1.0 Introduction

This report aims to present the internationalization of Castrol, a motor oil and

lubricants brand, through market analysis of Vietnam’s transportation industry. Castrol

was acquired by British Petroleum Oil and Gas Company in 2002 (BP, 2012). Castrol

symbolizes “premium quality, high performance and leading edge technology” in

lubrication, particularly for automobiles and motorcycle (Castrol, 2012). Vietnam is

targeted as a potential market due to its large motorcycle-dependent population.

This report comprises the analysis of key issues in Vietnam, in terms of culture,

political environment, ethical standards and competitions, which lead to certain buyer

behaviours toward Castrol. Strategies adopted to capture the Vietnamese market are

discussed as well. Environmental analysis is used to determine potential opportunities

that leverage and challenges that impact the product’s market entry. It is concluded by

suggesting possible solutions for Castrol to overcome the challenges and further exploit

the accessible opportunities in Vietnam.

2.0 Key Issues in Vietnam

2.1 Culture

According to the Hofstede’s Cultural Dimensions, Vietnamese culture can be

described as high power distance, high collectivism, low uncertainty avoidance (Quang &

Nguyen, 2002), feminine and long-term orientation (ITIM, 2011).

In Vietnam, employees view their organizations as families, whereby children

must obey the parents -- a clear subordinate-superior relationship. Formality and

hierarchy are emphasized in the society. Confucianism from China has formed a

collectivist society that highlights building good guanxi (relationship) among group

members to gain loyalty and trust. Vietnamese also prioritize group harmony (Quang &

Nguyen, 2002). Losing ‘face’ (mianzi) is offensive, thus direct conflicts or confrontations

1

are avoided. This results in long-term amicable personal and business relationship. Refer

to Appendix 1 for detailed information.

In state-owned or private sector, management tends to adopt a paternalistic

approach in Vietnam. At the same time, in the transition towards open economy, there is

high interest among the younger managers, pioneered by international joint ventures, to

adopt a participative management style (Quang & Nguyen, 2002). Adaptation and

adjustment are keys for Castrol to succeed in Vietnam, where Vietnamese values,

behaviours and cultures vary from Castrol’s accustomed management style. Non-verbal

communication such as gestures and punctuality depict important messages that indicate

the sustainability of the relationship (Tuyen & Johanson, 2008). Indirect talks are tricky

for Westerners. Even though agreed upon in black and white, Vietnamese may confront

on the agreement (UK Trade and Investment, 2009). This shows that Vietnamese has a

high-context culture and a detailed cultural profile should be researched prior to market

entry.

2.2 Politics

In 1980s, Vietnam turned away from its main assurance on the Council of Mutual

Economic Assistance (CMEA) trading block and introduced Doi Moi (economic

renovation) policy, transitioning into market economy and welcoming foreign investment

(Nguyen & Bryant, 2004). Doi Moi is the economic reforms introduced in Vietnam in

1986 to develop a socialist-oriented market economy (Data Monitor, 2011). In 1992, a

new state constitution was accepted in Vietnam, describing government reorganization

and increase in economic freedom (Costello, Nash, Kavanagh, Smyth, & Boyce, 2010).

The government also offered better tax incentives to attract more foreign oil companies.

Since the opening of industry to foreign partners in 1998, approximately 44 investment

licenses for oil and gas exploration were issued and change in tariff system was

introduced.

2

In January 2007, Vietnam became the 150th member of the World Trade

Organization (WTO). The membership advantageously reduced tariffs and limitations on

Vietnam’s exports to other member states (Data Monitor, 2011). This resulted in

significantly increased foreign direct investment in Vietnam. In the official tax incentive

policy by the government, Castrol is one of the foreign companies entitled to better

incentives via lower export tariffs, as less cost will be incurred due to the tax benefits. It

encouraged Castrol to enter the market as one of the leading distributors of lubricants in

Vietnam. However, this may also attract more competitors, hence affecting its future

profit. Even though most workshops in Vietnam market widely-known lubricants, the

price-sensitive Vietnamese consumers usually favour cheaper oils, without much

emphasis on quality (Dodd, 2005).

2.3 Ethical Standard

Ethical standard is defined as principles that promote values such as trust, good

behaviour, fairness and kindness (Ethical Standard, n.d.). No constant or predetermined

standards must be adhered by companies or nations, but each has the right to develop the

standards that are meaningful for them. Hence, ethical standards are not always easily

enforceable, as they are subjective and frequently vaguely defined. In Vietnam, foreign

companies have to deal with the government. Companies may need to undergo similar

bureaucratic procedures several times to obtain the necessary permits to operate a

foreign-owned company (Bosrock, 2012). Also, direct contact with ministry officials

responsible for permit granting or approval is crucial. Difficulties may arise when

officials refuse to approve the permits. Thus, companies tend to provide gifts to the

officials to hasten the procedure and ascertain permits approvals. However, gifting is

bribery in the United States, whereby the law defines bribery as the offering, giving,

receiving or soliciting of something of value to influence officials’ action in discharging

their public or legal duties (Bribery and Corruption Law, n.d.). This represents a

difference in business conduct between Vietnam and Western countries.

3

According to the Transparency International’s Corruption Perspective Index,

Vietnam is 2.9 (the higher the better) and ranked number 112 globally in 2011 (Rogers &

Provost, 2011). To increase Vietnam’s transparency, the government has established the

anti-corruption body, National Strategy for Preventing and Combating Corruption

Towards 2020 in May 2009 and joined the United Nations Convention against Corruption

in June 2009 (Vietnam Country Profile, 2011). As Vietnam is improving its transparency,

Castrol needs to cooperate and adhere to policies to ensure their market access. For

example, after Intel cooperated with Vietnam to fight corruption and improper business

conduct, unprecedented access to higher officials was granted (Deresky, 2011).

2.4 Competition

In the past, fair competition amongst companies was absent in Vietnam due to

lack of market competition policy and regulation of fair trade. The state will prevent

competition in markets to protect state-owned companies. As Vietnam moves to a more

market-oriented economy, the implementation of an effective competition policy is

essential. Hence, Vietnam Law on Competition was introduced in 2005, creating a fair

ground for all types of enterprises and providing legal foundations for fair competition

(Harvie, 2001).

By protecting competition, types and pricing of goods and services produced are

determined by the market. The Law’s objective is mainly protection of consumers so they

can make free and informed choices in purchasing goods and services. The Law may

impact Castrol’s success in Vietnam by creating a need for continuous ownership reforms

and generation of new private enterprises. This requires barrier removal so that market

entry for new business ownerships is free (Philip, 2006). Hence, Castrol will encounter

increase in competition.

Besides that, unviable state owned enterprises should be allowed to exit the

market and their resources put to more efficient and productive use in the market. The

levelled playing field in terms of market access and fair competition between the various

forms of ownership needs can thus be created.

4

3.0 Castrol’s Strategies in Vietnam

Dunning’s theory stated that company can enter a foreign country through foreign

direct investment due to factors such as ownership advantage, location advantage and

internalization advantage (Hill, Cronk, & Wickramasekera, 2011). Ownership advantage

is the firm’s specific advantage (FSA) which is usually intangible and can be transferred

within the multinational firms at lower cost (Eden & Li, 2009). Through location

advantage in foreign countries, companies can adopt and integrate country-specific

resources with their FSA’s to maximize profit potential (Hill, Cronk, & Wickramasekera,

2011). This enables companies to establish own production plants in the countries, rather

than via partnership agreement (Eden & Li, 2009).

Castrol chose Vietnam due to its location advantage. Vietnam has a massive

motorcycle market which has annual sales that approximates 2.7million units (Insight,

2010). Due to the massive size of the market, this increases the demand of

complementary goods for motorcycles ---petrol. Before entering Vietnam, Castrol used

localization strategy to suit the Vietnamese market due to factors explained in section 2.0.

Through joint venture with a state-owned Saigon Petro in 1998, Castrol successfully

entered Vietnam (Fevre, 1998). Thereafter, Castrol modified its core competencies (4Ps:

Price, Promotion, Product and Place) to suit the local market.

Castrol’s product strategy is aimed at consumers who wish to best maintain their

motorcycles. Brand loyalty is highlighted as Castrol’s long term goal. Through brand

loyalty, it is hoped that motorcyclists will continue using Castrol when they purchase a

car. This strategy is selected due to its effective results in Thailand that has established

Castrol as the leader in Thailand’s automobile market.

Due to the unique conditions in Vietnam, Castrol have two specific distributors in

a region; one to deal with state-owned customers, while the other deals with private

customers. However, Nguyen and Bryant (2004) stated that Castrol’s management was

5

concerned about the lack of professionalism in the distributors’ business management had

badly affected Castrol’s brand image. Though it is costly to manage the system and hire

professionals, Castrol states that this is the only method to address the issue and operate

in Vietnam.

Price, a very important factor in the ‘four Ps’, determines the company’s profit

and survival. Castrol prices its product at about three times the cost of cheaper imports

from Taiwan and Thailand. According to Dirk A. de Veer, the General Director of the

joint venture between British-based Castrol Limited and Saigon Petro (Vietnam), Castrol

will not increase the price despite rising production costs caused by a price surge in the

world crude oil market (Highbeam, 2000).

Promotion is the method of communication used to provide information to

different parties about the product. In 2008, Castrol sponsored the football tournament,

UEFA’s European Championships 2008 in Vietnam. Due to the successful association,

Castrol decided to extend the partnership with UEFA and signed on as a global partner of

the 2012 European Championships (BP Vietnam, 2008), representing Castrol’s effective

promotion strategy in enhancing product recognition in Asia, a region that has massive

followers of global football competitions.

4.0 Opportunities and Challenges

4.1 Political & Legal Aspects

Vietnam’s liberalized trade has reduced its currency to increase exports and

implement a regional and international economic re-integration policy to reimburse the

radical cuts in Soviet-bloc support after 1989. Vietnam aims to develop a more

competitive and open economy via commitment to international trade agreements, such

as the Association of Southeast Asian Nations (ASEAN) Free Trade Area (AFTA) and

U.S. – Vietnam Bilateral Trade Agreement (BTA) (U.S. Department of State, 2012). This

indicates that Castrol has the right to receive national treatment and remove some tariff

and restrictions on its traded goods. However, there are still other competitors for Castrol

6

in Vietnam such as Shell and ExxonMobil. Newcomers in Vietnam will enhance market

growth, but it would also increase the risk and competition for Castrol.

Vietnam’s government created the Ministry of Environment and Natural

Resources (MONRE) and endorsed the National Strategy for Environmental Protection

(NSEP) in 2003. MONRE currently plans to alter the Law on Environmental Protection

to ease new policy tools and remedies for pollution prevention, enhance processes in

environmental management for stricter pollution control and increase consumers’

awareness towards relevant laws and effects (Phuong & Hanh, 2008). According to

Costello et al. (2010), the progression of achieving the law of enforcement on

environment protection and development is still at a poor stage, thus Castrol is able to

operate business easily due to less stringent law. However, there are still some strict legal

restrictions to be adhered by foreign companies. Castrol should also be conscious about

the potential influence of government intervention in achieving its objectives and adhere

to necessary policies.

4.2 Economical & Technological Aspects

Economic factors comprise interest rates, exchange rates, taxation, economic

growth and inflation in an economy. All these factors can heavily impact an

organization’s major decision-making processes. A growing economy provides greater

opportunities for businesses to make profits, hence, businesses welcome rising living

standards.

Vietnam’s economy is rapidly rising, with average annual GDP growth just

behind China and India. Its per capita income rose from $220 (1994) to $1052 (2009)

(U.S. Department of State, 2012). Vietnam offers many opportunities for foreign

exporters and investors. Companies that invest in Vietnam will have to consider

economic factors such as low disposal income, weak currency and high inflation rates. In

addition, there are many opportunities to be exploited in the Vietnamese economy and

especially international trade.

7

According to the Internet World Stats, Vietnam is ranked seventh in internet

usage in Asia (Steinglass, 2010). Besides that, Vietnamese has high interest in technology

and technical gadgets (Steinglass, 2010). Currently, technology markets in Vietnam are

growing but still in the early stages of development. This provides an excellent

opportunity for Castrol with a high technological and customizable product and service to

gain a dominant market share in an emerging marketplace.

4.3 Social Aspects

Vietnam is a multi-ethnical country with 54 ethnic groups. Vietnamese is the

official language, influenced by French and Mandarin due to past administration by and

affiliation with the respective countries (Tuyen & Johanson, 2008). Due to Western

influences, English is widely spoken by the younger urban generations. This has removed

the communication barriers between Castrol and the locals, easing the negotiation

process. However, interpretation may be required for business meetings, especially

outside the major cities where traditional cultures and languages are dominant.

Vietnamese appreciate education, with 94% literacy rate in 2009 (Orkin, 2009).

They believe that education enhances their social status. In addition, economic

improvement and influx of western influences (e.g. consumerism) have lead to an

increased demand for quality products. Hence, Castrol has a competitive advantage in this

market. Although demand is existent, the World Bank (2011) still classifies Vietnam as a

poor country with low average incomes. Vietnamese may not afford to purchase Castrol

despite the demand for quality products.

4.4 Environmental Aspect

Geographically, Vietnam is an S-shaped country in the tropical zone. The eastern

border has more than 3,400 km of coastline that faces the East Sea and the Pacific Ocean

(CIA, 2012). This strategic terrain uniquely facilitates international companies’ entries

8

via seaports and centrally-situated between the world’s east and west sides. However,

Vietnam has monsoon climate, hence subjected to natural disaster such as typhoons (CIA,

2012). As such, necessary temporary operation closures may affect sales. Additionally,

mountainous areas and poor transportation links between the north and south are

technical and financial challenges for Castrol in reaching its target market.

Vietnam is currently affected by environmental pollutions due to lack of proper

wastewater treatment plants (Anh, 2010). This issue causes local companies involved in

polluting acts to have difficulty in accessing bank funds. It, however, creates lucrative

opportunities for foreign firms to enter Vietnam with their finished products and the

possibility to enhance existing infrastructure to reduce pollutions. Shinhan Vina

Company Limited, a Vietnamese company, built a wastewater treatment plant that

reduces its operating costs and helps in gaining consumer confidence (Hieu, 2010).

5.0 Future Directions

5.1 Possible Solutions for Future Challenges

Castrol is the world’s leader in automobile lubrication, delivering top quality and

innovative performance products through innovative product development. According to

Castrol’s CEO, Tim Stevenson (2010), although the global lubricant market has been

almost flat over the last decade, Castrol’s profits have grown at 14 per cent annually and

sales by an average 6 per cent yearly. The continuous success is derived from its core

competency of adopting the concept of market fragmentation – product customization

according to customers’ needs. Although Castrol does not own oil reserves or refineries

like other competitors, it has the technological advantage of more than 3000 lubricant

formulae to satisfy different applications (Robert, 1998). Moreover, sponsoring of sports

such as motorsports and football globally further enhanced its already-established brand.

Despite being the market leader, Castrol faces challenges in Vietnam such as high

competitiveness due to open-market policy and trade agreements, lower recognition

towards advanced technological products, and consumers' affordability in purchasing

9

Castrol. To solve these issues, Castrol is recommended to modify its current bottled

packaging into refill-bag packaging. This will reduce packaging cost, allowing consumers

to afford purchasing Castrol's quality product while maintaining its fragmentation

concept – without the need to design a relatively lower quality product to fulfil the price-

sensitive customers. Unilever has successfully gained market share in India after

modifying their packaging of premium detergent (Deresky, 2011).

5.2 Exploitation of Available Opportunities

Based on the Ansoff product-market matrix, a firm can go into two major

directions in seeking future growth, either expansion of current business and activities or

diversification into new business (Reed, 2010). For Castrol, it is recommended to

diversify its existing motorcycle market to automobile market. Tim Stevenson (2010)

claimed that this market as ‘near haves’ – consumers who are likely to buy motorcycles

as their first vehicles, and a car in future. He believes that brand loyalty towards Castrol

would persist when the segment purchases a car in the future. Castrol could then

introduce new Castrol oils for cars by acquisition or joint venture with local car

manufacturers or dealers as recommended car performance and maintenance package for

consumers, implementation of forward and backward vertical integration. In addition,

Castrol can employ locals in packaging factory to increase public recognition and

acceptance as a company that takes part in developing Vietnam’s economy. Also, sponsor

offer internship or industrial training programmes for local youth, and provide vehicle

maintenance information to enhance consumer knowledge as well as their brand

reputation as a quality, credible and caring company.

On the other spectrum, Castrol could introduce new environmental-friendly oil for

ships as Vietnam's trades are based on shipping due to its geographic location. This niche

market will be profitable if Castrol can target this market with first-mover advantage.

Nevertheless, intensive R&D will be required and OSPAR assessment criteria are to be

conducted and fulfilled. These successful products will ultimately give a viable

10

alternative to ship companies that want to reduce the impact on the world’s marine

environment (Linington, 2011).

6.0 Conclusion

“If you fail to plan, you are planning to fail,” Benjamin Franklin.

Globalization has become the push to international business. Openness is required in

globalization but fundamental differences make openness difficult and cooperation

troublesome. Westerners and Vietnamese’s cultures vary because of profound differences

in social structure, language, education, economic and political philosophy. Hence,

studying and planning of their respective cultural profile and adjustment of leadership

style and strategic approach are the best ways to negotiate diversity and harness the best

rather than the worst of globalization for future business opportunities.

11

Appendix 1Hofstede’s Cultural Dimensions on VietnamPower Distance Vietnam’s high score (70 points) indicates Vietnamese’s tolerance

towards inequality in wealth distribution and social status. This

concept is engrained in the Vietnamese population due to strong

hierarchical government and strict political controls by the communist

government. Vietnamese are raised to obey instructions from superiors

and respect senior figures, deemed to be experienced and wise (Musić,

2011). In exchange, senior figures are relied upon to provide holistic

benefits to their subordinates, creating a paternalistic structure and

enhancing employees’ tolerance towards superiors.

Vietnamese’s inherent tolerance towards inequality of power and

wealth creates an advantage for Castrol in employee management in

Vietnam as employees are expected to adhere to instructions without

resistance.

Uncertainty

Avoidance

Vietnam’s low score (30 points) indicate that its people are rational and

receptive towards opposing ideas or unfamiliar changes to current

situations. Vietnam is populated by 54 different ethnic groups, also

influenced by French and Mandarin in spoken languages. The tendency

of accepting cultural diversity and changes allow Vietnamese to

respond phlegmatically towards unstructured changes or happenings

(ITIM, 2011). In other words, Vietnamese are said to be risk takers.

This is a plus point for Castrol as Vietnamese are ready to work with

foreign firms. However, Castrol needs to take Vietnamese’ traditional

practices and cultures into considerations to avoid conflicting with

their beliefs.

Individualistic Vietnam (20 points) is portrayed as a collectivist society due to deep

influences of Confucianism, focusing on loyalty and relationships

(guanxi) in a group, especially to protect ‘face’ (mianzi) of all in a

group. In collectivist societies, offensive remarks will lead to disgrace

12

and loss of ‘face’, a serious issue in the society (Quang & Nguyen,

2002). In conflicts, they prefer to come out with a win-win situation to

avoid disharmony.

Hence, business with good guanxi can improve business transactions in

the Vietnamese market (Musić, 2011). In addition, the Vietnamese

communist government also encourages collectivism to improve

population morale and labour productivity.

Masculinity Vietnam scores 40 points, portraying it as a feminine society. In

feminine countries the focus is on favouring quality of life and

equality. The society is more tolerant and concerned about others’

issues, preferring to reach consensus on issues via collaborative effort

(ITIM, 2011). Assertiveness is not emphasized by the society whereby

social status and self-importance are not highlighted.

As such, Castrol should implement a participative and empowering

management style to include the employees in decision-making. By

supporting the employees, productivity and work-relationship can be

enhanced. In addition, work benefits or incentives that promote group

collaboration and balanced work and family life will be well received,

such as conducive working environment, teamwork, no infringement

on family life and programmes for improving health and safety at

work.

Long term vs Short

term oriented

Vietnam’s high score (80 points) in this dimension is influenced by

Confucianism. They are deemed to have values such as thriftiness,

perseverance and delayed satisfaction for higher goals. Hence, this

causes Vietnamese to be cautious in their daily undertakings as long-

term orientation affects their judgments and decisions (UK Trade and

Investment, 2009).

This may be challenging for Castrol to enter Vietnam and do business

13

in Vietnamese. On one hand, Vietnamese may disagree on agreed

contract terms and do not close the deal immediately as they require

more time to better understand the business and the counterparts they

are dealing with. On the other hand, Vietnamese may not purchase new

foreign products (Castrol) as it is relatively more expensive and

considerations on the effect of using an unfamiliar product.

14

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