TTC BIEN HOA
2020-2021 ANNUAL REPORT
GLOBAL SUGAR INDUSTRY PROSPECTS
Sugar prices witnessed a sharp rise in FY 2020-2021. Specifically, it
rebounded and rose steadily from a low of 9 cents/lb in April 2020 to
reach a 4-year peak at 20.3 cents/lb in August 2021.
Some of the main driving forces for Sugar prices increase were:
Source: tradingeconomics.com
Due to poor weather conditions in Brazil, the world’s largest sugar producer, the crop might have ended earlier than
usual, causing global Sugar shortage;
1
Crude oil prices recovered 110% from the bottom of October 2020. Sugar prices often tag along with oil prices.
Because when oil prices rise, Sugar mills tend to increase ethanol production, reducing the amount of sugarcane used
to produce Sugar;
2
Escalating logistics costs in the chaos of the pandemic is also one of the factors placing pressure on Sugar prices;
3
Forecast from a number of experts and organizations regarding the global Sugar supply shortage in FY 2021-2022.
5
Hedge funds continuously raised their net long position in the commodity market;
4
Price uctuation of Raw Sugar on the New York Exchange from June 2017 to August 2021
10
12
14
16
18
20.3
Jul Jul Jul Jul Aug2018 2019 2020 2021
Unit: USD/lbs
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GLOBAL SUGAR IS FORECAST TO HAVE A SHORTAGE OF ROUGHLY 4.8 MILLION TONS IN 2020  2021 CROP YEAR
Status of the world’s leading Sugar producers in FY 2020-2021
A
ccording to a report released
by the ISO-International Sugar
Organization in early 2021, the
global Sugar market will face a decit
of approximately 4.8 million tons in
FY 2020 -2021 due to production declines
in Western Europe and other countries
such as Iran, Pakistan, and Thailand, etc.
as well as the global logistics crisis.
Meanwhile, according to FAO - UN’s Food and Agriculture Organization forecast, a
decit of global Sugar production would be 170.3 million tons, down by 1.6 million tons
from the previous year, due to output decline in Brazil, the European Union, Russia, and
Thailand. While global Sugar consumption is expected to reach 173.8 million tons in
2020-2021, equivalent to an increase of 2.1% compared to the 2019-2020 crop year, the
Covid-19 outbreak in India and Brazil, the world’s two principal Sugar producers, is one of
the causes of a decrease in production. On top of that, Brazil’s driest weather for 90 years
and recent frosts exacerbated the damage to sugarcane, causing the crop to end earlier
than usual. This led to tighter global supplies as Brazil accounts for 40% of world Sugar
production.
Production status
Sugarcane production totaled approximately 211 million tons in the rst six months of 2021, down
8.5 percent from the previous year’s 230.4 million tons. Sugar production was 12.26 million tons,
slightly down from 13.35 million tons in the 2020-2021 crop year.
Brazil’s Sugar production is expected to decline by 12.8 percent in FY 2020-2021, to just over
32.5 million tons, and this trend is expected to continue. This is because investors and factories
are concerned that the upward trend in sugar, ethanol and electricity prices will not continue
in the long run, obstructing the assessment of new investment opportunities, and the cost of
investment planning and planting per plant is relatively high, taking up to three years and costing
1 BRLmillion (about 200,000 USD). As a result, investment in sugarcane growing areas planning
and development may be encouraged after 2025.
BRAZIL
Production status
Sugar production increased by 12.7 percent to 30.9 million tonnes in the 2020-2021 crop year,
up from 27.4 million tonnes last year, according to ISMA - Indian Sugar Mills Association’s data.
To put this in context, the government regulates sugarcane prices in order to limit the expansion
of sugarcane growing areas. However, because the price of ethanol is currently uctuating at or
above the price of Sugar, businesses are increasingly switching to ethanol production in order to
increase prots. Specically, between 2023 and 2025, the country will convert 6 million tons of
sugarcane production to ethanol through the Conversion Program from Sugarcane to Ethanol, or
E5 Program.
INDIA
MILLION TONS
BRAZIL’S SUGAR PRODUCTION
IN FY 20202021
32.5
MILLION TONS
INDIA’S SUGAR PRODUCTION
IN FY 20202021
30.9
Production status
Thailand is expected to reach only 10.3 million tons of Sugar exports in the 2021-2022 crop year
(compared to the original forecast of 12.3 million tons), after the preceding 2019-2020 and 2020-
2021 crop years had exports of less than 10 million tons of Sugar. If the world Sugar prices further
enhance and remain at a high level of over 17 cents/lb, Thailand’s Sugar output is forecast to reach
about 14 million tons in the coming crop years.
THAILAND
Source: czapp.com
Sugar made Sugar lost to Ethanol
10
20
30
40
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F
India Sugar production will decline as sucrose is used for Ethanol instead
Unit: million tons
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GLOBAL SUGAR INDUSTRY PROSPECTS CONTINUED
STATUS OF THE WORLD’S TOP SUGAR EXPORTING COUNTRIES IN FY 20202021
The world’s top Raw Sugar exporting countries in FY 2020-2021Brazil, India, Australia, and Thailand are now the
world’s top Raw Sugar exporters. Brazil is the
largest exporter of Raw Sugar, exporting up to
25.8 million tons annually, while India exports 3.8
million tons and is expected to increase further
if the export price exceeds 17 cents/lb. Due to
adverse weather conditions, particularly oods
and droughts, Australia’s exports totaled just
3.2 million tons in the last scal year. Thailand’s
exports decreased to 1.42 million tons as a
result of a 7.7 million ton decline in production,
the lowest point in ten years, combined with
Vietnam’s trade remedy measure. Mexico was
ranked fth in the world in terms of exports,
with 0.25 million.
Source: czapp.com
Thailand’s Raw and White Sugar exports for 2007-2021
and 2022F
Raws Whites
5
10
15
20
25
30
CS Brazil India Australia Thailand Mexico
m tonnes
25.8
3.8
3.2
1.42
0.25
THAILAND
2,0
1,0
4,0
3,0
6,0
5,0
7,0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022F
Source: czapp.com
m tonnes
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STATUS OF THE WORLD’S TOP SUGAR IMPORTING COUNTRIES IN FY 20202021
China is currently the world’s
largest importer of Sugar, owing
to its ever-increasing demand for
Raw Sugar, which is expected to
reach 5.5 million tons in 2020, up
from 1.2 million tons in 2017. While
Sugar consumption remains low
in China due to signicant regional
disparities, Sugar demand is expected to increase as a result
of the country’s three-children policy, which is proportional
Indonesia remained one of the world’s
largest Raw Sugar importers in the last
four years, with over 4 million tons,
which is expected to increase in the
coming scal year. Since April 2020,
when Indonesia amended its import
to population and economic growth. According to the
latest research from Czarnikow, the world’s largest Sugar
broker, China’s imports in 2021 are expected to decline due
to the high cost of imported Sugar, which results in higher
selling expenses and lower prots. Additionally, the Chinese
government’s refusal to grant import licenses until May 2021
in order to protect the domestic Sugar industry will limit
import growth this year.
policy to permit the import of Sugar 600 ICU rather than
1,200 ICU, India’s imports have topped 1 million tons. With a
total consumption of approximately 7.3 million tons in 2018,
Indonesia’s Sugar demand remained stable throughout 2018.
Indonesia’s Raw Sugar imports for 2010-2021F
Source: czapp.com
3
2
1
4
5
6
11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21F10/11
m tonnes
China’s Raw Sugar demand for 2012-2021F
Source: czapp.com
3
2
1
4
5
6
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021F
m tonnes
CHINA
INDONESIA
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2020-2021 ANNUAL REPORT
GLOBAL SUGAR INDUSTRY PROSPECTS CONTINUED
The United States and the European Union are the world’s largest Sugar
importers, based on per capita consumption. As a result, the United
States imported 3.89 million tons of Sugar in FY 2020-2021. White
sugar import demand in Europe is approximately twice that of Raw
Sugar, totaling 2.26 million tons.
According to Czarnikow’s forecast, Sugar prices could maintain an upward trend in the 2021-2022 crop
year, as global Sugar production shows signs of slowing while demand for Sugar continues to rise. The
world’s Sugar supply is estimated to be about 0.8 million tons short the following year.
OUTLOOK FOR THE WORLD SUGAR INDUSTRY IN FY 20212022
OUTLOOK FOR THE WORLD SUGAR INDUSTRY IN FY 20242025
Particularly, Brazil, the world’s largest
sugar exporter, is facing several
challenges as weather patterns shift
abruptly, resulting in crop failure and
production decline, as well as concerns
about the future sustainability of Sugar
prices, discouraging businesses from
investing in long-term investment, plant
planning, and sugarcane production.
Simultaneously, India, the world’s second
largest Sugar producer, is expected to
see a decline in export prospects as
businesses shift their focus away from
Sugar and toward ethanol, which is more
lucrative. Additionally, the recovery of
oil prices and the risk of high ination
in a number of countries increase
demand for storage or speculation,
driving commodity prices higher and
contributing to the increase in Sugar
prices. Additionally, rising logistical costs
associated with the Covid-19 outbreak
are a factor inuencing Sugar prices in
the coming scal year.
Sugar consumption per capita by region
Source: czapp.com
21
16
11
6
26
31
36
41
EU USA South
Korea
Indonesia Global
average
India Japan China Tanzania Nigeria
Kg/Person
The global Sugar industry has very promising long-term prospects, with supply
and demand are predicted to shift from equilibrium to shortage in the next
ve years. Surplus is unlikely to materialize when compared to previous cycles,
allowing the world Sugar price to remain high until 2025. The primary factors for
the Sugar industry’s future growth are:
Climate change, or global warming, resulting in a succession of forest res
in many nations, as well as regular oods, and disease outbreaks, all of
which threaten stability of global agriculture;
The ethanol production continues to increase in Brazil, thus Sugar output
is unlikely to exceed 40 million tons in the next ve years;
India’s orientation to shift 6 million tons of Sugar exports to Ethanol over
the next 5 years would leave the supply gap that will be tough to ll;
The sugar production in other countries like Thailand, the European
Union, Australia, etc., is mainly at or insignicant, ruling out a sharp
increase in supply in the following years;
Global consumption would continue to climb but production growth
would be challenging as it was in the past 10 years;
Following a pandemic, governments would prioritize essentials, which
would result in increased storage of these items. Additionally, investment
funds would seek to hedge against future ination by purchasing
commodities.
1
2
3
4
5
6
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FY 2020-2021 was a watershed year for Vietnam Sugar industry, which is currently grappling with the
Covid-19’s effects as well as integration difficulties. However, the global Sugar industry’s robust recovery,
combined with the government’s timely and appropriate policies, has created opportunities for Vietnam’s
Sugar industry to undergo a significant and gradual transformation.
GOVERNMENT’S SUPPORT POLICIES
AND POTENTIAL FOR GROWTH IN VIETNAM
SUGAR INDUSTRY
T
he ASEAN Trade in Goods Agreement (ATIGA) entered
into force on January 1
st
, 2021, promising development
opportunities as the market is opened and consumers
benet from high-quality, aordable Sugar, as well as
domestic enterprises expanding their export opportunities.
However, statistics show that the Vietnamese Sugar market
has been severely impacted by smuggling, dumping, and
unfair competition from foreign-based Sugar enterprises
since the implementation of ATIGA.
Recognizing this, the Ministry of Industry and Trade conducted
an investigation and established a level playing eld,
equitable competition among enterprises within the context
of integration, to ensure the long-term viability of Vietnam
Sugar industry. On June 15
th
, 2021, the Ministry of Industry
and Trade issued Decision No. 1578/QĐ-BCT establishing the
anti-dumping and anti-subsidy duty on certain sugar cane
products originating in Thailand, at a rate of 47.64 percent.
The Decision took eect on June 16
th
, 2021, and is valid for a
period of ve years.
Indeed, since the implementation of a trade remedy, the
volume of Sugar imported into Vietnam has decreased, which,
when combined with increased anti-smuggling eorts,
has aided in limiting the source of illegal Sugar entering
the country and preventing unfair competition from
foreign-based enterprises. By leveling the playing eld
between domestic and Thailand Sugar, the implementation
of this trade remedy measure is expected to improve Vietnam
Sugar industry’s long-term prospects.
VIETNAM
SUGAR INDUSTRY
PROSPECTS
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2020-2021 ANNUAL REPORT
VIETNAM SUGAR INDUSTRY PROSPECTS CONTINUED
In FY 2020-2021, the government has reinforced the implementation of appropriate policies to promote the domestic
Sugar industry, as follows:
IMPLEMENTATION OF SOLUTIONS TO DEVELOP VIETNAM SUGAR INDUSTRY IN THE NEW CONTEXT
On July 14
th
, 2020, the Prime Minister issued
Directive No. 28/CT-TTg on the implementation
of solutions to develop the Sugar industry. Some
key activities included:
• Prioritize local capital to support
mechanization development, enhance
productivity and quality, and complete the
organization of sugarcane production and the
sugar product chain;
• Actively monitor and promptly apply trade
remedies to imported sugar products in line
with appropriate commitments;
• Reinforce anti-smuggling, anti-counterfeiting, and
commercial fraud eorts as well as investigate and propose
a highly deterrent fee for illegally transported commodities;
• Keep going to encourage credit organizations to consider and
implement measures to remove obstacles for organizations
and individuals producing and trading sugar in line with
current regulations;
• Coordinate with regulators to apply National Technical
Regulation on raw sugarcane quality as well as clarify CCS
and sugarcane prices to ensure the interests of sugarcane
farmers and maintain a stable source of raw materials.
1.
TAX INCENTIVES WHEN EXPORTING TO THE EU MARKET
On August 1
st
, 2020, the EU Vietnam Free Trade Agreement (EVFTA) officially entered into force. According to
EVFTA, the European Union (EU) will grant tariff preference to the quota of 100 thousand tons of Vietnam Sugar
products.
2.
PROTECTING THE DOMESTIC SUGAR INDUSTRY AGAINST THAI SUGAR PRODUCTS
On February 9
th
, 2021, the Ministry of Industry and Trade signed Decision No. 477/QĐ-BCT, ocially imposing a
temporary anti-dumping and anti-subsidy duty on imported Sugar products originating in Thailand for a period of
four months. As a result, the tax rate on Rened Sugar is 48.88 % while the tax rate on Raw Sugar is 33.88 %.
3.
THAILAND’S SUGAR NOW FACES A DEFENSE TARIFF
On June 15
th
, 2021, the Ministry of Industry and Trade released Decision No. 1578/QĐ-BCT, which ocially imposed
an anti-dumping tax of 42.99 % and an anti-subsidy duty of 4.65 % on Cane Sugar products originating in Thailand,
including Rened Sugar and Raw Sugar.
4.
Source: TTC Bien Hoa
Sugar production and demand statistics are recorded seasonally as follows:
No. Crop year Number of active factories
Production of Sugar
(tons)
Demand from customers
(tons)
1 2014-2015 40 1,550,000 1,400,000
2 2015-2016 40 1,237,300 1,422,000
3 2016-2017 40 1,227,000 1,650,000
4 2017-2018 37 1,470,000 1,732,000
5 2018-2019 35 1,173,933 1,800,000
6 2019-2020 25 769,000 1,890,000
7 2020-2021 26 689,830 1,890,000
Source statistics: VSSA
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According to Vietnam Sugarcane Association (VSSA) statistics, the number of factories operating across the country has
declined over many years and is now only 26/40 factories. In FY 2020-2021, total domestic Sugar output is only roughly 690
thousand tons, meeting only one-third of local consumption demand; the remainder must be imported directly from abroad.
This demonstrates a signicant shortfall in domestic supply, despite the fact that Vietnam’s Sugar consumption remains
strong. As can be observed, the domestic Sugar industry is facing a signicant challenge, but there is also an opportunity for
enterprises with capacity and competitive advantages to grow and extend new market shares.
TONS
PRODUCTION OF SUGAR
IN FY 20202021
689,830 1,890,000
TONS
DEMAND FROM CUSTOMERS
IN FY 20202021
VIETNAM WHITE SUGAR IS ON THE ICE LONDON TRADING LIST
The Intercontinental Exchange (ICE) added Vietnam White
Sugar to its trading list on April 23
rd
, 2021, making Vietnam
the next country eligible for White Sugar distribution. Vietnam
White Sugar gains hedging opportunities, strengthens
relationships with partners, and increases the international
competitiveness of Vietnamese White Sugar products
through ICE London.
139
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2020-2021 ANNUAL REPORT
By 2035, Vietnam is expected to have 54 million urban residents, or 50% of the population, and 21 million people in their twenties
- a potential labor supply for the economy and an increasing proportion of urban residents from 36% in 2017 to 60% in 2050.
These factors increase demand for Food and Beverage (F&B) products such as confectionery, beverages, milk, and ice cream,
among others, with Sugar playing a major role. The F&B industry’s revenue is expected to rise from USD27 billion in 2017 to
USD40 billion in 2021, according to Deloitte‘s report. Additionally, Vietnam’s per capita Sugar consumption is only 17.5 kg per year,
signicantly less than that of other ASEAN member countries such as the Philippines (23.5 kg), Indonesia (24.6 kg), Thailand (43.4
kg), and Malaysia (57.9 kg). According to PwC, by 2026, Vietnam’s Sugar consumption per capita will exceed 26kg.
Since the FY 2014-2015, supply and demand for Sugar in Vietnam have been negatively correlated. The amount of Sugar
produced has been decreasing, while consumption demand has been continuously increasing. In the coming years, Vietnam
is estimated to require 1-1.5 million tons of Sugar to meet individual requirements and the food industry. The domestic Sugar
industry is expected to increase over the next ve years, and in this context, enterprises with several sources of Sugar from
domestically produced sugarcane will have a signicant competitive advantage and achieve successful business performance.
VIETNAM IS A POTENTIAL MARKET
AS SUGAR DEMAND IS EXPECTED TO CONTINUE TO GROW SIGNIFICANTLY
Vietnam’s F&B Industry Prospects
Unit: (Billion USD)
Source: Deloitte, TTC Bien Hoa compiled
2015 2016 2017 2018 2019 2020E 2021E
18.3
2
22.5
3
23.8
3
25
3
26.5
4
28.4
4
36.3
4
VIETNAM SUGAR INDUSTRY PROSPECTS CONTINUED
With a young population structure, an average age of 31 years, and the ASEAN region’s fastest urbanization
rate, Vietnam Sugar industry still has significant growth potential.
Food Non-alcoholic beverage
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TTC BIEN HOA SEIZES OPPORTUNITIES
TO CONTINUE BREAKING UNCHARTED TERRITORY
TTC Bien Hoa, with the mindset of a market leader,
always takes precautionary measures and employs appropriate strategies
to capitalize on potential opportunities at each stage.
P
reviously, the Company opened and operated three new
branches in Can Tho, Da Nang, and Hanoi to expand the
domestic supply network, directly meeting the demand for
Sugar consumption and local industrial production, both of which are
in short supply. Additionally, the Company leverages its ownership
of international trading house to strengthen its ability to exploit
the domestic market for a group of Customers with a high import
demand, owing to available strength in warehousing, after-sales, and
technical consulting care. Simultaneously, this trading house acts as
the representative of TTC Bien Hoa, with the objective of expanding
international market share and establishing new export markets for
TTC Bien Hoa Sugar, particularly organic products, in order to leverage
TTC Attapeu’s strengths through preferential taris.
The Singaporean subsidiary has extensive experience
in commodity trading and has been conducting
trading activities on the commodity derivatives
trading oor for several years, utilizing derivatives to
eectively hedge risks associated with the continuous
uctuations in international Sugar prices, increasing
trading exibility and contributing to increased prots.
Additionally, this subsidiary plays a critical strategic
role in coordinating export business activities and
assisting TTC Bien Hoa in keeping abreast of global
sugar market developments, thereby coordinating
reasonable activities in the Company’s markets and
gradually transforming itself into a global enterprise.
141
TTC BIEN HOA
2020-2021 ANNUAL REPORT
BRINGS
VIETNAM CLEAN SUGAR
TO THE WORLD
In the previous FY, TTC Bien Hoa promoted the development
of a system of cross-border raw material zones in TTC Bien
Hoa promoted the development of a system of cross-border
raw material zones in Laos and Cambodia totaling over 27,000
hectares, of which the raw material area in Laos remained
focused and opened to develop organic sugarcane cultivation
and produce Organic Sugar meeting international quality
standards and having a high commercial value recognized by the
World Trade Organization. The expansion of raw material areas in
Indochina (Vietnam, Laos, and Cambodia) has also resulted in the
formation of a tripod posture as a basis for agricultural production
capacity improvement. Additionally, the Company will leverage
new farming technologies to boost agricultural production,
productivity, and competitiveness, as well as to achieve raw
material self-suciency. Additionally, TTC Bien Hoa is constantly
improving and diversifying Sugar products such as Rened
Sugar, Brown Sugar, Black Brown Sugar, Caramel, and Organic
Sugar products, all of which hold a leadership position in a highly
competitive product group, in order to meet the increasingly
diverse needs of consumers and increase the Company’s value.
During the o-season, the company maintains four
factories that manufacture Sugar from Raw Sugar
and are strategically located (Tay Ninh, Khanh Hoa,
and Dong Nai) to facilitate receiving, domestic
consumption, and high-capacity export activities
(up to 2,200 tons of Rened Sugar per day). TTC Bien
Hoa now owns factories equipped with the most
advanced manufacturing lines in the world, enabling it
to produce products that meet international standards
and are extremely stable. As a result, the Company is
proud to be one of the world’s leading companies,
qualied to meet the stringent requirements of
customers in industries such as pharmaceuticals and
Floc Pass Sugar for the beverage industry. Additionally,
the company is now operating a Sugar factory in Laos
and investing in and rebuilding another in Cambodia
in order to expand its foreign market share and address
a domestic shortfall. This is viewed as a springboard
for the Company’s promotion and strengthening of its
position.
VIETNAM SUGAR INDUSTRY PROSPECTS CONTINUED
The fact that Vietnam Sugar is listed on the London Commodity Exchange and will be listed on the New
York Commodity Exchange in March 2022 benefits not only Vietnam Sugar industry in general, but it is
also a great opportunity for TTC Bien Hoa in particular, as the company is one of the pioneers in actively
participating in transactions in the international commodity market as well as brings Vietnam clean Sugar
to the world.
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143
TTC BIEN HOA
2020-2021 ANNUAL REPORT
INTRODUCTION OF THE BOARD OF MANAGEMENT
Mr. NGUYEN THANH NGU
CEO
Mrs. DOAN VU UYEN DUYEN
Permanent deputy CEO
Qualications:
• Bachelor of Business Administration, International University - Vietnam National University
HCMC
• Institute of Potential Leaders Program - PACE
Employment history:
• 2014 - Present: CEO, Thanh Thanh Cong - Bien Hoa JSC
• 2014 - 2017: CEO, Thanh Thanh Cong - Tay Ninh JSC
• 2016 - 2018: Chairman of the BOD, Nuoc Trong Rubber JSC
• 2014 - 2014: CEO, Gia Lai Sugarcane Thermoelectricity JSC
• 2013 - 2014: Permanent Deputy CEO, Ninh Hoa Sugar JSC
Outstanding achievements:
• With over 11 years of experience in governance and operations in the Banking & Finance
industry, as well as manufacturing and business activities in the Sugar industry, Mr.
Nguyen Thanh Ngu has established himself as one of the most prominent TTC Bien Hoa
leaders, representing an entire generation of the 1980s endowed with great determination,
enthusiasm, and a commitment to the ‘innovate to integrate’ spirit.
• Since his appointment as CEO of TTC Bien Hoa in 2014, he has delivered timely and sound
decisions that are appropriate for each stage of market contexts, navigating TTC Bien Hoa step
by step through market instability and challenges in order to excel at the BOD-assigned tasks.
• Apart from Sugar, he gained seven years of experience in a variety of industries, including
thermal power, rubber, agriculture, and foodstus. His expertise has aided TTC Bien Hoa in
diversifying its investment portfolio by acquiring units and industries that align with the
Company’s strategy.
Some of his outstanding achievements in FY 2020-2021:
• Proposing a series of solutions to support TTC Bien Hoa swiftly adapt to the new business
environment under ATIGA and other changes in the policy of the industry;
• Adopting exible governance policies in response to Covid-induced economic uncertainty;
• Leading a successful restructuring of TTC Bien Hoa toward a modern, rened and ecient
operating model upon the deployment of Oracle Cloud ERP;
• Boosting the expansion of sugarcane material areas of TTC Bien Hoa in three countries,
including Vietnam, Laos, Cambodia, contributing to an increase in the capacity and farming
areas. Therefore, the cane yield in FY 2021-2022 is expected to go up 40% YoY;
• With great support from the other members and his strong determination, he and the BOM
have achieved the business goals astoundingly, setting a new record for the prot after tax and
maintaining the consumption output of over 1 million tons/ year. Sugar consumption in FY
2020-2021 was 1.16 million tons (up 10% YoY); Net revenue reached VND14,925 billion (up
16% YoY and 4% higher than the target); Prot before tax reached VND784 billion (up 53%
YoY and 18% higher than the target); Prot after tax went to VND650 billion (up to 79% YoY).
Positions at other organizations (except parent company and subsidiaries):
• BOD Member, Thanh Thanh Cong Agriculture Development JSC
Qualications:
• Master of International Business and Technology Management - Asian Institute of Technology,
Thailand
• Bachelor of Economics and Accounting - University of Greenwich, London UK
Employment history:
• 2020 - Present: Permanent Deputy CEO, Thanh Thanh Cong - Bien Hoa JSC
• 2018 - 2020: CFO, Thanh Thanh Cong - Bien Hoa JSC
• 2018 - 2018: Senior Executive Assistant in nance to Chairman of the BOD, Thanh Thanh Cong
- Bien Hoa JSC
• 2017 - 2018: Finance Business Partner, Thanh Thanh Cong Education JSC
• 2014 - 2017: Financial Controller, Hella Vietnam Co., Ltd.
• 2012 - 2014: Senior Financial Analyst, Thang Long Fund Management JSC
Outstanding achievements:
• In FY 2020-2021, as Permanent Deputy CEO, she oversaw several signicant initiatives
aimed at ensuring a well-designed governance system, with an emphasis on technology
infrastructure, human resource management, and a healthy nancial structure, all with a risk-
based approach. The objective is to lay the groundwork for global integration.
Some of her outstanding achievements in FY 2020-2021:
• Participating in develop a 5-year strategy for the 2021-2025 period focusing on maximizing
the industry value chain;
• Integrating IFRS-led Finance-Accounting service model into the Oracle Fusion Cloud system,
which was ocially rolled out for 22 units at 4 countries integrated on July 1
st
, 2021;
• Developing and standardizing dossier on capital mobilization, while successfully raising a fund
of VND3,000 billion for long-term capital restructuring and obtaining the approval for the
request for a credit limit increase up to more than VND1,200 billion in FY 2020-2021;
• Leading the enhancement of the HR management, engaging in the establishment of
the successor development policy for the Remuneration and Compensation Committee,
developing the Company’s image and culture, which help TTC Bien Hoa earn the international
award “HR Asia - Best Companies to Work for in Asia 2021”;
• Developing and leading the Digital Transformation - ERP Oracle Fusion Cloud project under
the Company’s business development and corporate governance strategy; approving system
design solutions to ensure a synchronous integrated system; guiding the development
of ERP modules integrated with smart analysis, plus training and allocating sta to ensure
implementation of operational risk and change management.
Positions at other organizations (except parent company and subsidiaries):
• None
Year of birth: 1987
Time of appointment as CEO:
November 2014
Ownership of voting shares
at the Company:
4,847,118 shares, accounting for 0.76%
Year of birth: 1987
Time of appointment as Deputy CEO:
February 2020
Ownership of voting shares
at the Company:
929,425 shares, accounting for 0.15%
144
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
Mr. HUYNH VAN PHAP
Acting deputy CEO
(Division of Sales)
Mr. NGUYEN NGOC VAN QUAN
Acting deputy CEO
(Division of Supply)
Qualications:
• Bachelor of Business Administration
Employment history:
• June 2021 - Present: Acting Deputy CEO of Division of Sales, Thanh Thanh Cong - Bien Hoa JSC
• 2015 - May 2021: Sales Director and Director of Division of Sales, Thanh Thanh Cong - Bien
Hoa JSC
• September 2018 - June 2020: Vice Chairman of BOD and Chairman of BOD, Bien Hoa Import -
Export Trading JSC and TTC Bien Hoa - Dong Nai Sugar One Member Co., Ltd
• 2010 - 2014: Deputy Sales Director, Dang Thanh Co., Ltd and Thanh Thanh Cong Packing JSC
• 2004 - 2009: Deputy Sales Manager, Hai Ha Confectionery JSC - Southern Branch
Outstanding achievements:
• With nearly two decades of experience in the sugar and food industries, Mr. Phap has made
signicant contributions to the development of the CRM system, the expansion of the
distribution network, and the increase in market awareness of the Bien Hoa Sugar brand. As a
result, the Company was able to establish a dominant position in the domestic sugar industry
and gradually expand into the international market. He launched several business strategies
in FY 2020-2021 that aligned with the Company’s strategic direction and consistently met set
targets despite market turbulence.
Some outstanding achievements in FY 2020-2021:
• Managing all business activities eectively, adding 352 new customers and exceeding the
target by 76%; increasing sales revenue with exceptional growth in the export channel,
boosting international market share and closely monitoring operation expenses;
• Running marketing campaigns on dierent social platforms, thereby continuing to increase the
coverage of Bien Hoa Sugar brand, along with impressive product launching events for Míaha
canned sugarcane juice and Co Ba Sugar;
• Leading the penetration of the unbranded sugar segment, namely Co Ba Sugar 1kg and 500gr
packs as well as 12kg bag. Thanks to the right branding strategies with quality and safety at the
core, these consumer-friendly products received a positive response from customers;
• Orienting and developing the mechanization business, including completing the organizational
structure in compliance with the laws, expanding the network of consultancies and distributors
across the country, supplying equipment for large-scale projects.
Positions at other organizations (except parent company and subsidiaries):
• None
Qualications:
• Master of Industrial Systems Engineering - Ho Chi Minh City University of Technology
Employment history:
• June 2021 - Present: Acting Deputy CEO of Division of Supply, Thanh Thanh Cong - Bien Hoa JSC
• 2019 - June 2021: Supply Chain Director, Phu Nhuan Jewelry JSC
• 2018 - 2019: Head of Operation and Supply Chain Department INSEE Vietnam Company
• 2011 - 2018: Head of Supply Chain Management Department, Sika Limited (Vietnam)
• 2008 - 2010: Deputy Supply Chain Director, Golden Rice Vietnam
• 2005 - 2007: Head of Planning & Optimization Department, Coca-Cola Vietnam
Outstanding achievements:
• Mr. Quan leverages his over 15 years of experience in the supply chain industry to help TTC
Bien Hoa improve and complete its existing supply chain as new technologies are integrated.
As a result, management and operations processes are optimized, fostering an end-to-end
chain that is aligned with relevant business activities and increasing the value of products and
services.
Some of his outstanding achievements since joining TTC Bien Hoa:
• Consolidating the integrated Supply chain model in accordance with the diversication
strategy for either agricultural solutions or FMCG products;
• Developing models for automated storage and transportation, as well as for product-diverse
and large-volume distribution, ranging from E-commerce to Omni-Channel, with the
application of technologies in supply chain management;
• Implementing the 5-year plan for supply chain development in line with TTC Bien Hoa’s
“Spreading Wings” strategy.
Year of birth: 1979
Time of appointment as Acting Deputy CEO:
June 2021
Ownership of voting shares
at the Company:
996,538 shares, accounting for 0.16%
Year of birth: 1982
Time of appointment as Acting Deputy CEO:
June 2021
Ownership of voting shares
at the Company:
0 shares, accounting for 0%
145
TTC BIEN HOA
2020-2021 ANNUAL REPORT
THE BOARD OF MANAGEMENT’S
PERFORMANCE REPORT
AIMING TO BECOME A “LEADING SUGAR PRODUCER AND ENERGY SOLUTIONS PROVIDER
IN VIETNAM’S AND REGIONAL MARKET”
The BOM and staff at TTC Bien Hoa ended FY 2020-2021 with remarkable achievements and
positive results, owing to the organization’s unfaltering efforts, innovation, and commitment
despite adversity. TTC Bien Hoa, in particular, continued to dominate the Sugar industry,
with 46% market share and 1.16 million tons of Sugar consumed. Consolidated net revenue
reached VND14,925 billion, up 16%, a YoY increase of more than VND2,000 billion and exceeded
the target by 4%.
Owing to the Company’s proactive response to market opportunities.
Regarding exports, the Company beneted from being the market leader
in Vietnam’s sugar industry, both in terms of product diversication and
state-of-the-art manufacturing technologies. The Company enjoyed
a signicant export advantage in markets with stringent quality
requirements, such as Europe, the United States, Singapore, etc. Additionally,
TTC Bien Hoa continued to capitalize on China potential Sugar market
by oering a diverse range of products to meet market demands. Sugar
consumption increased year over year in other sales channels as well.
The B2C channel, in particular, increased by
14%, while the trade channel increased by 5%.
TTC Bien Hoa aimed to gradually transition sales
channels from traditional manufacturing to
service, while also oering energy solutions and
new product lines, high-quality Sugar products,
and more convenient packaging options to meet
the unique needs of Customers.
BILLION VND
UP 18% YOY, ACCOUNTING FOR 95% OF NET REVENUE
SUGAR 
THE COMPANY’S CORE PRODUCT 
REMAINED THE HIGHEST REVENUE
EARNER IN FY 20202021
EXPORTS,
IN PARTICULAR, SAW A
DRAMATIC INCREASE OF
YOY
14,125 31%
146
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
TTC Bien Hoa is currently the Company that owns the highest and most diversied
number of Sugar products, more than 73 lines. It includes 21 RE Sugar products, 17
RS Sugar products, 9 Brown Sugar products, 9 Rock Sugar products, 5 Functional
Sugar products, 7 Organic Sugar products, and 5 Liquid Sugar products. This,
thereby, ensures the satisfaction of every group of customers on key channels, from
B2B, B2C to the export and trade channel. Geared toward the long-term product
diversication strategy by maximizing the sugarcane value chain, while mitigating
the risks in case of Sugar price uctuation, the Company has been producing
11 Sugar by-products, including 2 product lines of Miaqua, bagasse, molasses,
commercial electricity, 2 caramel, and 4 fertilizer product lines. The highlights of the
year were molasses and electricity, with sales of VND276 billion and VND189 billion
respectively. Furthermore, last year TTC Bien Hoa welcomed a new nutritional drink
- Míaha canned sugarcane juice with 3 dierent avors, into its beverage product
lines.
Notably, in FY 2020-2021, TTC Bien Hoa’s prot before tax exceeded the target by
18%, up 53% YoY, highlighted by an increase of gross margin from 11% to 15%.
Selling expenses/ Net revenue ratio remained under control at 3.6%, similar to the
previous FY’s ratio. This would set the Company apart from other competitors in the
region, especially during COVID-induced economic turmoil. As a result, protability
ratios saw a signicant improvement compared to last year as ROA and ROE reached
3.4% and 8.2% respectively. These achievements accurately reect the eciency of
Leaders’ guidance via capital restructuring and market share growth strategies.
TTC Bien Hoa increased its domestic market share despite the COVID-19 which could
prolong to 2022. Several other noteworthy outcomes are worth noting, including
the expansion of export markets, the stability of raw material areas, prudent expense
management, and revenue stream diversication.
Revenue Structure by Product
in FY 20-21
Source: 2020-2021 Audited Consolidated FS,
TTC Bien Hoa
Electricity 1%
Molasses 2%
Fertilizer 1%
Others 1%
S
u
g
a
r
9
5
%
13%
OR VND940 BILLION
SHORTTERM LOANS
DECREASE
53%
YOY
TTC BIEN HOA’S PROFIT BEFORE TAX
EXCEEDED THE TARGET BY 18%,
UP
3.4%
ROA
8.2%
ROE
Along with product diversification, TTC Bien Hoa maintained a focus on capital structure optimization.
This included a 13% reduction in short-term loans, or more than VND940 billion, while owner’s equity
increased by more than VND596 billion, or 8%.
147
TTC BIEN HOA
2020-2021 ANNUAL REPORT
VND BILLION
20,47120,471
THE BOARD OF MANAGEMENT’S PERFORMANCE REPORT CONTINUED
AS OF JUNE 30
TH
, 2021
THE COMPANY’S TOTAL ASSETS STOOD AT
up 14% from the start of the fiscal year
Short-term assets contributed the most,
increasing by 25%, with cash and cash
equivalents and short-term investments
increasing by 82% and 38%, respectively. This,
once again, ensured the Company’s strong
nancial potential, demonstrating the Board’s
prudent restructuring of the nancial system
toward revenue diversication through the use
of TTC Bien Hoa’s competitive advantages.
Inventory increased by 25%, or VND630 billion,
during the same period, while inventory days
decreased from 85 to 82, which was consistent
with TTC Bien Hoa’s revenue growth and
operational scale.
Net cash ow for FY 2020-2021 increased
signicantly year on year, from minus VND5
billion to VND824 billion, while cash and
cash equivalents increased by 82%. The
result was largely due to net cash ow from
nancial activities, particularly the issuance of
corporate bonds and medium- and long-term
loans with competitive interest rates, which
totaled VND3,000 billion. This demonstrated
many nancial institutions’ condence in
the Company’s competence and vision.
Additionally, having a large amount of cash on
hand aided the Company in strengthening its
nancial position, ensuring liquidity in the event
Along with the VND2,500 billion increase in the value of short-term assets, liquidity ratios have improved signicantly, assisting in
risk mitigation and ensuring working capital for business operations. The current and quick ratios, in particular, increased over the
same period, approaching 1.47 and 1.10 times, respectively. The cash ratio is increased by 0.21 times.
of unforeseen problems, and capitalizing on investment opportunities due
to the Company’s prompt payment ability.
Item (VND Billion)
June 30
th
,
2020
June 30
th
,
2021
Net cash ow from operating activities 99 95
Net cash ow from investing activities -712 -432
Net cash ow from nancial activities 608 1,161
Cash and cash equivalents at the beginning of
the period
1,005 1,000
Cash and cash equivalents at the end of the
period
1,000 1,823
Source: TTC Bien Hoa
Liquidity Ratios
Current ratio Quick ratio Cash ratio
0.40
0.80
1.20
1.60
FY 17-18 FY 19-20FY 18-19 FY 20-21
1.10
0.70
0.04
1.09
0.78
0.11
1.14
0.85
0.11
1.47
1.10
0.21
Source: TTC Bien Hoa
148
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
In FY 2020-2021, the Company carried out capital restructuring
by increasing long-term loans in accordance with the BOD’s
long-term development goals. In particular, the Company’s
total debt witnessed a surge of 14%, equivalent to VND1,181
billion, as the short-term loans decreased VND940 billion
while long-term loans increased VND2,121 billion. Total debts/
Total equity ratio reached 1.14, a slight increase compared to
the beginning of the FY. Total debts/ Total assets ratio still
remained 0.46 as of the beginning of the FY.
The signicant change in long and short-term loans
demonstrates that the Company is progressing in the right
direction toward a sustainable nancial structure. As a result,
operational eciency is increased, resulting in a signicant
added value for the Owners. TTC Bien Hoa had issued more
than 30 million shares under the ESOP program as of the
end of the second quarter of 2021 as a reward for the core
personnel’s relentless eorts.
FY 17-18 FY 19-20FY 18-19 FY 20-21 FY 17-18 FY 19-20FY 18-19 FY 20-21
Capital structure ratios
Total debt/ Total assets Total debt/ Owner’s equity
0.5
1
1.5
2
1.69
0.58
1.57
0.55
1.07
0.46
1.14
0.46
Capital structure (%)
Owner’s equity Long-term loans Short-term loans
20
40
80
100
60
Source: TTC Bien Hoa
MAIN OBJECTIVES FOR FY 20212022
To improve and complete the core product portfolios, at the same time diversify value-added products, develop Sugar
by-products to maximize the sugarcane value chain.
1
To ensure a centralized supply chain operation to utilize resources, leverage technologies to improve the demand
forecast, accommodate fast-evolving market changes, manage inventory exibly in response to business strategies.
3
To continue to fully integrate governance system into the ERP, along with intelligent analysis, database, and information
security in a Cloud-based approach.
4
To manage eective capital allocation, carry out fundraising and M&A activities, invest in strategic partners, manage
investment portfolios, develop dividend and buyback policies, among others. The goal is to increase the protability
for the Company and Shareholders by implementing international best practices.
5
To improve human resources capacity, improve knowledge and business management, as well as public relations
with Investors/Government/Society/Community, while implementing the Balanced Scorecard to facilitate thorough
evaluation.
6
To seize the market trends and opportunities, and thus increase domestic and international market share:
• MNC channel: maintain relationships with domestic customers while guring out solutions to win over multinational
corporation customers.
• SME channel: increase market shares, expand customer networks in other regions, especially Northern and
Southwestern region.
• Trade channel: increase market share in Vietnam’s Northern market and provide important price reference for
the market.
• Export channel: penetrate less price-competitive markets, especially China, with Liquid Sugar and Mix Sugar
products.
• B2C channel: develop a cooperation model based on synergy with a focus on the F&B segment.
2
50 53 49 42
15
12
9
18
35 35 42 40
149
TTC BIEN HOA
2020-2021 ANNUAL REPORT
INCREASE OF TTC BIEN HOA’S
CHARTER CAPITAL OVER YEARS
1,419
5,570
1,948
5,867
2,532
6,388
VND BILLION
VND BILLION
VND BILLION
VND BILLION
VND BILLION
VND BILLION
20092013
20172018
20152016
20192020
20132014
20182019
20162017
20202021
Listing 44,824,172 shares on HOSE
Issue 303,831,938 shares for swap to BHS
with ratio 1:1.02
Issue 37,142,358 shares for swap to Gia Lai Sugar -
Thermal Power Jsc: Charter capital of VND1,856 billion.
Issue 9,118,675 ESOP shares
6,084
VND BILLION
Issue 21,611,333 preferred shares
1,485
VND BILLION
Issue 6,574,200 ESOP shares
Issue 29,721,879 shares for dividend payment
Issuance of 58,427,235 bonus shares, advance
dividend payment for FY 2015-2016
Issue 30,417,595 ESOP shares
CAPITAL MARKET ACTIVITIES
150
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
TTC Bien Hoa closed the FY 2020-2021 on a positive note in the context of a robust Vietnam’s capital
market in the first half of 2021, and Vietnam’s stock market being the second strongest growth
worldwide.
A
s of June 30
th
, 2021, the VN-Index recorded at 1,408.55
points and the market capitalization at VND6,838
trillion, with an increase of 71% and 75% YoY in the
event of massive cash ow into the stock market, and liquidity
peaked over USD1 billion /session at some points. According
to the Ministry of Finance, in the rst 2 Quarters of 2021, the
total actual capital mobilization on Vietnam’ stock market was
estimated at VND176,745 billion, up 65% YoY, of which: Capital
mobilization through stock issuance and equitization was
estimated at VND26,857 billion, up 197%; Capital mobilization
through public corporate bond issuance was estimated at
VND8,394 billion, down 23%; Capital mobilization for the state
budget through government bond auctions rose by 63%, or
VND141,493 billion. In a similar vein, credit growth in the rst
six months of this year accelerated to 5.1%, more than double
the rate at the end of 2020. This was evidence of the market’s
resounding recovery and resurgence.
Vietnam’s capital market generally left signicant impacts on
TTC Bien Hoa’s capital mobilization in FY 2020-2021. Vietnam
Sugar industry therefore also underwent a challenging year
with many changes, such as the decision made by the Ministry
of Industry and Trade to impose trade remedy practices on
sugar originating from Thailand. At the time, upon Decision
1578/QĐ-BCT issued by the Ministry of Industry and Trade
dated June 16
th
, 2021, a list of Thai sugarcane products
shall be subject to an anti-dumping tax rate of 42.99% and
the anti-subsidy duty rate of 4.65%. This substantial move
opened door to many opportunities alongside challenges
for Vietnam Sugar industry in general and TTC Bien Hoa’s
business strategies in particular. Provided the impact of
trade remedy duties, the cost of Thai-imported Sugar surged,
resulting in notable disadvantages in the price of input
materials for enterprises with products made of Raw Sugar.
On the other hand, the domestic Sugar price experienced a
stronger recovery than before upon less pressure from erce
competitiveness either from ocial imported Thai Sugar
or smuggled Sugar. With visions formulated in the light of
such developments, this was a golden opportunity for TTC
Bien Hoa to preserve its competitive edge in the domestic
market by actively exploiting the available raw material areas
stretching across Indochina and balancing Raw Sugar supplies
imported through Global Mind Commodities Trading Pte.
Ltd, an aliated Sugar trader whose headquarter company
is based in Singapore. To seize such opportunities and fulll
the set goals, capital activities were the key. With this insight
in mind, in the past year, TTC Bien Hoa continued to diversify
capital mobilization channels, build strategic alliances with
banks, domestic and foreign investors to expand its scope of
business activities, increase equity ratios, and aim for a
resilient and sustainable nancial structure.
With respect to the debt restructuring roadmap to
optimize capital sources, the FY 2020-2021 gained fruitful
results. Accordingly, the cash ow to debt ratio fell to
78% from 81% while there was a shift in the proportion
of short-term and long-term debt, in line with the
Company’s capital optimization roadmap. In fact, putting
into perspective with the end of FY 2019-2020, the long-
term cash ow to debt ratio rose to 28% from 13%, at
VND3,342 billion while the short-term one decreased
to 49% from 68%, at VND6,050 billion. The liquidity
ratios showed signicant improvements, contributing
to risk mitigation and an abundant working capital for
the Company’s business activities. The current ratio and
quick ratio both increased 1.47 times and 1.10 times YoY
respectively, verifying the Company’s ability to pay short-
term debts.
19%
AT VND6,050 BILLION
SHORTTERM DEBT DECREASED
151
TTC BIEN HOA
2020-2021 ANNUAL REPORT
SHARING THE FRUITS OF LABOR WITH EMPLOYEES
SUSTAINABLE CONNECTION WITH INVESTORS
ULTILIZING MEDIUM AND LONGTERM LOANS TO YIELD
OUTSTANDING PROFITS FOR OWNERS
To constantly encourage employees’ dedication and loyalty to the Company, TTC Bien
Hoa issued more than 30 million ESOP shares at VND10,000/share at the end of Q2 last
year. SBT’s post-issuance charter capital increased to approximately VND6,388 billion
from above VND6,083 billion.
A highlight in Q2 was that TTC Bien
Hoa closed a cooperation deal with
Techcom Securities (TCBS) for a VND700
billion public oering of 3-year-term
bonds which were unsecured and
non-convertible. Such issuance of
unsecured loans at the time indicated
investors’ rm belief in TTC Bien Hoa’s
high credit quality. Following up
on previous victories, SBT entered
another cooperation agreement with
Techcombank and Techcom Securities
in Q4 for a private placement of
VND1,200 billion worth of 3-year bonds.
The success of two bond issuances,
with a total value of VND1,900 billion,
marked a comprehensive and long-
term strategic cooperation between
the two parties. In addition to a VND400
billion of private bond purchased by
Vietinbank, the Company verb medium,
TTC Bien Hoa marked an impressive
year of capital mobilization, at VND3,000
billion, through bulk deals with well-
known Vietnamese and international
nancial institutions. In particular,
the Company successfully oered
VND2,300 billion worth of bonds and
accessed more than VND700 billion
through medium and long-term loans.
In the international capital market in FY
2020-2021 last month, the institutional
Investor CAPE YEOLLIM CORETREND
GLOBAL FUND 1 proposed its plan
to convert all VND172 billion worth
of bonds into nearly 12 million
common shares. The conversion is
to be completed in FY 2021-2022
provided that necessary procedures
are ready. This decision was made one
year after TTC Bien Hoa successfully
issued convertible bonds to a Korean
investment fund in private placement.
This also is evidence of expectation
and appreciation from Investors for the
Company’s long-term growth potential
and its executive management’s vision
and capacity.
and long-term loans, at VND700 billion,
with competitive interest rates from
foreign banks with Ho Chi Minh City
- based branches, namely Woori bank,
Keb Hana bank, and Daegu bank.
The entire sum was allocated to
business activities, productivity
improvement and market expansion.
In brief, upon the fact that the global
outbreaks have wreaked mayhem
on many production and investment
activities, the successful mobilization of
more than VND3,000 billion proved TTC
Bien Hoa’s outstanding capabilities and
bright future, worthy of its investors’
rm trust.
The Company always perceived that employees are the life force of each business, thereby weighing in
the importance of a satisfied and well-timed remuneration and compensation policy in the course of
sustainable development.
3,000
THROUGH BULK DEALS WITH
WELLKNOWN VIETNAMESE
AND INTERNATIONAL FINANCIAL
INSTITUTIONS
CAPITAL MOBILIZATION
(VND billion)
CAPITAL MARKET ACTIVITIES CONTINUED
152
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
EFFICIENT USE OF CASH FLOW, SELECTION
AND INVESTMENT IN POTENTIAL PORTFOLIOS
CONTINUOUS PROMOTION OF STRATEGIC COOPERATION WITH LOCAL
AND FOREIGN FINANCIAL INSTITUTIONS
Continuing the investment philosophy
established in previous years, TTC
Bien Hoa has shifted its focus to
green investment, ensuring that the
company remains environmentally
friendly while generating high
economic eciency and stable prots
over time. Thus, in FY 2020-2021, TTC
Bien Hoa increased its stake in Gia
Lai Electricity Joint Stock Company
(GEG), Vietnam’s one of the largest
renewable energy enterprises with
solar, wind, and hydroelectric projects
spread throughout the southern
region. TTC Bien Hoa’s management
believes that strategies incorporating
specialized portfolios and a rigorous
risk management framework should
serve as the foundation for long-term
corporate sustainability.
TTC Bien Hoa has established a
reputation as a reliable partner with
high credit ratings among domestic
and international credit institutions.
In FY 2020-2021, the Company
maintained and expanded credit
relationships with over 30 domestic
and international credit institutions
and nancial institutions, including
Maybank, Shinhanbank, and BPCE,
among others. TTC Bien Hoa then
strengthened relationships and
expanded collaboration with top-tier
Vietnamese commercial banks, foreign
banks, and well-known European
nancial institutions (DEG). This was
to create a stronger resonance, upon
which a solid capital base and a strong
nancial structure could be built for
future development.
With abundant opportunities in the domestic Sugar market following the imposition of anti-dumping
duties and trade remedies, and a determination to maintain its industry-leading position and capitalize
on every opportunity, TTC Bien Hoa was well-prepared with resourceful solutions to improve efficiency and
lower the cost of capital for core business lines.
153
TTC BIEN HOA
2020-2021 ANNUAL REPORT
STOCK INFORMATIONS
SBT’ SHAREHOLDER STRUCTURE AND TRANSACTIONS OF INTERNAL PERSONS AND RELATED PERSONS
As of June 30
th
, 2021, TTC Bien Hoa has 3 major shareholders owning more than 5% of share capital, or 52.9% of charter capital,
including 1 organization and 2 individuals:
1
THANH THANH CONG
INVESTMENT JSC
TTCI
which holds
168,021,963
shares, or
26.30%
2
owning
100,137,492
shares, or
15.68%
Mrs.
DANG HUYNH UC MY
Vice Chairwoman
Mrs.
HUYNH BICH NGOC
Chairwoman of the BOD
3
holding
69,724,473
shares, or
10.92%
In this scal year, the Company successfully issued
at VND10,000 under the ESOP program as an encouragement for the employees
who long served the Company. As the issuance ended in December 2020,
the nal total number of shares at the end of FY 2020-2021
was 638,769,480 shares, of which there were 617,158,147
common shares and 21,611,333 convertible preferred shares.
30,417,595 30,417,595
SHARES
26.3
15.68
10.92
47.1
SHAREHOLDER
STRUCTURE BY
PROPORTION OWNERSHIP
%
TTCI
Mrs. Huynh Bich Ngoc
Mrs. Dang Huynh Uc My
Others
Domestic
Foreign
Domestic institutional shareholders
Foreign institutional shareholders
Domestic Individual shareholders
Foreign Individual shareholders
88.46
11.54
SHAREHOLDER
STRUCTURE
BY LOCATION
%
26.88
11.2
61.58
0.34
SHAREHOLDER
STRUCTURE BY
OWNERSHIP TYPE
%
154
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
SBT’ shareholder structure as of June 30
th
, 2021
No. Shareholder structure by proportion ownership Number of shares Ownership
Number of Shareholders
Individual Organization
I
Major shareholder holding 5% or more of share capital
337,883,928 52.9% 2 1
1
Domestic
337,883,928 52.9% 2 1
2
Foreign
- - - -
II
Shareholder holding 1%-5% of share capital
84,435,892 13.22% 4 3
1
Domestic
33,320,116 5.22% 4 -
2
Foreign
51,115,776 8% - 3
III
Shareholder holding under 1% of share capital
216,449,660 33.88% 20,090 135
1
Domestic
193,849,484 30.34% 19,784 89
2
Foreign
22,600,176 3.54% 306 46
TOTAL 638,769,480 100% 20,096 139
In the previous year, the Company also witnessed changes in ownership of SBT shares by internal persons and related parties.
The changes are statistically detailed as below.
SBT shares transactions of internal persons and their related parties in the period July 1
st
, 2020 - June 30
th
, 2021
No. Trader Title
Ownership as of July 1
st
, 2020 (*) Ownership as of June 30
th
, 2021 (**)
Reason for change
Number of shares Percentage Number of shares Percentage
INTERNAL PERSONS
1
Chairwoman of the BOD 67,551,864 11.10% 69,724,473 10.92% ESOP share purchase
2
Permanent Vice Chairman of
the BOD
3,740,597 0.61% 4,313,163 0.68% ESOP share purchase
3
Vice Chairwoman of the BOD 98,394,826 16.17% 100,137,492 15.68% ESOP share purchase
4
Independent BOD member 397,632 0.07% 970,198 0.15% ESOP share purchase
5
Independent BOD member 1,000,000 0.16% 1,572,000 0.25% ESOP share purchase
6
Independent BOD member 0 0% 100,000 0.02% ESOP share purchase
7
CEO 4,372,241 0.72% 4,847,118 0.76% ESOP share purchase
8
Permanent Deputy CEO 500,000 0.08% 929,425 0.15% ESOP share purchase
9
CFO 0 0% 429,425 0.07% ESOP share purchase
10
Chief Accountant 38,743 0.006% 358,928 0.06% ESOP share purchase
11
Company’ Secretary 0 0% 320,185 0.05% ESOP share purchase
12
TTCS Factory Director 163,316 0.03% 316,796 0.05% ESOP share purchase
13
Branch Director 0 0% 25,000 0.004% ESOP share purchase
14
Branch Director 0 0% 45,100 0.01% ESOP share purchase
15
CEO of Subsidiary 0 0% 100,000 0.02% ESOP share purchase
RELATED PARTIES
16
Husband of CFO
Nguyen Thi Phuong Thao
0 0% 60,000 0.01% Purchase registration
17
In-law brother of
Mr. Le Phat Tin -
Chief Accountant
0 0% 45,454 0.01% Purchase registration
TOTAL 176,159,219 28.96% 184,294,757 28.85%
Source: TTC Bien Hoa
155
TTC BIEN HOA
2020-2021 ANNUAL REPORT
STOCK INFORMATIONS CONTINUED
SBT share transactions of Major shareholders in period July 1
st
, 2020 - June 30
th
, 2021
No. Trader
Ownership as of July 1
st
, 2020 (*) Ownership as of June 30
th
, 2021 (**)
Reason for change Status
Number of shares Percentage Number of shares Percentage
1
67,551,864 11.10% 69,724,473 10.92% ESOP share purchase Major shareholder
2
98,394,826 16.17% 100,137,492 15.68% ESOP share purchase Major shareholder
TOTAL 165,946,690 27.27% 169,861,965 26.60%
(*) Total number of shares as of July 1
st
, 2020: 608,351,885 shares
(**) Total number of shares as of June 30
th
, 2021: 638,769,480 shares Source: TTC Bien Hoa
STOCK MARKET PERFORMANCE
A ROBUST STOCK MARKET IN VIETNAM IN THE FIRST 6 MONTHS OF 2021
At the turn of the twenty-first
century, the stock market was
still in the spotlight, having
been named one of the most
attractive investment channels
in Vietnam.
Vietnam’s stock market emerged as the world’s second strongest bull market in the
rst half of 2021, as the index consistently set new highs. By June 30
th
, 2021, the
VN-Index had risen to 1,408.55 points, a gain of 27.6 percent over the end of 2020.
Liquidity continued to soar above USD1 billion per session, owing to the market’s
expansive cash ow from domestic investors. Only within the rst six months of
2021 did the total number of newly opened domestic accounts reach a record high,
with 619,911 securities accounts, a 58% YoY increase.
The stock market capitalization also moved along the same lines. As of June 30
th
,
2021, the market capitalization rose to VND6,838 trillion, up 29.2% compared to
the end of 2020, equivalent to 108.7% of GDP. As a result, in the rst 6 months of
the year, the total actual capital mobilization on the stock market was estimated
at VND176,745 billion, up 65% YoY, of which capital raised through share issuances
and equitization was estimated at VND26,857 billion, increased 197%; capital funded
through corporate bonds oering was estimated at VND8,394 billion, down 23%;
capital mobilization for the state budget through government bond auctions
increased by 63%, with a value of VND141,493 billion.
The 2021 stock market is expected to be supported by factors such as:
Vietnam’s economy in 2021 has bright prospects of a speedier recovery
than many other countries thanks to timely and eective COVID-19
preventive measures;
1.
Vietnam’s participation in bilateral and multilateral trade agreements
assists its rapid economic recovery;
2.
Vietnam is likely in favor of the current shift of supply chains to countries
with low production costs.
3.
Besides, the quality of VN-index in 2021 is going to be fortied as intrinsic values of listed
companies have been improved.
6,838
UP 29.2% COMPARED TO THE END
OF 2020, OR 108.7% OF GDP.
THE MARKET CAPITALIZATION
(VND trillion)
VIETNAM’S STOCK MARKET
EMERGED AS THE WORLD’S
SECOND STRONGEST BULL
MARKET IN THE FIRST HALF
OF 2021
156
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
MADE ITS MARK ON THE MARKET WITH STABLE INTERNAL FACTORS,
STRIVING TOWARDS SUSTAINABLE DEVELOPMENT
Upon the debut of many emerging stocks on the market and the constant change in investor tastes, SBT
has always been a high-profile stock with strong fundamentals and profound reputation in the keen eyes
of investors. In a sense, SBT secured its crown as the only representative of sugarcane industry in the VNSI
20 Index Basket - Top 20 stocks with the highest Sustainable development scores in the stock market.
To justify its presence, SBT passed all the stringent screening criteria such as:
Among top 20 out of 100 companies with the largest market capitalization
(meeting the requirements in terms of eligibility, liquidity, free oat rate
and capitalization rate);
1.
Not listed in a list of business lines with low sustainability in reference of the
Establishment and Management Principles of HOSE-Index, and
2.
Obtain the highest sustainable development score (in-depth assessment
on 3 pillars - environment, society, and governance).
3.
SBT
According to HOSE statistics,
the investment for Sustainable
development enterprises within
the framework of the Principles for
Responsible Investment (PRI) reached
more than
USD BILLION
62,00062,000
Being in the VNSI 20 basket
not only proves that SBT
is “green”, transparent
and sustainable but also
paves the way for SBT to
easily access investment,
especially international
ones.
The Company also met strict standards in terms of business quality, trading volume,
etc., and often a preferred choice of many ETFs and major indices, both domestic and
global, during their portfolio structuring or new disbursements. As of June 30
th
, 2021,
SBT shares are presented in the list of more than 7 ETFs and 7 indices, recognized
nationwide and worldwide, with above 18 million shares in total ownership. Notably,
Vaneck Vectors Vietnam ETF with more than 7 million shares, The Hongkong and
Shanghai Banking Corporation Limited with nearly 4 million shares, the newcomer
Fubon FTSE Vietnam ETF-Taiwan ETF with nearly 4 million shares.
Steady growth in foreign investors’ ownership in the period July 1
st
, 2020 - June 30
th
, 2021
Source: TTC Bien Hoa
6.0%
4.0%
2.0%
8.0%
10.0%
12.0%
Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Jun 2021Jul 2020
8.2% 8.2%
8.1% 8.1%
9.1%
9.6%
10.7% 10.7%
10.9%
11.3%
11.2%
10.6%
0.8% 0.8% 0.8%
0.4% 0.4% 0.4% 0.4%
0.3% 0.3% 0.3% 0.3% 0.3%
Organization Individual
157
TTC BIEN HOA
2020-2021 ANNUAL REPORT
STOCK INFORMATIONS CONTINUED
SBT’S STOCK PRICE AND LIQUIDITY
IN FY 20202021
As of June 30
th
, 2021:
SBT stock performance statistics from July 1
st
, 2020 to June 30
th
, 2021
1 latest month 3 months 6 months 12 months
Average daily trading volume (shares)
4,446,059
3,762,195 4,178,797 4,093,818
Average daily trading value (VND billion)
96.3
79.6 90.6 76.8
Stock price
• Highest price (VND)
22,800
22,900 25,000 25,000
• Lowest price (VND)
19,600
19,050 16,800 13,200
• Average closing price (VND) 21,289 20,952 21,518 18,582
IT IS SAFE TO SAY THAT SBT STOCK
HAD A SUCCESSFUL YEAR AS ITS PRICE
GENERALLY INCREASED TO 52%, AT VND
ON JUNE 30
TH
, 2021
FROM VND13,850 ON JULY 1
ST
, 2020
21,000
This outstanding performance of stock prices was inspired by impressive business activities amid turbulence,
policies that apply ocial anti-dumping measures and anti-subsidy duties on a number of Thai sugarcane
products - easing unfair competitive pressure on Vietnam Sugar industry from imports, Vietnam’s promising
macroeconomic prospect, excitement prevailing on Vietnam’ stock market, positive signals from the global
Sugar industry, etc.
21,000 21,000
617,158,147 617,158,147
SBTSBT
100%100%
40%40%
638,769,480 638,769,480
12,960 12,960
STOCK PRICE (VND)
NUMBER OF LISTED SHARES shares
STOCK CODE
FOREIGN OWNERSHIP
FREEFLOAT RATE
NUMBER OF OUTSTANDING SHARES (shares)
MARKET CAPITALIZATION (VND billion)
158
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
Liquidity of SBT and peer groups in the period July 1
st
, 2020 - June 30
th
, 2021
No. Company Stock code
Stock
exchange
Trading volume
(shares)
Trading value
(VND billion)
1
Thanh Thanh Cong Bien Hoa JSC
SBT HSX 4,093,818 76.81
2
Quang Ngai Sugar JSC
QNS UPCOM 542,630 20.21
3
Lam Son Sugar JSC
LSS HSX 473,689 5.14
4
Son La Sugar JSC
SLS HNX 19,666 1.81
5 Kon Tum Sugar JSC KTS HNX 7,060 0.12
Source: Vietstock, TTC Bien Hoa compiled
Ensuring dividend policy for Shareholders and Investors
Since being listed in 2008, TTC Bien Hoa has consistently
adhered to its policy of paying dividends to shareholders
and investors in both cash and stock. SBT approved a
payment plan for a 5% stock dividend for FY 2019-2020 on
September 13
th
, 2021, with more than 314 million shares, or
VND314 billion, and an expected payment date of Q4 2020,
thereby satisfying dividend obligations to shareholders.
Source: TTC Bien Hoa compiled
Cash Stock
20092008
17%
2010
23%
2011
18%
2012
35%
15%
2014
5%
2015
7%
2018
8%
2019
5%
2020
5%
2016
30%
2017
6%
Average: 13%
2013
The performance of SBT stock reected market polarization and
movement of the index in dierent periods. The Company’s
stock price was stable between July and October 2020 at
a range of VND14,000 - VND15,500/share. The following 3
months observed a sudden and strong surge, of which there
were peaks at VND25,000/share, up 81% compared to the
beginning of the FY with the liquidity greater than 9 million
shares. The rationale behind was the booming domestic
stock market and the good news for the Sugar industry at the
time. Subsequently, SBT went through uctuations, at around
VND19,500 - VND22,000/share with decent liquidity of about
3-4 million shares/session, yet still far exceeding the liquidity
level of other sugarcane stocks.
159
TTC BIEN HOA
INVESTMENT UPDATES
AND PROGRESS OF
KEY PROJECTS UPDATES
MÍAHA CANNED
SUGARCANE JUICE PROJECT
1
TTC Bien Hoa’s long-term investment and
development strategies for the Míaha canned
sugarcane juice are implemented in 2 phases:
Gross investment: VND12 billion
Objectives: To produce and distribute 20,000,000 cans into
the market each year.
Description:
Míaha production line was installed at TTCS, one of Vietnam’s
largest Sugar factories with a crushing capacity of 1,000 TCD.
Sugarcane juice is “pasteurized” throughout the production
process to maintain quality and extend its shelf life. The
sugarcane juice extraction and processing techniques are
carried out in a traditional way to meet the natural origin
criteria. The raw material is organic and GMO-free sugarcane,
which is transported to the factory, then peeled and crushed
by rollers. The extracted juice, hence, is puried in a piece of
specialized equipment and sterilized in a steam blanching
machine. In the juice extraction process, thanks to extracting
experience in sugar production, TTC Bien Hoa is able to
achieve the highest extraction rate, while still ensuring
the natural color and delicious avor. The Míaha canned
sugarcane juice was well adopted in the market shortly after
its launch, which is a positive sign and motivation for TTC Bien
Hoa to implement phase 2.
Progress: Completed for operation in April 2021.
Gross investment: VND1.771 billion
Objectives: To increase production capacity up to 36 million
liters per year in Q4 2022, and 72 million liters per year in Q1
2025.
Description:
Based on the sound result from phase 1, sugarcane juice
production in phase 2 would be carried out on a larger
scale, in multiple operating Sugar factories of TTC Bien Hoa,
to achieve higher production capacity. In particular, the
Company has adopted a European automation solution
with the risk assessment feature to manage and operate the
whole production lines, particularly processing, extracting,
pasteurizing, packaging sites.
Progress: Planned for operation in April 2022.
Nowadays, the majority of Consumers prefer natural and
organic products, which not only provide energy and
nutrients but also protect Consumers’ health. To make a
head start on this trend, TTC Bien Hoa leveraged its over 50-
year history in the Sugar industry to research and introduce
Míaha canned sugarcane juice - Pure nutrition from nature.
This is Vietnam’s rst canned sugarcane juice, made possible
through the use of advanced technology that completely
sterilizes freshly squeezed sugarcane juice, retaining all of
its natural nutrients.
PHASE 1 PHASE 2
160
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
DISTRIBUTION CENTER DC PROJECT
IN HAI PHONG
2
Gross investment: VND158.8 billion
Objectives:
• To proactively manage warehouses for distribution
channels in the North;
• To reduce warehouse rents and freight costs;
• To mitigate the weather impact on product quality;
• To shorten the delivery time for the North.
Description:
The current situation and demand as well as the development
project of storage capacity in the North for the next 5 years
necessitate the implementation of this DC in Hai Phong with
the following goals:
• A main collection and storage point;
• TTC Bien Hoa’s logistic center to cater to Northern partners’
needs;
• An added-value services center that provides repackaging
for a wide range of bags, from 50kg to 5-10kg, to reach
more retailers;
• A warehouse for distribution to B2B and FMCG customers.
Progress: Planned to come into operation in Q3 2023.
COOPERATION PROJECT WITH
DOLE ASIA HOLDING PTE. LTD DOLE
ON SOUTH AMERICAN BANANAS
3
Gross investment: VND59.3 billion
Objectives: To supply nearly 8,500 tons of bananas to the
market each year.
Description:
• TTC Bien Hoa and Dole signed a contract farming and
technology transfer agreement on South American banana
production project at Thanh Long 1 farm on an area of 156
hectares;
• In the early stages of the project, TTC Bien Hoa beneted
from its collaboration with Dole, one of the world’s leading
companies in producing and exporting high-quality
fresh agricultural products. More precisely, Dole assisted
the Company in the design of farm planning, cultivation
processes, tissue culture technology, preliminary processing
facilities, and cold storage systems according to the standards
of Dole Asia Holding PTE. LTD;
• The success of the South American banana production
project is a stepping stone for the Company to continue
researching and developing other fruit tree projects to
expand TTC Bien Hoa’s agricultural portfolio beyond main
Sugar products.
Progress: Completion for operation with the rst batch of
bananas exported in February 2021
Mr. Richard Toman - Chairman of Asia Fresh Division of Dole Asia
Holding PTE. LTD., (2
nd
left) welcomed Mrs. Huynh Bich Ngoc -
BOD Chairwoman of TTC Sugar (5
th
right) and Senior Leaders at Dole’s
headquarters in the Philippines
Dự án trồng chuối của TTC Biên Hòa
tại nông trường Thành Long 1
The stage of harvesting,
cleaning and packing bananas
at Thanh Long 1 farm.
161
TTC BIEN HOA
2020-2021 ANNUAL REPORT
INVESTMENT IN IMPROVING TECHNOLOGY
AND OPERATIONAL EFFICIENCY
Besides new project investments, TTC Bien Hoa constantly updated and invested in improving
technology for existing projects in the previous FY. The Company understands that modern
technology plays a vital role in keeping with the growth momentum and current trends.
Reviewing the processes of technology improvement programs in TTC Bien Hoa’s FY 2020-2021 is
necessary to evaluate the investment’s practical outcomes:
1
RAW SUGAR RECEIVING SYSTEM
AT BIEN HOA  NINH HOA FACTORY
Raw Sugar receiving system at Bien Hoa - Ninh Hoa Factory
Objectives:
• To ensure the Raw Sugar receiving capacity of 2,000
tons/day;
• To reduce costs for loading and unloading service;
• To use no motorized vehicles in the loading and
unloading process.
Implementation progress:
Completed and put into operation in October 2020.
Eciency and impact on business:
• Save cost on manual loading and unloading;
• Cut cost of DO oil for the unusued motor vehicles in loading Raw
Sugar;
• Maximize warehouse’s storage capacity and reduce rental costs;
• Have access to Raw Sugar source on hand for production;
• Minimize transportation time from port to the factory;
• Fulll requirement of transportation process (with
receiving capacity of over 25,000 tons from the port in the
required period);
• Lengthen the o-season Sugar rening and optimally exploit the
value of using equipment
Project costs
~
VND 2.8
BILLION
162
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
2
3
WOOD CRUSHER MAKES SAWDUST USED AS FUEL FOR POWER GENERATION IN
OFFSEASON AT BIEN HOA  NINH HOA FACTORY
CONTROL PANEL RENOVATION FOR BOILER
AND TURBINE AT TTC  ATTAPEU FACTORY
Objectives:
• To enhance the eciency of using equipment;
• To increase revenue when electricity is sold to the national grid;
• To enhance the competitiveness of Sugar industry;
• To reduce greenhouse gas emissions.
Implementation progress:
Completed and put into operation in December 2020.
Eciency and impact on business:
• Boost electricity sales while increasing the amount of electricity provided
to the national grid;
• Avoid heavy reliance on the fuel from surplus bagasse by having access
to alternatives;
• Diversify fuel sources to improve boiler eciency;
• Reduce greenhouse gas emissions by shifting from single-fuel models
to multi-fuel solutions;
• Lengthen the o-season Sugar rening, creating jobs for factory workers.
Wood crusher makes sawdust at Bien Hoa
- Ninh Hoa Factory
Control panel for boiler and turbine at TTC - Attapeu Factory
Project costs
~
VND 1.7 BILLION
Objectives:
To simplify boiler and turbine operation.
Implementation progress:
Completed and put into operation in November 2020.
Eciency and impact on business:
• Simplify the boiler’s main operation parameters to assist operators in
monitoring;
• Facilitate communication between the primary and the foreign operators
(e.g Lao);
• Cooperation between boiler and turbine operators;
• Be able to reduce and optimize labor costs.
Project costs
~
VND 485MILLION
163
TTC BIEN HOA
2020-2021 ANNUAL REPORT
INVESTMENT IN IMPROVING TECHNOLOGY AND OPERATIONAL EFFICIENCY CONTINUED
4
RENOVATION OF LIQUID SUGAR FROM GRANULATED SUGAR
PRODUCTION LINE AT THE BIEN HOA  DONG NAI FACTORY
Liquid Sugar production line at Bien Hoa -
Dong Nai factory
Objectives To limit inappropriate products and maintain nished Sugar’s
quality.
Implementation progress: Completed and put into operation in February
2021.
Eciency and impact on business :
• Reduce the generation of metal impurities throughout the production
process;
• Improve the ability to identify and eradicate metal impurities from
products;
• Remove impurities from the production process to ensure acceptable
nal products.
- Project
costs:
~
VND 434MILLION
5
CARAMEL PRODUCTION AT
BIEN HOA  DONG NAI FACTORY
Nu Hoang Dark Brown Sugar Bep Xua Caramel
Objectives: To diversify products by stabilizing materials.
Implementation progress: Completed and put into operation in January
2021.
Eciency and impact on business:
Produce caramel material to maintain two production lines of Bep
Xua Caramel and Nu Hoang Dark Brown Sugar in order to diversify the
Company’s products.
- Project
costs:
~
VND 246MILLION
164
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
6
7
BIGBAG LIME RECEIVING SYSTEM
AT BIEN HOA  NINH HOA FACTORY
RENOVATION OF MOLASSES MIXING
SYSTEM AT TTC  ATTAPEU FACTORY
Implementation progress:
Completed and put into operation in December 2020.
Eciency and impact on business:
• Minimize lime waste due to the exposure to the environment, lowering
lime quality;
• Manage the amount of lime into the production line;
• Reduce lime dust discharged to the environment to ensure labor safety;
• Save labor cost of loading and unloading lime from the trucks;
• Increase regional operators’ productivity.
Implementation progress:
Completed and put into operation in November 2020.
Eciency and impact on business:
• Be proactive in production and planning;
• Meet customer demand for color sugar ranging from 1000 to 2500 IU
in the 2020 - 2021 crop year.
Objectives:
• To ensure the stability of and maintain the
Rened Sugar production line;
• To minimize consumption of lime materials;
• To ensure food hygiene and safety.
Objectives:
• To adjust the color of the nished Sugar
according to the customer’s preferences.
Project costs
~
VND 183.5MILLION
Project costs
VND 85MILLION
Bigbag lime receiving system at Bien Hoa - Ninh Hoa Factory
Molasses and nished Sugar mixing system
165
TTC BIEN HOA
2020-2021 ANNUAL REPORT
Objectives:
To fulll export orders of Mix Sugar, meet customers’ needs, diversify
products and improve work eciency.
Implementation progress:
Completed and put into operation in June 2021.
Eciency and impact on business:
• Diversify products and lengthen the o-season Sugar rening period;
• Create o-season jobs;
• The project has met the requirements of the rst order from a Chinese
customer; paving the way for SBT to expand its production scale and
continue to meet future increasing demands.
8
50KG PACKING SYSTEM RENOVATION
AT BIEN HOA  NINH HOA FACTORY
50kg packing system for orders of Mix Sugar
- Project
costs:
VND 80MILLION
INVESTMENT IN IMPROVING TECHNOLOGY AND OPERATIONAL EFFICIENCY CONTINUED
166
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
VIETNAM’S ICT RAPID DEVELOPMENT
TTC BIEN HOA AIMS TO BE VIETNAM’S LEADER
IN SMART AGRICULTURE
V
ietnam’s information technology industry has grown
by leaps and bounds over the last ve years, owing
to the explosion of startups, the right orientation,
and the Government’s strong support policies. This facilitated
business in actively innovating and adapting to the
rapidly evolving Industry 4.0. Vietnam, taking advantage of
information technology infrastructure, is expected to take the
center stage in a developing Southeast Asia’s digital economy
between 2021 and 2023, with total transaction value (Gross
Merchandise Value) reaching approximately USD52 billion by
2023, an average growth rate of 29% per year.
To capitalize on the opportunities presented by this revolution, the majority of Vietnamese businesses have either begun the
process of digital transformation or are currently developing appropriate strategies and solutions for their businesses. The
digitization process aims to enhance the business model, restructure the organization, and give priority to transformation of
distribution channels, with a particular emphasis on positioning the company as a digital-rst (moving from traditional to digital
channels) and mobile-rst (designing products with priority for mobile devices) leader.
VND52BILLION
BY 2023
, WITH TOTAL TRANSACTION VALUE GROSS
MERCHANDISE VALUE REACHING APPROXIMATELY
TTC Bien Hoa is no stranger to the new global
trend of Smart Agriculture, which emphasizes
the use of technology to increase the value of
Agribusiness activities, thereby increasing yield
and quality, improving Farmers’ livelihoods
and living conditions, contributing to the
local community, protecting the environment,
and promoting economic development. All of these
factors significantly aided in the achievement of
sustainable development goals.
A PIONEERING
OPERATING MODEL
TRANSFORMATION
ROADMAP
FARREACHING
DIGITAL
167
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2020-2021 ANNUAL REPORT
Cloud Computing: As the foundation for the core ERP system, digital operating systems are fully
integrated into ERP via the cloud integration system, thereby forming a complete ecosystem across
the value chain.
Big Data: This combines centralized data collection from business and social networks with automated
data collection from ecosystem systems and the Internet of Things to create a multidimensional,
diverse, accurate, and real-time or near-real-time data structure.
Articial Intelligence (AI): AI employs intelligent tools to assist in the management of complex data
systems and the extraction of value from new data. AI is most benecial for complex decision-making
based on Big Data systems with large amounts of data, which can take time and eort to analyze by
using many traditional data analysis tools, resulting in explosive growth in business operations.
IoT automation: With an increasing number of applications and popularity, Internet of Things (IoT)
devices will be eective tools for generating powerful data. As with articial intelligence (AI) and
machine learning (ML) solutions, IoT is being integrated into a variety of operations from service to
service... with data at the center of the technology.
TTC Bien Hoa’s digital transformation roadmap lays its foundation on the following 4 technologies:
TTC Bien Hoa achieved rst succeed in deploying a Digital Ecosystem based
on Software as a service (SaaS), Platform as a service (PaaS), and Infrastructure
as a service (IaaS) in Singapore, Laos, and Cambodia to provide end-to-end
management for 22 business units in the elds of Sugar production and business,
power generation, fertilizer, machinery equipment, as well as fast moving consumer
goods (FMCG). The process’s widespread application has increased processing
speed and improved working processes, enabling the Company to easily adapt
and be exible in response to changing
operational requirements, customer
demand, and market uctuations.
Additionally, the Company standardized
the master database and built its Big
Data platform to centrally manage
transaction data across the ecosystem,
automate and direct data extraction
from the Data Warehouse with Core
ERP - NonCore - IoT for use in analysis,
reporting, assessing business trends,
and assisting in operational decision-
making. We have applied technology
solutions such as PBCS (Planning
Budgeting Cloud Service), FCCS
(Financial Consolidation & Close Cloud
Service), OTBI (Oracle Transactional
Business Intelligence), and OAC (Oracle
Analytics Cloud) in managing the
reporting systems.
A PIONEERING OPERATING MODEL  FARREACHING DIGITAL TRANSFORMATION ROADMAP CONTINUED
168
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TTC BIEN HOA’S FIVEYEAR DIGITAL TRANSFORMATION PLAN UNTIL 20242025
Following a promising start to digital
transformation with the successful
implementation of the core
TTC Bien Hoa continued to implement the 5-year plan under the direction of the Board of Directors
by continuing to develop and perfect the information technology infrastructure in order to increase
operational efficiency, optimize the operation apparatus, and enhance competitive advantage to become
“Indochina’s leading solution provider of traceable and sustainable agricultural products” to go global.
ERP ORACLE CLOUD
PLATFORM
Key activities in the immediate future
Completing data transformation to cloud-based Big Data storage, research and application of articial intelligence (AI)
and machine learning in data analysis, and a strong push into the eld of e-commerce. Specically, building a model
that provides an Omni-channel Customer Experience.
1
Customer data platform - CDP plays an important role. TTC Bien Hoa recognized this and has developed a long-term
strategy for building a customer database, researching Business Intelligence and Business Analytics tools to streamline
data processing, support business operations, and leverage the omni-channel model to increase customer acquisition,
optimize revenue and conversion rates, reduce costs, and increase prots.
2
Developing enterprise software that leverages articial intelligence and the Internet of Things to accelerate data
collection from business operations in real time to provide a more comprehensive view, aiding with strategic
planning and operations expansion, and helping the Company in reaching its objectives of being a “Smart Factory,
Smart Agricultural Model.”
3
Doing research and applying articial intelligence to supply chain management, thereby helping to improve supply
chain capacity, increase the eectiveness of management decisions and coherence in the outsourcing process, build
an automated system that adapts exibly to market changes, improves planning and logistics service capacity.
4
Promoting the development of human resources in the eld of information and communication technology by
partnering with universities to provide skills training in Articial Intelligence and Data Science, which are niche markets,
in order to develop future candidates.
6
Developing an information security process that is consistent with the management model, enhancing the security of
the technology infrastructure, bolstering defenses against cyber attacks, and ensuring the stability of the IT systems.
7
Continuing to research and develop mobile applications connecting Farmers - Businesses - Consumers, and at the
same time aim to innovate farming activities based on technology to improve and enhance the productivity of
farmers. agricultural activities, ensuring sustainable development and limiting negative impacts on the environment.
TTC Bien Hoa collects image data using drones, analyzes and forecasts it using articial intelligence, monitors land
using satellites, and raises alerts in case of emergency, manages fertility and disease, conducts weather monitoring,
detects crop disease, controls automatic irrigation systems, etc.
5
169
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2020-2021 ANNUAL REPORT
EFFECTIVE SUPPLY CHAIN MANAGEMENT
TTC BIEN HOA’S SUPPLY CHAIN
As one of Vietnam’s leading Agricultural market leaders in both production
and commercial activities, TTC Bien Hoa has developed an extensive,
versatile and responsive supply chain network from raw material areas to
the stages of production, packaging as well as delivery. The goal is to pursue
the mission of “Supplying Sugar and energy solutions from sugarcane,
developing modern production technologies and building a sustainable
distribution system”.
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
FINISHED PRODUCT
TTC BIEN HOA
2020-2021 ANNUAL REPORT
EFFECTIVE SUPPLY CHAIN MANAGEMENT CONTINUED
TTC Bien Hoa’s products are the preferred choice for value chains of major enterprises in the food
processing, beverage, dairy, husbandry, horticultural, and pharmaceutical industries, owing to their
superior quality and superior customer service.
BY OWNING A VAST SUPPLY CHAIN NETWORK THAT INCLUDES
“BECOMING VIETNAM’S AND THE REGION’S LEADING AGRICULTURAL COMPANY”
and most notably two large distribution centers in Bien Hoa and Tay Ninh, TTC Bien
Hoa is able to facilitate effective cost management and increase its competitiveness
in terms of expanding the distribution system and capturing market share, all of which
contribute to the Company’s goal of
FACTORIES
IN VIETNAM
FACTORY
IN LAOS
MATERIAL AND PRODUCT
WAREHOUSES ACROSS
SOUTHERNCENTRAL
NORTHERN REGIONS
8 1
44
172
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In this FY, TTC Bien Hoa successfully “Go-live”
the Oracle Cloud ERP system for 22 units in four
countries, namely Vietnam, Singapore, Laos, and
Cambodia and carried out the synchronous
implementation in the supply chain. With this
system in place, the Company initially achieved
optimal supply chain through digitalization, via a
seamless data ow, technology application in the
management of farms, plants, and distribution
centers, thereby ensuring prompt delivery of
products to consumers.
The ERP-integrated supply chain management system aids the
Company in streamlining each process of the supply chain by:
• Providing accurate and real-time inventory information and locations in
the supply chain for inventory management;
• Recording, analyzing and informing uctuations and changes in
customer demand in each distribution channel, facilitating proactive
management of supply chain activities and relevant risk management;
• Shortening setting processes and enhancing S&OP accuracy to improve
daily and weekly supply chain and production management;
• Scheduling and executing end-to-end logistics activities, boosting SBT’s
competitiveness via improved performance, cost-eciency, and service
quality;
• Documenting and monitoring procurement through all stages, from
demand planning, warehousing to payment, aligning comprehensive
management of procurement planning and operation;
• Developing level-based plans gradually implemented via the system
to improve the accuracy of the database and corresponding scenarios,
quickly displaying simulation results of operation models to provide
visibility to the BOD for better decision-making.
CONTINUOUSLY IMPROVING AND COMPLETING THE SUPPLY CHAIN
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EFFECTIVE SUPPLY CHAIN MANAGEMENT CONTINUED
DEVELOPMENT ORIENTATION FOR SUPPLY CHAIN
UNDER THE 5YEAR STRATEGY FOR THE 20212025 PERIOD
As a new normal is coming after the pandemic, TTC Bien Hoa has been active in optimizing the supply chain
model with the Oracle Cloud ERP system to well match its global expansion. The initial Go-live success will
be the stepping stone for a digital transformation breakthrough in 3 to 5 years’ time, with the focus on the
following key activities in supply chain management:
Performing automatic measurement via IoT-driven equipment. As IoT is widely applied in the
manufacturing industry to measure and conduct real-time reports on equipment operation, this will
enable productivity improvement, rapid detection, and correction of technical errors (if any), as well as
the expansion and automation of international distribution networks;
Using agriculture-based sensor technology to enhance monitoring and ensure eective planning
for material supply, harvest, and post-harvest preservation, thereby reducing labor and fostering
optimization of the workforce in operation;
Applying machine learning models in Big Data analysis to nd correlations among variables in demand
analysis, hence facilitating inventory and procurement planning;
Utilizing robots to increase freight productivity and reduce labor force in logistics activities, cater to
strict requirements of MNC, SME, General Trade, Modern Trade, Retail, and Omni - Channel.
Adopting articial intelligence technology and transportation management system in the optimization
of freight activities to gain better process control and minimize potential risks;
Develop digital-savvy employees’ to enhance better use of advanced technology in agricultural supply
chains and production, with a view to meeting the needs of the FMCG industry.
174
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The Board of Directors of TTC Bien Hoa has developed a clear
strategy and action plan for developing the supply chain in
accordance with international standards and best practices for
sustainable management, enabling the company to compete on
an equal ground with domestic and international major players.
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2020-2021 ANNUAL REPORT
AND CUSTOMER FEEDBACKS ON NEW PRODUCTS
Particularly, new product lines including high quality Sugar and By-products,
as well as more convenient packaging methods were introduced. This not only catered
to the market’s ever-changing customized demand but also helped customers
cut costs on intermediate pre-processing steps, labor, storage, production, etc.
ACTIVITIESR&D
In FY 2020-2021, seeking to maximize the sugarcane value
chain, and move toward a service-based model providing
tailored solutions to every customer, TTC Bien Hoa
intensified its R&D activities.
R&D ACTIVITIES IN FY 20202021
176
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MONOROCK ROCK SUGAR
Product line
Co Ba rock Sugar -
Mimosa Rock Sugar
Goal
Diversify product catalogue
to meet
Customers preferences
PAPER BAG 25 KG
Product line
Premium Rened Sugar
Goal
Oer an environmentally friendly package to
help dairy and pharmaceutical companies
meet industry strict requirements in
production.
SUGARCANE SYRUP
Product line
TTC
Goal
Meet the needs of industrial
manufacturers and
international Customers.
ORGANIC SUGAR 
GLASS JAR 800G
Product line
Organic Sugar
Goal
Oer an eco-friendly product with
high-class packaging to Customer.
CANNED SUGARCANE JUICE
Product line
Míaha
Goal
Develop a nutritional drink from
sugarcane that is 100% natural
and preservative-free.
EXPORTED PREMIX SUGAR
Product line
Premix
Goal
Meet the needs of
international Customers.
CANE SUGAR PRODUCTS
Product line
Cane Sugar
Goal
Develop new customer-oriented
Cane Sugar products to increase the
TTC Bien Hoa brand awareness.
THE COMPANY’S
PRODUCT PORTFOLIO
IN THE FY 2020 - 2021
INCLUDES
177
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2020-2021 ANNUAL REPORT
RESEARCH AND DEVELOPMENT ACTIVITIES AND CUSTOMER FEEDBACKS ON NEW PRODUCTS CONTINUED
Under the 2021-2025 strategy roadmap, gravitated towards “Indochina’s leading solution
provider of traceable and sustainable agricultural products”, TTC Bien Hoa has shifted its focus
to nutritional energy solutions made from sugarcane.
I
n addition to the introduction of new Sugar products, after more than 2 years of research, TTC Bien Hoa’s
experienced R&D department successfully produced and launched Míaha canned sugarcane juice - Pure
nutrition from nature, with 3 special avors: Sugarcane kumquat, Sugarcane apple, and Sugarcane peach.
Sugarcane juice is a long-term investment that contributes to the avoid waste of nished Sugar and input material
waste, thereby enabling the Company to expand into new segments with a larger customer base. On the other hand,
due to its short shelf life, sugarcane juice available on the market is only for immediate consumption. Sugarcane
juice products in tins and cans with longer expiration dates have received insucient attention in Vietnam, and
even globally. It demonstrates the enormous potential of the canned sugarcane juice production industry, not just
in the domestic market, but also in international markets.
Benet Details
Sugarcane juice is a rich source of avonoids and phenolic compounds, which
are known for their high antioxidant properties. These substances can help
maintain healthy and hydrated skin.
Anti-aging
1
Sugarcane juice is an eective diuretic, helping prevent dehydration and
reducing the risk of kidney stones.
Prevention of
kidney stones
3
The antioxidants in sugarcane juice help ght against inammation, boost the
immune system, avoid liver inammation and control bilirubin levels.
Liver detoxification
5
Sugarcane juice strengthens liver function and is a remedy for jaundice.
Jaundice recovery
2
Sugarcane juice contains policosanol, especially octacosanol, reducing LDL
cholesterol and enabling weight loss.
Reduction of bad
cholesterol and
weight loss enabler
6
Sugarcane juice provides a great source of carbohydrates, protein, iron,
potassium and other essential nutrients to the body.
Sugarcane juice helps make up for protein loss to ensure energy balance,
thereby boosting recovery from fever.
Sugarcane juice builds up plasma and body uids to counter dryness and
fatigue.
Replenishment of
essential nutrients
and rapid recovery
from illness
4
STUDIES ON HEALTH BENEFITS OF SUGARCANE JUICE
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CUSTOMER FEEDBACK ON NEW PRODUCTS BY TTC BIEN HOA
In FY 2020-2021, thanks to new high-quality products with convenient packaging, the Company received
countless positive comments from customers.
Mrs. Thu - Housewife, Can Tho city
“My family has been using Bien Hoa Sugar for many years.
This year, the Company also introduced Cane Sugar
products. Sugar, whether white or brown, is still safe
to use because it’s not harmful and from natural
sources.”
Mrs. Nguyen Bich Van - Oce worker
(Ha Noi city)
“I’m a sugarcane juice lover, but I haven’t drunk
it lately because I’m not sure about the safety
of the street-side sugarcane juice. Therefore,
when knowing that Míaha canned sugarcane
juice is available in the market, I waste any
time trying this product, which remains
the signature avor of freshly squeezed
juice, while ensuring safety via modern
sterilization technology.”
Mrs. Hoang Thanh Ha - Senior student
(HCMC)
“I often crave for some sweet, cool drinks,
soft drinks for example, when thirsty. Since
coming across this product in Circle K, I’ve
now turned to canned sugarcane juice,
which is good for health, yet still delicious
and refreshing.”
Mr. Nguyen Quoc Huy - Oce worker (HCMC)
“On a hot summer day, what could be better than
canned sugarcane juice? The sugarcane juice street
vendors, however, discontinued their supply due to
the Covid-19 outbreak. With the launch of Míaha canned
sugarcane juice, I am now able to keep some in the fridge.
How convenient and safe it is for such a tasty drink like this.”
Over the years, the Company has launched dozens of new products and product lines, receiving lots of
positive customer feedback. These are a great source of motivation for TTC Bien Hoa to diversify the
product portfolio through further R&D activities, with a view to facilitating a better customer experience
with tailored offerings.
RESEARCH AND DEVELOPMENT ACTIVITIES AND CUSTOMER FEEDBACKS ON NEW PRODUCTS CONTINUED
180
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R&D PLAN FOR FUTURE VALUE CHAIN
kumquat, Sugarcane peach, and Sugarcane apple. For the rst
time, a Fresh - Clean - Pure sugarcane juice product has been
introduced to the Vietnamese market, retaining all valuable
micro-minerals and nutrients from nature. This is possible due
to advanced sterilization technology. This is the ideal solution
for health-conscious and environmentally responsible
consumers who appreciate the taste of natural sugarcane
juice. Going forward, the Company has developed a research
and development strategy for a variety of new products.
TTC Bien Hoa, as the leading enterprise in the Vietnam
Sugar industry, is constantly pioneering in research and
development to increase the value of Sugar and By-products
throughout the value chain, with the goal of producing
“Clean and Green products.” The year’s highlight is TTC Bien
Hoa’s ocial entry into the beverage market with canned
sugarcane juice products. This is a natural energy source
derived from sugarcane. Míaha canned sugarcane juice is 100
percent natural and comes in three unique avors: Sugarcane
TTC Bien Hoa’s new value chain in the future
Product Information
Develop new avors to diversify canned sugarcane juice product line.
MÍAHA SUGARCANE
JUICE
1
Develop diet Sugar, polyols, and Low GI, helping to diversify TTC Bien Hoa’s products.
NEXTGENERATION
SUGAR PRODUCTS
6
Provide organic fertilizer for TTC Attapeu raw material areas and the market.
ORGANIC
FERTILIZER
8
Oer eco-friendly products to keep up with green trends and reduce plastic consumption.
BAGASSE PAPER
BOXES AND STRAWS
9
Provide new fuel in form of cellulose pellets.
BAGASSE PELLETS
10
TTC Bien Hoa’s KVCL factory in Cambodia will come into operation as a part of the market
expansion strategy in Indochina. This complex includes dierent production sites for Sugar,
alcohol, electricity, ethanol and food-based alcohol with a capacity of 30,000 liters/day.
ALCOHOL
7
TTC Bien Hoa’s R&D experts are developing bagasse activated carbon as material for existing
sugar production processes and for commercial purposes, apart from its use as fuel.
BAGASSE ACTIVATED
CARBON
11
Octacosanol’s medicinal use has been recognized worldwide. As a result, TTC Bien Hoa is
pursuing the development of a new production line to bring natural products which are
benecial to consumers’ health to market.
SUGARCANE WAX
12
Develop microbial and organic fertilizers for agricultural production.
MICROBIAL FERTILIZER
4
Change/supplement packaging methods to optimize production costs, facilitate
transportation and storage, and attract consumers.
PACKAGING
5
Extract Policosanol with high pharmaceutical values from sugarcane.
POLICOSANOL
2
Develop avored liquid Sugar to serve general trading and Horeca channels.
SCENTED SYRUP
3
181
ACTIVITIES OF SUBSIDIARIES
AND ASSOCIATES
TTC BIEN HOA
2020-2021 ANNUAL REPORT
As of June 30
th
, 2021, TTC Bien Hoa owns 16 Direct Subsidiaries, 10 Indirect Subsidiaries, and 1 Associate.
         BTTC hợp nhất kiểm toán    
To have more details of the business areas of each company, please refer to page 271-273 - Consolidated
FS audited by Ernst & Young Vietnam Co., Ltd. in the SBT’s FY 2020-2021 Annual Report.
1 Thanh Thanh Cong Agriculture Development JSC Tay Ninh 90 189
2 Thanh Thanh Cong Gia Lai Co., Ltd. Gia Lai 100 540
3 TSU Investment Pte Co., Ltd. Singapore 100 748
4 TTC Bien Hoa - Dong Nai Sugar One Member Co., Ltd. Dong Nai 100 3,317
5 Miaqua Water One Member Co., Ltd. Tay Ninh 100 4.5
6 Hai Vi Co., Ltd. Tay Ninh 100 4.5
7 TTC An Hoa Production Trade Service One Member Co., Ltd. Tay Ninh 100 160
8 Green Idea Thanh Cong One Member Co., Ltd. Tay Ninh 100 5
9 Thanh Thanh Cong Food Co., Ltd. HCMC 100 2
10 Nuoc Trong Sugar JSC Tay Ninh 50.58 58
11 Thanh Thanh Cong Sugarcane Research and Development JSC Tay Ninh 100 30
12 Thanh Cong Green Agriculture One Member Co., Ltd. Tay Ninh 100 4
13 Thanh Cong Green One Member Co., Ltd Tay Ninh 100 4
14 Thanh Cong Agricultural Investment One Member Co., Ltd Tay Ninh 100 4
15 Ninh Hoa Clean Energy One Member Co., Ltd Khanh Hoa 100 5
16 Ninh Hoa Green Energy One Member Co., Ltd Khanh Hoa 100 5
DIRECT SUBSIDIARIES
Head oce
Equity interest and
voting right
(*)
(%)
Charter
capital
(VND Billion)
Subsidiaries/Associates
182
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Head oce
Equity interest and
voting right
(*)
(%)
Charter
capital
(VND Billion)
Subsidiaries/Associates
Head oce
Equity interest and
voting right
(*)
(%)
Charter
capital
(VND Billion)
Subsidiaries/Associates
1 Bien Hoa - Ninh Hoa Sugar One Member Co., Ltd. Khanh Hoa 100 607.5
2 Ninh Hoa Thermal Electricity One Member Co., Ltd. Khanh Hoa 100 300
3 Gia Lai Thermal Electricity One Member Co., Ltd. Gia Lai 100 130
4 Bien Hoa - Phan Rang Sugar JSC Ninh Thuận 95.79 45
5 Bien Hoa - Thanh Long JSC Tay Ninh 98 20
6 Bien Hoa Import - Export Trade JSC HCMC 100 7,750
7 TTC Attapeu Sugarcane Co., Ltd. Gia Lai 100 2,165
8 TTC Attapeu Sugarcane One Member Co., Ltd Laos 100 1,440
9 Mien Trung Bovine Breeding JSC Khanh Hoa 92.04 23.4
10 Global Mind Commodities Trading Pte. Ltd. Singapore 100 491
1 Tan Dinh Import-Export JSC HCMC 41.65 50
ASSOCIATES
INDIRECT SUBSIDIARIES
(*) Including direct and indirect voting rights of the Company
DIRECT
SUBSIDIARIES
INDIRECT
SUBSIDIARIES
ASSOCIATE
16 10 01
183
QUALITY
ASSURANCE
To strengthen the foundation, the Company has been consistent in all functions
with the goal of facilitating market access for the highest-quality products. This has
been accomplished through continuous improvement of manufacturing processes,
management, monitoring, and control of all stages of production, from raw materials to
finished products. Simultaneously, increased effort was made to meet Customer needs,
resulting in accurate and timely responses.
“Quality as the foundation of sustainability” the
long-standing slogan from the Company’s early years
demonstrated TTC Bien Hoa’s commitment to quality
assurance over a 50-year operational span, with quality serving
as the priority and foundation for our brand’s sustainable
development.
AND CUSTOMER’S FEEDBACKS ON PRODUCT QUALITY
TTC BIEN HOA’S 20202021 QUALITY ASSURANCE ACTIVITIES
184
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
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2020-2021 ANNUAL REPORT
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Quality assurance must be present at all stages, from raw materials to finished products; thus, TTC Bien
Hoa constantly monitors and understands, inspects and supervises the application of standards, to
ensure that each stage is fit for purpose and meets customer requirements. Along with quality assurance,
the maintenance and application of internationally recognized management systems aids in production
control, propelling TTC Bien Hoa to new heights as an industry leader.
R
ecognizing the market’s
development trend, TTC Bien
Hoa has developed distinct
sets of standards and distribution
channels for each customer segment
in order to precisely meet specialized
needs regarding quality, product
type, volume, package, design... For
example, the high quality 50kg bag was
introduced in response to the stringent
quality requirements of corporate and
industrial customers. TTC Bien Hoa
provided 25kg or 12kg bags for Small
and Medium Enterprises. We provide a
diverse range of compact and modern
products in small packs or sticks, as well
as liquid for individual and household
consumption, meeting a wide range of
consumer demands. TTC Bien Hoa also
owns a variety of standard products
to meet the needs of commercial
Customers. The Company developed
the type of Sugar having distinct standards, such as Organic Sugar and natural
Brown Sugar, for export, and packaged them in paper bags or environmentally
friendly bigbag packaging. Furthermore, the Company focused on exporting
industrial Liquid Sugar in Flexitank packaging in FY 2020-2021, meeting all
Customer demands.
QUALITY ASSURANCE PROCEDURE
Sugarcane
Other material
Control
Supplier
Intermediate
products
Control
UNQUALIFIED
UNQUALIFIED
QUALIFIED
QUALIFIED
QUALIFIED
Intermediate
products
Control
FINISHED
PRODUCTS
FINISHED
PRODUCTS
QUALITY ASSURANCE PROCEDURE
UNQUALIFIED
185
TTC BIEN HOA
2020-2021 ANNUAL REPORT
CONTROL OF IMPURITIES, OBSERVATION OF FOOD SAFETY IN PRODUCTION
CONTROL OF NONCONFORMING PRODUCTS
The Sugar industry necessitates complex manufacturing technology, large machinery and equipment,
where the finished products go through more stages than any other food industries. As a result, controlling
impurities during production is one of the keys to high-quality products.
In FY 2020-2021, the Company concentrated on accurately
analyzing and assessing the root causes of problems in order
to quickly implement eective remedial measures, quickly
identify and mitigate risks, and mitigate non-conforming
products, thereby stabilizing product quality. In FY
2020-2021, the rate of nonconforming products was 0.19%,
42.42% lower than planned and more than 26.92% lower
than in FY 2019-2020. This helped the Company control
quality, achieving the set plan, contributing to lowering
product costs.
To minimize the occurrences of broken packages in
warehousing and delivery, the Company enhanced
inspection and control of preservation techniques and
hygiene, monitored inventory quality, and adhered to
import and export regulations. Additionally, the vehicle’s
quality, the carrier’s commitment during transportation, and
the packaging’s quality were all considered - all with the goal
of minimizing bag failure during the processes. As a result,
the rate of nonconforming products in storage and dispatch
during the 2020-2021 scal year was 0.11%, 35.29% lower
than the year plan. This ratio, however, was slightly higher
than the previous year, owing to an increase in the rate of
broken bags, which resulted in moisture in the products
during storage. This paper-packaging-specic occurrence
was addressed by testing and improving packaging quality
from FY 2021-2022.
As a supplier to numerous large-scale enterprises in the
beverage, pharmaceutical, and food industries that require
awless products, the Company, in addition to routinely
upgrading the production lines, implemented impurity
control through risk detection on machinery, equipment, and
standard operating procedures, enabling the development
of plans that control equipment and optimize production.
Additionally, the Company hosted a series of seminars on
impurity control, during which leading quality companies
such as Nestlé and Mondelez shared their experiences.
Internal training programs were provided concurrently to all
employees on the production oor, especially maintenance
personnel, to instill a sense of food safety in them.
The company made continuous efforts
to improve the quality of its products
and services, streamlining sales and
delivery in order to provide customers
with the highest-quality products on
time. Simultaneously, the company
listened to and responded quickly to
Customer demand, reducing the number of
nonconforming products in circulation and
reducing Customer complaints to 0.13%,
35% lower than the plan year, a reduction
of 18.75% compared to FY 2019-2020.
QUALITY ASSURANCE AND CUSTOMER’S FEEDBACKS ON PRODUCT QUALITY CONTINUED
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CUSTOMER COMMENTS ON
TTC BIEN HOA’S PRODUCT AND SERVICE QUALITY
Criteria
Prompt response
to Customer requests
Delivery at
Customer requests
Sugar product
quality
Rate
FY
2020-
2021
Rate
FY
2019-
2020
Rate
FY
2018-
2019
Rate
FY
2020-
2021
Rate
FY
2019-
2020
Rate
FY
2018-
2019
Rate
FY
2020-
2021
Rate
FY
2019-
2020
Rate
FY
2018-
2019
Very good
39%
42% 61% 22% 35% 52% 17% 42% 30%
Good
55%
50% 30% 39% 52% 44% 83% 55% 57%
Normal
6%
8% 9% 39% 10% 4% 0% 3% 13%
Pretty bad
0%
0% 0% 0% 3% 0% 0% 0% 0%
Bad
0%
0% 0% 0% 0% 0% 0% 0% 0%
Total 100% 100% 100% 100% 100% 100% 100% 100% 100%
Source: TTC Bien Hoa
Summary of customer satisfaction survey results
“Meeting ever-increasing customer demand” means quality assurance and customer satisfaction
went hand in hand. Each year, TTC Bien Hoa conducts a customer satisfaction survey on the topic of
“Prompt responses to Customer demand for product quality and delivery service.”
0.05
0.10
0.15
0.20
0.25
0.30
0.35
Nonconforming products -
Comparison by years (%)
FY 2018-2019 FY 2019-2020 FY 2020-2021
In production
0.30
0.26
0.19
In warehousing,
dispatch
0.08
0.10
0.11
In delivery - customer
complaint
0.13
0.16
0.13
Nonconforming products -
Comparison with FY 2020-2021 plan (%)
FY 2020-2021 plan FY 2020-2021 implementation
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.33
0.19
0.17
0.11
0.20
0.13
In production In warehousing,
dispatch
In delivery
Source: TTC Bien Hoa
187
TTC BIEN HOA
2020-2021 ANNUAL REPORT
According to the survey results, 94% of Customers rated prompt response
to Customer requests as either Good or Very Good, indicating a high level of
satisfaction, up from 92% in FY 2019-2020. Similarly, the satisfaction rate of the
Delivery at Customer requests in the Purchase Order has also improved with no
“Bad” rating. In particular, product quality has been rated as Good or Very Good
by 100% of customers; there is no dissatisfaction with product quality; this is all
due to eorts to improve quality, compliance, and strict control throughout the
manufacturing process, storage, and delivery.
Additionally, the company is active on the Bien Hoa Clean Sugar
Fanpage, providing regular updates on products and recipes using
the Company’s products, thereby gaining consumer trust and positive
support. Bien Hoa Clean Sugar’s fanpage currently has 26,094 followers
and 25,585 likes, and each of our posts receives positive comments
and likes.
OF CUSTOMERS RATED PROMPT
RESPONSE TO CUSTOMER REQUESTS
OF CUSTOMERS; THERE IS NO
DISSATISFACTION WITH PRODUCT QUALITY
FOLLOWERS AND 25,585 LIKES
BIEN HOA CLEAN SUGAR’S FANPAGE CURRENTLY HAS
94% 100%
26,094
26,094
QUALITY ASSURANCE AND CUSTOMER’S FEEDBACKS ON PRODUCT QUALITY CONTINUED
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SOME CUSTOMER COMMENTS ABOUT PRODUCT QUALITY
EXPORTERS
INDUSTRIAL PRODUCTION
We are extremely appreciative of TTC Bien Hoa’s product diversity and commitment
to quality. Additionally, the Company ensures that deliveries are made on schedule.
However, what satises us the most is the exibility with which we can customize the
packaging, from design to material, to meet specic requirements.
TRADE
Since ED&F Man has a strong tradition in the agricultural trade, we have high standards
when it comes to selecting suppliers, particularly for organic products. After the rst crop
year of cooperation, we believe that selecting TTC Bien Hoa as the supplier of Organic
Sugar products meeting European standards was the perfect option.
CORPORATIONS
PHARMACEUTICAL ENTERPRISE
Pharmaceutical manufacturers set the most stringent requirements for the quality and
purity of their raw materials. Therefore, we only trust the highest quality Sugar with
purest ingredients. TTC Bien Hoa’s premium RE Sugar is the perfect match.
FOOD ENTERPRISE  SME
For small businesses like us, doing business with large suppliers sometimes poses
a challenge. Despite its size as Vietnam’s largest sugarcane enterprise, TTC Bien Hoa
always pays us thoughtful attention, oers numerous suitable solutions, and maintains
competitive prices.
ENTERPRISE IN THE BEVERAGE INDUSTRY
Sugar is one of the key ingredients in our production, quality of which directly aects
the quality of the products. TTC Bien Hoa was chosen as our primary supplier due to its
high-quality Sugar material that complies with Pass Floc and purity standards.
INDIVIDUALS
Mrs. THANH NGUYEN
- Teacher in Hanoi
I am a fan of cleanliness - safety - quality, therefore I prefer Bien Hoa Clean Sugar products
because they meet the criteria of cleanliness - safety - quality for my family’s health. Thank
you, Bien Hoa Clean Sugar products, for adding a sweet avor in our family.
Mrs. NGUYEN SU
- Retired Ocial in Son Tay, Hanoi
I adore the sweet yet gentle taste of Bien Hoa clean Sugar, which nds its place in my
kitchen, with Natural Sugar, Rock Sugar, Rened Sugar, Dark Brown sugar, Green cane
Sugar... and many others under the brands Bien Hoa Clean Sugar, Bien Hoa Organic
Sugar. I am condent in using them for my family and loved ones, as these are both
safe and tasty.
189
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TTC BIEN HOA
2020-2021 ANNUAL REPORT
TTC BIEN HOA’S INTERNATIONAL STANDARDS
AND CERTIFICATIONS
Currently, TTC Bien Hoa owns many important international certications
such as ISO 9001:2015, ISO 14001:2015, ISO/IEC 17025, FSSC 22000 version
05, Middle East Food safety certication issued by HCA, Kosher Certication,
Sedex System Certications,... In particular, the Company is also certied by the
US Food and Drug Administration (FDA), USDA Organic label, Control Union
Organic standards recognized by FDA, EU and China, Fair Choice and Fair Trade
Certication. These are critical certications that enable the Company to sell its
products in high-end markets with the strictest quality standards, namely the
United States and the European Union.
Apart from product quality certications, TTC Bien Hoa adheres to ISO
14001:2015 for environmental management standards and ISO 45001:2018 for
occupational health and safety management system, in order to best support
the manufacturing process and sustainable development trend.
CERTIFICATIONS OWNED BY TTC BIEN HOA
Standards of Fair Trade
and Social
Fair trade. Certified by
FLO - Fairtrade Labeling
Organization International
European, US and Chinese Organic Standards
This certication demonstrates
a business’s commitment to
sustainable development
and social improvement, as
well as to meet the needs of
conscious consumers who are
growing in number in every
country, thereby opening up
new market opportunities.
This certication addresses
trade injustice by assisting
in the improvement of trade
prices, working conditions,
and sustainability.
This certication demonstrates that the organization’s products
comply with European, American, and Chinese organic standards.
FAIR CHOICE FAIR TRADEEU, USDA AND CHINA ORGANIC CERTIFICATION
Certication body:
Control Union
Certication body:
Control Union
Certication body:
Control Union
QUALITY ASSURANCE AND CUSTOMER’S FEEDBACKS ON PRODUCT QUALITY CONTINUED
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Food safety
management standards
Jewish product quality
management standards
Islamic product quality
management standards
International quality
management standards
ensuring consistent
quality, meeting customer
requirements, and
continuous improvement
An international standard for
safe products for Customers.
This certication veries that
the product complies with the
requirements for ingredients
and manufacturing eligibility,
as well as with Kosher standard
requirements.
This certication veries that
the product complies with the
requirements for ingredients
and manufacturing eligibility,
as well as with Halal standard
requirements.
Identication of risks to
support the establishment,
operation and improvement
of the quality management
system.
FSSC 22000
KOSHER
HALAL
ISO 9001:2015
Certication body:
Bureau Veritas, BSI
Certication body:
KOF-K
Certication body:
HALAL CERTIFICATION
AGENCY (HCA) IN VIETNAM
Certication body:
Bureau Veritas, BSI
International
Environmental
Management standards
to ensure that adverse
effects are kept to a
minimum
Develop benecial
environmental impacts
on the surrounding
environment as a result
of the organization’s
operations.
ISO 14001:2015
Certication body:
Bureau Veritas, BSI
Quality management
system specifically
applicable to testing
and calibration
laboratories
Establish requirements
for management and
technical competence
assurance, as well as
requirements for a quality
management system,
in order to achieve the
capability of providing
highly reliable and
internationally recognized
test/measurement results.
ISO/IEC 17025
Certication body:
Bureau of Accreditation
(BoA)
Social Responsibility
Standards
This certication veries
businesses’ compliance
with ethical business
practices and social
responsibility throughout
the supply chain, serving
as a seal of approval for
sustainable development.
SEDEX
Certication body:
SGS
Coca Cola Social
Responsibility
Standards
This certication veries
businesses’ compliance
with ethical business
practices and social
responsibility throughout
the supply chain, serving
as a seal of approval for
sustainable development.
SGP
Certication body:
Coca Cola Company
certied through SGS
assessment
Unilever Social
Responsibility
Standards
This certication veries
businesses’ compliance
with ethical business
practices and social
responsibility throughout
the supply chain, serving
as a seal of approval for
sustainable development.
URSA
Certication body:
Unilever Group
certied through SGS
assessment
191
TTC BIEN HOA
2020-2021 ANNUAL REPORT
TTC Bien Hoa sets the target in FY 2021-2022 to enhance its quality assurance activities in order to meet
all customer requirements. The Board of Directors reviews, evaluates, organizes, and monitors the action
plan in a systematic and synchronous manner.
The activities are listed as follows:
To maintain a high priority on contaminant control through risk identication, recommendation, and
implementation of preventive and remedial measures; to improve equipment in order to stabilize and enhance
product quality; to balance production in order to minimize storage time; and to reduce storage time to no more
than two months in 2021-2022.
1
To continue to improve the quality of products and services in order to meet the ever-increasing customer
demands. Simultaneously, the Company will conduct regular surveys of Customer preferences and expectations
to facilitate this improvement.
5
To diversify categories and packaging to meet the requirements of the market and Customers.
3
To improve packaging quality to minimize the rate of product failure due to breakage and moisture for Organic
Sugar and Natural yellow Sugar packs.
2
To promote R&D activities in order to keep pace with consumer demand trends and to bring products to market
on time.
4
Product quality assurance is an activity that receives the Board’s deep attention
QUALITY ASSURANCE AND CUSTOMER’S FEEDBACKS ON PRODUCT QUALITY CONTINUED
TTC BIEN HOA’S FY 20212022 QUALITY ASSURANCE PLAN
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TTC BIEN HOA
2020-2021 ANNUAL REPORT
AGRICULTURE RESEARCH INSTITUTE
A CRUCIAL ADVANCEMENT TOWARD
SUSTAINABLE MATERIAL AREAS
In April 2013, Thanh Thanh Cong Sugarcane Research and Development JSC was officially established with
a focus on scientific research, technological development to ensure practical and effective production and
service. In particular, the combination of applied and basic research was emphasized to further develop
technologies, techniques, plant protection methods, and sugarcane varieties.
T
he period 2010-2020 witnessed the rapid increase
in the number of TTC Bien Hoa’s Sugar factories and
the expansion of sugarcane material areas from the
Southeast to the Central region, including Central Highlands.
In addition to governance activities, the BOD placed the focus
on Science and Technology in production, especially in the
Sugar Industry. It was of utmost importance to establish a
a pioneer in multidisciplinary, green and sustainable applied
research in agriculture and high-tech agriculture by 2025.
The Institute also conducts high-level scientic research,
transfers technology, collaborates with international partners,
provides high-tech agricultural consulting services at home
and abroad as well as tests and develops crop varieties,
breeds with hi-tech solutions.
research institute for science and technology with sucient
competence. The goal is to provide technology solutions to
solve problems in raw materials areas in a direct, consistent
and sustainable way, thereby ensuring eective and stable
Sugar production of TTC Bien Hoa in particular and Vietnam
in general.
In recent years, TTC Bien Hoa has expanded crop
diversication and developed Sugar production facilities
in Indochina’s neighboring countries, gravitating towards
green and sustainable agriculture. Thanh Thanh Cong
Agricultural Research Institute (TTC ARI) was established in
March 2021 as a successor to Thanh Thanh Cong Sugarcane
Research and Development JSC, with a vision of becoming
THE HISTORICAL DEVELOPMENT
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Despite being a newcomer in the field, compared to other domestic and regional research
institutes, TTC ARI has come up with some initial solutions on cultivation techniques, varieties
and plant protection methods, which brought utility results for sugarcane Growers in raw
material areas.
W
ith the help of member
units, TTC ARI gathered an
evaluation report on the
nutrient content of the majority of land
in TTC Bien Hoa’s raw material areas,
thereby recommending appropriate
fertilizer recipes for each region to
optimize sugarcane production
output. In addition, The Institute has
researched and launched a combo kit
of foliar fertilizer, which supplements
nutrients based on the nutritional
status of soil and nutrient demands
of sugarcane at each growth stage.
According to the test results, sugarcane
output rises by 15%, and CCS increases
by 0.5% in case of full kit application.
Furthermore, this product also makes
sugarcane healthier and more resilient
against diseases and environmental
stresses. This combo kit has become
more and more used by production
businesses and growers.
TTC ARI has studied and adopted high-
eciency farming techniques that are
appropriate for dierent cultivating
conditions, particularly furrowing
methods in lowland areas. This not
only improves soil aeration, prevents
sugarcane from inundation, but also
enhances fertilizer eciency, induces
owering, and facilitates weed control.
Additionally, the Institute has improved
ratooning technologies for sugarcane
variety production and raw sugarcane
for manufacturing. These technologies
are critical for ensuring planting
density and high yield. Using ratoon
technologies to produce the next
crop reduces the amount of stubble
retained and informs farming practices
in a more proactive manner, as stubble
does not rely heavily on harvest time
and weather events.
OUTSTANDING ACHIEVEMENTS IN FY 20202021
Soil analysis for nutrient assessment and
appropriate fertilizer recommendation
Sugarcane furrowing Subsoil plowing after fertilizing
90
TONS PER HECTARE
UP 30% COMPARED TO
TRADITIONAL METHODS
THE INSTITUTE SAW POSITIVE RESULTS
AFTER TESTING TWO SUGARCANE
CROPS, WITH AN AVERAGE
SUGARCANE YIELD OF MORE THAN
195
TTC BIEN HOA
2020-2021 ANNUAL REPORT
AGRICULTURE RESEARCH INSTITUTE 
A CRUCIAL ADVANCEMENT TOWARD SUSTAINABLE MATERIAL AREAS CONTINUED
TTC ARI has also conducted research
to evaluate the sustainability of
sugarcane-legume intercropping
model. Based on the results of two
crops including new crop (newly
planted seeds) and one ratoon crop at
TTC ARI, the amount of collected green
manure ranged from 4.42 to 5.11 tons/
crop, the density of mung beans was
30kg/ha/crop (a good density ratio to
control weeds); and soil quality (pH,
CHC, N, P, K) improved signicantly
after two mung beans intercrops.
In addition, TTC ARI has been working
on new sugarcane varieties, which
have high quality and yield potential,
as well as suit ecological conditions in
each material area. The purpose is to
gain better control in varieties source,
hence ensure high-productivity and
stable material areas. This is one of the
key scientic research activities that
the Institute has dedicated to since
its establishment. There are now 7
selected sugarcane varieties, including
5 TTC ARI-developed cultivars and
2 imported varieties (also selected
carefully), yielding more than 110 tons/
ha with CCS (%) > 11.
One of the integrated pest management methods in the use of natural enemies,
which not only improves eciency and ensures ecological balance on the eld,
but also poses no negative impacts on the environment and human health. TTC ARI
has developed and successfully mass-produced red-eyed bees as natural enemies
to combat sugarcane borers in raw material areas, particularly in organic ones.
TTC ARI now provides over 525 million red-eyed bees to over 7,000 hectares of
sugarcane in Vietnam and Laos annually.
Mung beans intercropping in sugarcane eld Nitrogen-xing bacteria create papules on legume
Red-eye bees are released on raw material areas
SELECTED SUGARCANE
VARIETIES, YIELDING MORE THAN
110 TONSHA WITH CCS %  11
THERE ARE NOW
7
MILLION
REDEYED BEES
PROVIDES OVER
525
HECTARES OF SUGARCANE
IN VIETNAM AND LAOS ANNUALLY
TO OVER
7,000
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Plant protection and disease control using high-tech biological solutions remain a
major focus of research. The Institute intends to promote the rearing of red-eyed bees
to gradually control stem borers using natural enemy approach on a large scale. Other
natural enemies (such as prickly ower bugs, big-eyed bugs, and pin-tail bugs) are
being studied. TTC ARI also invests in environmentally friendly and sustainable weed
management technologies.
RESEARCH ORIENTATION BY 2025
With the objective of becoming
applied research in agriculture and high-tech agriculture by 2025, TTC ARI will continue to promote
applied research toward the development of sustainable raw material areas. The Institute,
in particular, will continue to create new sugarcane varieties and import productive varieties,
hence find at least five varieties that could yield more than 100 tons per hectare, achieve over
10% CCS and well adapt to natural local conditions. Furthermore, efforts were made to improve
variety selection and plant F3-generation varieties, with the goal of having 100% of raw material
areas planted with F3-generation varieties by 2025.
A PIONEER IN MULTIDISCIPLINARY, GREEN AND SUSTAINABLE
Another goal of TTC ARI’s projects is to increase the value of Sugar by-products. The Institute is developing
growing media for high-tech agriculture, bagasse-based microbial fertilizer, and molasse-centered
method for mass-multiplication of sugarcane-beneficial microbes.
PLANT
PROTECTION
In terms of farming techniques, the Institute is developing fertilizer formulas, nalizing
the biological preparation guide, and conducting research on new products (including
inorganic and organic products) for sugarcane and other crops. The Institute also works
on the mechanization of equipment based on eld conditions and farming systems.
All eorts are directed towards developing an ecient and high-yielding farming
model capable of producing at least 120 tons per hectare, thereby increasing yield
and revenue. By leveraging best farming practices and using F3-generation varieties,
TTC Bien Hoa expects to achieve an average sugarcane output of at least 72 tons
per hectare, no less than one new crop and four ratoon crops in a production cycle
by 2025.
FARMING
TECHNIQUES
197
TTC BIEN HOA
2020-2021 ANNUAL REPORT
ON EVERY STEP TO DEVELOPMENT
Global integration, of course, poses challenges to Vietnam Sugarcane industry, yet also opens up
new opportunities. As an established market leader in agriculture, TTC Bien Hoa always considers the
development of Farmers, so-called Sugarcane-growing partners, as a crucial factor of the Company’s
growth. As a result, the cooperation between TTC Bien Hoa and Farmers has gradually led to the emergence
of “Agribusiness owner”- a name that our Sugarcane-growing partners take with pride, as there are
now plenty of farmer-owned businesses possessing hundreds hectares of farmland, along with modern
agricultural vehicles and ancillary equipments.
Despite the toughest time of the Sugar
industry, these agribusiness owners made
signicant strides in farm expansion, thanks
to agile mindset and strategic vision. In FY
2020-2021, the Company adopted 3 key
support policies, in line with the motto of
“always accompanying Farmers’’ toward a
shared, modern and sustainable agriculture,
for Farmers/Sugarcane-growing partners:
POLICY ON
FINANCIAL SUPPORT
POLICY ON TECHNICAL
ASSISTANCE IN
CULTIVATION AND
HARVEST
POLICY ON
PURCHASE PRICE
1
2 3
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POLICY ON FINANCIAL SUPPORT
D
espite possessing agricultural resources with a great deal of
experience in farming, Sugarcane-growing partners often lack
nancial access, particularly for scaling up farms and applying new
technology, to speed up the transformation from traditional methods with
low productivity to modern, mechanized farming. As a result, the maximum
yield remains untapped, impeding their ability to penetrate the global
market. Therefore, gravitating toward the motto of “always accompanying
farmers”, TTC Bien Hoa recognizes policies on nancial assistance, either
through fundings or other forms of support, as key enablers to help
sugarcane growers implement appropriate techniques.
The Company, in particular, oers loans for production with the amount up
to 100% of the total cost of land rental and actual production costs, which
range on average from VND24,000,000 to VND52,000,000/ha depending
on types of crop (new plant or ratoon). Furthermore, the Company will
make advance payments on land rental, ranging from VND12,000,000 to
20,000,000/ha in three years, for Sugarcane-growing partners who do not
own land. This helps ensure scalability for those who have a keen mind for
business with great competence.
During the farming process, TTC Bien Hoa also adopts other policies to
provide suitable forms of assistance to Sugarcane growers in terms of
cash, fertilizer, stalks caring or mechanization services in the process of
land and seedling preparation, cultivation, and sugarcane care. Sugarcane-
growing partners can request advance payment in more than 30 items
during the production phase, with amounts varying from VND1,000,000
to VND13,200,000/ha for each area according to growing and caring
steps. Regarding investment in machinery and equipment, the Company
oers capital support with a payback period varying from 1-6 years.
In addition, TTC Bien Hoa provides unsecured loans to Sugarcane-growing
partners with a maximum limit of up to VND150 million/Gold partner, as
well as mortgage loans with a minimum amount of 70% of the movable or
immovable estate value while the interest rates are comparable to those of
commercial banks.
In the previous FY, besides low-interest loan packages, TTC Bien Hoa made
a non-refundable investment with a total disbursement of VND33 billion
from member units in agricultural infrastructure and caring activities, in
which some major support packages are listed as follows:
FOR DEEP PLOWING AND BASAL APPLICATION OF
MICROBIAL ORGANIC FERTILIZER
~10
VND BILLION
~1
VND BILLION
FOR HARVEST TRANSPORTATION, PARTICULARLY IN AREAS
AFFECTED BY THE COVID19 PANDEMIC
FOR BIOPRODUCT APPLICATION: ROOT BOOSTER, GROW
BOOSTER, AND CCS BOOSTER, WHICH COSTS ROUGHLY
VND668,000HA ON AVERAGE.
1
~1.2
VND BILLION
199
TTC BIEN HOA
2020-2021 ANNUAL REPORT
POLICY ON TECHNICAL ASSISTANCE IN CULTIVATION AND HARVEST
TTC Bien Hoa also promotes sustainable cultivating practices
such as replenishing soil after harvest, applying microbial
organic fertilizers, which improve the microbiome to keep
the soil healthy, and using natural enemies and insect traps
instead of pesticides, among others. The goal of these
activities is to ensure prot in the long run.
The agricultural change must be rst seen in the eld, therefore,
TTC Bien Hoa continues the annual program “Accompanying
TTC Sugar to enhance Vietnamese sugarcane”, engaging
thousands of sugarcane growers in raw material areas,
including Tay Ninh, Gia Lai, Ninh Hoa and Phan Rang. Under
the guidance of Thanh Thanh Cong Sugarcane Research
and Development Center (SRDC), TTC Bien Hoa’s Agricultural
Extension Stations have been ooded with outstanding
results such as intercropping sugarcane with green beans,
spraying foliar fertilizer by using Inamco’s specialized machines,
cultivating sugarcane ratoon from SRDC, applying TTCA’s
microbial organic fertilizer. In arid zones, drip irrigation systems
are implemented along with water-absorbent hydrogels to
increase productivity.
In FY 2020-2021, TTC Bien Hoa held more than 60 seminars with
the participation of 3,000 sugarcane Growers at 40 Agricultural
Extension Stations. As sugarcane prices are showing signs of
recovery, these are the opportunities for sugarcane Growers
to gain more experience, knowledge in cultivation, discuss the
benets of securing their future with sugarcane, and suggest
ways to go forward. At the same time, the Company can also
ensure that its vision, investment and purchase price policies
as well as feedbacks to the Company are well communicated.
This helps TTC Bien Hoa come up with more nancial and
technical support packages, which directly assist farmers in
every step of production so that they can have more condence
in staying in the business.
In addition to financial support, TTC Bien Hoa focuses on harnessing “grey matter” through
sharing and guidance on intensive farming techniques and application of suitable bio-products
and organic fertilizer for sugarcane growers.
1
Growers perform sugarcane ratooning - Khanh Hoa
2
Single eye bud sugarcane seedlings are prepared for planting - Ninh Hoa
3
The ocers of Phan Rang Agricultural Extension Station take part in the campaign “
Enhancing Vietnamese sugarcane” - FY 2020-2021
4
Farmers spray bio-products to support sugarcane roots - Ninh Hoa
5
Agricultural extension training on sugarcane farming techniques - TTCS Gia Lai
6
Training session on cultivation and care of sugarcane - Tay Ninh TTCS
FARMERS  ON EVERY STEP TO DEVELOPMENT CONTINUED
2
1 2
3
4 5 6
200
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
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Harvesting Sugarcane in TTC Bien Hoa’s raw material areas has a high rate of mechanization
POLICY ON PURCHASE PRICE
In addition to developing a more sustainable Vietnam
Sugar industry, this cooperation is considered a win-
win since “Farmers earn better income and Factories
make greater prot”. In the not-too-distant future, when
Farmers become Agribusiness owners through their
extensive network of cooperatives and companies,
TTC Bien Hoa will have tremendous support from the
most dependable Sugarcane-growing partners to help
put Vietnam sugarcane value chain on the global map.
Acknowledging the purchase price as one of Sugarcane-growing partners greatest concern, TTC Bien Hoa also provides a support
policy to the best of its ability. In particular, the Company’s contract farming that secures the purchase price up to 3 consecutive
crop years helps improve average income at the amount of VND28,000,000 - VND40,000,000/ha, which is relatively high compared
to other crop incomes. This, hence, ensures stable prot and low risk for large scale investment, encouraging Sugarcane-growing
partners to expand their farm at the maximum ecient scale.
Despites challenges from global integration,
TTC Bien Hoa’s and Sugarcane-growing
partners’ capacity has been harnessed via close
cooperation, in which growers could expand their
farm at efficient scale, while the Company could
access stable, abundant raw materials with
reasonable price.
Examples of secured purchase price for on-farm sugarcane with 10 CCS in Tay Ninh’s raw material areas as follows:
No Areas
2021-22
harvest season
2022-23
harvest season
2023-24
harvest season
1
Tay Ninh - surrounding areas
(distance to factory ≤ 30 km)
VND920,000/ton VND870,000/ton VND870,000/ton
2
Tay Ninh - other areas
VND900,000/ton VND850,000/ton VND850,000/ton
3 Cambodia VND870,000/ton VND850,000/ton VND850,000/ton
3
201
RESPONSES OF SUGARCANEGROWING PARTNERS
AND AGRICULTURAL EXTENSION STATIONS’ MANAGERS
RESPONSES OF SUGARCANEGROWING PARTNERS
My sugarcane elds often suer from frequent ooding, especially after heavy rains. Sugarcane is
easily damaged when inundated for a long period, so it is crucial to inspect every furrow after the
rain has stopped. However, manual inspections are exhausted, which may leave some ooded spots
unchecked. Recently, TTC Bien Hoa has deployed drones, which can cover dozens of hectares of
farmland in less than a day, to assist growers in farm inspection. Plus, technical teams are only one call
away in case of further support.
Mr. Nguyen Van Thanh
Sugarcane-growing partner from TTC Bien Hoa Agricultural extension station No.5, Tay Ninh
Thanks to the application of mechanization, farmers in Krong Pa raw material area can proactively
manage sugarcane care and production, requiring less labor force. However, mechanized harvest
hasn’t been materialized due to land fragmentation. In the 2020-2021 crop year, enjoying favorable
weather conditions, along with improved management practices, we were able to increase the
average yield at 90 tons/ha over a total area of 17.3 hectares. With the timely and appropriate
harvest assistance of TTCS Gia Lai Sugar Factory in Ayun Pa, plus this year’s higher purchase price,
our net income is around VND40 million/ha. Furthermore, it is the enthusiastic support of extension
workers at Agricultural extension station No.8 that motivates us to expand our farm by 5 more
hectares in the next crop year.
Mr. Bui Dinh Tha
Sugarcane-growing partner from TTC Gia Lai Agricultural extension No.8, Gia Lai
In Tay Ninh province, mechanization of sugarcane production has been applied at numerous stages,
including soil preparation, sugarcane care and harvest. Weed control, on the other hand, remains a
key concern as it signicantly impacts productivity and protability. Based on TTC’s recommendations,
we retain sugarcane leaves after harvest to suppress weeds, then use mini weeders to remove weeds
between rows of full-grown sugarcane and drones to manage weed density. These solutions have put
my mind at ease.
Mr. Nguyen Tan Khoi
Sugarcane-growing partner from TTC Bien Hoa Agricultural extension station No.3, Tay Ninh
As a family who has a long tradition in sugarcane farming, we nd that the Company’s eective cutters
management and sugarcane transportation to the factory is of great help in terms of reducing harvest
losses, especially in the crushing season. In the 2020-2021 crop year, my family harvested more than
900 tons of sugarcane over 10 hectares in Pida. This is considered a bumper crop with VND450 million
of net income. Farmers can only stay in the business if the income is secured by a stable sugarcane
price. I hope the price will be higher this year so that we can enjoy a good prot to prepare for farm
expansion next year.
Mr. Duong Ngoc Quy
Sugarcane-growing partner from TTC Gia lai Agricultural extension station No.6, Gia Lai
202
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
TTC BIEN HOA
2020-2021 ANNUAL REPORT
202
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
In this crop, the Company provided nancial assistance in deep plowing to help Sugarcane-growing
partners improve soil structure. We also received 1 ton of organic fertilizer and VND2 million to
purchase the higher-yield KK3 variety. For farms equipped with irrigation systems, the owners are
oered an increment of VND10 million. Proper irrigation help boosting sugarcane yield. As my family
invested in the sprinkler irrigation system, our sugarcane yield harvested has increased up to 100 tons/
ha. Combined with the purchase price policy, in which sugarcane with CCS 10 is secured at a price of
VND850,000/ton in at least 3 years, this helps us remain focused on our work.
Mr. Nguyen Gia Cuong
Sugarcane-growing partner from Ninh Sim Agricultural extension station of
TTC Bien Hoa - Ninh Hoa, Khanh Hoa
We were rst introduced to the trench method by the factory sta at the end of 2020. This technique
helps sugarcanes take up more water and nutrients as they are planted in deep holes, which ensures
stable growth despite droughts. Therefore, I am certain that this last crop’s yield will be double that
of last year. Ninh Xuan is a hilly area lacking water supply due to arid climate, so I do not think there is
any more suitable plant than sugarcane. Plus, the current purchase price guaranteed by the factory is
another reason keeping us in the business. My plan for the next crop is to increase the farming area
by dozens of hectares.
Mr. Tran Cong Ngon
Sugarcane-growing partner from Ninh Xuan Agricultural extension station of
TTC Bien Hoa - Ninh Hoa, Khanh Hoa
The land in this area used to be for rice farming or left abandoned. However, since the Company’s
adoption of the nancial support policy for sugarcane growers, I have been able to turn it into
sugarcane elds. Thanks to TTC Bien Hoa’s policies and extensive support of its sta, I have developed
a better understanding of sugarcane farming and spent most of my spare time taking care of my farm.
Compared to rice production, this now enables better income for my family, and I am glad to grasp
such an opportunity.
Mr. Somphone Phanthalangsy
Sugarcane-growing partner from TTC Attapeu Agricultural extension station No. 1
I do appreciate the Company’s funding policy that helps create stable jobs and improve our livelihoods.
I am grateful for the enthusiastic support of all the TTC Bien Hoa’s sta, who accompany me in every
step of production, from land preparation to sugarcane care and harvest. Of course, I could not thank
you enough for the on-site attentive guidance of extension workers as they show me how important
weed control and fertilization is in sugarcane farming.
Mr. Sombun Phengsavan
Sugarcane-growing partner from TTC Attapeu Agricultural extensive station No. 3
203
TTC BIEN HOA
2020-2021 ANNUAL REPORT
The Company’s non-refundable aid policy so far has received great responses from the Growers. All
tailored items are timely disbursed to address their needs. The Growers in the My Hiep sugarcane eld
now eagerly set their sights toward the development of raw material areas.
Mr. Nguyen Ngoc Lam
Manager of TTC Agricultural extension station No. 1, Bien Hoa-Phan Rang, Ninh Thuan
The Sugar industry has encountered plenty of obstacles in recent years. To thrive in such a competitive
global integration, I and other extension workers spare no eort to promote good intensive farming
practices in order to help Sugarcane-growing partners improve their production output. Thanks to the
close cooperation with farmers, the yield of Agricultural extension station No. 4 reached an average of
82 tons/ha in the 2020-2021 crop year, which facilitates a better standard of living for the farm families
to ensure their companionship with the Company.
Mr. Tran Dinh Vu
(in the middle) - Manager of TTC Gia Lai Sugar Agricultural extension station No. 4, Gia Lai
In recent years, the Company has adopted the non-refundable aid policy to encourage the adoption
of intensive farming solutions such as subsoil plowing, irrigation, use of bio-products, among others.
As a result, the sugarcane yield has been signicantly improved, hence ensuring nancial stability for
growers as they weather the storm alongside the Company. There is, however, still more work to be done,
especially for extension workers like us, in the long run, to foster the stable and sustainable development
of raw material areas. In particular, we must embrace the growth mindset to stay up to date with the
latest knowledge and technology in the industry, striving to ensure Sugarcane growing partners are able
to “gain protability from the sugarcane.”
Mr. Huynh Van Son
Manager of TTC Gia Lai Agricultural extension station No. 6, Gia Lai
RESPONSES OF AGRICULTURAL EXTENSION STATIONS’ MANAGERS AND WORKERS
Under TTC Bien Hoa’s non-refundable aid, each Grower is oered VND2 million worth of organic
fertilizer, VND1.5 million worth of varieties, one session of underground plowing and deep plowing for
fertilization. The Company also provides fertilizer for demo fertilization trials at the station, subsidizes
70% of the cost of trenching and digging holes for drought-tolerant sugarcane planting on hillsides, as
well as supplemental irrigation. These incentives resulted in positive outcomes, which both increased
sugarcane yield, thereby improving farmers’ livelihoods. Cash grants for fertilizer purchase and plowing
services are also quickly and timely delivered to farmers. In addition, TTCAD’s fertilizer price is also stable
and lower than that of dierent agents in the area. Furthermore, extension workers regularly visit the
elds and promptly assist farmers in dealing with pest and weed control, irrigation and sugarcane care.
Mr. Nguyen Tran Cuong
Manager of Agricultural extension station No. 2, TTC Bien Hoa-Phan Rang, Ninh Thuan
RESPONSES OF SUGARCANEGROWING PARTNERS
204
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Recent years have seen numerous challenges in encouraging Sugarcane-growing partners to pay
attention to sugarcane care, particularly weed control. The reason behind this was farmers were quite
reluctant to pay an extra cost for this activity despite the Company’s advance payment. Since fragmented
rice production has long been a tradition in this area, farmers take no interest in weed handling. However,
owing to our close monitoring and attentive guidance on crop care, things have started to change,
resulting in a signicant increase in prots and income for farm families here.
Mr. Inkeo
(on the left) - Extension worker of TTC Attapeu Agricultural extension station No. 3
As global integration becomes a norm, Gia Lai TTCS is shifting toward a culture of innovation and
smarter workforce management. In the midst of such signicant changes and increasing pressure,
there are moments I feel weary. However, in such cases, if you kept pushing the boundaries, it would
create a personal breakthrough that motivated you to aim higher. This is also how I perceive challenges
at work now. As a part of a united and professional team, I strongly believe that, together, we can
navigate our way forward.
Mr. Phan Dinh Hao
(second person from the right) - Extension worker of TTC Gia Lai Agricultural
extension station No. 1, Gia Lai
In the early adoption of sugarcane planting incentives in Attapeu, most smallholders refused to
change their crops, due to the belief that only rice farming generated income. To be honest, it was not
easy to convince farmers to follow the method. Yet, thanks to actual positive outcomes from “piloted
smallholders”, we were able to help the other shift to sugarcane cultivation, thereby improving income
with greater productivity.
Mr. Sonesavanh
(on the right) - Assistant Manager of TTC Attapeu Agricultural extension station No. 1
As an extension worker who works side by side with the farmers, I clearly understand the diculties,
namely price uctuation since the implementation of ATIGA, prolonged droughts, and the outbreak
of white leaf disease that farmers have been facing. This all caused a drastic drop in sugarcane yield,
which forced some of our Sugarcane-growing partners to switch to other crops. However, with a rm
belief in the Company’s strategies, policies and solutions, I tried my best to keep farmers updated
with TTC Bien Hoa’s guidance so that we could, together, get things back on track. Despite an FY
2020 - 2021 full of twists and turns, we were proud and delighted to help growers, once again, gain
protability from sugarcane, and thus improve their livelihoods to create better foundations for the
children’s future.
Mr. Nguyen Van Hoang
Extension worker of TTC Gia Lai Agricultural extension station No. 3 , Gia Lai
205
FY 2020-2021 marks the second
consecutive year that TTC Bien Hoa’s
consumption output exceeded 1
million tons of Sugar, achieving a net
revenue of VND14,925 billion, or up
16% YoY, which exceeded the set plan
by 4%. This outstanding performance
was attributed to The BOD and sta’s
tireless eort. As of June 30th, 2021,
each of 2,691 employees brought
in over VND5.5 billion in revenue, an
increase of 22% YoY. In particular, this
year-by-year growing number indicates
a rise in the quality of the Company’s
human resources.
With a view to stabilizing, developing, and maintaining a long-term and
sustainable HR, the HR management activities are developed based on the
Company’s comprehensive criteria:
• Apply 4.0 technology in all human resource management activities, as well as
employee-oriented policies and benets;
• Enhance internal training capacity and personnel quality, including planning
and development of internal trainers, as well as high-quality training programs/
curriculums;
• Complete and standardize the Organizational structure, Functions, Job title
hierarchy, Job descriptions and Competency Standards;
• Ensure fairness in salary payment to enhance competitiveness with an aim to
attract and retain talents;
• Cooperate with universities to seek potential candidates and promote the
TTC Bien Hoa brand as a desirable workplace;
• Promote the development of successors;
• Standardize the HR policy system, salary structure, KPI system.
Recognized by TTC Bien Hoa as “Company’s most valuable assets”, Human Resources (HR) have
consistently been the focus of development. HR development strategy is implemented in parallel with
corporate development strategy, considered an essential part of the annual business plan and as a
determinant of the Company’s business outcomes.
HUMAN
RESOURCES
TRAINING
I
n FY 2020-2021, TTC Bien Hoa was honored to be named in the “Top 50 Best Workplaces in Asia ‘’ as the recognition of the
Company’s strategy in the development of a professional, fair and friendly working environment to build and maintain a talent
pool. This award, once again, upholds the reputable position of TTC Bien Hoa in both domestic and regional markets.
206
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
TTC BIEN HOA
2020-2021 ANNUAL REPORT
206
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
AS OF JUNE 30
TH
, 2021,
EACH OF
2,6912,691
EMPLOYEES
Average revenue generated by an employee in the last 3 FYs
VND Billion
2 4 6 80
FY 20-21
FY 19-20
FY 18-19
5.5
4.5
2.9
Due to the nature of work which is heavily involved in agricultural cultivation,
manufacturing, operation of machinery and equipment, among others, the Company
has a signicantly high proportion of male employees, accounting for roughly 77%,
compared to 23% of female employees within the personnel structure. In line with
gender equality, a new corporate governance measurement, the Company has
attempted to increase the percentage of female employees throughout the years,
particularly in management positions.
In terms of personnel structure by qualication, employees with a diploma -
bachelor’s degree or higher account for 41% of the total sta, thanks to the HR
department’s eort to ensure the quality of all new hires. Unskilled workers in
manufacturing currently account for 32% of the total personnel, owing to specic
characteristics of the industry. However, this number has also been improved over
the years, especially regarding the quality of labor.
Personnel structure by Qualication in the last 3 FYs
No Qualification
Percentage (%)
FY
2018-2019
FY
2019-2020
FY
2020-2021
1
Post-graduate
2% 2% 2%
2
Bachelor (University)
23% 28% 30%
3
Diploma (College)
11% 11% 9%
4
Higher certicate
14% 14% 16%
5
Lower certicate
11% 11% 11%
6
High school
39% 34% 32%
Total 100% 100% 100%
As a business specialized in agricultural products, TTC Bien Hoa today focuses
on developing highly qualied employees with good practice skills, meeting the
factories’ strict production standards, and serving the main business - manufacturing
and trading - with closed-loop production lines. Thus, the personnel of TTC Bien Hoa
is largely characterized by professionals/ technical workers and service employees/
workers, who account for over 65% of the structure, increasing 3% YoY.
TTC Bien Hoa’s manpower includes mainly young employees aged from 25 to
35, accounting for 40% of the total number of employees. These are passionate,
professional sta meeting requirements of worthwhile successors with high
technological adaptability.
Senior managers Professionals/
Technical workers
Service employees/
Workers
Junior managers
Middle managers
Specialists
7
9
1
18
55
10
PERSONNEL
STRUCTURE BY
LEVEL IN
FY 20202021
%
18 < 25 years old 35 < 45 years old
≥ 45 years old 25 < 35 years old
7
40
26
27
PERSONNEL
STRUCTURE BY AGE
GROUP IN
FY 20202021
%
20
40
60
80
100
Personnel structure by gender
in the last 3 FYs
Percentage of male employees
Percentage of female employees
Unit: %
FY
18-19
FY
19-20
FY
20-21
25 22 23
75 78 77
207
TTC BIEN HOA
2020-2021 ANNUAL REPORT
HUMAN RESOURCES AND TRAINING CONTINUED
TRAINING
COURSES,
AN INCREASE OF 31%
COMPARED TO THE PREVIOUS FY
VND BILLION
THE TOTAL BUDGET
WAS OVER
REGISTERS
517 12 7,600
Training plays a very crucial role in enhancing HR quality and
employees’ working performance. For that reason, personnel
training has always been TTC Bien Hoa’s keen focus. In FY
2020-2021, in the face of the Covid-19 pandemic outbreak
and the extended social distancing order, the Company
made every effort to continue with set out HR training
activities by holding training series, particularly under the
“Transform SBT” project, and core competency training
programs. The total budget was over VND12 billion for 517
courses, an increase of 31% compared to the previous FY
with more than 7,600 registers.
Training purpose:
• To provide knowledge about new systems, operational procedures, and ways
to interact with new systems;
• To develop skills and capacity to respond to the Company’s growth and
changes.
Topic:
• Training series on Enterprise Resource Planning (ERP) system;
• Training series on International Financial Reporting Standards;
• Training series on Planning, Budgeting & Forecasting (PBF) process;
• Training series on integration systems.
SBT TRANSFORMATION
1
96
NUMBERS OF
COURSE
• Middle /Junior managers
• Specialists
• Professionals, workers, etc.
Type of participant:
Training purpose:
• To provide knowledge and improve skills that are directly relevant to the job/
profession.
Topic:
• Safety procedures of motor vehicle operation in material areas;
• Technical equipment and machinery operation at the factory;
• Product quality control and production operation;
• Technical sugarcane farming and variety researching;
• Warehouse management and operation skills;
• Finance: budget planning and development of nancial statement report in
line with IFRS standards;
• Accounting: knowledge on tax-accounting (TAF);
• Perception and method of opportunities and risk assessment by ISO standards.
PROFESSIONAL TRAINING
2
165
NUMBERS OF
COURSE
• Specialist
• Professionals, workers, etc.
Type of participant:
Training activities in FY 2020 - 2021
208
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Training purpose:
• To provide knowledge about occupational safety, legal requirements for
qualications as well as required legal awareness.
Topic:
• Labor safety by group;
• Training on food safety and hygiene;
• Organic farming standards based on European standards;
• Knowledge about occupational safety and health management, and
prevention measures against Covid-19.
TRAINING ON THE LAWS AND REQUIREMENTS OF STANDARD
AND QUALITY CERTIFICATION BODIES
3
78
NUMBERS OF
COURSE
• Employees according to the law
(manufacturing workers, service sta)
Type of participant:
Training purpose:
• To onboard new hires into the Company’s culture with informed procedures.
Topic:
• Corporate onboarding training;
• Industry onboarding training;
• Company onboarding training.
INTEGRATION TRAINING
4
110
NUMBERS OF
COURSE
• New hires
Type of participant:
Training purpose:
• To provide updated knowledge and to improve management and leadership
skills for all levels of management.
Topic:
• Resource management for employees;
• Strategic HR management;
• Middle management development;
• Manufacturing director.
MANAGEMENT AND LEADERSHIP SKILLS TRAINING
5
23
NUMBERS OF
COURSE
• Managers of all levels
Type of participant:
Training purpose:
• To provide updated knowledge and to develop soft skills, improving personal
performance.
Topic:
• The art of conducting yourself at the workplace;
• Presentation skills to convince customers and partners;
• Presentation and hosting skills;
• Communicating in basic Lao and Vietnamese at TTC Attapeu.
SOFT SKILL TRAINING
6
18
NUMBERS OF
COURSE
• All employees
Type of participant:
Training purpose:
• To combine a variety of training contents to develop individuals with outstanding
potential/ competency into future middle/senior managers.
Topic:
• Internal training: combining a wide range of training contents, especially
including top management’s experience sharing session;
• Outsourced training programs to develop individuals with outstanding potential/
competency.
SUCCESSION DEVELOPMENT
7
27
NUMBERS OF
COURSE
• Potential employees
Type of participant:
209
EMPLOYEE’S
TESTIMONIALS
210
Despite being a newcomer, what has fascinated me over the last year here is how the company has prioritized a professional work environment.
The BOD and Managers at all levels have committed to establishing a positive corporate culture that fosters employee expression. That is why
each individual employee aspires to grow alongside and contribute to TTC Bien Hoa’s development, as members in a family.
Mrs Nguyen Thi Ngoc Bich - Recruitment Specialist - TTC Bien Hoa
Bien Hoa - Ninh Hoa Factory has had a hold on my heart for the last two decades as a second home of love and solidarity. Given the BOM’s
primary responsibility to care for its employees, it has committed to providing compensation and welfare policies that increase everyone’s
income and standard of living, including my family’s. Observing our company’s sturdy growth on a daily basis delights and assures me that we
are on the right track, the one set out by the BOD. May Bien Hoa - Ninh Hoa Factory and the TTC Bien Hoa family prosper and grow.
Mr Le Van Thai - In charge of production chemicals - Bien Hoa Factory - Ninh Hoa
TTC Bien Hoa is one among the nation’s businesses impacted by the complicated pandemic. TTC was able to address and overcome
the diculties by reassuring its family-friendly policy and assisting employees in remaining focused on their work. As part of the policy,
the company immediately conducted screening tests for Corona-infected individuals (identied as F0), consulted healthcare providers
regarding vaccinations, mobilized personnel for F0 hospital transfers (employees or their families), and provided medical oxygen and
Covid-medicine to each area, among other things. That is why I have sought to rearm my commitment to a solid TTC Bien Hoa, and I am
ecstatic to be a part of such a wonderful family.
Mr Nguyen Dinh Tho - Chief of Purchasing Dept. at TTCS
COMPREHENSIVE TECHNOLOGY - VALUE SHARING
TTC BIEN HOA
2020-2021 ANNUAL REPORT
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COMPREHENSIVE TECHNOLOGY - VALUE SHARING
SBT AT GLANCE CORPORATE GOVERNANCE OPERATION THROUGHOUT THE YEAR SUSTAINABLE DEVELOPMENT REPORT FINANCIAL STATEMENTSSBT - IMPRINT OF THE YEAR
TTC Bien Hoa Leaders inspect the Sugarcane eld at Thanh Long Farm, Tay Ninh Province
As the standard of an agriculture company, TTC Bien Hoa
focuses mainly on developing a highly skilled workforce,
outstanding practice skills, and meeting the strictest factory
quality in production and closed-line businesses.
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