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VIETNAM GENERAL CONFIDERATION OF LABOUR TON DUC THANG UNIVERSITY DEPARTMENT OF BUSINESS ADMINISTRATION SOLUTIONS TO ENHANCE THE EFFICIENCY OF IMPORT ACTIVITIES AT TAM DUONG TRADING AND TECHNOLOGY SERVICE COMPANY LIMITED Thesis submitted as a requirement for the degree Bachelor of Business Administration Supervisor: MBA PHAM THI NGOC BICH Student: DINH QUANG HUY Student ID: 70900327 Intake: 2009 - 2013 HO CHI MINH CITY, July, 2013 VIETNAM GENERAL CONFIDERATION OF LABOUR TON DUC THANG UNIVERSITY DEPARTMENT OF BUSINESS ADMINISTRATION SOLUTIONS TO ENHANCE THE EFFICIENCY OF IMPORT ACTIVITIES AT TAM DUONG TRADING AND TECHNOLOGY SERVICE COMPANY LIMITED Thesis submitted as a requirement for the degree Bachelor of Business Administration Supervisor: MBA PHAM THI NGOC BICH Student: DINH QUANG HUY Student ID: 70900327 Intake: 2009 - 2013 HO CHI MINH CITY, July, 2013 ACKNOWLEDGEMENTS I would like to send my first thank-you to all lecturers of Ton Duc Thang University who give me an opportunity to access to real business operation through my internship Especially, I gratefully would like to appreciate Miss Pham Thi Ngoc Bich who directly gives instruction and supports me at the same time, shares the difficulties and supplies useful knowledge for me I would like to express my gratitude for her patience, enthusiasm, devotion that encourage me to complete my thesis Secondly, I am really grateful to employees of Tam Duong Trading and Technology Service Company Limited who create good conditions for me to get an internship at the company All of the employees took interest in me as well as assisted me during the internship Everyone in the company gave me a chance to get access to real activities in business and willingly provides me with the materials and information serving for my thesis Thank to all of the assistances above, they are important parts to contribute to complete my thesis Due to the limitation in the time of internship and abundant knowledge, my thesis certainly has shortcomings more or less I hope to acquire the precious remarks from all lecturers and the company I wish the lecturers health and success and I hope the company stable development and prosperity Student Đinh Quang Huy COMMENTS OF SUPERVISOR Student: Đinh Quang Huy Class: 09070101 Student ID: 70900327 Intake: 13 …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… ……., July, 2013 Signature COMMENTS OF EXAMINER Student: Đinh Quang Huy Class: 09070101 Student ID: 70900327 Intake: 13 …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… …………………………………………… ………………………………………… ……., July, 2013 Signature ABSTRACTS Import is one of most important elelements in international trade It contributes to create conditions for countries all over the world to exchange goods, services, customs, culture, precious value, etc Moreover, import helps to enhance living standard of people owing to the best quality products that are exchanged between countries This research focuses on the issues and solutions to enhance the efficiency of import activities at Tam Duong Trading and Technology Service Company Limited To begin with, all the issues relating to import are mentioned in the literature review Furthermore, the current status of the company is reflected from the analysis of business results and the activities the company is operating Especially, by combining the theory composed from famous authors, the current performance of the company and its advantages and disadvantages, solutions are given as references for the company to enhance its operation Moreover, some recommendations are given to the Government to reform its policies and future orientation Table of Contents ACKNOWLEDGEMENTS LIST OF ABBREVIATION LIST OF TABLES LIST OF FIGURES CHAPTER I: INTRODUCTION 1.1 Introduction 1.2 Rationale 1.3 Research objectives 1.4 Research methodology .2 1.5 Data collection method 1.6 Research structure 1.7 Research arrangement CHAPTER 2: LITERATURE REVIEW 2.1 Concepts of import 2.2 Types of import 2.3 Functions of import 2.4 Roles of import 2.5 Import activities .10 2.5.1 Determining customers‟ requirements 10 2.5.2 Selecting resources of supply 11 2.5.2.1 Modalities of import transaction selection 11 2.5.2.2 Import contract signing .13 2.5.3 Preparing for import 16 2.5.4 Scheduling for trade or use 23 2.6 Factors affecting the performances of import enterprises .24 2.6.1 External factors 25 2.6.1.1 Political/legal factor 25 2.6.1.2 Economic factors 26 2.6.1.3 Social and cultural factors 26 2.6.1.4 Technological factors 27 2.6.1.5 Natural resources 27 2.6.2 Internal factors 27 2.6.2.1 Management system and administrative structure 27 2.6.2.2 Human factor 28 2.6.2.3 Marketing activities 28 2.6.2.4 Business network 28 2.6.2.5 Customer service 29 2.6.2.6 Infrastructure and facility 29 2.6.2.7 Financial factor 29 CHAPTER 3: CURRENT IMPORT ACTIVITIES AT TAM DUONG TRADING AND TECHNOLOGY SERVICE COMPANY LIMITED 30 3.1 The profile of Tam Duong Trading and Technology Service Company Limited 30 3.1.1 The history of the company‟s establishment .30 3.1.2 The Process of the company‟s development .31 3.1.3 The company‟s functions 32 3.1.4 The company‟s liabilities 33 3.1.5 Business area .34 3.1.6 Import revenue by products .36 3.2 Organizational structure of the company .38 3.2.1 Organizational structure 38 3.2.2 The functions and responsibilities of Departments 39 3.2.2.1 Director .39 3.2.2.2 Vice Director .39 3.2.2.3 Business Department 40 3.2.2.4 Financial Department 40 3.2.2.5 Technical Department 41 3.3 Overview of the company‟s business operation .42 3.3.1 The company revenue, profit and market 42 3.3.2 The company‟s financial status 44 3.3.3 The company‟s markets 46 3.4 Analysing import activities at Tam Duong Trading and Technology Service Company Limited 46 3.4.1 Researching the market and seeking customers 47 3.4.2 Selecting supply sources 48 3.4.2.1 Contract negotiation 48 3.4.2.2 Signing contract 49 3.4.3 Implementing import procedures 51 3.4.3.1 Booking ship .51 3.4.3.2 Buying insurance 51 3.4.3.3 Receiving arrival note 52 3.4.3.4 Receiving delivery order (D/O) 52 3.4.3.5 Registering customs declaration 53 3.4.3.6 Inspecting cargo 58 3.4.3.7 Checking, Determining price, taxes and paying taxes 59 3.4.3.8 Receiving cargo 60 3.4.4 Preparing for payment .61 3.4.4.1 Settling payment with foreign supplier .61 3.4.4.2 Settling payment with domestic customers 62 3.4.5 Delivering goods to local customers 63 3.4.6 Handling claims 63 3.5 Advantages and Disadvantages of Tam Duong TTS Co, Ltd 64 3.5.1 Advantages 64 3.5.2 Disadvantages 64 3.5.3 Competitive ability 65 CHAPTER 4: SOLUTIONS TO ENHANCE THE EFFICIENCY OF IMPORT ACTIVITIES AT TAM DUONG TRADING AND TECHNOLOGY SERVICE COMPANY LIMITED 67 4.1 The business orientation of the company 67 4.2 SWOT Analysis .68 4.3 Solutions for enhancing import activities at Tam Duong Trading and Technology Service Company Limited 70 4.3.1 Intensifying marketing activities .70 4.3.2 Incessant training and having benefit policies for human resource 73 4.3.3 Enhancing customer service policies 75 4.3.4 Improving distribution activities .76 4.3.5 Diversifying supply sources 77 4.3.6 Increasing the company‟s financial sources 78 4.3.7 Putting forward efficient competitive plans 78 4.3.8 Recommendations for the Authorities .79 4.3.8.1 Customs Bureau 79 4.3.8.2 Human resource development 80 4.3.8.3 Improving the legal system, simplifying administrative procedures 80 CONCLUSION REFERENCES APPENDICES 75 employees, they will make special effort to contribute their strength and ability to serve the company faithfully 4.3.3 Enhancing customer service policies Customer service is one of the best way to keep the close relationship with customers This is the provision of service to customers before, after and during a purchase According to Turban et al.(2002), customer service is a series of activities designed to enhance the level of customer satisfaction – the feeling that a product or service has met the customer expectation According to the current status of Tam Duong TTS Co, Ltd, its customer service is not strong enough Specifically, the company has never made survey to learn about its customer satisfaction Customer network is not broad enough and not concentrated Although the company makes customer classification, comprehensive method is not used It means that there are not specific employees or department to take care of this task Only when the company has a clear classification on customers, it will have appropriate pricing and promotion policies for each category of customer Owing to this, customers really feel satisfied and willing to continually cooperate with the company in next contracts To improve the customer service of the company, some following solutions are proposed The company should periodically conduct customer survey on customer‟s satisfaction to refer to whether the customers are satisfied with the company or not Because a customer survey will help the company to pin down its customers‟ like, dislike and the area of improvement that exists Depending on the company‟s goal or what‟s exact it is trying to find out or improve, here are a few common areas addressing with customer satisfaction survey: product/service performance, customer feedback, new product development, customer loyalty, keeping in touch, market research, establish performance goals, management reporting… Widen the company‟s customer network, the company specifically should take part in many domestic business activities to make relationship with enterprises Besides, it can take advantage of former customers to ask them to introduce new 76 customers to the company Besides, the company should proactively organize periodical meetings with customers to listen to their contribution through face to face discussion The company needs to classify customers into the current status of relationship Base on this, appropriate policies about price and promotion will be put forward For example, for those customers who have close and long relationship with the company, discount on the contract may be applied to satisfy them For those who begin to business with company, promotion is a good way to keep them Customer satisfaction is very crucial for the development and survival of a company, so the company needs to have suitable strategies of price, promotion, distribution, and product for each kind of customer to meet all customers‟ requirements 4.3.4 Improving distribution activities Product distribution is a way to bring the company‟s products to customers It is one of the key roles in the company‟s marketing strategy because of its role in “4P” it helps the company to expand its reach to penetrate the market The more effective distribution channel operates, the easier the company‟s products access to customers‟ perception Currently, Tam Duong TTS Co, Ltd has only one agent in Ho Chi Minh city It does not have any area sale in provinces, there is no clear job assignment for each area or kind of customer, plus the company does not have a website These hinder the customers‟ perception to the company Because they cannot access to the company‟s products and refer to the company‟s information Actually, the company‟s credibility is not still created and the company‟s professionalism is not really persuasive Therefore, in order to improve the company‟s distribution activities, some solutions herein are proposed: Expand distribution channel to provinces, the company should have a representative office in each province aimed, so customers have chances to refer to the company‟s products and its reputation 77 Follow up customer demand To this, the company should have employees to classify and call, email to customers to ask for their demand in the present as well as in the future Restructure the human resource The company should have specific group of employees to take responsibility for each specific task For example, specific employees are in charge of certain customers, understanding between customers and the company will be improved Thank to this, the company can follow up customers‟ demand easily Get access to direct channel (Internet): selling through the company‟s ecommerce website Nowadays, e-commerce website is one of the most efficient and convenient tools to introduce as well as sell products online Customers are able to get access to the internet and buy what they want This is a fast way to purchase products as well as settle payment that is often applied by money transfer 4.3.5 Diversifying supply sources Supply diversification is necessary for an enterprise to avoid risks from force majeure This also helps the company to have many choices for the quality of goods, appropriate price and relative comparison to bring the most profits Currently, most of suppliers of Tam Duong mainly come from Japan, it is also the exclusive distributor for those suppliers Therefore, to avoid risks and get more benefits, the company actively needs to seek for more suppliers that give more advantages to the company As we know that Japan is a country with many disasters that occurs yearly, so apart from suppliers from Japan, Tam Duong TTS Co, Ltd should expand its business to seek suppliers from other countries beyond Japan that can provide cheaper products that are suitable with Vietnam enterprises Thank to this, the company‟s competitive capacity can be enhanced to compete with other enterprises Moreover, the company can diversify its products, products‟ brand name, price, products‟ function…this helps customers to have more choices when purchasing products from the company 78 4.3.6 Increasing the company’s financial sources To take advantage of the capital to invest in more projects as well as strategies to improve the company‟s business operation and internal environment The company should increase its financial sources through liabilities Currently, Tam Duong TTS Co, Ltd mainly relies on its own capital This is a really limitation for the company to compete with others competitors Once a company is limited in finance, it cannot expand its investment projects and its organizational structure so it is necessary for the company to intensify its finance through external finance sources like liabilities 4.3.7 Putting forward efficient competitive plans Today, competitiveness is a factor mainly concerned by every enterprise because a company cannot exist in a market if it is inferior in every aspect of production and services There are so many enterprises in the same industry with different scale and system, so survival in the competitive environment is a crucial issue for an enterprise to think and make special effort to have appropriate method against its competitors Currently, Tam Duong TTS Co, Ltd is considered as an exclusive distributor for some kinds of products such as: Tadano crane, Sumitomo…but the company still does not operate strongly enough Nowadays there are so many enterprises trading the same industry with Tam Duong, most of their products come from China, Taiwan … with cheaper price, but not good quality However, most of enterprises in Vietnam is small and medium, they just has enough capacity to buy these cheap kinds of products Therefore, Tam Duong has difficulty in competing with them Currently, the company still does not have any employees or department to research competitors in the market Besides, it does not have any competitive plan to attract customers and protect itself from the attack of competitors Thus, hereafter are some following solutions for the company to improve this situation: Employees are energetic with creativity Now is the time to get creative and use unconventional marketing methods to distinguish the company‟s business from the 79 competition A unique marketing campaign attracts more attention and lands more sales Also, look for some new untapped market, the company may uncover a niche market the company can dominate with little or no competition Providing outstanding customer service by going the extra mile to provide good service, the company can outlast the competition People like to come back to the company where they feel comfortable and where they feel the company truly cares about their wants and needs Competitive analysis should be made by keeping track of any plans that the competitors implements in past, presence or future, so the company has appropriate solutions to compete with them Besides, the company can understand their advantages, disadvantages Moreover, the company can forecast the returns that may be made from future investments, e.g how will the competitors respond to a new product or pricing strategy 4.3.8 Recommendations for the Authorities Here are some recommendations for the Government and Organization to promote import activities in Vietnam 4.3.8.1 Customs Bureau The customs decrees and circulars should not frequently change The customs Bureau should create conditions for enterprises to implement customs procedure easily and quickly but accurately Besides, customs should Improve the website and update latest information for enterprises to look up what they needs The website should be designed appropriately, easy to use and friendly to users Continually training for customs officers, so they can have goods qualifications to understand all the things relating to procedures, tariffs… Have supervisors who take responsibilities for examining the operation of customs officers to guarantee the accuracy and transparency in their jobs, let no embezzlement happen under any circumstances 80 4.3.8.2 Human resource development To meet the requirement of high quality of workforce in Vietnam to serve for import activities, the Government should expand the career of foreign trade in universities and colleges Intensifying to cooperate and exchange with foreign enterprises Thank to this, more investment and more business with them carried out in Vietnam, students have opportunities to get internships in those companies to acquire more knowledge, skills and their English competence, so the quality of Vietnam student will be ensure after graduation to meet the strict requirements of enterprises Organize competitions to find talent students who will be sponsored to go abroad for study and serve for country‟s benefit when they come back 4.3.8.3 Improving the legal system, simplifying administrative procedures Vietnam legal system is not really improved and logical for foreign enterprises to come to business with local ones Therefore, the Government needs to utilize all talent human sources to compose complete laws on investment, tariffs, insurance, transportation…all terms in a law need to be transparent and easy to understand, this helps to solve disputes between enterprises easily Besides, Vietnam administrative procedure is currently quite complicated It takes time for enterprises to its duties relating to administration The procedures that are not necessary should be eliminated that can prevent corrupt behaviour can be occurred in this system CONCLUSION Import is nowadays playing a vital part in international commerce It demonstrates the indispensable relation and connection between different economies of countries and the world trade Import not only supplements commodities that domestic cannot produce but also alternates commodities that not bring more benefits than import Through import, there are more jobs created for abundant workforce in Vietnam, simultaneously helps Vietnam enterprises acquire more knowledge, experience and precious tactics to business with foreign companies Moreover, thank to import, it intensifies the cordial collaboration on co-operative and friendly spirit between countries in the same area and more widely all over the world As the main business area, Tam Duong Trading and Technology Service Company Limited is step by step affirming its important position in providing exclusive series of industrial products through import Base on the extremely close relationship with Japan suppliers, the company easily accesses to other industries to expand its import activities With the advantage of exclusive distributors for Japan top leading production companies, Tam Duong is step by step building its steady position in Vietnam market specially providing modern series of industrial machines and other commodities serving for other industries Along with advantages, there are also limitations existing Therefore, to support for the stable development, the company needs to upgrade its structure and employees, intensify marketing and competitive strategies, take advantage of all financial sources to increase investment and improve its organizational frame Once co-ordinating all factors above, Tam Duong TTS Co, Ltd will quickly achieve its long-term targets and considerably compete with all competitors in fierce international market During my process of internship at Tam Duong TTS Co, Ltd, with the help of import-export‟s employees, also along with the devoted and enthusiastic assistance of Miss Pham Thi Ngoc Bich, I have acquired plenty of useful knowledge and precious experience serving for myself in the future job as well as for this thesis However, due to the limited time of internship, my subjective remarks, limited real access to business operation and penetrating knowledge, my internship report cannot cover all the aspects of importing activities at the company I actually hope to receive precious advices from all lecturers and friends to accomplish this thesis better REFERENCES Annual financial report from 2010 to 2012 Source: Business operation result report – Financial department – Tam Duong TTS Co, Ltd PhD Doan Thi Hong Van (2007), Foreign Trade Technique, Social Labour Publisher The prospectus of Tam Duong TTS Co, Ltd Online resources: The definition of import, available at: http://en.wikipedia.org/wiki/Import The functions, roles and types of import, available at: http://www.doko.vn/luan-van/khai-niem-phan-loai-va-vai-tro-cua-kinh-doanh-nhapkhau-doi-voi-nen-kinh-te-quoc-dan-75371 Contract and its terms, available at: http://www.alphainternationaltrade.com/en/methods/international-salescontract https://en.wikipedia.org/wiki/Contract Transport insurance for international trade, available at: https://www.gov.uk/transport-insurance-for-international-trade International payment methods, available at: http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTARD/0,,contentMD K:20440913~pagePK:210058~piPK:210062~theSitePK:336682,00.html Incoterms, available at: http://logistics.about.com/od/legalandgovernment/a/Incoterms.htm Full import process, available at: http://xuatnhapkhauvietnam.com/quy-trinh-day-du-de-nhap-khau-hang-hoa.html Factors affecting the performances of import activities, available at: http://old.voer.edu.vn/module/kinh-te/cac-nhan-to-anh-huong-den-hieu-qua-xuatnhap-khau.html Appendix No.1 APPENDICES Appendix No.2 Appendix No.3 Appendix No.4 Appendix No.5 Appendix No.6 ... and I hope the company stable development and prosperity Student Đinh Quang Huy COMMENTS OF SUPERVISOR Student: Đinh Quang Huy Class: 09070101 Student ID: 70900327 Intake: 13 ……………………………………………... degree Bachelor of Business Administration Supervisor: MBA PHAM THI NGOC BICH Student: DINH QUANG HUY Student ID: 70900327 Intake: 2009 - 2013 HO CHI MINH CITY, July, 2013 ACKNOWLEDGEMENTS I... …………………………………………… ………………………………………… ……., July, 2013 Signature COMMENTS OF EXAMINER Student: Đinh Quang Huy Class: 09070101 Student ID: 70900327 Intake: 13 …………………………………………… ………………………………………… ……………………………………………
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