VINAMILK INTRODUCTION
The company
Vietnam Dairy Products Joint Stock Company was established on Decision No. 155/2003 QD-BCN dated October 10.
In 2003, the company transitioned to Vietnam Dairy Products Joint Stock Company, receiving business registration certificate number 4103001932 from the Department of Planning and Investment Prior to December 1, 2003, it operated as a state-owned enterprise under the Ministry of Industry.
Company name Vietnam Dairy Products Joint Stock Company
Slogan “ Vuon cao Viet Nam”
Address 10 Tan Trao, Tan Phu, District 7, HCMC
Email vinamilk@vinamilk.com.vn
Website www.vinamilk.com.vn www.youtube.com/user/Vinamilk
Company history and yohurt product develop
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The company was established in 1976 as the state-owned Southern Coffee- Dairy Company Below are Vinamilk's development stages in the equitization period:
2003: The Company was formally transformed into a joint-stock company in November, and renamed as Vietnam Dairy Products Joint Stock Company (Vinamilk), to reflect its change in legal status (Vinamilk, 2014)
2010, Expanded to New Zealand and more than 20 other countries.
In 2016, Vinamilk introduced USDA-certified Organic Fresh Milk, leading the way in Vietnam's premium organic food market Additionally, the Angkormilk Dairy Factory in Cambodia marks the establishment of the first dairy production facility by a Vietnamese company abroad.
2017, The first European standard 100 percent Organic Fresh Milk produced was launched in Vietnam.
2018, Vinamilk was the first company in Vietnam to introduce 100 percent A2 Fresh Milk.
2019, Inaugurated Vinamilk Tay Ninh dairy cow “Resort”, and officially confirmed to own the Global G.A.P Standard Farm System Asia's largest in terms of number of farms.
1.2.2 Yohurt product history and develop
In 1993, Vinamilk made history by launching Vietnam's first industrially produced yogurt, achieving a production capacity of 6,000 jars per hour and 120,000 jars per day By 2013, this impressive output had escalated to 6.5 million jars of yogurt daily, solidifying Vinamilk's position as a leader in the dairy industry.
Nowaday, Vinamilk has 11 yogurt production facilities.Types of yogurt: eatable yogurt, pasteurized, fermented, fresh drinking yogurt and fruit yogurt. Classified clearly as yogurt for families, children, woman,…
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Achivements and Awards
2012 - 2020, Vietnam value (Ministry of Industry and Trade).
2013 - 2020, 50 Best listed businesses in VIETNAM (Forbes magazine) and Top 500 biggest private enterprises in VIETNAM (Joint Stock Company Assessment Report VN).
2016 - 2020, 50 most valuable brands in Vietnam (Forbes magazine) and Top 10 suitainable businesses in 2016 (VCCI).
Message of Vinamilk
“Becoming Vietnam's top symbol of faith in nutrition and health products that benefit human life.”
“Vinamilk is committed to providing the community with top quality and high- quality nutrition with its own respect, love, and responsibility for human life and society.”
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Integrity: Integrity, honesty in conduct and in all transactions.
Respectability: Respect yourself, respect colleagues, respect the company, respect partners, respect cooperation.
Equity: Employees, customers, suppliers, and other stakeholders must all be treated fairly.
Morality: Respect established moral norms and act morally.
Retainer: Comply with the law, the Code of conduct and the company's regulations, policies and regulations.
Vinamilk aims to become a widely recognized brand across various regions and countries, prioritizing quality and innovation in its offerings With a strong focus on customer satisfaction, Vinamilk is committed to meeting the diverse needs of its clientele.
THE MARKETING ENVIRONMENT
The macroenvironment
Traditional powdered milk products are struggling in the market due to government restrictions on advertising to children under two years old Additionally, there is a growing preference for breast milk and a shift in consumer behavior towards ready-made milk and 100% fresh milk options.
Under the EVFTA, effective from August 2020, Vietnam is set to reduce import duties on European dairy products from 5%-15% to between 3.5% and 0% over the next 3-5 years This reduction will enhance competition in the dairy market, benefiting European milk imports while encouraging domestic dairy companies to boost their production capacity and improve product quality Furthermore, the tax cuts will allow local companies that import raw milk powder from Europe to increase their profit margins.
In 2020, consumer demand was also affected as 32.1 million people nationwide were badly affected by the pandemic and the average income of
According to the General Statistics Office, employee numbers have decreased by 2.3%, while the FMCG (Fast-Moving Consumer Goods) sector has experienced a 7% drop in value, with the dairy industry seeing a 6% decline, as reported by AC Nielsen.
Land is essential for the Company's production and business operations, prompting a thorough evaluation of how dairy farming affects soil properties To ensure sustainability, the Company has established a robust land management cycle.
In response to climate change, deforestation, pesticide misuse, and water pollution, Vinamilk has adopted several strategies, including converting animal waste into organic fertilizers and implementing Japanese crop cultivation practices These initiatives focus on enhancing soil protection and enrichment across many of Vinamilk's farms As a result, the yields of corn and Mombasa grass on Vietnam Dairy Cows farms have increased by 34% and 12%, respectively, compared to 2019.
Vinamilk dairy farms implement a circular economic model through their biogas systems, transforming waste into valuable resources while promoting sustainable land management These farms operate as organic farms, leveraging advanced technologies and best agricultural practices, including crop rotation and the efficient use of manure as fertilizer.
Vinamilk has implemented energy-saving technologies, including LED lighting systems that automatically adjust to the activity levels of cows in each barn Additionally, by the end of 2020, solar panels were installed across five farms, featuring capacities such as 2.96 MWp in Binh Dinh and 2.06 MWp in VNM Da Lat, enhancing the company's commitment to sustainable energy practices.
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(1.18MWp), Di Linh (0.99 MWp) and Quang Ngai which is still in the process.
Vinamilk uses the human resource management system (ERP) and continues to successfully implement it at Moc Chau Milk's member company after 10 months since Vinamilk joined the one.
Evaluation
Vinamilk currently holds a significant market share in Vietnam's dairy industry, with its retail chain "Vietnamese Milk Dream" expanding nationwide Additionally, the growth of its online sales platform, eshop Giac Mo Sua Viet, highlights the company's commitment to sustainable development.
Vinamilk demonstrates its commitment to customer satisfaction by continuously improving its offerings, such as importing new purebred A2 dairy cows The company leverages information technology for efficient factory management, digital contract signing, and remote work systems, enabling stable operations during the pandemic despite challenges like social isolation and supply chain disruptions As a result, Vinamilk achieved a 6% increase in net profit in 2020 compared to the previous year The pandemic has accelerated the need for companies to adapt quickly and utilize technology effectively to maintain competitiveness Additionally, Vinamilk has launched community projects that enhance its reputation and brand image To align with changing consumer shopping behaviors, the company plans to advance electronic payment services and develop more discount combo packages Enhanced online work capabilities also allow for better task distribution among employees working from home.
TIEU LUAN MOI download : skknchat@gmail.com help to reduce travel time costs for employees However, managing employee productivity at home is also a challenge for the company.
SWOT
Strengths
With over 40 years of establishment and growth, this brand has solidified its status as Vietnam's leading fresh milk producer Its products are not only trusted by domestic consumers but also successfully exported to the most demanding international markets.
Vinamilk is the largest dairy company in Vietnam, commanding a significant 43.3% market share overall It leads the liquid milk sector with a remarkable 54.5% share and dominates the edible yogurt market with an impressive 84.7% share This strong market presence enables Vinamilk to influence pricing in the domestic market effectively.
Vinamilk yogurt market share (Source: Yogurt price list in May 2020)
Vinamilk was voted by consumers as “Top 10 High Quality Vietnamese Goods” from 1995 to 2009. o Product quality:
Food to promote health and prevent disease
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Vinamilk yogurt with modern yeast technology Europe with pure yeast strain Lactobacillus Bulgaricus to help support the digestive system, supplement calcium and vitamin D3 for a healthy, supple body every day
Probi oral yogurt with about 20 billion probiotics Chr Hansen L Casei 431™ / 100ml, recommended by the General Medical Association of Vietnam, helps increase body resistance, limit flu.
Foods rich in protein not only enhance skin health but also boost the body's metabolism and curb cravings This helps to limit calorie intake, promoting a balanced body weight and preventing obesity.
Vinamilk Greek Yoghurt, enriched with peach and berry fruit, offers numerous skin benefits, including promoting skin regeneration and enhancing radiance Additionally, it helps protect the skin from harmful agents like smoke, dust, and UV rays.
Is Products to help babies have healthy eyes
SuSu Yogurt offers both eating and drinking yogurt fortified with essential Vitamin A, making it easy for mothers to include two boxes or bottles in their children's daily diet With a delightful sweet and sour flavor, SuSu yogurt not only promotes healthy vision but also contains soluble fiber (Prebiotic) to support a robust digestive system, ensuring that children remain healthy and active every day.
Diverse products, there are many products such as: Vinamilk sweetened white yogurt, vinamilk Star white yogurt, vinamilk Love yogurt Nem Cam, vinamilk Aloe vera yogurt o Wide distribution network:
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Coverage Vinamilk's yogurt product distribution network stretches across the country and also exports to foreign markets, combining many modern and traditional distribution channels.
Vinamilk boasts an extensive distribution network that spans 64 provinces, featuring over 250 distributors and more than 135,000 sales points nationwide This robust infrastructure enables Vinamilk to reach a vast customer base while effectively launching new products and implementing successful marketing strategies throughout the country.
Multi-channel distribution system: Present at all shelves in supermarkets and shops Even users can easily order online on websites or e-commerce sites.
In 2019, Vinamilk increased its stake in GTNFoods to 75%, thereby gaining indirect control of 51% in Moc Chau Milk This strategic move not only enhances Vinamilk's dairy market ecosystem but also positions the company for growth amid a slowdown in the dairy industry's largest enterprise Additionally, Vinamilk is committed to investing in modern, high-quality equipment and technology to further bolster its operations.
Vinamilk's dairy factories utilize state-of-the-art technology imported from leading European countries, including Germany, Italy, and Switzerland Notably, Vinamilk is the sole company in Vietnam that employs advanced spray drying technology developed by Niro of Denmark, ensuring the highest quality dairy products for consumers The company also sources its natural milk from farms that meet international standards, further enhancing the quality of its offerings.
The company is dedicated to establishing organic dairy farms that adhere to international standards, empowering dairy farmers to take charge of their input materials Additionally, the company has initiated a project focused on raising dairy cows to enhance sustainable farming practices.
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New Zealand (the country that exports the most raw milk to the Vietnamese market).
Vinamilk strategically positions its milk factories near farms, enabling the company to strengthen supplier relationships while ensuring the procurement of high-quality fresh milk.
Vinamilk accounts for over 50% of Vietnam's raw fresh milk production, positioning itself as a key player in influencing milk prices within the local market The company employs a systematic and professional marketing strategy to enhance its brand presence and drive sales.
Vinamilk, a renowned corporation with a rich history of success, implements highly professional and methodical advertising, PR, and marketing programs that resonate deeply with consumers Initiatives such as the School Milk Program, the Tall Vietnam Dairy Fund, and the "Vietnam One Million Trees Fund" campaign exemplify their commitment to social responsibility and community engagement, reflecting a strong human touch in their efforts.
Vinamilk boasts a robust research and product development department, emphasizing the importance of market research and consumer preferences By actively engaging with distributors and listening to customer feedback, the company effectively utilizes social media to enhance its brand presence This strategic approach enables Vinamilk to deliver high-quality dairy products tailored to consumer needs while maintaining strong financial stability.
Despite the challenges posed by rising loan interest rates for many businesses, Vinamilk maintains a robust capital structure and strong financial autonomy Furthermore, the indirect acquisition of Moc Chau milk enhances the company's financial capital, supporting its growth and stability in the market.
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Vinamilk, the Vietnam Dairy Products Joint Stock Company, reported strong financial performance in Q3 2019, achieving a net profit of nearly 8,380 billion dong in the first nine months, which represents 80% of its annual target According to Kantar Worldpanel, the milk and dairy sector remains the top performer in the FMCG market with significant growth in Q2 2019 Additionally, the export segment has seen expansion, particularly within the ASEAN region.
In September 2019, Vinamilk also officially exported to the potential market of China and received many positive feedbacks.
Weaknesses
o Unable to control over raw materials
Despite strict management of input supply and numerous contracts with large cattle farms, the company's milk production can reach 170,000 tons per day However, domestic milk production currently satisfies only about 30% of the market's demand for fresh milk Consequently, Vinamilk must focus on promoting and expanding its livestock production scale to meet growing consumer needs.
Opportunities
o The supply of raw materials is being supported by the government, imported materials have a reduced tax rate.
The Vietnamese yogurt market is thriving with numerous domestic and international brands To support local businesses and foster growth, the Government has implemented favorable policies and reduced import taxes on raw materials This strategic approach aims to meet the high demand and cater to a growing customer base in the country.
As of 2020, Vietnam's population is estimated at 97.58 million, with a birth rate of 11.4 births per 1,000 people, indicating a growing population structure This demographic trend suggests an increasing demand for various products in the market.
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Yogurt is a nutritious food rich in protein and essential nutrients, making it beneficial for individuals at every stage of life It serves as a high-quality protein source, providing essential amino acids necessary for growth, development, and cell repair With its healthful attributes, including excellent digestibility, yogurt is available in various options to cater to the dietary needs of children, teenagers, adults, and the elderly.
Threats
The dairy industry in Vietnam is facing significant challenges due to intense competition from both domestic and international brands, including Zeus Greek, Dalat Milk, LiF, TH True Milk, and Emmi Dutch Lady Additionally, the COVID-19 pandemic has severely impacted the economy, leading to a 6% decline in the dairy sector in 2020, as 32.1 million people in the country experienced negative effects from the crisis and average worker incomes dropped by 2.3% compared to 2019 Despite milk being a staple in the diets of Vietnamese consumers, these factors have created a tough environment for the industry.
Input costs related to key ingredients such as milk powder and sugar increased significantly since the end of 2020 which affected the results.business of the enterprise.
S-T-P STRATEGY
Segmentation
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Vinamilk's yogurt lines are suitable for all ages Because this is a nutritious product The products have many different flavors, with sugar content to suit the needs of each person.
For children, yogurt is a very good product because it provides essential Children From 5-14 years old nutrients for children's comprehensive development as well as prevents some intestinal diseases.
From 15 - 25 This is the final stage of growth, the need for additional nutrients is less. Adults
This is the final stage of growth, the From 26 - 60 need for additional nutrients is less.
At this stage, they pay attention to
Elder From 60+ their health Need to add more nutrients to the body. o Income:
Market segment by income Low income (Less than 5 They rarely care about nutritional million/month): supplements.
Middle income (5 million – 15 They are interested in cheap and good million/ 1 month): quality products.
High income (Over 15 million/ They care more about product quality and month): brand, less about price.
Based on population density and product consumption, it is divided into urban and rural areas.
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Accounting for 65.6% of the population (2019) Most are moderate to low income, with little interest in nutritional supplements Few distribution centers such as convenience stores, supermarkets, … o Urban areas:
As of 2019, the population accounted for 34.4% and continues to rise, leading to a stable income among residents in densely populated areas This growing demographic has created a significant demand for nutritional products, which are readily available through numerous convenience stores and supermarkets, ensuring easy access for consumers.
Based on health status, we can be divided into 3 groups: normal people, obese people, and people with rickets, malnutrition Each group has a different buying behavior.
Normal people: Take up a large percentage With diverse needs, they can use almost any product
Obese people: Currently, obesity rates are increasing This group of people will focus on low-sugar, low-calorie products.
People with rickets, malnutrition: Common in children, especially in mountainous and rural areas, this object also accounts for a large proportion
Targeting
Vinamilk, a leading yogurt producer, has successfully exported its products globally while maintaining a strong focus on the Vietnamese market, where it offers affordable prices Currently, the company holds an impressive 85% market share in the country's yogurt sector, demonstrating its dominance and commitment to local consumers.
Currently, Vinamilk's yogurt products are most consumed in big cities such as Ho Chi Minh City, Hanoi, etc., where there are crowded residents In Ho
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Vinamilk boasts a significant presence in Vietnam with 110 stores in Ho Chi Minh City and 117 in Hanoi Currently, the company operates 212,000 retail points and 575 direct distribution stores across the country Additionally, Vinamilk products are available in nearly 1,500 supermarkets and close to 600 convenience stores nationwide.
Vinamilk yogurt focuses mainly on children and young people But recently Vinamilk has also launched nutritional products for older people.
Vinamilk is using differentiated marketing They are increasingly diversifying their products to suit a variety of customer segments.
Positioning
Vinamilk strategically differentiates its yogurt line from competitors by aligning its products with the preferences of Vietnamese consumers This approach not only aims to maximize company profits but also enhances customer value By implementing a targeted pricing strategy, Vinamilk effectively positions its edible yogurt products in the market, ensuring they meet the needs and expectations of its audience.
Principles of marketing Upper Saddle River, NJ: Pearson Education, Inc
Effective product positioning in the market can be achieved through various strategies, such as increasing the price to reflect superior quality, offering the best value for the price, or emphasizing the prestige associated with the product.
Vinamilk has strategically positioned its yogurt line to enhance quality while maintaining consistent pricing, effectively attracting consumer attention This approach not only encourages the use of Vietnamese products amidst increasing competition but also embodies the "same for less" strategy, emphasizing value without compromising on quality.
Vinamilk has established its yogurt as a premium product rich in essential nutrients, catering to diverse tastes with a variety of flavors designed to appeal to all age groups.
Low-sugar, sugar-free yogurt: for those on a diet or people with diabetes.
Fruit yoghurt, aloe vera, strawberry, for those who do not like to eat traditional flavors but want to enjoy yogurt with different fruit flavors
VINAMILK'S 4P STRATEGY
Pricing strategy
Vinamilk employs a "low cost" strategy to reduce expenses, reorganize its brand portfolio, and manage retail channels, minimizing reliance on wholesalers Amidst intense competition in the yogurt market, featuring over 40 companies and numerous multinational yogurt products, Vinamilk focuses on producing affordable yogurt that enhances its competitiveness while maintaining high quality to meet international standards.
Vinamilk approaches yogurt price increases with caution, recognizing the significant impact on consumer choices, especially given the relatively low income levels in Vietnam This thoughtful pricing strategy has proven effective, stabilizing prices while fostering customer loyalty for their yogurt products.
"Vietnamese price" are brought to Vietnamese consumers.
Vinamilk yogurt is notably affordable, with prices frequently adjusted to align with market trends, making it accessible for individuals with lower incomes.
Vinamilk white yogurt (with sugar, low sugar, and no sugar): 6,000 VND/box, 24,000 VND/blister, 288,000 VND/carton of 12 blisters
Distribution strategy
Vinamilk boasts a robust distribution network that gives it a significant edge over competitors in the Vietnamese market This extensive network spans the entire country, enabling the company to deliver its widely popular products to consumers effectively.
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Currently, Vinamilk has about 300 distributors and more than 240,000 retail locations With a system of freezers, refrigerators, and refrigerated trucks,
Vinamilk is actively expanding its yogurt product line to meet increasing consumer demand by investing in over 7,000 freezers and refrigerators for its distribution system, along with more than 300 small trucks for distributors The company utilizes two primary channels to effectively distribute its yogurt products to customers.
Vinamilk's distribution network includes wholesalers, retailers, and consumers, effectively reaching various market segments To enhance accessibility, the company has established 14 product showrooms in key cities such as Ho Chi Minh City, Hanoi, Da Nang, and Can Tho.
Vinamilk categorizes its supermarket distribution into two types: large supermarkets like Metro and Big C, and smaller outlets such as Ministop, B'mart, and Circle K These supermarkets directly place orders with Vinamilk's regional representatives, playing a crucial role in promoting the brand's yogurt products This distribution channel is vital for understanding customer preferences, gathering feedback on products, and shaping the company's sales strategies.
Vinamilk utilizes direct distribution channels, including restaurants, hotels, schools, and offices, which place substantial yogurt orders directly from Vinamilk's branches Additionally, consumers can access these products through the Vinamilk eShop, known as the Vietnamese Milk Dream, available at https://giacmosuaviet.com.vn.
Promotion strategy
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The product lines of edible yogurt are always promoted with images, clips, and short videos on social media sites (Facebook, Youtube), television stations (VTV, HTV)
Vinamilk has launched its YouTube channel to effectively promote product information and enhance consumer understanding of its new product lines In addition to this, the company emphasizes product quality by showcasing the production process and stages involved in creating its yogurt products.
Vinamilk's official website features a dedicated section highlighting "The Story of Vinamilk Yogurt Jar," showcasing its commitment to quality and taste The promotional clips emphasize the brand's slogans, "Nature's delicious and healthy secret" and "Intoxicatingly delicious, stunningly beautiful," reflecting the essence of their yogurt products.
(Source: Vinamilk Yogurt, www.vinamilk.com.vn/sua-chua-vinamilk/vi)
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(Source: Vinamilk Yogurt, www.vinamilk.com.vn/sua-chua-vinamilk/vi)
OVERVIEW OF THE COMPANY
Vinamilk operates under a manufacturing business model, beginning with three dedicated milk production factories The company consistently invests in research and development, launching a variety of innovative products and expanding its brand portfolio to cater to diverse customer segments By adhering to a classic business model focused on product diversification and development, Vinamilk effectively establishes a clear future direction and allocates resources to enhance the core values of its product offerings.
Vinamilk's extensive product portfolio includes liquid and powdered milk, as well as value-added items like condensed milk and yogurt Offering a diverse range of flavors and packaging options, Vinamilk stands out in the market with its multi-brand strategy This unique approach leverages the strong reputation of the Vinamilk parent brand to enhance the visibility and success of its individual sub-brands, ensuring a seamless experience for consumers.
TIEU LUAN MOI download : skknchat@gmail.com brands, Vinamilk's brand is widely known, increasing its coverage in the Vietnamese market.
Vinamilk aims to establish itself as a leading symbol of nutritional and health products in Vietnam and beyond, with a long-term vision focused on enhancing the quality of life for people This strategic vision serves as a valuable lesson for businesses, emphasizing the importance of commitment and foresight In the competitive Vietnamese market, Vinamilk not only stands out with its renowned dairy products but also faces competition from numerous domestic and international brands, all of which remain vigilant of Vinamilk's ambitious goals.
Vinamilk is dedicated to providing high-quality products that deliver exceptional nutritional value to consumers This commitment reflects the company's noble mission and responsibility to society and individuals By excelling in its offerings, Vinamilk aims to become a leading symbol of trust among the Vietnamese people, ensuring that its brand is synonymous with the highest quality and the safest health products available today.
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