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Phân tích môi trường kinh doanh của Công ty Cổ phần Vĩnh Hoàn để thấy được điểm mạnh, điểm yếu, cơ hội và đe doạ. Và từ đó đưa ra chiến lược Marketing của Công ty Cổ phần Vĩnh Hoàn tại thị trường Châu Âu
THE MINISTRY OF FINANCE UNIVERSITY OF FINANCE – MARKETING FINAL EXAM INTERNATIONAL MARKETING PLAN FOR BASA FISH TO EU’s MARKET BY VINH HOAN JOINT STOCK COMPANY GROUP LY THU KY – 1921000880 TRUONG MINH MAN – 1921000917 PHAN GIA CAT TUONG – 1921003892 NGUYEN NHUT HAI LONG – 1921004477 CLC_19DMA12 HO CHI MINH CITY, 2021 TABLE OF CONTENTS LIST OF TABLES iii LIST OF FIGURES iv LIST OF ACRONYMS v PART COMPANY INTRODUCTION 1.1 OVERVIEW OF VINH HOAN JOINT STOCK COMPANY 1.2 HISTORY OF FORMATION AND DEVELOPMENT 1.3 VISION, MISSION AND CORE VALUES 1.4 RESEARCH OBJECTIVES PART ANALYSIS OF BUSINESS ENVIRONMENT 2.1 MACRO ENVIRONMENT 2.1.1 Overview of the EU’s market 2.1.2 Natural environment 2.1.3 Economic environment 2.1.4 Legal and political environment 2.2 MICRO ENVIRONMENT 2.2.1 Competitors 2.2.2 Product supply 2.2.3 Customer 2.3 SWOT ANALYSIS 2.3.5 S – O strategy 10 2.3.6 W – O strategy: 10 2.3.7 S – T strategy: 10 2.3.8 W – T strategy: 10 2.4 DESCRIPTION OF TARGET MARKET 10 2.4.1 Main markets of Vinh Hoan Company 10 2.4.2 Europe market 10 PART INTRODUCTION STRATEGY 12 3.1 INTRUSION METHODS 12 3.1.1 Franchising 12 3.1.2 Licensing 13 3.1.3 Direct export 13 3.2 INFILTRATION STRATEGY CHOSEN BY VINH HOAN 14 i 3.2.1 Direct export 14 3.2.2 Difficult 15 3.2.3 Remedial measures 16 3.2.4 Deployment method 17 PART 4: INTERNATIONAL MARKETING STRATEGY OF VINH HOAN 19 4.1 INTERNATIONAL MARKETING STRATEGY OF VINH HOAN COMPANY 19 4.2 PRODUCT STRATEGY 19 4.3 PRICING STRATEGY 20 4.4 DISTRIBUTION STRATEGY 21 4.5 PROMOTION STRATEGY 22 PART CONCLUSION AND RECOMMENDATIONS 24 5.1 CONCLUSION 24 5.2 RECOMMENDATIONS 24 LIST OF REFERENCES a APPENDIX b ii LIST OF TABLES Table 0: Vision, Mission And Core Values Table 1: Export Regulation Table 2: Vinh Hoan’s Competitor inside Vietnam Table 3: Vinh Hoan’s Competitor at EU Table 4: Vinh Hoan’s food supply system 10 Table 5: Vinh Hoan SWOT analysis 10 Table 6: Market Segment 12 Table 7: Advantages and Disadvantages of Franchising 14 Table 8: Advantages and Disadvantages of Licensing 15 Table 9: Advantages and Disadvantages of Direct export 16 Table 10: Some Decision about Direct Export 17 Table 11: Difficult of Direct Export 17 Table 12: Documents need to complete 20 Table 13: Revenue, Expense & Profit Forecast b Table 14: Action plan for the first year c Table 15: Basa Fish Sales & Revenue Forecast For The Next Five Years d Table 16: Member’s group work assessment d iii LIST OF FIGURES Figure 1: Company Organization Figure 2: Proportion of Products Exported to EU (2018) .6 Figure 3: Household Expenditure by EU’s consumption purpose 13 iv LIST OF ACRONYMS Vinh Hoan : Vinh Hoan Joint Stock Company : hectares VASEP : Vietnam Association of Seafood Exporters and Producers EU : European Union UK : United Kingdom GDP : Gross Domestic Product EVFTA : European-Vietnam Free Trade Agreement UKVFTA : United Kingdom-Vietnam Free Trade Agreement FTAs : Free Trade Agreements IUU : Illegal, Unreported And Unregulated Fishing HACCP : Hazard Analysis and Critical Control Point System ISO : International Organization for Standardization v PART COMPANY INTRODUCTION 1.1 OVERVIEW OF VINH HOAN JOINT STOCK COMPANY The predecessor of Vinh Hoan Joint Stock Company is Vinh Hoan Company Limited, established on December 19th, 1997 In 2007, the company transformed into a joint stock company with the name Vinh Hoan Joint Stock Company Vinh Hoan Joint Stock Company is one of the leading basa processing and exporting companies in Vietnam Vinh Hoan is a company with a scale belonging to the big enterprises in the export processing industry of the country, the total current capacity is up to 250 tons of raw fish per day The company has the advantage of raw material supply because it is located in Dong Thap Province, a province in the Mekong Delta region with the environment and conditions considered the most favorable for the farming industry of raw basa With basa farming areas, total area 136.5 ha, providing 34% of raw material demand The company's products are eligible to export to many countries around the world, including the US and EU countries, the most demanding market in the food export industry from overseas markets and gradually become a brand name reputable both at home and abroad • Trading name: VINH HOAN JOINT STOCK COMPANY • English name: VINH HOAN CORPORATION • Business registration certificate number: 1400112623 • Charter capital: 1.833.769.560.000 VND • Address: Route 30, Ward 11, Cao Lanh City, Dong Thap Province • Phone: +84 277 389 1166 • Fax: +84 277 389 1062 • Website: www.vinhhoan.com • Stock code: VHC 1.2 HISTORY OF FORMATION AND DEVELOPMENT - 1997: Ms Truong Thi Le Khanh founded Vinh Hoan Private Enterprise - 1998: Converting the business model to Vinh Hoan Co., Ltd - 1999: The first fisheries processing factory in Cao Lanh Town, Dong Thap province came into operation - 2007: Publicly listed on the Vietnam Stock Exchange Established Vinh Hoan Feed Established Vinh Hoan USA in Milpitas, California - 2009: Vinh Hoan Laboratory was accredited to ISO / IEC 17025:2005 - 2010: Become the world's largest basa producer - 2012: The world's first basa producer received ASC (Aquaculture Stewardship Council) certification - 2015: First company in the world to achieve 4-Star Best Aquaculture Practices (BAP) for hatcheries, feed production, farming and processing of basa Modern collagen/gelatin production facility begins production - 2016: Awarded the First Class Labor Medal by the Government of Vietnam Ranked by Forbes as one of the top 50 companies on the Vietnamese stock market for three consecutive years Established Vinh Aquaculture division to promote research, development and education as well as provide stable input for production - 2017: Focus on growth and innovation through Vinh Foods division to provide a wide range of value-added products Celebrated 20th year anniversary of Vinh Hoan's journey - 2018: Locate existing markets and develop into further markets Expand farming and production capacity to ensure the supply of high quality raw materials Continue to focus on developing value-added products Increase direct distribution channels to restaurants and supermarkets - 2019: In January 2019, Vinh Hoan proudly won the “Innovation of the Year” award given by Woolworths for Fish Bites; Chairman of the Board - Ms Truong Thi Le Khanh was voted by Forbes Vietnam as one of the 50 most influential women in 2019; Vinh Hoan was honored as one of the 50 best listed companies in Vietnam in 2019 This year is the 6th consecutive year appearing in the Forbes list since 2014; In September 2019, Vinh Hoan Pangasius Seed Production Co., Ltd started construction This new breeding area will focus on researching and developing new technologies, improving processes to produce high quality fingerlings; In November 2019, the Food Safety Inspection Service (“FSIS”) under the US Department of Agriculture (“USDA”) officially recognized the equivalent for the Vietnamese basa industry 1.3 VISION, MISSION AND CORE VALUES Table 0: Vision, Mission And Core Values Mission Affirming the position and potential development of sustainable aquaculture in the world through continuous improvement, environmental protection and efficiency improvement in all production and business activities Vision Becoming a leading company in sustainable aquaculture products, contributing to building a world of safe, delicious, healthy food and environmental protection Core • COMMITMENT: Right speech and right action values • IMPROVEMENT: Constantly differentiating to develop • DISTRIBUTION: Working with all your heart, not for personal gain • SHARE: Being willing to give is also happy to receive • PRO: Compliance and speed in every action Figure 1: Company Organization General Meeting of Shareholders Control Board Administrative Council Internal Audit Department General Manager Operation Support Division Trading Division Sustainable Development Division Quality Division Accounting and Finance Division Production Division Foreign Relations Division Domestic and foreign subsidiaries and affiliates 1.4 RESEARCH OBJECTIVES Analyze the business environment of Vinh Hoan Joint Stock Company to see strengths, weaknesses, opportunities and threats And from there, the Marketing strategy of Vinh Hoan Joint Stock Company was introduced in the European market PART ANALYSIS OF BUSINESS ENVIRONMENT 2.1 MACRO ENVIRONMENT 2.1.1 Overview of the EU’s market European Union, also known as the European Union, (abbreviated as EU), is a political and economic union consisting of 27 member states in Europe The European Union has developed a single market through a standard legal system that applies to all member states to make sure the free movement of people, goods, services and capital The EU maintains common policies on trade, agriculture, fisheries and local development The EU 27 market size is now 500 million people, GDP will reach 15.193 trillion USD in 2020 (according to Worldbank.org) The EU is now one of Vietnam's leading trading partners, with twoway trade increasing by 15-20% per year on average Figure 2: Proportion of Products Exported to EU (2018) Proportion of Products Exported to EU (2018) textile (9,8%) leather (for shoes) (11,1%) 9,80% bag, suitcase, umbrella (2,2%) 20,70% phones and components (31,4%) 11,10% 2,20% 3,20% 3,40% machinery, mechanical equipment (4,9%) 1,80% 4,90% electronics and components (11,3%) wooden (1,8%) 11,30% 31,40% fisheries (3,4%) coffee (3,2%) others (20,7%) (Source: Ministry of Industry and Trade, General Department of Customs) 2.1.2 Natural environment With a coastline of 3,200 kilometer, an exclusive economic zone of square kilometer million and a large inland water surface of 1.4 million hectares, especially the waters of the Mekong Delta have created favorable conditions for Vietnam to develop the industry aquaculture and fisheries processing In which, Tien Giang, An Giang and Dong Thap are key areas for raising basa fish in the country, which has fully met the demand for raw materials for export fisheries processing companies The characteristics of freshwater fish such as basa fish are easy to raise, less diseased, and more fertile, especially suitable for environmental conditions in the waters of the Mekong Delta Table 10: Some Decision about Direct Export Decree No 13/CP dated 2/3/1993 aroused the potential of the whole country in developing the fisheries sector, especially towards export Decision No 400/TTg dated 7/8/93 allowing royalty exemption, sales tax and profit tax, export tax refund for years for offshore fishing activities Decision 428/TTg issued on 7/8/95 on investment “Restore and perfect fisheries infrastructure” including construction of fishing ports, long-term loans with preferential interest rates, promotion promote research and application of scientific and technical advances, develop post-harvest processing technology Decision No 251/1998/QD-TTg on policies to promote fisheries export In addition, direct export is even more convenient when the EVFTA Agreement officially takes effect from August 1st, 2020 The EVFTA will be a huge boost for Vietnam's exports, helping to diversify export markets and products, especially agricultural and aquatic products, as well as those that Vietnam has many advantages compete Commitments to fair, equal treatment, safe and full protection for each other's investments and investors in the IPA Agreement will also contribute positively to building a legal and investment environment transparent investment, from which Vietnam will attract more investors from the EU and other countries 3.2.2 Difficult Table 11: Difficult of Direct Export Risks when A leading risk of Vinh Hoan company when exporting to the European market is the concentration of the entering the market Since there will be companies that have come before that already have stable distribution channels European and high brand awareness, creating a brand as well as increasing brand awareness is a difficult problem for market the company Second is the need to find a reliable partner Because if you choose the wrong partner, it will greatly affect the business direction and reputation of the company The third is about the legal system Each country will have its own laws, and when there is a dispute, the foreign company will be much weaker Sometimes there will be no policies to support foreign businesses as well as the court will favor local businesses, language barriers, etc Fisheries On August 10, the World Bank and the Vietnam Association of Fisheries Exporters and Producers (VASEP) exports to the co-organized a webinar to announce the impact assessment report on non-compliance with regulations on EU dropped combating illegal fishing legal, unreported and unregulated (IUU) sharply because of the According to VASEP, the IUU yellow card of the European Commission (EC) has caused Vietnam's fisheries exports to the European Union (EU) to decline continuously from 2017 to now After years of 15 IUU yellow being affected by the IUU yellow card, fisheries export turnover to the EU decreased by 12%, equal to 183.5 card million USD This downward trend will continue to extend further into 2020, especially due to the double impact of the COVID-19 epidemic, IUU yellow card and Brexit, fisheries exports to this market decreased by 5.7% compared to 2019 According to many experts, the consequences of the IUU "yellow card" have caused many losses to the fishing and export activities of the fisheries industry Currently, Vietnam's fisheries exports to Europe are down 35% compared to 2017 As a fisheries exporter, Vinh Hoan company is also greatly affected by IUU yellow card COVID-19 According to the Vietnam Association of Fisheries Exporters and Producers, in the context of applying pandemic Directive 16/CT-TTg of the Prime Minister in 19 southern provinces and cities, the production and export of fisheries from the second half of the July 2021 shows signs of significant decline Businesses are burdened with costs arising from COVID-19 such as equipping workers to work on-site, paying extra wages, weekly testing costs, while advice and logistics costs increase strong Because of the raging epidemic, Southeast Asian countries in general and Vietnam in particular, had to close their doors to prevent the disease from spreading This is a huge obstacle to the export of goods in Vietnam 3.2.3 Remedial measures • Regarding IUU yellow card issue To overcome the "yellow card" of the European Commission (EC), it is necessary to strictly manage the recording and submission of fishing logs to trace the origin of caught fisheries To remove the IUU "yellow card", in 2017, Vietnam issued the Fisheries Law along with a series of different efforts based on the EC's recommendations Specifically, we have built a database of fishing vessels (registration, registration, issuance of fishing licenses) connecting from central to local Along with promoting propaganda and raising awareness for fishermen about the consequences of illegal fishing, there should be stronger sanctions for these activities, even the application of criminal measures against violators • Regarding the COVID-19 epidemic In order to overcome the consequences caused by the COVID-19 epidemic, VASEP has just sent a petition to the Prime Minister and relevant ministries and sectors to propose solutions to support 16 the recovery of production, supply chain as well as livelihood for millions of workers and farmers, fishermen exploiting and producing aquatic materials Vinh Hoan Company proposed to allow to be proactive in making production plans, enterprises that are temporarily suspending production if they prepare enough anti-epidemic conditions, they will be able to reopen in time to fulfill export orders In the current emergency situation and difficulties arising from maintaining "3 on-site" production, in order to have timely support for enterprises to restore production - export, VASEP proposed to the Prime Minister directing the local government to urgently deploy the existing support packages of the Government There are priority policies on reducing bank loan interest rates; reduce electricity bills by 30% at least by the end of 2021; reducing the contribution rate of trade union contributions from 2% of the salary fund to 1% of the salary fund so that enterprises can have resources to invest in the recovery of production-export after the "3 on-the-spot" period • Overcoming risks when entering the European market It is necessary to develop a strict market penetration strategy, to grasp the opportunities and weaknesses of rival companies to create a competitive advantage for the company To find a reliable partner, it is necessary to learn about their business activities, consult their customers and partners to verify the level of credibility Before entering the market, it is necessary to understand the legal processes and important legal rules Setting up a direct local distribution channel without a supportive policy will be a big obstacle to the development of the business 3.2.4 Deployment method • Marketing department It is necessary to invest and operate actively by researching the European market to have a reasonable distribution channel, have a customer care and support system to work directly with customers via network, telephone or online • Finance department Investing in direct distribution channels in Europe requires strong financial resources 17 • Human resource management department Implementing this strategy requires the company's human resources ability to have experience operating in the European market and their culture Before proceeding to export goods to the international market in general and the EU - Europe in particular, Vinh Hoan company needs to complete the necessary documents as follows: Table 12: Documents need to complete Commercial contract Commercial invoice Certificate of Origin (C/O) Goods packing slip Customs declaration Insurance documents And the most important thing for the items specified for export to the European market is the CE Marking certificate, which is indispensable for most items in the European market 18 PART 4: INTERNATIONAL MARKETING STRATEGY OF VINH HOAN 4.1 INTERNATIONAL MARKETING STRATEGY OF VINH HOAN COMPANY Over the past several decades, international marketing has experienced rapid development Participating in an extremely fierce competitive environment, especially when the trend of internationalization of the economy is very strong, Vinh Hoan company has constantly improved its international marketing activities These activities are aimed at penetrating new markets, improving sales and reputation of Vinh Hoan brand in the international market However, completing marketing activities is an important first step to help Vinh Hoan gain a firm foothold in the fisheries market, specifically the Company's pangasius fillet As mentioned above, the Company mainly exports products from basa, therefore, this part of the 4Ps strategy also focuses on understanding and analyzing the Company's activities for basa products 4.2 PRODUCT STRATEGY In international marketing, international product decisions are important because they will affect international pricing, distribution and promotion strategies as well as the success or failure of the company in the international market Therefore, with decision products in the domestic market, international decision marketers will be more coordinated to things differently from schools, differences in needs, preferences for attributes product special qualities, packaging materials, packaging formats, standards, Thus, the importance of product strategy is great and the product is also the image of the company in the market So, a company's international product policy must always keep up with ever-changing needs, tastes, regulations, and standards that are ever higher and more stringent To this, product research and development is essential for companies Research and development activities have been interested and invested by Vinh Hoan Company for many years Every year, the company fully participates in fairs and exhibitions at home and abroad, through which to learn, research and create new products Over the past 20 years, the Company has launched many valueadded products (VAT) in accordance with market requirements and consumer tastes, apply new technologies to make products of higher value, more diverse Rolling on the world market, Vinh Hoan soon saw that product quality is a vital factor and determines the development of business products and activities of the enterprise Due to the characteristics of the business line, it is always required to meet strict requirements in terms of 19 measure, type and technical standards in fastidious markets such as the US, China and the European Union (EU) Therefore, the company has trained quality managers and workers directly in production, about the components of quality, quality levels, The company is the first fish processing unit that has achieved quality standards in accordance with strict regulations on food safety and hygiene (Vinh Hoan is the first unit to be granted HACCP and ISO certificates 9001, BRC, IFS ) according to the best standards to give guaranteed high quality products to consumers The Company's products are divided into several categories based on different sizes and packaging: + By size: depending on orders and different requirements of customers, products are packed in different sizes and weights + By way of packaging: the two main forms of packaging currently of the Company are block and loose (IQF) The block usually has a large weight (5kg, 10kg), the price is lower; bulk freezers (IQFs) are more expensive, small in volume, and individually packaged The product's packaging uses carton paper, printed with trademarks in accordance with Vietnam's standards (TCVN) on regulations on trademarks of exported goods Currently, the Company has a workshop that produces PE packaging and prints goods labels All kinds of cartons and boxes are purchased by the Company from external suppliers In general, the company's packaging and packaging all meet the requirements of VIEW (Visibility, Information, Emotional impact, Workability) Vinh Hoan also has an expansion policy to promote goods to Eastern Europe, the Middle East and Mexico 4.3 PRICING STRATEGY Pricing for a product can be the key to success or failure Even if international marketers produce the right product, promote it properly, and start the right distribution channels, they will fail if the product is priced incorrectly In the current market mechanism, there are many other factors that influence the choice of buyers, but fish price is still one of the most important factors determining the market share and profitability of the company Pricing is affected by many factors such as production costs, transportation costs, market demand, competitive situation, the influence of laws, tariffs, etc Therefore, pricing can be determined Consider it one of the most difficult jobs 20 Compared to 2015, the ratio of COGS/revenue in 2006 has decreased from 91.83% to 90.19% due to the Company strictly controlling input material costs The company has taken many measures at the same time to reduce production costs, make use of raw materials to avoid waste and maximize the productivity of equipment, build a reasonable inventory of raw materials and finished products Continuing the positive factors in cost management in terms of COGS, in the first months of 2007, although raw material prices in the market kept increasing, the Company still maintained the COGS ratio reaching 88.46% (a decrease of more than 1.73% compared to 2016) This stability is achieved because the Company has a policy to adjust the selling price of products according to the market price of raw materials and is agreed with partners to import Vinh Hoan's products In the opposite case, the price of raw materials decreases, the Company also actively lowers the selling price of its products to ensure mutual benefits in business activities with major partners, having long-term business relationships In recent years, due to the impact of the COVID-19 epidemic, the demand for this product has decreased sharply, especially in Vietnam's three top import markets, China, the US and Europe - the The "hot spot" of the COVID-19 epidemic, there were successive waves of large-scale social distancing The quantity demanded falls, leading to a drop in prices According to observers' estimates, for the US market alone, if the export price of basa in January 2019 was nearly USD/kg, by September 2020 it would only be 2.6 USD/kg, equivalent to about USD/kg, equivalent to a decrease of 46% 4.4 DISTRIBUTION STRATEGY Distributing products in the country is already complicated, distributing products to foreign markets is even more complicated because it is bound by many objective factors of the host country such as differences in culture - society, conditions Politics, laws, customs, consumption habits, etc Therefore, it is required that companies carefully study these factors to be able to decide on a flexible distribution suitable for each market The market for products of Vinh Hoan Company is spread all over the world, focusing on markets such as the US, EU countries (Spain, Germany, the Netherlands ), Australia, Hong Kong and some other markets other country In particular, the US and EU markets are considered the main markets for consuming the Company's products (reaching 80% of export turnover) With the constantly growing consumer demand of the US market (In the first months of 2017, the US 21 imported 5,104 tons of frozen basa fillets with a value of nearly 17.5 million USD, an increase of 217% in volume and 302 USD in volume In the coming time, Vinh Hoan is expected to constantly increase the export value to the US market, the market where the Company has a competitive advantage compared to other businesses In addition to maintaining current markets, the company focuses on expanding distribution channels distribute directly and explore new markets At the end of 2016, this strategy has recorded certain successes when Vinh Hoan has added new markets: Pakistan, Thailand, India, Greece and Reunion, increase customer network about 300 customers in more than 40 countries Markets with growth outstanding are Japan, China and Mexico with corresponding increases are 60%, 135% and 80% The highlight is that the Company has successfully introduced products with Vinh Foods brand into the largest Mercadona supermarket chain in Spain The company need to sign a memorandum of understanding of 20 fresh food suppliers with Amazon Shaking hands with Amazon, Vinh Hoan is gradually switching from B2B to B2C to be able to provide products to customers The company is also preparing to open a representative office in EU to continue expanding the market Currently, Vinh Hoan is setting up a branch in the US market (it has been granted an offshore investment certificate No 09/BKH-DTRNN dated December 1, 2006 by the Ministry of Planning and Investment) investment in Vietnam and approved the establishment of a branch in the California) to distribute Vinh Hoan's products in the US market 4.5 PROMOTION STRATEGY Marketing activities are not only intended to promote production and distribution of products or services, but also need to give information to guide customer needs to purchase decisions To achieve success, international marketers must understand the business environment abroad, must overcome many barriers in local countries to conduct promotional activities The method that Vinh Hoan Company applies is to cooperate with the Vietnam Association of Fisheries Exporters and Producers (VASEP) to attend annual international fisheries fairs (Vietfish Viet Nam, Boston, San Francisco - USA) to introduce products and find trading opportunities In addition, the company also searches for customers through newspapers, the Internet and the introduction of businesses in the industry and from customers Develop business strategies for basa products in markets, promote the brand in association with quality standards and food safety and 22 hygiene The company considers this to be a big, long-term goal that needs to be implemented professionally and on a larger scale In addition, the tendency to choose and pay a higher price for natural, organic, clearly labeled products with recognizable ingredients with minimal impact on the environment is also gaining popularity Therefore, Vinh Hoan constantly creates delicious and nutritious fisheries products with fast and convenient processing time, helping consumers have a better experience A memorable, safe culinary experience while still having time to enjoy yourself and moments with family and friends During this year Vinh Hoan has to continuously research and successfully develop new products of breaded and seasoned lines, with export orders to Europe and the Middle East Asian 23 PART CONCLUSION AND RECOMMENDATIONS 5.1 CONCLUSION Europe has always been a strategic market of the Company due to the same vision of quality and high requirements related to sustainable development This helps the Company continue to grow its sales and place in Europe Europe is currently the Company's third largest export market with a proportion of 14% on sales of basa products Vinh Hoan has made good use of this opportunity to increase sales in Europe The EVFTA trade agreement helps to reduce the basa tax rate to Europe, increasing competitive advantage The UK market recorded an impressive growth, up 63% thanks to the main consumption channel of basa in the UK, which is retail In other European countries such as Belgium, the Netherlands, Italy, Spain and Vinh Hoan, sales growth has been increased compared to 2019 As a result, the overall growth of Vinh Hoan's European market in 2020, is 35% Europe (including the UK) thus surpassed China to become Vinh Hoan's second largest market after the US, accounting for 18% of total revenue The expenses are clearly and fully accounted for, which is the basis for the Company to see whether the use of its capital is effective or not, so that appropriate adjustments can be made Through the planning, the work in the export promotion is also arranged in a scientific way by the Company in a certain order, which makes the work carried out quickly and conveniently Through analysis, it can be seen that Vietnam's fisheries industry has had many great developments, is a competitive industry, due to its advantages in natural resources and cheap labor 5.2 RECOMMENDATIONS - Monitor, update, coordinate the implementation and follow the promotion and support policies of the State and the Associations; policies of the local government in farming, processing and finished products to match the real environmental situation in the locality - Regularly update information on export markets to have reasonable export measures and plans - To rationally use marketing policies, strengthen trade promotion measures in order to effectively expand and exploit export markets - The company needs to have a promotion and communication strategy to make the world's consumers know well The company needs to improve its sales strategy, each country has a 24 different market Developing basa fish to the way of distribution channels into supermarkets and restaurants - It is necessary to prepare and promote the brand to be successful Currently basa fish is being sold as a cheap commodity Basa fish products can be used for industrial meals in schools, companies and hospitals Each market has different distribution channels and needs its own strategy to penetrate - The issue of building and promoting the image of basa fiish must be focused on changing the perception of EU consumers about safe basa fish products, ensuring food hygiene and safety and being environmentally friendly from the pond to the dining table At the same time, the Company needs to apply VietGAP, GlobalGAP, ASC standards; applying advanced technology in seed production, rearing and feed production to create quality products that meet the requirements of the EU market - The company needs to process and export, connect, build raw material areas to ensure market requirements and traceability The company also needs to strengthen control over food safety criteria, especially antibiotic chemicals for export shipments - Strengthen the ability to self-supply raw materials to limit the risks of raw materials - Building a team of highly capable officers and employees to grasp and react quickly to the changes of competitors in the market Learn and learn from the management experience as well as the export experience of the previous companies - Exploiting the domestic market to help the company solve inventory problems when exporting - Gradually diversifying products, creating more new products to meet consumer demand and increase the company's competitiveness against other competitors From there, review and export these items - Building a risk analysis and assessment department to avoid unfortunate mistakes that may occur 25 LIST OF REFERENCES (1) Ministry of Industry and Trade, General Department of Customs https://vinhhoan.com/wp-content/uploads/2019/05/12B_BCTN-2018.pdf (2) Worldbank.org https://documents1.worldbank.org/curated/en/738371628512941190/pdf/A-TradeBased-Analysis-of-the-Economic-Impact-of-Non-Compliance-with-IllegalUnreported-and-Unregulated-Fishing-The-Case-of-Vietnam.pdf (3) VH's Annual report 2020 & 2019 ec.europa.eu https://vinhhoan.com/investor-annual-reports/ (4) Vinh Hoan Joint Stock Company https://vinhhoan.com/ (5) Vietnam Association of Fisheries Exporters and Producers Vinh Hoan Joint Stock Company http://vasep.com.vn/hoi-vien/thong-tin/cong-ty-co-phan-vinh-hoan-137.html (6) Vinh Hoan Corporation https://vinhhoan.com/wp-content/uploads/2021/06/VHC_Anual-Report2020_VN-Version.pdf a APPENDIX Table 13: Revenue, Expense & Profit Forecast NO REVENUE, EXPENSE & PROFIT FORECAST CATEGORY VALUE (VND) REVENUE Sales of finished products By-product sales Sales of goods Revenue from service providers Sales of raw materials Total revenue DEDUCTIONS Discount sales Returned goods Total Deductions Net Revenue (Revenue – Deductions) 5.062.287.110.194 1.252.949.785.850 798.920.639.736 33.401.841.906 17.846.161.673 7.165.405.539.359 -62.003.772.419 -66.222.109.642 -128.225.882.061 7.037.179.657.298 COST Cost of finished products sold Cost of by-products sold Cost of goods sold Cost of services provided Cost of raw materials sold Cost of marketing activities Labor costs Tooling cost Total cost NET PROFIT (Revenue - Expense) (Source: Group’s forecast) b 2.762.408.525.379 1.820.017.259.090 730.004.266.595 10.010.424.326 14.811.408.913 3.690.000.000 787.036.254.913 192.048.059.701 6.320.026.198.917 717.153.458.381 Table 14: Action plan for the first year 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budget (VNĐ) Digital Marketing Google Adwords 50.000.000 SEO 150.000.000 Video production agency 600.000.000 Direct Marketing Email Marketing 40.000.000 Telemarketing 50.000.000 Outdoor Advertising Pano 1.000.000.000 Billboard 1.800.000.000 Content Create familiarity of brand identity and image of Vinh Hoan company in customers' mind Introducing Vinh Hoan new product Video to introduce products more intuitively: instructions on how to preserve basafish product products, talk about the story of finding materials Videos and articles about the story of building a brand Videos and articles about the nutritional and health value of basa fish Introducing basa fish products in fisheries fair Notification of offline events Promotion announcement Place outdoor advertising billboards in UK and Belgium Place outdoor advertising pano in Spain and Italia Totals 3.690.000.000 (Source: Group’s forecast) c Table 15: Basa Fish Sales & Revenue Forecast For The Next Five Years YEAR Basa fish Sales (tons) Revenue (VND) BASA FISH SALES & REVENUE FORECAST FOR THE NEXT FIVE YEARS 2021 2022 2023 2024 55.000 58.000 7.523.675.816.327 61.000 7.899.859.607.143 64.000 8.294.852.587.500 8.709.595.216.875 2025 67.000 9.145.074.977.719 (Source: Group’s forecast) The export of basa fish to Europe is enjoying many benefits from FTAs, plus the government's focus in promoting the development of the fisheries industry, Vinh Hoan sets an expectation of revenue growth of 5% each year Table 16: Member’s group work assessment REVIEWS SECTION Fully participate in group meetings Join to contribute ideas Complete assigned work on time Quality of work assigned Contributing, creating for the group Total Highest Point Truong Minh Man ACHIEVED POINTS Nguyen Nhut Phan Gia Hai Long Cat Tuong Ly Thu Ky 15 15 15 15 15 15 15 15 15 15 25 25 25 25 25 25 25 25 25 25 20 20 20 20 20 100 100 100 100 d ... of Vinh Hoan Joint Stock Company is Vinh Hoan Company Limited, established on December 19th, 1997 In 2007, the company transformed into a joint stock company with the name Vinh Hoan Joint Stock. .. of Vinh Hoan Joint Stock Company to see strengths, weaknesses, opportunities and threats And from there, the Marketing strategy of Vinh Hoan Joint Stock Company was introduced in the European market. .. in the European market 18 PART 4: INTERNATIONAL MARKETING STRATEGY OF VINH HOAN 4.1 INTERNATIONAL MARKETING STRATEGY OF VINH HOAN COMPANY Over the past several decades, international marketing