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Ngọc 31201021213 - Phạm Mai Bảo

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CHECK ĐẠO VĂN VÀ AI Part 1 (Moodle TT)

Global Strategic Management - UEH MEKONG (Moodle TT)

University of Economics Ho Chi Minh

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UNIVERSITY OF ECONOMICS HO CHI MINH CITY

SCHOOL OF INTERNATIONAL BUSINESS – MARKETING

SOME PROPOSALS TO IMPROVE THE IMPORT PROCUREMENT

PROCESS OF THE PROTEIN CATEGORY AT CENTRAL RETAIL
VIETNAM DURING THE PERIOD 2025–2027

Student full name: Le Nguyen Quynh Tran

Student ID: 31221024739

Major: International Business and Marketing Class: IBC01

Instructor: Dr. Nguyen Thi Hong Thu

Ho Chi Minh City – Year 2025

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UNIVERSITY OF ECONOMICS HO CHI MINH CITY

SCHOOL OF INTERNATIONAL BUSINESS – MARKETING

ENHANCING OPERATIONAL EFFICIENCY IN THE IMPORT

PROCUREMENT OF PROTEIN CATEGORY: A CASE STUDY AT
CENTRAL RETAIL VIETNAM

Student full name: Le Nguyen Quynh Tran

Student ID: 31221024739

Class: IBC01 Class ID: K48

Major: International Business and Marketing

Instructor: Dr. Nguyen Thi Hong Thu

Ho Chi Minh City – Year 2025

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ACKNOWLEDGEMENT

The completion of this graduation thesis marks an important milestone in my

academic and professional journey. This achievement would not have been possible
without the valuable guidance, encouragement, and support of many individuals and
organizations to whom I would like to express my heartfelt gratitude.

First and foremost, I would like to convey my sincere appreciation to Dr. Nguyen
Thi Hong Thu, my academic supervisor at the University of Economics Ho Chi Minh City
(UEH), for her continuous guidance, insightful comments, and patient support throughout
the research process. She not only guided me in developing this thesis but also shared
valuable knowledge and practical insights about working in real business environments,
which deeply enriched my understanding and professional mindset.

My deepest gratitude also goes to Mrs. Pham Dieu Linh, my company supervisor at
Central Retail Vietnam, for her dedicated mentorship and constant encouragement during
my internship. Her practical knowledge, professional insights, and trust provided me with
a deeper understanding of real-world import procurement operations.

I would like to extend my warmest thanks to all members of the Direct Import Team
– Fresh Food Division, especially the colleagues who patiently guided me through daily
tasks and shared their experiences with kindness and enthusiasm. Their support has not
only enhanced my technical and business skills but also inspired me to pursue continuous
improvement in my future career.

My appreciation also goes to Central Retail Vietnam for offering me the opportunity
to intern in such a dynamic and professional working environment. The exposure to the
company’s corporate culture, international standards, and strategic operations has been
invaluable to my personal and professional growth.

Lastly, I am profoundly thankful to the University of Economics Ho Chi Minh City

and all lecturers of the School of International Business and Marketing for their dedication
to education and for equipping me with the essential knowledge, skills, and discip line to
complete this thesis.

To all those who have guided, encouraged, and supported me along this journey—
thank you for making this work possible and meaningful.

Le Nguyen Quynh Tran.

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DECLARATION

This report has been written by me and has not received any previous

academic credit at this or any other institution.

Le Nguyen Quynh Tran.

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EVALUATION AND CONFIRMATION BY THE ENTERPRISE/ORGANIZATION

AND INSTRUCTOR

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INTRODUCTION

1. Context

In the global market, direct import products are increasingly vital for modern
retailers as they provide diversified choices for customers.

According to the Organization for Economic Co-operation and Development–Food

and Agriculture Organization (OECD–FAO) Agricultural Outlook 2025–2034, global
meat consumption is projected to rise by 47.9 million tons over the next decade, equivalent
to a 13% increase compared with the current baseline. Asia alone is expected to account
for 55% of this growth, with poultry and seafood leading the expans ion, while beef faces
slower growth due to sustainability concerns (OECD–FAO, 2025).

Vietnam mirrors this global trajectory but with stronger import dependence. In the
first seven months of 2025, the country imported approximately 534,800 tons of meat and
meat products worth USD 1.06 billion, an increase of 11% in volume and 13.1% in value
compared with the same period of 2024 (Import–Export Department, MOIT, 2025). Pork
imports surged most sharply, with 86,100 tons worth USD 230.76 million, reflecting year-
on-year growth of 68.7% in quantity and 98.5% in value. By contrast, exports remained
modest at only 11,600 tons, confirming Vietnam’s structural position as a net protein
importer.

2. Reason for choosing the topic

In the context of Vietnam’s rapidly evolving retail landscape, the fresh food segment
— especially the protein category — plays a critical role in shaping consumer loyalty,
brand image, and retail profitability. Central Retail Vietnam is one of the leading multi-
format retailers in the country, has increasingly relied on imported protein sources to meet
customer demands for high-quality meat and seafood, as well as to diversify product
offerings beyond local supply constraints.

However, the import procurement process for protein poses unique challenges,
demanding inter-departmental coordination. During the internship, the author directly
observed and documented some operational inefficiencies within the actual process. These
issues have negatively impacted on the performance of the entire purchasing workflow.

Given Central Retail Vietnam’s ambition to expand its fresh product leadership and
improve operational agility in the 2025–2027 roadmap, optimizing the import procurement
process for protein is both timely and strategically important. This study, therefore, is
designed to diagnose the key operational issues and propose practical improvements based
on real-world observation and academic frameworks.

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3. Research Objectives

This study aims to explore and enhance the import procurement process of the
protein category at Central Retail Vietnam, with a focus on the following objectives:

• To map, document and analyze the current import procurement workflow.

• To identify key operational challenges within the existing process .
• To propose practical and actionable recommendations to optimize the import
procurement process.
• To assess the feasibility and potential impact of the proposed solutions within the
strategic roadmap of Central Retail Vietnam for the 2025–2027 period.

4. Scope of the Study

4.1 Scope

This study focuses specifically on the import procurement process for animal
protein products, including beef, poultry, pork, and seafood, managed by the Direct
Import Team at Central Retail Vietnam.

4.2 Time

The research covers the period 2025–2027, aligning with CRV’s strategic roadmap
for fresh product development. Empirical data and observations are drawn from the
internship program conducted between August to October 2025.

5. Research Methodology

This research applies a qualitative approach grounded in internship -based

observations and company records, supplemented by industry data. The methodology
includes:

• Primary data: Notes from daily tasks, internal process documents, meeting
observations, and interviews with key stakeholders.
• Secondary data: Public reports, internal strategic materials, and academic articles
focusing on supply chain efficiency and retail procurement.

6. Internship Description

The research is closely tied to a three-month internship at Central Retail Vietnam

from August to October 2025. As a Protein International Sourcing Intern, the author was
responsible for tasks such as:

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• Purchase Order Management: Updating and tracking Purchase Orders (POs) from
foreign suppliers, and coordinating with them on price, volume, and delivery terms.
• Cross-functional Coordination: Coordinating with the Supply Chain, Quality
Assurance (QA), and Sales/Warehouse teams to confirm shipment schedules,
quality requirements, and inventory receiving capacity.
• Process Analysis Support: Assisting in forecast planning, checking landed cost
breakdowns, and resolving operational PO issues arising from supplier or internal
misalignments.
• Reporting: Preparing weekly reports to support team decision-making and
administrative tasks.

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TABLE OF CONTENS

CHAPTER 1: INTRODUCTION OF CENTRAL RETAIL CORPORATION AND

CENTRAL RETAIL VIETNAM CORPORTATION..................................................... 13

1.1 Overview of Central Group and Central Retail Corporation...................................... 13

1.1.1 Background and Ownership .................................................................................... 13

1.1.2 Market Expansion ..................................................................................................... 13

1.1.3 CRC Business segments .......................................................................................... 14

1.2. Introduction of Central Retail Vietnam Corportation (CRV) .................................... 15

1.2.1 Market Entry and Development .............................................................................. 15

1.2.2 Vision and mission ................................................................................................... 16

1.2.3 Human resources overview ..................................................................................... 16

1.2.4 Organizational Structure ......................................................................................... 17

1.3 Central Retail Vietnam’s Business activities analysis (three year analysis 2022-
2024)......................................................................................................................................... 19

1.3.1 Business segments .................................................................................................... 19

1.3.2 Customers .................................................................................................................. 22

1.3.3 Business Methods ..................................................................................................... 24

1.3.4 Payment Methods ..................................................................................................... 24

1.3.5 Competitors ............................................................................................................... 26

1.3.6 Infrastructure ............................................................................................................. 30

1.3.7 Distribution Channels............................................................................................... 29

1.3.8 Marketing activities .................................................................................................. 28

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1.4 Central Retail Vietnam’s Business performance analysis (2022-2025) .................... 31

1.4.1 Revenue...................................................................................................................... 31

1.4.2. Profit .......................................................................................................................... 31

1.4.3 Cost structure......................................................... Error! Bookmark not defined.

1.4.4 Capital structure .................................................... Error! Bookmark not defined.

1.5.5. ROE ....................................................................... Error! Bookmark not defined.

1.5.6 EPS ......................................................................... Error! Bookmark not defined.

1.5 SWOT Analysis of Central Retail Vietnam .................................................................. 43

1.5.1 Strengths .................................................................................................................... 43

1.5.2 Weeknesses................................................................................................................ 43

1.5.3 Opportunities ............................................................................................................. 43

1.5.3 Threats ........................................................................................................................ 43

CHAPTER 2: ANALYSIS OF IMPORT PROCUREMENT PROCESS OF

PROTEIN CATEGORY AT CENTRAL RETAIL VIETNAM.................................... 43

2.1 Fresh Department and Category Structure.................................................................... 43

2.1.1 Definition of Import Procurement process ............................................................ 43

2.1.2 Procurement process framework............................................................................. 44

2.1.3 Procurement Process in Practical Context ............................................................. 45

2.2 Procurement Process of Protein Category at Central Retail Vietnam ....................... 46

2.2.1 Overview of Protein Category ................................................................................ 46

2.2.2 Protein Category Role in Fresh Food Assortment ................................................ 47

2.3 Central Retail Vietnam procurement process of direct import category ................... 47

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2.3.1. Forecasting................................................................................................................ 48

2.3.2. Negotiating ............................................................................................................... 51

2.3.3. Ordering .................................................................................................................... 52

2.3.4 Clearance.................................................................................................................... 54

2.3.5 Quality checking ....................................................................................................... 55

2.3.5 Distributing goods to stores ..................................................................................... 56

2.4. Similarities and Differences between CRV’s Procurement Process and Other
Models...................................................................................................................................... 57

2.5. Strengths and Weaknesses of CRV’s Procurement Process....................................... 57

2.5.1. Strengths ................................................................................................................... 57

2.5.2. Weaknesses............................................................................................................... 58

2.5 Research Methodology .................................................................................................... 59

2.5.1 Research Design........................................................................................................ 59

2.5.2 Data Collection Methods ......................................................................................... 60

2.5.3 Limitations ................................................................................................................. 60

CHAPTER 3: PROPOSED SOLUTIONS FOR IMPROVING IMPORTED

PROTEIN CATEGORY AT CENTRAL RETAIL VIETNAM 2025-2027................ 62

3.1 Rationale for Proposals ................................................................................................... 62

3.2. Objectives of the Proposals ........................................................................................... 62

3.3 Proposed solutions ........................................................................................................... 63

3.3.1 Short term solution: Establishing a Standard Operating Procedure (SOP)

Timeline for Local–Global Team ..................................................................................... 63

3.3.2 Medium-term Solution: Establishing an Integrated Demand Planning System

............................................................................................................................................ ...69

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3.4. Summary of Chapter 3 ................................................................................................... 73

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CHAPTER 1: INTRODUCTION OF CENTRAL RETAIL CORPORATION AND

CENTRAL RETAIL VIETNAM CORPORTATION

1.1 Overview of Central Retail Corporation

Figure 1: Central Retail Logo. Source: The official website of Central Retail, 2025.

1.1.1 Background and Ownership

Central Retail Corporation Public Company Limited (CRC) is a leading multi -

format and multi-category retail corporation headquartered in Thailand. It serves as the
primary retail arm of Central Group, a conglomerate founded in 1947 by Tiang Chirathivat,
and currently owned by the Chirathivat family. From its origins as a small shophouse in
Bangkok, the Group has expanded into diversified businesses, with retail as the
foundational core.

Central Retail Corporation was listed on the Stock Exchange of Thailand (SET) in
February 2020 under the ticker symbol “CRC” As of 2024, Central Retail Corporation
manages more than 4,500 retail outlets, making it one of the most expansive retail groups
in Southeast Asia.

With the long-term goal of becoming a "Next-Gen Omni Retailer" that is "Central
to Life," Central Retail Corporation consistently integrates digital and physical platforms
to improve customer satisfaction and promote long-term growth.

1.1.2 Market Expansion

Central Retail Corporation has established a significant presence in Thailand,

Vietnam, and Italy. Thailand is the company’s main and most developed market,
accounting for roughly 74% of its total sales in the first half of 2025 (USD 2.4 billion),
driven by strong performance across food retail, fashion, and shopping malls. Thanks to its
rapid economic growth, infrastructure development, and expanding middle class, Vietnam
has emerged as a high-potential market, attracting significant investment from Central
Retail Corporation. Lastly, Italy contributed 6% with 220 million USD, with Central Retail
Corporation operating in the fashion and luxury segment.

As of June 30, 2025, Central Retail has 1,890 stores in 62 Thai provinces, 127 stores

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in 26 Vietnamese provinces, and 9 department stores spread throughout 8 Italian cities.

Central Retail Corporation stores have a total net selling area (NSA) of 3,771,750 square
meters, and retail plazas had a total net leasable area (NLA) of 776,659 square meters.

Table 1: Central Retail Footprint

Central Retail
6 months
Corporation’s 2022 2023 2024
2025
Coverage
Thailand
Stores/Malls 1,750 / 32 1,755 / 33 1,888 / 33 1,890 / 33
Provinces 58 60 62 62
NSA (K sq.m) 2,89 3,151 3,305¹ 3,359
NLA (K sq.m) 525 531 536 554
Vietnam
Stores/Malls 127 / 39 133 / 39 135 / 42 127 / 42
Provinces 42 42 43 26
NSA (K sq.m) 342 355 368 351
NLA (K sq.m) 210 212 223 222
Italy
Stores 9 9 9 9
Cities 8 8 8 8
NSA (K sq.m) 60 60 62 62

Source: The official website of Central Retail, 2025

1.1.3 Central Retail Corporation business segments

CRC retail and wholesale brands can be divided into 4 business types, which include:

● Food segment: This is the largest business segment, contributing approximately

42% of total revenue in the first half of 2025. It includes a variety of retail and
wholesale formats such as Tops, Tops Food Hall, Tops Fine Food, Tops daily, GO
Wholesale, and Big C / GO! in Thailand, as well as Tops market, go!, and Lan Chi
Mart in Vietnam.
● Hardline Segment: includes electronics, home appliances, and sports/lifestyle
products through brands like Power Buy, Thai Watsadu, BnB home, and
Supersports. This segment contributed approximately 31% of total revenue in the
first half of 2025.
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● Fashion Segment: Operating through department stores and specialty retail brands
such as Central Department Store, Robinson, and Rinascente (Italy). Fashion
accounted for about 27% of Central Retail Corporation’s revenue in the first 6
months of 2025.
● Property Segment: offers rental space for both company -owned stores and third-
party businesses, including Robinson Lifestyle, Tops Plaza in Thailand, and Big C
/ GO! in Vietnam.
● Health and Wellness Segment: offering pet supplies, cosmetics, and healthcare
items under retail brands like PET 'N ME, Tops Care, and Tops Vita.

In most investor and public-facing documents, the company simplifies its retail
operations into three key segments—Food, Fashion, and Hardline—which are the main
contributors to its retail revenue.

1.2 Introduction of Central Retail Vietnam

1.2.1 Market Entry and Development

In 2012, Central Retail Vietnam (CRV) was established as a wholly owned

subsidiary of Central Retail Corporation (CRC). While Central Retail Vietnam functions
as the key operational entity in Vietnam, its legal and administrative representation is
conducted through EB Services Company Limited.

When it first started, it focused primarily on fashion retail with some well -known
international and regional brands such as New Balance, Supersports, Crocs, Komonoya,
F&F, Lee and Robin. By 2014, just two years after its market entry, Central Retail Vietnam
had generated 8.2 million USD.

In 2015, Central Retail Vietnam acquired Nguyen Kim, a leading electrical

appliance retail chain, and formed a partnership with Lan Chi Mart, a supermarket chain
based in the northern of Vietnam. This strategic move enables Central Retail Vietnam
reached across 85 stores in 15 provinces, with a net sales area of approximately 170,000 m².

In April 2016, CRC executed a large acquisition of Big C Vietnam from Groupe
Casino for approximately 1.05 billion USD, significantly enhancing its retail footprint.

In 2018, Central Retail Vietnam launched its own private labels and experiential
retail formats to diversify its portfolio. Kubo is a chain that has both a toy store and a
playground for kids. That same year, the company also introduced iCool, a line of lifestyle
gadgets, and Hello Beauty, a line of cosmetics and personal care items.

In November 2018, the company introduced its own GO! Mall format, which
marked an entry into the mall retail space with food, entertainment, and lifestyle services.

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Since then, the GO! idea has been aggressively expanded throughout several provinces,
replacing former Big C stores with GO! hypermarkets and malls.

In 2021, Central Retail Vietnam introduced the "mini go!"chain, which is a small-
format neighborhood store that targets suburban and semi-urban markets.

In 2022, Central Retail Vietnam launched a new line of modern supermarkets called
"Tops Market." These stores were upgraded from the old Big C models to meet worldwide
standards for food retailing and improve the shopping experience for high -end customers.

By mid‑2025, Central Retail Vietnam operates over 330 malls and stores across 26
provinces, generating average daily foot traffic of around 500,000 customers and
employing nearly 15,000 staff, supported by a total store area exceeding 1.3 million m².

This decade-long evolution—from a soft launch in fashion to leading positions in

supermarkets, malls, and omnichannel formats—reflects Central Retail Corporation
commitment to developing Vietnam as one of its key strategic markets.

1.2.2 Vision and mission

Central Retail Vietnam’s vision and mission are aligned with those of Central Retail
Corporation, while also emphasizing a strong local commitment to the Vietnamese market.

The vision of Central Retail Vietnam is: “We commit to contribute to Vietnam’s
prosperity and to enhance the quality of life of the people.”

Its mission is: “We make customers’ lives easier thanks to our empowered and
passionate people who collaborate and interact well with an agile mindset.”

1.2.3 Human resources overview

Central Retail Vietnam has experienced a consistent and remarkable expansion in

its workforce. It has a significant labor force of 11,276 employees by 2025, covering
multiple functions including fresh food, FMCG, fashion, logistics, finance, and
supporting departments at both the store and head-office levels.

In terms of qualifications, Central Retail Vietnam requires that all staff hold at
least a high school diploma. For positions at the head office, a bachelor’s degree is the
minimum requirement, particularly for roles in finance, procurement, logistics, and legal
compliance. Professional positions, such as specialists or department managers, typically
require a minimum of three years of relevant experience. This ensures that employees
possess both technical skills and industry knowledge before assuming respo nsibility.

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The workforce demonstrates relatively high stability and loyalty. Many employees
have been with the company for 10–20 years, reflecting Central Retail Vietnam’s
reputation as an attractive long-term employer. Although salary data is confidential,
average pay scales for mid-level positions are considered competitive within the
Vietnamese retail industry.

At the executive level, Central Retail Vietnam adopts a geocentric staffing

approach, whereby key leadership roles are filled by international professionals from
different countries such as France, Belgium, and Korea.

Central Retail Vietnam’s strong emphasis on building internal talent is reflected in

programs like the “Vietnam Management Associate”, which nurtures future leaders
through cross-functional exposure and structured development. Central Retail Vietnam’s
focus on employee satisfaction and workplace environment has earned it recognition such
as “Best Companies to Work for in Asia 2023” and “DEI – Diversity, Equity & Inclusion”
awards.

1.2.4 Organization Structure

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Figure 2: Central Retail organizational structure. Source: Central Retail Vietnam,

2025.

[Link] Description

Central Retail Vietnam is managed under a matrix organization structure, balancing

both vertical control from the parent company and horizontal coordination across
functional divisions.

At the top, the Chief Executive Officer (CEO) of Central Retail Vietnam – Mr.
Olivier Bernard R. Langlet – is the highest-ranking executive in Vietnam. Appointed on 1
June 2023, he brings more than two decades of retail experience across international
markets. Before joining Central Retail Vietnam, he served as CEO of Marko Cash & Carry
in the Czech Republic and Ukraine. Mr. Langlet holds a master’s degree in foreign Trade
and International Relations from the University of Liège and a Bachelor’s in Economic s
from the University of Jemeppe, Belgium.

Directly under the Group CEO, the organization is divided into functional directors
(e.g., Finance, HR, Legal, Supply Chain, Commercial, IT) who are positioned at the same
hierarchical level and manage key business areas.

What makes this structure a matrix is that, in addition to functional directors, Central
Retail Vietnam also incorporates business unit leaders (such as the President of Food
Retail, the President of Nguyen Kim, and the Head of FAST Vietnam). These leaders are
responsible for specific retail formats or subsidiaries. Although they operate with a degree
of autonomy, they still report directly to the Group CEO, creating a dual structure of both
functional and business accountability.

This hybrid design enables Central Retail Vietnam to combine specialization and
efficiency from functional leadership with market responsiveness from business units,
though it also increases coordination requirements and decision -making complexity.

[Link] Departments

• Finance: Responsible for financial planning, budgeting, accounting, and cost

control.
• Supply Chain: Manages procurement, warehousing, logistics, and distribution.
• Commercial: In charge of sourcing, purchasing, and managing the company’s
product assortment across categories.
• Business Development: Focuses on business analysis, performance control, and
strategic expansion.
• Human Resources (HR): Handles recruitment, training, performance management,
and employee relations.

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• Legal: Oversees regulatory compliance, contracts, and dispute resolution.

• IT & Digital Transformation: Supports infrastructure, systems, and digital
innovation to enhance efficiency and customer experience.
• Public Relations & Communications: Manages corporate communication, media
relations, and internal engagement.
• Security & Food safety: Ensures products meet hygiene and quality standards across
all retail formats.
• Property: Responsible for store location management, leasing, and maintenance.

[Link] Evaluation of organization structure

This simplified matrix structure highlights three key features:

• Direct CEO Oversight – All directors and business unit heads report directly to the
Group CEO, which ensures clear accountability but also places a high workload on
the CEO.
• Functional Specialization – Each director focuses on one area (Commercial,
Finance, HR, Supply Chain, Legal, etc.), creating expertise and efficiency.
• Diversified Business Units – Central Retail Vietnam manages not only food retail
but also non-food and specialty formats (Nguyen Kim), reflecting the group’s multi-
format strategy.

However, this structure also has some limitations. Because many directors work at
the same management level, important decisions sometimes need the CEO’s final approval,
which can slow down the decision-making process. In addition, having both functional
departments and business units means that close communication is required to prevent
duplicated work and ensure smooth coordination between teams.

1.3 Central Retail Vietnam’s business activities analysis (three-year analysis 2022-
2024)

1.3.1 Products and services

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Table 2: Central Retail Vietnam’s Business Segments and Performance in 2024

Number Revenue
Typical
Business Retail of in 2024
Name Desciption size
Segments formats Stores (USD
(sq.m)
in 2024 Million)
Providing a wide assortment
of food and non-food
GO! products at competitive
Hypermarket prices, inheriting the “Price is
always low” core value from
Big C. 4,000 -
Hypermarket 41
Providing a broad range of 7,000
quality food and other
consumer products under the
Big C
promise of “Price is always
low.” Currently transitioning
into the GO! ecosystem.
Medium-sized supermarket,
Food located in in major cities.
1,136
Retail Urban Providing a more premium 3,000
Tops Market
Supermarket selection of essential goods 3,500
for middle-income customers
in urban areas.
Medium to large supermarket,
Lan Chi located in northern provinces 3,000
47
Mart in Vietnam, Providing 3,500
essential consumer goods
Sub - Urban Providing an integrated
Supermarket small-scale shopping
experience including 2000-
go
supermarket, playgrounds, 5000
and F&B for customers in
smaller cities and towns.
Providing a wide range of
home electronics and
Non -
appliances, including AV 2,000 -
food Electronics Nguyen Kim 47 168
equipment, PCs, mobile 14, 000
Retail
phones, and communication
devices

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Providing a modern
playground concept designed
Playground Kubo to support children’s natural 318 37
and healthy development
through play.
Providing a curated
CBS
assortment of fashion, beauty,
(Central
sports, tech, stationery, and 400–800 40
Brand &
premium F&B products
Specialty
through over 40 brands.
Sports Providing multi-brand
sportswear and equipment
across more than 17
Supersports 20-100 87
international brands such as
Mizuno, Speedo, Crocs, and
New Balance.
Offering a lifestyle
destination with “Eat – Shop
– Play – Learn – Sustain” 8,000–
Property GO! Mall 42 -
model, aiming to provide 30,000
quality experiences for
families and communities.

Source: Central Retail Corporation Annual Report 2024.

The company organizes its operations into three main business segments: Food
Retail, Non-Food Retail, and Property:

[Link] Food Retail

This is the largest business segment of Central Retail Vietnam, offering essential
goods across various formats:

● GO! Hypermarket: Provides a wide assortment of food and non-food products at

competitive prices, inheriting the “Price is always low” core value from Big C.
● Big C: One of Vietnam’s longest-standing hypermarket chains, offering a broad
range of quality food and consumer goods. Currently transitioning into the GO!
ecosystem.
● Tops Market: A medium-sized urban supermarket offering a more premium
selection of essential goods for middle-income customers.
● Lan Chi Mart; Medium to large-scale supermarkets located in northern Vietnam,
targeting rural and suburban areas with essential goods.
● go: Integrated small-scale shopping destinations with supermarket, playground, and

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F&B offerings, targeting smaller cities and towns.

[Link] Non-food Retail

Central Retail Vietnam also provides specialized non-food products and

experiences through focused retail formats:

● Nguyen Kim: Offers a wide range of electronics and appliances, including AV

equipment, PCs, mobile phones, and communication devices.
● Kubo: A modern playground concept designed to support children’s development
through play.
● CBS (Central Brand & Specialty): Offers a curated selection of over 40 brands in
fashion, beauty, sports, tech, stationery, and premium F&B categories.
● Supersports: A multi-brand sportswear and equipment retailer featuring brands such
as Mizuno, Speedo, Crocs, and New Balance.

[Link] Property

● GO! Mall: A large-scale lifestyle destination incorporating the “Eat – Shop – Play
– Learn – Sustain” model, offering a diverse mix of retail, dining, and entertainment
experiences for families and communities.

1.3.2 Customers and Target Market

Central Retail Vietnam serves two major customer groups: retail consumers and
business-to-business (B2B) clients. The retail segment contributes the majority of total
revenue and forms the foundation of the company’s operations, while the B2B channel
has recently emerged as a strategic growth driver that complements existing retail
operations.

[Link] Retail consumers

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1,400 1,317
1,187 1,162
1,200

1,000

800

600

400

200 116 126 144

103 107 116
0 9.8 10.6 12.3
Offline (In- Online (GO! Offline (In- Online (GO! Offline (In- Online (GO!
store) App) store) App) store) App)
2022 2023 2024

Revenue (USD million) Customer Visits (million)

Figure 3: Revenue and Customer Visits of Offline and Online Shoppers (2022 –2024).
Source: Central Retail Vietnam, 2024.

From 2022 to 2024, the behavior of Central Retail Vietnam’s retail customers
changed clearly between offline shoppers and online shoppers.

In 2022, most of the company’s revenue came from offline shoppers who bought
directly at supermarkets and hypermarkets such as GO! Malls, Big C, and Tops Market.
This group reached about 103 million visits and contributed USD 1,317 million, equal to
nearly 92% of total revenue. Consumer spending was strong as people returned to physical
shopping after COVID-19, often purchasing in larger quantities to restock household
supplies.

In 2023, the number of offline shoppers increased to 109.6 million, but their total
spending fell to USD 1,187 million, down nearly 10%. Although traffic grew, the average
spending per visit decreased because many families tightened their budgets amid infl ation
and higher living costs. Most purchases were limited to essential products such as meat,
seafood, and daily groceries, while discretionary spending on electronics and premium
goods slowed.

By 2024, offline shoppers continued to rise to 116 million (+6%), but revenue
dropped slightly to USD 1,162 million (-2.1%). Customers maintained frequent visits but
bought smaller quantities each time. To respond, Central Retail Vietnam improved loyalty
programs, offered price promotions, and enhanced in-store digital engagement to retain
regular buyers.

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Meanwhile, online shoppers became an increasingly important source of growth.

Their total spending rose from USD 116 million in 2022 to USD 144 million in 2024,
increasing their share from 8.1% to 11% of total revenue. The number of online orders
grew from 9.8 million to 12.3 million, driven by platforms such as GO! App, Tops Online,
Nguyen Kim E-commerce. Same-day delivery and flexible pick-up options made online
shopping more convenient, especially for younger, tech-savvy customers.

Overall, the number of shoppers—both offline and online—continued to grow, but

the structure of their spending changed. Offline shoppers contributed the majority of
revenue but with smaller basket sizes, while online shoppers increased their share thanks
to convenience and accessibility. This shift helped Central Retail Vietnam keep total
revenue relatively stable—from USD 1,433 million in 2022 to USD 1,306 million in
2024—and confirmed the company’s progress toward a balanced omnichannel retail model
that meets both traditional and digital shopping behaviors.

[Link] Business-to-business (B2B) clients

The B2B segment, launched in 2025, is still at an early stage of development.

Current scale remains modest compared with retail operations, and additional time is
needed before reliable data can be established. This segment includes:

● HORECA (Hotels, Restaurants, Cafés): sourcing protein and fresh products in bulk
for food service operations.
● Corporate clients and institutional buyers, such as schools, hospitals, and industrial
canteens requiring stable supply of fresh and packaged food .
● Small retailers: who purchase through CRV’s wholesale channels to redistribute in
local markets.

1.3.3 Business Methods

Central Retail Vietnam’s operational success and competitive positioning are built upon a
multi-faceted strategy that revolves around four core business methods: leveraging a multi-format
retail model, pioneering omnichannel capabilities, securing a competitive value proposition, and
developing a proprietary private label portfolio.

First, the company operates under a multi-format retailing model, combining hypermarkets
(GO!, Big C), supermarkets (Tops Market), specialty stores (Nguyen Kim, Supersports), and
shopping malls. This diversified approach enables Central Retail Vietnam to effectively segment
the market, reaching different customer groups with varied spending power and shopping habits.
For instance, Big C and GO! focus on families seeking affordable products, while Tops Market
targets middle- and upper-income shoppers who prefer high-quality, imported, and organic goods.
Thanks to this mix, the company can diversify market risk and ensure consistent sales performance
across different provinces.

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Second, omnichannel retailing has become a central strategy for Central Retail Vietnam,
aligning with modern consumer trends. Beyond physical stores, the company actively develops
integrated digital platforms such as GO! App Online, Tops Online, and other apps. By enabling
customers to buy online, opt for home delivery, or use the Click & Collect model, Central Retail
Vietnam ensures a seamless shopping journey, thereby enhancing customer convenience and
loyalty.

Third, Central Retail Vietnam implements a Competitive Sourcing and Pricing Strategy,
which is vital for maintaining high quality standards while offering competitive pricing to serve
the mass market. This is achieved through a commitment to optimized cost structures, where
product margins are typically maintained below 35%. Furthermore, the company employs strategic
below-market pricing on some selected items to secure key B2B (Business-to-Business) position
in the market. This operational discipline enables Central Retail Vietnam to deliver superior
customer value.

Fourth, the continuous development of Private Labels is a key strategic focus for
product differentiation and margin enhancement. By launching its own private label lines,
Central Retail Vietnam can tailor product specifications to meet localized demand, o ffer
unique choices that enhance brand loyalty, and gain greater control over the entire supply
chain from production to shelf. This initiative supports the company’s ability to offer high -
quality alternatives at competitive prices, optimizing overall profitability.

1.3.4 Payment methods

CRV's payment methods are broadly segmented based on the nature of the transaction,
distinguishing between Receiving Funds (Sales) and Disbursing Funds (Procurement).

[Link] Receiving Funds (Sales Side)

This segment covers transactions where Central Retail Vietnam receives payment,
which is further split by customer type:

• For Retail Consumers (B2C): Customers benefit from high payment flexibility and
convenience, utilizing multiple methods including cash, domestic debit cards,
international credit cards, various e-wallets (such as MoMo, ZaloPay, ShopeePay),
and the GO membership loyalty app.
• For Business-to-Business (B2B) Customers: Transactions are typically settled via
bank transfer, with specific payment terms (normally credit periods) formally
agreed upon and documented in the sales contracts.

[Link] Disbursing Funds (Procurement Side)

This segment outlines how Central Retail Vietnam manages payments to its
suppliers. For suppliers, Central Retail Vietnam generally applies a standardized payment

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term of Telegraphic Transfer (T/T) 100% within 30 days after the goods' arrival. Any
deviations from this standard, such as using Letter of Credit (LC) at sight or requiring T/T
before arrival, necessitate specific approval from Central Retail Vietnam’s Treasury team
due to the impact on the company's cash flow and risk exposure.

1.3.5 Competitors

45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%

2022 2023 2024

Figure 4: Market Share for Major Modern Retail Chains in Vietnam, 2022 –2024.
Source: Kantar Market Research Report.

Vietnam’s retail market is highly competitive, shaped by rapid changes in consumer

behavior, growing demand for convenience, and the expansion of local chains. Although
Central Retail Vietnam has made substantial investments in recent years, it has begun t o
show certain weaknesses in defending its market position, particularly against domestic
players that are expanding aggressively across both urban and provincial markets.

Based on market share performance during 2022–2024, the main competitors can
be classified into four categories as follows:

[Link] Strong Competitors

• Saigon [Link]

Over the past three years, Saigon [Link] has maintained a strong presence in the
supermarket format — a direct counterpart to Central Retail Vietnam’s GO! and Tops
Market systems. After a slowdown during 2021–2022, Saigon [Link] regained growth
momentum and rose to the leading position in 2024, with a market share of around 36%.

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Its success stems from a cost-efficient operating model, competitive pricing, and
deep local understanding of Vietnamese consumers. While it lacks the import sourcing
advantage of Central Retail Vietnam, [Link] effectively captures the mid -income
segment by offering essential products at accessible prices and through continuous
promotions. This strategy has enabled the chain to outperform competitors during a period
of rising living costs and conservative consumer spending.

• Bach Hoa Xanh (Mobile World Group)

Bach Hoa Xanh has become one of the most dynamic retail players in Vietnam. The
chain focuses mainly on essential groceries and fresh food at low prices, targeting middle -
and lower-income households across both urban and rural areas. Despite past concerns
regarding product quality and hygiene after several inspections, Bach Hoa Xanh continues
to expand rapidly through dense store coverage and efficient logistics operations. It is
currently one of the strongest domestic competitors in food and grocery retai l, particularly
in the fresh and frozen categories — a core area of Central Retail Vietnam’s business.

[Link] Equivalent Competitor

• WinCommerce (WinMart / WinMart+)

Following its acquisition and restructuring under Masan Group, WinCommerce has
performed strongly between 2022 and 2024, reaching the leading market share position.
The company has aggressively expanded its WinMart+ convenience store network while
integrating banking, F&B, and healthcare services into Masan’s broader “Point of Life”
ecosystem.

However, WinCommerce still faces limitations in product diversity and customer

experience. Its heavy reliance on internal suppliers such as WinEco and Masan MeatLife
results in less variety in imported or premium goods. Therefore, while it competes directly
with Central Retail Vietnam in store coverage and pricing, it is considered equivalent rather
than superior, particularly in terms of assortment, sourcing flexibility, and customer
engagement.

[Link] Emerging Competitors

• MM Mega Market (TCC Group, Thailand)

MM Mega Market operates mainly in the wholesale and foodservice (HORECA)

segment, serving restaurants, hotels, and institutional buyers. Its strength lies in large -scale
import capability and efficient supply chain management, especially for frozen protein and
seafood — categories that overlap with Central Retail Vietnam’s direct import operations.

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Although its retail footprint is smaller, Mega Market’s strong supplier relationships
and competitive pricing make it an important emerging competitor, especially in the
procurement and B2B sourcing domain.

• AEON Vietnam

AEON targets the middle-class retail segment, combining shopping, dining, and
entertainment experiences. Its stores emphasize Japanese product standards, high service
quality, and a wide range of imported items. While AEON’s network remains limited
(fewer than ten malls nationwide), it has strong brand equity among high-income
consumers in major cities such as Ho Chi Minh City and Hanoi.

Rather than competing directly in scale, AEON challenges Central Retail Vietnam
in brand perception, customer experience, and quality positioning, which indirectly raises
consumer expectations across the modern retail market.

[Link] Weak Competitor

• Lotte Mart Vietnam

Lotte Mart has struggled to maintain competitiveness, with its market share
remaining below 10%. Its positioning is unclear — neither low-cost nor fully premium —
which makes it less attractive to price-sensitive shoppers or high-end customers.

Nevertheless, the company has announced new investments in digital

transformation and Korean supplier partnerships, which could improve performance in the
coming years. At present, however, Lotte Mart remains a minor competitor with limited
market influence.

1.3.6 Marketing activities

Central Retail Vietnam has actively pursued a range of marketing strategies and
strategic initiatives to strengthen its competitive positioning and deepen engagement with
Vietnamese consumers:

● Rebranding & Expansion of Store Formats: Central Retail Vietnam continued its
transformation of Big C hypermarkets into the GO! banner, consolidating store
formats and reinforcing brand positioning post-2022. As of 2024, three new GO!
Malls were launched in Ha Nam, Bac Lieu, and Ninh Thuan, with additional
openings planned in Hung Yen and Yen Bai in 2025.
● Customer-Centric Campaigns & Consumer Rights Initiatives: Marking Vietnamese

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Consumer Rights Day 2024, Central Retail Vietnam launched the “Golden Week –
Super Promotion” across GO! and Big C stores and apps, offering extensive
discounts on essentials like personal care, beauty, food, and household goods —
demonstrating their commitment to economic, health, and informational consumer
benefits.
● Industry Recognition & Sustainable Leadership: In 2024, Central Retail Vietnam
was named the #1 most reputable retail company in Vietnam for the fourth
consecutive year by Vietnam Report and received awards for Environmental &
Social Impact (AmCham ESG) and Green Business (HUBA/Sai Gon Giai Phong).
These accolades affirm Central Retail Vietnam’s integrated approach toward
sustainable retail and brand excellence
● Sustainability & CSR Milestones: Under its ReNEW strategy, Central Retail
Vietnam implemented impactful environmental initiatives, such as:
○ Continuing its “Forests for Good” campaign, planting thousands of trees to
combat desertification, including 1,000 trees planted in Binh Thuan in late
2024.
○ Installing 86 Sparklomats for plastic and aluminum recycling across GO!
Malls.
○ Deploying solar energy systems at 23 GO! Malls and partnering to expand
this to “mini-go!” outlets, supporting its NET ZERO commitment.
○ Launching "One Mall, One School" for educational infrastructure and "Bring
Your Shopping Bag"/"No Plastic Bag Day" sustainability awareness
campaigns.

1.3.6 Distribution Channels

Central Retail Vietnam has developed a sophisticated omnichannel distribution

strategy, melding its extensive physical retail network with a growing array of digital
touchpoints to ensure seamless customer experiences. As of mid -2022, more than 8% of
total sales were generated via digital channels—an omnichannel mix encompassing mobile
apps, social commerce, hotline, and e-marketplaces.

Recognizing the rising importance of integrated retail strategies, Central Retail

Vietnam set a bold vision to become Vietnam’s leading omnichannel platform in food and
retail property by 2026. The company has committed to investing over 800 million USD to

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achieve this transformation. Target outcomes include increasing the share of total sales
from omnichannel channels to 15%, and expanding its market presence to 55 out of 63
provinces.

Central Retail Vietnam’s distribution includes:

● Physical formats: GO! Hypermarkets, GO! Malls, Tops Market, Lan Chi Mart,
Nguyen Kim, and mini-go! outlets.
● Digital platforms: GO! & Tops Market applications, hotline services, social
commerce via Facebook, Zalo OA.

1.3.7 Infrastructure and Facilities

[Link] Retail footprint

Table 3: Central Retail Vietnam’s footprint.

Central Retail
6 months
Vietnam 2022 2023 2024
2025
Coverage
Vietnam
Stores/Malls 127 / 39 133 / 39 135 / 42 127 / 42
Provinces 42 42 43 26
NSA (K sq.m) 342 355 368 351
NLA (K sq.m) 210 212 223 222

Source: Central Retail Vietnam

Between 2022 and 2024, Central Retail Vietnam steadily expanded its retail
footprint, growing from 127 stores in 42 provinces to 135 stores in 43 provinces , reaching
more than 1,000,000 retail square meters. This nationwide coverage demonstrated its
commitment to deepening market penetration, especially in both urban and suburban areas.

However, in the first half of 2025, the total number of stores decreased to 127, and
provinces served dropped to 26. This drop is primarily attributed to two key reasons:

● Administrative restructuring, including provincial mergers enacted by the

Vietnamese government, which reduced the total province count nationwide.

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● Strategic consolidation, where certain underperforming stores were closed or

merged as part of the company’s network optimization efforts.

Despite the reduction, the company continues its growth momentum with the recent launch
of new stores in Q4 2025 Yen Bai.

[Link] Warehousing Infrastructure

To support its expansive retail footprint and rapidly growing omnichannel

operations, Central Retail Vietnam has developed a comprehensive logistics infrastructure.
This system is anchored by two main centralized warehouses:

• The Newland Long An Warehouse: Located at 14-14A, Tan Duc Industrial Park,
Huu Thanh Commune, Duc Hoa District, Long An Province 82725. This facility
operates in partnership with a Japanese logistics firm. It handles inventory and
distribution for stores in the southern and central regions of Vietnam.
• The Thang Long Warehouse: Located at Buoi Residential Group, Bach Sam Ward,
My Hao Town, Hung Yen Province 163250. This facility handles inventory and
distribution for stores in northern Vietnam.

1.4 Central Retail Vietnam’s Business performance analysis (2022-2025)

1.4.1 Revenue analysis

[Link] Revenue by segments

1,200 1,128 1,105 1,136

Revenue by Segment (USD million)

1,000

800

600

400 301
206
168
200

0
2022 2023 2024
Food business Hardline business

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Figure 5: Revenue by Segment of Central Retail Vietnam (2022–2024). Source: Central

Retail Vietnam Annual Report.

The food business consistently dominated CRV’s portfolio, contributing nearly 85–
87% of total revenue throughout the three years. This segment, comprising GO! Malls,
Tops Market, and Lan Chi Mart, benefited from stable consumer demand for essential
goods, expansion into provincial markets, and the growth of private -label products.

Conversely, the hardline business—mainly operated under the Nguyen Kim

brand—experienced a significant contraction. Its share dropped from 21% in 2022 to 13%
in 2024, reflecting reduced household spending on electronics and intensified competition
from domestic retailers. The deliberate downsizing of underperforming outlets further
contributed to the decline, aligning with CRV’s strategy to prioritize high -turnover,
essential categories.

[Link] Revenue by Year

1,450 1,433

1,400
Revenue (USD million)

1,350
1,313
1,306
1,300

1,250

1,200
2022 2023 2024

Figure 6: Total Revenue of Central Retail Vietnam (2022–2024). Source: Central Retail
Annual Report.

Between 2022 and 2024, Central Retail Vietnam maintained a total revenue base of
approximately USD 1.3–1.4 billion, with noticeable year-to-year fluctuations shaped by
shifting consumer sentiment and macroeconomic conditions. While the overall top line
declined slightly, the company’s sales structure evolved toward more resilient and essential
categories.

In 2022, Central Retail Vietnam recorded total revenue of USD 1,433 million,
showing a strong recovery after the pandemic. Consumer mobility improved, boosting

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traffic at GO! Malls, Tops Market, and Lan Chi Mart nationwide. The food segment
expanded due to steady demand for essential goods, while the hardline segment (mainly
Nguyen Kim) gained from a short-term surge in electronics purchases as households
upgraded home appliances. The company also increased its store presence in tier-2
provinces, supporting wider market coverage. Overall, 2022 marked the peak of post-
COVID recovery, driven by returning consumer confidence and effective retail network
expansion.

In 2023, Central Retail Vietnam’s total revenue declined by 8.4%, reaching USD 1,313
million, mainly due to softer discretionary spending. Rising inflation and higher living
costs in Vietnam caused consumers to cut back on large or non -essential purchases, which
heavily affected the hardline segment, down nearly 32% from the previous year. In
contrast, the food segment remained relatively stable, decreasing only 2%, supported by
continued store expansion and the success of private -label products targeting value-
conscious shoppers.

At the macro level, the Vietnamese retail industry experienced slower overall
growth as households shifted focus from consumption to savings. Despite these challenges,
Central Retail Vietnam’s strong position in the daily-needs retail market helped cushion
the impact, allowing the company to sustain healthy cash flow and operational stability
amid economic headwinds.

By 2024, Central Retail Vietnam’s total revenue stabilized at USD 1,306 million,
decreasing only 0.5% compared to the previous year. The food segment rebounded by
2.8%, driven by recovering household consumption, stabilized logistics costs, and the
successful rebranding of Big C into Tops Market, which enhanced brand perception and
increased store traffic. In contrast, the hardline business continued to decline, reaching
USD 168 million (-18.2%), as Central Retail Vietnam deliberately streamlined its store
portfolio and focused on smaller formats and online integration to improve operational
efficiency.

On the external front, Vietnam’s economy grew by more than 7% in 2024 (Reuters),
which helped restore consumer confidence and stimulate food retail spending. According
to the United States Department of Agriculture (USDA) Retail Foods Annual 2024, the
Vietnamese food retail market expanded by approximately 4%, consistent with Central
Retail Vietnam’s recovery trend in this segment.

1.4.2 Profitability Analysis

[Link] Cost of Goods Sold

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1,100
1,083
1,080

Cost of Goods Sold (USD Million)

1,060

1,040
1,019
1,020

1,000
981
980

960

940

920
2022 2023 2024

Figure 7: Cost of Goods Sold of Central Retail Vietnam (2022–2024). Source: Central
Retail Vietnam Financial Statements 2022–2024.

In 2022, the cost of goods sold was USD 1,083 million, accounting for
approximately 76% of total revenue, consistent with the cost structure of a large retail
organization. Although global logistics costs remained elevated after the pandemic, Central
Retail Vietnam maintained cost efficiency through strategic sourcing and bulk purchasing
with key suppliers.

In 2023, the ratio of cost of goods sold increased to 78% of revenue, reflecting the
impact of imported inflation, exchange rate fluctuations, and higher logistics expenses.

By 2024, the cost of goods sold decreased to USD 981 million (around 75% of
revenue) as freight rates normalized, supply-chain disruptions eased, and the company
increased local procurement, which improved overall cost efficiency and gross margin.

[Link] Gross Profit

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360
350
350

340

Gross Profit (USD Million)

330 325

320

310

300 294
290

280

270

260
2022 2023 2024

Figure 8: Gross Profit of Central Retail Vietnam (2022–2024). Source: Central Retail
Vietnam Financial Statements 2022–2024

In 2022, Central Retail Vietnam achieved a gross profit of USD 350 million, with a
gross margin of 24.4%. This result reflected the recovery in sales after the pandemic and
the company’s ability to control costs effectively. A wide supplier network and bet ter
purchasing plans helped limit the impact of high freight and material costs. Strong
customer traffic in food retail and renewed demand for household electronics also
supported profit growth.

In 2023, gross profit decreased to USD 294 million, and the gross margin fell to
22.4%. The decline was mainly caused by higher import and transport costs and the
depreciation of the Vietnamese dong against the United States dollar. A larger share of
low-margin food items and strong price promotions further reduced overall profitability.
Still, Central Retail Vietnam managed to maintain stable operations by expanding private-
label products and negotiating better terms with suppliers.

In 2024, gross profit rose again to USD 325 million, and the gross margin improved
to 24.9%. The recovery was supported by lower freight and fuel costs and a higher share
of private-label and locally sourced products with better margins. The company also
invested in modern supply chain and cold-chain systems, which helped reduce losses and
increase efficiency. This improvement in 2024 showed that Central Retail Vietnam
successfully strengthened its cost control and profit structure in a more stable market
environment.

[Link] Selling and Administrative Expenses

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310
303

Selling & Administrative Expenses (USD

305
300
295
290
Million)
285
280 278

275 272
270
265
260
255
2022 2023 2024

Figure 9: Selling and Administrative Expenses of Central Retail Vietnam (2022 –2024).
Source: Central Retail Vietnam Financial Statements 2022–2024

In 2022, Central Retail Vietnam recorded selling and administrative expenses of

USD 303 million, representing around 21% of total revenue. The increase compared with
previous years was mainly due to store reopenings after the pandemic, higher marketing
costs, and rising employee expenses. The company also invested in digital systems and
logistics upgrades to support network expansion, which temporarily pushed up operational
costs.

In 2023, total selling and administrative expenses decreased to USD 278 million,
reflecting the company’s efforts to streamline operations amid lower revenue. Cost savings
came from organizational restructuring, tighter control of marketing budgets, and
renegotiation of rental contracts with landlords. Central Retail Vietnam also implemented
new energy-saving measures and reduced staff overtime costs across retail outlets, helping
to stabilize profit margins despite weaker consumer spending.

By 2024, the figure further declined slightly to USD 272 million, showing continued
improvements in cost efficiency. The company benefited from increased automation in
warehouse and store management, as well as from shared service centers that centralized
administrative functions. This ongoing reduction in selling and administrative expenses
demonstrates that Central Retail Vietnam successfully shifted toward a leaner operating
model, maintaining profitability through disciplined expense management and prod uctivity
gains.

[Link] EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)

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92
90
90
EBITDA (USD Million)
88 87

86

84 83

82

80

78
2022 2023 2024

Figure 10: EBITDA of Central Retail Vietnam (2022–2024). Source: Central Retail
Vietnam Financial Statements 2022–2024

In 2022, Central Retail Vietnam recorded EBITDA of USD 83 million, equivalent

to an EBITDA margin of 5.8%. This performance reflected strong sales recovery after the
pandemic and effective expense management. The company benefited from a healthy
balance between the food and hardline segments, while improved store traffic and supplier
promotions supported operating profitability.

In 2023, EBITDA increased slightly to USD 87 million, even though total revenue
declined. This growth was achieved through strict cost control, lower administrative
expenses, and improved efficiency in logistics and energy consumption. The company also
optimized store layouts and introduced new digital tools for inventory and pricing
management, which helped protect operating margins during a challenging retail
environment.

By 2024, EBITDA reached USD 90 million, marking the highest level in three
years. The EBITDA margin improved to 6.9%, driven by better supply chain coordination,
reduced transportation costs, and higher sales of private -label products with stronger
profitability. These results indicate that Central Retail Vietnam successfully enhanced its
operating efficiency and built a more stable profit structure, even as consumer demand
gradually normalized.

[Link] Net Profit

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29.5
29
29
28.5

Net Profit (USD Million)

28
27.5
27
27
26.5
26
26
25.5
25
24.5
2022 2023 2024
Axis Title

Figure 11: Net Profit of Central Retail Vietnam (2022–2024). Source: Central Retail
Vietnam Financial Statements 2022–2024.

In 2022, Central Retail Vietnam recorded a net profit of USD 29 million, equivalent
to a net margin of 2.0%. This marked a solid recovery after the pandemic, supported by
improved consumer traffic, efficient cost management, and balanced growth in both food
and hardline segments. The company’s ability to maintain profitability amid reopening
expenses reflected its operational discipline and financial resilience.

In 2023, net profit decreased slightly to USD 27 million as overall revenue declined
and input costs rose. The company faced higher import expenses, exchange rate volatility,
and increased promotional activity aimed at stimulating sales during a period of weak
consumer spending. Despite these challenges, Central Retail Vietnam sustained a net
margin of approximately 2.1%, indicating that the company effectively managed costs and
preserved profitability through efficiency gains and tighter control of operati ng expenses.

By 2024, net profit reached USD 26 million, remaining stable year -on-year.
Although the hardline business continued to contract, the food retail segment improved,
supported by lower freight costs and greater focus on private -label products with better
margins. The modest profit level was primarily due to high depreciation and interest
expenses resulting from continuous investment in store expansion and logistics
infrastructure. Nevertheless, maintaining a consistent net margin of around 2%
demonstrates that Central Retail Vietnam operated in line with the characteristics of the
retail industry, which typically generates thin but steady profit margins through high sales
volume and operational efficiency.

1.4.3 Financial Position Analysis

[Link] Total Assets

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1,340 1,333

1,320
1,306

Total Assets (USD Million)

1,300

1,280

1,260 1,250

1,240

1,220

1,200
2022 2023 2024

Figure 12: Total Assets of Central Retail Vietnam (2022–2024). Source: Central Retail
Vietnam Financial Statements 2022–2024.

In 2022, Central Retail Vietnam recorded total assets of USD 1,250 million,
demonstrating the company’s significant capital commitment to store infrastructure,
distribution centers, and information systems. From a financial management perspective,
the increase in tangible and intangible assets reflected high capital intensity, a common
feature in modern retail operations. The expansion of GO! Malls and the transformation of
Big C into Tops Market required substantial capital expenditure (CAPEX), strengthening
the company’s long-term operating capacity.

In 2023, total assets grew to USD 1,306 million, up 4.5% year-on-year, as the
company continued investing in digital transformation and warehouse optimization.
Although top-line growth slowed, these strategic investments aimed to improve asset
productivity—an important component of the DuPont Analysis model, which links
profitability to asset turnover and financial leverage. The higher asset base, therefore,
positioned Central Retail Vietnam for enhanced efficiency and scalability once consumer
demand recovered.

By 2024, total assets reached USD 1,333 million, rising 2.1% year -on-year,
signaling a shift from aggressive expansion to asset optimization. Investment priorities
moved toward upgrading existing stores, improving energy efficiency, and modernizing
logistics infrastructure. From a financial perspective, this represents the transition from
growth-oriented CAPEX to maintenance CAPEX, aligning with the maturity stage of a
stable retailer.

[Link] Total Liabilities

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970
958
960

Total Liabilities (USD Million)

950 944

940

930

920 917

910

900

890
2022 2023 2024

Figure 13: Total Liabilities of Central Retail Vietnam (2022–2024). Source: Central
Retail Vietnam Financial Statements 2022–2024.

In 2022, total liabilities stood at USD 917 million, equivalent to approximately 73%
of total assets. This ratio reflects a balanced use of financial leverage, where short -term
liabilities (primarily trade payables and working-capital loans) play a key role in funding
inventory and daily operations. The structure aligns with the matching principle in finance,
which recommends using short-term funding for short-term assets to minimize liquidity
risk.

In 2023, liabilities increased to USD 944 million, as the company accumulated more
short-term obligations to manage higher inventory and operating expenses amid rising
inflation. The debt-to-equity ratio remained at roughly 2.6:1, suggesting that Central Retail
Vietnam maintained an optimal capital mix. According to capital structure theory
(Modigliani & Miller), such a balance allows the company to benefit from the tax
advantages of debt while controlling financial risk.

By 2024, total liabilities reached USD 958 million, up 1.5% year-on-year, showing
tighter debt control and improved cash flow management. The slower pace of liability
growth relative to assets indicates enhanced liquidity and reduced dependence on external
financing. This conservative leverage policy ensured that the company retained financial
flexibility and resilience against interest rate fluctuations.

[Link] Total Equity

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380 375

370
362

Total Equity (USD Million)

360

350

340
333
330

320

310
2022 2023 2024

Figure 14: Total Equity of Central Retail Vietnam (2022–2024). Source: Central Retail
Vietnam Financial Statements 2022–2024.

Central Retail Vietnam’s total equity increased from USD 333 million in 2022 to
USD 375 million in 2024, rising 12.6% over the period. The continuous growth in equity
highlights a strategy of profit retention and reinvestment rather than dividend distribution.
From a financial management viewpoint, higher retained earnings strengthen the net worth
of the company and improve its long-term solvency.

In 2023, equity rose to USD 362 million, reflecting consistent reinvestment into
operations, including supply-chain digitalization and ESG-aligned infrastructure upgrades.
This approach aligns with the concept of sustainable finance, emphasizing that capital
accumulation should support environmental and social objectives in addition to profit
maximization.

By 2024, equity reached USD 375 million, maintaining a steady capital buffer. The
increasing equity base improved the equity ratio to about 28% of total assets, reinforcing
financial stability. According to financial prudence principles, this strengthens t he
company’s ability to absorb potential shocks while maintaining investor confidence.

[Link] Return on Equity (ROE)

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10.0%
8.8%
9.0%

8.0% 7.3%
7.0%
7.0%
Return on Equity (%)
6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%
2022 2023 2024

Figure 15: Return on Equity (ROE) of Central Retail Vietnam (2022–2024). Source:
Central Retail Vietnam Financial Statements 2022–2024.

In 2022, Return on Equity (ROE) reached 8.8%, marking a strong recovery after the
pandemic. This figure shows that Central Retail Vietnam used its shareholders’ capital
efficiently, supported by higher sales and tighter cost control. The improvement was al so
driven by favorable operating leverage, as fixed costs were spread across a larger revenue
base.

In 2023, ROE fell slightly to 7.3% because net profit decreased while equity
continued to grow. This trend can be explained through the DuPont model, which breaks
down ROE into three components:

ROE = (Net Profit Margin) x (Asset Turnover) x (Equity Multiplier)

Although asset turnover improved moderately, the lower profit margin had a
stronger impact, leading to a small decline in overall ROE. Even so, the company’s
performance remained within the normal range for large retail businesses (around 6 –9%),
showing that it maintained efficient capital use and steady profitability.

By 2024, ROE was 7.0%, indicating stable financial performance and conservative
capital management. The slight decrease reflected the company’s choice to maintain a
higher equity base and reduce reliance on debt. This approach demonstrates that Central
Retail Vietnam focused on long-term financial stability and sustainable value creation,
rather than maximizing short-term returns.

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CHAPTER 2: ANALYSIS OF IMPORT PROCUREMENT PROCESS OF

PROTEIN CATEGORY AT CENTRAL RETAIL VIETNAM

2.1 Fresh Department and Category Structure

2.1.1 Definition of Import Procurement process

“Procurement is a process of obtaining supplies, materials, services and other

resources” (Paspasan et al, 2024). When conducted effectively, procurement contributes
to cost efficiency, better quality and delivery, stronger supplier partnerships, and even
innovation. For this reason, improving procurement processes and strategies has become a
central concern for organizations aiming to enhance competitiveness and overall
effectiveness (Wang et al., 2022). In the retail industry, procurement is not limited to basic
buying functions but also involves strategic processes such as supplier evaluation, contract
negotiation, risk assessment, and relationship management (Fahimnia et al., 2019).

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2.1.2 Procurement process framework

Figure 2: Van Weele Procurement Process. Source: Van Weele, A. J. (1994)

One of the most foundational models in procurement research is the six -step
purchasing process proposed by Van Weele (1994). The model outlines a logical sequence
of activities: define specification, select supplier, contract agreement, ordering, expediting,
and evaluation (Van Weele, 1994). Its main strength is its simplicity and clarity, which
makes the model highly generalizable and applicable across industries.

Figure 3

While Van Weele’s six-step model provides a simplified yet influential framework
for procurement, more recent studies have expanded these stages into more detailed
operational steps. Chowdhury (2025) proposed an eight-step procurement model that
begins with Identifying and Planning, followed by Supplier Selection, Contract
Negotiation, Placing the Purchase Order, Acceleration, Receipt and Inspection, Invoice
Clearance and Payment, and finally Maintaining Relationships and Records.

This framework shares key similarities with Van Weele’s process, particularly in
the areas of specification and planning, supplier selection, contracting, and ordering with
follow-up. However, Chowdhury’s model introduces greater granularity by explicitly
addressing receipt and inspection as well as payment clearance, which are only implicitly

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covered in Van Weele’s stages. Moreover, the addition of relationship maintenance

underscores the growing importance of supplier relationship management in modern
procurement practices. Consequently, the eight-step model complements Van Weele’s
framework by translating its strategic-tactical orientation into a more operationally focused
approach, especially relevant for retail procurement contexts.

2.1.3 Procurement Process in Practical Context

The 13-step procurement and supply cycle developed by the Chartered Institute of
Procurement & Supply (CIPS) has become an internationally recognized standard. It
emphasizes structured processes ranging from needs identification and market analysis to
supplier relationship management and continuous improvement. Its widespread adoption
across industries demonstrates its role as a global benchmark for procurement practices
(CIPS, 2024).

• Identify business needs – Clarify requirements in line with strategic goals.

• Market analysis – Assess supply markets, risks, and opportunities.
• Develop procurement strategy – Decide sourcing approach and risk allocation.
• Define specifications – Establish clear technical, quality, or performance standards.
• Supplier prequalification – Shortlist capable and compliant suppliers.
• Tendering and evaluation – Invite and evaluate bids or proposals.
• Contract award and implementation – Formalize agreements and begin execution.
• Logistics and expediting – Ensure timely transport and delivery.
• Receipt and inspection of goods – Verify quantity, quality, and compliance.
• Invoice payment – Settle financial obligations as agreed.
• Contract management – Monitor performance and manage risks.
• Supplier relationship management (SRM) – Strengthen partnerships and foster
innovation.
• Continuous improvement – Capture lessons learned for future procurement cycles.

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Figure 4: Standardized Procurement Process, CIPS 2024

2.2 Procurement Process of Protein Category at Central Retail Vietnam

2.2.1 Overview of Protein Category

Globally, dietary proteins derive from both plant and animal sources. Animal -based
proteins—which include meat, poultry, dairy, and fish—together constitute approximately
40% of the global protein supply (Smith et al., 2024. These animal-based proteins are
widely recognized for their higher digestibility and essential amino acid content compared
to most plant-based proteins, making them a critical component of human diets worldwide.

In the retail context, however, the scope of the Protein Category is often narrower.
For Central Retail Vietnam (CRV), the Protein Category specifically refers to two
segments within the Fresh Food Division: 510 – Butchery (meat products such as beef,
pork, poultry, and lamb) and 520 – Seafood (fish, shellfish, and related aquatic products).
These two subcategories are grouped together because they share common procurement

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and operational characteristics, including cold-chain logistics requirements, regulatory

compliance standards, and margin sensitivity.

2.2.2 Protein Category Role in Fresh Food Assortment

[Link] Overview

At Central Retail Vietnam (CRV), the Fresh Food Division manages approximately
17,000 SKUs across five main categories: Butchery (510), Seafood (520), Fruits/Produce
(530), Delicatessen (540), and Coffee Shop (580). Procurement is conducted through both
local sourcing and direct import.

Evol
Full year Volume Value Front Sales Evol Front
2024 (Tons) (Kusd) Margin% Value Margin%
Total 11.878 36.129 18.8% 8.5% 1.8%
Produce 7.826 22.295 18.2% 5.8% 2.1%
Butchery 2.896 7.634 20.6% 17.5% 2.9%
Seafood 1.156 6.201 18.9% 7.3% -0.1%

Table 5: Direct Import Performance 2024, Source: Central Retail Vietnam

In 2024, direct import protein contributed about 20% of Fresh revenue, equivalent
to 9.91 million USD, underlining its strategic importance despite a smaller share in total
sales volume. Produce dominated Fresh direct import with 62% of sales value (22,295
KUSD) and 51% of purchase volume (6,361 tons). In contrast, the Protein Category
collectively contributed 36% of sales value (13,835 KUSD), comprising Butchery (21%)
and Seafood (17%).

A closer look reveals distinct dynamics between the direct import protein segments:

• Butchery: 2,896 tons, 7,634 KUSD, accounting for 21% of sales with the highest
front margin of 20.6%, supported by strong sales growth (+17.5%) and improved
margin (+2.9%). This reflects its role as the backbone of protein imports and a key
profitability driver.
• Seafood: 1,156 tons, 6,201 KUSD, contributing 17% of sales value with a front
margin of 18.9%. Despite healthy sales growth (+7.3%), margins slightly declined
(–0.1%), signaling challenges in sustaining profitability due to supply chain
dependence on local distributors and fluctuating costs.

2.3 Central Retail Vietnam procurement process of direct import category

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Overall, CRV procurement process consists of 6 steps:

2.3.1. Forecasting

The forecasting stage is one of the most important. Given the long international lead
times and limited shelf-life of meat and seafood products, accurate forecasts are essential
to avoid both stock-outs and excess inventory holding costs. At CRV, this process involves
several key steps.

• First, the Local Sales Team manages the sales performance of all stores and
consolidates nationwide point-of-sale data. Based on this data, they prepare and
submit the forecast.
• Second, every forecast must comply with supplier requirements, including lead times
and minimum order quantities (MOQs).
• Finally, the forecasted volume is reviewed and approved at the Fresh Department
Director. Only after this approval does the Direct Import Team proceed with
purchasing execution and place orders with international suppliers.

[Link] Pre-forecast data

• Supplier lead time & MOQ

Lead time for imported protein at CRV depends largely on two determinants:
seasonality and product type. At the same time, suppliers impose minimum order quantities
(MOQs), often linked to container load sizes.

In contrast, seafood products such as mackerel, salmon, and yellowtail are strongly
influenced by seasonal harvest cycles. Importing these products requires longer forecast
horizons, as suppliers must align with fishing schedules and allocate sufficient ca tch
volumes. Failure to account for seasonality may result in shortages or delays during off -
peak periods.

Finally, by-products (e.g., salmon fillet, salmon head, backbone) present an

additional lead-time challenge. These items are not always produced independently but are
generated as residuals during the processing of whole fish. Consequently, availability is
irregular and dependent on the scale of main product processing, requiring more advanced
forecasting and flexibility in procurement planning.

LEADTIME
PRODUCT REGION MOQ (KG)
(MONTH)
PORK
North
Hind Feet 4 24,000
S, C

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North
Front Hock 4 24,000
S, C
North
Piano bone 4 24,000
S, C
North
Riblet 4 24,000
S, C
POULTRY
Chicken Quarter North
4 24,000
Leg S, C
North
Drumsticks 4 24,000
S, C
North
Whole chicken 1.5 24,000
S, C
SEAFOOD
North
Salmon Head 6 24,000
S, C
North
Salmon Bellies 6 24,000
S, C
North
Salmon Backbones 6 24,000
S, C
North
Whole coho salmon 6 24,000
S, C
North
Fillet trim C 6 24,000
S, C
North
Mackerel 4 24,000
S, C
North
Yellow Tail 4 24,000
S, C

Table 6: Average protein products lead time, Source: Central Retail Vietnam

• Average Monthly Sales Performance

At CRV, average monthly sales performance is calculated primarily on the basis of

two indicators: the three-month rolling average sales volume, and the year-on-year (YoY)
growth rate. This dual approach ensures that forecasts capture both short -term consumption
trends and long-term structural changes in demand. On special occasions or when
promotional catalogues are launched, sales will typically surge far above the normal
baseline. Such demand spikes must be carefully incorporated into forecasting, as fail ure to
adjust volumes accordingly could lead to stock-outs during critical selling periods.

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To manage this, CRV buyers often review historical sales uplift during similar
events in previous years and apply an incremental adjustment factor to the forecast. For
example, seafood items such as salmon and shrimp regularly show double -digit increases
in sales during Tết or Christmas promotions, while beef assortments tend to rise sharply
during summer grilling season. By embedding these event-driven patterns into the
forecasting model, CRV ensures that procurement decisions remain demand -driven and
resilient against sudden market fluctuations.

• Current stock levels at both distribution centers and stores

In addition to sales performance, forecasting accuracy at CRV also depends on a

clear assessment of current stock levels across both distribution centers and retail stores.
Stock on hand acts as the baseline against which future procurement requirements are
calculated. Without precise visibility into inventory, forecasts risk either overestimating
demand (leading to excess stock) or underestimating it (resulting in stock-outs).

At the store level, stock functions as a real-time indicator of consumer demand.

Rapid depletion of stock at multiple stores often signals stronger -than-expected sales
performance, prompting the Direct Import Team to accelerate replenishment or reallocate
goods between regions. Conversely, slow turnover at stores may highlight over -forecasting
or localized demand weakness, requiring procurement to scale back or delay orders.

[Link]. Forecasted data

When the Local Sales Team sends forecast data, it must include the following key
elements:

• Volume

Since almost imported protein products are frozen, which benefit from a longer shelf
life, purchase orders are generally structured in full-container loads, either a 20ft container
(10 tons) or a 40ft container (24 tons). Larger orders not only help reduce unit costs but
also create leverage for requesting suppliers to provide more diverse packaging options.
For products with demand insufficient to fill a full container, CRV may opt to procure
through local suppliers or arrange mixed-container shipments to optimize cost efficiency.

• Estimated Time of Arrival (ETA)

ETA is another critical variable. Since most shipments are sea-shipment, delivery
schedules are rarely 100% exact due to some external factors such as port congestion,
weather, or logistical disruptions. To mitigate this uncertainty, CRV typically plans fo r a
two-to three-week buffer between projected stock depletion and expected arrival, ensuring
continuity of supply even in the event of minor delays.

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• Warehouse

CRV operates two major distribution centers for fresh and frozen products:

• Warehouse 904 (Warehouse Newland, located in Long An) serving the southern and
center region
• Warehouse 905 (Warehouse Thang Long, located in Hung Yen) covering the northern
region.

Imported products are allocated to the warehouse closest to their final market.
However, shipment routing is also evaluated on a cost basis—sometimes it is more
economical to import into one region and transfer stock to the other, depending on freight
rates and inland transportation costs by trucks.

CRV’s policy requires that every imported protein SKU be sold within three months
of arrival, which places additional pressure on the accuracy of forecasts. If orders are placed
too late, stores risk stock-outs and lost sales performances; however, if placed too early,
excess inventory can accumulate, leading to high storage costs or write -offs as products
approach expiry. For this reason, orders are typically timed to ensure arrival two to three
weeks before projected stock depletion, striking a balance between continuity of supply
and cost efficiency. In this way, forecasting at CRV goes beyond simple demand
estimation, functioning instead as a strategic decision-making process between different
departments.

2.3.2. Negotiating

Following the forecasting stage, the next step in CRV’s procurement process is negotiation
with international suppliers. At this stage, the Direct Import Team transforms the approved
forecast into concrete commercial terms. Negotiations typically focus on five critical
elements:

• Price: when the supplier provides a quotation, the buyer must respond with a target
price, which is usually lower than the supplier’s initial offer. This back -and-forth
process often takes time and can involve several negotiation rounds until both sides
reach an acceptable agreement. For CRV, achieving the desired price point is critical
not only for maintaining competitiveness in the retail market but also for meeting
internal margin requirements.
• Volume: confirming order quantities consistent with the approved forecast. In many
cases, forecasted demand aligns with supplier minimum order quantities (MOQs),
allowing the purchase of full-container loads. However, when projected demand is
below the supplier’s MOQ, both parties must enter into negotiation to determine the
most optimal solution. This may include adjusting volumes upward to reach MOQ,

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consolidating multiple SKUs into a single container, or arranging mixed -container

shipments.
• Port of Discharge (POD): deciding whether shipments should arrive at northern or
southern ports (e.g., Hải Phòng or Cát Lái), depending on warehouse allocation,
inland transportation costs, and distribution priorities.
• Estimated Time of Arrival (ETA): CRV prioritizes shipments with ETAs falling
at the beginning of the week. Containers arriving at the end of the week usually
incur higher handling and clearance costs, as customs and port operations are more
constrained, which ultimately reduces the profit margin of the shipment. For this
reason, aligning ETA with both forecasted stock depletion and operational
efficiency is a key negotiation point with suppliers.
• Payment Term: CRV’s standard payment condition is T/T 100% within 30 days
after arrival. This arrangement is widely applied across the protein category because
it allows sufficient time for document verification (e.g., bills of lading, health
certificates) while keeping cash flow predictable. When a supplier proposes
different terms, such as advance payment (prepaid) or letter of credit (L/C), the
deviation requires prior approval from the Treasury team. Aligning with the
standard 30-day post-arrival payment not only simplifies internal document
checking but also reduces administrative complexity in the settlement process.

For new suppliers, negotiations on these key elements must usually be initiated well
in advance, often months before the first forecast is issued. If CRV waits until forecasts are
finalized before opening discussions, there is a high risk that contract signing, credit
assessment, and compliance checks cannot be completed in time. This may cause delays in
shipment and disrupt the supply chain. Therefore, early engagement with new suppliers is
considered a best practice to secure stable partnerships and ensur e readiness once forecasts
are approved.

2.3.3. Ordering

After negotiation is completed, the Direct Import Team proceeds to place the
Purchase Order (PO) with the supplier. All official order details are documented and
confirmed exclusively through email communication. The PO serves as the binding
document that specifies product description, quantity, price, ETA, port of discharge,
payment term, and other agreed conditions.

Any information not stated in the PO, or inconsistent with the PO, is considered
invalid and has no contractual effect. This ensures clarity, prevents misunderstandings, and
protects CRV’s position in case of disputes.

Below is a sample of a complete PO used in CRV’s procurement process:

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COMMERCIAL CONTRACT
HỢP ĐỒNG THƯƠNG MẠI
No. (Số ): BLTM_0325_FR
Ref (Tham chiếu ):
Date (Ngày) : 10/09/2025
EB SERVICES COMPANY LIMITED TOMEX DANMARK A/S
Address: NO. 163 PHAN DANG LUU STREET, WARD CAU KIEU Address:
Hasserisvej 139, DK-9000 Aalborg, Denmark
HO CHI MINH CITY, VIETNAM
Tel: 938545585 Fax:
Tel : +84 028 3877 7180 (Direct line) Fax: +84 028 3995 8475 Beneficiary: TOMEX DANMARK A/S
Account no: 002-768786-001 Account: 9035 1935738047
IBAN: DK0590351935738047
at HSBC BANK (VIETNAM) LTD Bank name: SPAR NORD BANK A/S
Tax code: 0105696842 Address: Skelagervej 15 Box 162, DK-9100 Aalborg, Denmark
Swift code: HSBCVNVX
Swift code: SPNODK22
Representative: Yasmina CHENITI Representative: Martin Birkemose Røhl
Title: Area Manager

Both parties have agreed to enter this contract details mentioned below:
Cả hai bên đã đồng ý nhập các chi tiết hợp đồng này được đề cập dưới đây:

1. COMMODITY, QUANTITY, PRICE & AMOUNT: (HÀNG HÓA, SỐ LƯỢNG, GIÁ CẢ & THÀNH TIỀN:)

QUANTITY WEIGHT UNIT PRICE AMOUNT

COMMODITY
(CTNS/TRAYS) (KGS) (USD/KG) (USD)
Hàng Hóa Số Lượng Trọng Lượng Đơn Giá Thành Tiền

FROZEN SALMON BELLY FLAPS 1-3CM/PIECE

Brand: Valofish
Origin: France 1,462 19,000.00 2.15 40,850.00
Frozen and packed in France: FR [Link]
Packing: 13kg N.W/Carton
FROZEN SALMON FRAMES (BACKBONES)
Brand: Valofish
Origin: France 250 5,000.00 1.10 5,500.00
Frozen and packed in France: FR [Link]
Packing: 20kg N.W/Carton
TOTAL (TỔNG) 1,712 24,000.00 46,350.00

SAY: Forty six thousand three hundred and fifty dollars only - CIF Cat Lai Port, Ho Chi Minh City, VietNam - Incoterms 2010

Bằng chữ: Bốn mươi sáu ngàn ba trăm năm mươi đô la Mỹ chẵn - CIF Cảng Cát Lái, Thành Phố Hồ Chí Minh, Việt Nam - Incoterms 2010

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2. QUANTITY (Số lượng) : 1 X 40'

3. PAYMENT (Thanh toán) : EB Services Company Limited (EBS) shall make the payment of 100% amount to Supplier within 30 days after
receiving date in the warehouse of EBS and and EBS receive all valid payment documents as stipulated clearly in
Article 5 in this Contract.
T/T Công ty TNHH Dịch vụ EB (EBS) sẽ thanh toán cho NCC 100% giá trị đơn hàng trong vòng 30 ngày kể từ ngày nhận
hàng trong kho của EBS và EBS nhận được đầy đủ hồ sơ thanh toán hợp lệ quy định cụ thể tại Điều 5 của Hợp Đồng này.
EBS only bears the bank fees inside Vietnam, and the Supplier shall bear all bank charges outside Vietnam when receiving money
EBS chịu các loại phí ngân hàng trong nước Việt Nam, và đối tác phải chịu phần phí của mình ở nước ngoài khi nhận tiền
4. CARGO IS DELIVERED BY:
(Người giao hàng) TOMEX DANMARK A/S
Hasserisvej 139, DK-9000 Aalborg, Denmark
5. DOCUMENTS REQUIRED:
(Chứng từ kèm theo)
Documents required for payment and completing customs proceduces in Vietnam: / Các giấy tờ cần thiết để thanh toán và hoàn thành các khoản hải quan tại Việt Nam:
a. Full set of Bill of Lading (3/3 originals, or Telex release or Seaway bill) /Bộ vận đơn đầy đủ (3/3 bản gốc, hoặc bản điện tín phát hành hoặc vận đơn đường biển)
b. Sales contract with supplier wet stamp and wet signature (03 originals) /Hợp đồng có đóng dấu và chữ ký của nhà cung cấp (03 bản chính)
c. Commercial Invoice with supplier wet stamp and wet signature (03 originals) /Hóa đơn thương mại có đóng dấu và chữ ký của nhà cung cấp (03 bản chính)

d. Packing list with supplier wet stamp and wet signature (03 originals) / Packing List với dấu và chữ ký của nhà cung cấp (03 bản chính)
e. Health Certificate (01 original - 02 copies) /Giấy chứng nhận sức khỏe (01 bản chính - 2 bản sao)
f. Certificate of Origin – depends of the form for each country (1 original + 1 triplicate) /GCN xuất xứ hàng hóa-tùy theo mẫu của từng quốc gia (1 bản gốc + 1 bản sao)
g. Insurance certificate ( 01 original - 1 copy) /Giấy chứng nhận bảo hiểm (1 bản gốc + 1 bản sao)
h. Any other document required by Vietnamese laws if any / Bất kỳ chứng từ khác yêu cầu từ luật Việt nam nếu có
6. SHIPMENT DATE: Latest ETD: 00/01/1900 - Latest ETA Cat Lai Port, Ho Chi Minh City, VietNam: 01/12/2025
Ngày giao hàng: Dự kiến khởi hành: 00/01/1900 - Dự kiến đến Cảng Cát Lái, Thành Phố Hồ Chí Minh, Việt Nam: 01/12/2025
7. LOADING PORT (Cảng giao) : France (Pháp)
8. DISCHARGE PORT (Cảng đến) : Cat Lai Port, Ho Chi Minh City, VietNam (Cảng Cát Lái, Thành Phố Hồ Chí Minh, Việt Nam)
9. DISPUTE SETTLEMENT: (Giải quyết tranh chấp)
In case of dispute and if the two sides cannot reach an amicable settlement of any claims relating to this contract within 20 days
from its occurrence the case should be transferred to Vietnamese International Arbitration Centre for the settlement. The arbitration’s
decision is deemed to be final and bound to both sides. All the arbitration and relating charges are on the wrong side’s account.
Trong trường hợp có tranh chấp và nếu hai bên không thể đạt được một giải quyết thỏa đáng cho bất kỳ khiếu nại nào liên quan đến hợp đồng này trong vòng
20 ngày kể từ ngày xảy ra, vụ việc nên được chuyển đến Trung tâm Trọng tài Quốc tế Việt Nam để giải quyết. Quyết định của trọng tài được coi là cuối cùng và
ràng buộc với cả hai bên. Phí trọng tài do bên thua chịu
10. GENERAL CONDITIONS: (Điều kiện chung)
This contract is made in English and signed through scan email considered as original and comes into effect since the signing date.
Bản hợp đồng này được lập bằng song ngữ Anh - Việt và được chấp thuận bởi các bên bằng bản chụp (scan) có chữ ký và con dấu gửi qua email.
BUYER SELLER
(Bên mua) (Bên bán)

Figure 6: An example of a standard Purchase Order; Source: Central Retail Vietnam, 2025

2.3.4 Clearance

Once the shipment arrives at the port, the next step in CRV’s procurement process
is clearance of the container. This stage is critical because it involves not only customs
declaration but also a series of regulatory inspections specific to imported protei n products.

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At CRV, the Logistics Team is responsible for preparing and submitting all
paperwork, coordinating with customs authorities, and ensuring compliance with
Vietnamese import regulations. Clearance procedures typically include:

• Customs declaration: submitting electronic declarations together with the full set of
required documents.
• Quarantine and inspection: for meat and seafood imports, shipments must undergo
veterinary or plant quarantine, as well as food safety inspection, before being
released. Relevant authorities (e.g., Department of Animal Health or NAFIQAD)
check health certificates, sampling results, and conformity with import permits.
• Verification of permits: ensuring that all technical files, import licenses, and
certificates of analysis are valid and consistent with Vietnamese regulations.
• Price consultation: in some cases, customs may question the declared value on the
commercial invoice. CRV then has to provide supporting evidence such as sales
contracts, market quotations, or bank payment records.

To complete payment and customs clearance, suppliers are required to provide the
following documents in full:

a. Full set of Bill of Lading – 3/3 originals, or Telex release, or Seaway bill.
b. Sales Contract – with supplier’s wet stamp and wet signature (03 originals).
c. Commercial Invoice – with supplier’s wet stamp and wet signature (03 originals).
d. Packing List – with supplier’s wet stamp and wet signature (03 originals).
e. Health Certificate – 01 original + 02 copies (mandatory for animal protein imports).
f. Certificate of Origin (C/O) – depending on the form for each country (01 original + 01
triplicate).
g. Insurance Certificate – 01 original + 01 copy.
h. Other documents – as required under Vietnamese law (if any).

For meat imports, Vietnam enforces stricter food safety requirements than many
exporting countries. For instance, while salmonella contamination may be tolerated under
certain countries. Vietnamese regulations prohibit presence of salmonella in imported
meat. If salmonella is detected during quarantine inspection, the shipment will be rejected
and returned to the supplier.

Only after customs clearance, quarantine approval, and regulatory checks are
completed can the container be released. Following this, the container is transported to the
warehouse.

2.3.5 Quality checking

Once the goods arrive at CRV’s warehouses, the next step is quality control (QC).
This process is conducted by a third-party inspection service, typically Intertek, to ensure

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objectivity and compliance. Because CRV sells products directly to end users, strict and
consistent quality standards are non-negotiable.

The QC inspection is carried out based on CRV’s Technical Files, which differ by product
category. Each technical file specifies detailed requirements, including:

• Sensory evaluation: organoleptic checks such as color, odor, texture, and

appearance.
• Physical specifications: size, weight, glazing percentage, trimming standards, etc.
• Chemical or microbiological parameters: limits on residues, additives, or
contaminants.
• Labeling and packaging: compliance with Vietnamese labeling laws, packaging
design, carton information, and packing method.
• Logistics conditions: checking the temperature inside the container at the time of
unloading to confirm that cold chain integrity has been maintained.
• Visual evidence: taking photos of the container, pallets, and product samples as
proof of condition at receipt.

Intertek inspectors compare the actual shipment against these technical

requirements. If the inspected samples fall within the agreed tolerance levels, the goods are
accepted and released for sale. However, if deviations exceed tolerance thresholds, CRV
has the right to:

• Raise a claim against the supplier based on the percentage of non -conforming goods,
or
• Reject the shipment entirely if quality is significantly below CRV’s standards.

The QC report, including inspection results, photos, and container temperature logs,
is normally submitted to CRV within 48 hours of unloading. This allows the procurement
team to make timely decisions regarding acceptance, claims, or rejection of the ship ment.

In terms of cost allocation, the inspection fee is 1,900,000 VND per container. If the
goods meet CRV’s quality requirements, this cost is paid by CRV. However, if the goods
fail to meet quality standards and a claim or rejection is raised, the inspection fee is charged
back to the supplier.

2.3.5 Distributing goods to stores

Once the shipment has passed quality control at the warehouse, goods are released
into CRV’s distribution flow. Importantly, before the Local Sales Team prepares the
forecast, each store must submit a sales commitment, indicating the quantity it expects to
sell during the period. These commitments are consolidated and form part of the basis for
the overall forecast.

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After the goods arrive and clear inspection, CRV allocates products from the
warehouse to each store according to the committed quantities. This mechanism ensures
that high-demand stores receive the volumes they committed to, while avoiding excess
allocation to stores with lower commitments.

2.3.7 Payment

The final step in CRV’s procurement process is payment to suppliers. Once the
shipment has been delivered to the warehouse and passed quality control, the supplier must
submit the complete set of payment documents (e.g., commercial invoice, packing list, b ill
of lading, certificate of origin, health certificate).

CRV’s Finance and Accounting team then verifies the documents against the actual
receiving report from the warehouse and the QC report. Importantly, the payable amount
is calculated based on the actual quantity received, not merely on the quantities stated in
the purchase order. This ensures fairness and protects CRV from paying for goods that did
not meet technical standards or were not delivered.

2.4. Similarities and Differences between CRV’s Procurement Process and Other
Models

When comparing CRV’s direct import procurement process with the models
presented earlier, both similarities and differences can be observed. Fundamentally, CRV’s
process follows the standard supply chain management structure with stages from
forecasting demand, negotiation, ordering, clearance, quality control, distribution, and
finally payment. These are common components across most international SCM
frameworks such as CIPS.

The key differences, however, reflect the specific characteristics of CRV’s retail
protein operations. Forecasting is strongly influenced by store-level commitments rather
than being generated entirely through centralized automated planning systems, which is
more typical in global frameworks. Compliance requirements are also significantly stricter
in Vietnam, particularly for meat and seafood imports, where issues su ch as salmonella are
treated with zero tolerance. Furthermore, CRV’s payment system is based on actual goods
received at the warehouse, which reduces financial risk but creates additional
administrative steps compared to models that pay against contractual milestones

2.5. Strengths and Weaknesses of CRV’s Procurement Process

Several strengths and weaknesses can be identified in CRV’s direct import

procurement process.

2.5.1. Strengths

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First, the procurement process is supported by a clear division of departmental

responsibilities. Each unit performs its designated function, from sales monitoring by the
Local Team to execution by the Direct Import Team and logistics management by the
Logistics Team. This structure ensures accountability and minimizes overlap.

Second, forecasts are developed using multiple dimensions of information,

including historical sales, year-on-year growth, store-level commitments, and market
seasonality. This multidimensional approach allows CRV to reduce inventory risk and
control costs more effectively compared to companies that rely on simpler forecasting
models.

Third, the process is risk-averse. From the strict technical file requirements applied
during quality control to the reliance on complete document sets for customs clearance,
each stage is designed to safeguard compliance and ensure product integrity. Payment
terms, which standardize T/T 100% within 30 days after arrival, also protect CRV’s
financial position

2.5.2. Weaknesses

Although CRV’s procurement process for imported protein is comprehensive,

several operational issues arise in practice that reduce efficiency and responsiveness. These
weaknesses can be grouped into three main categories.

[Link]. Lack of a Real-Time Integrated System

Forecasts are often prepared with a short horizon compared to the long lead times
required for protein imports. Seafood such as salmon or yellowtail typically requires five
to six months’ notice due to seasonality, while pork and poultry by -products require three
to four months. In contrast, Local Teams usually generate forecasts on a monthly or
quarterly basis, which are frequently revised due to promotions or sudden demand changes.
This mismatch results in unstable supply and last-minute order adjustments.

A major root cause of this problem is the absence of an integrated, real-time system.
Currently, most tasks—including consolidating stock levels, preparing forecasts, and
distributing goods to stores—are carried out manually in Excel. This manual approach not
only consumes significant time and effort but also increases the likelihood of errors,
reducing forecasting accuracy and making CRV less agile in responding to market shifts.

[Link]. Communication and Information Flow

Communication between the Local Teams and the Direct Import Team is not always
standardized. Store commitments, sales data, and promotional plans are often submitted
through different Excel files or email formats, without a uniform template or centralized

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platform. As a result, buyers must manually consolidate information, often facing

inconsistencies such as missing SKU codes, unit mismatches (kilograms vs. cartons), or
unclear assumptions regarding promotional uplift.

This fragmented information flow not only increases administrative workload but
also creates a higher risk of miscommunication. Last-minute changes in promotional
volumes or stock commitments are sometimes not shared across all relevant stakeholders,
leading to confusion in purchase order creation, shipment planning, and even warehouse
allocation.

[Link]. Overly Strict Approval Process and Inflexible Payment Terms

Another major weakness lies in CRV’s strict internal approval process. Forecasts
must be reviewed by the Local Directors, then rechecked by the Direct Import Team, and
finally approved by the Import Director before purchase orders can be issued. While this
layered approval structure ensures oversight and reduces risk, it significantly slows down
decision-making. In a highly volatile protein market—where international prices and
supply availability can change within days—this delay prevents CRV from securing
favorable supplier offers or booking vessel space promptly, placing the company at a
competitive disadvantage.

CRV’s payment terms are similarly rigid. The standard term of T/T 100% within 30
days after arrival provides financial safety but lacks flexibility. In practice, some
suppliers—particularly in China—require advance payment to offer more competitive
pricing or secure production slots. CRV’s strict adherence to its standard payment terms
often results in missed opportunities for cost savings, weaker supplier relationships, and
reduced bargaining power compared to competitors with more flexible payment structu res.

2.5 Research Methodology

2.5.1 Research Design

This research uses two primary methods: in-depth interview and observation. The
procurement process of imported protein products is very complicated and involves
multiple departments (such as Import, Logistics, Accounting, and others). It also requires
a lot of documentation and regulatory procedures. Therefore, in-depth interviews provide
insider perspectives from company experts who are directly involved in the process, while
observation during the internship allows the researcher to experience and record how the
process unfolds in practice. Moreover, by combining these two approaches, the researcher
is able to interpret and evaluate the consistency between expert opinion s and the observed
reality, thereby providing a more comprehensive understanding of the operational
challenges.

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2.5.2 Data Collection Methods

Two methods of data collection are employed in this study: in-depth interviews and direct
observation.

• In-depth Interviews:

o Participants: 5 experts, namely the Fresh International Sourcing Commercial

Manager (line manager), protein global sourcing buyer, logistics manager,
category manager and finance officer.
o Duration: 30 minutes per participant
o Place: The Commercial department in Central Retail headquarters office at
163 Phan Dang Luu, Cau Kieu Ward, Ho Chi Minh City, Vietnam.
o Questions: questions focus on the overall procurement process, the
weaknesses encountered in practice, and the underlying causes of these
issues.

o Purpose: The purpose of these interviews is to obtain multi-dimensional

perspectives on both the strengths and weaknesses of the current process.

• Observation: During the internship period from August to October 2025, the
researcher engaged in daily activities and recording practical experiences related
to the import procurement of protein products. The observation focused on how
the workflow was carried out in reality, how different departments coordinated
with each other, what kinds of issues typically emerged. This approach allowed
the researcher not only to follow the process step by step but also to gain a more
realistic understanding of its strengths and weaknesses. The insights from
observation serve to complement the interviews.

2.5.3 Limitations

There are some limitations in this study. First, the number of interviewees is
restricted to five experts. Such a small sample size may not capture the full diversity of
perspectives, and the findings could be influenced by subjective viewpoints. Second, t he
observation period covers only three months, providing a snapshot of current operations
rather than a comprehensive view of seasonal or long-term procurement cycles. Finally, as
this research is designed as a single-case study focusing on Central Retail Vietnam, the
results may not fully represent the practices of other retailers.

Key findings from interview:

Based on the interview results, two major issues were identified in the current forecasting
practice. First, although both Local Sales and Direct Import teams have jointly developed
a common template to support demand planning, the sheet still requires many manual
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inputs. This not only increases the workload but also exposes the process to frequent errors
and inconsistencies. Second, local forecasts are mainly built on current stock levels,
average sales of the previous month, and a simple comparison with the same period o f the
previous year. While this approach provides a baseline estimation, it fails to capture
seasonality, promotional impacts, and sudden demand fluctuations, leading to limited
forecasting accuracy.

To address these weaknesses, two sets of solutions are recommended. In the short term,
CRV should continue using the existing template but in a more effective manner:
standardizing data entry fields, embedding automated formulas (e.g., rolling averages,
growth factors), and providing training for users to reduce manual errors. In the long term,
however, the company should invest in developing an ERP-based forecasting application
integrated with AI. Such a system would allow real-time synchronization of sales and stock
data across POS and warehouses, while AI models could automatically adjust forecasts for
seasonality and promotional effects. This shift from manual spreadsheets to an intelligent
ERP platform would not only improve forecasting accuracy but als o strengthen cross-
functional coordination and supplier collaboration.

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CHAPTER 3: PROPOSED SOLUTIONS FOR IMPROVING IMPORTED

PROTEIN CATEGORY AT CENTRAL RETAIL VIETNAM 2025-2027

3.1 Rationale for Proposals

Based on the analysis and expert interviews in Chapter 2, two major issues have
been identified in the current import procurement process for protein products at Central
Retail Vietnam”

First, the organization's recent reorganization has resulted in inconsistent cross-

functional coordination, especially between the global sourcing team and the local team.
For imported protein products, the local team manages sales performance and store
allocation, while the global sourcing team is responsible for placing orders with suppliers.
This separation frequently causes bottlenecks, emphasizing the need for greater
standardization.

Second, the company lacks an advanced demand planning system. At present,

demand planning activities are still conducted manually through Excel spreadsheets across
departments such as Commercial, Supply Chain, and Logistics. The absence of an effective
system frequently results in either excessive inventory—which raises storage costs—or
stock-outs, where customer demand cannot be fulfilled. This fragmented approach is not
only prone to errors and time-consuming due to internal factors such as inconsistent d ata
entry, lack of real-time integration, and limited inter-departmental coordination, but it is
also insufficient to capture external factors such as seasonality, promotional impacts, and
sudden demand fluctuations driven by market dynamics

Additionally, in the current context, customs regulations in Vietnam as well as

tariffs and trade policies among countries are frequently changing. Such volatility creates
significant risks for the procurement of imported protein products, as sudden adjust ments
can directly increase landed costs, delay clearance, and disrupt supplier competitiveness.
Establishing a standardized procurement process, supported by a comprehensive demand
planning system, is therefore essential to mitigate these risks. It allows Central Retail
Vietnam to anticipate regulatory or tariff fluctuations, plan inventory more effectively, and
maintain greater resilience in its import operations.

3.2. Objectives of the Proposals

Process improvement is necessary because the Vietnam retail industry is becoming

increasingly competitive while procurement operations at Central Retail Vietnam still face
significant inefficiencies. As mentioned above, these shortcomings expose the company to
multiple risks, such as inventory risk, longer lead time and higher costs.

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The expected outcomes of the proposed improvements are closely tied to the two
key issues identified.

First, by enhancing coordination between the global sourcing team and the local
team, the procurement process will become more standardized and professional, ensuring
smoother operations and faster decision-making.

Second, by replacing manual Excel-based forecasting with a strong demand

planning system, Central Retail Vietnam can build a centralized data platform that not only
enhances forecasting accuracy but also provides additional functionalities. These include
automated reporting, real-time stock alerting, integration with inventory and logistics data,
and scenario-based analysis, all of which contribute to a more efficient and proactive
procurement process.

3.3 Proposed solutions

3.3.1 Short term solution: Establishing a Standard Operating Procedure (SOP)

Timeline for Local–Global Team

[Link] Rationale

The following rationale does not describe the entire procurement process but rather
focuses on the coordination process between the local and global sourcing teams, which
has been identified as one of the main sources of inefficiency. Currently, this coordination
process involves several steps:

• Step 1: The Local Team checks stock levels and prepares a purchase request that
specifies order volume, ETA, and other relevant details.
• Step 2: This request must be reviewed and approved by the Local Director before
being forwarded to the Global Sourcing Team. If the request is not approved, it is
returned to the Local Team for clarification/adjustments.
• Step 3: Once approved at the local level, the Global Sourcing Team conducts a
preliminary check.
• Step 4: The request is then escalated to the Global Sourcing Director for
managerial review and final approval. Requests that are not approved at this stage
are likewise returned to the Local Team for clarification/adjustment.
• Step 5: Only after all approvals are secured does the global sourcing team proceed
to work with suppliers and finalize the order.

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Figure 7: Approval Process for Import Procurement of Protein Products at Central

Retail Vietnam, 2025

This structure creates bottlenecks. First, the dual approval requirement often delays
urgent shipments, especially during peak seasons like Tết, Christmas, or Mid -Autumn.
Second, the back-and-forth between local and global teams makes the order cycle longer.
This increases the chance of missing supplier booking slots and slows down negotiations.
In reality, when approval is delayed, the company can miss special offers from suppliers
such as discounts and bundled deals. Losing these opportunities not only reduces profit

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margins but also allows competitors to capture better terms and strengthen their market
position. Finally, the absence of a standardized workflow makes roles and responsibilities
unclear, reducing process efficiency and responsiveness.

Although these bottlenecks are significant, the approval layers themselves are
unlikely to change because they are part of Central Retail’s corporate governance
requirements. Accordingly, these approvals should be preserved, but the process
surrounding them must be standardized and time bound. This timeline should specify clear
deadlines for each step, assign responsibilities to the relevant parties, and clear rules in case
of delays, the procurement process will become more efficient, with reduced delays a nd
greater reliability.

[Link] Objectives

The objectives of this short-term proposal follow the SMART framework (Specific,
Measurable, Achievable, Relevant, Time-bound):

• Reduce late arrivals: Decrease the proportion of protein shipments arriving later
than the committed estimated time arrival (ETA) from ~80% to below 30% within
12 months. Under the current process, when teams do not strictly follow the
approval timeline, purchase requests are delayed, leading to late order placement
with suppliers. As a result, shipments often miss the planned estimated time arrival
(ETA) and affect promotion plan.
• Improve cross-functional accountability: Achieve 100% compliance with the
standardized SOP timeline across local and global sourcing teams, enforced through
clear rules and escalation mechanisms. For instance, if one party fails to strictly
follow the timeline, an evaluation will be conducted and performance terms adjusted
accordingly to ensure accountability.
• Reduce stock-outs: Lower the proportion of stock-out incidents for imported
protein SKUs at GO! stores by at least 30% within the first year, by ensuring orders
are approved and placed on time according to the SOP timeline.

[Link] Implementation Steps (Action Plan)

A. Roadmap to Implementation

To ensure the proposed SOP timeline for protein procurement is effectively embedded into
daily operations, the following steps will be taken:

Step Action PIC Resources Timeline Expected Outcome

Draft the SOP timeline for protein
01–10 Draft SOP completed and
1 procurement (define steps,Local Manpower
Oct 2025 circulated for review
deadlines, responsibilities) Sourcing + hours

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Global
Sourcing
Submit SOP draft for Local &
approval by Local Director Manpower 10–14 SOP formally approved
2 Global
and Global Sourcing hours Oct 2025 and signed off
Directors
Director
Communicate SOP and Local +
Manpower 15 Oct SOP formally approved
3 provide short training to Global
hours 2025 and signed off
all involved staff Teams
Implement SOP in all
protein procurement Local + 15 Oct – SOP applied in practice;
Manpower
4 activities (sea & air), with Global 15 Nov early issues identified
hours
real-time monitoring to Teams 2025 during operation
detect issues
Make immediate 15 Oct –
Local + Manpower Process fine-tuned;
adjustments based on issues 15 Nov
5 Global hours bottlenecks resolved
detected during first month 2025
Teams quickly
of implementation

Table 7: Implementation steps for the short term proposal

B. Proposed SOP Timeline for Protein Procurement

In addition to the action plan, a standardized SOP timeline was developed during the
internship period based on direct observation and participation in the procurement process.

The SOP for protein procurement must differentiate between sea shipment and air
shipment, as the two modes of transportation involve fundamentally different lead times
and preparation requirements.

• Sea shipment: Requires extensive preparation due to the long shipping duration
(approximately 1.5 – 2 months from supplier to Vietnam). This makes early
planning and strict adherence to approval deadlines crucial in order to avoid
shipment delays, missed booking slots, or disrupted supply during peak demand
periods.
• Air shipment: Typically used for urgent or high-value protein products, with
delivery times ranging from 1–2 days. While faster, it requires an even stricter
approval cycle to ensure that purchase orders are confirmed quickly enough to meet
urgent store demand.

Therefore, two SOP timelines are proposed to reflect these differences and to ensure that
each mode of shipment is managed with maximum efficiency.

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Step Task PIC Deadline

Year purchase plan for protein Division
1 Beginning of year
products Commercial
Division Commercial sends Division
2 Global Sourcing the purchase Commercial D-90
plan/forecast
Global Sourcing obtains supplier
3 Global Sourcing D-89
quotation based on forecast
Global Sourcing +
4 Order plan sign-off Division D-76
Commercial
Global Sourcing + Before ETA 30–45
Discussion on adjusted order (if
5 Division days (depending
needed)
Commercial on origin)
Global Sourcing + Before ETA 30–45
6 Sign-off adjusted order (if needed) Division days (depending
Commercial on origin)
Global Sourcing +
Update DDP price & selling price
7 Division D-20
in system
Commercial
Receive protein shipment at
8 Global Sourcing D-15
warehouse
Protein products available at stores Division
9 for sale Commercial D

Table 8: Proposed SOP – Protein Procurement (Sea Shipment)

Step Task PIC Deadline

Year purchase plan for protein Division
1 Beginning of year
products Commercial
Division Commercial sends
Division
2 Global Sourcing the D-90
Commercial
seasonal/monthly purchase plan
2 weeks before
Division Commercial sends Division
3 selling month
weekly demand for the month Commercial
starts
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Global Sourcing confirms price

4 and reverts order plan proposal to Global Sourcing D-22
Division Commercial
Global Sourcing +
5 Order plan sign-off Division D-19
Commercial

6 Place order with supplier Global Sourcing D-18

Global Sourcing +
Discussion on adjusted order (if
7 Division D-13
needed)
Commercial
Global Sourcing +
8 Sign-off adjusted order (if needed) Division D-13
Commercial

9 Re-order (if needed) Global Sourcing D-13

Receive protein shipment at
10 Global Sourcing D-3
warehouse
Protein products available at stores Division
11 for sale Commercial D

Table 8: Proposed SOP – Protein Procurement (Air Shipment)

[Link] Expected Effectiveness

The proposed SOP is expected to deliver both quantitative and qualitative benefits:

• Quantitative Benefits:
o Reduce late arrivals of protein shipments from ~80% to below 30% within
12 months.
o Decrease overall lead time from purchase request to final order
confirmation by 20% in the first year.
o Reduce booking-slot losses and missed supplier offers by at least 50% after
implementation.
o Lower stock-out rate in stores by at least 15%, ensuring stable product
availability.
• Qualitative Benefits:
o Improve cross-functional accountability between local and global teams,
creating transparency and ownership.

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o Enhance trust and negotiation position with suppliers by improving

reliability of commitments.
o Strengthen CRV’s reputation for supply chain discipline and reduce
internal conflicts due to miscommunication.

[Link] Feasibility Consideration

This proposal is considered highly feasible for several reasons. First, Central Retail
Vietnam already has strong internal capability, with experienced Commercial and Global
Sourcing teams who have many years of procurement experience. Second, the proposed
SOP does not require new systems or financial investment; it only demands strict adherence
to clearly defined timelines and coordinated communication. Existing tools such as Excel
templates and basic reporting channels are sufficient to support implementa tion at this
stage. Third, management support is ensured since the dual-approval structure is already
part of Central Retail’s governance framework; this proposal simply streamlines it into a
more enforceable workflow. Finally, insights gained during the internship period highlight
recurring issues such as delays and missed booking opportunities, which the proposed SOP
directly addresses.

Nevertheless, some challenges may arise during implementation. Resistance to

change could occur as employees are accustomed to the old way of working, potentially
causing inconsistent compliance in the early phase. In addition, aligning deadlines across
local and global teams may create friction, especially when urgent market demands conflict
with fixed SOP timelines. Finally, maintaining discipline in monitoring and accountability
is essential, since even small deviations can reintroduce bottlenecks and un dermine the
effectiveness of the SOP.

3.3.2 Medium-term Solution: Establishing an Integrated Demand Planning System

[Link] Rationale

As analyzed in Chapter 2 and confirmed through expert interviews, one of the most
critical shortcomings of Central Retail Vietnam’s procurement process is the lack of an
advanced demand planning system. Forecasts are currently generated manually using
Excel spreadsheets, which are fragmented, error-prone, and time-consuming. These
manual forecasts primarily rely on historical averages (last month’s sales or the same
period last year), with little consideration of seasonal demand, promotional impacts, or
external market signals.

In addition, data across departments (Commercial, Supply Chain, Logistics)

remains inconsistent and siloed, making it difficult to create a single source of truth for
procurement planning. Without clean and standardized data, CRV risks frequent stock-
outs, excess inventory, and missed opportunities in supplier negotiations. This situation

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underscores the urgent need for an integrated demand planning system, powered by
advanced ERP–AI platforms such as SAP IBP or Blue Yonder, to enable accurate, timely,
and data-driven forecasting.

[Link] Objectives (SMART)

• Improve forecast accuracy: Increase forecast accuracy for protein products from the
current ~60% to at least 80% within 18 months of system implementation.
• Reduce stock imbalances: Cut excess inventory and stock-out incidents by at least
25% within two years.
• Shorten decision cycles: Reduce time required to consolidate forecasts and generate
purchase orders from 2–3 weeks to less than 5 working days by 2026.
• Leverage external signals: Incorporate at least three external factors (e.g., global
meat prices, freight rates, weather patterns) into forecasting models by 2026.
• Cross-functional adoption: Achieve 100% adoption of the system across
Procurement, Logistics, Marketing, and Finance teams within 12 months of rollout.

[Link] Implementation Steps (Action Plan)

Step Action PIC Resources Timeline Expected Outcome

Data Readiness: Cleanse and
Reliable and
standardize sales, inventory, Jan–Mar
Procurement unified dataset
0 and logistics data; ~USD 50,000 2026 (Q1
+ IT prepared for
consolidate into a single 2026)
system input
database
Establish Data Governance:
Clear
Define ownership of data Procurement Manpower Apr–Jun
accountability for
1 validation, cleansing, and + IT + hours (no extra 2026 (Q2
data accuracy and
approval between Finance cost) 2026)
consistency
Procurement and IT
~USD 200,000–
Select technology partner
250,000 Jul–Sep ERP–AI platform
(e.g., SAP IBP, Blue Procurement
2 (license + 2026 (Q3 selected and
Yonder, RELEX) and + IT + HQ
implementation 2026) contracted
negotiate contract
fee)
Configure forecasting Included in
models (LSTM for long- vendor fee; Oct–Dec Forecasting models
term trends, Prophet for IT + Vendor additional ~USD 2026 (Q4 integrated into the
3
seasonality, Gradient 20,000 2026) system
Boosted Trees for customization

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promotions; integrate
external signals)
Pilot system with selected Procurement Manpower Jan–Mar Pilot completed,
SKUs (e.g., imported beef + Logistics hours; ~USD 2027 (Q1
4 accuracy gaps
and poultry) and evaluate + Supply 10,000 vendor 2027) identified
performance chain support
Parallel run: Operate Excel
and AI system Procurement Manpower Apr–Jun Staff confidence
simultaneously to validate + hours; ~USD 2027 (Q2 improved; forecast
5
forecasts and build staff Commercial 5,000 training 2027) accuracy validated
confidence support

Internal
Full rollout across protein Procurement manpower; Jul–Sep Integrated demand
6 SKUs and scale to other + All ~USD 1,000 2027 (Q3 planning system
categories Functions extended 2027) fully operational
training
Continuous monitoring and Procurement From Oct Sustained
system optimization + IT + ~USD 5000/year 2027 (Q4 performance,
7 (quarterly reviews, model Supply maintenance onwards) continuous
retraining) chain improvement

The implementation of the medium-term solution will be carried out progressively

from early 2026 through the end of 2027. The process begins with a data readiness stage
(Q1 2026), where existing sales, inventory, and logistics data will be cleaned, standar dized,
and consolidated into a unified database. This is followed by the establishment of a data
governance framework (Q2 2026), clearly defining responsibilities between Procurement,
IT, and Finance for maintaining accuracy and consistency.

Once the data foundation is secured, the next step is selecting a suitable ERP–AI
technology partner (Q3 2026), followed by system configuration (Q4 2026), where
forecasting models such as LSTM, Prophet, and Gradient Boosted Trees will be
customized to reflect Central Retail Vietnam’s operational context and incorporate external
signals (e.g., seasonality, global meat prices, logistics costs).

The pilot phase (Q1 2027) will initially cover high-value imported protein SKUs
such as beef and poultry. This will be followed by a parallel run (Q2 2027) where both
Excel-based planning and the AI-driven system operate simultaneously. This dual
approach not only validates the accuracy of the new system but also helps staff adapt to the
new workflow, reducing resistance to change.

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In Q3 2027, the system will be fully rolled out across all protein SKUs and gradually
extended to other fresh categories. Finally, starting Q4 2027, a mechanism for continuous
monitoring and optimization will be established, including quarterly performance reviews
and model retraining, ensuring that the system remains accurate, relevant, and adaptable to
future business and market changes.

[Link] Expected Effectiveness

The new system is expected to deliver both quantitative and qualitative benefits.

• Quantitative benefits:
o Forecast accuracy improvement by 15–20% compared to manual Excel
planning.
o Reduction of stock-out cases by 30–40% across protein SKUs within the first
year after rollout.
o Inventory holding costs lowered by 10–15% due to optimized procurement
planning.
o Shortened average procurement lead time by 20%, minimizing logistics cost
surcharges from missed booking slots.
• Qualitative benefits:
o More professional and standardized demand planning workflow.
o Stronger supplier relationships thanks to more accurate forecasts and timely
commitments.
o Improved decision-making through scenario analysis and real-time
monitoring.
o Increased organizational agility, enabling CRV to respond faster to market
disruptions such as tariff shifts or logistics price fluctuations.

This proposal is considered highly feasible for several reasons. First, Central Retail
Vietnam already possesses strong internal capability, with experienced Procurement,
Commercial, and IT teams that are capable of adopting and operating a more advanced
demand planning system. Second, the company has a proven foundation, having
successfully implemented and managed structured SOPs in other categories such as fruit
imports; this demonstrates that similar operational discipline can be extended to protein
products. Third, the roadmap for implementation is phased and pragmatic, beginning with
data readiness, followed by pilot testing, and finally full rollout. Such a staged approach
reduces implementation risks and allows the organization to adapt gradually. Fourth,
change management concerns are carefully addressed by running Excel and the AI system
in parallel during Q2 2027. This transitional period not only validates the system’s
accuracy but also helps staff build confidence and reduce resistance. Finally, vendor
support ensures feasibility, as external technology providers will supply both technical
expertise and training, thereby reducing the burden on internal IT resources.

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When compared with global retailers such as Walmart, Tesco, or Carrefour,

which have already applied AI- and ERP-based forecasting systems, Central Retail
Vietnam is following a proven path. These international benchmarks show that advanced
demand planning improves forecast accuracy, lowers inventory costs, and enhances
responsiveness to market disruptions. While CRV is still in the early stage of this digital
transformation, the company benefits from being able to learn from global best practices
and adapt them to Vietnam’s specific context.

However, several risks must be acknowledged. First, data quality remains the most
critical challenge. Without consistent and accurate sales and logistics data, even the most
advanced forecasting models will produce unreliable results. Second, employee resistance
may arise, as staff accustomed to Excel-based workflows may initially struggle to adopt
new systems. Third, vendor dependency poses a risk if the chosen technology partner fails
to provide adequate local support. Finally, external volatility—such as sudden changes in
tariffs, logistics costs, or consumer demand—may still create forecasting challenges, even
with an AI-driven system. Addressing these risks requires robust data governance, strong
change management, and continuous system optimization.

3.4. Summary of Chapter 3

This chapter has presented two major proposals to improve the import procurement
process for protein products at Central Retail Vietnam. The short-term solution focuses on
standardizing coordination between the local and global sourcing teams by establishi ng a
unified SOP timeline. This aims to reduce approval delays, improve accountability, and
minimize late arrivals or stock-out risks. The medium-term solution emphasizes the
adoption of an ERP–AI demand planning system. By preparing clean and standardized
data, implementing advanced forecasting models, and following a phased rollout, CRV can
significantly enhance forecast accuracy, reduce inventory costs, and strengthen overall
procurement efficiency.

Together, these solutions address both the internal inefficiencies and the external
challenges identified in Chapter 2. The short-term SOP provides immediate stabilization
of workflows, while the medium-term digital transformation lays the foundation for long-
term competitiveness. If implemented effectively, these proposals are expected to reduce
procurement risks, optimize resource allocation, and enable Central Retail Vietnam to
remain resilient and competitive in the increasingly dynamic retail landscape .

CHƯƠNG 3: chính là tên đề tài, chương quan trọng nhất

Nhận xét về hình thức:

Conclusion: khoảng 1-2 trang, kết luận mình đã làm được gì và chưa làm được; trong tương lai
sẽ làm gì

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Sau kết luận là reference

Appendix:

Nhật kí thực tập – nếu có giáp lai hoặc kí tên thì tốt, trung thực

Nhận xét về nội dung:

1. Kết luận chap 2 sẽ là swot, xác định khó khăn chính; sau đó phỏng vấn chuyên gia; sau đó từ
các khó khăn này triển khai recommendations

Chap 3 cần action plan: Nội dung, ai/phòng ban chịu trách nhiệm, thời gian bao lâu, mục tiêu
kpi, chi phí ở đâu, nguồn chi phí duyệt chi

Tính khả thi của recommendation phải khả thi vs chi phí ngân sách doanh nghiệp

Xác định tính cấp thiết: quan trọng urgent ko, giải pháp nào ưu tiên, giải pháp nào dài hạn

Nhạn xét riêng bài:

Bổ sung conclusion tách thành 1 trang mới – các hệ thống giải pháp theo thứ tự ưu tiên: cấp
bách, ngắn hạn, dài hạn

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Date Tasks Results Lessons Learned

Week 1 (04/08/2025 – 10/08/2025)
Company-assigned tasks:
• First working day and onboarding at Fresh
Food Division.
• Learn about the general information of The first day gave
Central Retail Vietnam me an overview of
• Sign working contract & prepare how import
• Completed
documents activities are
onboarding and
• Met the Direct Import team and was managed within
company system
introduced to CRV’s organization structure CRV. I learned that
Monday setup.
and key product categories. documentation
04/08/2025 • Understood team
• Received access to shared folders and control and
structure and import
reviewed templates for purchase order, teamwork are key
category
framework contract. for smooth
responsibilities.
• Observed a team briefing on import coordination across
workflow and supplier coordination. departments.
Lecturer-assigned tasks:
• Joined online kick-off meeting to confirm
internship objectives, deliverables, and
reporting format.
Company-assigned tasks:
• Continued orientation and studied the
• Gained clear I realized how each
import procurement process from forecast to
understanding of the step in the process is
warehouse receiving.
procurement flow and interconnected and
• Reviewed Framework Contract templates
document sequence. requires multi-
and understood commercial clauses and
Tuesday • Completed review of department
payment terms.
05/08/2025 Framework Contract approval. Precision
• Completed framework contracts 2025 of
and PO templates. and timely follow-
20+ suppliers
• Completed up are critical in
Lecturer-assigned tasks:
framework contracts import procurement.
• Prepares the research idea, selected the
2025 of 20+ suppliers
topic title, and drafted the initial proposal
outline
Company-assigned tasks: The meeting with the
• Observed a senior buyer prepare a Purchase • Completed review of Australian beef
Order and check specifications, quantities, necessary documents supplier improved
Wednesday and Incoterms. for import. my confidence in
06/08/2025 • Reviewed sample import documents • Learnt how to professional
• Attended a meeting with an Australian beef discuss and negotiate communication — I
supplier. with suppliers learned how to
Lecturer-assigned tasks: discuss order details

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• Identified research topic focusing on and negotiate politely

process efficiency and improvement. yet effectively.
• Learned about the list of documents • Understood the I learned how
required from suppliers for registration in the supplier registration supplier setup
company system and approval requires careful
Thursday
• Observed the process of creating a new procedure. verification of all
07/08/2025
supplier code in the system • Created 02 new documents to ensure
Lecturer-assigned tasks: supplier code in the compliance and
• Worked on Chapter 1 outline system traceability.
Company-assigned tasks I learned how
• Learned how to use internal data templates systematic data entry
on the company system for import setup. ensures consistency
• Practiced inputting purchase price, product • Successfully across departments
Friday shelf life, and MOQ for imported protein practiced data entry and reduces errors
08/08/2025 items. and PO creation using during ordering.
• Practiced creating a sample Purchase Order standard templates. Practicing PO
(PO) under supervision. creation helped me
Lecturer-assigned tasks: understand the logic
• Worked on Chapter 1 outline behind each field.
Week 2 (11/08/2025 – 17/08/2025)
Company-assigned tasks:
I learned how to
• Prepared weekly report summarizing status
consolidate data from
work in the previous week.
• Weekly report different sources.
Monday • Updated status of new project
completed and Preparing the weekly
11/08/2025 • Conducted brief market research on
reviewed by team. report helped me
potential new items and their pricing.
learn how to make an
Lecturer-assigned tasks:
effective report.
• Worked on Chapter 2 outline
Attending the
meeting helped me
Company-assigned tasks: see how forecasting
• Joined team meeting weekly and procurement
• Supported senior buyer in updating PO • Adjusted 4 POs and decisions are made
details (salmon, mackerel, beef) based on confirmed shipment collectively. I
Tuesday
revised forecast. schedules with 3 learned that detailed
12/08/2025
• Followed up with suppliers to confirm ETA suppliers. preparation before
and container allocation. meetings save time
Lecturer-assigned tasks: and ensures
• Worked on Chapter 2 outline. smoother
discussions.

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Company-assigned tasks: • Shipment and PO

• Checked and updated shipment status for tracking updated
upcoming containers. accurately. I learned how to
• Updated quotation lists from existing • New quotation list manage daily
suppliers and compared price changes for consolidated and procurement updates.
Wednesday
upcoming shipments. shared with senior Reviewing quotations
13/08/2025
• Searched for available imported stock from buyers. helped me understand
local suppliers (buy-back sources) to cover • Identified alternative price fluctuation and
temporary shortage. local import sources negotiation strategies.
Lecturer-assigned tasks: to ensure product
• Worked on Chapter 2 outline. availability.
Company-assigned tasks:
The meeting helped
• Attended weekly coordination meeting with
• Local supplier me understand how
fresh team
Thursday meeting minutes information from
• Took meeting minutes and updated internal
14/08/2025 completed and shared multiple teams must
task tracker for follow-up actions.
internally. align to avoid any
Lecturer-assigned tasks:
misunderstanding.
• Worked on Chapter 3 outline.
Company-assigned tasks:
• Updated status for supplier code
registration.
• Checked and updated shipment status for • Vietnamese sub-
I learned how small
upcoming containers. labels were prepared
administrative tasks,
• Updated quotation lists from existing and verified for
like updating
suppliers and compared price changes for accuracy in content
Friday quotations or
upcoming shipments. and layout.
15/08/2025 labeling, contribute
• Inputted purchase price of the upcoming lot • Labels were sent to
to overall process
arriving at the warehouse. the warehouse PIC on
accuracy and product
• Prepared and reviewed Vietnamese sub- time for printing and
compliance.
labels for imported protein items. application.
Lecturer-assigned tasks:
• Worked on Chapter 3 outline & finalized
overall outline.
Week 3 (18/08/2025 – 24/08/2025)
Company-assigned tasks: I learned how to
• Prepared weekly report summarizing integrate feedback
• Weekly report
updated PO status, supplier quotation from both academic
completed and shared
Monday changes, and pending claims. and business
with team lead.
18/08/202 • Consolidated data for Tết products. perspectives.
• Forecast data and
• Reviewed list of potential new items to be Updating forecasts
product list updated.
introduced for Tết. made me realize how
Lecturer-assigned tasks: sensitive Tết

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• Reviewed lecturer’s feedback and adjusted planning is to small

research outline accordingly. demand fluctuations.
• Updated and
Company-assigned tasks: reported progress of
Attending the
• Joined weekly category meeting and the Tết 2026 purchase
category meeting
updated progress of Tết 2026 purchase plan. plan to the category
helped me understand
Tuesday • Followed up with suppliers for updated manager.
how each supplier’s
19/08/2025 quotations and lead times. • Collected latest
readiness and lead
• Joined meeting with new Chilean supplier. quotations and
time affect the
Lecturer-assigned tasks: confirmed lead times
overall Tết timeline.
• Worked on Chapter 1. from existing
suppliers.
Company-assigned tasks:
• Updated quotation files and purchase price I learned how
• System data updated precise data entry
for Tết
with accurate ensures procurement
• Checked shipment status and ETA
purchase prices. accuracy. Working
confirmation from Australian suppliers.
• Supplier code with the warehouse
• Reviewed supplier code registration
Wednesday registration progress PIC taught me the
progress and followed up on pending
20/08/2025 tracked. operational flow
documents.
• Vietnamese sub- from paperwork to
• Prepared Vietnamese sub-labels for newly
labels verified and actual labeling
imported protein items and sent them to the
sent for warehouse before products
warehouse PIC for printing and labeling.
application. reach stores.
Lecturer-assigned tasks:
• Worked on Chapter 1.
Company-assigned tasks: The meeting
• Attended internal local team to align on Tết emphasized the
shipment timelines. • Internal meeting importance of
Thursday
• Checked stock forecast file and verified if notes completed. keeping discussions
21/08/2025
quantities matched Tết purchase plan. focused and
Lecturer-assigned tasks: solution-oriented.
• Worked on Chapter 1.
This week helped me
Company-assigned tasks:
connect market
• Conducted market check and studied prices
insights with
of several potential new protein products for • Price research
procurement strategy.
future sourcing. completed and
Friday Studying product
• Assisted senior buyer in preparing internal summarized in
22/08/2025 pricing taught me
note summarizing price movement and internal note.
how external market
supplier performance.
changes influence
Lecturer-assigned tasks:
cost structure and
• Worked on Chapter 1.
negotiation power.
Week 4 (25/08/2025 – 31/08/2025)
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Company-assigned tasks:
I learned that timely
• Prepared weekly report summarizing
updates are vital to
updated current status, pending documents, Weekly report
keep the plan on
and supplier feedback. completed and
track. Preparing the
• Updated claim tracker and supplier submitted to team
Monday weekly report
quotation changes. lead.
25/08/2025 improved my ability
• Reviewed upcoming shipment plan and • Supplier quotation
to analyze multiple
coordinated with QA for inspection list updated for 3 key
data sources and
readiness. suppliers.
summarize findings
Lecturer-assigned tasks:
efficiently.
• Worked on Chapter 2.
The meeting helped
me understand how
Company-assigned tasks: frequent updates
• Joined weekly category meeting to review between
progress of Tết 2026 purchase plan and departments ensure
• PO and forecast data
Tuesday ongoing POs. stable planning. I
updated after team
26/08/2025 • Discussed shipment schedules and supplier learned the value of
discussion.
readiness. concise, focused
Lecturer-assigned tasks: discussions for
• Worked on Chapter 2. efficient
coordination.

Company-assigned tasks:
The meeting helped
• Attended Tết meeting with Local and Store
me see how
teams to review product assortment and • Tết meeting notes
collaboration
forecast. completed and shared
between Direct
Wednesday • Updated stock forecast file and adjusted internally.
Import and Local
27/08/2025 product list based on store feedback. • Completed draft of
teams is essential for
• Supported senior buyer in preparing purchase plan
aligning forecast
purchase plan draft.
accuracy and stock
Lecturer-assigned tasks:
readiness before Tết.
• Worked on Chapter 2.
Company-assigned tasks: Meeting a new
• Attended meeting with a new seafood supplier gave me
supplier to discuss product portfolio, • Meeting minutes practical experience
company workflow, and payment term. completed and shared in explaining our
Thursday
• Attended meeting with local team internally. procurement process
28/08/2025
• Verified supplier documents and updated • Supplier document and evaluating
supplier code registration list. verification finalized. supplier
Lecturer-assigned tasks: qualifications. It also
• Worked on Chapter 2. improved my

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understanding of
how payment terms
affect negotiation
outcomes.
I learned how
Company-assigned tasks: systematic updates
• Updated quotation file and purchase prices and attention to small
for protein suppliers. • Quotation and sub- details help prevent
• Prepared Vietnamese sub-labels for new labels completed and mismatches in orders
Friday arrivals and sent to warehouse PIC for verified. and inventory.
29/08/2025 labeling. • Stock forecast Coordinating with the
• Checked stock forecast to ensure alignment aligned with shipment warehouse team
with import schedule. plan. strengthened my
Lecturer-assigned tasks: sense of
• Worked on Chapter 2. responsibility and
precision.
Week 5 (01/09/2025 – 07/09/2025)
Company-assigned tasks:
Monday • Public holiday – no work scheduled.
- -
01/09/2025 Lecturer-assigned tasks:
• Worked on Chapter 2.
Company-assigned tasks:
Tuesday • Public holiday – no work scheduled.
- -
02/09/2025 Lecturer-assigned tasks:
• Worked on Chapter 2.
Returning after the
Company-assigned tasks: break helped me
• Checked and cleared backlogged emails practice task
• Completed
and supplier updates after public holiday. prioritization and
verification of
• Verified all pending POs and cross-checked time management. I
Wednesday pending POs.
quantities, prices, and ETA in the system. learned how to
03/09/2025 • Import permit and
• Coordinated with QA to check on the handle pending
supplier updates
product quality. items systematically
reviewed.
Lecturer-assigned tasks: without missing
• Worked on Chapter 2. deadlines.
Company-assigned tasks: • Meeting minutes I learned the
• Attended internal local team meeting to completed and importance of
Thursday review post-holiday shipment updates and distributed. maintaining
04/09/2025 document status. • New POs issued momentum after
• Took meeting minutes and shared key successfully to holidays. Issuing new
follow-up actions with the team. suppliers. POs reinforced my

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• Finalized and issued new Purchase Orders understanding of

(POs) for Tết items after manager’s approval. CRV’s workflow and
Lecturer-assigned tasks: approval hierarchy.
• Worked on Chapter 2.
Company-assigned tasks:
• Attended meeting with a new Brazil
supplier to discuss product portfolio, • Supplier meeting The supplier meeting
workflow, and payment terms. summary prepared helped me improve
Friday • Checked and updated quotation files and and shared internally. how to introduce
05/09/2025 supplier code status. • Weekly report CRV’s workflow
• Prepared weekly summary and follow-up submitted to team clearly and
plan for next week. lead. professionally.
Lecturer-assigned tasks:
• Worked on Chapter 2.
Week 6 (08/09/2025 – 14/09/2025)
Company-assigned tasks:
• Prepared weekly report summarizing
progress of the upcoming seafood project, • Weekly report
shipment schedules, and supplier updates. completed and I learned that
• Followed up with QC on feedback submitted. checking Technical
Monday
regarding missing or incorrect information in • QC feedback Files carefully is
08/09/2025 collected and crucial to ensure the
Technical File documents.
• Updated supplier quotation file for seafood organized for quality of product.
items. correction.
Lecturer-assigned tasks:
• Worked on Chapter 2.
Company-assigned tasks: The weekly meeting
• Joined weekly category meeting to review helped me stay aware
seafood project timeline and supplier of shipment
readiness. • PO and ETA tracker priorities. I learned
Tuesday • Reviewed PO list and shipment plan for updated. that close tracking of
09/09/2025 upcoming orders. • Supplier follow-up ETA and
• Followed up with suppliers to confirm ETA completed. coordination with
and container allocation. suppliers are key to
Lecturer-assigned tasks: maintaining smooth
• Worked on Chapter 2. order flow.
Company-assigned tasks:
I learned how
• Worked with QA to assess the feasibility of
• Import feasibility regulatory checks
importing new seafood items into Vietnam.
Wednesday report completed. directly affect
• Checked regulatory requirements, HS
10/09/2025 • POs sent to suppliers product
codes, and potential import barriers.
successfully. importability.
• Prepared report summarizing import
Working on POs for
feasibility for internal reference.
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• Sent POs to main suppliers (beef, chicken, multiple suppliers

seafood) after completing internal checks. helped me become
Lecturer-assigned tasks: more confident in
• Submitted Chapter 2 to Lecturer. reviewing details
before issuing
orders.
The meeting helped
Company-assigned tasks: me improve how to
• Attended internal local team meeting to summarize
review progress of import operations and discussions clearly
• Meeting minutes
seafood project timeline. and capture key
completed and shared
Thursday • Took meeting minutes and updated internal action points. I
with team.
11/09/2025 follow-up list. realized that
• Follow-up list
• Discussed upcoming document submissions effective internal
updated.
and labeling requirements. communication
Lecturer-assigned tasks: keeps operations on
• Worked on Chapter 3. track.
Company-assigned tasks:
The meeting gave me
• Attended meeting with a new seafood
more confidence in
supplier to discuss product portfolio, export
explaining CRV’s
process, and required certifications.
import process. I
• Explained CRV’s workflow, import • Supplier meeting
learned to
Friday documentation, and payment terms. summary completed.
communicate
12/09/2025 • Updated supplier profile and Technical File • Supplier profile
workflow and
list after meeting. updated for record.
documentation
• Prepared weekly summary and sent to
requirements more
shared folder.
clearly when dealing
Lecturer-assigned tasks:
with new suppliers.
• Worked on Chapter 3.
Week 7 (15/09/2025 – 21/09/2025)
Company-assigned tasks: I learned how to
• Prepared weekly report summarizing manage overlapping
seafood project progress and PO tasks efficiently.
• Weekly report Tracking QA
confirmation status.
completed. responses and
Monday • Followed up with QA on pending import
• Updated progress on supplier feedback
15/09/2025 feasibility feedback for new seafood SKUs.
seafood project and taught me the value
• Checked supplier responses and shipment
PO confirmation. of systematic
schedules.
Lecturer-assigned tasks: documentation and
• Worked on Chapter 3. timely reminders.

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The meeting
reinforced the
Company-assigned tasks: importance of
• Joined weekly category meeting to review • PO and shipment keeping reports
order status, ETA updates, and seafood data updated after concise and focused
Tuesday project follow-up actions. meeting. on critical updates. I
16/09/2025 • Verified shipment plan and product mix for • Confirmed key learned to identify
Tết orders. follow-up actions with which points require
Lecturer-assigned tasks: team. immediate
• Worked on Chapter 3. escalation and which
can be resolved
internally.
Company-assigned tasks:
• Followed up with suppliers (Australia, I learned how
Japan, and Korea) to confirm PO acceptance continuous follow-
and shipment readiness. up ensures on-time
• Supplier shipment and
• Verified labeling status and requested
confirmations documentation
Wednesday updated packaging photos for seafood SKUs.
received for 3 POs. accuracy. Reviewing
17/09/2025 • Updated Technical File corrections based
• Technical File packaging photos
on QC comments.
updates completed. taught me to check
• Sent finalized purchase plan for Tết to other
team. compliance details
Lecturer-assigned tasks: more carefully.
• Worked on Chapter 3.
The meeting helped
Company-assigned tasks:
me understand how
• Attended internal local team meeting to
Local and Direct
align on shipment plan. • Meeting minutes
teams coordinate to
• Took meeting minutes and updated internal completed and shared.
Thursday balance stock levels.
follow-up list. • Forecast file
18/09/2025 Taking meeting
• Reviewed forecast file for Tết 2026 to reviewed and
minutes improved my
ensure alignment with upcoming shipments. adjusted.
ability to summarize
Lecturer-assigned tasks:
key points
• Worked on Chapter 3.
effectively.
Company-assigned tasks: The supplier meeting
• Attended meeting with a new meat supplier • Supplier meeting strengthened my
to discuss product portfolio, workflow, and summary completed. presentation and
Friday payment terms. • Technical File communication
19/09/2025 • Explained CRV’s import process and tracker updated. skills. I learned that
document requirements. • Weekly report clear, structured
• Updated supplier code and Technical File uploaded. explanations build
tracker. trust and help new

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• Prepared W38 weekly summary and suppliers understand

uploaded to shared folder. CRV’s process
Lecturer-assigned tasks: quickly.
• Worked on Chapter 3.
Week 8 (22/09/2025 – 28/09/2025)
Company-assigned tasks: This week began
• Prepared weekly report summarizing with refining the
updated PO status and seafood project details before final
• Weekly report
progress. order confirmation. I
completed.
• Checked label drafts and packaging learned how careful
Monday • Label information
information for seafood SKUs under
22/09/2025 verified and updated. communication with
development. suppliers ensures
• Supplier quotations
• Followed up with suppliers to confirm price price and packaging
confirmed.
validity and MOQ for Q4 shipments. accuracy before
Lecturer-assigned tasks: issuing POs.
• Worked on Chapter 3.
Company-assigned tasks: The meeting helped
• Joined weekly category meeting to review me understand how
Tết forecast adjustments and seafood project dynamic the forecast
updates. • PO and forecast files process can be. Each
Tuesday • Updated internal PO and forecast file to updated. small change affects
23/09/2025 reflect latest confirmed quantities. • Supplier follow-ups order volume and
• Followed up on pending supplier feedback completed. shipment timing,
from previous week. requiring constant
Lecturer-assigned tasks: coordination.
• Worked on Chapter 3.
Company-assigned tasks: I learned how
• Reviewed updated Technical File drafts for detailed document
seafood SKUs and noted missing sections for review helps prevent
correction. • Technical File gaps future rework.
• Coordinated with QA to clarify required identified and shared Communicating
Wednesday
product documents from suppliers. with QA. clearly with QA and
24/09/2025
• Updated quotation and item master files for • Supplier data suppliers is key to
seafood and poultry. updated. keeping files
consistent and
Lecturer-assigned tasks: compliant.
• Worked on Chapter 3.
ompany-assigned tasks: The meeting helped
• Meeting minutes
• Attended internal local team meeting to me understand the
completed and shared
Thursday review updated Tết forecast and shipment importance of cross-
with local team.
25/09/2025 planning. team alignment.
• Task tracker
• Took meeting minutes and updated the Recording action
updated.
internal task tracker. points accurately
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• Followed up on seafood project tasks ensures that all

assigned during meeting. members stay on the
Lecturer-assigned tasks: same page.
• Worked on Chapter 3.
Company-assigned tasks:
The supplier meeting
• Attended meeting with a new European
improved my ability
seafood supplier to discuss product range,
to present CRV’s
documentation process, and payment terms.
• Supplier meeting workflow in a clear
• Explained CRV’s working process and
summary completed. and professional way.
Friday label format.
• Supplier profile I also learned how to
26/09/2025 • Updated supplier profile and Technical File
updated for seafood evaluate supplier
list after meeting.
project record. readiness based on
• Prepared weekly summary and uploaded to
documentation
shared folder.
quality and
Lecturer-assigned tasks:
responsiveness.
• Worked on Chapter 3.
Week 10 (06/10/2025 – 10/10/2025)
Company-assigned tasks:
• Prepared weekly report summarizing all I learned how to
ongoing import projects (beef, poultry, consolidate
seafood) for internal review. information clearly
• Checked final PO confirmations and for final reporting.
shipment schedules. • Weekly report Reviewing all
Monday • Updated seafood project file with completed. supplier and project
06/10/2025 completed Technical Files and supplier • Data and supplier data helped me see
details. updates verified. how each part of
• Requested internship confirmation stamp the process
and performance evaluation. connects from
Lecturer-assigned tasks: planning to
• Revised the report based on lecturer’s execution.
feedback.
Company-assigned tasks:
• Joined weekly category meeting to review
PO status and supplier updates. I learned how
• Followed up on seafood items pending regular meetings
Tuesday Technical File completion. • PO and Technical help ensure progress
07/10/2025 • Updated internal tracking file for team File status updated. visibility and
reference. alignment across
Lecturer-assigned tasks: different tasks.
• Continued revising report layout and data
visualization.

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Company-assigned tasks:
• Reviewed pending quotations and verified
supplier information for next month’s Organizing shared
shipment plan. • Supplier and data taught me the
• Updated shared folders and archived quotation data importance of
08/10/2025 completed reports. organized. transparency and
• Assisted in preparing summary of seafood • Seafood project accessibility in
project progress. summary completed. teamwork.
Lecturer-assigned tasks:
• Edited the conclusion and summary part of
the report.
Company-assigned tasks:
• Attended internal local team meeting to
review shipment and forecast updates for I learned that clear
Tết. and consistent
• Took meeting minutes and updated the reporting improves
Thursday • Meeting minutes
follow-up tracker. collaboration and
09/10/2025 completed and shared.
• Cross-checked PO tracking file before supports timely
weekly submission. decision-making.
Lecturer-assigned tasks:
• Reviewed the internship report draft and
checked consistency across chapters.
Company-assigned tasks: This week taught me
• Prepared weekly summary and ensured all how to maintain
project data were up to date. consistency and
• Followed up on supplier responses and next attention to detail
shipment schedule. • Weekly tasks even during the final
Friday • Supported team in organizing product files completed and data phase. It also
10/10/2025 for next week’s review. reviewed. strengthened my
• Reviewed the internship report draft and sense of
checked consistency across chapters. responsibility in
Lecturer-assigned tasks: completing assigned
• Reviewed the internship report draft and tasks thoroughly.
checked consistency across chapters.

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