(Luận văn) mediating effect of strategic management accounting practices in the relationship between intellectual capital and corporate performance evidence from vietnam

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS, HO CHI MINH CITY t to ng hi ep w n lo ad TRINH HIEP THIEN ju y th yi pl n ua al Mediating effect of strategic va n management accounting practices in ll fu oi m the relationship between intellectual at nh z capital and corporate performance z ht vb k jm Evidence from Vietnam om l.c gm n va Doctor of Philosophy in Accounting an Lu A dissertation submitted for the Degree of ey t re May 2019 MEDIATING EFFECT OF STRATEGIC MANAGEMENT t to ACCOUNTING PRACTICES IN THE RELATIONSHIP BETWEEN ng hi INTELLECTUAL CAPITAL AND CORPORATE PERFORMANCE ep EVIDENCE FROM VIETNAM w n lo ad ju y th yi Trinh Hiep Thien pl n ua al MPAcc (University of Sydney), MBA (UEH), BBus (UEH), ACMA, CGMA n va ll fu m oi A dissertation submitted for the Degree of at nh Doctor of Philosophy in Accounting z z k jm ht vb Code: 9.34.03.01 n va Dr Le Dinh Truc an Lu Dr Doan Ngoc Que om l.c gm Academic Supervisors: ey t re University of Economics, Ho Chi Minh City May 2019 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS, HO CHI MINH CITY t to Submitted to School of UEH Graduate ng hi Mediating effect of strategic management accounting practices in the relationship between intellectual capital and corporate performance – Evidence from Vietnam ep Title of dissertation: w n Trinh Hiep Thien lo Author: ad y th Academic Supervisor: Dr Doan Ngoc Que ju Dr Le Dinh Truc yi Date of Final Defense: pl Read and Approved by n Jury Composition ua al Final Defense Committee: n ll fu First discussant va _ z z vb ht _ at Third discussant nh _ oi Second discussant m _ k gm _ jm Member om _ l.c Member Secretary an Lu _ Date _ Date _ Dean of the School of Accounting _ Dean of the School of UEH Graduate ey _ t re Accepted by the School and the University in partially fulfillment of the requirements for the degree of Doctor of Philosophy in Accounting n va Defense Committee Chairperson STATEMENT OF AUTHENTICATION The work described in this dissertation is original based on raw data collected by me, t to except where due acknowledgement is made in the text ng hi I hereby declare that this material has not previously submitted, either in full or in ep part, for a degree at this or any other institution w n lo ad Ho Chi Minh City, May 31st, 2019 ju y th yi pl n ua al n va TRINH HIEP THIEN ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re TABLE OF CONTENTS Page t to LIST OF TABLES I ng LIST OF FIGURES II hi ep LIST OF ABBREVIATIONS III w ABSTRACT IV n lo INTRODUCTION ad y th Background ju Research questions and research objectives yi pl Research object and research scope .4 al n ua Methodology .5 va Outline of the dissertation n CHAPTER 1: LITERATURE REVIEW ll fu oi m 1.1 Review of international studies of intellectual capital nh 1.1.1 Stages in developing intellectual capital as a research field .8 at 1.1.2 Research trends on intellectual capital in the accounting discipline 10 z z 1.1.3 Research methods used to study intellectual capital 14 vb jm ht 1.1.4 Review of studies investigating the relationship between intellectual capital k and corporate performance 16 gm 1.2 Review of international studies of strategic management accounting 18 l.c 1.2.1 Research on conceptualizing strategic management accounting 18 om 1.2.2 Research on strategic management accounting techniques 20 an Lu 1.2.3 Research on the relationship between environment, strategy choice and n va strategic management accounting practices 22 accounting practices and corporate performance 24 1.3 Review of studies of intellectual capital and strategic management accounting in Vietnam 25 ey 1.2.5 Review of studies investigating the relationship between strategic management t re 1.2.4 Research on strategic management accounting process 22 1.3.1 Vietnamese context 25 1.3.2 Research on intellectual capital in Vietnam 27 1.3.3 Research on strategic management accounting in Vietnam .28 t to ng 1.4 Research gaps 30 hi ep 1.4.1 Lack of studies concerning performance implication of intellectual capital in association with the mediating role of SMA practices .30 w n 1.4.2 Lack of empirical research concerning the relationship between intellectual lo ad capital and each group of SMA practices 31 ju y th 1.4.3 Lack of Vietnamese empirical studies on intellectual capital and SMA practices .31 yi pl SUMMARY OF CHAPTER .33 THE CONCEPTS AND INTELLECTUAL CAPITAL n ua 2: al CHAPTER n va MEASUREMENT MODELS 34 ll fu 2.1 Definition of intellectual capital 34 oi m 2.2 Components of intellectual capital 37 at nh 2.2.1 Human capital 37 2.2.2 Structural capital .38 z z ht vb 2.2.3 Relational capital .39 jm 2.3 Definition of corporate performance .41 k 2.4 Determinants of strategic management accounting practices 43 gm l.c 2.5 Intellectual capital measurement models 46 3: THEORETICAL FRAMEWORK AND HYPOTHESES an Lu CHAPTER om SUMMARY OF CHAPTER .49 DEVELOPMENT 50 other (H1) .51 3.1.2 Intellectual capital impacts on SMA practices (H2) 52 3.1.2.1 Underlying theoretical framework 52 ey 3.1.1 Human capital, structural capital and relational capital reciprocally affect each t re between intellectual capital and corporate performance 50 n va 3.1 Mediating effect of strategic management accounting practices in the relationship 3.1.2.2 Hypotheses development (H2) 54 3.1.3 Intellectual capital impacts on corporate performance (H3) .56 3.1.3.1 Underlying theoretical framework 56 t to ng 3.1.3.2 Hypotheses development (H3) 57 hi ep 3.1.4 SMA practices impact on corporate performance (H4) 59 3.1.4.1 Underlying theoretical framework 59 w n 3.1.4.2 Hypothesis development (H4) .60 lo ad 3.1.5 The mediating role of strategic management accounting practices in the y th relationship between intellectual capital and corporate performance (H5) 62 ju yi 3.2 Associations between intellectual capital components and each group of strategic pl management accounting practices 64 ua al 3.2.1 Underlying theoretical framework 65 n n va 3.2.2 Hypotheses development (H6) 66 ll fu 3.3 Summary of the correlations in the two research models .68 m oi SUMMARY OF CHAPTER .71 at nh CHAPTER 4: RESEARCH METHODOLOGY 72 z 4.1 Selection of an appropriate regression approach .72 z ht vb 4.2 Research process .73 k jm 4.2.1 Evaluation of reflective measurement scales 75 gm 4.2.2 Evaluation of formative measurement scales 77 l.c 4.2.3 Evaluation of the fitness of structural model 78 om 4.2.4 Evaluation of the significance and the stability of path coefficients 79 an Lu 4.3 Unit of analysis and sample size .80 4.3.2 Sample size .81 4.4.1.1 Operationalization of value added (VA) 84 4.4.1.2 Operationalization of human capital efficiency (HCE) 85 ey 4.4.1 Measures of each component of intellectual capital 83 t re 4.4 Variables measurement 83 n va 4.3.1 Unit of analysis and informants 80 4.4.1.3 Operationalization of structural capital efficiency (SCE) 85 4.4.1.4 Operationalization of relational capital efficiency (RCE) 91 4.4.2 Measures of the variables of strategic management accounting practices .91 t to ng 4.4.3 Measures of the variables of corporate performance 92 hi ep 4.4.4 Measures of control variables 94 SUMMARY OF CHAPTER .96 w n CHAPTER 5: SAMPLE CHARACTERISTICS AND MEASUREMENT SCALES lo ad ASSESSMENT 97 y th 5.1 Data collection to construct the variables of SMA practices 97 ju yi 5.1.1 Questionnaire structure .97 pl ua al 5.1.2 Translating and pilot testing of the questionnaire .98 5.1.3 Main data collection procedure 99 n va 5.2 Sample characteristics 101 n fu ll 5.2.1 Industry type 101 m oi 5.2.2 Organization size and SMA practices type .102 nh 5.2.3 Respondents’ position type .103 at z 5.3 The outcomes of reflective measurement scales assessment 104 z ht vb 5.4 The outcomes of formative measurement scales assessment 106 k jm 5.4.1 Calculation of measurement scale of innovation capital efficiency .106 gm 5.4.2 Calculation of measurement scale of organizational capital efficiency 106 l.c 5.4.3 Assessment of formative measurement scales related to the structural capital om efficiency variable .108 an Lu 5.5 Calculation of the variable of investment efficiency 110 SUMMARY OF CHAPTER .113 6.2 Empirical results – testing of reciprocal correlations between intellectual capital components (H1) 115 ey 6.1 Evaluation of the fitness of theoretical models .114 t re CHAPTER 6: DATA ANALYSIS AND DISCUSSION .114 n va 5.6 Descriptive statistics and collinearity assessment 111 6.3 Empirical results – testing of the correlations between intellectual capital components and strategic management accounting practices (H2) 117 6.4 Empirical results – testing of the direct correlations between strategic management t to accounting practices and corporate performance (H4) 120 ng hi 6.5 Empirical results – testing of the direct correlations (H3) and indirect correlations ep between intellectual capital components and corporate performance (H5) 121 w 6.6 Empirical results – testing of the associations of strategic management accounting n lo practices and intellectual capital components (H6) 127 ad y th 6.7 Empirical results – testing of control variables .130 ju SUMMARY OF CHAPTER .132 yi pl CHAPTER 7: IMPLICATIONS FOR MANAGING INTELLECTUAL CAPITAL al n ua BY STRATEGIC MANAGEMENT ACCOUNTING PRACTICES .133 n va 7.1 A discovery of three-stage value-creating process 133 ll fu 7.2 Implications for the management, policy and research of intellectual capital 135 oi m 7.2.1 Recommendations for leaderships 135 at nh 7.2.2 Recommendations for policymakers .137 7.2.3 Recommendations for academic communities .139 z z 7.3 Implications for integration of strategic management accounting practices into vb jm ht intellectual capital management 140 k 7.3.1 Orientations to manage intellectual capital by strategic cost management 140 gm 7.3.2 Orientations to manage intellectual capital by competitor accounting 142 l.c 7.3.3 Orientations to manage intellectual capital by strategic accounting .145 om 7.3.4 Orientations to manage intellectual capital by customer accounting .147 an Lu SUMMARY OF CHAPTER .150 va CONCLUSION 151 n Practical managerial contributions 153 Limitation 155 Further research directions .156 ey Theoretical contributions 152 t re Summary of research findings 151 LIST OF THE AUTHOR’S PUBLICATIONS 158 REFERENCES .161 APPENDIX 1: PREVIOUS STUDIES INVESTIGATING THE RELATIONSHIP t to ng BETWEEN IC AND CORPORATE PERFORMANCE 185 hi APPENDIX 2: REVIEW OF PRIOR INTERNATIONAL STUDIES OF ep STRATEGIC MANAGEMENT ACCOUNTING 188 w n APPENDIX 3: PREVIOUS STUDIES INVESTIGATING THE RELATIONSHIP lo ad BETWEEN STRATEGIC MANAGEMENT ACCOUNTING AND CORPORATE y th PERFORMANCE 192 ju APPENDIX 4: ELEMENTS OF HUMAN CAPITAL IN INTELLECTUAL yi pl CAPITAL REPORT 195 al ua APPENDIX 5: ELEMENTS OF STRUCTURAL CAPITAL IN INTELLECTUAL n CAPITAL REPORT 197 va n APPENDIX 6: ELEMENTS OF RELATIONAL CAPITAL IN INTELLECTUAL fu ll CAPITAL REPORT 199 m oi APPENDIX 7: DESCRIPTIONS OF SMA TECHNIQUES .201 nh at APPENDIX 8: CATEGORIZATION OF THE IC MEASUREMENT METHODS z z UNDER MARKET CAPITALIZATION MODEL 205 vb ht APPENDIX 9: CATEGORIZATION OF THE INTELLECTUAL CAPITAL k jm MEASUREMENT METHODS UNDER RETURN ON ASSETS MODEL 208 gm APPENDIX 10: CATEGORIZATION OF THE IC MEASUREMENT METHODS l.c UNDER DIRECT IC MODEL .210 om APPENDIX 11: CATEGORIZATION OF THE INTELLECTUAL CAPITAL an Lu MEASUREMENT METHODS UNDER SCORECARD MODEL 213 APPENDIX 12: INDICATORS FOR REFLECTIVE MEASUREMENT OF SMA APPENDIX 15: CRONBACH ALPHA AND EFA RESULTS OF THE INDICATORS OF SMA CONSTRUCTS 230 ey APPENDIX 14: SURVEY FORM IN VIETNAMESE 224 t re APPENDIX 13: SURVEY FORM IN ENGLISH .218 n va CONSTRUCTS 215 – 251 – APPENDIX 26: PLS ALGORITHM RESULT WITH THE RETURN ON EQUITY VARIABLE t to ng hi ep w n lo ad * *** ju y th *** yi *** pl *** * *** ** n ua al ll fu *** n va ** *** *** oi m at nh z z k jm ht vb om l.c gm Source: Calculated by the author in SmartPLS 3.1 ⁎⁎⁎ ey Constructs: Adjusted R2 (shown in the circles) t re Outer model: Weight/ Loadings n Inner model: Total effects va p < 0.01; ⁎⁎ p < 0.05; ⁎ p < 0.1 (two-tailed) an Lu Notes: – 252 – PLS results with the Return on equity variable Path coefficients (β) t value (bootstrap) t to Effect on endogenous variable ng Non-mediated model Adjusted R2 Non-mediated Mediated model model 0.301 0.301 Mediated model hi ep Effect on relational capital - Human capital H1a: 0.552*** (8.373) H1a: w 0.552*** (8.373) 0.306 n Effect on structural capital - Human capital H1b: lo 0.516*** (6.577) 0.258** (2.011) ad 0.374*** H1b: (2.778) 0.258** H1c: - Relational capital H1c: (2.011) Effect on strategic management accounting practices - Human capital H2a: 0.082** H2a: (2.427) - Structural capital H2b: 0.137** H2b: (2.409) 0.723*** H2c: - Relational capital H2c: (19.120) Effect on return on equity - Human capital H3a: 0.074** H5a: (2.284) - Structural capital H3b: 0.031 H5b: (0.904) 0.037 H5c: - Relational capital H3c: (0.708) - SMA practices H4: 0.305 ju y th yi pl 0.713 al n ua 0.552*** (10.463) 0.137** (2.409) 0.758*** (22.068) n va ll fu oi m k jm ht vb om l.c gm ey Source: Calculated by the author in SmartPLS 3.1 t re Note: Significant at: *10, **5 and ***1 percent levels (two-tailed), t value (shown in brackets) n va -0.004 (0.123) 0.045* (1.876) 0.057* (1.909) -0.028 (0.956) an Lu - Firm size z - Firm leverage z - Firm growth 0.556*** (13.132) 0.142*** (2.605) 0.656*** (16.555) 0.806*** (14.180) 0.870 at nh Control variables - Firm Age 0.683 – 253 – APPENDIX 27: PLS ALGORITHM RESULT WITH THE TOBIN Q VARIABLE t to ng hi ep w n lo ad ** *** *** ju y th yi *** * *** *** pl ** n ** ua al *** *** n va *** ll fu oi m at nh z z k jm ht vb om l.c gm an Lu Source: Calculated by the author in SmartPLS 3.1 Outer model: Weight/ Loadings Constructs: Adjusted R2 (shown in the circles) ey Inner model: Total effects t re p < 0.01; ⁎⁎ p < 0.05; ⁎ p < 0.1 (two-tailed) n ⁎⁎⁎ va Notes: – 254 – PLS results with the Tobin q variable Path coefficients (β) t value (bootstrap) t to Effect on endogenous variable ng Non-mediated model Adjusted R2 Non-mediated Mediated model model 0.301 0.305 Mediated model hi ep Effect on relational capital - Human capital H1a: 0.552*** (8.818) H1a: w 0.552*** (8.819) 0.299 n Effect on structural capital - Human capital H1b: lo 0.513*** (6.455) 0.256** (2.017) ad 0.371*** H1b: (2.808) 0.256** H1c: - Relational capital H1c: (2.017) Effect on strategic management accounting practices - Human capital H2a: 0.081** H2a: (2.378) - Structural capital H2b: 0.142** H2b: (2.456) 0.722*** H2c: - Relational capital H2c: (17.242) Effect on Tobin q - Human capital H3a: 0.130 H5a: (1.359) - Structural capital H3b: 0.009 H5b: (0.150) 0.052 H5c: - Relational capital H3c: (0.708) - SMA practices H4: 0.308 ju y th yi pl 0.718 al n ua 0.552*** (10.470) 0.142** (2.456) 0.758*** (20.771) n va ll fu oi m k jm ht vb om l.c gm ey Source: Calculated by the author in SmartPLS 3.1 t re Note: Significant at: *10, **5 and ***1 percent levels (two-tailed), t value (shown in brackets) n va -0.027 (0.762) 0.139* (1.692) 0.079** (2.153) 0.006 (0.118) an Lu - Firm size z - Firm leverage z - Firm growth 0.525*** (8.980) 0.102*** (3.356) 0.505*** (8.926) 0.653*** (8.221) 0.751 at nh Control variables - Firm Age 0.501 – 255 – APPENDIX 28: REGRESSION RESULTS BETWEEN IC COMPONENTS AND EACH GROUP OF SMA PRACTICES t to ng hi ep w n lo ad * ju y th *** yi * pl ua al *** n va ** n *** fu ll * oi m at nh *** z z ht vb k jm Notes: ⁎⁎⁎ p < 0.01; ⁎⁎ p < 0.05; ⁎ p < 0.1 (two-tailed); Constructs: Adjusted R2 (shown in the circles) Standard Error (STERR) T Statistics (|O/STERR|) P Values l.c Sample Mean (M) gm Original Sample (O) 0.199 0.192 0.206 0.963 0.336 COM -> RCE 0.237 0.237 0.124 1.915 COM -> SCE 0.286 0.284 0.151 1.898 0.058 CUS -> HCE -0.067 -0.074 0.096 0.702 0.483 CUS -> RCE 0.302 0.300 0.081 3.744 0.000 CUS -> SCE 0.808 0.807 0.101 7.960 0.000 SCM -> HCE 0.251 0.282 0.244 1.031 0.303 SCM -> RCE 0.342 0.337 0.115 2.983 0.003 SCM -> SCE 0.605 0.606 0.148 4.088 0.000 STR -> HCE 0.193 0.192 0.107 1.806 0.072 om COM -> HCE 0.056 an Lu 0.389 0.697 0.132 2.555 0.011 Source: Calculated by the author in SmartPLS 3.1 ey 0.114 0.338 t re 0.049 0.337 n 0.044 STR -> SCE va STR -> RCE – 256 – APPENDIX 29: THE INTELLECTUAL CAPITAL BENCHMARKING SYSTEM FRAMEWORK t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu va Source: Suggested by Viedma-Marti (2001) n ey t re ad ju y th – 257 – yi pl ua al APPENDIX 30: LIST OF PARTICIPATING FIRMS Stock n Company name va No n Code American Vietnamese Biotech INC Additives & Petroleum Products JSC VICEM Packaging But Son JSC Bim Son Cement JSC Binh Minh Plastics JSC BMP Vicem Packaging Bim Son JSC BPC Can Tho Mineral & Cement JSC SCE RCE SMA level Manufacturing sector 322,039 2.34 0.25 0.25 49 AMV Manufacturing sector 20,421 3.70 0.42 0.25 44 APP Manufacturing sector 64,828 4.07 0.51 0.34 55 Manufacturing sector 261,320 3.85 0.43 0.33 44 Manufacturing sector 4,741,328 2.28 0.22 0.39 53 Manufacturing sector 2,891,075 3.63 0.33 0.40 70 Manufacturing sector 213,958 2.41 0.23 0.21 41 CCM Manufacturing sector 309,785 5.33 0.60 0.36 62 Hai Duong Pump Manufacturing JSC CTB Manufacturing sector 515,694 2.59 0.38 0.24 43 10 Chang Yih Ceramic JSC CYC Manufacturing sector 305,353 3.22 0.30 0.28 42 11 Dong Nai Roofsheet JSC DCT Manufacturing sector 901,460 3.56 0.14 0.38 65 12 Dong Hai JSC of Bentre DHC Manufacturing sector 629,632 3.59 0.27 0.37 62 13 DHG Pharmaceutical JSC DHG Manufacturing sector 3,945,744 3.99 0.30 0.31 49 14 Dongnai Plastic JSC DNP Manufacturing sector 2,518,468 3.88 0.48 0.32 63 15 Da Nang Plastic JSC DPC Manufacturing sector 1.63 0.21 0.17 39 16 Danang Rubber JSC DRC Manufacturing sector 2,815,423 3.41 0.57 0.38 67 17 Dai Thien Loc Corporation DTL Manufacturing sector 2,487,316 4.29 0.07 0.42 72 18 Do Thanh Technology Corporation DTT Manufacturing sector 157,994 2.59 0.34 0.27 42 19 Dzĩ An Manufacturing PLC DZM Manufacturing sector 266,512 eg cd HCE re ACC 4.34 0.45 56 oi m ll Becamex Asphalt & Concrete JSC (VND million) gm fu Total assets Industry at nh BBS z z BCC k jm ht vb om l.c an Lu va n 43,511 y te ac th si 0.31 jg hg ad ju y th – 258 – yi pl Stock ua al No Company name Total assets Industry Code (VND million) HCE SCE RCE SMA level n Manufacturing sector 1,089,998 1.77 0.17 0.26 39 GMC Manufacturing sector 883,468 1.53 0.22 0.13 34 GTA Manufacturing sector 462,991 1.71 0.19 0.13 35 HAD Manufacturing sector 174,026 4.12 0.42 0.33 56 HHC Manufacturing sector 505,377 3.62 0.42 0.34 45 HLY Manufacturing sector 48,253 1.99 0.37 0.13 38 Vicem Hoang Mai Cement JSC HOM Manufacturing sector 1,754,287 3.26 0.27 0.30 50 27 Hoa Phat Group JSC HPG ht 22 Thuan An Wood Processing JSC 23 Ha Noi - Hai Duong Beer JSC 24 Haiha Confectionery JSC 25 Viglacera Ha Long I JSC 26 33,226,552 15.03 0.38 0.55 69 28 Materials Biochemistry Fertilizer JSC HSI Manufacturing sector 29 I.D.I International Investment Corp IDI 30 Long An Food Processing Export JSC 31 n oi m ll fu at nh vb Saigon Garmex Manufacturing JSC z 21 GIL z Binh Thanh Im-Export Production JSC va 20 Manufacturing sector 0.48 0.34 47 Manufacturing sector 5,080,583 3.68 0.49 0.36 48 LAF Manufacturing sector 346,005 4.10 0.28 0.25 43 Lix Detergent JSC LIX Manufacturing sector 780,510 4.28 0.43 0.34 56 32 NET Detergent JSC NET Manufacturing sector 542,143 2.98 0.27 0.38 70 33 Nhi Hiep Brick-Tile Co-Operation NHC Manufacturing sector 66,562 7.13 0.30 0.56 67 34 OPC Pharmaceutical JSC OPC Manufacturing sector 774,747 3.00 0.28 0.37 53 35 Dry Cell And Storage Battery JSC PAC Manufacturing sector 1,684,003 3.53 0.29 0.20 35 36 Pharmaceutical Medicinal JSC PMC Manufacturing sector 296,991 3.32 0.22 0.25 42 37 Petroleum Mechanical Stock Company PMS Manufacturing sector 307,140 4.20 0.56 0.45 62 38 Phu Nhuan Jewelry JSC PNJ Manufacturing sector 3,597,987 3.29 0.28 0.35 50 39 Phong Phu Pharmaceutial JSC PPP Manufacturing sector 131,714 3.30 0.32 0.39 47 k 4.08 si jm 346,344 om l.c gm an Lu va n y te re ac th eg cd jg hg ad ju y th – 259 – yi pl Stock ua al No Company name Total assets Industry Code (VND million) HCE SCE RCE SMA level n S74 Manufacturing sector 858,865 2.44 0.30 0.39 56 SMT Manufacturing sector 185,979 4.33 0.41 0.39 51 SPP Manufacturing sector 1,034,969 4.24 0.39 0.40 49 SRC Manufacturing sector 724,257 4.59 0.42 0.44 58 TBX Manufacturing sector 61,365 1.49 0.26 0.07 46 TCM Manufacturing sector 2,820,394 2.11 0.26 0.26 43 z THB Manufacturing sector 344,772 2.30 0.34 0.28 42 Tung Kuang Industrial JSC TKU ht Manufacturing sector 752,151 4.87 0.37 0.43 62 48 Traphaco JSC TRA Manufacturing sector 1,377,454 3.84 0.47 0.37 53 49 Tia Sang Battery JSC TSB Manufacturing sector 133,437 2.61 0.38 0.24 43 50 Taya Electric Wire & Cable JSC TYA Manufacturing sector 717,368 4.08 0.39 0.39 57 51 Vinh Plastic & Bags JSC VBC Manufacturing sector 380,232 2.39 0.35 0.24 42 52 Viettronics Tan Binh JSC VTB Manufacturing sector 790,716 3.73 0.31 0.32 46 53 High Grade Brick Tile Corporation MCC Manufacturing sector 74,828 5.09 0.43 0.52 54 54 Quang Ninh Construction & Cement JSC QNC Manufacturing sector 2,024,459 5.21 0.56 0.54 62 55 Viet Duc Welding Electrode JSC QHD Manufacturing sector 166,879 4.79 0.34 0.50 64 56 Rangdong Light Source & Vacuum JSC RAL Manufacturing sector 2,096,851 1.70 0.22 0.19 36 57 Taicera Enterprise Company TCR Manufacturing sector 1,286,290 3.31 0.38 0.28 48 58 Bien Hoa Packaging Company SVI Manufacturing sector 749,980 4.18 0.38 0.58 57 59 Hapaco Corporation HAP Manufacturing sector 1,013,321 si Sametel Corporation 42 Saigon Plastic Packaging JSC 43 Sao Vang Rubber JSC 44 Thai Binh Cement JSC 45 Thanh Cong Textile Garment JSC 46 Thanh Hoa Beer JSC 47 4.02 0.35 0.19 43 n oi m ll fu at nh vb 41 z Song Da 7.04 JSC va 40 k jm om l.c gm an Lu va n y te re ac th eg cd jg hg ad ju y th – 260 – yi pl Stock ua al No Company name Total assets Industry Code (VND million) SCE RCE SMA level 3.78 0.32 0.46 69 n HCE Viet Nam Dairy Products JSC VNM Manufacturing sector 61 Vinacafé Bienhoa JSC 62 Vinh Hoan Corporation 63 Alta Company 64 Petrolimex Saigon Transportation JSC 65 HaiPhong Transportation & Services JSC 66 Tran Anh Digital World JSC 67 29,378,656 Manufacturing sector 3,140,260 10.83 0.46 0.46 69 VHC Manufacturing sector 4,450,873 4.01 0.39 0.36 54 ALT Service 224,604 3.07 0.35 0.32 49 PSC Service 240,569 4.19 0.56 0.33 55 PTS Service 180,729 5.40 0.65 0.34 58 TAG Service 1,411,943 5.02 0.57 0.32 47 Power Engineering Consulting JSC TV2 Service 1,460,443 2.90 0.19 0.29 41 68 Power Engineering Consunting JSC TV3 Service jm 259,462 1.01 0.16 0.08 26 69 Power Engineering Consulting JSC TV4 Service 257,065 1.53 0.13 0.21 32 70 Ocean Hospitality & Service JSC OCH Service 3,388,888 3.03 0.39 0.28 50 71 Quang Ninh Educational Equipment JSC QST Service 34,062 3.22 0.20 0.20 42 72 The Royal International Corporation RIC Service 1,370,119 3.05 0.38 0.21 46 73 Electronics Technology Corporation ELC Service 1,160,470 3.03 0.36 0.27 57 74 F.I.T Group Joint Stock Company FIT Service 4,339,323 3.01 0.36 0.25 51 75 Binh Dinh Minerals JSC BMC Mining and energy 219,552 2.67 0.22 0.21 55 76 Cholon Water Supply JSC CLW Mining and energy 457,231 4.61 0.38 0.24 50 77 Hoa An JSC DHA Mining and energy 365,250 4.66 0.38 0.60 69 78 Ha Giang Mineral and Mechinics JSC HGM Mining and energy 250,318 3.65 0.34 0.28 44 79 Nam Mu Hydropower JSC 486,004 5.25 si 0.36 0.58 65 oi m ll fu VCF ht n va 60 at nh z z vb k om l.c gm an va n y te re ac th Mining and energy Lu HJS eg cd jg hg ad ju y th – 261 – yi pl Stock ua al No Company name Total assets Industry Code (VND million) HCE SCE RCE SMA level n HLC Mining and energy 4,181,777 4.33 0.58 0.36 55 KHB Mining and energy 359,909 5.26 0.74 0.61 72 MIM Mining and energy 97,582 1.61 0.10 0.21 47 NBC Mining and energy 1,896,154 5.33 0.73 0.45 60 NNC Mining and energy 494,444 1.50 0.06 0.46 69 PGS Mining and energy 2,249,588 22.92 0.51 0.49 70 PVG Mining and energy 1,309,797 5.87 0.79 0.49 62 PetroVietnam Technical Corporation PVS ht Mining and energy 25,541,110 3.29 0.21 0.25 46 88 Thac Ba Hydropower JSC TBC Mining and energy 879,793 4.80 0.24 0.65 64 89 Vinacomin - Coc Sau Coal JSC TC6 Mining and energy 1,530,487 5.46 0.53 0.28 51 90 Vinacomin - Cao Son Coal JSC TCS Mining and energy 2,065,540 5.79 0.57 0.30 58 91 Vinacomin - DeoNai Coal JSC TDN l.c Mining and energy 931,441 2.59 0.34 0.27 47 92 Vinh Son - Song Hinh Hydropower JSC VSH Mining and energy 6,110,122 8.55 0.83 0.70 68 93 Vinacomin - Mong Duong Coal JSC MDC Mining and energy 1,319,827 1.86 0.25 0.11 35 94 Ninh Binh Thermal Power JSC NBP Mining and energy 376,921 1.46 0.13 0.11 33 95 PetroVietnam Gas Joint Stock Corp GAS Mining and energy 56,753,854 5.00 0.38 0.57 72 96 Idico Urban & House Development JSC UIC Mining and energy 418,083 1.80 0.16 0.34 57 97 Mekong Fisheries JSC AAM Agriculture 257,904 3.79 0.33 0.62 68 98 Bentre Aquaproduct Export JSC ABT Agriculture 649,276 2.20 0.23 0.34 54 99 Camimex Group JSC CMX Agriculture 684,436 si 82 Mineral & Mechanical JSC 83 Vinacomin - Nui Beo Coal JSC 84 Nui Nho Stone JSC 85 Southern Gas Trading JSC 86 PetroVietNam Northern Gas JSC 87 4.22 0.49 0.30 51 n oi m ll fu at nh vb Hoa Binh Minerals JSC z 81 z Vinacomin - Ha Lam Coal JSC va 80 k jm gm om an Lu va n y te re ac th eg cd jg hg ad ju y th – 262 – yi pl Stock ua al No Company name Total assets Industry Code (VND million) HCE SCE RCE SMA level n n va 100 Sao Ta Foods JSC Agriculture 1,374,021 3.92 0.36 0.30 49 NGC Agriculture 104,190 3.61 0.20 0.58 66 SJ1 Agriculture 701,157 4.69 0.48 0.41 63 TAC Agriculture 1,193,883 3.60 0.49 0.33 55 TS4 Agriculture 1,289,943 3.58 0.32 0.38 61 SAF Agriculture 166,139 2.94 0.22 0.29 47 52,763,470 7.98 0.89 0.60 73 53,872 3.98 0.33 0.33 49 418,488 4.76 0.52 0.47 58 at z 105 Safoco Foodstuff JSC nh 104 Seafood Joint Stock Company oi 103 TuongAn Vegetable Oil JSC m ll 102 Hung Hau Agricultural Corporation fu 101 Ngo Quyen Seafood Processing JSC FMC Agriculture 107 Danang Books & School Equipment JSC BED Commercials 108 Mobile Telecom Infracstructure Corp BTT Commercials 109 Materials - Petroleum JSC COM Commercials 529,583 2.32 0.20 0.30 52 110 DIC Investment & Trading JSC DIC Commercials 1,235,090 6.27 0.57 0.32 53 111 Education Cartography & Illustration JSC ECI Commercials 37,150 2.03 0.32 0.18 40 112 Ha Noi Beer Trading JSC HAT Commercials 118,839 3.04 0.24 0.33 49 113 Hang Xanh Motors Service JSC HAX Commercials 861,001 7.01 0.56 0.40 62 114 Phuong Nam Cultural JSC PNC Commercials 527,361 5.23 0.56 0.28 44 115 Savimex Corporation SAV Commercials 451,730 1.48 0.24 0.11 43 116 SaiGon Fuel Joint Stock Company SFC Commercials 519,328 3.83 0.29 0.44 56 117 Sa Giang Import Export Corporation SGC Commercials 167,258 2.99 0.33 0.33 48 118 Sai Gon Machinery Spare Parts JSC SMA Commercials 666,247 3.30 0.25 0.67 73 119 Saigon General Service Corporation SVC Commercials 3,337,818 4.99 si 0.42 0.45 47 vb HAG ht z 106 Hoang Anh Gia Lai JSC k jm om l.c gm an Lu va n y te re ac th eg cd jg hg ad ju y th – 263 – yi pl Stock ua al No Company name Total assets Industry Code (VND million) HCE SCE RCE SMA level n 122 Vien Dong Investment Trading Corp TIE Commercials 302,107 5.98 0.60 0.50 67 UNI Commercials 167,452 5.81 0.63 0.36 60 VID Commercials 502,119 3.97 0.24 0.38 76 FPT Commercials 29,833,262 2.66 0.34 0.28 47 GMD Logistics & equipment 10,117,919 5.38 0.60 0.37 63 Logistics & equipment 577,433 4.01 0.58 0.40 59 z HHG z at 125 Hoang Ha JSC nh 124 Gemadept Corporation oi 123 FPT Corporation m ll fu 121 Vien Lien JSC n va 120 Telecom Industry Electronics JSC HTV Logistics & equipment 354,719 2.76 0.17 0.21 45 127 Maritime Supply & Techlonogy JSC MAC Logistics & equipment 230,857 2.77 0.31 0.26 46 128 Mai Linh Central JSC MNC Logistics & equipment 890,660 4.12 0.66 0.30 64 129 PGT Holdings JSC PGT Logistics & equipment 79,657 3.15 0.32 0.36 65 130 Petrolimex Joint Stock Tanker Company PJT Logistics & equipment 278,830 3.00 0.22 0.25 46 131 Tay Ninh Cable Car Tour Company JSC TCT Logistics & equipment 253,366 3.57 0.22 0.35 66 132 Transportation and Trading Services JSC TJC Logistics & equipment 195,443 4.98 0.59 0.36 59 133 Telecom Transportation Service JSC TST Logistics & equipment 215,635 2.01 0.32 0.19 42 134 VanLang Technology & Transport JSC VLA Logistics & equipment 17,079 2.15 0.33 0.19 41 135 Vietnam Container Shipping JSC VSC Logistics & equipment 2,397,438 4.62 0.58 0.32 65 136 Vietnam Sea Transport & Chartering JSC VST Logistics & equipment 1,740,122 2.35 0.13 0.24 42 137 Danang Airports Services JSC MAS Logistics & equipment 127,387 3.99 0.31 0.36 48 138 Vietnam Petroleum Transport JSC VIP Logistics & equipment 1,707,345 6.69 0.50 0.48 67 139 Vinalink Logistics JSC VNL Logistics & equipment 334,433 4.87 si 0.17 0.20 39 k jm ht vb 126 Ha Tien Transport JSC om l.c gm an Lu va n y te re ac th eg cd jg hg ad ju y th – 264 – yi pl Stock ua al No Company name Total assets Industry Code (VND million) HCE SCE RCE SMA level n 142 Viet Nam Ocean Shipping JSC VNA Logistics & equipment 948,236 3.67 0.27 0.46 53 VNS Logistics & equipment 3,183,174 4.23 0.38 0.45 43 VOS Logistics & equipment 4,238,710 4.70 0.36 0.48 67 BCE Real estate & construction 1,264,063 1.43 0.04 0.12 30 CID Real estate & construction 15,729 4.43 0.40 0.47 64 CT6 Real estate & construction 232,660 1.53 0.19 0.15 33 at z 145 Construction Joint Stock Company nh 144 Construction & Infrastructure JSC oi 143 Binh Duong Civil Engineering JSC m ll fu 141 VietNam Sun Copporation n va 140 Vinaship JSC Real estate & construction 80,904 1.44 0.19 0.15 32 147 Development Construction JSC DIG Real estate & construction 5,875,806 2.12 0.24 0.28 51 148 Dalat Real Estate JSC DLR Real estate & construction 155,317 3.78 0.24 0.37 51 149 Tasco Joint Stock Company HUT Real estate & construction 9,319,853 4.02 0.62 0.37 72 150 Lilama Erection Mechanical JSC L35 Real estate & construction 243,637 1.35 0.21 0.05 31 151 Lilama 45.4 JSC L44 Real estate & construction 327,385 1.99 0.05 0.25 38 152 Erection - Electromechanics Testing JSC LCD Real estate & construction 106,068 1.66 0.15 0.14 33 153 Lilama 18 Joint Stock Company LM8 Real estate & construction 1,976,772 1.29 0.11 0.12 30 154 Ha Noi South Housing and Urban Corp NHA Real estate & construction 143,796 4.54 0.54 0.43 72 155 Hong Ha Viet Nam JSC PHH Real estate & construction 761,328 2.89 0.40 0.25 47 156 Song Da JSC SD4 Real estate & construction 1,080,310 1.86 0.30 0.14 36 157 Song Da No JSC SD9 Real estate & construction 1,817,347 4.85 0.38 0.42 59 158 Simco Song Da JSC SDA Real estate & construction 407,897 2.20 0.37 0.18 43 159 Song Da Electrical Engineering JSC SDE Real estate & construction 62,543 2.31 si 0.25 0.17 41 vb DC2 ht z 146 Development Construction JSC k jm om l.c gm an Lu va n y te re ac th eg cd jg hg ad ju y th – 265 – yi pl Stock ua al No Company name Total assets Industry Code HCE SCE RCE SMA level 512,820 12.42 0.46 0.46 65 (VND million) n SDH Real estate & construction SDT Real estate & construction 3,090,551 1.91 0.23 0.25 40 162 Binh Duong Trade And Development JSC TDC Real estate & construction 7,278,283 3.42 0.21 0.28 43 163 Vinaconex 21 Joint Stock Company No.21 V21 Real estate & construction 351,715 3.08 0.20 0.28 41 VC9 Real estate & construction 1,375,140 1.43 0.07 0.06 29 VE1 Real estate & construction 32,292 2.66 0.37 0.25 46 at z 165 Vneco1 Electricity Construction JSC nh 164 Construction Joint Stock Company No.9 oi m ll fu 161 Song Da No 10 JSC n va 160 Song Da Infrastructure Construction JSC z VE3 Real estate & construction 46,916 1.34 0.11 0.15 30 167 Electrification & Construction JSC MCG Real estate & construction 1,888,677 5.49 0.54 0.41 68 168 Construction BDC Viet Nam JSC MCO Real estate & construction 157,075 5.78 0.53 0.40 54 169 NBB Investment Corporation NBB Real estate & construction 4,984,440 4.23 0.35 0.34 51 170 Refrigeration Electrical Engineering Corp REE Real estate & construction 11,396,635 7.25 0.46 0.44 66 171 Song Da Construction JSC SDD Real estate & construction 419,195 5.57 0.61 0.31 59 172 FLC Group JSC FLC Real estate & construction 17,908,798 3.16 0.45 0.47 63 173 Foreign Trade Investment Corporation FDC Real estate & construction 870,408 3.47 0.48 0.23 53 174 Water Supply Sewerage Contruction JSC VSI Real estate & construction 400,660 3.68 0.32 0.41 53 k jm ht vb 166 VNECO Electricity Construction JSC om l.c gm an Lu va n y te re ac th si eg cd jg hg