INTRODUCTION
General overview
Figure 1.1 Places which people choose to eat out
Eating out has become a vital aspect of modern life, driven by the growing need for social interaction and meetings A report from Decision Lab reveals that in 2016, restaurants in major cities like Ho Chi Minh City, Hanoi, and Da Nang attracted 340 million guests, generating approximately $1.1 billion in quarterly revenue This suggests that the annual sales of the food and beverage industry in these three cities alone could reach around $4.4 billion, a significant figure when compared to the total national market value of $22 billion for food and non-alcoholic beverages in the same year.
Residents of Ha Noi and Da Nang enjoy a modern dining lifestyle, with young people, including students and office workers, frequently dining out The diversity of Vietnamese street cuisine offers a wide array of delicious dishes at affordable prices, making it an attractive option Additionally, the busy lifestyles of many individuals leave little time for meal preparation, leading to a preference for convenient and inexpensive processed foods Quick service (QS) restaurants are gaining popularity among the youth, providing a variety of offerings such as coffee, chicken, ice cream, pizza, and bread.
Quản trị tài chính Đại học Tôn Đức…
Chapter-4 - Môn học cung cấp cho…
Chart 1.1 Reason for choosing Western and Asian Outlets
Geographical location is crucial for attracting customers, accounting for 22% of preferences, while food hygiene and safety (17%) and taste (14%) are also significant factors In the food and beverage industry, major brands like Jollibee in fast food and Highlands in coffee exemplify this trend, as both are situated in busy areas, easily accessible, and near the city center.
Jollibee, part of Jollibee Foods Corporation, has transformed from two small ice cream parlors in 1975 into a leading fast food giant, launching the Philippines' fast food revolution By 1978, it had expanded to seven burger locations, and today, Jollibee operates over 1,000 restaurants in the Philippines and more than 300 outlets across the United States, Hong Kong, the United Arab Emirates, Qatar, Brunei, China, and Vietnam.
Founded in 1999 by David Thai, Highlands Coffee emerged from a passion for Vietnamese coffee and aims to preserve the country's café culture while blending tradition with modernity Since its inception, the brand has evolved from a packaged coffee business in Hanoi to a renowned coffee shop network, expanding across Vietnam and beyond Today, Highlands Coffee stands as the best-selling beverage brand in Vietnam.
Chapter time value of money exercise
Issue
In the food and beverage industry, companies often collaborate to address challenges such as declining sales, reduced consumer bases, and fierce competition that threaten their success By uniting with shared goals and visions, these businesses can effectively tackle obstacles and foster mutual growth, enhancing their resilience in a competitive market.
Companies often merge not solely due to weakness but to enhance their market position and compete more effectively A prime example is the merger between Highlands Coffee and Jollibee, which aims to expand their brand presence in Asia and beyond This collaboration allows Highlands to mitigate competitive pressures from Starbucks while leveraging Jollibee's resources to unlock significant growth opportunities As a result, the partnership is poised to yield substantial achievements for both brands in the future.
M&A activities offer significant advantages for firms, such as personal liability protection, enhanced business security and continuity, lower human costs, and improved technological capabilities Additionally, they provide better financial resources and easier access to capital, enabling companies to diversify their operations and achieve increased profitability.
Businesses can broaden their reach into new industry sectors, reducing risks and gaining access to previously untapped resources and markets However, corporations face challenges such as time consumption, double taxation, and the necessity to comply with strict regulations and formalities.
Objectives
Through this report, the authors would like to explore into the M&A between two large companies in the food and beverage industry (Jollibee and Viet Thai), including:
- Analyzing the core elements of this commercial discussion in further depth
- Providing the comments or counter-arguments about their development in this field
- Offering solutions to both parties from a third-party perspective.
LITERATURE REVIEW
Theory review
The "Best Alternative to a Negotiated Agreement" (BATNA), introduced in "Getting to Yes: Negotiating Agreement Without Giving In" by Fisher and Ury, is a vital concept in negotiation BATNA helps parties identify their options if an agreement fails, serving two main purposes: it protects them from unfavorable deals by establishing a resistance point and enhances their negotiating power by leveraging their strengths and understanding the opponent's objectives The effectiveness of a BATNA is inversely related to dependence on the other party; a weak BATNA can lead to disadvantageous negotiations Ultimately, BATNA is an essential tool for successful negotiations in both professional and personal contexts.
When organizations seek partnerships, they often face the challenge of selecting the right collaborators To make informed decisions during negotiations, it is essential to apply strategic theories that guide the collaboration process.
ZOPA, or "Zone of Possible Agreement," is a critical concept in negotiations, representing the range between the highest price a buyer can pay and the lowest price a seller will accept Successful negotiations hinge on the existence of ZOPA, which occurs when there is an overlap between the acceptable terms of both parties Buyers aim to pay the minimum price proposed by sellers, while sellers seek to offer prices within the buyers' willingness to pay If either party cannot operate within their defined ranges, ZOPA disappears, significantly increasing the likelihood of negotiation failure due to the absence of common ground For example, corporations entering new markets must clearly define their boundaries to avoid pitfalls like losing control or falling into negotiation traps As noted by Sebenius and Singh (2012), ZOPA represents the potential deals that align with each party's interests better than their best alternatives, emphasizing its importance in achieving successful outcomes.
Integrative negotiation, also known as Win-Win Bargaining or a Non-Zero-Sum Game, is a collaborative strategy where all parties work together to find mutually beneficial solutions This approach emphasizes brainstorming and creative thinking to uncover common interests and generate shared value A well-defined strategy focusing on win-win outcomes is essential for effective communication during negotiations Trust is a critical element in the success of integrative negotiation; thus, building trust through various methods—such as effective communication, managing reputations, fostering reliance, making unilateral concessions, and clarifying expectations—is vital When trust is established, companies can collaborate effectively, enhancing their market power and expanding brand reach Integrative negotiation proves most effective under specific conditions that facilitate cooperation and mutual benefit.
The bargaining position is weak, but the negotiator still wants to get something out of the deal
The bargaining resource is unlimited
Maintaining a healthy relationship with everyone involved in the negotiation is essential
ANALYSIS
The summary of case study
In 2011, Jollibee, through its subsidiary JSF, invested $25 million to acquire a 49% stake in VTI's shares in Vietnam and 60% of its business in Hong Kong, owned by David Thai The company also provided VTI with a $35 million loan at a low interest rate of 5%, which was repaid in 2016 According to a Jollibee spokesperson, these funds were utilized by VTI for future investments.
In 2016, Jollibee Foods Corp announced the initial public offering (IPO) of the Highlands Coffee store chain on the Vietnam stock exchange, aiming to raise capital for expanding the brand both in Vietnam and internationally Following the IPO, Jollibee will increase its ownership stake to 60%, while VTI's ownership will decrease to 40% With Jollibee holding over 51% of the capital, Highlands Coffee will officially become a subsidiary of Jollibee In exchange for this agreement, VTI secured a $30 million loan from JSF Investment, a Jollibee subsidiary.
After acquiring Highlands Coffee, Jollibee expanded its products to various restaurant chains across Asia while continuing to thrive in Vietnam, impressing many consumers in the process This strategic move is expected to significantly enhance Jollibee's value Meanwhile, Highlands Coffee has experienced rapid growth, benefiting from the support of a prominent player in the Philippine restaurant sector.
Analyze the case study
3.2.1 The development processes of VTI and Jollibee Corporation
In 2012, Highlands Coffee had only 50 stores, but after being acquired by Jollibee, it has expanded to 300 locations within eight years, achieving the highest revenue and profit among coffee chains Jollibee aims to enhance Highlands Coffee's presence in Vietnam while introducing its products to Jollibee restaurants across Asia, leveraging the global recognition of Vietnamese coffee quality Despite this growth, Highlands Coffee faces competitive pressure from Starbucks, necessitating a strategic partnership with Jollibee, even as it retains a deep understanding of Vietnamese consumer preferences.
"Xenophile" this section, the study will show the M&A process of the two large In firms in three stages (before, during and after the M&A negotiation):
Table 3.1 The development of JFC and VTI after M&A
Stages Viet Thai International Jollibee Foods Corporation
Before M&A In 1999, David Thai founded Viet
Thai International Group (VTI) and launched Highlands Coffee
Before starting the chain business, the first product of this brand was coffee packages sold in Hanoi.
Established on January 28, 1978, Jollibee Corporation has become a beloved brand in the Philippines, expanding its reach with the opening of its first store in Vietnam in 1996 Committed to providing Vietnamese families with delicious meals at affordable prices, Jollibee continues to prioritize quality and value in its offerings.
In 2002, Highlands Coffee officially had the first 2 stores in the capital, then quickly expanded the chain of stores in
Ho Chi Minh City In 2012,
Highlands Coffee only had 50 stores At that time, Ho Chi Minh
City did not have many coffee shops following the chain and modern model, so Highlands
Coffee was a suitable choice for urban people, although it was still no different from the business style of traditional shops such as ordering, cumbersome layout, and taking up space.
In June 2005, the Jollibee Group made a significant investment to establish Jollibee Vietnam Co., Ltd., signaling a pivotal step in expanding its store network in Vietnam Since this launch, the Jollibee brand has garnered strong support and appreciation from Vietnamese customers.
In M&A On December 1, 2011, Jollibee Group merged two more leading
VTI Group, a prominent player in Vietnam's F&B sector, specializes in high-end coffee and restaurant ventures, notably through its brands Highlands Coffee and Pho 24 Recently, its subsidiary JSF invested $25 million to acquire a 49% stake in VTI's operations in Vietnam and 60% of the business division in Hong Kong of Viet Thai International Group Notably, Jollibee holds a significant share in the shareholder structure of Highlands Coffee.
David Thai might obtain a huge capital from Jollibee's low- interest loan while insuring the expansion of Highlands' inbound and outbound operations
Moreover, Highlands also reduced the pressure on
Starbucks as it prepared to enter the Vietnamese market, making it more difficult for others in the sector
JFC has made a strategic decision to sell the Korean coffee chain Ti-Amo, which they owned for just over a year, prior to their partnership with Viet Thai In addition to acquiring shares in VTI, Jollibee also franchises Highlands Coffee and the Hard Rock Café in Vietnam, Macau, and Hong Kong Following a merger in early 2013, Highlands Coffee underwent significant repositioning, refining its brand to appeal to a broader consumer base The menu was streamlined from over 50 items to around 20, and the decor shifted from luxurious to more accessible designs, making prices more affordable for a wider audience This transformation included a shift in service style from traditional table service to a self-service model, marking Highlands Coffee as a pioneer in introducing self-service in the coffee industry, thereby enhancing the overall food and beverage landscape.
The joint venture between Jollibee and Viet Thai has emerged as the fastest-growing unit within Jollibee's system, achieving a remarkable 36% revenue growth in the first nine months of 2016 Notably, Highlands Coffee experienced an impressive 78% growth compared to the previous year Additionally, Jollibee's fast food brand operates 80 branches across Vietnam.
By the end of 2018, Highlands Coffee had rapidly expanded to over 300 locations, including branches in Vietnam and the Philippines, within just six years post-M&A As the leading coffee brand in terms of outlets nationwide, Highlands is also pursuing international growth JFC and VTI are strategically planning to acquire additional coffee companies and intend to list Highlands on the Vietnamese stock exchange to further enhance their market presence.
VTI's M&A strategy aims to establish itself as a leading Vietnamese company with a global presence, while also alleviating competitive pressure from rivals like Starbucks, which targets the same premium customer segment Meanwhile, Jollibee recognizes the value of Vietnamese coffee and the growth potential of Highlands Coffee, particularly as Viet Thai International manages several prominent brands and envisions expanding Highlands Coffee's reach beyond Vietnam into Asia and globally.
Table 3.2 Scenarios in negotiation between JFC and VTI
1 Collaboration to expand brands and boost each other's power ↑↑ ↑↑
2 The ambition to spread the Highlands Coffee chain to Asia and other parts of the world
Highlands is already controlled by Jollibee
Scenario 1 Collaboration to expand brands and boost each other's power
In 2012, Jollibee Foods Corporation (JFC), a prominent player in the Philippines' food service sector, entered into an agreement with Viet Thai International (VTI), a well-established Vietnamese corporation recognized for its brands, including Jollibee and Highlands Coffee Recognizing the growth potential of VTI's Highlands Coffee chain and other brands, JFC strategically opted to divest its recently acquired Ti-Amo, a Korean coffee chain, for $25 million, aiming to acquire a 49% stake in VTI's operations in Vietnam.
VTI secured a $35 million loan with a 5% interest rate, repayable until 2016, to enhance its competitive edge against Starbucks and boost the Highlands Coffee brand's reputation and scale The acquisition also provided low-interest loans for David Thai, founder of the Viet Thai Group, facilitating VTI's growth and expansion of the Vietnamese coffee chain, which already has a strong presence.
In a strategic move, Jollibee Foods Corporation (JFC) acquired 50 outlets, providing David Thai with significant capital for future investments This acquisition allowed Jollibee to strengthen its position and deepen its penetration into the Vietnamese market Following the transaction, JFC gained near-total ownership of major coffee shop chains in Asia, including Highlands Coffee and Hard Rock Cafe, previously owned by VTI, across Vietnam, Macao, and Hong Kong JFC aims to expand Highlands Coffee's presence in Vietnam while integrating its products into other Jollibee restaurant chains throughout Asia.
In late 2011, David Thai acquired the Pho 24 store chain from Mr Ly Qui Trung for approximately $20 million USD, primarily as a financial investment with the goal of reselling it to Jollibee Corporation at a higher price This acquisition has facilitated Highlands Coffee's expansion, allowing for the opening of numerous outlets across the country The partnership between VTI and JFC has strengthened their presence in the food and beverage industry, enhancing their competitiveness in both the Vietnamese and Asian markets while posing significant challenges for rivals, particularly complicating Starbucks' expansion strategy in Vietnam during its initial phases.
Scenario 2 The ambition to spread the Highlands Coffee chain to Asia and other parts of the world Highlands is already controlled by Jollibee
In 2016, Jollibee, through JSF Investments and Viet Thai, aimed to launch the Highlands Coffee brand on the Vietnamese stock exchange with an IPO planned for July 2019, intending to raise funds for expanding Highlands Coffee and Pho 24 both in Vietnam and internationally As the largest coffee chain in the country with over 100 locations, Highlands was poised to pioneer capital raising in the F&B sector through a stock exchange listing However, in July 2019, Jollibee announced the postponement of Highlands Coffee's IPO, stating that the strategy would undergo a thorough review While Highlands continued to grow, the Mon Hue restaurant chain, which had similar IPO aspirations, faced financial struggles and potential bankruptcy This situation highlights the challenges of launching an IPO in the food and beverage industry, underscoring the uniqueness of Highlands Coffee's approach despite the setback.
Jollibee aimed to increase its ownership of Highlands Coffee to 60%, making it a subsidiary, while Viet Thai would reduce its stake to 40% In exchange, VTI secured a $30 million loan from JSF Investment David Thai agreed to this restructuring to strengthen Highlands and expand its reach internationally, demonstrating his commitment to enhancing the brand he founded Although the IPO plan remains unrealized, Highlands Coffee has successfully expanded into Asian markets, particularly the Philippines, while maintaining its Vietnamese identity in product quality and store aesthetics As of June 2019, Highlands Coffee operated 340 locations globally, with plans to increase its presence in the Philippines to 100 locations within three years, aiming to lead the Vietnamese coffee industry and promote the brand worldwide.
SOLUTION
Solutions for the problems happening in the past
Following the IPO, Jollibee acquired a 60% stake in Highlands, leaving VTI with only 40%, which resulted in Jollibee gaining control over Highlands and diminishing David Thai's influence on the brand he founded Additionally, the COVID-19 pandemic has exacerbated various challenges From a third-party viewpoint, the team will suggest potential solutions to address these issues, aiming to revisit the decisions made by both companies during this period.
Jollibee's ownership of over 51% of Highlands Coffee places the brand under its control, prompting the need for strategic solutions One viable option is for VTI to assert control over Highlands' marketing strategy and brand image, leveraging its original Vietnamese roots for a more authentic approach VTI's familiarity with local preferences positions it to enhance Highlands while preserving its cultural essence If conflicts persist, VTI could negotiate a profit-sharing arrangement with Jollibee to regain some operational control Additionally, if an IPO is delayed, Viet Thai may consider restructuring Highlands' equity to reclaim ownership, ensuring the brand's integrity and quality remain intact while exploring global expansion opportunities.
Solutions in the future for Jollibee and Viet Thai
If Viet Thai fails to address current challenges, it risks allowing Jollibee to dominate the Highlands market in the future To mitigate potential damage for both parties, the authors propose several strategic solutions.
Trust is a crucial element for successful business collaboration, but it is essential for both parties to exercise caution during negotiations The merger between Viet Thai and Jollibee has brought significant benefits, including increased profits, substantial capital for future investments, and notable achievements in the F&B industry However, this success can lead to complacency and excessive trust in partners, which may result in potential losses or disadvantages Therefore, these companies, along with others, should carefully consider the possible negative outcomes of their decisions before accepting any partnership offers and avoid placing undue trust in their partners.
The acquisition of Highlands as a subsidiary by Jollibee presents no significant issues for Jollibee; however, VTI may face challenges as Highlands risks losing its identity as a Vietnamese brand To mitigate this, VTI must ensure that the partnership is viewed as a market expansion rather than a complete brand sell-off to foreign interests It is essential for VTI to maintain a certain equity stake in Highlands to strengthen its position in this collaboration, potentially through a buyback strategy Additionally, David Thai should establish an advisory board to gather insights and suggestions, which will help identify key resistance points and objectives for successful negotiations.
To enhance their collaboration, VTI and Jollibee must leverage each other's strengths, focusing on a strategic partnership that benefits both parties VTI will serve as the primary strategic consultant in the Vietnamese market, while Jollibee will take the lead in the Philippines, where it holds a significant presence By developing tailored plans grounded in a deep understanding of each market's unique cultural dynamics, both companies can minimize potential challenges and implement effective business strategies that resonate in their respective countries.
To mitigate the impact of the COVID-19 pandemic, Highlands and Jollibee should enhance their social media promotions on platforms like Facebook, Instagram, Zalo, and TikTok, while also offering special promotions for customers using food delivery services such as Grab and Baemin to boost revenue Additionally, they can address rental challenges by negotiating with landlords to minimize costs or transitioning to kiosk operations in convenience stores to reduce expenses and maintain profitability Finally, increasing wages and implementing supportive policies for employees, such as sending gifts and assisting those affected by the virus, will help attract new talent Organizing shuttle services for employees and exploring new supplier partnerships can further strengthen their operational resilience.
CONCLUSION
Negotiation is a systematic approach to resolving issues aimed at achieving optimal outcomes for all parties involved, helping negotiators find common ground This process allows for the prediction of negotiation results and the formulation of effective strategies When likened to an art form, negotiators resemble artists, as they must adeptly blend various skills such as communication, presentation, persuasion, and problem-solving Mastery of negotiation techniques is essential, requiring the right application at the right moment to ensure high efficiency and success.
The negotiation case involving Viet Thai and Jollibee regarding Highlands highlights the importance of effective negotiation strategies in the F&B industry Achieving win-win outcomes relies heavily on trust, vision, and attitude from both parties Additionally, negotiators must establish barrier points to avoid downsides and facilitate timely agreements Cultural differences emerge as a significant challenge in international business negotiations, necessitating awareness and flexibility to successfully navigate these complexities and foster organizational growth.
To achieve successful negotiations, business professionals must accurately identify the factors influencing the negotiation process and effectively apply negotiation principles.
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Thương vụ David Thái bán Highlands Coffee đã để lại dấu ấn đáng kể trong ngành cà phê Việt Nam Sự kiện này không chỉ phản ánh sự phát triển mạnh mẽ của thương hiệu mà còn mở ra cơ hội mới cho thị trường cà phê nội địa Highlands Coffee, với chất lượng sản phẩm và dịch vụ, đã khẳng định vị thế của mình trong lòng người tiêu dùng Việc chuyển nhượng này cũng cho thấy tiềm năng lớn của ngành cà phê Việt Nam trên thị trường quốc tế.
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Thương vụ hợp tác giữa Jolibee và VTI đã thu hút sự chú ý của giới kinh doanh, với nhiều thông tin đáng chú ý về động lực và lợi ích từ sự kết hợp này Bài viết trên Doanh Nhân Sài Gòn Online (2012) phân tích các yếu tố đằng sau sự bắt tay này, nhấn mạnh tầm quan trọng của chiến lược phát triển và mở rộng thị trường trong ngành thực phẩm Thông qua hợp tác, cả hai bên kỳ vọng sẽ gia tăng sức mạnh cạnh tranh và mang lại giá trị gia tăng cho khách hàng.
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21 https://cafebiz.vn/15-nam-tang tu- -2-len-180-cua-hang-khong-phai-chien-luoc- binh-dan-hoa-day-moi la- -dieu-lam-nen-thanh-cong cho- -highlands-coffee- 2017051311370726.chn
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Katrin Roscher and Thue Quist Thomasen's 2016 report on Out-of-Home Food and Drink Consumption Trends in Vietnam highlights significant shifts in consumer behavior and preferences The study reveals that Vietnamese consumers are increasingly opting for dining out and takeaway options, driven by urbanization and changing lifestyles It emphasizes the growing demand for diverse and convenient food choices, reflecting a vibrant food culture For more detailed insights, the full report is available at Decision Lab's website.
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After its IPO, Highlands Coffee will come under the control of Jollibee, as reported by Kiều Châu in 2016 For more details, visit the original article at Nhip Song Doanh Nghiep.
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In a 2021 report by Nika Lazo on ABS-CBN News, Jollibee highlighted that Highlands Coffee is not only profitable but also the fastest-growing brand among its competitors This recognition underscores Highlands Coffee's significant market presence and growth trajectory within the beverage industry For more details, visit the full article [here](https://news.abs-cbn.com/business/02/23/21/jollibee-says-highlands-coffee-profitable-fastest-growing-among-brands).
Since its acquisition by Jollibee, Highlands Coffee has undergone significant transformations, enhancing its brand presence and expanding its market reach The partnership has led to innovative menu offerings and improved customer experiences, aligning with Jollibee's successful business strategies As a result, Highlands Coffee has strengthened its position in the competitive coffee shop industry in Vietnam, catering to a growing consumer base while maintaining its unique identity For more insights into these changes, visit the full article on Viet Nam Moi.
Effective negotiation skills are essential for building trust in negotiations, as highlighted by the Program on Negotiation at Harvard Law School Developing trust enhances communication and fosters collaboration, ultimately leading to more successful outcomes Understanding the dynamics of trust can significantly improve negotiation strategies, making it crucial for negotiators to prioritize relationship-building For more insights, visit the PON website.
In 2019, Quang Thắng reported on the challenges faced by Món Huế and Highlands Coffee following their unsuccessful plans to go public The article highlights the implications of this setback for both brands, emphasizing the need for strategic adjustments in their business models For further details, visit the original source at: https://thitruong.nld.com.vn/vnmoney/mon-hue-va-highlands-coffee-sau-ke-hoach-len-san-at-b-thanh-20191102091400032.htm.
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- Thompson, L., Wang, J and Gunia, B., (2010) Negotiation Annual Review of Psychology, 61(1), pp.491-515 Available at: https://www.researchgate.net/profile/Brian-Gunia/publication/
M&A, hay sáp nhập và mua lại, là một chiến lược quan trọng trong kinh doanh, mang lại nhiều lợi ích như tăng trưởng quy mô, tối ưu hóa nguồn lực và cải thiện sức cạnh tranh Các hình thức M&A phổ biến bao gồm sáp nhập đồng thuận, mua lại cổ phần và mua lại tài sản Việc hiểu rõ M&A không chỉ giúp doanh nghiệp nâng cao hiệu quả hoạt động mà còn tạo ra cơ hội phát triển bền vững trong thị trường đầy cạnh tranh hiện nay.
Highlands Coffee tỏ ra háo hức niêm yết trên sàn chứng khoán, trong khi các chuỗi F&B khác lại không mấy quan tâm Điều này đặt ra câu hỏi về lý do đằng sau sự khác biệt này trong ngành công nghiệp thực phẩm và đồ uống Việc niêm yết có thể mang lại nhiều lợi ích cho Highlands Coffee, như tăng cường vốn đầu tư và nâng cao thương hiệu, nhưng không phải tất cả các chuỗi đều nhìn thấy giá trị tương tự Sự khác biệt trong chiến lược kinh doanh và mục tiêu phát triển có thể là nguyên nhân chính dẫn đến sự phân hóa này.
- TRƯỜNG ĐẠI HỌC KINH TẾ TP HỐ CHÍ MINH KHOA THƯƠNG MẠI -
DU LỊCH –MARKETING (2013) BÀI TIỂU LUẬN ĐỀ TÀI: ĐÀM PHÁN
TRONG HỢP ĐỒNG KINH DOANH XU T NHẤ ẬP KHẨU Available at: https://tailieu.vn/docview/tailieu/2014/20140522/navy_12/c491c3a0m_phc3a1 n_trong_kd_xnk_nhc3b3m_5_53.pdf?rand1305
- Viet Thai International (2021) Vision & Mission Available at: https://vticareers.talentnetwork.vn/ension-mission-35a524eb/en
Xiaoqin Zhang, Lesser, V., and Wagner, T (2006) explore the dynamics of integrative negotiation among agents within organizations in their article published in the IEEE Transactions on Systems, Man and Cybernetics The study provides insights into negotiation strategies that enhance collaboration and decision-making processes among organizational agents The findings emphasize the importance of effective communication and cooperation in achieving mutually beneficial outcomes For further details, the full article can be accessed at the provided link.
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