3 Trang 5 1 COMPANY INTRODUCTION 1.1 History and development: Vision: “For a more beautiful and healthier life.” Mission: “DHG Pharma always provides high-quality products and services
VIETNAM GENERAL CONFEDERATION OF LABOUR TON DUC THANG UNIVERSITY FACULTY OF FINANCE AND BANKING - MIDTERM REPORT SUBJECT: FINANCIAL PLANNING AND POLICY Topic: THE NEW PROJECT OF COVID-19 MEDICINE (Cv19med) Lecturer: Do Thi Thanh Nhan Group’s members: Nguyễn Ngọc Tiên B19D0029 Trần Ngọc Anh Thư B19C0068 Ho Chi Minh City, 14th December 2021 Table of Contents COMPANY INTRODUCTION 1.1 History and development: Vision: Mission: Core Value: History: Noble titles: Distinguished & spotlight Awards in 2020: 1.2 Business industry: 1.3 Introduction of products: 1.4 Business performance in recent years 11 1.5 Analysis of strengths and weaknesses (SWOT) 13 APPRAISAL OF INVESTMENT PROJECTS 15 2.1 Project introduction: 15 2.2 Project appraisal 16 2.2.1 Project information 16 2.2.2 Revenue Forecast 17 2.2.3 orecast costs 17 2.2.4 Building the income statement 19 2.2.5 Building cash flow 2.2.6 Calculate the cost of capital of the project (WACC) 2.2.7 Project appraisal by NPV, IRR PROJECT RISK ANALYSIS 3.1 Types of Risks of the Project 3.2 Scenario analysis 3.3 Sensitivity analysis 4 CONCLUSION REFERENCES List of tables Table The expected revenue of the project 17 Table Fixed costs 18 Table Variable costs 18 Table The expected costs of the project 19 Table Expected income statement 20 Table The free cash flow of the project Table Cost of capital (WACC) Table Net present value (NPV) and Internal rate of return (IRR) Table Two variables analysis between Sales and COGS Table 10 Best, Worst and Base Case 1 1.1 COMPANY INTRODUCTION History and development: Vision: “For a more beautiful and healthier life.” Mission: “DHG Pharma always provides high-quality products and services to satisfy the aspiration for a more beautiful and healthier life.” Core Value: • Our highest commitments are quality, safety, & effectiveness • Our ways of doing business are with responsibility, cooperation, & promotion • Our foundation for development is knowledge & creativity • Our pride is DHG Pharma’s cultures and identify • Our long-term goal is mutual prosperity with partners • Our activities all centered around the benefits of the community • Our competitive advantage is the superior differentiation History: • The predecessor of DHG Pharma is the 2/9 Pharmaceutical State Enterprise, established on September 2, 1974, at Kenh Dat set, Khanh Lam Commune (now Khanh Hoa Commune), U Minh District, Ca Mau Province • After April 30, 1975: the Department of Public Health of the Southwest Region was dissolved, and the 2/9 Pharmaceutical Enterprise was assigned to the Hau Giang Department of Health for management • 1982: DHG Pharma was established on the basis of merging three units: 2/9 Pharmaceutical State Enterprise, Level Pharmaceutical Company, Pharmaceutical Station • 1988: The People's Committee of Hau Giang Province decided to merge the Company Supplying medical supplies and equipment and the Hau Giang Pharmaceutical Complex • September 9, 2004: The Hau Giang Pharmaceutical Complex changed into DHG Pharmaceutical Joint – Stock Company Noble titles: Year Title Awarded by 1988 Third-class Labor Medal President 1993 Second-class Labor Medal President 1996 Hero of Labor (1991-1995 period) President 1998 Labor Medal First Class President 2004 Third Class Independence Medal President 2005 Certificate of Merit Decade for Quality (1996 - 2005) Prime Minister 2006 - High-quality Vietnamese goods, contributing to the cause of Prime Minister 2007 building socialism and defending the country 2010 Second Class Independence Medal President All of these noble titles showed that DHG Pharma has been gradually developed and sustainable in its industry and not only tries to get more and more noble titles but also brings people more and more healthy products Distinguished & spotlight Awards in 2020: • consecutive years Top 50 Best Listed Companies voted by Forbes Vietnam Document continues be Discover more from: Hoạch định ngân sách vốn đầu tư B02030 Đại học Tôn Đức Thắng 28 documents Go to course KNTGreenCup - Báo Cáo Hoạc 26 Định ngân sách vốn đầu tư - C Hoạch định ngân sách vốn đầu tư 100% Hoach dinh extra ex final 2023 Hoạch định ngân sách vốn đầu tư N Report - aaaa 47 Hoạch định ngân sách vốn đầu tư N Ebook Bí gọi vốn thành 49 cơng Hoạch định ngân sách vốn đầu tư N Summary chương Hoạch định ngân sách vốn đầu tư N Assignment OF Process Hoạch định ngân sách vốn đầu tư N • consecutive years of Scoring Hat-tricks at the Vietnam Listed Company Award with the following awards: - Top 10 Best Annual Reports (Midcap) - 1st Prize for Best Corporate Governance Report (Midcap) - Top Best Sustainable Development Reports • consecutive years Top 10 Prestigious Pharmaceutical Companies voted by Vietnam Report • consecutive years Top 50 Vietnam’s Best Performing Companies organized and voted by Vietnam Investment Review Magazine • consecutive years Top 50 Leading Brands in Vietnam voted by Forbes Vietnam • Certificate of Merit from The State Securities Commission for the contribution to the development of HoChiMinh Stock Exchange (HOSE) and the stock market in the period 2015 – 2020 • consecutive years Top 15 Listed Enterprises with Best Performances (2017 – 2019) • 24 consecutive years Vietnamese High-quality Goods voted by consumers 1.2 Business industry: Manufacturing and trading pharmaceuticals, functional foods and cosmetics - The pharmaceutical industry discovers, develops, produces, and markets drugs or pharmaceutical drugs for use as medications to be administered (or selfadministered) to patients, with the aim to cure them, vaccinate them, or alleviate the symptoms - The functional food industry, consisting of food, beverage and supplement sectors, claimed to have an additional function (often one related to health promotion or disease prevention) by adding new ingredients or more of existing ingredients - The cosmetic industry describes the industry that manufactures and distributes cosmetic products 1.3 Introduction of products: • Antibiotic Antibiotics are one of the key categories that account for more than 35% of the sales of DHG’s goods Over the past 15 years, Klamentin – Haginat have always been trusted by health workers, doctors, and large hospitals These two brands have been available in more than 98% of drugstores nationwide Many products of the Antibiotic category are proven to be bioequivalent to the invention drugs and are always present in the Top 200 marketleading products (according to IQVIA research) Outstanding products: Klamentin - Haginat, Zaromax 500, Clabact • Analgesic - Antipyretic In Vietnam, DHG Pharma is the first enterprise to launch a diverse line of analgesics antipyretics for all ages As for the sachet product for children in the form of sweetened orange-flavored effervescent powder, which conquers the trust of doctors, pharmacies and consumers With more than 20 products meeting Japan-GMP standards, this category has offered its customers the choice of international quality products at affordable prices Outstanding products: Hapacol 250, Hapacol 650, Hapacol 650 Extra, Hapacol Blue, Hapacol Extra • Respiratory More than 70% of sales of the Respiratory category are manufactured on Japan-GMP production lines, effectively meeting the demands of treating a wide variety of respiratory diseases Recently, Cozz IVY syrup with France-originated imported materials is effective in treating cough with phlegm and is well-welcomed by doctors, pharmacies, and consumers Outstanding products: Telfor, Medlon, Cozz IVY • Nutrition With the desire to provide nutrition for the health of the community, the nutrition industry is always innovating and developing many new products best to meet the demands of every single family member Among them, Bocalex is taking the lead in sales of effervescent tablets with vitamin supplements Bipp leads the sales of children’s vitamin candy products Furthermore, the Nutrition category develops new products from Spirulina such as Spivital, Pimum, and Anomin Gold to promptly meet the demands of all family members Outstanding products: Bocalex, Bipp, Pimum • Musculoskeletal The category has more than 70% of products meeting Japan-GMP and bioequivalence DHG Pharma is proud to own AlphaDHG - one of the leading products in the domestic market and the first choice of doctors This product helps increase treatment efficiency but still saves costs for patients In addition, the Atocib product group (Etoricoxib, new generation of painkillers) are certified standards that are the first bioequivalence in the Vietnamese market and Japan-GMP standard Outstanding products: Atocib, Mebilax, AlphaDHG • Gastrointestinal - Hepatobiliary APPRAISAL OF INVESTMENT PROJECTS 2.1 Project introduction: DHG Pharma belongs to DHG Pharmaceutical Joint – Stock Company which provides many medical products such as Antibiotic, Analgesic – Antipyretic, etc with a passion toformaking the community’s life better, healthier DHG Pharma always manufactures the best medicals as soon as possible to help ill people overcome the sickness As we can see, at the end of 2019 – December, there was a virus called SARS–CoV–2 or COVID-19 was found in Wuhan, China This virus is highly contagious and has spread rapidly all around the world COVID-19 usually causes respiratory symptoms, which can feel like a cold, flu, or pneumonia COVID-19 can attack more than just your lungs and respiratory system Other parts of your body can also be affected by this disease For nearly years, there are more than 260 million people affected by this virus and more than million people passed away In Vietnam, people have struggled with this virus, increasing to more than million, and people couldn’t come over more than 24 thousand To heal people, COVID–19 vaccines were made and are a critical tool for helping bring the pandemic under control There are vaccines against COVID –19 that have been licensed in Vietnam by the Ministry of Health: AstraZeneca, Gam-COVID-Vac (SPUTNIK V), Vero Cell, Comirnaty of Pfizer/BioNTech, Spikevax (Moderna), Janssen, Hayat-Vax, and Abdala The advantages of these vaccines are effective and can reduce the risk of getting and spreading the virus that causes COVID–19, which helps children and adults from getting seriously ill even if they get COVID-19 Besides that, there are some disadvantages related to the environment For people to get vaccinated, the medical sector has to use many syringes and equipment which is only used once Seeing those problems, we want to a project which not only helps people not affected by the virus but also protects the environment from waste Our project is preparing an orally COVID medicine that is taken by mouth, which is called Cv19med Cv19med will be taken after people get tested through PCR tests or rapid lateral flow tests and give positive results Although this project might be has been being prepared by some developed countries, but as a strong pharmaceutical company in Vietnam, we also want to give the best medicines not only for our citizens but also foreigners who are working and living here Moreover, we want to help some poor countries to come through this pandemic together 2.2 Project appraisal 2.2.1 Project information 2.2.1.1 Internal factors Finance In order to finance the business, the requirement of initial capital is about 2.5 billion dong to serve for buying the production line, researching for the formulation of the medicine and purchasing the main material for making the medicine Therefore, with a particular project that we planned, our company decided to make a business loan from Techcombank with an interest rate of 9% for the medicines Cv19med project Production line The production line of making the medicine that supports health for COVID-19 is supervised by the professional expert in drug research to make the safest ones with high quality Moreover, our company almost uses the machine that we already have in the factory and laboratory So we just need to invest in some of the devices that are needed in the production, such as tablet press machines, special storage materials, and medicines 2.2.1.2 External factors The COVID-19 pandemic is more and more serious now, but we still have not found the specific treatment regimen for the virus Even though we have doses of the vaccine, we will have a risk of getting sick Nowadays, many pharmaceutical companies are researching for the formulation of a medicine that can cure COVID-19, but the results of those are still not officially announced Therefore, Cv19med is the drug that helps the victim support their health with good resistance to beat the virus The invention of our medicine is very important because it brings to the customer a hope that they can approach treatment opportunities, changing the situations in today’s pandemic with the high quality of medicines 2.2.2 Revenue Forecast Currently, we estimate that bottle of medicine will take 120,000 VND and will keep this price for the whole years of this project According to the average growth of sales from 2015 to 2020 of DHG, we calculated in sheet “Base of cost” that it took 1.01%, so we will estimate unit sales will grow 1.01% every years after In the end, the expected revenues for the total years is about 153 billion VND Year Medicine price 120,000 120,000 120,000 120,000 120,000 250,000 252,537 255,100 257,689 260,305 Unit sold Revenue 30,000,000,000 30,304,473,467 30,612,037,071 30,922,722,174 31,236,560,455 Table The expected revenue of the project 2.2.3 orecast costs In this project, we estimate fixed costs and variable costs as follows: In terms of fixed costs, we evaluate each year we will spend 3,600,000,000 VND for 30 employees, the cost for renting a warehouse to manufacture is 180,000,000 VND, the quality testing cost will take 40,000,000 VND, in order to get attraction from hospital, pharmacy and individuals we will spend 120,000,000 VND in advertisement and other costs will take 60,000,000 VND All of these costs are determined each year and will increase 5% every years after as we can see in sheet “Expected costs” Unit Cost Each month Each year 30 10,000,000 warehouse 15,000,000 15,000,000 180,000,000 Quality testing cost 10,000,000 10,000,000 40,000,000 Advertisement 10,000,000 10,000,000 120,000,000 Other costs 5,000,000 5,000,000 Labor 300,000,000 3,600,000,000 Total fixed costs 60,000,000 4,000,000,000 Table Fixed costs In terms of variable costs, each tablet of medicine spends 2,100 VND in direct material costs, and bottle has 30 tablets so the direct material costs for bottle of medicine is 63,000 VND, packaging costs take 8,000 VND and other costs is 6,000 VND for each one bottle Total variable cost of each bottle is 77,000 VND and is expected to increase 5% each year as we can notice in sheet “Expected costs” Costs 63,000 Direct material costs Packaging costs 8,000 Other costs 6,000 77,000 Variables cost per unit Table Variable costs At the end of years of the project, total costs is expected 130,758,905,352 VND Year Fixed costs 4,000,000,000 4,200,000,000 4,410,000,000 4,630,500,000 4,862,025,000 Variables costs per unit Total variable costs Total costs 77,000 80,850 84,893 89,137 93,594 19,250,000,000 20,417,638,999 21,656,102,976 22,969,687,931 24,362,950,446 23,250,000,000 24,617,638,999 26,066,102,976 27,600,187,931 29,224,975,446 Table The expected costs of the project 2.2.4 Building the income statement Before getting to know about earning before interest and tax, we summarize the data from Table and Table 2, especially add the depreciation expense Capital expenditure in the project combines research and development cost and machine, R&D cost based on average R&D cost is 2,074,800,000 VND in the financial statement of DHG in years from 2016 - 2020 (mentioned in sheet “Base of costs”) and we will use machines for manufacturing from ordering on website Alibaba with the total costs is 450,000,000 VND So we spend 2,524,800,000 in capital expenditure and the depreciation in each year is 504,960,000 VND (mentioned in sheet “Expected costs”) The interest expense from each year is mentioned in sheet “Cash flow” before evaluating the earning before tax Tax rate in this project is 10% according to Clause Article 13 Consolidation document 04/VBHN-VPQH Law on Corporate Income Tax At the end of years, Cv19med project has a high net income which is up to 17,690,173,754 VND Year Sales 30,000,000,000 30,304,473,467 30,612,037,071 30,922,722,174 31,236,560,455 Variable costs 19,250,000,000 20,417,638,999 21,656,102,976 22,969,687,931 24,362,950,446 Fixed costs 4,000,000,000 4,200,000,000 4,410,000,000 4,630,500,000 4,862,025,000 Depreciation expense EBIT Interest expense EBT Tax Net income 504,960,000 504,960,000 504,960,000 6,245,040,000 5,181,874,469 4,040,974,096 45,446,400 36,357,120 27,267,840 6,199,593,600 5,145,517,349 4,013,706,256 619,959,360 514,551,735 401,370,626 5,579,634,240 4,630,965,614 3,612,335,630 Table Expected income statement 504,960,000 504,960,000 2,817,574,243 1,506,625,009 18,178,560 9,089,280 2,799,395,683 1,497,535,729 279,939,568 149,753,573 2,519,456,114 1,347,782,156 2.2.5 Building cash flow Unit of measurement: dong Year 30,000,000,000 30,304,473,467 30,612,037,071 30,922,722,174 31,236,560 FC 4,000,000,000 4,200,000,000 4,410,000,000 4,630,500,000 4,862,025 VC 19,250,000,000 20,417,638,999 21,656,102,976 22,969,687,931 24,362,950 COGS 23,250,000,000 24,617,638,999 26,066,102,976 27,600,187,931 29,224,975 Revenue Depreciation EBIT Interest EBT Tax Profit after tax Plus: Depreciation Less: CAPEX Less: Delta NWC 504,960,000 504,960,000 504,960,000 504,960,000 504,960 6,245,040,000 5,181,874,469 4,040,974,096 2,817,574,243 1,506,625 45,446,400 36,357,120 27,267,840 18,178,560 9,089 6,199,593,600 5,145,517,349 4,013,706,256 2,799,395,683 1,497,535 619,959,360 514,551,735 401,370,626 279,939,568 149,753 5,579,634,240 4,630,965,614 3,612,335,630 2,519,456,114 1,347,782 504,960,000 504,960,000 504,960,000 504,960,000 504,960 -160,429,839 -162,058,060 -163,702,806 -165,364,245 -2,524,800,000 -15,807,272,818 Plus: Salvage value PPE Delta NWC FCF 16,458,827 -18,332,072,818 5,924,164,401 4,973,867,554 3,953,592,824 2,859,051,870 18,311,569 Table The free cash flow of the project Free cash flow is the profit of the company after paying tax, deducting capital expenditures, changing in net working capital, and adding all the non-cash expenses such as depreciation expenses, salvage value of the company In table 5, the cash flow of the initial year is about -18 billion dongs, which means that, in the project of making medicine for COVID-19, we have to invest about 18 billion dongs in operating the process and covering all the expenses In the years later, the cash flow of the project turns to be positive due to the fact that the depreciation costs, which is a non-cash expense, is added into the cash flow and a decrease in delta of networking capital of the project Moreover, in the last year, the free cash flow that plus a salvage value of net working capital, accounted for around 18 billion dongs 2.2.6 Calculate the cost of capital of the project (WACC) Weight of debt 0.2 Weight of equity 0.8 Beta of project 0.22 Cost of equity 4% 9% Cost of debt 4.67% WACC Table Cost of capital (WACC) In terms of calculating the cost of capital for the project, it is presented all the sources and methods in sheet “WACC” of excel file To explain more specifically, the beta of the project is collected from a website vietstock.finance which represents all the information and index of DHG joint stock company Besides that, the cost of equity is calculated by the following formula Cost of equity = Risk-free rate of return + Beta × Equity risk premium Moreover, we also estimated the weight of debt and equity-based on the financial statement of DHG in 2020, and the cost of debt is 9% which is based on the interest rate of business loans in 2020 of Techcombank Finally, the cost of capital of the project is about 4.67%, and it is a good signal of profitability because the lower the cost of capital is, the greater NPV is 2.2.7 Project appraisal by NPV, IRR NPV 12,272,530,231 IRR 22% Table Net present value (NPV) and Internal rate of return (IRR) The Net present value and Internal rate of return is computed in the Cash flow sheet of the excel file The net present value (NPV) is a measurement of whether the cash flow into the project is worth or not in comparison between the money today and in the future In addition, if the NPV of the project is positive, it means that the project is a worthy investment, otherwise the investor should reject this project because it can cause a loss According to the definition of NPV, the project of COVID-19 medicine has a positive NPV which is , so this project can bring a profit to the investor of nearly 12 billion dong in the future On the other hand, the Internal rate of return (IRR) is used to estimate the profitability of the investment, and the higher the internal rate of return is, the worthier the project is Therefore, in our project, the IRR is approximately 22% and higher than WACC so it can be a good deal in business to invest PROJECT RISK ANALYSIS 3.1 Types of Risks of the Project In every project, there will be some disadvantages and risks beside the advantages and profits which make us step by step development to higher levels This Cv19med project will face with these risks which we estimate it will happen: ● Pharmaceutical fraud: Vietnam’s market is not one hundred percent perfect, there are still some gaps in market management that criminals pass through to take advantage, so it is inevitable to be plagiarized Plagiarism will affect directly to DHG’s reputation, people will not trust this medicine anymore and will try the original way to get over COVID-19 is injected vaccine ● New variation: nowadays, some variants spread more easily and faster than others, which could lead to more COVID-19 cases, and this medicine will just only prevent the old variants So if one day a new variant appears, this Cv19med project will not be useful for people who get a new variant ● Monopolistic competition: when this pandemic happened, there were many pharmaceutical companies racing to manufacture products to help people all around the world victory over the epidemic, so monopolizing COVID-19’s medicines much harder Moreover, customer uncertainty will happen and the revenue will decrease than estimated 3.2 Scenario analysis Table Scenario Analysis of Alternative Pricing Strategies SCENARIO ANALYSIS Sales 12,269,490,808 27,000,000,000 28,000,000,000 29,000,000,000 30,000,000,000 37,000,000,000 (11,579,862,003) (7,570,923,582) (3,561,985,162) 446,953,258 30,000,000,000 (5,561,115,614) (1,552,177,194) 2,456,761,227 6,465,699,647 25,000,000,000 (1,262,011,051) 2,746,927,370 6,755,865,790 10,764,804,211 23,000,000,000 457,630,775 4,466,569,195 8,475,507,616 12,484,446,036 COGS Table Two variables analysis between Sales and COGS The table above represents two variables analysis which is the expected sales and the budgeted cost of goods solds of the project making COVID-19 medicines In addition, if the cost of goods sold is about 37 billion dong, the project will have a profit when the company has to pursue that sales is about 30 billion dong However, our project estimates that the cost of goods sold is 23.25 billion dong, so we think that this is a good cost of goods sold that can bring a profit for our company when we maintain the ability of sales is above approximately 27 billion dong To summarize: If the project has Sales below 28 billion dong and Cost of goods sold above 25 billion dong, the NPV is negative so we can conclude that this is not a good project to invest in If the project has sales above 29 billion dong and Cost of goods sold is less than 30 billion dong, the NPV is positive so the project is worth investing in because it can bring a profit to investors 3.3 Sensitivity analysis For sensitivity analysis, the project is tested by using kinds of parameter assumption, there are Best case, Worst case, and Based case In terms of sales, the project should maintain total revenues above about 27 billion dong to get a positive sign for both net present value (NPV) and internal rate of return (IRR), which is nearly 242 million dong and 5%, respectively Moreover, to implement the increase in sales, we should use marketing, advertising to introduce our product and the benefit of using Cv19med to customers Besides that, the most important thing is we have to control the cost of goods sold and try to use many methods to cooperate with other companies to reduce the costs of producing our products by integrating and outsourcing The reason for this is the lower costs are, the higher profit is and it also makes the internal rate of return higher than before Table SENSITIVITY ANALYSIS Best, Worst and Base Case Parameter Assumptions Current Worst Base Best Sales 30,000,000,000 24,000,000,000 27,000,000,000 36,000,000,000 NPV 12,269,490,808 (11,784,139,714) 242,675,547 36,323,121,330 5% 55% IRR Investment capital 22% -13% 2,524,800,000 2,200,000,000 2,500,000,000 2,800,000,000 12,269,490,808 12,565,910,445 12,292,123,834 12,018,337,224 22% 23% 22% 22% Cost of Goods sold 23,250,000,000 20,000,000,000 23,000,000,000 26,000,000,000 NPV 12,269,490,808 15,067,027,222 12,487,491,538 9,907,955,855 22% 38% 43% 50% NPV IRR IRR Cost of Capital NPV IRR 4.67% 6% 4% 2% 12,269,490,808 10,951,105,863 12,972,294,088 15,208,891,580 22% 22% 22% 22% Table 10 Best, Worst and Base Case CONCLUSION COVID-19’s medicine project has been cherished by our team to make a better world not only for Vietnamese citizens but also for foreigners, especially reducing the burden on the frontline medical force struggling to fight the epidemic Furthermore, this project promotes environmental protection campaigns, reduces the use of medical supplies by plastic, and keeps the earth cleaner and greener This is a quite potential and essential project, developing for a healthy community in the future Through the above analysis, we can see that manufacturing COVID-19’s medicine will bring high profits for the company, reasonable costs, and bring high efficiency to this business model REFERENCES The annual report of DHG 2020, Available at: https://www.dhgpharma.com.vn/images/2021/DHCD/DHG-Annual-Report-2020.pdf All the document related to financial, Available at: https://finance.vietstock.vn/DHG/taitai-lieu.htm The introduction of DHG company, Available at: https://www.dhgpharma.com.vn/vi/gioithieu/gioi-thieu-chung Basic Information About COVID-19, Available at: https://vietnamese.cdc.gov/coronavirus/2019-ncov/your-health/about-covid-19/basicscovid-19.html Virus corona in Vietnam, statistics, Available at: https://news.google.com/covid19/map?hl=vi&mid=%2Fm%2F01crd5&gl=VN&ceid=V N%3Avi What you need know about COVID-19 vaccines, Available at: https://www.unicef.org/vietnam/stories/what-you-need-know-about-covid-19-vaccines vaccines against COVID-19 have been licensed in Vietnam, Available at: shorturl.at/bmyQ0 Get tested for coronavirus (COVID-19), Available at: https://www.nhs.uk/conditions/coronavirus-covid-19/testing/get-tested-for-coronavirus/ Information about Pharmaceutical industry, Available at: https://en.wikipedia.org/wiki/Pharmaceutical_industry Functional food, Available at: https://en.wikipedia.org/wiki/Functional_food The report of DHG and the in formation about the competitors, Available at: shorturl.at/fjvI0