Vinamilk Update

7/30/2019 Vinamilk Update

1/28

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II HHCC QQUUCC GGIIAA TTHHNNHH PPHH HH CCHH MMIINNHH

TTRRNNGGII HHCC BBCCHH KKHHOOAA TTHHNNHH PPHH HH CCHH MMIINNHH

KKHHOOAA QQUUNN LL CCNNGG NNGGHHIIPP

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ti:

PHN TCH HOT NG KINH DOANH QUC TCA CNG TY C PHN SA VIT NAMVINAMILK

GGVVHHDD::TThh..ssHHaaKKiiuuPPhhnnggMMaaii

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STT H V TN MSSV nh gi

1 Nrau Kuldan 50903426 100%

2 V Tin Pht 70901921 100%

3 Bi Th Linh 70901377 100%

4 Trn Hng Pht 70901916 100%

5 Trn Thnh Thi 70902448 100%

6 V Minh Trang 70902875 100%

7 Nguyn H Trung 70902881 100%

TP.HCM, 05/2013


2/28

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Mclc

Mc lc ........................................................................................................................... 2

1. C sl thuyt phn tch........................................................................................... 3

1.1. L thuyt xut, nhp khu................................................................................... 3

1.1.1 Hot ng nhp khu ........................................................................................ 3

1.1.2. Hot ng xut khu........................................................................................ 4

1.2. L thuyt u t trc tip nc ngoi ................................................................. 4

2. Gii thiu tng quan v Vinamilk. ............................................................................. 6

2.1. Gii thiu doanh nghip. .................................................................................... 6

2.2. Hot ng kinh doanh quc t ca doanh nghip. ............................................... 8

2.2.1. Xut khu .................................................................................................... 8

2.2.2. Hot ng sn xut nc ngoi ................................................................. 9

3. Phn tch hot ng kinh doanh quc t. ................................................................. 10

3.1. Hot ng xut khu ......................................................................................... 10

3.1.1. Thun li ................................................................................................... 103.1.2. Kh khn. .................................................................................................. 11

3.2. Hot ng u t ra nc ngoi ........................................................................ 15

3.2.1. Thun li. .................................................................................................. 15

3.2.2. Kh khn. .................................................................................................. 18

4. Kt lun. ................................................................................................................. 20

Ti liu tham kho ......................................................................................................... 21

Ph lc .......................................................................................................................... 22

Ph lc gii thiu. ...................................................................................................... 22

Ph lc kh khn u t nh my. .............................................................................. 25

Ph lc gii php ........................................................................................................ 27


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1. Csl thuyt phn tch.1.1.L thuyt xut, nhp khu1.1.1 Hot ng nhp khu

Nhp khu l hng ha v dch vc sn xut mt nc v c mua vo mt nckhc. Nhp khu nhm b sung hng ho khi mt quc gia no khng t sn xutc hoc khng png nhu cu tiu dng.

Vai tr ca hot ng nhp khu i vi nc taTrong iu kin nn kinh tnc ta hin nay vai tr ca hot ng nhp khu c thcc kha cnh sau:

- To iu kin thc y nhanh qu trnh xy dng csvt cht k lut, chuyn dchccu kinh t theo hng cng nghip ho hin i ho.

- Gp phn gii quyt nhng mt mt cn i ca nn kinh t Vit Nam.- Gp phn ci thin v nng cao i sng ca ngi dn. Nhp khu va png nhu

cu tiu dng trong i sng hng ngy ca nhn dn bng cch nhp khu hng tiudng tnc ngoi, va nhm cung cp u vo cho hot ng sn xut kinh doanhtrong nc. T gii quyt c vic lm, to thu nhp cho ngi lao ng Vit

Nam. Chnh sch nhp khu ca Vit Nam hin nay- Chnh phu tin nhp khu thit b m trong nc cha t sn xut c v nhp

khu cng ngh tin tin t cc nc c cng ngh cao.

- Phi nhp khu ch yu vt t phc v cho sn xut v hng tiu dng m trong nccha sn xut c hoc c sn xut nhng khng cung ng thtrng tiu dng,hn ch nhp khu xa x.

- Phi kin quyt khng nhp khu hng km cht lng, ht thi gian s dng.- Chc nhp khu cc mt hng m chnh ph cho php nh:xng du, phn bn,

thp xy dng cc loi, xi mng, thit bin, in lnh, linh kin xe my,


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1.1.2. Hot ng xut khu

Xut khu l hng ha v dch vc sn xut mt cng ty trong mt t nc vc a sang nc khc.

Vai tr ca hot ng xut khui vi doanh nghip:

- Thc y hot ng xut khu gip mrng thtrng tiu th sn phm ca doanhnghip, nng cao hiu qu hot ng kinh doanh. Thtrng nc ngoi lun l thtrng rng ln v nhiu tim nng doanh nghip khai thc, lm tng doanh thu vli nhun.

- Xut khu to iu kin cho doanh nghip tip cn vi cng ngh sn xut mi, trongbc chuyn giao cng ngh hin i, nng cao tay nghngi lao ng, t lao ng

khng knng hoc bn knng thnh lao ng knng.

Tm li, vic y mnh xut khu c vai tr chin lc trong vic pht trin nn kinh tca mt quc gia, tngcng v th quc gia trn trng khu vc v th gii.

Hnh thc xut khu trc tipXut khu trc tip l xut khu tnc ngi bn sang thng nc ngi mua v khngqua mt nc th 3. Xut khu trc tip l vic doanh nghip xut khu sn phm mnhsn xut hoc t mua ca doanh nghip trong nc, sau xut khu sang nc th 3vi danh ngha hng ha ca chnh mnh.

Hnh thc xut khu trc tip ny c uim l em li nhiu li nhun cho cc doanhnghip xut khu hng, do khng mt khon chi ph trung gian v tng uy tn cho doanhnghip nu hng ha tha mn yu cu ca i tc giao dch.Nhc im ca hnh thcny lphng thc phc tp, i hi phi c trnh , chuyn mn cao, c lng vn lnv c nhiu quan h vi cc bn hng nc ngoi.

1.2. L thuyt u t trc tip nc ngoiu t trc tip nc ngoi (FDI: Foreign Direct Investment) l dng tin u t vo

nc khc.T chc Thng mi Th gii (WTO) a ra nh ngha vFDI nh sau: u t trctip nc ngoi (FDI) xy ra khi mt nh u t t mt nc (nc chu t) shu ti sn mt nc khc (nc thu ht u t) cng vi quyn qun l ti sn .Trong trng hp nh u t ln ti sn m ngi qun l nc ngoi l cc cs


5/28

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kinh doanh, nh u tthng hay c gi l "cng ty m" v cc ti sn c gil "cng ty con" hay "chi nhnh cng ty".

V bn cht FDI l mt hnh thc u t nc ngoi c xt trn cc kha cnh:

- Xt trn kha cnh v quyn shu: FDI c thc hin vi quyn shu v ti snu t ca chu t nc ngoi.- Xt trn kha cnh cn cn thanh ton: FDI thng c nh ngha l phn tng thm

trn gi tr s sch ca lng u t rng mt quc gia c thc hin bi nh ut nc ngoi, ng thi nh u t ny cng chnh l ch shu chnh v nmquyn kim sot qu trnh u t .


6/28

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2. Gii thiu tng quan v Vinamilk.2.1. Gii thiu doanh nghip.Cng ty c phn sa Vit Nam c tn giao dch Quc t l: Vietnam dairy Products Joint

Stock Company. C cu t chc gm 17 n v trc thuc v 1 vn phng, tng s cnb cng nhn vin4.500 ngi. Vinamilkl nh sn sut sa hng u ti Vit Nam, baogm sn phm: sa nc v sa bt; sa c, yoghurt n v yoghurt ung, kem v phmt, a dng hng v v qui cch bao b c nhiu la chn nht cho khch hng.

Sn phm Cng ty ch yu c tiu th ti th trng Vit Nam v xut khu sang ccth trng nc ngoi nh c, Campuchia, Irc, Philipines v M.

Top 10 thng hiu c a thch nht Vit Nam do Nielsen Singapore v tp chCompaign thc hin .

Tm nhnTr thnh biu tng nim tin s mt Vit Nam v sn phm dinh dng v sc khe

phc v cuc sng con ngi .

S mnhVinamilk cam kt mang n cho cng ng ngun dinh dng tt nht, cht lng nhtbng chnh s trn trng, tnh yu v trch nhim cao ca mnh vi cuc sng con ngiv x hi.

Gi tr ct li: Chnh trc, Tn trng, Cng bng, Tun th, o c.

- Giai on 1976 1986 :Sau khi tip qun 3 nh my Sa do ch c li sau nm 1975: nh my sa Thng

Nht ( tin thn l nh my Foremost ); nh my sa Trng Th ( tin thn l nh myCosuvina); v nh my sa Bt Dielac ( Nestle ) sn xut gp nhiu kh khn.

- Giai on 1987 2005 :Nm 1988, t ch trong sn xut kinh khi phc nh my sa bt Dielac.Thng 3 nm 1994, nh my sa H Ni c khnh thnh v i vo hot ng.

Nm 1991, cng ty to lp vng nguyn liu ni a, u t pht trin chn nui bsa.


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Thi k 1996 2005, m c th trng xut khu sang cc nc Trung ng, SNG, thtrng kh tnh EU v Bc M, kim ngch xut khu trong 6 nm (bt u xut khu t 1nm 1998) t 479 triu la M.

Nm 2003, cng ty chuyn sang hot ng theo m hnh c phn ha.

T 1996 ti nm 2005, tc tng trng hng nm t 15 45%, doanh thu tng t 1,5n 2,6 ln; th phn Vinamilk chim 75 -90% ty tng chng loi sn phm; xut khutng dn theo tng nm: t 28 triu USD ( 1998 ) ln 168 triu USD ( 2002). Tng snlng sn xut hng nm trung bnh t 220 250 triu lt. Vng nguyn liu ni ac tip tc pht trin to iu kin gim dn nhp khu nguyn liu tin ti cn ixut nhp; s dng c hiu qu cc ngun vn v u t c hiu qu cc d n pht trinsn xut, trong xy dng mt s nh my mi: Nh my sa Cn Th ( thng 5/2001);

Nh my sa Bnh nh ( thng 5/2003); Nh my sa Si gn ( thng 9/2003); Nh mysa Ngh An ( thng 6/2005);Nh my sa Tin Sn ( thng 12/2005). Cng trong giai

on ny cng ty thnh lp X nghip Kho vn Si Gn ( thng 3/2003) nhm m bodch v vn chuyn, phc v khch hng tiu th sn phm Vinamilk.

- Giai on 2005n nay :Tng doanh thu tng 188%; li nhun sau thu tng 5,2 ln; kim ngch xut khu t444,7 triu USD, chin lc chim lnh 75% th phn ton quc, mng li rt mnh baogm 183 nh phn phi, 94.000 im bn hng ph u 64/64 tnh, thnh ph. i vi thtrng ngoi nc, cng ty tch cc xc tin quan h i ngoi, tm kim th trng mi xut khu ng thi gi vng th trng truyn thng .

Cng ty hnh thnh cc vng nguyn liu trong nc bng vic xy dng 5 trang trib sa: Trang tri b sa Tuyn Quang ( 2007); Trang tri b sa Ngh An ( 2009);Trang tri b sa Thanh Ha ( 2010); Trang tri b sa Bnh nh ( 2010); Trang tri bsa Lm ng ( 2011); vi tng lng n b 5.900 con. H tr k thut s ch, tn tr,

bo qunsa ti cho nng dn. C cc chng ch ISO v HACCP, xy dng h thngx l nc thi ti tt c cc c s ch bin, nm 2008-2009 cc nh my sa : Thng

Nht, Trng Th, Si Cng ty khai thng c cc th trng giu tim nng ln BcM, Trung ng, Khu vc chu , chu M, c, Canada, Php, Nga, c, Ba Lan, Cngho Sc, Trung Quc, khu vc Trung ng, Chu , Lo v Campuchia.

Xy dng thm 2 nh my ch bin mi v 2 chi nhnh, x nghip: Nh my Sa LamSn ( thng 12/2005); nh my Nc gii kht Vit Nam ( 2010); 01 Chi nhnh Cn Th(1998); X nghip kho vn H Ni ( 2010 ), ng thi ang xc tin xy dng 2 trungtm Mega hin i t ng ha hon ton Pha Bc ( Tin Sn ) v pha Nam ( BnhDng ), 2 Nh my: sa bt Dielac 2 ti Bnh Dng v Nh my sa Nng.


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2.2. Hot ng kinh doanh quc t ca doanh nghip.2.2.1. Xut khu

Nhng nm gn y, trong bi cnh phi cnh tranh gay gt vi cc sn phm sa ngoitrn ngp, Vinamilk khng nhng vn gi vng c v tr s 1 trong phn khc sa ti

thtrng ni a m cn l doanh nghip duy nht ca Vit Nam xut khu c snphm sa ti ra thtrng th gii. Cng vi nhng nghin cu v pht trin sn phmmi nhm p ng nhu cu ngy cng cao ca con ngi, nm 2012, Vinamilk cho rai dng sn phm sa ti tch bo, c nhiu ngi tiu dng ctrong v ngoi ncn nhn. Theo s liu thng k, lin tip trong hai nm 2011 v 2012, t ltng trngxut khu sn phm sa ti nguyn cht 100% ca Vinamilk t 70%, kim ngch xutkhu nm 2012 t hn 180 triu USD.

Tnh n nay, Vinamilk a c cc sn phm t sa ca mnh n vi thtrngca 26 quc gia trn th gii nh M, Canada, c, Ba Lan, Trung Quc, Tuy nhin, thtrng xut khu ch lc ca cng ty vn l cc nc Trung ng chim 96% kim ngchxut khu ton cng ty. Phn loi cc thtrng ch yu theo vng nh sau:

Vng Slng thtrng

ASEAN 3 (Cambodia, Philippines v Vit Nam)

Trung ng 3 (Iraq, Kuwait, UAE)

Phn cn li 4 (ch yu l c, Maldives, Suriname v M)

Tng cng 10

Hin nay, Vinamilk ang gp rt hon thnh nhng cng on cui cng ca hai siu nhmy ch bin sa ln nht Chu , s dng cng ngh hin i nht th gii vi tngmc u t hn 4.000 tng v bng ngun vn ca Vinamilk. Ty, mt sn lngsa v cng ln sc sn xut ra, p ng c nhu cu trong nc cng nh b sungcho nhu cu ca thtrng xut khu.

m nhu cu c v cht lng ln sn lng, Vinamilk chn nhp khu sa bt t c,New Zealand t cc nh cung cp sa cht lng cao. Mt s nh cung cp chnh cacng ty Vinamilk:

- Fonterra l mt tp on a quc gia hng u trn th gii- Hoogwegt International ng vai tr quan trn thtrng sa th gii

Ngoi ra, m bo bao b an ton v gim i p lc t nh cung cp bao b. Cng tyVinamilk nhp cc ht nha nguyn sinh do cc nh cung cp quc tnh Dow caM, BASF ca c v Total ca Php v t sn xut bao b cho sa Vinamilk. Nhng


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loi ht nha ny u p ng tiu chun kht khe ti Mnh Cc Qun l dc v thcphm hoc chu u... Nhng nguyn liu ny u c giy chng nhn v cht lngcng nh an ton cho ngi khi s dng thc phm lin quan

2.2.2. Hot ng sn xut nc ngoiNhm mc tiu m bo ngun nguyn liu n nh cho cc nh my ca Vinamilk tiVit Nam ng thi xut khu sang cc nc khc, nm 2012, Vinamilk chnh thckhnh thnh nh my sa u t New Zealand (nh my Miraka) v c li sau nmu tin hot ng. Nh my ny do Vinamilk tham gia gp vn, c t ti trung tmo Bc ca New Zealand, chuyn sn xut sn phm sa nguyn kem cht lng caovi cng sut 8 tn/gi, tng ng 32.000 tn/nm v c thit k c th mrngtrong tng lai. Sn phm sa cht lng cao ca cng ty sc bn ra thtrng quct. Nh my Miraka c trang b dy chuyn sn xut hin i, s dng nng lng hinc, c th thu hi v in a nhit (in sn xut t nhit trong lng t).


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3. Phn tch hotng kinh doanh quct.3.1. Hot ng xut khu3.1.1. Thun li- Gi sa n nh:

Nguyn nhn l do thtrng ln, ngun nguyn liu a dng. Nhu cu v sa l nhu cuthit yu nn gi c t nh hng n lng tiu th ca mi ngi. y l 1 li thkhng nh cho ngnh sa

- Thtrng tim nng to ln:Ming bnh thtrng cc nc ang pht trin c tc ln nhanh hn do cc iu

kin v kinh t. Tuy hin ti khng th xem l sm nhng vn kp lc bc chn vocc thtrng ny. C th 1 s thtrng:

Thtrng Nam M: Xu hng tng s dng lactose trong sa bt tiu chun lm chothtrng lactose tng giao dch v tng gi. So snh vi sa bt tiu chun, bt vngsa gim 20% so vi cao im vo thng 2 nm 2011, lactose tng khong 50%

Thtrng Trung Quc: Lng sa nhp khu vo Trung Quc tip tc tng trong nm2012. Tng lng sa nhp khu vo Trung Quc 7 thng u nm 2012 l khong 0,8triu tn, tng 24% (156 ngn tn) so vi cng knm ngoi, trong ring thng 7/2012,lng sa nhp khu tng ln khong 44%

Thtrng ng Nam : Lng sa nhp khu vo ng Nam trong qu I nm 2012kh n nh v khng c nhiu bin ng. Ring thtrng Thi Lan, nhu cu nhp khusa hi phc mnh sau khi suy gim v nh hng ca trn lt nm 2011. c tnhsn lng sa nhp vo Thi Lan trong qu I nm 2012 tng 12% (15.000 tn) so viqu I nm 2011.

Thtrng Trung ng v Rp: Sgia tng v nhu cu nhp khu sa khu vc Trungng v Bc Phi ph thuc vo tng loi sn phm, nhu cu nhp khu vo cc Tiuvng quc Rp thng nht vn n nh, trong khi nhu cu ti Rp X t c xu

hng tng chm li trong nm nay.- S suy gim lng tin:

Nh bit, trong nhng nm va qua c rt nhiu v tai ting trong ngnh sa, c bitTrung Quc. Dn n hu qul ngi dn Trung Quc v cc nc khng tin dngsn phm sa lm t Trung Quc, lm tng nhu cu sa ngoi. Cc s liu thng k mi


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nht cho thy th phn hin ti dnh cho cc nhn hiu sa ngoi Trung Quc l khong60%. y cng c xem l 1 c hi kh ln cho Vinamilk i vi thtrng ny

- Nh my sa hin i:Tiu chun i vi cc sn phm sa rt cao. V vy, xut khu c sa sang 1 snc pht trin, sn phm sa ca Vinamilk phi t c nhng tiu chun nht nh.Cui nm 2012 va qua, nh my sa c cho l ln nht v hin i nht ng Nam i vo hot ng. Vi bc tin ny, con ng xut khu sa cht lng cao sangcc nc kh tnh nh Nht Bn , M v Chu u s rng mhn.

- u t trc tip New ZealandThng 8/2011, nh my sa Miraka c vn u t ca Vinamilk i vo hot ng. Vitnh hnh gi nguyn liu sa bin ng nh hin nay, y c thc xem l 1 bc ithng minh. Vi vic u t trc tip ny, gi nguyn liu u vo c n nh, dn n

gi u ra c m bo.Nh ni trn , thtrng tim nng hin nay l cc nc ang pht trin, m khchhng thtrng ny a s c nhu cu i vi sn phm c gi c trung bnh. Nu n nhc gi u ra, th phn ca Vinamilkcc nc ny cng sn nh.

- ng Vit Nam mt gi to nhiu thun li cho cc doanh nghip xut khu sa sang nc ngoi ( trong ccng ty Vinamilk) v a s cc nguyn liu c sn trong nc ( cc trang tri sa b,cng ngh sn xut,) doanh thu xut khu thu v bng ngoi t nn t gi din bin

theo chiu hng mt gi ng Vit Nam to nhiu thun li cho doanh nghip xut khusa.

3.1.2. Kh khn.- Tc ng kinh t th gii :

Nn kinh t th gii vn cha c du hiu khi sc sau khng hong, do nhu cu tiudng ca cc thtrng vn cha chuyn bin. Khng nm ngoi nhng nh hng tiucc ca bin ng nn kinh t th gii, Vinamilk cng gp skh khn y, nhng vinhng chnh sch ph hp v chin lc mm do cng ty vt qua cn kh khn ,

v bin n thnh lc y gip cng ty pht trin hn na.- Thu : bo v cho cc doanh nghip trong nc, cng nh thu ngn sch hot ng cho nhnc th nh nc ni nhp khu c thnh thu ln cc mt hng nhp khu, iu nylm gim sc cnh tranh v gi ca cc mt hng nhp khu, khin cho cc mt hng


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nhp khu c gi tr c thcao hn cc hng ha c sn xut trong nc, iu gytc ng ln n doanh thu v li nhun ca mt hng xut khu sang cc nc ny. Tuynhin hin nay vi nn kinh tang ton cu ha th gnh nng v thungy cng ctho g, nhng nh nc li chuyn sang cc cng ckhc kim sot hng xut nhpkhu.

- Hn ngch xut/ nhp khu :Cng m bo sc cnh tranh cc mt hng sn xut trong nc, th nc ni nhpkhu c th hn ch vic nhp khu bng p t cc quota nhp khu ln mt hng, iuny ng ngha vi vic hn ch slng hng nhp khu cng loi nhp vo thtrngnc sti. Khi doanh nghip xut khu hng ha mun y mnh thtrng mrngtrn nc ny cng gp kh khn v slng hng nhp b hn ch, doanh nghip xutkhu phi chuyn sang cc phng n khc nh xy dng nh my sn xut ti ncngoi, hay mua cc quota nhp khu ca nc ny. Mt trngi do chnh quc ca cng

ty xut khu l p t quota xut khu nhm hn ch slng hng ha xut khusang nc ngoi m bo ngun cung hng ha trong nc khng b thiu ht.

- Cc quy nh v cht lng- k thut vi hng ha nc sti:Hin nay cc quc gia nhm kim sot cht lng- k thut hng ha t ra nhng quynh ring,nhng quy nh ny s p dng ln cc mt hng nhp khu, khi cc hngnhp khu nm trong quy nh ny khi nhp khu s phi tri qua cc bc kim tra dolng cht lngk thut, nhng l hng no p ng c ton b nhng yu cu quynh ny mi c nhp khu vo nc sti. iu ny gy kh khn cho doanhnghip xut khu, khi quy trnh sn xut trong nc cha tht tin tin, t c hoc vickim sot cht lngk thut cn lng lo, thng ch p dng yu cu cht lngkthut c cha theo kp cc yu cu cht lng - k thut ca nc sti mi t ra.

- Cng ty cnh tranh :y chia cnh tranh trong xut khu ca doanh nghip thnh cnh tranh trong nc vcnh tranh nc sti. i vi cnh tranh trong nc th i ththng bit rt r vdoanh nghip, c nhng mt cnh tranh gay gt tng ng v ngun hng, sn phm,gi, thtrng... v cc cng ty cnh tranh trong nc cng c hng/ chu nhng ui cng nh lut php ti chnh quc, vi i th ny cn s thng minh, khn kho ca

cc nh qun l khi ra thtrng th gii. Vi cc i th cnh tranh ti nc sti thcc i th cnh tranh thng c hng u i tnc sti nhiu hn v dnh thu,ngn hng, kim ngch... cng vi l hnh nh sn nh, s yu chung dng hng trongnc ca cc khch hng nc ngoi cng s l li th cnh tranh mnh m ca cc ith cnh tranh ny.


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- Vn ha quc t :Nn vn ha ca nc sti cn thit l ti quan trng khi nghin cu xut khu hngha ra nc ngoi. Cc nc khc nhau c nhng nn vn ha rt khc nhau thm ch li lp. V vy cn phi nghin cu li hng ha, bao b, hnh nh tng trng cho sn

phm, mu qung co, sologan... cu mt hng xut khu, ngoi ra cn phi nghin cuvphng thc giao tip, quan h cng ng, vn ha cng ty khch hng m bos khc bit vn ha khng lm nh hng n mi quan h hp tc kinh doanh ca nhdoanh nghip xut khu.

- Vn ti hng ha :Khi xut khu ng ngha hng ha phi tri qua qu trnh lu thng ng di, iu nygy ra nhiu bt li. Cht lngslng hng ha c th b st gim khi vn chuyndo di chuyn, thi gian, tc ng hal ti hng ha, dn sc gy h hi hng ha, nn

phi m bo bng cc bin php k thut cho hng ha khng bh hi nhiu mbo hp ng vi i tc. Khi lu thng cn gp phi cc bt trc nh thin tai, thm ha,tai nn ng thy, ng b, ng khng, cp, trm...iu ny nu khng tnh ntrong hp ng s l mi nguy hi ln tn hao khng chcho hng ha mt cn tnhao n mi quan hlm n lu di gia cc i tc.

- Thanh ton quc t:Hin nay th cc h thng ngn hng a quc gia mra rng ri gp phn no gim gnhnng thanh ton quc t, tuy nhin cng cn phi lu n vic thanh ton, nhm gimtht thot cho cng ty, khi chuyn i cc loi tin t, phng thc thanh ton,thi gian

thanh ton cn iu tra r cng ty i tc, cng nh ngn hng trung gian thc hin victhanh ton quc t.

- p dng gi trngi sn i vi hng ha nhp khu ca nc sti:Cng l vn thch thc. Nhm m bo cnh tranh ca hng ha sn xut trong nc,th nc sti mt sni t ra quy nh gi trngi sn vi mt hng iu ny gyra kh khn cho mt snc xut khu cc mt hng nng nghip, th cng nghip vimt bng chi ph thp hn cc nc sti nn c sn phm gi thp hn nhiu so vi ccsn phm cnh tranh nn c sc cnh tranh rt ln, tuy nhin khi p dng gi trngisn vi cc mt hng ny lm gim sc cnh tranh v gi ca cc hng ha nhp khu.

Vic nhp khubt sa, cht bo sa(s dngtrong sn xut sa hn nguyn, sa tittrng, sa chua v cc loi snphm khc) c nhp khu t ngun sn xuthn g u v c uy tn trn th gii nh M, c, New Zealand chnh v vy mgi thnh rt cao, gy nh hng n khnng cnh tranh v gi sn phm ca cng ty.Bn cnh , trlng sa ca th gii gn nh ang trng rng. Australia thm ch cn


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lo ngi rng h skhng sn lng cung cp cho thtrng ni a chcha ni gn xut khu. Nguyn nhn l do hn hn ko di, thc n cho gia sc Australia ngycng t i. Vic thiu c cho b sa n gy nh hng nng n ngnh cng nghipsa. Cha kn vic ngay c cc nh cung ng nguyn liu quc tcng ang loayhoay trong bi ton nui b hay nui ngi. Hin nay, b phi cnh tranh vi cngiv ngun nc (v nui b cn ngun nc rt ln) v cnh tranh c vt khi con ngiy mnh tc th ha, ln ct nui b. Tnh hnh ngi tng, b gim dn nvic ngun cung ng nguyn liu b gim.Nh vy c th cho thy ngun nguyn liusa m Vinamilk nhp khu cn bp bnh, gy nh hng ti cng ty.

T l lm pht ca Vit Nam c xu hng gim tuy nhin vn cn mc kh cao. C th:

Biu Lm pht qua cc nm ( n v %)

Hin nay, trc s mt gi ca tin ng v nhng d bo tin ng s tip tc gim gi,vi vic cn ph thuc kh nhiu vo ngun nguyn liu sa nhp khu( chi ph nguynliu sa nhp khu chim 7075% chi ph nguyn liu ca Vinamilk) sgy ra kh khn

ln cho cng ty.Thun li nhp khu

Cc nh cung cp chnh ca Vinamilk:


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Fonterra l mt tp on a quc gia hng u trn th gii trong lnh vc v sa v xutkhu cc sn phm sa, tp on ny nm gi 1/3 khi lng mua bn trn ton th gii.y chnh l nh cung cp chnh bt sa cht lng cao cho nhiu cng ty ni ting trnth gii.

Hoogwegt International ng vai tr quan trn th trng sa th gii v c nh gi lmt i tc ln chuyn cung cp bt sa cho nh sn xut v ngi tiu dng Chu uni ring v trn ton th gii ni chung.. Hoogwegt duy tr cc mi quan h vi cc nhsn xut hng u v tng cng mi quan h ny thng qua cc bui hi tho pht trinsn phm mi hn l a ra cc yu cu vi i tc. Vinamilk v cc cng ty ni tingtrn ton th gii u c mi quan h cht ch vi Hoogwegt.

Nh vy, vic Vinamilk c cung ng ngun nguyn liu sa ngoi t cc nh cung cpln, ni ting th gii v c b dy kinh nghim lu nm nh vy, cc tp on ny ckhnng a ra nhng thng tin ng tin cy vlnh vc kinh doanh cc sn phm sa

v khuynh hng ca thtrng sa ngy nay cho cng ty nm bt kp thi. T,Vinamilk c tha ra nhng chin lc ph hp vi tng thi on khc nhau.

3.2. Hot ng u t ra nc ngoi3.2.1. Thun li.Chnh sch- Php lut

Quan h ngoi giao Vit NamNew Zealand c thit lp t lu( 19/6/1975) vquan hhai nc c c spht trin tt p: New Zealand tch cc gip nc ta v

kinh nghim hi nhp, ng h Vit Nam gia nhp WTO,Nhng nm gn y, Chnh phNew Zealand tin hnh vic n gin ha cc quynh vu t nc ngoi, to iu kin cho vic u t nc ngoi vo New Zealandn gin hn v thm hp dn, song vn bo vc nhng ti sn nhy cm nht ca

New Zealand. Nh l vic Bo m vn dng Lut u t nc ngoi c quyt nhbi C quan u t nc ngoi, hn l bi cc cp btrng ca New Zealand, cc quynh vu t v hot ng kinh doanh c thit lp bi cc cp lin quan.

Thun li do iu kin khch quan:

FDI trthnh hnh thc u t ch yu trong u t nc ngoi.Xt vu th v hiu qu th FDI th hin r hn s chuyn bin v cht lng trong nnkinh t th gii. Gn trc tip vi qu trnh sn xut trc tip, tham gia vo s phn cnglao ng quc t theo chiu su v to thnh c sca s hot ng ca cc cng tyxuyn quc gia v cc doanh nghip xuyn quc t

FDI ang v stng mnh cc nc ang pht trin


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Xu hng t do ho v mca ca nn kinh t cc nc ang pht trin trong nhngnm gn y gp phn ng k vo sthay i ng k dng chy FDI.

Thun li do iu kin ch quan:

- Vinamilk l mt doanh nghip u ngnh, khng nh v tr s 1 ti Vit Nam:Vinamilk cn to c nhng bc t ph mnh m khi xut khu sang 26 thtrngtrn th gii. c tnh, lng sn phm xut khu ca Vinamilk chim 14% tng snlng sn xut v hot ng ny mang v cho Vinamilk doanh thu gn 180 triu USDtrong nm 2012. Nm 2011 con sny l 140, tng 67,4% so vi 2010. Trong , mthng sa chua ca Vinamilk c mc tng trng cao nht nm 2012, tng 99% so vinm 2011.

Thnh tch trn khng ch l nim t ho ca ring Vinamilk, m dnh cho c ngnh cngnghip ch bin sa Vit Nam. Trc y, d c lc quan my i na cng khng ai dm

ngh ti Vit Nam c th xut khu c sa v sn phm sa ra th gii. c c chng cc thtrng kh tnh, yu cu trc tin v tin quyt vi sn phm caVinamilk l phi p ng theo tiu chun quc t. i din Vinamilk chia s, Vinamilkthc hin sn xut theo quy trnh hon ton khp kn tchn nui, thu hoch, bo qun,x l sa v ch bin,... n c, ngoi u t pht trin 5 trang tri vi khong 8.000 con

b cho 90 tn sa/ngy, Vinamilk cn lin kt vi hn 5.000 hdn chn nui b sa vitng s 61.000 con, thu mua sn lng 460 tn sa/ngy vi mc tiu m bo chtlng ngay t ngun nguyn liu u vo.

Bn cnh , thng hiu sa hng u ti Vit Nam khng ngng hp tc vi cc n v

danh ting, n nay, Vinamilk hp tc vi 3 tp on hngu chu u nghincu v ng dng khoa hc dinh dng, c bit v cng ngh vi sinh l DSM v Tpon Lonza u n t Thy S, v Tp on Chris Hansen (an Mch) cho ra mtcc sn phm c trng nh sa chua n Probeauty, Vinamilk Probi,... ng thi, vicu t trang thit b, cng ngh hin i bc nht c Vinamilk ch trng u t. Ton

b thit b sn xut ca nh my u c trang b t chu u nn sn phm caVinamilk c sn xut theo quy trnh tng ha v khp kn theo tiu chun quc t tcng on ch bin n ng gi, ng Nguyn Quc Khnh, Gim c iu hnhVinamilk, chia s.

Nh, Vinamilk pht trin mt danh mc ton din sn phm sa chua ni ring vcc sn phm lm t sa vi nhiu li ch khng ch thit thc cho ngi Vit Nam m cvi ngi tiu dng th gii v sn phm ca Vinamilk ph hp vi tiu chun dinhdng ca quc t. y cng khin Vinamilk c c thun li khi u t ra nc ngoicng nh dc cc thtrng th gii chp nhn v c chng vng chc

- Ngun vn u t v thu ht rt nhiu u t v li nhun:


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Hin nay t l shu c phiu Vinamilk ca nh u t nc ngoi xp x20%. Nh vyh c th mua thm 10%, bng t l c phiu u gi.

Bn cnh , ngnh ngh kinh doanh ca Vinamilk cng thu ht . C phiu cc doanhnghip ngnh thc phm lun c mt trong danh mc u t ca cc nh u t ti chnh

nc ngoi. Thc phm l hng ha tiu dng thit yu hng ngy v c tc tngtrng cao, n nh i vi Vit Nam.

Tc tngtrng ca Vinamilk nhng nm qua khong 20-25%/nm. Ngoi ra, trongcon mt nh u t nc ngoi, h thng phn phi vi 220 i l, 16 ca hng gii thiusn phm cng 90.000 im bn l tri rng khp cnc v th phn t 30-80% ty tngloi sn phm sa ca Vinamilk thc s to uy tn cho c phiu cng ty.

Tuy nhin, theo thng tin thu thp c, mt s quu t nc ngoi ang c mt Vit Nam s cn nhc klng khi tham gia t u gi ln ny.

Th nht, mt s qu nm gi t ltng i ln c phiu Vinamilk, trn 5%. Hkhng th b qu nhiu tin vo mt loi chng khon khi m trn thtrng hin chng trm c phiu kh hp dn ca nhiu doanh nghip khc.

Th hai, thi gian qua, h thu gom c phiu Vinamilk trn thtrng t do vi gi300.000-400.000 ng/c phiu ty thi im, thp hn gi khi im u gi ln haic n nh 420.000 ng/c phiu. So vi gi khi im u gi ln u 220.000ng/c phiu, gi khi im ln hai tng gn gp i.

Mt nh u t nc ngoi nhn nh vi mc gi ny h c th tm mua thtrngOTC nhng c phiu khc c mc sinh li cao hn.

C thhnh dung i tng tham gia u gi c phiu Vinamilk, nh vy, s l cc phpnhn dng quu t nc ngoi cha hot ng Vit Nam, i tc chin lc trong vngoi nc - nhng cng ty ang cung cp nguyn liu cho Vinamilk, cc n v cngngnh thc phm. Nhng doanh nghip ngnh thc phm nh Kinh , Uni-President,F&N Dairy Investment, Jacca (mt cng ty c vn ca mt lnh o tp on Bourbon,Php) tng tham gia u gi ln trc, bit u s tham gia tip ln ny?

Ngi c li nhiu nht t cc cuc u gi ca Vinamilk l Nh nc, m c th lB Ti chnh. Tnh ttrc n nay, ngn sch thu c t vic c phn ha Vinamilk

hn 1.100 tng. t bn u gi ln hai, nu tnh theo gi khi im, ngn sch s thuc t nht 630 tng na.

Tng cng khong 1.730 tng c np vo ngn sch, cao hn s vn Nh nc u t vo Vinamilk (bng vn iu l 1.590 tng), trong khi Nh nc vn nm gi51% c phiu, sc chi phi cng ty bt c lc no.


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V pha Vinamilk v cc cng, c phiu Nh nc c bn bt vi gi cao hcngc li: uy tn cng ty tng ln, li ch cng nhiu hn

3.2.2. Kh khn.- Lut php: Vit Nam, iu kin d tr ngoi t cn thp v vic cn i ngoi tcn kh khn do vic u t ra nc ngoi phi chu sc p phi sm c li nhun vnc.

Bn cnh , th tc vu t ra nc ngoi ca nc ta cn gp nhiu kh khn donhng th tc qun l tpha c quan Nh nc. l vic cp giy chng nhn u tra nc ngoi cha c phn cp, cn tp trung B K hoch v u t. Cc doanhnghip a phng mun u t ra nc ngoi u phi tn thi gian n B K hoch vu t xin php.Vy nn doanh nghip mun hon thin th tc c c giy phpu t ra nc ngoi phi qua 11 u mi cc c quan qun l trong nc. Hn na, cc

doanh nghip trong nc mun c giy php u t ra nc ngoi phi c vn bn chophp hoctha thun vi bn nc ngoi. Tuy nhin, c nhiu quc gia li c quy nhch c php u t vo quc gia khi c s cho php ca Quc gia m doanhnghip u t mang quc tch. iu ny trnh c nn ra tin thng qua vic ut ra nc ngoi. Quc gia tip nhn u t mun nhng ng tin sch chy vo thtrng ca mnh. S tri nhau v nhng quy nh cp giy php u t ny gy nhiu khkhn cho doanh nghip mun em vn ra nc ngoi kinh doanh.

- Bn thn doanh nghip:Nm 2010 c coi l nm c nhiu bt n v nn kinh t. Nhng thch thc v lm pht,t gi, bin ng v ngun nguyn liu v thch thc v nhn lc tc ng mnh n mctiu kinh doanh ca cc doanh nghip Vit Nam trong c Vinamilk. Gi nguyn vtliu sa nhp khu ca Vinamilk tng 20% so vi nm 2009, trong khi , gi bn ccloi sn phm t sa tng trung bnh cha n 4%. iu ny nh hng rt ln ti doanhscng nh doanh thu ca Vinamilk. Cc nh my ca Vinamilk phi tng cng sut trn70% so vi nm 2009. Trong hon cnh nh vy, nm 2010, vic Vinamilk u t vo dn nh my sa bt Miraka ti New Zealand vi gi tr vn gp tng ng 8.5 triuUSD, y l s tin khng nhtrong khi cng ty ang phi i u vi nhng kh khnca nn kinh t vo thi im by gi.

Theo s liu v t gi hi oi:

Nm 2009: 1 USD = 17498 VND

Nm 2011: 1 USD = 19495 VND

Nm 2013: 1 USD = 20919.36 VND


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C th thy t gi hi oi gia USD v VND ngy cng c xu hng tng, iu ny gykh khn cho Vinamilk khi mun gp vn thm tng % vn c phn ca mnh Miraka scao hn trc.


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4. Ktlun.Th trng lun c nhng khc nghit ca ring n, nhng khi t nc m rng kinh tra tm quc t th th trng tr nn khc bit nhiu hn, tr thnh vn v m hn.

cng vi l nhng khi nim kinh doanh mi khng ngng hon thin v thay i.Mt doanh nghip mnh nhng ch lm vua mt vng mt quc gia khng th lc nocng mnh, trong mi trng knh doanh quc t nu doanh nghip khng bit thchng thay i c th s nhn ly kt thc chng ai mun. Cnh tranh trn th trng quc t thc s lun tim n nhng kh khn v thch thc,cng nh nhng c hi thc s nu tn dng c thi c tt. mt ri ro th trng c thtt c th xu, cng ty vinamilk thc hin kh tt v nhun nhuyn cc chin lc hpl gip hn ch nhng ri ro y v bin nhng ri ro thnh thnh c hi thc s chocng ty.Vai tr ca mt nh qun tr kinh daonh quc t ht sc quan trng trong qu trnh ra

cng nh kim sot hot ng ca mt cng ty, v nu nh qun tr khng c mt cinhn tt, mt t duy thay i hp l theo tng hon cnh, lm cho cng ty khng s dnght ngun lc, v i sai trn con ng pht trin.L cng ty sa ln nht Vit Nam, 1 trong 15 cng ty ln nht nc. Vinamilk chngt v th trong thtrng Vit Nam. Hin ti, vi s pht trin ngy cng ln mnhVinamilk v ang chp chng bc nhng bc u tin vn ra thtrng th gii.Cng ty c nhng bc tin ng k nh u t chn nui trc tip, n nh ngunnguyn vt liu nhm n nh gi cu ra xut khu 1 s sn phm ra nc ngoi.

Vinamilk ang c gng chim lnh v n nh th phn thtrng cc nc. Hy vng l

vo tng lai khng xa, Vinamilk s l 1 thng hiu quen thuc trn th giiNgy nay, ti Vit Nam khi nhc n sn phm sa th hu ht cu tr li u tin chngta nhn c l Vinamilk, ci tn i vo nhn thc ca ngi tiu dng Vit. Khngnhng th Vinamilk cn l ci tn quen thuc vi nhng ngi hc v lm kinh t. Khng

phi may mn hay ngu nhin m Vianmilk lm c iu ny, nhiu nm lin Vinamilklun c tn trong danh sch Top 5 Vit Nam cht lng cao. V Vinamilk cng lm nnnim t ho cho hng tiu dng Vit Nam khi l cng ty u tin v duy nht ca Vit

Nam ng trong danh sch 200 Doanh nghip tt nht Chu Thi Bnh Dng nm2010 ca tp ch Forbes v nm trong Top 5 doanh nghip t vn Vit Nam.

C rt nhiu l do a n thnh cng ngy hm nay ca Vinamilk. l cht lngsn phm tt, p ng tiu chun quc t. L scan m vi cc hot ng kinh doanhquc tnh xut nhp khu, u t ra nc ngoi bng vic nghin cu k thtrngmc tiu, nhu cu khch hng tng thtrng v i th cnh tranh , T,Vinamilk chinh phc c c nhiu thtrng ni ting kh tnh nh M, Australia,v c mt 26 quc gia trn th gii.


21/28


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Phlc

Ph lc gii thiu.

Thi gian Danh hiu C quan trao tng

1985 Hun chng Lao ng Hng III Ch tch nc1991 Hun chng Lao ng Hng II Ch tch nc

1996 Hun chng Lao ng Hng I Ch tch nc

2000 Anh Hng Lao ng Ch tch nc

2001Hun chng Lao ng Hng III cho 3 nhmy thnh vin VNM l Dielac, Thng Nht,Trng Th

Ch tch nc

2005 Hun chng c lp Hng III cho Cng ty Ch tch nc

2005 Hun chng Lao ng Hng III cho nh mySa H Ni

Ch tch nc

2006Hun chng Lao ng Hng II cho 3 nh mythnh vin VNM l Dielac, Thng Nht,Trng Th

Ch tch nc

2006c tn vinh v ot gii thng ca T chcs hu tr tu Th gii WIPO

WIPO

2006Siu Cp Hng Vit Nam cht lng cao vuy tn

Hip hi s hu tr tu & Doanhnghip va v nh Vit Nam

1991 - 2005 Lin tc nhn c lun lu l "n v dn uphong tro thi ua Ngnh Cng Nghip VN"

Chnh Ph

Cc nm t1995 - 2009

Top 10 Hng Vit Nam cht lng cao Bo Si Gn tip th

2009Gii vng thng hiu an ton v sinh an tonthc phm

Cc An ton thc phm

2009 Thng hiu a thch nht nm 2008-2009Bo Si Gn gii phng cp giychng nhn v cp

2009

Doanh nghip xanh cho 3 n v ca

Vinamilk : Nh my sa Si gn; Nh my saThng Nht v nh my sa Trng Th

U ban nhn dn TP. H ChMinh

2009

Cp vng Thng hiu chng khon Uy tn2009 v gii thng Doanh nghip tiu biutrn th trng chng khon Vit Nam nm2009

Hip hi kinh doanh chngkhon, Trung tm Thng tin tndng,Tp ch chng khon VIt

Nam


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2009 Thng hiu hng u Vit Nam

Lin Hip cc Hi Khoa hc kthut Vit nam, Vin KHCNPhng Nam v tp ch ThngHiu Vit bnh chn ngy13/10/2009

2010

Hng VNCLC SGTT

Thng hiu mnh VN 2010 Thi bo Kinh t VN

Thng Hiu Quc Gia B Cng Thng

SCANha am v STNC100% c nhiu NTDu thch

Bo Ngon bnh chn

1 trong 10 TH ni ting nht Chu Superbrands nghin cu

2010 Thng hiu ni ting ti Vit Nam Tp Ch Thng Hiu Vit2010 Phng CN v TMVN

2010 Cp"T ho thng hiu Vit" Bo i on kt phi hp

2010 1 trong 15 DN c chn i THVN

2010 200DN tt nht ti Chu -TBD Ca tp ch Forbes Asia,

2010 Thng hiu chng khon uy tn 2010 HH kinh doanh CK

2010 31/1000 DN ng thu thu nhp ln nht VN V10002010 Top 5 DN ln nht VN VNR

2010 Top 10 Thng ngi tiu dng thch nht VN AC

2011 Hng Vit Nam cht lng cao SGTT

2011 Thng Hiu mnh Thi bo Kinh t VN

2011Hng sn xut ung tt nht (Vietnam Bestof the Year)

Din n kinh t VN

2011 Doanh nghip xanh SGGP

2011 Bo co thng nin tt nht nm 2011 S GDCK-TPHCM

2011Cp vng Top ten THng hiu Vit-ng dngKHKT 2011

TT NC-NU Pht trin Thnghiu Vit


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2011 Trusted Brand 2011-Thng hiu uy tn Vin DN VN-Cc xc tin TM

2011V1000 DN ngthu thu nhp ln nht (nghng 22)

VN500

2011

Top 200 doanh nghip (DN) t nhn np thu

thu nhp doanh nghip ln nht VN nm 2011,Vinamilk tip tc t v tr Top 5

Cng ty C phn Bo co nhgi Vit Nam

TM NHN

Trthnh biutngnim tinsmtVitNam vsnphm dinh dngv sckhephcvcucsngcon ngi

SMNH

Vinamilkcam ktmangn cho cngngngun dinh dngttnht,chtlngnhtbngchnhstrn trng, tnh yu v trch nhim cao ca mnh vicucsngcon ngiv x hi

GI TRCT LI

Chnh trc

Lim chnh, Trung thc trong ngx v trong ttc cc giao dch.

Tn trng

Tn trngbn thn, tn trngngnghip. Tn trng Cng ty, tn trngi tc. Hp tctrong s tn trng.

Cng bng

Cngbngvi nhn vin, khch hng, nh cung cp v cc bn lin quan khc.

Tun th

Tun thLut php, B Quy TcngX v cc quy ch, chnh sch, quy nhca Cngty.

oc

Tn trng cc tiu chuncthitlp v hnh ngmt cch oc.


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Mc tiu ca Cng ty l tia ha gi trcacng v theo uichinlc pht trinkinh doanh da trn nhngyutchlc sau:* Cngc, xy dng v pht trinmththng cc thnghiuccmnhpngttnht cc nhu cu v tm l tiu dng cangi tiu dng Vit Nam* Pht trinthnghiu Vinamilk thnh thnghiu dinh dng c uy tn khoa hc v

ng tin cynhtvimingi dn Vit Nam thng qua chinlc p dng nghin cukhoa hcv nhu cu dinh dngc th cangiVit Nam pht trin ra nhng dngsnphmtiunht cho ngi tiu dng Vit Nam*utmrngsnxut kinh doanh qua thtrngca cc mt hng ncgii kht ttcho sckhecangi tiu dng thng qua thnghiuchlc VFresh nhmpngxu hng tiu dng tng nhanh ivi cc mt hng ncgii kht nt thin nhin vtt cho sckhe con ngi* Cngchthng v chtlng phnphinhm ginh thm thphnti cc thtrngm Vinamilk c thphncha cao, cbit l ti cc vng nng thn v cc thnh;* Khai thc scmnh v uy tn cathnghiu Vinamilk l mtthnghiu dinh dng

c uy tn khoa hc v ng tin cynhtcangiVitNamchimlnh t nht l35% thphncathtrngsabt trong vng 2 nmti;* Pht trin ton din danh mc cc snphmsa v t sanhmhngtimtlngkhch hng tiu thrngln,ngthimrng sang cc snphm gi trcng thm cgi bn cao nhm nng cao tsutlinhun chung ca ton Cng ty;*Tiptc nng cao nng luc qun l hthng cung cp;* Tiptcmrng v pht trinhthng phnphichng,vngmnh v hiuqu.* Pht trinngun nguyn liumbongun cung satinnh,chtlng caovi gi cnh tranh v ng tin cy

Ph lc kh khnu t nh my.Key investment risks

Key risks to our price objective include the natural volatility of the soft commoditymarkets and companys ability to successfully execute its marketing strategy. Earningscan be impaired by higher raw, milk products ,which can reduce net margins ; consumers

preference towards foreign brands, which would adversely affect revenue; more write-downs of the companys investment portfolio, which increase costs; and fluctuations inthe volume of the international purchases.

Volatility of raw powdered milk price and impact

Powdered milk is a major raw material for Vinamilk and account for 60% of COGS andVinamilk has to import all of these raw materials from New Zealand and Holland.

Based on Vinamilks 2008 cost structure, we estimate every 10 % unit decrease in milkpowder translates into a 7.35 % increase in net profit for the company.


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Unanticipated increases in raw material prices may erode companys profits and impactnegatively on our valuation.

Branding strategy to expand into high value products

The company launched a strategy to rebrand itself as a high value ,high quality, healthydairy brand .Management intends to shift sales from low margin products such ascondensed milk,to high margin products like yogurt, powdered milk and liquid milk .Thesuccessful execution of this plan will depend on consumers perception of the brand .Forthe past 20 year ,Vinamilk targeted the mass market with cheap products .Consideringmost Vietnamese consumers perceive foreign brands to be of superior quality ,and thatwhen it comes dairy products they

equate higher prices to higher quality, we believe Vinamilk faces an uphill battle toconvince consumers. Should the companys marketing campaign be unsuccessful, thismay adversely affect its ability to increase sales and margins.

Unclear Capital expenditure investment plan

Vinamilk is running at 70 % of its capacity and we believe that at current growth rates itmay reach its full design capacity in the next three years .We believe there is a threat thatVinamilk may loose its leading position to Dutch Lady unless it invests into new

production capacity. However ,there is lack of information about their investment plantto expand the companys production capacity in the future. At this stage, due to a lack ofclear guidance from management on its expansion plan.

Downside risk from investment portfolio.

By the end of 2008,the companys investment portfolio has VN660bln (US$37,7mlnequivalent)

In short term investments and VND 382bln(US$21,8mln equivalent) in long terminvestments in the OTC and listed market. Due to the current stock market situation ,theyhave made provisions of VND127,9bln(US$7.3min) for this portfolio in 2008. Sincethere are no clear signs of a significant stock market recovery in the near

future ,Vinamilk might have to make more provisions for its investment portfolio if the

stock market performs poorly.

Foreign exchange risk

Vianmilk imports all raw powdered milk from New Zealand and Holland ,Whichaccounts for a large portion of the companys input costs .Hence, a significant devalue ofVietnam dong would have a negative impact on the companys margin.

Corporate tax issue


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We learned at Vinamilks AGM that the company received guidance from the taxdepartment that it may not be entitled to a 50 % discount tax rate 2009 and 2010.At thisstage, Vinamilk has to wait for an answer from the Prime Minister regarding thisissue.We have evaluated both situations in our analysis and found that should thecompany loose its tax benefit,our target price would be VND97,000(US$5.56).

Ph lc gii php

Cch gii quyt nhng kh khn.- a vo v s dng cng ngh hin i, tin tin nht hin nay trong khu vc chu cng nh trn th gii,xy dng nh my sn xut sa bt (mt hng xut khu chnhca cng ty ) : nh my sa bt tr em Vit Nam c cng sut 54.000 tn/nm, c ut 90 triu USD v nh my sa Vit Nam (Mega Factory) vi din tch 20 ha, cng sut400 triu lt sa nc mt nm trong giai on 1 v 800 triu lt/nm giai on 2 vi tngu t khong 110 triu USD. Mega Factory c cng sut tng ng 9 nh my hinnay ca Vinamilk : iu ny gip p ng nhu cu th trng quc t ang m rng ngthinng cao kh nng cnh tranh v cht lng v gi c trn th trng, gip sn phmca Vinamilk t cht lng ngang tm quc t.- n nh ngun cung : Vinamilk u t pht trin 5 trang tri vi khong 8.000 con

b sa cho 90 tn sa/ngy. Cng ty cn lin kt vi hn 5.000 h dn chn nui b savi tng s 61.000 con, thu mua 460 tn sa/ngy; m bo ngun nguyn liu cho ccnh my ca cng ty trn ton quc. iu ny gip cho ngun cung ca cng ty n nh tchu p lc tng gi t cc ngun nguyn liu ngoi nhp khc, ng thi lm gim chi

ph sn xut do cng ty p dng chin lckt hp chiu dc i vi ngun cung.- a dng ha sn phm : Vinamilk c hn 200 mt hng thuc loi sn phm tsa, nh: sa c, sa bt cho tr em v ngi ln, sa ti, sa chua... hu ht nhng

sn phm ny ang dn u th trng trong nc, lm gim p lc cnh tranh trong nc,cho cc cng ty canh tranh nhp khu khc thy tim nng to ln ca vinamilk, lm mrng kh nng cnh tranh trn th trng quc t, to danh ting cho sn phm vinamilktrong lng khch hng quc t.- tn dngnhng chnh sch t chnh ph : hin nay chnh ph ang c nhng chnh schu i cho nhng doanh nghip Vit Nam i ph vi tnh hnh khng hong ti chnhv lm pht nh :+ Gii ton cho vay li xut thp : tng ngun vn, u t cng ngh, chin lc sn

phm...+ n gin ha th tc u t : chnh ph ang c gng n gin ha h thng th tc

giy t, gim ca : v th trong tng lai cng ty c th lm vic,kinh doanh d dng vn gin hn.- a dng ha : ngoi vic a dng ha sn phm trong sut khu, trc kia ch ch yuxut khu sa bt l chnh nhnghai nm qua, t l tng trng ca sn phm sa ti100% xut khu t 70%. cng ty cn a dng ha th trng cc sn phm cng ty cmt trn 26 quc gia trn th gii : iu ny gip m rng th trng, tng doanh thu vtng nng lc cnh tranh, gim ri ro nu kinh doanh trong 1 2 th trng chnh.


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ng gp kin mn hc

Cm nhn v mn hc:y l mn hc hay, thit thc, cung cp cho sinh vin ci nhn tng th v mi trng kinhdoanh quc t, nhn thy c s khc bit gia kinh doanh ni a v kinh doanh quc t. Qua

mn hc, nhng sinh vin nm cui c thc c mt ci nhn mi cho con ng s nghipca mnh trong lnh vc cn kh mi mi vi nn kinh t nc ta hin nay.Kin ngh v mn hc:V nhm nh, c nhng nhm t thnh vin nh 2 ngi, dn n vic i su tm hiu mt nidung kh kh khn nn c nhng bi lm cha t c yu cu. c thm bo c th cnnhm nh nn c 3, 4 thnh vin, nh vy bi tp sc thc hin tt hn.

Vinamilk Update

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