Chinsu. Germany - Report

NATIONAL ECONOMICS UNIVERSITY
REPORT ON THE DEVELOPMENT OF
CHIN-SU’S
INTERNATIONAL
MARKETING PLAN
GLOBAL MARKETING
MARKETING MANAGEMENT 63E - GROUP 5
OCT 2023
01.
CONTENTS
THE COMPANY INTRODUCTION
02.
HOME COUNTRY (VIETNAM)
03.
CHIN-SU SWOT ANALYSIS
04.
INTERNATIONAL MARKET
SELECTION
05.
HOST COUNTRY (GERMANY)
06.
ENTRY MODE
07.
MARKETING MIX STRATEGY
08. 10.
IMPLEMENTING PROGRAMME CONTROL & EVALUATION
REFERENCE
09.
PLANNING BUDGET APPENDIX
02
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
INTRODUCTION
corporate brand and practice. While the listed

THE COMPANY
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.
Masan Consumer Holdings was established to be

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.
GROUP 5 | INTERNATIONAL MARKETING PLAN REPORT 03

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.

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.

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.

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

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

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,

soy sauce Cambodia, Russia and Taiwan
line
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

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
CHIN-SU East Sea
line
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

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.
11
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.
product For all 5 product lines of CHIN-SU, the company has

succeeded in gradually bringing its products closer to
line international friends. When mentioning CHIN-SU,

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.

HOME COUNTRY 2.1. Political/Legal
Environment
Vietnam is considered a country with

a stable political environment. The
Vietnamese government has made
(VIETNAM)
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
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
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.
13
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

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%
11
12
13
14
15
16
17
18
19
20
21
22
20
20
20
20
20
20
20
20
20
20
20
20
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.
Vietnam's economic success story is In Vietnam, Confucian beliefs shape

driven by financial reforms, active how people act and organize
international integration, and themselves, emphasizing respect for
diversification of its export markets. family, authority, and social order.
Participation in global trade These beliefs lead to collectivism,
agreements, notably the EVFTA and valuing the group over individuals
RCEP, has shifted the balance from and placing importance on loyalty to
trade deficits to surpluses, providing social networks.
economic stability. The food These values are also reflected in
processing industry, despite its Vietnamese cuisine and traditions,
limited number of businesses, plays known for their diverse flavors and
an important role in contributing fresh ingredients, which bring
significantly to the nation's gross people together. Special
revenue and ensuring food security celebrations like Tet not only signify
while demonstrating potential festivities but also celebrate these
growth in the future. unique cultural values that connect
Vietnamese culture together.
CHIN-SU'S
SWOT ANALYSIS
3.1. CHIN-SU's
business in Additionally, the CHIN-SU brand has
domestic recently appeared in the 2nd position
in urban areas and the 3rd position in
market 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.

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.

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.
20
Threats
Exchange rates
Fluctuations in exchange rates and financial conditions in the source and
destination countries may affect CHIN-SU's competitiveness and profitability.
Changes in currency values may increase product costs or affect product
prices in international markets.
International marketplaces are highly competitive

Many instant noodle brands from Vietnam and international competitors have
entered the German market.
SWOT Analysis
S W
Strong financial backing of Human resources
Parent company Dependence on the
Strong brand recognition domestic market
Diverse Product Portfolio
Export experience
O T
Vietnamese food became Exchange rates
popular International marketplaces
Demand for instant noodles are highly competitive
increased
EU loosens food safety
regulations for Vietnamese
instant noodles
Vietnam has joined the WTO
and signed the EVFTA
agreement

In 2022, Masan Group's convenience food industry is
expected to generate a net revenue of VND 7,551 billion.
After gradually entering the international market with
MARKET SELECTION
famous products such as CHIN-SU Chili sauce and CHIN-SU
Fish sauce, Masan Group in general and CHIN-SU, in
particular, are expanding the export of another product line
INTERNATIONAL
like instant noodles. The business has chosen developed
countries in Asia such as Japan and Korea and has been
successful here. That is the stepping stone and also a sign
that CHIN-SU can succeed in larger markets. This helps
businesses to enter the market more easily and
conveniently, especially if they already have the necessary
resources and market knowledge.
For instance, at the Foodex Japan 2023 international

food exhibition, the CHIN-SU seasoning set caught
the attention of Japanese consumers. This is not the
first time that CHIN-SU has exported products to
Japan, but it has always received a positive
reception. This is a testament to the positive steps
taken by the company on its "Go Global" journey. In
May 2023, CHIN-SU launched a collection of spices,
including chili sauce, seasoning, fish sauce, and soy
sauce, as well as Phở, all "designed" based on
research and understanding of culinary tastes of
groups of chefs, students, youth, and families in
Korea. This strong start in Korea and Japan will help
Masan Consumer Products, and CHIN-SU in
particular, to easily penetrate many other developed
markets in the world, such as Australia, Europe, and
North America.
The EU is currently Vietnam's leading trading

partner and the third largest export market with an
average export growth rate of 7.5%, accounting for
an average proportion of 13.6% of Vietnam's total
exports. nationwide (2015 - 2021).

According to the EVFTA agreement and supportive and encouraging policies
from the government, Vietnamese businesses are increasingly exporting
goods to the European market. This is clearly shown in the numbers in the
report of the General Department of Customs. After more than 2 years of
implementation, the impact of EVFTA on exports, imports, and contribution to
Vietnam's GDP is very positive. In the first 10 months of 2022, the import-export
turnover of goods between Vietnam and the EU reached 52.5 billion USD, up
14% over the same period last year; Of which, exports reached 39.7 billion USD,
an increase of 23.5%. Vietnam's exports of goods to most markets in the EU
recorded good growth and helped promote the export growth of many key
commodity groups of Vietnam.
Thus, based on the strengths of the business such as experience from

business activities in international markets, available resources and
opportunities from the EVFTA agreement, combined with future business
goals, Masan Group, specifically CHIN-SU, is fully capable of exporting
CHIN-SU instant products to Europe.

We did a Market screening of eight leading countries in Europe: Germany,
Turkey, Spain, Switzerland, Netherlands, Poland, France, and Italy.
4.1. First screening
In this first screening process, there is a major knock-out criterion:

The country must be politically stable and not too ‘conservative’ concerning
politics and religion.
Turkey
Turkey has a troubled political relationship with the EU because Turkey
doesn’t consider human rights their top priority.
And in June 2022, The European Council reiterated its concerns regarding
the rule of law and fundamental rights in Turkey, without making human
rights a priority in the relationship. The EU’s relationship with Turkey is
falling.
Poland
Poland has initiated legal proceedings against certain climate policies of
the EU.
The EU’s recently adopted climate legislation was not correctly assessed,
exceeded Brussels’ authority, and now threatens Poland’s economy as well
as energy security, legal arguments published on Monday (28 August)
contend.
France
There was a wave of riots in France from June to July of 2023. These riots
have disrupted business activities, leading to a €1 billion loss to the local
economy. It is uncertain if France's political status will regain stability soon,
therefore, it is best not to enter France in the coming time.
The remaining five countries went on to the second screening process.
24
4.2. Second screening
We use the MACS model: Market Attractiveness/Competitive Strengths.
MA screening variables – Market Attractiveness
Score 1 3 5
GDP (USD) 25,000-45,000 46,000-65,000 >=66,000
Market demand for

instant noodles 10-140 141-270 >=271
(million servings)
Market growth
3-3,5 3,6-4 >=4
(2023 - 2028)
Market prohibitive
>=3,9 3,5-3,8 3,1-3,4
conditions
Economic stability
1,2,3,4 5,6,7 8,9,10
(Scale 1-10)
Political stability 0,3-0,6 0,7-1 >=1
Expenditure on
2100-2900 2901-3700 >=3701
food per capita (€)
Weight x Score
Germany Italy Spain Netherlands Switzerland
GDP per capita (USD) 0,1 0,3 0,1 0,1 0,3 0,5
Market demand for
instant noodles 0,2 1 0,2 0,2 0,2 0,2
(million servings)
Market growth (2023 -
0,2 0,6 0,2 0,6 1 1
2028)
Market prohibitive
0,15 0,75 0,15 0,75 0,75 0,45
conditions
Economic stability
0,2 1 0,2 0,2 0,6 1
(Scale 1-10)
Political stability 0,1 0,3 0,1 0,1 0,3 0,5
Expenditure on food
0,05 0,05 0,15 0,05 0,15 0,25
per capita (€)
Total 1 4 1,1 2 3,3 3,9
CS screening variables – Competitive Strengths
Score 1 3 5
Market awareness
of Vietnamese 1,2,3,4 5,6,7 8,9,10
cuisine
Instant noodle
consumption 0.5-2.5 2.5-5 5-10
(serving per capita)
Presence of CHIN- On short term < 1

No Yes
SU product year
Geographic
distance to Masan's >1000km 500km-1000km < 500km
distributor in the EU
Weight x Score
Market awareness of
0,25 0,75 0,25 0,25 0,25 0,25
Vietnamese cuisine
Instant noodle
consumption (serving 0,3 0,9 0,3 0,3 0,9 0,3
per capita)
Presence of CHIN-SU
0,3 1,5 0,3 0,3 1,5 0,3
product
Geographic distance
to Masan's distributor 0,15 0,75 0,15 0,15 0,75 0,45
in the EU
Total 1 3,9 1 1 3,4 1,3

4.3. Outcome of the IMS process
The result of the project work and all the analysis was the following ranking of
the most attractive countries for CHIN-SU Instant Noodle product in Europe:
1. Germany
2. Netherlands
3. Switzerland
According to the Market Attractiveness - Competitive Strengths evaluation

model, by calculating the market with the highest score, Germany is an
outstanding country and will be selected as the target market for CHIN-SU to
export the Instant noodle product in Europe.

HOST
COUNTRY
(GERMANY)
5.1. Political/Legal
Environment
Germany is considered to have low
political risks. Germany is a On 30 June 2019, the EU and
member of the WTO, as is the EU Vietnam signed a free trade
in its own right. Trade agreements agreement and an investment
concluded by the EU apply to protection agreement in Hanoi.
Germany and Germany applies the Germany is Viet Nam’s largest
same process and procedures for trading partner within the EU
importing goods as the EU. To and welcomes the signing of
export to Germany, there are a few the agreement. Tariff barriers
regulations that the home country are almost removed according
must follow like food safety to the general principle of
regulations, including the Food maximizing trade facilitation.
Labeling Ordinance, Packaging The free trade agreement took
Ordinance, Dietetic Foods effect on 1 August 2020. The
Ordinance, various hygienic and investment protection
veterinary requirements, as well as agreement has to be ratified by
numerous other special product or all EU Member States before
product group rules and entering into force.
regulations.

Trade relations between Germany and Vietnam have developed rapidly
and dynamically in the EU. Import-export turnover between the two
countries has increased annually. Germany is not only Vietnam’s largest
trading partner but also an important transit gateway for Vietnamese
goods to other European countries. The import and export items
between Vietnam and Germany are complementary and supportive so it
is less competitive. Vietnam has a comparative advantage in agricultural
commodities such as coffee, fisheries, timber, and labor-intensive goods
such as textiles, footwear, telephones, and components while Germany
has the advantage with technology-intensive items and transportation
vehicles, chemicals, pharmaceuticals, machinery, and equipment.
Thus, trade between Vietnam and Germany has been based on

complementary trade and will continue to benefit both countries,
especially when the EVFTA is signed, facilitating trade barriers between
the two sides to be reduced and eliminated. Vietnam will be an
attractive market for EU goods and services because Vietnam is a
country that has had impressive growth in exports over the last several
years and has great consumption. In contrast, Germany is also a
potential market for the traditional, key export items of Vietnam.

There are cases where Vietnamese noodle products are recalled by
Germany due to violating food safety regulations. On June 7, 2023, the
EU published in the official gazette Regulation (EU) 2023/1110 signed on
June 6, 2023 amending Regulation 2019/1973 on emergency measures to
control food exports to the EU. Accordingly, the EU has officially moved
Vietnamese instant noodles from Appendix II (controlled by food safety
certificate and control at border gates) to Appendix I with a border
inspection frequency of 20%. Fortunately, from June 27, 2023, instant
noodles exported from Vietnam to the EU market will not be required to
be accompanied by a food safety inspection certificate issued by a
competent Vietnamese agency.
However, the fact that the EU still maintains control at the border gate
with a frequency of 20% requires Vietnam to always maintain good food
safety control of instant noodles. If in the last 6 months of 2023,
Vietnamese instant noodles exported to the EU violate food safety
regulations, the EU's next move will be to increase supervision to 50% at
the border gate and then turn it around Annex II and the process of
convincing the EU to reintroduce Annex I is much more difficult.
Overall, both Vietnam and Germany are politically stable. The

strategic partnership between ASEAN and the EU also benefits
trading relations between Germany and Vietnam.

5.2. Economic Environment
The German economy is the fifth largest in the world by PPP
(purchasing power parity) and the largest in Europe. Germany has
a highly qualified workforce, a low birth rate, and a significant
increase in immigration.
The German market is appealing in many areas and remains an

essential component of any comprehensive export plan to Europe.
Despite the relatively higher expenses of doing business in
Germany, investors may expect increased efficiency, a highly skilled
workforce, superior engineering, and infrastructure.
With over 83 million

inhabitants, Germany is the
largest market within the
European Union and one of
the highest-income markets
in the world. According to the
latest data provided by
Destatis, the final household
consumption expenditure per
capita in Germany is more
than 30% higher than the
average of European Union
Member States in 2018.
In 2022, Germany's gross

domestic product (GDP)
amounted to 4,075.4 billion
U.S. dollars. Germany is thus
among the leading five
countries in the world GDP
ranking (second only to the
US: 25,464.48 billion U.S.
dollars, China: 18,100.40
billion U.S. dollars, Japan:
4,233.54 billion U.S. dollars),
according to statista.com.
31
YOUR NFP NAME | SDG PROGRESS REPORT 2030
Germany is Europe's largest According to Destatis data, the

economy and the fourth total value of products
largest in the world. Germany imported into Germany will
is also expected to be among increase even faster than
the countries with the
exports in 2022, with the major
highest GDP by 2030.
reason being that fuel prices
Furthermore, Germany is one
of the 20 countries with the have remained high for several
highest GDP per capita, as months. In summary, the total
well as one of the leading value of products imported into
exporters and importers, only Germany increased by 24.3% to
surpassed in both cases by 1,488.1 billion euros compared
China and the United States. to 2021.
As a result, it has one of the
biggest trade surpluses in the
world.
According to data from the

German Federal Statistics
Agency (Destatis), the overall
value of "made in Germany"
goods exported abroad in
2022 reached 1673.08 billion
euros, a 14.3% rise over the
price level record value
established in 2021 (1,368
billion euros). According to
Destatis, the increase in the
value of exported goods is
attributable in part to the
recent significant rise in
general prices of a variety of
goods.
5.3. Socio-Cultural Environment
Cultural Heritage
Germany has a rich cultural heritage with contributions to art,

literature, music, philosophy, and science. The country is known
for its classical composers, such as Bach, Beethoven, and
Mozart, as well as influential philosophers like Kant and
Nietzsche.
Individualism
German society values personal autonomy, self-expression, and

individual achievement. There is an emphasis on personal
responsibility and self-reliance, with individuals being
encouraged to pursue their own goals and aspirations.
Cuisine
German cuisine tends to be more straightforward, with a focus

on natural and uncomplicated flavors. However, most Germans
tend to eat salty foods. Some of the German traditional dishes
are sausages and schnitzels.
Multiculturalism
Germany is a diverse country with a significant immigrant

population. There are also many Vietnamese people living and
working in Germany. Currently, there are over 170,000
Vietnamese residents in this country. Most of them are in big
cities and states in the eastern region. To help each other and
preserve our cultural heritage, many Vietnamese associations
have been formed.
5.4. Target Customers in
Germany
Vietnamese and Asian residents in Germany
Asian populations are living in big cities in

Geography
Germany with high degrees of integration
Age: 18-50
Gender: Male - Female
Demographic Income: Medium-Medium high
Occupation: All
Social class: Middle-Class
Time for a decent supper is limited by the hectic

life and the need for the comforting tastes of
home. Purchasing instant noodles allows
Vietnamese consumers who live in Germany to
Psychology maintain a sense of cultural identity and
belonging despite living in a different country. It
serves as a reminder of their roots, connecting
them to their Vietnamese heritage and
providing a sense of comfort and familiarity.
Like to purchase food in-person as opposed to

online and shops in Asian markets and
Shopping
supermarkets. Willing to share their positive
Behaviour
shopping experiences with others. They have
high Prices and Brand awareness.

Germans like a wide variety of foods
and are open to trying new ones
especially
Living in big cities in Germany with high degrees

Geography
of integration
Age: 20-50
Gender: Male-Female
Demographic Income: Medium-Medium high
Occupation: All
Social class: Middle Class
Health-conscious, and budget-minded German

consumer who appreciates the convenience,
authenticity, and flavor of Vietnamese instant
noodles. They seek quick and satisfying meal
Psychology
options that align with busy lifestyle and taste
preferences while allowing them to explore
global cuisines without leaving the comfort of
their home.
Prefer purchasing food in-person as opposed to

online and shops in Asian markets and
Shopping
supermarkets. Willing to share their positive
Behaviour
shopping experiences with others and have Price
awareness.

5.5. CHIN-SU’s Competitors in
Germany
Competitors from Vietnam
Competitor Strengths Weaknesses
CHIN-SU is famous for

The brand has a its sauce, but
prestigious image and processed food
is widely known in products such as
international markets instant noodles have
for its CHIN-SU chili not really impressed
sauce products. consumers.
CHIN-SU has Although CHIN-SU

experience exporting products were
CHIN-SU
instant noodles, to exported to foreign
Asia market. markets, they were
mainly distributed in
The product has high Asian supermarkets,
quality with which have not
Vietnamese flavor, reached many
and meets customers other than
international food Asians in general and
safety standards Vietnamese people in
particular.

Acecook, like many

other food companies,
imports a variety of raw
materials from abroad to
produce their products.
However, changes in
Acecook produces a prices or international
wide range of food market conditions may
products such as instant have an impact on their
noodles, vermicelli, fish profits.
sauce, spices, and many
different types of There are concerns
noodles, allowing them surrounding food safety
to serve many market and consumer
segments and meet the resistance that Acecook
needs of consumer must address to
Acecook diversity. maintain their brand
reputation. Any
Acecook has been incidents related to
present in the these issues could have
Vietnamese and serious consequences.
international markets for
a long time, and this Acecook is also
brand is considered vulnerable to weather
trustworthy with stable and climate change.
product quality and Changes in weather
delicious taste. patterns and climate
can affect the supply
and quality of their raw
materials, which can
create production
difficulties and increase
expenses

Vifon is a well-established
and reputable brand in the
fast food industry, known
for its high quality and
reliability.
They offer a diverse range

of instant noodle and quick
food products, such as Vifon has an international
noodles, vermicelli and presence, but its access to
Vifon related items, catering to export markets is limited in
the varied needs of comparison to the
consumers. domestic market.
Vifon has a widespread

distribution network across
the country, with a
presence in numerous
convenience stores,
supermarkets and food
stores.
The food industry in

Vietnam is highly
competitive, with
numerous large and small
Colusa – MILIKET owns companies vying for
modern and advanced market share.
manufacturing plants, and
Colusa –
has an extensive This can result in price and
MILIKET
distribution network, profit pressures. Ba Mien
ensuring product quality encounters challenges
and nationwide reach. related to food safety and
consumer resistance,
particularly in today's
health-conscious
environment.

Ba Mien offers a
diverse range of food
products, such as
packaged, canned,
and bagged foods, to
cater to various
Ba Mien's raw material
customer needs.
supply and production
can be hindered by
3 Miền The company owns
natural factors like
state-of-the-art
weather and natural
manufacturing plants
disasters.
that employ advanced
processes to maintain
product quality and
achieve high-
performance
manufacturing.

Competitors from different countries
Mentioned twice in the

ranking of the world's
best instant noodles by
the New York Magazine.
Indomie has a
widespread distribution
Indomie system.Indomie is known Indomie products often
from for its excellent quality contain high levels of fat
Indofood and distinctive flavor, and lack essential
(Indonesia) capable of catering to nutrients.
various consumer tastes.
Indomie products are

usually reasonably priced,
making them attractive
to customers with low
incomes
Samyang Ramen
products are famous for
their unique and bold
flavors, especially in the
spicy noodle line,
Samyang appealing to consumers Samyang Ramen often
ramen who enjoy spicy cuisine. contains high levels of
from sugar and fat, potentially
SamyangF Samyangfood produces a posing health risks if
ood (Korea) diverse range of noodle consumed excessively.
products, from spicy
versions to traditional
flavors, catering to
different consumer
preferences

Comparison between CHIN-SU and its
competitors in the German Market
CHIN-SU will differentiate itself from its competitors by the
cultural aspect of the product: it brings the authentic taste of
Vietnamese cuisine to its consumers by combining quality
ingredients for a flavorful and heartful meal.
5.6. Positioning of CHIN-SU in the

German market
CHIN-SU is a well-known brand of Vietnamese culinary products that has
successfully brought the authentic flavors of Vietnam to international
markets, including Germany. What sets CHIN-SU apart is its unwavering
commitment to bringing the true essence of Vietnamese flavors to
discerning palates worldwide. Every CHIN-SU product captures the
distinctive flavors, aromas, and ingredients that define Vietnamese
cuisine.
From the renowned Chili sauce to a wide range of dipping sauces and
other Vietnamese flavor products, CHIN-SU provides a chance to explore
the diverse and delightful tastes of Vietnam. With CHIN-SU, customers
can indulge in the genuine taste of Vietnam right in Germany and be
assured of the authenticity of the products.
In the German market, CHIN-SU will position itself as a brand that brings
Vietnamese cuisine to consumers but in an authentic way, with
authentic flavor that no other brand can mimic.

5.7. Objectives for CHIN-SU
in the German market
Market Growth Potential:

Masan Consumer aims to
tap into new markets with
high growth potential. By
expanding globally, the
company can access larger
consumer bases and
benefit from increasing
consumer demand in
different regions [1].
Diversification: Global expansion allows Masan Consumer to diversify

its revenue streams and reduce dependence on a single market. By
entering new markets, the company can mitigate risks associated with
market fluctuations and economic downturns in specific regions.
Due to the large consumer market, Germany will be the

first market for CHIN-SU instant noodles. Subsequently,
Masan will gradually export this product to other regions
in the EU.

ENTRY MODE
6.1. Entry mode
The sociocultural distance between
Vietnam and Germany can be
considered relatively high based on
the comparison of their cultural
dimensions. Vietnam is
characterized by a high power
distance, collectivist values, and a
lower emphasis on masculinity. In
contrast, Germany has a lower
power distance, higher
individualism, and a greater
emphasis on masculinity.
Considering this, it is optimal for
Masan to opt for a more
externalization approach.
The instant noodle industry in Germany is highly competitive with many

international players like Nissin, Indomie, Mama, and Maggi and
domestic brands like 3 Glocken, MAMA, and Knorr competing for market
share. Due to intense competition, it may be ideal to choose an entry
mode that is more externalization.
Masan has notable export experience as it has successfully exported to

countries like Japan, Korea, and the USA. Following this route, it is ideal
for Masan to choose the same entry mode for entering Germany with its
new product.
CHIN-SU could seek direct export through agents as an entrance

method for the German market. This export option enables CHIN-SU to
sell the Instant Phở Bò directly to a foreign import agency. This
independent corporation represents CHIN-SU while selling to customers.

In terms of export mode, CHIN-SU CHIN-SU can still take benefit of
opted for direct export through the distributor's market expertise
agents. Direct exporting occurs and service quality while
when a manufacturer or exporter maintaining control over its own
sells directly to an importer or price policy, sales conditions,
buyer located in a foreign market advertising, and usage of its name
area. through direct export.
In Europe, CHIN-SU is currently
represented by distributor
Herman Kuijper BV. After
manufacturing Instant Phở Bò in
Vietnam, CHIN-SU directly exports
the product to this importer, who
then distributes Instant Beef Pho
to retail networks in major cities,
including Germany.
44
6.2. The chosen product
Our team chose CHIN-SU's “Instant Phở Bò” product to offer to the
German market due to CHIN-SU's success in entering the international
market. Phở is a traditional Vietnamese food that is considered one of
the typical dishes of Vietnamese cuisine, and it is expected to gain
popularity.
The first thing that impresses
customers about this box of
instant Phở Bò is it's nice design,
which is both modern and filled
with Vietnamese culture
through the image of a girl
wearing a traditional palm-leaf
conical hat. A closer look inside
reveals that the box has been
formed of thick plastic-coated
paper, and the lid is made of
plastic. There are enough plastic
spoons and forks inside.
The ingredients inside the
bowl of Phở include phở
package, real meat
package, vegetable
package, oil package, chili
sauce package, and
seasoning package. Each
ingredient is packaged
separately and properly,
with clear information
written on the outside. The
extremely spicy chili sauce is
retained separately, which is a plus point for people who can’t eat spicy
cuisine. This is a vital element because many manufacturers combine
hot chili peppers with spices or oil packs, making it impossible to fully
enjoy them.

MARKETING MIX
STRATEGY
7.1. Product
CHIN-SU Instant Phở Bò bowl 132g is a

convenient instant food product from the
CHIN-SU brand. Here is a detailed description
of the product:
Product Information
Brand: CHIN-SU
Product Name: Phở CHIN-SU beef noodle
bowl 132g
Weight: 132g per bowl
Ingredients
Noodles: Rice, wheat starch, stabilizer (466),
salt, flavor enhancer (621).
Soup: Beef (364g/kg), water, sugar, vegetable
oil, flavor enhancers (621, 635), salt, spice, and
herb mixture, chili sauce, beef extract
(11.8g/kg), onion, beef pho extract (8.4g/kg),
thickener (1414), ginger, beef extract paste
(5.3g/kg), basil, chicken powder, dried scallion,
natural and artificial flavorings, dried chili,
cinnamon, star anise, dried herbs, preservative
(211), antioxidant (320, 321)
Product level
Core product: The core benefit of Phở CHIN-SU is satisfying hunger
Generic product: The generic product is a bowl of instant phở with rice noodles
and spice packages
Expected Product: Customers expect the product to be warm, aromatic,
flavorful, and have an authentic taste. If this isn’t the case then the
expectations won’t be met and Phở CHIN-SU will not taste the best in the
minds of customers.
Brand identity
Logo: The CHIN-SU logotype consists of the name and two colors mixed
against the background. The word "Chin Su" carries the meaning of tradition
and uniqueness. The logo presents a combination of black and white, which
expresses elegance and simplicity.
Packaging: Red paper bowl with black plastic lid. CHIN-SU Instant noodles
exported to Germany will have different packaging from the Vietnamese ones.
The packaging will have clear and informative labeling in both Vietnamese and
German languages incorporating traditional elements, such as Vietnamese
landmarks.
Flavor
CHIN-SU should consider making the instant phở version for the German
market with a simpler flavor profile compared to the original Vietnamese
version. This may involve reducing the complexity of spices slightly to align
with German culinary preferences, which tend to favor natural and less
complex flavors.
Portion size
Portion sizes often vary between regions. Adapting a product to offer portion
sizes that suit local expectations can be important for consumer acceptance.
CHIN-SU could consider adjusting the Portion Sizes that fit the German
market’s portion sizes.
Brand decisions
CHIN-SU uses the manufacturer's own brand (global brand) in multiple
markets because the manufacturer doesn’t make any changes to the brand
when entering different markets due to limited manufacturing capacity.
Whether the product enters the Korean, Japanese, or German market,
everything about the brand still remains the same.

7.2. Price
CHIN-SU would apply the market pricing strategy for their Instant Phở Bò in
Germany due to two reasons:
Diverse competition in the German market:

In Germany, there are already other competitive players selling similar
products to Phở CHIN-SU, such as Mama Instant Rice Noodles, Reeva instant
pasta,… Therefore, using the market pricing strategy allows Phở CHIN-SU to
compete on price, attract customers, and keep them from choosing other
competitors. This is especially crucial in building a customer base in the initial
phase.
Price-sensitive customers:
German consumers are very price-sensitive and at the same time, expect high-
quality food products. (Strasser, 2023). 42% of German respondents answered
the Statista survey on "Importance of low-priced products by category" with
"Foods & non-alcoholic drink". The survey was conducted in 2023, among 5,994
consumers. (Kunst, 2023).
A survey conducted by Statista Consumer Insights reveals that among online

shoppers in Germany, the Clothing product category is where price is the most
important factor, with 40% of respondents considering it. Food & Drinks come in
second place, with 35% of consumers placing a high value on low prices. (Online
Shoppers in Germany Are Price Sensitive in Clothing and Food & Drinks, 2023). When
pricing is on par with competitive rivals, price-sensitive customers will have to
consider other factors of the product. From this, CHIN-SU Phở will have an
opportunity to be chosen by customers due to its competitive advantage in product
quality.
48
We will materialize the pricing strategy in 2 years:
Year 1: Competitive Analysis: Have a clear understanding of the prices
and pricing strategies of competitive rivals. Then apply Market
Pricing - Set the price of our product based on competitive prices.
Year 2: In the second year, Phở CHIN-SU needs to observe and assess
consumer attitudes towards its product.
If customers show great interest in the product and recognize the value
of Phở CHIN-SU, the brand should continue to use market pricing to
expand the market.
But, if the product has not gained much consumer favor or if the market
undergoes changes like decreased demand and increased competition,
Phở CHIN-SU should consider price reductions.
Therefore, during the first year, our product will be priced in the range of
€1 - €1,5.

7.3. Distribution (Place)
Year 1: CHIN-SU will use selective distribution with a 2-level channel.

Selective distribution 2-level channel: CHIN-SU directly exports Instant
"Phở Bò” products to Wholesaler Herman Kuijper BV in the Netherlands.
This Wholesaler will distribute to Retailers who are Asian supermarket
chains such as Go Asia, Yuan Fa Asian Market, and Vinh Loi Asian
Supermarket. These retailers will distribute products to consumers in
Germany.
CHIN-SU Distribution Channel for Year 1
Year 2: Consider finding and choosing distributors in Germany

In year 2, Masan will consider to expand its distribution network in
Germany by finding a German distributors such as Delong Gmbh, Bajwa
Asians Foods Gmbh & Co. KG, and Hai Asian Food Import - Export GmbH
for redistribution to Asian grocery stores

7.4. Communication (Promotion)
Year 1: The promotion objective during this year will be to

increase product awareness. Therefore we will participate in
these promotion activities
Conduct product demonstrations to showcase the quality, and
taste of CHIN-SU Instant Noodles Phở
Participate in International culinary exhibitions to introduce
products to customers. These exhibitions often welcome many
international visitors who want to experience cuisine from other
countries, so CHIN-SU will be able to promote Instant Phở Bò to
more potential customers.
Vietsoc is one of the most popular Vietnamese Student
Association in Berlin - Potsdam. Vietsoc regularly organizes
annual fundraising or connecting activities, and food fairs with
the Vietnamese community such as the Lunar New Year, and
Mid-Autumn Festival... In the first 6 months, CHIN-SU will
cooperate with Vietsoc and sponsor their activities to promote
Instant Phở Bò products to the Vietnamese community in
Germany.
Parallel with that CHIN-SU will open trial counters at Asian
supermarkets for both Vietnamese people in Germany and
Germans who want to try other countries' cuisine.
Year 2: The promotion objective during this year will be to raise

sales volumes
Run promotions when customers purchase products. (For instance,
giving extra household gifts for customers when they buy a set of 5
boxes of product,...)

Marketing Mix Plan
7.5. Marketing Mix Plan
Marketing mix
Year 1 Year 2
(activities)
Product No adaptation yet to be made Product modifications
Market prcing or price

Price Marketing Pricing.
reductions.
Expand distribution
Place Selective distribution.
network by fin
Year 1: Increase product Year 2: Raise sale

awareness volume
The first 6
Year 1
months
Product
Promotion
demonstratio
nsInternationa Trial counters Sales Promotion
l culinary at Asian Programs
exhibitions.Co supermarkets
operate with
Vietsoc

IMPLEMENTING
PROGRAMME
PLANNING BUDGET
Year 1
Activities Total Cost (€)
Product Insurance 3.000
Shipping Cost 14.400

Place Discount for distribution
130.000
partners
Product demonstration 1.000
Sponsorship and
cooperation costs with 4.000
Vietsoc
Promotion
Cost of opening a stall at the
3.000
supermarket
Communication costs 2.000
Administration
10.000
cost
Variable costs 8.000
Total 175.400
Year 2
Activities Total Cost (€)

Research and
10.000
Product Development
Insurance 3.000
Shipping Cost 30.000
Discount for distribution
Place 260.000
partners
Rent for location (y2) 4.000
Sponsorship and
cooperation costs with 3.000
Vietsoc
Promotion Cost of opening a stall at

2.000
the supermarket
Communication costs 10.000
Promotion costs 8.000
Administration cost 10.000
Variable costs 10.000
Total 700.800
Direct exporting to the German market can be a
EVALUATION
CONTROL &
quick way for businesses to reach consumers and
their culture. However, it can also be a costly
venture. To ensure a smooth implementation,
CHIN-SU must conduct promotional activities in a
timely, methodical, and effective manner. This
includes collaborating with local partners and
sending representatives to Germany for meetings
and discussions. Additionally, it is critical to
continuously monitor the ability to reach
customers and their reactions to market changes
and prepare scripts for appropriate adjustments.
Over the first six months of 2023, CHIN-SU must

perform well to increase brand recognition and
product access. Within six months to one year, the
goal is to achieve brand awareness with 40% of the
target customer market and earn a sustainable
profit for reinvestment. Long-term goals include
expanding the business model by developing the
product line, and distribution system. The ultimate
aim is to achieve an annual profit-to-sales ratio of
over 5%.
To achieve these objectives, CHIN-SU needs to plan for the

following resources:
- Capital: Plan for capital rotation and budget projections for
business activities in Germany.
- Market research and development: Continuously re-evaluate
the market to capture changes and upgrade products to better
serve customers.
- Human resources: Send representatives and establish
representative offices in Germany to work with partners or train
local employees. Build a dynamic leadership team that
understands business and market goals.

In conclusion, Germany is a crucial and promising market for CHIN-SU
to expand into Europe and beyond. Though it may entail certain risks
and expenses, systematic investments in marketing activities to build
brand recognition and establish a broad and selective distribution
system will create a solid foundation for penetrating and dominating
the market. Directly exporting products into the German market can
be a costly strategy for businesses, despite its potential to quickly
access new customers and cultures. To ensure a successful launch,
CHIN-SU must carry out its promotional activities in a methodical,
effective, and timely manner. This includes collaboration with local
partners, sending representatives to Germany for meetings, and
continuously monitoring customer reactions. CHIN-SU should also
prepare scripts for any necessary changes to their approach.
Within the first half of 2023, - Market research and

CHIN-SU must work hard to development: Continuously
increase brand recognition and measure and adapt to market
consumer access to its products. changes, and upgrade products
In the following six months to a to better serve customers.
year, the aim is for CHIN-SU to - Human resources: Send
achieve 40% brand awareness representatives and establish
with their target customers and offices in Germany to work with
earn a profit that can be partners or provide training, use
sustained and reinvested. In the local human resources, build a
long term, CHIN-SU aims to dynamic leadership team, and
expand its business model, understand business and market
including developing its product goals.
line and distribution system, In summary, the German market
building more stores, and presents an important
achieving a profit-to-sales ratio of opportunity for CHIN-SU to
over 5% annually. expand into Europe and beyond.
To achieve these goals, CHIN-SU Despite the risks and expenses,
should plan for the following systematic investment in
resources: marketing activities, branding,
- Capital: Plan for capital rotation and selective distribution will
and allocate a large budget for create a strong foundation for
business activities in Germany. penetrating and dominating the
market. 57
REFERENCE
1. Business Development Germany. (2021). FOOD & BEVERAGES IN GERMANY. Business
Development Germany. Retrieved October 26, 2023, from
https://www.businessdevelopmentgermany.com/wp-content/uploads/2021/07/BDG-
Industrial-Handout_Food-Beverages.pdf
2. Chin-su đưa bộ gia vị, phở ăn liền tới Hàn Quốc. (2023, June 2). VnExpress. Retrieved
October 27, 2023, from https://vnexpress.net/chin-su-dua-bo-gia-vi-pho-an-lien-toi-
han-quoc-4611885.html
3. CHIN-SU tiếp tục chinh phục thị trường Nhật Bản sau 4 năm có mặt chính thức. (2023,
March 8). Sức khỏe đời sống. Retrieved October 27, 2023, from
https://suckhoedoisong.vn/chin-su-tiep-tuc-chinh-phuc-thi-truong-nhat-ban-sau-4-
nam-co-mat-chinh-thuc-169230307174442195.htm
4. CHIN-SU xuất khẩu container đầu tiên vào thị trường Nhật cho bộ gia vị mới. (2023,
April 12). PLO. Retrieved October 27, 2023, from https://plo.vn/chin-su-xuat-khau-
container-dau-tien-vao-thi-truong-nhat-cho-bo-gia-vi-moi-post728448.html
5. CHIN-SU xuất khẩu container đầu tiên vào thị trường Nhật cho bộ gia vị mới. (2023,
April 12). PLO. Retrieved October 29, 2023, from https://plo.vn/chin-su-xuat-khau-
container-dau-tien-vao-thi-truong-nhat-cho-bo-gia-vi-moi-post728448.html
6. Cú hích giúp Masan tự tin tăng trưởng nửa cuối năm. (2023, August 1). VnExpress.
Retrieved October 27, 2023, from https://vnexpress.net/cu-hich-giup-masan-tu-tin-
tang-truong-nua-cuoi-nam-4636334.html
7. EU nới lỏng quy định an toàn thực phẩm với mỳ ăn liền Việt Nam. (2023, June 12). Báo
chính phủ. Retrieved October 27, 2023, from https://baochinhphu.vn/eu-noi-long-quy-
dinh-an-toan-thuc-pham-voi-my-an-lien-viet-nam-102230612083330966.htm
8. GDP Per Capita by Country | MacroTrends. (2022). Macrotrends. Retrieved October 27,
2023, from https://www.macrotrends.net/countries/ranking/gdp-per-capita
9. Kunst, A. (2023, August 28). Importance of low-priced products by category in
Germany 2023. Statista. Retrieved October 26, 2023, from
https://www.statista.com/forecasts/998831/importance-of-low-priced-products-by-
category-in-germany
10. Kunst, A. (2023, August 28). Importance of low-priced products by category in
Germany 2023. Statista. Retrieved October 28, 2023, from
category-in-germany
category-in-germany
10. nst, A. (2023, August 28). Importance of low-priced products by category in Germany
2023. Statista. Retrieved October 28, 2023, from
category-in-germany
11. Lần đầu tiên ra mắt, hương vị Phở Story chiếm trọn cảm tình người Hàn. (2023, June 2).
Sức khỏe đời sống. Retrieved October 27, 2023, from https://suckhoedoisong.vn/lan-dau-
tien-ra-mat-huong-vi-pho-story-chiem-tron-cam-tinh-nguoi-han-
169230602150321701.htm
12. Loan Như. (2022, August 1). Masan (MSN) đạt 2.577 tỷ đồng lợi nhuận sau thuế sau 6
tháng đầu năm, gấp hơn 3 lần cùng kỳ. Baodautu.vn. Retrieved October 27, 2023, from
https://baodautu.vn/masan-msn-dat-2577-ty-dong-loi-nhuan-sau-thue-sau-6-thang-dau-
nam-gap-hon-3-lan-cung-ky-d170822.html
13. Masan Group maintains strong standing in “Vietnam's 50 Best Performing Companies”.
(2023, September 18). vietnamnews.vn. Retrieved October 27, 2023, from
https://vietnamnews.vn/brandinfo/1593918/masan-group-maintains-strong-standing-in-
vietnam-s-50-best-performing-companies.html
14. Minh Tuệ. (2023, June 2). Chin-su đưa bộ gia vị, phở ăn liền tới Hàn Quốc. VnExpress.
Retrieved October 29, 2023, from https://vnexpress.net/chin-su-dua-bo-gia-vi-pho-an-
lien-toi-han-quoc-4611885.html
15. Nguyên, T. (2023, August 1). Cú hích giúp Masan tự tin tăng trưởng nửa cuối năm.
VnExpress. Retrieved October 27, 2023, from https://vnexpress.net/cu-hich-giup-masan-
tu-tin-tang-truong-nua-cuoi-nam-4636334.html
16. Online Shoppers in Germany Are Price Sensitive in Clothing and Food & Drinks. (2023,
April 20). ecommerceDB.com. Retrieved October 26, 2023, from
https://ecommercedb.com/insights/product-categories-in-which-a-low-price-is-
important-to-online-shoppers-in-germany/4148
17. Online Shoppers in Germany Are Price Sensitive in Clothing and Food & Drinks. (2023,
April 20). ecommerceDB.com. Retrieved October 28, 2023, from
https://ecommercedb.com/insights/product-categories-in-which-a-low-price-is-
important-to-online-shoppers-in-germany/4148
18. The Original Vietnamese Hot Sauce, CHIN-SU Sweet Sriracha Chili Organic Pasta Pizza
Rippen Garlic Salsa Spaghetti Sauce BBQ Gift Set, 1 Pack of 8.82oz (ORIGINAL, 8.8 oz
(Pack 1)). (n.d.). Amazon.com. Retrieved October 26, 2023, from
https://www.amazon.com/CHIN-GOURMET-PEPPER-GARLIC-
AUTHENTIC/dp/B07NGQ2DSP?ref_=ast_sto_dp&th=1&psc=1
19. Overcoming difficulties, Vietnam has a trade surplus of 12.25 billion USD in 6 months of
2023. (n.d.). Tổng cục Thống kê. https://www.gso.gov.vn/en/data-and-
statistics/2023/07/overcoming-difficulties-vietnam-has-a-trade-surplus-of-12-25-billion-
usd-in-6-months-of-2023/
20. Phát Vạn. (2022, January 26). Cơ hội cho doanh nghiệp sản xuất thực phẩm ăn liền.
VnExpress. Retrieved October 27, 2023, from https://vnexpress.net/co-hoi-cho-doanh-
nghiep-san-xuat-thuc-pham-an-lien-4419308.html
2023. (n.d.). Tổng cục Thống kê. https://www.gso.gov.vn/en/data-and-
statistics/2023/07/overcoming-difficulties-vietnam-has-a-trade-surplus-of-12-25-billion-
usd-in-6-months-of-2023/
20. Phát Vạn. (2022, January 26). Cơ hội cho doanh nghiệp sản xuất thực phẩm ăn liền.
VnExpress. Retrieved October 27, 2023, from https://vnexpress.net/co-hoi-cho-doanh-
21. Ready-to-Eat Meals - Germany. (n.d.). Statista. Retrieved October 27, 2023, from
https://www.statista.com/outlook/cmo/food/convenience-food/ready-to-eat-
meals/germany
22. Ready-to-Eat Meals - Italy. (n.d.). Statista. Retrieved October 27, 2023, from
https://www.statista.com/outlook/40080100/141/ready-to-eat-meals/italy
23. Ready-to-Eat Meals - Netherlands. (n.d.). Statista. Retrieved October 27, 2023, from
meals/netherlands
24. Ready-to-Eat Meals - Spain. (n.d.). Statista. Retrieved October 27, 2023, from
https://www.statista.com/outlook/cmo/food/convenience-food/ready-to-eat-meals/spain
25. Ready-to-Eat Meals - Switzerland. (n.d.). Statista.
meals/switzerland
26. Strasser, G. (2023). FOOD & BEVERAGES IN GERMANY. Business Development Germany.
Retrieved October 28, 2023, from https://www.businessdevelopmentgermany.com/wp-
content/uploads/2021/07/BDG-Industrial-Handout_Food-Beverages.pdf
27. THỦ TỤC XUẤT KHẨU MÌ ĂN LIỀN, PHỞ ĂN LIỀN. (n.d.). cước vận chuyển. Retrieved
October 27, 2023, from https://cuocvanchuyen.vn/tin-tuc/thu-tuc-xuat-khau-mi-an-lien-
pho-an-lien-442.html
28. Tổng cục Thống kê. (2023). Overcoming difficulties, Vietnam has a trade surplus of 12.25
billion USD in 6 months of 2023. Tổng cục Thống kê. Retrieved October 29, 2023, from
https://www.gso.gov.vn/en/data-and-statistics/2023/07/overcoming-difficulties-vietnam-
has-a-trade-surplus-of-12-25-billion-usd-in-6-months-of-2023/
29. Vietnam named among top 20 best cuisines in the world. (2022, December 29).
VietNamNet. Retrieved October 27, 2023, from https://vietnamnet.vn/en/vietnam-named-
among-top-20-best-cuisines-in-the-world-2095387.html
30. VietNamNet. (2022, December 29). Vietnam named among top 20 best cuisines in the
world. VietNamNet. Retrieved October 29, 2023, from https://vietnamnet.vn/en/vietnam-
named-among-top-20-best-cuisines-in-the-world-2095387.html
31. Vietnamnews. (2023, April 24). Masan eyes $4.27b revenues through 3 growth engines.
vietnamnews.vn. Retrieved October 29, 2023, from
https://vietnamnews.vn/economy/1524576/masan-eyes-4-27b-revenues-through-3-
growth-engines.html
32. World Instant Noodles Association. (2023, May 12). World Instant Noodles Association.
Retrieved October 27, 2023, from https://instantnoodles.org/en/noodles/demand/table
APPENDIX
Market attractiveness screening variables
The Gross
Germany
Domestic
Gross
GDP per Product
Domestic
capita per capita
Product
(USD) in Italy was
(GDP) per 29,350.0 55,985.0 92,101.0
Source: last
Capita USD USD USD-
GDP per recorded
reached - Score: 1 - Score: 3 Score: 5
capita + at 34,158.0
48,432.101
Tên nước + USD
USD in Dec
2022 dollars in
2022.
2022.
- Score: 3
- Score: 1
According
to the
Demand
Rankings
Market of World The
Switzerlan
demand Instant Italy had Spain had Netherland
d had 20
for instant Noodles 40 million 90 million s had 90
million
noodles Association servings in servings in million
servings in
(million (WINA), 2022. 2022. servings in
2022.
servings) Germany - Score: 1 - Score: 1 2022.
- Score: 1
Source had 390 - Score: 1
million
servings in
2022.
- Score: 5

APPENDIX
The
Market
Germany
growth
Ready-to- The market The market The market The market
(2023 -
eat meals is expected is expected is expected is expected
2028)Sourc
market is to grow to grow to grow to grow
e: Statista:
expected annually by annually by annually by annually by
Ready-to-
to grow 3.26% 3.71% 4.25% 4.39%
eat meals
annually by (CAGR (CAGR (CAGR (CAGR
market
3.78% 2023-2028). 2023-2028). 2023-2028). 2023-2028).
growth
(CAGR - Score: 1 - Score: 3 - Score: 5 - Score: 5
rates + Tên
2023-2028).
nước
- Score: 3
The
The The The The
internation
internation internation internation internation
al trade
al trade al trade al trade al trade
Market barrier
barrier barrier barrier barrier
prohibitive index of
index of index of index of index of
conditions the
Germany Italy stood Spain Switzerlan
Source Netherland
stood at at 3.92 in stood at 3.3 d stood at
s stood at
3.18 in 2023 2023 in 2023 3.75 in 2023
3.11 in 2023
- Score: 5 - Score: 1 - Score: 5 - Score: 3
- Score: 5
The Switzerlan
Germany is Italy is 3 Spain is
Netherland d is rated
Economic rated 9 in rated 9 in rated 4 in
s is rated 7 10 in terms
stability terms of terms of terms of
in terms of of
(Scale 1-10) economic economic economic
economic economic
Source stability stability stability
stability stability
- Score: 5 - Score: 1 - Score: 1
- Score: 3 - Score: 5

APPENDIX
The
The The The The
political
political political political political
stability
stability stability stability stability
Political index of
index of index of index of index of
stability the
Germany Italy was Spain was Switzerlan
Source Netherland
was 0.76 in 0.58 in 0.58 in dwas 1.13 in
s was 0.92
2021 2021 2021 2021
in 2021
- Score: 3
Expenditur The The

The The
e on food expenditur The expenditur
expenditur expenditur
per e on food expenditur e on food
e on food e on food
capita Sour per capita e on food per capita
per capita per capita
ce: in per capita in the
in Spain in
Expenditur Germany in Italy was Netherland
was 2,275.3 Switzerlan
e on food was 2,897 3,168.3 USD s was 2,933
USD in dwas
per capita USD in in 2021 USD in
2021 4,313.4 USD
in + Tên 2021 - Score: 3 2021
nước - Score: 1 - Score: 3

APPENDIX
Competitive Strengths screening variable
YouGov
has
researched
about the
attitude
36% of 38% of the 26% of 20% of
Market towards
Italians Spanish Dutch Swiss have
knowledge different
have tried have tried have tried tried
of cuisines by
Vietnames Vietnames Vietnames Vietnames
Vietnames nation.
e cuisine e cuisine e cuisine e cuisine
e cuisine 57% of
and like it. and like it. and like it. and like it.
Source German
has tried
Vietnames
e cuisine
and like it.
- Score: 3
The annual The annual The annual

The annual The annual
instant instant instant
instant instant
noodle noodle noodle
noodle noodle
Instant comsumpt comsumpt comsumpt
comsumpt comsumpt
noodle ion (in ion (in ion (in
ion (in ion (in
consumpti servings servings servings
servings servings
on (serving per capital) per capital) per capital)
per capital) per capital)
per capita) of of of
of Italy is of Spain is
Source Germany is Netherland Switzerlan
about 0.5 about 0.5
about 2.5 s is about d is about
to 2.5 to 2.5
to 5 2.5 to 5. 0.5 to 2.5.
- Score: 3 - Score: 3 - Score: 1

APPENDIX
CHIN-SU CHIN-SU
has has
exported exported
some CHIN-SU some CHIN-SU
CHIN-SU has
products has never products has never
never
to this exported to this exported
Presence exported any
market any of its market any of its
of CHIN-SU of its
but the products but the products
product products to
business to this business to this
this market
activities market. activities market.
- Score: 3
are all less - Score: 1 are all less - Score: 1
than 1 than 1
year. year.
Currently,
Herman
Kuijper BV is
the main
distributor
and
wholesaler of
Masan The The
Geographi The
Corporation distance distance The
c distance distance
in Europe. between between warehous
between between
The Italy and Spain and e is
countries Spain and
warehouse the the located in
with Switzerlan
location is in Netherlan Netherlan this
Masan's d is about
the ds is about ds is about country.
distributor 820 km.
Netherlands. 1.266 km. 1.748 km. - Score: 5
in the EU - Score: 3
The distance - Score: 1 - Score: 1
between
Germany
and the
Netherlands
is about
372km.
- Score: 5
THE END

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NATIONAL ECONOMICS UNIVERSITY

REPORT ON THE DEVELOPMENT OF

corporate brand and practice. While the listed

entity was formally incorporated in 2004, Masan,

Masan Consumer Holdings was established to be

GROUP 5 | INTERNATIONAL MARKETING PLAN REPORT 03

1.2. Vision - Mission - Core Values

GROUP 5 | INTERNATIONAL MARKETING PLAN REPORT 04

1.4. Orientation for brand

GROUP 5 | INTERNATIONAL MARKETING PLAN REPORT 05

Recognizing the challenges and opportunities, CHIN-SU is accelerating

GROUP 5 | INTERNATIONAL MARKETING PLAN REPORT 06

1.5.1. Business portfolio

Dipping Fish Instant

CHIN-SU CHIN-SU CHIN-SU CHIN-SU CHIN-SU

CHIN-SU CHIN-SU CHIN-SU CHIN-SU CHIN-SU

GROUP 5 | INTERNATIONAL MARKETING PLAN REPORT 07

CHIN-SU CHIN-SU CHIN-SU

CHIN-SU CHIN-SU CHIN-SU

GROUP 5 | INTERNATIONAL MARKETING PLAN REPORT 08

Europe, America, Korea,

Soy sauce CHIN-SU chili garlic Europe, America, Korea,

America, Australia, Korea,

CHIN-SU chili Europe, America, China,

CHIN-SU “Phở” chili

Dipping CHIN-SU wasabi

GROUP 5 | INTERNATIONAL MARKETING PLAN REPORT 09

America, China, Australia,

Europe, America, China,

CHIN-SU Nam Ngư

CHIN-SU Nam Ngư

GROUP 5 | INTERNATIONAL MARKETING PLAN REPORT 10

In the context of globalization, one of the most

product For all 5 product lines of CHIN-SU, the company has

line international friends. When mentioning CHIN-SU,

GROUP 5 | INTERNATIONAL MARKETING PLAN REPORT 12

Vietnam is considered a country with

Accordingly, the Law has been developed on specific principles and

Another example is the EVFTA (European-Vietnam Free Trade

According to Circular 39/2018/TT-BTC

The contents specified on the label of instant noodles when exported,

GROUP 5 | INTERNATIONAL MARKETING PLAN REPORT 14

Vietnam GDP growth 2011 - 2022

According to the leadership representatives of the Ministry of Industry

2.3. Sociocultural Environment

Cuisine and Tradition

Vietnam's economic success story is In Vietnam, Confucian beliefs shape

GROUP 5 | INTERNATIONAL MARKETING PLAN REPORT 18

Strong brand recognition

Diverse Product Portfolio

⇒ Those strengths provide CHIN-SU a solid foundation for growth, both

GROUP 5 | INTERNATIONAL MARKETING PLAN REPORT 19

Dependence on the domestic market

Demand for instant noodles increased (Phát Vạn, 2022)

EU loosens food safety regulations for Vietnamese instant noodles

⇒ CHIN-SU is well-placed to leverage these opportunities to expand its market

International marketplaces are highly competitive

GROUP 5 | INTERNATIONAL MARKETING PLAN REPORT 21

For instance, at the Foodex Japan 2023 international

The EU is currently Vietnam's leading trading