General Introduction About Bim Food Joint Stock Company

continues to make domestic feed prices greatly affected by fluctuations in world raw material prices. This pushes up farming costs. Raw shrimp prices have increased steadily over the past 3 years and remained high due to a serious shortage of raw shrimp supply.

2.2. General introduction about BIM Food Joint Stock Company

2.2.1. History of formation and development of the company

Marketing environment analysis for frozen shrimp products of BIM Food Joint Stock Company BIM Group is a leading corporation in many fields in Vietnam such as real estate development, infrastructure development, tourism transportation, salt production and seafood. Headquartered in Ha Long city, Quang Ninh province, it was founded by Mr. Doan Quoc Viet, a businessman who owned and operated a chain of hotels, restaurants and commercial businesses in Poland before investing in Vietnam in 1994.

BIM Company is one of the subsidiaries of BIM Group, established in 2007. Currently, BIM is the leading shrimp farmer in Vietnam, managing and developing about 2,000 hectares of shrimp farming with a system of shrimp ponds and modern processing machinery. The company owns a system of disease-free hatcheries and seafood processing factories. The company's shrimp farming area is well planned to ensure sustainable farming according to the biosecurity model. BIM is one of the first companies in Vietnam to use natural microbial technology in shrimp farming. Thanks to that, the quality of shrimp is improved to meet the strictest export standards of Japan, Europe and the US.

The quality management system has achieved certifications such as HACCP, ISO 9001:2000, ISO 22000, BRC standards on food safety and hygiene and a closed farming process from breeding - shrimp farming - processing. BIM always ensures to bring customers the best and safest products.

In addition, BIM is also a member of the Vietnam Association of Seafood Processors – VASEP. BIM’s production facilities and branches include Phu Quoc hatchery –

Kien Giang, Dong Hoa farming area - Kien Giang, Minh Thanh farming area - Quang Ninh, Tac Cau processing factory - Kien Giang, other operating branches of the company in Kien Giang, Ho Chi Minh City and Hanoi.

2.2.2. Organizational structure, functions and tasks of BIM company

Organizational structure (see diagram on next page)Company functions:

- Breeding of shrimp seeds, raw shrimp and processing of white-leg shrimp.

- Exporting processed shrimp and frozen value-added shrimp to foreign markets.

- Distributing raw shrimp, frozen shrimp, salt and rice products in the domestic market.

Company mission:

- Develop short-term and long-term business plans to continuously strengthen and develop the scale of operations in accordance with the company's functions and economic content.

- Production and business generate profits, contributing to increasing national income and increasing

revenue for the state budget and accelerate the company's growth.

- Create jobs and increase income for thousands of workers, contribute to solving unemployment, improve economic and social efficiency.

- Comply with policies, regulations and laws related to business operations, complete economic contracts, foreign trade contracts and signed documents.

2.2.3. Company development orientation

- In addition to the increasingly expanding and developing export market, BIM participates in the domestic food industry with 3 product lines: salt, rice and shrimp These are 3 basic industries that almost 100% of the population has a need to use and use regularly every day, continuously. However, these are industries that are almost empty in terms of brand, and the current market only has branded or unbranded products. Therefore, BIM will be considered the "first" to set foot in building a brand in these industries.

- Orientation to become one of the leading brands in Vietnam; highly competitive with economic groups in the field of trade and services;

- Aiming to become a multi-industry economic group; with strong financial and human resources potential; listed on the stock exchange in 2015.

- Annual growth rate from 30 - 50% in the first 3 years (2013 - 2015) and 25

– 30% for the following years (2015 – 2020).

- With the objectives, objects and scope of the research topic, this thesis focuses on researching and analyzing shrimp products and frozen shrimp.

2.2.4. Production and business situation of BIM company

Technology and production capacity: The company has a closed production process from seed production to finished product processing with the most modern technology. The hatchery, shrimp pond and factory meet international standards and are ACC certified.

Phu Quoc – Kien Giang hatchery: This is a hatchery production area, located on Phu Quoc island, 200 km from the southern sea. The parent shrimp are imported from Singapore, tested and certified as clean, healthy and disease-free. With about 500 workers, this is the area that supplies hatchery shrimp to Dong Hoa farming area, ensuring the quality of disease-free shrimp and safe origin. Applying the most modern farming techniques. Not using outside hatchery shrimp, so the input quality can be controlled.

Dong Hoa Farm – Kien Giang: Located in Kien Giang province with 1,700 hectares including

1,484 ponds, each pond area from 5,000 m2 - 15,000 m2 , the capacity of the shrimp pond is about 20,000 tons/year. This is the largest shrimp farming area in Vietnam. It is a source of shrimp for Tac Cau factory and sells raw shrimp in the domestic market. Shrimp are raised in a closed system, regularly checked by experts to ensure quality, no antibiotics and diseases from other places. At the shrimp pond, applying intensive farming techniques, BIM can proactively control the size of raw materials from small to large. Moreover, with good experience and technology, the company can raise large shrimp, bringing high economic value.

26

CHAIRMAN OF BOARD OF DIRECTORS

CEO

SUPERVISION BOARD

CONTROL

HR DIRECTOR

Director

MARKETING

Director of Finance

MAIN

PRODUCTION DIRECTOR

Director of City Branch Office

PURCHASING IN HCM, HANOI

Administration Department

Head of Department

logistics

Head of Department

Marketing

ISO Room

Warehouse

Marketing Staff

Finance Department

Next room

maths

Phu Quoc hatchery decision

Room

materials

Next room

maths

Legal Department

Transportation

R&D staff

Dong Hoa shrimp pond project

Tac Cau factory decision

Room

materials

Legal Department

KCS

Staff

design

Quality Room

General room

list

Next room

maths

Figure 2.1: Organizational chart of BIM company

Source: BIM Food Joint Stock Company

Minh Thanh Farm – Quang Ninh: Located in Quang Ninh province with an area of ​​about 251 hectares. The farm mainly supplies whole shrimp to restaurants and hotels in the Northern region. The number of workers is about 150 people.

Tac Cau Factory - Kien Giang: Built in Tac Cau fishing port industrial park, Kien Giang. The source of processed raw materials is taken entirely from Dong Hoa shrimp pond. The modern machinery system is managed according to international standards, so the products meet the strict requirements of import markets such as the US, Europe, Japan, etc. Capacity is about 15,000 tons/year. Number of workers is about 1,000 people. Kien Giang processing factory with a chain system ensures all types of freezing according to customer requirements such as IQF freezing, block freezing, semi-IQF freezing, semi-block freezing.

Products: For the domestic market, BIM sells raw white-leg shrimp to shrimp collectors for shrimp processing factories for export in the Southern region and a little in the Central region. Sells fresh oxygenated shrimp to restaurants in the North from Minh Thanh shrimp pond - Quang Ninh. The company's products are mainly exported to major markets such as the US, Europe, Japan, Korea, etc. Therefore, the company's products meet the following requirements:

- Products meet export standards to large and demanding markets.

- Products are rich and diverse in design, specifications, packaging, sizes, etc. There are most sizes to satisfy many market needs such as 21/25, 26/30, 31/40/ 41/50, 51/60, 61/70, 71/90, 91/120, 100/200, 200/300, 300/500.

- The product is highly appreciated by foreign import companies for its quality, especially ensuring no antibiotic contamination, impurities, and microbiological indicators according to the strict requirements of the market.

- Product prices are competitive compared to domestic shrimp exporting companies due to proactive source and cost of raw materials.

Market and business results

From 2007 to present (2012), BIM company mainly exports frozen shrimp to the US, Europe, Japan, etc., accounting for 97% of total revenue, while selling shrimp

Raw materials in the domestic market account for 3% of total revenue. Business results from 2009 - 2011 are as follows.

Table 2.4: Business results of BIM company over the years 2008 - 2011

Unit: 1,000,000 VND

Target

2008	2009	2010	2011
Domestic revenue	5.165	6,198	7.128	8,553
Export revenue	140,848	197,188	276,063	331,275
Total revenue	146,013	203,386	283,191	339,829
Deductions	158	221	307	369
Cost of goods sold	87,608	122,031	169,914	203,897
Gross profit	58,405	81,354	113,276	135,931
Financial revenue	396	552	768	922
Financial costs	1.575	2,194	3.055	3.665
CFBH and QLDN	17,296	24,093	33,546	40,256
Profit from business operations	39,930	55,619	77,443	92,932
Other income	187	261	364	436
Profit before tax	40,117	55,880	77,807	93,368
Income tax paid	10,029	13,970	19,452	23,342
Profit after tax	30,088	41,910	58,355	70,026

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• Pre-tax Profit of Bidv Tien Giang in the Period 2011-2015 zt2i3t4l5ee zt2a3gsnon-credit services, joint stock commercial bank zt2a3ge zc2o3n4t5e6n7ts At that time, the Branch had to set aside a provision for credit risks, which reduced the Branch's income. Chart 2.2. Pre-tax profit of BIDV Tien Giang in the period 2011-2015 Unit: Billion VND 140 120 100 80 60 40 20 0 63.3 80.34 89.29 110.08 131.99 2011 2012 2013 2014 2015 Profit before tax (Source: Report on the implementation of the annual business plan of the General Planning Department of BIDV Tien Giang [24]) However, through chart 2.2, it can be seen that BIDV Tien Giang's profit is still increasing continuously, and its operating efficiency is currently leaking. This is a contribution of non-credit services, and this service segment will be increasingly focused on growth by BIDV Tien Giang to ensure the highest profit safety because credit activities have many potential risks. At the same time, focusing on developing non-credit services is consistent with one of the contents of restructuring the financial activities of credit institutions in the project "Restructuring the system of credit institutions in the period 2011-2015" approved by the Prime Minister in Decision No. 254/QD-TTg dated March 1, 2012 [14]: "Gradually shifting the business model of commercial banks towards reducing dependence on credit activities and increasing income from non-credit services". 2.2. Current status of non-credit service development at BIDV Tien Giang. 2.2.1. BIDV Tien Giang has deployed the development of non-credit services in recent times. Along with the development of the Head Office, BIDV Tien Giang's products and services are constantly improved and deployed in a diverse manner to ensure provision for many different customer groups in the area: individual customers, corporate customers, and financial institutions. Typical services are as follows: Payment services, treasury services, guarantee services, card services, trade finance, other services: Western Union, insurance commissions, consulting services, foreign exchange derivatives trading, e-banking services,... 2.2.1.1. Payment services: In accordance with the Prime Minister's Project to promote non-cash payments in Vietnam [15], banks in Tien Giang province have continuously developed payment services to reduce customers' cash usage habits through card services and electronic banking services such as: salary payment through accounts, focusing on developing card acceptance points, developing multi-purpose cards, paying social insurance by transfer, paying bills through banks, etc. Chart 2.3. Net income from payment services in the period 2011-2015 Unit: Million VND 6000 5000 4000 3000 2000 1000 0 3922 4065 4720 5084 5324 2011 2012 2013 2014 2015 Net income from payment services (Source: Report on the implementation of the annual business plan of the General Planning Department of BIDV Tien Giang [24]) Along with the technological development of the entire system, BIDV Tien Giang has a payment system with a fairly stable transaction processing speed, bringing many conveniences to customers. The results of observing chart 2.3 show that the income from payment services that the Branch has achieved has grown over the years but the speed is not high and the products are not outstanding compared to other banks. Domestic payment products such as: Online bill payment, electricity bills, water bills, insurance premiums, cable TV bills, telecommunications fees, airline tickets, etc. bring many conveniences to customers. Regarding international payment, this is an indispensable activity for foreign economic activities, BIDV Tien Giang is providing international payment methods for small enterprises producing agriculture, aquatic food and seafood that have credit relationships with banks in industrial parks in Tien Giang province such as: money transfer, collection, L/C payment. 2.2.1.2. Treasury services: BIDV Tien Giang always focuses on ensuring treasury safety and currency security, always complies with legal regulations, and minimizes risks in operations such as: counting and collecting money from customers, receiving and delivering internal transactions, collecting from the State Bank (SBV) or other credit institutions, receiving ATM funds, bundling money, etc. BIDV Tien Giang's treasury service management department is always fully equipped with modern machinery and equipment such as: money transport vehicles, fire prevention tools, money counters, money detectors, magnifying glasses, etc. to ensure absolute safety in treasury operations, immediately identifying real and fake money and other risks that may affect people and assets of the bank and customers. In addition, implementing regulation 2480/QC dated October 28, 2008 between the State Bank of Tien Giang province and the Provincial Police on coordination in the fight against counterfeit money, in the 3-year review of implementation, BIDV Tien Giang discovered, seized and submitted to the State Bank of Tien Giang province 475 banknotes of various denominations and was commended by the Provincial Police and the State Bank of Tien Giang province [17]. Chart 2.4. Net income from treasury services in the period 2011-2015 Unit: Million VND 350 300 250 200 150 100 50 0 105 122 309 289 279 2011 2012 2013 2014 2015 Net income from treasury services (Source: Report on the implementation of the annual business plan of the General Planning Department of BIDV Tien Giang [24]) However, as shown in Figure 2.4, income from treasury operations is not high and fluctuates. Specifically, in the period 2011-2013, net income increased and increased most sharply in 2013, then in the period 2013-2015, there was a downward trend. This fluctuation is due to the fact that fees collected from treasury services are often very low and can even be waived to attract customers to use other services. 2.2.1.3. Guarantee and trade finance services: BIDV Tien Giang, thanks to the advantages of the province and the favorable location of the Branch, has continuously focused on developing income from guarantee services and trade finance. Chart 2.5. Net income from guarantee and trade finance services in the period 2011-2015 Unit: Million VND 14000 12000 10000 8000 6000 4000 2000 0 5193 5695 2742 3420 8889 3992 11604 12206 5143 5312 2011 2012 2013 2014 2015 Net income from guarantee services Net income from Trade Finance (Source: Report on the implementation of the annual business plan of the General Planning Department of BIDV Tien Giang [24]) Through chart 2.5, we can see that BIDV Tien Giang's income from guarantee services and trade finance has grown over the years. The reason is: Among BIDV Tien Giang's corporate customers, the construction industry is the industry with the highest proportion of customers after the trading industry, this is a group of customers with potential to develop guarantee services. The second group of customers is corporate customers in the fields of agricultural production, livestock and seafood processing with high import and export turnover in the area. are the target of trade finance development. In addition, BIDV Tien Giang also focuses on continuously developing these customer groups to increase revenue for many other products and services in the future. 2.2.1.4. Card and POS services: As a service that BIDV Tien Giang has recently developed strongly, it can be said that this is a very potential market and has the ability to develop even more strongly in the future. Card services with outstanding advantages such as fast payment time, wide payment range, quite safe, effective and suitable for the integration trend and the Project to promote non-cash payments in Vietnam. Cards have become a modern and popular payment tool. BIDV Tien Giang early identified that developing card services is to expand the market to people in society, create capital mobilized from card-opened accounts, contribute to diversifying banking activities, enhance the image of the bank, bring the BIDV Tien Giang brand to people as quickly and easily as possible. BIDV Tien Giang is currently providing card types such as: credit cards (BIDV MasterCard Platinum, BIDV Visa Gold Precious, BIDV Visa Manchester United, BIDV Visa Classic), international debit cards (BIDV Ready Card, BIDV Manu Debit Card), domestic debit cards (BIDV Harmony Card, BIDV eTrans Card, BIDV Moving Card, BIDV-Lingo Co-branded Card, BIDV-Co.opmart Co-branded Card). These cards can be paid via POS/EDC or on the ATM system. In addition, with debit cards, customers can not only withdraw money via ATMs but also perform utilities such as mobile top-up, online payment, money transfer,... through electronic banking services. In order to attract customers with card services, BIDV Tien Giang has continuously increased the installation of ATMs. As of December 31, 2015, BIDV Tien Giang has 23 ATMs combined with 7 ATMs in the same system of BIDV My Tho, so the number of ATMs is quite large, especially in the center of My Tho City, but is not yet fully present in the districts. Basic services on ATMs such as withdrawing money, checking balances, printing short statements,... BIDV ATMs accept cards from banks in the system. Banknetvn and Smartlink, cards branded by international card organizations Union Pay (CUP), VISA, MasterCard and cards of banks in the Asian Payment Network. From here, cardholders can make bill payments for themselves or others at ATMs, by simply entering the subscriber number or customer code, booking code that service providers notify and make bill payments. Chart 2.6. Net income from card services in the period 2011-2015 Unit: Million VND 3500 3000 2500 2000 1500 1000 500 0 687 1023 1547 2267 3104 2011 2012 2013 2014 2015 Net income from card services (Source: Report on the implementation of the annual business plan of the General Planning Department of BIDV Tien Giang [24]) Through chart 2.6, it can be seen that BIDV Tien Giang's card service income is constantly growing because the Branch focuses on developing businesses operating in industrial parks, which are the source of customers for salary payment products, ATMs, BSMS. Specifically, there are companies such as Freeview, Quang Viet, Dai Thanh, which are businesses with a large number of card openings at the Branch, contributing to the increase in card service fees [25]. Table 2.6. Number of ATMs and POS machines in 2015 of some banks in Tien Giang area. Unit: Machine STT Bank name Number of ATMs Cumulative number of ATM cards POS machine 1 BIDV Tien Giang 23 97,095 22 2 BIDV My Tho 7 21,325 0 3 Agribank Tien Giang 29 115,743 77 4 Vietinbank Tien Giang 16 100,052 54 5 Dong A Tien Giang 26 97,536 11 6 Sacombank Tien Giang 24 88,513 27 7 Vietcombank Tien Giang 15 61,607 96 8 Vietinbank - Tay Tien Giang Branch 6 46,042 38 (Source: 2015 Banking Activity Data Report of the General and Internal Control Department of the Provincial State Bank [21]) Through table 2.6, the author finds that the number of ATMs of BIDV Tien Giang is not much, ranking fourth after Agribank Tien Giang, Dong A Tien Giang, Sacombank Tien Giang. The number of POS machines of BIDV Tien Giang is very small, only higher than Dong A Tien Giang and BIDV My Tho in the initial stages of merging the BIDV system. Besides, BIDV Tien Giang has a high number of cards increasing over the years (table 2.7) but the cumulative number of cards issued up to December 31, 2015 is still relatively low compared to Agribank, Vietcombank, Dong A (table 2.6). div.maincontent .content_head3 { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: bold; text-decoration: none; font-size: 14pt; } div.maincontent .p { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 14pt; margin:0pt; } div.maincontent p { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 14pt; margin:0pt; } div.maincontent .s1 { color: black; font-family:"Courier New", monospace; font-style: normal; font-weight: normal; text-decoration: none; font-size: 14pt; } div.maincontent .s2 { color: black; font-family:"Times New Roman", serif; font-style: italic; font-weight: normal; 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Source: BIM Food Joint Stock Company

The domestic market is mainly wholesaler who collects raw shrimp and resells it to frozen shrimp processing companies for export, supplying BIM's customer group from the Central region to Ca Mau. Meanwhile, restaurants that buy fresh shrimp from BIM are mainly in the North and Minh Thanh shrimp pond meets this demand.

2.3. Analysis of the internal environment of the BIM company

2.3.1. Analysis of the company's resources

Human resources : The company's human resources are relatively stable, 2,000 - 2,300 people. The company's management team is good and well-trained. Every year, the company organizes recruitment and vocational training for the successor team to be ready to meet the job requirements. The staff is young and highly qualified. Management staff are equipped with knowledge of ISO, management and administration knowledge, and are regularly trained to

meet the development requirements in the innovation period. Always focus on promoting awareness of improving product quality, building the company's image,

- Senior administrators : Including the board of directors and department heads with high management qualifications, extensive business experience in the market, good evaluation and foreign relations skills, so the company will be highly competitive.

- Middle level administrators : This is the team that directly manages the product manufacturing workshop, requiring work experience, decision making and operational management skills.

- Grassroots level management team : The competitiveness of the enterprise is partly influenced by this team through factors such as: labor productivity, skill level, sense of responsibility, labor discipline and their creativity... because these factors influence the improvement of product quality, reduction of product cost as well as creating more superiority, uniqueness and novelty of the product.

The company always considers human resources as the most valuable capital, so every year it invests a lot in training, including internal training and sending employees for long-term training. Health care is given due attention, and every year employees receive full periodic health check-ups.

Financial resources : In recent years, the company's frozen shrimp export situation has developed quite well, so its financial resources are quite abundant and stable. In addition, the company also contributes capital to subsidiaries of BIM Group, so it maximizes the ability to generate profits from retained earnings.

The company's current ratio has always been maintained at a relatively safe and reasonable level. Maintaining a current account that is neither too high nor too low has ensured the ability to pay while ensuring the effective use of capital. In 2008 and 2009, short-term debt increased due to the transfer of long-term debt due for payment, so the current ratio decreased, putting pressure on the company's debt payment situation. However, it is still guaranteed at a safe level.

Quick ratio : cash payment is also maintained at a safe level, in recent years it has decreased due to the company investing in many other fields and partly due to long-term debts due for payment.

Table 2.5: Financial indicators of BIM company over the years 2008 - 2011

STT

Target	Unit	2008	2009	2010	2011
I	Quick ratio
1	Current payment index	Time	1.54	1.46	0.84	0.99
2	Quick ratio	Time	1.21	1.26	0.68	0.65
3	Cash liquidity ratio	Time	1.01	1.12	0.49	0.35
4	Accounts receivable turnover	Time	9.40	15.72	14.03	13.25
5	Average collection days	Time	39	25	24	2
6	Inventory Turnover	Time	6.12	5.64	7.50	6.70
7	Average days inventory	Day	59	64	48	64
8	Accounts Payable Turnover	Time	7.87	3.91	3.84	4.13
9	Average days payables	Day	63	78	79	82
II	Performance Index
1	Operating profit margin	%	32.27	32.60	24.00	27.60
2	Pre-tax profit margin	%	36.18	35.57	27.95	27.86
3	Net profit margin (ROS)	%	26.01	25.32	20.01	20.30
4	EBIT/TS ratio	%	31.35	32.25	26.03	20.13
5	Net profit margin/assets (ROA)	%	24.42	21.24	16.12	13.21
6	Net profit margin/equity	%	36.09	51.23	35.25	27.43
7	Equity turnover	Time	1.61	2.14	1.97	1.23

Source: BIM Food Joint Stock Company

The receivables turnover activity index tends to increase, so the average collection days decrease. In 2010, it was 24 and in 2011, it was 23 days. Inventory turnover over the years has little fluctuation, the number of operating days is from 48 to 64 days, which reflects the company's fairly stable operating situation.

The profitability index in recent years shows that the company's business situation has always been highly effective, these indicators are always higher than the industry average. The operating profit margin and pre-tax profit are at a high level. Specifically, the operating profit margin in 2011 was 27.60%, the pre-tax profit in 2011 was 27.86%. The return on equity (ROE) and return on total assets (ROA) indicators reflect the efficiency in the company's capital use. Over the years, these indicators have been achieved at a fairly good level, showing that