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Executive summary

VietNam Dairy Products Joint Stock Company (Vinamilk) is the most dominant manufacturer
and trader of milk, dairy products as well as related equipment in Vietnam. Being the enterprise
that consecutively leads the dairy products market with diverse products for the national
economic life in recent years, Vinamilk has made outstanding growth steps, contributing
positively to the development of dairy product industry. In the Vietnamese market, Vinamilk
always maintains its position as the best dairy brand and is normally chosen by Vietnamese
consumers to purchase for 8 continuous years. To obtain these achievements, the company has
had effective plans that are directly related the financial firm and financial market. Firm
performance is distinctly illustrated in its financial statements especially through intrinsic value
of stock. Therefore, the following study is conducted based on these findings about Vinamilk’s
financial information in order to analyze its performance by indicating ratio analysis and
estimate the value of this company through using many financial tools and models learned in the
Financial Management subject. As the result, we have shown the advantages and drawbacks of
the financial firm situation. Some recommendations are simultaneously given in this paper with
the hope to decide the correctly stock price of its firm for investors.
I. Introduction
General information
“VietNam Dairy Products Joint Stock Company” is abbreviated to “Vinamilk” that known as the
leading enterprise in the dairy processing industry, currently accounting for 75% of the market
share of milk in Viet Nam. Vinamilk was founded in 1976 as State-owned enterprise and later
formally modified into a joint-stock company in November 2003. In addition, Vinamilk has been
enumerated on the Ho Chi Minh Stock Exchange (HOSE) since January 2006 along with the
trading code, VNM. Vinamilk is headquartered in District 7, Ho Chi Minh City with numerous
branches and factories covering 64 provinces and cities in Viet Nam.
Main business activities
Vinamilk is the best dairy product manufacturer in Viet Nam with the large number of revenue
and outputs in the market. Vinamilk has trusted by a lot of consumers in the market because it
does not only provide the advanced products but also ensure the nutritional value of products.
Vinamilk’s product portfolio includes: essential products are milk and powdered milk, yogurt,
drink, ice cream, cheese and other products of milk. The outputs are provided by Vinamilk with
an impressive list of products, flavors and packaging which are produced with advanced
technology and high quality of farms in Viet Nam. There are more than 200 types of products
launched to the market by Vinamilk and conformed the strict regulation of processing.
Moreover, Vinamilk is also the leading enterprise in dairy industry which has domestically a
large-scale product distribution network with 183 distributors and nearly 94,000 points of sale in
specialized stores of Viet Nam. Despite being a well-known brand in Viet Nam, Vinamilk is
constantly developing its quality products so as to export to many strict market such as
European, the US, …
Besides, Vinamilk is known as remarkable trader in the market about technology, equipment
and materials for producing food. Vinamilk has built 13 factories and 13 farms which applied
advanced technologies in breeding and managed following European standards. With a lot of
experiences in food operation factories, Vinamilk confidently prepares the quality production
process and supplies to the raw material market.
Furthermore, one of the main business activities of Vinamilk is house trading, real estate and
transaction intermediation in real estate. Vinamilk is a reliable selection in the services of
warehouse and delivery products as well as transportation.

General financial information


In the market share and production capacity, Vinamilk has the admirable position by dint of
possessing the system of mega factory with the huge distribution networks. In spite of the
impacts of the pandemic, Vinamilk also has continuously achieved more market share with the
certain plans of its company. The company’s market share maintained at 61% at the end of 2019.
The total charter capital of Vinamilk is 17,416,878,000,000 VND until 2018 and the par value of
common stock is 10,000 VND. The number of outstanding shares is 2,089,955,445. The market
price of Vinamilk’s stock is 108,900 VND as of December 2020.
Shareholder (2020)
Shareholder structure Stock number Property Rate
I. State 36%
627,063,835
(State capital investment corporation)
II. Foreign organization 1,156,163,352 55.32%
IV. Other shareholders 181,408,132 8.68%

References
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Retrieved from https://en.nhandan.org.vn/business/item/9797502-vinamilk-remains-leader-in-

liquid-milk-market-in-vietnam.html.

Author (2021, May 6). 13 nhà máy của Vinamilk đạt sản xuất hơn 28 triệu hộp sữa mỗi ngày. Nhan

Dan Online. Retrieved from https://nhandan.com.vn/thong-tin-doanh-nghiep/13-nha-may-cua-

vinamilk-dat-san-xuat-hon-28-trieu-hop-sua-moi-ngay-644796/.

Vinamilk. (2019, December 31). Bao cao thuong nien 2019. Retrieved from

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7f525505f3621558355a60c10f6862cbb3b9c9863921a9b06587f7b42a0f9733.pdf.

VNM Bieu do chung khoan. (2021). Retrieved from https://vn.tradingview.com/symbols/HOSE-VNM/.

Stockbiz. (2021). CTCP Sua Viet Nam (VNM: HOSE). Retrieved from

https://www.stockbiz.vn/Stocks/VNM/MajorHolders.aspx.

Tap Doan Vinamilk. (2012). Retrieved from https://sites.google.com/site/suabovinamilk1993/1---tap-

dhoan-vinamilk/a-gioi-thieu-chung.

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