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N A T I O N A L E C O N O M I C S U N I V E R S I T Y
R E P O R T O N T H E D E V E L O P M E N T O F CHIN-SU’S INTERNATIONAL MARKETING PLAN
G L O B A L M A R K E T I N G
M A R K E T I N G M A N A G E M E N T 6 3 E - G R O U P 5 O C T 2 0 2 3 01. THE COMPANY INTRODUCTION 02. HOME COUNTRY (VIETNAM) 03. CHIN-SU SWOT ANALYSIS 04. INTERNATIONAL MARKET SELECTION 05. HOST COUNTRY (GERMANY) 06. ENTRY MODE CONTENTS 07. MARKETING MIX STRATEGY 08. 10. IMPLEMENTING PROGRAMME CONTROL & EVALUATION 09. REFERENCE PLANNING BUDGET APPENDIX 0 2
1.1. History of formation and development
CHIN-SU is a branch of Masan Group Corporation’s subsidiary. Masan Group Corporation was
incorporated in November 2004 under Ma San
Shipping Corporation. They officially changed the
name to Masan Group Corporation in August 2009
and were successfully listed on the Ho Chi Minh
Stock Exchange on 5 November 2009. The name
was formally changed to Masan Group Corporation
in July 2015 in order to be consistent with the
corporate brand and practice. While the listed
entity was formally incorporated in 2004, Masan,
through majority shareholders and underlying
operating businesses and predecessor companies,
has been in existence as a business group since 1996. PANY
Masan Consumer Holdings was established to be
THE COM INTRODUCTION the Group’s primary platform to further invest in
branded food and beverage opportunities and
related sectors. Its core holdings include Masan Consumer and Masan Brewery.
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Masan Consumer Holdings is one of Vietnam’s most prominent local
diversified fast-moving consumer goods companies. The company
manufactures and distributes various food and beverage products,
including soya sauce, fish sauce, seasoning, chili sauce, instant noodles,
instant congee, instant coffee, instant cereals, bottled beverages,
processed meat, and beer. Masan Consumer Holdings has grown its
product portfolio and domestic distribution channels to establish a
leading position in Vietnam’s branded consumer food and beverage
market. Its key brands include CHIN-SU, MEATDeli, Nam Ngư, Tam Thái
Tử, Omachi, Kokomi, Vinacafé, Wake Up 24/7, Kachi, Vĩnh Hảo…
The founder of CHIN-SU is Ms. Nguyễn Hoàng Yến, who serves as the
Deputy CEO of Masan Consumer and is the wife of the Chairman of the
Board of Directors, Mr. Nguyễn Đăng Quang. CHIN-SU made its debut on
the market in 2002, with its first product being CHIN-SU soy sauce.
1.2. Vision - Mission - Core Values
Vision: To be Vietnam’s pride by uplifting the material and spiritual lives of Vietnamese consumers.
Mission: To provide quality products and services for Vietnam’s
population of nearly 100 million people, enabling them to get more
value for money on their daily basic needs. Core Values:
- Leadership: Every Masan-er is the leader of his/her area of
responsibility and has to make his/her own decisions for the company in that area.
- Integrity: Only do what is right and in compliance with laws and regulations.
- Entrepreneurship: Always believe in ourselves and the journey we are
on to inspire others, a "can do".
- Trust: Believe and respect each individual.
- Passion for winning: The Masan Group wants to be one of the first
internationally recognized Vietnamese companies as a consumer unicorn.
G R O U P 5 | I N T E R N A T I O N A L M A R K E T I N G P L A N R E P O R T 0 4 1.3. Achievements
Outstanding M&A strategy in 2021-2022 by M&A Forum
Asia Corporate Excellence & Sustainability Award 2021
Best Vietnamese Listed Companies – Forbes
Top 50 Corporate Sustainability Awards 2022 – Nhip Cau Dau Tu
Top 10 largest private enterprises – Vietnam Report
Top 10 Vietnam Excellent Brands 2022 – VnEconomy
1.4. Orientation for brand
development in the international market
To this point, CHIN-SU has exported
Overall, it has been a huge success some products to several for CHIN-SU when it comes to
countries/continents which are the bringing products to foreign
USA, China, Australia, Korea, Japan,
markets, even in countries with high
Thailand, Cambodia, Canada, Russia,
food safety standards like Japan or
and Taiwan. The products exported
Korea. For example, in March 2023,
are mostly condiments such as soy they successfully launched the
sauce (Nước tương CHIN-SU), fish
“Khẩu vị Nhật Bản” product set at
sauce (Nước mắm CHIN-SU) and hot
the Japan Foodex International Food sauce (Tương ớt CHIN-SU). Expo and catered products that have been augmented to be more
Overall, it has been a huge success
suitable for Japanese taste. Two for CHIN-SU when it comes to
months after that, CHIN-SU once bringing products to foreign
again launched the Phở CHIN-SU
markets, even in countries with high
and Spice Collection at the Seoul
food safety standards like Japan or
Food 2023 event in Korea, receiving
Korea. For example, in March 2023, a series of compliments from they successfully launched the
consumers. This is the result after
“Khẩu vị Nhật Bản” product set at
many years of investing in research
the Japan Foodex International Food
and development of a product set Expo and catered products that
that is suitable for Korean culinary have been augmented to be more culture and standards. suitable for Japanese taste.
G R O U P 5 | I N T E R N A T I O N A L M A R K E T I N G P L A N R E P O R T 0 5
However, things did not always run smoothly for the brand. For
instance, CHIN-SU had a small setback when Japan recalled over 18,000
bottles of CHIN-SU hot sauce back in 2019 because acid benzoic (a
preservative) was found in this product. Although Japan allowed acid
benzoic to be used in several products for preservation purposes, hot
sauce was unfortunately not one of those. Luckily in 2023, CHIN-SU hot
sauce made a comeback in Japan with some modifications made in
order to get through Japan’s laws of food safety.
Recognizing the challenges and opportunities, CHIN-SU is accelerating
its "Go Global" strategy, aiming for 15% of sales in 2027 to come from
international business. With a current proportion of 4%, CHIN-SU needs
to set a growth rate of 2 - 3% per year, equivalent to an increase of
nearly 4 times by 2027. The success that CHIN-SU has in Korea and
Japan is a positive indicator for the brand's products to be successfully
marketed in many other developed markets in the world.
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1.5. CHIN-SU product portfolio
1.5.1. Business portfolio Dipping Fish Instant Soy Sauce Seasoning Sauce sauce noodles CHIN-SU CHIN-SU CHIN-SU CHIN-SU CHIN-SU soy sauce chili Nam Shrimp Salmon (original sauce Ngư fish seasoning Sauce version) (original sauce Noodles version) CHIN-SU CHIN-SU CHIN-SU CHIN-SU CHIN-SU chili garlic “Phở” chili salmon Shiitake Phở story soy sauce sauce flavor fish Mushroom sauce & Kombu Kelp seasoning
G R O U P 5 | I N T E R N A T I O N A L M A R K E T I N G P L A N R E P O R T 0 7 CHIN-SU CHIN-SU CHIN-SU CHIN-SU Tam Thái wasabi East Sea Instant Tử soy chili sauce Anchovie noodles “7 sauce s fish dishes for sauce breakfast” CHIN-SU CHIN-SU CHIN-SU Shiitake Delight Nam Ngư CHIN-SU mushroo Truffle Phú Instant m soy chili Quốc Phở Bò sauce sauce Fresh Anchovie s fish sauce CHIN-SU CHIN-SU CHIN-SU Nếp Cái twice-as- Nam Ngư Hoa Vàng spicy chili Đệ Nhị soy sauce sauce fish sauce
G R O U P 5 | I N T E R N A T I O N A L M A R K E T I N G P L A N R E P O R T 0 8 1.5.2. Global portfolio Product Exported to Europe, America, Korea, CHIN-SU soy sauce Japan, Cambodia, Russia, and (original version) Taiwan. Soy sauce CHIN-SU chili garlic Europe, America, Korea, line soy sauce Cambodia, Russia and Taiwan America, Australia, Korea, CHIN-SU Tam Thái Cambodia, Canada and Tử soy sauce Taiwan CHIN-SU chili Europe, America, China, sauce (original Australia, Korea, Japan, version) Canada, Russia and Taiwan CHIN-SU “Phở” chili America sauce Dipping CHIN-SU wasabi Japan and Korea sauce line chili sauce CHIN-SU Delight America Truffle chili sauce CHIN-SU twice-as- America and Japan spicy chili sauce
G R O U P 5 | I N T E R N A T I O N A L M A R K E T I N G P L A N R E P O R T 0 9 Product Exported to America, China, Australia, CHIN-SU Nam Ngư Korea, Japan, Cambodia, and fish sauce Taiwan Europe, America, China, CHIN-SU salmon Australia, Thailand, Canada, flavor fish sauce Russia and Taiwan Fish sauce line CHIN-SU East Sea Anchovies fish Japan, Europe and Russia sauce CHIN-SU Nam Ngư Phú Quốc Fresh America and Japan Anchovies fish sauce CHIN-SU Nam Ngư Cambodia Đệ Nhị fish sauce CHIN-SU Shiitake Seasoning Mushroom & Japan line Kombu Kelp seasoning Instant CHIN-SU Phở story Korea noodles line
G R O U P 5 | I N T E R N A T I O N A L M A R K E T I N G P L A N R E P O R T 1 0 So far, CHIN-SU‘s exportation
CHIN-SU is especially welcomed in activities have been extremely
countries within Asia like Japan,
successful, according to Mr. Trương
Korea, Thailand, etc. since people in
Công Thắng - General Director of
these countries are more familiar Masan Consumer, CHIN-SU has
with products like soy sauce or fish
exported quite a few products to the
sauce. CHIN-SU also tailored its
world and received relatively good
products for the different markets
results in the last few years, with high
that it entered. For instance, in early
revenue and profit margins. The
April 2023, the first batch of CHIN-SU
value of CHIN-SU’s products sold
spice collections created specifically
abroad is also comparatively high, for
for the Japanese market was officially
example, CHIN-SU fish sauce is sold
distributed to supermarket shelves in
for $10 a bottle, and a bottle of CHIN-
Tokyo, Kanagawa, and Saitama in
SU chili sauce is sold for $9.75 Japan. The collection includes
minimum on Amazon. The brand’s
seasonings/spices that were created
chili sauce is also included in the top
with many ingredients that are very
100 Amazon best sellers (Amazon’s
well-loved and familiar to Japanese most popular products based on
consumers such as wasabi, shiitake
sales) in the chili sauce line and has mushroom, and kombu kelp. Many
relatively positive feedback, with 73% Japanese as well as Vietnamese
of total global ratings being 5-star.
people living in Japan loved this
product which was a huge success for CHIN-SU. 1 1
The brand also brought a different spice
collection that was tailored for the Korean consumer market which includes
products like Bibim sauce made with
spicy gochujang - a traditional Korean
chili sauce. The collection was also very
well-perceived in Korea, helping the
brand increase its recognition in the
global market. CHIN-SU also exported
their instant Phở for the first time to
Korea in 2023 after a long process of
researching and understanding the
needs of international consumers, the
product has been said to have “captured
the hearts” of many Koreans. The success
that CHIN-SU has been receiving is a
stepping stone to the brand’s great plan of going global.
In the context of globalization, one of the most 1.5.3.
essential development strategies for Vietnamese
enterprises is to enter international markets. When The
goods are recognized for their outstanding
performance around the world, they will serve as an chosen
opportunity for businesses to expand internationally.
For all 5 product lines of CHIN-SU, the company has product
succeeded in gradually bringing its products closer to
international friends. When mentioning CHIN-SU, line
most people will think of product lines about dipping
sauces and spices. However, CHIN-SU's instant noodle
product line has also been invested very carefully, and
most recently with CHIN-SU's success in bringing
"Phở Story" to Korea, our group decided to choose an
instant noodle product line to bring to the international market.
G R O U P 5 | I N T E R N A T I O N A L M A R K E T I N G P L A N R E P O R T 1 2 2.1. Political/Legal Environment )
Vietnam is considered a country with
a stable political environment. The Vietnamese government has made
great efforts to institutionalize the legal system to create good
conditions for the business activities
of domestic and foreign enterprises in
general. For example, the Law on E COUNTRY
Tariffs No.107/2016/QH13 passed by
the National Assembly on April 6, 2016,
and took effect from September 1,
2016, has ensured the inheritance of regulations that are showing
efficiency in the practice of the Law
on Tariffs No.45/2005/QH11; at the HOM (VIETNAM
same time, adding new regulations,
reforming administrative procedures and being consistent with international commitments.
Accordingly, the Law has been developed on specific principles and
objectives, to create a legal basis to encourage production development,
promote export, and provide reasonable, conditional, and selective
protection for the integration process.
Another example is the EVFTA (European-Vietnam Free Trade
Agreement) which was signed with legislation to reduce or eliminate
import and export tariffs between Vietnam and 27 other European
countries. This Free Trade Agreement (FTA) can boost Vietnam's
booming economy by up to 15% of GDP, helping the proportion of
Vietnam's exports to Europe increase by more than one-third. 1 3
The only political conflict that Vietnam has right now is with China on the U-
shaped "nine-dash line". This, however, has little to do with Vietnam’s ability
to export its products to other countries but more with products from foreign
companies that are imported to Vietnam that contain "nine-dash line" references or images.
The HS code for instant noodles made from rice is 19023020, which means
the export tariff for CHIN-SU’s instant noodles stands at 0% (“THỦ TỤC XUẤT
KHẨU MÌ ĂN LIỀN, PHỞ ĂN LIỀN”). Therefore, CHIN-SU only needs to
complete export procedures, submit all documents for customs clearance,
and is not required to pay taxes.
According to Circular 39/2018/TT-BTC (Amending and Supplementing
Circular 38/2018/TT-BTC), these are the
documents needed when exporting instant noodles: Commercial Invoice Packing List Booking Confirmation Sales Contract Certificate of Free Sales Health Certificate Business license
License certifying food hygiene and safety conditions
Registration for testing instant noodle products
Self-declaration of instant noodle product
The contents specified on the label of instant noodles when exported, include: Goods name
Name and address of the organization or individual responsible for the goods Name of exporter and importer Origin of goods
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2.2. Economic Environment
Vietnam is a success story in terms of development. The financial reforms
implemented since 1986, together with global trends, contributed to Vietnam's
growth from one of the world's poorest countries to a lower middle-income
country in just one generation. Over the last decade, the export market has
diversified and become more international. Vietnam is currently one of the top
ten economies with the highest market openness in the world, with the
import-export/GDP ratio rising over time (from 136% in 2010 to around 200% in
2019). Vietnam's GDP in 2022 rose by 8.02% over the previous year, which is the
greatest increase between 2011 and 2022 due to the economy's recovery. In the
context of the COVID-19 epidemic negatively affecting the world economy,
Vietnam's import and export activities in the 11 months of 2020 still reached a
record trade surplus of up to 20.1 billion USD.
Vietnam joined the World Trade Organization (WTO) in 2007, marking the first
significant milestone in the period of economic opening and integration into
the global economy. Since then, Vietnam has actively negotiated and signed
many new free trade agreements (FTAs), both bilateral and multilateral.
Recently, Vietnam signed two high-potential agreements, EVFTA and RCEP,
covering both export markets and products, promising to maintain exports as
the main growth driver of the economy 10% 7,5% 5% 2,5% 0% 2011 2012
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Vietnam GDP growth 2011 - 2022
International economic integration encourages Vietnam's international
trade activities to grow rapidly, increasing import-export turnover.
Vietnam has transitioned from a trade deficit to a trade balance, even
having a trade surplus. Having FTAs with large and advanced economies
has helped Vietnam diversify foreign economic relationships and have a
more reasonable market structure that is not too reliant on one market area.
According to the leadership representatives of the Ministry of Industry
and Trade, the value added by the Food Processing Industry accounts for
a proportion of 19.1% within the broader category of manufacturing
industries in Vietnam. The number of enterprises operating in the food
processing industry is not extensive, accounting for nearly 1% of the total
number of businesses nationwide. However, this sector is one of the
spearhead industries with significant growth potential in Vietnam,
contributing to approximately 20% of the gross revenue in the
manufacturing and processing industries annually.
2.3. Sociocultural Environment Confucian Influence
Vietnam has a strong Confucian heritage, which places
importance on filial piety, respect for authority, and hierarchical
relationships. These values influence family dynamics, social
interactions, and organizational structures. Collectivism
Vietnamese society is characterized by collectivist values,
emphasizing the well-being of the group over individual desires.
Family and community ties play a crucial role, and loyalty and
obligations to one's social network are highly valued. Cuisine and Tradition
Vietnamese cuisine is renowned for its diverse flavors and fresh
ingredients. Food plays a central role in Vietnamese culture and
is often seen as a way to bring people together. Traditional
ceremonies and festivals, such as Tet (Lunar New Year), also hold great cultural significance. 2.4. Conclusion
Vietnam's political stability and commitment to enhancing trade relations,
exemplified by the EVFTA and streamlined export procedures for instant
noodles, position it as an attractive destination for international trade. With a
0% export tariff, Vietnam offers a promising opportunity for instant noodle exporters.
In Vietnam, Confucian beliefs shape
Vietnam's economic success story is how people act and organize
driven by financial reforms, active
themselves, emphasizing respect for international integration, and
family, authority, and social order.
diversification of its export markets.
These beliefs lead to collectivism, Participation in global trade
valuing the group over individuals
agreements, notably the EVFTA and
and placing importance on loyalty to
RCEP, has shifted the balance from social networks.
trade deficits to surpluses, providing
These values are also reflected in economic stability. The food
Vietnamese cuisine and traditions,
processing industry, despite its
known for their diverse flavors and
limited number of businesses, plays fresh ingredients, which bring
an important role in contributing people together. Special
significantly to the nation's gross
celebrations like Tet not only signify
revenue and ensuring food security
festivities but also celebrate these while demonstrating potential
unique cultural values that connect growth in the future. Vietnamese culture together. CHIN-SU'S SWOT ANALYSIS 3.1. CHIN-SU's business in domestic
Additionally, the CHIN-SU brand has
recently appeared in the 2nd position market
in urban areas and the 3rd position in
rural areas in the "Top 10 packaged food brands" ranking. This is
according to the 2023 Vietnam Brand
Footprint annual report, which ranks The Masan Group has the most chosen brands by released its business consumers in Vietnam. performance report, which shows that their
CHIN-SU has consistently appeared in consolidated revenue for the
the rankings since 2016, starting from second quarter of 2023
a position in the top 10 and steadily exceeded VND 18.6 trillion.
climbing to secure a spot in the top 3. This reflects a 4.3% increase
This speaks volumes and reaffirms the compared to the same
brand's leading position in the
period last year. For the first industry. CHIN-SU has adeptly six months of the year, the
captured consumer preferences and group achieved a net
continuously innovated on multiple revenue of over VND 37.315
fronts to cater to various customer trillion, reflecting a 3.6%
segments with its outstanding quality growth compared to the
products and exquisite flavors. As a same period in 2022.
result, it has become a brand that the (Nguyên, 2023) majority of consumers prefer.
G R O U P 5 | I N T E R N A T I O N A L M A R K E T I N G P L A N R E P O R T 1 8 3.2. SWOT analysis Strengths
Strong financial backing of Parent company
Being part of the Masan Group Corporation can provide CHIN-SU with financial
stability, access to resources, and synergies with other business units within
the group, which can be advantageous in terms of growth and market expansion.
Consolidated financial results with net revenue in the first 6 months of Masan
reached 36,023 billion VND, down 12.5% compared to 41,196 billion VND in the same period last year. (link) Strong brand recognition
Masan Group is recognized as a market leader in Vietnam's consumer and
retail industry (“Masan Group maintains strong standing in “Vietnam's 50 Best
Performing Companies”). The company has established a strong presence and
has become a trusted brand among Vietnamese consumers. Diverse Product Portfolio
CHIN-SU offers a diverse range of products, which include chili sauce, fish
sauce, instant noodles, etc. This can help CHIN-SU serve a wide range of
customers and satisfy their demands. Export experience
Masan Consumer Joint Stock Company (part of Masan Group) has experience
exporting CHIN-SU’s products to nearly 20 countries, such as the EU, the USA, Australia, Japan, etc. (link)
⇒ Those strengths provide CHIN-SU a solid foundation for growth, both
domestically and internationally.
⇒ The combination of financial stability, a large distribution network, a strong
brand, and a diverse product portfolio helps CHIN-SU capitalize on market
opportunities and continue expanding its presence in the food industry.
G R O U P 5 | I N T E R N A T I O N A L M A R K E T I N G P L A N R E P O R T 1 9 Weaknesses Human resources
Nowadays, a lack of qualified human resources, especially senior professionals
in the Vietnamese market, is a serious issue for companies, including CHIN-SU.
Any changes in major staff members inside the organization will have a
significant impact on the company's operations and revenue.
Dependence on the domestic market
Masan Consumer's success largely comes from its solid position in the
domestic market. Over-reliance on local markets can limit their ability to take
full advantage of international opportunities. Opportunities
Vietnamese food became popular (VietNamNet, 2022 )
In Taste Atlas's collection of the top 100 world cuisines, Vietnam was ranked
20th (This collection was ranked according to audience votes for ingredients, dishes, and beverages).
Demand for instant noodles increased (Phát Vạn, 2022)
Statistics from the World Instant Noodles Association (WINA) show that in
the 2018–2019 period, it only reached 3.45%, while in 2019–2020, this number
increased four times, reaching 14.79%.
The experts predicted that the European market would have the highest
growth rate in the period 2022–2026, from 15% to less than 50% (depending on the country).
EU loosens food safety regulations for Vietnamese instant noodles
Since June 27th, 2023, instant noodles exported from Vietnam to the EU
market will no longer be required to be accompanied by a "Food Safety
Inspection Certificate" issued by a Vietnamese competent authority. (link)
Vietnam has joined the WTO and signed the EVFTA agreement
Vietnamese businesses benefit from preferential export policies, making it
easier to expand into other nations, especially Europe. Exports of consumer
goods are becoming more popular, and government regulations encourage
exports to international markets.
⇒ CHIN-SU is well-placed to leverage these opportunities to expand its market
presence, especially in Europe, and capitalize on the growing interest in
Vietnamese cuisine and the convenience of instant noodles. 2 0