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V1ETNAM N A T IO N A L UN IVER SITY, HANOI SC H O O L O F BUSINESS Nguven T h i Hiìi Ninh B llIL D IN G B U S IN E S S S T R A T E G Y IN T H E S H R IM P F A R M IN G IN D U S T R Y T H E C A S E O F IC C O M P A N Y M ajor: Business Adm inistration Code: 60 34 05 M A S T E R O F B U S IN E S S A D M IN IS T R A T IO N T H E S IS Supervisor: D r Vu Xuan Quang -DẠI H Ọ C Q U O C G tà h Ầ n Õ7 ' ip N G TẨM t h õ n g tim Th V iền A z Hanoi - 2009 TABLE OF CONTENTS A C K N O W L E D G M E N T S i A B S T R A C T ii T Ó M T Ắ T iv T A B L E O F C O N T E N T S vi L IS T O F F IG U R E S A N D T A B L E S v iii N T R O D U C T IO N 1 The thesis t it le The thesis n e ce ssity .1 O b je c tiv e s M ethod Data so u rce s Signiíìcance Lim ita tio n s .2 Expected re s u lts The thesis structure 10 Suggestion for future research .3 C H A P T E R 1: L IT E R A T U R E R E V I E W 1.1 Strate g y 1.2 Business strateg y .5 1.2.1 D e íìn itio n 1.2.2 Competitive strateg y 1.3 Strategic managem ent 1.3.1 V isio n and M is s io n 1.3.2 Strategy form ulation 1.3.3 Strategy im plem entation .24 1.3.4 Strategy evaluatio n 25 C H A P T E R 2: S H R IM P F A R M IN G IN D Ư S T R Y IN V I E T N A M 27 2.1 An overview o f shrimp tầ n n in g .27 2.2 The development o f shrimp íầrming industry in V ie tn a m 30 2.3 Pactors effecting shrimp ía rm in g 33 C H A P T E R 3: B U L D IN G B U S IN E S S S T R A T E G Y 36 3.1 Company p r o íìle 36 3.2 Sírategy ío rm u la tio n 38 3.2.1 External environment a n a ly s is 38 3.2.2 Industry environment a n a ly s is 47 3.2.3 Internal environment a n a ly s is .51 3.2.4 S W O T analysis 55 3.2.5 Strategy selectio n .57 3.2.5.1 Production expanding 57 2.5.2 Black tiger shrimp ía rm in g 57 3.2.5.3 Post larvae and íeed producing 57 2.5.4 Food Processing 58 3.2.5.5 lnírastructure im p ro vin g 58 3.3 Implementing the growth strateg y 59 3.3.1 O b je c tiv e s 59 3.3.2 S o lu tio n s 59 3.3.3 Action p la n .61 3.3.4 Recommendations to 1C C o m p a n y 62 3.3.5 Recommendations to the G overnm ent 63 C O N C L U S IO N 65 R E F E R E N C E S 66 A P P E N D IC E S .69 Appendix A : Shrim p production by the major producer n atio n s 69 Appendix B : Vietnam production o f tầrmed aquatic products .70 Appendix C : 1C Com pany’ s tìnancial períorm ance 71 Appendix D : IC shrimp farm in Quang N in h 73 Appendix E : IC Com pany’ s intensive shrimp íarming m ethod 76 LIST OF FIGURES AND TABLES h ia u re 1.1 P o rte r“s g en eric s t r a t e g i e s ỉ ia u re 1.2 A sim p litìe d v iew o l'th e strateg ic m a n a g e m e n t p ro ce ss Fig u re 1.3 F iv e Porces M o d e l 10 F ia u re 1.4 Strategic a n a ly sis p ro c e s s 18 Pig ure 1.5 S W O T M a t r ix 19 Fig u re 1.6 G E - M c K in s e y M a t r ix .21 Fig u re 1.7 Recom m ended strategies for G E - M c K in s e v M a t r ix 22 F ig u re W o rld p ro d u ctio n o f s h r i m p 29 F ig u re 2 Sh rim p volum e for consum e and e x p o r t 31 F ig u re 2.3 V ie tn a m e x p o rt v a lu e by sh rim p and c o m m o d ity g roup 32 P ig u re V ie tn a m iìshery and sh rim p e xp ort v a l u e 32 F ig u re 3.1 V ie tn a m G D P p er c ap ịta g r o w t h 41 F ig u re V N D /Ư S D e x c h a n g e r a t e 42 F ig u re 3.3 V ie tn a m p o p u la tio n p y r a m i d 42 F ie u re Im p acts o f sea F ig u re IC F is u r e IC C o m p a n y ’s o rg an iz atio n al s t r u c t u r c 53 P ig u re 3.7 IC C o m p a n y 's S W O T M a t r i x 56 F ie u r e 3.8 IC C o m p a n y ’s p ositio n in G E -M c K in s e y M a t r i x .57 P ig u re 3.9 IC C o m p a n y ’s stra teg ie s im p le m e n ta tio n p r o c e s s 63 level r i s e 46 C o m p a n y ’ s revenue and net p r o ĩ it .52 E x a m p le o f possible íầ cto rs in a P E S T a n a ly s is .9 In d u stry 's entry and e x it b a r r ie r s 13 B a rg a in in pcnver o f su p p lie rs and b u y e r s 14 T h e c o m p le te d S W O T p r o í ì l e 18 A p p ro p ria te strateg ies se le c tio n ( G R E A T M o d e l) 24 V ie tn a m sh rim p tầ rm in g a r e a s 31 V ie tn a m q u a rterlv G D P g r o w t h 40 E x te m a l environm ent a n a ly s is c o n c lu s io n 46 In d u stry an aly sis c o n c l u s i o n 50 Internal e n v iro n m e n t a n a ly s is c o n c l u s i o n 54 C o m p e titiv e streníỊth a s s e s s m e n t 54 Sustain ah lc co m p etitive a d v a n ta g e 55 IC C o m p a n y 's S W O T p r o i ì l e 55 IC C o m p a n y ’s a p p ro p ria te s tra te g ie s s e le c tio n ( G R E A T M o d e l) 58 IC C o m p a n y 's actio n p l a n 61 INTRODUCTION T h e thesis title B u ild in g b u s in e s s s tr a te g y in (h e s h r im p j 'ơ r m in g in đ n s tr y - The ca se o f IC C om pơny T h e thesis necessity T h e rap id e x p a n sio n o f s h rim p ía r m in g in V ie tn a m h a s c re a te d a n g e o f d e v e lo p m e n t o p p o rtu n itie s a n d c h a lle n g e s to in v e sto rs T h e r e s e a rc h f o u n d out th at IC C o m p a n y ’s c u rre n t p ro d u c tio n is o n ly o n e th ird o f its c a p a b ility , re s u lte d in an irrelative m a rk e t share T h e h ig h e r m a rk e t p o s itio n r e q u ire s th e c o m p a n y im p le m e n tin g o f g ro w th s tra te g y b y in te n s iv e ly in v e s t in e x p a n sio n T h is th esis is to b u ild a p p ro p ria te b u s in e s s stra te g ie s f o r IC C o m p a n y ’s d e v e lo p m e n t T h e re s e a rc h has also a d d e d v a lu e to th e stra te g y ío rm u la tio n , b y g iv in g re c o m m e n d a tio n s a n d p ro p o s in g an a ctio n p lan , w h ic h c a n b e a p p lied in im p le m e n tin g strateg ies O b jectiv es T h e o b ịe ctiv e s o f th is th e s is are to (a) r e v ie w th e th e o r y o f b u ild in g b u s in e ss sữ a te g ie s , (b) p ro v id e a n overvievv o f s h rim p f a r m in g in d u s tr y in V ie tn a m and the sh rim p m a rk e t in Q u a n g N in h , (c) p re s e n t IC C o m p a n y a n d a n a ly z e its b u s in e ss e n v iro n m e n t, a n d (d) b u ild an a p p ro p ria te b u s in e s s stra te g y fo r c o m p a n y ’s further d e v e lo p m e n t T h e stu d y also g iv e s a n u m b e r o f in s ig h ts in to c o m p a n y ’s c u e n t stre n g th s a n d w e a k n e s s e s , a n d id en tifie s a n a c tio n p la n fo r p ro d u c tio n e x p an sio n M e th o d T h is th esis ap p lies th e case s tu d y to b u ild b u s in e s s s tra te g y fo r IC C o m p a n y T h e re se a rc h h as b e e n p re p a re d m a in ly th ro u g h d e s k s tu d y r e v ie w s o f av a ila b le literature and d a ta th ro u g h th re e b asic steps: T he ĩirst step is to revievv theories o f strategy and strategic m a nagem en t The study íocuses on the literature view o f existing a p p ro a c h e s to business strategy ío rm ulatio n, and indentifíes a co m m o n p rocess to b uild busin ess strategies T he seco nd step is b a s e d on the research o f shrim p ía rm in g ind ustry in V ietnam and íìnds out speciĩic ía c to rs that iníluent the business success A fter that, the ca s e study o f IC C o m p a n y is an aly zed , w h ich in cludes some intervievvs with c o m p a n y ’s m an agers responsible for its strategic planning This analysis allovvs b u ild in g b usiness strategies an d p ro v id in g so m e reco m m end ation s c o n c e m e d w ith the strategy im plem entation Data sources T he theoretical revievv and collection o f secon dary data has been períorm ed by research o f boo ks, reports, new sp apers and internet sources T h e p rim ary data w as co llected throu gh intervievvs w ith IC C o m p a n y ’s m a n ag ers an d key em ployees An im po rtant part o f th e research is m y person al ex perience in the co m p an y , allovved a careful u n đ e rs ta n d in g o f p articular issues in the industry Signiíicance By re v ie w in g the th e o ry o f strategy and strategic m a n a g e m e n t an d understanding the im p acts o f b u s in e s s environ m en t, the thesis b e n e íĩts IC C o m p a n y in building ap p ro p ria te bu siness strategies This theoretical ap p ro ac h can be ap p lied in cases o f o th e r co m p a n ie s in sh rim p ĩa n n in g industry Lỉmitations T h e stu dy is lim ited in the sense that ju s t a sm alỉ n u m b e r o f co m p etito rs in the local m a rk e t is co n sid ere d , m oreo ver, those co m p etito rs co uld no t be a n a ly z e d w ith detail in íb rm a tio n an d data, w h ich m a y not entirely reílect the in đ u s try ’s com petitive en v iro n m en t Expected results The result o f this thesis is to build appropriate b u sin ess strategies for further d ev elo p m en t o f IC C o m p a n y T h e m e th o d o lo g y is ex p ec ted to be effectively applied in the case stu d y o f other co m panies in shrim p fa rm in g industry The thesis structure The thesis is started w ith the introduction part, fo llo w in g by three chapters and the conclusion part C h ap ter p ro v id e s a fu nd am ental review o f strategy and strategic m anagem en t theory It fo cuses e s p ecially on the business strategy ío rm u la tio n process C h ap ter d is c u s s e s the shrim p farm ing in V ietn am , h ig h lig h tin g its latest d ev elo p m en t and key successful íactors C hapter p resen ts IC C o m p a n y and analyzes its en v iro n m en t to identiíy extem al opportunities an d threats as well as interaal strengths and w e a k n e s s e s that are based to build c o m p a n y ’s b u s in e s s strategy T h e ch ap ter also sugg ests re co m m en d atio n s on the strategy im p lem en tatio n 10 Suggestion for future research The rapid c h an g e o f en v iro n m en t íactors, like te chno lo gical ad van ces, clim ate, and c u s to m e r’s lifestyle, creates both oppo rtu nities and ch allen g e s to the industry and IC C o m p a n y T h ere fo re , it could b e interesting i f furth er research w ith larger sam ple size co u ld b e u ndertaken to co nĩirm fu lly the find ing o f this study CHAPTER LITERATƯRE REVIEW The im p ortan ce o f strategy and strategic m a n a g e m e n t for o rg a n iz a tio n a l success is now reco g n ized in b o th the literature and p ractice S tra te g y an d strategic m a n a g e m e n t are n e c e ssa ry for an o rg a n iz a tio n to a c h ie v e its o b je ctiv e s, en h an c e co m petitiv e ad v an tag es an d im p ro v e its value T o d a y ’s h ig hly c o m p etitiv e bu sin ess vvorld p re s s u re s o n m a n a g e rs a n d em p lo y e e s across ĩu n c tio n a l areas at all o rg a n iz a tio n a l levels to b e ta k e n on strategic responsibilities It is im p o rta n t that th e y u n d e rs ta n d b o th th e s trateg ic m a n a g e m e n t concept an d process This ch ap ter p rov id es th e basic u n d e rs ta n d in g o f strateg y , b u s in e s s strategy and strategic m a n ag em e n t T h e c h a p te r íb c u s e s on strateg y ío rm u la tio n as a part o f the strategic m an ag em e n t 1.1 Strategy Strategy is a plan d esig n ed to a ch iev e a p a rtic u la r lo n g -te rm g o a l T h e w o rd derives from the a n c ie n t G re e k w o r d s a tẽ g o s , w h ic h is c o m b in e d f r o m tw o w o rds: stratos (for arm y) and ago (for le a d in g ).2 T h e c o n c e p t o f strateg y h a s b e e n b o o w e d ữ o iĩì the m ilitary an d adapted fo r u se in business T here is v ery little a g re e m e n t a b o u t th e m e a n in g o f stra te g y in th e w orld o f business A lth o u g h strategists an d p c titio n e rs u n d e rs ta n d s tra te g y in different \vays and in various co ntexts, there are so m e m o st c o m m o n c o n c e p ts :3 s S trategy is p ersp ectiv e, w h ich is Vision an d d irec tio n s S trateg y is p osition , it reílects d ecisio n s to o ffe r p a rtic u la r pro d u cts and services in p a rtic u la r m a rk e ts O xpord E n g lis h D ictionarv 2hltp://en.\vikipedia.org/\viki/Stratcgy H enry M in t/b crg (1 994), "The R ise a nd F all o fS tr a te g ic P lanning " s Strategy is a plan, a “h o w ” , a m eans o f getting from here to there s Strategy is a pattem in actions over time S trơ te g y is the a r t o f th e g e n e r a l.ự Strategy refers to ho w an ob jective will be achieved, th ereby , it is broad, long term an d far reaching S trategy is m ore c o n c e rn e d w ith d e p lo y in g the resources vvhereas tactics is concem ed with e m p lo y in g them In busin ess, as in m ilitary, strategy b rid g es the gap b etw ee n policy an d tactics T o g eth er, sư a te g y and tactics bridge the g ap b etw ee n ends and means S irơ te g y is e v e ty w h e r e Strategy can be fo u n d in all size and types o f organizations, in c lu d in g small or large corporations, political org an iz atio n s and social organization s S trateg ies a p p ea r in different levels in an org anization C orporate strategy, e sta b lish e d at the h ig hest level o f m a n a g e m e n t, c o n c e m s w ith the selection o f b u sin esses in vvhich the c o m p a n y sho uld c o m p ete and ho w reso urces will be allo cateđ a m o n g those Business strategy focuses on h o w to co m p e te in a given b usiness F u n ctio n al strategy is related to the activities o f functio nal areas 1.2 Business strategy 1.2.1 Dìnition M o st b u sin esses h a v e strategies w hich m ay not b e íb rm ally w ritten but still exist Business strategy is a plan fo r how afirm w ill compele, whal its goals shouỉd be and \vhat policies W ’ilỉ be need to achieve goals.5 T h e b u sin ess s tra te g y is a co m b in atio n o f the in v e stm e n t decisio n and the d e v e lo p m e n t o f a su stain a b le co m petitive advantage T he in v e stm e n t decision o f a bu s in e s s strategy c o v e rs the p rodu ct a n d m arket, its in v e stm e n t intensity and the r e s o u rc e allocation T h e d ev elo p m en t o f a sustainable com p etitiv e advantage is b a s e d on a d v a n ta g e s o f a busin ess such as assets, te c h n o lo g y , h u m a n resource, m a n a g e m e n t Fre d N ick o ls (20(X)) "Strategv: D efinilions a n d M e a n in g " w w w n ick o ls.u s O xfo rd E n g lish Dictioiiar> REFERENCES Victnamese IC C o m p a n y (2 0 ) Annual report IC C o m p a n y (2 0 200 0 ) ĩinancỉaỉ staỉements M in istry o f a g ric u ltu re and rural d e v e lo p m e n t (2 0 ), Annual report M in istry o f ag riculture and rural d e v e lo p m e n t (2 0 ) C lỉm a te change im p a c ts o n a g r ic u ltu r e V ie tn a m A sso c ia tio n ol' S e a to o d E x p o rte rs and P ro d u c e rs (2006 00 7, 0 ), Annual r e p o r t V ie tn a m A sso c ia tio n o f S e a ío o d E x p o rters and í^ o d u c e r s (20 09 ), The first fìv e m o n th s O /2 0 r e p o r t V ie tn a m G en era l S tatistics O ffíce (2 0 , 0 , 0 ), "Annua! socioe c o n o m i c s t a t i s t i c c i l c lo ta E n giish A s ia -P a c ific E c o n o m ic C o o p e tio n (A P E C , 0 ), “ V ie t N a m E c o n o m y R e p o rt” L lo y d L B y ars, L eslie w R ue S h a k e r A Z a h (1 9 ), m a n a g e m e n t ”, " S tr a te g ic Irvvin, C h icag o Jiri D u sik , Jia n X ie (2 0 ), “E a s t a n d S o u th e a st A sia - A P ro g ress Revievv and C o m p a ris o n o f C o u n try S y ste m s and C a s e s ” , W o rld B ank E n v iro n m e n ta l Ju stice P o u n d a tio n (2 0 ), “ R isk y B u sin ess: V ie tn a m e se Sh rim p A q u a cu ltu re - Im pacts and Im p ro vem ents” , Lo n d o n FAO (2008), “ World nsheries production" h ttp ://w ikip e d ia.o rg /w iki/S trate g y 66 h ttp ://m ckin se vq u a rte rly.co m A le x M ille r G re g o ry G D ess (1 9 ), “S t r a t e g i c m a n a g e m e n t" , M cG w - H iỉl, Nevv Y ork T n V an N h u o n g , M J P h illips, R V an A n ro o y (2 0 ), “ C oastal S h rim p A q u a c u ltu re : S e a rc h in g for B e tte r M a n a g e m e n t P ctice s - S o m e c ase s íro m N o rth and N o rth C e n tra l V ie tn a m " W o rỉd B an k , N A C A W W F and FA O 10 T n V an N huong, D in h V a n T h a n h B u i T h i T h u H a , T rin h Quang T u , L e V a n K h o i, T u o n g Phi L a i (2 0 ) O p p o r tu n itie s a nd C h a lle n g e s " T h e S h r im p I n d u s tr y ỉn V ie tn a m : S ta tu s , ” , R esearch Institute fo r A q uacultu re N o 1, V ie tn a m 11 Fre d N ic k o ls (2 0 ), "S tra te g y : D e íin itio n s and M e a n in g ", w w w n ic k o ls u s 12 F re d N ic k o ls (2 0 ) “ S trategy is E x e c u tio n ", w w w n ic k o ls u s 13 O x ío r d E n glish D ic tio n ary (20 09 ) 14 M ic h a e l P o rte r (1 9 ), "Competìtive strateọy ”, Free P ress, N e\v Y ork 15 M ic h a e l Porter (1 9 ) ” W hat Is S trate g y?’\ H arvard B u s in e s s R e v ie x v , N o v e m b e r-D e c e m b e r 9 , H a rv a rd u n iv e rsity , M a s s a c h u s e tts 16 K R ie m e r (2 0 ), “ T e a c h in g n o te on s tra te g y ” , E u ro p e a n so c io -e c o n o m ic IS T re s e a rc h p rọ ịe c t 17 T h e Institute for P isheries E c o n o m ic and P la n n in g (2 0 ), “Assessment of im p a c ts o f S c ie n c e a n d te c h n o lo g y on e c o n o m ic g r o w th in a q u a c u ltu r e " , In s titu te íb r tlsh e rie s E c o n o m ic s P la n n in g M in is try o f F ish e ry , H a n o i 18 H a X u a n T h o n g (20 03 ) "Planning of aquaculture activìties for shrimp a q u a c u ltu r e h y g ie n ỉc d e v e lo p m e n t p r o d n c tio n and to w a r d s s tr a te ẹ ic U n io n (IU C N ), H a n o i, V ie tn a m 67 s a fe and dem ands", s u s ta ỉn a b le The e n v ir o n m e n t, W o rld C onservation 19 C o lic T h o m to n M ik e S h a n a h a n , iu lie tte N V i l l i a m s ( 0 ) , ‘i m p a c t s o f S h rim p F a rm in e f\ E n v iro n m e n ta l Ju stic e P o u n d a tio n , L o n d o n 20 Bui D ac Thuyet (2 0 ), “ S u sta in a b le sh rim p fa rm in g in Coastal a r e a s ” , U n iv e rsity o f Q u e e n s la n d , A u stra lia 21 U n ite d S ta te s s h rim p im p o rts D e p a rtm e n t o f A g ric u ltu re R e p o r t” 68 (2 0 ) “ A q u a c u ltu re D a ta U S APPENDICES A ppendix A S h rim p p ro d u c tio n b y th e m a jo r p ro d u c e r n a tio n s P ro d u c tio n in ,0 0 to n n e s p e r y e a r , ro u n d e d R eg io n C ountry 1985 86 87 88 89 1990 91 92 33 94 95 96 97 98 99 2000 01 02 03 04 **sia -to 83 >53 199 >86 »85 2Ĩ0 207 68 6-1 78 89 103 143 170 218 3cw 384 789 035 1'025 1*242 Tháiland 10 12 19 50 90 115 1Ồ1 185 223 204 250 238 225 250 274 300 279 264 330 380 401 501 Vĩetf:am 13 i9 27 28 Indonesia 25 29 0,2 02 82 04 116 120 117 107 121 125 127 97 121 118 120 137 108 218 208 320 Iridu 13 lí 15 20 28 35 40
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