Managementenhancing confectionery export activities ofvietnam libra llc

1 NATIONAL ECONOMICS UNIVERSITY ADVANCED EDUCATIONAL PROGRAMS BACHELOR THESIS Advanced International Business Management ENHANCING CONFECTIONERY EXPORT ACTIVITIES OF VIETNAM LIBRA LLC Student name: Che Anh Dung HANOI, 2023 NATIONAL ECONOMICS UNIVERSITY ADVANCED EDUCATIONAL PROGRAMS BACHELOR THESIS ENHANCING CONFECTIONERY EXPORT ACTIVITIES OF VIETNAM LIBRA LLC Student: Major: Class: Student’s ID: Supervisor: Che Anh Dung International Business Management International Business Management 61B 11191194 MSc Pham Sy Long HANOI – 2023 STATUTORY STATEMENT I hereby declare that this assignment is entirely my own work The quotations and materials used in the exercise are completely honest, sourced, and guaranteed to the highest degree of accuracy to the best of my knowledge If it is not as stated above, I take responsibility for my assignment Hanoi Febuarary 28, 2023 Students Che Anh Dung ACKNOWLEDGEMENT First of all, I would like to express my deep gratitude to the lecturers of National Economics University in general and the lecturers of the Institute of Advanced and High-Quality Training and POHE in particular for their dedicated teaching and communication give us valuable knowledge and experience Especially, I would like to thank MScPhD.Pham Sy Long, who directly guides me in the process of doing the exercises During my time working with you, I constantly learn and accumulate a lot of useful knowledge for myself, but learning is a stable and effective working spirit, these are very necessary things for me in the process of studying and working in the future Finally, I would like to thank the Import-Export Department of Libra Vietnam Co., Ltd for their assistance and for providing me with the necessary information to complete my internship successfully Due to my limited knowledge, errors are inevitable in the completion of this topic I eagerly anticipate receiving feedback from teachers, teachers, and your organization to assist me in enhancing the thesis further Hanoi, February 28, 2023 Students Che Anh Dung TABLE OF CONTENT STATUTORY STATEMENT TABLE OF CONTENTS LIST OF FIGURE LIST OF TABLE .7 INTRODUCTION Rationale Research objectives and tasks Subjects and scope of study 10 Research Methodology 10 Topic Structure .10 CHAPTER 1: THEORETICAL BASIS OF EXPORT BUSINESS ACTIVITIES 11 1.1 Definition of Export .11 1.2 Exportation kinds 11 1.2.1 Direct export 11 1.2.2 Authorized Export 11 1.2.3 Export at location 12 1.2.4 Temporary import for subsequent export 12 1.3 The role of exports .13 1.3.1 Exports are the primary source of funds for imports 13 1.3.2 Exports contribute to the restructuring of an economy with an exterior focus .13 1.3.3 Exports increase employment and enrich the lives of individuals 14 1.3.4 Export is the foundation for expanding and promoting our nation's economic relations abroad 14 1.4 Business efficiency 14 1.4.1 Concept of business efficiency .14 1.4.2 Efficient categorization 14 1.4.3 Factors influencing enterprise performance 15 1.4.4 Group of factors external to the business 16 1.5 Lean Supply Chain 18 1.5.1 Definition .18 1.5.2 Benefits 18 CHAPTER 2: OVERVIEW ABOUT LIBRA VIETNAM LIMITED LIABILITY COMPANY 20 2.1 General introduction about Libra Vietnam Co., Ltd 20 2.1.1 History of establishment and development 20 2.1.2 Slogan and operational objectives 20 2.1.3 Organizational structure .21 2.1.4 Product lines and production processes 22 2.2 Concept and the role of enhancing business efficiency applied to the export activities of confectionery products of Libra Vietnam Company Limited 25 2.2.1 The role of improving the efficiency of the confectionery export business of Libra Vietnam Co., Ltd 25 2.2.2 Internal factors affect to improve the efficiency of confectionery export business at Libra Vietnam Co., Ltd 25 2.2.3 External factors affecting the improvement of confectionery export business efficiency at Libra Vietnam Co., Ltd in the period of 2019-2022 31 CHAPTER 3: EXPORT BUSINESS AT LIBRA VIETNAM CO., LTD IN THE PERIOD OF 2019-2022 37 3.1 The status of Libra Vietnam Co., Ltd.'s confectionery export operations 37 3.1.1 The results of Libra Vietnam Co., Ltd.'s export confectionery business from 2019 to 2022 37 3.1.2 The company's export activities by product category from 2019 to 2022 .38 3.1.3 Export activities from 2019 to 2022 in accordance with the company's consuming market 40 3.1.4 Export activities by export type for the corporation from 2019 to 2022 .42 3.2 Contents to enhance the efficiency of Libra Vietnam Co., Ltd's confectionery export business from 2019 to 2022 .44 3.2.1 Improve efficiency of capital use 44 3.2.2 Improve the efficiency of using labor 45 3.2.3 Improve equipment efficiency 45 3.3 Measures to enhance the efficacy of Libra Vietnam Co., Ltd.'s confectionery export business from 2019 to 2022 46 3.3.1 Measures to improve the efficiency of capital use 46 3.3.2 Methods for enhancing labor productivity 50 3.3.3 Enhancing the effectiveness of instrument use .51 3.4 Evaluation of Libra Vietnam Co., Ltd.'s efforts to improve the efficacy of its confectionery export business .52 Document continues below Discover more from: Xuất nhập EXIM371 127 documents Go to course 39 Báo Cáo Thực Tập Quy Trình Giao Nhận Hàng Container, điểm Xuất nhập 100% (2) Tổng hợp đề thi Nghiệp vụ kinh doanh xuất nhập kỳ năm 2020 Xuất nhập 100% (2) Thong tin xk vao eu nganh nhua 17 32 Xuất nhập 100% (1) Lập Kế Hoạch Và Quản Lý Quy Trình Nhập Khẩu Ở Cơng Ty Hồng Lương Xuất nhập 100% (1) Tổng Quan Ngành Dệt May Xuất Khẩu Việt Nam 2019-2022 Xuất nhập 100% (1) Giải Pháp Thúc Đẩy Xuất Khẩu Cá Tra Sang Trung Quốc 26 công ty Xuất nhập 100% (1) 3.4.1 Analyze business performance metrics 52 3.4.2 Achievement 56 3.4.3 Limitations and causes 59 CHAPTER 4: SOLUTIONS TO IMPROVE EXPORT BUSINESS FOR LIBRA VIETNAM CO., LTD IN THE PERIOD OF 2023-2027 61 4.1 The company's goals and orientation until 2023 61 4.2 Opportunities and challenges for the company in the period of 2023 – 2027 62 4.3 Solutions to improve export business efficiency for Libra Vietnam Co., Ltd in the period of 2023-2027 65 4.3.1 Solutions for companies .65 4.4 Recommendations to the government 70 4.4.1 Completeness and simplification of administrative procedures 70 4.4.2 Expand commerce promotion efforts 70 4.4.3 Increase policies supporting corporate loans 71 4.4.4 Stringent regulations on counterfeit products .71 CONCLUSION .72 REFERENCE 73 LIST OF FIGURE Figure 2.1: Organization Structure of Libra Vietnam Limited Liability Company 21 Figure 2.2: Biscuit production process at Libra Vietnam Co., Ltd 23 Figure 3.1: The results of the confectionery export business of Libra Vietnam Co., Ltd in the period of 2019-2022 37 Figure 3.2: The export value of confectionery products by type of Libra Vietnam Co., Ltd period 2019-2022 39 Figure 3.3: Libra Vietnam Co., Ltd.'s confectionary export values by market from 2015 to 2018 40 Figure 3.4: Export value of confectionery products by type of export Libra Vietnam Co., Ltd period 2019-2022 43 Figure 3.5: Confectionery export profit margin of Libra Vietnam Co., Ltd in the period 2015-2018 .56 Figure 3.6: Labor productivity and average profitability of Libra Vietnam Co., Ltd.'s export activities in the period 2015-2018 58 LIST OF TABLE Table 2.1: The situation of bank loans of Libra Vietnam Co., Ltd in the period of 20192022 27 Table 2.2: Personnel structure of Libra Vietnam Co., Ltd in the period of 2019-2022 30 Table 3.1: Valuation of Libra Vietnam Co., Ltd.'s exports of confectionery products by category from 2019 to 2022 39 Table 3.2: Export value of confectionery products by market of Libra Vietnam Co., Ltd in the period 2019-2022 41 Table 3.3: Export value of confectionery products by export type of Libra Vietnam Co., Ltd in the period 2015-2018 44 Table 3.4: Confectionery export profit margin of Libra Vietnam Co., Ltd period 20192022 53 Table 3.5: Capital efficiency of Libra Vietnam Co., Ltd in the period of 2019-2022 54 Table 3.6: Labor efficiency of Libra Vietnam Co., Ltd period 2019-2022 55 Table 3.7: Conversion rate through reaching customers from e-commerce sites of Libra Vietnam Co., Ltd in 2017-2018 57 Table 3.8: Export performance results of Libra Vietnam Co., Ltd in the period of 20192022 59 Table 4.1: Production and export business plan of the Company in 2023 .62 68 new product will be released at the end of 2023, necessitating the Company to invest in new machinery The plan to import machinery will be initiated at the beginning of 2023, and the machinery will be imported In its 2022 annual summary report, the Company outlined the following objectives for its confectionery export business in 2023: Table 4.1: Production and export business plan of the Company in 2023 No Targets Unit 2023 Export Revenue Million dong 140000 Export Profit Million dong 55000 Profit rate of total export capital Million dong/Million dong 0.25 Total capital turnover rate 0.6 Working capital turnover rate 2.2 Average labor productivity for export Million dong/person 650 (Source: Import-Export Department of Libra Vietnam Co., Ltd.) 4.2 Opportunities and challenges for the company in the period of 2023 – 2027 According to the report of the Ministry of Industry and Trade, the situation of Industry and Trade development in 2023 will continue to occur in the context of the world and the nation undergoing rapid and unpredictable change, with numerous opportunities and challenges intertwined Significant impact on the growth of Vietnam's Industry and Trade sector Due to increased risks, inflation in many countries may affect economic recovery and forecast the possibility of a global recession in 2023 The IMF reduced its forecast for global economic growth in 2023 from 3.6% in April 2022 to 2.9% due to the impact of restrictive monetary policy These trends will reduce the demand for products and 69 influence new investment, thereby impacting the production and export of nations, such as Vietnam It is anticipated that supply chain disruptions will persist, reducing the recovery of economic - investment - trade activities following Covid-19 The nature and characteristics of the Covid-19 epidemic have been largely recognized and progressively adapted to the phrase "living with Covid-19" after a lengthy outbreak and global pandemic Nonetheless, in numerous nations, the risk of outbreaks from new epidemic surges continues to challenge epidemic prevention policies and efforts to recover the economy, particularly the disruption of production activities and the supply chain Despite indications of a decline, the price of essential goods remains high, which will have a negative impact on the recovery of global economic growth, generating difficulties for the global economy and trade in general Vietnam has import-export activities Trade conflicts and geopolitical tensions may continue to impact the global economy and trade activities with certain markets, which are directly financial and energy markets, thereby impacting the global economy They have a substantial impact on the supply of imported inputs for production (both in terms of price and quantity) Moreover, tensions and conflicts between Russia and Ukraine, as well as the sanctions of countries and organizations against Russia, can continue to impede the global economy and trade in general, including Vietnam's import and export activities Our country's import-export turnover has been and will continue to be accompanied by the process of integration In particular, Vietnamese enterprises are exploiting FTAs, particularly new generation FTAs, in an efficient manner, and this trend will continue Continually expanding, creating numerous opportunities Nonetheless, the regional and international context is shifting, the policies of major countries are undergoing rapid change, and the effective FTAs coincide with the trend of rising trade protection barriers Non-tariff in a number of regions The adjustment of a country's trade policies involves three major steps: Policy adjustments pertaining to the Russia-Ukraine crisis; Upgrading trade remedy instruments, including strengthening investigations against evasion of trade remedies and market access control; Promoting cooperation frameworks, enhancing competition, and restoring supply chains impact global production and commerce as well Globally, the economic shift toward circular economy, green economy, and low-carbon economy is reshaping the forms and varieties of foreign direct investment (FDI) projects (restricting the search for FDI projects in order to maximize capital utilization) The environmental policies of developing nations are more liberal Moreover, the fact that countries are moving toward the application of a global minimum tax may have an effect on capital flows, which may have an effect on the flow of global direct investment and the country's policy of attracting foreign investment each nation 70 The Fourth Industrial Revolution (Industrie 4.0) has been reshaping the structure of the global economy, which is now entering a growth phase founded primarily on technology and innovation, creating opportunities for businesses and industries Developing nations such as Vietnam promote the development and application of science and technology to industrialize the country and catch up with developed nations; however, they also face enormous challenges with a growth model that relies heavily on the advantage of cheap human resources at a time when this advantage is being heavily challenged by machines and automation, exporting industrial goods The processing industry depends significantly on the FDI sector Public investment will be Vietnam's primary growth engine if the Economic Development and Recovery Program 2022-2023 is effectively implemented Vietnam's GDP could increase by over 7% in 2023 if public investment disbursement significantly improves In 2023, this will be the primary factor fueling the growth of industrial production and commercial activities in our country Vietnam is integrating more thoroughly in an ever-changing global context Extremely rapid, complex, and unpredictable, as reflected in the participation and implementation of international economic commitments, creating opportunities for industrial production and commercial activities in our country, thereby enhancing its competitiveness In the coming years, Vietnam will compete for export goods, create conditions for Vietnamese goods to penetrate markets and partners with preferential tariffs, and promote robust export growth Specifically, the Industrial Revolution 4.0 continues to develop rapidly alongside the government's efforts to remove obstacles for businesses, create e-Government, reduce administrative procedures, investment conditions, etc In 2023, industrial production and commercial activities will benefit from the investments made by businesses to promote growth Although there are still many difficulties and challenges, our nation has entered a new phase with many advantages, such as: the country's position and fortitude have grown substantially stronger after more than 35 years of renovation, and its size and economic potential have increased The initial outcomes of the process of economic reorganization have generated new changes for development The socio-political stability is a solid foundation for ensuring a stable investment climate; Vietnam's position and prestige are growing in the international community Our nation's restructuring and growth model transformation continue to accelerate Economic restructuring associated with transforming the development model to improve quality, efficiency, and competitiveness; implementing strategic breakthroughs in perfecting the socialist-oriented market economy institution, focusing on administrative reform and creating an equal competitive environment; developing human resources and constructing synchronous infrastructure, particularly traffic and urban infrastructure 71 The digital economy and e-commerce continue to be supported, promoted, and extensively implemented in businesses and communities, creating a stronger new force to promote export and consumption of goods on the market domestic products, particularly agricultural and culinary products Numerous improvements have been made in the struggle against smuggling, trade fraud, and counterfeiting, thereby protecting domestic production Nevertheless, the domestic economy still confronts numerous difficulties and obstacles: the economic scale is still modest, and the economic openness is substantial Access to the digital economy and digital society remains restricted In the meantime, the world's economic growth is likely to decelerate, impacting Vietnam's production, business, and way of living, as well as its society Vietnam must overcome these obstacles Vietnam faces a number of risks, including the increasing trend of non-tariff trade protection barriers in a number of main market sectors, particularly trade remedies; The fluctuations of global commodity prices become unpredictable; the risk of inflation, financial, and monetary hazards, etc., increases Vietnam's highly open economy continues to be significantly impacted by global economic fluctuations Numerous industries rely on imported raw materials, so they will be impacted by the increase in the prices of basic goods and raw materials in the world, and the freight rates that show no sign of decreasing, remaining at a high level, etc 4.3 Solutions to improve export business efficiency for Libra Vietnam Co., Ltd in the period of 2023-2027 4.3.1 Solutions for companies 4.3.1.1 Improve management skills To continue to have effective development strategies, the company should focus on enhancing its level of management by sending its employees to short-term management training courses Company should transfer incompetent officers to another department or conduct a search and replace them with more qualified officers If it is difficult to recruit seniorlevel employees, the company should utilize professional recruitment agencies When this solution is implemented, business management is improved, management efficiency is increased, and production and business costs increase marginally, which will assist businesses in achieving their objective of enhancing business performance 72 4.3.1.2 Brand Development Since a certain time, Libra confectionery products have been available on foreign markets, but many consumers are still unfamiliar with Libra Vietnam's confectionery brand Looking at the actual status of the company's current operations, we can see that the company is currently only focused on product development, while marketing activities have not been prioritized in the past, which has a negative impact on the Company's business performance in general and the Company's export business performance in particular, with the goal of expanding the market Faced with fierce competition from competitors on the international market, promoting and developing marketing activities is essential for enhancing the brand's identity and differentiating it from existing competitors, thereby gaining a competitive advantage on international markets Regional and international food fairs and exhibitions are currently conducted annually The company should attend these international expos and trade shows This is an excellent opportunity for the business to bring its products closer to consumers In addition, by attending trade shows and exhibitions, the company has the chance to learn from other companies in the industry Officials and employees who participate in fairs and exhibitions will have direct customer contact Therefore, the Company must hire officers and employees with strong communication skills and complete knowledge of the business and its products Participating in fairs and exhibitions does not substantially increase export costs; however, the opportunity to expand markets, increase sales, and increase sales should improve the Company's export revenue efficiency Moreover, social networking sites are gaining popularity among young people, the company's primary consumers The company should therefore promote marketing on social networking sites This will help Libra Vietnam promote its brand to potential consumers However, this requires the company to gain a thorough understanding of the characteristics and culture of each market in order to develop appropriate marketing strategies for each market 4.3.1.3 Research and development of novel products In addition to the fact that the preferences of consumers change rapidly, the market is constantly evolving, necessitating that the company provide new products to maintain stable revenue and retain clients 73 Moreover, each market has distinct preferences and requirements, necessitating that businesses offer a wide range of products to satisfy all consumer demands Specifically, for the African market, the company will offer products with basic packaging at low prices, whereas for the Taiwanese and Korean markets, it will need to invest in the creation of new products with high-quality designs As a result, the company must continually conduct research and introduce new products to satisfy a variety of markets 4.3.1.4 Invest in e-commerce platforms The impact of the Covid-19 epidemic has altered consumers' purchasing habits Today, many people prefer to purchase on e-commerce platforms rather than in stores, in part due to fear of the epidemic and in part due to the convenience that online shopping provides bring Consequently, these e-commerce platforms are growing stronger, and this new purchasing method has assumed an uncontested position Therefore, placing products on e-commerce websites is the simplest and quickest method to reach tens of millions of potential customers To achieve its aim of reaching foreign distributors through the e-commerce channel Alibaba, the platform connecting B2B businesses, the company will need to invest more in redesigning the minisite, posting more products, and refining the website In order to reach the end consumer, the company sells its products on Amazon and eBay, as these large e-commerce sites enable the company to reach a large number of potential consumers frequent purchases online In addition to investing more money in advertisements for the product so that it appears favorably in search engine results, the company will need to recruit more employees to service online customers Through these platforms, the store's ranking will remain consistently high Additionally, the company should investigate other important trading floors Each market has unique characteristics, necessitating the research and development of additional e-commerce platforms to satisfy the preferences of each market For example, Gmarket is to be consider one of the biggest and most well-known e-commerce in Korean; therefore, the company should invest in building e-commerce platform at Korean through this channel 4.3.1.5 Enhance the caliber of labor Although factors such as machines, production lines, and production technology can be replicated, human resources continue to possess fundamental ineffable values that cannot be replicated Consequently, the human factor within an organization will generate competitiveness for businesses over time Therefore, the quality of the company's human resources should be prioritized in order to increase its export efficiency Here are some solutions to develop the company's human resources in the near future 74 First, the company must establish a human resource system that is adapted to high technology, particularly at the management level Second, emphasize the selection of talent In addition to professional competence, talents must have an open perspective and be able to integrate and communicate in multiple modes Parallel to the professional probation assessment, there should be a recruitment process that includes "perception assessment" actions, such as contacting probationers for "interview" and following up during the two-month probationary period to determine if they have concluded the probationary period understand and feel about the business, listen to their thoughts to contribute to the business's values, and if they realize something is wrong or have questions, it is also an opportunity to assist them in resolving the issue psychology and improved comprehension Employees must pass an integration exam to ensure they have the proper mindset and understanding of the business, corporate culture, core values, and business ethics standards Thus, if a probationary employee attains professional qualifications but fails the assessment of integration awareness, the human resources department may propose to the leader that the probationary period be extended in accordance with the Labor Law This is an opportunity to "correct mistakes" made during the initial recruitment process in order to ensure that, once "recruited" is "recruited," individuals with the required skills, professional knowledge, and attitude are found with regard to commerce Third, create internal employee instruction The training and development of internal digital human resources must be enhanced by businesses This issue is presently receiving the attention of numerous businesses and is regarded as a competitiveness-enhancing factor Enterprises are willing to invest money and time in this endeavor by sending employees to study in the United States and abroad in order to enhance their professional qualifications and management skills Numerous businesses choose to invite an independent consultant or advisor to train key personnel so that they can directly acquire knowledge and implement it to the organization's operations In addition, businesses must identify essential job positions, backup personnel, and suitable successors in order to develop a specific action plan and succession team Fourth, enhance the method of "retaining people." Enterprise recruiting, training, and development of digital human resources are not risk-free Therefore, enterprises must improve reasonable human resource policies to retain employees concurrently with this task In addition to preserving good welfare regimes, businesses must establish a reasonable decentralization and authorization system so that management levels can be autonomous in their work, allowing leaders more time to focus on their responsibilities while maintaining operational control of the strategy Long-term, it can be applied to the distribution of profits and share ownership among employees in order to align individual interests with those of the organization 75 Fifth, automate the digital human resource development mechanism With the advantages of the Fourth Industrial Revolution, businesses must effectively apply technological values Therefore, organizations must automate digital human resource management Digital human resource development software provides businesses with comprehensive management solutions, streamlining and improving the human resource management process while reducing costs and saving time executing tasks, notably assisting leaders in making personnel decisions efficiently 4.3.1.6 Lean Manufacture More and more businesses are implementing lean production techniques to reduce waste in order to improve their operational efficiency Although the company has been oriented toward lean production, it has not fully implemented it, so the quantity of waste and waste that can be minimized is still greater than expected Therefore, the Company must prioritize implementing leaner production management techniques Specifically, in the near future, in addition to employing the production management training course knowledge, the company should implement the Lean Manufacturing management method Lean Manufacturing is one of the modern management techniques used to optimize production, reduce waste in businesses, and boost business productivity Lean Manufacturing seeks to eradicate non-value-adding activities, achieving the same output with fewer input resources – fewer people, less time, less space, fewer materials, fewer machines, and fewer expenses When implementing Lean, the company has established the following objectives:  Improve the production cycle, reduce the waiting time between stages, and reduce the preparation time, the time to alter specifications or models, thereby reducing the production process time  Increase the efficiency of the factory layout by arranging machines and employees rationally  Close relationships with a small number of raw material suppliers, selection of high-quality, dependable suppliers in order to receive price discounts and priority in supplying large orders Small volume, just sufficient for the production process, minimizing inventory A thorough implementation of the Lean method will result in numerous benefits for the company, including:  An increase in productivity, an improvement in product quality by minimizing waste and waste, and an efficient use of input resources  Reduce tangible and intangible waste by minimizing inventory - Improve the efficiency of using machinery, equipment, and premises due to reasonable arrangement 76 For a food-manufacturing company such as Libra, a comprehensive implementation of the potential Lean system will yield the following results:  Up to 70% reduction in waste  Production cycle shortened from weeks to 10 days  25% reduction in production space In summary, by implementing Lean, the company will save enormous amounts of money by reducing waste, thereby lowering product costs and increasing the market competitiveness of Libra products 4.3.1.7 Invest in more production equipment Product diversification is a mandatory requirement for manufacturing and commercial enterprises; consequently, new machinery is required for the introduction of new products As part of its strategic plan, the company will develop additional product lines that incorporate ice cream, jam, and chocolate; however, it lacks an ice cream machine Therefore, the business requires a plan to acquire a new ice cream machine in the near future The requirement for this ice cream machine is that it has a medium capacity because of the time it takes to launch new products The consumption of these products is low, so equipping a machine with a large capacity would be wasteful Additionally, depreciation and advances in manufacturing technology will result in a relatively short useful life for these machines 4.4 Recommendations to the government The government plays a central role in the administration and regulation of export activities State assistance is essential for enhancing the efficacy of the company's export confectionery operation However, the State's policies have hindered the Company's efforts to increase its export efficacy of confectionery Therefore, in order to increase the efficacy of the Company's export activities for confectionery, the State must address certain deficiencies and provide more effective business support solutions for companies effective The following are some specific recommendations to state agencies: 4.4.1 Completeness and simplification of administrative procedures The government is making greater efforts to simplify administrative procedures, particularly in the field of international trade However, these procedures are still manual, and businesses must go directly to the agency to complete this procedure, which consumes time and effort in travel and procedure execution The State should consider incorporating more technology into administrative procedures in order to reduce processing time and maximize the use of State agency and business resources 77 4.4.2 Expand commerce promotion efforts In the trend toward integration, the government's role in fostering trade activities is crucial for expanding businesses' access to the international market To enhance its function in trade promotion activities, the state must concentrate on a number of the following: Improve business support and information, and establish a transparent and timely information channel for enterprises Currently, the Government and State have provided substantial assistance to businesses in terms of the legal environment, business environment, and administrative procedures; however, the information channel to businesses is ineffective, and many businesses have failed to capitalize on new opportunities and policies issued by the State Promote the function of a bridge to aid businesses in market research and customer acquisition by enhancing the organization of trade forums and fairs Improving the organization of forums and trade exhibitions will entice foreign partners to visit Vietnam, thereby expanding the opportunities for import and export businesses to find partners and expand their markets Participating businesses can save a substantial amount of money by hosting their own forums and trade shows 4.4.3 Increase policies supporting corporate loans State support policies for businesses, particularly small and medium-sized enterprises (SMEs), must be improved In addition to providing loan policies with low interest rates and increasing the number of information channels available to businesses in order to reduce the time required to access capital, the State must diversify the forms of financial assistance for businesses SMEs In the current era of technology, the State must also develop more forms of loan counseling and support for loan procedures, as well as implement loan procedures using a technology platform to make them more accessible for businesses reduce wasted time spent traveling and waiting In addition, the State must provide financial incentives for businesses to obtain capital to support export activities, thereby increasing the country's foreign currency earnings, particularly for items on the list of goods and services export promotion 4.4.4 Stringent regulations on counterfeit products Today, the issue of counterfeit products is a pressing concern that not only affects the domestic business market but also export activities on international markets 78 Products with a similar packaging design, but lower prices due to differences in quality and net weight, are exported to other markets and compete directly with the Company's products, causing the Company to suffer a variety of negative consequences Therefore, the State should implement stricter copyright and intellectual property brand policies in order to reduce the prevalence of counterfeit products 79 CONCLUSION After conducting a comprehensive study on "Enhancing Confectionery Export Activities of Vietnam Libra LLC," it can be concluded that the company has tremendous growth and success potential in the confectionery export market The analysis of the company's internal and external environment, along with the evaluation of its export business results, helped to identify the company's operational strengths, vulnerabilities, opportunities, and threats The conducted investigation has uncovered both the accomplishments and limitations of Vietnam Libra LLC The company's capacity to overcome the challenging period of the Covid-19 pandemic is one of its accomplishments Additionally, the company's financial performance has been positively impacted by its efficient use of labor and capital Nevertheless, the investigation revealed a number of limitations and obstacles that the company faces in its export activities Several factors have contributed to the reality that the company has not met its expected export turnover goals First, the export procedure is still convoluted, making it difficult for the business to increase its market share Second, the company's research and development of new products remains limited, making it difficult for it to innovate and compete on the international market Thirdly, the company has not placed sufficient emphasis on brand development, resulting in limited brand recognition and a weakened market position Lastly, the company encounters intense competition on the international market, which compounds the difficulties it faces in achieving its export objectives According to the findings of this study, it has been suggested that Vietnam Libra LLC should concentrate on enhancing its online presence by making use of e-commerce platforms and digital marketing in order to communicate with a larger number of people The business should also use a model of a lean supply chain in order to accelerate the export process, which will in turn save time and money In addition, the corporation ought to keep pouring money into research and development in order to keep up with the evershifting requirements of consumers and create new goods accordingly In general, the results of this study offer useful insights and suggestions that Vietnam Libra LLC may implement to improve its confectionery export activities and achieve sustained growth and success in the market 80 REFERENCE Sales Department of Libra Vietnam Co., Ltd      Report on business activities in 2018 Report on business activities in 2019 Report on business activities in 2020 Report on business activities in 2021 Report on business activities in 2022 Finance - accounting department of Libra Vietnam Co., Ltd      Financial report in 2018 Financial report in 2019 Financial report in 2020 Financial report in 2021 Financial report in 2022 Import and Export Department of Libra Vietnam Co., Ltd      Report on export business in 2018 Report on export business in 2019 Report on export business in 2020 Report on export business in 2021 Report on export business in 2022 baochinhphu.vn (2022, December 19) Kinh tế Việt Nam Năm 2022 Phục Hồi Ngoạn Mục, Tăng Trưởng mạnh mẽ baochinhphu.vn Retrieved May 6, 2023, from https://baochinhphu.vn/kinh-te-viet-nam-nam-2022-phuc-hoi-ngoan-muc-tang-truongmanh-me-102221217143819882.htm The benefits of a lean supply chain British (n.d.) Retrieved May 6, 2023, from https://www.british-assessment.co.uk/insights/benefits-lean-supply-chain/#:~:text=A %20lean%20supply%20chain%20is,can%20adapt%20to%20unexpected%20delays Báo Cáo Tình Hình Kinh Tế - Xã Hội Quý IV Năm 2019 General Statistics Office of Vietnam (n.d.) Retrieved May 6, 2023, from https://www.gso.gov.vn/du-lieu-va-so-lieuthong-ke/2019/12/bao-cao-tinh-hinh-kinh-te-xa-hoi-quy-iv-va-nam-2019/#:~:text=GDP %20n%C4%83m%202019%20%C4%91%E1%BA%A1t%20k%E1%BA%BFt,ng %C3%A0nh%2C%20c%C3%A1c%20%C4%91%E1%BB%8Ba%20ph %C6%B0%C6%A1ng%20v%C3%A0 81 Các Hình Thức xuất mà Bạn Cần Biết Theo Quy định Mới Nhất (n.d.) Retrieved May 5, 2023, from https://luatminhkhue.vn/cac-hinh-thuc-xuat-khau-ma-ban-canbiet.aspx Moit.gov.vn (n.d.) Retrieved May 6, 2023, from https://www.moit.gov.vn/web/guest/cptpp Mục Tiêu giải pháp phát triển Ngành công Thương Năm 2023 (n.d.) Retrieved May 6, 2023, from https://vioit.org.vn/vn/tin-hoat-dong-nganh/muc-tieu-va-giai-phap-phat-triennganh-cong-thuong-nam-2023-4799.4056.html 10 NguyZn Th[nh Đ], & NguyZn Ng^c Huy_n (2012) Giáo trình Quản trị Kinh Doanh(Nguyên Lý Chung Cho Các Loại Hình Doanh nghiệp) Đ`i h^c Kinh ta qubc dcn 11 Nguyên, T (2023, January 1) Tỷ Giá 2022: Giảm dần VỀ Cuối Năm Báo Kinh ta đô thị Retrieved May 6, 2023, from https://kinhtedothi.vn/ty-gia-2022-giam-dan-ve-cuoinam.html 12 Nỗ Lực Phục Hồi, Xuất, Nhập Khẩu Năm 2022 Lập Kỷ Lục Mới General Statistics Office of Vietnam (n.d.) Retrieved May 6, 2023, from https://www.gso.gov.vn/du-lieu-va-solieu-thong-ke/2023/01/no-luc-phuc-hoi-xuat-nhap-khau-nam-2022-lap-ky-luc-moi/ 13 Quy định chứng nhận VietGap Công ty Cổ phần GAP Việt Nam (2021, July 22) Retrieved May 6, 2023, from https://vietgap.com.vn/ 14 Thuvienphapluat.vn (n.d.) Quyết định 721/QĐ-UBND 2018 cơng BỐ Danh Mục Thủ Tục Hành Chính sở Lao động Cần Thơ THƯ VIỆN PHÁP LUẬT Retrieved May 6, 2023, from https://thuvienphapluat.vn/van-ban/Tai-chinh-Ngan-sach/Nghi-dinh-15-2018ND-CP-quan-ly-hai-quan-379534.aspx 15 huvienphapluat.vn (n.d.) Thông TƯ 09/2018/TT-BKHĐT Hướng Dẫn Thực Hiện Nghị định 63/2018/NĐ-CP THƯ VIỆN PHÁP LUẬT Retrieved May 6, 2023, from https://thuvienphapluat.vn/van-ban/Thue/Luat-Thuc-pham-2019-404988.aspx 16 Thông Cáo Báo Chí Về Tình Hình Kinh Tế - Xã Hội Quý IV Và Năm 2019 General Statistics Office of Vietnam (n.d.) Retrieved May 6, 2023, from https://www.gso.gov.vn/du-lieu-va-so-lieu-thong-ke/2019/12/thong-cao-bao-chi-ve-tinhhinh-kinh-te-xa-hoi-quy-iv-va-nam-2019/ 17 Tổng Quan Về Việt Nam World Bank (n.d.) Retrieved May 6, 2023, from https://www.worldbank.org/vi/country/vietnam/overview 18 Welcome to GLOBALG.A.P - A trademark and set of standards for good agricultural practices Quy định chứng nhận GlobalGap (n.d.) Retrieved May 6, 2023, from https://www.globalgap.org/uk_en/ 19 Điểm nhấn Chính Sách lãi suất năm 2022 - dự báo năm 2023 Trang chủ (n.d.) Retrieved May 6, 2023, from https://tapchinganhang.gov.vn/diem-nhan-chinh-sach-lai-suat-nam2022-du-bao-nam-2023.htm#:~:text=L%C3%A3i%20su%E1%BA%A5t%20t%E1%BB %91i%20%C4%91a%20%C4%91%E1%BB%91i,%C4%91a%20%C4%91%E1%BB %91i%20v%E1%BB%9Bi%20ti%E1%BB%81n%20g%E1%BB%ADi 82