OPERATION THROUGHOUT THE YEAR
Source: tradingeconomics.com/ISO
Fluctuations of world raw Sugar prices between July 2017 and July 2022
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
144
OF THE WORLD SUGAR INDUSTRY
OVERVIEW AND PROSPECTS
2017 20192018 2020 2021 2022
(Unit: USD/lb)
price in the past ve years.
is currently traded at its highest
prices over the years, raw sugar
(ISO) on the evolution of sugar
International Sugar Organization
According to the analysis by the
Factors that supported Sugar price included
4
supply by major exporting countries.
Political tensions (conicts between Russia - Ukraine and its allies) and adverse weather conditions aected sugar
3
global food protectionism in many countries around the world;
Export restrictions of major exporting countries were to address post-COVID recovery needs, as well as due to rising
2
The global supply chain crisis was caused by zero-COVID-19 policy adopted in China as the world's factory;
1
producers to switch to ethanol production;
Rising sugar prices had spillover support from the current strength of the crude oil market that are also spurred
to the end of the year.
ranging from 18 to 20 cents/lb
cents/lb in October 2021 and
2021 before growing to 20
traded at 17 cents/lb in July
sugar price strengthened,
In FY 2021-2022, global
GLOBAL SUGAR INDUSTRY PROSPECTS
14
16
22
18
20
10
12
Brazil's production output in the period 2016 - 2023 (expected)
India's production output in the period 2016 - 2023 (expected)
FY 2021-2022
FY 2022-2023
FY 2021-2022
FY 2022-2023
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
20% 17%
OF GLOBAL EXPORTS OF GLOBAL EXPORTS
ACCOUNTED FOR ACCOUNTED FOR
BRAZIL INDIA
will trigger BRL, thus the world Sugar prices, to grow.
• Brazil is also preparing for the October 2022 election which
year;
make it dicult for production to recover quickly this scal
to restore crop production in the next season, which will
to severe drought and frost. It would take time for Brazil
is projected, potentially lowering production capacity due
• The triple-dip La Nina in Brazil’s Central and South regions
high fuel prices;
in FY 2022-2023 will be used for ethanol production given
farms. It is expected that 56.4% of sugarcane production
plantations would be converted into corn and soybean
decrease by 1.3% in FY 2022-2023, as part of existing
• Sugarcane farming area in the country is expected to
down 11.7% YOY;
The volume of sugarcane crushed totaled 187.6 million tons,
32.0 32.1
38.5
26.5 26.7
36.1
35.6
45
40
35
30
25
20
15
10
5
16/17NĐ 18/1917/18 19/20 21/2220/21 22/23 (F)
Unit: million tons
slightly due to adverse weather
Brazil's output in FY 2022-2023 is expected to decrease
AND PROJECTIONS FOR FY 20222023
MARKET SITUATION IN MAJOR SUGAR EXPORTERS WORLDWIDE IN FY 20212022
145
production in FY 2022-2023 is expected to be 34 million tons.
blending thanks to high global oil prices, and the Sugar
million tons of Sugar is expected to be diverted for E10 gasoline
is likely to aect the output in the next scal year. Also, ve
The monsoon winds begin to retreat in July-October, which
million tons;
of sugar, exceeding the Government’s export quota of 10
monsoon rains. The country exported 10.21 million tons
India's production increased thanks to above average
34
35.7
33.76
28.9
34.31 34.3
21.93
40
35
30
25
20
15
10
5
16/17NĐ 18/1917/18 19/20 21/2220/21 22/23 (F)
Unit: million tons
thanks to above average monsoon rains
India's production increased
Thailand's production output in the period 2016 - 2023 (expected)
Australia's production output in the period 2016 - 2023 (expected)
Source: United States Department of Agriculture - USDA
and Green Pool, compiled by TTC Bien Hoa
FY 2021-2022
FY 2022-2023
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
146
6%
OF GLOBAL EXPORTS
ACCOUNTED FOR
THAILAND AUSTRALIA
from now on.
out after years of decline and has started a new growth cycle
Industry Club, believes that the sugar industry has bottomed
prices. Mr. Chalush Chinthammit, Chairman of FTI's Sugar
positive, with higher sugarcane production and better global
Thailand’s Sugar industry is bouncing back and prospects look
monsoon rains and favorable weather conditions;
million tons in the previous year thanks to above average
capacity of 93 million tons, a strong bounce back from 66.7
FY 2021-2022, Thai mills reported a high sugarcane crushing
sugar output by the end of the year was quite positive. In
day, indicating that harvests were slowing down. However,
have decreased signicantly, peaking at 1.2 million tons per
the rst two months of the year, with sugarcane output to
Thailand's sugarcane crushing operations were abnormal in
12
10.2
7.6
8.3
14.7 14.6
10
14
16
10
12
6
8
2
4
16/17FY 18/1917/18 19/20 21/2220/21 22/23 (F)
Unit: million tons
Thailand's production output is on the rebound Australian production output has been growing
GLOBAL SUGAR INDUSTRY PROSPECTS
3%
OF GLOBAL EXPORTS
ACCOUNTED FOR
including Indonesia, Japan, and South Korea.
produced in Australia are exported to key export markets
tropical regions of Queensland. More than 80% of all sugar
improvements in sugar cane yields, mainly in the northern
2023. The increase in production is driven by anticipated
to increase by 330,000 tons to 4.5 million tons in FY 2022-
According to USDA, Australia’s sugar production is forecast
4.5
4.4
4.335
4.285
4.725
4.48
5.1
5.2
5.0
4.8
4.6
4.4
4.2
3.8
4.0
16/17FY 18/1917/18 19/20 21/2220/21 22/23 (F)
Unit: million tons
positively in the last four years
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
AND PROJECTIONS FOR FY 20222023
PRODUCTION SITUATION IN MAJOR SUGAR IMPORTERS WORLDWIDE IN FY 20212022
3.7
MILLION TONS
IMPORTS
USA
in imports from Mexico.
imports, and a 135,000 ton increase
44,000 ton increase in high-duty
in tari-rate quota imports, a nearly
tons based on a 39,000 ton increase
217,197 tons to nearly 3.7 million
FY 2021-2022 sugar imports by
The USDA raised its forecast of
4.5
MILLION TONS
IMPORTS
CHINA
1.8% of China’s total Sugar imports.
accounted for a small proportion of
worldwide, though, India only
As one of major Sugar exporters
82% of Chinese Sugar imports.
specically, Brazil accounted for
4.5 million in FY 2021-2022. More
imports of Sugar to amount to
importer in the world, with its
Sugar consumers and also a major
China remained one of the major
5.53
MILLION TONS
IMPORTS
INDONESIA
million tons of raw Sugar.
consumption growth in FY 2022-2023 in this country is projected to further grow to 7.9
Sugar imports will reach 5.4 million tons, mainly raw Sugar imports for its reneries. Sugar
largest Sugar importer. In the upcoming FY 2022-2023, USDA expects that Indonesia's
Indonesia’s Sugar imports totalled 5.53 million tons in FY 2021-2022 to become the world's
147
import volume will reach 2.7 million tons.
FY 2022-2023, USDA also forecasts that US Sugar
critically low supply of sugar in FY 2021-2022. In
sugar imports into the United States to boost the
allow as much as 235,000 tons of additional raw
The US government announced decisions to
tons.
that China’s sugar imports will reach 4.4 million
in 2030. In FY 2022-2023 alone, USDA forecasts
grow 0.9% annually, reaching 16.44 million tons
pace of 5.8%. China's sugar consumption will
5.52 million tons in 2030, growing at an annual
to remain elevated for the next 10 years, reaching
Aairs, the imports of Sugar in China is expected
by China's Ministry of Agriculture and Rural
weather events. According to a report released
with increased frequency of frost and adverse
production, was also aected by the La Nina,
Last year, China, including its sugarcane
Global Sugar S&D - Crop year basis
production 187,864 172,367 185,634 190,364 190,039
Consumption 184,753 185,534 184,457 187,098 189,724
Balance (unadjust.) 3,111 -13,167 1,177 3,266 315
Balance (adjust) 2,823 -13,234 985 2,266 -685
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
148
Green Pool annual global crop year balances
mln mtrv
2022/23f
2018/19 2019/20 2020/21 2021/22
unstable due to weather risks.
Meanwhile, Sugar output in Brazil or the European Union (EU) remains
production recovery in Asian countries such as India or Thailand,...
In general, market demand in FY 2022-2023 is still met due to
685 thousand tons.
industry, despite its current supply surplus, will be seen at a decit of
2023 that starts from April and ends in March next year, the Sugar
, 2022, for FY 2022-
th
According to Green Pool data updated on July 26
GLOBAL SUGAR SUPPLY AND DEMAND
IN FY 2022-2023
GLOBAL SUGAR INDUSTRY PROSPECTS
GLOBAL SUGAR INDUSTRY PROSPECTS
210 25
200 20
190 15
180 10
170 5
160 0
150 -5
140 -10
130 -15
18/19 19/20 21/22e20/21 22/23f
Mln mtrv Adj. balance (RHS) Production Consumption
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
In contrast, the sugar industry still presents some risks such as
2
Financial crisis and economic recession may lead to reduced demand for sugar.
1
demand worldwide.
High logistics costs lead to market fragmentation and slow down goods circulation, leading to lowered import
Global sugar rally still has room for further gains due to the following reasons
6
Food and goods hoarding practices, especially for essential goods like Sugar, are still a concern in case crisis occurs.
5
trigger increasing Sugar production costs.
The global supply chain is projected to face challenges to the end of 2022, with high fertilizer and input prices to
4
Sugar production in Brazil.
Crude oil is forecast to remain above 100 USD/barrel in 2022, keeping ethanol prices high, boosting ethanol, rather
3
India has diverted three million tons of Sugar for ethanol production, with a target of producing E20 gasoline by 2025.
2
will boost Sugar demand and imports.
Sugar production in China declines while its economic stimulus packages and loosening of the “Zero Covid” policy
1
compared with the original forecast of 32.8 million tons.
A couple of organizations recently suggested that Brazil's output in 2022-2023 may be reduced to 29 million tons,
and 23 cents/lb, averaging at 19 cents/lb.
According to medium-term projections by USDA and Green Pool, the raw Sugar price in 2022-2023 may uctuate between 17
GLOBAL SUGAR RALLY STILL HAS ROOM FOR FURTHER GAINS
149
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
150
7.2%
IN 2022 AND 6.7% IN 2023
GROWTH WILL REACH
FORECASTS THAT VIETNAM'S GDP
THE WORLD BANK WB
7%
IN 2022
GROWTH FORECAST TO
FUND IMF RAISED VIETNAM
THE INTERNATIONAL MONETARY
growth will reach 7.2% in 2022 and 6.7% in 2023.
economies in Asia. In addition, the World Bank (WB) forecasts that Vietnam's GDP
Vietnam is the only country with a signicant upward adjustment among the major
International Monetary Fund (IMF) raised Vietnam growth forecast to 7% in 2022.
appreciation from international organizations for the coming years. Accordingly, the
its position as one of the few countries with continued positive growth and high
In 2022, although Covid 19 remains a complicated threat, Vietnam has maintained
many countries in the region.
market against anti-dumping and trade fraud practices of
Sugar prices and the policies adopted to protect the local
development of the Sugar industry was the growth of world
and distribution. One of the key enablers of the recovery and
gradually replaced by numerous challenges in both production
volatile fiscal year with favorable factors in the first months
Vietnamese Sugarcane businesses have just overcome a
VIETNAM’S SUGAR INDUSTRY PROSPECTS
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
of over 11.6% in pressed
a year-over-year increase
TO CREATE BREAKTHROUGHS
DOMESTIC ENTERPRISES TAKE ADVANTAGE OF OPPORTUNITIES
THE GOVERNMENT SUPPORTS THE SUGAR INDUSTRY AND
other ASEAN countries will improve the competitiveness of
adopting a duty of 47.6% on Sugar imports from Thailand and
from ASEAN countries originating from Thailand. Therefore,
due to the rising amount of smuggled and imported Sugar
Sugar prices have been under a lot of pressure recently
Securities Research Center (SSI Research), the domestic
According to the Sugar industry update report of SSI
sugarcane output and 7.5% in Sugar output
742
(Unit: Thousand tons)
PRODUCTION REACHED
THE SUGAR
7.5
(Unit: Million tons of sugarcane )
whole industry pressed
VSSA, in the last crop, the
SUGARCANE ASSOCIATION
OF THE VIETNAM SUGAR AND
ACCORDING TO STATISTICS
TO PROMOTE SUGAR INDUSTRY'S LONG-TERM GROWTH
GOOD DEMAND IS EXPECTED
151
in the game of globalization.
improving the production capacity to master the home eld
and responsibilities for the domestic Sugar industry in
enablers for the industry. Besides, they also set requirements
the domestic Sugar industry are considered long-term
Vietnam's Sugar Industry. Policies to support and help protect
develop and expand their market share.
businesses with capabilities and competitive advantages to
Sugar industry. It, however, oers an opportunity for
This shortage presents really a big challenge for the domestic
regions.
including the Mekong Delta and the Central and Northern
diculties in expanding material areas, especially in regions
growth slowing down in the coming years mainly due to
production is forecast to reach only about 800,000 tons with
Sugar in 2022 and in each of the coming years. The domestic
tons/year, Vietnam is expected to import over 1 million tons of
In fact, to meet the domestic demand of about 2.1 - 2.3 million
Vietnam's very high demand for sugar.
demand. This shows a big shortage of domestic supply given
This amount of Sugar meets about 35% of the domestic
Vietnam ocially joined the ASEAN Trade in Goods Agreement (ATIGA) with 5% import tari
and no quota control.
January 1
st
, 2020
1
Vietnam ocially imposed temporary anti-dumping and anti-subsidy duties on imported
Sugar products originating from Thailand, eective for 4 months
Accordingly, the tax rates on Rened Sugar and Raw Sugar were respectively 48.88% and
33.88% respectively
On February 9
th
, 2021,
the Ministry of Industry and
Trade signed Decision
No. 477/QD-BCT
2
Regarding the application of anti-dumping tax and anti-subsidy tax of 47.64% on some Sugar
products (Rened and Raw Sugar) originating from the Kingdom of Thailand.
On June 9
th
, 2021, the Ministry
of Industry and Trade issued
Decision No. 1578/QD-BCT
3
The Ministry of Industry and Trade issued Decision No. 1514/QD-BCT to impose measures to
prevent the evasion of trade remedies on some sugar products imported from the Kingdom
of Cambodia, the Republic of Indonesia, the Lao People's Democratic Republic, Malaysia, and
the Republic of the Union of Myanmar.
August 1
st
, 2022
10
The Ministry of Industry and Trade received the investigation le to impose anti-avoidance
tax on Thai sugar imported through second countries before entry into Vietnam.
September 25
th
, 2021
4
The Ministry of Industry and Trade decided to temporarily collect 40% of import tari on
sugar imported from ASEAN countries under C/O form WO, RVC 100%.
November 8
th
, 2021
5
The Ministry of Industry and Trade conducted a direct consultative meeting on the imposition
of anti-avoidance taxes on imported sugar originating from Thailand.
March 9
th
, 2022
6
Decision 348/QD-BCT extending the investigation period for anti-avoidance tax to May 21
st
,
2022 (1st time).
March 18
th
, 2022
7
Decision 943/QD-BCT extending investigation for imposition of anti-avoidance tax until July
21
st
, 2022 (2
nd
extension)
May 16
th
, 2022
8
The Ministry of Industry and Trade ocially promulgated the Draft Document on Imposition
of Taxes against evasion of trade remedies.
July 14
th
, 2022
9
Source: Statista
Revenue scale of the F&B industry in Vietnam
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
152
114.9
100
150
300
450
400
350
200
250
0
50
2017 20192018 2020 2021 2022 2023
growth opportunities.
local Sugar enterprises will have signicant
remedy policy taking eect from August 2022,
pressure from imported Sugar with the trade
rising Sugar prices and diminishing competitive
By securing more material areas in the context of
scale to meet the abundant domestic demand.
their material areas and increasing production
enterprises are to continue actively expanding
the Government's support policy, Sugarcane
industry and sugarcane farmers. To leverage
the legitimate interests of the local Sugar
imported goods, have helped to protect
between domestically produced goods and
timely to ensure a fair competitive environment
The Government's policies, seen as sensible and
Policies to support and protect the domestic Sugar industry
VIETNAM’S SUGAR INDUSTRY PROSPECTS
Unit: Billion USD
406.9
378.9
330.6
265.6
200.3
149.1
Vietnam's population growth rate and forecast
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
Unit: People
1990 20172000 20191995 20182005 20202010 2025* 2040*2015 2030* 2045*2016 2035* 2050*
40,000,000
120,000,000
100,000,000
80,000,000
60,000,000
20,000,000
Population Urban residents
However, this gure is still very small compared to the domestic demand of nearly 2,000,000 tons.
to the previous year, favorable weather and increased productivity may help the total production reach 760,860 tons.
151,000 hectares with 126,000 sugar cane-farming households. Though this does not represent an increase compared
to factories having to stop operating due to inability to ensure prots. Currently, Vietnam's raw material area has reached
in previous years. Vietnam’s accession to the ATIGA agreement has led to a massive inow of imports into Vietnam, leading
In FY 2022-2023, Vietnam is expected to have more 26 factories involved in domestic Sugar production, from 41 factories
VIETNAM'S SUGAR INDUSTRY PROSPECTS
will continue to keep local sugar prices at high levels.
will be controlled. Combined with the Government’s regulation of sugar imports via tari quota auctions, these factors
countries such as Thailand, Indonesia, Malaysia, Myanmar, Cambodia, and Laos, the volume of sugar imports into Vietnam
In the long-term to 2025, with a shortage of domestic supply and the imposition of anti-evasion taxes on Sugar from
in the event of local shortages at certain points of time.
at a high level which may reach 18,000 - 20,000 VND (excluding VAT) by the end of 2022. This level can even be exceeded
Domestic Sugar prices are closely tied to the world Sugar prices. In particular, domestic Sugar prices are forecast to remain
beverage markets (ranked 10th in Asia) in 2019.
According to BMI, Vietnam was one of the world’s most attractive food and
by 2040.
by 2025. Over 50% of the population is expected to live in urban areas
Vietnam has a golden population structure with over 100 million people
contributed 15.8% to the country’s GDP.
accounted for 35% of the total monthly expenditure of the people and
975,867 billion VND (up 3.8% over the same period) in 2020. This
According to statistics, the total sales of food and beverage reached
2030.
largest in terms of total spending by
the number of consumers and the fth
largest market in ASEAN in terms of
Vietnam is expected to become the third
Vietnam remains a potential market as the demand for Sugar is expected to continue its strong uptrend
153
TTC Bien Hoa’s organic material area in Attapeu, Laos
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
154
leading the position in the industry.
opportunities to continue to record breakthroughs, achieve the goals established and maintain
the Company on the world industry map. At the same time, we leverage advantages and
chain of sugarcane and turn challenges into opportunities, and promote the development of
strives to transform into a sustainable high-tech agricultural company, optimize the value-added
preparations to catch up with the integration trend of the agricultural sector. TTC Bien Hoa
has been no exception. As a leader in the Sugar industry, TTC Bien Hoa has made careful
Covid-19 and war have exerted direct impacts on the global Sugar industry and Vietnam
IMPROVE COMPETITIVENESS
LEVERAGE ADVANTAGES
high commercial value.
has been recognized by prestigious organizations and has
production of international-quality Organic Sugar that
to be expanded for farming of organic sugarcane and
Australia. Out of this, the material area in Laos continues
of over 68,000 hectares in Vietnam, Laos, Cambodia, and
of the cross-border material area system with a total area
The Company continues to promote the development
production and distribution.
technology in all management activities from farming to
have successfully built a seamless data ow and applied
optimization of the supply chain on a digital platform. We
industry and took preparatory steps by pioneering in the
TTC Bien Hoa soon saw the potential of the Sugar
Mrs. Huynh Bich Ngoc - Chairwoman of the BOD (4
th
from left) and Mrs. Dang Huynh Uc My - Vice Chairwoman of the BOD (3
rd
from left)
and senior leaders of TTC Bien Hoa in the ocial meeting with the Representative of the Government of Queensland, Australia.
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
production capacity of 4,690 tons of Sugar per day.
including one in Laos and one in Cambodia with a total
of product quality. TTC Bien Hoa currently owns ten factories
special attention being paid to consumers' strict requirements
and after-products together with 6 beverage products with
enhanced the quality of 75 Sugar products, 12 by-products
of world price uctuations, in FY 2021-2022, TTC Bien Hoa
chain and the minimization of revenue risks in the event
based on the optimal exploitation of the Sugarcane value
With a long-term strategy of diversifying the product portfolio
Agriculture 4.0 between the two countries.
for an extensive strategic partnership to develop advanced
with the Australian government. This lays the foundation
is also the rst Vietnamese Sugar enterprise invited to discuss
Queensland, Australia. Under this partnership, TTC Bien Hoa
comprehensive bilateral partnership with the Government of
the development of sustainable Agriculture 4.0 and a
discussed an intensive cooperation strategy in promoting
In addition, in March 2022, TTC Bien Hoa ocially
155
in both domestic and international markets.
and ensure sucient supply for production to meet demands
bring the total global material area to nearly 90,000 hectares
Relationship Management) platform. The broader goal is to
apply digital farming technology through the FRM (Farmer
expand the material area in Australia to 20,000 ha and to
strategy for the 2021-2025 period, TTC Bien Hoa aims to
Persistent with the sustainable agricultural development
in the international market.
position not only in the domestic Sugar industry but also
a launching pad to promote and enhance the Company's
All of these factors serve as competitive advantages and
Mr. NGUYEN THANH NGU
CEO
Mrs. DOAN VU UYEN DUYEN
Permanent Deputy CEO
Year of Birth: 1987
Time of appointment as CEO: November 2014
Proportion of ownership in the Company's voting shares:
4,847,118 shares, accounting for 0.74%
Qualications:
• Bachelor of Business Administration - International University - Vietnam National University, HCMC
• Completion of the Business Leadership Seed Development program - PACE
• 2014 - Now: CEO, Thanh Thanh Cong - Bien Hoa JSC
• 2014 - 2017: CEO, Thanh Thanh Cong - Tay Ninh Sugar JSC
• 2016 - 2017: Chairman, TTC Attapeu Sugar Company
• 2016 - 2018: Chairman of the Board, Tanisugar JSC
• 2014 - 2014: CEO, Gia Lai Sugar and Thermal Power JSC
• 2013 - 2014: Standing Deputy CEO, Ninh Hoa Sugar JSC
• With over 12 years of experience in Governance and Management from Finance and Banking to
Sugar production, Mr. Ngu has been widely known as a typical Business Leader representing the
8x generation full of determination, enthusiasm and readiness for the strong transformation steps
of TTC Bien Hoa.
• Having served as CEO of TTC Bien Hoa since 2014, he made timely decisions thanks to which
he gradually led TTC Bien Hoa out of the challenges and instability of the market to successfully
complete the tasks entrusted by the BOD, building trust for Shareholders and related parties.
• Apart from the Sugar industry, he also has more than 8 years of governance and management
experience in other elds such as Energy, Rubber, Agriculture, and Food. With his experience,
Mr.Ngu has enabled TTC Bien Hoa to diversify its investment portfolio by investing in promising
entities and industries in line with the Company's development strategy.
• In FY 2021-2022, as CEO, he made timely and exible moves, leading TTC Bien Hoa to adapt to the
dicult economic context caused by Covid-19 pandemic and maintain its competitive position in
the Sugar industry. He led the Company to achieve a record prot after tax of 1,002 billion VND;
• Attaching importance to support policies for sugarcane farmers and sugar-planting customers.
He pushed for directly contracting with farmers without the involvement of go-between traders,
thereby promoting their adoption of science and technology to each cultivation step, thus
gradually shifting to green farming;
• Sponsoring the application of digital farming technology through the FRM management platform
and facilitated the operation of the FRM to control investment quotas and contracting policies for
farmers and sugarcane-growing customers;
• Instructing the operation of the Truck Management System (TMS) to improve the control of
sugarcane transportation, the detection of wrong plots, mixed sugarcane and the analysis of
operations improvement;
• Instructing the operation of the Flycam management project in agriculture to help plan and
monitor the reality to promptly detect the germination rate, carry out timely supplementary
cultivation and easily detect and treat pests and diseases;
• Promoting the development and expansion of TTC Bien Hoa’s raw material areas in 4 countries
including Vietnam, Laos, Cambodia, and Australia;
• He and the Board of Management excellently fullled the Company’s business targets with the
revenue reaching 18,319 billion VND, up 23% YOY and completing 108% of the whole year’s
target. The Company’s prot before tax reached over 1,046 billion VND, up by 33% compared to the
previous FY and 39% in excess of the target. Meanwhile, prot after tax reached an all-time record
of 873 billion VND. The Sugar sales volumes are maintained at over 1 million tons.
• None.
Year of Birth: 1987
Time of appointment as Deputy CEO: February 2020
Proportion of ownership in the Company's voting shares:
6,929,425 shares, accounting for 1.06%
Qualications:
• Master of International Business and Technology Management - Asian Institute of Technology, Thailand
• Bachelor of Economics and Accounting - University of Greenwich, UK
• 2020 - Now: Permanent Deputy CEO, Thanh Thanh Cong - Bien Hoa JSC
• 2022 - Now: Managing Director, TSU Australia Pty. Ltd.
• 2022 - Now: Standing Deputy Director, Bien Hoa Consumer Goods JSC
• 2018 - 2020: Chief Financial Ocer, Thanh Thanh Cong - Bien Hoa JSC
• 2018 - 2018: Financial Assistant to Chairman of the Board, Thanh Thanh Cong - Bien Hoa JSC
• 2017 - 2018: Business Finance Partner, Thanh Thanh Cong Education JSC
• 2014 - 2017: Financial Controller, Hella Vietnam Co., Ltd
• 2012 - 2014: Financial Analyst, Thang Long Fund Management JSC
• In FY 2021-2022, as Permanent Deputy CEO, she has led the completion of the nancial
management system on the basis of the Oracle Fusion Cloud ERP platform and organized
the restructuring of the operations of the Company’s aliated entities. These projects were
implemented in consistency with the transformation model under TTC Bien Hoa’s strategic
orientations.
• Leading the successful operation of the Digital Transformation project including: Core ERP - Oracle
Fusion Cloud, Go-live of the Financial Consolidation Cloud System (FCCS);
• The Planning Budgeting Cloud System and the Oracle Analytic Cloud (OAC) modules provide
comprehensive help for the compliance of the Reporting, Forecasting and Financial Management
System with IFRS standards and local GAAPs following the Company’s business development
strategy and corporate governance structure;
• Uniforming the accounting and reporting system for all countries (Vietnam, Singapore, and Laos)
according to the International Financial Reporting Standards (IFRS). The common accounting
currency USD as well as the uniformed annual scal year period help increase transparency and
mitigate nancial risks;
• Implementing the structuring of domestic and foreign capital, including opening a new credit
limit of 100 million USD at foreign banks and successfully increasing the internal capital limit at
domestic banks to 3,500 billion VND;
• Participating in the valuation of the "TTC Sugar” brand AAA- from AA+, reaching 115 million USD
as ranked by Brand Finance;
• Leading the improvement of human resources management and operations activities on the
foundation of risk management and sustainable development. This helped TTC Bien Hoa to win
the prestigious international award "HR Asia - Best Companies to Work for in Asia 2022” for the
second time in a row.
• Managing Director, TSU Australia Pty. Ltd.
• Standing Deputy Director, Bien Hoa Consumer Goods JSC.
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
156
AND SUBSIDIARIES:
CURRENT POSITIONS HELD AT OTHER ORGANIZATIONS EXCEPT FOR THE PARENT COMPANY
SOME OF HIS OUTSTANDING ACHIEVEMENTS IN FY 20212022
REMARKABLE ACHIEVEMENTS
CAREER COURSE
INTRODUCTION OF THE BOARD OF MANAGEMENT
AND SUBSIDIARIES
CURRENT POSITIONS HELD AT OTHER ORGANIZATIONS EXCEPT FOR THE PARENT COMPANY
SOME OF HER OUTSTANDING ACHIEVEMENTS IN FY 20212022
REMARKABLE ACHIEVEMENTS
CAREER COURSE
Mr. HUYNH VAN PHAP
Deputy CEO - Division of Sales
Mrs. LAM THI CAM LE
Deputy CEO - Division of Supply Chain
Year of Birth: 1979
Time of appointment as Deputy CEO - Division of Sales: June 2021
Proportion of ownership in the Company's voting shares:
660,099 shares, accounting for 0.10%
Qualications:
• Bachelor of Business Administration
• 2021 - Now: Chief Commercial Ocer, Thanh Thanh Cong - Bien Hoa JSC
• 2022 - Now: Director, Bien Hoa Consumer Goods JSC
• 2015 - May 2021: Sales Director, Thanh Thanh Cong - Bien Hoa JSC
• 2018 - 2020: Vice Chairman and Chairman of the Board of Directors, Bien Hoa Import-Export
Trading JSC and TTC Bien Hoa - Dong Nai Sugar Company Limited
• 2010 - 2014: Deputy Sales Director, Dang Thanh Co., Ltd and Thanh Thanh Cong Packaging JSC
• 2004 - 2009: Deputy Sales Manager, Hai Ha Confectionery JSC - Southern Branch
• With over 20 years of experience in the sugar and FMCG industries, Mr. Phap has made great
contributions to building a customer system (Businesses - B2B, Consumers - B2C, Traders,
Exporters), expanding the distribution network of channels and promoting the Bien Hoa Sugar
brand in the domestic and international markets. His contributions have enabled the Company's
continuous growth in revenue and maintenance of its leading position in the domestic Sugar
industry as well as the gradual participation in the international Sugar market, including sugar
trading activities on the global goods exchange. In the past time, he has implemented a series of
business strategies in line with the Company's orientation from time to time and has successfully
completed business goals despite the volatile developments of the local and global sugar industry.
• Successfully maintaining TTC Bien Hoa's revenue growth and at the same time contributed to the
Company’s year of record prot;
• Continuing to maintain TTC Bien Hoa’s leading position in the local sugar industry across all sales
channels;
• Continuing to maintain good sales in the China market despite sti competition from strong
competitors such as Thailand, India, and Brazil as well as China’s Zero-Covid policy;
• Building and developing a high-quality sales team that is ready to face and overcome challenges,
thereby helping the growth rate of TTC Bien Hoa maintain in the long term.
• Director, Bien Hoa Consumer Goods JSC.
Year of Birth: 1975
Time of appointment as Deputy CEO - Division of Supply Chain: June 2022
Proportion of ownership in the Company's voting shares:
0 share, accounting for 0 %
Qualications:
• Bachelor of International Business, Foreign Trade University Campus II in Ho Chi Minh City
• 2022 - Now: Deputy CEO - Division of Supply Chain, Thanh Thanh Cong - Bien Hoa JSC
• 2019 - 2022: Indochina Director of Supply, Sano Aventis Vietnam Co., Ltd
• 2015 - 2019: Director of Planning, Suntory PepsiCo Vietnam Beverage Co., Ltd
• 2010 - 2015: Supply Chain Manager, Consumer Care, Johnson & Johnson Vietnam Co., Ltd
• 1999 - 2010: Head of Demand Planning, Supply Planning, Dispatch, Logistics, Import-Export
and dierent positions in Supply Chain Management activities for dierent industries (Granule,
Haircare, Personal Care, Baby Care, Feminine Care) at Procter & Gamble Vietnam Co., Ltd
• With 20+ years of experience in Supply Chain coordination, Mrs. Le is expected to bring outstanding
highlights to the Company’s comprehensive and sustainable chain development strategy.
• Participating in coordinating and building a comprehensive Supply Chain in the nal period of
FY 2021-2022. Contributing to ensuring stable operation of Logistics activities, consolidating the
internal sta of the Supply Division to be able to meet the Company's development goals;
• Improving and continuing to develop a green and sustainable supply chain, applying technology
4.0 and solutions to save costs, improve product value as well as service quality for customers;
• Envisaging TTC Bien Hoa’s orientation of developing a supply chain capable of quickly responding
to the needs of the fast-moving consumer goods industries, as well as provide solutions for the
Company's agricultural products both in the domestic and international markets;
• Maintaining exibility in distribution activities and be proactive in negotiating prices of input
materials and services, thereby helping TTC Bien Hoa to properly control costs and improve
competitiveness;
• Focusing on developing the network of domestic and foreign suppliers by maintaining the supply
of high-quality sugar products, accompanied by constantly improved sales services;
• Conducting a series of measures to classify suppliers, re-evaluating supply capacity and the
willingness to cooperate with strategic partners, as well as sourcing new suppliers;
• Overseeing the development and implementation of short, medium and long-term development
strategies with suppliers in each domestic and foreign markets in accordance with the Company's
development orientation.
• None.
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
AND SUBSIDIARIES
CURRENT POSITIONS HELD AT OTHER ORGANIZATIONS EXCEPT FOR THE PARENT COMPANY
SOME OF HIS OUTSTANDING ACHIEVEMENTS IN FY 20212022
REMARKABLE ACHIEVEMENTS
CAREER COURSE
157
AND SUBSIDIARIES
CURRENT POSITIONS HELD AT OTHER ORGANIZATIONS EXCEPT FOR THE PARENT COMPANY
such as:
Despite her relatively short time with the Company, Mrs. Le has made important contributions
REMARKABLE ACHIEVEMENTS
CAREER COURSE
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
158
1,046
MORE THAN 139% OF THE TARGET
THE SAME PERIOD LAST YEAR AND HIT
UP BY 33% COMPARED TO
(Unit: Billion VND)
EARNINGS BEFORE TAX EBT
18,319
AND FULFILLING 108% OF THE TARGET
AN YOY INCREASE OF 23%
(Unit: Billion VND)
CONSOLIDATED NET REVENUE
ON ACTIVITIES DURING THE YEAR
REPORT OF THE BOARD OF MANAGEMENT
and the region
company in Vietnam
Agriculture 4.0
the leading
ALL ASPECTS OF OPERATIONS.
AND MODERN TECHNOLOGY IN
ADOPTING MECHANIZATION
AGRICULTURAL SOLUTIONS,
WHEN BY INTENSIVE
THE GOAL TO BECOME
by local players as well as the Covid-hit demands. On
given the harsh competition from ATIGA Sugar imported
SME channel grew by 22% YOY, which is a remarkable eort
to achieve the revenue and prot targets. Specically, the
of its sale policies and quick response to market conditions
million tons thanks to the Company's exible adjustment
Net Revenue. The sales volume continued to stay at over 1
VND, up 19% over the same period, accounting for 92% of
in the Company’s revenue structure with 16,862 billion
In FY 2021-2022, the Sugar vertical still played a key role
its operation.
trillion VND in one scal year since the commencement of
the rst time TTC Bien Hoa has achieved a prot of over one
increasing the eciency of the core business. This is also
well as the focus on improved production activities and
eective sales policy, the expansion of market share as
achievements result from the Company's introduction of
last year and hit more than 139% of the target. These
billion VND, up by 33% compared to the same period
108% of the target. Prot before tax (PBT) reached 1,046
18,319 billion VND, an YOY increase of 23% and fullling
tons. The Company’s consolidated net revenue reached
the domestic market share with a volume of over 1 million
maintain its leading position in the sugar industry 46% of
outstanding performance. TTC Bien Hoa continued to
breakthroughs, thereby ending the FY 2021-2022 with
challenges into opportunities and recorded excellent
to all circumstances and changes. We successfully turned
tried to be proactive and exible in all activities to adapt
management and sta of TTC Bien Hoa have constantly
Facing local and global economic uncertainty, the
The Board of Management of TTC Bien Hoa
Source: Consolidated audited nancial statements for FY 2021-2022,
TTC Bien Hoa
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
204 billion VND respectively to the Company's total revenue.
of Molasses and Electricity contributed 445 billion VND and
products and 4 fertilizer products. In the last scal year, Sales
bagasse, molasses, biomass commercial electricity, 3 caramel
and secondary by-products including 2 Miaqua products,
promoted and developed by TTC Bien Hoa with 12 primary
strategy of diversifying the product portfolio is continuously
market, the optimization of the sugarcane value chain in the
international sugar prices and the demand of the domestic
export and trading. Faced with continuous uctuations in
and consumers and in multiple channels including
oerings to a wide variety of customers including businesses
products. As a result, TTC Bien Hoa can tailor its product
products, 3 Yellow Sugar products, and 2 Sugar Mix
Sugar products, 4 supplement products, 4 Liquid Sugar
Sugar products, 11 Alum Sugar products, 8 Organic
75 products including 29 RE Sugar products, 14 RS
and most diverse Sugar product lines in Vietnam with over
TTC Bien Hoa is currently a company that owns the largest
market, bringing Vietnamese Clean Sugar to the world.
in proactively participating in the international commodity
for new export markets, proving its role as one of the pioneers
house" unit, TTC Bien Hoa continues to promote the search
period. Especially, with the advantage of owning a "Trading
Specically, the B2C channel rose by 10% over the same
the sale volume of other sales channels also recorded growth.
West grow by over 400% and 5% YOY respectively. Besides,
system. This helped the sales volume in the North and the
branches also actively expanded the market and the customer
the other hand, TTC Bien Hoa’s the Western and Northern
159
4%
1%
2%
1%
92%
Other revenues
Fertilizer
Electricity
Molasses
Sugar
for FY 2021-2022
Revenue structure by product type
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
160
ROA 3.6%
ROE 9.8%
2.2
COMMODITY EXCHANGES.
ACTIVITIES ON INTERNATIONAL
CAME FROM SUGAR TRADING
THE MAJOR SHARE OF THE REVENUES
(Unit: Time)
IN THE PERIOD INCREASED
FINANCIAL REVENUES
27,730
TO THE BEGINNING OF THE YEAR
NEARLY 7,200 BILLION VND COMPARED
UP BY 35%, EQUIVALENT TO
(Unit: Billion VND)
THE COMPANY'S TOTAL ASSETS
term development.
revenue sources and making the most of available strengths for medium and long-
the nancial system that the Company has set out with the goal of diversifying
of the Company while at the same time reecting the orientation of restructuring
as its increased term deposits at local banks. This arms the strong nancial potential
the Company's increased investment Gia Lai Electricity Joint Stock Company as well
increased by 41% while short-term nancial investments rose by 64%, mainly due to
Specically, current assets increased by 43%. Notably cash and cash equivalents
helped to increase the eciency of the core business.
the Company's orientations in restructuring have been on the right track and have
up from the same period last year. The achievements recorded have shown that
recording a ROA of 3.6%, equivalent to the previous scal year and a ROE of 9.8%,
the Company’s prot indexes have improved signicantly versus the same period,
traditional market is negatively aected. With the above positive business results,
help diversify prots and also a competitive edge of the Company in the event the
commodity exchanges. This can be seen as an important source of revenue to
lion’s share of the revenues came from sugar trading activities on international
in the period increased 2.2 times over the same period to 1,086 billion VND. The
businesses in the region, especially in the wake of Covid. Notably, nancial revenues
selling costs is a premise for the Company to enhance competitiveness against
under control at 3.6%, equivalent to the previous scal year. Managing to control
Company's outlets. However, the proportion of Selling Costs to Net revenue is still
factors and complex developments in international politics also aected the
complicated epidemic situation in the rst half of the scal year. Macroeconomic
costs have pushed up production costs, while output demand was also aected by
because COGS increased more than revenue. High ination and increased input
In terms of operating eciency, the gross prot margin shrank from 14.8% to 12.6%,
the Company to generate sucient revenue to cover costs and yield decent prots.
over 1,430 billion VND. This shows that besides the increase in equity, the ability to use capital eectively has helped
while debt increased by only 19%, equivalent to 1,789 billion VND and Equity recorded a 17% increase, equivalent to
in the Sugar Industry as the only billion-USD player. On the other hand, the Company’s asset sizing increased sharply
billion VND compared to the beginning of the year. This gure enables TTC Bien Hoa to maintain its leading position
, 2022, the Company's total assets reached 27,730 billion VND, up by 35%, equivalent to nearly 7,200
th
As of June 30
the proud achievements that the Company has recorded.
material area, optimized operations, and diversified revenue streams. All these are
revenue and profit, continued to expand the domestic market share, maintained
capabilities of the industry leader. The Company recorded good growth in both
Facing many challenges in the past fiscal year, TTC Bien Hoa still showed the solid
ON ACTIVITIES DURING THE YEAR
REPORT OF THE BOARD OF MANAGEMENT
Net cash ow from operating activities 94 1,174
Net cash ow from investment activities -432 -2,619
Net cash ow from nancial activities 1,161 2,187
Eects of exchange rate changes -2
Cash and cash equivalents at the beginning of the period 1,000 1,823
Cash and cash equivalents at the end of the period 1,823 2,563
Source: TTC Bien Hoa
Capital structure (%)
Capital structure indicator
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
FY
1.16
1.14
1.07
1.57
1.69
0.40
0.46 0.46
0.58 0.55
2017-2018 2019-20202018-2019 2020-2021 2021-2022
Debt to total assets Debt to Equity
2.0
1.5
1.0
0.5
NĐ
opportunities.
problems as well as seize potential investment
health, ensure liquidity in the event of solvency
helping the Company strengthen its nancial
amount of Cash plays an important role in
optimize the cost of funding. Owning a large
advantage of its reputation with suppliers to
was mainly ascribed to the Company taking
Net Cash Flow from business operations, which
increase was largely due to the contribution of
by 41% compared to the previous year. This
year-end cash and cash equivalents increasing
growth YOY, reaching 742 billion VND, with
ow for FY 2021-2022 recorded signicant
business against the same period. The net cash
showed a strong improvement in the core
In terms of cash ow, the cash ow statement
Sugar prices.
helps the Company minimize uctuations in
market demand. Ensuring appropriate inventory
supplies for the new crop to meet increased
due to the seasonality at the time of preparing
increased from 82 to 89. Inventories increased
same time, the number of days in inventory
to the number as of June 30th, 2021. At the
of 4,626 billion VND, up by over 46% compared
The Company's inventory recorded an increase
map. The Company is ready to enter a new phase of investment expansion and business diversication.
beginning of the year. TTC Bien Hoa strives to build a healthy nancial structure in line with the Company's development road
compared to the beginning of the year and the debt to total assets ratio was 0.40 times, a decrease of 13% compared to the
which are sought to meet the increasing demand for working capital. The debt to equity ratio was 1.16 times, a slight increase
VND. This came from a decrease of 874 billion VND in long-term debts and an increase of 2,664 billion VND in short-term debts
foreign banks or their branches in Vietnam. Specically, the Company's debts increased by 19%, equivalent to about 1,789 billion
In FY 2021-2022, the Company completed the plan to structure domestic and foreign capital and opened new credit lines at
161
42
40
18
49
42
9
55
35
10
53
35
12
50
35
15
40
100
80
60
20
2017-2018FY 2019-20202018-2019 2020-2021 2021-2022
Owner’s equity Long-term liabilities Short-term liabilities
Target (Billion VND)
2022
,
th
June 30
2021
,
th
June 30
• Transform business to the Commercial Center model, dene and update business model in new role;
• Diversication: sell value products/stories, oer need-based solutions to Customers - Customer Centricity, promote R&D activities
combined with commercial aspects to understand Customer Insights to oer products with a solution package, participate in the
Food Production - Food Processing value chain with customers;
• Standardize agronomy, restructure agricultural governance: focus on reorganizing agricultural activities from the self-management
model (self-cultivation farms) to contracting model;
• Implement research and investment in automation/semi-automation and digitalization of production operations, focus on cost
control - product quality - timeliness;
• Supply activities - SC Control Tower: Diversify and optimize distribution, planning, and supply methods, ensure compatibility
with the business model to become a Commercial Center, a complete E2E process management solution, work towards optimized
shipping costs, gradually develop and implement Integrated Business Plan - IBP to integrate E2E business steps;
• Operate Governance and Operations activities on the digital technology system, complete the IT road map and standardize the
information technology (IT) infrastructure, improve the rate and eciency of exploiting data from the IT system;
• Build an optimal capital structure, develop a plan to raise additional funding for new investment projects, restructure loans;
• Risk Management and Compliance: identify the business environment and risk control areas during the transformation, build
proactive control systems, methods and processes, create corridors for functional blocks to transform, and control the levels of risk
and compliance;
• Organize the Vietnam - Laos - Cambodia regional model and reach out to the international level: upgrade both the scale and quality
of governance according to international standards, specically:
Vietnam - Laos - Cambodia: Build material areas, organize production of sugarcane, sugar, and fruit trees; build Vietnamese
brands, organize commodity lines, and do wholesale & retail business;
Internationally: expand international trade markets, including the expansion of farming areas and trading activities, build
Technology Hubs, Agriculture 4.0 and R&D Hubs. Strengthen technical exchanges, farming technology 4.0 with colleagues
globally.
• Upgrade operating competencies and skills: Provide training on the required skills and promote the implementation of the
established goals.
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
162
higher value chain.
time, the Company looks to shift to another
ing on markets and customers. At the same
services and import & export services, focus-
technique management model into trading,
transform the agriculture and production
In FY 2022-2023, TTC Bien Hoa aims to
KEY GOALS FOR FY 2022-2023
ON ACTIVITIES DURING THE YEAR
REPORT OF THE BOARD OF MANAGEMENT
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
NO TRANSACTION
TRANSACTIONS OF MAJOR SHAREHOLDERS FROM JULY 1
51.92% of the Company’s charter capital. These include:
As of June 30, 2022, TTC Bien Hoa has 3 major shareholders owning over 5% of share capital, accounting for
11,992,748
are ordinary shares and 21,611,333 convertible dividend preferred shares.
As such, at the end of the FY 2021-2022, the number of the Company's shares was 650,762,228, of which 629,150,895
to convert privately issued bonds for Coretrend - a Korean strategic investor and completed in August 2021.
the Company has successfully issued
In this FY,
& 2 individuals
1 organization
168,021,963
EQUIVALENT TO 25.82%
SHARES
WITH
INVESTMENT JSC
THANH THANH CONG
AND SBT INSIDERS AND RELATED PERSONS’ TRANSACTIONS
SITUATION OF SHAREHOLDER STRUCTURE
STOCK INFORMATION
163
, 2022:
TH
, 2021 TO JUNE 30
ST
with a conversion price of 14,342 VND
shares
69,724,473
EQUIVALENT TO 10.71%
SHARES
of the BOD
Chairwoman
HUYNH BICH NGOC
Mrs.
WITH
100,137,492
EQUIVALENT TO 15.39%
SHARES
of the BOD
Vice Chairwoman
DANG HUYNH UC MY
Mrs.
WITH
Internal Persons
Hoang Manh Tien Independent BOD member 1,572,000 0.25% 1,575,000 0.24% Buy
Doan Vu Uyen Duyen Permanent Deputy CEO 929,425 0.15% 6,929,425 1.07% Buy
Nguyen Thi Bich Thao CFO 429,425 0.07% 419,625 0.06% Sell
Tang Kim Tay Branch Director 25,000 0.004% 0 0% Sell
5 Truong Van Toai Branch Director 45,100 0.007% 0 0% Sell
Aliated Persons
6 Dang Van Thanh
Husband of Mrs. Huynh Bich
Ngoc - Chairwoman of the
Board of Directors
9,997,000 1.57% 0 0% Sell
TOTAL 12,997,950 2.05% 8,924,050 1.37%
Number of share
Ownership as of July 1
st
, 2021
(*)
Percentage Number of share
Ownership as of June 30
th
, 2022
(**)
Percentage
Reason for
increase/decrease
I Major shareholders holding 5% or more of share capital 337,883,928 51.92% 2 1
1 Domestic 337,883,928 51.92% 2 1
2 Foreign - - - -
II Shareholders holding 1% to 5% of share capital 91,760,693 14.10% 4 3
1 Domestic 39,171,498 6.02% 4 1
2 Foreign 52,589,195 8.08% - 2
III Shareholders holding less than 1% of share capital 221,117,607 33.98% 22,363 133
1 Domestic 201,123,881 30.91% 22,050 89
2 Foreign 19,993,726 3.07% 313 44
TOTAL 650,762,228 100% 22,369 137
Shareholder structure by proportion ownership (%)
Shareholder structure by ownership type (%)
Shareholder structure by location (%)
(*) Total number of shares as of July 1st, 2021: 638,769,480
(**) Total number of shares as of June 30th, 2022: 650,762,228
Source: TTC Bien Hoa
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
164
, 2022
TH
JUNE 30
TRANSACTIONS OF SBT INTERNAL PERSONS AND THEIR AFFILIATED PERSONS BETWEEN JULY 1
Detailed statistics of the changes are provided in the table below.
During the FY, the Company also recorded a change in ownership of SBT shares by Internal Persons and their Aliated Persons.
0.37
59
Domestic Individual Foreign Individual
Domestic institutional Foreign institutional
48.08
10.71
15.39
25.82
Mrs. Huynh Bich Ngoc Others
TTCI Mrs. Dang Huynh Uc My
Shareholder structure by shareholdingNo.
, 2022
TH
SBT SHAREHOLDER STRUCTURE AS OF JUNE 30
No.
Transaction made by Position
4
3
2
1
STOCK INFORMATION
, 2021 AND
ST
10.78
29.85
88.85
11.15
Domestic Foreign
Ownership
of shares
Number
Institutional
Number of shareholders
Individual
Source: Consolidated by TTC Bien Hoa
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
1,498.28
THE WORLD’S TOPYIELD MARKETS
UP 35.7% AND WAS AMONG
(Unit: point)
VNINDEX REACHED
, 2021,
ST
AS OF DECEMBER 31
of 5.22% compared to the end of 2021.
reached 1,830 trillion VND, an increase
ing and transaction registration scale
the end of May 2022, the market's list-
the listing size continued to grow. By
While market capitalization has shrunk,
averaging 25.8 trillion VND per session.
the average for the whole year 2021,
ket decreased slightly compared to
2021, the liquidity of the whole mar-
down 20.1% compared to the end of
the VN-Index reached 1,197.6 points,
phase of growth. As of June 30th, 2022,
rium point and prepare for the next
strong growth to nd a new equilib-
term corrections after a period of
Vietnam's stock market has had short-
investors.
indicators that Vietnam's stock market still appeals to both domestic and foreign
certicates regardless of the market plunge in the 2
persistent net purchases of 10,417 billion VND worth of shares and fund
4. A record number of new accounts opened and foreign investors’ especially
now until the end of the year;
public investment project stimulus one. These will also support the market from
economic stimulus package including the interest rate subsidy package and the
3. The Government is in the process of accelerating the implementation of the
about 16.2 times;
times while the average forward P/E ratio of developing ASEAN countries is
compared to other markets in the region. VN-Index’s forward P/E is now 11.5
have made stock valuations on the Vietnam stock market more attractive
2. The sharp drops in stock prices combined with the growth of corporate prots
increased by 1% compared to 3 months ago to 7% this year;
July, Vietnam was the only country in Asia and ASEAN whose growth forecast was
to continue to improve in the second half of this year and reach 7.5%. Besides, in
1. The World Bank's August 8
support from multiple factors such as:
market is still viewed as positive in terms of growth prospects due to the
Despite negative developments in the rst 6 months of 2022, the local stock
many businesses to successfully mobilize funds to restore business operations.
despite the challenging economic context, the growth of the stock market enabled
times compared to 2020 and larger than the previous 5 years combined. In 2021,
time. In 2021, there were over 1.5 million newly opened accounts, an increase of 4
the important factors contributing to the strong growth of liquidity over the past
2.3 billion USD. The wave of new individual investors entering the market is one of
ing set on November 19
rate. Liquidity was regularly maintained at 1 billion USD per session with a record be-
boom in new account openings, market liquidity also grew at an unprecedented
1,498.28 points, up 35.7% and was among the world’s top-yield markets. With a
a new historic peak for VN-Index. As of December 31st, 2021, VN-Index reached
The 1,500-point mark was ocially conquered on November 25th, 2021, marking
especially in the last 6 months of 2021.
a sublime year with new record milestones being established on its path of development,
Despite a highly turbulent year facing the entire economy, Vietnam's stock market marked
THE MARKET OPENS UP MANY INVESTMENT OPPORTUNITIES
COOLING DOWN AFTER A BOOM
VIETNAM'S STOCK MARKET SAW A BOOM IN THE LAST 6 MONTHS OF 2021
STOCK MARKET PERFORMANCE
165
quarter of 2022 are strong
nd
, 2022 announcement of GDP growth being expected
th
, 2021 with more than 56 trillion VND, equivalent to nearly
th
Source: TTC Bien Hoa
A
S
O
F
J
U
N
E
3
0
T
H
,
2
0
2
2
Steady growth in foreign investors’ ownership in the period July 1
st
, 2021 - June 30
th
, 2022
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
166
9.9
0.3
12.5
10.3
10
11.6 11.5
0.30.3
0.3 0.3 0.3 0.3
8
6
14
12
10
4
2
7/2021 1/20229/2021 3/20228/2021 2/202210/2021 4/202211/2021 5/202212/2021 6/2022
Unit: % Institutional Individual
to the Built Principle, and (3) Managing the HOSE-Index and
being listed in the list of unsustainable industries according
status, liquidity, free transfer rate and capitalization); (2) Not
cap players in the market (meeting requirements of share
as: (1) Being a top 20 company out of the 100 largest market
must satisfy all strict conditions in the screening stage such
basket for 5 consecutive years. In order to achieve this, SBT
companies in the VNSI20 sustainable development index
to be the only Sugarcane Company named in the Top 20 listed
journey of sustainable development. The Company continues
In the past scal year, SBT continued to create milestones in the
and reputation in the market.
investors as one with good fundamentals
stock has always been considered by
be the first choice for Investors, the SBT
performance. In order to survive and always
the key factor determining an investor’s
ability to cherry-pick good stocks will be
will be rigorously selected, meaning the
the cash flow into Vietnam's stock market
Given that the "easy money" cycle is over,
OPPORTUNITIES THROUGH SUSTAINABLE DEVELOPMENT TRENDS
GOVERNANCE FRAMEWORK, SEIZE INVESTMENT
COMPLETE THE
STOCK INFORMATION
9.9
0.3
9.9
0.3
10.8
11
11.2
10.1
0.4 0.4 0.4
over 2.5 million shares
more than 2.5 million shares and Vaneck Vietnam ETF holds
Hongkong and Shanghai Banking Corporation Limited owns
increased its ownership share with nearly 6 million shares. The
has just entered the Vietnamese market, has continuously
Notably, Fubon FTSE Vietnam ETF, a Taiwanese ETF fund which
indexes with a total ownership of over 12 million shares.
more than 9 ETFs and 9 prestigious domestic and foreign
As of June 30th, 2022, the SBT stock has been in the list of
in their portfolio restructuring eorts or new disbursements.
selected by many large domestic and foreign ETFs and Indexes
in terms of business quality, trading volume,… and has been
In addition, the Company also satises many strict standards
more easily.
to access investment capital ows, especially foreign funds,
in the VNSI20 basket is a good opportunity for the Company
50 trillion USD by 2025. As such, the fact that SBT is included
ESG assets could surpass 41 trillion USD this year and reach
early January, Bloomberg Intelligence estimated that global
53% year-on-year to 2.7 billion USD by the end of 2021. In
data provider Morningstar, assets in ESG funds had grown
businesses with high ratings on ESG criteria. According to
trend when large investment funds are injecting funds into
Governance). Sustainable investment is currently a global
assessment on 3 ESG criteria, i.e. Environmental, Social and
having the highest sustainable development results (in-depth
ESG
Source: TTC Bien Hoa
Average daily transaction volume (shares) 2,616,100 3,226,187 4,167,471 4,908,951
Average total transaction value per day (Billion VND) 43.95 60.09 90.77 109.17
Share price
• Highest price (VND) 18,650 24,300 26,850 26,850
• Lowest price (VND) 14,700 14,400 14,400 14,400
• Average closing price (VND) 16,673 18,156 20,731 21,334
A
S
O
F
J
U
N
E
3
0
T
H
,
2
0
2
2
P
R
I
C
E
M
O
V
E
M
E
N
T
S
A
N
D
L
I
Q
U
I
D
I
T
Y
O
F
S
B
T
S
T
O
C
K
I
N
F
Y
2
0
2
1
2
0
2
2
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
, 2022
th
, 2021 and June 30
st
between July 1
Statistics of SBT stock transactions
100% 46%
11,733 638,769,480
18,650
LIMITS ON SHAREHOLDING OF FOREIGN INVESTORS FREEFLOAT RATIO
(Unit: Billion VND)
MARKET CAP
(Unit: VND)
STOCK TICKER
167
Last 1 month 3 months 6 months 12 months
650,762,228
(Unit: Share)
OUTSTANDING SHARES
NUMBER OF
(Unit: Share)
NUMBER OF LISTED SHARES
Source: Vietstock, information consolidated by TTC Bien Hoa
Source: TTC Bien Hoa
(*) Under the General Shareholders’ Meeting Resolution No. 10/2020/NQ-ĐHĐCD dated October 28
th
, 2020, the Company had submitted an application to the
State Securities Commission requesting the approval of the Plan for payment of dividends for the FY 2019-2020 through the issuance of shares in September
2021. However, due to a change in relevant legal regulations (the Law on Securities 2019 (eective January 1
st
, 2021), the Enterprise Law 2020 (eective January
1
st
, 2021), the application for Dividend payment needed to be adjusted and must be approved by the General Meeting of Shareholders on a number of
related matters. The Company will ask for shareholders' opinions at the 2021-2022 Annual General Meeting to be held in October 2022, and will complete the
procedure for paying this dividend as soon as possible.
1 Thanh Thanh Cong - Bien Hoa JSC SBT HSX 4,908,951 109.17
2 Lam Son Sugar JSC LSS HSX 954,306 13.84
3 Quang Ngai Sugar JSC QNS UPCOM 753,337 37.45
4 Son La Sugar JSC SLS HNX 14,660 2.23
5 Kon Tum Sugar JSC KTS HNX 8,896 0.26
Dividend payment information of TTC Bien Hoa YoY
Average: 13%
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
168
35%
5%
15%
18%
23%
17%
2008 20142010 20162009 20152011 20172012 2018 20202013 2019
Cash Stock
ENSURE DIVIDEND POLICY FOR SHAREHOLDERS AND INVESTORS
CompanyNo. Ticker Exchange
2022, thereby continuing to fulll dividend obligations to Shareholders.
for the FY 2020-2021 with over 44 million shares, equivalent to 440 billion VND and the expected time of payout being Quarter 4,
Shareholders and Investors in both cash and shares. On August 26
For consecutive years since its listing in 2008, TTC Bien Hoa has always fullled its commitments on dividend payout to
The Liquidity of SBT and some industry peers between July 1
, 2022.
th
the next rally and peaked at 26,850 on January 10
, 2021, creating momentum for
th
at 23,600 on September 6
formed and lasted from August 2021. At this rally, SBT closed
July 1st, 2021. In the past scal year, the uptrend of SBT was
down 12.6% compared to the closing price of 21,350 on
, 2022, SBT stock price stood at 18,650 VND,
th
As of June 30
STOCK INFORMATION
7%
5%
6%
8%
7%
5%
30%
2021
(*)
volume (shares)
Average trading
value (billion VND)
Average transaction
, 2022, SBT announced a plan to payout a 7% stock dividend
th
, 2022).
th
, 2022) to 1,307.91 (June 8
th
1,182.77 (May 13
than the 11.6% rebound of VN-Index with an increase from
, 2022). The recovery was better
th
2022) to 18,250 VND (June 8
,
th
quickly when it increased 27% from 14,400 VND (May 13
supporting factors from the Sugar industry, SBT recovered
Right after that, with good intrinsic value and many positive
, 2022 at 14,400 VND per share.
th
short-term bottom on May 13
2022. During this period, SBT was also aected and dipped to a
,
th
, 2022 to 1,171.95 on May 16
th
points, from 1,524.7 on April 4
movements of the market. Specically, VN-Index lost 353
The movements of the SBT stock clearly represented the
2022, the average closing price of SBT adjusted to 18,000.
the year at 22,000-23,000. In the last 3 months of the FY 2021-
SBT's solid uptrend was maintained in the rst 9 months of
, 2022
th
, 2021 and June 30
st
Issued 37,142,358 shares to swap shares with Gia Lai Sugar-Thermal
Power Joint Stock Company Charter capital: 1,856 billion VND
Issued
9,118,675 ESOP
shares; Charter
capital: 1,948
billion VND
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
INCREASE OVER THE FISCAL YEARS
CHARTER CAPITAL
6.508
5,570
2,532
1,948
1,485
1,419
CHARTER CAPITAL IN FY 20212022 (Billion VND)
FOR CORETREND SOUTH KOREAN STRATEGIC INVESTOR
ISSUED 11,992,748 SHARES TO CONVERT BONDS
UNIT: BILLION VND
1:1.02
at a ratio of
BHS shares,
swap with
shares to
303,831,938
Issued
2015-2016
for the FY
dividends
advance of
bonus shares,
58,427,235
Issued
shares
million ESOP
6,574,200
more than
Issued
on HOSE
Listed 44,824,172 shares
in the future.
as affirms its strong financial capacity and opens up many new investment opportunities
in charter capital each year proves the sustainable development of the Company as well
of bonds converted into shares are not restricted in terms if transferability. The increase
SBT shares. The total par value of this transaction was 172 billion VND, and the number
Bien Hoa successfully converted 172 SBT42004 convertible bonds into nearly 12 million
of bonds into voting common shares. Specifically, in the 1st quarter of FY 2021-2022, TTC
reached 6,508 billion VND, an increase over the same period mainly due to the conversion
that we establish. By the end of the FY 2021-2022, the Company's charter capital had
TTC Bien Hoa has constantly working hard to achieve and been persistent with the goals
and built on the growth momentum from previous years. Since the year of incorporation,
Closing the FY 2021-2022 with many activities in the capital market, TTC Bien Hoa inherited
CAPITAL MARKET ACTIVITIES
169
2021-20222020-20212019-20202018-20192017-20182016-20172015-20162013-20142009-2013
6,388
6,084
5,867
shares
ESOP
30,417,595
Issued
shares
preferential
21,611,333
Issued
pay dividends
new shares to
29,721,879
Issued
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
170
prioritizing capital into businesses with high ratings based on ESG criteria.
Sustainable development is now a common trend globally. Major investment funds are
EFFECTIVELY EXPANDING CAPITAL MOBILIZATION ACTIVITIES
IS A RELIABLE PARTNER OF FINANCIAL INSTITUTIONS AND IS
CONSISTENT IN THE GREEN BUSINESS STRATEGY
only Sugar Company named in the VNSI20 index basket - the
compliance. In July 2021, TTC Bien Hoa was once again the
disbursement standards and conditions related to ESG
as well as to investors as organizations with extremely strict
nance institutions (DFIs), which are known to the public
access to capital from National and international development
development, creating a competitive position and facilitating
when building a "green" business strategy as a foundation for
The Company is always steadfast on the sustainability journey
,
th
balance in the rst half of 2022. Specically, as of June 30
increased demand for capital pushed up the outstanding loan
reached 257,857 billion VND, up 21% YOY. Along with that, the
of 2022, the volume of privately issued corporate bonds
billion VND per session. Meanwhile, in the rst 6 months
to the average for the whole year of 2021, averaging 25,844
The liquidity of the whole market decreased slightly compared
decreased by 20.7% compared to the beginning of the year.
, 2022, the VN-Index
th
capital channels dropped. As of June 30
for production and business and investments in venture
to cool down, most of the cash ow was used by businesses
protability". In the rst half of 2022, the stock market began
stock market is included in "The world’s top markets with high
258% compared to the previous year's average. Vietnam's
trading value reached 26,564 billion VND per session, up
, 2021, the average stock
st
stock market. As of December 31
2021 was considered a sublime year for the Vietnamese
CAPITAL MARKET ACTIVITIES
domestic and international capital markets.
testimony for the Company's position and prestige in the
deal of 1,900 billion VND with Techcombank. This was another
Best Local Currency Bond 2021 award for the bond issuance
on. In the FY 2021-2022, TTC Bien Hoa was honored in for The
many dierent countries such as Sumitomo, OCBC, and so
major credit institutions and nancial institutions in
prestigious and quality cooperative relationships with
and business activities. In addition, the Company has many
capital of over 3,500 billion VND to meet capital for production
FY 2021-2022, the Company successfully mobilized working
accompanying and developing with the Company. In the
and international banks. They have been strategic partners
TTC Bien Hoa is always highly appreciated by domestic
As one of the leading enterprises of Vietnam's Sugar Industry,
develop Agriculture 4.0.
with the ambition to expand to the Asia-Pacic region and
a visit and work with the government of Queensland, Australia
In particular, in March 2022, TTC Bien Hoa was honored to pay
opportunities with many domestic and international partners.
enjoyed numerous investment and development cooperation
in the market. As a result, in the past scal year, TTC Bien Hoa
Top 20 stocks with the best sustainable development scores
signs of the market rebounding and improving.
was not very positive, the second half of 2022 have seen many
be seen, although the capital market in the rst half of 2022
capital channel for businesses and the entire economy. As can
promote its role and becoming an eective, safe and optimal
can be considered a golden period for the capital market to
package, and ramped up public investment projects. This
stimulus package, including the interest rate compensation
has also accelerated the implementation of the economic
7.5% by the end of 2022. At the same time, the Government
with the World Bank forecasting Vietnam's GDP growth to be
end of June 2022, the capital market is still viewed as positive
saw many uctuations from the beginning of 2022 to the
against the beginning of the year. Although the stock market
11.4 million billion VND with credit growth reaching 9.35%
2022, the loan balance of the whole economy reached over
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
5.7 TIMES
COMPARED TO THE PREVIOUS YEAR.
20212022 WAS UP BY
THE VALUE OF THIS ITEM IN THE FY
SUBSIDIARIES AND AFFILIATES.
IMPORTANCE TO INVESTING IN
BIEN HOA ATTACHED SPECIAL
IN THE PAST FISCAL YEAR, TTC
IN FINANCIAL ACTIVITIES
CONTINUES TO ACHIEVE SUCCESS
DIVERSIFYING INVESTMENT PORTFOLIO
TTC BIEN HOA
long term.
which at the same time bring high economic eciency and stable prot in the
maintains the orientation to invest in green and environmentally friendly sectors
Gia Lai Electricity Joint Stock Company (GEG) to over 8 million shares. The Company
and strategy. TTC Bien Hoa continued to increase the shareholding in shares in
companies that operate in industries that match the Company’s orientations
TTC Bien Hoa’s trading securities portfolio is currently stable with many promising
long-term development.
the midst of the current turbulence and is expected to contribute to the Company’s
Investing in warehouse properties is considered an appropriate preparatory step in
Hoa to diversify its investment portfolio and greatly supports the logistics business.
position in a strategic location of Phu Quoc. The investment in THV helps TTC Bien
warehousing services and oers lots of potential for future growth thanks to its
of TTC Bien Hoa. THV, which owns many large projects, is specialized in providing
bringing the total ownership rate to nearly 36%. This made THV an aliated entity
the purchase of 18.35 million shares of Toan Hai Van Joint Stock Company (THV),
Specically, in the third quarter of the FY 2021-2022, TTC Bien Hoa completed
171
The sugarcane material area in Tully, Queensland
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
172
the material area as well as access to high-quality raw sugar materials on a large scale.
potential area. Therefore, TTC Bien Hoa sees a lot of potential opportunities to expand
the area of sugarcane harvesting land was only 350,000 ha, about 5% of the total
6.99 million hectares of land suitable for growing sugarcane. In fact, in FY 2020-2021,
growing sugarcane. According to the Institute of Agricultural Audit, Queensland has
Queensland, in particular, is home to soil, rainfall and water which is very suitable for
research capabilities and possesses an outstanding scientic capabilities in agriculture.
Australia, known as the world's leading producer of agricultural commodities, has
international markets.
demand of hundreds of millions of consumers in vibrant local and
hectares. This aims to ensure sufficient supply to cater to the
hectares, bringing the total global material area to nearly 90,000
will focus on expanding material areas in Australia up to 20,000
TTC Bien Hoa's development strategy for the 2021-2025 period
IN THE 1,244 HA ROCKINGHAM FARM IN
THE INVESTMENT
AND IMPLEMENTATION
STATUS OF PROJECT INVESTMENT
AUSTRALIA
TTC Bien Hoa's management team meets with the management of Queensland Sugar Limited (QSL)
and visits the QSL Raw Sugar Unloading Port in Townsville
The sugarcane material area in Tully, Queensland
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
Received and put into operation in August 2022
IMPLEMENTATION PROGRESS
~16.3
(Unit: million AUD)
TOTAL INVESTMENT
new projects in the key sugarcane material areas in Australia.
in Tully with the target of 5,000 ha and will simultaneously conduct research to promote
20,000 ha. In FY 2022-2023, TTC Bien Hoa will continue to accelerate the investment pace
first step in realizing the strategy of expanding the sugarcane material area in Australia to
and successfully owned a sugarcane material area of 1,244 ha. This is considered the
secured the approval of the authorities in Tully, Queensland, TTC Bien Hoa has invested
After over 4 months of research, appraisal and working with consultants, and after having
173
A 2,000 cubic meter per day capacity natural water cooling system
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
174
~23 billion VND
Implementation progress: Completed and started operations from September 2021.
Implementation cost :
1
SUGAR PRODUCTION LINE AT BIEN HOA SUGAR FACTORY IN NINH HOA
INVESTMENT IN ENHANCING THE CAPACITY OF REFINED
consumption and production costs.
to a natural cooling to reduce electricity
• Upgrading the fan-powered cooling system
capacity of the production line;
drying and packaging equipment to ensure the
• Upgrading the capacity of Sugar cleaning, Sugar
the Sugar rening capacity in large quantities;
ensuring the weighing capacity to accommodate
• Improving the raw Sugar weighing system,
800 tons of Finished Sugar per day;
• Increasing production capacity from 600 tons to
Investment objectives
2021-2022 period will help us see the practical gains of this investment:
TTC Bien Hoa's implementation of technology improvement programs in the
new projects towards the green and sustainable development. A look back on
improvement for existing projects, TTC Bien Hoa continuously invested in
plays. In the past year, besides regularly updating and investing in technology
company, TTC Bien Hoa understands the critical role that modern technology
With the goal of pioneering in the journey to become a high-tech agricultural
AND OPERATIONAL EFFICIENCY
INVESTMENT IN TECHNOLOGY DEVELOPMENT
product pricing.
production, reduced production costs and
• Eectively saved energy consumption in
orders;
storing nished products in the event of large
• Reduce production time, and save costs of
competitiveness;
demand, and help improve the Company’s
factory, maximize the capacity to meet market
• Improved the production capacity of the
Project eectiveness and business impacts
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
~1,800 billion VND
• The packaging production factory and the warehousing system are expected to start operation by mid-2024.
• The sugarcane juice factory is expected to start operations by the end of 2024;
Implementation progress: The work items are expected to be completed in 03 years, specically:
Implementation costs:
environmental protection.
• Increasing the greenery-covered area for
treatment;
• Optimizing the reuse of wastewater after
• Building a warehouse system;
factory;
• Construction of a new packaging production
juice and other drinks from agricultural products;
• Construction of a plant manufacturing sugarcane
Investment objective
2
AGRICULTURAL PRODUCE PROCESSING COMPLEX PROJECT
INVESTMENT IN THANH THANH CONG BIEN HOA
175
to community development.
the development of the local economy as well as
maximize prots for the Company, contribute to
• Complete the closed loop production process,
market competitiveness;
high-quality product lines at low cost, enhance
• Maximize the sugarcane value chain, diversify
Project eectiveness and business impacts
TTC Bien Hoa has embarked on a transformation journey with three main stages
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
176
devices, ensuring our ecosystem is safe and secure anytime and anywhere.
standards for information security, information systems, equipment and user
In addition, TTC Bien Hoa’s infrastructure team has also developed common
and machine learning (ML) to provide accurate and timely management reports.
applied Oracle's data analytics technologies such as articial intelligence (AI)
Accordingly, TTC Bien Hoa has merged all data on Oracle Data Warehouse and
DMS), an industry data set (Master Data) is integrated throughout and consistently.
Factory) and products sold on the market and distributed to consumers (CRM/
Bien Hoa’s management chain from agricultural inputs (FRM) to production (Smart
integrated ecosystem, including a complete End-to-end (E2E) process in the TTC
stable operation to facilitate our business operations. With a comprehensive
, 2021 and the system, one year after its launch, was put into
st
Cloud, on July 1
TTC Bien Hoa launched our digital transformation project, ERP Oracle Fusion
model innovation.
models, and then enable business
to rst-step-change operating
leverage advanced manufacturing
from the case studies is that they all
approach, the common element
innovation vary in pace, scope and
While transformation and
growth globally.
Smart Agriculture 4.0 and drive our
to address the requirements of
innovations and digital technology
focuses on harnessing the power of
strategy for the period 2021-2025
digital technology development
of our digital transformation. Our
a top priority for TTC Bien Hoa as part
development of Smart Agriculture is
Moving along with global trends,
AND THE DIGITAL SUPPLY CHAIN MODEL
ROADMAP FOR BUSINESS MODEL REFORMS VIA ADVANCED MANUFACTURING
SMART AGRICULTURE
LEADING INITIATIVES FOR
OUR BUSINESS OPERATIONS
APPLIES TECHNOLOGIES IN
in agriculture grounded by strong digital transformation.
strategies to leverage benefits of information infrastructure and become a local market leader
TTC Bien Hoa has always made efforts in timely deployment of appropriate digital technology
A ROADMAP FOR ROBUST BUSINESS TRANSFORMATION
PIONEERING BUSINESS MODEL
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
Stage 1
GROWTH
FOR DISRUPTIVE
TRANSFORMATION
Stage 2
MODELS
NEW BUSINESS
PROMOTING
177
Stage 3
GOVERNANCE
AND DATA-DRIVEN
TECHNOLOGIES
USING NEW
AN ECOSYSTEM
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
178
Stage 2
MODELS
NEW BUSINESS
PROMOTING
Stage 3
GOVERNANCE
AND DATA-DRIVEN
TECHNOLOGIES
USING NEW
AN ECOSYSTEM
Stage 1
GROWTH
FOR DISRUPTIVE
TRANSFORMATION
for automated analytics.
and Cloud data services (PaaS) will promote application of AI/ML technology
business goals. Leaps in building large database systems (Data Lakehouse)
• Our data strategy sets out a shared vision to align data with current and future
aspirations of the Board of Directors.
Hoa’s digital transformation in all business lines based on the vision and
market routing. This is a diversication strategy that can facilitate TTC Bien
technology, customer-centric approach for agricultural traceability and
for land/productivity mapping, AI/ML-based applications for the blockchain
• Adopt new technologies such as Cloud platforms, IoT devices or satellites
member entities in dierent countries.
data usage for better data analytics to boost knowledge sharing between
cross-border ecosystem and functional processes, and promote centralized
• Focus on system and business performance for continued improvement of
monitor the performance of the ecosystem.
each member in the organizational structure, as well as develop a process to
organizational structure, clear denition of the roles and responsibilities of
training of all end users on the E2E process, followed by standardization of
ERP Core applications and Front End business operating systems, provide
line with business requirements, standardize operational processes using
interface inside the ecosystem using Cloud-based infrastructure and in
• Develop all needed for successful operation and proper setup of end-user
and collaboration models, and achieve transformation goals.
and solve all potential challenges, build cost-eective ecosystem integration
select partners with relevant experience and expertise to drive fast growth
scale agricultural production, adopt suitable ERP Core and NonCore solutions,
• Design an integrated ecosystem to help generate outcomes from our large-
systems to form an ecosystem at TTC Bien Hoa of strategic importance.
the End to End (E2E) process via integration of all application (NonCore - Core)
up stages and develop unique and feasible digital technology solutions for
• Promote transformation at scale to unlock growth momentum in the follow-
A ROADMAP FOR ROBUST BUSINESS TRANSFORMATION
PIONEERING BUSINESS MODEL
FY 20222023
ACCELERATING NEW BUSINESS MODELS FOCUSING ON FRONT END
SOLUTIONS AND SUPPORTING SUPPLY CHAIN DIGITIZATION
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
Hoa's agricultural know-how.
combine experience of domestic suppliers and TTC Bien
opportunities, and especially expanded reforms that
the vision of the Management on sectoral development
department and in each business line, and also based on
practices adopted by each member company or functional
thematic area. The system is built on the most successful
be deployed and meaningfully applied to each respective
integrated E2E solution, outlining how digital technology can
this, the ecosystem will involve into a comprehensive and
customer relationship optimization (CRM - DMS - eRetail). By
(DigiFarm), factory operations (DigiFactory) and centralized
Hoa's digital technologies used in agricultural activities
The proposed strategy includes improvement of TTC Bien
electricity generation, water supply, fertilizer production,...
production to functional teams in charge of sugar production,
all functions in TTC Bien Hoa's value chain from agricultural
Management (SCM). The ecosystem is applied to digitize
set, Data Warehouse, Data Analytics and Supply Chain
(SaaS), Cloud Infrastructure services (IaaS), Master Data
ecosystem including: construction of Cloud applications
the E2E process within 6 to 18 months for the integrated
Specically, TTC Bien Hoa established solutions to upgrade
Upon completion of Phase 1, the key activities to be implemented by TTC Bien Hoa in the upcoming years include:
digital transformation journey.
transformation roadmap towards 2024-2025 goals as a promising start of our comprehensive
In FY 2021-2022, TTC Bien Hoa successfully implemented Phase 1 of our 5 year digital
TOWARDS ACHIEVEMENT OF 2024-2025 GOALS
ON OUR 5 YEAR DIGITAL TRANSFORMATION ROADMAP
TTC BIEN HOA’S STEADFAST POSITION
179
5
from factory to station within 6 months.
Analysis of monitoring data, from farm to factory,
4
Management (SCM) system within 12 to 18 months;
ERP implementation for the Supply Chain
3
within 6 to 8 months;
and integration into the new Front End system
ERP implementation for new member companies
2
DigiFactory system within 6 to 12 months;
1
DigiFarm system within 6 to 12 months;
Applications are developed and/or further improved
solutions such as IoT or Robotics,...
digital nancial solutions,...) and integration of technology
companies (Front End solutions, Back End solutions and
ready for connection with digital solutions of the member
SaaS platform is used as a centralized management system,
In particular, the ERP Core system on the Oracle Fusion
Cambodia, Singapore and Australia.
of member companies in 05 countries, i.e. Vietnam, Laos,
FROM 2023
TO 2025
BUILDING AN ECOSYSTEM WITH NEW TECHNOLOGIES
AND DATADRIVEN GOVERNANCE
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
180
Projects to be implemented at this stage
5
Building a complex omnichannel sales model and deploying an e-commerce platform to drive sales.
4
model and is most closely linked with the omnichannel sales model;
direct sales revenue, intermediary's revenue in the market and advertising revenue. This can be dened as a complex
Adopting an e-commerce platform model to sell tangible and intangible goods. This model is a combination of
3
of stores displaying TTC Bien Hoa products, developing scenarios to prevent sugarcane res in the eld,...;
Applying AI/ML technology in analyzing and forecasting business scenarios, automatically scoring, using “Panorama”,
2
Financial statements, Supply chain management, Sales);
Developing management reports by the Board of Directors and the Board of Management (Agricultural production,
1
Building the data management architecture or Data Lakehouse;
A ROADMAP FOR ROBUST BUSINESS TRANSFORMATION
PIONEERING BUSINESS MODEL
of the Company.
assets are important to the success
Management which affirms that data
TTC Bien Hoa's Board of
Develop the vision of
of data.
Bien Hoa's ecosystem at this stage, focusing on ecient use
service basis. Implement relevant projects to improve TTC
predened model, support users in data analysis on a self-
integration. With data management architecture built for the
data storage needs to facilitate information sharing and data
nance and supply chain to sales and compliance. Identify
critical business functions, from operations, production,
revenue or manage risks by deploying data analytics across
TTC Bien Hoa leverages data as a strategic asset to generate
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
WORK PLAN AND TASKS FOR 2022-2023
TTC BIEN HOA’S
LEVEL
COMPANY
AT THE
partner relationships on digital issues.
coordinated approach in the entire organization and for
an expanded ecosystem, build a more systematic and
with local “Hubs” and member companies to create
TTC Bien Hoa will lead and act as a focal point to work
LEVEL
COUNTRY
AT THE
local digital ecosystem players.
Hoa will also convene, empower, and collaborate with
expertise as a core oer from the Company. TTC Bien
available member companies’ digital development
suppliers and governance coordinators to make
software/digital vendors as well as work closely with
At its member companies, TTC Bien Hoa will partner
181
LEVEL
CENTER
AT THE
on key issues.
regions in supporting and collaborating with each other
also engage leading digital organizations in dierent
comprehensive digital transformation. TTC Bien Hoa will
and regional bodies as part of “Hubs” to advocate for
centralization, with regional/central committees
technology application, digitalization and data
Pursue a digital transformation agenda that covers
LEVEL
GLOBAL
AT THE
the responsible and sustainable use of technology.
access digital expertise and engage on issues related to
partnerships with global technology companies to
optimize our operations. TTC Bien Hoa will also pursue
strengthen TTC Bien Hoa's agriculture business and
Common Agenda, to bring insights into intrinsic value,
Company's roadmap for digital cooperation and our
agricultural company with global reach, based on the
Pioneer in the journey to become a high-tech
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
182
CLOSEDEND AND COMPREHENSIVE SUPPLY CHAIN
SUPPLY CHAIN ACTIVITIES IN FY 2021-2022
sustainably.
chain activities, thus overcame the turbulence and developed
Bien Hoa managed to maintain its exibility and initiative in supply
extensive material area, factory network and distribution system, TTC
Bien Hoa was signicantly aected. With the advantage of owning an
diculties and challenges facing the global supply chain and TTC
China’s zero-Covid policy. Together, all these factors maximized the
materials including the crisis caused by the Russia - Ukraine war and
erce competition among major countries for the supply of raw
of many "black swan" crises such as Covid. This was coupled with
chain with disruptions at many important stages due to the impact
The FY 2021-2022 is an unforgettable year for the global supply
products to the consumer.
and finally the packaging of finished
starting from material area to production
throughout the Company's network,
integrated and deployed synchronously
closed-end supply chain that is
high technology to a comprehensive
Agriculture 4.0 company that applies
TTC Bien Hoa aims to become an
AT TTC BIEN HOA
CLOSEDEND SUPPLY CHAIN DIAGRAM
INPUT SUPPLY CHAIN
GOALS
MAIN
• Manage international transactions
• Optimize inventory turnover
• Manage procurement expense
ALIGN SUPPLY AND DEMAND MANAGE INTEGRATED SUPPLY CHAIN MODEL
WAREHOUSE
MATERIAL/PACKAGING
SUPPLIER PORT
EFFECTIVE SUPPLY CHAIN MANAGEMENT
SUPPLY CHAIN
RAW MATERIAL
• Reduce costs of transporting raw sugarcane
• Shorten time between harvest and crushing
• Optimize farming management costs
FACTORY
Source: TTC Bien Hoa
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
meet the needs of customers in multiple market segments.
of commercial sugar products from ASEAN countries that can
Australia,... At the same time, the Company also owns a supply
world's largest sugarcane producers such as Thailand, Brazil,
connect with a diversied raw sugar supply network from the
producing raw sugar. This enables the Company to condently
few Vietnamese enterprises that own 4 factories capable of
both at home and abroad. Currently, TTC Bien Hoa is one of
expand product oerings and meet the increasing demands
Hoa also combines raw Sugar rening outside the crop to
In addition to producing Sugar from Sugarcane, TTC Bien
PRODUCTION SUPPLY CHAIN DISTRIBUTION SUPPLY CHAIN
• Minimize freight and logistics costs
• Improve on-time delivery performance
• Optimize OEE
• Optimize yield
• Reduce production costs
• Reduce losses
DISTRIBUTOR/
RETAILER
WAREHOUSE
FINISHED PRODUCT
183
the supply of sustainable and sourced agricultural products.
occupy market share and strive to become regional leader in
to increase competitiveness, expand distribution system,
TTC Bien Hoa to properly control costs and have full initiative
distribution centers in Bien Hoa and Tay Ninh, has enabled
Southern Vietnam and in Attapeu, Laos, and especially 2 large
and nished products stretching from Northern, Central and
and 1 in Cambodia, a total of 44 warehouses of raw materials
Owning a large network with 10 factories in Vietnam, 1 in Laos,
for their product value chain.
Nguyen, DHG Pharma, Sano Pharmaceutical, Imexpharm,...
Vinamilk, Nutifood, Red Bull, Tan Hiep Phat, Vinacafe, Trung
pharmaceutical industries such as Coca-Cola, Pepsi, Nestle,
the food processing, beverage, dairy, livestock, farming, and
Company’s products are preferred by the major players in
quality, are accompanied by improved sales service. The
TTC Bien Hoa's products, which are always of good
OPTIMIZE CUSTOMER SERVICE
OUTLET CONSUMER
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
184
world's leading manufacturers.
Modern Agriculture 4.0 and standing on a par with the
expanding the supply chain, fulfilling the mission of creating
This proves TTC Bien Hoa's efforts in improving and
1,000,000
BE MAINTAINED AT ABOVE
IN THE FY 20212022, SUGAR SALES VOLUME CONTINUED TO
PROMOTE THE DEVELOPMENT OF AGRICULTURE 4.0
EFFORTS TO IMPROVE AND EXPAND THE MODERN SUPPLY CHAIN,
EFFECTIVE SUPPLY CHAIN MANAGEMENT
management perspectives.
the operation plan. This is the basis for the management to make timely decisions with a full range of
accuracy of the underlying data and corresponding scenarios, quickly displaying the simulation results of
Integrated supply chain planning in tiers, gradually implemented by system, helps to increase the
the supply chain and purchase plan;
warehousing and payment, completely meeting the needs of management throughout the operation of
Purchasing activities being recorded and thoroughly controlled from the planning of purchasing needs to
improve eciency, cost and quality of warehousing services, enhancing the competitiveness of TTC Bien Hoa;
Warehousing activities (Logistics) being planned and organized end to end from input to output, helping to
for managing supply and manufacturing operations on weekly and daily basis;
Shortening and improving the accuracy of the Sales and Operations Planning (S&OP), which serves the basis
demands by each distribution channel, helping to proactively manage supply activities and mitigate related risks;
Recording, analyzing and providing information on market uctuations and changes as well as customer
Providing inventory management information on the supply chain at real-time locations or times;
standardize and improve the eciency of each stage in the entire supply chain such as
The integration of the ERP application into supply chain management helps the Company
products to consumers.
farm to the factory and distribution of
in all management activities from the
data ow, and applying technology
digital platform, building a seamless
optimizing the supply chain on a
Company has initially succeeded in
entire supply chain. As a result, the
to deploy this system across the
Cambodia, TTC Bien Hoa continued
Vietnam, Australia, Singapore, Laos and
at 34 entities in 5 countries including
go-live of the Oracle Cloud ERP system
At the same time, after the successful
TONS
GLOBALLY
COUNTRIES
EXPANDED TO OVER
WITH THE EXPORT MARKET BEING
+
29
Mrs. Huynh Bich Ngoc and Mrs. Dang Huynh Uc My and other leaders at the ocial meeting with the Government of Queensland, Australia
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
In March 2022
the world as well as strengthen the position of Vietnam's agriculture 4.0.
optimizing the supply chain, thereby continuing to accelerate its journey to conquer
important foundation for TTC Bien Hoa's comprehensive journey of scaling and
Queensland Government in sustainable modern agricultural development is an
strategy 4.0 with the Authority of Queensland, Australia. The partnership with the
TTC Bien Hoa ocially discussed the bilateral agricultural development cooperation
activities according to the ocial set of numbers approved by the management at monthly S&OP meetings.
with the Planning Department at the forefront. This move is intended to consolidate data sources in supply chain
This is done by unifying and synchronizing activities between the Planning, Logistics and Purchasing Departments,
Unication and synchronization of activities within the Supply Chain
2
each common topic.
Through well-orchestrated activities between departments according to interactive models with diverse content on
Management of costs, service and product quality
1
mainly on 2 main concerns as follows:
operation plan for FY 2022-2023 focusing
TTC Bien Hoa has outlined a supply chain
With the 3A model
SUPPLY CHAIN PLAN FOR FY 2022-2023
185
Adaptability Alignment
Agility
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
186
BUILD THE FOUNDATION
fertilizer, mechanization and sugarcane farming.
Implement S&OP (Sale & Operation Planning) process for Agriculture, including
from the Sales Division;
Eectively manage supply chain projects, take over import and export activities
services;
Implement activities aimed at optimizing costs, goods quality and customer
human labor in logistics activities, operating processes and management systems;
Build a robot-based supply chain, increase freight transport productivity, reduce
to consumers and customers in the fastest manner with optimized cost;
focus on building and restructuring the supply chain to bring goods and services
Deploy the supply chain using the 3A (Agility - Adaptability - Alignment) model,
2022-2023
FY
2025 as follows:
TTC Bien Hoa builds the development orientation as well as Action Plan for the supply chain from now to
well as set orientations and targets up to 2030.
and connect different functions to jointly achieve medium-term goals up to 2025 as
is considered as the backbone of the organization to implement the transformation
Engineering - Production to Commerce - Service - Import - Export, the supply chain
In the process of transforming TTC Bien Hoa's management model from
TOWARDS 2025
SUPPLY CHAIN PLAN
EFFECTIVE SUPPLY CHAIN MANAGEMENT
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
TOWARDS SUSTAINABLE DEVELOPMENT
Implement a green supply chain model with specic measurable KPIs.
Diversify the capacity of the supply chain team;
Support to set up operation of a sugarcane juice plant;
market, plan a distribution system for the Central and Northern markets;
Establish a new distribution center for multi-channel distribution for the southern
2024-2025
FY
OPTIMIZE AND AUTOMATE SUPPLY CHAIN OPERATIONS
Work closely with the Agribusiness Division to optimize agricultural operations.
Australia operations, which are included in the S&OP governance process;
Enhance supply chain capabilities to support international business, including
distribution at BHC;
Prepare a new distribution center planning project, supporting multi-channel
Joint Stock Company (BHC);
Transform supply chain operation model to FMCG at Bien Hoa Consumer Goods
Robot systems;
Automate the planning and operations of the supply chain through ERP and
2023-2024
FY
of expanding markets and reaching out to the world.
supply chain based on international standards, serve TTC Bien Hoa's strategy
targets, stick to the goal of a comprehensive value chain, build a sustainable
the staff of the Supply Division in particular will strive to fulfill the operating
TTC Bien Hoa's management team as well as all employees in general and
In order to achieve the goals of the 5-year strategy for the 2021-2025 period,
187
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
188
needs.
also been implemented and production has been implemented based on customer
agricultural products including fruit trees. Therefore, the R&D for packaging has
For agricultural activities, TTC Bien Hoa has been doing research to further expand
choosing the right timing to market these products to consumers.
Half Sugar, Stevia Sugar, Flavored Syrup, Molasses,... The Company is currently
on high-convenience as well as healthy and energy-boosting products such as
TTC Bien Hoa has been highly active in R&D activities with the focus being placed
becoming increasingly favored and trusted by customers. Taking this into account,
pandemic has resulted in a change in consumption trends with healthy products
The 2021-2022 period has been greatly affected by Covid-19. In particular, the
R&D SITUATION IN THE 2021-2022 PERIOD
IN FY 2021-2022
ROBUST R&D ACTIVITIES
TTC Bien Hoa signed a Memorandum of Understanding (MOU) with the Institute of Advanced Engineering (IAE) - Korea in September 2021
Sugarcane conveyor belt at TTC Bien Hoa's factory
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
biotechnology.
TTC Bien Hoa entered into a partnership with Hanoi Paper Institute to research the production of pulp from bagasse using
IN OCTOBER 2021
for TTC Bien Hoa to access advanced technical options to acquire additional value from bagasse;
renewable energy” with an estimated total project cost of 28 billion KRW, equivalent to 506 billion VND. This will pave the way
to develop the project "Demonstration and development of foreign business model of a 6MW power plant with unused
TTC Bien Hoa signed a Memorandum of Understanding (MOU) with the Korea Institute of Advanced Engineering (IAE)
IN SEPTEMBER 2021
research institutes to conduct research products with high added value from bagasse such as:
In the 2021-2022 period, TTC Bien Hoa's R&D team has actively partnered with both local and foreign universities and
189
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
190
• Combining R&D solutions and participating in the customers’ Food Processing value chain.
and other agricultural products of TTC Bien Hoa;
and development of products that “Customers need” and revolve around the sugarcane, coconut trees
• Working closely with Sales, Marketing, Production and other related functions to promote the research
Diversifying products according to customer needs:
value.
Promoting the R&D of agricultural by-products of sugarcane, coconut and other crops to optimize added
Transforming the function of R&D from R&D Research to R&D Business;
Promoting the role of R&D in the new Commercial Center model;
focus on:
based the new Commercial Center model. Specifically, R&D activities will
developing and diversifying product lines in line with the business strategy
TTC Bien Hoa will focus on analysis and research to ensure the goal of
Regarding the R&D plan for the 2022-2023 period and further to 2024-2025,
PLAN
PRODUCT VALUE CHAIN
FUTURE
IN FY 2021-2022
ROBUST R&D ACTIVITIES
C
o
n
f
e
c
t
i
o
n
e
r
y
–
A
B
I
S
e
a
s
o
n
i
n
g
s
-
M
O
M
C
O
O
K
S
B
e
v
e
r
a
g
e
M
Í
A
H
A
S
u
g
a
r
B
I
E
N
H
O
A
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
sugarcane and other agricultural products and optimally address customer needs.
lines with advanced production technology processes to make the most of the added value from
has been adopting a strategy of researching and developing a wide variety of high-quality product
With the strengths and experience of the leading player in Vietnam's Sugar Industry, TTC Bien Hoa
Center
Commercial
Coconut oil
Coconut cream
Coconut milk smoothie
Gummy candy
Coconut candy
THE STRATEGY FOCUSES ON DEVELOPING THE FOLLOWING KEY PRODUCTS
fresh, traditional taste from Ben Tre.
• Launched the XIM coconut milk product using cold pressing technology to make a product with a
SEASONINGS
beverage industry.
• TTC Bien Hoa’s new product, carbonated sugarcane juice, is set to create a new breakthrough for the
PRODUCTS
BEVERAGE
• Liquid cane Sugar: A new product line for the mixing and consumption channels.
Rened Sugar;
sweetness for the product. The sweetness will be 2 times higher while the taste will be the same as
• New generation Sugar: Half Sugar characterized by a blend of Stevia and Cane Sugar to create
PRODUCTS
SUGAR
in particular, protect the environment.
such as unburnt bricks,... We aim to enhance R&D activities in order to optimize product value, improve customer experience and,
the value of by-products from the sugar production process such as tableware from bagasse, and products applied from kiln ash
In addition, in pursuit of a "Green" business strategy based on sustainable values, TTC Bien Hoa continues to research and improve
TTC BIEN HOA'S PORTFOLIO STRATEGIC DEVELOPMENT
191
Kombucha
Natural energy sugarcane-avored water
Gased sugarcane-avored water
Changes in packaging materials
Horeca liquid Sugar
Cube Sugar
New-generation Sugar
1
Tay Ninh 90 210
2
Gia Lai 100 540
3
Singapore 100 748
4
Dong Nai 90 3.578
5
Tay Ninh 100 4,5
6
Tay Ninh 100 160
7
Tay Ninh 100 5
8
Ho Chi Minh City 100 2
9
Tay Ninh 79.71 87.58 58
10
Tay Ninh 100 30
11
Tay Ninh 100 4
12
Tay Ninh 100 4
13
Tay Ninh 100 4
14
Khanh Hoa 100 5
15
Khanh Hoa 100 5
16
Tay Ninh 78.73 294
17
Ho Chi Minh City 100 1,116
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
192
DIRECT SUBSIDIARIES
I
Company
Thanh Thanh Cong TTC Bien Hoa One Member Limited Liability
Tay Ninh Sugar Joint Stock Company
Ninh Hoa Clean Energy Sole-member Co., Ltd
Ninh Hoa Clean Energy Sole-member Co., Ltd
Thanh Cong Agriculture Investment Sole-member Co., Ltd
Green Thanh Cong Company Limited
Thanh Cong Green Agriculture Sole-Member Co., Ltd
Thanh Thanh Cong Sugarcane Research and Application Co., Ltd
Nuoc Trong Sugar Joint Stock Company
Thanh Thanh Cong Food Co., Ltd
Thanh Cong Green Idea Sole-Member Co., Ltd
TTC An Hoa Production - Trading and Service Sole-member Co., Ltd
Hai Vi Co., Ltd
Bien Hoa Consumer Goods Joint Stock Company
TSU Investment PTE. Ltd.
Thanh Thanh Cong Gia Lai One Member Limited Liability Company
Thanh Thanh Cong Agricultural Development JSC.
Co., Ltd in the SBT Annual Report for FY 2021-2022.
298 of the Consolidated financial statements Audited by Ernst & Young Vietnam Auditing
and 4 affiliate companies. For the detailed business of each company, please see page 296-
, 2022, TTC Bien Hoa has owned 17 direct subsidiaries, 13 indirect subsidiaries
th
As of June 30
AND ASSOCIATES
ACTIVITIES OF SUBSIDIARIES
HeadquartersNo. Subsidiaries/Associates
(%)
Shareholding
(%)
Voting rate
(Billion VND)
Charter capital
1
Khanh Hoa 100 607.5
2
Khanh Hoa 100 300
3
Gia Lai 100 130
4
Ninh Thuan 95.79 45
5
Tay Ninh
20
6
Ho Chi Minh City
7,750
7
Gia Lai
2,165
8
Laos
1.440
9
Khanh Hoa 92.04 23.4
10
Singapore 75.73 658
11
Tay Ninh 75.73 100 4.5
12
Tay Ninh
64.5
13
Australia
17,133
1
Ho Chi Minh City 41.65 100
2
Tay Ninh 23.62 30 112
3
Tay Ninh 23.62 30 75.8
4
Kien Giang
1,480
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
17 13 4
SUBSIDIARIES
INDIRECT
SUBSIDIARIES
DIRECT
AFFILIATED COMPANIES
III
Toan Hai Van Joint Stock Company
Tapioca Vietnam Co., Ltd
Tay Ninh Cassava Joint Stock Company
Tan Dinh Import-Export Joint Stock Company
No. Subsidiaries/Associates
INDIRECT SUBSIDIARIES
II
Global Mind Australia Pty Ltd.
Nuoc Trong Rubber Joint Stock Company
Miaqua Water Cane Sole Co., Ltd.
Global Mind Commodities Trading Pte. Ltd.
Mien Trung Bovine Breeding Joint Stock Company
TTC Attapeu Sugar Cane Sole Co., Ltd.
TTC Sugar Attapeu Co., Ltd.
Bien Hoa Import Export Trading Joint Stock Company
Bien Hoa - Thanh Long Joint Stock Company
Bien Hoa - Phan Rang Sugar Joint Stock Company
Gia Lai Thermal Power Sole-Member Co., Ltd
Ninh Hoa Thermal Power Sole-Member Co., Ltd
Bien Hoa - Ninh Hoa Sugar Sole-member Co., Ltd
193
COMPANIES
AFFILIATED
35.89 36.9
Headquarters
(%)
Shareholding
biu quyt (%)
T l quyn
(Billion VND)
Charter capital
65.13
66.04
93.58
93.58
90.2
88.2
HeadquartersNo. Subsidiaries/Associates
(%)
Shareholding
(%)
Voting rate
(Billion VND)
Charter capital
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
194
ACTIVITIES IN FY 2021-2022
TTC BIEN HOA'S QUALITY ASSURANCE
FEEDBACKS ON PRODUCT QUALITY
QUALITY ASSURANCE AND CUSTOMERS’
natural origin.
our constant efforts to deliver quality and safe energy and nutritional products of
upholds strict quality standards in over 50 years of history, demonstrated by
With a vision to build a modern and sustainable agriculture, TTC Bien Hoa always
QUALIFIED
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
UNQUALIFIED
UNQUALIFIED
CONTROL
CONTROL
MATERIAL
OTHER
PRODUCTS
INTERMEDIATE
SUPPLIER
SUGARCANE
and delivery of quality-assured products.
systems, which are linked with corporate social responsibility
nonconformities and maintain eco-friendly quality assurance
to help minimize costs, improve product quality, lower
technology, productivity improvement and quality control
sustainability, we have implemented dierent initiatives on
Embracing quality standards as the foundation for our brand’s
QUALITY CONTROL PROCESS
195
UNQUALIFIED
QUALIFIED QUALIFIED
QUALIFIED
PRODUCTS
FINISHED
CONTROL
PRODUCTS
INTERMEDIATE
the industry-leading enterprises.
operations management and sustain the growth of one of
management standards to better shape our production
also working towards compliance with international quality
quality to meet local market requirements, TTC Bien Hoa is
actively listening to clients' needs and improving product
tastes and growing market trends and requirements. While
and diversies distribution channels based on consumer
reports, sets separate standards for each customer segment,
TTC Bien Hoa periodically prepares research and analysis
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
196
product quality.
essential element and plays an important role in determining
controlling impurities arising in the production process is an
through rigorous quality control procedures. Therefore,
and equipment. A nal product to be marketed shall go
requires a complex production process and bulky machinery
Industrial production, sugar manufacturing in particular,
AND FOOD SAFETY IN PRODUCTION
CONTROL OF IMPURITIES
FEEDBACKS ON PRODUCT QUALITY
QUALITY ASSURANCE AND CUSTOMERS’
manufacturing.
understanding on food safety and quality assurance in
organizing internal training programs to enhance employee
for our equipment and production processes while also
then determines the controls and improvements needed
and equipment or operating methods,... TTC Bien Hoa
by determining risks that are associated with machinery
routine checks of impurities and improve product quality
pharmaceutical and food manufacturers, we perform
As one of the leading Sugar suppliers of beverage,
Proportion of nonconforming products against targets set for 2021-2022 (%)
Proportion of nonconforming products by years (%)
Source: TTC Bien Hoa
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
0.26 0.19
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
In production In storage and after delivery
FY 2019-2020 FY 2020-2021 FY 2021-2022
0.20
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
In production In storage and after delivery
given that we are now making efforts to scale up our production.
among others, is one of our key achievements in product quality control at TTC Bien Hoa,
targeted. Timely detection and performance of remedial actions to minimize nonconformities,
FY 2021-2022 is 0.38%, which is deemed to be appropriate as it is slightly 0.18% higher than
white sugar before delivery to our clients. The rate of nonconforming production outputs in
now able to segregate products containing brown sugar particles mixed with granulated
Thanks to sustained improvements and a complete production process, TTC Bien Hoa is
Plan FY 2021-2022 Implementation FY 2021-2022
gradually decreased over the years.
based on client complaints has
the share of nonconforming products
products to clients, explaining why
for timely delivery of highest quality
between sales and delivery teams
quality, ensure seamless collaboration
eorts to improve product and service
to 2020-2021, thanks to constant
target and nearly 8% lower compared
is 0.12%, or 40% lower than initial
products based on client complaints
the percentage of nonconforming
than the targeted 7%. In addition,
and after delivery is 0.14%, much lower
nonconforming products in storage
years. Specically, the proportion of
our product quality control in recent
We have reaped positive outcomes in
quality products.
responds to customers’ requests for
Bien Hoa always listens and promptly
to minimize defective products. TTC
preserved during transport in order
ensure that products are properly
of our delivery service providers to
We also sought stronger commitment
with import and export procedures,...
monitoring of stored sugar, compliance
such as warehouse renovation, quality
focusing on warehousing activities
to product packaging and storage,
process from raw material production
performed quality control in the
In FY 2021-2022, we have strictly
CONTROL OF NONCONFORMING PRODUCTS
197
0.12
0.14
0.16
0.10
0.13
0.11
0.38
grievance redressal
In distribution and customer
0.12
0.20
0.14
0.15
0.38
customer grievance redressal
In distribution and
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
198
European, the U.S and China Organic Standards.
organization's products meet the requirements of the
Being certied to one of these standards means that the
European, the U.S. and China Organic Standards
Control Union
Certication body:
Certications
EU, USDA and China Organic Product
new market possibilities.
every country and thereby creating
whose numbers are increasing in
demands of conscious consumers,
of social conditions, meeting the
development and improvement
committing them to sustainable
Trade is a manifestation of enterprises
Being certied to Social and Fair
Social and Fair Trade Standard
Control Union
Certication body:
FAIR CHOICE
and Fair Trade certied). These formal recognitions are important
and China through the Control Union Certications (Fair Choice
the U.S. Department of Agriculture (USDA) (for USDA organic), EU
are also certied by the U.S. Food and Drug Administration (FDA),
and involved in Sedex, URSA, SGP Certications,... In addition, we
HCA for food safety for the Middle East region, Kosher certied,
ISO/IEC 17025 or FSSC 22000 Scheme Version 5.1, certied by
international standards such as ISO 9001:2015, ISO 14001:2015,
TTC Bien Hoa has been recognized for compliance with important
CERTIFICATIONS MET AND ACHIEVED BY TTC BIEN HOA
RIGOROUS INTERNATIONAL STANDARDS AND
FEEDBACKS ON PRODUCT QUALITY
QUALITY ASSURANCE AND CUSTOMERS’
conditions and local sustainability.
trade, better prices, decent working
This certication oers fair terms of
(FLO)
Organizations International
issued by Fairtrade Labelling
Fair Trade Certication
Control Union
Certication body:
FAIR TRADE
the production process and sustainable development.
safety based on ISO 45001:2018 requirements to best support
14001:2015 standards or standards for occupational health and
adopts environmental management systems based on ISO
In addition to product quality certications, TTC Bien Hoa also
especially the United States and the EU.
our access to high-end markets with strict quality standards,
milestones that mark our position in the market and expand
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standards.
of manufacturing eligibility conditions and HALAL
conformity to ingredient requirements and fulllment
Being certied to HALAL veries the product's
Islamic quality management standards
HALAL Certication Agency Vietnam (HCA)
Certication body:
HALAL
safe products for customers.
This is an international standard in order to create
Food Safety Management Systems
Bureau Veritas, BSI
Certication body:
FSSC 22000
supply chains.
and sustainable business practices in global
This certication validates ethical, responsible
Coca-Cola’s social security standards
SGS auditing
Coca-Cola Company certication based on
Certication body:
SGP
supply chains.
and sustainable business practices in global
This certication validates ethical, responsible
Social security standards
SGS
Certication body:
SEDEX
surrounding environment.
organization's operations on the
expanding benecial impacts of the
It species the requirements for
environment
negative impacts on the
management for minimal
standard on environmental
This is an international
Bureau Veritas, BSI
Certication body:
ISO 14001:2015
management system.
and improvement of the quality
the establishment, operation
for risk assessment to support
It species the requirements
and continuous improvements
meets customer requirements
ensure consistent quality that
on quality management to
This is an international standard
Bureau Veritas, BSI
Certication body:
ISO 9001:2015
199
standards.
of manufacturing eligibility conditions and Kosher
conformity to ingredient requirements and fulllment
Being certied to HALAL veries the product's
Jewish quality management standards
KOF-K
Certication body:
KOSHER
supply chains.
and sustainable business practices in global
This certication validates ethical, responsible
Unilever's social security standards
auditing
Unilever Group certication based on SGS
Certication body:
URSA
recognized test/measurement results.
highly reliable and internationally
that are necessary to provide
management system requirements
competencies, including quality
It sets requirements to ensure technical
laboratories
to testing and calibration
standard specically applicable
Quality management system
Bureau of Accreditation (BoA)
Certication body:
ISO/IEC 17025
of injury and/or illness.
that are necessary to reduce the risks
assessment to determine the controls
hazard identication and risk
It species the requirements for
occupational accidents
health and safety to minimize
standard on occupational
This is an international
Bureau Veritas
Certication body:
ISO 45001: 2018
Timeliness in response to customer
requirements, product quality and delivery
service
Excellent
Good
Average
Below
average
Poor
Total
Source: TTC Bien Hoa
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
200
2021-2022
Ratios for
Delivery process as against customer
requirements
Timeliness in response to customer
2019-2020
Ratios for
2020-2021
Ratios for
2021-2022
Ratios for
Criteria
100% 100% 100% 100% 100% 100% 100% 100% 100%
0% 0% 0% 0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 3% 0% 0% 0%
0% 6% 8% 0% 39% 10% 0% 0% 3%
15% 55% 50% 30% 39% 52% 33% 83% 55%
85% 39% 42% 70% 22% 35% 67% 17% 42%
Summary ndings of customer satisfaction surveys
production, storage and delivery of products to customers.
product quality, complying and strengthening controls of both
products and services. This is due to our eorts in improving
previous year, and there is no negative rating on TTC Bien Hoa's
Excellent scores to have increased by 294% compared to the
proportion of Excellent and Good scores reach 100% or so, with
Average and Poor scores. In particular, for the Product Quality, the
100% of responses indicating so and absence of Average, Below
the order delivery process has constantly improved, with nearly
a high level of satisfaction. Similarly, customer satisfaction on
requirements, standing at around 100% for 2020-2021 to reect
and Good scores on timeliness in response to customer
The survey ndings indicate a higher proportion of Excellent
AIMING TO
“Address more customers’ expectations”
as “
customer satisfaction survey on such aspects
satisfaction. Thus, we annually organize a
must go hand in hand with customer
TTC Bien Hoa believes that quality assurance
FEEDBACKS ON PRODUCT QUALITY
QUALITY ASSURANCE AND CUSTOMERS’
2019-2020
Ratios for
2020-2021
Ratios for
2021-2022
Ratios for
2019-2020
Ratios for
2020-2021
Ratios for
Quality of sugar products
requests
comments and review responses on TTC Bien Hoa's products.
likes. For every post on our products, we have received positive
Bien Hoa Clean Sugar Fanpage has 26,281 followers and 25,657
to engage with wide audiences. By the end of 2021-2022, the
on developing textual and visual contents of Fanpage posts
well as recipes of delicious dishes using our products. We focused
overcome diculties together” and posted product launches as
Grab in charity events such as “A helping hand to drivers to
campaigns such as “Sugarbag Tet gifts for loved ones", joined
Fanpage by regularly sharing meaningful communication
Besides, we have also been active on the Bien Hoa Clean Sugar
”.
Ms. Ngan - Tan Dinh, District 1, Ho Chi Minh City:
Ms. Hoang - Owner of a sweet dessert soup shop in Cho Lon, District 6, Ho Chi Minh City:
A traditional channel distributor, Go Vap District, Ho Chi Minh City:
A pharmaceutical manufacturer as a corporate client:
A food manufacturer as a corporate client:
An industrial manufacturing company:
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requirements.
exible packaging according to product weight, including packaging design to material, to meet various
persuaded us to sign for long-term cooperation with them; and what makes us most satised is custom
as committed. Besides, orders are always delivered as scheduled without any documented delays, which
We would speak highly of TTC Bien Hoa for their diverse product portfolio and excellent quality delivery
EXPORTERS
now, TTC Bien Hoa is our main supplier of raw sugar for our production.
packed and timely delivered, thus sealing our condence in TTC Bien Hoa's sugar products for years. Until
TTC Bien Hoa meets both quantity and quality requirements for every order, with products carefully
Bien Hoa's sugar products as raw materials in our pharmaceutical manufacturing.
premium rened sugar products can excellently meet our requirements. We strongly believe in using TTC
the young ones. Therefore, we always request for high-quality raw materials and only TTC Bien Hoa's
used in drug production given its direct and strong connections with the health of customers, including
The pharmaceutical industry has extremely strict requirements on the quality and purity of raw materials
policies, we have been distributing their products for years now.
products of unknown origin. With stable and high volume of sales, coupled with appropriate discount
our customers are still willing to use their products despite their higher unit prices compared to other
Bien Hoa Sugar is a big, well-known and long-established brand with proven excellent quality; therefore,
CORPORATE CLIENTS
over the past 20 years.
customers with slightly sweet, quality and healthy dessert soups and maintain our reputation established
I have my absolute trust in using Bien Hoa Sugar for all of my sweet dessert soups as I want to oer my
immediately springs to mind.
is a reputable brand with high quality products. When we are seeking sugar products, Bien Hoa Sugar
including rock sugar, sugar syrup, brown sugar and organic sugar, among others. Most importantly, it
in my parents' generation for decades; also, its products can be found everywhere and are quite diverse,
Bien Hoa Sugar has our absolute trust as it is quite a long-established brand well-known among those
INDIVIDUAL CUSTOMERS
WHAT OUR CUSTOMERS SAY ABOUT THE QUALITY OF TTC BIEN HOA'S PRODUCTS
201
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
202
and make the best choice that ts their needs.
Perform service improvement to ensure that our customers and clients understand each product's features
customers.
transport to ensure that our products are kept in perfect conditions on their way from the factory to our
Strengthen commitment of delivery service providers, including taking steps for food safety during
of consumer tastes and quick responses to market requirements.
Promote research and development (R&D), product diversication, including its packaging, active learning
preventive and remedial actions.
Further focus on control of impurities through risk assessment and suggestion and implementation of
quality.
Review and upgrade our machinery and equipment on a regular basis for stable and improved product
product storage time.
Integrate and deploy at full scale production and business plans in an appropriate manner to minimize
Specic activities include the following:
organized manner.
Board in a systematic and
follow guidance of the Executive
of natural origin. The action plan will
exploring additional healthy products
needs driven by market trends while also
quality assurance activities to meet all customer
In 2022-2023, TTC Bien Hoa sets higher goals for
IN FY 2022-2023
ACTION PLAN ON PRODUCT QUALITY ASSURANCE
FEEDBACKS ON PRODUCT QUALITY
QUALITY ASSURANCE AND CUSTOMERS’
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203
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
204
LK92-17, and MPT 98-1832. Simultaneously, since 2014, TTC
able to select many potential varieties such as: Co86-032, KK4,
131:2013/BNNPTNT Standard. As a result, TTC ARI has been
and Rural Development in accordance with the QCVN01-
sugarcane varieties as guided by the Ministry of Agriculture
China, Sri Lanka,... and taken steps to select and experiment
Development (CIRAD), the Philippines, India, USA, Thailand,
from the French Agricultural Research Centre for International
Since 2013, TTC ARI has imported 115 sugarcane varieties
promoted by TTC ARI based on previous achievements.
development of sugarcane varieties is one of the key programs
lower product prices. Therefore, the research, selection and
eciency of raw material cane production, contributing to
mechanization,... thereby improving yield, quality and
advances in sugarcane cultivation such as watering, fertilizing,
Sugarcane varieties are the foundation for applying technical
HIGHLIGHTS OF ACTIVITIES IN FY 2021-2022
plant protection and sugarcane varieties.
development of technologies, techniques,
research and basic research, promoting the
Special attention is paid to combining applied
services in a practical, concrete and effective.
technology development, production and
orientations of conducting scientific research,
Company was officially established with the
Research and Development Joint Stock
In April 2013, Thanh Thanh Cong Sugarcane
established Thanh Thanh Cong Agricultural Research Institute
Research Joint Stock Company, in March 2021, the Company
From its predecessor which is Thanh Thanh Cong Sugar Applied
of the agricultural sector towards greenness and sustainability.
expanded the range of crops and oriented the development
and international sugarcane production, TTC Bien Hoa has
In recent years, in addition to the expansion of domestic
SUSTAINABLE MATERIAL AREAS
THE CRUCIAL ADVANCEMENT TOWARDS
AGRICULTURAL RESEARCH INSTITUTE
has yielded incredibly positive results.
transferred directly by TTC ARI to farmers in material areas and
the method of producing Stump cane varieties has been
of uniform seedling quality and optimal production cost,
purebred and disease-free phenomenon. With the advantage
and help overcome the degeneration phenomenon, ensuring
varieties, restore the good features of the existing varieties,
deployed every year in order to quickly propagate new
the single-bud sugarcane variety has been continuously
variety production program. Through tissue culture solutions,
production in material areas through the 3-level disease-free
is also active in translating variety achievements into mass
In addition to research and development of varieties, TTC ARI
drought and inundation tolerant.
the following characteristics: High sugar yield, early ripening,
ARI has selected more than 42,000 oriented hybrid lines with
high-tech plant and animal breeds.
services at home and abroad. It also experiments and produces
international cooperation, high-tech agricultural consulting
carries out high-level scientic research, technology transfer,
agriculture and high-tech agriculture. The Research Institute
in multidisciplinary, green and sustainable applied research in
(TTC ARI) with a 2025 vision for TTC ARI to become a pioneer
Stump nursery Stump tissue culturing in the lab
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TTC16-14-112, VN08-259, LK92-11, MPT98-1832.
using the sugar cane stump technique combined with restoration and rapid propagation of new varieties such as: KK3, K84-200, KK4,
In FY 2021-2022, TTC ARI propagated through tissue culture of 315,000 plants and produced more than 3 million sugarcane seedlings
contributing to reduced costs and increased economic efficiency from sugarcane.
increase yield by 30-50% and CCS content by 1-2% with prolonged stump retention time,
Thanks to the autonomy in producing the sugarcane stump variety, sugarcane growers can
205
Inter-cropping green beans on sugarcane elds
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
206
SUSTAINABLE MATERIAL AREAS
THE CRUCIAL ADVANCEMENT TOWARDS
AGRICULTURAL RESEARCH INSTITUTE
the soil characteristics and nutritional needs of sugarcane,
of the soil as input data. Thanks to a deep understanding of
sampling to fully analyze the physical and chemical properties
To develop this program, TTC ARI has carried out annual soil
and other climate change adaptation solutions.
rotation of legume crops, adding of organic soil amendments,
nutrient inputs, recommendation of appropriate fertilization,
activities such as: Fertility improvement, management of
in recent years. In particular, the Institute outlined specic
health" is a key program in which TTC ARI has been involved
Developing sustainable sugar cane material areas from "soil
KEY TO ENVIRONMENTALLY SUSTAINABLE DEVELOPMENT
NUTRITIONAL MANAGEMENT, SOIL HEALTH
and minimize pests thanks to biological balance.
environment-friendly solution that helps create biodiversity
bean harvest. At the same time, this is also a sustainable,
save cost of inorganic fertilizers and increase income from
accordance with the soil properties create dual benets:
as green beans, smooth crotalaria,..., studied by TTC ARI in
Measures of inter-cropping and rotation of legumes such
suitable for each cultivation area.
fertilizers, preparations and soil improvement techniques
TTC ARI has made appropriate recommendations on
Spraying biological agents on sugarcane using Drones
TTC ARI's smooth crotalaria eld
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VND per hectare for farmers.
rotation will reach over 2,500 hectares and can bring an additional profit of 15-20 million
sugarcane material areas. From the FY 2021-2022, the total area of application of crop
Currently, this program is being well received by sugarcane growers in TTC Bien Hoa
207
and reduce operating costs.
technology to increase eciency in large elds
can apply unmanned aerial vehicle (Drone)
In particular, these high-quality products
time increase resistance to pests and diseases.
through each growth stage, and at the same
eciency, stimulate sugarcane to accelerate
of sugarcane and help increase fertilizer use
Team are suitable for each physiological stage
Root Booster, Grow Booster, CCS Booster, Bio
microorganisms. The set of products including
middle-micronutrient factors and benecial
sugarcane, fully supplemented with multi-
a set of specialized foliar fertilizers for
Besides, TTC ARI has successfully researched
Trichogramma released in material areas
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
208
of use can be expanded in the future.
awareness about biological measures so that the scope
technicians to propagate this solution in order to raise
training courses for farmers, agricultural ocers and
Building on these results, TTC ARI has opened many
has been no disease outbreak in most of these areas.
with the rate of pests being only about 1-2%. There
many years have shown a very stable performance
areas on which Trichogramma has been used for
6,000 hectares of sugarcane per year. Up to now, the
release Trichogramma on a large scale, over more than
produced and applied the natural enemy method to
Since 2018, after the research process, TTC ARI has
used.
standards are applied, absolutely no chemical drugs are
particular, in the sugarcane material areas where organic
humans and livestock, and damages biodiversity. In
Besides, spraying has toxic eects on the environment,
dicult and expensive while the eectiveness is not high.
Controlling sugarcane borer with chemical drugs is often
cases, its outbreak can cause a complete loss of crops.
reduce yield from 10-30% on sugarcane. In more severe
Sugarcane borer is a dangerous and frequent pest that can
Integrated Pest Management Using Natural Enemy
SUSTAINABLE MATERIAL AREAS
THE CRUCIAL ADVANCEMENT TOWARDS
AGRICULTURAL RESEARCH INSTITUTE
Bien Hoa's green material areas.
40,000 ha to meet the future development needs of TTC
can provide enough Trichogramma for an area of up to
the use of pesticides. With this improvement, TTC ARI
Trichogramma at a competitive cost compared with
Institute can produce very large numbers of parasitic
Trichogramma eld release method. From there, the
rearing, storage methods, parasite method and the
method to obtain articial eggs for Trichogramma
Currently, TTC ARI has improved the rice moth rearing
agarwood leaf worms.
Tra Vinh,... for controlling coconut blackhead worms and
of agarwood material area in the provinces of Ben Tre,
200 hectares of coconut material areas and 300 hectares
Trichogramma products have been distributed to over
applied to diverse and potential crops. TTC ARI's
research and products on natural enemies are also
Not only eects can be seen on sugarcane, TTC ARI's
Minister for Agricultural Industry Development and Fisheries and Minister for Rural Communities, Mr. Mark Furner shared expectations
about cooperation in developing high-tech, sustainable agriculture in Vietnam & Queensland
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green and clean material area development strategy that meets international standards.
research and technology application capacity, thereby playing a core role in TTC Bien Hoa’s
The partnership with Farmacist is an important driving force for TTC ARI to strengthen its
agronomic experience. Farmacist is specialized in practical precision agronomic solutions.
based in Mackay, Burdekin and North Queensland, Australia with over 140 years of integrated
including Vietnam, Laos, and Cambodia. Farmacist is a provider of agronomic solutions
improve Sugarcane farming techniques at TTC Bien's material areas in three countries
Farmacist agronomic consulting company from Queensland, Australia to exchange and
In May 2021, TTC ARI collaborated with TTC Bien Hoa’s Agribusiness Division to work with
FARMACIST
DEG
training sessions for farmers.
to now, TTC ARI and DEG have coordinated to conduct 12 training sessions for sta and 20
topic of integrated pest management by natural enemies were held in material areas. Up
the Integrated Pest Management (IPM) strategy. Accordingly, a series of seminars on the
improve sugarcane productivity through the expansion and sustainable maintenance of
environmental protection, improve the livelihoods of small-scale sugarcane farmers, and
of high standard sugarcane. The project aims to raise the awareness of agricultural
the release of Trichogramma on 6,000 hectares of organic sugarcane and 1,000 hectares
Cooperation with DEG - an investment Fund of the German Government to carry out
Agriculture 4.0 such as:
research, learning and development of
international organizations for joint
has cooperated with many major
In the 2021-2022 period, TTC ARI
Bien Hoa's internationalization trend.
cooperation to quickly catch up with TTC
ARI has made great strides in international
other Agricultural Research Institutes, TTC
Despite its relatively young age compared to
THE KEY TO ACCESS NEW TECHNOLOGY
INTERNATIONAL COOPERATION
209
TTC Bien Hoa's representative and Farmacist experts from Australia discussed agricultural activities at TTC Attapeu, Laos
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
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210
1
areas.
research activities, contributing to the development of sustainable material
APPLICABLE RESEARCH, TTC AGRI will continue to promote applied
by 2025 in terms of MULTI-DISCIPLINARY, GREEN AND SUSTAINABLE
Aiming to be a leader in applied research and high-tech agricultural development
RESEARCH ON SUGARCANE VARIETIES
being planted with disease-free and purebred varieties by 2025.
for member units with the goal of 100% of raw sugarcane areas
structure, produce and supply 3-level disease-free seed sources
have degraded. Along with that, there is a program to build seed
with good yield, high sugar content, locally suitable but which
dierent localities. In addition to re-establishing good varieties
of more than 100 tons per hectares, CCS over 10% and adapt in
objective is to select at least 5 varieties of sugarcane with a yield
and diseases and increased productivity for material areas. The
introduce new varieties with strong growth, resistance to pests
abroad and combining them in the country to select and
Continue crossbreeding and collecting seed sources from
RESEARCH ORIENTATIONS TOWARD 2025
SUSTAINABLE MATERIAL AREAS
THE CRUCIAL ADVANCEMENT TOWARDS
AGRICULTURAL RESEARCH INSTITUTE
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5
4
3
2
AGRICULTURAL EXTENSION
ON BIOTECHNOLOGY
ON PLANT PROTECTION
ON FARMING TECHNIQUES
sugarcane as well as farming techniques.
to practice, thereby improving the yield and quality of
information, research results, new knowledge for application
Farmers under a centralized program to provide technical
Technical Ocers, Agricultural Extension Ocers and
solutions, implement farm models through which train
Conduct research into appropriate agricultural extension
growing media for farming in net houses.
produce high-value edible mushrooms, using bagasse as a
the value of post-sugar products such as using bagasse to
timely manner. Continue to conduct research to improve
100% qualied sugarcane seedling area in a sucient and
propagate disease-free varieties with the goal of providing
Carry out research to improve tissue culture process, rapidly
fertilizer but still ensure yield and sugar.
diseases on sugarcane thereby help reduce the amount of
the environment and human health. The solutions to treat
weed control solutions, limit the use of herbicides that aect
ower bugs,... In addition, conduct research on eective
tech agriculture in the future, such as: Big-eyed bugs, prickly
and develop indigenous natural enemies to serve high-
pesticides in the elds. In addition, continue to research
per-year target, contributing to reducing the use of toxic
large scale, with the goal of meeting the 40,000 hectare-
Develop and expand production of Trichogramma on a
elds in material areas.
agencies to advise and implement the planning and design of
cover crops, minimal farming,...). Coordinate with specialized
tools,...). Research solutions to increase soil fertility (rotation,
with bean sowing, seed lling, high labor productivity cutting
to sugarcane (Stump potting machine, grass rake integrated
and improve mechanical equipment for eective application
ripening of sugarcane to better plan ahead harvesting. Research
help increase sugar text for low-sugar areas, stimulate early
In addition, research has been carried out into solutions that
consulting farming process for each material area in localities.
as: Additional solutions on density, distance, fertilizer regime,
research has been done into new farming techniques such
soil, control pests and control sugarcane growth. In addition,
researching and developing new products to help improve
Finetuning a set of specialized preparations for sugarcane,
211
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SUSTAINABLE COMPETITIVE ADVANTAGES
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212
1 2 3
journey
mindset for a new
A new farming
accompaniment
understanding for
Mutual
and management skills and are ready to take on challenges.
confident and professional "farmer entrepreneurs" who possess strong farming
move forward with farmers along the way to eventually build a generation of self-
resources play a key role. Therefore, it is one of TTC Bien Hoa’s core missions to
challenges. However, for further and more sustainable industry growth, human
Vietnam's sugarcane industry has gradually stood firm in the face of integration
After two-year adoption of the ASEAN Trade in Goods Agreement (ATIGA),
TO DEVELOPMENT
FARMERS - ON EVERY STEP
entrepreneurs
farmer
for new-generation
Capacity building
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1. FARMING SCALE 2. CAPITAL 3. FARMING MANAGEMENT
customers and develop a suitable training plan in the near future.
and average annual prots. This laid a solid ground for TTC Bien Hoa to properly judge our sugarcane growers who are also our
on farmers' skills and bridged connections between demographic factors, level of understanding, agronomic and economic skills
Tay Ninh, Gia Lai, Ninh Hoa (Khanh Hoa) and Phan Rang (Ninh Thuan). Based on survey statistics, TTC Bien Hoa provided assessment
capacity assessment of nearly 1,000 sugarcane growers, selected according to the number of customers of our factories in
agronomic, nancial and management skills. In mid-May 2022, TTC Bien Hoa's agricultural services launched a comprehensive
Built by this vision, TTC Bien Hoa believes that it is necessary to have proper and deep understanding of our farmers, including their
Vietnam’s adoption of ATIGA which actually provided an opportunity to better see their limitations.
investment for its expansion. Local sugar enterprises face numerous challenges and diculties following
Despite its huge potential, sugarcane has long been seen as a "poverty reducing" crop only, with inadequate
of sugarcane is its ability to eciently leverage economies of scale.
extensive value chain that will deliver maximal economic eciency if fully exploited. Another dominant feature
Sugarcane is a future crop thanks to its substantial biomass of up to hundreds of tons per hectare, along with its
companions on the sustainable development journey of the sugarcane industry.
Farmers stand at the center of solutions to these problems and TTC Bien Hoa acts as their
sugarcane farming, TTC Bien Hoa has defined
In order to best leverage opportunities from
ACCOMPANIMENT
MUTUAL UNDERSTANDING FOR
1
213
3
addressed all at one:
core issues to be systematically
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
214
win-win situations.
addressing customer needs, building long-term relationships and creating
Bien Hoa's sugarcane development policy is centered around the goals of
cane as a source of revenue generation of farmers. With this in mind, TTC
investments in sugarcane production as products and procured sugar
At TTC Bien Hoa, sugarcane growers are also our customers, with our
local conditions and contexts but TTC Bien Hoa's investment package covers all needed for a sugarcane season.
costs, investment costs for watering systems, microbiological fertilizers and biological products,... These can vary depending on
package of capital advances, TTC Bien Hoa will provide sugarcane seedlings, mechanical site preparation, fertilizers, farming labor
as part of our investment policies, our farmers have built up sucient resources for their farming. As part of our basic investment
need to leverage these assets for prots. After years of cooperation with TTC Bien Hoa that oers capital advances in each crop
“Farmer-customers" can be featured by ownership of agricultural land, presence of farming experience and skills, as well as a
A NEW JOURNEY
A NEW FARMING MINDSET FOR
2
TO DEVELOPMENT
FARMERS - ON EVERY STEP
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
and Development Center (SRDC), a team of researchers
From the trials and research of TTC Sugarcane Research
and harvesting methods to improve production eciency.
gives regular advice and recommendations on farming
In parallel with agricultural mechanization, TTC Bien Hoa
TECHNICAL SUPPORT IN FARMING AND HARVESTING
Hoa oered higher sugarcane prices, reecting increasing
growers, during the recent market recovery period, TTC Bien
Towards more comprehensive support to sugarcane
mills can always process the annual sugarcane output.
always been one of the most stable crops and sugarcane
In addition to input supports, output-wise, sugarcane has
SUGARCANE PURCHASING POLICY
Hoa also oered land rental subsidy, to form large blocks of
productivity and leveraging economies of scale, TTC Bien
to expand their sugarcane plantations, thus boosting
agricultural mechanization. In order to enable farmers
are fragmented, causing barriers to development of
of its unique strengths. However, Vietnam's farmlands
Sugarcane can be grown on a large scale, which is one
INVESTMENT SUPPORT
Thanks to these policies, in the last farming season, TTC Bien Hoa's plantations expanded after months of volatility.
In FY 2021-2022, we have supported our sugarcane farmers/customers via three core and consistent policies:
215
and learn from each other in a realistic and lively manner.
up as a forum for scientists, farmers, and factories to gather
methods, the Tay Ninh Farmer-Entrepreneurs Club was set
replicate these intensive farming and modern farming
on a large scale, thus improving sugarcane yields. To further
farmers condently used drones to spray these products
growth. Under the guidance of agricultural ocials, some
specially prepared for each growing period of sugarcane
Root Booster, Grow Booster and CCS Booster products are
reduction of chemical pesticides. In terms of nutrition,
hectare production costs with sustainable solutions and
enemies of sugarcane borers, thus gradually reducing per-
production procedures of Trichogramma species as natural
farming. For plant protection, SRDC has further improved our
tissue culture technology to provide sugarcane stumps for
has launched a disease-free sugarcane program, applied
and losses better managed.
sugarcane growers can feel secure with their potential risks
insurance" policy with a minimum purchase price so that
in the sugar industry, TTC Bien Hoa also introduced "price
However, in the face of possible strong price uctuations
world sugar prices, for our farmers to have higher earnings.
strength to build a complete agricultural ecosystem.
sole distributor of (American) John Deere provides a great
could be repaid after 3-6 seasons. That TTC Bien Hoa is the
payments for needed machinery and equipment which
mechanization. TTC Bien Hoa came in with advance
of plantations then triggered a need for agricultural
farms, of 15,000,000 to 20,000,000 VND/ha/year. Expansion
SBT’s sugarcane plantations in Tully, Queensland, Australia
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
216
FOR NEW-GENERATION
FARMER ENTREPRENEURS
CAPACITY BUILDING
3
themselves in order to truly become farmer entrepreneurs.
that Vietnamese farmers are under more pressure to change and improve
the international commodity trading market. However, this also means
thanks to agricultural mechanization, with products now created to serve
entrepreneurs. This is inevitable in the process of agricultural development,
and equipment, the sugarcane farmers have started their journey to become
Managing farms of hundreds of hectares, large capital and different machines
TO DEVELOPMENT
FARMERS - ON EVERY STEP
TTC Bien Hoa and Farmacist experts in our survey of sugarcane plantations in Laos
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
farming. For marketing, farmers also act like a real entrepreneurs
as mechanization is optimally introduced to every stage of
Australian farmers now generally perform quite professionally
of available resources in a logical manner is mandatory. However,
resource. In large-scale farming, arrangement and coordination
sugarcane growing household in Australia is owning a huge
managers. With plantations of thousands of hectares, each
local farmers are now managing their farms like real business
and also a country where SBT owns large sugarcane plantations,
In Australia as the world's leader in sugarcane manufacturing
new knowledge, skills and ways of thinking.
In addition, farmers are supposed to update themselves with
farming experience is important, yet it is not helpful in this case.
leading, and inspecting, all for decision-making. Established
need to be soon replaced by four tasks: planning, organizing,
start acting as business managers. By this, manual eld activities
deliver eective and sustainable prots, sugarcane growers shall
With available resources as well as nancial support tools, to
improve its competitiveness on the world market.
of a sugarcane value chain will be solidly strengthened to uplift the industry and
entrepreneurs who have a strong attachment to sugarcane. The most important link
Vietnam, Laos and Cambodia will be soon managed by skilled and dedicated farmer
Driven by these efforts, TTC Bien Hoa believes that our sugarcane plantations in
217
industry standards.
forming sugarcane production models in line with Australian
as advised by these experts to support our farmers gradually
Hoa's agricultural extension team has documented key issues
(Cambodia). With their networking and learning skills, TTC Bien
our sugarcane plantations in Tay Ninh, Attapeu (Laos) and Kratie
group of experts from Farmacist (Australia) for an assessment of
To realize this, at the end of May 2022, TTC Bien Hoa invited a
challenges, and have a can-do spirit.
entrepreneurs who can: act professional, be ready to take on
TTC Bien Hoa and Vietnamese farmers to soon become farmer
industry will provide a valuable example for future steps taken by
The prosperous development of the Australian sugarcane
market developments to make relevant farming decisions.
by actively seeking market information and judging sugarcane
Filling is very important. To estimate the amount of cuttings and labor needed to prepare for lling, it
is hard to ensure accuracy by standing in the eld. Thanks to the drones operated by the agricultural
extension sta at station #4, I can have a bird’s eye view of my sugarcane eld, thereby planning thorough
lling. In addition, in the rainy season, photos taken from drones also help to easily identify ooded spots
to exploit irrigation and prevent water-logging for sugarcane.
Mr. Nguyen Huu Nghi (standing on the right)
Member of Tay Ninh Farming Entrepreneurs Club - Sugarcane farmer, Agricultural Extension Station No.4, TTC Bien Hoa, Tay Ninh
Mr. Dinh Van Ta
Sugarcane-growing partner, Agricultural Extension Station No.1, TTCS Gia Lai, Gia Lai
Currently, in Krong Pa area we have adopted intensive mechanization from tilling, tending to harvesting.
In the 2021-2022 crop, thanks to favorable weather conditions, the yield was good. With an area of 43.4
hectares, the average sugarcane yield was 90 tons per hectare. Thanks to the facilitation of TTCS Gia Lai
Sugar Factory in Ayun Pa and the higher price of sugarcane compared to last year, our average prot after
all expenses was about 40 million VND per hectare.
My family has been farming sugarcane for a long time, we nd the Company’s management of sugarcane
cutting and transport very appropriate and timely. In particular, the TMS system helps dispatch vehicles
automatically. This approach helps us feel more secure in each pressing season. In the 2021-2022 crop, my
family had 14.5 hectares of sugarcane. After deducting all expenses, this year our income is very good. It
has been a successful crop. If the price of sugarcane stays stable, growing sugarcane yields more stable
income and requires less eort than other crops.
Mr. Doan Van Bao
Sugarcane-growing partner, Agricultural Extension Station No.8, Gia Lai TTCS , Gia Lai
Mrs. Nguyen Thi Hiep (standing on the right)
Sugarcane-growing partner, Agricultural Extension Station No.5, TTC Bien Hoa, Tay Ninh
Thanks to actively applying mechanization to production, we can have the initiative in growing and caring
for sugarcane. But there is one thing that we are still worried about, that is weeding for sugarcane. This
is very important and greatly aects the yield and prot of sugarcane growers. Currently, the Company
encourages us to keep sugarcane leaves after harvesting to cover the grass, apply the mini weeding
machine when sugar cane has grown and to y drones to monitor grass within the eld. We are thus
somewhat reassured. Hopefully, this year sugarcane prices will remain high. This will help us to increase
our income and enable us to develop more area for the next year.
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
218
RESPONSES OF SUGARCANEGROWING PARTNERS
AGRICULTURAL EXTENSION STATIONS’ MANAGERS
RESPONSES OF SUGARCANE-GROWING PARTNERS AND
Thanks to the investment in the irrigation system and microbial organic fertilizer in the previous crop,
the yield of sugarcane harvested this year is very good. An one-time investment brings eects for
several years. In this season, the factory also provides nancial support to farmers to help loosen the
soil using mechanical machines. With the Company's annual support policy, combined with the policy
of minimum purchase insurance for at least 3 years with CCS of 10 at 850,000 VND per ton, we feel
assured to do our job.
Mr. Tran Thai Hoanh
Sugarcane-growing partner, Agricultural Extension Station No.2, TTC Bien Hoa - Phan Rang, Ninh Thuan
We received training on the ditch farming model from the sta of the sugar factory at the end of 2020.
Sugarcane is grown in ditches which hold water and nutrients. Through a number of droughts, sugarcane
can still grow well. With such characteristics as high terrain, lack of water resources and arid climate, in
Ninh Xuan I nd it very dicult to nd a more ecient crop than sugarcane. But with the current sugarcane
price guaranteed by the sugar factory, no one can give up sugarcane. I am condent that this year's output
can be more than double that of the previous one and it is expected that after this crop I will continue to
expand the farming area by over ten hectares.
Mrs. Nguyen Thi Thanh
Sugarcane-growing partner, Ninh Thuong Agricultural Extension Station, TTC Bien Hoa - Ninh Hoa, Khanh Hoa
Since the company adopted an investment policy in favor of sugarcane farmers, instead of only planting wet
rice or leaving the land uncultivated like we previously did, we have now taken advantage of abandoned
land for production. Although I have no experience with sugarcane, the policy and enthusiastic support
of the Company's sta has helped me understand about it and I have been able to make the most of my
free time to care for the crop. I feel very happy that growing sugarcane can increase my family's income
compared to rice farming in the past.
Mr. Sombun Phengsavan
Sugarcane-growing partner, Agricultural Extension Station No.3, TTCA, Attapeu
Since we switched from rice to sugarcane, my family's income has improved a lot, which has enabled me
to renovate my home, buy more items and send the kids to school. My thanks to the Company for helping
us by creating jobs for us earn extra income.
Mr. Khanthong Nhindavong
Sugarcane-growing partner, Agricultural Extension Station No.1, TTCA, Attapeu
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
219
In recent years, the Sugarcane industry has faced many challenges. In order to survive and develop, not
only myself, but all agricultural extension colleagues have made eorts to convince sugarcane growers
to change their farming practices, invest in intensive farming to cultivate sugarcane eectively in the
new context. With the consent and positive response of sugarcane farmers, the productivity of station 4
achieved an average of 82 tons per hectare in the 2021-2022 crop. With this result, sugarcane growers earn
high prots and are motivated to accompany and develop with the Company.
Mr. Nguyen Van Trung
Agricultural extension ocer, Agricultural Extension Station No.8, TTCS Gia Lai, Gia Lai
Over the years, the Company has promoted non-refundable investment policies to encourage intensive
farming solutions such as: Underground plowing, watering, inoculant spraying, and so on. As a result,
sugarcane yield has been signicantly improved and sugarcane growers are assured to accompany the
Company in long-term development cooperation. In order for the sugarcane material area to develop stably
and sustainably in the long-term, our agricultural extension stations must actively change our mindset
and constantly learn to improve our knowledge and update ourselves with technological expertise. This
will help improve work eciency and allow us to accompany sugarcane farmers in the mission to help
them earn prosperity.
Mr. Tran Thanh Hai
Manager of Agricultural Extension Station No.1, TTCS Gia Lai, Gia Lai
Sugarcane farmers in My Hiep all agree with and respond positively to the Company’s current investment
policy and non-refundable support. All investments are relevant to the needs and are disbursed to the
customers in a timely manner. Thanks to the Company’s support that enables farmers to increase income,
we feel very assured in developing sugarcane material areas.
Mr. Nguyen Duc Nhon
Sta, Agricultural Extension Station No.2, TTC Bien Hoa - Phan Rang, Ninh Thuan
The Company implements a policy of investing in cash, fertilizer and a quick and timely plowing service
to sugarcane farmers. The price of TTCAD's fertilizer is also stable and lower than that of other agents
in the area. The investment policy is good with a non-refundable subsidy of 2 million VND worth of
organic fertilizer, 1.5 million VND worth of seedlings, 1 turn of underground plowing and fertilized deep
plowing. The Company also provides fertilizer for fertilizer testing models in the station area. In addition,
70% of the costs of digging trenches, drilling anti-drought holes to plant sugarcane on hillside areas and
additional irrigation are also provided. The above models are initially very positive, sugarcane grows well
with increased yield and prot for sugarcane farmers. In addition, the agricultural extension team regularly
visits the elds and promptly provide solutions to farmers relating to pests, weeds, irrigation and care.
Mr. Nguyen Ngoc Lam
Manager of Agricultural Extension Station No.1, TTC Bien Hoa - Phan Rang, Ninh Thuan - is crossing the river to meet sugarcane farmers
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
220
RESPONSES OF AGRICULTURAL EXTENSION STATIONS’ MANAGERS AND WORKERS
AGRICULTURAL EXTENSION STATIONS’ MANAGERS
RESPONSES OF SUGARCANE-GROWING PARTNERS AND
Locals have long practiced rice cultivation with a small area, so they do not think much about weeding.
Therefore, it has been challenging to convince people of the need to perform certain caring activities,
especially weeding. Some farmers still did not want to spend money on this. Step by step, I and my
agricultural extension team regularly followed up with farmers in relation to caring for sugarcane. So far
most people have changed their mind, thus we have seen signicant uplift in prots and income.
Mr. Khommanivong Ajing (standing on the right)
Vice Manager of Agricultural Extension Station No.3, TTCA, Attapeu
In this period of international economic integration, the team at TTC Bien Hoa - Phan Rang, Ninh Thuan has
been actively building a qualied team who are united and work with professionalism and condence to
overcome all challenges. In the face of changes, challenges and the need to change our mindset and ways
of working in pursuit of increased performance, there was a time when I felt exhausted. However, instead
of giving up, I chose to bravely stay to "ght" and overcome the pressure of work, turni diculties into
strengths to promote breakthroughs and realize my own capabilities.
Mr. Nguyen Thanh Tuan
General sta, TTC Bien Hoa - Phan Rang, Ninh Thuan is controlling a drone to monitor a sugarcane material area
As part of the agricultural extension team, who directly accompanies sugarcane farmers, we understand
the concern of many households when they rst acquaint themselves with this crop. However, with our
belief in the Company's orientations, policies and solutions, I and my teammates always try to convey
information, advocate and accompany customers in grow sugarcane to help them cultivate sugarcane
eectively. The FY 2021-2022 has presented both advantages and diculties, but it is our joy and pride
that the prots from sugarcane have helped farmers improve their quality of life as well as oered their
kids better education opportunities.
Mr. Pham Cong Nghiep (standing on the right)
Manager of Agricultural Extension Station No.5, TTC Bien Hoa, Tay Ninh
In the early stages of expanding investment in sugarcane cultivation for sugarcane farmers, we had
diculty convincing many local households in Attapeu because of the traditional belief that farming rice
was the only way to produce food. This belief resulted on the neglection and failure to comply with the
sugarcane farming processes. However, with the patience and practical success of the "pilot households",
we were able to spread the productivity and protability to the other households in the area.
Mr. Phommavong Thitdavanh
Vice Manager of Agricultural Extension Station No.2, TTCA, Attapeu
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
221
Standardize the system of human resource policy, salary, and KPI evaluation
system to increase motivation and work performance;
Build a professional, cohesive working environment and the SBT Employer
branding in the market;
Expand partnerships with universities, search for potential candidates and
promote Employer branding;
Adopt Information technology in the eld of human resources and work
towards building a 4.0 TTC Bien Hoa team throughout the system;
Complete and standardize the Organizational Model, Functions and Tasks,
Title System, Job Description and Competency Standards;
Improve internal training capacity and team quality;
Plan, build and develop internal trainer team and quality training programs/
curricula;
Improve the expertise of successors, plan, build and develop successors
from internal sources for managerial and key positions; develop an external
source of potential candidates.
Ensure fairness and reasonableness in remuneration, create competitiveness
in attracting external resources and retaining internal resources;
Average amount of revenue generated
by an employee in the last 3 years
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
222
all the best conditions to help employees "Create your career - Own your future".
series of action programs to improve the team's capacity. The Company is ready to create
has a lot of opportunities for career advancement through the succession program and a
values for the Company. At TTC Bien Hoa, each member who joins the organization always
resources to deliver excellent business results, outstanding achievements and sustainable
TTC Bien Hoa has always strived to build a team of talented, dedicated and united human
With the philosophy “The right people are the most valuable assets of an enterprise",
once again arms the prestige and position of TTC Bien Hoa in the labor market of Vietnam and the region.
in building a professional, fair and friendly working environment that acquires and retains talented individuals. The award
as a Great Place to Work in 2022 by Great Place to Work® (GPTW). These honors speak volumes for TTC Bien Hoa’s eorts
publication for HR professionals - as one of the Best Companies to Work for in Asia. We were also proud to be certied
TTC Bien Hoa was honored to be, in two consecutive years of 2021 and 2022, named by HR Asia - Asia’s most authoritative
function is always built on complete criteria:
human resources, the Company’s human resource management
In order to stabilize, develop and maintain long-term and sustainable
HUMAN RESOURCES AND TRAINING
6.95
4.5
5.5
7
6
5
4
3
2
1
2019-2020 2021-20222020-2021
(Unit: Billion VND)
resources.
in the quality of the Company's human
year to year shows the improvement
26%. That this gure has grown from
in revenue, a YOY increase of over
generated more than 6.95 billion VND
, 2022, 2,635 employees has
th
June 30
management and the entire team. As of
thanks to constant eorts by the
agricultural industry is only possible
of the huge diculties facing the
business performance in the context
fullling 134% of the set target. This
YOY increase of more than 23% and
revenue reached 18,325 billion VND, a
In FY 2021-2022, TTC Bien Hoa's net
Master and above 2% 2% 2%
University graduate 28% 30% 31%
College graduate 11% 9% 10%
Intermediate vocational
school graduate
14% 16% 14%
Primary vocational
school graduate
11% 11% 13%
Unskilled Labor 34% 32% 30%
Total 100% 100% 100%
Hierarchical structure of personnel in FY 2021-2022
Human Resources Structure by gender in the last 3 years
Personnel structure by age on the FY 2021-2022
Human Resources Structure
by Qualication in the last 3 years
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
45 years old and older 25%
From 35 years old to under 45 years old 25%
From 25 years old to under 35 years old 41%
From 18 years old to under 25 years old 9%
FY 2019-2020 FY 2020-2021 FY 2021-2022
Percentage (%)
STT Qualication
over the years, demonstrating the Company's eorts in increasing employee quality.
production activities currently accounts for 30% of the total workforce. This number has also been improved by the Company
Resources Department's eort in ensuring the input quality of all employees. Due to industry specics, unskilled labor for
of employees. The workforce with a higher education qualications account for 43% of the total. This represents the Human
TTC Bien Hoa's labor force is young with the age group between 25 and 35 years old, accounting for 41% of the total number
increased from 5% to 28%.
the proportion of female employees has
to the previous year. At the same time,
accounting for 72%, down 5% compared
of male employees has improved when
corporate governance, the proportion
one of the good standards of modern
peers. Heading towards gender equality,
male employees outnumber the female
operating and farming techniques,...
agriculture, mechanical equipment
Since the Company operates in
technically qualied population.
and focusing on the professionally and
improving the qualications of the workforce
means that the Company is gradually
Technical workers decreased by 7%, which
of employees in the group of Operational/
to the same period last year, the proportion
management of TTC Bien Hoa. Compared
resources is considered a top priority by the
and farming, the selection of appropriate
of technical technology to production
and especially a pioneer in the application
As a company operating in agriculture
223
Female 28%
Male 72%
2021-2022
Female 23%
Male 77%
2020-2021
Female 22%
Male 78%
2019-2020
Service sta/Workers 14%
Operational sta/Technical workers 48%
Specialists 18%
Primary managers 11%
Middle managers 8%
Senior managers 1%
647
11
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
224
A YOY INCREASE OF 25%, AND 8,200 PARTICIPATIONS.
IN TRAINING ACTIVITIES TRAINING COURSES
VND
BILLION
MORE THAN
THE COMPANY INVESTED
IN THE FY 20212022,
HUMAN RESOURCES AND TRAINING
TRAINING
the Company to condently deliver breakthroughs on the path of global integration and arm the Company's Brand.
With a complete organization, elite human resources, solid expertise and great enthusiasm, this will be the foundation for
In the 5-year strategy for the 2021-2025 period, building and developing team capacity is one of TTC Bien Hoa's top priorities.
and relevant agenda.
programs delivered by TTC Bien Hoa's management staff or senior staff with highly practical
to upgrade foreign language proficiency to suit the transition period, and internal training
Program, including: Training series before and after the go-live of the ERP system, Program
synchronous team for the journey of globalization through the Team Capacity Development
and tailored to match the Company’s HR management strategy, create a quality and
to the training and development of Human Resources. Training programs are designed
In parallel with the growth rate of the Company, TTC Bien Hoa always attaches importance
WITH OVER
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
3
Covid-19 control.
• Knowledge of Occupational Health and Safety Management and
• Organic farming standards according to European standards (Organic EU);
• Training on Food Safety and Hygiene;
• Occupational safety for various groups;
to ISO;
• Awareness and methods of identifying risks and opportunities according
• Accounting skills: TAFS tax and accounting knowledge;
IFRS;
• Financial topics: Budget preparation and nancial reporting according to
• Warehouse management and operation skills;
• Cultivation and sugarcane varieties research techniques;
• Product quality control and production operation techniques;
• Technical operation of equipment and machinery in factories;
• Techniques for safe operation of motor vehicles in material areas;
Training topics
• Provide knowledge and improve skills directly related to work/specialization
Training purpose
Professional training
2
• Integrate systems.
Resources Planning) system;
• Training series to operate Processes by module on the ERP (Enterprise
Training topics
transformation
• Equip skills and capacity to adapt to change in the context of the Company's
• Help employees become procient in operating the new system
Training purpose
Training on ERP operating skills
1
• Production managers.
• Middle management development;
• Strategic human resource management;
• Resource Management for Employees;
Training topics
managers at all levels
• Foster knowledge and develop management and leadership skills for
Training purpose
Training on management and leadership skills
TRAINING PROGRAM IMPLEMENTED IN THE FY 20212022
225
207
NUMBER OF COURSES
• Operational sta, workers,…
• Specialists
Participant
121
NUMBER OF COURSES
• Professional sta, workers,…
• Specialists
• Middle Manager/Unit Managers
Participant
29
NUMBER OF COURSES
• Managers of all levels
Participant
Training purpose
• Equip occupational safety knowledge, meet the requirements of the law on
qualication standards as well as necessary knowledge
Training topics
• Occupational safety for various groups;
• Training on Food Safety and Hygiene
• Organic farming standards according to European standards;
• Knowledge of Occupational Health and Safety Management and Covid-19 control.
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
226
5
Training as required by law and certication organization on standards and quality
4
Group.
• TTC HR Webinar - internal training on Human Resources organized by the
• English for Finance and Accounting;
examination, guidance on nancial reporting;
• Training on tax policy, tax management and tax inspection and
• Online teaching skills;
ISO 9001:2015 (CQI-IRCA not recognized);
• Quality management system chief auditor training course according to
Certication Program;
• Board Member Certication Program - DCP10 - The 10th Board Member
Security team;
• Training on "Communication and Impression Skills" for Drivers and
Training topics
• Foster knowledge and develop soft skills, improve personal work eciency
Training purpose
Soft Skills Training
HUMAN RESOURCES AND TRAINING
40
NUMBER OF COURSES
sta)
(Production workers, operational
• Employees required by law
Participant
• Operational specialists/sta
• Middle Manager/Unit Managers
Participant
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
8,207
TOTAL PARTICIPATIONS
7
outstanding potential/competence.
• External training programs for the purpose of developing individuals with
sharing sessions from veteran leaders;
• Internal training: Blend a variety of training contents, especially experience
Training topics
the future
outstanding potential/ability to become mid-level/senior managers in
• Combine various training contents to develop individuals with
Training purpose
Successor training
6
• Company Induction Training.
• Industry Induction Training;
• Group Induction Training;
Training topics
capture company information
• Support new employees to easily catch up with corporate culture and
Training purpose
Induction training
227
125
NUMBER OF COURSES
54
NUMBER OF COURSES
COURSES
• Potential sta
Participant
• New hires
Participant
ANNUAL REPORT FISCAL YEAR 2021-2022
SUSTAINABLE COMPETITIVE ADVANTAGES
COMPREHENSIVE VALUE CHAIN
228
important part of each plan and can determine the Company's business results.
strategy always goes hand in hand with the Company's development strategy. This is considered an
capacity and skills of each SBTer. We are always consistent in making sure the human resource development
through a series of training and development programs which are designed to improve the professional
At SBT, the management always attaches importance to and facilitates the development of human resources
community as the best place to work in Asia for 2 consecutive years.
careers and turn their career dreams into reality. With continuous eorts, we are proud to be known by the
technological innovations, SBT always strives to provide talents with a solid foundation to plan their future
Proud to be the leading agricultural company in Vietnam that is transforming strongly with modern
internal and external training programs.
work, I myself have been able to learn and develop my abilities and skills to improve myself through both
With nearly 2 years under the common house of SBT, besides applying my knowledge and expertise to my
Quach Duc Tai - Head of Talent Acquisition - TTC Bien Hoa
employees, the best values for customers, and the best contributions to the community.
development and hope that with every step made forward, TTCS Gia Lai will still give the best care for
tomorrow. I have a stable income and more money to take care of my family. I wish TTCS Gia Lai continued
helping and supporting me with professional knowledge. I am happy because I feel less worried about
common house, thanks to the management and the colleagues giving me a chance to work here and for
TTCS Gia Lai, where I have been working for the past 10 years is like a second family, a warm, full-of-love
Health Safety and Environment Specialist (HSE) - TTCS Gia Lai
Le Thi Thanh Tam -
EMPLOYEE’S TESTIMONIALS
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
building activities. I really get to be "myself" when working at TTCAD in particular and SBT in general.
accumulated a lot of knowledge and skills through training programs, management sharing as well as team
experience, energy and iron will to ght for the common goal of the Company. Here, I have become "mature” and
chosen and have been with it for 3 years. Although TTCAD is a new entity, it has gathered members with a lot of
opportunity to develop myself both in terms of professional and life skills. Currently, TTCAD is the 3rd home I have
had the opportunity to work in 3 member companies with dierent experiences. Each of these jobs gives me the
choose from, the Company also oers practical welfare and other and incentives for the team. At SBT, I have
a friendly and open working environment for each individual. Apart from many suitable career orientations to
to learn and gain more experience for themselves. I, however, am fortunate to be a member of a company with
industry here at SBT. During their vibrant years of youth, many people choose to hop to many dierent companies
The 10-year journey is neither too short nor long enough, but it is the period of time that I’ve spent with the Sugar
Miss the trip to Sugar, then your youth will be wasted"
“Youth is like a cup of tea
Nguyen Thi Ngoc Nhu - Head of Operations - TTCAD
grateful for the opportunities to work and develop myself so far.
the Company’s development project. These things have helped me to develop myself a lot and I am really
also had the opportunity to know a new culture during my Australia business trip when participating in
departments from human resources, administration to business, commercial and accounting. Besides, I
things, not only in legal expertise, but also in soft skills, especially the skills to work and interact between
Although I have only been with the Company for 1 year and 6 months, I have really experienced a lot of
Vu Duy Quang - Legal Specialist
229