Diploma in Business - Assignment

ASSIGNMENT 1 FRONT SHEET
Qualification BTEC Level 4 HND Diploma in Business
Unit number and title Unit 32: Business Strategy (574)
Submission date June, 5th 2021 Date received (1 st submission)
Re-submission date Date received (2 nd submission)
Student name NGO HOANG ANH Student ID GBH190038
Class GBH0904 Assessor name DO THACH ANH
Student declaration
I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand
that making a false declaration is a form of malpractice.
Student’s signature:
Anh
Grading grid
P1 P3 M1 M3
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 Summative Feedbacks: Resubmission Feedbacks:
Internal Verifier’s Comments:
Signature & Date:
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Table of Contents
Introduction.................................................................................................................................................4
I. Determine the strategic context of Binh Minh Plastic Joint Stock Company...................................5
II. Implement a macro environmental audit for Binh Minh Plastic Joint Stock Company by using the
PESTLE framework...................................................................................................................................8
1. Political factors............................................................................................................................8
2. Economic factors.......................................................................................................................10
3. Social factors..............................................................................................................................15
4. Technology factors.....................................................................................................................16
5. Legal factors...............................................................................................................................17
6. Environment factors..................................................................................................................19
7. Comments on the importance of macro environmental analysis for the strategic development
of your chosen company...................................................................................................................20
III. Carry out the industry/sector audit for Binh Minh Plastic Joint Stock Company by using Porter’s
5 force model........................................................................................................................................21
1. Threat of Substitutes.................................................................................................................22
2. Bargaining Power of Buyers.......................................................................................................23
3. Bargaining Power of Suppliers...................................................................................................24
4. Rivalry Among Existing Competitors..........................................................................................27
5. Threats of New Entrance...........................................................................................................30
6. The critical success factors for a company in the Plastic market...............................................31
IV. Carry out a specific stakeholder analysis and devise a stakeholder mapping for Binh Minh
Plastic Joint Stock Company..................................................................................................................33
1. Stakeholder analysis..................................................................................................................33
2. Stakeholder mapping.................................................................................................................36
V. Identify and analyze the main opportunities and threats that Binh Minh Plastic Joint Stock
Company is currently facing..................................................................................................................37
1. Opportunities.............................................................................................................................37
2. Threats.......................................................................................................................................38
Conclusion.................................................................................................................................................39
Bibliography...............................................................................................................................................40
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Introduction
Businesses that want to thrive in today's market must have a solid business strategy in place.
Business strategy is regarded as the key to operating a business in order to achieve specific
goals, plans, and success. With extensive experience in analysis and strategic planning for
companies in a wide range of industries, this report presents the findings of a comprehensive
audit of Binh Minh Plastic Joint Stock Company (BMP), which is leading and reputable
manufacturing and trading enterprise in Vietnam for plastic pipe products and plastic pipe
accessories of all kinds serving the water supply and drainage industry, post and
telecommunications, electricity, industrial and civil construction. use. The main content
includes an assessment of the internal and external environments. The report will also make
recommendations on the strategy that businesses should pursue in the future based on these
analyses. External analysis, Internal analysis, and Strategic planning and evaluation are the
three main sections in which the data and related information are presented.
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I. Determine the strategic context of Binh Minh Plastic Joint Stock
Company
Visson: Maintain the position of the leading enterprise in Vietnam's plastic building
materials industry. Actively build capacity so that you can compete in the region and
internationally.
Mission: Provide products and services to meet the market's growing demand. Ensure that
the interests of customers, employees, shareholders, and society are all aligned.
Objectives:
Sustainable development objectives:
For production and business For the environment
Strengthen measures to save energy, save
water and treat wastewater.
Improve production processes, install modern
equipment to increase productivity, save raw
materials and reduce environmental pollution.
Adhere to business ethics rules.
Anti-counterfeiting, counterfeit goods.
Apply the latest standard environmental
management system.
Fully comply with the provisions of law and
other requirements on the environment.
Building an environmental monitoring and
management system, monitoring and
assessing the impact on the environment.
Identify and assess the risks of environmental
pollution to take measures to control and
reduce pollution, and apply waste separation
at source.
Build teams and processes that are ready to
respond to emergency situations.
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For employees For the community
Evaluate the working environment every year
to take measures timely improvements.
Maintain and improve the quality of health
care activities health and life for workers.
Send employees to attend training courses in
and abroad to improve expertise to meet the
needs of development needs of the Company.
Raise employees' awareness about saving
reduce energy and preserve the environment.
Actively participate in community activities to
build a friendly and environmentally
responsible corporate image.
Maintaining regular charity activities such as
blood donation, taking care of Vietnamese
heroic mothers, martyrs' parents, seriously
wounded soldiers, donating salary days for the
fund to support difficulties...
Raise employees' awareness of humanitarian
and charity activities.
Key objectives of the company by 2025:
Consumption output: 137,000 tons.
Market share: accounted for 30% of the market share in Vietnam.
Deploying 5S management model for all employees and departments parts at 100%.
Deploying 3 automation systems at factories.
Implement employee competency management system to apply training programs,
capacity building training and career development for 100% of employees.
Implement periodic employee satisfaction surveys in BMP's working environment:
95% satisfaction.
(BMPlasco, 2020).
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A business strategy is a set of business decisions and actions that direct an organization's
resources in response to external opportunities and threats. Depending on the
characteristics and business period of each business, different business strategies will define
different goals. To begin, it must be stated that all production and business activities must
be directed toward specific goals. That goal will be the primary motivator for businesses to
take action in order to achieve it; often, businesses in production and business activities
have the same goals of entering the market and increasing profits, market share growth,
and so on. As a result, having clear goals based on an assessment of the company's internal
and external markets is the most important factor when conducting business activities. The
second role of a business strategy is to coordinate all resources aimed at achieving a specific
business goal. The business strategy will capitalize on competitive advantages derived from
the coordination of organizational and enterprise resources, including various functional
departments such as the organization department, administrative department, finance
department, and department of human resources, material planning, marketing
department,… .The third function of a business strategy is to devise a method of acting that
is more realistic and effective. All production and business activities will be closely linked to
the company's current situation. Managers understand which competitive advantages will
be exploited and which opportunities will be capitalized on.
BMP has established specific business strategy for the entire company to coordinate and
implement in the past and even in the future. In particular, the Company has established
specific business strategies such as affirming the company's capacity and leading position in
the Vietnamese market, orienting to combine with other companies in the group, and
maintaining its leading position in terms of market share in the ASEAN region. BMP also
assigns the responsibility of establishing an average growth target that is not less than the
market's overall growth. To form the supply chain comprehensive application in corporate
governance, the company has used advanced management models and tools such as LEAN,
5S, in conjunction with the investment and application of modern technology, a high degree
of automation in production, and a high degree of automation in production (BMPlasco,
2018). In specific, the company focuses on creating an internally friendly and safe working
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environment, as well as prioritizing employee benefits, so that the company can be included
in the top 50 best places to work in Vietnam. BMP has launched a lot of development
strategies on Human Resource in the past year. The company always evaluates the working
environment every year to take timely improvement measures. The strategy of maintaining
and improving the quality of health and life for employees of BMP includes many regimes
and policies. The company also implemented 5S activities, established an additional SHE
department to supervise, organize monthly and quarterly inspection and assessment on
occupational safety and health. In addition, there are professional training strategies, the
Covid-19 pandemic leave regime with salary and gender equality strategies. With the
successes achieved thanks to specific and reasonable business strategies over the years,
BMP continues to offer strategies for the period 2021-2025 as follows:
Become the leading company in the market share of consumption volume in Vietnam
and is in the TOP 3 leading companies in terms of market share in Southeast Asia.
Success in perfect operation of the entire supply chain through the application of 5S
management model, economical and lean production, applying automation with
modern technology.
Maintain the position of TOP 50 companies with the happiest workplace Vietnam.
(BMPlasco, 2020).
II. Implement a macro environmental audit for Binh Minh Plastic Joint Stock
Company by using the PESTLE framework.
1. Political factors
Government stability: Vietnam is regarded as one of the countries with an appealing
and promising business environment. Vietnam will create and consolidate countries'
confidence in their policy mechanisms by providing a stable political backdrop, a
comprehensive legal system, a dynamic economic development environment,
international integration, and acceptance of international laws and rules. This is a
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favorable opportunity for BMP to be fully developed thanks to the appropriate
investment policies and economic indicators from the State.
Government policies: The government has issued tax policies that affect businesses such
as Vietnam, such as Decree 122/2016/ND-CP on Export Tariffs, Preferential Import
Tariffs, List of Goods and Levels Absolute Tax, Mixed Tax, and Import Tax Other Than
Tax, which went into effect on September 1, 2016. This is an opportunity for BMP to
take advantage of special preferential tariff commitments in FTAs to reduce input
production costs and increase competitiveness with regional partners. In 2020, the
Ministry of Finance has submitted a report to the Government and proposed not to
increase PP import tax. This proposal has also been approved by the Government, and
said it will keep the current 3% PP tax rate. This is very good news for the plastic
business community at the beginning of this new year. The retention of the PP plastic
raw material tax rate will be extended until 2022 (Tran, 2020). As a company that
imports large quantities of PP materials from foreign markets, the lower tax rate will
assist BMP in reducing its investment in importing materials. Furthermore, BMP can use
this opportunity to actively implement the policy of increasing inventory while raw
material prices remain low.
Foreign trade regulations: Currently, Vietnam has been negotiating and signing a series
of free trade agreements (FTAs) with many countries and organizations around the
world. According to the Government's report, Vietnam has officially joined, signed and
implemented 14 FTAs with effect and 01 FTA has been officially signed and is about to
take effect, and is currently negotiating 02 FTAs (Thanh, 2021). In particular, the Trans-
Pacific Partnership (CPTPP) is an important agreement signed in February 2016. The
CPTPP has brought about a comprehensive openness among its members, which has a
strong impact on the entire market, all industries, including the plastic industry. FTAs are
positive factors that help Vietnam's plastic products increase their competitiveness
when exporting to other markets. In particular, RCEP will help companies like BMP
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expand the area of guaranteed materials to meet the rules of origin (reducing export tax
to 0%) (Tran et al., 2020).
Risk in foreign markets: In an update in March 2021, Rong Viet Securities Joint Stock
Company said that the average price of PVC powder in the first 2 months of 2021
increased to $1,085/ton, up 25% over the same period in 2020. According to the
Vietnam Plastics Association (VPAS) update, by the beginning of April 2021, PVC prices in
European markets had increased for the 11th consecutive month, and the price increase
is expected to last into the second quarter of 2021. Prior to that, PP and PE prices rose
significantly in March, surpassing all-time highs set in 2015. The high price of input
plastic materials is a big problem for BMP's profit in the context of high competitive
pressure in the market (Vu, 2021). To mitigate the risk of fluctuating inputs, BMP has
implemented specific measures such as updating information on foreign transactions. In
2013, BMP took part in exchange rate forecasting research in order to make informed
decisions (BMPlasco, 2013).
2. Economic factors
Inflation: The complicated and unpredictable developments of the COVID-19 epidemic
slowed growth in most industries, particularly the plastics industry, in 2020. The
disruption of international trade has an impact on Vietnam's production, export, and
import activities. However, by the end of 2020, Vietnam's economy would have reached
a turning point, with guaranteed macro indicators. In particular, the target of controlling
inflation has been and will be controlled at an increase of less than 4% as set out by the
National Assembly at the beginning of the year. Inflation trends are associated with
financial risks of enterprises. However, thanks to solutions to stabilize the macro-
economy through tightening macroeconomic policies, supporting production and
business development, and balancing supply and demand in the context of many raw
prices, however, materials in the international market tend to decrease and global
inflation is low. Low inflation presents a "golden" opportunity for plastic companies, in
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particular, to shift their growth model toward more stable and sustainable growth (Luu,
2020).
Figure 1. Average Inflation rate in 2020 (%) (GSO)
According to Director Nguyen Ba Minh, Vietnam's inflation will remain within the target
set by the National Assembly in 2021. For starters, the global Covid-19 epidemic has
been gradually controlled, and international trade and production activities have
resumed. However, because global economic growth has not recovered as expected,
sharp increases in the prices of raw materials, fuel, and essential materials on the global
market are unlikely. Next, because Vietnam's entire political system is always proactive,
actively implementing measures to prevent epidemics, stabilize market prices,… (Dan,
2021). When the economy experiences high inflation, the government is forced to
implement a tight monetary policy by raising lending interest rates, making it even more
difficult for businesses to access bank capital. Furthermore, inflation is a significant
factor influencing the price of BMP’s input materials. The increase in input material
prices raises COGS while the selling price of products does not rise in lockstep, which
may affect BMP's business results (SCIC, BMPlasco, SSI and HOSE, 2018).
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Figure 2. Scenario for Inflation in 2021 (GSO)
Tax and duties: Vietnam's tax system has been built quite fully, with 9 taxes. Over the
time of implementation, the tax policy system has continued to be revised,
supplemented and completed in accordance with the orientation and roadmap for the
implementation of the Tax System Reform Strategy, ensuring the following objectives:
reasonable encouragement to create favorable conditions. conditions to promote
domestic production (Nguyen, 2021). Vietnamese plastic products are not subject to
anti-dumping tax like other Asian countries (average tax is from 8-30%). Therefore, this
will be a favorable condition for plastic enterprises to continue to increase export
turnover in the coming time (Pham, 2019). The tax rate for BMP in 2020 is 20.5%, which
is a relatively stable level, not much different from 2011 to the present (BMPlasco,
2020). In general, Vietnam's tax rates are reasonable for all businesses and will continue
to maintain this level in the coming years. However, because BMP owns many
subsidiaries in various locations, differences in the understanding and application of tax
regulations in various locations can result in tax violations, businesses, and enterprises
being sanctioned by tax authorities during operation.
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Finance and credit: The State Bank of Vietnam issued Decision 1730/QD-NHNN dated
September 30, 2020 on the maximum lending interest rate in Vietnam dong of credit
institutions and foreign bank branches for borrowers to meet meet the service capital
needs from 4.5% to 5.5% (reduced by 0.5%/year) (Thuy, 2020). This is an advantage for
businesses to maintain and promote production and business during difficult times of
the epidemic. For BMP, which has a strong financial structure with debt accounting for
only 2.8% of the capital structure by the end of 2020, this lending interest rate is an
extremely favorable condition (Vu, 2021).
Exchange rate: This is also a factor that strongly affects the company's business because
the products are mainly imported. In recent years, the VND/USD exchange rate has
been operated in a stable and flexible direction with a fluctuation range of less than
2%/year thanks to favorable foreign currency supply and demand as well as the priority
policy of stabilizing the macro-economy. scale of the State. From 2019, this trend will
not only continue to be maintained, but the exchange rate may even fluctuate in a
narrower band (about 1%) (Nguyen, 2020). This is an advantage for Vietnamese
enterprises to import raw materials, fuels and materials. BMP, in particular, is not
directly affected because the primary source of raw materials is purchased primarily
from domestic suppliers. However, due to the importation of some raw materials and
machinery, the Company is still exposed to the risk of exchange rate fluctuations
(BMPlasco, 2020). According to assessments, if the USD continues its downward trend
in 2021, Vietnamese exporters will continue to benefit from this trend. Regarding
imports, in 2021, when Vietnam's economy recovers, imports will increase faster.
Therefore, the pressure on the VND on the exchange rate will still be maintained.
Currently, BMP is implementing currency forward, which are one of the instruments
used to hedge against currency risk. A currency forward is that futures are traded
through a central market. A forward contract sets a rate with an expiry date. Forwards
contract are more commonly used by companies seeking to protect themselves against
currency volatility.
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GDP: In 2020, Vietnam belongs to the group of high growth countries in the region and
in the world. According to Minister Nguyen Chi Dung, in 2020, the scale of Vietnam's
economy will reach about 343 billion USD, ranking in the top 40 largest economies in
the world and fourth in ASEAN; GDP per capita reached 3,521 USD, ranked 6th in ASEAN
(Nguyen, 2021). Thus, a prosperous GDP is one of the important points to help promote
the business situation of Vietnamese enterprises in general, especially BMP. With the
development of the economy and GDP growth rate, people's consumption level is
increasing. This is the prospect for companies like BMP to increase domestic
consumption even higher.
Figure 3. Plastic consumption per capita (kg/year) (HSC, 2018)
Globalization: The growing international integration provides many opportunities for
Vietnamese businesses, but it also presents many challenges. Globalization creates
favorable conditions for businesses to expand international cooperation, gain access to
advanced technology and techniques, diversify their export markets, and expand their
input material sources. However, this also puts businesses in a situation where they
have to constantly improve their competitiveness in the market in order to survive and
develop. The opening and operation under the market mechanism has helped Vietnam
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quickly. Quickly integrating and attracting resources from other countries, together with
investment incentive mechanisms, Vietnam is now considered an attractive destination
for investors in the world.
3. Social factors
Plastic is increasingly proving to play a significant role in both daily life and economic
sectors. Plastic products are increasingly being used in everyday life as well as as raw
materials in other industries. The more developed life, the higher the income, the higher
the consumer demands for quality, and thus the design of plastic products, including
high-quality products level. Vietnamese plastics companies prefer the domestic market
over the export market. The reason for this is that the selling price of plastic products in
the country is frequently high, so selling domestic products can result in higher profits
than exports. As a result, Vietnamese plastic products are well known and familiar to
Vietnamese people and businesses rely on it, just as they do on BMP's plastic products...
This gives Vietnamese firms an advantage in occupying and expanding market share in
the domestic market. On the other hand, Vietnam's plastic products are also
underpriced by importing countries and are not yet subject to anti-dumping policies.
The report on environment and sustainable development “Who Cares Who Does” was
announced today by market research company Kantar Vietnam, said that up to 44% of
survey respondents expect a home. production takes action to minimize negative
impacts on the environment. The trend of the world is to use environmentally friendly
plastic products are environmentally friendly, while Vietnam's currently exported plastic
products such as supermarket foam bags and garbage bags are do not meet this
requirement, increasing the risk of losing the market in the world.
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Figure 4. Plastic consumption per capita in Vietnam, 1989-2016 (VIRAC)
4. Technology factors
Technological factors have a great impact on the development of plastic industry. The
development of science and technology has made plastic substitute materials for
traditional products like wood, metal etc. Besides, modern technology is contributes to
creating plastic products with beautiful designs and high quality, meeting aesthetic
requirements as well as safety entirely for consumer use. Vietnamese enterprises plastic
in recent years has paid attention to the investment technology innovation. Therefore,
Vietnamese plastic products assessed as being able to compete in export due to
technology has met the requirements of the world. However, the innovation of
technology, machinery and equipment for the Plastic industry is still a big obstacle
because most of the equipment for the industry's production activities, such as presses,
extruders, machines. blow... all have to be imported. Vietnam is currently importing
about 90% of total machinery and equipment for domestic plastic production. Besides,
plastic raw materials, additives and input compound particles are also mainly imported
and domestic. The majority of orders are processed by enterprises that specify the
source of supply (Vu et al., 2020). BMP is currently investing in and operating the factory
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entirely on modern equipment lines and European technology. The factory
implemented an automatic silo feeding system, which has helped to reduce operating
time, labor costs, packaging costs, and material loss in production. In addition, heat-
resistant PP-R pipe products are officially introduced to the market by BMP. The
company produces PVC-U pipes with a diameter of up to 630 mm. It has now been put
into operates 13 automatic manipulators on the injection molding machine, and 50
robots are expected to be added by 2021 (BMPlasco, 2020).
5. Legal factors
Over the past time, the Party and State have issued a number of mechanisms and
policies to orient and support the development of the plastic manufacturing industry in
general as well as the production of people with disabilities in particular. The Ministry of
Industry and Trade has issued Decision No. 2992/QD-BCT dated June 17, 2011 approving
the Development Plan of Vietnam's Plastics industry to 2020, with a vision to 2025.
According to this Plan, Vietnam's plastic industry is developing in a synchronous
direction from raw material production to final product processing, processing plastic
scrap for processing into raw materials, gradually increasing the proportion of domestic
raw materials to become an autonomous industry. The sector plan also sets out the goal
of restructuring the plastic industry towards producing high-quality products, reducing
the proportion of packaging and household plastic products, and increasing the
proportion of building materials plastic products. construction and people with
disabilities (Nguyen, Nguyen and Mai, 2020).
Targets 2016 - 2020 period 2021 - 2025 period
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Growth in production value of the whole industry 18.26% 16.52%
Industry-wide value-added growth 12.11% 10.81%
Proportion of Plastic industry compared to the whole industry 5.5% 6.0%
Growth in export turnover of the whole industry 14.87%
Total investment in construction of petrochemical projects to
supply primary materials for Vietnam's plastic industry
530 million USD 2.400 miilion USD
Total investment capital to build factories producing recycled
plastic materials
60 million USD
Total investment capital to build machinery and mold factories
for Vietnam's plastic industry
140 million USD
Figure 5. Decision 2992/QD – BCT
In Decision No 11/2004/QD-BCN dated February 17, 2004 on Development Master Plan
to develop Vietnam's plastic industry by 2010, the Government has set a target
prioritizing the development of the Plastics industry into a strong economic sector. Next,
in Decision No. 55/2007/QD-TTg approving the List of section 10 priority and spearhead
industries for the period 2007- 2010, a vision to 2020 and some incentive policies
development, the plastic industry is also on the list of industries industry is prioritized
for development. This shows the industry Plastics will be created with many favorable
conditions to promote activities production as well as export . Currently, the plastics
industry is subject to state regulations regarding the importation of production scrap for
recycling in order to reduce the initial cost of the plastics industry. This assists
Vietnamese businesses in taking the initiative in input materials and lowering costs (Vu
et al., 2020).
A variety of other legal documents and regulations have a significant impact on the
Vietnamese plastics industry:
Specifying the types of scrap allowed to be imported: Decision No. 73/2014/QD-
TTg and Circular No 08/2018/TT-BTNMT
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Strengthening licensing activities for imported plastic scrap as recycled materials:
Decree No 38/2015/ND-CP, Circular No. 41/2015/TT-BTNMT, Circular No.
03/2018/TT-BTNMT.
(Ta, 2019).
6. Environment factors
The natural environment is an important factor for plastic companies. Because
environmental conditions are getting worse and worse, it has become one of the
important problems for businesses, especially BMP. This leads to a shortage of raw
materials, increased energy costs, increased pollution levels, etc. This problem requires
businesses in the plastic industry to come up with effective solutions. Environmental
issues have created a large market for pollution control solutions , such as air
purification towers , recycling centers and landfill systems. BMP has come up with
solutions to overcome environmental problems with the environmental management
system according to ISO 14001:2015, environmental indicators at the Company are
strictly controlled to improve the working conditions of employees. labor and meet legal
requirements.
The raging Covid-19 pandemic and the implementation of social distancing in 2020
caused the units' production and business activities to be delayed, and construction
projects to be halted, directly affecting the company's business plan. However, with the
timely response and implementation of "Work from home" for some departments, BMP
still grew by more than 8% over the same period (BMPlasco, 2020). The reason was
explained by the CEO that despite the implementation of social distancing in April,
construction activities took place normally, and accommodation establishments and
accommodation service units were banned from operating, so they took advantage of
the repair. Therefore, the company's construction plastic pipe products are not in the
group adversely affected by the Covid-19 epidemic, but seem to benefit. However, many
experts predict that there will be difficulties in the third or fourth quarter. The Covid-19
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epidemic in Vietnam has been brought under control, but the situation is worse than in
other countries. The contracts signed for the second half of the year are quite difficult
(Ngoc, 2020).
7. Comments on the importance of macro environmental analysis for the strategic
development of your chosen company
The above mentioned PESTEL factors have a direct influence on BMP's business
strategies, production activities and revenue.
Specifically, Political, Economic and Legal factors have shown that BMP needs to
increase export productivity to foreign markets because there are policies to promote
exports and economic indicators are also a bright spot for Vietnamese businesses like
BMP. Importing large quantities of raw materials to stockpile raw materials at a time
when import prices are low must be added to BMP's business strategy. Because plastic
materials can be stored for an extended period of time, this is regarded as a measure to
assist BMP in saving on input materials.
The Technology factor has reflected and posed challenges to promote the training and
learning of modern foreign technical technologies. BMP is in the process of overcoming
those shortcomings to turn challenges into opportunities. BMP is currently
implementing a strategy to improve production capacity with 4 factories with a total
capacity of up to 160,000 tons/year. Besides, there are highly trained talents, newly
imported foreign production lines such as PVC pipes, PEHD of Canada, PVC-UDN of
Austria, PEHD DN of Germany.
It can be seen that the Environment factor is the key driver, the factor that has the most
impact on BMP's business strategy in the period from 2020 to now. The influence from
the environment has raised the problem that BMP must use environmentally friendly
and recyclable plastic materials. This will respond to the trend of the plastic industry and
also to the consumption trend of society. Along with the explosion of the industrial
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revolution 4.0, within the next 5 years, "green plastic" technology will develop, in order
to help save non-renewable resources, reduce emissions, will take the throne,
associated with the trend of changing change the growth environmentally friendly
model. For the purpose of sustainable development, protecting the rights of users and
the living environment. BMP has reasonable strategies to ensure the environment by
using the environmental management system according to ISO 14001:2015 with waste,
wastewater, exhaust gas and dust issues. In 2020, BMP also experienced difficulties
caused by the Covid-19 epidemic. BMP has promoted the strategy of using robots and
high-tech in the production line to replace workers, besides giving employees Covid-19
leave but still receiving part of their salary. This strategy helps BMP reduce labor costs
and improve and synchronize new production technology. When social distancing
caused production to stall, BMP achieved positive revenue growth. This is thanks to an
increase in the market for home repair materials, agencies, etc. When people gather at
home and have time to repair housing projects, this will be a trend for BMP's consumer
and construction plastic product business strategy.
III. Carry out the industry/sector audit for Binh Minh Plastic Joint Stock Company
by using Porter’s 5 force model
Porter five forces analysis is a framework for analyzing the level of competition in an
industry and developing business strategies. It uses industrial organization economics to
derive five forces that determine an industry's competitive intensity and thus
attractiveness. This analysis is associated with its principal innovator Michael E. Porter of
Harvard University. Porter referred to these forces as the micro environment, to
contrast it with the more general term macro environment. They are the external forces
that affect a company's ability to serve its customers and make a profit. Given the
overall change in industry information, a change in any of the forces usually necessitates
a reassessment of the marketplace by a business unit. The overall attractiveness of the
industry does not imply that every firm in the industry will be profitable. Firms can use
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their core competencies, business model, or network to earn a profit that exceeds the
industry average (Porter, 2008).
Figure 6. Porter's Five Forces
1. Threat of Substitutes
Products made from traditional materials such as concrete and metal are used as
alternatives to construction plastic. However, the competitive pressure from these
substitutes is minimal because the construction market currently favors plastic products
over traditional products, and plastic pipes are gradually replacing other types of plastic
pipes. Because of their superior properties such as higher chemical resistance, lighter
weight, easier construction, and high purity, pipes are made from traditional materials
such as metal and concrete. As a result, traditional materials are not under as much
pressure as construction plastic products . According to current safety and
environmental protection trends, there is a small amount of plastic substitutes made
from agricultural products. However, the amount of market consumption is very small
because the price is higher than plastic but the use is not equal. Furthermore, there is
no new material that will be able to replace construction plastic in the near future.
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As a result, the risk of substitute products for plastic products can be assessed as very
low because plastic materials have many advantages over other traditional materials.
Plastic companies such as BMP need to maintain this low level of competition for
alternative products. BMP's strategy is to promote research into other diverse plastic
products such as PVC, PPR, HDPE,... and import more new products from abroad. This
strategy is suitable for companies with good financial potential and scalable production
scale. This is a strategy that costs a lot of money but will diversify BMP's plastic
products.
(BMPlasco, 2020).
2. Bargaining Power of Buyers
For direct consumers: The direct customers of the enterprise are large-scale
construction companies that can negotiate directly with the company, but their
negotiating power is not too great because the product plastic is a relatively
standardized product, enterprises in the industry have grown. The customer's switching
costs are not large, and customer information is not too difficult to find because there
are many construction companies in the country and access to these businesses is not
too difficult.
For wholesalers: most construction plastic products are distributed throughout the
country by a distribution system of building material dealers. These distributors are
small and lack the clout to have an impact on the industry; the cost of switching
customers is low, and the source of customer information is easily accessible.
The construction plastic industry is dominated by a number of leading companies: Tien
Phong plastic dominates the North market with 60%, Binh Minh plastic dominates the
South market with 50% market share, for plastic pipes market share, NTP continues to
maintain its leading position in the North and second in market share in the country
after BMP. Therefore, these leading companies have great negotiating power with their
customers (VNCS, 2018).
Page | 23

Figure 7. Plastic pipe market share in 2018 (VNCS)
It can be commented that bargaining power of buyers in the plastic industry is at
medium level. For an already well-branded company like BMP, direct traders have little
ability to influence the company. However, distributors and agents present potential
difficulties. With the strategy of increasing discounts for distributors and agents, BMP is
regaining high distribution potential. However, this strategy affects the financial and
business position of the company. Assessment that only large companies and financial
firm such as BMP can implement this strategy.
3. Bargaining Power of Suppliers
The plastics industry is a processing industry, with raw material costs accounting for 70
to 75% of product costs. Because domestically produced materials only meet about 15
to 25% of the demand for plastic materials, the remaining 85% is depened on imports
(Tran, 2021).
Meanwhile, other major plastic raw materials such as Polypropylene (PP), Polyethylene
(PE) and Polystyrene (PS) plastic and most of the equipment and machinery needed for
Page | 24

the production of plastic products. The main source of imported plastic materials for
companies in Vietnam are: ASEAN, Korea, Saudi Arabia,... most of them have to be
imported, with the respective proportions of about 17.7%, 17.2% and 15.6% of
production. import volume of the whole industry, not to mention other imported
additives. Currently, each year, the plastic industry needs an average of about 3.5
million tons of input materials such as PE, PP, PS, PVC and hundreds of different auxiliary
chemicals.
Figure 8. Import market 9 months - 2020 (Vietdata)
Page | 25

Figure 9. Import market of plastic materials from June 4, 2020 to June 11, 2020 (VPA)
Besides, construction projects of domestic raw material industry are not yet developed.
Of the three chemical zones in Nghi Son (Thanh Hoa), Dung Quat (Quang Ngai) and Vung
Tau (Ba Ria), only Dung Quat Polypropylene Factory has a capacity of 150,000 tons/year
(BSR, 2021). PVC resin is produced in two factories, Nhua Co., Ltd. and Phu My Chemical
and Nhua Company and TPC Vina Chemical with a total capacity of 390,000 tons. The
inability of domestic enterprises to take the initiative in input materials reduces their
competitive power, and it is difficult for export enterprises to take advantage of, and
enjoy, tax incentives due to regulations related to tax incentives origin of goods.
Furthermore, global plastic price fluctuations will have a significant impact on the
business results of such enterprises. Exchange rate fluctuations also have an impact on
businesses, such as when importing raw materials.
Page | 26

Figure 10. Import prices of some types of plastic materials (Vietdata)
The number of suppliers is limited, and domestic production capacity is insufficient to
meet demand; however, because the plastic raw material market is a global market,
access to imported plastic raw materials for BMP is not difficult. Because BMP has a lot
of options, information about suppliers and the cost of changing suppliers isn't too
expensive. Furthermore, plastic materials are easily stored, and Vietnam currently has
free trade agreements with major producers of plastic raw materials. As a result, can
rate suppliers' bargaining power in Vietnam's plastic industry as medium. In order to
achieve more favorable sourcing, BMP has introduced strategies on opening companies
and linking with companies producing raw materials. NBM is a subsidiary of BMP,
specializing in manufacturing and trading plastic pipes and fittings for PVC-U, HDPE, PPR
plastic pipes of all kinds to supply raw materials, DPC is BMP's general warehouse in Da
Nang, and UNIPLAST is invested by BMP to facilitate the import of raw materials.
4. Rivalry Among Existing Competitors
In the plastic industry, there is fierce competition among Vietnamese plastic enterprises.
Currently, there are about 3,300 enterprises operating with an industry scale of 15
billion USD. Of which, about 84% are concentrated in the South, the Northern region
with about 14% of active enterprises (Ta, 2019). As a result, the southern region faces
Page | 27

the most competition. When the production technology of Vietnam's plastic industry is
relatively simple, the difference in products between enterprises is not significant.
As such, packaging is the segment that accounts for the highest proportion in the plastic
industry, with the rate up to 30.7% in 2020. With the regulation to impose import tax on
PP plastic 3% starting from 2017, businesses in the sub-sectors manufacturing
construction packaging and food packaging will be able to withstand competitive
pressure high from foreign competitors (Vietdata, 2020). While domestic enterprises
continue to struggle with the issue of input material costs, businesses from three
countries have been bringing finished products to compete in Vietnam right away.
Figure 11. Export structure of plastic products by type 8 months-2020 (Vietdata)
Construction plastic with the main domestic market is facing more fierce competition.
The two largest enterprises in the construction and plastic industry are Tien Phong
Plastic, which is popular with the North , with 60% of the share and the national share of
about 29% , and BMP leading Southern with nearly 50% part exam. However, recently,
the two giants of the plastic industry have begun to expand their competition by
entering the opponent's playing field as well as expanding into the central region, where
Page | 28

the plastic pipe market does not have any leading comoany. NTP's new acquisition of
Five Stars Plastic and BMP's desire to merge Da Nang Plastic have clearly demonstrated
this strategy. Besides that, businesses also maintain their share by increasing the
discount rate for agents. NTP always maintains a high discount rate, while BMP
maintains at 11-17% and other policies for agents (VNCS, 2018).
In addition to NTP and BMP, the remaining market share in the plastic industry belongs
to other competitors such as Hoa Sen, Eropipe, Tan A Dai Thanh, etc. Thus, it can be
seen that competition in the construction plastic pipe market is gradually becoming
more and more popular. should be much more intense. Domestic plastic enterprises still
have an advantage thanks to their large scale and strong brands. However, if there are
no reasonable policies to adapt to the competitive market, the market share of
enterprises will be affected.
There is currently a problem with the acquisition of domestic plastic enterprises by
foreign enterprises. Foreign corporations are paying close attention to Vietnam's plastics
industry, which is rapidly developing. Companies from Thailand, Japan, and Korea have
expressed an interest in acquiring Vietnamese plastics enterprises. Particularly, the Thai
SCG Group has purchased, sold, and merged speakers in the Vietnamese market. SCG
continued to acquire 80% of the shares of Tin Thanh Plastic Packaging Joint Stock
Company (Batico) in 2015 for 1.5 billion baht in the plastic packaging segment (about
44.4 million USD). Not just that, but SCG also invested heavily in Vietnam's plastic
industry, construction, and maintenance by purchasing 20.4 percent of Binh Minh
Plastics JSC (BMP) and 23.84 percent of NTP respectively. Thailand's SCG Group recently
announced the acquisition of 70% of Duy Tan Plastics Production Joint Stock Company in
2021 (Dat, 2021).
Korean and Japanese investors are also interested in Vietnam's plastic market. Typically,
Japan's Oji Holding Corporation bought United Packaging Company, or Sagasiki Vietnam
bought Goldsun Printing and Packaging Joint Stock Company (BVSC, 2018). In 2015, a
Japanese investment organization, RISA Partners, also wanted to invest in Dong A Civil
Page | 29

Plastic Company (Chi, 2016). Dongwon Systems, a Korean corporation, also purchased
two large enterprises at the same time, namely Tan Tien Plastic Packaging and Minh Viet
Plastic Packaging - which is a packaging company under Masan Group (Thanh, 2018).
It can be seen that foreign businesses often choose a joint venture to contribute capital
and influence the market instead of having to build a brand from scratch. Acquisitions in
manufacturing and processing businesses from SCIC's capital purchase after divestment,
or from small businesses are forecast to continue to increase with the benefit of cost
savings exploiting the cost of market research, taking advantage of domestic resources,
and exploiting the consumption demand of the domestic market itself, this wave will
emerge strongly to catch up with FTAs.
It can be concluded that the risk of competitors in the Vietnamese market is very high.
Not only are there many domestic companies, but also large foreign companies are
gradually implementing plans to acquire the Vietnamese plastic market. Faced with such
great competitive pressure, the strategy that BMP needs to come up with is to boost
investment. According to the opinion of market research experts, BMP should focus on
investing in modern technology, equipment, and machinery. Focusing on changing the
apparatus, managing in the direction of expertise, focusing on improving sales to
introduce products widely to consumers. In addition, it is to improve and improve the
design and quality of products (Minh, 2019).
5. Threats of New Entrance
The risk from new entrants in the industry is assessed as medium. Because the initial
investment cost of the plastic industry is not large, production technology is also very
easy to access, especially in the plastic packaging segment. However, this is only an
advantage for resilient businesses. For startups with small models, it is very difficult to
compete with long-standing businesses. Because Vietnam's plastic industry has been
dominated by industry brands such as NTP and BMP . The plastic industry is an industry
that has the advantage of scale when large-scale enterprises are able to negotiate with
Page | 30

large orders to be able to buy raw materials at more competitive prices. This is the
biggest barrier for businesses wanting to enter the industry to overcome. In addition,
startups will have to compete with domestic and foreign enterprises and depend on
imported raw materials, techniques, and machinery (Xuan, 2018).
Therefore, the risk from new entrants in the industry is assessed as medium. BMP
should take this opportunity to continue to improve revenue in the coming years to be
able to implement the Northern strategy. This strategy aims to better position BMP's
name in the Northern market.
6. The critical success factors for a company in the Plastic market
Vietnam plastic market is considered as Hypercompetitive industries. Because there are
many rival companies both in the country and abroad. Besides, no company has
monopolized the product, and plastic products on the market are available in all
companies. So, organizations interact in a series of competitive moves in
hypercompetition which often becomes extremely rapid and aggressive as firms vie for
market leadership.
The first factor for a plastic industry company to focus on is the product. Products in
today's plastic market are highly differentiated. Therefore, the company wants to be
successful need to have a portfolio of quality products, good prices and diversity. The
company needs to have preferential strategies, product price reduction strategies along
with research, implementation of mergers and acquisitions (M&A) or joint ventures with
input material suppliers to establish the lowest price level compared to competitors'
prices.
The second factor mentioned is the technology equipment. With the current high rate
of import of raw materials, investment in machinery, technology, equipment, and highly
qualified human resources is absolutely necessary. Capturing advanced technology is a
Page | 31

guarantee of success for the company. A successful plastic company needs to develop
large-scale production with high capacity, to ensure that the input is not dependent.
The third factor is that the company needs to understand the insights of today's
consumers. The company should focus on promoting research and development (R&D)
of differentiated products (key products) with high quality and reasonable prices
according to the needs of each market. The current consumer trend is that plastic
products are recyclable and environmentally friendly. Therefore, developing products
according to customer insights is considered an important factor for success.
(Lai, 2020).
Finally, some other factors such as building a well-recognized brand name are also an
advantage of the Company in competing with competitors in the same industry. Besides,
it is necessary to prioritize policies for the wholesale and retail distribution system. In
the face of high competitive pressure of the Plastics industry, in parallel with the
restructuring of the distribution system to be more efficient, the company needs to
increase the discount rate for agents and increase selling costs (Vu, 2021).
Page | 32

IV. Carry out a specific stakeholder analysis and devise a stakeholder mapping for
Binh Minh Plastic Joint Stock Company
1. Stakeholder analysis
Figure 12. Stakeholders of BMP
Employees: BMP considers emplyees an important stakeholder because employees
have a direct influence on the results of an entire organization. Employees have a role to
play in contributing to and implementing company strategies. The positivity and focus in
the working process will be the driving factors for the overall results of the entire
company. Employees are highly influenced by BMP. This dominant is reflected in the
delivery of work, being managed in the process, the working process. In 2020, the
number of official employees of BMP is 1.407 people, this is the key force who affecting
the company's situation.
Suppliers: Raw material suppliers play an important role for BMP. They govern the
production processes of the enterprise. BMP cannot lack suppliers because raw
Page | 33
BMP
Owners
Shareholders Employees
Customers
Suppliers
Environment
Investors
Creditors
Trade unions
Competitors
Governments
Associations

materials are extremely necessary in the operation process. And conversely, suppliers
also consider BMP an important customer because BMP is a large enterprise with high
consumption and import of raw materials. Some major suppliers of BMP can be
mentioned as: TPC Vina, ACVN, Hoa Thinh Ltd, SCG Performance Chemicals, SCG
Plastics...
Government: Government and state agencies are the place to issue economic
development strategies, laws, .... The conditions of production, import-export or
business processes all depend on the decision of the Government. government. The
government directly influences the system of legal documents, regulations and
compliance of the BMP. The local government has a direct impact on the supervision
and planning of the company. In addition, BMP has influence on the Government thanks
to the achievements of joint economic contributions, in addition, the Government is
also affected as a contractor of BMP.
Competitors: They have a role as sharing customer interest. Thanks to competitors, BMP
realizes the methods and product strategies that best suit market needs. The influence
of rival companies on BMP and vice versa is to find top business and product strategies
and apply them, but can cause competitors to follow or fall behind the trend. Some
competitors that have a great influence on BMP are NTP, Five Stars Plastic, Hoa Sen,
Eropipe, Tan A Dai Thanh,...
Environment: BMP always builds environmentally friendly production strategies and
processes and minimizes damage to the environment. This helps the company's
ecosystem in particular and the environment in general not suffer many bad impacts. In
addition, the environment also has an important influence on BMP as the raw materials
BMP needs to produce plastic are dependent on climate and environmental changes.
Associations: The Plastics Association has the role of establishing and sharing best
practice inindustry. They affect the system throughprovision of guides. The association
always provides guidelines, assessments and general plans for the future to businesses
Page | 34

like BMP. The development of the company contributes to building a stronger and more
prestigious association in the international market.
Trade unions: This unit supports the well-being of employees. This organization
represents all employees and workers. However, the effect on BMP can be assessed as
moderate. Besides, BMP does not have much influence on this organization.
Customers: BMP considers customers as among its top stakeholders. They purchase of
products or services. The interests of this stakeholder group are high quality service and
products, such as construction, civil, etc plastic products. They have a direct impact on
the company's business strategy, because they are the creators of market demand, and
BMP also has the power to influence customers by the features and uses of the products
on sale.
Owners/Shareholders: Owners or Shareholders are the people who govern most of
BMP's activities. They are the ones who make decisions to implement the strategies and
activities of the entire organization. They create trends for all employees to grow
together for the company's development goals. BMP's steps directly affect these people.
Because whether BMP is successful or not, it still affects Owners and Shareholders.
Some major shareholders of BMp are Nawaplastic Industries Co., Ltd, Franklin
Templeton Investment Funds- Templeton Frontier Markets Fund, KWE Beteiligungen
AG,...
Creditors/Investors: They act as providers and contributors to the company's funds.
However, the debt and investment fund of BMP is not too high, so these people do not
have a great influence on BMP's business. In contrast, the business situation of BMP is
always monitored by these people, because the business situation of the company has a
direct influence on them.
Page | 35

2. Stakeholder mapping
Figure 13. Stakeholder mapping of BMP
Process of systematically gathering and analysing qualitative information to determine
whose interests should be taken into account when developing and/or implementing a
policy or program. A few important points include: Analyzing who the key actors are,
their knowledge, interests, positions, alliances needs, capabilities, and importance
related to the policy allows policy makers and managers to interact more effectively
with key stakeholders and increase support for a given policy or program. By carrying
out this analysis before implementing a policy or program, policy makers and managers
can detect and act to prevent potential misunderstandings and/ or opposition to the
implementation of the policy or program. A policy or program will more likely succeed if
a stakeholder analysis, along with other key tools, is used to guide its implementation.
Another importance is repositioning of certain stakeholders is desirable or feasible. It
also maintain the level of attention or power of some key stakeholders (Schmeer, 1999).
Page | 36

V. Identify and analyze the main opportunities and threats that Binh Minh Plastic
Joint Stock Company is currently facing
1. Opportunities
To begin, there are opportunities brought to BMP by Vietnam's political and legal
factors. Vietnam has a strong international cooperation relationship. BMP benefits
greatly from the fact that Vietnam has signed numerous preferential trade treaties with
other countries, particularly those in the world's leading plastic export and import
group. As a result, BMP can easily access raw materials from around the world when
domestically produced materials are insufficient to meet consumption demand, and it
has the ability to expand export markets, especially to the Japanese and EU markets.
Furthermore, Vietnam favors BMP in particular, and the plastic industry in general, with
low tax rates for both domestic production and raw material imports. This is a base of
BMP open the field development in Viet Nam, special is the North’s market.
Second, BMP has received development opportunities from the Vietnamese economy.
Vietnam still maintains a stable economic growth momentum, leading to growth in
income and household spending, which will help create a driving force for the
development of packaging and consumer plastics. The strong growth market leads to
fast development opportunities and high market demand. Vietnam is a developing
country, the demand for construction is still very large. The trend of shifting production
of enterprises from China to Vietnam will create a driving force for the growth of civil
construction and infrastructure. In addition, the trend of shifting production to Vietnam
is also an opportunity to develop the engineering plastic segment, serving the
manufacturing and assembly industries.
Finally, there are positive development opportunities coming from technology and
people's lives. Globalization entails the integration of modern techniques and machines.
BMP is also taking advantage of this opportunity to develop high-tech factory chains.
Realizing that PVC pipes are applied in many fields, BMP is promoting the inquiry and
application of quality PVC right in Vietnam. In addition, people's living standards and
education levels are higher, leading to market demand for products of good quality, safe
Page | 37

and environmentally friendly. This is the trend for BMP to develop high quality and
"green" products.
2. Threats
For the plastic industry in general and BMP company in particular, the challenge that
needs to be mentioned is the competition. The barriers to entry into the industry are
moderate, so competition pressure is relatively high. Not only that, BMP also has strong
domestic competitors such as NTP in the northern market. Besides, is the penetration
from big foreign competitors such as Thailand, Korea, Japan, FDI enterprises, especially
in the period when the price of plastic materials is relatively low.
Besides, there are many small companies established with poor and outdated
production machinery, so they put on the market poor quality products. This is
considered a big challenge for BMP when there are fake and poor quality products on
the market. Competition in the industry is still high, the total supply is now more than
1.5-2 times the total market demand.
Next, it is necessary to mention the challenges facing BMP in importing raw materials.
Due to the fact that production technology has not been developed much, the
company's raw materials are heavily dependent on imports. Raw material prices are
calculated on the basis of USD, so the risks of exchange rate and other economic
indicators directly affect BMP's operation. In addition, the increase in transportation
charges and petrol prices also affects product prices.
Finally, the trend of people's lives poses challenges that force BMP to change. The trend
of limiting the use of environmentally friendly plastic products is also a challenge for
Vietnam's plastic industry when in the industry's export structure, traditional packaging
products that are not environmentally friendly account for a large proportion. relatively
large weight.
Page | 38

Conclusion
In the final analysis, this report has provided the strategic context of Binh Minh Plastic Joint
Stock Company, besides that has shown the role of business strategy to obtain business
objectives and goals in general of the company. Next, after using the PESTEL model, the
influences from the company's external environment were analyzed specifically, from that basis
to indicate the importance of macro environmental analysis for the strategic development of
BMP. To find the success factors for a company in the plastic market sector, Porter's 5 force
model was used to analyze external market influences. In addition, a specific stakeholder
analysis and a stakeholder mapping of the BMP were provided in the report, and accompanied
by the significance of stakeholder analysis when formulating new strategy. Last but not least,
the main opportunities and threats that BMP is currently facing have been pointed out, thereby
showing the external factors affecting and shaping the company's business strategy
development.
Page | 39

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