VISSAN: Vitality of Three Yellow Apricot Flowers
Quotes:
“The value of a brand is the prospect of profit that the brand brings to businesses now and in the
future. This is VISSAN’s motivation to build up the brand for a sustainable and long-term
purpose” - Mr. Nguyen Ngoc An, CEO of VISSAN
Executive summary:
VISSAN is a state-owned enterprise operating in the meat and meat processing industry. During
50 years of development, the Company has experienced many ups and downs along with market
fluctuations, changes in management mechanisms, etc. However, the Company has been
constantly adapting to changing circumstances, maintaining the brand of Three Yellow Apricot
Flowers, expanding its business, achieving remarkable financial results and maintaining a
notable position on the domestic markets. In the coming years, the Company is facing market
opportunities and competitive challenges from large foreign-invested enterprises, requiring the
Company's leaders to consider important strategic steps accordingly.
Case study instructions:
This case is built on public data published in the media and is for pedagogical purposes only1.
The case is designed to illustrate the strategic issues of a company in the context of domestic
competition and globalization. Instructors/students can use the case by applying framework,
methods and tools for strategic analysis and assessments such as supply-demand analysis,
competition analysis, value chain analysis, SWOT analysis, … to discuss the company's strategic
options both at business-level and corporate-level.
1.
ABOUT VISSAN
Established in 1970, VISSAN is a member of Saigon Trade Corporation (SATRA) which
specializing in the production of meat products. Since 2005, VISSAN has added fruit and
vegetable products. VISSAN is a leading company that supplies the demand of pork, beef and
vegetables in Ho Chi Minh City, with branches in Da Nang and Hanoi. The Company export
frozen processed products, traditional meat products and vegetables to North America, Korea,
Taiwan, Singapore, Germany, Russia, etc.
Vision
VISSAN becomes the largest food producer, processing business in the country, with various,
diversified products, meeting hygiene and safety standards and has significant role in the region.
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Author: Assoc. Prof., PhD. BUI Duc Tuan – NEU Business School
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Mission:
We are connected to the community, customers, and partners by reputation and quality food that
brings about abundant energy. The interests of consumers are VISSAN lodestar in creating the
core values, mission and motto of our brand all the way of development.
Core values
The structure of the "Three Apricot Flowers" in the inscribed circle of a triangle illustrates the
development of a solid, safety and good quality meat industry, for the interests of the community
as well as the sustainable development with 8 core values specified in the brand identity system.
'Vitality every day', the Brand Essence (in Brandkey model, step 8), is the sublimation of the
core brand values to ensure a strong identity.
Figure 1: VISSAN's brand model
The set of 8 core values VISSAN (brand equity values) includes: (a) Vitalistic, (b) Tasteful, (c)
Convenient, (d) Healthy & Safe, (e) Friendly, (f) Culinary Expert, ( g) Professional, (h) Trendy
will be realized through product strategy, quality policy, creative research capacity and
marketing efforts.
2.
MILESTONES
50 years ago, on November 20, 1970, "Tan Tien slaughterhouse" - the predecessor
of VISSAN today - was established with the mission to explore the meat slaughtering and food
processing industry in the South of Vietnam.
From 1975 to 1990, VISSAN operated in the sector of animal slaughtering meat slaughtering,
supplying fresh meat under the orders of state authorities and exporting meat to socialist
countries.
By the 1990s, due to the political crisis of the Soviet Union and Eastern European countries, the
export market was no longer available. The Company then turned to a new direction, focusing on
the domestic market and developing processed products. VISSAN started from dominating the
market of fresh and processed meat products, to building food processing plants, to diversifying
canned products, frozen and traditional foods such as patties sausages, sausages and cold meats,
in order to meet the increasingly and diverse needs, and to expand the market to the Central and
Northern regions.
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In the early years of the 21st century, VISSAN developed a wider distribution channel. The
VISSAN’s food chain gradually launched and added the vegetable and fruit in the product
portfolio. The market has expanded, the output - revenue - profit recorded the highest growth
rate since the company’s inauguration. VISSAN has developed a full business process covering
meat slaughtering, processing and distributing, then became a strong brand nationwide.
On March 24th 2016, VISSAN has successfully sold 11.3 million of shares for strategic
investors. Up to now (2020), VISSAN is still a state-owned company with 67.76% of capital
held by Satra and 24.94% by Anco - a company owned by Masan MeatLife.
3.
MEAT PROCESSING INDUSTRY
3.1. Global market
The global meat sector was valued at US $ 945.7 billion in 2018 and is forecast to record
a Compounded Annual Growth rate (CAGR) of 3.9% during 2018-2023 to reach US $ 1,142.9
billion by 2023. Americas represented the largest regional market with a value share of 31.5% in
the global meat sector in 2018 and has also been forecasted to record the fastest value CAGR of
4.6% during 2018-2023. Improving worldwide economies and rising consumption of meat from
an expanding global population will continue to be major drivers for the global meat sector.
High-potential countries identified for 2018-2023 includes Hong Kong, Indonesia, Brazil,
Mexico, Canada, Portugal, Germany, Czech Republic, Poland and Egypt. The ten high-potential
countries accounted for a combined value share of 20.6% in 2018.
Table 1: Global Meat Market Indicators by Meat Categories in 2017-2019
2017
2018
2019
Million tons (in weight equivalent)
Production
2019 to 2018
%
333.6
338.6
335.2
-1.0
69.6
71.3
72.2
1.3
Poultry
122.3
124.6
130.5
4.7
Pig meat
119.8
120.7
110.5
-8.5
32.7
33.8
36.0
6.7
9.8
10.5
11.1
6.0
Poultry
13.2
13.5
14.1
4.4
Pig meat
8.2
8.4
9.4
12.2
44.0
44.2
43.3
-2.1
9.8
10.0
10.8
7.7
Cattle (Bovine)
Trade
Cattle (Bovine)
Meat consumption per head:
Whole world (kg/head)
Share of trade in production (%)
Source: Inventure (2020)
Hypermarkets & supermarkets is the leading distribution channel for the global meat sector, with
a value share of 61.9% in 2018, which can be attributed to the developed organized retail market
in major countries, where most of the consumers prefer to buy packaged and fresh meat products
from hypermarkets & supermarkets.
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World pig meat output is forecast to fall to 110.5 million tonnes in 2019, down 8.5 percent from
2018 due to the spread of the ASF. In China, pig meat output is forecast to fall by at least 20
percent, equivalent to almost 11 million tonnes, in 2019. The African swine
fever virus’s (ASF) spread also seriously affected pig inventories in Viet Nam, leading to the
slaughter of more than 5.9 million pigs, roughly one-fifth of the country's total pig population.
World pig meat exports are forecast to expand by 12.2 percent to 9.3 million tonnes in 2019,
almost totally fueled by an increase in imports by China which is predicted to absorb 90 percent
of additional exports. Among others, Japan is also set to expand purchases, albeit marginally, as
domestic production is likely to increase.
By the end of 2020, the Chinese pork production is expected to fall by more than 35% compared
to 2018. As a result, a supply failure will more than double the import demand, compared to
2018, which represents more than 80% of pork production in the EU.
Table 2: Meat Production and International Trade for the Main Countries 2018-2019
Production
2018
Import
2019 (p)
2018
Export
2019 (p)
2018
Consumption
2019 (p)
2018
2019 (p)
China
6,456
6,866
2,017
2,608
63
59
8,430
9,415
India
2,534
2,549
-
-
1,445
1,510
1,089
1,039
Japan
475
475
842
856
5
6
1,300
1,321
Korea
279
289
524
578
4
4
792
865
1,898
1,919
1
1t
48
52
1,851
1,868
Egypt
827
846
269
286
1
1
1 096
1 130
South Africa
996
950
21
20
53
46
964
924
Mexico
1,983
2,024
225
222
274
318
1,934
1,928
Argentina
3,050
3, 160
18
20
524
749
2,544
2,431
Brazil
9,900
10,307
45
34
1,989
2,194
7,955
8,147
Canada
1,265
1,330
259
232
467
531
1,049
1,038
the USA
12,254
12,291
1,306
1,321
1,490
1,481
12,068
12,126
ЕU
8,006
7,934
336
323
384
416
7,958
7,841
Russia
1,664
1,686
462
410
46
48
2,080
2,048
Australia
2,306
2,315
14
14
1514
1541
805
788
New Zealand
658
672
12
13
575
589
96
96
Whole world
71,273
72,199
9,994
10,591
10,450
11,074
70,827
71,717
Pakistan
Source: Inventure (2020)
In the long term, favorable conditions will develop in the global meat market. By 2028, with the
growth of people from 7.4 billion to 8.1 billion, meat consumption will increase from 34.7 kg to
35.1 kg per head. The dominant types of meat in the consumer market will remain the most
affordable and easy-to-cook poultry and pork.
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3.2. Vietnamese meat market
3.2.1. Supply and demand
Demand for meat and meat products
According to the Food and Agriculture Organization of the United Nations (FAO), meat
consumption in Vietnam is 34.2kg of meat per head per year, lower than the world average of
42kg. Currently, Vietnam is one of the few countries in the world that still uses the fresh meat
right after slaughtered since consumers believe this kind of meat is the best.
Although(However?) Vietnam produces 5.2 million tons of live meat (equivalent to 3.5 million
tons of slaughtered meat each year), the proportion of processed meat products accounts for
about 9% of total meat production.
According to Mr. Pham Trung Lam - CEO of Masan MEATLife Company (MML) - the current
meat market is worth more than US $ 10 billion, which is 2.5 times bigger than the dairy market.
99% of products are not branded.
Supply of meat and meat products
According to the Department of Livestock (Ministry of Agriculture and Rural Development),
91% of meat production is still available to consumers in the form of fresh products, slaughtered
manually, so the risk of food safety and hygiene problem is very high. Along with the
development of supermarket chains and the context of dirty meat and poor quality meat is
rampant causing public concern, the demand for processed meat in Vietnam will be increasing.
However, there are currently only about 30 companies that have modern meat processing plants
with a total capacity of less than 500,000 tons / year in the country. In which, there are few
processing companies with a capacity of over 10,000 tons of meat / year. A large number of
businesses has built brand such as Vissan Company; Animex Company; Duc Viet Food
Company; CP Company, Mavin Company, Dabaco Group, Japfa Company and Massan
MEATLife Company ... These are also enterprises with modern processing plants meeting
international hygiene standards.
3.2.2. Key players
Many companies are currently operating in the industry of meat processing in Vietnam.
Duc Viet Food Joint Stock Company, a joint venture with a Germany partner, the first company
to built a meat processing plant in Vietnam, launched the first batch of sausages in 2000. Each
year, the Company provides thousands of tons of fresh sausage and high-quality processed foods.
They meet the German standards and have prefered flavor by Vietnamese consumers. In 2016,
Duc Viet continues to be ranked top 500 of the most growing enterprises in Vietnam for the 6th
time. However, the weakness of Duc Viet is that there is no breeding farm system, so the source
of raw meat must be imported or purchased from farmers.
Dabaco's meat processing plant in Bac Ninh has only been in operation since 2010 but has
gained its position and brand in the food industry in Vietnam. Currently, the company has
supplied more than 20 types of meat-processed products to the market including: sausages,
canned meat, shrimp, liver pate, etc. Dabaco has a system of chicken and pig breeding farms,
with a large scale and modern equipment, ensuring veterinary hygiene standards and food safety
in accordance with the laws and HACCP standards. The Company has a chicken slaughter line
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imported from Denmark with a capacity of 2,000 heads/hour and a pig slaughterhouse, supplying
clean chicken and pork for the market.
CP Vietnam Company (belonging to Charoen Pokphand Thailand Group) currently holds about
22% market share of industrial chicken, 16% of industrial chicken eggs and about 7% of pork in
Vietnam. CP cooperates with chicken farms and farmers by providing breeds, feed, veterinary
medicine, technology, then buying products at stable prices. Over the years, CP's strategy is to
develop the livestock industry in a closed chain of seeding, feeding and processing. CP has meat
processing plants in the North and the South. CP’s plants are ranked most modern in the North,
with industrial processes for poultry slaughtering and meat processing. These two processing
lines are operated independently, with automated machines and traceability processes. CP has
also been deploying more than 10,000 retail outlets and stores across the country under the
CP Fresh Mart and CP Kiosk brand names.
Mavin Food Joint Venture Company, specializing in manufacturing products made from meat
such as ham, sausage, bacon ... is a new brand in the meat processing industry in Vietnam. The
Company has built and developed a closed business process "From Farm to Dining Table",
following the standards of developed countries. Many high-class products of Mavin Company
are in the menu of 5-star hotels such as Inter Continental Hotel Westlake Hanoi, Muong Thanh
Hotel Group, Crowne Plaza West Hanoi Hotel, Sheraton Hanoi Hotel, Jaspas restaurant chain,
Papa Joe Hanoi restaurant chain, etc. Other product lines of Mavin have also appeared in the
stands of supermarkets, stores and distribution agencies.
Masan - a French consortium - recently decided to buy 24.9% of shares of VISSAN after
acquiring two animal feeding companies: Anco and Proconco. By acquiring 40% of shares of
Proconco 6 years ago, Masan Consumer has prepared for the penetration in a closed production
chain from animal feeding, processing to processed foods retailing. In July 2016, Masan
established Masan NutriFarm Company with a large-scale animal feeding factory and a pig
raising farm in Quy Hop, Nghe An. By buying VISAN's shares, Masan can create a surge in the
meat and meat processing business, especially when Masan has big advantages in production
capacity, distribution coverage of 240,000 retail points and 2,000 distribution points.
VISSAN is also a big name on our tray of processed meat. Every day, VISSAN supplies 50 tons
of processed meat to the market through supermarkets, traditional markets, restaurants, hotels
and 1,000 agents nationwide. VISSAN has also invested VND 3,150 billion in a closed food
processing chain from slaughtering to processing with auxiliary factories (packaging, spice
processing ...). VISSAN annual reports state that the Company holds 70% market share for
sausage, 40% for frozen goods, 30% for spring, 20% for canned foods and 10% for ham.
Gia Lai Livestock Joint Stock Company was established in 2014, based in Pleiku City. Its main
business is cultivation of crops, livestock services, processing of meat and meat products,
production of animal feed and breeding of cattle related products. In the latest announcement on
June 20, the Company has added pig breeding and pig seeding in its business registration.
In an interview with the “Vietnam Trust and Use program” in 2016, Mr. Sakchai, Assistant to the
Deputy General Director of CP Vietnam Livestock Company said: "Along with the strong
development of the economy, the demand for processed meat products is increasing rapidly, and
it is expected that by 2025, half of the daily meat will be consumed by Vietnamese people in the
form of processed products. The demand at that time required 2.5 million tons of processed meat
products per year, which is 5 times higher than today. Meat processing is a very promising
industry for investment".
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4.
VISSAN - TO BE COME A MARKET LEADER
4.1. Organizational Structure
Figure 2: VISSAN's organizational structure
Source: VISSAN Company
4.2. Infrastructures
In recent years, VISSAN has focused on investing in a "clean from farm to table" campaign, in
order to ensure its core values of supplying fresh and processed foods with high quality and food
safety to the market.
The production capacity of meat products reaches 30,000 tons per year, including frozen meat,
processed products from meat and canned meat. The production infrastructure includes largescale of modern equipments and closed technologies, with a storage area of 10,000 pigs and
4,000 cows, three pig slaughter lines with a capacity of 2,400 heads/shift, two cow slaughter
lines with a capacity of 300 heads/shift, a frozen storage system with a capacity of 2,000 tons, a
sterilized sausage production line imported from Japan with a capacity of 10,000 tons/year and a
canned products processing lines with a capacity of 5,000 tons/year. The Company also has a
frozen foods processing plant with a capacity of 3,000 tons/year in Ho Chi Minh City, a foods
processing plant with capacity of 3,000 tons/year in Bac Ninh, a breeding farm in Go Quao and
12 owned stores in Ho Chi Minh City.
In 2017, VISSAN was confered the certification of ISO 9001: 2015 by BSI - a well-known
organization in the world for quality management system. These ISO 9001: 2015 standards are
applied on 03 product lines: pasteurized sausage, canned food and frozen processed food. The
production management process is operating on the basis GMP standards and HACCP standards
with 2 lines of sterilized sausage and canned products. The Company has also equipped modern
machines and new technology for laboratories with ISO/IEC 17025 certificate.
With the strict application of the international quality management standards of ISO, GMP and
HACCP, the Company has fully controlled the stages of foods supply chains, ensured food safety
and provided markets with high quality products.
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4.3. Products and Distribution
In 2017, VISSAN achieved a total revenue of VND 3,899 billion, a growth rate of 6%, in which
pork accounted the largest contribution. Regarding processed foods, after a period of decline, the
purchasing power has recovered with the company's effective solutions following the market
trends and consumer tastes.
As a pioneer brand in the Vietnamese food processing market, VISSAN has always upholds the
spirit of innovation by constantly supplying market with high quality and healthy
products. Recently, VISSAN has successfully developed and launched a series of new products
such as: herbs feeded pork, sausages Daily, pork rolls Huong Viet, pork rolls Huong Que,
sausages SUPER5, instant spring rolls, and beef rolls Danang. These products are not only rich
in nutritional value, but also provide delicious meals.
Currently, VISSAN has about 17 different types of sterilized sausage, with various brand names
such as: Hola, Dzo Dzo, Lucky, Ba bong mai, in order to meet the taste of many target groups of
customers. Besides traditional sausages such as pork and beef, new flavors such as shrimp and
corn have been created to bring new experiences to consumers.
Vietnam's retail industry has grown by about 10% over the years, but consumers are largely still
in the habit of buying through traditional retail channels such as markets or stores. According to
a Nielsen’s research, traditional channels account for 83% of FMCG sales, including foods, but
Vietnam's modern store network has grown strongly in number in the last few years.
In the segment of fresh meat and processed foods, VISSAN's products are distributed both
through traditional channels such as owned stands tin the market and wholesale stores, and
through modern retail channels such as supermarkets, mini supermarkets and food stores in
HCMC.
In order to increase revenue, VISSAN is promoting sales through modern retail systems which
have been heavily invested in recent times, typically systems of food stores and convenience
stores of Satrafoods, Co.op Food, Vinmart, Vinmart +, Green Department ...
Vissan's fresh meats are mainly distributed through modern retail channels, accounting for 7075% of sales. The rest is distributed through traditional markets, agencies, schools, etc.
Processed foods are distributed through traditional channels and accounted for 60%.
VISSAN gains advantage through a wide distribution channels with a network of 130,000 points
of sale on traditional channels, more than 1,000 on supermarkets, convenience stores and nearly
50 showrooms nationwide. According to VISSAN's General Director, the traditional channels do
not bear much expense, so the profit margin is better than the modern one.
4.4. Business Performance
The period of 2015-2020 marked big changes of VISSAN’s operating model, from a 100% state
owned company to a joint stock company. With the new model, the Company has overcome
many challenges and achieved high results: total revenue has reached VND 26,314 billion and
get 110% of planned targets, grown up 20% over the same period, reached average growth rate
of 5.57% per year; profit before tax has reached VND 867 billion, get 103% of plan targets,
grown up 35% over the same period, reached average growth rate of 9.96% per year.
Regarding social responsibility, for years, the Company has associated business activities with
solving social issues, protecting the environment and meeting customer concerns such
as providing 100% pork according to VietGap standards and Australian beef according to
8
ESCAP standards. At the same time, the Company has contributed to the mission of prices
stabilization. Moreover, the Company's employees have volunteered to contribute VND 2,750
billion to the "Satra for home islands and sea" program and VND 500 million for the charity
social funds.
Table 3: Financial situation of VISSAN
Unit: VND billion
Year 2016
01/01-31/12
Year 2017
01/01-31/12
Year 2018
01/01-31/12
Year 2019
01/01-31/12
1,838,857
3,878,107
4,439,501
4,972,564
401,410
972,166
907,997
1,040,602
Net profit from operating activities
67,390
162,860
173,160
224,438
Corporate income tax
54,695
129,628
138,017
178,091
1,489,979
1,771,440
1,721,726
1,946,088
Liabilities
626,101
814,316
728,121
877,488
Equity
863,878
957,124
993,605
1,068,600
676.00
1,602.00
1,706.00
2,201.00
71.88
25.55
24.04
14.08
ROEA
6.19
14.24
14.15
17.27
ROAA
3.69
7.95
7.90
9.71
Financial indicators
Business results
Net sales
Gross profit
Balance Sheets
Total assets
Financial indicators
EPS of the last 4 quarters
Basic P/E
Source: Vietstock (2020)
5.
CHALLENGES
From the beginning of 2019, the livestock industry has been negatively affected by the African
swine fever (ASF). This leads to a shortage of meat supply and directly affects businesses
producing and trading processed food from meat.
According to a VISSAN's leader, before the outbreak of ASF disease, the Vietnamese meat
market was forecasted for about US$ 10 billion annually, but now it is only about US$ 6
billion. The Company's business report assessed that, the meat market will have fluctuations due
to widespread of disease in many provinces and pushed up pig price. Consumers refrain from
using pork, leading to a decline in consumer’s demand and affecting the company's sales
volume.
Facing that situation, VISSAN decided to take initiatives in backup scenarios in case of
disease. Specifically, VISSAN has actively imported frozen pork for reserves in order to ensure
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input materials, stabilize market prices and meet the demand for quality of non infected pork. At
the same time, in order to provide safe food for consumers, VISSAN also continues to apply and
monitor closely the Company's processes from breeding, slaughtering, processing to distribution.
The Company committed to provide 100% safe pork to consumers and to assured food
traceability.
Vissan currently has a chartered capital of more than VND 809 billion, of which Saigon
Commercial Corporation (Satra) holds 67.76%, and the major shareholder - the International
Agricultural Nutrition Joint Stock Company (Anco) - holds 24.94%. At the annual General
Meeting of Shareholders (Vissan, UPCoM: VSN), Satra's announced a roadmap of capital
withdrawal from VISSAN for 2020 and coming years.
6.
STEPS FORWARD
Explaining to shareholders at VISSAN’s annual meeting in the morning of June 18th 2020, Mr.
Nguyen Ngoc An, general director said that with the current difficult situation of the livestock
industry, the demand for both fresh and processed pork will decline in the next few
years. "Accordingly, we set specific business targets each year with normal growth, maintaining
market share at the current level".
Figure 3: Vissan's business plan for the period 2020-2024.
Source: VISSAN Company
According to Mr. An, the price of live pig will remain high at least until 2021. It’s is very
difficult to forecast the market trends, so the business plan for the period of 2020-2024 must be
monitored and revised several times.
In order to increase production capacity and improve the quality of product lines, VISSAN is
also investing in a processing plant in Long An which will be in operation in 2024.
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With the development strategy of Feed-Farm-Food model, VISSAN aims to self-control 20-30%
of raw materials through its own pig breeding farms, in addition to cooperate with livestock
farmers according to company’s standards.
7.
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