Luận văn thạc sĩ quản trị kinh doanh quốc tế MBA (73)

1 CAPSTONE PROJECT REPORT THE COMPLETION BUSINESS STRATEGY OF PKF VIET NAM AUDITING LIMITED COMPANY PERIOD 2010 TO 2014 Bui Van Vuong GRIGGS UNIVERSITY GLOBAL ADVANCED MASTER OF BUSINESS ADMINISTRATION PROGRAM CAPSTONE PROJECT REPORT THE COMPLETION BUSINESS STRATEGY OF PKF VIET NAM AUDITING LIMITED COMPANY PERIOD 2010 TO 2014 Group No: 10 Student’s name: Bui Van Vuong Mac Hoai Duc Le Viet Phuong Le Thi Bich Diep (N01) HANOI, 2009 TOPIC The completion business strategy of Vietnam PKF Auditing Limited Liability Company in the period 2010 to 2014 OUTLINE Preface General Introduction The context of Vietnam’s economy The necessity and significance of strategy construction Research purposes 04 05 05 08 09 Research methodology The structure of the report Chapter I: The basic theoretical issues on strategic administration and 10 11 12 business strategy 1.1 Concepts 1.2 The process for establishing the business strategy 1.3 Mission and vision of a business 1.3.1 Mission 1.3.2 Vision 1.4 Strategy analysis 1.4.1 Analysis of competitive environment 1.4.2 Macro environmental analysis 1.4.3 Analysis of the business’s current situation 1.4.4 SWOT analysis 1.5 Construction and selection of strategies 1.5.1 Strategic objectives 1.5.2 Business strategy for small and medium enterprises 1.5.3 Selecting best-suited business strategies for small enterprises 1.6 Implementation, examining and evaluation 1.6.1 Implementation 1.6.2 Information system 1.6.3 Control and evaluation system Chapter II: Situation of búiness strategy of PKF Vietnam auditing Co., Ltd 2.1 Introduction to PKF Vietnam Auditing Co., Ltd 2.1.1 History and Development of PKF Vietnam Co., Ltd Auditing 2.1.2 Characteristics of business operation of PKF Vietnam 2.1.3 Organizational and management structure PKF Vietnam 2.1.4 Information on Executive Board of PKF Vietnam 2.2 Strategic commitments of Vietnam PKF in recent years 2.2.1 Mission of PKF Vietnam 2.2.2 Vision of PKF Vietnam 2.2.3 Core value of PKF Vietnam 2.3 Macro environmental analysis 2.4 Analyzing the competitiveness of PKF Vietnam 2.4.1 Competitiveness analysis (focus on competiveness in internal branches) 2.4.2 Analysis of opportunities and challenges for PKF Vietnam 2.4.3 Analysis of main competitors 2.4.4 Analysi of internal environment of PKF Vietnam 2.5 Current business strategy of PKF Vietnam 2.5.1 Performance analysis of PKF Vietnam in 2006, 2007, 2008 2.5.2 Business plan of PKF Vietnam to 2014 2.5.3 Specific analysis of products and services of PKF Vietnam 2.5.4 Business strategy of PKF Vietnam 12 12 13 13 13 15 15 21 25 27 29 29 30 32 33 33 34 34 36 36 36 38 41 45 46 46 46 46 47 50 50 52 53 56 60 60 62 64 65 2.5.5 Review and comments on the advantages and disadvantages of the current 67 business strategies 2.6 General comments Chapter III: Solutions to complete the business strategy of PKF Vietnam 70 71 Limited Company for the period 2010-2014 3.1 Suggestive Strategy for PKF Vietnam in 2010 – 2014 3.1.1 Business Strategy 3.1.2 Human Resource Development Plan 3.1.3 Finance Plan 3.1.4 Technology Development Plan 3.1.5 Marketing Plan 3.1.6 Business Diversification plan 3.2 Strategic solutions 3.2.1 Financial capability and audit technology 3.2.2 Service quality and the diversity of provided services 3.2.3 Personnel and organizational strategy 3.2.4 Developing marketing solutions 3.2.5 Strengthening the relationship with PKF international 3.2.6 Capacity building organization and corporate governance 3.3 Conditions for application and assessing the effectiveness of solutions 3.3.1 Conditions for application 3.3.2 Assessing the effectiveness of solutions Conclusion List map, diagram, chart and table Reference Data resources for charts 71 72 72 73 73 73 74 74 75 82 82 85 88 89 90 90 94 95 96 97 98 PREFACE Along with the development of increasingly powerful organizations and enterprises on the scale and the level of labour, the issue of effective business strategic construction and implementation is becoming essential to all enterprises, which requires all businesses to be concerned Not spinning out of the market economy, the Board of directors of the Ltd Auditing PKF Company of Vietnam (hereinafter abbreviated as PKF Vietnam) has developed business needs to apply effectively the resources of the organization Most of the leaders are aware of the importance of strategic planning, but only few of them are successful when putting the strategies into business performance For the significance of the business development, the group chose the topic: “The completion of business strategy of Vietnam PKF Auditing Limited Company in the period 2010 to 2014” to evaluate, analyze and find out solutions to improve and strengthen the business strategy of the company The topic is carried out within the scope of reviewing the existed issues to find solutions for organizational completion from 2010 to 2014 Because of limited time and capacity, unexpected shortcomings are inevitable Therefore, the authors would like to received comments and advices from the supervisors for better outcomes and practical application not only within Vietnam PKF but also in other auditing companies Our sincere gratitude Group 10 – Ga.MBA 01.N02 GENERAL INTRODUCTION The context of Vietnam’s economy In 2007, Vietnam became an official member of WTO and performed the PNTR commitment to the United States, leading to the expansion of export markets and the removal and reducing trade barriers between Vietnam and WTO members As the result, Vietnam’s position in the international arena is enhanced through the last APEC Summit in 2006 Diplomatic relations, economic cooperation, investment, and expanding export markets activities are consolidated and strengthened through the visits of senior Party and state leaders with the participation of businesses Stable political situation and national security and defense have created a favorable environment to attract foreign investors as well as domestic enterprises The context have direct and comprehensive impact on the production process and business outcomes of business sectors and enterprises In 2007, the GDP growth of Vietnam is 8.44%, ranking third in Asia (after China 11.3% and India about 9%) This is an essential premise and a favorable factor for sectors and levels to complete the objectives and plans in 2007 Besides, in 2007 Vietnam also suffered from some adverse conditions such as major natural disasters, unpredicted epidemics and the disadvantages of fluctuating world market price which caused serious consequences and nonstop rise in domestic consumption prices In 2008, the situation of socio-economic development is impacted by the interaction between the process of international economic integration with the variety of objective and subjective factors The global economy varies unpredictably with sharp increase in oil prices, long escalation in food prices till August 2008 and the global financial crisis broke out in September 2008 causing the world economy into deep recession Vietnam economy revealed the instability, escalating inflation, big trade deficit of goods and current balance and increased risks of banking and financial systems To confront the rising inflation, from April 2008, the government made a turning point in the policy to change from promoting growth to curbing inflation From October 2008, the economy has been struggling to resist the negative impacts of the global crisis and recession Again, the government diverted its policy, focusing on propping up the economic recession and maintaining the macroeconomic stability and social security Monetary policy was gradually loosened; in December 2008 an economic stimulus package was officially launched to support enterprises in production, business, and infrastructure development, stimulating consumption and minimizing social difficulties In the context of the world fluctuations, the economic growth was slowed down in 2008 to 6.2% compared to 8.5% in 2007 This is the lowest growth rate since 2000, even worse, the growth of the fourth quarter was only 5.7% compared to 6.5% of the first three quarters in 2008 However, the achievement of 6.2% growth is still worth noting, especially when compared to many developing countries and the region In particular, while the growth of industry and construction experienced a remarkable decline (from 6.1% compared to 10.2% in 2007), agriculture, forestry and fishery saw the rising growth (4.1% compared to 3.8% in 2007) The rising shows great significance of the sector in the country’s economic development as well as in solving social problems at the difficult situation The social investment capital in 2008 still accounted for high proportions of 40.9% of GDP, though lower than the rate of 46.5% of GDP in 2007 The high investment rates were due to the high investment capital in FDI and non-state sectors (respectively up to 48.7% and 19.3 % compared to that of 2007) The investment capital in state sector was significantly reduced (-11.9%) in 2008, which is also the first year the state sector has the smallest proportion in the total capital of social investment The investment of public sector, especially by state-owned corporations and enterprises (SOEs) with large scale is inefficient After more than two years FDI capital massively flew into Vietnam, the economy has revealed many inadequacies, which hindered the ability to efficiently absorb capital and created potential risks and challenges Planning and decentralization of state management on investment still face many difficulties Macroeconomic situation has been more stable since August 2008; inflation rate reduced rapidly in the fourth quarter of 2008 and the total inflation rates in 2008 was nearly 20% The social security was particularly concerned, the government supported to minimize the damages and difficulties for the poor and more vulnerable social groups In 2009, the third year marked the comprehensive integration of Vietnam’s economy with the world economy; Vietnam will continue to implement bilateral, regional commitments and commitments in the WTO as an official member In this year, also the fourth year of the period of 2006 to 2010, the socio-economic plans for the phase is carried out with the demand stimulating package under the effects of global financial crisis and economic downturn The world economy is forecast to continue decline and slower growth, adversely affecting the economy of Vietnam, which is based heavily on foreign investments and exports On the other hand, the implementation of economic stimulus policies, to a certain extent, will put pressure on inflation to increase Therefore the goal of economic growth set out by Congress for 2009 will be difficult to attain, especially if the negative impacts on Vietnam’s economy become true and the implementation of stimulus policies not reach the desired results Overall, predictions made from the model of macro economy show that, the growth rate of Vietnam’s economy is lower than in 2008 with high inflation and relatively large budget deficits, which is partly resulted from the implementation of demanding stimulus package policy by the government Some targets, of which is the target of GDP growth rate, are far lower than the targets set out for the socioeconomic development in 2009 Even with the optimistic scenario, the economy will only increase at the rate of about 5.56%, while the budget deficit up to 9.4% of GDP, which proves that the GDP growth rate should be carefully reviewed to adjust the implementation of socio-economic plans for 2009, and to suit the current situation in both domestic and international setting by the national Assembly and the government 10 Unit: Million VND 2007 Target Total revenue 2008 Budget % Budget % 16.000 100 21.500 100 11,500 72% 15.500 72% 2.500 16% 4.000 19% 500 3% 500 2% 1.100 7% 1.000 5% 400 3% 500 2% In which: Financial report auditing Auditing reports on completion of foreign invested capital Financial, tax, accounting consultancy Human resource, management consultancy, property assessment Other relevant services (Source: PKF’s revenue reports, fiscal years 2007-2008) Note: Figures of the financial year 2008 are those of financial statements for the fiscal year from 01 July 2008 to 30 June 2009 According to figures in the table above, revenue from auditing activities constitute the largest proportion of about 72%, revenue from non-audit services about 28% too low compared with PKF International (percentage of sales from services non-audit services to over 50%) Thus, the competitiveness of Vietnam PKF in providing non-audit services and other services also increased at very modest Therefore, to enhance competitiveness in the context of economic integration and in particular to achieve the target reached the top 10 leading auditing companies in Vietnam, Vietnam PKF to create the comparative advantage with their partners through the diversification of types of services provided We believe that application of strategic competition with a difference, innovative and bring new value to consumers increased by more appropriate strategy would gain competitive 87 advantage by providing products and services at low cost in an era of integration Thanks to these advantages, PKF Vietnam can better satisfy the demands of target customers and entice the customers to competitors with their clients or the customer's partner availability PKF Vietnam 3.2.4 Developing marketing solutions In recent decades, with the strong development of the economy, companies continually audit was established to meet the needs of business, this is very normal in the relationship of supply and demand However, as we have analyzed above the more the auditor was born the competition within the industry is increasingly fierce But for some big clients, they often not dare bring psychological confidence in the company does not have "names" in the market plus the overwhelmed first-scale, class, and marketing all the way companies to foreign auditing (Big 4) Therefore, when marketing, auditing firms in the medium scale is easy to be turned away customers Customers looking to brand a name already on the market despite an invitation to lower costs and quality considered good moment from the auditor of both small and Vietnam Thus, most of the auditing companies small and is facing a vicious cycle, that is if the investment for the promoters not enough financing, while otherwise promote the brand, they will not able to image the company access to customers Most companies have not been audited under the campaign promoters loud, the minute advertising spend money on multiple media Also because capital is limited so these companies are less make long-term strategy in marketing Sales of the company's usually only on duty to call each company to introduce the service, efficiency is less inevitable and depends much on luck as well as the enthusiasm of employees the business center Marketing solutions for small and medium enterprises has been much discussion in recent times, as the number of these enterprises form the majority, should find appropriate solutions to help companies withstand competition are in the as urgent Audit services industry is characterized with very high responsibility 88 should also need a way to develop the market differently Within this group 10 also offers a number of solutions and recommendations PKF Vietnam should to develop your marketing strategy Firstly: The first should complete and upgrade the site Although only officially connected to the Internet than ten years, Vietnam is one of the Internet growth is strongest Currently, almost 90% of the companies in Vietnam have Internet connection At present Vietnam has PKF website address is www.pkf.com.vn the site too sketchy, very simple, the information has not been long obsolete update This makes the viewer feel disappointed right from the first visits and less likely to return, resulting in a product when introducing new services to customers, the channel information will lose value treatment Secondly: Marketing via Email Perhaps this is a channel marketing information cheapest Owning an ADSL line with a low-cost software to send mail directly from a regular desktop business is a solution almost no cost With classification and self-address email search software will help businesses to expand the scope and direction of the object sender However, companies must remember the function of rejected email, spam mail if no law would be a big hassle for businesses Thirdly: Free what is possible This is one way marketing more effective and practical business use Do not be mistaken with the purchase of this product with other products, free here means that companies try to find a product or service that its customers east of commonly used but at a cost not exceeding high for free If you this, businesses will entice more potential customers for you For example, Viet Nam PKF provide financial statements audited annually, the customer can make free packages such as construction consultants internal reporting system, tax consulting for some time that then, we Consulting business valuation 89 Fourthly: Need a Slogan If the selection name for the business was difficult to have a slogan or harder many times, that slogan can be understood as a slogan, the aim is that enterprises will to want to reach or have besides, it also serves as the customer confirms their order when using products of the enterprise, as a slogan or will cause customers to easily remember your company rather than the fine flower market Fifthly: Building separate identity If anyone ever ride the Hoang Long will remember forever impressed and color of clothing that people use, and just see the color on the shirt is just the vehicle that the company does, or with green color of Mai Linh Taxi also impressed with the ever encountered The choice of identity for the company through costume and color, how to will greatly effect the image stored in the mind of the company's customers, in addition to the requirements of uniformed ground also told guests about your professionalism This is a factor to help locate the name of the company to customers quickly and efficiently Sixthly: Please implement customer management software (CRM) as quickly as possible Can not deny the important role of the software, customer relationship management, this is a powerful marketing tool to customers by both forms of direct and indirect Increasingly, the functions of the software as improved more powerful tool such as marketing plans, management contracts, receiving customer feedback These tools not only help businesses with multiple tools to reach new customers but also help keep the business relationship with clients frequently have used its services PKF is in the current stage of construction and trial run CRM software, but perhaps time to build and run the test was too long (as I learned in April 2009, the PKF Vietnam has carried out construction of CRM, but so far have not run the CRM is complete) so that the opinion of the group is due to the usefulness of CRM above the PKF Viet Nam should promptly implement CRM 90 3.2.5 Strengthening relationships with PKF International Currently PKF Vietnam belongs to Asia Pacific of PKF International, PKF Vietnam became a full member of PKF International from / 2009 for so cooperation on training and updating knowledge and particular customer PKF International Restaurants us is very limited This will be a channel to introduce customers very effective because companies with foreign investment capital into Vietnam if their parent companies abroad are PKF audit Vietnam will have the opportunity greatly in approach to provide audit services and consulting services related to financial accounting for subsidiaries in Vietnam But to achieve this is not easy because for PKF countries will introduce guests PKF Vietnam must also have certain conditions, specifically as: - Advanced level foreign language (English) by staff to achieve the conditions is a second language - PKF Vietnam to achieve the conditions of professional capacity Certain employees have certificates ACCA, CPA Australia - Vietnam PKF International to help in understanding legal, investment environment in Vietnam for PKF International can consult free of charge to its customers - Must be accepted to participate in training courses, training, conference is considered to expensive for companies in Vietnam by PKF International organization If PKF Vietnam to strengthen relationships with PKF International, then this would be a great opportunity to PKF Vietnam market expansion and access to market segments where our customers need quality auditing, consulting real and willing to pay a higher fee advice 91 3.2.6 Capacity building organization and corporate governance By June 30, 2009, there was 141 large, small audit companies and most of the companies operate on the territory of Vietnam with hundreds of offices and branches in the provinces and cities across the country Of the 25 companies that had audit is a member of the international audit firms During the boom in the number of auditing companies have formed a professional management team, meet management requirements, the operating current In particular, many enterprises have applied the audit management model advanced to PAYROLL indirectly, saving the costs incurred in managing and operating in Vietnam also PKF PKF so Do Vietnam a type of small and medium enterprises and should be able to apply advanced management system is limited Besides the internal factors of the independent auditing companies in Vietnam, maybe even to external factors can influence indirectly the competitiveness of the company's independent audit in Vietnam: Environment legal, policy development audit independence, the birth of The auditors practicing in Vietnam During the past time, the National Assembly, ministries, sectors have issued and complete a basic system of legal documents on accounting and auditing Accounting Law, the decree on independent audit, systems accounting standards and auditing formed the legal framework for the auditing activities in Vietnam, and create necessary prerequisites for integrating the and in the field of international audit Policy development activities independent audit by the Government guidance is consistent with the specific route As a result, independent audit in Vietnam soon became an important professional development and fast, robust in recent years The support of the Government, the Ministry of Finance expressed in the promulgation of legal documents for audit, audit market development and 92 direction for state agencies use the audit results as a effective tool in management On April 15, 2005, the Federal auditors practicing in Vietnam (VACPA) was established, creating the environment for auditors working together, training and professional updating, quality control services , professional ethics, experience exchange, thereby enhancing competitiveness for firms auditing Vietnam as regional integration and international As introduced in chapter is the leader of PKF Vietnam are those who have audit experience from 10 years to become However, experience management company is not much, in recent years in Vietnam, apart from PKF sent staff to participate in specialized training is also sent 02 participants of the international MBA program and 02 participants of the program management personnel, but the application of management knowledge learned to real work still limited by the current board of directors of PKF Vietnam has professional work Proceeding with the management, so the next time the executive of PKF Vietnam should take measures to change the organizational structure to ease the task for the operator such as Marketing Manager will establish a special concern of job market, training rooms concerned about the training and HR professionals worry about the work of personnel, departments, only the work of professional and should have a dedicated staff working on control quality audit Besides, in addition to enhancing financial capacity, the capacity building for management and administration as well as standardized procedures, technology audit of the company will be a key factor calculated to bring advanced competitiveness of the company with the competitors 3.3 Conditions for application and evaluate the effectiveness of solutions 3.3.1 Conditions for application During the globalized economy and the trend of integration as at present, although the audit is only formed in Vietnam not long but has strong growth in recent years To be able to compete with large audit firms in the world are gradually 93 investing in Vietnam, the quality of the performance of the audit of the auditing companies in the country to be constantly improving to next war with other countries, the differences narrow terms Eventually create market accounting services - audit consistent with countries in the world To that requires not only the coordination of private audit firms to audit companies but also participation from other state agencies and professional associations First, from the State agencies (Ministry of Finance) Audit only introduced in our country since the early '90s because of the audit on both theory and practice is much more limited The birth of the audit standards of Vietnam is a great guide for the operation of enterprises However, to continue guiding role, creating a clear legal environment for businesses to improve performance quality and performance that the State directly to the Ministry of Finance: - To accelerate the issuance, updating and application of standard financial reports and updates of international standards for audit Vietnam in accordance with auditing standards and International Financial Reporting standards set the current international, continue to complete legal documents, issued earlier law independent audit Create favorable conditions for the auditing companies and other businesses involved contributed comments when promulgating legal documents related to accounting and auditing - Ministry of Finance to direct the State Securities Commission, the Department of City Securities Trading Center Ho Chi Minh City and Hanoi Securities Trading to implement rules and regulations on public financial statements for the period listed companies and the general public This will enhance transparency and honesty to the capital market of Vietnam and create jobs for the company audit - The organization certification exam practice for auditors should be enhanced more so in 2002 exam held annually (now 01 times a year) and should 94 reduce the conditions for competition on the time international auditing and accounting from 4, years down to 2, years - Strengthening cooperation with the organizations audited, the accounting world to create conditions for enterprises can learn from experience, advanced audit methodology Second, from the associations, professional organizations In Vietnam, currently some auditing associations and committee have been set up such as chief accountant club, Vietnam accounting committee (now Vietnam accounting and auditing committee) was established in October 18, 1994 and then was admitted as a member of the Federation of the 7th ASEAN accounting and a member of the 130th Federation of International Accounting 2005, The audit practice in Vietnam (VACPA) was established The accounting and auditing in Vietnam (VAA) are striving to participate in the management and control practice ethical accountants, auditors as a professional associations However, activities and role of professional organizations in Vietnam is still limited, has shown the purpose of formation of this organization Thus, in an era of rapid development and global integration as today, the Federal accounting and auditing Vietnam needs: - Strengthening innovation and improve organizational performance by professional organizations on duty to direct the implementation work of accounting, auditing and help this work comply with the regulations; - Create a favorable environment for those interested in or practicing the financial sector - accounting - auditing is a place to exchange professional, work experience and where exchange between control Vietnam accounting and auditing international 95 - Regular classes refresher training to improve their skills for the management team and technicians and assistants to the new auditing profession in Vietnam; - Strengthening management and control of ethical practice and quality practice accounting and auditing This is despite the very difficult but it will work great for improving further the quality of the audit Thirdly, from the auditing company With the strong development of the current audit the number of auditing companies in Vietnam is large, creating a competitive environment for companies to survive and grow So to place and expand their market companies also need to audit effort: - Constantly improve and enhance the auditing method to reduce the experimental basis and reduce the time of audit quality and effectiveness of the improved auditing; - Research and application of information technology in every step of operation; - Selection and construction staff of qualified, dynamic professional to adapt to market economy - In addition, the auditor's audit practitioners should have knowledge, skills to handle professional acumen and continuously improve their learning Eastern time to have quality and professional ethics, respect for honesty and objectivity of economic activity, so auditing really quality Fourthly, from the customers of auditing company This is the object have the option of auditing companies and selected services should be provided However, to facilitate both the implementation of audit, to reduce time and cost savings and increased accuracy for audit reports, companies should be audited: 96 - The attitude of cooperation with auditors, provide full documentation required for audit work, answer honestly when interviewing - Step by step build, strengthen and perfect the system of internal control in accordance with the operation of their units to automatically improve the work of accounting and their management Audit is the exchange, attitudes honest when providing information to external auditors to create favorable conditions for the audit - Watch the annual audit services is and should thereby contribute to improving the professional qualifications of the accounting department, as the transparency of their financial statements, should not be considered independent for audit work to deal by law required to be audited 3.3.2 Assessing the effectiveness of solutions Above is a solution for PKF Vietnam to improve the business strategy of the company during the period from 2010 to 2014 During the study subjects made at the company combines theoretical basis and practical work of our team and especially experience in financial and accounting audit of some members group, we believe our solutions will help companies successfully implement its business strategy of the top 10 leading auditing companies in Vietnam in 2014 97 CONCLUSION With experience of group members in the field of strategic management, the group would like to present a number of solutions to help PKF Vietnam and other auditing companies which have limited resources, but can accomplish the goals of market development with low cost However, the key issue remains strong effort to be invested by PKF Vietnam in order to improve the quality of their products and services for you as well as gradually establish it brand A common mistake made by many small auditing firms in Vietnam is exaggeration about themselves, using big words to talk about their companies and services as if they are powerful corporation powerful, while in reality they are not This results in serious loss of trust of customers with the company In fact, when customers loose their trust on the service, it is very difficult, not say impossible to regain their trust Therefore, companies should try to best what they can rather than say about things that they cannot During our research and study in the company, because of limited understanding and the small and medium size of PKF Vietnam, PKF applies business strategy still at a moderate level, leaving incomplete in our assignment The group wishes to receive comments from the teachers as well as from the Company so the assignment will be completed Again, we would like to thank teachers for your devoted instruction, to leaders of PKF Vietnam for giving us favorable conditions to complete the assignment With sincere thanks / 98 LIST MAP, DIAGRAM, CHART AND TABLE Map 1.1 Basic map of strategic management process 13 Diagram 1.2 Five competition forces 15 Chart 2.1 Service structure provided in 2008 39 Chart 2.2 Structure of PKF Vietnam’s customers structure 41 Diagram 2.1 Organizational chart of PKF Vietnam 42 Table 2.1 Analysis of environment business services audit and consulting services 49 Table 2.2 Rank of 10 leading auditing companies in Vietnam 51 Table 2.3 Internal analysis 53 Table 2.4 Comparison of PKF’s key indicators and its direct competitors in 2008 54 Table 2.5 Competitiveness matrix 55 Table 2.6 Table of SWOT analysis of PKF Vietnam 58 Table 2.7 General Group business results and financial capacity of PKF Vietnam in 2006, 2007 & 2008 60 Table 2.8 Group plans to business results and financial capacity of PKF Vietnam in 2009, 2010, 2011, 2012 & 2013 63 Diagram 3.1 PKF’s Business Strategy to 2014 71 Table 3.1 84 Situation revenue in 2007, 2008 (the structure of the type of service) 99 REFERENCE MATERIALS - Associate Prof Dr LeTheGioi, Dr NguyenThanhLiem, MA Tran Huu Hai, (2007,2009) Strategic management Statistics publishing house - Administration – Dr Trần Anh Tài - Accounting journal - Annual meeting documents of auditing companies in (2008/2009, 7/2009) - MBA in strategic management, HoChiMinh publication - PKF’s Financial reports 2007, 2008, 2009 - PKF’s internal reports from 2007, 2008, 2009 - PKF’s Plans, business plan from 2010 to 2014 (T9/2009) - Reference materials form websites: www.google.com; www.marketingchienluoc.com; www.vacpa.org.vn; www.vneconomy.vn; www.pkf.com; www.ivory.vnunet.com; www.saga.vn, vv - Slides in the MBA course, Griggs - Strategic management - Associate Prof Le Van Tam - Workshop documents, benefit of being members of international auditing firms, (9/2009) 100 DATA RESOURCES FOR CHARTS Chart 2.1: Service structure provided in 2008 Unit: VND Iterm Financial report auditing Auditing reports on completion of foreign invested capital Financial, tax, accounting consultancy Human resource, management consultancy, property assessment Other relevant services Total 2008 2007 15.500.000.000 11.500.000.000 4.000.000.000 2.500.000.000 500.000.000 500.000.000 1.000.000.000 1.100.000.000 500.000.000 400.000.000 21.500.000.000 16.000.000.000 Chart 2.2: Structure of PKF Vietnam’s customers structure Unit: VND Iterm Financial – credit institutions Foreign funded Projects Foreign invested enterprises Local enterprises Other Organization Total 2008 2.500.000.000 6.000.000.000 5.000.000.000 7.000.000.000 1.000.000.000 21.500.000.000 Note: The figures are rounded to million dong 101 ... only within Vietnam PKF but also in other auditing companies Our sincere gratitude Group 10 – Ga .MBA 01.N02 GENERAL INTRODUCTION The context of Vietnam’s economy In 2007, Vietnam became an official