Int. j. adv. multidisc. res. stud.

2022; 2(4):541-548

Received: 15-06-2022
Accepted: 25-07-2022
International Journal of Advanced Multidisciplinary
Research and Studies
ISSN: 2583-049X

An analysis of the competitive strategies of Vingroup's business units at different

stages of development of the real estate industry
Hua Thi Bach Yen
Van Lang University, Vietnam

Corresponding Author: Hua Thi Bach Yen

Abstract
At the enterprise level, competition is understood as the and solutions without going to the competition.
struggle or competition from some competitors for Understanding that, Vinhomes has been building for itself a
customers, market share or resources of enterprises. good competitive strategy to attract customers to its projects
However, the essence of today's competition is not to evidence that Vinhomes does quite well in this regard when
destroy competitors, but rather, businesses must create and in fact Vinhomes is leading the way. leader in the real estate
bring customers more added value or novelty than market segment.
competitors so that they can choose your products, services

Keywords: Competitive Strategy, Value Creation, Vinhomes

1. Introduction to the research problem

In fact, many Vietnamese companies, especially small but fast-growing ones, are often caught up in the whirlpool of daily
arising work. Jobs related to production or purchasing, finding customers to sell, deliver goods. collecting money, managing
inventory, debts. Most of these things are solved according to the requirements that arise, where they happen, and are resolved
there, but not systematically planned and managed. systematically or scientifically evaluate its effectiveness.
Adhering to the case has taken up all the time of the managers, but it is still confused and always passive. Senior
administrators, especially the executives, are often led to the point of being led by business affairs. "I don't know when I lost
my way. Like a person walking in the forest, there is no clear direction, only seeing where there is a way to go, leading to the
more you go, the more you get lost. Strategic management helps organizations and businesses clearly define their goals and
directions, map out reasonable paths and allocate resources optimally to ensure they reach the set goals in a timely manner.
allowed time.
In terms of business strategy, Vinhomes promotes its wholesale strategy with foreign partners and domestic real estate
developers to help Vinhomes collect project cash flow sooner. Accordingly, this strategy will increase the project development
progress, maintain growth and operational efficiency in the context that the scale of projects and the group's land bank is very
large, far superior to the market. The Vinhomes online platform will also support Vinhomes' direct sales channel.
Understanding the importance of strategic management in the company, the purpose of the essay is to practice the learned
knowledge and apply it in a real environment.

2. Theoretical basis
2.1 Basic competitive strategies
A competitive strategy is a company's long-term plan of action to gain a competitive advantage over its competitors after
assessing the strengths, weaknesses, opportunities and threats in the industry and comparing it to themselves.
The competitive strategy is implemented with the aim of creating a position for the company in the industry and generating an
outstanding return on investment (ROI). This type of competitive strategy plays a very important role when the industry is
highly competitive and consumers are offered almost similar products.
M. Porter's three basic competitive strategies:
Cost-dominated competitive strategy: The essence of a cost-dominated competitive strategy is to lead in lowering prices to
compete on price. By producing goods and services at a lower cost. Businesses can price their products cheaper than their
competitors and still make the same profit as them. If competitors set the same price as the company, it still has the advantage
of getting more profit thanks to lower prices. If price competition is fierce, businesses that apply this strategy still have a better
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holding advantage than competitors. for cases where there is a large market potential, customers
Competitive Product Differentiation Strategy: The goal of are not familiar with the company's products but are price
this strategy is to provide differentiated products or services sensitive, have strong potential competitors, and can save
that customers perceive as unique in some way. Product money by producing with low prices. large scale.
differentiation that competitors cannot match allows Fourth, a slow penetration strategy, combining low prices
businesses to actively increase the selling price of their for easy market penetration and low-level promotions to
products higher than the average price in the market. reduce costs. There are two basic conditions that make
Product differentiation can be: Product quality; reliability, businesses use this strategy: customers are price sensitive
specification, service included with the product and many but not promotion sensitive. In addition, the market must be
more factors. The uniqueness of the product is recognized large and the product known to a high degree.
and evaluated by customers as the basis for creating Growth Stage: The growth phase in the product life cycle is
advantages over competitors and the basis for maintaining characterized by rapidly increasing sales. One of the most
the market share that the enterprise has occupied. However, important business issues of this stage is how to secure the
implementing a differentiation strategy also comes with resources to grow with the market. One of the main areas of
some risks: use of these resources is marketing activities.
▪ When a product's uniqueness is no longer perceived by Although the business is in a period of rapid growth,
the customer or is unwilling to pay a higher price for it. management must not forget that the period of saturation
▪ When the distinctiveness of the product is copied. will come. Enterprises also need to pay attention to
▪ When focusing on differentiation, which inevitably developing specific capabilities and the ability to cope with
increases production and business costs, it can easily fierce competition rather than the characteristics of the
lead to a situation where the selling price is too different mature stage.
from competitors. Saturation Stage: The trend maturity phase is the longest of
Centralization Strategy: This strategy focuses the business's any other stage in the product life cycle and is characterized
activities on a key market, essentially focusing on a by a curve showing steady industry sales. Management
particular segment of the market. This key market segment needs to find strategies that align with market opportunities
is segmented geographically, by customer group or by a rather than simply protecting existing market share. There
market segment on a particular product line. When are three options to focus on:
businesses pursue this strategy, they often focus directly on ▪ Focus on finding market segments that were previously
serving the needs of a group of customers by class, located untapped.
in a particular geographical area, or focus on product lines ▪ Improve the quality, design and create new features of
such as vegetarian dishes, high-speed cars. At the same time the product.
specializing in a certain aspect. ▪ Improve efficiency if conditions permit in production,
consumption and other marketing stages.
2.2 Competitive strategies at different stages of industry Decline phase: The recession phase is characterized by
development reduced sales, low profit or no profit. If sales appear to
Competitive strategic alternatives need to be relevant to the continue to decline, management must consider renewing or
product life cycle. The idea of a product life cycle is that discarding the item. Although it is possible that the decision
products and services go from launch to growth, maturity, to renew or remove an item that is currently in production is
and decline. The product life cycle actually ends when the in order to take advantage of opportunities. However, doing
product is renewed or decided to be phased out at some so is to overcome the problems that businesses are and will
point during the downturn. face. Holding on to a weak item Kim can cost a business a
Launch Stage: Strategic decisions at this stage include four lot now as well as in the future. In particular, it hinders the
basic components of marketing. We can combine pricing development of opportunities to create new products.
and promotions into four strategic options:
First, a quick-gathering strategy combines high prices and 2.3 Comments on competitive strategies
high levels of promotion. High price to get more profit from The development strategy is consistent with the internal and
the market, and high level of promotion to speed up the external factors of the business. Strategies to make the most
market entry process. This strategy is effective when the of the enterprise's resources and advantages such as finance,
majority of customers are aware of the product, there is a land fund, and human resources. Vingroup also takes
latent interest in the product, and the business wants to advantage of market opportunities and trends.
create customer preferences for the company's product to In the service sector, consumers' expectations for service
protect itself against threats. competition is expected. quality and convenience are increasing. Therefore,
Second, the slow “gathering” strategy arises from high Vingroup's challenge is to keep up with consumer trends as
prices and low promotions. The basic difference between well as meet the changing needs of customers over time.
this strategy and the quick "gathering" strategy is that the One challenge that Vingroup faces is the high level of
business favors a low level of promotion, thereby reducing competition with many other companies and corporations.
marketing costs when customers' preferences for the Because the field in which Vingroup is operating has high
company's products increase. A slow "gathering" strategy is profit margins and is the target of many other businesses, the
often preferable if the market size is relatively small, competition for Vingroup in key areas will be higher and
customers are familiar with the company's products, are not fiercer.
price sensitive, and competition is less likely to occur. With the goal of developing into a leading corporation in the
Third, the strategy of rapid penetration, low price field of Technology - Industry - Trade and Service in
coordination and promotion promotion aims to gain and Vietnam, Vingroup has constantly innovated and created to
keep a relatively large market share. This strategy is suitable build and develop an ecosystem of products. valuable
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services, contributing to helping Vietnamese people improve ▪ Evaluate business results achieved, find out limitations
their quality of life and elevate the position of Vietnamese that need to be overcome in the process of investing in
brands in the international environment. real estate projects of Vingroup.
Regarding human resource management activities in ▪ Provide appropriate and positive solutions to improve
Vingroup's business strategy, the group always focuses on the business efficiency of Vingroup real estate.
the welfare of employees. This is the key factor to keep
employees sticking with the company for a long time. When 4. An overview of the corporation's competitive strategy
working at Vingroup, employees will work 8 hours/day, 5.5 In 2015, With the desire to raise Vietnamese aspirations,
days/week (for Administration - Office Division) and 6 towards international level, Vingroup decided to cooperate
days/week (for Service Division). When becoming an with three main groups of partners, including leading names
official employee of Vingroup, everyone is entitled to a in the field of construction - global real estate: Group of
leave of absence according to the provisions of the Labor General Design Contractors: ATKINS (UK), GENSLER
Law, and is fully insured. (USA), AEDAS (USA); Partner group of M&E Contractors,
Fire Protection: AURECON (Australia), ARUP (USA);
3. Research methods Group of partners General contractor for supervision and
3.1 Data sources and methods of collection project management: MACE (UK), ARTELIA (France),
Vingroup with a market capitalization of about 15 billion MEINHARDT (Australia). Before officially coming to a
USD is maintaining its position as the largest private strategic and important partnership agreement, Vingroup has
enterprise in Vietnam. Since its establishment, real estate cooperated with many famous contractors in the Group's
has always been the main source of revenue of the group. real estate projects, especially the modern and classy urban
The business of real estate developers like Vingroup is very area project. Vietnam's highest level Vinhomes Central
complex and includes many different stages from solving Park, Ho Chi Minh City. In particular, ATKINS Group
legal issues, raising capital, allocating finance, monitoring, consulted on the design of Landmark 81 tower - Top 10
auditing, sell goods. peaks in the world.
Vingroup's rise to the number one position today is partly Vingroup said it will take advantage of a large land bank
because the group is one of the leaders in the development and a complete ecosystem to continue developing
of mid- and high-end real estate when the development megacities of outstanding scale, located near important
potential of the economy is not really real. clear. Initially infrastructure axes that have been and are being formed.
established, Vingroup only focused on trading commercial Along with that, diversifying products; develop and
real estate (Vincom) and tourism real estate (Vinpearl) diversify a group of potential foreign customers; increasing
during the period when the trade and service industries revenue from leasing apartments, service villas and offices,
showed signs of prosperity when Vietnam initially started. creating a stable source of income and enhancing the value
WTO accession (2007). This is a very solid springboard for of the Vinhomes brand.
Vingroup to continue developing its residential real estate For the retail real estate segment, Vingroup will continue to
segment (Vinhomes) when it realizes that Vietnam is about expand the project network with a fast development speed
to enter the period of economic growth and average income and high coverage; flexible in accessing new markets with
(after 2012). It is worth mentioning that Vingroup shifted its four diversified product models: Vincom Center, Vincom
focus to residential real estate right after the time the Mega Mall, Vincom Plaza, Vincom; focus on care and
Vietnamese real estate market froze in 2011. support to develop tenants accompanying in many projects,
Currently, when realizing that the global value chain is continue to increase the rate of chain customers with
gradually shifting to Vietnam, Vingroup is ready to expand separate policies to develop chain customers according to
the development of industrial real estate projects (such as each shopping mall model; taking advantage of the land
Nam Trang Cat and Thuy Nguyen industrial park projects fund of Vingroup and Vinhomes in the expansion of
Vung Ang) to catch the trend. It can be seen that Vingroup's Vincom Center and Vincom Mega Mall models.
real estate construction, investment and development After huge successes in residential, resort and retail real
strategies are carried out very scientifically and estate, Vingroup has been taking new steps such as
meticulously, closely following the fluctuations of the encroaching on the industrial real estate business.
economy. Vinhomes, the company in charge of real estate at Vingroup,
said it will spend about VND 10,000 billion on industrial
3.2 Research methods real estate in about two years. Vinhomes is managing and
With the theoretical analysis-synthesis method, the SWOT operating a 335-hectare industrial park in Hai Phong, where
analysis method will give us strengths and weaknesses, the VinFast car factory is located. VinFast, with its
opportunities and threats, a deeper understanding of the production capacity being continuously improved, is
issues of investment sources, Vingroup's projects as well as forming around a chain of component factories, the main
real estate have been and are looking forward to the future. tenants of the current industrial park.
from there, showing us investment and real estate in key Vingroup also said that in the future, it will continue to
positions. In addition, statistical methods are also used to search and expand the scale of land bank across the country.
collect, synthesize, and present data to make analysis and There have been many projects and plans to build
decision-making easier. VinHomes covering the whole of Ho Chi Minh City being
implemented to show that Vingroup is the focus of the real
3.3 Research process estate market with strong potential and rich experience such
▪ Identify and point out the factors that affect the business as: VINHOMES GRAND PARK DISTRICT 9 ,
performance of the business. VINHOMES DISTRICT 7 , VINHOMES NHA BE ,
VINHOMES CU CHI , VINPEARL CAN GIO.
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Following the success of the two mega-urban areas approach by offering incentives when someone refers a
Vinhomes Ocean Park and Vinhomes Smart City, Vingroup new client to your real estate project.
continues to reveal that it will seize the opportunity and
launch three more megacities with a total scale of nearly 4.2 Competitive strategy of the corporation in the
1,000 hectares in Co Loa area, Dan Phuong, Hung Yen in current context
the late 2021 - early 2022 period. According to the latest The COVID-19 pandemic has changed consumers globally -
information, Vinhomes Hung Yen is expected to be from their point of view of values, behaviour, to the way
launched in the near future and will likely be the first big they consume. According to EY Future Consumer Index in
project to be launched. eyes in the three major Vinhomes May 2020, 89% of surveyed consumers are and will change
projects mentioned above. The newly launched Vinhomes the way they shop, 76% are and will change the way they
Co Loa will be an important piece contributing to a high- choose products and services (SPDV), and to a half (50%)
class urban chain in the North of Hanoi. In general, will probably only spend on some essential products.
Vinhomes Co Loa, Vinhomes Dan Phuong, Vinhomes Hung Therefore, these changes are sure to have far-reaching
Yen will all be "delicious pieces of cake" for real estate effects on the operations of businesses. The development
investors and speculators, especially those who are quick to strategy of an enterprise (DN) is a collection of decisions
own beautiful lots right from the start. first sale. about goals, orientations, directions, principles and modes of
action, as well as solutions and overall plans for distribution.
4.1 Competitive strategy of the corporation for each allocate resources to ensure long-term development.
stage of development of the Real Estate industry. Strategy is increasingly becoming an important and useful
1. Identify and research the target market. This is probably tool to help businesses manage their activities consistently.
the number one priority marketing strategy you can use First, the widespread decline of the global economy.
to increase sales for your real estate project. Brokers Vietnamese enterprises cannot expect support from partners,
and real estate businesses should focus on the right including traditional partners. In January 2020, when the
target market for their real estate project and strive to be Covid-19 epidemic had not yet spread, the World Bank
the leader in that market. This makes it easier for you to (WB) forecasted that global GDP growth in 2020 would
brainstorm ideas for what to do to reach your target decrease compared to previous years; In April 2020, the
audience, have a plan for dealing with market risks, and International Monetary Fund (IMF) forecasted that global
most importantly, devise a strategy. suitable for GDP in 2020 would decrease to -3%, only recovering in
competitors who are leading in the short and long term. 2021; China's GDP in 2020 will grow at a low rate (1%), it
2. Expand the budget for the marketing campaign. will only increase strongly (9.2%) in 2021 (Table 1).
Another important factor to increase sales in the real Second, the need to restructure global production chains.
estate sector is to invest more budget in your real estate The increase in tensions and the trade war are prompting the
marketing campaigns. There are many costs involved in restructuring of world markets, as well as the restructuring
implementing a real estate marketing plan, such as costs of production chains on a large scale. By April 2020, 24% of
for real estate websites, advertising costs for digital global enterprises faced difficulties due to disruption of the
channels, costs for media and PR plans for the property. global supply chain, leading to a decrease or stop of orders
project, etc. The thing to keep in mind here is that your (in Vietnam, up to 41% of enterprises faced difficulties).
spending must be properly allocated and directed to the Therefore, the problem of restructuring the production and
target audience for your real estate project. For supply chain needs to be implemented soon with specific
example, customers in urban areas can promote real strategies to overcome difficulties. Third, the decline in
estate marketing campaigns through online marketing supply - demand. The Covid-19 epidemic occurred
channels, or customers in rural areas can promote simultaneously with the crisis in the oil market. From
methods such as distributing leaflets, advertising January 20, 2020 to April 20, 2020, the price of metals
banners... decreased by 15%, the price of gas decreased by nearly
3. Build project website and use digital marketing 50%, the price of oil decreased by 55%. Affected by the
channels. Regardless of your target market or project, Covid-19 epidemic, the decline in demand slows down
the first thing to do for a real estate marketing plan is to production, slows down the economic recovery, and
establish your presence on the internet with a adversely affects businesses. The bailout packages
professional website, as well as advertising for the implemented by countries are affecting supply and demand
project. on social networking sites such as Facebook, but are still modest. The deployment and expansion of these
Zalo, etc. These jobs require to be implemented in a bailout packages will increase the indebtedness of
strategic and correct manner so that the result is a great governments, adversely affecting the stability and reliability
potential in reaching customers. target. You can also of the global financial system, especially the risk of inflation
conduct your real estate marketing campaign through in Vietnam. Many countries are heavily affected by the
search engines like Google and Coc Coc with paid crisis. This will affect the opportunities that Vietnamese
advertising campaigns. Some effective advertising enterprises can take advantage of to export goods.
methods for these tools can be mentioned as Google
Adwords, display network advertising, remarketing, etc. 5. Conclusion
4. Drive sales through word of mouth marketing. Currently, in addition to the major projects are, Vingroup is
Promoting transactions through referrals from previous still facing difficulties in access to new projects in prime
customers is considered one of the most effective real locations across the country. Along with that is the multi-
estate marketing methods. New customers easily choose sectoral investment shifting to industries that are not in the
real estate projects when introduced by friends, core interest industry Core services such as beauty care
colleagues or relatives. You can always promote this services, medical management, are causing some damage to
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the corporation. Difficulty in approaching new implemented towards the community and investors with the
projects. Investment in other sectors has not been effective. goal of building the image of a leading Real Estate brand.
Besides, it is also necessary to pay attention to the decline of In terms of product quality: Vingroup is highly appreciated
the real estate industry that is dragging Vincom down (close in space, architecture, infrastructure, housing services and
to the dairy cow location). There should be new markets as construction quality.
mentioned above, which are projects in big cities (Da Nang, Besides the achievements, Vingroup's real estate investment
Binh Duong), the strategy used is market penetration project development activities are still quite limited, such as:
strategy. not being proactive in capital sources; market research has
Focus on high-end, large-scale complexes in prime locations not gone in-depth and has not properly reflected the current
and continue to situation of market supply and demand; cumbersome
continued expansion in strategic cities personnel apparatus in places of excess, lack of,
Leverage expertise and experience in identifying and specialization too deeply, no close coordination in the
acquiring positions implementation process; The policy mechanism has many
beautiful decoration; shortcomings. The cause of the above limitations is mainly
Target to exploit the mid to high-end market segment; due to the fact that the company has been established for
Simultaneously meet the needs of housing, commercial nearly 10 years, the majority of human resources are young
centers and high utilities degrees of complex projects on the and do not have much experience; investment strategy is
attractiveness of the product; quite spread out; business strategy the company's business is
Development of luxury resorts and villas. not very methodical; The company's image promotion,
brand development and sales promotion activities have not
6. Recommendations and suggestions been invested in a methodical and professional manner.
6.1 For business units belonged to the VinGroup
Corporate-level strategy: Corporate-level strategy involves 7. Solutions to improve the competitiveness of real estate
the selection of business activities in which business units business units
must compete, and at the same time there are development In view of the actual situation of enterprises, as well as the
and coordination among units. real estate market in recent years, we would like to propose
Business Unit Level Strategy: A strategic business unit has some solutions as follows:
can is one business division, product line or market Firstly, real estate businesses must regularly grasp market
area, they can be planned independently. developments and socio-economic situations in the country
Functional level strategy: The functional level of the and internationally in order to develop effective business
organization refers to the working department. Strategy at strategies: In particular, businesses must Research and
this level involves business processes of business activities master development planning. Because planning has a close
and parts of the value chain. Strategy in the marketing, relationship with construction investment and real estate
finance, human resources or research and development issues; in which, planning is the basis and premise for
functions to into the development and coordination of construction and real estate.
resources through which strategies at the business units are Second, real estate businesses need to do a good job of
executed efficiently. preparing resources to improve the quality and efficiency of
production and business: The preparation of resources is
6.2 For regional leaders of the corporation both to improve the competitiveness of enterprises, while
group 's real estate activities Vingroup land is considered contributing to the attraction of social resources. Human
weak most important factor for the company's operations. resources, technology, materials, capital... are important
Especially the beautiful and stylish locations good aqua. resources.
Vietnam is a country with many beautiful and attractive Third, to ensure the ability to maintain and expand market
places, which creates an opportunity for share of enterprises; At the same time, improve the quality,
development development of the company's real estate reputation and brand of products of enterprises: adjust
products, currently there are still many unexplored business strategies, cut costs in unnecessary areas to
points exploited or exploited but not high. As in the central maintain production capacity and market share. At the same
and southern coastal cities: Phu Yen, Ninh Thuan, Binh time, continue to maintain and improve the quality to ensure
Thuan. the product's reputation and brand, contributing to
improving the competitiveness of enterprises in both
6.3 For researchers on business strategy of the real estate domestic and foreign markets.
industry Fourth, promote the role of business leaders and managers:
Over the past 10 years of operation, Vingroup has gradually Experiences of success in many real estate businesses show
affirmed its position as the leading REAL ESTATE that the role of leaders and business managers in difficult
company in Vietnam, reflected in a number of circumstances. In addition, it is necessary to strengthen the
achievements: Vingroup has completed complex projects in strength of member organizations in the direction of
a short time. suitable and high-class in Vietnam; Vingroup specialization, which is a breakthrough solution to improve
currently owns a large land bank in prime locations in competitiveness.
Vietnam; Vingroup shows that it continues to pursue the Fifth, strengthen the ability of enterprises to link and
goal of developing a chain of commercial centers across the cooperate: In order to effectively mobilize and use resources
country with the largest scale and leading luxury in of enterprises and improve competitiveness, real estate
Vietnam; Vingroup has become one of the investors with businesses need to actively cooperate, associate for
strong domestic and foreign capital mobilization capacity. development, including partners both at home and abroad.
Vingroup's overall marketing strategy is directed and
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