Gníoo3 UNIVERSITY Business strategies of Hiep Thanh Company in phase of 2012 to 2017
GRIGGS UNIVERSITY
GLOBAL ADVANCED MASTER OF BUSINESS
ADMINISTRATION PROGRAM Ỉ
CAPSTONE PROJECT REPORT
Business development strategies of Hiep Thanh Seafood Joint Stock Company (HT Food) from 2012 to
2017, vision to 2022
GROUP Nọ01
e Huynh Le Mai (Leader)
e Tran Chi Linh e Le Ba Tho
e Dao Hoang Hai
Ho Chi Minh City — 2012
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CONTENTS
Chapter I
LITERATURE REVIEW OF STRATEGIC MANAGEMENT FOR THE AQUACULTURE INDUSTRY AND PRACTICAL
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Chapter 2
BUSINESS OPERATION OF THE HIEP THANH SEAFOOD JOINT SUCK LIÊN Hỗ lÃY Y gaaaarqgudadrtoroiroiiditaa8156010030/01860649901016990308000600140836008 wee 45
2.1 Introduction of Hiep Thanh Seafood Joint Stock Company: <«<<<< 45 3.11 IntroductHofn Of thé DUSUCSŠ son gang dag giai gGEgtaRaG BUSCBISWANSI4030'39GSLỤ34 30 AntùS4 45 2.1.2 Formation and development DrOC€SS .- c1 2n Hye 46 2.1.3 Current Organizatilonal Structur€: cc c2 2e 48 2.14 FaciHtfes and'pririarV DTOdUIGHDoieeseseinsaeesii Bi EE4011648390059401843599303H290030688 48 2.138 K€Yy pTOdUCS: 2.2 2222122211122 11121111221 11211112 1xx nh Hà kg 49 2.16 Revenues and profits of Hiep Thanh Company through years 5]
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223; Production DFOC€SS 2220002222221 02 2n 1n Hye 60 2.2.4 Mark tii atid Sal 5 cuaetosoissseoisaetgnnEINSDSSCDENESIEGGICIGHDSGHNGSENGSRANEIOLIBBISEIRMH 65 2.2.5 TẺGHHƠ ƯPV nrenneessennttinniasrtoetettatyr0it-0NGEEĐSTBURIBHDSSOIBSUBSRBIGHGGIH020/4SNL018154g009 000000061 67 226 Hiep Thanh Company’s revenue and profit in three recent years: .Ó8 2.3 Macroeconomy assumption and Forecast for the growth rate of aquatic
HÌ US TY tuong 00511116164160051804313ã636861984858906408/8/005814385560969856336165E438036664398104g1456Øã8vãSE 71 2.3.1 Vietnam macroeconomic evaluation in 2011: aie eee 7] ng s2: Forecast of macroeconomy in 2012 and following years: 72 2.4 The necessity offorming strategies for Hiep Thanh Companỵ -‹- 73
Chapter 3
BUSINESS STRATEGY OF HIEP THANH COMPANY IN THE
PHASE OF 2012 — 2017, THE VISION TO 2022 AND SOLUTIONS 76
3.1 | Prospects and direction of the aquiculture industry of Vietnam to 2020 76 3.1.1 Development prospects of the aquiculture industrỵ - :‹-:+-+: 76 3:1:2: Orientation of Vietnam aquiculture industry development until 2020: 78 3.2 Strategic objectives of Hiep Thanh Seafood Joint Stock Company during 2012-
2017, and vision 22Ụ << sọ 0 0098946806666030699066090689089986996 79 3.2; 1 Strategic Target of Hiep Thanh Sea Food Joint Stock Companỵ 4 79 3.2.2: VisiOni 16: thE Year 2020 ecco uereremnscmwasivamrl ner eer ereme aa 79
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3.3 Strategic Planning for Hiep Thanh Sea Food Joint Stock Companỵ 00+ 80 3.3.1 Analysis of factors affecting the company’s internal environment 80 3.3.1.1 Raw products market ch HH HH HH Huyện 80 SSeli2, OGtpiit MAKES! wsvcsccsnmsomnusrorennecen wns ecuysemamn amram artis causcnesaenan ule tulacrienes ey 82 Sikhs, ‘WABEIAH RĐBOtHGóS RE seeeeseeesionrrnrnnntboroarrernniirisetftrkpinotsn10000100 83 3.4.1:4 PTOC€SSIIE T€GHHGIOBWT sinseseniinsonoitilndidsđiđtidloi b828i918003ĐENGBtSRii80GSQ04 84 BS Selo: MarEketine aid SaleS recuse mcm arrears sere eee eT 84 3.3.1.6 Financial situation of company 1m 3 reCent y€arS: 85 3.3.2 Analysis of external factors affecting the company 0 0 0:00 cece 89
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3.3.2.1 Analysis of the macro environment PESTLẸ 222222222262 89 3.3.2.2 Analysis of external factors affecting the business (as per Michael Porter`s
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3.3.2.3 Tools of strategic planning process for Hiep Thanh Companỵ 98 9231 - BỊ NI4[TÃousraoeeseensesossnnonntnodonronnakeeestonBosisHoaghvespnevem 98
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LIST OF TABLE
Table 2-1; Revenies Ge Prom OF CDHIDBHỴ cen nen serves wes von von seis tor ete copwices nosis 5] Table 2-2: The ration of aquatic turnover in exports markets 56 Tate 2-3) OCs CUSIOMIET WESC cnc sc cee me names ene ape ae 58 Table 2-4: Hiep Thanh Company’s revenue and profit in three recent years 68 Paple 2-5: Kat 67 0065 OF DURING 0c men menmsami asus wees 69 Tale 2-0; Rabe OF 1G Titel ty WSIS nn eae conser cee wr carers reer cm ner mcs 909001009003) 018 160 69 Table 3-1: Financial situation of company Im 3 recent years 86 Faple 3-2: Analysis Of TECCIVEDIES c<cccreressmermescenmn inne BeREIEIES 86 THẾ 2< 0ý HƠI NET 0T ce sree side ome er creer 87 1p8ble 3⁄1: Hnitciäl ledọlif6 CA TÍÕ concern ema 88 Table 3-3: Level Of ASSUPANCS C0 TEE CABAL cccceivernranecsmenreneenenenmnanreriees 89 ae SS TB I eereeaaeerresensrrgerBioietobiekeseseeeeededenessesentrdnenesessen 98 ER 09g 4P bì 0 1T TẾ 1eeeensnmveenogoneetngggtitpnfSiitofisot902180000146060004067 a oil 99 BARES 250 8 FOE eeeeeeeensrereieeeserkeeeeesseeshetedrrtesoessessosse 100 TAOS 29 ¡ 0 ÏNEDĐ THÌE nnemreesseererrernetto 0i RSSESSHEGH 3E tại SI-45.0083800135808 3000001483000 80 101 Oe 0 2 I eer eereererenencesr Ee AEN 104
Pe ee ok.) on ee ae 105
Table 3-12 : Earnings before tax/Revenues ratio of the Company 110 TAGS 3-15) COMPAINGTS ARB SNS coxa cnmsemacncecimsaras amen ceuieacisnii ten onraeanase III BDI 2+4! RPREIIS (NHI GIS ceeeeeeseeennrrsnrenordonlbssrolbsrrsVll0fBBrr0BIA9000000)3069 560/008/0108 114 TADS S13; FANG VSS OT CCR VAD ro di citer corece coerce eniinnermeremimmnanunecenmaiens 119 10H1E 3-17 ARGV OT WCRI ec ccccrncec nee as lSS05 06004030815/851800168 es 119 Table 3-17: index reflects the financial 1EVv Grae 22 ioe c0 necro corsnncereneccansevans oe 120 Table 3-18: Level of Tixed Capital GsSutQnC ic cscs ccccomrarmmnrnansmeenvneeias 120 Table 3-19: DEVElopinetit, HUMAN TESOUTEC ecco cncconins ces ncemrasenmenurai cans aes 127 Table 3.20: Matrix of strategy review and evaluation -ccse: 132
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Business strategies of Hiep Thanh Company in phase of 2012 to 2017
LIST OF FIGURES Model of global strategic management Illustration of general environment 5 Forces of M.Porter
the process of strategy governance External Environment Matrix — EFE Infernai Environnent Matrix — iFE CPM matrix
SWOT matrix Space Matrix Figure 1-10: SPACE matrix Figure 1-11: IE matrix Figure 1-12: QSPM matrix
Figure 1-13: VASEP (data from Vietnam Custom Office) Figure 2-1 Organizational Structure
Figure 2-2: Figure 2-3: Figure 2-4: Figure 2-5: Figure 2-6: Figure 2-7: Figure 2-8: Figure 2-9: Figure 3-1: Figure 3-2:
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General business activities chart Group of pangasius fillet products Group of animal feed in floating tables processing of Hiep Thanh Company Aquatic trademark
Foodstuff trademark
Revenue ratio in business activities Profitability index
Board of supervisory
review and evaluation chart
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PREFACE
Reasons to choose the topic
As we have known, aquaculture industry is one of the most important industries in Vietnam, ranking 4" position in top 10 largest export commodities of Vietnam in 2011 Products of this industry are exported to many countries in over the world, and are accepted by most global consumers so that its export turnover increases year by year with the staggering growth rate from | billion ỤS dollars in 2000 to 3.6 billion dollars in 2007 and 6.1 billion dollars in 2011, in which the seafood turnover was recorded the highest export value in two continuous year of 2010 and 2011 with exported quantity of 1.35 million tons, equivalent the turnover of 5.03 billion ỤS dollars, increasing 11.3% in terms of quantity and 18.4% in terms of value in comparison with the year 2009, and with 21% growth rate over 2010 to reach the turnover of 6.1 billion ỤS dollars, obtaining 6.3% the total exports of the countrỵ Particularly, catfish products reached the turnover of 1.8 billion dollars accounting for 30% total turnover of the aquaculture industry and 1.87% total export turnover of the entire countrỵ
Nevertheless, the aquatic processing industry is now showing signs of decline and facing many threats: lawsuits on food hygiene and safety, sources and raw material prices are unpredictable, new seafood companies are joining into markets and many challenges in integration trends of the local and international economy, when Vietnam officially became the 150" member of the World Trade Center Therefore, building a business strategy to guide business operation to achieve specific targets, associated with utilizing limited resource to have appropriate organization structure and effectiveness is one of vital requirements for every enterprises, specially, for seafood export corporate like Hiep Thanh seafood joint stock company (HT Food) — a large company specialize seafood processing for export in Vietnam
In brief, business strategy plays an important role for businesses in market economỵ There are many ways to establish business strategies However, to form a business strategy, which is suitable, efficient and appropriate to each stage of
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enterprise’s development, 1s complicated process Because the business of aquaculture industry has been recently unpredictable and seasonal fluctuation, business strategies and its solutions should be analyzed and formed carefully, and flexibly adjust according to the reality of market and the companýs abilitỵ
The topic “forming business development strategies of Hiep Thanh Seafood Joint Stock Company (HT Food) period 2012-2017, Vision 2022” is one of experimental studies of Group | after completing the course Strategic Management and other courses in Master of Business Administration Program
Research objectives
In views of the above concept, the topic is to concentrate on research basing on the following aspects:
° Real potential of the aquaculture industry currently and next years * The Company’s situation, competitiveness on different aspects ° Risk factors affect Hiep Thanh Company
Scope of the research
The topic comes from actual operations of the company which is facing a lot of challenges: increasingly fierce competition inside of the industry and in foreign markets; input materials’ fluctuation both in quantity and price, unpredictable market’s consumption On the other hands, the company’s resources are limited His financial resource is tight and has not enough for stable operating Managerial capability of board of management is still quite limited Customers increasingly require high-quality about designs and products (food safety) In general, there are a lot of articles needing to analyze and evaluate thoroughlỵ Base on result of actual analyzing, we will form and build suitable solutions to achieve the targets
However, due to time-study limitation, the project will focus on analysis of company’s internal factors, nearby external factors which closely effect to the company, its SWOT, and competitive situation, especially the competition from new entrants to the industry, potential risk factors which influence and impact on Hiep Thanh Companỵ Using analytical matrices evaluate company’s ability in all respects, developing trends, combining opportunities and challenges to leverage the company
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strengths According to result of analytical matrices, we determine the objective for company’s strategy in short term phase and vision to longer period Meanwhile, the suitable solutions also draw up to complete the business plans
Research Methods
The project used these following research methods:
e Collecting information and data of the status and prospects of the aquaculture industry, including domestic and export markets from various sources of information: specializing website concerning to the studied industrial field, aquatic newspapers and magazines, television, references of experts/ leaders in the industry, Vietnam custom’s data, interviewing entrepreneurs/businessmen
e Collecting and processing data of the company for 03 consecutive years, really investigating, holding workshop with company’s board of management
e Use matrices to plan strategies Limitation
We do not have enough power and time to collect widely competitors’ data except the competitive companies who had public data in the stock markets
None of us work in seafood process field, or also in the objective company (Hiep Thanh Seafood Joint stock Company), so the project might have some mistakes or uncorrected features, but the project’s contain is not defected by the cause (if any) Structure of the project
The topic includes 03 chapters:
Chapter 1: Literature review of strategic management for the aquaculture industry and practical requirements
Chapter 2: Introduction and analysis of the current situation of Hiep Thanh Seafood Joint Stock Company
Chapter 3: — Strategic planning and solutions
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CHAPTER 1
LITERATURE REVIEW OF STRATEGIC MANAGEMENT FOR THE AQUACULTURE INDUSTRY AND PRACTICAL REQUIREMENTS 1.1 General Theories
1.1.1 The concept of business strategy planning 1.1.1.1 The concept of strategic management
The economy has been suffering the harmful impact from various factors: financial crisis and global recession have just passed, the global economy recovers difficultly, slowly, unevenly and potentially more at risk, natural disasters, and wars always lie in wait In ađition, integration and globalization are continuing, scientific - technical advances, especially information technology are still developing In general, business environment has been changing rapidly, complicatedly and unpredictablỵ A "digital economy", a "flat world" with the key flattening factors of global supply chain is being established Map of the world
economy and of countries are being re-drawn In this circumstance, the successful
only belong to companies who have scientific development strategies suiting with the current economical environment Strategies can help companies promote their strengths, overcome intrinsic weaknesses, and especially help companies to be able promptly seize opportunities, overcome risks from inside and outside of business Vice versa, companies who do not have business strategy are probable suffer damages and get disadvantages for environment’s impact, and eventually bankruptcỵ With such special importance mentioned above, all companies, no matter what large or small scopes, in developed or developing companies must have strategies to guide their business developing in right direction
Due to the special importance of strategies and strategic management, many scientists focus on studying this aspect and offer many different concepts for each period: Alfred Chendler (1962), Ansoff H.I (1965), Harvard (1965), James B.Quinn
(1980), Mintzberg H (1995), Michael Ẹ Porter (1996), Fred R David (2003)
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However, when the environment has major and very quick changes at moment, It should be important to pay attention to the concept of Johnson G and Scholes K (1999) according to this author, "Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations"
From these above mentioned researches we define that strategy ts to collect basic and long-term objectives, which are established tn accordance with vision, mission of an organization and ways and means to achieve those objectives in the best manner, how to promote strengths, overcome weaknesses of the organization, welcome opportunities to avoid or minimize risks of damage from external environment
1.1.1.2 Roles of strategic management
Strategic management is a process to study current and future environment, plan objectives of the organization, execute and inspect the implementation of decisions in order to reach those objectives in the current and future environment
Business strategy supports company to clarify opportunities and advantages in business, take full advantages of them to propose proper development strategies, policies in order to achieve the planned objectives
Business strategy supports administrators to anticipate difficulties, risks currently or in the futurẹ From that, basing on their own potential, businesses actively face these problems
Business strategy supports administrators to effectively use current resources of the business and allocate them reasonablỵ
Business strategy best coordinates with functions in an organization on the basis of common objectives of the organization
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1.1.2 Levels and types of strategy 1.1.2.1 Levels of strategỵ
Strategies within a company are divided into 3 levels:
Corporate Strategỵ involves the overall | scope and direction of a corporation to achieve particular long-term goals At this level, the strategy focuses on those activities which help companies achieve maximum profitability, survive and grow The thesis “The business strategy at Hiep Thanh Seafood Exporting JSC during 2012-2017 and its vision to 2022” presents the analysis of strategies at corporate level
Business unit strategy: involves prioritized decisions of how to win and where to win It includes methodologies of how the organization makes their choices, positions itself on the market to gain competitive advantages and other advantages of a specific business sector
Operations Strategy (or Functional Strategy): involves the tactical plans of internal functions /departments such as marketing, finance, human resources etc Those strategies help improve the performance of the company and support the effectiveness of other business strategies, corporate strategies
In this trend of globalization where exists the intense competition, borders between countries are gradually erased to support the facing with service competition (where has the pressure of price reduction and high local demand), more and more companies expand the scope of business beyond their borders And another level of strategy is resulted to be Global strategỵ
To penetrate and compete in this globalized market, companies can apply following strategies:
- Multi-domestic Strategy - International Strategy - Global Strategy
- Trans-national Strategy
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1.1.2.2 Types of Strategies
As mentioned above, there are many types of strategies with different names, presented by summarized overview in 14 basic strategy categories of the company — level, which divided into 04 groups, according to Fred R David’s concept:
Group of integrated strategy include: - Forward integration - Backward integration - Horizontal integration ° Group of special strategy include:
- Market Penetration
Market Development - Product Development
® Group of expansible operation strategy include: - Concentric diversification
- Horizontal diversification - Conglomerate diversification ° Group of other strategies include:
- Joint Venture - Retrenchment - Divestiture - Liquidation
Mix strategy - this is the strategy to be chosen for the analytical topic 1.1.3 Strategic Management Process
Strategic management consists of three main phases, which have intimate and complementary relationship:
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Figure 1-1: Model of global strategic management From: Fred F.David, Concepts of Strategy, p.27
Phase of strategic planning is the first phase, set foundation that takes a very important role in the whole process of strategic management In this phase, it needs to define the vision and the mission of strategic objectives of the enterprisẹ On this basis, establish the strategies, business policies, business decisions
During this period, the enterprise will focus on analyzing the elements of the inside and outside environment, determine opportunities, risks, strengths, weaknesses and with this result, combine and choose the appropriate strategỵ Strategy establishment consists of three basic activities: execute research, harmonize intuition, analyze and make a decision
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Phases of strategy implementation \s the stage which tums the strategy into action to achieve the intended objectives In the process of strategic management, this period is also very important because a strategy, which has been planned scientifically before, will also be meaningless if not implemented well This stage needs to mobilize the management and all staffs to implement the strategy that has been determined Three basic activities of the performance of strategy are:
+ Establish annual objectives: + Release the policies:
+ Distribute the resources
Phase of strategy assessment This is the final stage of the process of strategic management It is the evaluation process, control results and find appropriate solutions to adapt strategically to the environment or the circumstances Inspect the implementation of each strategies’ period, do the wrong — right and the appropriate or not appropriate analysis to have the suitable solutions Otherwise, it helps the companies predict other events, that maybe happen and adjust the strategy in the future to seize opportunities, overcome challenges, turns challenges into opportunities for growth chances The inspection should be conducted regularly and continuously, include the following activities:
+ Consider factors, which are the basis for current strategy;
+ Evaluate achievement;
+ Implement corrective actions
1.1.4 Tools and Methods of planning business strategy for enterprises 1.1.4.1 Analysis of external environment of enterprises
The external environment includes:
+ Macro environment, also known as the general environment + Micro environment, also known as field-environment industry / competitive field
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General environment: elements of general environment are aspects of the vast society, deeply influence to an industry and companies, including:
economy population ⁄ \ _ BRANCH ENVIRONMENT Threats from new firms
Suppliers's power Customer's power Threats from replaced products
Competition intensity A social culture global politics, legislature é - technology
Figure 1-2: Illustration of general environment Economic Environment
The economic environment indicates the nature, the growth and developed orientation of the economy, in which enterprise operates The impact of this environment is directly and more dynamic than some other elements of the general environment The movement of macro economy’s environment contains different opportunities and threats for each business in different sectors, make the potential influence on the business strategỵ Some basic elements are most interested: trends of gross domestic product (GDP) and gross national product (GNP), interest and trends of interest rate, trends in exchange rates, balances of international payment: inflation ranking, Tax system and tariff, changes in the stock market
Cultural & Social environment
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Together with the integration process, the cultural elements has increasing the deeply influence on the operation of businesses day by daỵ Therefore, executing research on social and cultural environment is indispensable content, especially in external environment research Social and cultural environment includes key factors such as the moral concept, the notion of living, traditions, concerns and priorities of society, the level of awareness, and education of societỵ
Political and legal environment
Enterprises/ organizations are cells of the economỵ All decisions of businesses are strongly influenced by elements of the political environment Therefore, to plan the strategy for business, it cannot analyze without this environment Political environment includes viewpoint’s system, policies of the Party and laws of the State, diplomatic-political trends of the Government, the international and nationwide political movements
Population Environment
The population size has an important influence in most products, services, markets and consumers These businesses have realized from the beginning that the impact of natural circumstances to their business decisions These effects include: Population size, age structure, geographic distribution, racial diversity, income distribution, climate, pollution, lack of energy and wasteful using of resources with the increasing of demands for resources provided by naturẹ
Technological Environment
The influence of technology creates opportunities and risks in the process of strategy management for the enterprisẹ Technological improvements can create new markets, that make present products and services become obsoletẹ This environment strongly affects producers, who related business fields such as telecommunications, computer science, information
Global Environment
In progress of integrating and globalizating, every businesses and organization have suffered the impact from the world’s economỵ So it will be
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detective action if we do the analysis the macro environment of business but limited domestic environment analysis, ignoring the global environment Global environment includes the environment of all markets, where businesses involved, changes in society and the world economy created by linkers and increasing exchanges between countries, organizations or individuals in cultural and economic perspectivẹ Political effects include: important political events, main global markets, newly industrialized countries, differences between cultural characteristics and institution
Generally, the external environment includes many factors such as just mentioned, that the purpose of the research 1s to identify the opportunities as well as the risks that affect business operations Therefore, the external environmental research often can’t set ambition of research all environmental factors, just limited the research of the factors that have real affect for businesses Depending on the characteristics of each sector, the strategic objectives of each organization, these factors may varỵ In ađition, the external environment is changing, make the impact on businesses To ensure the strategy is implemented successfully, it should be conducted the outside environmental research constantly, continuously, non-stop and cannot base on research results of the previous phase to build up strategies for the new period
Microenvironmenv industrial competition
Microenvironment is directly related to each company, the majority of competitive activities are occurring directly in this environment Each industry has a specific characteristic; the peers must learn of their own characteristics, analyze factors in the industry and find out which companies in the industry have a direct impact to their companies Since then consider what the chances are, what is the risk to apply appropriate strategies Michael Porter, a well-known professor in Business Strategy from the Harvard Business School, launched a five torces model of competition, to help administrators analyze microenvironment, identify opportunities and risks from environment of this field, namely:
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Bargaining of suppliers Threat of new entrants
Bargaining power of Threat of substitute buyers products of service
Figure 1-3: 5 Forces of M.Porter
The threat of the new company/ Entry risk of potential competitors
When new competitors enter the market, they will exploit higher production capacity, gain market share, increase competitive pressures and reduce profitability
of the companỵ This entrance will affect the company’s profitability so it is necessary to analyze potential competitors to assess potential risks Competitors may enter the market in many forms: export, joint ventures, 100% foreign capital
direct investment, and acquisition of companies in the industrỵ
However, the risk of intrusion into an industry depends heavily on the entry barriers: economics of scale, product differentiation, capital requirements,
restructuring costs, accessibility to distribution channels, other cost disadvantages, and an important barrier that is the policy of the Government
Supplier Negotiation Power
Providers can assert their power by threatening to increase the price or decrease the quality of products and services provided Providers will have the advantage if they have the following conditions: when only a few providers selling
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to a large number of buyers in an industry, when substitute product are not available, when the goods or service provided are essential and have a high degree of specialization
Buyers/Customers Negotiation Power
Customers decide the existence of the business Customer's trust can be the most valuable asset of a business Credibility is to be attained by better satisfying tiie reeds of Customers, in comparison to competitors There are six types of
customers: consumers, manufacturers, intermediate distributors, government
agencies, nonprofit enterprises and international customers Pressure from buyers
primarily exists in two forms: bargain for discounts or better quality of products and
services That makes the existing competitors against each other and reduces the profitability of the industrỵ
Threat from substitutes
Substitutes are different products in both names and components but offer similar features and benefit The introduction of new substitute reduces the selling price or reduces profits of the companỵ Therefore, companies must forecast and analyze trends to identify substitute risk of a product that can affect the businesses Substitutes do not only limit the industry profitability in the normal conditions but also in excessive growth period of the industrỵ
The intensity of competition from existing companies
Competitors are businesses that provide the same products or services of the companỵ Competitors share the market with the company and may take more shares if they have advantages Competition level depends on the size of market, market growth and competitors’ investments
There are many types of competitors: competitors of desire, competitors of product type, competitors of product's shapes/types competitors of brand namẹ Competitor analysis includes identification, classification, evaluation, and competitors list by area; collecting and evaluating competitors’ information, forecasting the response of competitors, strategic options to deal with competitors
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1.1.4.2 Internal Analysis of the company
The ancient said "Know yourself, know your enemy, hundred _ battles hundred wins" Study the external environment is just to know the others In order to make a plan for the company, administrators still have to analyze their own companýs internal environment scientificallỵ
Analyzing the internal environment of the business is a facility to know a companýs strengths and weaknesses compared to its competitors, and helps administrators know the ability to capture competitive advantage from time to timẹ Internal analysis based on analysis of functional parts, in the view of Fred R.David
(including six activities: administration, marketing, finance and accounting,
production/operation, research/ development and information systems) can help determine fully the strengths and weaknesses of the company but requires time-
consuming and labor A different approach: analysis of internal environment based
on the value chain analysis of Michael Porter
The value chain of a company is a collection of business activities that
increase the firm's valuẹ The implementation of effective value chain will
determine the overall performance and create competitive advantages Therefore,
analysis of internal environment to identify a firm's key strengths and weaknesses must be associated with the analysis of the value chain In the value chain, business
activities are divided into 02 groups: major activities and support activities
Major activities are activities that directly involve in the production/operation of a company: supply operation, operation, output operation,
marketing, sales, and services
Support activities include human resource management, technology development, acquisition and general administration
Major Activities
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Supply operation: \nput activities associated with logistics activities such as ordering, shipping, delivery of machines and equipment, supply of materials, material management, and inventory control, collecting and returning unsatisfying materials
Operation: Ail the activities that turn the inputs into the final products This is a fundamental component of the value chain, so improvements of these activities could significantly increase labor productivity, product quality, and energy saving
Output operations: Includes activities related to the product's distribution
process to customers such as preservation, storage, inventory management, and
order processing, shipping and product deliverỵ These activities affect significantly
the level of customers’ satisfaction and engagement with the business In episode of
intense competition conditions like nowadays, a company needs to continuously improve these activities effectiveness
Marketing and sales: This activity involves in four main issues: product, pricing, support and distribution channels It includes the following activities: analysis of customers, product planning, pricing, and distribution, market research,
implementation of promotional activities, support activities for wholesalers,
retailers and operation of the sales forcẹ
Services: Includes activities such as installation, repair, and technical
guidance for customers, providing components, product adjustments, and resolve
complaints of customers In many industries, if a new product's launch requires
large expenses to carry out special training for customers and other excellent services, the barrier to enter that industry 1s high
Supporting Activities
Human Resources Management including recruitment, training, treatment
(salary, bonus) and allocation Human resources management affects all activities in
the value chain
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Development of technologỵ \ncludes activities related to product research and develop, process improvements of process, machinery and equipment, development of design softwarẹ
Purchasing and Supplỵ includes activities such as identifying and estimating materials needs, the necessary goods, identify potential suppliers, supply market research, selection of suppliers, implementation of order, check, control the entire process of purchasing and supplỵ
General Administration: includes activities such as financial accounting, issues related to law and administration, information systems and apparatus
In ađition, to evaluate fully and accurately about the internal environment of a company, we should also consider other five factors: financial analysis (working capital, leverage, operation, profit and sales growth), culture, leadership, legitimacy and reputation of the companỵ
1.1.4.3 Tool of planning - Strategy Models
As we know, the process of strategy governance consists of three stages: planning, implementation and evaluation In particular, the planning phase is the
first and fundamental stage and plays a very important role in the whole process of
strategy governancẹ To develop the strategy in a scientific way, we must do it systematically through three stages:
Step 1: Input
External Factor | Competition profile matrix Internal Factor Environment - EFE (CPM) Environment - IFE
lêu Step 2: Combine
Strong, Weak, | The Strategic Position & | IE Matrix/
| Opportunity & Threat | Action Evaluation (SPACE) | Mc KINSEY method
(SWOT) | | |
E z "Step 3: Decide 5
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~OSPM Matrix
Figure 1-4: the process of strategy governance —
From: Fred R David, Concept of Strategy, p.260) 1.1.4.3.1 External environment matrix
(External Factor Environment - EFE)
The construction of matrix evaluates external factors, therefore helps us to summarize and quantify the influence of external factors to the enterprise, their effects to the business activities, and help managers to assess the flexibility of businesses to the opportunities and risks, make some comments on the external environment, which facilitates or makes it difficult
for companies
To construct the matrix we list all the external factors that are
affecting the companýs activities Then we assessing the importance of each factor, weighted by the score, in which total points of the entire weight factors equal onẹ The classification shows the respective importance of
these factors for success in the business of the companỵ
Evaluating of the importance level of each factor by sorting the elements from | to 4, level 4 is the level that the company has the best
response; 3 1s above average, 2 average and | being the lowest The effective rate based on the companýs strategỵ
The next is to determine the number of points about the importance of each tactor by multiplying the degree of importance with the corresponding classification After that, plus the total number of critical points for each variable to determine the total number of points important to the company, the highest and the lowest is 4 to 1, and an average of 2.5 points
If the total number of critical points is 4, it indicates that the company
is taking advantage of external opportunities and better control or minimizes
the external threats to the companỵ If total score is 1, the company does not
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seize the opportunity and cannot reduce the threats from the external
environment
External Factors Evaluate level | Point — Score
List all factors
| ‘Summary
|
i
Figure 1-5: External Environment Matrix — EFE
1.1.4.3.2 Internal Environment Matrix
(Internal Factor Environment - IFE)
The construction of internal factors matrix elements will help us to
summarize, evaluate the strengths and weaknesses of the important functions
of the business It affects the business activities of enterprises Similar to
external environment matrix, we conduct a similar evaluation:
CT Es ae Se
List all factors
Summary
Figure 1-6: Infernal Environnent Matrix — IFE
1.1.4.3.3 CPM Matrix
Competition profile matrix compares the company with main competitors, based on the factors affecting the competitiveness of the
companies in the industrỵ Competition profile matrix help managers identify the main competitors, their advantages and disadvantages, and evaluate the companýs advantages and disadvantages in comparison Competition profile
matrix 1s an extension of the EFE matrix in respect of importance factors,
classification system and the total number of critical points However, unlike EFE matrix, managers can put into this matrix the major elements of the internal environment factors that influence on the development of businesses
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such as financial stability, the effectiveness of marketing activities, and appropriate investment for R&D activities
ce eee DRESS 88,
| Rating | Score | Rating Score Rating Score
` 5 * 4 %* * List all factors Total | | pee! bere Figure 1-7: CPM matrix 1.1.4.3.4 SWOT Matrix
SWOT Matrix is an important tool; which is most crucial, effective
and most commonly used to help managers define four following groups of
strategies:
- Strong — Opportunity (SO)
- Weak — Opportunity (WO) - Strong — Threat (ST) ˆ Weak — Threat (WT)
Chart of the SWOT matrix is composed of 9 cells with 4 cells contain important elements (S, W, O, T), 4 cells of strategies (SO, ST, WO, WT),
and a box which 1s always empty in the upper right
O - Opportunity T — Threats SWOT - List of Opportunities - List of Threats
(3) (4)
S — Strength SO Strategies ST Strategies List of - Use Strengths to catch - Overcome Threats by
Strengths Opportunities | Strengths
| (1) (1+3) | (1+4)
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| W-Weaknesses WO Strategies | WT Strategies
| List of - Limit weaknesses to catch | - Limit weaknesses and stay |
| Weaknesses Opportunities | away from Threats |
| (2) (243) | (2+4) |
L if see]
Figure 1-8: SWOT matrix
1.1.4.3.5 SPACE Matrix
SPACE (the Strategic Position & Action Evaluation matrix) is another important tool, which is used to determine which strategy the company
should follow FS 6 Conservative 4 Agressive 2 -6 -4 -2 2 4 6 -1.3 -2 -4 Defensive Competitive -6
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Figure 1-9: Space Matrix
As illustrated in the figure above, SPACE matrix divides coordinate plane
into four quadrants, each quadrant represents a different strategy types: - Aggressive
- Competitive - Defensive
- Conservative
The development steps of a SPACE matrix are:
Step 1: Select a group of variables for financial strength, competitive advantages, environmental stability and industry strength
Step 2: Assign a value from +1 to +6 corresponding trom best to worst for the variables that make up FS and IS Assign a value from -1 to -6 corresponding from best to the worst of the variables created ES and CẠ On the FS and CA axis are competitors’ comparisons, on the ES and IS axes are other industries’ comparison
Step 3: Calculate the average score for FS, CA, IS and ES by summing the values of the variables then divide them by the number of variables Step 4: mark the average point for FS, IS, ES and CA in_ the corresponding axis in the SPACE Matrix
Step 5: Ađ two numbers of the x-axis and mark the result on X Sum
two points on the y-axis and mark the result on Ỵ Mark the intersection of two new points on this X Y-axis
Step 6: Draw a vector start from the origin of the SPACE Matrix to the new intersection This vector represents the strategy of the organization
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_ Market penetration, market
| development, product development, |
|
AGGRESSIVE | Company isinthe - |
forward/backward/horizontal |
quadrant | best position OB |
| integration, concentric diversification, |
¬ horizontal diversification
| |
| | Companies should | Market penetration, market ~ CONSERVATIVE |
| Operate with the development, product development,
| quadrant SỐ
basic competencies | concentric diversification
PSone Companies should
focus on improving
DEFENSIVE internal Retrenchment, divestiture, liquidation,
quadrant weaknesses and concentric diversification
avoid external threats
Market penetration, market
development, product development, COMPETITIVE
backward integration, forward
quadrant integration, horizontal integration, joint CB
venturẹ
Figure 1-10: SPACE matrix
1.1.4.3.6 IE Matrix
IE Matrix/Mc KINSEY method is a combination of IFE&EFE, with similar
evaluating and calculation methods
IE Matrix is developed from the BCG matrix, but has more details Instead of 4, it has 9 cells, and uses both the criteria of industry attractiveness and competitiveness:
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- The vertical dimension represents the industry attractiveness of EFE - The horizontal dimension represents the competitive position of IFE lt Matrix has 9 cells Each cell has a specific strategy which is remarked by
three different colors as follows:
Cells chosen Color indicator Strategy
Cell: LILIV —~ Yellow Developing & Building
Cell: UV, Vi Blue Obtaining & Maintaining
Cell: _ VỊ, VIII, IX Pink Harvesting and reJecting |
IE Matrix Competitiveness Analysis (IFE Matrix)
“ Strong Average Weak
= Level = 4,0 - 3,0 2,99- 2,0 1,99-1,0 Z High ` 4 3 I H Il Š $ 9 lại Normal = IV V VI * 2,99- 2,0 ÿ a Low s Vil vu IX = 1,99- 1,0 Sc Figure 1-11: IE matrix 1.1.4.3.7 QSPM Matrix
QSPM Matrix is in the decisional planning process for strategỵ It is used to objectively evaluate the strategic options QSPM Matrix uses all
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information, data from the matrixes above: IFE Matrix, EFE Matrix,
Competition Matrix, SWOT Matrix, and SPACE Matrix
To build and develop a QSPM Matrix, we need to go through 6 steps: Step |: List the strengths, weaknesses, opportunities and threats in the left column This information should be obtained from
EFE matrix and IFE matrix
Step 2: Classify each key factor from inside and outsidẹ The classification is as same as the one in EFE matrix and IFE matrix
Step 3: Identify the alternative strategies that the organization should consider for implementation The strategy is categorized into separate groups
Step 4: Determine the attractive score (AS), which is the quantified relative attractiveness of each strategy in the group of possible alternative strategies Number of points is
determined by considering the influence of each strategy on the
important key factors from inside and outsidẹ The point of attraction for each strategy is assigned to indicate the relative attractiveness of each strategy compared to other strategies Number of points of interest are classified as follows: | - not attractive, 2 - less attractive, 3 - quite attractive, 4 - very
attractivẹ Any factor that does not affect the selection should
not be scored and the row should be left blank
Step 5: Calculate the total number of points of attractions
(TAS) Multiple classification score with points of attraction in
each row If only the influence of the elements inside or outside is in question, TAS represents the relative attractiveness of each strategy and the higher TAS, the more attractive strategỵ
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e Step 6: Sum the attraction points Sum the total score for each strategýs attractiveness Total score of each strategy shows the most attractive strategy in each group
KFS Strategy 1 Strategy 2 Strategy 3
Weight
7 | Potential Strategies
| Rate | Score | Rate | Score | Rate | Score
_ Management, Finance, Accounting, _ Accounting, | | Information Systems | | L † | BPE: Economy, Politics, | |
Law, SocIety, Culture,
| Population, | | Technology sli Cr acai iN i ca a kc Di (0200142020101 0200 Total points -
Figure I-I2: QSPM matrix
Note: Categorize external factors: | — low reaction, 2 — average reaction, 3 - above average reaction, 4 - high reaction Categorize internal factors: | — weakest, 2 — weak, 3 — strong, 4 — strongest
QSPM matrix has many advantages such as incorporating appropriate elements to the decision process, strategic groups can be researched continuously or at the same time, without limitation of number of strategies can be evaluated and
can be used for all types of organizations regardless of how big or small, profit or nonprofit, can be used particularly in multinational organizations However, it also has some limitations such as requirement of judgment based on intuition and experiencẹ The discussion between managers, employees in the process of analysis
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and strategy selection is necessary, but if the level of understanding, quality and quantity of information that each person has are highly different, the quality of the matrix will be lowered In ađition, QSPM Matrix is workable when _ the information used in analyzing at the stage | and the stage 2 of the strategy is truly and exactlỵ
1.2 Overview of Vietiiam's aquacuiture industry
Vietnam has been renowned as one of the leading countries in the world that
have potential for harvesting, feeding, processing and export of fishery commodities
in the world In the plan for the fishery development until 2020, the Prime Minister
stated "Develop the fishery sector into a large-scale commodity production, with high productivity, quality and competitiveness, diversify product structure to meet
increasing domestic demands and promote exports to maintain a high export
turnover, contribute a high proportion to GDP in agriculture, forestry and fisheries
in the coming years"
In fact, the fishery sector has been one of the leading industries in the recent years, and has contributed positively to GDP growth of the countrỵ Particularly in
2011, seafood export turnover was more than $6.1 billion, increased nearly 20%
compared to 2010, and set new record for the fishery sector Pangasius fillet export
turnover reached $1.805 billion; increased 26.5% compared to 2010 and accounted for 30% of total exports of the fishery sector
As one of the key economic sectors, the export growth rate in 10 years was maintained above 10% On the other hands, the world’s seafood demand continues to increase while continuously declined supply of fishery in some other seafood export countries in Asia and South America creates an opportunity for Vietnam's fishery industry, even though the fact that some major markets of the fishery sector,
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such as Europe and the ỤS., have fallen into economic crisis, Vietnam’s seafood outcome market ts still predicted growing in coming years
However, the Vietnamese fisheries companies are now facing with numerous difficulties due to weather, environment, breed, feed and many other obstacles To help the businesses overcome these difficulties, the Department of Fisheries, under the Ministry of Agricultural and Rural Development has been published the "S-Year Plan 2011 - 2015 for fishery sector" in order to orient development of fishery industry in a stable way, to make it become a large-scale industry, high competitiveness and be able to integrate with the world economỵ The plan also
aims at increasing incomes and living conditions of fishing communities, and
reaching an export turnover of $6.5 billion, with total output of aquatic products at $5.7 million tons in 2015
Seafood Exports (billion USD)
8.00 6.00 6.1 | ae — 4.56 4.11 5.03 4.00 j 5 “ee | a R T 2006 2007 2008 2009 2010 2011
Source: ABS consolidated
Aquatic Products Demand:
According to an analysis of the Food and Agriculture Organization (FAQ), the stable demand for seafood products are increasing both in quantity of consumption and pricẹ
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Aquatic production in 2012 1s expected to increase by 2.1% to 157.3 million tons due to an 5.8% increase in feeding production, to compensate for decreased catches after the restrictions for harvesting small pelagic fishes was implemented
Aquatic products’ demand increases strongly because fish consumption for food per capita increased by 1.1% in 2011 and 1s forecast to increase by 2.6% In 2012, to 19.2 kg/year, but the world aquatic production is predicted to decrease in 2012, decrease of fishery exploitation of substituted seafood will aiso contribute to the increase of consumption of Vietnamese enterprises’ seafood
In the US, the import figure in 2010 shows that 86 percent seafood supplying for the ỤS is imported from outsidẹ Experts identify the ỤS market will still an important large market for Vietnam’s seafood products in near futurẹ Beside the
ỤS market, some others such as Europe, Russia, China and Latin America are also
large potential seafood markets which have not fully exploited Exploitation and Production Volumes
According to the Ministry of Agricultural and Rural Development, catches
and aquaculture production in the first quarter of 2012 1s estimated at 1.13 million tons, increased by 3% over the same period in 2011; in which exploitation
production reached 622 thousand tons, increased by 1.2%, and aquaculture production reached 512 thousand tons, increased by 5.2%
According to statistics in the Mekong Delta, aquaculture production
continues growing quite comprehensivelỵ Breeding production of aquatic species
has been accelerated Along with the development of breeding prawn production,
other species were also successfully applied with production technology such as chub clam, crab, strangled marine grouper fish Coastal aquaculture has developed strongly and restructured to safety and sustainability production Although aquaculture is developing quite good, but it’s develop rate is still slow, high risks
and 1s not stablẹ
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Catfish Farming at Mekong Delta
In the 50s of the last century, pangasius farming appeared in the Mekong Deltạ By the late '90s, a time when the catfish processing businesses found export markets as well as research institutions succeeded in perfecting the process of breeding production and intensive high yield farming, the raising of catfish in Mekong Delta began to grow stronglỵ
At the end of 2006, the farming area of catfish in Mekong Deita reached nearly 5,000 hectares (4.5 times greater than in 1997); the output production reached 800,000 tons of material fish This development also supported the development of catfish processing for export industrỵ By the end of 2010, the
Mekong Delta region had a total water surface area used for catfish farming at over 5,000 hectares, concentrated in areas downstream the Tien and Hau rivers with
annual output of over 1.2 million tons of fish Aquatic Feeding Production
According to statistics from the Vietnam Association of Animal Feed, in
2011 feed manufacturing industry produced 14.3 million tons, increased by 12%
from a year earlier In particular, feed for livestock and poultry was 11.5 million tons and for aquatic products were 2.8 million tons However, in the recent two years, the impact of macroeconomic instability (large-scale deaths of raised shrimps, lack of capital for farmers to farm catfish ), the decrease of farming area
has put difficulties for the feed manufacturing industrỵ
To prevent lack of material due to the above decrease of farming area, a new
trend has been forming in the seafood processing enterprises This tendency is to
expand investment vertically (enclosed production investment), in order to self supply raw materials and stably producing, in which, enterprises will more invest in aquatic food processing factory to own supply for their farming; expand farming
area to self supply fish material for seafood factory) This model has become mainstream in the industry to help businesses reduce impacts from the market, save
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cost, lower production costs and especially to control quality, with origin records to secure food safetỵ
Current facts about domestic companies
In recent years, the seafood companies in Vietnam have grown rapidly, reflected by the introduction of many factories, workshops that exceeds processing needs Especially in the period cf 2007 - 2009, new seatood-processing plants were built up to 190 plants in all over Mekong deita region, with the design capacity of
over 1.2 million tons/year In comparison with 2003, the number of processing
plants has increased 2.3 times, designed capacity increased 2.7 times The massive development, lack of industrial direction, and lack of material supplied has pushed many plants fall into a shortage of raw materials Then, processing activities were at less than 50% of designed capacitỵ
In another aspect, many aquatic businesses have been launched without any processing plant, so they only do trading or collecting raw materials then have
production outsource, then sell products out to consumer Therefore, harmful
competition usually happens between seafood enterprises within the industrỵ In 2011, According to the Vietnam Association of Seafood Exporters, the South region has about 120 fish processing plants for export, but more than 450 enterprises engaged in export activities That has put the output market in disarraỵ The
concurrent purchases and fights for customers occur frequently in the fishery sector's exhibitions, intra-industry competition becomes intensive, especially the
pricing competition Because of that, performance of the sector reduced
Therefore, when the economy experienced increasing difficulties, bank credit tightening has led many seafood businesses to fall into the "deadlock" Many
companies had to closed, while others had to accept to become suppliers to other companies or restructure to other industrỵ This fact was clearly showed with more than 300 seafood businesses had their names deleted from the list of Vietnam's
fisheries exports in the first quarter of 2012 (according to data from the Vietnam
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Association of Seafood Exporters) However, in the judgment of many enterprises that are still operating, the wipe out of other seafood businesses was not necessarily a bad signal but rather an opportunity to increase the sector's efficiencỵ
Regarding the allocation of social capital for the fishery sector: at the end of 2011, the number of enterprises, which are listed in the stock market, is quite large with 26 big companies, which are mostly concentrated in HOSE, four in HNX and two in Upcom (SHV, SPD) If classified by staples, there are four companies that export shrimp (MPC, FMC, CAD, CMX), a mollusk production enterprise (ABT), and the rest are all catfish exporters According to third quarter and first nine months of 2011 financial reports, most of these companies have revenue growth over the same period Three companies with special high growth are AVF
(+227.2%), NGC (+97.4 %), HVG (+91.3%)
la Growth in September vs the same term in 2011
400% 300%
= Leh k liặ
® Revenue =| Profit
Output Market Structure:
Output market structure of Vietnam's aquatic products in 2011 has witnessed a marked improvement on diversitỵ A number of countries, territories have recently increased the volume of seafood imported from Vietnam, especially the Latin
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American region and the Miđle East, which are replacing the traditional markets, Europe and North Americạ
Among the import markets of Vietnam catfish, the EU has reached the highest value of 526.08 million, accounting for 29.14% share of exports, down from 37% in 2010 This figure of the ỤS market 1s 331.6 million, increasing the proportion from 11% in 2010 to 18% in 2011 In 2012, experts forecast market share of fish exports to the EU continued to deciine while the ỤS market snare
tends to increasẹ
Nọ Market ee "7 io, Market =
(USD) (%) (USD) (%) EU 40.015.639| 23,53 | 48 | Peru 1.100.231 0,65 1 | Spain 8.299.977 4,88 | 49 | Israel 1.093.597 0,64 2 | Holland 6.649.764 3,91 | 50 | Cameroon 971.867 0,57 3 | Germany 5.438.572 3,20 | 51 | Serbia 932.428 0,55 4 |UK 3.218.258 1,89] 52 | Switzerland | 894.815 0,53 5 | Belgium 3.060.763 1,80{ 53 | Liban 774.435 0,46 6 | Italia 2.842.017 167| 54 | Dominia 713.831 0,42
7 Polish 2.472.876 1,45 | 55 | South Korea 661.660 0,39
8 France 1.842.125 1,08 | 56 | Coet 604.684 0,36
9 | Spanish 1.408.035 0,83 | 57 | Costa Rica 587.531 0,35
10 | Rumania 1.303.487 0/77| 58 | Nigeria 563.328 0,33 11 | Bungaria 675.913 0,40} 59 | India - 523.782 0,31 12 | Greek 670.800 0,39 | 60 | Kazakhstan 480.280 0,28 13 | Sip 494.571 0/29 | 61 | Quatar 465.106 0,27 14 [Sweden 466900 0/27| 62 | Azerbaijan 451.200) 0,27 15 | Sec | 292.223 0,17! 63 | Marocco 451.149 0,27
16 | Lithuania | 196.942 0,12 | 64 | Puerto Rico 414.802 0.24
17 | Latvia | 182.950 0111 65 | Croatia 403.200 0.24
18 | Lucxemberg | 130.608 | 0,08 66 | Georgia 287.420 O17
19 |Slovania 127490 007} 67 |Lba Ì 286.172: 0/17;
20 | Estonia | 121.530 | 0.07 | 68 | Chile 275.490 0,16 |
CZ Global Advanced Master of Business Administration
Trang 40Grigcd UNIVERSITY Business strategies of Hiep Thanh Company in phase of 2012 to 2017 21 | Ireland | 52.900 | 0,03 | 69 | Angeria | 260.010 0,15 | | 22 | Hungary 41.040 0,02 | 70 | Turkey 253.800 0,15 ra Manta “735 908 | — 0/021 71 ANH _ 249415 — 0.15,
"24 United states I 37.276.375 | 21,92 72 | Iraq — | 222508 - 0.13
ASEAN 8.632.549 | 5,08 | 73 | New Zealand 192.015 0,11 |
_25 | Singapore 3.170.516 1,86) 74 | Baren | 151.955 0,09 26 | Thailand 1.794.025 1,05| 75 |Goatemala | 127200) 007 27 | Phiippin 1.656.015 0971 76 | Dominica | 103.385 0,06 | 28 | Malaysia 1.540.671 0,91! 77 | Bosnia 92.230 0,05 29 |Indonsa | — 401.834 024| 78 | Oman 86.260 0,05 30 | Brunei 69.488 0,04 | 79 | Tuynidi 84.530 0,05
China& HongKong 6.253.389 3,68 | 80 | Moldova 81.100 0,05
31 | Hong Kong 3.815.233 2,24 81 | Panama 80.042 0,05
32 | China 2.438.156 1,43 | 82 | Papua N.G 76.125 0,04 33 Japan 38.786 0,02 | 83 | Ecuador 72.820 0,04 | Others 77861367| 4578| 84 | Angola 71.520 0,04 34 | Mehico 18.646.847 10,96 | 85 | Honduras 68.225 0,04 35 | Brazil 10.506.697 6,18 | 86 | Congo 66.560 0,04 36 | Columbia 6.977.737 4,10 | 87 | Polinesia 60.480 0,04
37 | Saudi Arabia 4.947.289 2,91 | 88 | Ronion 60.380 0,04
38 | Australia 4.774.176 2,81 | 89 | Cuba 58.500 0,03 39 | Canada 3.793.990 2,23 | 90 | Uruguay 49.910 0,03 40 |UAE _ 3.210.193 1,89 | 91 | Persia 44.160 0,03 41 | Ucraina 1.698.334 1,00 | 92 | Gabong 30.680 0,02 42 | Russia 1.592.500 0,94 | 93 | Bermuda 27.625 0,02 43 | Pakistan 1.300.683 0,76 | 94 | Guam 26.400 0,02 44 | Syria 1.252.820 0,74 | 95 | Macedonia 22.445 0,01 45 | Egypt 1.196.578 0,70 | 96 | Bangladesh 21.600 0,01 46 | Giordani 1.161.819 0,68 mĩ _ #7 | Taiwan 1122816 0.66 — “none Figure
c2 Global Advanced Master of Business Administration
1-13: VASEP (data from Vietnam C ystoni