ASSIGNMENT 3 FRONT SHEET

Qualification BTEC Level 4 HND Diploma in Business

Unit number and title Unit 32: Business Strategy (574)

Submission date 29/12/2021 Date received (1st submission)

Re-submission date Date received (2nd submission)

Student name Nguyen Thai Bao Student ID GBH200086

Class GBH0906 Assessor name Nguyen Thuy Linh

Student declaration
I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I
understand that making a false declaration is a form of malpractice.
Student’s signature: Bao

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Contents
Introduction ..............................................................................................................................................................................4
Strategic plan ............................................................................................................................................................................4
Definition................................................................................................................................................................................4
Strategic plan proposals for VinFast ...........................................................................................................................5
Proposal 1. Product development: Electric cars model e-35 and e36 in Viet Nam industry ..................5
Proposal 2. Market development: Entering Korea market................................................................................8
Strategy evaluation .............................................................................................................................................................. 10
SAFe criteria ....................................................................................................................................................................... 10
Suitability ............................................................................................................................................................................ 11
Acceptability ...................................................................................................................................................................... 12
Feasibility ............................................................................................................................................................................ 12
Strengths and weaknesses of Proposal 1 and Proposal 2 .................................................................................... 13
Proposal 1 ........................................................................................................................................................................... 13
Strength ........................................................................................................................................................................... 13
Weakness ......................................................................................................................................................................... 13
Proposal 2 ........................................................................................................................................................................... 14
Strength ........................................................................................................................................................................... 14
Weakness ......................................................................................................................................................................... 14
Applicant to the Viet Nam context of Mitsubishi ..................................................................................................... 14
The success story of Mitsubishi: Mitsubishi Xpander........................................................................................ 14
The failure story of Mitsubishi: Mitsubishi Zinger .............................................................................................. 15
Recommendations for VinFast.................................................................................................................................... 15
Conclusion ............................................................................................................................................................................... 16
References ............................................................................................................................................................................... 16
Introduction
This article will draw on the findings of the previous two reports' analyses of the micro and macro
environments, as well as competitive resources, to propose two strategic plans for firms. Specific to the
first section, we will concentrate on proposing two strategic plans, one for product development and one
for market development, and analyzing those two strategies using three factors: strategic direction,
business strategy, and strategic method; the second section will analyze the strategy using SAFs analysis,
which will consider three factors: suitability, acceptability, and feasibility; and the third section will analyze
Mitsubishi’s success and failure, in order to gain experience for VinFast.

Strategic plan
Definition
Essentially, strategic decision-making is a process. The decision-making process includes setting goals,
developing alternatives that will assist the firm accomplish its goals, and executing the chosen alternatives.
Business strategy, strategic direction, and strategic technique are three characteristics of business decision
(Johnson, et al., 2017).

The decision to pick the strategy that will best accomplish the business's goals from the major strategies
under consideration is known as strategic choice. Part of the decision-making process involves narrowing
the field of possibilities, thinking about selection factors, comparing them, and choosing one (Johnson, et
al., 2017).

Company strategy is a set of actions or decisions that assist entrepreneurs accomplish certain business
goals and maintain a competitive market position. Strategic direction refers to the actions an organization
must take to promote its vision and accomplish its goals. It ensures ownership and management can
emphasize the importance of workers in achieving business objectives. A business technique, on the other
hand, often involves combining software automation with a more traditional business strategy (Johnson,
et al., 2017).
The table below summarizes both strategies' strategic direction, competitive strategy, and strategic
methods.

Strategic direction
Product development:
New products: e-SUV E35,
Proposal 1
E36
Existing market: VN
Market development:
New market: South Korea
Proposal 2
Existing products: e-cars
(E35, 36)
Figure 1. Analysis of Strategic Choices for VinFast.
Strategic competitive
Strategic method
strategy
Hybrid: DIY
- Differentiation
- Cost leadership
Cost leadership Combination of methods:
- Strategic alliance
- M&A

Strategic plan proposals for VinFast

Proposal 1. Product development: Electric cars model e-35 and e36 in Viet Nam industry
Strategy direction
In accordance with worldwide trends, Vietnam has set directions and policies for the development of clean
cars, which are detailed in Resolution 55/NQ-TW (Transportation) and Resolution 136/NQ-CP (Science and
Technology) (Clean Vehicles). Even the Decision 985a/QD-TTg states that it is essential to devise and
distribute techniques and strategies for managing and developing motorized vehicles with electric motors.
The laws regulating environmental protection and vehicle emission restrictions now serve as the basis for
the market expansion of electric automobiles. A special consumption tax on electric vehicles with nine or
fewer seats has been introduced, with a maximum rate of just 15%. (the lowest is 35 percent for internal
combustion engine vehicles). According to some sources, existing tax incentive agreements include
environmentally efficient vehicles (Tung & Chi, 2020).

On September 3 of 2021, the Traffic Newspaper organized a workshop on "Infrastructure for electric cars
in Vietnam". VinFast’srecommendations include policies on excise tax on electric and environmentally
friendly automobiles, import tax policy, and other favorable or supporting measures. VinFast anticipates
that the Finance and Transport Ministries will shortly recommend to the Government that new public
investment vehicles (cars, buses) prioritize electric vehicles. Many nations now have required rules. For
example, tax exemptions, fees, interest incentives, no restrictions on electric vehicles traveling on
restricted streets (Linh, 2021).

Due to the rising demand for private modes of transportation in this period of socio-economic growth, the
emissions from traditional automobiles are having a negative and huge influence on the environment on
a daily basis. According to a research published by the International Energy Agency (IEA) in 2018,
transportation is responsible for 24.34 percent of global carbon emissions annually. When using fossil fuels
such as gasoline and diesel, the burning of the fuel results in the release of a variety of pollutants such as
SO2, NO2, CO, dust, and other pollutants. As a consequence, the manufacturing and usage of
environmentally friendly automobiles is an efficient option for helping to improve the issue of
environmental pollution, particularly in major cities such as Ho Chi Minh City and Hanoi (Phan & Ut, 2020).

VinFast has also unveiled two electric vehicle models VF e35 and VF e36 to the US market at 2021's Los
Angeles Auto Show. Earlier in 2021, VinGroup also proposed to the government a five-year pilot program
to exclude electric vehicles from special consumption tax and registration costs. This demonstrates
VinFast’sdesire to enter the Vietnamese market with electric vehicles (VinGroup, 2021).

As all of the reasons above, VinFast definitely should release their electric SUV models, which are VF e35,
and VF e36, to the Viet Nam market.

Business strategy
It is possible to classify this approach as a hybrid strategy (which is a combination of differentiation and
cost leadership) since it allows VinFast to distinguish itself from other automotive companies while still
using cost-leadership tactics as compared to other brands. No firms have adopted the manufacture of
environmentally friendly automobiles on the Vietnamese market as of yet. However, there have been a
number of firms that have taken steps to safeguard the environment in recent years. VinFast, in particular,
has brought electric cars to the United States market, registered to run 10 electric bus routes, and
committed to investing in 150-200 high-class electric vehicles with innovative technology over the next
three years. In this regard, the manufacture of electric cars in Vietnam represents an excellent potential
for VinFast to take the lead in the development of green vehicles in the future (LĐO, 2021).
First is about the differentiation strategy. VinFast has a major competitive advantage that no other
automobile companies in the Viet Nam market has, which is being the only local prestige vehicle brand,
and this has made VinFast the pride of a majority of Vietnamese people. Introducing the VF e35 and VF
e36 car models to the Viet Nam market would help VinFast achieve its vision: “Become a global smart EV
brand”. Moreover, VinFast is also placing charging stations around Viet Nam, specifically in parking lots,
gas stations, etc. The combination of bringing electric SUVs and building charging stations will help VinFast
become a pioneer in Vietnam's green transport innovation (Trong & Ha, 2021).

VF e35 is a 4,750mm x 1,900mm x 1,660mm electric SUV. The VF e35's unique design allows it to have a
larger cabin than other cars in its class. The VF e35 has 402 horsepower, 640Nm of torque, and can sprint
from 0-100km/h in 5.5 seconds (expected goal). The VF e35's battery system includes quick and extremely
fast charging. The VF e35 has a range of 460-510km depending on model (expected target). The VF e36 is
a 5,120 x 2,000 x 1,721mm E-segment big electric SUV. "The VF e36 provides a healthy and utilitarian
beauty" - remarked VinFast Design Director Dave Gillet Lyon. The VF e36, like the VF e35, features a full-
time 4-wheel drive system with 402 horsepower and 640Nm of torque. VF e36 offers 2 models with a
range of 485-680km (expected target) (Nhung, 2021). The two models will also offer sophisticated driver
assistance features including traffic jam aid, highway driving assistance, automated lane change, complete
parking assist (driver sits inside), and self-parking (driver oversees the vehicle). Additionally, VinFast is
developing a virtual assistant called Vivi. VinGroup’s virtual assistant may be customized by the user. Its
benefit over other items on the market, according to the producer, is recognizing regional culture and
receiving Vietnamese by area, since not all well-known virtual assistants support Vietnamese (VinBigData,
2021).

More than that, cost leadership is also a strategy that can be used to compare with other automotive
brands. Although having already launched the models, the prices of e35 and e36 haven’t been published
yet. The predicted price of these models is under $60,000, which is about 1,360,000 billion VND (Pham,
2021). This is a quite reasonable price comparing to other SUVs in the market. The official price can even
be lower in the Viet Nam industry, since VinFast is receiving supports from the Vietnamese government.
When manufacturing and commercial operations begin, VinFast’sinitiative will benefit from a 10%
corporation tax rate for 15 years. A special investment incentive for projects located in very difficult
socioeconomic areas; projects involving the use of land to construct housing for industrial zone workers;
and land for the construction of common infrastructure in industrial parks (Dien Dan Doanh Nghiep, 2018).

Strategic method

VinFast should focus on organic development or DIY (do it yourself) manufacturing, distribution, and
charging systems under this plan, according to VinGroup’s substantial resources in Vietnam.

The e35 and e36 models will be manufactured in Vietnam, courtesy of VinFast’srecent establishment of a
manufacturing facility there (VinFast, 2021). Furthermore, a top-notch engineer from a global automobile
company will be brought on board to guarantee that everything is completed to the highest possible
standard. Distributors of VinFast would be responsible for all marketing and sales activities. According to
VinFast, Vietnam's distribution network presently includes 260 VinFast locations. VinFast would do the
same thing, using VinGroup’s territory and location to develop an electric vehicle charging infrastructure.
VinFast would cooperate with a variety of organizations that run supermarkets and commercial centers,
as well as residential complexes and offices, to develop a large-scale charging infrastructure (VinFast,
2021).

Proposal 2. Market development: Entering Korea market

Strategy direction
South Korea's automotive sector has grown to become the world's fifth biggest manufacturer of passenger
automobiles. The car industry accounts for 13% of manufactured production, creates 12% of value added,
and is a significant industrial sector in South Korea, accounting for around 12% of total employment. It is
a foundational industry that touches every area of the economy, from commodities such as steel,
nonferrous metals, and glass to transportation, advertising, financial services, and construction. For
decades, the automotive sector has risen at a breakneck pace, serving as a barometer of the country's
economic prosperity. Hyundai Motor Company is the market leader, followed by Kia Motors (which is
partially owned by Hyundai). The South Korean government is now seeking to create 6.3 million FCEVs and
construct 1,200 charging stations around the nation by 2040 in order to minimize greenhouse gas
emissions and achieve energy independence. In 2018, around 32,400 FCEVs were sold in South Korea
(OICA, 2021).

This is a perfect chance for VinFast to release its electric products, especially electric SUV models (VFe35,
VFe36) in the South Korea market.

Business strategy
The strategy that VinFast needs to use for this development is Cost leadership, which is to control
production costs to offer competitive prices in this market.

The prices of cars in different segments in the Korea market range from about 4.5 million won (about
$3800) to 100 million won (about $84,000), and some models can even cost more than 200 million won
(about $193,000) (CCP, 2021). As predicted, the price of the e35 and 36 models of VinFast is around
$60,000 (Pham, 2021), which is a fair price comparing to the market in Korea. However, that price can only
be used in countries that VinFast has planted their factories and manufacturing chains. Korea is a brand
new market, and VinFast has not planted any factories and chains in the country. There are some solutions
to this problem, such as assembling the products and transport them to the market directly, or sending
the parts to Korea and assembling there. However, in order to keep the price as wanted, the production
cost must be as low as possible. As the result, the shipping solution is not ideal since the shipping cost of
the whole product (as a completed car) will be too high. The firm has to export the parts of the product,
and assemble the parts in factories of a local car assembly company, and then distribute its products
through a distribution system in order to bring the final products to the market.

Strategic method
To achieve the set goals for this strategy, the method that VinFast should follow is the combination of
strategic alliance, which is to cooperate with Hyundai, and M&A, which to use the distribution system of
Chevrolet.

First is about the cooperation with Hyundai. Hyundai is the world’s third biggest car manufacturing
company after Toyota and Volkswagen. Hyundai until now has built 10 plants all over the world, including
3 plants in Korea, which are Ulsan Plant, Asan Plant and Jeonju plant, and Ulsan Plant is the world’s single
largest automobile plant (Hyundai, 2021).
Second is the M&A plan with Chevrolet. In the Viet Nam market, VinFast is now owning Chevrolet’s
distribution system. VinFast no longer has to construct showrooms in Viet Nam due to GM Group's
production facilities, sales agent network, and customer service. VinFast officially replaced the Chevrolet
sales agent system on March 15, 2019. VinFast has made the decision to modernize the dealer's
infrastructure and brand identification. Additionally, VinFast evolved into a dealer network with the
addition of two VinFast - Chevrolet brands. VinFast may use this strategy to save time, enter the market
at the optimal moment, and choose sites. Utilizing a well-established distribution route enables VinFast to
reach clients more quickly, which results in more effective product advertising (Cuong, 2018).

Strategy evaluation
SAFe criteria
It's challenging to create a corporate plan that is relevant, helpful, and successful while being simple to
adopt and manage. Determining the suitability, acceptability, and feasibility of a demo plan requires the
strategy creator to consider the SAFe Framework's aspects. A method must meet these three
requirements to be effective, according to Johnson et al. (2017). A firm's alternatives may be objectively
evaluated using the SAFe strategic model (Johnson et al., 2017). It must apply these criteria to every
possible strategy after navigating through the SAFe model's fields and selecting which criteria and ideas
are critical for a given company. It is ultimately their firm's approach that best meets each of the suitability,
acceptability, and feasibility criteria that they have set (Johnson, et al., 2017).

It is important to note that the SAFe model will be used to analyze and evaluate the two options presented
above. In general, the table below shows the degree of each SAFe Model aspect for the two methodologies
discussed before.
 Proposal Proposal 1 Proposal 2

Suitability 5/5 5/5

Acceptability 4/5 3/5

Feasibility 4/5 3/5

Total score 13/15 11/15

Figure 2. Indicator of SAFe Model for two proposals

Suitability
VinFast’sgoal, "A better life for Vietnamese people," was ideally aligned with Proposal 1 of releasing a low
- cost and environmentally friendly automobile (VinGroup, 2021). VinFast may take advantage of a
multitude of possibilities, including strong demand and an abundance of workers, with Proposal 1. In a
stable macroeconomic situation, the demand for automobiles rises. Vietnam's automobile universalization
is expected to commence around 2025, according to current estimates (Luat Viet Nam, 2020). VinFast has
the opportunity to create products for the e35 and e36 segments, which are popular among Vietnamese
consumers. In addition, infrastructure is being built to keep pace with the expansion of metropolitan areas.
Automobile sales are projected to rise as a consequence of this increase in consumer interest. Since the
infrastructure in Vietnam is improving and people are more willing to acquire cars, VinFast has a lot of
potential. A large supply of low-cost labor with increasing degrees of competence is available in Vietnam.
To keep quality high while using DIY manufacturing, VinFast has discovered this valuable advantage to
offer customers.

VinFast’svision and values are aligned with Proposal 2, which is recommended. Unlike many other
companies, VinFast has global aspirations that go beyond the boundaries of its own nation and into the
rest of the world. The firm is dedicated to realizing its objective of being a worldwide smart EV brand.
Furthermore, as part of its Customer-Centric approach, VinFast is always inventing and merging the
intellectual elements in order to give best-in-class goods at reasonable prices, which is equivalent to the
competitive strategy proposed in proposal 2 (VinGroup, 2021).
Acceptability
This method is not believed to be fraught with significant risks. Several analysts think that the company's
strategy to introduce electric automobiles will be completely lucrative. For starters, VinFast is unlikely to
face any financial consequences as a result of the plan. Indeed, VinFast is concentrating on a variety of
items in addition to electric vehicles. VinFast has marketed petroleum vehicles in the past, and these
vehicles have been a great commercial success. VinFast expects to sell around 30,000 vehicles in 2020.
VinFast’stotal assets reached VND 107,122 billion as of June 2020, and its equity reached VND 28,116
billion, representing a rise of 17.8 percent and 44.4 percent, respectively, compared to the beginning of
the fiscal year. The financial position of the firm is improving, and even if the electric vehicles were to fail,
VinFast would not suffer a significant loss owing to the company's other business lines (VinGroup, 2021).

Second, the e35 and e36 models are financially successful. For example, even though the VinFast VF e34,
another electric model of VinFast, has not yet been officially marketed, the items have generated record
sales in the Vietnamese vehicle market immediately after being revealed. Approximately 4,000 orders
were placed in the first 12 hours and more than 25,000 orders were placed in the first three months, a
feat that no other automobile manufacturer in Vietnam had before accomplished. The E35 and E36 are
large SUVs that are ideal for families with many children and extra luggage. Living in a large family in
Vietnam or Korean necessitates the possession of a vehicle large enough to transport everyone. As a result,
this confirms that these new electric vehicles have great promise and have attracted the attention of
buyers (VinGroup, 2021).

Feasibility
VinGroup is the parent company of VinFast. VinGroup has prominent enterprises in education, real estate,
tourism, medical, and other industries, therefore it owns hotels, hospitals, apartments, buildings, and
schools all across Vietnam. VinFast can install charging stations in all of these locations. Wide charging is
considered a competitive approach to exploit this. These resources are also used to make electric
automobiles at VinFast’sfacility in Vietnam. VinFast continues to get financial assistance for
organic distribution. In June 2020, VinFast announced a strategic partnership agreement with General
Motors (GM), one of the three giants of the US auto industry and one of the world's biggest automobile
manufacturer by size and sales. VinFast will become the only distributor of the Chevrolet brand after
acquiring all present authorized dealers. VinFast has also fully used the ecosystem's smart device research
and development capabilities, including VinAI, VinSmart, VinTech, VinBrain, and VinCSS, BigData,
Cybersecurity, Artificial Intelligence, Consumer Electronics, and Computer Vision are employed in R&D and
production (VinGroup, 2021).

Regarding technology and manufacturing methods, when VinFast picks Hyundai to be its strategic alliance
partner for manufacturing the e35 and e36 models, the requisite technology is completely accessible. The
Ulsan Plant, which serves as Hyundai Motor's primary manufacturing site, is composed of five different
plant buildings spread over a 5,000,000-square-meter plot of land. The company, which employs more
than 34,000 people and produces an average of 5,600 automobiles each day, is the world's biggest single
automotive plant and one of the largest in the world. Located amid 580,000 trees, Hyundai Ulsan Facility
is equipped with cutting-edge environmental infrastructure, such as a waste water treatment plant, to
ensure that the environment is protected and preserved (López, 2014). As a result, Hyundai will have no
difficulty in producing VinFast goods in the future.

Strengths and weaknesses of Proposal 1 and Proposal 2

Proposal 1
Strength
As previously said, the first strong feature of Proposal 1 is that it will attract investment and support from
the government since it is a project that will safeguard the environment while also reducing air pollution
levels in Vietnam (LĐO, 2021).

The second plus is that VinFast has a solid backing from its parent business, VinGroup, which is a significant
asset. Given that VinGroup’s purpose and vision are to improve the quality of life for all people in Vietnam,
this approach is a great match for the parent company's objectives (VinGroup, 2021).

Weakness
Since electric vehicles are not actually developing rapidly in Viet Nam, these products might take time for
VinFast to release. Viet Nam is a developing country; people are used to using gas as the main source of
energy for their vehicles. Electric vehicles, especially private transportation like cars of bikes are not as
popular as public transportation, such as buses, sky trains, etc. However, this automatically becomes an
opportunity for VinFast to become the pioneer of producing green vehicles in Viet Nam (Linh, 2021).

Proposal 2
Strength
Korea is a very big and promising market for VinFast to develop itself. Moreover, the government is
encouraging people to buy environmentally friendly products, even transportation, that is why bringing
e35 and e36 to this market is possible (OICA, 2021).

Weakness
Since Korea is a brand new market, VinFast has to take time to deeply understand the situation, or even
convince people to buy its products. Moreover, VinFast has to balance its assets since exporting products
to another country costs much, and the risk is higher than assembling in Viet Nam.

Applicant to the Viet Nam context of Mitsubishi

The success story of Mitsubishi: Mitsubishi Xpander
It was less than a year since the Mitsubishi Xpander went on sale, and it had already sold 25,000 units. A
major milestone in the company's history has been reached. The Xpander family vehicle is popular among
Vietnamese clients. Mitsubishi Xpander was unveiled in August 2018 and went on sale a month later,
however sales for the year totaled just 990 units. Only in 2019 did the low-cost MPV model see a surge in
popularity, which has persisted until the current day. The total number of Xpanders sold worldwide has
reached 251,064 units, according to Mitsubishi (as of March 2020). After more than a year and a half on
the market, the Vietnamese market contributes for around 10% of sales and dominates the MPV sector.
Southeast Asia's best-selling automobile in 2018 and 2019 was this model (Hiep, 2020).

To make Mitsubishi Xpander accessible to Vietnamese citizens, the pricing is quite fair. As a result, Xpander
2019 is the most sought-after product in the 600 million VND price bracket (Hue, 2020). Secondly, even
though it is small, the Mitsubishi Xpander has a roomy interior, so even a passenger who stands at 1.8
meters tall would feel at ease when riding in it. The car's interior is likewise quite functional. Confidence
in the Mitsubishi Xpander's safety is further bolstered by ASEAN NCAP's 4-star rating (An, 2019).

The failure story of Mitsubishi: Mitsubishi Zinger

Before successfully releasing Xpander, Mitsubishi had previously been "defeated" in Vietnam with the
Zinger model due to its inability to compete with the Toyota Innova. By Vietnamese buyers, the car's
terrible design soon disqualified the vehicle from consideration as a 7-seater vehicle. As a result of the
car's high price tag, it had to be both functional and eye-catching (Linh, 2020).

The Toyota Innova at the time was the perfect vehicle for the service industry, with a 2.0-liter engine that
wasn't powerful enough to make a dent in the wallet, but it was enough to get the job done. Mitsubishi
Zinger, on the other hand, opted for a solution that serves the driver by putting a 2.4-liter engine in the
vehicle, which, of course, isn't popular with car purchasers in order to earn money (Linh, 2020).

Vinastar, Mitsubishi's official Vietnamese automobile manufacturer and distributor, said on February 28
that it was voluntarily recalling its Zinger multi-purpose vehicle owing to an intermediate drive shaft
mistake. This mistake was expected to occur in all "domestic" Zinger automobiles at that time on the
market. As a result, Vinastar advised Zinger owners to take their devices to a repair center as soon as
possible in the event of a problem. Zingers made between September 4, 2008 and January 11, 2012, were
all faulty (Vuong, 2016).

Recommendations for VinFast

As can be seen from the experience above of Mitsubishi, it can be understood how people in Viet Nam
prefer their cars to be. Viet Nam is still a developing country, that is why buying a car can cause a fortune
to a majority of people. That is why, not only the core machine must be strong, but the look of the car
must also be nice, and eye-catching. Even though VinFast has achieved an elegant look for its products,
nothing can guarantee that its next models can be as elegant as the previous model. It can also be seen
that the testing step is also important, since Mitsubishi had to recall about 2,000 Zinger products to fix the
false of the production process. If this happened to VinFast, this can lead VinFast into debt, which is not
pleasant for this potential group.
Conclusion
The three components of strategic direction, business strategy, and strategic technique were discussed in
the preceding study to present two strategic projects for VinFast, which are market development and new
product development. Additionally, both strategies were examined using the SAFe model, which revealed
their respective strengths and shortcomings, allowing for the identification of possibilities and solutions
to be used in the development of both strategic initiatives.

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