Recommendations for marketing strategies to attract investment in industrial park at VSIP hai phong

Name: Tran Cong Thanh Class: GMA02 Page ii ACKNOWLEGEMENT In order to finish my dissertation“Recommendations for marketing strategies to attract investment in Industrial Park at VSIP Ha

Name: Tran Cong Thanh Class: GMA02 Page i

PREFACE

In the period of economic transformation in the entire world, the economy of Vietnam has also witnessed many changes In fact, developed countries have tendency to shift from manufacturing economy into service economy, whereas developing nations are still mainly focusing on manufacturing economy Therefore, Vietnam are promotingindustrialization and modernization to become an industrial country in the future Vietnamese government is tempting to facilitate favorable conditions for development of industrial zones in the whole country

However, in fact, some industrial zones already projected, but no investors The status of industrial lands enclosed with costly infrastructure investment, poor investment attraction is prevalent Slow land clearance or insufficient investment capital are one of the main justification for this negative situation

Hence, it requires a throughout and clear marketing strategy to deal with this warning issue Enterprises need to figure out their own marketing strategies for attracting investors from outside unless they want to face to this consequence Especially, Trans-Pacific Partnership Agreement (TPP) and Asia Economic Community (AEC) are consideredas a golden opportunity to attract foreign investors coming to Vietnam It can be obviously seen that marketing strategy plays

a crucial role in developing industrial zones

I declare that this report is my own unaided work It has never been submitted before

If violated, I am solely responsible for and bear the punishments of the Institution and University

Student Name and Signature

Name: Tran Cong Thanh Class: GMA02 Page ii

ACKNOWLEGEMENT

In order to finish my dissertation“Recommendations for marketing strategies

to attract investment in Industrial Park at VSIP Hai Phong”, I received many support from lecturers of Vietnam Maritime University

Firstly, I would like to express my sincere gratitude to my supervisor Mrs.Hoang Thi Lich who directly support and help me during the dissertation time for her patience, dedication, motivation, and immense knowledge That brings me a solid foundation to accomplish this dissertation Her guidance helped me in all the time of research and writing of this thesis I could not have imagined having a better advisor for my study

Besides, I also really appreciate all employers and employees of VSIP Hai Phong Limited Company who facilitate favorable conditions for me to have good working environment, as well as valuable documents, data to write this dissertation

Due to limitation of understanding, that is a little double that mistakes are inevitable, so I really hope to receive feedbacks from the lecturers to accomplish my dissertation

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TABLE OF CONTENTS

PREFACE i

ACKNOWLEGEMENT ii

LIST OF ABBREVIATIONS v

LIST OF TABLES vi

LIST OF FIGURES vii

INTRODUCTION 1

CHAPTER 1: THE LITTERATURE REVIEW OF MARKETING AND MARKETING STRATEGIES 3

1.1 General Understanding about Marketing 3

1.1.1 Definition of Marketing 3

1.1.2 Definition of Marketing Strategy 3

1.2 Factors Affecting Marketing Strategy 3

1.2.1 Marketing Environment 3

1.2.2 Customer Behaviors 6

1.2.3 Competitors 7

1.2.4 Target Markets 8

1.3 Marketing Strategies (4P) 9

1.3.1 Product (Service) Strategies 9

1.3.2 Price Strategies 10

1.3.3 Place (Distribution) Strategies 11

1.3.4 Promotion Strategies 11

CHAPTER 2: THE MARKETING STRATEGIES TO ATTRACT INVESTMENT IN INDUSTRIAL PARK AT VSIP HAI PHONG 13

2.1 Introduction about VSIP Hai Phong 13

2.1.1 History of Foundation and Development 13

2.1.2 Main Business Activities 15

2.1.3 Organization Chart 17

2.1.4 Operational Business Result from 2012 - 2014 18

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2.1.5 Future Development 20

2.2 The Marketing Strategies to Attract Investment in Industrial Park at VSIP Hai Phong 21

2.2.1 Service Strategies 21

2.2.2 Price Strategies 22

2.3.3 Place (Distribution) Strategies 23

2.3.4 Promotion Strategies 24

2.3 Evaluation of Marketing Strategies to Attract Investment in Industrial Park at VSIP Hai Phong 26

2.3.1 Strengths 26

2.3.2 Weaknesses 30

CHAPTER 3: RECOMMENDATIONS FOR MARKETING STRATEGIES TO ATTRACT INVESTMENT IN INDUSTRIAL PARK AT VSIP HAI PHONG 33

3.1 Factors Affecting Marketing Strategies to Attract Investment in Industrial Park at VSIP Hai Phong 33

3.1.1 Current Market Environment 33

3.1.2 Target Customers 34

3.1.3 Competitors 35

3.2 Recommendations for Marketing Strategies to Attract Investment in Industrial Park at VSIP Hai Phong 37

3.2.1 Service Strategies 37

3.2.2 Price Strategies 39

3.2.3 Place (Distribution) Strategies 40

3.2.4 Promotion Strategies 40

CONCLUSION 43

REFFERENCES 44

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LIST OF ABBREVIATIONS

MICE Meetings, Incentives, Conferences, and Events

TPP Trans-Pacific Partnership Agreement

VSIP HP Vietnam – Singapore Industrial Park Hai Phong

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LIST OF TABLES

Table 1: The investment capital in industrial park in the period from 2012 to

11/2015 18

Table 2: The list of land prices of industrial zones in Hai Phong 22

Table 3: The promotional situation of VSIP Hai Phong in the period from 2012 – 2014 24

Table 4: The investment capital attraction by country 29

Table 5: The top 5 big investors in Hai Phong 30

Table 6: The tax incentives in VSIP Hai Phong 34

Table 7: The industries benefit from TPP 38

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LIST OF FIGURES

Figure 1: The marketing environment 4

Figure 2: The buying decision making process 7

Figure 3: The Ansoff Matrix 9

Figure 4: The pricing strategies 10

Figure 5: The VSIP Projects 13

Figure 6: The strategic location of VSIP Hai Phong 15

Figure 7: Ready-built factory in VSIP Hai Phong 16

Figure 8: Organization chart of VSIP Hai Phong Co., Ltd 17

Figure 9: The investment capital in industrial park in the period from 2012 to 11/2015 18

Figure 10: The industrial park tenants by country 19

Figure 11: The industrial park tenants by industry 20

Figure 12: The list of land prices of industrial zones in Hai Phong 23

Figure 13: The promotional situation of VSIP Hai Phong in the period from 2012 – 2014 25

Figure 14: VSIP Hai Phong IP Land Availability July 2015 31

Figure 15: Top 10 foreign investors in Vietnam in 2014 35

Figure 16: The distribution of big industrial zones in Hai Phong and Hai Duong 36

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INTRODUCTION Necessity

The Vietnamese economic crisis in 2010 has led to the increase in interest rate Ithas led many Vietnamese enterprises including VSIP Hai Phong‟s potential customers and current customers decline and impact significantly on attracting investors for the company Besides, the year of 2010 also occurred many economic fluctuations in the world Meanwhile, VSIP Hai Phongjust started conducting business and competition has growingly become bigger and bigger In fact, there are

10 per18 Hai Duong Industrial Zones received government permission are already operated with occupancy rate 99.25 % for Nam Sach Industrial Zone, 87 % for Dai

An Industrial Zone, 71,67 % for Tan Truong Industrial Zone and 100% for Phuc Dien Obviously, the success of these industrial zones and the new establishment of other industrial zones are undeniable Apparently, competition is one of the basic economic laws of market economy and as a tool to promote economic development, thereby creating strong enterprises to stand firmly on the market Besides, the industrial zones in the city is increasing, so the competition becomes tougher, requiring industrial park management of VSIP Hai Phongshould have throughout marketing strategies to effectively attract investment

Research Object

In this dissertation, the variety of basis for marketing will be pointed out to evaluate the situation of marketing activities to attract investment at VSIP Hai Phong Limited Company Based on this analysis, the dissertation will give some recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong It is not only beneficial for company, but also helps improve Hai Phong economy The responsibility of author is answer these questions below:

 What is overview of marketing and marketing strategy?

 What is the status of marketing activities at VSIP Hai Phong?

 What are the recommendations for marketing strategies to attract more investment in industrial park at VSIP Hai Phong?

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Research Scope

The dissertation are researched at VSIP Limited Company, located at Thuy Nguyen District, Dinh Vu-Cat Hai Economic Zone, Hai Phong City, Vietnam Besides, author also focuses to investigate some competitors and current customers

of company Data was collected in the period of 4 years from 2010 to 2014 and recommendations for period of 5 years from 2015 to 2020

Methodology

The research within the paper is basically based on qualitative and quantitative methods During the internship period, the marketing strategies to attract investment into industrial park at VSIP Hai Phongis summarized through real observation and small talks to get information from company‟s directors, officers and employee

Regarding to quantitative method, the detailed data will be collected from documents and reports of the company After that, the data will be calculated, clarified into different categories and evaluated The analysis will be supported with descriptions from bar charts and tables

Qualitative method is applied to find out the basis of marketing and marketing strategy, which will be selected from reports, research papers, proposals and articles

in the internet

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CHAPTER 1: THE LITTERATURE REVIEW OF MARKETING AND MARKET ING STRATEGIES 1.1 General Understanding about Marketing

Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably (CIM Definition, 2009)

1.1.2 Definition of Marketing Strategy

A marketing strategy is a process or model to allow a company or organization to focus limited resources on the best opportunities to increase sales and thereby achieve a sustainable competitive advantage(Kazoo Associates, 2014)

1.2 Factors Affecting Marketing Strategy

1.2.1 Marketing Environment

The marketing environment of the organization consists of elements which are uncontrollable or controllable by the management Firms need to understand their marketing environment so that they can make the most of positive factors and manage the impact of negative factors, as well as adjusting their marketing strategy properly A firm's marketing environment can be divided into two parts: micro-environment and macro-environment

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Figure 1: The marketing environment

Source: (Professional Academy, 2014) 1.2.2.1 Micro-environment

 Suppliers

Suppliers provide resources needed by the company to produce its goods and services Company can lower their supply costs and increase product quality to gain competitive advantage in the market Supply shortages have to be fully monitored and plans should be made to avoid it

 Customers

As all businesses need customers, they should becentered around customers The firm's marketing plan should aim to attract and retain customers through products that meets their "wants and needs" and excellent customer service

 Competitors

Competitor analysis and monitoring is crucial if a company is to maintain

or improve its position within the market If a business is unaware of its competitor's activities, they will find it very difficult to “beat” their competitors The market can move very quickly for example through a change in trading

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conditions, consumer behavior or technological developments As a business, it

is important to examine competitors' responses to these changes so that marketers can maximize the impact of their response

 Distributors

Distributors help the company in promoting, selling and distributing the goods

to the customers They are middlemen, distributing agencies, market service agencies and financial institutions They also provide customer feedback and their own impressions and can drastically affect the marketing as a result

1.2.2.2 Macro-environment

 Economic Factors

The economic environment consists offactors that affect consumers‟ purchasing and spending power The purchasing power depends on current income, price, saving, debt and ability to borrow money Therefore, marketersmust pay close attention to major trends and consumers‟ spending patterns

 Technological Factors

The development of new technology can dramatically affect customers „needs and wants Technological environment involves forces that create new technologist creating new product and marketing opportunities

 Social Factors

Every nation has a set of core cultural beliefs that are passed from generation

to generation Changes in these core beliefs affect consumer purchases Social, religious, cultural and gender-influenced factors interact here, as social standards vary by race, ethnicity and way of life If marketers are able to analyze these features of the potential customers, they will mar be in a better position to tailor the marketing strategies

 Demographics

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Demography is the study of human populations in terms of size, destiny, location, age, gender, race, occupation and other statistics The demographic environment is of major interest to marketers because it involves people who create the market and are the customers

 Political Factors

Marketing decisions are strongly affected by developments in the political environment Political environment consists of laws, government agencies, government itself and pressure groups that influence or limits various organizations and individuals in a given society

in analyzing the culture of different groups, regions or even countries

 Psychological Factors

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There are four important psychological factors affecting the consumer buying behavior These are: perception, motivation, learning, beliefs and attitudes

1.2.2.2 The buying decision making process

When faced with a decision, a consumer goes through a five stage process to arrive at an optimal choice This model is important for making marketing decisions It forces the marketer to consider the whole buying process rather than just the purchase decision

Figure 2: The buying decision making process

Source: (Riley, 2015)

1.2.3 Competitors

1.2.3.1 The objectives and strategies of competitors

By understanding deeply the purpose and strategies of competitors, marketers can take initiative to stay ahead of the competition The marketers must know what competitors are doing and what drives the competitors Firstly, knowledge of a competitor‟s objectives facilitates a better prediction of the competitors‟ reaction to different competitive moves Competitor‟s objectives may be growth rate, market share, and technology leadership, etc Secondly, competitor‟s strategies are what the competitor says and what it does Thus, marketers must closely monitor and keep tracking competitors in order to promptly react

1.2.3.2 The evaluation of strengths and weaknesses of competitors

A competitor‟s capabilities can be analyzed according to its strengths and weaknesses in various functional areas, as is done in a SWOT analysis A financial analysis can be performed to reveal its sustainable grow rate Marketers perhaps can

do survey for competitor‟s customers, suppliers, distributor to find out statistics and evaluate exact rivalry‟s capability

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1.2.3.3 The strategy to deal with competitors: avoid or attack

Company need to have smart strategies to figure out whether they should attack the competitors or avoid them Most companies choose to attack week competitors, however the result is not impressive Besides, company also confronts with strong competitors to catch up with higher levels

1.2.4 Target Markets

1.2.4.1 Market segmentation

Market segmentation involves grouping your various customers into segments that have common needs or will respond similarly to a marketing action Each segment will respond to a different marketing mix strategy, with each offering alternate growth and profit opportunities Some different ways you can segment your market include the following(Small Business Tool Kit, 2014 ):

- Demographics which focuses on the characteristics of the customer For example age, gender, income bracket, education, job and cultural background

- Psychographics which refers to the customer group's lifestyle For example, their social class, lifestyle, personality, opinions, and attitudes

- Behavior which is based on customer behaviors For example, online shoppers, shopping center customers, brand preference and prior purchases

- Geographical location such as continent, country, state, province, city or rural that the customer group resides

1.2.4.2 Targeting

After segmenting the market based on the different groups and classes, you will need to choose your targets No one strategy will suit all consumer groups, so being able to develop specific strategies for your target markets is very important There are three general strategies for selecting your target markets: undifferentiated targeting, concentrated targeting, multi-segment targeting

1.2.4.3 Positioning

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Positioning is developing a product and brand image in the minds of consumers It can also include improving a customer's perception about the experience they will have if they choose to purchase your product or service The business can positively influence the perceptions of its chosen customer base through strategic promotional activities and by carefully defining your business' marketing mix

1.3 Marketing Strategies(4P)

1.3.1 Product(Service) Strategies

Regarding to product and service strategy, the Ansoff Matrix analysis is applied to consider the implications of growing the business through existing or new products and in existing or new markets

Figure 3: The Ansoff Matrix

Source: (Team FME , 2013)

- Market Penetration: The marketer focuses on selling their existing products or services to their existing markets to achieve growth in market share

- Market Development: The marketer focuses on developing new markets or market segments for their existing products and services

- Product Development: Marketer focuses on developing new products and services for their existing markets

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Pricing strategies

Penetration

Pricing

Optional Pricing

Premium Pricing

Competition Pricing

Value-based/

Cost-based Pricing

Bundle Pricing

Skimming Pricing

Psychological Pricing

- Diversification: Marketer focuses on the development of new products to sell

into new markets

1.3.2 Price Strategies

Figure 4: The pricing strategies

(Source: learnmarketing.net)

- Penetration Pricing:The company sets a low price to increase sales and

market share Once market share has been captured the firm may well then increase their price

- Optional Pricing: The company sells optional extras along with the product

to maximize its turnover

- Premium Pricing:The price set is high to reflect the exclusiveness of the

product

- Competition Pricing: Setting a price in comparison with competitors Really

a firm has three options and these are to price lower, price the same or price higher

- Value-based and Cost-based Pricing: The firms takes into account the cost of

production (or value of products) and distribution, they then decide on a markup which they would like for profit to come to their final pricing

decision

- Bundle Pricing:The company bundles a group of products at a reduced price

Common methods are buy one and get one free promotions

- Skimming Pricing: The company sets an initial high price and then slowly

lowers the price to make the product available to a wider market The objective is to skim profits of the market layer by layer

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- Psychological Pricing:The seller here will consider the psychology of price and the positioning of price within the market place For instance, the seller will charge 99p instead £1 or $199 instead of $200

1.3.3 Place (Distribution) Strategies

Depending on the type of product being distributed there are three common distribution strategies available:(Learnmarketing , 2011 )

- Intensive distribution:Used commonly to distribute low priced or impulse purchase products It uses direct distribution channel that involves distributing direct from a manufacturer to the consumer

- Exclusive distribution: Involves limiting distribution to a single outlet The product is usually highly priced, and requires the intermediary to place much detail in its sell An example of would be the sale of vehicles through exclusive dealers

- Selective Distribution: A small number of retail outlets are chosen to distribute the product Selective distribution is common with products such as computers, televisions household appliances, where consumers are willing to shop around and where manufacturers want a large geographical spread

1.3.4 Promotion Strategies

There are 4 main types of promotion:

- Advertising:There is any paid non-personal communication: E.g.: Television, newspapers, magazines, billboard posters, radio, cinema, etc Advertising isintended to persuade and to inform

- Personal selling: Oral communication with potential buyers of a product with the intention of marketing a sale The personal selling may focus initially on developing a „relationship with potential buyer, but will always ultimately end with an attempt to “close the sale”

- Sales promotion: Providing incentives to customers or to the distribution channel to stimulate demand for a product

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- Publicity: The communication of a product, brand or business by placing information about it in the media without paying for the time or media space directly

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CHAPTER 2: THE MARKETING STRATE GIES TO ATTRACT INVESTMENT IN INDUSTRIAL PARK AT

VSIP HAI PHONG2.1 Introduction about VSIP Hai Phong

2.1.1 History of Foundation and Development

Vietnam Singapore Industrial Park (VSIP) was established in 1996 on the basis of cooperation and support between the two governments of Vietnam and Singapore The VSIP was first proposed by Prime Minister Vo Van Kiet of Viet Nam to Prime Minister Goh Chok Tong of Singapore in March 1994 The VSIP was officially launched on 31 January 1996 in Singapore On 14 May 1996, the Prime Ministers of Vietnam and Singapore gathered at the VSIP site to officiate the ground breaking ceremony

VSIP Projects:

Figure 5: The VSIP Projects

(Source: Marketing Department, VSIP Hai Phong)

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Along the way, the VSIP was remodeled from a traditional industrial park to

an integrated township and industrial park, bringing in new urban solutions such as international master plan, sustainable infrastructure and attracted foreign investors with higher value-added manufacturing To date, the VSIP has attracted nearly 500 customers with US$6.4 billion of investments and US$8 billion in export value while creating more than 140,000 jobs for the Vietnamese people.Forging close relations with global companies, VSIP tenants come from 23 countries and territories over the world

Long-term sustainability is a goal with environmental infrastructure put in place making the VSIP a clean and green environment VSIP is the workplace and living choice for general workers, technicians, engineers, managers and professionals

The Vietnam Singapore Industrial Park (VSIP) is a joint venture between a Singapore consortium led by Sembcorp Industries and Becamex, a Vietnamese state-owned enterprise TheIntegrated Township andIndustrialParkatHai Phong

developedinresponsetotheoverwhelmingsuccessofpreviously launched projects VSIP Hai Phong was established in 2008 with total area is 1,600ha in which 500ha for Industrial Park, more than 1,000ha for Commercial and Resident Project

VSIP Hai Phong is strategically situated in Hai Phong City, one corner of Northern Vietnam vibrant economic triangle (Hanoi – Hai Phong – Ha Long) 100km away from the capital city Hanoi, VSIP Haiphong is just next to Hai Phong seaport – the biggest port of Northern Vietnam From here, it takes only some hours

to join the main international shipping route Located a half hour from Cat Bi International airport, one hour from Noi Bai International airport and connected to other Northern provinces by Hanoi-Hai Phong highway, National road No 5, National road No 10, No 18 and Ha Long-Hai Phong highway, VSIP Haiphong has the best advantages due to the easy access to amenities, logistics infrastructure and port facilities Additionally, VSIP Haiphong is also in convenient road connection to Lao Cai, Lang Son and Mong Cai, the border gates with China

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Figure 6: The strategic location of VSIP Hai Phong

(Source: Marketing Department, VSIP Hai Phong)

Long term sustainability is a goal with environmental infrastructure put in place making the VSIP a clean and green environment VSIP Hai Phong is the workplace and living choice for general workers, technicians, engineers, managers and professionals Thanks for favorable geographical location, great conditions

of transportation, attractive investment policy VSIP Hai Phong has become an attractive destination of not only domestic investors but also foreign investors at present and in the near future as well

2.1.2 Main Business Activities

 Prepared Land

VSIP has an attractive offer of land for custom-built factories of two main projects Industrial Park and Township Investors may take advantage of very well prepared land and connect with general infrastructure Space is suitable for big investment projects as well as other kinds of business demand The plots on offer are well prepared with interesting location, good transport connections with external road system and the presence of basic utilities and amenities Minimum land plots are available from 5,000 m² (VSIP I) or 7,000 m² (VSIP II)

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 Ready-Built Factory

Sized from 1,000 m² (Terrace) to 1,700 m² or 2,000 ² (Detached), the Ready Built Factories for rent variously fit manufacturer‟s requirements with a quick market entry and lower initial cost.Ready Built Factories provide customers flexibility on investment and financing as well as a growth path to larger buildings

or to prepared land as their business expands To date VSIP has built over 73 Ready Built Factories comprising more than 121,000 m² in VSIP I, II (Binh Duong) and VSIP Hai Phong

Figure 7: Ready-built factory in VSIP Hai Phong

(Source: Marketing Department, VSIP Hai Phong)

 Utilities and Amenities

Fully-integrated Infrastructure

VSIP tenants enjoy the fully integrated infrastructure, which includes:

- Synchronized Power Supply System (VSIP I)

- VSIP Power Plant (VSIP I)

- Sewage Treatment Plant

- Efficient Drainage System

- Telecommunication Lines

- Internal Roads

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Facility Management Service

VSIP Facility Management Service Co., Ltd (VSIP FMS); a wholly-owned subsidiary of VSIP Co., Ltd; offers VSIP's tenants full facility management services including: 24/24-hour security, industrial cleaning, maintenance and landscape

Utilities

- On-site Customs Yard

- Post Office

- Banks

- Fire Prevention and Fire Fighting

- Labor Support and Consultancy Center

- Market – Supermarket – Commercial Center

- Schools - Vocational College - Universities

- Eastern International University (EIU)

- Accommodation Area for Workers & Experts

- Restaurants - Foods & Drinks Services

2.1.3 Organization Chart

Figure 8: Organization chart of VSIP Hai Phong Co., Ltd

(Source: HRA Department, VSIP Hai Phong)

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2.1.4 Operational Business Result from 2012 - 2014

According to the latest report of the company on2014, VSIP Hai Phong has

attracted 1053 million USD of FDI investment The highest investment capital was

achieved in 2012 with 426 million USD This figure reduced dramatically to 120.4

million USD in the subsequent year However, the investment capital doubled to

240 million USD one year later and keep climbing to 266.6 million USD in

November 2015

Table 1: The investment capital in industrial park in the period from 2012 to 11/2015

(Source: The report of investment capital of VSIP Hai Phong)

Year The numbers of enterprises

(accumulated)

Capital investment (Millions USD)

The Investment Capital In Industrial Park

The numbers of enterprises Capital investment