Luận văn thạc sĩ quản trị kinh doanh quốc tế MBA (215)

GRIGGS UNIVERSITY GLOBAL ADVANCED MASTER OF BUSINESS ADMINISTATION PROGRAM BUSINESS STRATEGIES OF FPT INFORMATION SERVICES COMPANY LIMITED - DIRECTLY UNDER FPT CORPORATION - IN THE PERIOD OF 2011- 2015 Group Number : Gamba01.X0210 – Group Student,s : Tran Ngoc Long Nguyen Thi Bich Hanh Tran Tuan Anh Trinh Quang Nam Nguyen Thi Hong Vung HANOI - 2011 CAPSTONE PROJECT REPORT Members: Tran Ngoc Long Nguyen Thi Bich Hanh Tran Tuan Anh Trinh Quang Nam Nguyen Thi Hong Vung BUSINESS STRATEGIES OF FPT INFORMATION SERVICES COMPANY LIMITED - DIRECTLY UNDER FPT CORPORATION - IN THE PERIOD OF 2011- 2015 SINCERE THANKS Respectfully to: - Training program of M.B.A of International Business Administration – Griggs University; - ETC Center – Vietnam National University, Hanoi First of all, group of GaMBA-X0210 would like to say sincere thanks to the Training Program of M.A of International Business Administration – Griggs University, ETC Center – Vietnam National University, Hanoi for joint organization of this MBA program We also wish to express our most sincere thanks to all the professors, doctors, lecturers for helping use to deeply understand about aspects of macroeconomics, microeconomics, law of supply and demand, competitive advantages with their great enthusiasm, concise lectures and practices Accordingly, we can apply useful and precious knowledge obtained from the course to assessment, identification and proposal of right strategies for developing enterprises and deep integration into the international economy Furthermore, we wish to convey our deep thanks to the Council of Assessment, guiding lecturers, for helping us to complete this report Also, we would like to say thanks to the leaders, experienced professionals currently working in and outside FPT SERVICES for their consultancy, support related to our report We commit that with the enthusiasm and responsibilities of the lecturers, by the knowledge obtained from the course, the high solidarity and the tireless work of all members of Group - GaMBA - X0210, our group completed the assignments with collective wisdom, respect of personal opinions without copy or fraudulence Thus, we hope that we will be supported, praised and highly appreciated by the Council Thank you very much TABLE OF CONTENTS List of tables List of Figures FOREWORDS Background, necessity and importance of the topic .8 Research goal and applicability .9 Methodology and structure of the Capstone project report CHAPTER I: THEORETICAL BASIC ON FORMULATING 11 BUSINESS STRATEGIES 11 1.1 Strategy and strategic management, business strategy: 11 1.1.1 Strategy: 11 1.1.2 Strategic Management: 11 1.1.3 Business strategy: 13 1.2 Theoretical basis for strategy elaboration: 13 1.2.1 Analyzing the external environment: 14 1.2.2 Analyzing internal environment: .17 Figure 1.6: Model 7S 19 1.3 Approach method and tool to analyze business strategy: 19 1.3.1 External Factor Evaluation Matrix (EFE) 19 1.3.2 Internal Factor Evaluation Matrix (IFE) 19 1.3.3 Competitive profile matrix (CPM) 20 1.3.4 Strength, Weakness, Opportunity and Threat Matrix (SWOT) 20 1.3.5 Strategic Position and Action Evaluation (SPACE) Matrix .20 1.3.6 Boston Consulting Group Matrix (BCG) 20 2.1 General introduction of FPT Corporation and FPT SERVICES – a subsidiary of FPT Corporation: .22 2.1.1 FPT Corporation: 22 2.1.2 FPT SERVICES – Actual situation in business: 23 2.2 Analyzing factors impacting on business operations of FPT SERVICES: 28 2.2.1 Analyzing external factors: macro factors, EFE matrix, CPM matrix .28 2.2.2 Analyzing internal environment factors: resources, capacity, core competence, value chain, model 7S and IFE matrix 43 2.2.3 Analysis of SWOT matrix 54 3.1.Establishment of business strategies 58 3.2 Analysis of strategic matrix and assessment of SPACE operations: 61 3.3 Analysis of matrix of Boston Consulting group (BCG): .62 3.4 Business strategy in the period of 2011 and 2015 65 3.5 Focused growth and market development strategy: 65 3.5.1 Promotion of services: .66 3.5.2 Increase of transactions offices with customers, focusing on customers as foreign- owned enterprises .66 3.5.3 Supplement of organization, set up department in charge of Research and development: .68 3.6 Competitive strategy for differentiation: 69 3.6.1 Building professional repairing workshop/factory: 70 3.6.2 Building service operation according to International Service: 71 3.6.3 Create sustainability by brand name of differentiate products, accept price increase: .72 3.7 Strategies for human resources enhancement: 73 3.7.1 Build up recruitment procedure according to the subjects of recruitment: 73 3.7.2 Build up training process of senior experts according to international standards 73 3.7.3 Increase managerial skills of key staff .74 3.7.4 Develop treatment scheme and create harmony to hold the talented 74 3.8 Proposals to corporation, sector management Organizations and State competent authorities 75 3.8.1 Proposal to FPT Corporation: 75 3.8.2 Proposals to the functional State authorities: 76 3.9 Feasibility of the business strategy Forecasted statistics in the next years: .76 SUMMARY 79 REFERENCES .80 List of signals and abbreviations FPT SERVICES: FPT Information Services Company Limited FPT FIS FPT Information Systems FTG FPT Trading Group IT Information Technology List of tables Table 2.1: Growth of Sales and Profits in 2008 –2009 - 2010 .26 Table 2.2: Growth of Human Source in 2008 -2009 – 2010 27 Table 2.3: Growth of GDP in the period of 2007 – 2010 29 Table 2.4: Growth of GDP in comparison with 1994 30 Table 2.5: Data statistics of information technology (April 2011 compared with the same period in 2010) .32 Table 2.6: Comparison data of import share of IT items .34 Table 2.7: Comparison graph of import share of IT items 34 Table 2.8: Comparison graph of shares of foreign partners in Vietnam 37 Table 2.9: Data of inventory and reserves 38 Table 2.10: Analyzing elements of EFE matrix .39 Table 2.11: Analyzing elements of CPM matrix .40 Table 2.12: Index of capital use efficiency .44 Table 2.13: Assessment of personnel indicators .46 Table 2.14: Assessment of human source training indicators 49 Table 2.15: Analyzing elements of IFE matrix .51 Table 2.16: Analysis of SWOT matrix 54 Table 3.1: Synthesizing strategies from SWOT matrix 58 Table 3.2: Analyzing, comparing strategies of differentiation and low cost 59 Table 3.3: Analyzing SPACE matrix 61 Table 3.4: Analyzing BCG matrix 63 Table 3.5: Set of International Service Standard ISO/IEC 20000:2005 69 Table 3.6: Plan of service quality indicators in 2011 - 2015 70 Table 3.7: Forecast of sale plan in the period of 2011-2015 75 List of Figures Figure 1: Head office of FPT SERVICES Figure 1.1 The process of comprehensive strategic management 12 Figure 1.2 Analysis model of external environment .14 Figure 1.3: Pestle model 15 Figure 1.4: Model - Forces 16 Figure 1.5: Basic value chain 18 Figure 1.6: Model 7S 19 Figure 2.1: Organizational chart of FPT SERVICES 24 Figure 2.2: Strategic images of FPT Corporation 43 Figure 2.3:Certificate ISO 9001:2008 of FPT SERVICES 45 Figure 2.4: Foreign partners of FPT SERVICES 45 Figure 3.1: Matrix of SPACE strategic position .62 Figure 3.2: Group matrix as suggested by BCG 64 FOREWORDS Background, necessity and importance of the topic Every business always has its way to survive, develop, and some of which are successful while others fail A successful business is resulted from its construction for development strategies in order to obtain the most favorable trading conditions Meanwhile, information technology (IT) and globalization are strongly impacting and forcing businesses, especially businesses in the field of IT industry to have their own way to adjust themselves to the trend and to achieve the vision and mission So more than ever, businesses need to build and sustain competitive advantages for themselves It is not merely a theoretical subjects such as financial management, operation management or human resource management but it is the synthesis, application of all basic theory to create a business strategic management process starting from the elaboration, implementation to strategic assessment In this report, our group have taken use of all the knowledge learned and researched through the business administration course to analyze the situation at FPT Information Services Co Ltd (abbreviated as FPT SERVICES), a subsidiary of FPT Corporation, specializing in trading in after-sales services and products for electronic and informatics goods, and supplying network solutions to medium and small-scaled enterprises Based on theoretical and practical analysis, it is proposed and recommended some business strategies and optimal solutions for implementing thereof Figure 1: Head office of FPT SERVICES Research goal and applicability - It is forecast that Vietnam’s economy shall be ranked the 14 th in the world in 2050 because of its highest growth (about 8.8% per year) among 20 countries selected for analysis (G20) (In according to “the World in 2050 - The Accelerating shift of Global economic power: Challenges and Opportunities” by John Hawksonrth and Anmol Tiwwari of Price Waterhouse Coopers) With a potential resource of knowledge and ability to acquire the modern technologies in the world and total factor productivity at high rate, Vietnamese enterprises, especially the ones in IT sector shall have many development opportunities - In recent years, FPT Corporation have had a certain growth rate until in the beginning of 2011, the Corporation faced with a serious crisis and significant changes of the market, FPT corporation have focused on developing such IT services as development of core applications, enterprise solutions, after-sales services of IT equipment, network solutions for enterprises etc… The trading trend is moving away from business to services, from home industry to globalization, so selection of research topics about elaborating business strategy at FPT SERVICES is very meaningful and is highly applicable because FPT SERVICES specializes in services in which IT plays an important role, requiring a sensitivity against the market changes and its effect on overall market share of IT service sector in Vietnam is quite remarkable Methodology and structure of the Capstone project report In such context and challenges, constructing a business strategy for has high applicability On such theoretical basis, our group shall consider external and internal environment with the models like PEST, Five-Forces, value chain model… And analyzing available information in matrixes: EFE, IFE, SWOT, BCG from which, suitable strategies and solutions shall be recommended in the period of 2011-2015 For supporting the research, we used annual reports of the company on the market, statistical data from reliable organizations In addition, the capstone project demand Furthermore, since the continuous development of IT field as well as the growing demands of high-grade customers and foreign businesses, the staff must have some IT certifications when the company participates in tender (requirement of bidder’s competence) Therefore, the Company needs to establish an expert training procedure according to IT development tendency and the field's requirements This must be done in association with the policy of annual training fund priority for this kind of personnel, which means that the Company should focus on subjected investment, suitable with the company's business strategies It is the sustainable investment of a service business in IT field 3.6.8 Increase managerial skills of key staff When the company is more expended in terms of scale and structure, the managerial staff may lack in term of quantity and not keep with the quality They can well manage in the current business scale, but the efficiency is unpredictable in the larger scale At the same time, the shortage of managerial staff will occur Therefore, regarding the development situation of the Company, the personnel department of FPT SERVICES should make detailed action plans on managerial skill training so that the staff can timely adapt to the business changes 3.6.9 Develop treatment scheme and create harmony to hold the talented - Almost all enterprises face up with similar difficulty in term of human resource, namely brain drain in which the leaving of key persons is witnessed Therefore, although FPT SERVICES is currently regarded as a company of highquality human resource with adequate labor, the Company still needs policies adapting to the business reality and characteristics of general labor market These policies require annual updates and concentration in every single detail of position, groups of position in the Company, especially to the managerial and key professional positions - Sometimes, holding the talented in an enterprise does not depend completely on the physical compensation policies but lies in the working 73 environment and corporate culture Culture is a humanized concept creating union, advocacy and efficiency in the organization when changes occur in strategies When FPT SERVICES realizes the growth in term of human resource, the new comer shall gradually dilute the traditional culture of the corporate Thus, the managers of FPT SERVICES bear the responsibility of business development as well as unique characters preservation, so that keeping loyal and experienced personnel can be made possible 3.6 Proposals to corporation, sector management Organizations and State competent authorities 3.6.10 Proposal to FPT Corporation: FPT assigns each subordinated company a business sector However, in business reality, overlaps in some aspects are inevitable Generally speaking, this creates bad impression to the customers of internal competition in a corporation At present, there is little competition with subsidiary company of the Group Information System Company (FIS) FIS is a unit with relatively similar business lines compared to FPT SERVICES but at greater scope, including all commercial business activities and services on information technology However, FIS focuses on providing Information appliances and equipment serving the financial sector with the scope of national projects In addition, FIS provides software services and support services FIS is in charge of high-tech services and solutions to security, banking, financial networks, Enterprise Resource Planning (ERP), etc… Although there is a clear division in terms of business lines between FPT SERVICES and FIS, in the fact that, in some cases, at the request of customers to enter into lump-sum contract to provide equipment and after-sales maintenance service, FIS implemented contracts directly with customers This creates an indirect internal competition, leading to influences on the image of the entire group and creating the phenomenon of overlapping business but disorder As FIS and FPT SERVICES are subsidiaries of the Group, at present FIS is not considered as competitive competitor but in the long time, the generation of 74 competition has significant influences on the role of each subsidiary, therefore, this is a factor that our group will give our opinions for the Group in next section Therefore, in order to generate greater power, professionalize business aspects and optimize profits, FPT corporation needs to develop a framework regulation on business division for the subordinated companies to apply when conflicts caused by overlaps in business arises Currently, the Corporation possesses 12,300 personnel working in major units and small units (of which the capital is less than 100 billion such as FPT SERVICES) and some co-operated companies Such a huge statistics suggest that the internal is a potential customer of FPT SERVICES in supply of the available products However, there is no specific and compulsory regulation so that the subordinated companies have demands on products and service that may be supplied by FPT SERVICES purchase for those of the external suppliers Thus, efficiency pf service leasing is not high and leads to loss of expenses It is recommended to FPT Corporation that a general policy should be established to give priority to FPT’s service rather than the other external suppliers 3.6.11 Proposals to the functional State authorities: Although the Government have guidelines in facilitation for the information technology services development, the guidelines remains to general and creates obstacles for many enterprises in implementation For example, it is the deterrence of importing parts and accessories serving the repairs and replacement of defective parts The import of those products is difficult for their special characteristics which lengthen the consideration of types and imposition of importing tax period This seriously influences the Enterprises’ desire of service development by satisfying customers’ demand in a short time 3.7 Feasibility of the business strategy Forecasted statistics in the next years: Based on reality analysis of FPT SERVICES, market trends, opportunities, threats, strengths, weaknesses, core competences and value chain of the Company, it 75 is obvious that the set target for 2011-2015 periods is feasible That is because FPT SERVICES can obtains targeted expectation if it can outline a detailed business strategy, develop and maintain competitive advantages, create sustainable competitive values, enhance the human resource to generate unique products and services… Based on analysis and forecasting, our group can estimate some of the main data of the plans for the Company in 2011-2015 period as follows: 76 Table 3.7: FORECAST BUSINESS PLAN IN THE PERIOD OF 2011 AND 2015 No Criteria Input service sales, inc which: A- Warranty of equipment for partners B- repairing equipment after warranty and trading components C- Maintenance of equipment for enterprise D- Consultancy, solutions and network services for enterprises Pre-tax accounting profits Total personnel Total international certificates Market share of FPT Services/whole Unit Billion dong Billion dong Billion dong Billion dong Billion dong Billion dong Persons Person % 2010 2011 2012 2013 2014 2015 102.00 143.99 200.48 280.53 392.46 549.65 33.66 42.08 52.59 63.11 76.37 92.40 31.62 50.59 75.89 113.83 159.36 223.11 14.28 15.42 16.35 17.33 18.71 20.21 22.44 35.90 55.65 86.26 138.01 32.0 44.8 62.7 87.8 122.9 0 30 37 46 2 172 58 213.9 10 73 16 5 9 97 24% 28% 31% 34% 37% 40% industry 77 SUMMARY In the context of international economic integration, the pioneer field - IT requiring a rapid and strong development is indispensable The common tendency in Vietnamese market as well as in this field is turning from commercial business to service business Therefore, the research and establishment of business strategies for FPT SERVICES in 2011-2015 period, is an essential demand With the target of annual average growth rate 40%/year, bringing dedicated services to the customers, a continuously competing and growing environment of IT, FPT SERVICES needs take advantage of business and management theories as well as take advantage of its strengths and opportunities to overcome weaknesses and push back challenges Through study and analysis, our group recommends some strategies and solutions We hope that they will help FPT SERVICES achieve its expectations in business plan in the period of 2011-2015 In business reality, unforeseen disadvantages may not be avoided Nevertheless, if FPT SERVICES knows to apply management theories, draw up business strategies and control the implementation of strategies for timely and appropriate changes, the company will be successful Because of the limited time, we can not avoid errors in our presentation The issues may not be presented intensively However, our group has tried our best to finish this topic as well as possible We hope to get feedbacks, comments and help from teachers as well as students both in and out of the class 78 REFERENCES Fred R David, Strategic Management - Concepts and cases, published by Pearson Education (2011) R.Wayne Mondy, Human Resource Management - published by Pearson Education (2010) Gary Yukl, Leadership in Organizations, published by Pearson Education (2010) Griffin, Competitive Strategy, 2005 Deming, W.E Competitive position, production and product quality, MIT Center for Advanced Engineering, Cambridge Mass., 1982 Mintzberg, Henry and Quinn, J.B Strategic Management Process, Prentice-Hall, Harlow, 1988 Fred R David, Strategic Management Outline - Translation of Truong Cong Minh, Tran Tuan Thac, Tran Thi Tuonng Nhu, Statistics Publisher (2006) PGS.TS Tran Kim Dung, Human Resources Management, Ho Chi Minh Publisher (2010) TS Nghiem Si Thuong, Financial Management Basis, Vietnam Education Publisher (2010) 10 Strategic Management Coursebook of A/Prof-Dr Le The Gioi, Dr Nguyen Thanh Liem, Ma Tran Huu Hai (2009), Statistics Publisher 11 Coursebook – Marketing Management- Griggs University 12 Coursebook – Financial Management - Griggs University 13 Slides: MBA Griggs Strategic Management 2011 14 Annual Financial Statement of FPT SERVICES 15 Internal Website: FPT Management System http://eiso.ho.fpt.vn/ 16 Other internal websites http://fpt.com.vn; http://fptservices.com.vn/ 17 Business Plan - Market Analysis FPT Trading Group (FTG) 18 Gfk's Market Statistical Report www.gfk.com 19 Press Release on Socioeconomic Statistics in the first months of 2011 www.gso.gov.vn 20 Economic Structure http://baodientu.chinhphu.vn/ 79 APPENDIX Appendix 1: Income statement in the period of 2008-2009- 2010 No Items Revenue from sales and 2010 2009 2008 service supply 107,898,673,303 72,383,458,875 55,685,034,556 Revenue deductions Net revenue from sales 5,335,098,361 and service supply 102,563,574,942 69,967,547,736 54,449,047,033 Cost price of goods sold Accumulated profit of 36,213,362,537 20,523,124,089 18,008,930,564 sales and service supply Revenue from financial 66,350,212,405 49,444,423,647 36,440,116,469 operation Expense for financial 2,684,196,324 3,340,997,366 operation - Including: loan - - - interest expense - - - 2,415,911,139 1,235,987,523 3,590,996,456 Expense for sales Expense for business 20,014,509,221 14,849,524,588 11,298,648,800 management Net profit from business 16,905,425,399 11,889,670,521 8,080,589,456 10 activities 32,114,474,109 26,046,225,904 20,651,874,669 11 Other incomes - - - 12 Other expenses - - - 13 Other profits Total pre-tax accounting - - - 14 profit Expense for Corporate 32,114,474,109 26,046,225,904 20,651,874,669 15 16 Income Tax Expense for deferred 8,648,144,116 6,567,326,350 - - 5,162,968,667 - 80 Corporate Income Tax After-tax profit of 17 Corporate Income Tax 18 Primary earnings per share 23,466,329,993 19,478,899,554 15,488,906,002 - - - (Source: FPT Services Company’s annual final report submitted to Hanoi Taxation Bureau ) 81 Appendix 2: BALANCE SHEET – in the period of 2008-2009-2010 No ITEMS 2010 2009 2008 (1) (2) (3) (4) (5) ASSETS A - SHORT-TERM 45,672,688,46 47,262,568,98 A ASSETS I Cash and cash 8,937,930,01 6,581,803,83 29,491,158,176 I equivalents 6,937,930,01 6,581,803,83 2,120,479,113 2,000,000,00 2,120,479,113 1 Cash 2 Cash equivalents II Short-term - II financial investments Short-term - - investment Provision for short - - term investment III reduction (*) III Short-term receivables Receivables from customers Advance to sellers Short-term internal 26,670,412,45 33,810,642,75 4,659,671,95 5,340,061,52 23,737,833,703 871,768,20 531,177,25 1,054,810,126 21,068,718,56 27,552,358,35 9,950,351 22,394,761,288 70,253,73 387,045,61 - 278,311,938 receivable Receivable under planned progress of construction contract Other receivables Provision for short- - - 82 term bad receivable (*) IV IV Inventory 8,995,530,23 6,133,902,43 8,995,530,23 6,133,902,43 3,632,845,360 3,632,845,360 Inventory Provision for inventory reduction (*) V Other short-term 1,068,815,75 736,219,96 V assets Short-term prepaid 659,870,91 736,219,96 expenses Deducted VAT Taxes and receivables of the State Other short-term assets B – LONG-TERM B ASSETS I- Long-term I receivables Long-term - - 408,944,84 - 3,606,669,60 3,723,632,95 - - 1,763,031,036 receivables from customers Operating capital of - - subsidiaries Long-term internal - - receivable Other long-term - - receivables Provision for long- - - term bad receivable (*) 3,099,801,06 3,502,944,77 II II Fixed assets Tangible fixed 2,414,963,05 2,826,158,69 1,481,968,967 1,259,929,203 83 assets 6,232,444,19 5,896,248,21 (3,817,481,14 (3,070,089,52 4,110,275,538 (2,850,346,335 1) - 4) - ) - - Historical price - Accumulative - depreciation value (*) Fixed assets leasing - Historical price - ccumulative - depreciation value (*) Intangible fixed 306,938,01 298,886,08 assets 786,258,33 664,025,65 222,039,764 (479,320,32 (365,139,56 510,599,081 (288,559,317 3) 8) ) 377,900,00 377,900,00 0 - - Historical price - ccumulative depreciation value (*) Expense for uncompleted basic construction III Investment real III - estate - Historical price - Accumulative - - - depreciation value (*) IV Long-term - - IV financial investments Investment in - - subsidiary Investment in - - associate and joint venture Other long-term - - investments Provision for - - reduction of long-term 84 financial investment(*) V Other long-term 506,868,54 220,688,17 V assets Long-term prepaid 227,168,54 220,688,17 281,062,069 expense Deferred Income 281,062,069 Tax assets Other long-term assets TOTAL ASSETS CAPITAL SOURCE A - PAYABLE A LIABILITIES I I Short-term liabilities Loans and Short- term liabilities 279,700,00 - 49,279,358,07 50,986,201,93 34,279,358,07 35,986,201,93 34,279,358,07 35,979,824,65 16,253,221,639 16,253,221,639 3,550,234,54 3,989,866,46 - 31,254,189,212 2 Payables to sellers Advance from 1,258,359,69 437,625,71 916,730,532 buyers Tax and payables to 5,560,018,58 1,238,945,24 185,045,033 State Payables to 2 964,912,525 employees 451,934,777 3,299,988,98 1,889,768,640 422,254,057 6 Payable expense 4,747,308,19 13,925,060,47 13,703,746,114 7 Internal payable Payable under - 121,256,60 33,611,31 60,533,378 planned progress of construction contract Other short-term 85 payables 10 Provision for short- 12,899,073,05 14,464,946,81 2,391,183,64 6,377,28 10 term payable 11 Reward and 11 welfare funds II Long-term II liabilities Long-term payable - to sellers Internal long-term - - payable Other long-term - - payables Loan and long-term - - liabilities Payable deferred - - income tax Provision for - - unemployment 967,573 6,377,28 allowance Provision for long- - 967,573 term payables Unrealized revenues Fund for science and - technology development 15,000,000,00 15,000,000,00 B B - EQUITY 15,000,000,00 15,000,000,00 15,000,000,000 I I Equity Investment capital of 15,000,000,00 15,000,000,00 15,000,000,000 the owner Share capital surplus Other capital of the 0 15,000,000,000 - - owner Stock in fund (*) - - - 86 Difference in reevaluation of assets Difference in foreign - - exchange Investment and - - development fund Financial provisions Other funds 10 Unappropriated - - 10 after-tax profits 11 Investment capital - - 11 for basic construction 12 Supporting fund for - - 12 enterprise organization II Other financing - - II resources and funds Financing resources Financing resources - - forming fixed assets TOTAL CAPITAL 49,279,358,07 50,986,201,93 SOURCE 31,254,189,212 (Source: FPT Services Company’s annual balance sheet submitted to Hanoi Taxation Bureau ) 87 ... – Griggs University; - ETC Center – Vietnam National University, Hanoi First of all, group of GaMBA-X0210 would like to say sincere thanks to the Training Program of M.A of International Business... Griggs University, ETC Center – Vietnam National University, Hanoi for joint organization of this MBA program We also wish to express our most sincere thanks to all the professors, doctors, lecturers... obtained from the course, the high solidarity and the tireless work of all members of Group - GaMBA - X0210, our group completed the assignments with collective wisdom, respect of personal opinions