PHÂN TÍCH CHIẾN LƯỢC MANG LẠI THÀNH CÔNG CHO VINAMILK
TABLE OF CONTENT
II. GENERAL INTRODUCTION OF VINAMILK
1 General introduction…………………………………………………………............3
2 Vision, Mission and core value ………………….......………………………………4
III. ANALYZE THE STRATEGY BRINGING THE SUCCESS FOR VINAMILK
1. External environment……………………………………………………………… 7
2. Internal Environment……………………………………………………………….8
3. Marketing strategy…….………………………………………………………......,10
3.1. Strategy of the price ……………………………………………………… ….10
3.2 Strategy of the products……………………………………………………….11
4. Promotion strategy ….………………………………………………………….....15
4.2 Sale services……………..........................................................................................16
4.3 Public relationship………………………………………………………..........17
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In the current general economic crisis phase of the world in general and of Vietnam in
particular, many domestic enterprises have encountered the difficulties of the product
consuming market of the capital mobilization etc. Thus, numerous enterprises have fallen into
the reduction status of the growth speed, the severe reduction business profit, even many of
them going lost in many years result to the bankruptcy of re-structuring Vinashine, Vinaline
etc, especially the small and moderated sized enterprises. However, some enterprises, based on
the proper proposed strategy, have overcome the crisis and got the stable strength. In the scope
of this topic, VINAMILK is chosen as one of the enterprises to continue to gain the successes
by the management board’s long term vision and build up the correct development strategy.
II. GENERAL INTRODUCTION OF VINAMILK
Việt Nam Milk Company (Vinamilk) was established in 1976 under the name of Southern
Coffee- Milk company at 10 Tân Trào, Tân Phú ward, district 7, HCM city. During the
development process, after many reforms, Vinamilk becomes the Vietnam milk joint stock
company in 2003 and gets the current charter capital of 8,340 billion VNĐ. The transaction
name in English is VIETNAM DAIRY PRODUCTS JOINT STOCK COMPANY abbreviated
The company has been sealed on Ho Chi Minh city Security transaction Floor on 19 January
2006 (transaction code: VNM). Currently, State capital Investment and Trade Corporation
(SCIC) has got the ratio of 45,1% of the charter capital of the company.
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Figure 1: Shareholders’ structure (Source: Website businessman world, http://s.cafef.vn/ )
Vinamilk is the top enterprise of the milk processing industry accounting for 75% milk market
shares in Vietnam. Vinamilk products include the fresh milk, yoghurt, condensed milk,
powder milk, nutritious powder, ice- cream, kinds of soft drinks. With the diversification of
the products, Vinamilk has currently got over 200 items of sterilized milks, pasteurized milk
and products made from the milk.
On 31/12/ 2013, Vinamilk has the network of 266 exclusive distributors and over 224,000
retail points in Vietnam. Vinamilk products have been exported to 26 countries like America,
France, Canada, Poland, Germany, Middle-East area, , ASEAN etc.
After 37 years since establishment and to 31/12/ 2013, Vinamilk has invested 12 plants, 2
enterprises in which Vietnam Children’s powder milk plant has been operated on 22 April
2013 and the whey plant constructed by Tetra Pak Group – Sweden in Binh Duong has been
operated on 10 /09/ 2013. Vinamilk is promoting to construct the milk factory in Cambodia
During 17 years, from 1997 to 2013, Vinamilk is consecutively selected by the Vietnamese
consumers association as the high quality Vietnam commodity. Vinamilk joins the charitable
activities, social affairs in the fields: Establishing Vietnam peaking milk fund, providing the milk
for all the children under the difficulties; setting up Vinamilk scholarship fund “Fostering the
young talented”; building up the fund of 1 million of green plants for Vietnam and financing the
solar energy lighting system at the island named Côn Đảo.
At present, Vinamilk has got the 68 th rank of the world biggest top 100 of the milk
enterprises. The target of Vinamilk in the next stage is to reach 3 billion USD in the year 2017
and reach Top 50 of the world milk enterprise.
Figure 2: Annual turnover (Source: website Vinamilk)
2. Vision, mission and core values
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It becomes the trust symbol No. 1 of Vietnam for the nutritious products and healt serving
the person’s health.
Vinamilk commits to bring the community the best nutrition, quality by the respect, love
and the high responsibility to the life of the persons and society .
2.3. Core value
Integrity, honest in the behavior and all transactions .
Respecting ourselves, colleague; the company, partners and make cooperation in respect.
Fair to the staffs, customers, suppliers and other related partners .
Comply with the law, the regulation of behaviors and the regulations, policies and the
rules of the company .
Respect the established standards and make action in the ethics.
2.4. Business philosophy
Vinamilk desires to become the favorite products in every area, territory. Therefore, we
trust that the quality and creation are the friends always together with Vinamilk. Vinamilk
regards the customers as the center and commit to meet any customer’s demand.
2.5. The quality policy
Always being satifsfied and bearing the responsibility with the customers by diversifying
the products and services assuring the quality, food sanitation safety with the competitive
price, respecting the business ethics and complying the specified law.
2.6. Business target
The business target of the company is to maximize the value of the shareholders and
pursue to the business development strategy based on the following key factors:
Strengthen, build up and develop a system of the strong brands to meet the best of the
demand and the consuming philosophy of the Vietnamese consumers .
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Develop Vinamilk trade mark into the most reliable and prestigious, scientific nutrition
brand to the Vietnamese people by the strategy of applying the scientific studies of the
specific nutrition demand of the Vietnamese people to develop the best product for the
Invest and expand the business production by the market of the soft drinks which are
healthy to the consumers by the key brand of VFesh to meet the fast increasing
consuming tendency to the soft drinks from the nature and be good for the person’s
Strengthen the system and the distribution quality to reach the market shares at the
markets in which Vinamilk has the low market shares, especially at the rural areas and
the small urban areas;
Exploiting the power and prestige of Vinamilk brand as the “ most scientific and
reliable nutritious” brand of Vietnam to account for at least 35% of the market shares
of the powder milk market shares within 02 next years.
Concentrate into the key business as the milk production: Focusing on 04 key items
including whey, condensed milk, powder and yogurt. At the same time, it is to make
expansion to the products of the solf-drinks good for the health and to improve the
common profit rate of the whole company like fruit juice, soybean milk etc.
Find the investment opportunity outside to ensure the stability and safety of the source
of the raw materials and develop the export market.
Continue to improve the management capacity of the supply system .
Based on the long term master business target as mentioned above, Vinamilk sets
up a specific target to the year 2017 of reaching the turnover of 03 billion USD and reach
Top 50 of the biggest milk production companies of the world.
III. ANALYZING THE STRATEGY IN BRINGING THE SUCCESS FOR VINAMLIK
1. External environment
The milk branch is a high stable branch and gets less impact by the economic
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The state supporting policy in encouraging the breeding and procession of the dairies
The negotiation capacity of the supplier: The big diary companies are benefitable to the
raising person in procuring the milk as the raw materials (O3).
The negotiation capacity of the purchaser: Once the input raw materials increases, it is
possible to increase the sale price accepted by the consumer (O4).
The demand, psychology of the milk product consuming in Vietnam are stably
increased. Together with the economic strength, the consumer takes care of the health
and use of more products , especially the powder milk, whey and yogurt (O5).
Vietnam milk branch has the potential of the raw material milk for production.
The income per capita of Vietnam is of the low-average level.
The current consuming tendency takes care for the samples, product packages.
The nutritious demand for the children is cared. The consuming demand of the fresh
milk will be ever increased together with the ratio of the over- population.
In addition to the factors forming the product prices like the milk price of the raw
materials, the production cost, packing, profit of the processors, retail distributor, the
tax policies, the taste, the psychology attached by the sale price with the product
quality, tendency for choosing the most expensive item of the Vietnamese consumer
contribute to increasing the price of the milk product.
The input raw material price is increased ever and always fluctuates and hard to predict
The competition between the companies is high: True Milk, Hanoimilk, Abbott, Mead
Johnson, Fieslandcampina…(T2). In 2012, the fresh market share of Vinamilk makes
up to 45,5% of the Vietnam market, taking the first rank. Fiesland campina takes the 2 nd
rank with 20,4% of the market shares. As for the powder milk, the market share of
Abbott takes the first rank with 24%, Vinamilk accounts for 19% taking the 2 nd rank;
Mead Johnson and Fieslandcampina together account for 14% taking the 3rd rank etc.
The psychology of the foreign product usage of the Vietnamese consumer is still high
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There has not been an efficient management raising model. The foreign imported
material source causes the price of various milk to increase ( T4)
2. Internal environment
Vinamilk has confirmed the position in the milk branch as the biggest milk company of
the whole country accounting for 37%. The plant scale is the biggest in the whole
country with the total current capacity of 504 thousand tons/ year getting the output of
70%. The position of the branch head of the company is supported by the good
construction brand (S1)
The capital source of Vinamilk is very big. In addition, the investment plans are
actively carried out by Vinamilk even in the capital source. Before, Vinamilk almost has
not made any loan because it has the profit and efficient re-investment to withdraw the
capital fast (S2)
The product list is diversified and strong. The product list is over 200 items and the
products from milk (S3)
The distribution network and sales appear largely. It is to develop and control the retail
points. The figure is the development of the market shares. In the whole country, there
are approximately 300,000 retail points in the milk trade. Vinamilk has accounted for
about 160,000 points. The plan for 03 next years of Vinamlik is to cover all 300,000
Make the sustainable relationship with the supplier ensuring the reliable milk source
The study and development capacity follow up the market orientation (S6)
The good management experience is proved by the the sustainable trade activity (S7)
The big capacity production plant has the equipment and technology meeting the
international standards; Vinamilk has currently got a milk production plant in New
Zealand and 10 modern milk production plants in the country scattered from North to
South and run 100% of the capacity. In order to serve the strategy for the developing
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acceleration, Vinamilk will inaugurate 02 world top modern milk processing plants in
the beginning of the quarter II – 2013 with the total investment capital of about 4,000
billion VND (equivalent to 200 million USD) the first ” Super-plant ” in Binh Duong at
the phase 1 for 400 million of milk liters / year, the capacity equivalent to 9 current
plants of Vinamilk; the phase 2 will increase the capacity to 800 million of milk liters/
year. This plant is totally auto with the robot operation. The second plant specializes in
producing the children’s powder milk of Dielac 2 in Việt Nam – Singapore industrial
park purchased by Vinamilk from F$N with the capacity of 54,000 tons/ year. This is
the two modern key projects serving the increasing target of Vinamlik inaugurated into
the 38th anniversary ceremony of the country liberation day on 30 April 2013.
With such a big production capacity, Vinamilk has made the big production scale to
take advantage of the the economics based on the scale. Thanks to it, Vinamilk can
reduce the product price, the more consistent quality (S8)
The input raw material sources have not been active. Meanwhile, the input raw
materials of Vinamilk include: various milk powders of 100% imported raw materials,
the fresh milk with 100% of the domestic raw material, sugar mainly applied for the
domestic products; the powder milk imported from Europe, New Zealand, America,
Australia and China. The so much dependence into the imported raw materials has
caused the milk production to encounter many difficulties and the business results are
affected when the price fluctuation occurs (W1).
The manpower source is not stable and fluctuates especially for the intermediate
management level (W2).
The results brought from the marketing has not matched the investment. Marketing
activities are mainly concentrated in South while North has not got the strong
The competition from the international investors with the high strength. Thus, Vinamilk
has to continue to widen the business production activities, marketing etc to ensure the
market shares (W4)
3. Marketing strategy
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The analysis of the internal and external environmental factos shows that the
opportunities are (0), risk (T), strength (s), weakness (W) of Vinamilk. Based on the analysis
of these weaknesses, it is possible to see the success of the strategies conducted by Vinamilk.
3.1. Price strategy
Vinamlik carries out the police of the long term price stabilization. Currently, the
market price of Vinamilk as maintained is only to get 1/3 of the foreign milk price and lower
compared to the domestic production competitor , especially the first competitor Duthch Lady.
With the current milk price, Vinamilk accepts the profit reduction or makes offset from the
trade of many different product currents to share the burden of expenses with the consumers
but it is totally not lost .
In addition, the company still carries out some policies of the price as follows:
The more expensive policy to get the better quality .
By improving the milk product which is higher to the nutritional value than the current
products when the valuable current products are positioned in mind of the consumers.
Thus, the positioning of the new product is totally convenient – These products
symbolize the higher, more private living style like Dielac to Dielac Alpha with the first
milk of colostrums.
The policy to keep the price as it is but its quality is higher. Vinamilk applies this policy
for the sterilized milk and yogurt product currents.
In the condition of keeping the price as it is for the input raw materials to increase
Vinamilk still joins the program of the price stabilization for the consumer of the whole
In order to carry out the strategy of the price stabilization but ensuring the profit for the
shareholders, Vinamilk has negotiated the low price level of the milk purchase in the country
(compared to the purchasing price of Duthch Lady). At the same time, Vinamilk has developed
the plan of its diary farms. To the year 2015, it is to try to ensure about 45-50% of the raw
materials as self-supporting portion and in 10 coming years, the replacement will be done
relatively. Vinamilk attaches importance of the efficient value chain to balance the price
stabilization and the profit for the shareholders. The further increasing value by the main
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operation factors has helped the product value to increase but the product price does not
fluctuate so much.
3.2. The strategy of product
3.2.1 Product diversification:
Vinamilk products are diversified and abundant to the categories with over 200 milk
items and the products from the milk: Condensed milk, powder milk, nutritious powder, fresh
milk, yogurt, cheese and other products: Soy bean milk, fruit juice, cakes, soluble coffee,
bottled drinking water, tea, soluble chocolate. However, Vinamilk also attaches importance to
the most used products, rejecting the non-beloved products and improving the product quality.
Figure 3: Profit structure, 2012
(Source: Website businessman world, http://cafebiz.vn)
The fresh milk (whey): Accounting for 34.9% of the turnover. Starting from the ever
increasing consumption demand of this product, Vinamilk has centered the
development into the fresh milk segment when the increasing speed of this group
reaches 39.0%/year in the phase 2006-2011.
In the year 2010, the sales turnover of this group of the products reached 5,077.6 billion
VND accounting for approximately 1/3 turnover. Only in 08 years, the contribution of
this group over total turnover has remarkably been increased. Since 18,9% (2003), it
increases 32.2% (2010).
Aware of the consumer of the profit of the ever increasing sterilizing milk, on July
7/2010, Vinamilk has brought up the sterilized product currents to the market. The
sterilized milk can get no lasting time of usage like traditional UHT sterilzied milk.
However, the nutritious factors of this product are well-protected and its taste is better.
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This has created more attraction. At this segment, Vinamilk once more time faces
Duthch Lady together with other famous brands like TH True Milk, Hanoimilk, Long
Thành, Mộc Châu and some imported brands. However, Vinamilk still gets the fixed
advantages including ownership of the strong brand, getting the supply source of the
domestic fresh milk (about 50%), possessing the distribution channels largely bringing
the products to the consumers punctually; the system of the modern processing plants in
Vietnam has helped Vinamilk to reduce the transportation cost.
Thanks to these advantages, the company has accounted for 45% of the market shares
for this segment .
The powder milk and nutritious powder makes up 26.2% of the turnover.
The key consuming objective of this segment is the young-born children, children, the
woman under the pregnancy, the breeding women and the older persons. At this segment,
Vinamilk has chosen the lower segment compared to the product current of Dielac and
Ridielac with the so much cheaper price compared to the foreign milk brand. As a result,
Vinamilk has currently keeping the interval of 20% of the market shares for this segment.
Yogurt: Accounting for 19.9% of the turnover
Before, the yagurt is usually self-processed at home or produced in some small foundations
and Vinamilk is the first big company to change the pattern above. Vinamilk is known as
the box yogurt which is not only rich in the nutrition with many good tastes, but the price is
reasonable as well. The yogurt is known day by day as one of the best foods for the health
and beauty. Kinds of yogurts contain a necessary volume of useful bacterium, protein and
other popular nutritious substances. Therefore, many people is well aware of the health,
especially the woman converting the yogurt into their daily foods.
Vinamilk almost accounts for the exclusive advantage of the yogurt. This is easy to
recognize at the shops as well as the supermarket and currently, Vinamlik has made up
90% of the market shares of the yogurt.
Condensed milk: 16.9% of the turnover
3.2.2 Improving the product quality
Vietnam Milk joint stock company – Vinamilk has signed the international cooperation
with the three top European partners including DSM Group- Swiss, Lonza company- Swiss,
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Mr. Hansen group- Denmark specializing in studying, developing and applying the science of
micro-organics, pro-biotic. With this cooperation program, Vinamilk has been applying the
specific nutritious demands of Vietnam children helping to improve the physical features,
height for the Vietnam young generation in the future.
In addition, Vinamilk has made the comprehensive cooperation with International Nutrition
Institute of investigating the nutrition status at Vietnam Children and then, focused to study
and develop, improve the product lines to meet better the nutritious demand for Vietnam
These co-operations have marked a new height of Vinamilk in the scientific nutritious study
for Vietnam Children in particular and Vietnam milk branch in general. At the same time, this
is a strong commitment of the Vietnamese milk brand to the Vietnamese consumer in bringing
the efficient nutrition solution, ensuring the food sanitation safety. This is the first step to help
Vinamilk to carry out the ambition to develop a modern study center according to the
international standard to accelerate the developing speed of the specific and new milk formula
for Vietnam children. This will create the trust with users to enable the goods consumption to
In order to reach this target, Vinamilk continues to focus on producing the milk and widening
the further development of the soft drinks which are healthy to the consumers. It is to continue
to strengthen and widen the distribution system: Establishing further the retail points;
increasing the covering level of the product distribution. As for the market shares, it is to
continue to invest and widen the plants, optimize the capacity of the existing plants,
constructing newly the processing plants with the most advanced technology. At the same
time, it is to increase the quantity of the dairies at 05 existing dairy farms and search further
the new domestic and foreign dairy farms.
While the market has too much labels of the fresh milk and reclaiming milk, the consumers are
undecided to select a quality product. Vinamilk has brought up the commitment “100%
sterilized fresh milk” with the strategy of the very competitive price at the time of the milk
price increasing in the phase 2008-2009. The marketing strategy of “Yogurt is the essential
food for the health” is successful to help the Vinamilk yogurt product to increase
unpredictably. The condensed milk line is brought to the market with 1 liter box to facilitate
the consumer and cut down the unnecessary advertisements. Thanks to it, the product turnover
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still rises fast. The soy bean milk product line of V-fresh – “ the living source from the
motherland” of Vinamilk also increases spectacularly with 25% market shares as the most
rapid developing brand of Vietnam in the year 2009.
3.2.3 Packing design
The current consuming tendency attaches importance to the labels, product packages.
Grasping this tendency, Vinamilk has been decided to spend the cost on the package
Anyhow, with this strategy, they loss the advantage of the sales price.
Compensating this, the turnover increases more strongly and the consumers remembers more
Each product line of Vinamilk tries to create the customers of the familiar awareness by a
signal in mind when they observe the goods purchase at the counter. The grain green color or
the white color usually attaches the kind of the milk butter, less fatness and less cal.
With the target of strengthening the brand of the milk product, Vinamilk has rejected the milk
line splashed on the glasses and the child licks excitedly but comes back and uses the picture
of the real milk to go into mind of the consumers. It is to apply the images of the Swiss
mountains full of sun and purity where the cows appear on the fresh grass field. Viewing this
image, it is possible to image Vinamilk milk bringing the fresh and better life.
The launching of the Vinamilk milk “ one hundred percent fine milk” does not create the
difference of the color and images compared to the competitive group, but also the
imagination of the color and image symbolizing the quality. That is the fine and great taste.
The new launching results of the 100% fine and fresh milk has created the welcome from the
consumers and reached the exceeding sale turnover.
4. Promotion strategy
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The company has carried out the strategy of advertising, marketing strongly to the domestic
consumer, for instance, talking to the effect of the milk. Vinamilk has set up the image “
Mother’s love” for the powder milk product taking the feeling of the consumers or launching
the advertising strategy, comprehensive marketing for the yogurts like an essential drink for
healthy to every objective as the objective to make the yogurt demands to increase
In particular, Vinamilk has chosen the dairy to access the customers. The image of the dairy on
the package of Vinamlik has become familiar to the Vietnamese people, especially the
children. Almost any child can sing “ we are the happy dairies” in the milk advertisement of
the company .
Vinamilk uses the leveling strategy of the brand in developing the new products. For instance,
Vinamilk has used the prestige of the brand in the field of the milk to widen the new related
product line like yogurts, cream, cheeses and gain many successes.
When talking to the milk, we can imagine the white color. Therefore, the advertisers have
applied this color to introduce their products, transferring the information by images, colors in
which their products want to introduce. In addition, the green color symbolizes the nature
showing the fine nature like a natural gift assigned to the consumers.
The application of these two colors as a prevail has created the success with the consumers
reminding them to remember a totally natural 100% fine and fresh milk of Vinamilk.
The so much spending of the budgets for the advertisement cost making the frequency cover
and appear by the Vinamilk advertisement on TV channels at the high level has created the
remarkable efficiency .
4.2 Sale services
The structure of the sale cost of the year 2012 of Vinamilk
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Figure 4: Structure of the sale cost of 2012 (Source: Website Businessman world- http://cafebiz.vn)
The consuming branch in general and food in particular are always required for the
strong cost spending for the activity with the costs reserved for the advertisement, promotion,
setting up the distribution system etc .
Vinamilk is one of the biggest company of the food branch and the sale cost of the
company is “ huge”.
In the year 2012, the sale cost increases 29,4%, from 1,812 billion to 2,346 billion
VND accounting for almost the sale cost as the cost for the advertisement, promotion and
support of the distributors.
In the structure of the sale costs, the promotion cost has reached the biggest cost, with
463 billion VND.
In 2011, in stead of the advertisement increase, Vinamilk has increased double the cost
for the promotion from 268 billion to 502 billion VND. Meanwhile, the advertisement cost in
the year 2011 reduces from 485 billion VND to 400 billion VND.
With the strong spending of sales cost, in the year 2013, net turnover of Vinamilk get
31,586 billion VND, increases 16.5% compare to 2012 turnover.
The turnover and sale cost (billion VND) of Vinamilk by the years are as follows:
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Figure 5: Turnover and sale cost by the years 2007- 2013
(Source: website of Vinamilk)
4.3 Public Relationship
Vinamilk builds up the sustainable brand by concentrating into the product quality and
programs oriented to the community. During many past years, Vinamilk is known as the top
enterprise orienting the community together with the social charitable activities, typically as
- Receiving of the call of Vietnam Fatherland Front Committee of the whole country
oriented to the people at Middle- North suffered from the storm No. 10, from 12 to 15
October 2013, Vinamilk has visited, gifted to the residents under the strong suffering of the
storm No. 10 at the provinces of Quảng Trị, Quảng Bình, Nghệ An and Thanh Hóa. Total cost
for this relief is 1.3 billion VNd ( in cash). Among them, the relief delegation has visited,
gifted the poor persons, the affected persons due to the storms at uảng Bình of 700 million
VND. As for Lộc Thủy town, Lệ Thủy district (Quảng Bình), the homeland of General Võ
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Nguyên Giáp 100 million VND. As known, this is the contribution amount of a salary day of
the whole staffs, agents in Vinamilk company.
- Vinamilk also spends many billion VND to support the peoples in the storms at the
middle land areas and Highland areas to overcome the difficulties, loss of the persons and
assets. Every year, Vinamilk spends billions of VND on the charitable works and the
community development, especially the contribution, construction of "Vietnam reaching milk
fund ", "Fund of 01 green trees for Vietnam ", " Vinamilk scholarship fund – Fostering the
Vietnamese young talented “ etc among them, "Vietnam reaching fund " has got 75 billion
VND so far with over 300,000 children drinking the milk free. The scholarship fund of
"Vinamilk fosters the Vietnam young talented ", with over 19 billion VND reserved for the
primary school on the whole country. This fund is coordinated with ministry of Education and
training conducted from the year 2003 until now. "Fund of 01 million of green trees for
Vietnam " also reach billions of Vietnam Dong etc. In addition, Vinamilk still takes care of,
raises all the life of Heroic Vietnam Mother at Ben Tre and Quang Nam etc .
In order to carry out well the social responsibility, the community, Vinamlik desires to be
supported, respect and being always with Vinamilk shareholders, suppliers, partners,
customers and consumers .
With the right strategy, concentrating into the product made from the milk meeting the
demand of the market with the high profit value; always strengthening the brand, renovating
the forms, packages; proactively constructing the dairy farms for the input raw materials,
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improving the technology to improve the product quality according to the international
standards; exploiting the ultimate local markets and concurrently widening the foreign markets
etc, Vinamilk company in general and Vinamilk leaders in particular have ensured the right
steps in carrying out the long term target, the proposed plans. This has shown the strategy
management works at Vinamilk has been conducted very efficiently. That is the basis why
Vinamilk is the top brand in the milk industry of Vietnam and it is possible to say that the fact
Vinamilk proposes the specific target of the year 2017 to become one of 50 biggest milk
companies in the world is totally to get the basis.
1. Strategic Management – PGSM Business School;
2. John Thompson; Frank Martin 2010, Strategic Management: Awareness and change, 6th
edition, South-Western, UK;
3. Website of Vietnam Milk joint stock company - http://vinamilk.com.vn/;
4. Vinamilk – Annual report 2013, 2012, 2011, 2010;
5. Website of Businessman world - http://cafebiz.vn
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