(Tiểu luận) strategic cooperation between brands in the food and beverage industry for mutual development the case study applied into jollibee and highlands coffee

VIETNAM GENERAL CONFEDERATION OF LABOUR TON DUC THANG UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION REPORT STRATEGIC COOPERATION BETWEEN BRANDS IN THE FOOD AND BEVERAGE INDUSTRY FOR MUTUAL DEVELOPMENT THE CASE STUDY APPLIED INTO JOLLIBEE AND HIGHLANDS COFFEE Lecturer: MBA Tran Khanh Group: 02 Subject: Negotiation in Business Major: International Business Academic Year Code: K22 HO CHI MINH CITY 11/2021 GROUP MEMBERS No Full name ID Number Đỗ Nguyên Bảo Ngọc 718H1957 Nguyễn Phạm Yến Nhi 718H1968 Nguyễn Thị Thu Hiền 718H1884 Nguyễn Nữ Trà My 718H1941 Trần Ưng Hồng Nhi 718H1972 Trương Nhật Vy 718H2080 TABLE OF CONTENTS GROUP MEMBERS LIST OF ABBREVIATIONS AND ACRONYMS LIST OF TABLES & GRAPHS LIST OF CHARTS & FIGURES CHAPTER 1: INTRODUCTION 1.1 General overview 1.2 Issue 1.3 Objectives 1.4 Timeline CHAPTER 2: LITERATURE REVIEW 2.1 Theory review 2.1.1 BATNA 2.1.2 ZOPA 2.1.3 Integrative Negotiation 2.2 Theory application in case CHAPTER 3: ANALYSIS 3.1 The summary of case study 3.2 Analyze the case study 3.2.1 The development processes of VTI and Jollibee Corporation 3.2.2 Scenarios 12 3.3 Evaluation 15 CHAPTER 4: SOLUTION .17 4.1 Solutions for the problems happening in the past 17 4.2 Solutions in the future for Jollibee and Viet Thai 17 CHAPTER 5: CONCLUSION .19 REFERENCES 20 LIST OF ABBREVIATIONS AND ACRONYMS Words Stand for BATNA Best Alternative To A Negotiated Agreement CEO Chief Executive Officer F&B Food and Beverage IPO Initial Public Offering JFC Jollibee Foods Corporation JFS JSF Investment (a subsidiary of Jollibee) M&A Mergers and Acquisitions QS Quick Service VTI Viet Thai International Group ZOPA Zone Of Possible Agreement LIST OF TABLES & GRAPHS Number Table 3.1 Name The development of JFC and VTI after M&A Table 3.2 Scenarios in negotiation between JFC and VTI Graph 1.1 Timeline of JFC and VTI LIST OF CHARTS & FIGURES Number Chart 1.1 Figure 1.1 Name Reason for choosing Western and Asian Outlets Places which people choose to eat out Figure 2.1 BATNA and ZOPA Figure 2.2 Jollibee foods corporations Figure 2.3 JFC-VTI collaboration CHAPTER 1: INTRODUCTION 1.1 General overview Figure 1.1 Places which people choose to eat out Source: Decision Lab, 2016 Eating out is becoming an essential part of modern life due to the increasing demand for communication and meeting According to a report from Decision Lab, based on the online survey, the average amount that people in big cities can pay for a meal, people can estimate the revenue of this industry In 2016, the number of guests (excluding children) coming to restaurants in three main cities (HCM, Hanoi, and Da Nang) reached 340 million people, equivalent to revenue $1.1 billion/quarter Thus, it can be estimated that in 2016 the sales of the outside food and beverage industry will be about $4.4 billion/year (counting only big cities), a significant number when compared to the $22 billion price tag value of food and non-alcoholic beverages in the country (2016) According to a survey conducted in three major cities: HCMC, Ha Noi, and Da Nang, residents of these cities have a modern eating and drinking lifestyle Young people such as students who live far away from home, office workers, and even security guards and janitors all enjoy going out to eat The first reason is that Vietnamese street cuisine is quite diversified, offering a wide range of delectable foods at a variety of reasonable rates Another reason is that they are too busy to prepare a meal, and processed food is considered fast food, which appeals to people due to its convenience and low cost Quick service (QS) restaurants are becoming increasingly popular among the younger generation Moreover, QS restaurants purchase a variety of products, including coffee, chicken, ice cream, pizza, bread, and so on Document continues below Discover more Quản trị tài from: Đại học Tơn Đức… 579 documents Go to course 38 Chapter-3 - Môn học cung cấp cho… Quản trị tài 100% (23) 267778769 Chapter pdf Quản trị tài 100% (18) 267778782 Chapter 53 pdf Quản trị tài 100% (10) Chapter-2 mơn 15 Quản trị tài Quản trị tài 91% (56) Chapter-4 - Môn học cung cấp cho… Quản trị tài 93% (14) Chapter time value ofAsian money exercise Chart 1.1 Reason for choosing Western and Outlets Quản trị tài 100% (6) Source: Internal Company Documentation As can be seen from the chart, geographical location plays a very important role in attracting customers, with 22% of votes In addition, the issue of food hygiene and safety (17%) as well as the taste of food (14%) is also very interesting to customers When describing these clients' choices in the F&B business, it is vital to mention two major brands, Jollibee in fast food and Highlands in coffee, both of which are available in crowded areas, convenient to move, and close to the city center Jollibee of Jollibee Foods Corporation is a remarkable success story, having grown from two tiny ice cream parlors focusing on hot food and sandwiches in 1975 to a corporation with seven locations specializing in burgers in 1978 Then it evolved into a firm that launched in the Philippines' fast food revolution Jollibee currently operates over 1000 restaurants in the Philippines, as well as over 300 stores in the United States, Hong Kong, the United Arab Emirates, Qatar, Brunei, China, and Vietnam Highlands Coffee was founded in 1999 by David Thai, the creator of VTI, as a consequence of a Vietnamese love for and enthusiasm for Vietnamese coffee, with the purpose of maintaining Vietnam's café culture and conveying the spirit of Vietnamese pride by combining tradition and modernity Since 2002, this brand has grown from a packaged coffee business in Hanoi to a well-known coffee shop network that has spread throughout Vietnam and beyond This coffee brand is currently the best-selling beverage in Vietnam 1.2 Issue In the food and beverage industry, there are numerous reasons for companies to decide to cooperate, such as diminishing sales, drastically diminished consumers, highly competitive items that damage the business, the necessity to scale up, etc Therefore, these businesses with the same goals and directions work together to overcome obstacles and build strength for each other's development However, there are a few instances where two companies merge because they want to increase their market position, expand their company scope, and put pressure on industry competitors, rather than because one of them is weak The combination of Highlands and Jollibee is an example of this case To be more specific, how Highlands Coffee and Jollibee collaborate and M&A in order to develop the brand chain and business market to Asian countries and beyond Highlands also wishes to lessen competitive pressure from Starbucks; therefore, accepting Jollibee's offer and realizing the potential of Highlands' expansion will result in many accomplishments for them in the future More than that, M&A activities provide numerous benefits to the firm, including personal liability protection, business security and continuity, reduced human costs, improved technology-technical level, improved financial resources, and simpler access to capital, allowing the company to diversify and achieve better profits It also allows businesses to expand into new areas of the industry, lowering risks and allowing access to previously unavailable resources and markets Meanwhile, a corporation's downsides include being time-consuming and subject to double taxation, as well as needing to adhere to stringent formalities and rules 1.3 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 1.4 Timeline Graph 1.1 Timeline of JFC and VTI 1978 Highlands Coffee was launched 1999 2012 Jollibee Foods Corp announced the initial public offering Jollibee bought shares of Viet Thai International 2016 2017 Highlands's revenue reached more than 1,600 billion VND This coffee chain had reached 240 stores Jollibee Corporation was established Highlands recorded a revenue of 1,237 billion VND 2018 Source: Internal Company Documentation addition, Highlands also increases its operations internationally, JFC and VTI, in particular, have ambitions to purchase several coffee companies and aim to list Highlands on the Vietnamese exchange as a future project in order to continue to extend their commercial scope Source: Internal Company Documentation In short, the reason for these two giant brands to implement the M&A strategy: Firstly, VTI has a vision of "to become a world class Vietnamese Company Championing South-East Asia with a global Footprint" and wants to reduce competitive pressure Highlands Coffee's competition with rivals, especially Starbucks, has not really been difficult because these two brands have the same customer segment (premium) and the popularity of Starbucks Secondly, Jollibee can see the value and quality of Vietnamese coffee, seeing that Viet Thai International holds many other big brands, especially seeing the development potential of Highlands Coffee not only in Vietnam but also in the future throughout Asia and around the world 3.2.2 Scenarios Table 3.2 Scenarios in negotiation between JFC and VTI Scenario Jollibee Viet Thai Collaboration to expand brands and boost each ↑↑ ↑↑ other's power The ambition to spread the Highlands Coffee ↑↑ ↑↑ chain to Asia and other parts of the world Highlands is already controlled by Jollibee Source: Internal Company Documentation Scenario Collaboration to expand brands and boost each other's power This agreement is made in 2012, when Jollibee Foods Corporation (JFC), the Philippines' leading food service company, and Viet Thai International (VTI), a large corporation founded by Vietnamese people, were both well-known in the Vietnamese F&B industry through their two well-known brands, Jollibee and Highlands Coffee However, despite not being in any real trouble, Jollibee saw the potential development of Highlands coffee chain and some other brands of VTI, so JFC decided to sell Ti-Amo, a Korean coffee chain that they had only owned for a year, and was willing to spend 25 million USD to own 49 percent of VTI's Vietnam business and 60 percent of VTI's Hong Kong business Not only that, but JSF also 12 gave VTI a 35 million USD loan with a 5% interest rate and a payback duration of up to 2016 It is supposed that VTI not only decreases competitive pressure on Starbucks while also increasing the reputation and scale of the Highlands Coffee brand, but David Thai, the Viet Thai Group's founder, also obtained low-interest loans as part of the purchase As a result, it's clear that this M&A will enable VTI to develop, and expand the Vietnamese coffee brand chain more readily (Highlands already has 50 outlets at that time) while also providing David Thai with a large sum of money to invest in future projects Meanwhile, Jollibee saw this as an opportunity to become more stable and penetrate the Vietnamese market more deeply Furthermore, following this transaction, JFC will almost completely own major coffee shop chains in Asia, including Highlands Coffee and Hard Rock Cafe (formerly owned by VTI) in Vietnam, Macao, and Hong Kong; thus, in addition to continuing to develop this coffee chain in Vietnam, JFC will bring Highlands Coffee's products to other Jollibee restaurant chains in Asia Furthermore, towards the end of 2011, David Thai purchased the Pho 24 store chain from Mr Ly Qui Trung for around $20 million USD with the primary intention of making a financial investment; particularly, he desired to resell at a better price to Jollibee Corporation This is also one of the reasons Highlands Coffee now has more available places to open hundreds of outlets nationwide As a side effect of this alliance, VTI and JFC's mutual trust in the F&B chain (Jollibee, Highlands Coffee, and Pho 24) has consolidated the strength and power to both parties in the F&B industry in the Vietnamese and Asian markets, as well as created many challenges for competitors in the industry and made Starbucks' development strategy in Vietnam more difficult, particularly in terms of location in the early stages Scenario 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 (JSF), and Viet Thai planned to launch the Highlands coffee brand on the Vietnamese stock exchange and the initial public offering (IPO) was due in July 2019 Because the goal was to create funds to develop Highlands Coffee and Pho 24 into a brand that will spread not only in Vietnam, but also in Asia and major cities around the world, both parties put up their best efforts and expected this successful strategy Besides that, Highlands was the largest-scale coffee chain (over 100 locations countrywide), which was the reason why they could be confident in doing things that no other brand has done before, such as raising capital on the stock exchange in the field of F&B chains As an outcome, this plan not only assists Highlands in establishing a strong brand, but it also serves as a pioneer brand in supporting large F&B chains in making decisions and 13 considering a stock exchange listing in order to raise funds from the public and promote its defined brand If the JFC and VTI's plan succeeds, this will be one of the most significant achievements in the food and beverage chain business However, in July 2019, Jollibee said that Highlands Coffee's IPO plan would not happen as anticipated, and that the project would be temporarily postponed In addition, the Jollibee corporation stated that the IPO strategy will be thoroughly reviewed within the unclear timeframe Although, in addition to Highlands, the Mon Hue restaurant chain had the same IPO ambitions as JFC and VTI, the results of Mon Hue and Highlands Coffee were completely opposite after the plan failed Mon Hue, meantime, was losing money and was on the verge of bankruptcy as the Highlands grew and expanded As can be seen, launching an IPO in the food and beverage chain industry is difficult, which is why no brand has succeeded thus far It's a great pity that this idea did not go as intended but Highlands had the alternative strategy in expanding the scale of the Highlands store chain, and, of course, no F&B chain brand has ever been listed on the Vietnamese stock exchange Nevertheless, Jollibee wanted to reform Highlands' equity after four years of cooperation, notably Jollibee aimed to increase its ownership to 60% of Highlands' equity while Viet Thai had to decrease its ownership to 40% This means that Highlands' owner had become officially a Jollibee subsidiary and in exchange for this arrangement, VTI obtained another 30 million USD loan from JSF Investment As a result, David Thai has agreed to this request, and associated with a goal of strengthening Highlands and extending to other nations around the world, it can be seen that he is willing to give up ownership rights to the brand he created in order to improve it Despite the fact that the IPO plan has not been achieved, the desire to develop Highlands in Asian countries has gradually been implemented and brought a lot of reputation to this brand In other words, when Highlands Coffee expanded to the Philippines, it appeared to have a stable commercial direction, and even if it had collaborated with Filipinos, the product image, store layout, and coffee taste in the Highlands in this country still retained the original features of Vietnam Therefore, it is clear that Vietnamese coffee is highly appreciated and recognized globally for its top quality As an outcome, since June 2019, Highlands Coffee operated 340 coffee shops worldwide, including 297 in Vietnam and 43 in the Philippines However, Highlands Coffee did not want to stop there; in the next three years, the company hoped to expand its retail network in the Philippines to 100 locations, with the goal of continuing to lead the Vietnamese coffee industry and expanding the Vietnamese coffee brand globally 14 3.3 Evaluation Up to now, Highlands has been towards the top of the list of leading coffee brands in Vietnam for a long time, and it usually always comes out on top And, in order to accomplish that performance, Jollibee and Viet Thai have collaborated to develop, innovate, and expand the Highlands beyond Vietnam's territory But if there is a chance to go back in time, will David Thai refuse JFC's offer to develop Highlands by himself? Of course not, because it is evident that Viet Thai and Jollibee have both enhanced their position and brought many benefits to both sides following the Jollibee-Viet Thai alliance Additionally, as proved by the Highlands Coffee chain's brand awareness and scale of nationwide store expansion and reaching out to the world, both VTI and JFC have effectively achieved the tasks set out by the two sides Further, after M&A, the revenue of this coffee brand virtually ranks high top among competitors in the sector As a result, it may be determined that this is a prudent and timely transaction for both businesses However, in addition to the benefits that both parties gain, Viet Thai will face numerous risks, the most serious of which is the potential of losing all Highlands' authority and Jollibee repurchasing all shares The danger of losing the national brand: the "trap" of foreign acquisitions Many Vietnamese trademarks have been acquired by multinational firms, including X MEN, DIANA, PS, KINH DO, and NGUYEN KIM A contract between the coffee shop and the venture capital firm Seedom is a good example At the beginning, Founder Nguyen Hai Ninh announced the opening of The Coffee House in 2014, but instead of franchising, he operated, advertised, and managed the business himself The Coffee House quickly established itself on the market, with an ever-increasing number of locations By the end of 2020, this chain will have 175 locations in 18 provinces and regions all around the country However, after collaborating with the Seedom investment fund, CEO Nguyen Hai Ninh, The Coffee House's founder, was replaced by another Seedom’s employee Following that, Nguyen Hai Ninh recently said his final goodbyes to the coffee brand he founded As can be seen, the creator of The Coffee House has entirely surrendered his control to someone else in this situation If the VTI enables Jollibee to continue to grow its Highlands Coffee investment, such a terrible outcome is entirely completely predictable in the future Will the founders continue to devote their hearts to dedication when their brainchild is no longer under their control and operation? Furthermore, because of the effect of COVID-19 pandemic, Highlands and Jollibee faced a lot of issues According to the reality in Viet Nam, Highlands and Jollibee will have three major problems The first issue that both parties need to concern is that because of the policy of the government in Viet Nam to reduce the amount of people crowded in the public, the government decided to close all stores 15 nationwide and limit the sale directly This makes the case that the revenue and profit of both JFC and VTI also declined Following this, from July to October 2021, many provinces conduct a policy of lockdown so this causes the increase of problems that Highlands and Jollibee need to face Due to the policy of lockdown, many stores that not have the justifiable to be active will need to be closed so Highlands and Jollibee are the objects that need to close the stores However, the amount of stores of both are very large so this causes a drawback for them Additionally, Highlands has a lot of stores located in different areas in Viet Nam so the cost to pay for the premises is also a concern In that time, the revenue from business activities cannot afford enough for this cost Last but not least, personnel shortage is also an issue that Highlands and Jollibee catch The situation of social distancing occurred in a long time so various stores cannot remain in business as many people decide to leave the city because they cannot afford the cost in the city The issue is that when the city becomes a new normal situation it cannot find the employees because it has a lot of barriers to move from province to city Besides that, the transport materials also have several difficulties, the policy of closing the broader gate and Zero - Covid make the F&B industry faced with a lot of barriers The difficulty in finding the raw materials lead to a situation that increases product cost and directly affects the revenue of the F&B industry 16 CHAPTER 4: SOLUTION 4.1 Solutions for the problems happening in the past After the IPO plan, Jollibee held 60% equity of Highlands and VTI just 40% This caused Highlands to be under control of Jollibee and David Thai lose his control and operate for the brand that he made Besides that, there are numerous problems due to the context of COVID-19 pandemic Therefore, from the third party's perspective, the team will propose some solutions to tackle these problems if there is any chance to go back to the time that these two enterprises made decisions First of all, because Jollibee held more than 51% of Highlands coffee chain, this led this coffee brand to be under the control of Jollibee The first suitable solution for this situation is to offer some options that Highlands could be under VTI's control for this brand, at least in Vietnam If VTI wanted to hold all the control for Highlands, VTI could debate to hold the control about marketing strategy or brand image Because the Highlands were established and owned at the beginning by Viet Thai, VTI's strategy will be more reasonable and realistic than Jollibee's Besides that, VTI could know exactly what Highlands needs to improve with maintaining the original taste or Vietnamese culture as the Vietnamese coffee brand so Vietnamese will have the most suitable ideas to develop this brand From the third party's view, if both parties still have conflict in this suggestion, VTI could share the higher profit for Jollibee from their business activities to exchange Highland’s operation control compared to the previous time The concern that every business is aiming to profit, so in this case if Highlands can exchange their profit to a little control of Highlands from Jollibee Another option in this case is that Viet Thai might reform the amount of Highlands' equity to regain control of this brand if the IPO plan could not be implemented on the estimated schedule For this solution, VTI not only had an opportunity in reconsidering the Highlands' ownership rate in order to regain control power if Jollibee's operation might affect the original factors like brand image, quality of drinks or others but also contribute to this coffee chain's development if JFC could have several great projects to extend Vietnamese coffee brand to all certain parts of world through listing Highlands on the Vietnamese exchange 4.2 Solutions in the future for Jollibee and Viet Thai If Viet Thai not take any actions to solve the problem in the present, this will lead to a terrible consequence that Highlands will be completely taken over by Jollibee in the future From the outsider, some solutions are suggested by the authors to decrease the damage in future for both sides Firstly, trusting is one of the most key points leading to success in business collaboration However, both party should heighten cautions when having any 17 decisions during negotiation During the merger period, Viet Thai and Jollibee gain numerous benefits such as higher profits, a huge capital to future investment, high achievements in F&B industry so this easily leads to lack vigilance and trust partners too much, leading to face losses or disadvantages Therefore, these two enterprises and others should think about bad results being happened in all their decisions before accepting any partners' offers and never put too much trust in partners Secondly, Highlands becoming a subsidiary of Jollibee does not cause any problems for Jollibee but vice versa VTI will face some drawbacks when Highlands will gradually no longer be a trademark of Vietnamese people Therefore, VTI needs to ensure that becoming a subsidiary is just expanding the market and enhancing the position, not selling the brand completely for foreign business To approach that, VTI needs to hold a certain equity to have a position in this collaboration such as offering buyback the equity rate of Highlands as soon as possible Furthermore, David Thai should create an advisory board in the company to receive advice or suggestions from them in order to gain more ideas and define the resistance point and target point to have the successful negotiation For another solution, VTI and Jollibee need to know each others' strengths to assist and support others aiming to create and improve the plan that can bring benefits for both For example, VTI will become the main strategic consultants in the Vietnamese market while Jollibee will take on this role in the Philippines market because Jollibee is a large corporation in the Philippines Additionally, having each party come up with a plan based on an understanding of the market will help the cooperation of both become successful results, know clearly cultures to reduce related problems and avoid unsuitable business strategy in different countries Lastly, the solutions for Highlands and Jollibee to decrease the effect of COVID-19 pandemic can be listed out as: Firstly, Highlands and Jollibee need to increase the promotion in social platforms like Facebook, Instagram, Zalo or TikTok Both brands also need to create more promotions for customers when they use the service at home in some applications of food like Grab and Baemin to heightened the revenue Secondly, solving the problem of premises has two ways: Negotiate with the lessor to keep rental costs to a minimum to help businesses survive the pandemic or Change business form from business in large and expensive premises to business on Kiosk in convenience stores to maintain minimum profit as well as cut rental costs The final solution is raising wages to attract new employees Having a new policy in this pandemic to support employees like sending gifts or supporting employees being infected with the Corona virus Highlands and Jollibee also can organize a shuttle bus to help the employees move to the city Besides that, finding some new suppliers can provide diversity materials to avoid the case of depending on one supplier 18 CHAPTER 5: CONCLUSION Negotiation is viewed as a science of methodical solving issues with the purpose of finding the best answer for all parties concerned in order to assist negotiators in establishing a common ground On this basis, it is possible to forecast negotiation outcomes and determine the best strategy for the discussion If negotiation is compared to an art form, negotiators are compared to artists because they must be skilled at combining a series of manipulations at a smooth level of communication, presentation, persuasion, acceptance of persuasion, problem-solving, and the ability to use negotiation techniques skillfully and at the right time, in the right way, and with high efficiency Through this case, the team had the opportunity to dig deeper into negotiating strategies and the stories of two large players in the F&B industry: Viet Thai and Jollibee about Highlands Additionally, in this negotiation, as in others in any industry, the parties involved tend to discuss, resulting in win-win outcomes It appears that both sides' trust, vision, and attitude 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Available at: http://nhalanhdao.vn/niemyet-san-chung-khoan-vi-sao-highlands-coffee-hao-huc-cac-chuoi-fb-khac-thikhong/ - 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 XUẤT NHẬP KHẨU Available at: https://tailieu.vn/docview/tailieu/2014/20140522/navy_12/c491c3a0m_phc3a1 n_trong_kd_xnk_nhc3b3m_5_53.pdf?rand=891305 - Viet Thai International (2021) Vision & Mission Available at: https://vticareers.talentnetwork.vn/ension-mission-35a524eb/en - Xiaoqin Zhang, Lesser, V and Wagner, T., (2006) Integrative negotiation among agents situated in organizations IEEE Transactions on Systems, Man and Cybernetics, Part C (Applications and Reviews), 36(1), pp.19-30 Available at: https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.307.8989&rep=rep 1&type=pdf 23 More from: Quản trị tài Đại học Tơn Đức… 579 documents Go to course Chapter-3 - Môn học cung cấp cho… Quản trị tài… 100% (23) 267778769 Chapter 38 53 15 pdf Quản trị tài 100% (18) 267778782 Chapter pdf Quản trị tài 100% (10) Chapter-2 mơn Quản trị tài Quản trị tài 91% (56) More from: nguyentrongng… 999+ Đại học Tơn Đức… Discover more Unit Writing English english 11 100% (7) Tính cấu tạo súng TLAK… GDQP 100% (1) Cấu trúc doanh nghiệp Tổ chức sự kiện None Nhóm KD Online jhj Nguyên Lý Mác Lê Nín None Recommended for you 718H1772 Nguyễn Ngọc Như Thúy Quản trị tài 100% (1) 12 18 KIỂM TRA 20% TÀI CHÍNH QUỐC TẾ… Quản trị tài 100% (1) ơn tài thầy Đường - chúc bạn… Quản trị tài 100% (1) Chap9 - Ok let go 25 Quản trị tài 100% (1)