Phân tích chuỗi giá trị của Vinamilk

Phân tích 9 nhân tố trong chuỗi giá trị theo mô hình của Porter. Từ đó phân tích Vinamilk, chỉ ra những điểm hạn chế cần khắc phục. Bài nghiên cứu tập trung vào thị trường ngành sữa Việt Nam từ năm 2017 đến 2019

HO CHI MINH CITY UNIVERSITY OF FOREIGN LANGUAGES – INFORMATION TECHNOLOGY FACULTY OF INTERNATIONAL BUSINESS ADMINISTRATION  SCIENTIFIC RESEARCH REPORT ANALYZING VALUE CHAIN OF VINAMILK COMPANY IN VIETNAM FROM 2017 TO 2019 Student’s name: Truong Thuy Hang ID Number Class: KQ1807 Instructor: Dr Nguyen Nhat Tan HCMC, December, 2020 ABSTRACT In recent years, with the increasingly dynamic market economy and integration with the world, there has been a fierce competition between domestic and foreign businesses on the market To avoid losing market share requires businesses to always innovate and apply modern technology, in which the value chain is one of the important factors affecting businesses Previous studies have not updated data in recent years and only focus on Inbound and Outbound Logistics, so there is no overview of the entire value chain The purpose of this study is to analyze Vinamilk's value chain from 2017 to 2019 and find out its benefits to reduce costs for the company's development The author uses the secondary data method for analysis, in which, factors in the value chain are studied and evaluated specifically The company still has many problems that have not been implemented, so this study provides a number of solutions to help the company to reduce difficulties as well as expect Vinamilk to develop sustainably in the future Key words: Value chain, dairy industry, Vinamilk, secondary data, logistics, primary activities, secondary activities, technology TABLE OF CONTENTS LIST OF ABBREVIATIONS BCG CRM Boston Consulting Group Customer Relationship ERP HR JSC PLC SBU VNM Management Enterprise Resource Planning Human Resource Joint Stock Company Programmable Logic Controller Strategic Business Unit Vinamilk LIST OF FIGURES CHAPTER INTRODUCTION 1.1 Rationale Vinamilk is the abbreviation of Vietnam Dairy Products Joint Stock Company which belongs to the dairy industry, producing and selling dairy products Vietnam's dairy industry has tremendous growth potential, which both local and international investors are currently searching for In the next few years, industrial trends will switch to organic milk to meet rising living standards Vietnamese consumers are tending to choose vegetable milk such as soy milk and barley milk to replace cow's milk Vinamilk is the leading dairy company in Vietnam with a variety of products, steadily increasing market share from 2017 to 2019 with 83% for Spoon yoghurt, 59% for Liquid milk, 42% for Powdered milk, 79% for Condensed milk in 2018 In particular, the firm's strength is Liquid milk, which accounts for 59% of the national market share, while competitors Nutifood accounts for only 39% and more than 40% for TH True Milk in 2018 Vinamilk's revenue is relatively stable with 51,135 VND billion in 2017; 52,629 VND billion in 2018 (increased 2.9%) and 56,400 VND billion in 2019 (increased 7.2%) According to statistics in 2018, the company exports to more than 40 countries around the world with a consumption of approximately 17.6 million products per day (Vinamilk, 2019) Value chain is an indispensable activity in Vinamilk's business strategy This theory was introduced by Michael E Porter in 1985 It is an important technique in strategic planning that facilitates decisionmaking based on consumer principles Its methodology can provide a substantial alternative to assess firms where the knowledge from direct competition is not widely available (Porter, 1985) The value chain boosts the productivity of a company so that Vinamilk can provide the best value at the lowest possible cost Besides, analyzing problems in the value chain that the company has done ineffectively to find ways to overcome The new thing of this study is the dairy value chain of Vinamilk, which focuses primarily on inbound and outbound logistics, marketing and sales, and technology development related The value chain’s ultimate aim is to build a competitive advantage for a business by increasing competitiveness while keeping expenses manageable There are several studies relating to the Vinamilk company, one of which is the BCG matrix (Phuong Thao, 2019) on the methods of conducting business operations effectively The author considers and analyses the potential growth prospects of SBU's portfolio then comes up with solutions: Vinamilk should continue to invest, encourage the supply of large-scale goods for transparent and affordable consumer segments Another study is Vinamilk's 4Ps analysis which allows the company to determine distribution network and marketing options to increase sales efficiency (Ha Nguyen, 2019) But there is no research on analyzing the value chain of Vinamilk Company in Vietnam from 2017 to 2019 1.2 Aims The purpose of this research to analyze the value chain of Vinamilk in Vietnam from 2017 to 2019 By analysis and evaluation combined with the use of secondary data to explore the dairy value chain of Vinamilk and identify its benefits in terms of cost reduction for more stable future growth The ultimate aim is looking for a solution to take advantage of advances in production line which contribute to the company's development 1.3 Scope The research is conducted in Vietnam dairy market from 2017-2019 This research still has limitations in practicality because it comes from the personal point of view and time constraints 1.4 Significance of the study The topic about analyzing value chain of Vinamilk Company most clearly outlines Vinamilk's value chain in the Vietnamese market from 2017 to 2019 Provide useful information and clarify the impact of the value chain on company’s development Thereby providing some reasons for the increase in production costs which reduce the company's sales Through research, offering solutions to take advantage of the advancements in production line technology As well as how to conserve milk in order to reduce the potential cost of operations as the standard stays stable and boost revenue of Vinamilk in the coming years 1.5 Structure This research has chapters with specific contents In chapter 1, the author introduces information about Vinamilk In addition, the reporter gives the aim, scope and the importance of research In chapter 2, the literature review, the author focuses on presenting the overview of Vinamilk from 2017 to 2019, giving the concepts involved, and introducing the theory model used Chapter is methodology which provides a method of conducting research using secondary methods Chapter 4, Findings and Discussion, is the main body of the study The author compares and contrasts the good sides as well as the limitations with the personal point of view Finally, from the collection and analysis, the author synthesizes the highlights of research in chapter (Conclusions and Recommendations) Besides, pointing out the strengths and limitations to propose solutions to improve the value chain of Vinamilk CHAPTER LITERATURE REVIEW 2.1 Overview of the company Vinamilk is the largest dairy company in Vietnam It operates mostly in processing, marketing or distribution of dairy products, other derived products as well as nutrition and non-alcoholic beverages Vinamilk earned its "empire" status by investing outside markets and performing outstandingly in the domestic market Figure 2.1 Historical development of Vinamilk (Vinamilk, 2019) Figure 2.1 describes the historical development of Vinamilk In 1976, when it was first established, Vinamilk was named Southern CoffeeCoffee Company Vinamilk entered into a joint venture with Quy Nhon Frozen Joint Stock Company to establish Binh Dinh Milk Joint Venture Enterprise This enabled the Company to penetrate into the Central Vietnam market in 1996 and compete fiercely with big competitors such as Dutch Lady and Nestle In November 2003, the firm has enjoyed massive profit growth recently and decided to step outside the border From 2007 up to now, it is a mature stage of Vinamilk with the expansion of the global scale as well as participating in free trade in ASEAN Vinamilk has achieved its goal of becoming the World’s top 50 largest dairy companies Vinamilk attempts to develop trust between its customers and business leaders, make itself the world's largest milk brand, with the vision: "To become a world grade brand in food and beverage industry, where people put their trust in nutrient and health products” (Mrs.Mai Kieu Lien, CEO, Vinamilk) Its mission is to deliver valuable nutrition to the Vietnamese community with a lot of respect, love and responsibility Vinamilk has six esteemed certifications worldwide, including in America The firm has dominated the domestic market for 40 years, penetrates over 45 countries in any region, by merging and export with a variety of quality products including: milk powder, yogurt, condensed milk, and so on The problem for Vietnamese dairy brands is how to gain market share, customer confidence and maintain advantages Facing the competitive strength of domestic and foreign competitors, the strategies have created an advantage for dairy brand, reinforcing the brand's leading position in the market Contributing to that success was the SWOT and 4Ps strategy The value chain is also an important strategy which is further analyzed in this report Figure 2.2 Market share of dairy companies in Vietnam 2017-2019 (Vinamilk, 2019) Figure 2.2 shows Vinamilk's liquid milk market share from 2017 to 2019 The liquid milk market share of Vinamilk has increased over the past years and held the leading position in the market The company Lady Nutifood TH Truein Milkthe dairy Others has aVinamilk competitiveDutch advantage over competitors industry 10 shipping time and strictly managed by outsourced units (Vinamilk, 2019) 4.1.1.2 Assessment Through Vinamilk's domestic supply process, it has been successful in producing input materials The 3-year change in Inbound logistics system is because the company is gradually improving its warehouse according to the smart model and applying automation technology to efficiently use resources The limited dairy stock in Vietnam, however is poor in milk yield and quality due a lack of advanced technology The price of raw milk purchased from the USA, and European countries were nearly twice the cost of imported milk (Vinamilk, 2017) Therefore, multinational brands have great advantages over domestic providers in terms of cost and efficiency 4.1.2 Outbound Logistics 4.1.2.1 Performance 19 Vinamilk's two delivery outlets are showrooms and agencies, and new sales points through the supermarkets In 2017, Vinamilk completed the asset classification by line, encryption and posted it to ERP (Enterprise resource planning systems) By 2018, Complete the construction of specifications on ERP In 2019, it continues to build specifications in manufacturing technology Vinamilk has derived 80% its sales from conventional outlets with major distributors in each region and 14 showrooms in Vietnam's major cities (Al-Mashari, 2003) Figure 4.2 Vinamilk's Outbound Logistics (Vinamilk, 2018) Figure 4.2 illustrates the Outbound Logistics, which demonstrates the high technologies used by this business Production planning leads to maximum raw material use and low energy usage Therefore, it has little impact on the environment thanks to the benefits of the most efficient machines and equipment (TetraPak, 2017) 4.1.2.2 Assessment From 2017 to 2019 is a change in the positive direction of Vinamilk in Outbound logistics That change arises from substantial deliveries through agents, allowing Vinamilk to effectively deploy innovative data collection The organization recognizes that best-selling distributors are compensated of customer service 20 However, the vulnerability of Vinamilk's domestic delivery stems from the wide conventional route The storing of goods requires strict temperature enforcement, which in Vietnam is difficult for individual retailers An important issue in the strategic strategy is to raise customer brand recognition and to enhance the relationship between the company and its distributors 4.1.3 Operations 4.1.3.1 Performance Over 40 years in the market, Vinamilk had a nationwide distribution system, diversified in designs and types The distribution network is strong with 183 distributors and nearly 94,000 points of sale, products are exported to many countries: USA, Europe, Asian (Vinamilk, 2017) Most of the domestic operations occur at Vietnam Dairy Cow One Member Company Limited and Thong Nhat Thanh Hoa Dairy which focus on operating, managing and developing the national dairy farm of firm system 13 factories in the world were working on an environmentally sustainable basis (Vinamilk, 2018) In 2019, Vinamilk expanded the Organic Standard to seven factories and registered the Halal Standard for new products This guarantees consistency of high specialization Moreover, Vinamilk has encouraged the sustainable use of materials in successful manner (Vinamilk, 2019) 4.1.3.2 Assessment 21 Overall, Vinamilk's market expansion further enhances its position But it is not really effective The reason is lack of strict management and upgrading in larger scale There are many risks Vinamilk faces such as shortage in input processes and not implementing business strategies that have been assessed through portfolio management and specific projects Figure 4.3 The development journey of Vinamilk’s dairy farm system(Vinamilk, 2019) From figure 4.3, the company's scale had expanded over the past years To further boost household dairy farming, the Cu Chi Fresh Milk Center had been developed and raw fresh milk from Ho Chi Minh City and nearby areas would after quality control, be distributed to factories 4.1.4 Marketing and sales 4.1.4.1 Performance At the end of 2017, with the arrival of almost 20 new items on the market, Vinamilk's marketing efforts were visible Through its own YouTube channel, digital connectivity had been further expanded (Vinamilk, 2017) The marketing efforts of Vinamilk took the lead in innovating new products in 2018, with 18 new products The premium black rice yogurt and the first premium Greek yogurt were launched These factors increase Vinamilk’s total dairy market share by 0.9% (Vinamilk, 2018) 22 With 100% Organic Fresh Milk success, Vinamilk continues to launch the organic gold baby formula products with EU Organic Certification in 2019 to confirm its leading position in the ultra premium organic product line (Vinamilk, 2019) 4.1.4.2 Assessment The creation of marketing is seen by Vinamilk as not a challenge, but an opportunity to serve customers better In creating contents and engaging with consumers, Vinamilk has become the gold standard Figure 4.4 VNM's advertising expenses and total revenue 2017-2019 (Unit: VND billion) (Vinamilk, 2019) Figure 4.4 shows that advertising costs increased significantly over years In the first months of 2019, selling expenses increased by 9% compared to 2018 Vinamilk spent up to 901 billion VND on advertising activities, market research, an increase of 100 billion compared 2018 According to analysts, despite holding the No.1 position in dairy industry, Vinamilk's revenue had shown signs of slowing down from 2018 due to the dairy market, starting to saturate There are limitations in social media: inability to handle adverse information distributed in the mass media and loss customers resulting in disruption of critical customer relationships 4.1.5 Service 4.1.5.1 Performance From 2017 to 2019, the company always upgrades and puts the task of customer care first Build the best quality because customer is the final destination Vinamilk determined: "If consumers are satisfied, the company can feel secure." (Vinamilk, 2019) Vinamilk considers the Customer Relationship Management (CRM) system to be an integral part of long-term strategy (Vinamilk, 2017) The previous manufacturing and delivery structure did not provide production statistics and marketing information in timely manner 23 Figure 4.5 CRM system (Xu & Walton, 2005) Figure 4.5 shows the process of the CRM system applied in Vinamilk Distributors can connect directly to the system via the Internet or offline Thanks to the CRM, Vinamilk manages distribution channels and collects customer information effectively The information is processed to meet consumer needs and factory strategy 4.1.5.2 Assessment Vinamilk's customer management system has progressed better in years, deserving a great lesson about the application of science and technology to boost sales growth, cut down on wasted cost while ensuring work is improved It has upgraded Dielac dairy product to Dielac Alpha with colostrum milk (Rejah, 2017) Vinamilk is always responsible for customers by diversifying products and services, ensuring quality, and creating brand value 4.2 Four support secondary activities of Vinamilk in Vietnam from 2017 to 2019 4.2.1 Procurement and Infrastructure 4.2.1.1 Performance Through a straightforward, competitive bidding system for 100 percent of local vendors, the sourcing process has been strengthened, resulting in cost optimization and competitiveness and raw material supply diversification 24 Vinamilk is developing an infrastructure with high durability, encouraging equitable and progressive industrialization The company, based mainly in central and southern Vietnam, operates 10 dairy farms and 13 factories throughout the country (Vinamilk, 2019) There is a project to raise the size of the annual cow herd Table 4.1 Outstanding achievements of Vinamilk 2017-2019 (Vinamilk, 2019) Table 4.1 illustrates Vinamilk acquired Vietnam Sugar JSC by 65% share capital in 2017 By 2018, the "Just in time" sourcing approach was introduced in combination with the optimization of inventory management and warehouse preparation achieved remarkable improvements In 2019, Vinamilk acquired of 75% share capital of GTNFoods JSC, thus controlling Moc Chau Milk JSC (Vinamilk, 2019) 4.2.1.2 Assessment Entering the sugar industry, according to General Director Mai Kieu Lien, is what Vinamilk really wants The charter capital of Khanh Hoa Sugar in 2017 had tripled The firm was valuing the business of sugar industry in 2018 In the year 2019, Vinamilk recorded revenue up 7% and 3% over the same period when taking over Moc Chau Milk It completed 50% of the revenue target and 55% profit after half a year (Vinamilk, 2019) Thereby, Mergers and acquisitions help Vinamilk always stay in the leading position in the domestic market 25 4.2.2 Technology development 4.2.2.1 Performance Vinamilk always strives to establish a national high-tech dairy cow breeding model In 2017, the cooling system was revamped and activated to operate automatically, with the control board mounted by PLC, an automated system to control accompanying equipment To increase labor productivity, it increased feed robotic on farms by 2018 Aiming to create the conditioned reflexes of cows by improving feed consumption and efficiency of milking The new chip device installed by Vinamilk in 2019 is able to identify and provide advance notice (Vinamilk, 2019) 4.2.2.2 Assessment Vinamilk has established world class DAIRY FARMING technologies successfully A system of high-tech cow farms, and active funding for dairy farmers nationally, has been established with the right orientation and implementation of advanced technology to unique conditions Besides, there are also limitations Despite always applying technology, changes in the global economy leads to the company having undesirable effects in the execution of business plans Changing in 3-years is not enough, there are many modern machinery systems that Vinamilk has yet to optimize production 4.2.3 Human resource management 4.2.3.1 Performance Vinamilk is aware of a skilled veterinarian staff to manage new large-scale farm operation Thus, the business gives qualified staff around the country job opportunities Training and coaching are supported by the organization to ensure stable sustainability and personal progression In cooperation with Anphabe Business, the "Happiness at Work" survey was conducted in 2017 26 to record and assess employees'opinions about the working atmosphere in Vinamilk The human resource (HR) department modified the wage and recruiting policies, issued the latest Benefit Policy Rule for employees in 2018 The company had restructured branches in 2019 to be more in accordance with their assigned responsibilities and to ensure enough personnel for the job (Vinamilk, 2019) 4.2.3.2 Assessment From 2017 to 2019, the company has changed in a positive direction, improving its HR department The strengths of Vinamilk's HR management are collecting information and forecasting HR demand, analyzing the current situation of human resources and evaluating the work of implementing the plan Vinamilk has performed well its managerial role, fully meeting the targets The company also has strict regulations that contribute to reach international standards and levels CHAPTER CONCLUSION AND RECOMMENDATIONS 5.1 Conclusion Through the research process, Vinamilk has achieved good results in business activities However, there are shortcomings need to improve in value chain: Inbound and Outbound Logistics, Marketing and Sales, and Technology development Value chain is an indispensable theory which increases productivity and minimizes costs in operations A clear value chain analysis can identify problems that the company does not perform well to fix promptly From 2017 to 2019, Vinamilk has many outstanding activities First is the use of smart warehouse, which increases machinery and reduces manual labor in Inbound Logistics Next, Vinamilk expanded the Organic Standard to factories Finally, Vinamilk achieved a largescale farm expansion project The mergers and acquisitions help it stay in the leading position in the domestic market Besides, Vinamilk still has limitations The outputs lack facilities to store raw fresh milk Productivity of control is diminished by 27 distributors and small-scale retail shops There are social media risks in marketing and sales: inability to handle adverse information distributed in the mass media and loss customers resulting in disruption Despite always applying technology, changes in the global economy leads to undesirable effects in the execution This research limits in practicality because it comes from the personal point of view and time constraints Besides, the secondary data studied and referenced through scientific research articles, Google instrument, etc are not diverse and selective There are several specilized concepts and theory that take a long time to learn and relate fundamentally to apply Moreover, the study is conducted in a narrow scope and market, there are no practical surveys with this company, so it has many shortcomings In short, this research is essential for the company It is a small contribution to Vinamilk's value chain analysis with the ultimate goal of finding solutions to help the company grow better in the future 5.2 Recommendations Our country's dairy industry needs to associate with the development of dairy cows in order to increase the domestic selfsufficiency rate of raw material It is necessary to innovate technology and equipment in production, ensure the modernity Moreover, the dairy industry should attach great importance to product quality, strive to reduce production costs, to improve production and competitiveness Vinamilk should improve production by approaching more modern technologies and automation in Inbound and Outbound Logistics An important issue in the strategy is to raise brand recognition and enhance the relationship between company and its distributors Vinamilk needs to improve the quality of Marketing and Sales to deal with communication risks and build a reputable sales channel 28 This research has not been implemented by many authors and compared the practice, so the accuracy and feasibility are only relative The following researches need to be based on company practices to conduct analysis Besides, it is important to select more data sources to compare the relevance of the subject Therefore, this research is one of the foundations to help other researchers expand and better develop Vinamilk's value chain 29 REFERENCES Al-Mashari, M (2003) Enterprise resource planning (ERP) systems: A research agenda Industrial Management and Data Systems https://doi.org/10.1108/02635570210421354 Berman, O., & Wang, Q (2006) Inbound logistic planning: Minimizing transportation and inventory cost Transportation Science https://doi.org/10.1287/trsc.1050.0130 CALVA GONZÁLEZ, J J (1999) Ranjit Kumar Research methodology: a 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