The Vietnam Plan
USC Global Execu7ve MBA VII Jimmy Chang Howard Fu Siao Yong Ly Ricky Wang Jerry Wu
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Table of Contents The Vietnam Plan
I. Execu7ve Summary II. Corporate Overview Tyson Corporate Product Line Value Chain Core Strengths/Market Analysis Vietnam Compe7tor Analysis III. Vietnam Country Analysis Vietnam Country Analysis Why Vietnam Cage Analysis Vietnam Risk Assessment Poli7cal Risk Meter Why Export Only Ins7tu7onal Voids Analysis IV. Recommenda7ons Entry Analysis Decision Tree V. Appendix Addi7onal Informa7on Sources
3 4 5 6 7 8
9 10 11 12 13 14 15 16 17
18 21
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The Vietnam Plan
Execu7ve Summary With global growth slowing down especially in the United States and Europe, Tyson must respond and faces the impera7ve of finding a new geographic loca7on to s7mulate future growth. Asian has been the engine of growth since the end of the Financial crisis in the late 90’s. One of the fastest growing market, Vietnam is a country that Tyson needs to enter by impor7ng their products from one of their strategic loca7ons in Asia. Why Vietnam? For the past decade, Vietnam has had a CAGR of 6.2%. We project that Vietnam will con7nue to grow over the next decade at the same or higher rate making it one of the fastest growing markets in the region along with China. Vietnam is home to an incredibly a`rac7ve consumer base who over the past five years has seen a burgeoning middle class, gross na7onal income, and disposable income levels all outpacing nearly every other market. Vietnam’s popula7on will con7nue to grow and will consume a greater amount of protein in their diets. Recommenda1on for Tyson With the growing consumer demand for various proteins, Tyson could provide the much needed full product lines by impor7ng from one of the strategic loca7ons through out the world. This strategy of impor7ng products will give limited exposure to Tyson and to be able to server the market quicker than a green field opera7on or a joint venture. In addi7on, Tyson will be able to leverage the excess capacity at their newly built facili7es in India/China. They could also use this as a model for the other ASEAN countries in the region. Market and Compe1tor Difficul1es Entering the Vietnam market will not be easy as there are a number of obstacle that they need to overcome. The infrastructure is slowing being developed. Government corrup7on is high. Finding qualified labor in the market place is difficult. Importantly, they will need to compete with cultural/ infrastructural issues of having fresh meat readily available now. This will be a big challenge, but we feel impor7ng protein would be the best strategic choice for Tyson now. 3
Corporate Overview
The Vietnam Plan
Tyson Reach
Tyson Foods, Inc., (NYSE: TSN) is the world’s largest meat producer in the world with 2009 sales of US$26.7 billion. With over 107,000 employees in more than 300 facili7es worldwide, 123 food processing plants, Tyson is the second largest food produc7on company in the world aher Brazil’s JBS S.A. In addi7on to commodity exports, they have developed interna7onal products suitable for the tastes and preferences of local consumers
Mexico
China
Brazil
India
Asian Presence
Tyson Foods has strategic in-‐country poultry raising facili7es in Brazil, China, India, Mexico, which helps in its export of protein products to over 100 countries. They also have a ver7cally integrated beef joint venture in Argen7na. Tyson is also a supply solu7on for many of its U.S. restaurant chain customers, who are expanding interna7onally, especially in China. Tyson is establishing their Asian presence with facili7es in India and China, which will allow them to supply the rest of Asia.
Source: h*p://en.wikipedia.org/wiki/Tyson_Foods
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Tyson Product LInes
The Vietnam Plan
Tyson is a power player in both the fresh and high-‐quality protein and the mass-‐ produced frozen protein market. It’s geared toward consumer products such as frozen, ready-‐to-‐eat chicken and protein products. Even though most people think of chicken in correla7on with Tyson products, beef is currently their cash cow accoun7ng for 47% of their sales, as well as having interest in pork and consumer goods.
Commodity Products
Retail
Foodservice
Source: Tyson Foods, Inc. Fiscal 2010 Fact Book
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Value Chain R&D
The Vietnam Plan
Produc7on
Global Value Chain
Global R&D • Sustainability • Safety • Quality
• Technology Transfer • Local Standard • Disease Control
R&D
Logis7cs
Sales
Produc7on Standards
Marke7ng Messages
Global Partners
Distribu7on Channels
• Maximize “Feed conversion” integra7on: • Breeding – Growing – Processing • Consolida7on of small farms & suppliers
• High Standard • High Quality • Natural Hedge (currency, country risk, etc.)
• Packing • Shipping
• Global QSR’s • Grocery Store Chains • Hypermarkets
Local Services
Local R&D
Marke7ng
Local Produc7on • Op7mize produc7vity of small farms
Produc7on
Local Marke7ng
Local Transporta7on
• Improve standard • Improve quality • Risk from single market • New Market Opportuni7es
• Condi7ons • Waterway • Roadway • Railway • Local Distributors & warehouses
Marke7ng
Logis7cs
Sales • Local Franchises • Local Meat Markets • Local Groceries • Local Restaurants
Sales
Value Chain Analysis Demand (retailer/buyer) Concentrated
Supply (processor/ supplier)
Fragmented
Concentrated
A) Mutual market: Most comprehensive standard
C) Producer driven chains
Fragmented
B) Buyer-‐driven chains D) Tradi7onal market Limited and least comprehensive
Summary: In Box D (the case of Vietnam), social and environmental standards are least developed here compared to the other three boxes. This is the case for Vietnam’s tradi7onal agricultural commodi7es that are traded in local farmers’ markets oriented toward domes7c consump7on. Branding in this type of market is hard. The first step is to understand the customer/consumers before entry.
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Core Strengths/Compe77ve Advantages & Market Analysis of the Animal Protein Market Diversified Business Model • Pork • Chicken • Beef
Food Service Network • Established channels • Reliable Cash Cow
Brand Recogni1on • Posi1ve & Large-‐Scale
The Vietnam Plan
Summary: Tyson has been able to grow and maintain its posi7on as a protein provider through nurturing a number of key strengths and maintaining its advantages so that as a leading provider of poultry, beef, and pork throughout the world, it will have the flexibility and mobility to maintain that posi7on in the foreseeable future.
Drivers of the Global Animal Protein Market
Drivers of the Vietnam Animal Protein Market
• Qualita1ve Change in the produc7on, processing, distribu7on and marke7ng • Urbaniza1on affec7ng dietary & standard of living • ShiP in diet with reduced physical ac7vity at work and leisure 7me • Poorer countries facing food shortages and nutrient in adequacies
• Demand for the increase in standard of living reflected upon GDP growth • Underdeveloped infrastructure to support comprehensive distribu7on channels • Availability of feed from local or imported sources.
Market Analysis of Animal Protein Market Challenges of the Global Animal Protein Market
Challenges of the Vietnam Animal Protein Market
• Higher grain and feed prices in the US make meat export less compe77ve • Global consolida1on of infrastructure with the other compe7tors • Worldwide environmental concerns.
• Large rural popula1on with localized and tradi7onal buying habits • Fresh meat versus Frozen meat • Fluctua1ng Vietnamese Dong (VND) • High Feed Costs • Small Scale of Opera1ons low produc7vity • Environmental concerns on livestock and feed produc7on • Low quality of product
Fiscal 2010 Facts book,, Tyson Food Ince : h`p://en.baomoi.com/info/meat-‐import-‐to-‐fall-‐on-‐global-‐sulpplu/5/150620.epi Current Status and Prospects for the Pig Sector in Viet Nam: A Desk Study, Dinh Xuan Tung, Nguyen Thu Thuy, Tran Cong Thang February 2005
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Vietnam Compe7tor Analysis
The Vietnam Plan
Mul7na7onal Corpora7ons
Domes7c Corpora7ons
• JBS SA is u7lizing Australia as its base to supply Asia without a heavy focus on Vietnam • Smithfield’s focus on Europe has meant a lower priority on ASEAN and Vietnam • Foster and Perdue Farms both have sales offices in China, yet no proac7ve ini7a7ve in Vietnam
• Vissan is the strongest domes7c company focusing on beef and pork. • Most others are smaller non-‐integrated specialists like Nam Phong, CP Vietnam, Long Chau, Foodex, and Binh Chanh Central
Porter’s Five Forces
Vietnam presents a lot of opportuni7es for investment in the poultry business. Despite the threat of subs7tutes which is always a factor with government regula7on, we can not ignore the low threat of new entry as Vietnam is s7ll rela7vely untouched by broad protein providers.
Threat of New Entry (low) • Tyson has already penetrated the beef market as 11% of their beef sales are sold in Vietnam
Power of Buyers (medium-‐high)
Threats of Subs7tutes (very high)
• GDP increasing. Vietnamese consumers adding meat to their diet. • Consumers willing to accept low quality meats • Vietnamese middle class is s7ll growing.
• Governments reduc7on of import bans • Low requirements for food safety standard • Growing demands of local supplies of protein
Power of Suppliers (medium) • Vietnam relies heavily on Local suppliers. • Recent change of events is recent and is not expected to con7nue into the future
Five Forces
Rivalry (medium) • Gov’t and community familiarity with current system of local providers. • Local providers must upgrade capabili7es to meet consumer demand. • Vietnam is hos7ng trade shows welcoming foreign protein exporters.
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Vietnam Country Analysis The Vietnam Plan
WHY -‐ The Fast Growing Economy Vietnam is a land full of unexplored and underu7lized resources. Vietnam has a communist government with a capitalist economy. Since the 1970’s, it has emerged as a “gold mine” from the ravages of war. The geographical loca7on is also highly suitable for carrying out interna7onal business due to its long coastline, providing excellent natural harbors, access to marine resources, and opportunity for growth of tourism industry. Vietnam has vast forest-‐ reserve, mineral deposits, and fer7le farmland. However, the country remained desperately poor as the resources are under exploited for centuries. GDP in 2010: $102 billion. Real growth rate (2010): 6.8%. Per capita income (2010): $1,168. Infla7on rate: 9.19% (average monthly Consumer Price Index of 2010, year-‐on-‐year); 12.79% (average monthly CPI through first quarter 2011, year-‐on-‐year). Natural resources (20.58% of GDP, 2010) : Coal, crude oil, zinc, copper, silver, gold, manganese, iron. Agriculture, forestry, and fisheries Industry and construc7on (41.09% of GDP, 2010): Principal types-‐-‐mining and quarrying, manufacturing, electricity, gas, water supply, cement, phosphate, and steel. Services (38.33% of GDP, 2010): Principal types-‐-‐tourism, wholesale and retail, repair of vehicles and personal goods, hotel and restaurant, transport storage, telecommunica7ons. Trade (2010): Exports-‐-‐$71.6 billion. Major export partners-‐-‐U.S., EU, ASEAN, Japan, China, and South Korea. Imports-‐-‐$84 billion. Principal imports-‐-‐machinery, oil and gas, iron and steel, garment materials, plas7cs. Major import partners-‐-‐China, ASEAN, Japan, Taiwan, South Korea, and EU. Exports to U.S. (2010)-‐-‐$14.3 billion. Imports from U.S. (2010)-‐-‐$3.7 billion. *Source: CIA, the world fact book, Vietnam, h*ps://www.cia.gov
GDP Real Growth Rate
GDP per capita (PPP) (US$)
GDP (Purchasing Power Parity) in USD Billions
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Why Vietnam The Vietnam Plan
Leading in growth
7.1 Projected growth in GDP in Vietnam from 2011-‐2015. Leading ASEAN with an average of 6.0
6.8
2010 GDP % growth in Vietnam. Quite pedestrian with ASEAN average of 7.3.
7.7% 43kg
Percentage projected growth of per capita consump7on of pork in Vietnam. Average of 43kg
25 20 Beef
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Pork
10
Poultry
5 0 V '08 P '08 V '09 P '09 V '10 P '10 V '11 P '11 This graph shows the comparison between Vietnam (V) and the Philippines (P) between 2008 and 2011 on the per capita consump7on of beef, pork, and poultry. With comparable popula7ons, we see Vietnam consuming more animal protein, thus making Vietnam a more viable market. Popula1on (millions) 300 200 100 -‐
Among the ASEAN countries, Vietnam is one of the most populist. Thus being a significant and an important market. Indonesia and Philippines have markets that don’t have growth in animal protein consump7on that is comparable to Vietnam
Summary: Vietnam is poised for growth in the Animal protein market as a leader in consumer consump7on in ASEAN. In comparison with other ASEAN countries, specifically the Philippines, with similar popula7on sizes, Vietnam’s consump7on is project to outpace others. 2 major points of projected GDP growth and pork consump7on per capita indicate that Vietnam is the right place to be. Source: OECD Development Centre (MPF-‐SAEO 2010) United States Department of Agriculture Foreign Agricultural Service h*p://www.fas.usda.gov/data.asp
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Why Vietnam The Vietnam Plan
CAGE Analysis Cultural Distance – MEDIUM/HIGH • Official language is Vietnamese.(Spoken by about 90%) of the popula7on. • Livestock annual consump7on in tonnage: Beef, from ca`le only-‐ 206,000, Pork-‐ 2.55 million, Chicken-‐ 359,000 • Domes7c produc7on of meat and poultry has been growing since 2003. • Importa7on of meat and poultry products has been growing rapidly since 2004.
Geographic Distance • A key element to Vietnam’s success has been its geographic stability within a region that has seen both incredible growth as well as devasta7ng economic and social collapse.
Administra7ve Distance – MEDIUM/HIGH • The country has been a member of the ASEAN since 1995. • Joined the WTO in 2007 and became a member of the UN Security council in 2008. • The Communist Party remains the dominant Poli7cal force and sole poli7cal party. • The country has only about 3000 lawyers, and trial procedures are rudimentary. • Corrup7on is perceived as widespread in the country: Transparency Interna7onal’s 2008 corrup7on Percep7on Index ranked Vietnam in the 123rd posi7on out of 180 na7ons.
Economic Distance – LOW • One of the fastest growing economies in ASEAN • Highest GINI income coefficients in Southeast Asia within 10 years • Real income has grown 7.3% annually over the last 10 years. • With an average age of 27, Vietnam has a young workforce
Summary: Cultural, administra7ve, geographic, and economic differences between Vietnam and the other ASEAN countries that Tyson currently operates in are quite high. This would support a decision for Tyson to enter the country via an import model.
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Vietnam Risk Assessment
Social – The rising power of the labor & Income inequi7es create a huge gap between urban and rural areas. Economic – Exchange rate risk from public debt may grow. Demographic – The large young work force needs educa7on and employment.
Summary: Tyson views these risks, especially Poli7cal, as factors to enter in any new market. Poli7cal and Legal would be the primary hindrance in establishing a Vietnam produc7on facility.
The Vietnam Plan
Poli1cal – Poten7al civil unrest with Arrest of dissent. Pro-‐democracy movements. Land seizures. Environmental (Geography) – Flood risk can poten7ally hurt harvests & agricultural sector, as well as poor urban areas.
Legal – Absence of the rule of law with party officials in control encourages corrup7on. Financial & Banking system – infla7on, bad debt, and increasing deficit are most pressing. Vietnamese banks are very vulnerable to exchange rate risk as a result of their extensive dollariza7on.
h*p://www.scribd.com/doc/46290106/Country-‐Risk-‐Analysis-‐Vietnam
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The Vietnam Plan
Poli7cal Risk Assessment Since 1976, Vietnam is dominated by the Communist Party, led by Nguyen en Minh Trier. The Orange denotes a HIGH level of Poli7cal risk. -‐ With this high level of poli7cal risk, there comes a high degree of corrup1on. In 2009, “Transparency Interna7onal” has ranked Vietnam 120th out of 180 countries. -‐ The Government has ins7tuted one of the most complicated tax-‐systems among the ASEAN countries which has prevented MNC’s doing long term investment(source: center of the study of Emerging Market, 2009).
The Poli1cal Risk Meter Source: AMB Country Risk Report, Vietnam October 29, 2010
Vietnam’s Labor Produc7vity 1975-‐ 2009
Source: Groningen Growth and Development Centre and the conference board 2010
Source: Vietnam, world bank investment report 2009
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Why Export Only
₫
Import VND60k/kilo
₫
Import VND65k/kilo
The Vietnam Plan
₫
Domes7c VND80k/kilo
₫
Domes7c VND85k/kilo
Summary: We can see a difference in the cost of impor7ng and domes7c animal protein. Contribu7ons to this discrepancy include fluctua7ng dong, produc7on inefficiencies, unstable localized feed source. Addi7onally, recent diseases in 2010, have hampered the success of a viable Vietnamese local animal protein produc7on industry
₫ ₫ Import VND110k/kilo
Recent Domes7c Diseases Weak Grocery/Hyper Market Channel
Domes7c VND120k/kilo
Pig – Blue Ear Pig Disease Cow – Food & Mouth Disease Chicken – Avian Flu Only 30 Hypermarkets in Vietnam, without Walmart and Carrefour 14
Ins7tu7onal Voids Analysis
The Vietnam Plan
Summary: While entering the growing Vietnam market seems to be a promising op7on, the country lacks a number of infrastructure to connect buyers and sellers. Vietnam is s7ll considered as an emerging market. With an emerging market, its lacks certain “soh” and “hard” infrastructure as compared to other markets where Tyson currently operates. Business Strategy and Opera7ons
“Soh” Infrastructure “Hard” Infrastructure Common Factor Endowments
Logis7cs Intermediaries
Roads, Rail, & Ports
Land
Professions, Creden7aling Search Firms Schools, Universi7es, Training
Debt & Equity Markets, Venture Capital
Physical and Property Rights Security
Labor
Banks & Financial Ins7tu7ons, Regulators
Capital Markets
Specialized Consultants, Accountants, and Legal System Func7oning Independent Legal System
Poli7cal & Social Systems
“Soh” Infrastructure Voids • •
Logis1cs Intermediaries – There has been much improvement in the logis7cs industry for Vietnam the last couple of years, but this will be an issue to maintain due to the lack of workers with the needed skillsets. Vietnam has moved up to 53 posi7on out of 155 countries. Specialized Consultants, Accountants, and Legal System -‐ Judgments are not publicly published. Difficult to get past judgments and obtain prior court rulings. Poorly trained personnel and a weak legal educa7on system. Legal system is very much 7ed to the government and corrup7on rampant.
“Hard” Infrastructure Voids •
•
• •
Roads, Rail, & Ports – Vietnam has the natural resources in that the East coast borders the sea, but most of these ports have not been very well developed. Vietnam has less than 20% of the roads paved in the country. Much of the railway infrastructure is in dire need of upgrade and remains from early century. Schools, University, Training -‐ Public schools are under-‐funded and most students will drop out due to poverty rates. Higher educa7on system has outdated curricula and a lack of research ac7vi7es for students. Qualifica7ons from Vietnamese universi7es are not recognized worldwide. Physical and Property Rights Security Func1oning Independent Legal System Sources: www.roadinfrastructurevietnam.com; www.wikipedia.org; www.thuongmai.vn; fyi.uiowa.edu/03/21/sidel-‐vietnam/ internaZonalbusiness.wikia.com
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Entry Analysis
The Vietnam Plan
Summary: Historically, Tyson has entered new markets via acquisi7on of local protein producer. Many countries will not import meat from Vietnam as many facili7es operated in Vietnam don’t meet interna7onal standards for hygiene, quality, etc. Tyson has the resources to enter Vietnam either as a poultry and pork importer or to set up produc7on facili7es. Of course, this investment will likely 7e up a great amount of its liquid assets..
Firm Capabili7es
Loca7on Factors
Vietnam’s loca7on is accessible due to Tyson’s sales centers in China and its produc7on Facili7es in China and India. Thus providing a venue for alterna7ve export opportuni7es to Vietnam as well as the ability to support opera7ons from within.
Industry Factors Poor herd management, diseases, and infrastructure woes, account for challenges Vietnam faces as it tries to double its protein produc7on. Modern methods and technology to effec7vely raise produc7on if outside protein produc7on firms came into the country.
Venture and Strategic Factors
Entry Determinants
Inconsistent government reports and policies make any investment of land and facili7es risky at best. Tyson already exports beef to Vietnam and broadening that trade could help Vietnam meet its demand.
Entry Op1ons
Wholly Owned
• There is opportunity to establish produc7on facili7es using modern prac7ces, but with gaps in distribu7on channels coupled with a threat of people quick to learn proper methods and employing them with local or alternate suppliers, a Wholly-‐owned entry op1on would not be effec1ve.
Expanding • The only advantage in do this would be access to people with exper7se and knowledge of Range and protein distribu7on. The government is looking to reform this process and local mass producers Volume of don’t have a lot of assets and resources that Tyson needs. Acquiring a local supplier or a Joint Venture would have a likely low or nega1ve ROI in the immediate and distant future. Exports Tyson currently receives 15% of its beef sales to Vietnam. Vietnam would like to rely solely on Acquisi7on • local 16 at sources of protein but, with Vietnam’s current infrastructure, imported meat is retailing and Joint prices nearly half that of local meat, Tyson’s ideal entry strategy into this opportunity is to Venture increase its import offerings to include pork and chicken.
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Fiscal 2010 Facts book,Tyson Food Inc.; h*p://en.baomoi.com/info/meat-‐import-‐to-‐fall-‐on-‐global-‐sulpply/5/150620.epi ;www.ats.agr.gc.ca/ase/5682-‐eng.htm
The Decision Tree
The Vietnam Plan
While Vietnam represents poten7ally large growth in a dynamic market, It is recommended that Tyson to Expand the current range of products and increase Volume of Exports. We have listed all of the op7ons Tyson has in terms of its entry strategy. The op7ons in green represent the best strategic way for Tyson to capitalize on the opportuni7es in Vietnam (based on our findings). The small size of the current Vietnam market and lack of channels warrant a strategy to export only at this 7me. With bases both in India and China, Tyson can service Vietnam, Singapore, Malaysia, the Philippines, and Thailand concurrently.
Greenfield
Now
Joint Venture
Later
Acquisi7on
Enter Vietnam
Grocery Markets Entry Strategy Beef, Chicken, Pork
QSR’s
From China
Export
Distribu7on Channel
Local (free) Market – Local Distributors(Mom & Pop’s)
From India
Local (free) market – Own distributors
From USA
Local (free) market – J.V. with local distributors
Final Summary/Recap: Strong Recommenda7on to EXPORT ONLY to Vietnam Animal Protein to the Vietnam market. With India and China produc7on – there is a geographically favorable supply chain for the growing Vietnam market.
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Appendix I • • • • • • •
The Vietnam Plan
Vietnam’s key current compe77ve advantages are based on inherited endowments, especially its geographic loca7on and demographic profile Government has realized these advantages through market opening and investments in basic infrastructure Foreign Investments -‐ Combining foreign capital with Vietnamese labor and imported inputs to serve global markets as well as the increasing domes7c demand. Despite increasing exports of processed goods, value added and produc7vity in Vietnam’s export sector remains low Vietnam’s strongest export market posi7on is in Labor-‐ and natural endowment-‐driven clusters with li`le direct linkages between them Vietnam’s a`rac7veness to investors is almost solely the result of the low prevailing wages In a changing global market environment, this is unlikely to be sufficient for sustained growth
Rela7ve Wages VS Selected Countries
Central Bank Discount Rate (%)
Infla7on Rate (consumer prices)
Dong (VND) per US Dollar
*Source: Philippines' department of labor and employment
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Appendix II
The Vietnam Plan
Trade & Economic Growth: Vietnam Real GDP projec1on to 2020 *VNUS= Vietnamese + USA parallel agreement BTA
19 Source: Groningen growth and the development centre and the conference board 2010
Appendix III
The Vietnam Plan
Vietnam’s Emerging Weakness
Source: General StaZsZcs office of Vietnam
• Low sophis7ca7on in the export sector along with strong domes7c demand is causing con7nuously growing trade deficit • Real apprecia7on of the Dong further contributes to that deficit (More expensive for foreigners to purchase products) • Significant Capital inflows fuel domes7c demand growth and infla7on • Expansionary fiscal and monetary policies is making infla7on worse rather than control it • Falling ra7o of GDP growth to investment increases the need for capital inflows to maintain the growth rate. • Demand growth is outstripping the exis7ng Microeconomic Capacity in terms of skills and infrastructure • The gap between announced and implemented FDI is increasing • Government efforts to meet the infrastructure and regulatory needs of growing economy are hampered by a regulatory approach focused on control (Poli7cal/Judicial Structure) • Vietnam has not created new, dis7nc7ve compe77ve advantages. Therefore while the development model has been successful, signs of its fragility are increasing.
Opportuni7es and Threats of Vietnam
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Appendix VI
The Vietnam Plan
Sources Tyson Foods Consumer InformaZon (www.tyson.com) Tyson Foods Corporate InformaZon (www.tysonfoods.com) Tyson Foods Investor InformaZon ( h*p://ir.tyson.com) Tyson Foods Sustainability Report ( www.tysonfoods.com/Sustainability/2010/ SustainabilityAtTyson.aspx) Agricultural Long-‐term ProjecZons ( www.usda.gov/oce/commodity/ ag_baseline.htm) CME Daily Livestock Report (www.dailylivestockreport.com) The NaZonal Agricultural StaZsZcs Service (www.nass.usda.gov) The U.S. Department of Agriculture (www.usda.gov) USDA Economic Research Service (www.ers.usda.gov) Vietnam's Market for Imported Meat and Poultry: A Guide for Canadian Exporters (h*p://www.ats.agr.gc.ca/ase/5682-‐eng.htm) World Agricultural Supply and Demand EsZmates (www.usda.gov/oce/commodity/wasde) Consumer Foodservice – Vietnam ( Euromonitor InternaZonal: Country Market Insight) Country Commerce, Vietnam (The Economist Intelligence Unit, N.Y., released Apr. 2011)
Farm to Market Conference (BMO Capital Markets; May. 17th. 2011) Live Stock Brief, Vietnam (Food and Agriculture OrganizaZon, UN) The 2010 Vietnam CompeZZveness Report (Michael E. Porter, Harvard Business School) Tyson Foods: Entering China (A) By Chen, Greenbery, Hockenmaier, Voigt Case 9-‐708-‐01 Rev. Oct.2010 THE IMPORTANCE OF TYPES OF BIRDS AND OF THEIR PRODUCTION AND MARKETING SYSTEMS FOR POULTRY CONSUMERS IN VIET NAM, by Phan Thi Giac Tam & Olaf Thieme (GCP/RAS/228/GER Working Paper No. 8) Vietnam: US Eyes Growing Livestock Industry, Feedinfo News Service 10 Aug. 2010 USC CENGAGE Learning Vietnam Champer of commerce and Industry, www.Indexmundi.com, Centre of study of emerging market, CIA World Fact book, www.cia.gov General StasZcs of Vietnam Groningen Growth and Development Centre and the conference board 2010 OECD Development Centre (MPF-‐SAEO 2010) Current Status and Prospects for the Pig Sector in Viet Nam: A Desk Study, Dinh Xuan Tung, Nguyen Thu Thuy, Tran Cong Thang February 2005
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