During the development of market economy as well as making the socialist republic of country, the high development of entrepreneurs is extremely essential. Within the current context of strongly regional and international economic integration, the best way for the entrepreneurs of Vietnam to survive and get on is constantly improving themselves, enhancing the competition and the enterprise value. Therefore, it is necessary for enterprises to reinforce their financial strengths by many different methods. Managing finance via checking, analyzing financial statements in the corporates is a really urgent requirement nowadays. After studying to find out the status of the financial analysis based on the information of the business operations in PetroVietnam Energy Technology Corporation (PVEIC) as well as the Corporation’s business orientation, the author has finished this dissertation that mainly focused on evaluating the way of analyzing financial statements being currently carried out in Vietnam in general, in PVEIC corporation in particular in order to estimate the strengths and weaknesses of financial analysis activities. The dissertation also carried out analyzing PVEIC’s finance based on the data of the 2012 financial statements in order to not only clear the currently financial features but also give some solutions for PVEIC to complete its activities better in the future. Theoretically, this dissertation illustrates the issues related to the financial statement analysis. Moreover, it collected both the theory of this issues and the basically-used methods for readers to have a comprehensive view of these activities. Besides, this dissertation also demonstrates the system of financial statements in Vietnam and its implementation process. More importantly, it contributes to the practical evaluation to the implementation of financial statement analysis in Vietnam. This dissertation focuses on analyzing the implementation process. Then, they compared and evaluated systematically based on the methods and results of the financial statements of the United States. This dissertation also assesses the role as well as the significance of the financial statement analysis to the current market. This dissertation shows that the essential problems should be improved in the financial statement analysis in general and in Vietnam in particular. To PVEIC, a big corporation, owns capital intensive but its efficient use is not really high. In the recent time, however, the financial statement analysis of this corporation has still been encountering the common problems of financial analysis in Vietnam. The implementation of the essay brings the significant so PVEIC. After surveying the features of production and business activities, and the products of PVEC in order to make sure the role of its important contribution to the economy during the integration period, the dissertation has assessed the status of the financial analysis of PVEIC and it is mentioned the advantages, limitations and causes of the financial analysis in this corporation. Through research, the author has found out the fundamental limitations including restrictions on methods, financial analysis indicators(they are too few and sporadic). On the basis of deep research and theoretical shortcomings identified in practice in combination with mentioned experience lessons; this dissertation provides directions and solutions to improve the examination and analysis of financial statements associated with the strengthening of financial management at PVEIC. Another important contribution is made during the implementation process of this dissertation; the author has analyzed the financial statements of PVEIC according to the Dopunt method. This is a new point to the analysis of financial statements in this corporation. Besides, this is the first time that the corporation’s financial statements are analyzed comparably with those of the other companies operating in the oil and gas field in Vietnam. This is an important basis of the analysis of the financial statements in order to assess adequately about the status of the corporation’s operations. With those bases, the dissertation has shown the strengths and weaknesses of financial operations in particular and business activities in general. Thus, the dissertation not only contributed to the business about the practical measures to improve the quality of financial statement analysis but also pointed out the strengths and weaknesses in the current financial structure of the corporation. This is the practical contributions that the dissertation has been done and the corporation can fully apply to improve the quality of financial statement analysis in its business. However, due to the limitation about time, information and knowledge, this dissertation is still insufficient. One of the previous shortcomings is the system of information that is used to compare the financial statement analysis indicators of PVEIC is inadequate. It comes from the causes in term of information as well as existing shortcomings from some annual research in comparison with other enterprises in Vietnam. The lack of comprehensive assessment system makes this dissertation lack bases on evaluating PVEIC’s real finance. In addition, even though the comparable indicators are compared with those of other enterprises in the same petroleum industry of Vietnam but these enterprises operate at different fields. This is the biggest limitation which this dissertation has not been fully overcome. This is also an opportunity and a direction for further dissertation to research in the future. Furthermore, it is the way to build systematic quantities to create the background of comparison and evaluation to the business activities in specific areas. Therefore, the financial statement analysis can be done seriously and effectively.
ACKNOWLEDGMENTS It is a great pleasure to thank everyone who helped me write my dissertation successfully. I am truly indebted and thankful Mrs Lespine Bachelard Sophie for her patience, flexibility, genuine caring and concern, and faith in me during the dissertation process In particular, I would like to thank Mr Vu Thuy Tuong – Chief Accountant, Nguyen Thi Thanh Hien – Accountant of PV EIC for their guides and advises in helping me to complete this dissertation. I owe also sincere and earnest thankfulness to all teachers at International Education Faculty of Vietnam Commercial University and at University de Lyon for their academic support, flexibility in scheduling, gentle encouragement and education At the same time, many thanks hearty thanks go to the Mrs Vu Thi Hoan – Director of Hanoi Branch, Mr Nguyen Quang Hung and all of my colleagues at PetroVietnam Energy Technology Corporation (PVEIC) who supported me during the implementation of this dissertation. 1 Table of contents ACKNOWLEDGMENTS 1 INTRODUCTION 4 1. Research context 4 2. Research questions 4 3. Dissertation structure 5 CHAPTER 1: THEORETICAL FRAMEWORK 6 1.1. Overview on corporate financial analysis 6 1.1.1. Conceptions 6 1.1.2. Role of financial analysis of the firm 7 1.1.3. Literature review on corporate financial analysis 8 1.2. Analytical methods of cooperate financial analysis 13 1.2.1. Method of comparison 13 1.2.2. Method of Ratio 14 1.2.3. Dupont Method 16 1.3. Corporate financial analysis in Vietnamese enterprises 17 1.3.1. Rules and forms of financial statements 17 1.3.2. Content in financial statement analysis in Vietnamese enterprises 18 1.3.3. Implementation phases in Vietnam 19 1.3.4. Information used in financial statement analysis in Vietnam 19 1.3.5. Limitations of financial statement analysis in Vietnam 21 CHAPTER 2: METHODOLOGY 23 2.1. Research phases realized 23 2.1.1. Reasons of subject choice 23 2.1.2. Research objectives 24 2.1.3. Research object and limits 24 2.2. Presentation of case study of PVEIC 25 2.2.1. History of PVEIC 25 2.2.2. Services and products 25 2 2.2.3. Actual situation of financial analysis at PVEIC 26 2.3. Data collection and treatment 27 2.3.1. Data collection 27 2.3.2. Processing data 28 CHAPTER 3: RESEARCH RESULTS – ANALYZING FINANCIAL HEALTH OF PVEIC 29 3.1. Financial structure and balance of PVEIC 29 3.1.1. Financial structure 29 3.1.2. Financial balance of PVEIC 31 3.1.3. Liquidity of PVEIC 32 3.2. Analyzing the income statement 32 3.3. Assessing the financial ratios 35 3.3.1. Analysis of operating margin 35 3.3.2. Return on assets ROA 35 3.3.3. Return on equity ROE 36 3.3.4. Implementation of the Dopunt method 36 3.4. Analyzing the cash flow of PVEIC 37 3.4.1. Cash flow from business operation 38 3.4.2. Cash flows from investment activities 38 3.4.3. Cash flow from financial activities 39 3.5. Discussions and recommendations 39 3.5.1. Assessing the current situation of the activities of financial analysis at PVEIC 39 3.5.2. Recommendations 41 CONCLUSION 46 BIBLIOGRAPHY 48 3 INTRODUCTION 1. Research context Financial analysis is the combination of the methods used for assessing the past and present financial situations, which will enable information users to assess the financial health, profitability and prospects of an organization. Financial analysis therefore is of great significance not only to the enterprise owners, administrators but also is beneficial to investors, providers, credit institutions, employees in enterprises. Particularly, to those joint-stock companies managed by the State by holding most of the shares, financial analysis plays an essential role, since it has effect on the State management over the enterprise and ensures transparency in a joint-stock company’s operations. In recent years, the Vietnamese economy has been being changing gradually towards diversifying forms of corporate ownership in a market-oriented economy. Being a WTO member is synonymous with to join the international economy, thereby increasing the number of information users of enterprises. Not restricted to tax agencies, now investors, shareholders, managers, financial intermediators, insurance firms, international economic institutions are becoming more and more interested in the situation of financial operations and information. For an organization, financial management helps to make financial decisions, implementation decisions to achieve its financial performance. The role of corporate finance shown at the right place to determine the needs of capital for the business activities of the enterprise during the period and then have to choose the appropriate methods and forms of mobilization capital from within and outside timely meet capital needs for the operation of the business. Therefore, the role of corporate finance is increasingly more important in the choice of form and methods to raise capital to ensure business activities smoothly and continuously with the cost of raising capital at lower. In this context, along with my work at PVEIC, I selected the theme on “Financial analysis in PetroVietnam Energy Technology Corporation (PVEIC)” as a research topic for his master's dissertation. This topic brings practical and in accordance with the actual requirements of enterprises today. 2. Research questions The research questions are the following: - What are the models of financial analysis organization and financial analysis norm system? - What effects do the factors have on financial analysis? - What are the organization, contents, and methods of financial analysis being applied at enterprises like? - What are shortcomings that still exist in the process of financial analysis and the system of financial analysis, the solutions for perfecting and conditions for implementing such solutions? 4 - How to improve the efficiency of capital use of PetroVietnam Energy Technology Corporation. - How to attract the investors both domestic and foreign investors for the company? 3. Dissertation structure The scope of this dissertation comprises three chapters as following: • Chapter 1 consists to a theoretical framework on corporate financial analysis. • Chapter 2 present the methodology such as case study implanted at PVEIC that include a general presentation of the Group and our data collection and treatment. • Chapter 3 involve the research results, precisely an analysis of financial health of PVEIC and some discussion, recommendation for the Group. 5 CHAPTER 1: THEORETICAL FRAMEWORK 1.1. Overview on corporate financial analysis 1.1.1. Conceptions According to some scientists, the corporate financial analysis today is one of the main prerequisites for successful management of financial resources, and it is one of the most important factors of financial management. Effective operation requires the manager to make a decision based on the analysis of current activities and financing activities. According to the classical view, financial analysis is the investigation of key parameters, factors and multiples, offering an objective assessment of the financial situation, as well as the stock price analysis of the company with the aim of making decisions in the field of capital investment. However, there are many different opinions on the exact definition of what financial analysis is? Martin et al. (1990) suggest that financial analysis includes all stages of financial management analysis connected with financial resources management including capital market. As a process, its aim is to assess financial situation at present as well as in the past, and the performance of the business. The most important thing is to estimate and forecast future conditions as well as the subsequent operations of a company. Helfert (2003), the economist, believes that financial analysis is a research, as well as a support in answering the questions arising in the management of the company. Sharpe et al. (1998) have a different approach by narrowing its scope, paying attention on financial indicators. Keown et al. (2007) believes that financial analysis is not a separate branch of science; it is an important factor of the financial management system. Financial analysis is used to make management decisions. With the same point of view, White et al. (2002) suggests that financial analysis is an important factor of the financial management as well as in the formation of economic relations with partners, financing and loan system of the company. However, as mentioned previously, there are different approaches to this question. Some scholars believe that financial analysis is a separate science and problems of financial management to conduct financial analysis should be considered separately. However, most scholars agree that financial analysis is an integral part of corporate governance, to help businesses make decisions accurately. Financial analysis is the process of determining the operation and financial characteristics of a company in the term of accounting and financial statement. The objective of this financial analysis is to identify and implement effective financial management of the company through the data reflected in the financial records and reports. Analysts are trying to measure the solvency, profits and other indicators of the business, to ensure sufficient profits to shareholders in order to maintain its market value. The ability in financial analysis is essential to improve its competitive position in the market. Through careful analysis, organizations can identify opportunities to improve the performance of the department, unit and organizational level. Typically the financial analysis is conducted as the following steps: (1) information 6 collection, (2) handling Information and (3) forecast and making decision. One of the basic principles of corporate governance mentioned in OECD is to publicize the quality and transparency of financial information (OECD, 2004). A key characteristic of financial information quality is the possibility of impact on the decision-making process of users in general and investors in the capital market in particular through the quality of financial statement analysis (Francis et al., 1999). Financial analysis is considered as a process, the aim is to assess your current financial situation as well as in the past, and the performance of the business, and it also indicates the future trend for enterprises. According to the opinion of the quality management system ISO, quality is a set of inherent characteristics of an entity to meet the requirements of customers. Thus, the quality of financial analysis can be understood as follows: The quality of financial analysis is an economic category reflecting the reliability and relevance of information systems, processes, methods and analysis content used to evaluate and make the best financial decisions contributes to improve operational efficiency and financial performance of the overall objectives of the business. Analysis quality is good when it meets the high requirements of the user, reflects the financial performance closely, and finds out the strengths and weaknesses of the business as a basis for decision- making. The indicators reflecting corporate financial analysis quality are: - The quality of the input information. - The methods applying in appropriate analysis. - The suitability of financial analysis indicators. - The accuracy of analysis results. - The rationality of analysis time and density of analysis statement 1.1.2. Role of financial analysis of the firm Financial analysis has always been considered as an important factor in the decision- making since it relates to investment and finance in the short term. Financial management designed and implemented seriously will contribute greatly to the value creation of a company. The dilemma in financial management is to achieve the desired trade-offs usually exchanges between liquidity and profitability (Lazaridis, 2007). Working capital management, liquidity ensure and profitability management are essential for the good financial activities because they have a direct impact on the profitability of the firm (Rajesh and Ramana Reddy, 2011). A key part of the working capital management is necessary to maintain liquidity in daily activities to ensure the smooth running. The ultimate goal is to achieve profit by using resources efficiently. It is related to maximizing the value for the owner. Effective financial management can be achieved through effective financial analysis. Financial analysis means examining the overall financial situation of the business in a certain time. The financial analysis is particularly important in the management of corporate finance; it helps the interested people capture the financial situation of enterprises, thereby making decisions timely and properly. In business, the enterprises of different ownership forms are equal before the law in selection industries and business sectors. Thus, there will be many interested people to the financial situation of enterprises, such as: Business owners, sponsors, suppliers, 7 customers including State agencies and employees. Each actor is interested in the financial situation of enterprises in the different perspectives as following: + Financial analysis for business managers: Atrill (2006) suggests that financial analysis exists to manage companies, plan for a long term and make daily decision. Helfert (2003) also believes that financial analysis will provide an effective support in managing the operations of the company. Therefore, the financial information not only gives business leaders an overview of the financial situation of the business but also helps them to make decisions in the investment, financing and profit distribution promptly and properly. + Financial analysis for investors: Corporate financial analysis is considered as a tool for risk management of the company (Atrill 2006). For investors, as well as business leaders, their ultimate goal is to maximize the value of the owner and financial information with the market value target of the business in general and the value of the shares in particular, if the business has shares traded on the stock market; the potentially lucrative will help investors make investment decisions effectively. + Financial analysis for creditors: White et al. (2002) suggests that financial analysis is an important factor of the financial management as well as in the formation of economic relations with partners, financing and loan system of the company. Creditors are always interested in the repayment capacity of the business and financial information, in particular, the information on the solvency and the potentially lucrative will help them offer lending decisions suitable with the financial situation of enterprises. + Financial Analysis for State management agencies: Based on the financial information, State management agencies can assess, inspect and control the businesses performance, the financial and monetary activities of enterprises in accordance with policies, regimes and provisions of the law. + Financial Analysis for workers: Workers in enterprises are also concerned about the financial information of the business, especially the profitability. Because the results of business operations have a direct impact on the wages of workers. Moreover, in joint-stock enterprises, employees participate in the equity, they are also the business owners, so they should have the rights and responsibilities associated with business. Thus we can see the importance of financial analysis for the various components involved in the business. Financial analysis helps the users from different perspectives not only evaluate comprehensively, generally, but also review the corporate finance activities specifically, to find out the strengths and weaknesses of business activities to recognize, judge, predict and make suitable decisions in finance, funding and investment. 1.1.3. Literature review on corporate financial analysis Business effectiveness is the most importance concern of every company. Financial analysis is the most necessary and important operation as it reflects, measure, estimates the business results. This is also an interesting subject for many local and international researchers. • On the international plan - Friedlob and Schleifer (2002) show how to analyze a company as a prospective investment. This one-stop resource includes a basic introduction to accounting; shows how to use ratio analysis to evaluate a company's profit, liquidity, and solvency; and provides actual 8 financial statements of a variety of companies as illustrations. - Singh A J and Raymond S. Schmidgall in the article “Analysis of financial ratios commonly used by U.S. lodging financial executives”, published in the Journal of Leisure Property, August 2002, has shown the importance of analysis criteria for business efficiency in financial terms, in which the criteria reflecting the profitability indicators were rated as the most important. - Timothy R. Mayes, Todd M. Shank (2012) address today's most important corporate finance topics, including financial statements, budgets, the Market Security Line, pro forma statements, cost of capital, equities, and debt. This edition now covers Excel tables, pivot tables and pivot charts and other areas that have become increasingly important to today's employers. The book's reader-friendly, self-directed learning approach and numerous study tools help readers build upon basic skills for the Excel 2010 proficiency and the solid finance knowledge business professionals need for success. - In the “Performance evaluation for airlines including the consideration of financial ratios”, the Cheng-Min Feng and Rong-Tsu Wang (2000) have developed the process of evaluating business efficiency of the aviation company in Taiwan. First, the two authors follow an old study to systematize the assessment criteria applied to both transportation and financing of the company. The particular problems when analyzing the performance of aviation are: difficulties in accessing information for sampling operations research (so they have to accept small sample), ignorance of sample distribution law. To solve these problems, they combine two relational analysis model GREY (grey relation analysis) and the TOPSIS method. Finally, an experimental study was conducted and the results are very valuable: the combination of the financial indicators analysis for the airlines (which are less focused on the past) and the norms analysis of transport has brought a better analysis results. - Follett Robert (2012) shows you exactly how to "keep score" in business by reading and interpreting company financials. Step by step, Follett helps you capture crucial insights buried in balance sheets, income statements, and other key reports. Follett shows how to apply core tools for analyzing financial reports and investment opportunities, and demystifies key accounting terms every business decision-maker and investor needs to know. - Wahlen James M, Stephen P. Baginski, Mark Bradshaw (2010) present a balanced, flexible, and complete Financial Statement Analysis book that is written with the premise that students learn financial statement analysis most effectively by performing the analysis on actual companies. Students learn to integrate the concepts from economics, finance, business strategy, accounting, and other business disciplines through the integration of a unique six-step process. - Fridson Martin S, Alvarez Fernando (2011) provide the analytical framework you need to scrutinize financial statements, whether you're evaluating a company's stock price or determining valuations for a merger or acquisition. This will help you to evaluate financial statements in today's volatile markets and uncertain economy, and allow you to get past the sometimes biased portrait of a company's performance. - Research by Stephen H. Penman and Luis Palencia, “Financial Statement Analysis and Security Valuation” (2001) at the University of Columbia - United States, have used financial analysis tools to analyze financial statements for the purpose of business valuation. The authors refer to the importance of the input information the quality and make the criteria for evaluating 9 the quality of information. A very valuable content of this study is the relationship between the results of the financial analysis and the forecasts of the company's prospects for the company's shares. The criteria used by the authors to analyze include: P / B, RE, ReOI - In “Measuring performance in a changing business environment”, Mike Kennerly and Andy Neely (2003) have pointed out that the financial analysis of businesses in the UK has been paid much attention in recent years; many large enterprises and credit institutions have tried to find ways to redesign the financial analysis system and business performance assessment system to ensure that it reflects the situation of the business in a timely and accurate manner. However, the rapidly changing business environment requires businesses to always be ready to change business strategy as well as the mode of operation to adapt. The question is whether or not the financial analysis system of the business has taken steps to change, develop in line with the new business environment. It is a problem that very few businesses can solve thorough research at the time of the research. Through this work, the authors came up with an experimental study that proposed the solutions to evaluate and develop financial analysis system effectively in a fluctuated business environment. - “Measuring business performance in the high-tech manufacturing industry: A case study of Taiwan's large-sized TFT-LCD panel companies” of Fang-Mei Tseng, Yu-Jing Chiu and Ja-Shen Chen (2007) is a research on the indicators of business efficiency at high-tech industrial production companies in Taiwan. The authors suggest that the nature of competition in high-tech manufacturing industry was rapidly changing and the assessment indicator system of business results (at the time of the study) was no longer appropriate. From that point on, the research has given financial and non-financial targets just for high-tech manufacturing industry, and also has developed a model of the new performance evaluation. This model consists of three basic components as follows: A data envelopment analysis DEA, an Analytic Hierarchy Process - AHP, a multi-criteria decision-making approach. - In “Determinants of the profitability of China's regional SOEs” of Shuanglin LIN, Wei ROWE (2005), the authors have identified the factors determining the profitability of state- owned companies in China. - Haitham Nobanee, Modar Abdullatif, Maryam AlHajjar (2011) in “Cash conversion cycle and firm's performance of Japanese firms” have studied the relationship between currency conversion cycle and business performance of companies in Japan. - Fengyi Lin, Deron Liang and Enchia Chen (2011) have written “Financial ratio selection for business crisis Prediction”, a study at Taiwan National University. Three authors brought a “timely” research in 2011, which is the use of financial ratios to build forecasting models for economic crisis. After researching and refining numerous financial criteria, the research team selected five indicators as a basis for analysis; 2 of them are not widely used so far: the tax rate and EPS index of 4 consecutive quarters. - George E. Halkos and Nickolaos G. Tzeremes (2012) have written “Industry performance evaluation with the use of financial ratios: An application of bootstrapped DEA” - a research at the University of Thessaly, Greece that applied Bootstrap statistical methods (developed in 1979 by the statistician Bradley Efron, widely applied in wide range of science and now considered as a standard statistical methods) to study a model that uses financial ratios to evaluate performance of 23 manufacturing and assembly enterprises in Greece. The results have shown that the new financial model analysis (applied Bootstrap method) could give more reliable 10 [...]... Energy Technology Corporation Vietnam Oil and Gas Corporation (PVEIC) is interested in the financial analysis As a result, the Corporation has made certain achievements in production and business activities However there are some problems in the financial analysis are limiting effective financial analysis, leading to the lack of accurate and timely assessment of the financial situation of the Corporation. .. the norms being in use so as to propose solutions for building and completing business financial analysis - Information needed to be obtained: Process of conducting financial analysis; product of financial analysis - Main objects of survey and application: Some leaders, agents concerned with financial analysis 2.3.2 Processing data By treating the collected data, we use mathematic processing method... complete indicator system in the financial analysis; completion of financial analysis approach; completion of database for the financial analysis (including financial reports and information systems for financial analysis0 ; development of a finalcial analysis process associated with an appropriate type; organization of executive structure Common points of these studies are related to the completion of financial... plans to collecting, processing information and making predictions and decisions It only repeats the analysis methods and contents of previous years The financial analysis is only done at the end of the business cycle (at the end of each year) Concerning the selection and processing of information used in financial analysis, the information used by the Company in the analysis comes from financial statements... calculating, comparing àn explaining some ratios without assessment and explanation about reasons Most of the used information is obtained from the accounting records while the external information is not checked in term of authenticity and is not supplemented other information and is processed preliminarily 26 Concerning the method of financial analysis, in the process of performing the financial analysis. .. financial statement analysis in U.S corporates, this occur some other limitations of financial statement analysis In fact, financial statement analysis in Vietnam is a process of learning, applying theory and practicing financial statement analysis from U.S companies However, the accounting practices and business environment in Vietnam have some differences, financial statement analysis in Vietnamese enterprises... analysis in the conduct of business Thereby, the authors emphasizes the meaning and importance of the financial analysis, provides some outstanding HR solutions serving the financial analysis and a number of methods to apply the analysis results to business management - Dr Nguyen Viet Loi (2003) in “Completion of the financial reporting system to provide information for corporate financial analysis ,... Proposing solutions for completing financial analysis at PVEIC; Changing the awareness of the PVEIC leadership in the positive direction of the role of financial analysis; Systemizing the theoretical grounds of financial analysis at PVEIC, from that to contribute to the financial analysis contents of the enterprises in the same sector After viewing the actual status of the financial analysis. .. directors, investors, shareholders ) and complete analysis documents 1.3.4 Information used in financial statement analysis in Vietnam 19 • Balance sheet: this is mainly used in financial analysis in Vietnam It allows us to study and assess the overall financial situation and business results, levels of capital and the economicfinancial outlook of enterprises • Business performance report: Business performance... the financial reporting system with financial analysis in the construction companies in Vietnam” has analyzed that the current quality of the input data for the financial analysis at companies in Vietnam in general and the construction companies in particular are not high This is because the business leaders do not have the full attention on financial analysis; do not apply the results of financial analysis . companies in Vietnam” until 2008. - The group of authors: Nguyen Dang Phuc, Nghiem Van Loi, Nguyen Ngoc Quang (2006) in “Analysis of joint stock companies”. thanks hearty thanks go to the Mrs Vu Thi Hoan – Director of Hanoi Branch, Mr Nguyen Quang Hung and all of my colleagues at PetroVietnam Energy Technology