G1_00219 ENTERPRISE LEVEL BUSINESS STRATEGY OF SONG DA IIINFRASTRUCTURE JOINT STOCK COMPANY WITHIN THE PERIOD OF 2011-2020 CHIẾN LƯỢC KINH DOANH CẤP DOANH NGHIỆP CỦA CÔNG TY CỔ PHẦN HẠ TẦNG SÔNG ĐÀ III GIAI ĐOẠN 2011-2020..
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UNIVERSITY
CAPSTON PROJECT REPORT
ENTERPRISE LEVEL BUSINESS STRATEGY OF SONG DA
OF 2011-2020
Prepared by: 04 Class: GAMBA.V0110 Group members:
Hoang Thi Lan (group leader) Nguyễn Xuân Hoàng
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UNIVERSITY
Business strategy of Song Da infrastructure joint stock company within the period of
2011-2020
TABLE OF CONTENTS
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CHAPTER I: ARGUMENTAL BASIS ON CONSTRUCTING BUSINESS
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CHAPTER II: ANALYSIS OF BUSINESS ENVIRONMENT AND INTERNAL ENVIRONEMNT OF SONG DA INFRASTRUCTURE JOINT STOCK
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CHAPTER III: SELECTION OF ENTERPRISE LEVEL BUSINESS
STRATEGY FOR SONG DA INFRASTRUCTURE JOINT STOCK COMPANY WITHIN THE PERIOD OF 11-2020 AND IMPLEMENTATION SOLU TIONS46
1 Selection of enf€erprIs€ ÏCVCÏ SỈT CN cọ Họ ng 46
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Business strategy of Song Da infrastructure joint stock company within the period of 2011-2020
LIST OE REFERENCES - - cesscccescsecccesecceees Error! Bookmark not defined
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“Ma tran BCG BCG (Boston Consulting Group)
_Ma tran McKinsey - GE | MC.KINSEY - GE
ROE | Ratio of contributed capital withdrawal 7 |
‘wor Strengths (S), Weaknesses (W), Opportunities (O), Threats
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Business strategy of Song Da infrastructure jornt stack company within the period of 2011-2020
LIST OF TABLES AND FIGURES
i 4 ' Table 4 Financial norms in 2010 of Song Da infrastructure JSC
; og aa | Table 5 ee _ | Comparision among index of Song Da infrastructure
: | Bt 6 Growth matrix of main business sectors of Song Da
Ƒ 9 Table 9 Sector’s attraction
| ‘7 Table 10 Competitiveness evaluation of Song Da infrastructure
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Business strategy of Song Da infrastructure joint stock company within the period of
2011-2020
PREFACE
1 The need of topic study
In the thought of modern economics market 1s the battle: violent competitive pressure will create outstanding ccmpanies as we!l as make 2 series of companies go te bankruptcy Then how to stand tall in such market storm? The answer for this question
is in the capacity to construct business strategy and maintain competitive advantages of the enterprise: business strategy is a special plan that all enterprises must study to make before going into operation
Vietnamese enterprises are born in a focused planning economy which 1s pressurized to accept the game in a global changed environment with violent competition They must find out the way to maintain their own existence and development; they must accept a series of testing that sometimes they must pay by their own fortune Reality has proved that an enterprise with determination, potential market, cannot define a right business strategy then it will waste of human resource leading to bad business results even bankruptcy On the contrary, a young enterprise with right business strategy will have firm steps to reach success
This is the reason for us to choose the following topic “enterprise level business strategy of Song Da Infrastructure Joint Stock Company within the period of 2011- 2020” We hope that with high collective determination of leading boards and employees of the company, strong support of Song Da Corporation with a right business strategy then it will create success for the enterprise
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Business strategy of Song Da infrastructure joint stock company within the period of 2011-2020
- Analyze factors to impact on business activities of Song Da Infrastructure Joint Stock Company
- Business strategy construction within the period of 2010-2015 for the
enterprise
- Recommend functional strategies, concrete solutions to well implement chosen topic
3 Study object and scope
Study object is internal and external environment of the company; enterprise level business strategy of the enterprise within the period of 2011 — 2020
4 Study method
This study will use qualitative methods such as observation, interview, and group discussion then synthesize, analyze and compare primary and secondary data on business environment and operational situation of Song Da Infrastructure Joint Stock Company
Secondary data is collected from many resources such as Song Da Infrastructure
Joint Stock Company, Song Da Corporation, Construction ministry, commercial and
industrial ministry, ministry of planning and investment, Ha Tinh statistical agency, papers and Internet
Primary data is collected via exchanges, direct interview with leading cadres in the company to get contents which are not in annual report; we can also get some information from leading board of the company in term of strategic orientation of the company in the coming years
5 Structure of capston project report
Capston project report includes three chapters:
Chapter |: argumental basis of business strategy construction
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Business strategy of Song Da infrastructure joint stock company within the period of 2011-2020
Chapter 2: business environmental and internal environment analysis of Song
Da Infrastructure Joint Stock Company
Chapter 3: enterprise level business strategy selection for Song Da Infrastructure
Joint Stock Company within the period of 20] !-2020 and implementation solutiens
CONSTRUCTING
1 Definition and role of business strategy
1.1 Definition of business strategy
The term of strategy originates from Greece which is used for the first time in military sector to indicate big and long term plans based on trusting what opponents can do and cannot do As usual strategy is the plan and art of military steering
Nowadays, strategic term is widely used in different sectors; in business sector there are many approaches of strategy, according to traditional approaches, business strategy is considered as total long term of an organization to reach a long term targets Management history researcher Alfred D Chandler supposes that “strategy is to define basic long term targets of an enterprise and implement action plan together with allocate necessary resources to reach such targets” Then his thoughts have defined that
strategy is a process of defining out of which enterprises can choose their own targets,
define action plan to fulfill such targets and allocate equivalent resources Traditional
approach has the strength to help enterprises to imagine what to do to define strategy
and realize profits of strategy in term of long term plan However in a changed
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! Global Advanced Master of Business Adin st ator
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Business strategy of Song Da infrastructure yoint stock company within the period of 2011-2020
business environment we can see the limitations in traditional approach because it
cannot adapt to the change of business environment
According to current approach strategy can be larger what enterprise expects or set up Implementation plan Accerding to viewpornts of Mintzberg, he supposes that strategy is a model in the flow cf decisions and acticn plan The mode! can be any strategy: designed strategy or abnormal strategy
Modern approach will help enterprise to easily cope with the changes of business environment and promote creation in the enterprise However it requires leader to have qualification and capacity to predict conditions for strategy implementation and evaluate values of abnormal strategy
Via above approaches, we can understand that: business strategy of an enterprise
is an art to construct long term targets and implementation policies to orient and create competitive advantage for enterprise Business strategy is to analyze, learn to know and find out the basic method, think of development orbit in business and production which
is the plan with comprehensiveness, coordination and consistency leading business unit
to ensure its own target; business strategy 1s to define basic targets of business unit, select medium and action plan, allocate necessary resources to implement business
targets
The term of strategy is used according to three popular meanings
Firstly, general action plans and main resources implementation to reach given targets
Secondly, organizational targets programs: used resources to reach such targets, policies to manage income, using and arrangement of such resources
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Business strategy of Song Da infrastructure sort stock company within the period of 2011-2020
Thirdly, define long term targets and select operational method then allocate necessary resources to reach such viven targets
1.2 The role of business strategy for the enterprise
In the changed market currently, there !s one thing that enterprises can know for sure which the change 1s; strategic administration will show orientation to help such organizations to overcome market storm, go ahead to the future by their own efforts and capacity Business strategy will be constructed to help the enterprise to adapt to long term changes
Strategic administration will help enterprise to be more active in defining future
at the same time create influences in operational environment then it can make use of all capacity to monitor and adapt to all external changes
Strategic administration will give cadres the realization of importance; leader and labors all understand and commit to implement enterprise’s targets Then they will feel that they are a part of enterprise then they will commit to support and raise responsibility in all business and production activities
2 Business strategy construction process
A complete business strategy includes full implementation steps however within this report we will mention the first step to the step of strategy analysis and selection
2.1 Define vision, mission and targets of enterprise
An enterprise is established because of an intention However sometimes they cannot understand their own duty then implemented tasks cannot bring expected results Sometimes, due to not grasping given targets and duty enterprises have chosen the wrong way then all coming tasks have turned to be useless Then first of all enterprises must know what to do
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Giuo) Group WN class GAMBAN OTTO
Business strategy of Song Da infrastructure point stock company within the pertod of 2011-2020
Defining duty and targets of enterprise is the first phase which 1s very important
in implementing business administration according to the given strategy Targets are clearly defined which 1s very important for enterprise to get success
Vision: it is the declaration cf enterprise in term of their positions in business
environment in a defined time which 1s the operational guideline fer the cempany in all
time and backgrounds
Mission: reflects the important duty of enterprise in business environment which
is shown by brief theory of the enterprise; mission shows the reason for appearance and existence of the enterprise; enterprises can change strategy to implement mission which rarely change their own reasons
Targets: those are expected results that enterprise wishes to reach Targets will indicate the concrete orientation for all decisions and form measurement standards for realistic implementation
2.2 External environmental evaluation
2.2.1 Macro environment
We must evaluate to see which external environmental factors impact on the enterprise? There are four main groups of factors which belong to macro environment that the enterprise must cope with: political factor; economic factor, social and cultural factor, technological factor
* Political and legal factors: those factors can impact on business activities of the enterprise; stable politics is defined as one of important premises for business activities of the enterprise; political and legal environment can impact on business effect of enterprise which can impact on products, business sectors of the enterprise
[GS Global Advanced Master of Business Administration
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Gries Group I) class GAMBA O70
Business strategy of Song Da infrastructure joint stock company within the pertod of 2011-2020
* Economic factor: economic factors can impact on enterprises because such
factors are rather large then enterprise must sclect to realize concrete impacts; main
economic influence includes:
- Interest rate: rate of lending capital often occupies high rate in total invested capita! ef projects then interest rate can impact on the demand of products; interest rate can also decide cost of capital then it can decide investment level: such cost 1s the main factor to decide the feasibility in constructing strategy to use capital
- Inflate rate: can create chaos for the economy which can make economic growth slower at the same time trading risk will be high, trading prospect has become unpredictable for enterprise
- International exchange: the change of international market will bring many investment opportunities at the same time raise competitiveness in domestic market
* Social factors: all enterprises must analyze social factor to define potential
threats and opportunities Social factors will change or slowly develop then their impacts will be difficult to be realized; social factors include: living standards, living style, flexibility of consumers, career, population, religion
* Technological and technical factors: applying advanced technology will make the enterprise be active to raise product quality and working effect; such factors will impact on products such as: output, product features, product price, competition of
product; then enterprise can increase its own competitiveness, increase mobile capital
rotation, increase profit to ensure reproduction process On the contrary, with low technological qualification then it can reduce competitiveness of enterprise as well as profit then hinder development We can say that technological factor is necessary and important in business and production
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Business strategy of Song Da infrastructure foint stock company within the period of 2011-2020
environment in which if is onerating Five /
main factors of business envirenment
include: power of provider power of
buyer, replaced products, competition and
sector penetration barriers
* Negotiation power of provider:
pressure from providers of input or negotiation
of provider can be shown by the following features: concentration level of providers, importance of product quantity for providers, difference of providers, influences of input factor on cost or differential products, transfer cost of enterprise in the sector, existence of replaced providers, threats to increase the merging of providers, provision cost compared to total yield of the sector
* Negotiation power of buyer: pressure form customer is shown by bargaining position, quantity of buyers, information of buyers, distinction of products, sensitivity
of price, differential price, concentration level of customers in the sector, available level of replaced products and motivation of customers
* Penetration barriers: according to Michael Porter, potential opponents of enterprises can impact on the sector in the future Threats of potential opponents are shown by the following factors: relative cost, Governmental policies, economic scale, capital requirements, distinction of product brand name, transfer business sector, approach capacity with distribution channels, retaliation capacity, monopoly products
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Business strategy of Song Da infrastructure joint stoch company within the period of 2011-2020
* Competitive pressure trom replaced products: replaced products and services are the ones that can satisfy equivalent demand of sector products and services Threats from replaced products are from: transfer cost in using products; using trend of replaced products of customers: the equivalent relation between price and quality of replaced products
* Competitive factor and sector penetration barriers: competition of existing opponents is shown by: concentration level of the branch, difficulty to withdraw out of the sector, fixed cost, added values, sector consolidation, abundant capacity, difference among products, transfer cost, distinction of brand name, diversification of competitive opponents, and selective situation of the sector
2.3 Internal environmental analysis of the enterprise
2.3.1 Financial analysis
To analyze financial situation we must use data from financial report of the 2nterprise in some years and comparison of such norms with each other Norms can be ised to analyze such as: total capital of the enterprise, revenue, profit and general criteria
2.3.2 Analysis of human resource:
Consider human resource quality of the enterprise, predict the situation of juman resource using in the coming time to find out management method of human
‘esource to adjust current troubles
2.3.3 Analysis of infrastructure and technology
Evaluate infrastructure and technology of the enterprise whether to meet new dusiness strategy or not
2.3.4 Analysis of competitiveness of the enterprise
CG | par Riven R#Astet of [usiness Adminstration 17.65
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Business strategy of Song Da infrastructure joint stock company within the period of 2011-2020
Analysis of competitiveness of enterprise compared to other competitive opponents via competitive matrix Evaluation factors include: growth market share, competitiveness, financial support product quality, unit cost, fidelity of customers, canacity to cope with changes
2.4 Business strategy selection
From internal and external environmental impact defining — strengths,
weaknesses, opportunities and threats, we can select a mght business and suitable business strategy based on QSPM (Quantitative Strategic Planning Matrix) This model
is to evaluate the importance of each factor in four main groups of factor which are opportunities, threats, strengths weaknesses and then mark the impacts of each factor
on a concrete strategy After estimating total impact point of four groups of factors on each strategy, enterprise can select the highest point which is the most optimal and suitable strategy for the distinction of the enterprise
2.4.1 Business unit strategy
Strategies are formed with one of three levels — corporation, business unit and functional division out of which business unit level is the main segmentation to have sector competition With the opponent purposes of five market force, Michael Porter has defined three common strategies to apply in business unit level to create competitive advantage
1 Leading cost strategy
This is a series of actions to produce commodity and services with the acceptable distinction with the lowest cost
Such strategy orients to the target to become a producer with the lowest cost in the sector with a defined quality standard At that time the company will sell product
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Business strategy of Song Da infrastructure joint stock company within the period of 2911-2020
with average price of the whole sector to get the higher profit than competitive
opponents or sell with lower price than average price to occupy more market share
In case of price war, the company can maintain a defined interest rate meanwhile competitive opponents must get loss Even when there 1s no contlicts of price, economy develops, expands and reduces prices then companies can maintain similar cost level, so enterprises can maintain competitive advantage based on leading
High production capacity
Effective distribution channels
Strategy can have potential risks then leading cost strategy is not an exception; risk can happen when competitive opponents also have capacity to lower production cost Event with the help of modern technology, competitive opponents can have surprising breakthrough in production then remove competitive advantage of
enterprises with leading cost Besides some companies follow strategy of focusing on
qarrow market which is not difficult to reach lower cost in their own traditional market
‘hen create a group to monitor higher market share
Trang 21of products which can allow enterprises setting higher price They hope that higher price will not only compensate increased cost in product provision but also more than that: thanks to the distinctive features of products then if providers increase price, enterprises can transfer such differential part to customers because customers cannot easily find out similar replaced products
Successful enterprises in differential strategy will have the following
advantages:
- Positive sale group will have capacity to transmit power to products of customers successfully
- Capacity of study and approach of leading scientific achievements
- Fame of quality and innovative capacity of enterprise
- Research & Development group has high creation and skills
Risk together with differential strategy is to be imitated by many competitive ypponents or the changes of consumer’s tastes Besides, many companies must follow ocused strategy to reach higher differential strategy in their own markets
ii Focused strategy
This is a series of action to be done to produce products and services to serve lemand of competitive market segmentation Enterprise can use concentration strategy
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providers However, enterprises of concentration and differential strategy can transfer
higher cost to customers because customers cannot find out replaced products
Successful enterprises in concentration strategy can change development advantages of many products which can be suitable to small market that they have studied and understood We must include a risk of such concentration strategy which is the capacity of imitation and the changes of destination market Moreover, a producer
of low leading cost in a big market can easily change their products to compete directly with enterprises to apply concentration strategy
2.4.2 Enterprise level strategy (multisector)
Enterprise will choose diversification to escape from a sole sector and then operate business in many sectors; then enterprise must use diversification strategy of enterprise level Diversification of enterprise level will allow using its core capacity to follow opportunities from external environment
If competitive strategy can show how enterprise can compete then company level strategy will define trading sectors that enterprise will join to compete and how to create competitive advantage from diversification of sectors
Integration strategy
a Contrariwise integration association
Enterprises will look for growth by holding authority or increasing monitoring for input cost to be completely active in term of quantity, quality and time for
production and business
Global Advanced Master of Business Admunistrotio:
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Business strategy of Song Da infrastructure foint stack company within the pertod of 2917-2020
b Direct integration association
This is strategy to hold authority or increase monitoring for the output of product via distribution system, When consumers create pressure on enterprises it can lead to slow consumpuon To soive such problems then enterprise must associate to
ensure product consumption
When implementing such strategic method, enterprise can establish stores to
introduce, consume products or associate with consumption places
c Horizontal integration association
This strategy is to look for ownership and monitoring for competitive opponents
in term of product and service provision As usual, each product can have many enterprises to produce and provide in the same market leading to the competition among enterprises in term of product consumption which will be difficult in product production and consumption To adjust this situation enterprises must implement strategic horizontal integration association by merging with weak opponents; associating with strong opponents to occupy control authority and hinder the remaining
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INIVERSITY
Business strategy of Song Da infrastructure joint stock company within the pertod of 2011-2020
centre diversification 1s to make use of advantages of enterprise such as equipments,
machines, hurnan resources experiences of product marketing
b Horizontal diversification
Such strategy 1s to put into production to provide new technological services which are not related to production products and services Formation of strategy appears when products and services of the company come to breakeven time which can reduce revenue, profit then force enterprises to launch new products and services for
new market segmentation to increase current market scale
3 Strategic analysis models
3.1 SWOT matrix:
It is the matrix model to analyze Strengths, Weaknesses, and (Opportunities) and (Threats) then we will combine such factors with each other to define enterprise strategy:
Combine W/O: enterprise must make use of opportunity to adjust
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Combine S/O: help enterprise to make use of strengths to grasp opportunity
Combine S/T: enterprise will use strengths to adjust threats
3.2 BCG matrix:
BCG is the analysis model of portfolios which is shown by a matrix established
by two parameters: relative market share and market growth rate BCG (Boston Consulting Group) is developed form experience curve theory to analyze each operational sector of a multisector company compared to other sectors in the Organization then we can draw suitable experiences which is called matrix of market share/growth Defining Strategic Business Unit: SBU in the matrix will help us to make decision on resource allocation and considering transfers of SBU in each time
Vertical axis: reflects annual market growth rate
Horizontal axis: relative market share of each SBU compared to the biggest competitive opponent (revenue of the company/revenue of the leading unit in the
sector)
Round: demonstrate growth position/market share of such unit; the size of the round is in direct ratio with product revenue
Market High growth - “Questi “star * TT
i go ) 1rltmrstr =“=
“Dog” “milk
cow”
Trang 26Positions of rounds in each square are shown as follows:
The group of “star”: business unit has high growth rate and market share which can maintain or consolidate its own position; strategies can be vertical, horizontal integration, market development, product development, joint venture
The group of “question”: business unit has high growth rate but low market share which will require more money to maintain and increase market share, leading board will decide to invest to become star or remove Pursuing strategy is focused strategies: market penetration, market development and product development
The group of “milk cow”: business unit has low growth rate but high market
share which can create cash balance to support other business units and research & development Development strategy or product diversification is applied when business unit will reduce spending cost for weak business units
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Business strategy of Song Da infrastructure joint stock company within the period of 2OTT-2020
The group of “dog™: business unit has low market growth rate and market share
is not high then such products are not profitable or less profitable, strategies include cost reduction, liquidation and dissolution
BCG matrnx has surplus in milk cow then it will support the development of stars: the weakest questions should be removed to reduce requirements of money resources of the enterprise; the company should be out of any sector within the area of dog
BCG matrix is constructed based on past data of enterprise with some prediction factors of future expectation BCG matrix has the following weaknesses: not find out concrete strategies, not apply in new enterprises; if the enterprise has no development opportunity then BCG matrix is not suitable
3.3 McKinsey - GE (General Electric)
McKinsey — GE is constructed on two general criteria which are market
ittraction and competitive posi Strong average weak «is demonstrates
Low
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JINIVERSITY
Business strategy of Song Da infrastructure joint stoch company within the period of
2011-2020
Figure 1.2: MC.KINSEY — GE matrix
Each round demonstrates a unit (competitive enterprise in a sector will have one
round) The width of a round will demonstrate relative scale of the sector, the cross in
each round 1s the market share of strategic business unit
+ Blue ‘zone includes three rounds in the left Square; business units are in
favorable position with attractive growth opportunity and investment strategy
+ White_zdne includes three rounds in the cross line; business units have
average attraction then it should be careful for selective supplementing to create
income, maintain current market rather than increase or decrease
+ Grey AMM includes three rounds in the right square; strategic business unit in
the area has no attractive position then we must use strategy of master plan, reduction and sector withdrawal
Mc.Kinsey matrix is to evaluate market attraction and current competitiveness
as well as future prospect for the enterprise However a given problem is how to ewaluate market attraction and operational competitive advantage? To do this each activity will be measured by many different variables; to evaluate two factors of competitive position and market attraction it will depend on many factors; influence level of each factor will depend on awareness and experiences of leader in term of active competition
CF Global Advanced Master of Business Administration ~ `
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Trang 301 introduction of Song Da infrastructure Joint Stock Company
1.1 Formation and development
Song Da infrastructure JSC has the main office located at the third floor, No 63, Nguyen Chi Thanh street, Ha Tinh city, Ha Tinh province
Song Da infrastructure JSC is the corporation which belongs to Song Da
corporation The company was established in 9/2009 based on re-organizing two
directly under units of the corporation including: Ngang mountainpass BOT company and PMU of Ha Tinh city avoidance street and then transferred the whole management authority of state-owned capital of Song Da corporation at Song Da No.2 JSC, BOT National Road No 2 JSC
Since being established the company is always sensitive to grasp and apply science and technology into production of the company’ constantly raise quality of bus:ness task and construction task, industrial production, raising prestige, brand name
of tle company within the market
Via two years of operation and development the company has occupied many considerable achievements with the nuclear which is Song Da one member limited liablity company with 4 member units and 2 associated companies in trading petroleum and construction, property investment, financial investment, investment in
urb:n center
1.2 Organizational structure of management machine
The machine of the company includes 4 member units which are Corstruction no.| enterprise, Ngang mountainpass cost receiving station, Cau rac cost
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Business strategy of Seng Da infrastructure joint stoch company within the period of 5011-2020
receiving station, Ngang mountainpass petroleum store and two associated companies which are Song Da No.27 JSC and BOT National Road No.2 JSC
Figure 2.1 : organizational structure of Song Da infrastructure JSC
v Member units:
Construction Deo Ngang cost Cau Rac cost Deo Ngang
no enterprise receiving station receiving petroleum store
Associated companies:
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Business strategy of Song Da infrastructure joint stoch company within the period of
1.3.2 Mission
The company has defined its own mission to promote all resources to raise competitiveness, maintain prestige and advertise brand name of Song Da within the market to bring high quality products
1.3.3 Development orientation
Its development orientation is firstly to construct and develop the company to become a comprehensive enterprise of Song Da Corporation; implement multisector, product diversification, consider product quality, economic effect, income of labors in the company as sustainable measurement ruler and development motivation
Secondly, professional structure transfer to reduce construction density, increase density of industrial and service products, maintain and promote traditional advantages; focus all resources to raise healthy competitiveness, raise brand name of Song Da
Thirdly, actively study to select investment in traffic infrastructure,
hydroelectric projects, urban center, and industrial zone, ecological zone with high feasibility within Ha Noi city, Thai Nguyen province, Vinh Phuc province, Ha Tinh orovince and Central area
1.4 Business sectors of the company
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- Investment, construction, operation and exploitation of infrastructure projects in term
of traffic, transportation, irmgation, hydroelectric, urban center, industrial zone, drainage, industrial power and civil power accordiny io the forms of BOT, BT, BOO
- Consult to design projects of industry, civil, traffic, irrigation, projects of urban and rural projects
- Implement and construct projects of industry, civil, traffic, irrigation, electric line and transformational station of 220KV
- Investment in producing and trading construction materials such as: tile, brick, sand,
stone,
- Petroleum trading
Apart from above main trading sectors the company also does trading in term of property, ambulance, restaurants, hotel, ecological tourism center and other sectors suitable to legal regulations
2 Analysis of macro environment of Song Da infrastructure JSC
2.1, Political and legal factors
Political and social stability of Viet Nam is an important factor in promoting business activities of domestic enterprises which can create stable psychology of investors
Viet Nam is a developing nation; infrastructure construction demand is very
high; the party and Government will really focus on infrastructure construction to
create maximum conditions for socio-economic development
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