Contents I. INTRODUCTION ................................................................................................................... 3 1. Company analysis ....................................................................................................................... 3 a. b. Mission statement ................................................................................................................ 3 Company objectives .............................................................................................................

II. ENVIRONMENT ANALYSIS .................................................................................................. 4 1. Economic analysis ................................................................................................................... 4 2. Policy analysis ......................................................................................................................... 5 3. Demographic analysis ............................................................................................................. 5 4. Cultural and Social .................................................................................................................. 6 5. Natural analysis ....................................................................................................................... 6 6. Technological environment ..................................................................................................... 6 III. COMPETITIVE ANALYSIS ................................................................................................... 7 V. BRAND ANALYSIS ............................................................................................................... 13 1. a. b. Brands current performance ............................................................................................. 13 Three levels of product ................................................................................................... 13 Product life cycle ............................................................................................................ 13

REFERENCES ............................................................................................................................. 22

EXECUTIVE SUMMARY This assignment provides the information about Vinamilk Corporation in terms of marketing. VINAMILK with the image of Nutrition expect understanding Vietnamese is a strong and historical brand of milk in Vietnam. And the liquid milk is one of the most succesful products of Vinamilk Corporation. Therefore, in this report, we choose liquid milk as a central product in order to analyze Vinamilk Corporation as a whole .In the period year, although inflation and economic crisis have put great pressure on production and peoples life, VINAMILK still recorded its maturity with a significant milestone: revenue of USD up to 1billion. For this situation, this paper concern itself with how VINAMILK existing and developing in a difficult environment today. The report begins with an overview of company then analyzing all the factors influencing the development of VINAMILKs marketing plan including environment, major compititors, and customer. In the brand analysis, the importance of selecting the appropriate market mix of VINAMILK is discussed by explaining 4P Product, Promotion, Price, and Place. In addition, some critical strength, weaknesses of the company and opportunities and threats existing in the today market are also highlighted and examined. The last part is about the conclusion, some ideas; recommendations are mentioned for fresh milk based on current economic and social fators.

I.
NAME

INTRODUCTION
VINAMILK CORPORATION 184 186 NGUYN DINH CHIEU, DISTRICT 3, HCM CITY 84 83930.03.58 84 8 3930.52.06 WWW.VINAMILK.COM.VN

HEAD OFFICE TEL FAX WEBSITE

II. SITUATION ANALYSIS 1. Company analysis a. Mission statement Vinamilk will be the fastest and sustainable growing healthy dairy and food company by building a long-term competitive advantaged product portfolio across the scale. Vinamilk continues to expand its existing geographical coverage and product portfolios to maintain its sustainably dominant position in the local market and maximizing its shareholder value.
Vinamilk wish to be the most favourite product in all areas, territories. Therefore, we meditate that quality and creation is the companion of Vinamilk. Vinamilk considers customers our focus and commit to meet all demands of customers. Vietnam Dairy Products Joint Stock Companys quality policy: Always satisfy customers with high-quality, safe, and diverse products, the best service and competitive prices.

b. Company objectives Financial objectives In 2012, the company targets 30% growth, $3 billion revenue milestone is set out in company with a vision to 2017 after they have reached $1 billion figure late last year. Marketing objectives Expansion of market share in existing and new markets;
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Develop a comprehensive portfolio of dairy products to target a broader consumer base and expand into higher margin value-added dairy products; Development of new product lines to satisfy different consumer preferences; Brand cultivation; Continuously enhancing supply chain man- agement; Development of raw material sources to ensure a reliable and consistent fresh milk supply base.

II. ENVIRONMENT ANALYSIS 1. Economic analysis In the recent year, inflation always is the first matter of concern in Vietnam economy. In particular, in 2011, although the government used many methods to reduce the increase of inflation; it still remains in the top highest rate of inflation in the world, 18.58%. However, Vietnams GDP still rises to 5.89% that is higher than other regional countries (Philippines 4.7%, Singapore 5.3%, and Malaysia 5.2%) thought the economy is experiencing in the period of recession. (http://en.wikipedia.org)

Both the economy in Vietnam and in the world closely related to the operating activities of Vinamilk. The effect of the global recession and the high rate of inflation are two serious problems Vinamilk facing. On other hand, the real income in Vietnam is high. Hence, Vinamilk should focus on developing domestic market, which has less troubles and better condition than foreign countries. 2. Policy analysis Vietnam has only one party Communist Part of Vietnam holding the most powerful position in all respects of the country (including policy, economy, and society). In addition, there are not severe armed conflicts. Therefore, government stability has been a constant in Vietnam while neighbors including Thailand continue to remain mind in internal strife. In other words, Vietnam is a peaceful country and it is a safe condition for Vinamilk to develop. In front of happening of a list of food poisoning particularly Milk contains melamine, the government issued regulations about Food Safety Law. (http://vfa.gov.vn). The requirements of Food Safety and Hygiene will increase the cost of firm but it also build up the trust of customers if Vinamilk has cleaner milk production process and following the Law on Quality of Products and Goods. 3. Demographic analysis Vietnamese population, which is more than 90 million people, ranks the 3rd in South East Asia and the 13th in the world. The total number of Vietnamese under 15 years represented 25.2% and those between 15 and 64 years included about 69.3%, only 5.5% people over 64 years. Especially, Vietnam has high rate of growth, 1.1% per year. Otherwise, each year, 1 billion children are born. Therefore, Vietnam is a potential market for milk. Moreover, Vietnam population is highly concentrated in big cities, and urban centers, mainly, Hanoi and Ho Chi Minh City. For this situation, Vinamilk should choose effective way to segment Vietnamese market and appropriate distribution channels. (http://www.indexmundi.com)

4. Cultural and Social In Vietnam, there are still a large number of children under the age of 5 years underweight, about 20.2% in 2008, following CIA world factbook. Other report also presents that more than 32.6 per cent of children in Vietnam are malnourished, stunted and underweight, making the country one of the world's 20 worst performers in child nutrition. (http://www.asiaone.com). The facts prove that the society have paid litter attention on Children Health. Nevertheless, the life of Vietnamese children today is much better than it is in 2 decade ago. The data shows the bad situation but the fact that the Government, the society and parents are caring for children more and more should be admitted. National Institute of Nutrition director Nguyen Cong Khan said Vietnam had made fast and sustainable progress in reducing the malnutrition rate in recent years. A children object is one of the targets customers of Vinamilk, so the company should participate to the revolution of improving the Children Health in order to build up the trust in customer and expand the market. Culture is a challenge for Vinamilk. In fact, most Vietnamese people do not have the habit of drinking milk daily. 5. Natural analysis Vietnam is long and narrow country, lying in the tropical zone. The country is influenced by a monsoon climate, with four distinct seasons and high humidity. This weather is suitable for grasses and dairy castles grow fast, but for insects, batteries and viruses to expand easily. For this case, Vinamilk should fabricate the rigorous monitoring and evaluation system, and apply technology in the production process to reduce disease of cows and produce clean milk with high quality. 6. Technological environment Today, the science and technology are becoming increasingly important, and have many applications in the life and production. Now, Vinamilk owns the most modern production lines

in Vietnam which ensure the quality and hygiene. So Vinamilk should keep and develop these competive advantages. III. COMPETITIVE ANALYSIS When conducting business in dairy product market, Vinamilk aware of several competitors both directly and indirectly. Vietnam market consists of many milk brand names, such as Vinamilk, FrieslandCampina, Nutifood, TH milk, International Dairy Product company, etc, which are the producers of dozens fresh milk products. Besides that, customers could choose other types of drink and nutrient goods in replace of milk, for example, juice, tea. The dairy market in Vietnam is large a two horse race. The market is dominated by national Vinamilk and Dutch Lady Brand from FrieslandCampina. According to a report of NORDIC industries development in 2011, together these companies have nearly 70% market share in fresh milk product. Imports and minor producers account for only 30% of the market. However, with the new enter of TH True Milk and more aggressive promotion strategies of other companies, the Vietnam liquid milk market tends to experience a greater competition in the near future.

Vietnam Dairy Market Share (2008)

31% 37%

Vinamilk Dutch Lady Others

32%

Figure: Vietnam Dairy Market Share (2008) (www.nordic-industries.com) Therefore, this paper will analyze the 2 main competitors of Vinamilk fresh milk, Dutch Lady and TH true milk in the light of finding competitive advantage of Vinamilk over the two rivals.

Brand

Strength
- An international brand name

Weakness - Dutch Lady UHT Kid has been priced higher than others UHT milk in the market due to higher cost of production.

Dutch Lady

- Early enter in the market - Intensive promotion and distribution network.

- Announce to develop a largest milk TH True milk production project in Vietnam - Are establishing an impression of pure milk

- Newly established, only one type of product - Limited distribution network - Higher price

As indicated in the table, Vinamilk and Dutch Lady with their long-lasting business development possess a good position in customers mind of well-known brand name, good quality, mass promotion and distribution. TH True Milk even though the new entrant in the milk market, achieve considerable attention and a small market share in a very intense competition. It has launched a new promotion campaign of persuading customers about its purely milk quality. With the simple design, white-filling package, the advertisements emphasize rising and netrual cows naturally; TH True Milk is increasingly proving this unique competitive advantage. However, TH is just newly established firm and not yet widely-recognized business name and has just 20 store distrbutors in Vietnam. In addition, the product price of TH True Milk is a litter bit higher than that of both Vinamilk
and Dutch Lady (VND27, 000/4 180-ml can in compared with VND25, 500and VND24, 000 of similar type of Vinamilkand Dutch Lady respectively). These can make some customers more hesitate to buy this new type of milk.

IV. CUSTOMER ANALYSIS Customers have differences wants, needs, buying attitudes...etc. Therefore, it is essential to marketers in Vinamilk design a separate marketing program for each buyer. And one of the successes of Vinamilk comes from target segmentation; the marketers tried a lot of segmentation variables, alone and in combination. The table below listed some variables which marketers used in order to analyze and identify the market structure.

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Base

Geographic

Segmentation - 4 main branches: Ho Chi Minh, Can Tho, Da Nang and Ha Noi city - 240 distributor with more 140.000 retailer in 64 provinces - Exporting 16 nations : USA, Canada, Russia, Kuwait, Srilanka, Philippine,.etc Children : - No income - Medium usage rate and - Medium loyalty status - Benefits sought - Gender

Characteristic

Focus on developing in Vietnam dairy market and concentrate on large cities. (in which people tend to drink more milk)

- Do not have ability to work yet no income - Almost all children like milk and loyal one type of milk they like but they also change so quickly when they drink new one and children really depends on their parents. - Benefit sought: sweet, delicious - Gender: Little girls like milk than little boys

Demographic + Behavioural

Teen-age : - Less income - Medium usage rate and - Medium loyalty status - Benefits sought - Gender

- No income, less income or low income unstable income (part-time job) - Depends on their income,people have low income drink less medium usage rate,and this age group is affected by their friends and other factors change easily medium loyalty - Benefits sought: sweet,delicious,beautiful - Gender: girls like milk than boys - Ability to work stable income - Habits, and when they choose one type of milk or brand they tend to be loyal if that product is good and suitable for them.6/10 people are asked believe using vinamilk. - Benefits sought: healthy,beautiful,delicious - Gender: women tend to drink more than man Low-fat milk reflect a healthy lifestyle

Aldult: - Have income - High usage rate, some are completely loyal, some are not. - Benefits sought - Gender

Psychographic

Lifestyle
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The first one is geographic segmentation: Vinamilk has 4 main branches Ho Chi Minh City, Can Tho City, Da Nang City and Ha Noi City with the headquarter locates in Ho Chi Minh City. Up to Up to December 31, 2009, the products are sold through 240 distributors with more than 140,000 retailers in 64 provinces. Beside, Vinamilk also export a huge number of products to 16 nations. However, Vinamilk still focus on developing the products in Vietnam market and concentrating on large cities such as Ha Noi, Da Nang, and Ho Chi Minh City where there exists a high population density. (Vinamilk.com) The second combination is demographic and behavioral segmentation, as we can see very clearly from the table above there are differences between 3 age groups, the factors affecting strategies of Vinamilk and reflect the different tastes of customer for instance: Income, usage rate, age, loyalty status, gender etc. In 2007 Vinamilk had great success with kid milk products on the demographic segmentation for children from 6-12 years old. These products brought the most profitable to Vinamilk Corporation that year. (vietnambranding.com) The third segmentation is psychographic, Vinamilk understands the tastes of customers and introduce many products to meet customer needs for example low-fat milk is a product like that it aims to reflect a healthy lifestyle. The decision type (extent of problem solving) for the product: limited problem solving :- some information sought usually a preference for brand or store.At present times,milk market is coping with a lot of difficulties because of the dgree of toxic in milk and the customers are afraid of the quality of milk.Hence,to some people those who drink one type of milk a long time and nothing happens,they tend to use and believe that brand,others,might seek the information about the new brand and they will spend more time to search about the dgree of safety in milk product.Thats why we should take action in order to make customer believe that Vinamilk is totally safe and healthy; maintain potential customer and attract new ones by showing the method which Vinamilk used to produce milk and the combination of elements in milk.

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V. BRAND ANALYSIS 1. Brands current performance In comparison with its competitors, Vinamilk possess strong brand equity with diversified customer bases national wide. Moreover, with a distribution network of over 232 distributors and 178,000 retail outlets throughout the country (Vinamilks annual report, 2011), its remarkable ability to reach and deliver products to the end users is undeniable. Together with the high quality and international standard-certified equipment and production technology, all of these factors have contributed significantly to the success of one of the best 10 Vietnamese companies (Vietnam economic forum, 2011). a. Three levels of product Now, lets consider the model of 3 levels of product in the case of Vinamilk liquid milk. The core product being considered, which is the core benefits that customers obtain when they buy a can of milk is nutrient and healthy product for human. Being the next, actual product consists of 5 elements: a high quality level of pure, fresh and nutritious milk aimed at providing customers with a balanced shape, healthy and energetic life through different features of high calcium, lowfat and rich in minerals and vitamins. In addition, a famous brand name of Vinamilk, eyecatching can design and various convenient packaging forms are attracting buyers to purchase and use more and more product. Other valuable services and benefits which have been added as a mean to promote and retain loyal customers, such as effective delivery or customer-consultant services are becoming increasingly important part of augmented product. b. Product life cycle In analyzing any product, it will be a shortcoming if the current product life stage of the product is not studied. Vinamilk Corporation has gone through a history of almost 40 years but its line of fresh milk was almost popular in the last 15 years. Dairy products were developed and sold for a long period, however, due to the low income and less healthy-concerned of Vietnamese people in the struggle time, demand for them was not considerable. As a result, the sales growth was quite slow and profits were negligible. Over the time, living standard is improved, which results in
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higher need for good and nutritious products and milk are among the most press for, especially for the usage of children. Since 2000, liquid milk is experiencing a rapid market acceptance, growth and increasing profits. As the largest dairy product manufacturing and distributing company in Vietnam, Vinamilk is getting nearly 40% of total market, an incredible number. Moreover, the profit of the whole corporation rose at the rapid rate of over 20% each year. In 2009, this consumption level was only 11.2 kg per person in compared with 62 kg of Asian countries and 96 kg worldwide (Bao Viet Securities, 2009 & 2010). According to the situation of many other foreign countries, the milk and dairy products consumption level will tend to increase and consistent in a quite long period due to the necessary nature of dairy products for human health. These numbers are partially reflecting the current and potential development of fresh milk product line in the future. c. The current marketing strategy using the framework 4Ps Established in 1976, Vinamilk has 36 years experience in manufacturing convenience product. Vinamilk is also among the ten leading producer of dairy products in Vietnam based on sales volum and revenue. Its products range from core dairy products such as liquid and powdered milk, to value-added dairy products such as condensed milk, drinking and spoon yoghurt, ice cream, and cheese. According to Euromonitor, Vinamilk has been the number one dairy player in Vietnam for the three years ending 31 December 2007 (Vinamilk.com.vn ). In the scope of this report, liquid milk is our focus. The marketing mix or the 4 Ps of Marketing are Product, Price, Place (distribution) and Promotion. 4Ps of Vinamilk liquid milk are the following: Product Vinamilk offers a variety of liquid milk, all of which are current in the top-selling product categories; they have various packaging, features. According to annual report year 2010 of Vinamilk, the revenue growth rate of liquid milk is 55% higher than 2009. Currently, liquid milk category has 8 kinds which serve wide range of customer demand:

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 VNM Fortified UHT Milk (with three flavors: fresh, strawberry, chocolate): rich in calcium, vitamin A, D3, magnesium, manganese and zinc for Vietnamese kids

Vinamilk 100% Pasteurized Milk: specially processed with advanced Pasteurization technology for all people.

100% Fresh Milk: contains all essential nutrients from nature for all people.

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 Sweetened 100% Fresh Milk (with three flavors)

Vinamilk UHT Milk (three flavors)

Vinamilk Unsweetened UHT Milk

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 Unsweetened, high-calcium and low-fat UHT Milk Flex: for people on diet

Vinamilk Sweetened UHT milk (Milkkid): retain all essential vitamins, minerals, DHA for children.

Especially, in 2010, Vinamilk introduced to the customer a new product, that is the pasteurized fresh milk with the bacterium spliting centrifugal technology, the most advanced technology in the world. Besides, all of the products contain micro substances which are necessary for the development of Vietnamese people. In 2007, fresh milk sales grew 18%, accounted for about 26% of Vinamilks total revenue; the second highest contributor to Vinamilks total revenue among all product lines. Vinamilks fresh milk market share is 35% (TVS Research) this is a highly diversified product line with a variety of brands. Vinamilk has ceded the number one position in this segment to Dutch Lady, however, due to the latters strong public relations and marketing strategies.
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Price Price is considered to be among the most importance competitive factors for all enterprises. In the first five years, due to the higher price of materials, both Vinamilk and other company raising their prices up by 5-7% (vietnambusiness.asia). Currently, the price of Vinamilk equal 1/3 of foreign milk product. Particularly, a set of four Vinamilk fresh milk boxes is sold at VND26, 000, rising VND2, 000 per set. Vinamilk explained the price of input dairy material has increased by 20% and other material up 40-60%. In addition, the input costs of power and water as well as transport and fuel expenses have surged by 10-15% year-on-year. Therefore, the company has to raise prices to make up for production costs. As for other brands, Dutch Lady milk is now sold at VND22,000, Moc Chau Milk is VND24,000 a set of four 180ml boxes, and TH True Milk is priced VND27,000 per set, all of three brands increased VND1,000 from their former prices. In the race with other domestic brands, Vinamilk always remain the price quite stable (have some adjustments in line with the market price). Currently, the price of Vinamilk equal 1/3 the price of foreign milk. In addition, for the fresh milk, Vinamilk has the marketing campaign to raise the core value in customers mind with the reasonable price.. Placement Vinamilks distribution network is a significant competitive advantage in the Vietnam marketplace that is difficult for competitor to match. The company owns its own wholesales distribution system, consisting of 220 wholesale independent distributors spread across 64 provinces, which in turn serve over 140,000 retail outlets around the country. Vinamilk also sells directly to supermarkets, offices, factories, and its nutrition consultancies. The company supports its distribution with 16 showrooms in larger cities such as Hanoi, Da Nang, Ho Chi Minh City, and Can Tho. The company plans to increase marketing campaigns in parallel with developing more outlets to increase sales. In addition to its domestic distribution network, Vinamilk currently has official

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distributors in the United States, Europe, Australia, and Thailand. Vinamilk will soon be establishing distribution networks in Cambodia and other neighboring countries. Promotion Instead of specific promotion, Vinamilk focuses on advertising and PR. The messages that Vinamilk wants to convey through its promotion campaign are: Reaffirming the position No.1 of trademark Establishing the brand as the proud of Vietnamese Establishing the emotional value: Vinamilk- the symbol of a better life. In terms of advertising, media, internet, press, outdoor activities are the effective tools that Vinamilk ultilizes to achieve their goals of creating the core value in customers mind. In addition, the content of advertisements is also the important factors which make Vinamilk so popular. Especially, children love and remember much about Vinamilk products. For example, the advertisement: 100%, 100%, 100% fresh milk (Trm phn trm, trm phn trm, sa ti nguyn cht trm phn trm) with the funny cows and melody is building up the image of general fresh milk. Another example is Finest nutrilite from pure fresh milk (Gi tt nht dng cht t sa b ti nguyn cht) for 100% pasteurized milk. In term of PR, there is a lot of news written about the quality, the dominant advantages, and the new advanced processed milk technology. For example, Vinamilk 100% Pasteurized Milk has been specially processed with advanced Pasteurization technology. Bacteria and spores are removed from milk by using the world class Bactofuge - Bacteria Removing Centrifuges - then the milk is pasteurized and immediately cooled down at 4 C, thus keeping the best nutritional elements such as vitamins and minerals from pure cow milk. (www.giaoduc.net.vn). In addition, Vinamilk organized a lot of community activities to show their social responsibilities and in turn, broaden their image. Some of their activities are: Vinamilk scholarship fund for Vietnamese young talents, Doremi program, Arsenal Vinamilk soccer school, Milk fund to poor children in Vietnam

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VI. SWOT ANALYSIS Strengths - Strong brand, large market share (75%) Large distributed network ( 64 provinces) - Various products, competitive price - Advanced production line - Good management Weakness - Focus developing much on domestic market - Marketing activities mainly focus on southern Consider Possible actions

- Vinamilk has the -maitain this position in dairy potential to flourish and market in Viet Nam expand surely -extent the size of corporation,create more types of milk,suitable price

Consider - Exchange rate fluctuations will affect directly to business results of enterprises.

Possible actions -uniform development among regions - upgrape the technology - invest to product raw material Possible actions - Research and create new suitable products advertising in the new market.

Opportunities Consider - The advantages of being - Expanding to oversea a WTO membership markets

- Improvement on standard Dairy products of living become much affordable

have - Enhancing the quality more - Creating new products which is focus on what people concern now. For ex: Milk for people on diet, weight gain, enhance the height, - Concentrating on some major products such as fresh milk, liquid milk, etc. - The available human - The good opportunities - Building more factories resource in Vietnam to expand production Threats - Inflation and recession which impact on consumers purchasing power. - The difficulties faced when taking part in WTO: more competitor from Consider - Impact on consumer power especially luxury products Possible actions - Develop the normal product line with high quality and competitive price.

- The import of a lot of - Keeping the market by foreign products. taking advantages from culture, taste, loyalty
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foreign countries. - Preference attitude of Vietnamese toward foreign products (fx: abbott, Similac, Co gai Ha Lan, Hipp, etc)

- Identifying ways to change the attitude of this group (increase quality, advertising focus on Vietnamese use Vietnamese goods.)

customers - Using more effective advertising program - Sponsor for children and social programs

VII. CONCLUSION & RECOMMENDATION In short, Vinamilk, as the leading company of producing milk and dairy products in Vietnam, has achieved outstanding reputation and market share in its core business, especially with the field of liquid milk. Under the pressure of highly competitive market (dozens of rivals, in particular FrieslandCampina, Nutifood, TH milk) and dynamic operational environment (rapid changes in ecomomic, demographic and technology situation), Vinamilk still effectively manages its products and satisfies diversified customer bases. Not only providing milk products for all age groups throughout the country but Vinamilk also extends its business beyond the boundary of Vietnam into many potential foreign markets. In the light of an extremely more profitable future (with the dairy products consumption level is expected to soar in the next decade), Vinamilk is supporting the milk industry growth by expanding its product diversification for over 8 categories of milk with different favors, packaging style. Moreover, the company is currently building up a very strong and outspread distribution network over all 64 provinces together with offering attractive prices in compared to its major competitors. Intensive promotion campaigns are another means of boosting sales and recognition. Many interesting advertisement and PR programs have been launched in target to each specific consumer groups and public in general and attained numerous appreciations. As a result, the big name of Vietnamese milk and dairy market, Vinamilk, is on the way to prove its top position both in the physical market and in the customers mind. However, in order to retain and develop this success in the long future, Vinamilk should carefully prepare itself for the great opportunities and threats representing around it.

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REFERENCES
Chin lc marketing ca Vinamilk [ Online ]. Available at http://www.wattpad.com/1061580chien-luoc-marketing-vinamilk?p=2#!p=1 (accessed 10 May,2012) Malnutrition level puts Vietnam in top 20. [ Online ]. Available (accessed at 10

http://www.asiaone.com/Health/News/Story/A1Story20090219-123147.html May,2012)

List of countries by real GDP growth rate (lastest year). [ Online ]. Available at http://en.wikipedia.org/wiki/List_of_countries_by_real_GDP_growth_rate_%28latest_year%29 (accessed 10 May, 2012) Our brands. [ Online ]. Availabe at http://www.vinamilk.com.vn/ENG/?vnm=about&id=1 (accessed 10 May,2012) Th trng ni a. [ Online ]. Available at http://www.Vinamilk.com.vn/?vnm=market&id=28 (accessed 10 May,2012) Vietnam Demographics Profile 2012. [ Online ]. Available at http://www.indexmundi.com/vietnam/demographics_profile.html (accessed 10 May,2012) www.nordic-industries.com Vinamilk khng nh thng hiu Vit [ Online ]. Available at

http://www.vietnambranding.com/thong-tin/phong-su-thuong-hieu/2806/Vinamilk-khang-dinhthuong-hieu-Viet (accessed 10 May, 2012) Vinamilk khi mc tiu cng l b quyt. [ Online ] http://www.vietnambranding.com/thongtin/phong-su-thuong-hieu/7390/Vinamilk-%E2%80%93-Khi-muc-tieu-cung-la-bi-quyet (accessed 10 May,2012) www.giaoduc.net.vn www.nordic-industries.com

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