I HC QUC GIA THNH PH H CH MINH TRNG I HC BCH KHOA THNH PH H CH MINH KHOA QUN L CNG NGHIP --------

ti: PHN TCH HOT NG KINH DOANH QUC T CA CNG TY C PHN SA VIT NAM VINAMILK GVHD: Th.s Ha Kiu Phng Mai Thc hin nhm 08 STT 1 2 3 4 5 6 7 H V TN Nrau Kuldan V Tin Pht Bi Th Linh Trn Hng Pht Trn Thnh Thi V Minh Trang Nguyn H Trung : MSSV 50903426 70901921 70901377 70901916 70902448 70902875 70902881 nh gi 100% 100% 100% 100% 100% 100% 100%

TP.HCM, 05/2013
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Mc lc

Mc lc ........................................................................................................................... 2 1. C s l 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. 2.2. Gii thiu doanh nghip. .................................................................................... 6 Hot ng kinh doanh quc t ca doanh nghip. ............................................... 8 Xut khu .................................................................................................... 8 Hot ng sn xut nc ngoi ................................................................. 9

2.2.1. 2.2.2.

3. Phn tch hot ng kinh doanh quc t. ................................................................. 10 3.1. Hot ng xut khu ......................................................................................... 10 Thun li ................................................................................................... 10 Kh khn. .................................................................................................. 11

3.1.1. 3.1.2. 3.2.

Hot ng u t ra nc ngoi ........................................................................ 15 Thun li. .................................................................................................. 15 Kh khn. .................................................................................................. 18

3.2.1. 3.2.2.

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. C s l thuyt phn tch. 1.1. L thuyt xut, nhp khu 1.1.1 Hot ng nhp khu Nhp khu l hng ha v dch v c sn xut mt nc v c mua vo mt nc khc. Nhp khu nhm b sung hng ho khi mt quc gia no khng t sn xut c hoc khng p ng nhu cu tiu dng. Vai tr ca hot ng nhp khu i vi nc ta Trong iu kin nn kinh t nc ta hin nay vai tr ca hot ng nhp khu c th cc kha cnh sau: To iu kin thc y nhanh qu trnh xy dng c s vt cht k lut, chuyn dch c cu 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 p ng nhu cu tiu dng trong i sng hng ngy ca nhn dn bng cch nhp khu hng tiu dng t nc ngoi, va nhm cung cp u vo cho hot ng sn xut kinh doanh trong 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 ph u 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 nc cha sn xut c hoc c sn xut nhng khng cung ng th trng tiu dng, hn ch nhp khu xa x. Phi kin quyt khng nhp khu hng km cht lng, ht thi gian s dng. Ch c nhp khu cc mt hng m chnh ph cho php nh: xng du, phn bn, thp xy dng cc loi, xi mng, thit b in, in lnh, linh kin xe my,

1.1.2. Hot ng xut khu Xut khu l hng ha v dch v c sn xut mt cng ty trong mt t nc v c a sang nc khc. Vai tr ca hot ng xut khu i vi doanh nghip: Thc y hot ng xut khu gip m rng th trng tiu th sn phm ca doanh nghip, nng cao hiu qu hot ng kinh doanh. Th trng nc ngoi lun l th trng rng ln v nhiu tim nng doanh nghip khai thc, lm tng doanh thu v li nhun. Xut khu to iu kin cho doanh nghip tip cn vi cng ngh sn xut mi, trong bc chuyn giao cng ngh hin i, nng cao tay ngh ngi lao ng, t lao ng khng k nng hoc bn k nng thnh lao ng k nng.

Tm li, vic y mnh xut khu c vai tr chin lc trong vic pht trin nn kinh t ca mt quc gia, tng cng v th quc gia trn trng khu vc v th gii. Hnh thc xut khu trc tip Xut khu trc tip l xut khu t nc ngi bn sang thng nc ngi mua v khng qua mt nc th 3. Xut khu trc tip l vic doanh nghip xut khu sn phm mnh sn xut hoc t mua ca doanh nghip trong nc, sau xut khu sang nc th 3 vi danh ngha hng ha ca chnh mnh. Hnh thc xut khu trc tip ny c u im l em li nhiu li nhun cho cc doanh nghip xut khu hng, do khng mt khon chi ph trung gian v tng uy tn cho doanh nghip nu hng ha tha mn yu cu ca i tc giao dch. Nhc im ca hnh thc ny l phng thc phc tp, i hi phi c trnh , chuyn mn cao, c lng vn ln v c nhiu quan h vi cc bn hng nc ngoi. 1.2. L thuyt u t trc tip nc ngoi u 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 v FDI nh sau: u t trc tip nc ngoi (FDI) xy ra khi mt nh u t t mt nc (nc ch u t) s hu 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 c s
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kinh doanh, nh u t thng hay c gi l "cng ty m" v cc ti sn c gi l "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 s hu: FDI c thc hin vi quyn s hu v ti sn u t ca ch u 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 u t nc ngoi, ng thi nh u t ny cng chnh l ch s hu chnh v nm quyn kim sot qu trnh u t .

2. 2.1.

Gii thiu tng quan v Vinamilk. 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 cn b cng nhn vin 4.500 ngi. Vinamilk l nh sn sut sa hng u ti Vit Nam, bao gm sn phm: sa nc v sa bt; sa c, yoghurt n v yoghurt ung, kem v ph mt, 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 cc th 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 ch Compaign thc hin . Tm nhn Tr thnh biu tng nim tin s mt Vit Nam v sn phm dinh dng v sc khe phc v cuc sng con ngi . S mnh Vinamilk cam kt mang n cho cng ng ngun dinh dng tt nht, cht lng nht bng chnh s trn trng, tnh yu v trch nhim cao ca mnh vi cuc sng con ngi v 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 my Cosuvina); 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 b sa.

Thi k 1996 2005, m c th trng xut khu sang cc nc Trung ng, SNG, th trng kh tnh EU v Bc M, kim ngch xut khu trong 6 nm (bt u xut khu t 1 nm 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 1,5 n 2,6 ln; th phn Vinamilk chim 75 -90% ty tng chng loi sn phm; xut khu tng dn theo tng nm: t 28 triu USD ( 1998 ) ln 168 triu USD ( 2002). Tng sn lng sn xut hng nm trung bnh t 220 250 triu lt. Vng nguyn liu ni a c tip tc pht trin to iu kin gim dn nhp khu nguyn liu tin ti cn i xut nhp; s dng c hiu qu cc ngun vn v u t c hiu qu cc d n pht trin sn 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 my sa 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 bo dch v vn chuyn, phc v khch hng tiu th sn phm Vinamilk. Giai on 2005 n nay :

Tng doanh thu tng 188%; li nhun sau thu tng 5,2 ln; kim ngch xut khu t 444,7 triu USD, chin lc chim lnh 75% th phn ton quc, mng li rt mnh bao gm 183 nh phn phi, 94.000 im bn hng ph u 64/64 tnh, thnh ph. i vi th trng 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 tri b 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 b sa Lm ng ( 2011); vi tng lng n b 5.900 con. H tr k thut s ch, tn tr, bo qun sa ti cho nng dn. C cc chng ch ISO v HACCP, xy dng h thng x 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 Bc M, Trung ng, Khu vc chu , chu M, c, Canada, Php, Nga, c, Ba Lan, Cng ho 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 Lam Sn ( 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 trung tm Mega hin i t ng ha hon ton Pha Bc ( Tin Sn ) v pha Nam ( Bnh Dng ), 2 Nh my: sa bt Dielac 2 ti Bnh Dng v Nh my sa Nng.

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 ngoi trn ngp, Vinamilk khng nhng vn gi vng c v tr s 1 trong phn khc sa ti th trng ni a m cn l doanh nghip duy nht ca Vit Nam xut khu c sn phm sa ti ra th trng th gii. Cng vi nhng nghin cu v pht trin sn phm mi nhm p ng nhu cu ngy cng cao ca con ngi, nm 2012, Vinamilk cho ra i dng sn phm sa ti tch bo, c nhiu ngi tiu dng c trong v ngoi nc n nhn. Theo s liu thng k, lin tip trong hai nm 2011 v 2012, t l tng trng xut khu sn phm sa ti nguyn cht 100% ca Vinamilk t 70%, kim ngch xut khu nm 2012 t hn 180 triu USD. Tnh n nay, Vinamilk a c cc sn phm t sa ca mnh n vi th trng ca 26 quc gia trn th gii nh M, Canada, c, Ba Lan, Trung Quc, Tuy nhin, th trng xut khu ch lc ca cng ty vn l cc nc Trung ng chim 96% kim ngch xut khu ton cng ty. Phn loi cc th trng ch yu theo vng nh sau: Vng ASEAN Trung ng Phn cn li Tng cng S lng th trng 3 (Cambodia, Philippines v Vit Nam) 3 (Iraq, Kuwait, UAE) 4 (ch yu l c, Maldives, Suriname v M) 10

Hin nay, Vinamilk ang gp rt hon thnh nhng cng on cui cng ca hai siu nh my ch bin sa ln nht Chu , s dng cng ngh hin i nht th gii vi tng mc u t hn 4.000 t ng v bng ngun vn ca Vinamilk. T y, mt sn lng sa v cng ln s c sn xut ra, p ng c nhu cu trong nc cng nh b sung cho nhu cu ca th trng 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 ca cng ty Vinamilk: Fonterra l mt tp on a quc gia hng u trn th gii Hoogwegt International ng vai tr quan trn th trng sa th gii

Ngoi ra, m bo bao b an ton v gim i p lc t nh cung cp bao b. Cng ty Vinamilk nhp cc ht nha nguyn sinh do cc nh cung cp quc t nh Dow ca M, 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 M nh Cc Qun l dc v thc phm hoc chu u... Nhng nguyn liu ny u c giy chng nhn v cht lng cng nh an ton cho ngi khi s dng thc phm lin quan 2.2.2. Hot ng sn xut nc ngoi Nhm mc tiu m bo ngun nguyn liu n nh cho cc nh my ca Vinamilk ti Vit Nam ng thi xut khu sang cc nc khc, nm 2012, Vinamilk chnh thc khnh thnh nh my sa u t New Zealand (nh my Miraka) v c li sau nm u tin hot ng. Nh my ny do Vinamilk tham gia gp vn, c t ti trung tm o Bc ca New Zealand, chuyn sn xut sn phm sa nguyn kem cht lng cao vi cng sut 8 tn/gi, tng ng 32.000 tn/nm v c thit k c th m rng trong tng lai. Sn phm sa cht lng cao ca cng ty s c bn ra th trng quc t. Nh my Miraka c trang b dy chuyn sn xut hin i, s dng nng lng hi nc, c th thu hi v in a nhit (in sn xut t nhit trong lng t).

3. 3.1.

Phn tch hot ng kinh doanh quc t. Hot ng xut khu

3.1.1. Thun li - Gi sa n nh: Nguyn nhn l do th trng ln, ngun nguyn liu a dng. Nhu cu v sa l nhu cu thit yu nn gi c t nh hng n lng tiu th ca mi ngi. y l 1 li th khng nh cho ngnh sa Th trng tim nng to ln:

Ming bnh th trng 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 vo cc th trng ny. C th 1 s th trng: Th trng Nam M: Xu hng tng s dng lactose trong sa bt tiu chun lm cho th trng lactose tng giao dch v tng gi. So snh vi sa bt tiu chun, bt vng sa gim 20% so vi cao im vo thng 2 nm 2011, lactose tng khong 50% Th trng Trung Quc: Lng sa nhp khu vo Trung Quc tip tc tng trong nm 2012. Tng lng sa nhp khu vo Trung Quc 7 thng u nm 2012 l khong 0,8 triu tn, tng 24% (156 ngn tn) so vi cng k nm ngoi, trong ring thng 7/2012, lng sa nhp khu tng ln khong 44% Th trng ng Nam : Lng sa nhp khu vo ng Nam trong qu I nm 2012 kh n nh v khng c nhiu bin ng. Ring th trng Thi Lan, nhu cu nhp khu sa hi phc mnh sau khi suy gim v nh hng ca trn lt nm 2011. c tnh sn lng sa nhp vo Thi Lan trong qu I nm 2012 tng 12% (15.000 tn) so vi qu I nm 2011. Th trng Trung ng v Rp: S gia tng v nhu cu nhp khu sa khu vc Trung ng v Bc Phi ph thuc vo tng loi sn phm, nhu cu nhp khu vo cc Tiu vng 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 bit Trung Quc. Dn n hu qu l ngi dn Trung Quc v cc nc khng tin dng sn 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 khong 60%. y cng c xem l 1 c hi kh ln cho Vinamilk i vi th trng ny Nh my sa hin i:

Tiu chun i vi cc sn phm sa rt cao. V vy, xut khu c sa sang 1 s nc 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 sang cc nc kh tnh nh Nht Bn , M v Chu u s rng m hn. u t trc tip New Zealand

Thng 8/2011, nh my sa Miraka c vn u t ca Vinamilk i vo hot ng. Vi tnh hnh gi nguyn liu sa bin ng nh hin nay, y c th c xem l 1 bc i thng 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 , th trng tim nng hin nay l cc nc ang pht trin, m khch hng th trng ny a s c nhu cu i vi sn phm c gi c trung bnh. Nu n nh c gi u ra, th phn ca Vinamilk cc nc ny cng s n nh. ng Vit Nam mt gi

to nhiu thun li cho cc doanh nghip xut khu sa sang nc ngoi ( trong c cng 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 khu sa. 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 tiu dng ca cc th trng vn cha chuyn bin. Khng nm ngoi nhng nh hng tiu cc ca bin ng nn kinh t th gii, Vinamilk cng gp s kh khn y, nhng vi nhng 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 nh nc th nh nc ni nhp khu c th nh thu ln cc mt hng nhp khu, iu ny lm 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 th cao hn cc hng ha c sn xut trong nc, iu gy tc ng ln n doanh thu v li nhun ca mt hng xut khu sang cc nc ny. Tuy nhin hin nay vi nn kinh t ang ton cu ha th gnh nng v thu ngy cng c tho g, nhng nh nc li chuyn sang cc cng c khc kim sot hng xut nhp khu. Hn ngch xut/ nhp khu :

Cng m bo sc cnh tranh cc mt hng sn xut trong nc, th nc ni nhp khu c th hn ch vic nhp khu bng p t cc quota nhp khu ln mt hng, iu ny ng ngha vi vic hn ch s lng hng nhp khu cng loi nhp vo th trng nc s ti. Khi doanh nghip xut khu hng ha mun y mnh th trng m rng trn nc ny cng gp kh khn v s lng hng nhp b hn ch, doanh nghip xut khu phi chuyn sang cc phng n khc nh xy dng nh my sn xut ti nc ngoi, hay mua cc quota nhp khu ca nc ny. Mt tr ngi do chnh quc ca cng ty xut khu l p t quota xut khu nhm hn ch s lng hng ha xut khu sang 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 s ti:

Hin nay cc quc gia nhm kim sot cht lng- k thut hng ha t ra nhng quy nh ring,nhng quy nh ny s p dng ln cc mt hng nhp khu, khi cc hng nhp khu nm trong quy nh ny khi nhp khu s phi tri qua cc bc kim tra do lng cht lng k thut, nhng l hng no p ng c ton b nhng yu cu quy nh ny mi c nhp khu vo nc s ti. iu ny gy kh khn cho doanh nghip xut khu, khi quy trnh sn xut trong nc cha tht tin tin, t c hoc vic kim sot cht lng k thut cn lng lo, thng ch p dng yu cu cht lng k thut c cha theo kp cc yu cu cht lng - k thut ca nc s ti mi t ra. Cng ty cnh tranh :

y chia cnh tranh trong xut khu ca doanh nghip thnh cnh tranh trong nc v cnh tranh nc s ti. i vi cnh tranh trong nc th i th thng bit rt r v doanh nghip, c nhng mt cnh tranh gay gt tng ng v ngun hng, sn phm, gi, th trng... v cc cng ty cnh tranh trong nc cng c hng/ chu nhng u i cng nh lut php ti chnh quc, vi i th ny cn s thng minh, khn kho ca cc nh qun l khi ra th trng th gii. Vi cc i th cnh tranh ti nc s ti th cc i th cnh tranh thng c hng u i t nc s ti nhiu hn v d nh thu, ngn hng, kim ngch... cng vi l hnh nh sn nh, s yu chung dng hng trong nc ca cc khch hng nc ngoi cng s l li th cnh tranh mnh m ca cc i th cnh tranh ny.
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Vn ha quc t :

Nn vn ha ca nc s ti cn thit l ti quan trng khi nghin cu xut khu hng ha ra nc ngoi. Cc nc khc nhau c nhng nn vn ha rt khc nhau thm ch l i 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 cu v phng thc giao tip, quan h cng ng, vn ha cng ty khch hng m bo s khc bit vn ha khng lm nh hng n mi quan h hp tc kinh doanh ca nh doanh nghip xut khu. Vn ti hng ha :

Khi xut khu ng ngha hng ha phi tri qua qu trnh lu thng ng di, iu ny gy ra nhiu bt li. Cht lng s lng hng ha c th b st gim khi vn chuyn do di chuyn, thi gian, tc ng ha l ti hng ha, dn sc gy h hi hng ha, nn phi m bo bng cc bin php k thut cho hng ha khng b h hi nhiu m bo 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 n trong hp ng s l mi nguy hi ln tn hao khng ch cho hng ha mt cn tn hao n mi quan h lm n lu di gia cc i tc. Thanh ton quc t:

Hin nay th cc h thng ngn hng a quc gia m ra rng ri gp phn no gim gnh nng thanh ton quc t, tuy nhin cng cn phi lu n vic thanh ton, nhm gim tht 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 vic thanh ton quc t. p dng gi trn- gi sn i vi hng ha nhp khu ca nc s ti:

Cng l vn thch thc. Nhm m bo cnh tranh ca hng ha sn xut trong nc, th nc s ti mt s ni t ra quy nh gi trn gi sn vi mt hng iu ny gy ra kh khn cho mt s nc xut khu cc mt hng nng nghip, th cng nghip vi mt bng chi ph thp hn cc nc s ti nn c sn phm gi thp hn nhiu so vi cc sn phm cnh tranh nn c sc cnh tranh rt ln, tuy nhin khi p dng gi trn gi sn vi cc mt hng ny lm gim sc cnh tranh v gi ca cc hng ha nhp khu. Vic nhp khu bt sa, cht bo sa(s dng trong sn xut sa hn nguyn, sa tit trng, sa chua v cc loi sn phm khc) c nhp khu t ngun sn xut hng u v c uy tn trn th gii nh M, c, New Zealand chnh v vy m gi thnh rt cao, gy nh hng n kh nng cnh tranh v gi sn phm ca cng ty. Bn cnh , tr lng sa ca th gii gn nh ang trng rng. Australia thm ch cn
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lo ngi rng h s khng sn lng cung cp cho th trng ni a ch cha ni g n xut khu. Nguyn nhn l do hn hn ko di, thc n cho gia sc Australia ngy cng t i. Vic thiu c cho b sa n gy nh hng nng n ngnh cng nghip sa. Cha k n vic ngay c cc nh cung ng nguyn liu quc t cng ang loay hoay trong bi ton nui b hay nui ngi. Hin nay, b phi cnh tranh vi c ngi v ngun nc (v nui b cn ngun nc rt ln) v cnh tranh c v t khi con ngi y mnh tc th ha, ln c t nui b. Tnh hnh ngi tng, b gim dn n vic ngun cung ng nguyn liu b gim. Nh vy c th cho thy ngun nguyn liu sa 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 nguyn liu sa nhp khu chim 70 75% chi ph nguyn liu ca Vinamilk) s gy 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 xut khu 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 trn th gii. Hoogwegt International ng vai tr quan trn th trng sa th gii v c nh gi l mt i tc ln chuyn cung cp bt sa cho nh sn xut v ngi tiu dng Chu u ni ring v trn ton th gii ni chung.. Hoogwegt duy tr cc mi quan h vi cc nh sn xut hng u v tng cng mi quan h ny thng qua cc bui hi tho pht trin sn phm mi hn l a ra cc yu cu vi i tc. Vinamilk v cc cng ty ni ting trn 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 cp ln, ni ting th gii v c b dy kinh nghim lu nm nh vy, cc tp on ny c kh nng a ra nhng thng tin ng tin cy v lnh vc kinh doanh cc sn phm sa v khuynh hng ca th trng sa ngy nay cho cng ty nm bt kp thi. T , Vinamilk c th a ra nhng chin lc ph hp vi tng thi on khc nhau. 3.2. Hot ng u t ra nc ngoi

3.2.1. Thun li. Chnh sch- Php lut Quan h ngoi giao Vit Nam New Zealand c thit lp t lu( 19/6/1975) v quan h hai nc c c s pht 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 ph New Zealand tin hnh vic n gin ha cc quy nh v u t nc ngoi, to iu kin cho vic u t nc ngoi vo New Zealand n gin hn v thm hp dn, song vn bo v c nhng ti sn nhy cm nht ca New Zealand. Nh l vic Bo m vn dng Lut u t nc ngoi c quyt nh bi C quan u t nc ngoi, hn l bi cc cp b trng ca New Zealand, cc quy nh v u t v hot ng kinh doanh c thit lp bi cc cp lin quan. Thun li do iu kin khch quan: FDI tr thnh hnh thc u t ch yu trong u t nc ngoi. Xt v u th v hiu qu th FDI th hin r hn s chuyn bin v cht lng trong nn kinh t th gii. Gn trc tip vi qu trnh sn xut trc tip, tham gia vo s phn cng lao ng quc t theo chiu su v to thnh c s ca s hot ng ca cc cng ty xuyn quc gia v cc doanh nghip xuyn quc t FDI ang v s tng mnh cc nc ang pht trin
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Xu hng t do ho v m ca ca nn kinh t cc nc ang pht trin trong nhng nm gn y gp phn ng k vo s thay 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 th trng trn th gii. c tnh, lng sn phm xut khu ca Vinamilk chim 14% tng sn lng sn xut v hot ng ny mang v cho Vinamilk doanh thu gn 180 triu USD trong nm 2012. Nm 2011 con s ny l 140, tng 67,4% so vi 2010. Trong , mt hng sa chua ca Vinamilk c mc tng trng cao nht nm 2012, tng 99% so vi nm 2011. Thnh tch trn khng ch l nim t ho ca ring Vinamilk, m dnh cho c ngnh cng nghip 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 ch ng cc th trng kh tnh, yu cu trc tin v tin quyt vi sn phm ca Vinamilk l phi p ng theo tiu chun quc t. i din Vinamilk chia s, Vinamilk thc hin sn xut theo quy trnh hon ton khp kn t chn 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 h dn chn nui b sa vi tng s 61.000 con, thu mua sn lng 460 tn sa/ngy vi mc tiu m bo cht lng 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 hng u chu u nghin cu v ng dng khoa hc dinh dng, c bit v cng ngh vi sinh l DSM v Tp on Lonza u n t Thy S, v Tp on Chris Hansen (an Mch) cho ra mt cc sn phm c trng nh sa chua n Probeauty, Vinamilk Probi,... ng thi, vic u 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 ca Vinamilk c sn xut theo quy trnh t ng ha v khp kn theo tiu chun quc t t cng on ch bin n ng gi, ng Nguyn Quc Khnh, Gim c iu hnh Vinamilk, chia s. Nh , Vinamilk pht trin mt danh mc ton din sn phm sa chua ni ring v cc sn phm lm t sa vi nhiu li ch khng ch thit thc cho ngi Vit Nam m c vi ngi tiu dng th gii v sn phm ca Vinamilk ph hp vi tiu chun dinh dng ca quc t. y cng khin Vinamilk c c thun li khi u t ra nc ngoi cng nh d c cc th trng th gii chp nhn v c ch ng vng chc Ngun vn u t v thu ht rt nhiu u t v li nhun:
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Hin nay t l s hu c phiu Vinamilk ca nh u t nc ngoi xp x 20%. Nh vy h 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 doanh nghip 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 tng trng cao, n nh i vi Vit Nam. Tc tng trng ca Vinamilk nhng nm qua khong 20-25%/nm. Ngoi ra, trong con mt nh u t nc ngoi, h thng phn phi vi 220 i l, 16 ca hng gii thiu sn phm cng 90.000 im bn l tri rng khp c nc v th phn t 30-80% ty tng loi 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 qu u t nc ngoi ang c mt Vit Nam s cn nhc k lng khi tham gia t u gi ln ny. Th nht, mt s qu nm gi t l tng i ln c phiu Vinamilk, trn 5%. H khng th b qu nhiu tin vo mt loi chng khon khi m trn th trng hin c hng trm c phiu kh hp dn ca nhiu doanh nghip khc. Th hai, thi gian qua, h thu gom c phiu Vinamilk trn th trng t do vi gi 300.000-400.000 ng/c phiu ty thi im, thp hn gi khi im u gi ln hai c n nh 420.000 ng/c phiu. So vi gi khi im u gi ln u 220.000 ng/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 th trng OTC nhng c phiu khc c mc sinh li cao hn. C th hnh dung i tng tham gia u gi c phiu Vinamilk, nh vy, s l cc php nhn dng qu u t nc ngoi cha hot ng Vit Nam, i tc chin lc trong v ngoi nc - nhng cng ty ang cung cp nguyn liu cho Vinamilk, cc n v cng ngnh 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 l B Ti chnh. Tnh t trc n nay, ngn sch thu c t vic c phn ha Vinamilk hn 1.100 t ng. t bn u gi ln hai, nu tnh theo gi khi im, ngn sch s thu c t nht 630 t ng na. Tng cng khong 1.730 t ng c np vo ngn sch, cao hn s vn Nh nc u t vo Vinamilk (bng vn iu l 1.590 t ng), trong khi Nh nc vn nm gi 51% c phiu, sc chi phi cng ty bt c lc no.
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V pha Vinamilk v cc c ng, c phiu Nh nc c bn bt vi gi cao h cng c li: uy tn cng ty tng ln, li ch c ng nhiu hn 3.2.2. Kh khn. - Lut php: Vit Nam, iu kin d tr ngoi t cn thp v vic cn i ngoi t cn kh khn do vic u t ra nc ngoi phi chu sc p phi sm c li nhun v nc. Bn cnh , th tc v u t ra nc ngoi ca nc ta cn gp nhiu kh khn do nhng th tc qun l t pha c quan Nh nc. l vic cp giy chng nhn u t ra nc ngoi cha c phn cp, cn tp trung B K hoch v u t. Cc doanh nghip a phng mun u t ra nc ngoi u phi tn thi gian n B K hoch v u t xin php.Vy nn doanh nghip mun hon thin th tc c c giy php u 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 cho php hoc tha thun vi bn nc ngoi. Tuy nhin, c nhiu quc gia li c quy nh ch c php u t vo quc gia khi c s cho php ca Quc gia m doanh nghip u t mang quc tch. iu ny trnh c nn ra tin thng qua vic u t ra nc ngoi. Quc gia tip nhn u t mun nhng ng tin sch chy vo th trng ca mnh. S tri nhau v nhng quy nh cp giy php u t ny gy nhiu kh khn 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 mc tiu kinh doanh ca cc doanh nghip Vit Nam trong c Vinamilk. Gi nguyn vt liu sa nhp khu ca Vinamilk tng 20% so vi nm 2009, trong khi , gi bn cc loi sn phm t sa tng trung bnh cha n 4%. iu ny nh hng rt ln ti doanh s cng nh doanh thu ca Vinamilk. Cc nh my ca Vinamilk phi tng cng sut trn 70% so vi nm 2009. Trong hon cnh nh vy, nm 2010, vic Vinamilk u t vo d n nh my sa bt Miraka ti New Zealand vi gi tr vn gp tng ng 8.5 triu USD, y l s tin khng nh trong khi cng ty ang phi i u vi nhng kh khn ca 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 gy kh khn cho Vinamilk khi mun gp vn thm tng % vn c phn ca mnh Miraka s cao hn trc.

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4. Kt lun. Th trng lun c nhng khc nghit ca ring n, nhng khi t nc m rng kinh t ra 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 no cng mnh, trong mi trng knh doanh quc t nu doanh nghip khng bit thc h ng 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 th tt c th xu, cng ty vinamilk thc hin kh tt v nhun nhuyn cc chin lc hp l gip hn ch nhng ri ro y v bin nhng ri ro thnh thnh c hi thc s cho cng 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 ci nhn tt, mt t duy thay i hp l theo tng hon cnh, lm cho cng ty khng s dng ht 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 chng t v th trong th trng Vit Nam. Hin ti, vi s pht trin ngy cng ln mnh Vinamilk v ang chp chng bc nhng bc u tin vn ra th trng th gii. Cng ty c nhng bc tin ng k nh u t chn nui trc tip, n nh ngun nguyn vt liu nhm n nh gi c u ra xut khu 1 s sn phm ra nc ngoi. Vinamilk ang c gng chim lnh v n nh th phn th trng cc nc. Hy vng l vo tng lai khng xa, Vinamilk s l 1 thng hiu quen thuc trn th gii Ngy nay, ti Vit Nam khi nhc n sn phm sa th hu ht cu tr li u tin chng ta nhn c l Vinamilk, ci tn i vo nhn thc ca ngi tiu dng Vit. Khng nhng 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 Vinamilk lun c tn trong danh sch Top 5 Vit Nam cht lng cao. V Vinamilk cng lm nn nim 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 nm 2010 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 lng sn phm tt, p ng tiu chun quc t. L s can m vi cc hot ng kinh doanh quc t nh xut nhp khu, u t ra nc ngoi bng vic nghin cu k th trng mc tiu, nhu cu khch hng tng th trng v i th cnh tranh , T , Vinamilk chinh phc c c nhiu th trng ni ting kh tnh nh M, Australia, v c mt 26 quc gia trn th gii.
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Ti liu tham kho 1. TS. Bi L H (2008), Qun tr Kinh doanh quc t, Thnh Ph H Ch Minh: NXB Lao ng- x hi 2. Ha Kiu Phng Mai (2013), Slide bi ging Kinh doanh quc t, Khoa Qun L Cng Nghip- Trng H Bch Khoa TP.HCM. 3. T.Lan (08/04/2013), Vinamilk t ph trong u t. c ly t http://dddn.com.vn/2013040311376461cat44/vinamilk-dot-pha-trong-dau-tu.htm 4. Tp on Vinamilk (2013), Tp on Vinamilk. c ly t http://www.vinamilk.com.vn/?vnm=about&id=10 5. 6. 7. Doko.vn Tailieu.vn Ngun: http://vietnamdairy.org.vn/vi/more_news_show.php?for=CSM&nid=1275

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Ph lc Ph lc gii thiu. Thi gian 1985 1991 1996 2000 2001 2005 2005 2006 2006 2006 1991 - 2005 Cc nm t 1995 - 2009 2009 2009 2009 Danh hiu Hun chng Lao ng Hng III Hun chng Lao ng Hng II Hun chng Lao ng Hng I C quan trao tng Ch tch nc Ch tch nc Ch tch nc

Anh Hng Lao ng Ch tch nc Hun chng Lao ng Hng III cho 3 nh my thnh vin VNM l Dielac, Thng Nht, Ch tch nc Trng Th Hun chng c lp Hng III cho Cng ty Ch tch nc Hun chng Lao ng Hng III cho nh my Ch tch nc Sa H Ni Hun chng Lao ng Hng II cho 3 nh my thnh vin VNM l Dielac, Thng Nht, Ch tch nc Trng Th c tn vinh v ot gii thng ca T chc WIPO s hu tr tu Th gii WIPO Siu Cp Hng Vit Nam cht lng cao v Hip hi s hu tr tu & Doanh uy tn nghip va v nh Vit Nam Lin tc nhn c lun lu l "n v dn u phong tro thi ua Ngnh Cng Nghip VN" Top 10 Hng Vit Nam cht lng cao Chnh Ph Bo Si Gn tip th

2009

Gii vng thng hiu an ton v sinh an ton Cc An ton thc phm thc phm Bo Si Gn gii phng cp giy Thng hiu a thch nht nm 2008-2009 chng nhn v cp Doanh nghip xanh cho 3 n v ca U ban nhn dn TP. H Ch Vinamilk : Nh my sa Si gn; Nh my sa Minh Thng Nht v nh my sa Trng Th Cp vng Thng hiu chng khon Uy tn Hip hi kinh doanh chng 2009 v gii thng Doanh nghip tiu biu khon, Trung tm Thng tin tn trn th trng chng khon Vit Nam nm dng,Tp ch chng khon VIt 2009 Nam
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2009

Thng hiu hng u Vit Nam

Hng VNCLC Thng hiu mnh VN 2010 2010 Thng Hiu Quc Gia

Lin Hip cc Hi Khoa hc k thut Vit nam, Vin KHCN Phng Nam v tp ch Thng Hiu Vit bnh chn ngy 13/10/2009 SGTT Thi bo Kinh t VN B Cng Thng

SCANha am v STNC100% c nhiu NTD Bo Ngon bnh chn yu thch 1 trong 10 TH ni ting nht Chu 2010 2010 2010 2010 2010 2010 2010 2010 2010 2011 2011 2011 2011 2011 2011 Cp"T ho thng hiu Vit" 1 trong 15 DN c chn 200DN tt nht ti Chu -TBD Thng hiu chng khon uy tn 2010 Thng hiu ni ting ti Vit Nam Superbrands nghin cu Tp Ch Thng Hiu Vit Phng CN v TMVN Bo i on kt phi hp i THVN Ca tp ch Forbes Asia, HH kinh doanh CK

31/1000 DN ng thu thu nhp ln nht VN V1000 Top 5 DN ln nht VN VNR

Top 10 Thng ngi tiu dng thch nht VN AC Hng Vit Nam cht lng cao Thng Hiu mnh SGTT Thi bo Kinh t VN

Hng sn xut ung tt nht (Vietnam Best Din n kinh t VN of the Year) Doanh nghip xanh Bo co thng nin tt nht nm 2011 SGGP S GDCK -TPHCM

Cp vng Top ten THng hiu Vit-ng dng TT NC-NU Pht trin Thng KHKT 2011 hiu Vit
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2011 2011 2011 TM NHN

Trusted Brand 2011-Thng hiu uy tn

Vin DN VN-Cc xc tin TM

V1000 DN ngthu thu nhp ln nht (ng VN500 hng 22) Top 200 doanh nghip (DN) t nhn np thu Cng ty C phn Bo co nh thu nhp doanh nghip ln nht VN nm 2011, gi Vit Nam Vinamilk tip tc t v tr Top 5

Tr thnh biu tng nim tin s mt Vit Nam v sn phm dinh dng v sc khe phc v cuc sng con ngi S MNH Vinamilk cam kt mang n cho cng ng ngun dinh dng tt nht, cht lng nht bng chnh s trn trng, tnh yu v trch nhim cao ca mnh vi cuc sng con ngi v x hi GI TR CT LI Chnh trc Lim chnh, Trung thc trong ng x v trong tt c cc giao dch. Tn trng Tn trng bn thn, tn trng ng nghip. Tn trng Cng ty, tn trng i tc. Hp tc trong s tn trng. Cng bng Cng bng vi nhn vin, khch hng, nh cung cp v cc bn lin quan khc. Tun th Tun th Lut php, B Quy Tc ng X v cc quy ch, chnh sch, quy nh ca Cng ty. o c Tn trng cc tiu chun c thit lp v hnh ng mt cch o c.
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Mc tiu ca Cng ty l ti a ha gi tr ca c ng v theo ui chin lc pht trin kinh doanh da trn nhng yu t ch lc sau: * Cng c, xy dng v pht trin mt h thng cc thng hiu cc mnh p ng tt nht cc nhu cu v tm l tiu dng ca ngi tiu dng Vit Nam * Pht trin thng hiu Vinamilk thnh thng hiu dinh dng c uy tn khoa hc v ng tin cy nht vi mi ngi dn Vit Nam thng qua chin lc p dng nghin cu khoa hc v nhu cu dinh dng c th ca ngi Vit Nam pht trin ra nhng dng sn phm ti u nht cho ngi tiu dng Vit Nam * u t m rng sn xut kinh doanh qua th trng ca cc mt hng nc gii kht tt cho sc khe ca ngi tiu dng thng qua thng hiu ch lc VFresh nhm p ng xu hng tiu dng tng nhanh i vi cc mt hng nc gii kht n t thin nhin v tt cho sc khe con ngi * Cng c h thng v cht lng phn phi nhm ginh thm th phn ti cc th trng m Vinamilk c th phn cha cao, c bit l ti cc vng nng thn v cc th nh; * Khai thc sc mnh v uy tn ca thng hiu Vinamilk l mt thng hiu dinh dng c uy tn khoa hc v ng tin cy nht ca ngi Vit Nam chim lnh t nht l 35% th phn ca th trng sa bt trong vng 2 nm ti; * Pht trin ton din danh mc cc sn phm sa v t sa nhm hng ti mt lng khch hng tiu th rng ln, ng thi m rng sang cc sn phm gi tr cng thm c gi bn cao nhm nng cao t sut li nhun chung ca ton Cng ty; * Tip tc nng cao nng luc qun l h thng cung cp; * Tip tc m rng v pht trin h thng phn phi ch ng, vng mnh v hiu qu. * Pht trin ngun nguyn liu m bo ngun cung sa ti n nh, cht lng cao vi gi cnh tranh v ng tin cy Ph lc kh khn u t nh my. Key investment risks Key risks to our price objective include the natural volatility of the soft commodity markets and companys ability to successfully execute its marketing strategy. Earnings can be impaired by higher raw, milk products ,which can reduce net margins ; consumers preference towards foreign brands, which would adversely affect revenue; more writedowns of the companys investment portfolio, which increase costs; and fluctuations in the 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 and Vinamilk 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 milk powder 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 impact negatively 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, healthy dairy brand .Management intends to shift sales from low margin products such as condensed milk,to high margin products like yogurt, powdered milk and liquid milk .The successful execution of this plan will depend on consumers perception of the brand .For the past 20 year ,Vinamilk targeted the mass market with cheap products .Considering most Vietnamese consumers perceive foreign brands to be of superior quality ,and that when it comes dairy products they equate higher prices to higher quality, we believe Vinamilk faces an uphill battle to convince consumers. Should the companys marketing campaign be unsuccessful, this may 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 it may reach its full design capacity in the next three years . We believe there is a threat that Vinamilk may loose its leading position to Dutch Lady unless it invests into new production capacity. However ,there is lack of information about their investment plant to expand the companys production capacity in the future. At this stage, due to a lack of clear guidance from management on its expansion plan. Downside risk from investment portfolio. By the end of 2008,the companys investment portfolio has VN660bln (US$37,7mln equivalent) In short term investments and VND 382bln(US$21,8mln equivalent) in long term investments in the OTC and listed market. Due to the current stock market situation ,they have made provisions of VND127,9bln(US$7.3min) for this portfolio in 2008. Since there 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 ,Which accounts for a large portion of the companys input costs .Hence, a significant devalue of Vietnam 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 tax department that it may not be entitled to a 50 % discount tax rate 2009 and 2010.At this stage, Vinamilk has to wait for an answer from the Prime Minister regarding this issue.We have evaluated both situations in our analysis and found that should the company 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 chnh ca cng ty ) : nh my sa bt tr em Vit Nam c cng sut 54.000 tn/nm, c u t 90 triu USD v nh my sa Vit Nam (Mega Factory) vi din tch 20 ha, cng sut 400 triu lt sa nc mt nm trong giai on 1 v 800 triu lt/nm giai on 2 vi tng u t khong 110 triu USD. Mega Factory c cng sut tng ng 9 nh my hin nay ca Vinamilk : iu ny gip p ng nhu cu th trng quc t ang m rng ng thi nng cao kh nng cnh tranh v cht lng v gi c trn th trng, gip sn phm ca 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 sa vi tng s 61.000 con, thu mua 460 tn sa/ngy; m bo ngun nguyn liu cho cc nh my ca cng ty trn ton quc. iu ny gip cho ngun cung ca cng ty n nh t chu 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 lc kt hp chiu dc i vi ngun cung. - a dng ha sn phm : Vinamilk c hn 200 mt hng thuc loi sn phm t sa, 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 m rng kh nng cnh tranh trn th trng quc t, to danh ting cho sn phm vinamilk trong lng khch hng quc t. - tn dng nhng chnh sch t chnh ph : hin nay chnh ph ang c nhng chnh sch u i cho nhng doanh nghip Vit Nam i ph vi tnh hnh khng hong ti chnh v 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 v n gin hn. - a dng ha : ngoi vic a dng ha sn phm trong sut khu, trc kia ch ch yu xut khu sa bt l chnh nhng hai nm qua, t l tng trng ca sn phm sa ti 100% xut khu t 70%. cng ty cn a dng ha th trng cc sn phm cng ty c mt trn 26 quc gia trn th gii : iu ny gip m rng th trng, tng doanh thu v tng 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 t ng th v mi trng kinh doanh 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 cu i c th c c mt ci nhn mi cho con ng s nghip ca mnh trong lnh vc cn kh mi m i 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 n i dung kh kh khn nn c nhng bi lm cha t c yu cu. c th m bo c th cn nhm nh nn c 3, 4 thnh vin, nh vy bi tp s c thc hin tt hn.

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