(Luận văn HV chính sách và phát triển) solutions to improve the goods import process at phuc hung investment and trading joint stock company

ACADEMY OF POLICY AND DEVELOPMENT INTERNATIONAL SCHOOL OF ECONOMICS AND FINANCE GRADUATION THESIS Topic: “SOLUTIONS TO IMPROVE THE GOODS IMPORT PROCESS AT PHUC HUNG INVESTMENT AND TRADING JOINT STOCK COMPANY” Instructor: Pham Ngoc Tru, PhD Student: Nguyen Phuong Dung Student ID: 5073106005 Class: KTĐNCLC7A Hanoi, July 2020 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com ACADEMY OF POLICY AND DEVELOPMENT INTERNATIONAL SCHOOL OF ECONOMICS AND FINANCE GRADUATION THESIS Topic: “SOLUTIONS TO IMPROVE THE GOODS IMPORT PROCESS AT PHUC HUNG INVESTMENT AND TRADING JOINT STOCK COMPANY” Instructor: Pham Ngoc Tru, PhD Student: Nguyen Phuong Dung Student ID: 5073106005 Class: KTĐNCLC7A Hanoi, July 2020 i LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com DECLARATION I would like to assure the graduation thesis on the topic “Solutions to improve the goods import process at Phuc Hung Investment and Trading Joint Stock Company” is my individual research project with the enthusiastic guidance from Pham Ngoc Tru, PhD All data used in the analysis of this thesis and the results of the study are my own self-study and an objective analysis, honesty, of clear origin and have not been published in any form I accept full responsibility for any dishonesty in the information used in this research Hanoi, July 05, 2020 Author Nguyen Phuong Dung ii LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com CONTENTS DECLARATION ii LIST OF ACRONYMS v LIST OF TABLES AND FIGURES vi INTRODUCTION 1 Research motive Research objective and mission Research object and area Research methods Research structure Chapter OVERVIEW OF PROCESS OF IMPORTING GOODS 1.1 Import 1.2 Process of importing goods 12 1.3 Overview of the current situation of Vietnam’s import procedures 31 Chapter PROCESS OF IMPORTING GOODS AT PHUC HUNG INVESTMENT AND TRADING JOINT STOCK COMPANY 35 2.1 General introduction about Phuc Hung Investment and Trading Joint Stock Company 35 2.2 Business performance of the Company in recent years 37 2.3 Reality of the process of importing goods at Phuc Hung Investment and Trading Joint Stock Company 45 2.4 General assessment on the process of import of goods at Phuc Hung Investment and Trading Joint Stock Company 63 Chapter SOLUTIONS TO IMPROVE THE PROCESS OF IMPORTING GOODS AT PHUC HUNG INVESTMENT AND TRADING JOINT STOCK COMPANY 68 iii LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 3.1 Development orientation of the Company in the coming years 68 3.2 Solutions to improve the process of importing goods at the Company 69 CONCLUSION AND RECOMMENDATIONS 77 REFERENCES 82 iv LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com LIST OF ACRONYMS Acronyms English Vietnamese B/L Bill of Lading Vận đơn đường biển CAD Cash Against Documents Phương thức trao chứng từ trả tiền CFR Cost and Freight Tiền hàng cước phí CIF Cost, Insurance, Freight Tiền hàng, bảo hiểm, cước phí D/O Delivery Order Lệnh giao hàng FOB Free On Board Giao lên tàu L/C Letter of Credit Thư tín dụng PJICO Petrolimex Insurance Corporation Tổng Công ty Bảo hiểm PJICO TT Telegraphic Transfer Chuyển tiền điện VCCI Vietnam Chamber of Commerce and Industry Phòng Thương mại Công nghiệp Việt Nam VIETRANS The Foreign Trade Freight Forwarding and Warehousing., JSC Công ty Cổ phần Giao nhận Kho VIETFRACHT The Transport and Chartering Corporation Công ty cổ phần Vận tải Thuê tàu VIFFAS Vietnam Freight Forwarders Association Hiệp hội giao nhận kho vận Việt Nam WTO World Trade Organization Tổ chức Thương mại Thế giới vận Ngoại thương v LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com LIST OF TABLES AND FIGURES Table 1.1 Favorability in import transactions of ASEAN countries from June 2018 to June 2019 31 Table 1.2 Vietnam's cross-border trade transaction index from 2012 to 2019 32 Table 1.3 Average cost and time to carry out imports in Vietnam in 2019 33 Table 2.1 Structure of imported products 40 Table 2.2 General analysis of the number and value of import contracts from 2016 to 2019 42 Table 2.3 Some typical contracts are signed by fax machine 49 Table 2.4 L/C payment fee at Vietcombank 56 Table 2.5 Mistakes when carrying out Customs procedures in 2019 65 Figure 2.1 Total import turnover from 2016 to 2019 41 Figure 2.2 Import process of animal feed products at Phuc Hung JSC 45 Figure 3.1 Telegraphic Transfer flow chart 75 vi LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com INTRODUCTION Research motive Foreign trade activities play a very important role in the era of globalization, regional and international economic integration Participation in integration and expansion of international trade relations has become an indispensable trend of nations In particular, the issue of promoting foreign trade activities is one of the top priorities for many countries Imports allow the addition of products that cannot be produced domestically or inefficiently produced while exports help boost domestic production network and increase foreign exchange earnings Implementing this foreign trade activity well, each country can expand, dominate the regional market and reach the world market As Vietnam becomes an official member of WTO, the opportunities for trade with other countries in the world are increasing widely However, it also brings many challenges for Vietnam, how to promote all the benefits of the country, attract many foreign investors This has contributed to foreign trade activities much more developed Foreign trade activities are increasingly strong, contributing to improving the lives of people Therefore, it is imperative that the Government need to put forward appropriate foreign trade policies, contributing to promoting the socio-economic development In the process of industrialization - modernization of the country, our foreign trade policy focuses on the main objectives of boosting exports to meet the needs of industrialization - modernization and curbing inflation, increase state budget accumulation and improve people's lives Foreign trade has gradually become a modern socialist-oriented business activity, capable of integrating into regional and world markets To so, Vietnamese businesses need to build themselves a reputable brand and gain a firm position in the confidence of foreign partners In the current difficult economic period, thousands of enterprises close or suspend their operations every year because the issue of improving import LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com efficiency becomes more urgent This is the key to help businesses overcome difficulties In particular, completing the import process is a prerequisite to improve the efficiency of import activities The import process is counted from the time the ship arrives at the port of destination until cargo are brought into the enterprise’s warehouse During my internship at Phuc Hung Investment and Trading Joint Stock Company, having access to the process of importing goods, I felt the great influence of this process on the business performance of the company Therefore, I chose “Solutions to improve the goods import process at Phuc Hung Investment and Trading Joint Stock Company” as the graduation thesis topic Research objective and mission The objective of this thesis is to contribute ideas to help Phuc Hung Investment and Trading Joint Stock Company have more solutions to overcome the limitations of the import process The mission of the thesis research is to determine the situation in order to provide solutions to complete the import process at Phuc Hung Investment and Trading Joint Stock Company Research object and area Research object: Research topic on the process of importing goods Phuc Hung Investment and Trading Joint Stock Company Research area: + The research focuses on the import of Phuc Hung Investment and Trading Joint Stock Company + Research space: at Phuc Hung Investment and Trading Joint Stock Company + Research period: data is collected from 2016 to 2020 Research methods The research was conducted based on the application of theory, combining practical observations and using the Company's database Simultaneously LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com coordinate methods: qualitative analysis, statistics, comparison, synthesis, logical reasoning LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Chapter SOLUTIONS TO IMPROVE THE PROCESS OF IMPORTING GOODS AT PHUC HUNG INVESTMENT AND TRADING JOINT STOCK COMPANY 3.1 Development orientation of the Company in the coming years Phuc Hung Investment and Trading Joint Stock Company embarked on building and implementing its direction and development in the context of stable domestic and international economic situation Countries in the region have overcome the financial crisis in Southeast Asia Facing this situation, Phuc Hung will supplement the salary payment policy associated with the unit's revenues and fees, and have reasonable rewarding regulations to motivate and encourage people to contribute more to the whole company's revenue Facing new challenges in the face of direct market mechanisms, in the strong fluctuation of the organizational structure of the industry, Phuc Hung has set orientations: Expanding and developing the market, step by step restore and increase revenue, based on which to develop business power and improve the lives of employees in the Company Specifically, at the same time with promoting the implementation of entrusted import and export, the Company must conduct strong development of integrated business This is a strategic direction of the Company in the near future From the above orientation, the Company has set out its operation plan in 2020 which must meet the following targets: - Export 10.800.000 USD - Import 15.000.000 USD - Net revenue of the whole Company 12.000 million VNĐ - Profit 500 million VNĐ - Submit government budget 5.600 million VNĐ (Source: Report of business results of Phuc Hung JSC) In particular, for the import, Phuc Hung has shown the specific plan as follows: In 2020, it is necessary to step up domestic import and trading of animal 68 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com feed ingredients At the same time, entrusted importers must proactively conduct business of some necessary goods Consume all inventory, recover debts by clearing and directly claiming debts to ensure sufficient working capital In import activities, striving to quickly rotate the capital cycle, not letting the debt line last long Business services, big and small, are offered to collect in the overall turnover of the Company - The company needs to continue to promote training in foreign languages for employees to improve the qualifications of employees to promptly meet the requirements of Phuc Hung’s current development and afterwards - The company should continue to be invested, built and developed into a strong import-export trading company of the livestock industry, in order to best serve the development of the whole agriculture industry At the same time, promoting labor export and international training, developing joint ventures to link production investment with domestic and foreign enterprises Promote domestic business and multi-sector import and export business In general, entrusting import as well as importing proprietary goods from now on is very difficult, so it requires staff who works in importation to have professional skills and at the same time have to grasp the necessary needs on products, cattle feed ingredients, having good relations to serve customers in and outside the industry to import under the form of entrustment and import of proprietary goods On the other hand, there must be a reasonable reward mechanism to encourage timely mobilization of those who have made a lot of contribution to effective activities 3.2 Solutions to improve the process of importing goods at the Company 3.2.1 Improve professional qualifications for employees In the current conditions, when our country is strongly integrating with the regional and world economy, any company that wants to have good business results will also need qualified and experienced human resources and ability to respond to changes in job requirements That is especially important for companies with 69 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com international business activities in general and for Phuc Hung Company in particular Based on the current situation of the Company and the development orientation of the Company in the coming time, I suggest that the Company needs to have a plan and solution to recruit, train and allocate human resources for the business activities of the Company Due to limited research scope of the topic, I would like to offer some solutions on recruitment, training and labor arrangement for the Company in the field of import Firstly, the Company needs to have a separate room in charge of import activities; import-related tasks must be done in a specialized manner, avoiding the situation where an employee has to perform tasks that are too different With the development orientation of the Company as mentioned above, it is feasible to perform specialized duties for employees performing import-related operations in terms of both human and financial resources Secondly, the recruitment and training of employees for the Company’s import department must be conducted scientifically and methodically, and set specific criteria and requirements for employers In particular, Phuc Hung JSC needs to plan the recruitment of personnel for the import department, recruitment notice (in the recruitment notice stating the requirements that candidates need such as: professional qualifications in international trade activities, communication skills, etc.), receive records, conduct interviews and choose those who best meet the requirements of the import department During the 02-month probation period, the Company will coordinate to assign them to perform certain jobs related to import activities such as transactions via fax machines, procedures for receiving goods, completing customs procedures After the probationary period, those who meet the Company’s requirements, the Company shall agree and sign an official labor contract with them The management of employees must be carried out regularly, there should be schemes of reward and discipline as a way to encourage employees to promote their capacity and devote themselves to the Company’s business activities as well as limit their weaknesses 70 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 3.2.2 Expanding market research Based on the current business situation of the Company and the orientation of the Company in the near future, the Company is boosting imports from Chinese suppliers Therefore, Phuc Hung needs to take advantage when China is a member of ASEAN+3 (ASEAN, Japan, China, South Korea) to exploit information about the Chinese market from different sources such as newspapers, trade statistics, information from Vietnam Chamber of Commerce and Industry (VCCI) For the domestic market, Phuc Hung Company’s market information can be collected from sources such as: customers of the Company, information from the press, statistic documents of the General Statistics Office of Vietnam From the information gathered, Phuc Hung will appoint qualified and experienced analysts, and make decisions for the Company’s import and business activities 3.2.3 Enhancing the effectiveness of transactions, negotiation and signing contracts 3.2.3.1 Transactions and negotiation In order to achieve the best results in transactions, in addition to the direct method of transaction as the Company does, Phuc Hung needs to consider and expand the application of other trading methods such as: intermediary transactions, countertrade or trading at trade fairs In fact, every year, suppliers still participate in industrial fairs held in Vietnam or fairs held abroad Phuc Hung Company should also participate in these fairs to find new sources, on the one hand, signing new contracts and on the other hand, confirming its name and reputation By doing this, the Company’s supply source will be increasingly expanded, increasing the ability of the Company to choose the source of imported goods In import activities, transactions and negotiation are a must-have stages before signing a contract Because it is possible to sign a contract, the two sides need to reach an agreement on the basis of set goals It is important to research carefully and apply the basic principles in negotiating foreign trade contracts such as: the mutual benefits of both parties must be a top priority; negotiation must be 71 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com public and equal: the contract negotiator must be one who knows how to compromise, knows how to set up the plan and determines the right negotiation goals Furthermore, the Company must know based on the criteria to evaluate the success of the negotiated transactions that it has made, the most common standards are: the goal of negotiation (the answer is whether it is achieve or not), minimize the costs of negotiation and whether the intangible benefits of the negotiation are achieved or not A negotiation that wants to go to success ensures that the following requirements are met:  Requirements in the negotiation process: - The person conducting the negotiation should know the language used to negotiate because this will be flexible, improve the negotiation speed Currently, negotiations between the Company and foreign suppliers are conducted in English, which is a difficulty for the Company - When an interpreter is needed, this interpreter must also understand the negotiation to understand and translate the partner’s content and requirements - Each negotiation should be summarized by a memorandum This work is beneficial to getting to know our customers more thoroughly and for gaining experience even after the negotiation process - Before each negotiation process, the Company needs to set up a negotiation plan which clearly states the purpose of the negotiation, expected issues raised by the partner and how to resolve that issue - The signing of negotiation contract should be carried out in a timely manner When the conditions for signing a contract are not strict, not be eager to sign even though the negotiation time has been arranged, because it will be detrimental to the Company - In negotiation, the common strategy is to conceal your context, explore the opponent’s context, and the negotiation time must be considered depending on the negotiation  Requirements for negotiators: Phuc Hung needs to have a negotiator to meet the following requirements: 72 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com - Understand the information base to build a contract such as: information about goods; information about market prices; information about partners; information about domestic import and export management mechanism, especially at the time of negotiating transactions; information about transport conditions and other relevant information - Having knowledge related to international trade Specifically, animal feed products - Understand the products and financial situation of the Company - Ability to convince the opponent - The negotiating person must be calm, confident and competent to decide unexpected things happening in the negotiation The company should not have unnecessary pressure on participants in the negotiations before entering the negotiations There, the process of negotiating transactions before signing a contract is difficult, complicated and requires careful preparation both in terms of information, human resources, knowledge and art of negotiation In my opinion, for Phuc Hung Company, the training or recruiting qualified staff, understanding of transactions, signing foreign trade contracts are very important 3.2.3.2 The basis for determining the price to go to signing contracts In the process of signing import contracts, the Company usually imports goods at CIF Hai Phong Importing goods at this price prevents the Company from risks of goods caused by natural disasters, accidents, etc during the transportation process In contrast, it is limited that the goods at these prices are quite high, Phuc Hung does not take the initiative and it affects the competitiveness of the Company For the Company, in the immediate future should still apply the above price calculation But in the coming time, the Company should promote imports of goods at FOB prices At this price, the Company can buy goods at a cheaper price because the Company itself learns to hire ships or entrust the voyage to the most beneficial person to save costs for the Company In addition, the implementation of chartering, buying insurance will make the Company more proactive in the time of receipt of 73 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com goods, under the conditions of carriage and insurance However, applying the FOB price method will increase the risk for the Company on goods while transportation requires a large business capital, the sales staff must be experienced Completing the determination and pricing is an important stage in preparing, creating the basis for transactions, negotiation and contract signing 3.2.3.3 Signing contracts Contract signing is the act of officially certifying the agreements reached during the negotiation process The contract will determine the responsibilities and rights of each party when performing the contract Therefore, the contract of rights and obligations must be clearly defined However, in order for the contract signing of Phuc Hung Company to go smoothly and bring high benefits to the Company, the first thing the Company needs to is to gradually improve the level of staff in negotiation and signing foreign trade contracts Before going to sign any foreign trade contract, the Company also needs basic understanding about foreign trade contract such as the concept, characteristics, requirements and layout of a foreign trade contract The important thing is, the Company must have a firm grasp and flexible application of the content building of the contract, the terms and clauses of the contract such as: name clause, quality clause, quality clause, terms of delivery, terms of price, terms of payment, arbitration, provisions of claims, etc The contract must contain all the necessary terms to make a profit for the proper execution of the contract 3.2.4 Quickly complete import customs procedures The company must try to create favorable conditions for Customs to complete procedures quickly Specifically, the Company must prepare fully and accurately the Customs dossier when going to the Customs declaration; prepare all necessary expenses related to the implementation of Customs procedures; try within days to release the goods The company must send specialized staff of the Import Department to directly go through Customs procedures, not the current dual-duty model This employee must be authorized to solve the problems arising in the process of 74 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com carrying out Customs procedures, avoiding the situation of prolonging the time of delaying the goods release In the Customs declaration, employees of the Company's import department must make accurate and clear declarations of all items to avoid errors The application of tax codes and calculation of tax must be prudent and proceed to pay tax fully and on time as prescribed In addition, the Company needs to monitor and update the latest information on changes in the management of the General Department of Customs such as innovation in customs declaration and inspection Avoid passive and embarrassing situation, making it difficult for customs clearance of goods 3.2.5 Flexible application of payment methods As we know, the current major payment method of the Company is L/C irrevocable The company should research and apply other payment methods such as telegraphic transfer method, method of exchanging payment vouchers, deferred payment L/C Flexible application of international payment methods helps the Company to be more active in payment of imported goods Since then create trust for suppliers, improve business efficiency The following is the business process of telegraphic transfer for immediate or deferred payment, the Company may refer to: Exporter’s Bank (4) Importer’s Bank (3) (2) (5) Exporter (1) Importer Figure 3.1 Telegraphic Transfer flow chart (Source: Self-edited) 75 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Explain the process: (1): Importer receives goods and documents from exporter (2): The importer writes the remittance order to the importing bank, requesting the transfer of money to the exporter (3): After checking that the importer’s request is valid, the bank will deduct the importer’s account to transfer money, and at the same time send the debit and payment notice to the importer (4): The importing bank will transfer money (by mail or telegram) to export’s bank to pay the exporter (5): Export’s bank transfers money and sends a notice to the exporter 76 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com CONCLUSION AND RECOMMENDATIONS Conclusion The goods import activity plays an important role in the national economy, especially for our country, which is a developing country The objective of completing the business process of importing and exporting goods of import-export enterprises are also contributing to improving the efficiency of business activities of enterprises, helping enterprises become more and more stable in the fierce competition of market economy Phuc Hung Investment and Trading Joint Stock Company has a long experience in import-export business and is considered one of the most effective business members in the import market of animal feed products The Company always strives to promote all capabilities and resources to improve business activities, especially the business of importing goods Phuc Hung has implemented quite well the process of importing goods but still has some limitations such as the time of import and the cost is still high, going through many inspection stages, etc The reason for this is due to the lack of experienced staff and limited financial resources To solve the above-mentioned problems, Phuc Hung Company needs to the following solutions: (i) Improve professional qualifications for employees It is necessary to have qualified and experienced human resources and ability to respond to changes in job requirements (ii) Expanding market research This is an essential step because it decides the entire business activities of the Company From the information gathered, Phuc Hung will make decisions for the Company’s import and business activities (iii) Enhancing the effectiveness of transactions, negotiation and signing contracts In order to achieve the best results in trading, Phuc Hung needs to consider and expand the application of other trading methods, improve negotiation process and flexible in different payment methods 77 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Recommendations 2.1 For the Government Company is an entity in the economy, operating in a business environment that includes certain political, economic, social and laws of each country The company is strongly influenced by these macro-environmental factors, such as the legal environment If it is inconsistent and stable, it will directly impact (may be beneficial or harmful) to the Company to participate in import activities It is clear that import-export tax law will directly affect the competitiveness of enterprises that conduct import in price terms Those are factors that promote or inhibit the development of Phuc Hung Company in general and import activities in particular The following are some recommendations to the State to facilitate an efficient import of materials and animal feed products 2.1.1 Policy on foreign economic The State’s foreign economic policy should continue to expand and strengthen in the direction of multilateralization and diversification of relations In terms of economy, the State should properly determine the world market areas beneficial to Vietnam’s economy in order to have an approach from the State, creating a stepping stone for state enterprises The close relationship between the two states will create favorable conditions for enterprises of the two countries to exchange and take advantage of each other to develop in a favorable trade environment based on mutual benefits between the two sides 2.1.2 Policy on exchange rates The Government’s exchange rate policy is directly related to the increase or decrease of the Company’s imports If the company imports foreign currencies to the bank, it will suffer losses, because bank’s buying rate is often lower than the market price, and if the company wants to buy back, it must buy at a higher price than market price As a result, many businesses sell foreign currencies to other businesses or look for imported goods that have a high price difference to import To overcome this situation, the state needs to manage foreign currencies in 78 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com accordance with a foreign exchange rate that is relatively close to the market, the difference between the buying and selling prices is minimum At the same time, the State needs to set aside some foreign currencies to lend to foreign commercial banks to make business capital and adjust the market rate stably and non-mutually by forcing units to pay via banks, avoiding the situation of foreign currency reserve of buying and selling together 2.1.3 Support import enterprises Capital support for importing enterprises in general and importers of cattle feed products in particular Currently, there is a fact that many enterprises, due to lack of capital, have been limited in business, while in banks there is a situation of capital stagnation because it is difficult for businesses to meet the requirements on collaterals, loan procedures, etc so it is difficult to access this capital In the coming time, the State should propose measures to encourage banks to lend to companies to carry out import activities The State should also abolish the regulation of restricting credit limits for commercial banks to encourage import In terms of banks, the Government needs to revise the regulations on collateral so that it plays a role as a condition to ensure loan safety rather than as a base between banks and businesses At the same time, the government needs to direct banks to provide guarantees so that businesses can borrow large sums of money from international credit institutions at preferential interest rates or from manufacturers in overseas in the form of deferred payment L/C Promote trade promotion and provide information about the world commodity market for enterprises operating in the field of import business Therefore, it is necessary to organize well market information for businesses and take an important role in the success or failure of enterprises Currently in our country, information about the market is still very little and slow, the level of accuracy is not high, so it has greatly affected the import activities of enterprises In the future, the State as well as the Ministries and related branches should pay attention to the research, surveys and forecasts of the world market At the same 79 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com time, creating good conditions for enterprises to have the opportunity to explore the market 80 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 2.1.4 Market management In recent years, the market management stage is still more lax, the phenomenon of fake goods and smuggling tends to increase, causing great adversities for businesses doing business in accordance with the law Therefore, the State must take firm measures in managing the market, paving the way for building a stable and healthy economic environment, creating equality of competition among units The State needs to reorganize the system of state management agencies because in recent years, these agencies have not operated effectively, have not clearly defined the specific functions and tasks of each agency In order to overcome this situation, in the coming future, the State needs to complete the law on administrative organization which clearly defines the functions and powers of each agency, arranges the organization in a streamlined and effective manner, overcomes administrative bureaucracy 2.2 For the Customs In order to serve business activities of enterprises of all economic sectors, the Customs sector, one of the agencies directly related to the external economy, needs to step up the reform of administrative procedures in customs activities, reduce troubles and complexity to promote import and export activities The Customs sector needs to publicize all Customs procedures and policies related to the clearance of import and export goods to help businesses strictly abide by the law In order to quickly complete customs procedures for imported goods, shorten inspection time, Customs offices should provide and modernize modern working equipment for staff such as scanners, computers and software on tax codes Customs authorities need more knowledgeable people about imported feed ingredients to reduce time-consuming procedures for businesses 81 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com REFERENCES Bộ Tài (2018) Thơng tư quy định xác định xuất xứ hàng hóa xuất khẩu, nhập Thư viện Pháp luật Chính Phủ (2018) Nghị định 69/2018/NĐ-CP quy định chi tiết số điều Luật Quản lý ngoại thương Luật Việt Nam Dezan Shira (2019) Customs Procedures in Vietnam: Documentation and Processing Vietnam Briefing John J Capela (2019) Global Negotiations in the Import/Export Business Dummies Kimberly Amadeo (2020) Imports and How They Affect the Economy The Balance Lawyer VN (2019) Conditions and procedures for import of feed ingredients and feed in Vietnam Lawyervn.net Mai Thi Le (2020) New Regulations on Animal Feed and Aquafeed in Vietnam Tilleke & Gibbins PGS TS Trịnh Thị Thu Hương (2019) Một số tiêu chí đánh giá hoạt động giao dịch thương mại quốc tế thủ tục Hải quan giới thực tiễn Việt Nam Thế Giới Luật PJICO (2019) Bảo hiểm hàng hóa xuất – nhập Petrolimex Insurance Corporation Retrieved from PJICO Insurance 10 State Law (2014) Regulations on Animal and Plant Quarantine Vietnam Trade Promotion Agency 11 The National Assembly (2017) Law On Foreign Trade Management Legal Normative Documents 12 TransferWise (2018) How to a TT payment: Step by step TransferWise 13 VCCI (2019) Bộ Tài đề xuất giảm thuế nhập số mặt hàng nông sản Bộ Tài 82 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com ... of import of goods at Phuc Hung Investment and Trading Joint Stock Company 63 Chapter SOLUTIONS TO IMPROVE THE PROCESS OF IMPORTING GOODS AT PHUC HUNG INVESTMENT AND TRADING JOINT STOCK COMPANY. .. goods at Phuc Hung Investment and Trading Joint Stock Company  Chapter Solutions to improve the process of importing goods at Phuc Hung Investment and Trading Joint Stock Company LUAN VAN CHAT LUONG... this process on the business performance of the company Therefore, I chose ? ?Solutions to improve the goods import process at Phuc Hung Investment and Trading Joint Stock Company? ?? as the graduation