Vinamilk aims to leverage the expertise, resources, and market position of the target company to expedite its entry into the Mauritian market This approach is also attributed to Vinamilk’s development strategy, which prioritizes seeking for M&A opportunities with other dairy companies based in different countries to expand its market share and generate high revenue Acquisition is the most suitable mode of entry for Vinamilk in this case for the following reasons (i) Development strategy: As has been aforementioned, Vinamilk prioritizes seeking M&A opportunities with dairy companies in other countries for the purpose of expanding the market and increasing sales They continue to penetrate new export markets with the strategy of converting the traditional goods export model into types of deep cooperation with distribution partners in new key markets 10 (ii) Market Access: Acquisition provides Vinamilk with immediate access to the Mauritius market By acquiring a local Mauritius company, Vinamilk can tap into its existing customer base, distribution channels, and market knowledge This allows for a faster market entry compared to setting up operations from scratch (ii) Established Infrastructure: Acquiring a local company gives Vinamilk access to an established infrastructure, including production facilities, supply chains, and warehousing capabilities This can significantly reduce the time and costs associated with building new facilities and setting up operations, especially in the case when other inputs cost much higher, for example, expensive land, buildings, and animal feeds, which are imported because Mauritius has no fodder collection industry (iii) Competitive Advantage: Vinamilk is likely to have a competitive advantage by eliminating or reducing competition in the market, for example, the joint FAO/IAEA Division By acquiring a local player, Vinamilk can strengthen its market position and gain a larger share of the Mauritius market (iv) Local Relationships and Networks: The acquired company likely has established relationships with suppliers, distributors, retailers, and other stakeholders in the industry Since Mauritius includes different cultural backgrounds, these existing networks can facilitate Vinamilk's entry and help in building relationships with key players in the Mauritius market However, there are also potential challenges and considerations for Vinamilk when pursuing acquisitions as a mode of entry (i) Cultural Differences: Vinamilk must carefully assess and manage any cultural differences that may arise from acquiring a local company Understanding and adapting to the local business practices and culture is crucial for successful integration (ii) Integration Challenges: Integrating the acquired company into Vinamilk's operations can be complex Harmonizing the processes, systems, and cultures requires careful planning and execution to ensure a smooth transition 11 (iii) Regulatory and Legal Considerations: Vinamilk must comply with all relevant laws and regulations related to M&A in Mauritius This includes obtaining necessary approvals, permits, and licenses, as well as adhering to competition laws and other regulatory requirements CHAPTER III: ESTIMATED PROFIT AND GROWTH From the financial report of Vinamilk from 2018 to 2022, we can see that Vinamilk has a stable growth in net profit after tax & an average growth of almost 7% in revenue (chart below) Figure 3.1: Vinamilk Net revenue and Net profit after tax from 2018 to 2022 Based on these data, we have estimated the growth in revenue & profit of Vinamilk in the next years (2023-2027) to be as followed: Figure 3.2: Growth projection from 2022 to 2027 We forecast that in the beginning of the business project, the net revenue & net profit 12 after tax of Vinamilk will be reduced at a rate of 15% compared to that of 2022 In 2024, the net revenue & net profit will recover to the same figures in 2022 From 2024 to 2027, the net revenue will witness a stable growth of 8% & 5% for the net profit after tax Our rationale for these growths is: 3.1 Vinamilk’s pricing strategy: We will enter the Mauritian market with the penetration pricing strategy, which means that we will set the price lower than any other competitors in Mauritius We will penetrate the market with our Optimum Gold powdered milk product line and set the price at 450MR (232.000VND) per 1800g can This will result in a decrease in revenue & profit for our first year, but it will attract a large customer base for us After 2023, we will slowly raise the price, our goal is to increase to 650MR (335.000VND) in 2027 Due to the high quality of our product, as well as Mauritius’ rising demand for dairy products or health-beneficial products in general, we strongly believe that Vinamilk will achieve & maintain stable profit growth in Mauritius regardless of the rise in price 3.2 Vinamilk’s marketing strategy: The criteria of our marketing strategy in Mauritius is being cost-efficient Cost-efficient here is defined as earning high return on as low investment as possible Our target audience is middle-aged moms & their kids (ranging from to 10 years old) who live in the urban area of Mauritius Regarding the distribution channel, we will focus on the e-commerce channel, which will cut down on product distribution costs & fit with the digitalization trend in Mauritius We will also cooperate with Mauritius on ongoing dairy projects such as Golden Cream Ltd and SKC Surat Vinamilk can provide R&D and human resources support in return for a lower cost in Vinamilk’s further powdered milk production in Mauritius CONCLUSION In this paper, we have researched the dairy market and business environment to choose a country on the African continent being the most advantageous to The Vietnam Dairy Products Joint Stock Company (Vinamilk) in cultural, economic, and political environments since Vinamilk wants to put a formula milk production factory in Africa Because we believe the business project of Vinamilk in Mauritius would 13 reasonably present a promising opportunity for the growth and success of Vinamilk in Africa, Vinamilk is advised to choose acquisition as its mode of entry and multidomestic strategy as its competitive strategy In order to achieve long-term success, Vinamilk also needs to carefully consider, assess and manage any cultural differences, integration challenges and legal system in Mauritius It is evident that Mauritius possesses the necessary attributes to make it an ideal destination for Vinamilk's business project By acquiring a local Mauritius company, Vinamilk can tap into its existing customer base, distribution channels, market knowledge as well as established infrastructure and established relationships with suppliers, distributors, retailers, and other stakeholders in the industry to drive growth and enhance competitiveness We also give rational reasons for the estimated profits and growth when Vinamilk first enters the Mauritius market From this, it can be concluded that despite some threats and drawbacks in the dairy market, Mauritius is 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