CEO James Quincey has recently released the new company’s purpose: to “refresh the world and make a difference”, which helped clarify the north star that guide Coca-Cola to further purposeful success in 2020 and beyond.
With more than a century of existence, The Coca-Cola Company has established itself as a total beverage company that continues to live by its purpose to refresh the world. A purpose that has driven the company since it was founded in 1886, ‘refresh the world’ does not only mean to physically quench thirst, but also to refresh one’s spirit, and refresh communities brought together by joy, optimism and happiness.
As the company has grown tremendously in 133 years, with more than 500 brands enjoyed by millions of people throughout the world, The Coca-Cola Company recognizes the challenges of the future and looks toward itself to see if its role and purpose fits the environment of today.
Thus, The Coca-Cola Company recently launched its renewed purpose: still to Refresh the World and Make a Difference, crafting brands and beverages that people will love and will refresh their body and spirit, but doing so in a sustainable way to ensure a better shared future that will positively impact people’s lives, communities and the planet.
The purpose and vision of The Coca-Cola Company has three connected pillars: LOVED BRANDS, which refer to creating brands and a choice of drinks that people love and that refresh them in body and spirit; DONE SUSTAINABLY, wherein as an industry leader, the company aims to be part of the solution to achieve positive changes and build a more sustainable future for the planet; and FOR A BETTER SHARED FUTURE, wherein the company continues to invest to improving people’s lives - from its employees members of its business system, to its investors and the broader communities.
Furthermore, The Coca-Cola Company’s culture particularly stresses two behaviors that help the company achieve its goal of making a difference: “Acting With A Growth Mindset”, which entails taking an expansive approach to what’s possible; and “Being Clear About The Conscience We Follow”, which focuses on having the compass to do the right thing and always acting with honesty and integrity.
The renewed purpose of The Coca-Cola Company is very much evident in its actions and activities in the countries and markets it is present. Specifically, in Vietnam, the impact of Coca-Cola on the country’s economy, society, and environment – as categorized in its pillars and behaviors -- has been tremendous ever since the company entered Vietnam in 1994.
Coca-Cola has a global portfolio of 4,300 products and 500 brands. In Vietnam, it offers 8 main types of beverages -- soft drinks (with or without sugar), sports drinks, juices, fruit flavored milk, coffee, energy drinks, Ion sport drinks, and tea. These beverages have found fans among the Vietnamese people, who have taken to drinking refreshing Coca-Cola products for any occasion and activity.
The love of the Vietnamese people for Coca-Cola marks the success of the company’s activities to promote brand love. In 2019, Coca-Cola’s marketing programs achieved 5 wins at the MMA Smarties Awards, organized by the Vietnam Mobile Marketing Association, and the world’s only mobile marketing awards that honors innovation, creativity and success in mobile advertising. Coca-Cola was recognized as the Best Brand of the Year in Vietnam, having been shortlisted in seven categories, and racked up four wins, including three gold medals.
Coca-Cola has invested VND 86 billion in social and environmental initiatives in Vietnam. It has built 12 EKOCENTERS across the country, providing access to safe and clean and water and providing a hub of community services and trainings. Around 82,000 direct and indirect beneficiaries gained access to tap and drinking water, while 31.8 billion liters of water were offset to communities and nature between 2015 and 2018.
Along with its long term commitment to Vietnam through the World Without Waste initiative, Coca-Cola is also among the 9 leading companies that created the Packaging Recycling Organization Vietnam (PRO Vietnam), which was established to help raise awareness of recycling and segregation, strengthen the packaging collection ecosystem, and support the Vietnam government’s recycling projects. Coca-Cola’s goal by 2025 is to make 100% of its packaging completely recyclable in Vietnam.
For the period of 2016 to 2018, Coca-Cola had an annual contribution of VND 3,500 billion to Vietnam’s GDP through its operations and investments. The company has also supported 80,076 jobs from its direct operations as well as in its supply chain.
In Vietnam, Coca-Cola has long been focused on developing local talent to be part of its community. One of its most well-known programs is the Next Generation Leaders (NGL), a long-term strategy for investing in human development in order to build future Leaders. The Coke Spark, on the other hand, is a recruiting and training program where participants build skills in professional sales, learning the market and analyzing how to promote Coca-Cola's products.
Coca-Cola also ensures the participation of the local community in building its business. 91% of its suppliers are local, and the company aims to make 50% of its domestic suppliers be women entrepreneurs as part of its 5-year goal. Around 2,368 women in Vietnam also benefitted from business management training opportunities offered by Coca-Cola through various partners.
Here in Vietnam, Coca-Cola is proud to be a part of everyday life, having a positive impact in more ways than one. Meanwhile on the global scale, the renewed purpose of The Cola-Company underscores its unwavering commitment to the people that have loved its brands and beverages throughout the years, going beyond delivering refreshments but ensuring that it can refresh and uplift communities and society.