(Tiểu luận) latent value in ma activity between two enterprises from strategy withdrawing to retail market

VIETNAM GENERAL CONFEDERATION OF LABOUR TON DUC THANG UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION NEGOTIATION IN BUSINESS LATENT VALUE IN M&A ACTIVITY BETWEEN TWO ENTERPRISES FROM STRATEGY WITHDRAWING TO RETAIL MARKET Case study applied for M&A activity between Vingroup and Masan Instructing Lecturer:MBA Trần Khánh Group: 06 Class: 09 Academic year: 2022 HO CHI MINH CITY, 11/2022 EVALUATION OF WORK PERFORMANCE LEVELS No Full name Student ID Evaluation Phạm Hồng Phúc 719H0478 100% Lương Thanh Sơn 719H1109 100% Trần Lê Thảo Trang 719H0563 100% Hồ Thị Kim Ngân 719H0791 100% Trần Gia Bảo Trân 719H0801 86% Ngơ Thụy Đình 719H0345 100% TABLE OF CONTENTS LIST OF TABLES ACKNOWLEDGEMENT CHAPTER 1: INTRODUCTION 1.1 GENERAL OVERVIEW 1.1.1 Consume FMCG in Vietnam 1.1.2 Competitors 10 1.1.3 Population affect FMCG industry 12 1.2 CONSUMER BEHAVIORS 14 1.3 TIMELINE 16 1.4 ISSUES 17 1.5 OBJECTIVES 19 CHAPTER 2: LITERATURE REVIEW 20 2.1 BATNAs 20 2.2 ZOPA 21 2.3 INTEGRATIVE NEGOTIATION 22 CHAPTER 3: ANALYSIS .23 3.1 BACKGROUND OF TWO PARTIES 23 3.1.1 Vingroup .23 3.1.2 Masan 24 3.2 SUMMARIZE THE CASE STUDY 27 3.3 ANALYZE THE CASE STUDY 28 3.3.1 BATNAs of Masan and Vingroup 28 3.3.2 The development processes of Masan and Vingroup 30 3.4 SCENARIOS .39 3.5 EVALUATION 40 CHAPTER 4: SOLUTIONS 42 4.1 SOLUTIONS FOR THE PROBLEMS HAPPENING IN THE PAST 42 4.2 SOLUTIONS IN THE FUTURE FOR VINGROUP AND MASAN 43 CONCLUSION .45 REFERENCES .46 LIST OF ABBREVIATIONS AND ACRONYMS 48 LIST OF FIGURES Figure 1 Potential trends in the Vietnam FMCG market report in 202 Figure % Value Share of total FMCG Market for in-home consumption, 10 Figure Logos of brands competing with Vinmart 11 Figure Annualized growth in the size of consumption market (2021-2030) 13 Figure Timeline summanry of M&A activities between Masan and Vingroup 16 Figure Revenue and profit after tax of Vingroup in the period of 2015 – 2019 18 Figure The relationship between each party’s best alternative to a negotiated agreement (seller and buyer) 20 Figure Organizational structure of Vingroup in 2021 23 Figure No in the Top 10 Prestigious Food Enterprises in 2021 26 Figure 3 Masan’s achievements 26 Figure Ownership structure after the merger between VinCommerce and Masan Consumer Holding in 2019 27 Figure Number of vinmart supermarkets and vinmart + stores 30 Figure The number of vinmart supermarkets and vinmart + stores is expected to open more from 2020 to 2025 31 Figure Revenue growth rate of Vinmart supermarkets and Vinmart + stores 32 Figure Masan's net revenue and profit after tax from 2015 to 2019 33 Figure Annual retail profit before tax of Masan and Vingroup 34 Figure 10 Vinmart logo changed to Winmart 37 Figure Example about new logo for Winmart+ 42 Figure Example about “Mini-mall” project of Winmart+ by Masan Group 43 Figure Vin ID Card 44 LIST OF TABLES Table 1 Epidemic stages in Vietnam Table Timeline about M&A activities between Masan and Vingroup 16 Table Corporate Milestones’ Vingroup 23 Table Corporate Milestones’ Masan 25 Table 3 Revenue comparison between 2020 and 2021 35 Table Revenue comparison between 2020 and 2021 36 Table Scenario in negotiation between Vingroup and Masan 39 EVALUATION OF LECTURER Ho Chi Minh City, November 2022 Performer – Group 06 Document continues below Discover more Đàm phán from: thương lượng Đại học Tôn Đức… 20 documents Go to course [PDF BOOK] Act Like 242 196 225 a Lady, Think Like a… Đàm phán và… 100% (23) [PDF BOOK] How to Win Every Argumen… Đàm phán thươn… 100% (1) [PDF BOOK] Think Like an Entrepreneu… Đàm phán thương lượng None Đàm phán - Tiffany & Co Đàm phán thương lượng None MÔ HÌNH CHẤT LƯỢNG KỸ THUẬT … Đàm phán thương lượng None Thương lượng b4 ACKNOWLEDGEMENT2 Bt buoi phán First and foremost, we would like to thank the Đàm Faculty of vàBusinessNone thương lượng Administration of Ton Duc Thang University for bringing the Negotiation in Business into our curriculum Most especially, we would like to express our sincere and deep gratitude to Mr Tran Khanh who directly taught us valuable knowledge of this subject during this difficult time of study When we joined the Negotiation in Business class, we gained a lot of useful information Those are all valuable knowledge so that we can prepare a good luggage in our future career Negotiation in Business is an extremely beneficial and highly practical subject However, because our knowledge is limited and we have not had many opportunities to absorb reality, there are many inaccuracies In addition, we realize that we are senior, which still have a lot of confusion and difficulties in solving and organizing the problems in this research Although all members have tried their best to complete the report, it is inevitable that the report will have errors We hope you will consider and comment to help us improving our report Once again, we would like to thank! Ho Chi Minh City, 20th November 2022 Group 06 CHAPTER 1: INTRODUCTION 1.1 GENERAL OVERVIEW 1.1.1 Consume FMCG in Vietnam The fast-moving consumer goods (FMCG) industry in Vietnam has been growing fast in recent years Thanks to Vietnam’s rapid economic development, people have more disposable income, hence an improved living standard with an increasing consumption rate of FMCG products The FMCG industry witnessed an unusual increase in FMCG spending for domestic consumption in the first months of 2020 Consumer spending on FMCG increased sharply, especially in March and April, mainly due to the impact of social distancing orders due to COVID-19 Table 1 Epidemic stages in Vietnam Stage Timing 23/1 – 24/7/2020 25/7/2020 – 27/1/2021 28/1 – 26/4/2021 27/4/2021 – present Source: Wikipedia (2022) However, the FMCG market is expected to return to "single digit growth" when the situation calms down Vietnamese consumers keep changing, and at a faster pace It considers continuing to see changes in their thoughts, perceptions, and shopping behavior As such, current brands and products could find themselves obsolete and off the shelf if negotiators don’t adapt and evolve too Moving quickly to understand and capture these changes is essential for any business to grow sustainably According to forecasts, the global FMCG industry from 2017 to 2022 will have an average growth rate of 6%-7% per year FMCG in Vietnam will grow by 8% per year by 2022, which is the same growth rate as developed countries Every FMCG brand uses marketing methods to promote consumption And here are the outstanding trends of the FMCG industry in Vietnam Figure 1 Potential trends in the Vietnam FMCG market report in 202 Source: Marketreport (2020) With the information mentioned above about the fluctuations of the FMCG industry in the Vietnamese market, the current trends in the Vietnamese market, including in urban and rural areas are specifically implemented as following: • Focus on building a brand: In the current economic growth period, the number of luxury brands and brands tends to increase Focusing on building a brand will make it easier for consumers to remember and recognize the distinctive brand of the business • Therefore, in the current modern market trend, it is easy to focus on building quality brands to attract potential customers Through advertising and promotion programs, each product will be deeply imprinted on the user's subconscious Branding and private label building is a job at FMCG Vietnam • The FMCG industry's development trends are also those of rural areas and cities with medium population density The infrastructure as well as high-wage job opportunities in these areas have gradually improved Large commercial centers and commercial systems were also formed Rural areas in Vietnam are fertile ground for the development of FMCG products The FMCG industry is a fastgrowing industry in the Vietnam market This is considered a fertile business land with businesses in the market, helping to form convenient business models for consumers basis of VinMart supermarkets located outside of VRE shopping centers in 2020 increased by 4.8% compared to 2019 VCM's commercial profit ("TCM"), gross profit plus incentives/suppliers' support helped VCM's Q4/2020 net revenue increase by 21.1% compared to 19.0% during the same period in 2019, as initiatives to improve purchasing practices and secure more favorable terms with suppliers began to bear fruit o 2021: Figure 10 Vinmart logo changed to Winmart Source: MarketingAI In 2021, the VinMart supermarket chain, VinMart+ stores belonging to VinCommerce Company and VinEco Company will be renamed by changing the first letter V to W, after more than a year of being transferred to Masan, the color, brand identity given will remain unchanged WCM prioritizes improving profitability and refining its model for store expansion, before entering the network expansion phase, to build a sustainable foundation for long-term growth Profits improved by boldly closing points of sale that did not meet sales targets, improving commercial profitability (“TCM”), and reducing store operating costs In 2021, after optimizing the mini supermarket model, WCM opened 387 new stores, of which 285 stores were opened in the fourth quarter of 2021 This strengthens the Board of Management's confidence in the ability to further expand the number of stores in 2022 and beyond WCM's net revenue decreased by 0.3% compared to the same period last year, from VND 30,978 billion in 2020 to VND 30,900 billion WinMart+ mini supermarket segment achieves net revenue of VND20,948 billion in 2021, up 7.7% compared to 2020 Growth in the WinMart+ segment is due to a new product portfolio focusing on 37 fresh products and innovation more attractive store image and the tendency of consumers to switch from traditional to modern trade channels due to concerns about health and safety Revenue/m2/month on a comparable basis, from store locations that have been in operation for more than 24 months, increased 15% year-over-year The average invoice value is up 24.4% year-over-year, although the average number of bills per day has decreased by 8.2% due to the Covid-19 pandemic As of the end of 2021, there are 2,619 mini supermarkets in operation compared to 2,231 locations at the end of 2020, of which, 285 new locations were opened in the fourth quarter of 2021 and therefore cannot contribute significantly to the revenue revenue of this segment in 2021 The Board of Management aims to multiply the number of mini supermarkets operating under the CVLife model in 2022 across the country WinMart supermarket segment achieved net revenue of VND 9,924 billion in 2021, down 6.6% over the same period last year Sales growth of the supermarket segment is lower than that of mini supermarkets because during the epidemic period, consumers limit going to crowded places such as shopping centers (accounting for 2/3 of the locations and contributing 2/3 of the total number of customers) revenue of WinMart) but instead, they tend to switch to more convenient selling points such as mini marts Revenue/m2/month on a comparable basis will decrease by 10.6% in 2021 mainly due to social distancing regulations to prevent the Covid-19 epidemic Sales/m2/month of supermarkets inside Vincom Retail (“VRE”) decreased by 18%, however, sales of supermarkets outside VRE increased by 4.1% YoY In terms of profitability, WCM achieved a positive net profit after tax attributable to shareholders in the second half of 2021 This is also the first time the company has made a profit in half a year, thanks to a positive EBITDA margin in all four quarters of 2021 WCM's full-year EBITDA 2021 is 3.6%, an improvement of 760 points compared to 2020 Moreover, the goal of the period 2021-2025, VinCommerce will own more than 300 VinMart supermarkets and nearly 10,000 VinMart+ stores, pioneering coverage in all 63 provinces; city, becoming the number choice for partners to accompany and serve nearly 100 million Vietnamese customers 38 3.4 SCENARIOS Table Scenario in negotiation between Vingroup and Masan No Scenario Vingroup Masan Focus on the new goal for each corporation and boost power to industry power ↑↑ ↑↑ The mission of developing Vietnamese product and Vietnamese brand is still in the hands of Vietnamese people ↑↑ ↑↑ Source: Self-aggregated information Scenario 1: Focus on the new goal for each corporation and boost power to industry power With the acquisition of VinCommerce, Masan's scale has nearly doubled, presenting both opportunities and difficulties for the company The retail market in Vietnam will grow very favorably because of this agreement, predicted Mr Nguyen Viet Quang, Vingroup's vice chairman and general director Following the merging of VinCommerce and VinEco, Masan can use VinCommerce's distribution network to spread its goods while also having the advantage of bargaining with its distribution partners With this M&A arrangement, Masan will be able to expand its meat company faster without having to start from scratch with its own distribution system Possessing a sizable system like VinCommerce will enable Masan to streamline its distribution network, lower the ratio of intermediary expenses to consumers, and consequently boost its revenues Resources are available on the Vingroup side to concentrate on key business ventures and maximize every resource to build VinFast and VinSmart into robust, global companies Everything is a result of Vingroup's development plan, which has an emphasis on the technology-industry Furthermore, both parties got what they wanted: Vingroup owns capital in the retail industry but does not intervene in its operation; Masan owns a retail distribution channel and may have additional interests in Vingroup's real estate and technology industries 39 Scenario 2: The mission of developing Vietnamese products and Vietnamese brand is still in the hands of Vietnamese people Vietnamese people generally not need to worry whether the retail market share will be taken over by Thais, Japanese, or Koreans in the context of the Vietnamese retail market There will undoubtedly always be a Vietnamese breakwater to act as a check on foreign businesses Instead of overlapping competitions in market share dominance, the two giants sat together to re-divide the market and fight the rising wave of e-commerce in Vietnam with remarkable names like Amazon, Alibaba, etc The brand value of both Vingroup and Masan immediately increased after the merger, despite the current business results The handshake between Masan and Vingroup will reinforce their power to balance their advantages in the domestic area and compete with foreign retail giants At the same time, domestic consumers will have more opportunities to professionally access shopping styles and deliver diversified goods around the world In the context of the expected fierce competition, after a long time of research and experimentation in the Vietnamese market, foreign businesses have grasped the tastes and consumption habits of the Vietnamese market to expand their networks substantially The combination of Vingroup and Masan is opening a great opportunity in gaining and keeping market distribution share for Vietnamese people - through the channel inherited from VCM, pioneering in supporting domestic exports to develop together 3.5 EVALUATION The benefits that the two sides have achieved after the M&A deal are not small, they are based on the positive attitude, dynamism, and solidarity of the domestic private sector - cooperating for mutual development These benefits are summarized as follows The first is that Vingroup can be more "hands-free" to focus on developing other fields such as manufacturing and technology, which has been considered the keystone of the Group in the past three years Withdrawing from the retail segment, which has not yet brought the expected profits, may even cost more money in the coming period if it continues to be retained before reaching the breakeven point, will help Vingroup improve its capacity finance On Masan's side, the Vinmart and Vinmart+ supermarket systems will be a complete piece in the farm-to-table strategy (Feed Farm Food - 3F model), when in the press release about the merger agreement, the company will own a network of more than 2,600 supermarkets and VinMart and VinMart+ stores in 50 provinces and cities, helping Masan strengthen its competitive advantage and increase profit margin, as it does not have to depend on and share goods for the network of stores other distributors In addition, the benefits from this deal also help the retail industry not to fall completely into foreign enterprises when Vietnam opens the market With the 40 largest retail chain today, if Vingroup chooses to transfer to a foreign corporation instead of Masan, it will be like a warning bell for domestic manufacturers In addition to the benefits that both sides gain, there are disadvantages as well as losses that both corporations must face First, the share price of Masan Group - the parent company of Masan Consumer, the main object of the merger deal, dropped sharply when foreign investors sold out consecutively, in the first week after the merger completion has depreciated by more than 11% However, this is considered a normal thing in M&A deals when the buyer is often strongly sold by investors because they are supposed to buy at a higher price than the actual value because the information difference is obvious Masan's business performance in the future is also a question mark as this segment has caused Vingroup to suffer a loss during its operation under Vingroup Obviously, with the burden from Vingroup shifting to Masan, investors are afraid and selling off this stock is not unusual Besides, despite the core filter in the consumer goods industry, the management of retail distribution channels is not an area in which Masan has much experience But this transfer may not bring more efficiency to the distribution chain than under Vingroup, especially when consumers have been biased for many years about some scandals in the company's product communication strategy of Masan 41 CHAPTER 4: SOLUTIONS 4.1 SOLUTIONS FOR THE PROBLEMS HAPPENING IN THE PAST Firstly, changing brand identity Since it belongs to Masan Corporation, Winmart has not had many changes in brand identity, except changing its name It makes this brand gradually lose its competitive advantage over competitors Brand identity is a very important factor to help customers identify, choose, and stick with a brand for a long time In other words, the brand identity is the face of a company A brand like Winmart of course also needs a brand identity of its own Firstly, this helps Winmart become a completely new brand, no longer Vinmart of Vingroup but Winmart of Masan Group Color, logo, store layout are the most basic features of a new interface, representing Winmart Figure Example about new logo for Winmart+ Source: Designed by report author Secondly, creating core values of Winmart Besides changing the external appearance, Winmart also needs to be renewed in terms of internal values Most of Winmart competitors in the market have special thing like special service, featured foods and drinks, low prices, Absolutely, it is necessary to build a core value of Winmart+ and the outstanding project for this goal has been made, it is "mini mall" - a model serving a variety of essential products and services (including necessities, pharmaceuticals, financial products and entertainment and telecommunications services which is approximately 80% of Vietnamese consumer spending on from offline to online platforms For example, Phuc Long's drink stalls are now available at most Winmart+ stores, creating positive effects on consumer reactions, contributing to a competitive advantage over competitors compete in the fierce retail market in Vietnam 42 Figure Example about “Mini-mall” project of Winmart+ by Masan Group Source: CafeF & Baomoi.com published in 2021 4.2 SOLUTIONS IN THE FUTURE FOR VINGROUP AND MASAN From the information gathered and analyzed above, the author evaluated and considered some solutions to improve the outcome of the negotiation Firstly, Masan already owns almost the entire Vinmart and Vinmart + retail chains, therefore, Masan also inherits the available values that Vingroup has built up such as its brand, market position, and customer data and especially VinID - a smart application that helps maximize the payment process of consumers, helping them have a perfect experience, which no competitor can keep up with in current This is a technology element that Winmart inherited from the father of Vingroup Therefore, the challenge and the next direction of Masan need to really control and grasp the core values of the system chain, thereby constantly improving and developing customer data management, creating favorable conditions for taking care of old customers and reaching potential customers in the future The main features of the VinID super app include: • VinID Voucher: Customers can receive many promotional offers and discounts every day from big brands • VinID Scan&Go: Just scan the product QR code, customers can shop conveniently • VinID Ticket: Support to buy tickets for entertainment programs, football events, sports conveniently • Vinhomes feature: Utility function for residents living in Vinhomes • VinID Pay e-wallet: Helping customers to pay online and shop easily • Utility bill payment: Customers can pay bills for electricity, water, Internet 43 Figure Vin ID Card Source: MarketingAI Second, when taking over this retail chain, Masan should carefully analyze the strengths and remaining problems of Vinmart and Vinmart + to have a detailed view of the existing market At the same time, Masan should take advantage of opportunities to develop its product chain, maximize distribution channels, increase brand recognition through new products with the initial goal of becoming a multi-industry enterprise Thereby, making a specific plan for the next goals, in which Vingroup will be an effective strategic consultant to reaffirm Winmart's position with Masan style Finally, Winmart needs to make a more impression on the market through campaigns and promotions to promote purchases such as increasing the promotion in social platforms like Facebook, Instagram, Zalo or TikTok, etc to create consumption habits and increase brand awareness for new versions At the same time, constantly digital transformation puts the value of the consumer experience first in this fiercely competitive market 44 CONCLUSION Negotiation is a crucial life skill that everyone should study When people want to attain a goal, it requires negotiation abilities in all domains, from business to everyday interactions Especially in business, negotiation skills are vital for both casual day-today interactions and formal transactions such as negotiating sale, lease, and service delivery terms, as well as other legal contracts Negotiation skills will help everyone develop positive connections, produce long-term, high-quality solutions rather than bad, short-term solutions that not meet the needs of either party and avoid future difficulties and disputes Through this report, readers may learn about negotiating abilities from the negotiations between Vingroup and Masan First and foremost, each party must define its own objectives and BATNAs, or what options are open if the other party refuses to consent to an agreement Because ZOPA could not be located, the two parties entered integrative dialogue to find a win-win solution Secondly, although negotiations are challenging, Masan still has a huge ecosystem of food and consumer goods production and distribution In contrast, Vingroup also had an effective strategy which allowed them to focus on the main categories Finally, thanks to our solutions above, both parties can develop towards the better in different ways From there, negotiating abilities have aided both parties in achieving their goals 45 REFERENCES 1) Bình, C (2022, 08 14) Giỏ hàng người tiêu dùng hậu COVID-19 có thay đổi? Retrieved from VTV Báo điện tử: https://vtv.vn/kinh-te/gio-hang-cua-nguoitieu-dung-hau-covid-19-co-gi-thay-doi-2022081310384079.htm 2) Hương, N T (2022, 08 18) Xu hướng hành vi mua người tiêu dùng sau đại dịch Covid-19 Retrieved from Quản lý Nhà nước: https://www.quanlynhanuoc.vn/2022/08/18/xu-huong-hanh-vi-mua-cua-nguoitieu-dung-sau-dai-dich-covid-19/ 3) Yến, V N (2021, 08 13) Sự thay đổi hành vi mua sắm người tiêu dùng Việt Nam tác động dịch COVID – 19 Retrieved from SOCIOLOGY: http://sociologyhue.edu.vn/blog/post/22235 4) Cuong, M (2021, 01 28) Bản báo cáo Kantar cập nhật tình hình thị trường FMCG Việt Nam 2020 Retrieved from https://digimarkvn.com/: https://digimarkvn.com/ban-bao-cao-cua-kantar-ve-cap-nhat-tinh-hinh-thi-truongfmcg-tai-viet-nam-2020/ 5) MKT, M (2022, 06 06) https://hocvien.haravan.com/blogs/loyalty- marketing/nhung-chien-luoc-giam-gia-pho-bien-nhat-trong-thuong-mai-dien-tu Retrieved from https://hocvien.haravan.com/: https://hocvien.haravan.com/blogs/loyalty-marketing/nhung-chien-luoc-giam-giapho-bien-nhat-trong-thuong-mai-dien-tu 6) Nguyen, M N (2022, 08 25) FMCG market in Vietnam - statistics & facts Retrieved from https://www.statista.com/: https://www.statista.com/topics/8192/fmcg-market-invietnam/#topicHeader wrapper 7) San, G T (2020, 02 27) Lý đằng sau thương vụ sáp nhập Vingroup - Masan Retrieved from https://www.brandsvietnam.com/: https://www.brandsvietnam.com/19945-Ly-do-dang-sau-thuong-vu-sap-nhapVingroup-Masan 46 8) Sau thương vụ M&A bom Vingroup Masan, học lớn tư tầm vóc doanh nghiệp https://thuongtruong.com.vn/: Việt (2019, 12 06) Retrieved from https://thuongtruong.com.vn/news/sau-thuong-vu- ma-bom-tan-giua-vingroup-va-masan-bai-hoc-lon-ve-tu-duy-va-tam-voc-doanhnghiep-viet-21378.html 9) SocialSeo (2022, 03 09) Toàn cảnh ngành FMCG thị trường mì ăn liền Việt Nam năm 2022 Retrieved from https://taowebsite.com.vn/: https://taowebsite.com.vn/toan-canh-nganh-fmcg-va-thi-truong-mi-an-lien-vietnam-nam-2021/ 10) T.Hà (2019, 12 05) Hai thái cực đối nghịch thương vụ M&A đình đám Masan Vingroup Retrieved from https://dautuvietnam.com.vn/: https://dautuvietnam.com.vn/doanh-nghiep/hai-thai-cuc-doi-nghich-trong-thuongvu-ma-dinh-dam-giua-masan-va-vingroup-a3214.html 11) Thao, N (2019, 12 03) Vingroup Masan Group thỏa thuận hợp tác Retrieved from https://doanhnhansaigon.vn/: https://doanhnhansaigon.vn/thoi-su-trong- nuoc/vingroup-va-masan-group-thoa-thuan-hop-tac-1095928.html 12) Tìm hiểu nhu cầu khách hàng: Quy trình, Phân tích Đáp ứng (2022, 04 22) Retrieved from https://simerp.io/: https://simerp.io/blog/tim-hieu-nhu-cau-khachhang/ 47 LIST OF ABBREVIATIONS AND ACRONYMS Words FMCG Stand For Fast Moving Consumer Goods VCM VinCommerce MCH Masan Consumer Holding M&A Mergers and acquisitions VND Vietnamese Dong Co., Ltd Company Limited EBITDA Earnings before interest, taxes, depreciation, and amortization VRE Vincom Retail Joint Stock Company TCM Commercial profit WCM WinCommerce YoY Year over Year 48 More from: Đàm phán thương lượng Đại học Tôn Đức… 20 documents Go to course [PDF BOOK] Act Like 242 a Lady, Think Like a… Đàm phán và… 100% (23) [PDF BOOK] How to 196 225 Win Every Argumen… Đàm phán thương… 100% (1) [PDF BOOK] Think Like an Entrepreneu… Đàm phán thương lượng None Đàm phán - Tiffany & Co Đàm phán thương lượng None More from: Kaity Tran 155 Đại học Tôn Đức… Discover more Final report 15 principles of marketing None Final - HS Code 37 Nghiệp vụ hải quan None Review day 1 te8fnwfvu Kinh doanh quốc tế None Recommended for you Mini Project Report 26 56 242 sample Distributed System 100% (3) HRM Hand Book vbcvc BBA 100% (1) [PDF BOOK] Act Like a Lady, Think Like a… Đàm phán và… 100% (23) 196 [PDF BOOK] How to Win Every Argumen… Đàm phán thương… 100% (1)