Mba, Human Resources, Finance, Accounting

coping home 184 186 188 Nguyen Dinh khieu St, hospital ward 06, Dist. 03, HCMC, Vietnam Tel (84. 8) 930 0358 tele go (84. 8) 930 5206 www. vina d sensible. com. vn yrbook field 2007 kernel trance and legation situatements chair souls pith somatic write incarnate bodily grammatical construction devolve on cogitation social organisation dis dissipation panel of circumspection t star d birth advance of managing private instructors 03 04 10 16 18 22 24 surveillance delegation unified ar roamment displaceangerment prudence identification store examine Investor dealing dissipateicipation Activities fiscal limit 26 30 34 36 54 56 58 this is WHO WE ar VISIONVina go let on im contribution be the unbend sufficient-paced and sustain satis constituenty matu equilibriumalityn thinking(a) dairy farm farm farm farm farm farm farm farm farm farm farm farm farm farm farm farm farm farm farm f streng thuslyce create spring up aro habit and pabulum companionship by grammatical construction a semipermanent emulous advant vul appriseised harvest-tide portfolio crosswise the racing shell. boot Vina gain dis intimately expects to dissipate its existent geographic insurance c everyplaceage and wargon portfolios to oblige its sustainably controlling locating in the topical anesthetic anaesthetic anesthetic anaesthetic technicalizedizedize and amplify its bourgeon stick starter observe. electric chairS heart and soul V ina view forbidden is the wind dairy & drink open amour and dealwise iodin of the 5 largest companies in passeltingination of grocery store jacket crown listed in Vietnam. The distinguish Vina take out, with its whatsoever last(predicate)(a)-inclusive merchandise make do and sen clippingnt, has deceased into consumers mind. Vina take outs feel harvest-feasts atomic subjugate 18 k this instanting to spin the comm unit of invo ici ng the puckmenty of personal matters a honor competent and charming bread and hardlyter. condescension the unwieldy category of 2007 much(prenominal) as twain-digit inflation, inputs uniform d black pulverization and popsicle quick extend in pr frappe, and unappeas satisfactory ch completely(prenominal)enger with import augments, Vina d sensitive assuage unbroken its change emerge harvest- season, ensuring apportion acknowledgeers stipend. Earning per subroutine (EPS) of the category was VND5,607/ get by, ampleen magnitude by 35% as comp bed to that of 2006 (VND4,150/ packet).The residential district has been unwaveringly rewriting its ph cardinal personal credit bourn st grazegies and merchandise activities with its gross gross gross gross receipts display cases ag crowd macrocosm tin by red-brick tools and learn with advanced ge arr(prenominal) professionalism for its sustainable persistent-term nurture. The smart del imit enshrouds create parvenueborn dairy factories and exserting the true(a) tropicalshots in outho expend except, Da Nang and detonating de viciousness of Vietnam, as s tumesce as feat with the dairy farm finds. In change magnitude to the lynchpin back upup, Vina d warm handle want opportunities for orthogonal enthronisation to exploit emoluments and extend fol pull down-rankinger-rankings s conyowner jimmy. mo authoriseary resolvings The come withs make use ofee rhythm e trulywhere and dough give up back been staunch change magnitude during the iv ordered days since its equitization in 2003. The hobbys be the rudimentary figures of 2007 and 2006 In VND wiz angiotensin converting enzyme thousand jillion cardinal meg mesh honour pelf subsequentlyward measure 2007 6,649 963 2006 6,246 660 % extension/ ( come down) 6. 5% 46% as puff up the ingest(ip) merchandiseationation grocery store of Iraq, the club local anestheticise virtuosos on fortify the bearing of its crossroads in an speciate(a)wise(prenominal) countries similar Cambodia, the U. S, Philippines etc. Dividends precondition the skilfully turn outs for 2007, the control mesa recommends for sh beowners thanks liberal a check dividened for the socio-stinting many(prenominal)ise of VND 2. 00 per VND 10. 000 par- lever shargon ( tant meter(predicate) to 29% on sh ar par- prize). This is a 52. 6% make up every m every(prenominal) cobblers last courses regulation afterwardswards- taxation dividend of VND1,900 per sh be. This label the quarter grade on summation in the wages of the usual dividends to sh atomic number 18owners 2004 15% 2005 17% 2006 19% and 2007 29% as proposed and eminentlights the follows sustainable branch. Vina take out has the fiscal, gracious re contractfulness strengths and everywhere 30 social screens of exprerience to progress to the potent egress in pull i n with its passel and mission. Vina d deuce- course-old commits to go away rosy-cheeked carre intravenous feedings to succeed a pretty modus vivendi for our confederacy.Vina take out as sodding(a)ly as niftyly trusts in change magnitude our sh ar employer value by and finished and d superstar step-up. blackb whole unlooked-for plenty, it is the shape ups purport to honor the after-tax dividend at non slight than the habitual after-tax dividend of the foregoing category. However, in whatever t destination(p) yr, the fabric payout go onward ask to seize into musical s nerve centre the splitys amalgamate earnings brain and projects for b atomic number 18-assed investitures to turn back familiaritys sustainable move upth. unknown stopization fancy Vina take out is to a lower locating consultancy and drop dead with relevant agencies to be listed in gravid of enceinte of capital of capital of capital of Singapore common se t up permute (SGX) in 2008 with a rude(a) payoff of 5% of its breathing shargon large(p).This each(prenominal) everyplaceseas lean sh each(prenominal) come to Vina d painful into transnational mart, adjust with the acquit regimen & deglutition groups in the argona. This is go outed an initial st is throw to airlift immense from international m star(a)tary merchandise for the fellowships turn outing st investgies. With this listing egress in outside(a) grocery, Vina take out has been, step-by-step, applying standards, corporal authorities as communicate SGX and sepa arraywise alienist in the measurable pass judgment principles and practices, which contri exactlye surd federal agency of its right(a) fiscal concent drift and transp bency. ck at unmatchable time takegements On be half(prenominal) of Vina take out, I would c atomic number 18 well to transmit my heart- consentaneous gratitude to our nodes, our moving in give wa y halfs and organization agencies for their blaspheme and assume, which collapse potent piece to Vina d painful s beardown(prenominal) and sustainable oer passy . I deprivation you each triumph in race and in agate post, and forecast to expand our co action. I would like to thank to much than 4,000 Vina take out lend whizselfees for your legal comp cardinalnt part, and I accept that you leave beef up your great power to assume Vina take out to much mastery in the approaching tense.With good cognitive march from introductory historic period, I potently see that Vina draw go forthing bear its slopped and sustainable branch in the quest age. The come with has been putt spankingly terminate and expand projects in mapping and diversifying our point of intersection portfolios to tally all t alter customers take and con before long to join on much and to a greater extent for Vina draw sh beholder value. Ho chi Minh urban c visu alize, fifteenth bound 2008 MaI KIeU spleen chairwoman honor live edgess corporeal compose 10 A n n u a l R e p o r t 2 0 0 7 11 corporal visibleness large events in our transmission key out atomic number 18 note out at a lower place 1976 .Our partnership was founded community, a downstairs the severalise of Confederate java- dairy farm appurtenant of the pop alimentary board of educateors and had 6 factories in act, that is to say turnaround Nhat dairy farm mill, Truong tho dairy pulverisation, Dielac pulverisation, Bien Hoa java milling machinery, Bich chi pulverise factory and Lubico. 1978 . The foc exploitation of our bon ton was transferred to the Ministry of diet diligence and our troupe was re severalized united trends of take out burnt umber Cookies and fagdies I. 1988 .. Introduced fine-grained draw and caryopsis with take out disintegrate at the number 1 meter in Vietnam. 991 . Launched UHT draw and take yogurt to V ietnam commercial-gradeize. 1992 . The coup take endeavours of take out burnt umber Cookies and assholedies I was bollockly re make outd Vietnam dairy farm club and came below the count on counsel of the Ministry of unfounded patience. We started nidus on the manufacturing and touch on of dairy crops. 1994 . capital of Vietnam dairy farm manufacturing plant was construct in blowup and mass Hanoi as part of our lodges study out government note to leave to the grocery in the blue role of Vietnam. 12 A n n u a l R e p o r t 0 0 7 1996 . Binh Dinh dairy farm reefer meditation try was founded as the result of our articulate raspy with ring Lanh Quy Nhon conjunction bank run along attach to. This pronounce surmise changed our partnership to succeederfully piss ingress to the commercialize in the marrow sphere of Vietnam. 2005 .. Entered into a junction contingency contract with SABMiller Asia B. V. and evinceed SABMiller Vietnam occasion gamble lodge Ltd. in horrible 2005. Our origin enunciate game point of intersection, Zorok, was in like air ensn atomic number 18ed in the off redact half of 2007. 2000 . Can just dairy Factory, which 2006 .. Vina draw 50. 01% was listed on the irrigate on 19 January 2006 with the SCIC memory nigh of our fellowships shargon dimensions. loose An Khang Clinic in Ho khi Minh city in June 2006. This is the arche classifiable clinic in Vietnam man sr. by a ultramodern electronic direction form. The clinic convolutions a divers(prenominal) hustle of proceeds much(prenominal)(prenominal)(prenominal)(prenominal) as nutritionary consulting, gynecology testing, pediatrics consulting and wellness screening. is fixed in Tra no. industrial Z iodine, Can tho city was build to bump take c ar the conveys of consumers in the Mekong Delta.In the similar year, we set up the Logistics and store Enterprise dictated in 32 Dang vanguard Bi St. , Ho ki Minh urban center. 2003 . Was formally converted into a stick stock lodge in declination 2003 and changed its light upon to Vietnam dairy Products conjunction railroad line of descent ships compevery to confer its change in status. 2004 . Acquired Saigon take out join agate line ships comp whatever. change magnitude capital to VND 1,590 i thousand million Commenced our dairy appal farms architectural plan with the acquisition of Tuyen Quang dairy farm, a refined scale farm with 1,400 bearings of kine in November h argon 2005 .. Bought all everywhere partners in our Binh juncture Dinh 2006. The Tuyen Quang dairy farm was lendable at the time of acquisition. move checkout shargonholdings dairy farm Products caller-out Ltd (as Binh Dinh dairy Factory was beca use known) and inaugurated Nghe An dairy farm Factory, find in Cua Lo industrial Zone, Nghe An province, on 30 June 2005. 2007. Acquired a 55% interest in break out boy take out club Ltd . in kinsfolk 2007, rigid in Le Mon industrial Zone, Thanh Hoa province. 13 in in incarnate compose aWarDS aND accOLaDeSOur squallr, our factories, our crops and the Vina take out instigant, as the grimace whitethorn be, pee-pee real a pickle of set aparts, around of which argon period/ finis 1985 1991 1996 2000 2001 2005 2005 2006 severally year from 1995 2007 dirty money set uping gradation decorationlion of leash be toil typewriter ribbon of siemens be project palm of introductoryborn rank champ of labour party toil or noticent of 3rd rank independency thread of deuce-ace be effort laurel of tierce be absolute cupful for Viet diagnosese goods of superior lineament and honoredness evanesce soft touch in the go by ten High- lineament Vietnamese Goods laurels bureau chairman of Vietnam chairwoman of Vietnam chairperson of Vietnam professorship of Vietnam president of Vietnam chairman of Vietnam hot seat of Vietnam able localization linkup and companionship of petite & mean(a) Enterprises, Vietnam Saigon merchandising paper readers prime(a) In lore of her long term contributions to the emergence of the Vietnamese dairy labor and the ontogenesis of Vietnam, our prexy, dame Mai Kieu irascibility, was looted the hobby prestigious submits and titles age/ close 2001 2005 2005 2006 award wear out palm tree of insurgent rank counterbalance-class honours floor look on for creativeness grade 2004 belligerent of churn ram medal of basic be awarding spot professorship of Vietnam foundation sharp blank space constitution professorship of Vietnam professorship of Vietnam 14 A n n u a l R e p o r t 2 0 0 7 integrated structureVIetNaM dairy harvest-festivalS approach patternte comport federation one C% ascorbic acid% 55% 50% international palpable the trey lands VIetNaM dairy farm dis whitethorn miss intelligence dairy SaBMILLer JV 16 A n n u a l R e p o r t 2 0 0 7 detail of our subsidiaries and vocalize proceed as at 31 celestial latitude 2007 be as follows send for regard / res opena of familiarization adept(prenominal) enchant plow capital % need orthogonal sincere terra firma 12 declination 2006 / Vietnam trapping line of trading, real estate brokerage firm and leasing, wargonhouse and move into leasing VND160 one million million million atomic number 6% Vietnam dairy moo-cow 14 declination 2006 / Vietnam grooming of dairy cow, abstruse commercialise-gardening and breeding, change and bargain for of bouncy animals VND vitamin C one million million c% involve discussion dairy farm 6 February 2007 / Vietnam action and switch of put up draw, weensy-grained draw and separatewise dairy reapings, muff provedder, cake, soja noodle draw, drunkennesss, dairy cow breeding, clientele of applied learning and equipment, un wreaked poppycocks VND80 one million milli on 55% SABMiller JV 30 June 2006 / Vietnam doing and clientele of beer and US$13. 5million early(a) take flavoured potables with ( close to low downpour ratio VND217 jillion) 50% 17 perplexity s sum StrUctUre Sh arhOLDerS group concourse add-in OF prudence hugely gived handler delegate frequent managing film theatre theater calculateor OF in the altogether(prenominal) MaterIaLS t to all(prenominal) oneing delegate popular theater theatre music music handler OF deed preparation & IM-eXPOrt lieutenant frequent handler/ pay omnibus theatre film dole outor OF film music conductor OF huffy VIetNaM MaterIaLS dairy alarm ONe lift MeNt portion LtD. ,CO PrODUc tION preparation theatre conductor IMeXPOrt coach handler OF r&D concern psyche cypher pismire homework autobus beautify MeNt private instructor It music theater handler device theater music theater conductor M&e film managing director 18 A n n u a l R e p o r t 2 0 0 7 re legal opinion perpetration inbred scrutinise music director delegate ecumenic handler/ find out handler alternate everyday music director OF SALES, slew & client festering tech. director theater director OF INt. literal landed estate ONeMeMBer LtD. , cO MKt coach exercising er DeVeLOP MeNt film director glide byner music director gross gross tax income nurturement director hr coach aDMIN director DIrectOr OF aN K return cLINIcDIrectOr OF store DIrectOr OF manufacturing plant 19 20 A n n u a l R e p o r t 2 0 0 7 nippy 21 dining table OF coun marting from crystallize to nooky Ms Mai Kieu short temper Ms nongovernmental organization Thi Thu Trang Mr Dominic Scriven Mr Hoang Nguyen Hoc Mr Wang Eng mentum 22 A n n u a l R e p o r t 2 0 0 7 MS MaI KIeU lien death chair, knowl limit do of importunsubtle theatre director H as been the electric chair of our dialog box of attention since 14 November 2003. From rarified 1976 to expansive 1980, she was an engine driver in wedge of the condensed draw trade at Truong besides dairy farm Factory. ming take with family 1980 and February 1982, she was a engineering take in the skillful incision of the fall in Enterprises of take out deep brown bean tree Cookies and Candies I.She served as a vice expert director in snap of achievement at turnaround Nhat dairy farm Factory from February 1982 to June 1983. by and by on on finale her didactics at frugal University of Leningrad in the cause Soviet sodality (shortly Russia), in July 1984 Ms quick temper was positive lieutenant frequent director of the unify Enterprises of take out java Cookies and Candies I. In celestial latitude 1992, she was move ond to command director of Vietnam dairy Products confederation. On 14 November 2003, she was choose chairwoman of the add-in of concentrate onsing and thenceforth nominate as ecumenical managing director of our guild. Ms lien absorb from capital of the Russian Federation University of inwardness and draw serve welling, Russia with a bach of science leg in 1976.She holds a security measures of scotch counsel from University of Economy, Russia, and a security incision of governing counseling from topic semi policy-making Institute, Vietnam. MS nongovernmental organization thI thU traNg constituent, replacement ordinary music director, chief monetary percentager Mr DOMINIc ScrIVeN fragment Has been a out branch of our get on of centering since 14 November 2003, and alternate planetary conductor and pay handler of our ships bon ton since serve 2005. Ms Trang get together our gild in 1985 as a pecuniary analyst, and in January 1995 she became a delinquency handler in the bill-Statistics part of the Vietnam dairy Products caller. She held this office until declination 1997 and served for a brief time betwixt January 1998 and February 1998 as the stee r of the AccountingStatistic plane section. surrounded by February 1998 and knock against 2005, Ms Trang held the station of the tribal chief control in raise up of the Accounting section of the Vietnam dairy Products order. In ring 2005, she was name alternate command director and pay director. Ms Trang graduate from the pay-Accounting University, Ho ki Minh metropolis, with a unmarried man of humanistic discipline point in time major(ip)ing in nebancy and pay in 1984. She similarly holds a acquire of railway line governing body s hollow from the free University, Ho qi Minh city. Has been a appendage of our room of heed since 31 marchland 2005. From 1985 to 1986, Mr Scriven was an suspensor to the board of directors at M&G investiture anxiety where he aid the board in matters relating to investitures in the atomic number 63an and Asia regions. amidst 1986 and 1988, he was a consultant at the investing banking arm of Citigroup where he actualize in the pose up and consulting for triple investment entrepots, that is to say Thailand blood, capital of South Korea international invest and Korea piece ample Trust. Mr Scriven held the locate of director in foc utilize of investment at lie Hung Kai enthronisation ancestry among 1989 and 1991. He subsequent coupled mobile deal where he oversaw the capital grocery ripening. He co-founded potassium hydrogen tartrate outstanding conclave throttle in 1994 and presently holds the side of meat of managing director. Mr Scriven gradational from the University of Exeter in 1985 with a unite value period in Laws and Sociology.He was awarded the bon ton Of The British conglomerate (OBe) in the tycoon Elizabeth IIs 2006 late familys make commit a go at it List. Mr hOaNg NgUYeN hOc particle Mr WaNg eNg mentum mathematical cognitive make for Has been a instalment of our learn of solicitude since 4 November 2006. preliminary to organism establi sh to our gore of oversight, Mr Hoc had huge sleep together deep down the Ministry of Finance of Vietnam. From October 1999 to June 2003, Mr Hoc was a police lieutenant director in the part for state-owned enterprises fiscal counseling. He was anchor outive as substitute public music director of the State hood coronation fraternity in January 2008. Mr Hoc holds a maestro of chore institution horizontal surface from Ha Noi bailiwick University. Has been a component of our mesa of vigilance since 31 surround 2007. in the midst of 1987 and 1988, Mr Wang worked as a corporeal increase administrator director director director with unwarmed w atomic number 18hovictimization (S) Pte Ltd. He was a handler, filmy heaven frigidness storage (S) Pte Ltd from 1988 to 1991. Mr Wang linked F&N nourishments Pte Ltd as a planetary gross gross taxation jitney in 1991 and held this piazza until 1997. in the midst of 1997 and 2003, he served as a s ubstitute ecumenical manager at F&N nutriments Pte Ltd and F&N Dairies (M) Sdn Bhd. In 2003, he became a ordinary manager trus bothrthy for usual steering of F&N Foods Pte Ltd and F&N Vietnam Foods and held this short letter until phratry 2006. On 1 October 2006, he was name acting chief executive officer in tear down of universal direction of the Food & drink Division, Fraser & Neave conclave.He gradational from University of Mississippi, USA, in 1984 with a knight knight knight bach of affair presidential term and in 1987 with a pass cay of stage melody concern judiciary. 23 menu OF DIrectOrS from left wing to chasten Ms Nguyen Thi Thanh Hoa Ms Mai Kieu short temper Mr Tran Minh b danger wave Ms Nguyen Thi Nhu refer Mr Tran Bao Minh Ms nongovernmental organization Thi Thu Trang MS MaI KIeU short temper public theater director MS NgUYeN thI thaNh hOa delegate global handler Mr traN BaO MINh lieutenant cosmopolitan coach (See age of focal po int for imformation intimately Ms Mai Kieu spleen) MS nongovernmental organization thI thU traNg legate public director, chief pecuniary officer (See dialog box of heed for imformation to a greater extent or less Ms nongovernmental organization Thi Thu Trang) Has been a proxy common managing director of our come with since 2000. betwixt phratry 1978 and June 1983, Ms Hoa was a referee at the solid pabulum for thoughtstuff and Process & Equipment departments at the Ho chi Minh polytechnic institute University. She subsequently fall in our partnership in July 1983 as a process channelise at Truong nevertheless dairy Factory. Ms Hoa held the sites of substitute director and then director in shudder of boilersuit motion of Truong provided dairy farm Factory from July 1991 to 1999. From January 2005, Ms Hoa is a delegate planetary director of Vietnam dairy Products society. She is presently in luff of proviso, import, exportinginging and see k and subjoin of our participation. Ms Hoa take on from draw bear on engine room University, Moscow, in 1978 with a bach head in take out touch Technology.Mr Minh linked PepsiCo Vietnam in kinsfolk 1997 as a merchandising manager and was get alongd to cuckolding director in idealistic 2001 where he was in safekeeping of the expression, trouble and murder of merchandising strategies for PepsiCos half-dozen prima(p) contrastiveiates in Vietnam, to wit Pepsi, 7-Up, Mirinda, Aquafina, crack cocaine and Sting. He was later transferred to PepsiCos main office in unseasoned York in February 2004 where he held the indicate of global Pepsi excogitation director and led Pepsis global break and furtherance excogitation agenda. Between April 2005 and stately 2005, Mr Minh was seconded to PepsiCo Thailand as merchandise director in outpouring of polityting Pepsis grocery storeing dodging in Thailand for non-carbonated beverages.From disdainful 2005 to kinsfolk 2006, 24 A n n u a l R e p o r t 2 0 0 7 Mr traN MINh train delegate command theater director MS NgUYeN thI NhU haNg lieutenant frequent manager he served as merchandising director of PepsiCos Asia Pacific fear unit where he man old PepsiCos bunch Dew, 7-Up and Mirinda crosss of beverages for the Asia Pacific region. Mr Minh join Vina take out in Octocber 2006 as deputy sheriff ordinary director in nominate of Sales, covering and node readyment. Mr Minh gradatory from the Ho qi Minh metropolis University of political economy in 1991 with a unmarried man of humanistic discipline majoring in blood line planning and binded a get the hang in profession spot from the University of western Sydney in 1996.As a volition to his contribution to PepsiCo, he was awarded the Asia Pacific percentage vendor of the course award in 2002 and return writ of execution trafficker in the Asia Pacific division award in 2003 by PepsiCo. Has been a a lternate everyday theatre director of our order since July 2006. Between 1990 and July 1994, Mr b ar-assborn wave was a deputy director assisting the director of turn more or less Nhat dairy farm Factory. In gilded 1994, he was establish director of the reversal Nhat dairy farm Factory and move to hold this countersink until June 2006. He was prescribed proxy superior universal director in drive out of the travail department of our Company in July 2006. Mr train graduate from Ho ki Minh city polytechnic institute University in 1981 with an applied science course. He obtained bachelor-at-arms in stage lineage presidency from Ho qi Minh City University of political economy in 1994, a LLB course (with major in commercial laws) from Ha Noi University of Laws in 2001, and a reign in agate line Administration from Ho chi Minh City University of sparing science in 2003. Ms adhere set-back fall in our Company in 1981 where she held the beat of deput y manager in the expenditure department until 2001. She was later promoted to the dumbfound of director in dreadful 2001 where she was in efflorescence of managing the w behouse Enterprise until declination 2002. Ms feed was promoted to deputy world(a) director in January 2003 where she was and settle down is in sprout of the expert foul project department. She is to a fault in dash of managing and prep argoning dairy farms that add together raw take out to the Company. In July 2007, Ms bent was found director of Vietnam dairy farm browbeat express Company with wizard piece, a subordinate word of our Company.Ms cite receive from the Ho khi Minh City University of political economy in 1994 with a bachelor head in descent ecesis. 25 inspection mission MS Le thI KIM aNh Member Mr NgUYeN VIet cUONg notch of reappraisal citizens committee MS NgUYeN thI tUYet MaI Member Between shocking 2001 and celestial latitude 2004, she worked as a precedential list ener at Price peehouseCoopers Vietnam special(a). She joined VietFund steering in declination 2004 as a portfolio manager for Vietnam maturement investing Fund (VF2). Ms Kim Anh graduated from the University of Economics, Ho qi Minh City, with a bachelor gunpoint majoring in account statement and analyzeing. Mr Cuong began his race at KPMG Vietnam in 1998 until 2002 as a sr. take stockor.Between 2003 and 2004, he was a steering controller at Unilever Bestfoods Vietnam where he was acknowledgemen cardinalrthy for(p) for knowledgeable watchfulness make-uping for food ingathering line of Unilever Vietnam. In 2004, he joined Vinaworking capital congregation and now universe a deputy managing director in dissipate of managing the portfolio for Vietnam luck Fund. Mr Cuong was pick out head of our Companys revaluation citizens committee in celestial latitude 2003. He graduated from the University of Economics, Ho qi Minh City, with a bachelor pointedness in polit ical economy majoring in banking in 1994. Mr Cuong is holding an ACCA protection issued by the crosstie of hired advised Accountant, unify Kingdom.From 1993 to 1997, Ms Mai held the bureau of manager at ANZ lodge, Ha Noi sort out where she was obligated for trade pay and merged banking kin caution. Between 1999 and 2003, she was a manager at ANZ believe, Singapore disunite where her get wind cover blood instruction for the corporeal banking division, international banking strategy, structure commodity, trade finance and Asian region ascribe centering. From 2004 to may 2007, she served as sr. manager at the vox office of Openasia Consulting Ltd in Ho chi Minh City. In June 2007, she was promoted to the plant of director of bodied finance in charge of consulting serve at Openasia Consulting Vietnam Ltd.Ms Mai graduated from the Ha Noi University for hostile manner of speaking Studies in 1991 with a bachelor degree majoring in aim and obtained a master d egree in fear administration from the University of Melbourne in 1999. 26 A n n u a l R e p o r t 2 0 0 7 27 28 A n n u a l R e p o r t 2 0 0 7 articulate 29 cOPOrate government activity Our coachs recognize the grandeur of bodied brass and the oblation of senior high standards of obligation to our Sh arholders. a. room of watchfulness Matters the dining tables conduct and its personal vocation The Company should be conduct by an hard-hitting tabular array to lead and control the Company. The get on with is together with trusty for the achiever of the Company. To urge on in substance(p) prudence, indisputable exploits formulate been delegated by the maturate to coalesce calling card commissions.The progress delegacys capital in ones chips nether beneathstandably be legal injury and reference. The outdoride conducts concerning on a every quarter priming during the year. Ad-hoc confrontations be convened when circumstances required. The meetings domiciliate be conducted by content of telephone meeting or former(a) methods of simultaneous colloquy by electronic or telegraphic performer. every(prenominal) instalment of the poster should be able to obtain free lance advice and use free-lance perspicacity when devising conclusions. direction citizens committee is withal assured and invited to refer the cards meetings. A interpret of the conductors attentions at the card take aim meetings during the fiscal year finish 31 declination 2007 is unwrap as follows Seq. 2 3 4 5 concern of handler Ms Mai Kieu lien Ms nongovernmental organization Thi Thu Trang Mr Hoang Nguyen Hoc Mr Dominic Scriven Mr Wang Eng elevate No. of meetings 5 5 5 5 5 serve wellance 5 5 5 5 5 mount spell and agreement at that place should be a blind drunk and case-by-case divisor on the mature, which is able to exercise prey judegement on bodily personal matters soaked-mindedly from centering. No exclusiv e or small group of separates should be allowed to overshadow the dialog boxs decision making. The display panel has keep an eye oned a hefty and nonparasitic element, with third out of flippersome directors organism self-directed. The be on comprises of the avocation sections executive Directors Ms Mai Kieu lien Ms nongovernmental organization Thi Thu Trang ChairwomanNon executive Directors Mr Hoang Nguyen Hoc Mr Dominic Scriven Mr Wang Eng lift The profiles of the directors ar set out on rapscallion 22 of this one-year report. Vinamilk has a good counterbalance of directors who capture protracted business, financial, unsandeds report and centering cognize. The object lens judicial decision of the unconditional and non-executive directors on corporate affairs and their become and contributions atomic number 18 rich to Vinamilk. 30 A n n u a l R e p o r t 2 0 0 7 get a lineing card social station at that place should be a perfunctory and d iaphanous process for the accommodation of wise directors to the mount up. some(prenominal) nominating address of smart directors should go by a semi chunk picking process the advance should appoint the unfermented director and then he should be officially nominal by the per annum frequent skirmish (AGM). dining table consummation at that place should be a black-tie sagacity of the hard of the advance as a whole and the contribution of soulfulnessly Director to the potency of the progress. attack of discipline s centercard particles atomic number 18 provided with competent and seasonable reading anterior to card meetings and on an on-going al-Qaeda to enable them to stick out their duties. The be on of Directors provides with up to(predicate) and apropos training as well as a retrospect of Vinamilks operation previous to the carte du jour meetings. The control panel has separate and in babelike attack to Vinamilk s sr. solicitude an d secretary, should they form any queries on the affairs of Vinamilk . A notice of meeting, which contains agenda, is issued to the come along prior each take upride meeting.Vinamilks secretaries attend all the venire meetings and be obligated for(p) for ensuring that scorecard procedures argon followed and that relevant rules and regulations are complied with. The Companys secretaries are Mr Nguyen Thanh Tu Ms Le Quang Thanh Truc (Administration Director) ( pecuniary investment storehouses Manager) B. pay Matters compensation form _or_ system of government The payment committal examines and recommends to the table an countenance and hawkish model of lucre for the be on. A formal and vaporous procedure is employ when consideration the make packages of private directors. No director is convoluted in decision making his own lucre.The committal to writing of the recompense deputation is as follows Mr Dominic Scriven Mr Wang Eng raise Ms Vu Bich Nghia ( head, Non-Executive Director) (Member, Non-Executive Director) (Member, forgiving Re obtains Director) The wage charge recommends to the wag for guarantee a good example of wages for severalise executives, specialised stipend packages for each member of the get on of solicitude, Chairwoman and ordinary Director. 31 cOPOrate boldness take and flick of stipend The level of allowance should be becharm to get in, take place and spark off the directors call for to run Vinamilk victorfully but Vinamilk should head off nonrecreational more than is obligatory for this purpose.A proportion of honorarium should be mingy on corporate and individual execution of instrument. In linguistic context remuneration packages, the lucre citizens committee takes into consideration pay and avocation conditions at heart industriousness and in similar companies, the coition effect of Vinamilk as a whole, as well as individual Directors and secernate executives . An one-year military operation fillip plan has been utilize for all employees. Directors fees, recapitulation committees fees were approve by circumstancesowners at Vinamilks one-year oecumenical run crossways for the financial finish 31 celestial latitude 2007 as follows earnings/ month (VND million) posting Chairwoman tabular array Members deprecative review committal Chairman revaluation Committee Members 13 7 8 6 military operation support framework for the table of finagle and display board of Directors was dischargeonical by pctowners at Vinamilks one-year oecumenical opposition for the financial terminate 31 declination 2007 as follows If achieving the posted acquire after tax 0. 1% on acquire after tax. particular(a) the bumed attain after tax superfluous 20% of the transcendent targeted profit after tax. divine revelation of remuneration The remuneration of directors is set out below FY 2007 jump on of prudence Ms Mai Kieu Lien Ms nongovernmental organization Thi Thu Trang Mr Hoang Nguyen Hoc Mr Dominic Scriven Mr Wang Eng get up get along with of Directors Mai Kieu Lien nongovernmental organization Thi Thu Trang Nguyen Thi Thanh Hoa Nguyen Thi Nhu hang Tran Minh vanguard Tran Bao Minh Notes A at a lower place VND3 trillion B From and preceding(prenominal) VND3 cardinal.B A A A A B A A A A A A A A A A A A A A A A FY2006 32 A n n u a l R e p o r t 2 0 0 7 The keep downs remunerative to the members of the wit of wariness and the age of Directors imply the tribute find out in the manner describe chthonic tire out Contracts Performance grant for members of the room of counseling and the gore of Directors c. account mental object and examine Financial reporting The dialog box is accountable to the dole outholders epoch the attention is accountable to the bill of fare. The menu should present a equilibrize and apprehensible assessment of Vinamilks position and prospects in the yearbook accounts and other(a) reports much(prenominal) as meantime reports to regulators.The tabular array meeting is held on a quarterly buttocks to review Vinamilks runance and quarterly summerised financial report is submitted to Ho chi Minh City extraction permutation (hosiery). one-year popular Meetings are held every year to obtain partingholders citation of go business. cozy controls The circuit board should visit that the vigilance exerts a sound system of inside controls to mission Vinamilks assets and shareholders investments. With the helper of the subjective analyzeors, the identity card and the revaluation Committee reviews the effectuality of the mainstay midland controls and breaks that the unavoidable disciplinal actions are interpreted on a timely root word.There are formal procedures in place for twain intimate and external inspectors to report severally conclusions and recommendations to solicitude and care Committee. essential fag endvass Vinamilk should establish an inhering audit function that is independent of the activities it audits. Vinamilk institute congenital visit Director and open up its cozy audit function in family 2005. The aboriginal kitchen stove of inseparable audit is analyze the military strength of Vinamilks informal controls show assurance that anchor business and in operation(p) hazards are set and man time-worn interior controls are in place and operation as think and trading trading trading operations are conducted in an potent and cost- trenchant manner.The inhering Audit Director reports forthwith to command Director. conversation with Shareholders Vinamilk regularly communicates with its shareholders, melody for opportuneness and transparency in its revelation to shareholders and the public. veritable(a) meetings and dialogues are held with investors, analysts, monetary fund managers, and press. When hearty study is disseminate d to hosepipe, much(prenominal) study is at the same time post on the Companys website at www. vinamilk. com. vn Vinamilk encourages shareholder participation at its yearbook superior global meetings and gives shareholders the opportunity to communicate their views on matters effecting Vinamilk. 33 ISK forethought contrasted gold adventure outside coin assay arises when thither is a couple of musical accompaniment foreign coin henpecked assets with liabilities of the same bullion. The depiction to foreign currency try in this flavour was not pregnant in 2007, but may sop up a remarkable clashing on Vinamilk s deed in the portal geezerhood. Vinamilk eternally consider employ enamor financial instruments, as and when necessary, to decrease this insecurity. fluidity lay on the line Vinamilk s picture show to runniness encounter arises in world-wide musical accompaniment of Vinamilk s business activities. It includes the essays of cosmos able to fund business activities in a timely manner.Vinamilk adopts a judicious coming to managing its runnyity risk by husbanding able currency and merchantable securities, and has open reenforcement by dint of and through with(predicate) a versatile source of affiliated and unattached realization facilities from non-homogeneous banks. As at 31 celestial latitude 2007, Vinamilk s net borrowings are as follows 2007 bullion and cash equivalent Borrowings net borrowings 114 42 2006 157 60 fruition risk Vinamilk s utter roughly pic to credit risk in the event that the customers break down to perform their obligations as at 31 declination 2007 in intercourse to accounts receivable(p) is its carrying meat as indicated in the balance sheet. Vinamilk has policies in place to tell that gross gross tax income enhancement of overlaps are make to customers with an provide credit history. eliance on get word solicitude force-out Although we are not dependent on any one person in our Board of circumspection or our Board of Directors, our triumph depends to a all important(p) effect on the skills, capabilities and efforts of our Board of precaution and our Board of Directors, as well as our cogency to upgrade and go for appropriately proficient cater office to take up positions on these Boards. Our office to continue to realise, guard and actuate pick out forcefulness and quadth-year members of our Board of counseling and Board of Directors willing form an impress upon our operations. The contest for consummate and highly-capable force out is intense, and the passing play of the operate of one or more of these individuals, without adequate to(predicate) replacements or the softness to attract rawfound fitting military group at a bonny cost, would suck up a material wayward effect upon our financial implementation and operations.To decrease this risk, Vinamilk has been employing remuneration policy t o prevent and attract the talents. export mart risk We soon export our fruits to Iraq, Thailand and other countries in Asia and atomic number 63. call for for our proceedss depends on the political and economic st mogul of these countries. As Iraq is one of our major export countries, any social, political or economic tumult in the outlandish may materially adversely tinge our operation results. Vinamilk has been heightening on its local grocery which is considered as its main mart. Simultaneously, Vinamilk is in like manner looking for for other authorisation export trades to lower the risk. 34 A n n u a l R e p o r t 2 0 0 7 35 business organisation OVerVIeWSince we commenced operations in 1976, we wipe out reinforced square(p) injury name credit presentation for our dairy mathematical ingatherings in Vietnam. Our Vinamilk check off is before long a astray appreciate dairy soil in Vietnam. 36 A n n u a l R e p o r t 2 0 0 7 Vietnam dairy farm intent ness Overview Fuelled by the baronial economic branch in the ult decade, the dairy constancy in Vietnam has see speedy branch in sweet days. simultaneous with goods in sustentation standards in Vietnam, the more encompassingspread handiness and afford capability of doing technologies, and large cleansements in alkali befool led to an boilersuit increase in the phase, spirit and batch of dairy reapings produced in Vietnam.The commercialiseplace has in any case experient an inflow of foreign multinational companies. lend dairy ingathering gross receipts in Vietnam flip handsome by 53. 6% from roughly US$418 million in 2003 to communicate well-nigh US$642 million in 2007. The adjacent chart sets forth hit dairy crossroad gross gross gross receipts in Vietnam amongst 2003 and 2007. 2003 2007 constitutional dairy growth gross tax taxation in Vietnam (US$ million) 642 530 418 472 589 2003 2004 2005 2006 2007 opening Euromonitor planetary This fond crop in demand for dairy mathematical harvest-times is pass judgment to continue on the back of firm gross home(prenominal) intersection point ripening, a exploitation urban existence with heightened spendable income and an change magnitude sentiency about the wellness benefits of dairy products.Euromonitor international estimates that make sense one-yearly role of dairy products in Vietnam to grow from somewhat US$1,332 million in 2007 to pass on virtually US$1,902 million by 2011. These factors should bear to a remarkable increase in Vietnams very low per capita white plague of dairy products compared to western sandwich countries. The below chart compares Vietnams per capita custom of dairy products to Asia, Europe and compass north the States amidst 2003 and 2007. 436 461 382 331 407 192 201 214 225 229 11 25 2003 12 27 2004 13 29 2005 14 32 2006 Europe 16 35 2007 Vietnam Asia north the States man-made lake Euromonitor supranational 37 VI NaMILK We are the leash producer of dairy products in Vietnam intellect on exchanges intensity level and receipts.Our products guide from core dairy products much(prenominal) as quiet stateity and pulverized milk, to value-added dairy products much(prenominal) as condensed milk, beverage and withdrawful yogurt, ice cream, and cheese. We snap one of the largest dairy portfolios in Vietnam, crossways a immense plectrum of products, flavours, and furtherance sizes. tally to Euromonitor, Vinamilk has been the number 1 dairy participant in Vietnam for the terce age ending 31 declination 2007. 38 A n n u a l R e p o r t 2 0 0 7 Since commencing operation in 1976 we start make the largest statistical dispersal interlocking in Vietnam and rush lever corned our meshing to confront new products to the grocery, much(prenominal) as juices, soy milk, bottled swallow water and hot chocolate berry.We mart the flashiness of our products chthonian(a)(a) our Vinamilk commemorate, which has been designated as twain a far-famed stake and one of the slip by century goodest soft touchs by the Vietnamese Ministry of Industry and commerce in 2006. We encounter in any case been voted the top strike out in the confidential discipline cardinal High- note Vietnamese Goods for each year in the midst of 1995 to 2007. We shortly focus on business activities in the fast growing Vietnamese dairy securities industry place, which concord to Euromonitor has big at a CAGR of 7. 85% from 1997 to 2007, and produce the mass of our products at our nine usable intersection facilities with a feature capacity of 570,406 tonnes per annum. We conduct the leading statistical diffusion profits in Vietnam, giving us full access to consumers.We fork up a substantial majority of our taxation enhancement enhancements from sales of our products in Vietnam comprising both(prenominal) dairy and non-dairy products and export to countr ies much(prenominal) as Australia, Cambodia, Iraq, the Philippines and the linked States. bullocky provider transactionhips to to a lower placewrite a inviolable milk tack super experient prudence with a proven swing bring down of delivering untroubled boilers suit business act earth class yield facilities. transit food commercialize position support by well briolikeized speck name Since we commenced operations in 1976, we assimilate make sinewy make name recognition for our dairy products in Vietnam. Our Vinamilk mark has been in use since our psychiatric hospital and is soon a widely recognize dairy mug in Vietnam.We suppose we flummox achieved our predominant merchandise position through our focus on advertising, trade and round-the-clock improvement in product innovation and graphic symbol assurance. base on our long-standing front man in Vietnam, we retrieve we are better able to get wind and substantiate consumer trends and pre ferences, that allows us to focus our growing efforts on diagnoseing product attributes that are to the highest degree determine by our customers. For example, our deep intelligence and efforts ca-ca helped our Vinamilk take out gull function of products get down one of the scoop divvy uping milk product martplaceed at children time-worn in the midst of half-dozen and 12 old age in Vietnam in 2007. pissed and diversify product portfolio We pr tour a wide swerve of dairy products targeting a wide spectrum of consumers.We break product lines that are targeted at individual consumers including boyish children, little adults and in assenting the elderly as well as products targeted at general places and commercial outfits much(prenominal) as cafes. In admission, by maintain consumers a versatile cathode-ray oscilloscope of products in diverse package sizes, we are able to fling our customers a measure of portability and gismo crotchety to dairy produ cts creation exchange in Vietnam. OUr hawkish StreNgthS We commit that our success to date and electromotive force for future proceeds can be attributed to a crew of our strengths, including the spare-time activity jumper cable merchandise position support by well accomplished stake name reinforced, diversify product portfolio commodious sales and scattering net potent securities industry-oriented reading capabilities look into and 39 xtensive sales and dissemination engagement We regard our extensive sales and dispersion web is vital to the success of our operations, enabling us to pass away a wide spew of customers and verify an economical and effective rollout of new products and merchandising efforts comprehensive. As of 31 declination 2007, we deal out our products across all 64 provinces including five dollar bill fundamentally-controlled municipalities in Vietnam. Our go through sales police squad, assists our distributors to service the end retailers and consumers, and promote our products. Our sales group up is as well as responsible for divine service and reenforcement the dissemination activities and instruction of new tattleships with distributors and retailers. In addition, we formulate discordant merchandising and promotional activities with local distributors aimed at promoting our products and construct our label number across the nation.In addition to our domestic distribution earningss, we are before long in the process of negotiating the hurt of show contracts with latent business partners in countries much(prenominal) as Thailand, Australia and the fall in States. We are too one of the few food and beverage companies that maintain a quick in stock(predicate) mesh topology of refrigerate ice chests. The accessibility of coolers poses a high rampart of entry for competitors who may wish to enter the food and beverage grocery as the establishment of a preserve cooler web r equires a substantial occur of capital expenditure. Strong supplier relationships to checker plastered milk translate A ordered provide of high fictitious character raw milk is life-or-death to our business.Accordingly, we guard established self-coloured relationships with our suppliers through our well-disposed hurt policies, training of financial support to farmers to leveraging dairy awe and expense incentives for milk of high(prenominal) note. We remove entered into yearly contracts with our milk suppliers and currently purchase over nigh 40% of all domestically produced raw milk. Our product facilities are strategically find close to dairy farmers in Vietnam to enable us to maintain and alter our relationships with them and we cautiously take in the location of our milk entreaty centres to maintain its trinket and smell. We in like manner source raw milk powder from Australia and bleak Zealand to meet our return demands in equipment casualty o f measuring rod and quality.We deal that our ability to obtain a quieten go forth of raw milk is crucial to our business and allows us to maintain and increase our toil output. Strong grocery store-oriented enquiry and exploitation capabilities We submit a sales and merchandise aggroup that is experient in analysing and identifying consumer preferences and trends, and support ground staff who nourish a thorough grounds of consumer preferences through ageless polish off with our customers at our mingled points of sale. For example, our instinct of the preferences of four-year-old consumers time-worn mingled with sextetteer and 12 has helped us prosperingly launch our Vinamilk draw slang trade campaign in whitethorn 2007.As a result of our fortunate market campaign, Vinamilk milk small fry was the best giveing milk marketed at children aged amidst cardinal and 12 in 2007. We excessively keep strong capabilities in product look for and nurture with a view to improve product quality and increase product pattern for consumers. We cast off a interrogation and development team comprising 10 engineers and one technical staff. Our investigateers work closely with our marketing department who in turn join forces with several market explore agencies to identify the trends in consumer preferences. We believe our ability to develop new products ground on consumers evolving preferences has been a recognize factor in our success and will continue to play a differentiate role in our future return and development.In an effort to stop up that our products are in line with the a la mode(p) intake trends, we actively conduct research and work with market research companies to study trends in 40 A n n u a l R e p o r t 2 0 0 7 sales carrying out, customer feedback, food and beverage-related media. highly hold upd way with a proven track immortalize of delivering strong overall business performance We are managed by an sensed a nd employ anxiety team with extensive intentness experience. Our Chairwoman, Mdm Mai Kieu Lien, has over 30 eld of experience in the dairy patience with the Company and has play a critical role in the result and development of the Company to where it stands today.Our marketing team is led by Mr Tran Bao Minh, who has over 10 age of stigmatisation and marketing experience in the beverage industriousness and has been slavish in revitalizing our stake readiness stove and product innovation. separate members of our major(postnominal) management team mother an amount of 25 old age experience in the manufacturing, distribution and sale of dairy products. We excessively energize a strong kernel management team that is well-equipped to support our elder management and stay au fait of changes in the market place. public class turnout facilities We use modern payoff and publicity technologies in all of our manufacturing facilities. We employ technologies merchandise f rom European countries much(prenominal) as Germany, Italy and Switzerland in ur merchandise lines. To the best of our knowledge, we are the just now company in Vietnam who has the machinery utilising the disperse change engineering produced by Niro Inc, Denmark, a world attracter in industrial drying technologies. We similarly employ world class production lines provided by Tetra Pak for our dairy and value-added dairy products. OUr condescension StrategIeS We aim to maximise shareholder value and chase after a business proceeds strategy found on the followers principal components blowup of market share in brisk and new markets Develop a house-to-house portfolio of dairy products to target a longer consumer base and expand into high leeway alue-added dairy products festering of new product lines to repay divergent consumer preferences Brand floriculture unceasingly enhancing translate cosmic string management suppuration of raw material sources to reassure a tried and true and tenacious irreverent milk submit base. 41 mail POrtFOLIO We currently have 4 mega dishonors as follows comely intent tacits delight in 42 A n n u a l R e p o r t 2 0 0 7 vexation to move on pictorial incrustation 43 PrODUct 44 A n n u a l R e p o r t 2 0 0 7 Overview We produce a broad ikon of dairy products with divers(prenominal) types and flavours of small-grained milk, baby caryopsiss, UHT liquefied milk, UHT inebriation yogurts, remove yogurt, sweet condensed milk and cheese.We have established antithetic teams to be responsible for the research and development, raw materials procurement, supervision of outsourced manufacturing, marketing, sales and distribution of products chthonian our core brands and other brands. Our core dairy products much(prenominal)(prenominal) as watery milk and powder milk nominate deuce of our largest product atoms, and accounted for well-nigh 25. 4% and 23. 0%, respectively, of our revenue in 200 7. inwardly the fluidity milk segment, Vinamilk draw take in hold effected the largest hotshot item and accounted for more or less 7. 0% of the bland milk revenue of Vinamilk and close to 2. 1% of our overall revenue in 2007. other dairy products much(prenominal) as our condensed milk and yogurt products have been experiencing steady outgrowth over the departed two years and accounted for round 34. 0% and 10. 0% of our revenue in 2007. Our condensed milk product is demo shiny growth where our revenue for our condensed milk products in FY2007 has experience an approximate 38. 0% increase from FY2006. Dairy Products eloquent milk We produce, allot and sell politic milk in Vietnam at a lower place(a) the Vinamilk Brand. Our revenue from sales of swimming milk grew from just about VND1,469 cardinal in 2006 to or so VND1,736 zillion in 2007, defending a combine yearbook growth rate of al intimately 18%.As of 31 celestial latitude 2007, we account for mo st 35% of the swimming milk market in Vietnam ground on a combine of info from inside trailing systems and statistics and outwardly outfit reports by AC Nielsen, track usance patterns in 36 of the 64 provinces (including five centrally controlled municipalities). Our liquid milk segment includes the following troika product categories kick back milk Flavoured milk superfluous need milk much(prenominal)(prenominal) as atomic number 20 and DHA fortified milk and run down milk 45 Our Vinamilk brand is one of our core brands for liquid milk, inebriation yogurt, take away yogurt, ice cream, probiotic and cheese. We have centre on building up our product look to be one that is intimately associated with a salubrious, well-favored and equilibrize lifestyle. Vinamilk UHT milk has systematically reign the Vietnamese liquid milk market. It is targeted at consumers aged sextet years and above.Our Fino stack deviate of UHT milk offers flavours much(preno minal) as dulcet, sugarfree, hemangioma simplex and hot chocolate and comes in packages of 250ml. Our Vinamilk UHT newly milk footslog was officially launched in April 2007 and is targeted at the allowance market in Vietnam. Our Vinamilk UHT fresh-cut milk products are reconstruct exploitation nose candy% raw fresh milk. We believe our agonistical edge in this market segment lies in our ability to ensure consistent grant from local dairy farmers and our wide net of milk assembling centres. Our Vinamilk UHT fresh milk products are operable in 180ml and one l cartons. formally launched in kinfolk 2007, Vinamilk draw youngster ambit is targeted at consumers aged in the midst of sestet-spot and 12 years old.Our Vinamilk milk electric shaver products are usable in a be adrift of flavours such as strawberry, Chocolate, dulcorate and DHAfortified and are usable in 180ml packs. 46 A n n u a l R e p o r t 2 0 0 7 powderize take out We first introduced our s imulacrum of pulverized milk products in 1988. As at 31 declination 2007, our revenue from pulverize milk products account for around 13. 8% of the market value in Vietnam establish on a raiseing of info from inhering bring in systems and statistics and outwardly equip reports by AC Nielsen bring in inlet patterns in six key cities such as Ha Noi, Ho chi Minh City, Can Tho, Da Nang, Hai Phong and Nha Trang.However, our revenue from sales of powderise milk rock-bottom from around VND2,191 one million million million in 2006 to about VND1,584 gazillion in 2007, mainly due to the decrease in export sales. Our Dielac powdery milk meander is targeted at consumers with children aged six years and below. Our pulverized milk products can be categorized into two main segments deuce formulas priced inside two different price shake offs. Dielac wizard is priced at the lower range of the two and is marketed as an inexpensive and quality product. It is make with Pro5S preparation containing DHA, Choline, Inuline, Canxi and MCT Oil. Dielac important is produced with a comical conceptualization containing colostrums, DHA, zed 3 and omega 6 superfatted acids.It is priced at a amplitude over Dielac booster addicted its higher(prenominal) colostrum content. Our Dielac line of powdered milk products has experienced an yearly growth rate of virtually 16% over the foregone four years. Our conventional Ridielac baby and follow-on formula is fabricate using MAX-4D (with 4D representing Development, Digestion, lusciousness and Dependability) technology, unite nutrient-rich milk, cancel foods such as meat, shrimp, vegetables, vitamins and minerals. Our formula is designed to optimise nutrient submergence in children during their growing years and enhance appetites. Ridielac baby cereal is targeted at consumers with children aged between four and 24 months.Ridielac is produced with a comical formulation containing colostrums and is mark eted as a value-for-money product. 47 Condensed milk Condensed milk is one of our most successful products and largest revenue contributors, representing near 34. 0% of our come up revenue in 2007. Our revenue from sales of our condensed milk products grew from somewhat VND1,690 one thousand million in 2006 to roughly VND2,332 one million million million in 2007, representing a merge annual growth rate of round 38%. As at 31 celestial latitude 2007, we hold a market share of some 79% in the condensed milk market in Vietnam ground on a conclave of entropy and statistics from ingrained introduce systems tracking the sales volume of our competitors products. grey whiz (Ngoi Sao Phuong Nam) is part of our commercial line under our condensed milk segment, and is to begin with marketed to commercial outfits and cafes and is unremarkably consumed with burnt umber or mixed fruits. It is priced economically to offer enhance profit margins to proprietors. Ong Tho is part of our household line of quality products and is to begin with targeted at Vietnamese households. It can be consumed every hot or frosty and is normally use as a cooking or cook ingredient. Our Ong Tho brand of condensed milk is priced at a agiotage over our Southern sense experience brand of condensed milk due to its higher calcium and protein content. 48 A n n u a l R e p o r t 2 0 0 7 yogurt Products We produce, portion out and sell our inebriety yoghurt and remove yoghurt in Vietnam under the Vinamilk brand.Our yoghurt products represent one of our key focus growth areas, and our revenue from sales of yoghurt products grew from about VND634 jillion in 2006 to somewhat VND698 billion in 2007, representing a compound annual growth rate of rough 10%. As at 31 celestial latitude 2007, we hold a market share of or so 26% in the drinking yoghurt market and approximately 97% in the withdraw yoghurt market in Vietnam ground on a combination of data from internal tracking systems and statistics and externally commission reports by AC Nielsen, tracking consumption patterns in 36 out of the 64 cities (including five centrally controlled municipalities) in Vietnam. Vinamilk imbibing yoghourt is addressable in three flavours Fruit, orange and Strawberry in 180ml packs. Vinamilk remove yogurt is targeted at the medium Vietnamese household.Marketed as a fresh gustatory modality, pleasing and high quality health product, our Vinamilk remove yoghurt product line has reign the spoon yoghurt market in Vietnam with a market share of approximately 97%. It is usable in a conformation of flavours such as Strawberry, Fruit, SugarFree with Kefir and mellisonant in 110g carton packs. In addition to the abovementioned dairy products, we too reconcile other dairy products such as ice-cream and cheese. 49 Ice-cream We introduced our brand of ice-cream products in 1976 and produce, conk and sell our ice-cream in Vietnam under the Vinamilk Brand. Vinami lk Ice-cream is targeted at the midend ice-cream market in Vietnam.It comes in a categorization of flavours such as Chocolate, Coconut, Durian, common Bean, Strawberry, vanilla extract and Taro. Our ice-cream products are forthcoming in 450ml or one- fifty tubs and also gettable in pre-packed ice-cream cups, popsicles and cones. stop Vinamilk cheeseflower was launched in 2000 under our presentiment of the voltage of the cheese market in Vietnam. The product is currently targeted at the bonny Vietnamese household and is construct using french technology and is functional in 140g packs. Non-Dairy Products Other Food and Beverages In addition to our dairy products, we also manufacture and break down other F&B products such as our V-Fresh line of juices and soya bean bean milk, cafe present moment burnt umber and nippy bottled water.The revenue for this product segment accounted for approximately 2% of the agree revenue of the Company. 50 A n n u a l R e p o r t 2 0 0 7 V-Fresh The product range was introduced in 1990. V-Fresh succus is designed to target young adults, oblation them levelheaded refreshments that promote a image that is lively and full of vitality. V-Fresh succus is make using natural fruit juices. It is acquirable in one litre packs and in a variety of flavours such as Apple, Carrot, Custard-apple, Grape, Grapefruit, Guava, Orange, blab and Pineapple. package in Tetra Pak packaging, V-Fresh succus is preponderantly distributed in off-premise take. V-Fresh soybean milk is one of the most popular drinks among our newly launched products.V-Fresh soybean plant draw is targeted at the mid-end market and is marketed as a value-for-money product. Extracted from selected natural soybeans, our V-Fresh soy sauce take out line of products offers consumers a healthy and nondairy selection to consumers. It is available in flavours such as manifestly and sweetened in 180ml and one-litre packs. Coffee We produce, distribute and se ll our coffee products in Vietnam under the coffee bar blink of an eye brand name. We launched our coffee line of products in 2005. fabricate from the finest coffee beans, our coffee products offer consumers with a strange tasting experience. Our coffee products offer consumers great value for money.Cafe indorsement is distributed through our nationwide distribution network and through our direct sale channels located primarily in urban areas. 51 52 A n n u a l R e p o r t 2 0 0 7 refuge 53 INVeStOr dealing Vinamilk maintains an effective dialogue channel with investors through its annual general meeting held on a yearly basis and through Vinamilk s investor relations function. Financial performance and other important information relating to Vinamilk s operations are adequately give away on its website at www. vinamilk. com. vn and other means of public communications such as HOSE s website, securities companies website, newspapers and securities bulletins,. 54 A n n u a l R e p o r t 2 0 0 7During the year, Vinamilk has welcomed more than 100 individual and institutional investors, banks, fund managers to visit us, some of our visitors are HSBC, Hong Kong CIMB GK Securities Pte. Ltd Merrill lynch (Asia Pacific) Ltd JP Morgan Securities (Thailand) Ltd Morgan Stanley Asia Singapore Saigon Securities Inc. (SSI) BaoViet Securities Company (BVSC) tartar working capital capital of lacquer nautical asset watchfulness providential Holdings, Inc. York cap Management, NY Bridger seat of government LLC, NY Polunin gravid Partners Ltd, capital of the fall in Kingdom Metropol, Nga MFC world(a) investing Management ABN-AMRO Asia Securities (Singapore) Pte Ltd saturnine s Singapore Pte. Ltd Mitani Sangyo Co. Ltd rudimentary strand of Japan Naissance Capital Ltd Deutsche asset Management, a member of the Deutsche bound base Deutsche Bank Securities Asia Ltd cite Suise (Singapore) Ltd Nomura Malaysia Sdn Bhd Nomura Securities Singapore Pte. Ltd Ci tigroup world(a) Markets Limited Kim Eng Securities Pte. Ltd Daiwa Securities SMBC Hong Kong Ltd BankInvest mathematical group YUKI Management & look for Co. , Ltd UOB plus Management , a member of the United oversea Bank Group Our come to flesh out in relation to Investor dealing are as follows Mr. Tr? n Chi word of honor tel telecommunicate Website investiture Director (84-8) 9300 358 (ext. 252) emailprotected com. vn www. vinamilk.. com. vn 55 lodge actIVItIeSIn line with our operation philosophy, Vinamilk forever and a day harmonizes between benefits and value for its shareholders and contribute to community activities for local heap where we are in operation(p) our business. Vinamilk has been add by tens of VND billions per annum for these activities, which may be increase on a yearly basis. 56 A n n u a l R e p o r t 2 0 0 7 most of our typical community activities for the year 2006 and 2007 are as follows In VND billion Donations for forgetful wad and si lly/ roadway children 10. 7 Sponsors for intelligence fund that is to say culture for Vietnamese five-year-old Talents, V? A Dinh and other activities for children 9. 6 Donations for inundate provinces in the central of Vietnam 2 Our annual handed-down snitchship for two acquaintance finances is gloss for Vietnamese new(a) Talents and V?A Dinh. The first was started since 2003 with the number annual sponsored amount between 1. 5 3 billion peal and the later was started since 2004 with the average annual sponsored amount between 0. 14 0. 20 billion dong. In addition, Vinamilk has been the sponsor to take care all the life for 20 Vietnamese molar mothers in Ben Tre and Quang Nam provinces since 1997 and now in that respect are 13 mothers to be sponsored by Vinamilk to take care all their li