TRƯỜNG ĐẠI HỌC NGOẠI THƯƠNG

CƠ SỞ II TẠI THÀNH PHỐ HỒ CHÍ MINH

---------***--------

MIDTERM ASSIGNMENT
Major: International Marketing

ANALYSIS OF VINAMILK’S PLANT-BASED MILK

INTO INTERNATIONAL MARKET

Lecturer: Nguyễn Thị Thu Thảo

Class code: ML124
Group: 07
Class: K60CLC6

Group members:

Nguyễn Thanh Thảo: 2112153158

Lê Trần Khánh Ngọc: 2112153110
Đào Ngọc Quỳnh Anh: 2112153004
Hà Anh Kiệt: 2112153071
Lê Thị Bảo Trâm: 2113153062
Vũ Thị Thu Hiền: 2012256009
Nguyễn Ngọc Đông Nghi: 2112153105

Ho Chi Minh City, March 2023

Table of contents
LIST OF TABLES ......................................................................................................3

LIST OF GRAPHS .....................................................................................................4

CHAPTER 1. EXECUTIVE SUMMARY AND GLOBAL OVERVIEW ................5

1.1. Executive Summary .........................................................................................5

1.2. Global Trend Overview....................................................................................5

1.3. Vinamilk ...........................................................................................................6

1.3.1 Background information ............................................................................6

1.3.2. Plant-based milk overview ........................................................................7

1.3.3. Business model..........................................................................................7

1.3.4 Value chain.................................................................................................8

CHAPTER 2. OVERVIEW OF 2 PROMISING COUNTRIES ..............................10

2.1. Overview of The UK & India ........................................................................10

2.1.1. General environment ...............................................................................10

2.1.2. Political environment ..............................................................................10

2.1.3. Economic environment ...........................................................................11

CHAPTER 3. MODELS FOR MARKET SELECTION..........................................15

3.1 Market Comparison .........................................................................................15

3.2 Preliminary screening......................................................................................15

3.2.1 Why Western Europe & Asian Pacific ....................................................15

3.2.2 Why United Kingdom & India.................................................................16

3.3.3 Business Environment Risk Index (BERI) ..............................................17

3.3 Fine-grained screening: MACS ......................................................................20

3.3.1 Market attractiveness ...............................................................................20

 3.3.2 Competitive strength ................................................................................22

3.4 Market Expansion Strategies and Market Choice ...........................................24

3.4.1 Market Expansion Strategies ...................................................................24

3.4.2 Market choice ...........................................................................................24

CHAPTER 4. ENTRY MODE .................................................................................25

4.1. SWOT Analysis of Vinamilk .........................................................................25

4.2. Why Joint-venture in Intermediate mode? .....................................................27

4.3 Mid and long-term objectives .........................................................................27

CHAPTER 5. MARKETING TACTICS ..................................................................29

5.1. STP Strategy ...................................................................................................29

5.2. Benchmarking ................................................................................................30

5.3. Price Tactics ...................................................................................................36

5.3.1. Oatly’s current price ................................................................................36

5.3.2. Vinamilk’s price opportunity ..................................................................37

5.3.3. Strategy for Vinamilk ..............................................................................37

5.4. Distribution Tactics ........................................................................................37

5.4.1. Oatly’s current distribution .....................................................................37

5.4.2. Vinamilk’s distribution opportunity........................................................37

5.4.3. Strategy for Vinamilk ..............................................................................38

CHAPTER 6. CONCLUSION ..................................................................................39

REFERENCE ............................................................................................................40
 LIST OF TABLES
Table 1.1: Health benefits among the global concern of consumers
Table 1.2: The business model of Vinamilk.
Table 1.3: Value chain analysis of Vinamilk
Table 3.1: BERI justification
Table 3.2: BERI scores
Table 3.3: Market attractiveness justification
Table 3.4: Market attractiveness scores
Table 3.5: Competitive strength justification
Table 3.6: Competitive strength scores
Table 4.1: Analysis of entry criteria for Vinamilk
Table 5.1: STP Strategy
Table 5.2: Benchmarking table
Table 5.3: Explanation table
 LIST OF GRAPHS
Figure 2.1: Health benefits among the global concern of consumers
Figure 2.2: Consumer trends regarding sustainability
Figure 3.1: General marketing screening process
Figure 3.2: Import values for grains, oilseeds, and pulses in 2021
Figure 3.3: UK dairy alternatives market estimates and forecasts, 2014-2025 (USD Million),
by Smart Protein
Figure 3.4: Market Attractiveness/Competitive Strength matrix
 CHAPTER 1. EXECUTIVE SUMMARY AND GLOBAL
OVERVIEW
1.1. Executive Summary
The goal of this study is to assess the potential impact of Vinamilk's entry into the
UK market and propose appropriate strategies for market entry. To demonstrate Vinamilk's
ability to enter new markets, this study will utilize the preliminary, detailed, and MACS
models, as well as information on global consumer trends and market conditions, to
determine the most suitable country for Vinamilk to enter. Joint venture will be the most
preferable market entry mode resulting from previous analysis. Key marketing strategies,
including product and communication tactics utilized specifically in the UK will also be
demonstrated. In conclusion, the concern of the extent of product standardization or
adaptation is included in the last section.
1.2. Global Trend Overview
Global consumers tend to pursue a healthy and environmental sustainability
lifestyle (Rogers, 2022). This growing trend is in alignment with Vinamilk’s core
values of sustainability initiatives.
Figure 1.1. Health benefits among the global concern of consumers

Source: Rogers, 2022

 Based on this data, we can see that consumers intend to prioritize health and
wellness as a key factor driving their purchasing behavior in the coming years.
Figure 1.2. Consumer trends regarding sustainability

Source: Rogers, 2022

From this data, we can see that consumers are highly interested in ethically produced
goods, and 56% are willing to pay more for sustainable products.
Besides, the market for plant-based milk is very promising. The global plant-based
milk market was valued at USD 16.3 billion in 2020 and is projected to reach USD
45.2 billion by 2027. The almond segment dominates the global market for plant-
based beverages (MarketsandMarkets).
1.3. Vinamilk
1.3.1 Background information
Vinamilk is the Vietnamese largest dairy producer. They manufacture and sell
liquid, powdered, condensed, and plant-based milk, yogurt, cheese, and ice cream
with 13 farms in Vietnam (>160,000 cows); exports to over 50 nations (US, Japan,
Australia, etc.)
Vinamilk is a popular dairy player in Vietnam and worldwide thanks to their
commitment to innovation, quality, and sustainability. Vinamilk has won numerous
awards, including Forbes Asia's "Fabulous 50" in 2015, 2016, and 2018; ASEAN
Corporate Sustainability Award, Top 50 Best Listed Companies in Vietnam for
Sustainability Report (2020) and become one of the top five milk brands worldwide
(Global Food and Beverage Industry Report).
1.3.2. Plant-based milk overview
Regarding volume growth, Millennials’ organic interest results in 369
million liters consumption in Q1/2020 (GSO).
Distribution networks, grocery shopping, supermarkets, and health food
stores. During Covid-19, home delivery for busy, high-income young consumers
drove online sales.
Concerning exportation, Vinamilk exported 85 containers to Korea in 2020
and 10 containers of seed milk to China in 2021.
1.3.3. Business model
Table 1.3. The business model of Vinamilk.

Aspect Details

Key partners ● Importing and exporting companies

● Retail stores
● Farmers
● Government

Key activities ● Exporting & importing milk

● Produce milk
● Advertisement

Key resources ● Farms, cow

● Factories
● Employees
● Equipment
● Brand values
Value ● Easy and convenient to use
propositions ● Milk and dairy products
● Cheap price
● High quality, good for health, increase height

Channels ● Retail stores

● Supermarket

1.3.4 Value chain

Table 1.4. Value chain analysis of Vinamilk

Activity Detail

Supporting Infrastructure (Vinamilk, n.d)

Activities • Manufacturing facilities
• Distribution centers
• Other physical assets (trucks, RnD teams,..)

Human Resources (Vinamilk, n.d)

Recruitment, learning & development of employees, development
and implementation of policies and procedures that support a
positive and productive work environment and retain talented
employees.

Technology (Vinamilk, n.d)

• Quality control technology
• Cutting-edge cold storage equipment
• Cutting-edge packaging technologies

Procurement
• Farmers
• Milk collectors
Primary Outbound Logistics
Activities • Packaging materials: cartons, bottles, and pouches.
• Transportation: trucks, ships, and airplanes
• (4.4% of its total operating expenses)

Operations (Vinamilk, n.d)

Modern equipment and technology to increase efficiency and
product quality

Marketing & Sales

• Marketing: TV, radio, print, and digital media
• Sales: 46 subordinate units, 9.8% of total operating
expenses,
• net sales revenue was VND 70.9 trillion (2020)

Inbound Logistics
Receiving: raw milk from dairy farms, dairy cattle from Australia,
New Zealand and USA; Storing: materials - on shelves, raw milk
- cold storage, finished products - smart warehouse; Distributing:
243 exclusive distributors (over 212,000 outlets)

Service
Customer service for enquiries or feedbacks on their products via
telephones, websites, various e-commerce platforms
 CHAPTER 2. OVERVIEW OF 2 PROMISING COUNTRIES
2.1. Overview of The UK & India
2.1.1. General environment
Before, this report will provide overall comparison between UK and India
based on these criteria:
Table 2.1. General comparison between the United Kingdom and India (World Data, n.d.)

Criteria United Kingdom India

Region Northern Europe South Asia

National language English Hindi

Psychic distance about 10,000 km about 5,700 km

Quality of life index (Numbeo, 2023) 117.9 166.4

Main religion Christianity Hinduism

The United Kingdom belongs to Northern Europe, whereas India is in the

same South Asian region as Vietnam, giving the United Kingdom a psychic
distance that is double that of India. However, the predominant religion in India is
Hindu, which appears to be incompatible with Vietnamese religion. Another
advantage for the UK is that its people have a higher standard of living than Indians.
2.1.2. Political environment
Table 2.2. Analysis of the political risks in the UK and India (Marsh, March 2022)

UK India
Criteria
Value from 0 (low) to 10 (high)

Strikes, Riots & Civil Commotion 4.3 6.4

Country Economic Risk 3.1 3.7

Currency Inconvertibility & Transfer Risk 1.5 3.9

 Sovereign Credit Risk 1.9 3.9

Contractual Agreement Repudiation 3.9 4.9

Legal & Regulatory Risk 2.6 5.3

India has higher political risk points in most aspects. Therefore, political
stability in the UK is higher than in India, especially "Legal & Regulatory Risk",
allowing exporters to reduce concerns about sudden changes in trading policy.
2.1.3. Economic environment
Table 2.3. Economic indicators of the United Kingdom and India (Santander Trade,
2023; Trading Economics, 2023; Heritage, 2023)

Economic Indicators UK India

GDP (2023) 3,479.47 billion USD 3,820.57 billion USD

GDP per capita PPP

51,286 USD 2,691 USD
(2023)

Inflation rate (2023) 10.1 % 6.44 %

Interest rate (2023) 4% 6.5 %

Unemployment rate
3.7 % 7.1 %
(2023)

Import (2023) 728,766 million GBP 50.66 billion USD

Trade balance (2023) -5,861 million GBP -17.75 billion USD

Economic freedom index

69.9 52.9
(2023)
 Economic Indicators UK India

- Diversified growth
drivers.

- Immense workforce
and population (over
- Production of
50% of the population
hydrocarbons covers
under 25) with good
three-quarters of energy
command of English.
needs.
- Efficient IT services.
- Cutting-edge sectors
(aeronautics, - Expatriates’ and
Strengths diaspora’s remittances,
pharmaceuticals,
automotive). jewelry, garments,
vehicles and medicine
- Financial services.
exports, as well as
- Competitive and
tourism and IT services,
attractive tax regime.
contribute positively to
the current account

- Low level of external

debt and adequate FX
reserves.
 Economic Indicators UK India

- High corporate debt and

non-performing loans
(NPL)

- Net importer of energy

resources (one fifth of
- High public and imports)
household debt (115%
- Lack of adequate
of gross disposable
infrastructure
income)
- Weak public finances
- Low productivity and
- Bureaucratic red tape,
training deficit not
inefficient justice
conducive to innovation
Weaknesses - Widespread poverty,
- Regional disparities
inequality, and
between the Southeast
informality
(especially London) and
the rest of the country, - Military confrontation
particularly in terms of in Kashmir with China
transport and energy and Pakistan
infrastructure - Non-participation in
regional trade
agreements (Regional
Comprehensive
Economic Partnership
Agreement)

* Value from 0 (low) to 10 (high)

The GDP, Import Rate, Economic Freedom Index, Interest Rate, and
Unemployment Rate are all higher in Britain. This demonstrates that the United
Kingdom has a stronger economic foundation than India for exporters. However, the
British pound has significantly declined since COVID-19 and Brexit, leading to a
high inflation rate. Investment in the UK market is therefore becoming more
expensive.
In conclusion, compared to India, the United Kingdom has a more supportive
environment for exporters. However, the UK is expected to develop strategies to
stabilize after leaving the EU.
 CHAPTER 3. MODELS FOR MARKET SELECTION
3.1 Market Comparison
Figure 3.1. General marketing screening process

3.2 Preliminary screening

3.2.1 Why Western Europe & Asian Pacific
To determine the potential regions for Vinamilk to launch its plant-based milk
drinks, we evaluate the following characteristics: the market size & growth
potential and the availability of source material for production.
Europe is a major producer of dairy alternatives and is expected to grow at a
CAGR of 10.3% in the forecast period to reach $6.02 billion by 2026. Germany, the
United Kingdom, Italy and Spain have over 45% market share. Veganism in Europe
is increasing due to lactose intolerance, health issues, religious beliefs, environmental
reasons, and more. According to a study conducted by the Berlin-based vegan
supermarket chain Veganz, there were 2.6 million vegans in 2020, up from 1.3
million in 2016. In terms of availability of source materials, Europe is a large importer
and consumer of grains, pulses and oilseeds.

Figure 3.2. Import values for grains, oilseeds, and pulses in 2021, by CBI - Ministry of
Foreign Affairs

In terms of Asia Pacific, the region is expected to grow at the fastest pace due
to the rising adoption of plant-based milk due to its health benefits and availability of
source materials. The market is expected to reach $19.8 billion by 2031 with a CAGR
of 10.7%. Availability of source materials such as soy and rice within Asian Pacific
countries such as China, India, Australia, and others will further propel the growth of
the market.
3.2.2 Why United Kingdom & India
Regarding the United Kingdom, the country has a strong plant milk market,
valued at $320.6 million in 2019, this accounts for approximately 15% of the total
European market, and is projected to reach $705.3 million in 2025 (Figure 3.3). The
popularity of vegan diets is increasing in the United Kingdom due to sustainability
issues, health awareness, ethical or religious views, and environmental and animal
rights. Therefore, the United Kingdom is assessed to have a well-established market
with increasing demand.
 Figure 3.3. UK dairy alternatives market estimates and forecasts, 2014-2025 (USD
Million), by Smart Protein

Regarding India, it is one of the largest consumer markets with a population

of over 1.4 billion in 2023 by the United Nation, of which 20-39% is vegetarian
according to Wikipedia. India is also the largest producer & consumer of animal
derived dairy (by Statista), with an estimated dairy industry of $140 billion. Thus,
India shows the most potential customer base for dairy alternatives in Asia Pacific.
3.3.3 Business Environment Risk Index (BERI)
Besides criteria for this screening, this report will also include Business
Environment Risk Index (BERI) to assess risk factors of the business environment.
Table 3.1. BERI justification
Assessment United
Criteria Ranking name source India Kingdom
Fragile States Fragile States
Index: 75.3 Index: 40.6
Fragile States
Political stability Fund for Peace Ranked 69th, Ranked 150th,
Index
in Elevated in More Stable
Warning group group
GDP Growth International
Economic growth 6.8% (2022) 3.6% (2022)
Rate Monetary Fund
Labour International Minimum wage Minimum wage
Minimum wage
cost/productivity Labour (2022): 63$ (2022): $1,953
 Assessment United
Criteria Ranking name source India Kingdom
Organization
Ease of Getting Ease of Getting
Short-term credit Getting Credit World Bank
Credit score: 80 Credit score: 75
Long-term
Gross fixed $907,3 Billion $544,3 Billion
loans/venture World Bank
capital formation (2021) (2021)
capital
Attitude towards
FDI inflows: FDI inflows:
the foreign Foreign Direct
World Bank $44.7 Billion $5.9 Billion
investor and Investment
(2021) (2021)
profits
International
Property Rights
Nationalization Property Rights IPRI: 5.143 IPRI: 7.299
Alliance
Index
Monetary Trading
Inflation Rate Jan/23: 6.52% Jan/23: 10.1%
inflation Economics
Balance of Current Account Trading
Dec/21: -1.2% Dec/21: -2%
payments (to GDP) Economics
Enforcing Enforcing Enforcing
Enforceability of
Contracts World Bank Contracts rank: Contracts rank:
contracts
Indicator 163 34
Index of Ranked 139th, Ranked 28th,
Bureaucratic Heritage
Economic in Mostly Unfree in Moderately
delays Foundation
Freedom group Free group
Communications:
% Individuals
phone, fax, Statista 45% (2020) 94.82% (2020)
using the Internet
internet access
Local Ease of Doing Ease of Doing
Ease of Doing
management and World Bank Business Rank: Business Rank:
Business Index
partner 63th 8th
Professional Education Index United Nations 0.348 0.901
 Assessment United
Criteria Ranking name source India Kingdom
services and Development
contractors Program
Most traded Triennial
Currency
currencies by Central Bank Apr/22: 1.6% Apr/22: 12.9%
convertibility
value Survey
Based on the justification, the BERI index of the two countries is measured as in
Table 3.2.
Table 3.2. BERI scores
India United Kingdom

Overall Overall
Criteria Weights Score (0-4) Index Score (0-4) Index

Political stability 3 2 6 4 12
Economic growth 2.5 3 7.5 2 5
Labour
2 4 8 1 2
cost/productivity
Short-term credit 2 3 6 2 4
Long-term
2 4 8 3 6
loans/venture capital
Attitude towards the
foreign investor and 1.5 4 6 2 3
profits
Nationalization 1.5 3 4.5 2 3
Monetary inflation 1.5 3 4.5 2 3
Balance of payments 1.5 2 3 1 1.5
Enforceability of
1.5 1 1.5 4 6
contracts
Bureaucratic delays 1 1 1 4 4
Communications:
1 1 1 4 4
phone, fax, internet
access
Local management and
1 2 2 4 4
partner
Professional services
0.5 1 0.5 4 2
and contractors
Currency convertibility 2.5 2 5 3 7.5
Total 25 64.5 67
3.3 Fine-grained screening: MACS
3.3.1 Market attractiveness
The market attractiveness of the host countries will be scored on the scale of
1 to 5 (1: Low, 3: Moderate, 5: High) for each criteria. Justification and evaluation of
market attractiveness of the two countries is presented in Table 3.3 and Table 3.4.
Table 3.3. Market attractiveness justification.
Market Attractiveness
India United Kingdom
criteria
Estimated at $21 million Vs The UK plant milk market
the animal derived dairy stood at $320.6 million in
industry at $140 billion, plant- 2019, and is projected to at a
based dairy in India is CAGR of 13.8% to reach
Market size & growth
projected to grow at a CAGR $705.3 million by 2025. (The
of 20.7% to reach $63.9 Vegan Society).
million by 2024 (GFI India &
Ipsos).
Consumer spending across Consumer spending in the
India saw a decrease to over United Kingdom increased to
Buying power of customers
$272 Billion in Q4/2022 $422 Billion in Q4/2022
(Statista, 2022). (Statista, 2022).
Low: The demand for plant- Moderate: The demand for
Competitive conditions
based milk is low compared to plant-based milk increases
(concentration, intensity,
its massive market for standard due to health & social trends.
entry barriers, etc.)
cow’s milk. No big brands There are some popular
 dominate the market (GFI brands, such as Oatly, Alpro;
India & Ipsos). nonetheless, no brands really
dominate the market.
Global Quality Infrastructure Global Quality Infrastructure
Infrastructure Index 2021: 0.817, ranked Index 2021: 0.9318, ranked
10th 4th
Economic and political BERI: 62 BERI: 67
stability (BERI)
- Labor force (2021): 507,704 - Labor force (2021): 34,465
million, by World Bank million, by World Bank
Availability of labor/Labor
- Minimum wage (2022): $63, - Minimum wage (2022):
price
by International Labor $1953, by International
Organization Labor Organization

Table 3.4: Market attractiveness scores.

India United Kingdom
Market
Weight Overall
Attractiveness Score Score Overall Index
Index

Market size & growth 0.25 1 0.25 5 1.25

BERI 0.2 3 0.6 5 1
Buying power of
0.15 3 0.45 3 0.45
customers
Competitive
conditions
(concentration, 0.15 1 0.15 3 0.45
intensity, entry
barriers, etc.)
Availability of
0.1 5 0.5 1 0.1
labor/Labor price
Infrastructure 0.1 3 0.3 5 0.5
Total 1 2.25 3.75
 3.3.2 Competitive strength
Like market attractiveness, the competitive strength of Vinamilk plant-based
milk relative to its competitors will be scored on the scale of 1 to 5 (1: Low, 3:
Moderate, 5: High) for each criteria. Justification and evaluation of competitive
strength for the product is presented in Table 3.5 and Table 3.6.
Table 3.5. Competitive strength justification.
India United Kingdom
Score (with regard to OneGood as the (with regard to Oatly as the
strongest competitors) strongest competitors)
Moderate: Increased interest in milk High: Usage of plant-based milk in
alternatives due to young population the UK: 32% in 2021, 44% of Brits
participating in sports/fitness and aged 25-44 are plant-based milk
growing consumer inclination for users. (Mintel, 2021)
Product’s
low-fat milk beverages (The - Consumption of standard cow's
fit to
BusinessWire, 2019) milk declines amongst younger
market
- High number of vegetarians (20- consumers, due to health and social
demands
39% of the population) (Wikipedia) trends (IBIS World, 2022)
- Still, the demand is low due to high
milk consumption (GFI India &
Ipsos).
Price $1.71 per liter (OneGood, 2022) Over $2 per liter (Oatly, 2022)
- Making delicious plant-based foods Producing sustainable oat-based
more affordable and accessible for products that seek to maximize
Brand everyone nutritional value and minimize
Image - Building a cleaner, safer environmental impact (Oatly, 2022)
environment for all (OneGood,
2022)
Product - Reasonable price. Contain less Despite being delicious. Oatly’s oat
quality sugar (1g/100ml) milk is not as healthy as it looks due
 India
Score (with regard to OneGood as the
strongest competitors)
- Ingredients are chosen selectively
based on reputation and track record sugar than other products
of suppliers (OneGood, 2022)
Low: Main types of plant-based
milk: mylk, mylk chocolate ⇒ Lack milk: Oatmilk, chocolate oat milk,
Product
diversity in types and flavors
range
(OneGood, 2022)
- In total, OneGood has 87 stores
across India.
- Can also find their product on
Access to Amazon, Bigbasket, Alt Mart,
distribution Vegan Dukan, The Vvegano
Store ,VeganMall, Wildermart
(OneGood, 2022)
United Kingdom
(with regard to Oatly as the
strongest competitors)
to containing rapeseed oil and more
(7g/240ml) (Oatly, 2022)
Low: Main types of plant-based
barista oat milk
-Lack diversity in types and flavors
(Oatly, 2022)
- Oatly is available at most major
supermarkets in the UK.
- Can also find their product on
Amazon, ASDA Booths, Co-
op/NISA, Costco, IKEA
Independent Health Stores,
Morrisons, Ocado, Sainsbury’s,
Tesco Waitrose (Oatly, 2022)

Table 3.6. Competitive strength scores.

India United Kingdom
Competitive Strength Weight Overall
Score Score Overall Index
Index

Product’s fit to market

0.2 1 0.2 5 1
demands
Product quality 0.2 3 0.6 3 0.6
Product range 0.2 3 0.6 3 0.6
Price 0.15 1 0.15 3 0.45
Access to distribution 0.15 3 0.45 1 0.15
Brand Image 0.1 3 0.3 3 0.3
Total 1.0 2.3 3.1
Based on the analysis, the market attractiveness/competitive strength matrix is
constructed as below.
Figure 3.4. Market Attractiveness/Competitive Strength matrix

3.4 Market Expansion Strategies and Market Choice

3.4.1 Market Expansion Strategies
Vinamilk plant-based milk will follow the Waterfall approach, meaning that
it will enter a new market on an incremental basis. This approach is suitable for
entering a key market first to build up experience and brand awareness, and then
entering other markets. The Shower approach is more advantageous for products that
have short product cycles or require much investment in R&D.
3.4.2 Market choice
Based on the position of the United Kingdom on Figure 3.4, the market has
more potential for growth in the plant-based milk industry , and suits Vinamilk’s
competitive advantage better than India. The UK also falls into the “Invest/grow”
group as stated by Svend Hollensen (8th edition), which offers the best opportunities
for long-term strategic development. Therefore, it is advisable that Vinamilk choose
to launch its product in the United Kingdom first and India later.
CHAPTER 4. ENTRY MODE
4.1. SWOT Analysis of Vinamilk
Based on the characteristics of Vinamilk, the milk industry, and the UK
market, we have chosen 6 entry criteria as the factors influencing our entry mode.
Here is the table summarizing our research findings:
Table 4.1. Analysis of entry criteria for Vinamilk

Entry
Details Indication
Criteria

STRENGTHS OPPORTUNITIES

Firm size
- A large-sized enterprise (LSE). - Secured high resource
- Vietnam's largest food processor, commitment.
accounting for about 50% of ⇒ May pursue the
Vietnam's dairy market. intermediate or hierarchical
- Vinamilk is the largest listed F&B on mode.
HOSE ($8.5B market cap), and
ranked 36th by revenue. (Vinamilk,
2022)
International Experience
- 14 production factories, 2 logistics - Reduce the cost and
enterprises, 3 branch sales offices, 1 uncertainty of serving a
Internal dairy factory in Cambodia market.
factors (Angkormilk), 1 representative office - Increases the probability of
in Thailand (Vinamilk, 2021). firms committing resources to
- Net revenue from international foreign markets.
business: 9,717 billion VND, rising by ⇒ Favors direct investment in
10.5% compared to the previous year. the form of wholly owned
- Exported to 57 countries. (Vinamilk, subsidiaries (hierarchical
2021) modes)
Production Differentiation Advantage
- Constantly develops new product Less worried about protecting
formulas, invests in modern its product competitive
machinery and equipment, and advantages.
improves existing production to ⇒ Can consider other options
promote business activities. rather than only hierarchical
- Not clearly seen at Vinamilk. Even modes.
though Vinamilk has a strong brand
 Entry
Details Indication
Criteria
name in Vietnam, it lacks brand
recognition in the UK market.

WEAKNESSES THREATS

Sociocultural distance between

home country and host country
- Business culture: Different - Difficulty in satisfying
communication styles, attitudes indigenous customers.
towards authority, and expectations - Relatively low resource
around social interactions. commitments and high
- Food culture: Different taste flexibility
preferences and dining habits. (Dr. ⇒ Favor exporting modes.
Jennifer, 2016)
+ Vietnamese: heavily influenced by
Chinese and French cuisine; fresh,
flavorful ingredients.
+ British cuisine: hearty, filling dishes
such as fish and chips and roast
dinners.
External Direct and Indirect Trade Barriers
factors Strict regulations for food safety and - Product regulations and
labeling (ALPHA, 2023) standards necessitate
significant adaptation and
modification
- Huge investments to
establish local production,
assembly or finishing
facilities
⇒ Hierarchical modes or the
intermediate mode.
Intensity of competition
- The UK’s dairy industry: highly - High intensity of
competitive (Arla, Müller, and Dairy competition in price,
Crest) distributors and target
- Negotiating free trade agreements customers
with 19 other partners and the - Low resource commitments.
Comprehensive and Progressive ⇒ Favor entry modes (export
modes)
 Entry
Details Indication
Criteria
Agreement for Trans-Pacific
Partnership (CPTPP)

4.2. Why Joint-venture in Intermediate mode?

When assessing the entry criteria, we conclude that Vinamilk should choose
between the intermediate mode or hierarchical mode because it has sufficient
resources, experience and potential to gain profit from such modes. To select the best
option, we need to evaluate the advantages and disadvantages of each.
As for the hierarchical mode, Vinamilk can have greater control over the
business but low flexibility and high risk. Regarding the intermediate mode,
specifically joint venture, there will be shared control and risks in combination with
split ownership. With past risk-averse patterns (Vinamilk tends to choose exporting
or joint ventures when entering distant markets) and the obstacles upon entry into the
UK market (such as lack of brand recognition, high level of competition and lack of
local distributors), Vinamilk should choose the joint venture mode to utilize its
synergy with a local business who may provide reliable distributors, a better
understanding of the local market and an established customer base.
4.3 Mid and long-term objectives
With the best entry mode chosen, joint venture, Vinamilk should
intermediately indicate its midterm and long-term strategies to facilitate the process
of entry into the UK's market. The idea is to initially deal with criteria restraining the
Company from using joint venture mode and to develop its competitive advantages
later on.
For midterm objectives, Vinamilk should prioritize eliminating distances in
sociocultural as well as building up competitive advantages to compete with rivals
from the host country and from soymilk exporters from other countries. Firstly, our
brand can utilize the joint venture as a source of thorough understanding of the market
and its customers to establish a strong market presence. Moreover, the joint venture
mode benefits Vinamilk with access to updated technology and expertise along with
combining Vinamilk’s product with local partner’s distribution network to achieve
greater market penetration and generate more revenue.
In the long-run, it is essential that Vinamilk maintain its strengths in product
development and in-hand international experiences. Vinamilk can target at
diversifying product portfolio by introducing those that are tailored to the local
market and expand its product offerings beyond its traditional dairy products.
Besides, the advantage of experience can help achieve cost savings and operational
efficiencies via economies of scale in the form of shared resources.
 CHAPTER 5. MARKETING TACTICS
5.1. STP Strategy
Based on the Segmentation-Targeting-Positioning analysis, Vinamilk's
plant-based milk product line in the UK market may apply the following.
Table 5.1. STP Strategy.

Segmentation Targeting Positioning

Behaviors:
Demographics:
- Health-conscious consumers
- Geography: Urban areas
who prioritize nutrition and
- Age: Millennials and Gen
sustainability. - Commitment to
Z
- Vegans, and those who are sustainability, animal
- Occupation: University
lactose intolerant. welfare, and high-quality
students or have a part/full-
- Environmentally conscious products.
time job
and concerned about animal - Emphasize the use of
welfare. premium ingredients

Behavioral - Highlight the taste and

segmentation: texture of its products

Attitudes: - Retain customers who
- Characteristics: Health
- Open to new products and prioritize health,
and environmentally-
paying a premium price. environmental concerns,
conscious
- Interested in health and and animal welfare.
- Benefit sought: A
wellness, friendly-environment
healthier and more
products.
sustainable alternative to
dairy milk
- User status: Existing
users of plant-based milk
Psychological
Needs:
segmentation:
- An alternative to dairy milk
- Values: Prioritize health,
due to health, environmental
sustainability, and animal
concerns.
welfare
- High-quality, great-tasting
- Lifestyle: Lead an active
plant-based milk product
and healthy lifestyle and be
- Committed to sustainability,
interested in fitness and
animal welfare.
wellness.

5.2. Benchmarking
Table 5.2. Benchmarking Table.

Criteria Vinamilk Oatly Group Customers

AB

High-technical quality 4 4 3

Superior Design/ Package 4 3 4

Nutrition guarantee 4 3 4

Diversity in flavor 4 3 3

Friendly-environment
3 3 2
production

Low price product 3 2 2

raw material price 2 4 2

Distribution network 1 3 4

Mode of transportation 2 3 3

Inventory control
2 4 2
management
 Criteria Vinamilk Oatly Group Customers
AB

Engagement in campaign 3 3 5

Media presence 4 2 4

Attention-catching 4 3 4

Creativity in existing
3 3 3
products

Well established marketing

4 3 4
approach
Each criterion is explained in detail as follows:
Table 5.3. Explanation table.

Criteria Vinamilk Oatly Group AB Customer

- Cutting-edge - Unique enzyme – Improved
technology: automation process: break down Functionality:
and digitization. oats into a liquid sophisticated
(Vinamilk, n.d) form. features and
High-
(The Oatly process, enhanced
technical
n.d) functionality
quality
- Enhanced User
Experience: easy
to use and a user-
friendly interface.
- Varied and adaptable - Basic design - Perceive goods
colors - Light tone, as more valued,
Superior - Attractive packaging unattractive and dull appealing, and
Design/ color enjoyable.
Package ⇒ Less eye-catching - Strengthen
cultural
identification
- Freshness - Contain saturated - Create a
- Content of nutrients: a and trans fats confident feeling
Nutrition
proper balance of - Contains high for customers
guarantee
nutrients, such as quantities of fat and when buying
products
 Criteria Vinamilk Oatly Group AB Customer
calcium, protein, and sugar, little fiber, - Boost customer
vitamins. and many calories. satisfaction
- Natural and nutritious: (Oatmilk chilled,
Do not use any artificial n.d)
additions or
preservatives.
- Two main types of - Four different - A more
plant-based milk: kinds of nut milk: individualized
Supernut 9 kinds and orange mango, experience: suit
Soymilk. vanilla, chocolate, their preferences.
Diversity in - A variety of flavors in and barista.
flavor soymilk such as red - Common use:
bean, almond, fresh, cooking and coffee
walnut, high protein than in simple dairy
gold soy, and calcium. products for
(Vinamilk, n.d) consumers.
- Energy-efficient - Sustainable - Encourage
machinery. farming practices: sustainable and
- Water and waste partner with ethical responsible
management programs. farmers farming methods
- Sustainable sourcing - Carbon footprint that put the
techniques. - Less water welfare of the
- Accreditations like consumption environment and
Friendly- ISO 14001 and FSSC (2021 Company animals first.
environment 22000. Climate Footprint, - Encourage a
production n.d) more diverse and
resilient food
system that
values
environmental
stewardship and
local economic
growth.
- Price $ 1.28/liter - Price $2.1/liter - Increased
Low price consumption
product - Quality
concerns
 Criteria Vinamilk Oatly Group AB Customer
- Imported from the US - From home - Price Increase
country and its - Product Quality:
stock: Sweden Less expensive
Raw material raw materials in
price order to keep the
price point and
profitability the
same.
- Products expanded its - 50% share of the
scale to 46 subordinate UK plant-based milk
units all over the world,market.
specifically 1 subsidiary- In 2020, Oatly
in Poland (EU) but not announced a
in the UK market partnership with
(Vinamilk, n.d) Starbucks UK, which
Consumers want to
would see its oat milk
be able to purchase
- A new entrant to the added to the coffee
plant-based milk
UK plant-based milk chain's menu
easily and
market nationwide
conveniently. This
- Not have the same (Samantha Kubota,
means that
level of international 2020).
Distribution multichannel
expansion, which could - Stocked in 10 UK
network distribution, which
limit its ability to reach high-end coffee
includes both
a global audience. shops.
online and offline
- Secured
channels, is
partnerships with
important for
major retailers and
meeting consumer
distributors in the
demand.
UK: Tesco,
Sainsbury's,
Waitrose, and Whole
Foods
- Don’t have any of
their own physical
stores
- Have a more limited - Prefer plant-
- Invested in
mode of transportation based milk
sustainable
Mode of in the UK due to its products that are
transportation
transportation more limited distributed using
methods, such as
distribution network. eco-friendly
using electric vehicles
modes of
 Criteria Vinamilk Oatly Group AB Customer
- Relies more heavily for local deliveries in transportation,
on road transportation, some cities. such as electric or
which can be less - Partnered with hybrid vehicles, or
efficient and more electric truck through
costly compared to manufacturer Einride sustainable
other modes of to transport their packaging.
transportation. products in the UK, - More likely to
which will reduce purchase plant-
their greenhouse gas based milk
emissions by 87% products that are
(Einride, 2020) locally sourced or
distributed
- Support local
businesses and
reduce the carbon
footprint
associated with
long-distance
transportation.
Not have the same level - Invested in Accessibility is a
of distribution building key factor for
partnerships, which relationships with consumers when
could limit its ability to retailers and deciding which
reach a wide audience.. distributors in the brand of plant-
UK, it has based milk to
established purchase, as
partnerships with consumers want
Availability major retailers, such to be able to find
and as Starbucks and the products they
Accessibility Whole Foods want easily and
(Samantha Kubota, conveniently.
2020).
- Strong presence in
the UK market, and
has made it easier
for consumers to
find and purchase its
products.
Highlight the nutritional Inspire change and Engaging
Engagement
benefits of its soy and mobilize the public, campaigns that
in campaign
almond milk products referring to its own are informative,
 Criteria Vinamilk Oatly Group AB Customer
and educational tips to team as entertaining, and
maintain a balanced and 'unpredictable and interactive are
healthy lifestyle. unrelenting oat more likely to
Social activities have punks' spreading the attract and retain
been proceeded such as message of oatsome the attention of
Scholarship Fund living. young
“Vinamilk - Nurturing consumers.
young talent”
(Vinamilk, n.d)
- Extensive coverage - Staying true to its - The channels
from mass media (TV, original marketing used for
webs) to major media focus on low cost promotion and
including Facebook, high traffic mediums communication
Youtube, Instagram, E- like outdoor of plant-based
commerce platforms. billboards, buses and milk can
- Developed mobile app subway platforms. influence
called "Vinamilk - Don’t have any of consumer
Multichannel Online," which allows their own physical behavior toward
marketing & customers to purchase stores. health
Media products, earn rewards, consciousness
presence and receive exclusive and
discounts sustainability.
- Social media,
advertising, and
influencer
marketing may be
more effective in
reaching younger
consumers.
What started as a
The Post Milk marketing move is
V-fresh soy milk product
Attention- Generation is a now a message
line - "a source of life
catching planet-friendly worn proudly by
from mother land" of
message movement pioneered committed
Vinamilk
by Oatly. consumers across
countries.
Not have the same level Humorous Young consumers
Creativity in of creativity and advertisements and are generally
advertising innovation in its celebrity more receptive to
marketing strategy, endorsements. creative
 Criteria Vinamilk Oatly Group AB Customer
which could limit its marketing
ability to stand out in a strategies, likely
crowded market. to respond
positively to
campaigns that
align with their
personal beliefs
and values.
- Decided to develop - Hey Barista! an The level of
attractive, family- online magazine awareness about
oriented video content from the global plant-based milk
using 3H strategy – coffee community among consumers
“Hero, Hub, Help” – a promotes consumer can influence
new approach Hero: engagement their behavior
directing consumers - Cancellation due to towards
attention by capturing scandals of promotion and
trendy content. collaboration with communication
- Hub: Branding based Black Stone ( a of plant-based
Well-
on basic content to commercial center milk.
established
increase consumer known for trading
marketing
interest unsustainable
approach
Help: Educational products)
content, help with - Approach to anti-
related knowledge. dairy products
- Developed video advertising expose it
series, funny ads, to lawsuits and
making content that heightened scrutiny
present tips for adults. from regulators in
the markets and
interest groups,
dairy lobbyists”.
5.3. Price Tactics
5.3.1. Oatly’s current price
In the UK market, Oatly typically costs more than competing plant-based dairy
products such as Alpro and Tesco's own-brand plant-based milk, according to
existing analysis of a set of customers. A 1-liter carton of Oatly oat milk costs an
average of £1.80, while Alpro's and Tesco's own-brand oat milk costs £1.16 and £0.89
respectively.
5.3.2. Vinamilk’s price opportunity
Vinamilk may have some leeway on the cost to compete with well-known
brands like Oatly. Vinamilk will have to deliver high-quality products that meet
consumer demand in terms of taste, texture, and nutritional cost to succeed in the UK
plant-based milk market. Therefore, to compete with well-known brands like Oatly,
Vinamilk will also require a vast delivery network and a strong brand identity.
5.3.3. Strategy for Vinamilk
First, Vinamilk should think about boarding up their plant-based dairy
products at a cheaper cost than Oatly to appeal to budget-conscious consumers.
Second, Vinamilk could emphasize the positive outcomes of its plant-based
dairy products by giving price-based costs, such as their nutritional cost,
sustainability, or ethical production practices, and charging a cost that reflects those
advantages.
5.4. Distribution Tactics
5.4.1. Oatly’s current distribution
Oatly's sales in the UK increased by 89% in 2020, reaching £106.5m (The
Grocer, 2021). Moreover, Oatly has a strong distribution network in the UK, with its
products widely available in major supermarkets and health food stores across the
country. In 2020, Oatly announced a partnership with Starbucks UK (Samantha
Kubota, 2020).
However, there are some limitations in Oatly’s distribution. First, Oatly has
no physical stores, its products are only accessible to customers through its
partnerships with retailers and food service providers. Second, while Oatly is widely
available in major supermarkets and chains, it may not have the same level of
presence in smaller outlets or independent businesses.
5.4.2. Vinamilk’s distribution opportunity
Vinamilk has the benefit of being a well-established dairy firm with a
significant production capacity and competitive price, which can establish ties with
suppliers and retailers to gain access into the plant-based milk industry and win
distribution partnerships in the UK.
5.4.3. Strategy for Vinamilk
Firstly, Vinamilk should collaborate with established retailers by pursuing
collaborations with UK retailers and smaller independent shops to build a stronger
presence in the UK market such as Tesco, Sainsbury's, and Asda.
Secondly, Vinamilk should employ e-commerce platforms using online retail
channels such as Amazon, Ocado, and other e-commerce merchants to reach and offer
consumers incentives.
Finally, Vinamilk can seize the chance to explore collaborations with UK
restaurants, cafés, and other foodservice providers to enhance the availability of its
plant-based milk in foodservice channels.
 CHAPTER 6. CONCLUSION
Analyzing Vinamilk in Vietnam and 2 potential countries' markets (India &
UK), we recommend some points to enter the UK. Overall, Vinamilk's current market
is primarily in Southeast Asia with exports to other regions and will possibly enter
the UK market with the joint venture mode. Pursuing market presence and sustain
growth, Vinamilk can utilize joint ventures to make good use of distribution and
technology. Also, Vinamilk should conduct market research to understand the
preferences and needs of UK consumers regarding plant-based milk (taste, texture,
price, and packaging). Moreover, Vinamilk needs to obtain relevant certifications and
adhere to labeling requirements. Vinamilk should choose Price & Distribution tactics
to develop. Pricing tactics require adaptation of existing products to the UK market
along with competitiveness in quality, taste, and price compared to other competitors
in the UK. Packaging should be visually appealing and informative. Vinamilk can
also highlight the nutritional benefits of plant-based products and its commitment to
using sustainable, eco-friendly production methods. Regarding distribution tactics,
Vinamilk could collaborate with major UK retailers as well as leverage e-commerce
platforms to increase market exposure. Vinamilk could eventually partner with UK
foodservice providers like restaurants and cafés to enhance the availability of its
plant-based milk products.
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59. Worlddata.info. Country comparison: United Kingdom / India. (n.d.).
Retrieved from: https://www.worlddata.info/country-
comparison.php?country1=GBR&country2=IND#religion