(LUẬN văn THẠC sĩ) building business strategy in real estate for company 59, the ministry of defense

ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - NGUYỄN VĂN ANH BUILDING BUSINESS STRATEGY IN REAL ESTATE FOR COMPANY 59, THE MINISTRY OF DEFENCE XÂY DỰNG CHIẾN LƯỢC KINH DOANH BẤT ĐỘNG SẢN CÔNG TY 59, BỘ QUỐC PHÒNG LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH HÀ NỘI - 2018 TIEU LUAN MOI download : skknchat@gmail.com ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - NGUYỄN VĂN ANH BUILDING BUSINESS STRATEGY IN REAL ESTATE FOR COMPANY 59, THE MINISTRY OF DEFENCE XÂY DỰNG CHIẾN LƯỢC KINH DOANH BẤT ĐỘNG SẢN CƠNG TY 59, BỘ QUỐC PHỊNG Chun ngành: Quản trị kinh doanh Mã số: 60 34 01 02 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH NGƯỜI HƯỚNG DẪN KHOA HỌC: TS TRẦN HUY PHƯƠNG Hà Nội - 2018 TIEU LUAN MOI download : skknchat@gmail.com COMMITMENT The author undertakes that the results of the study in the dissertation are the results of the author's own work primarily obtained during study and research and not yet published in any other research by others Research results and other people's materials (quotations, tables, formulas, graphs and other materials) used in this dissertation have been approved by the authors and cited in detail I am fully responsible to the scientific council on thesis defence, Hanoi School of Business and Management and the law for the above commitments Student Nguyen Van Anh TIEU LUAN MOI download : skknchat@gmail.com ACKNOWLEDGEMENT During my study and thesis writing process, I received valuable guidance from lecturers at the Hanoi School of Business and Management – Vietnam National University, Hanoi First of all, I would like to thank the leaders and lecturerer for their hard work I would like to thank for the heartedness of Ph.D Tran Huy Phuong to instruct me in the preparation of graduation thesis I also sincerely thank the staff of Company 59 to support, provide information and facilitate me for completion of my research I give my thanks to my wife and two lovely children for their spiritual support motivating me to complete the dissertation at the time of busy and pressure from many factors With the supports from many sides, I also made great efforts to complete the thesis in the best way but due to certain limitations on knowledge, time and information, the work has certainly existed shortcomings I hope to receive the sympathy, contributions and supports of lecturers and readers to complete the topic Thanks and best regards TIEU LUAN MOI download : skknchat@gmail.com TABLE OF CONTENTS LIST OF TABLES i LIST OF FIGURES ii INTRODUCTION .1 Overview of the research status Objectives of the research .4 3.1 General objectives .4 3.2 Specific objectives 4 Subjects of the research 5 Scope of the reseach Methods of the research CHAPTER 1: THEORETICAL BASIS OF BUSINESS STRATEGY IN REAL ESTATE 1.1 The general theories of business strategy 1.1.1 Concept of strategy and business strategy 1.1.2 Characteristics of business strategy 1.1.3 The role of business strategy 1.1.4 The levels of strategy 1.2 The process of building business strategy of enterprises 12 1.2.1 Identification of the mission, the current business objectives of the business 13 1.2.2 Assessment on the external environment of the business 15 1.2.3 Analysis on the internal business environment 20 1.2.4 Development of strategic options .23 TIEU LUAN MOI download : skknchat@gmail.com 1.2.5 Analysis and selection of strategy .24 1.2.6 Strategy implementation .25 1.3 The concept of real estate and property characteristics .29 1.3.1 Real estate concept 29 1.3.2 Characteristics of real estate business 30 1.3.3 Impact of real estate business characteristics on building business strategy 30 CHAPTER CURRENT SITUATION OF THE COMPANY'S REAL ESTATE BUSINESS STRATEGY AT COMPANY 59 OF MINISTRY OF DEFENSE 32 2.1 About the Company 59 of Ministry of Defense 32 2.1.1 Introduction of Company 59 of Ministry of Defense 32 2.1.2 Organizational structure of company 59, Ministry of Defense 34 2.1.3 Functions and missions of the Company 59 under Ministry of Defense 35 2.1.4 Objectives and core values of the company 59 under Ministry of Defense36 2.1.5 Business results of the company 59 under Ministry of Defense 36 2,2 Analysis of the external business environment of company 59, Ministry of Defense 37 2.2.1 Macro-environmental analysis 37 2.2.2 Micro-environment analysis (sectoral environment) 47 2.2.3 Identification of opportunities - challenges 55 2.3 Analysis of internal environment of company 59, Ministry of Defense 56 2.3.1 Human resources of company 59 56 2.3.2 Physical resources .59 2.3.3 Other intangible resources 62 2.3.4 Determining of strengths and weaknesses 64 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense CHAPTER BUILDING BUSINESS STRATEGY IN REAL ESTATE FOR COMPANY 59, THE MINISTRY OF DEFENSE AT THE STAGE OF 2018-2022 AND RECOMMENDATIONS 65 3.1 Defining of the mission, goals, vision of the business .65 3.2 Development of strategic options 65 3.3 Analysis and selection of strategic options 67 3.4 Recommendations of implementation of the strategy 71 3.4.1 Marketing mix solution .72 3.4.2 Human resource solutions 74 3.4.3 Solutions on raw materials 75 3.4.4 Financial solution 75 3.5 Some recommendations to the management level .76 CONCLUSION 78 REFERENCES 79 (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense LIST OF TABLES Table 1.1 SWOT matrix - Strengths - Weaknesses - Opportunities - Risks 24 Table 1.2 Quantitative Strategic Planning Matrix - QSPM .25 Table 1.3 Matrix of Strategic Business Review .28 Table 2.1 Major business lines of the company 59 32 Table 2.2 List of typical works have been implemented 34 Table 2.3 List of capacity of technical workers .35 Table 2.4 Summary of financial data .36 Table 2.6 Comparison table between units 53 Table 2.7 Comparision of revenue between company 59 and CC1 54 Table 2.8 Opportunities and challenges 55 Table 2.9 Statistics of the land fund allocated for management use 60 Table 2.10 Strengths and weaknesses 64 Table 3.1 SWOT matrix proposed business strategy for Company 59 65 Table 3.2 Matrix quantitative strategic planning .68 i (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense LIST OF FIGURES Figure 1.1 The process of building business strategy of enterprises .13 Figure 1.2 Model of external environment analysis (business environment) 15 Figure 1.3 PESTEL model of macro environment analysis 16 Figure 1.4 Model Competitive Force M Porter 18 Figure: 1.5 Business Strategy Evaluation Matrix 27 Figure 2.1 Organization chart 59 .34 Figure 2.2 Vietnam's GDP over the years 37 Figure 2.3 Total state budget revenue 2017 .38 Figure 2.4 Total budget of 2017 .38 Figure 2.5 CPI Index 2017 .39 Figure 2.6 Speed of urbanization in Vietnam 41 Figure 2.7 Real estate market in Vietnam 2016 .41 Figure 2.8 Survey the sales team through survey questionnaire form 57 Figure 2.9 Survey the sales team through survey questionnaire form 57 Figure 2.10 Survey qualifaction of management and leadership through survey questionnaire form 58 Figure 2.11 Survey of technological capacity in group 59 ii (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense INTRODUCTION Overview Vietnam's economy has developed with high growth rate strongly and sustainably A series of outstanding events taking place in the world and in domestic strongly impact on our economy as Vietnam joined the WTO in late December 2006 to be in tune with the world and take many advantages, which have made Vietnam become an attractive investment destination in the region for domestic and foreign investors Or the fact that Vietnam has been voted by nonpermanent members of the United Nations has shown the trust of its friends in the world with Vietnam, its belief in Vietnam's economy and the political stability of our country And in the most recent, Vietnam became an official member of the Trans-Pacific Partnership Agreement - TPP in February 2016 With the potential economy, there has already been many real estate investment projects in Vietnam The types of investment are very diverse such as high-end apartment buildings, office buildings for rent, shopping centers, etc., creating a tremendous impetus for social and economic development and changing the face of urban in Vietnam However, real estate has been a very specific business area that requires special conditions such as strong financial resources, ability to raise capital, good relationships with specialized regulatory authorities, orientation as well as longterm vision of business leaders In addition, the real estate business is cyclical, thus the risk is very large so in the recent years, a series of businesses operating in this field went bankrupt owing to bank debt, lack of capital, no output and others Company 59 of the Ministry of Defense is a state-owned enterprise under the Ministry of General Staff has many years of implementation and trading real estate projects Like other real estate businesses, the company is facing many challenges that affect the company's business The real estate sector is the spearhead and dominates almost all activities of other fields such as construction consultancy, construction and installation and others Therefore, the difficulty of this scetor shall pull a series of other business areas of the affected company The management of (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense relatively good unit in raising capital for production thanks to the timely and adequate capital adequacy of the Military Commercial Joint Stock Bank However, for sustainable long-term development, investment in construction equipment, the loan can not meet To overcome this, the company must mobilize from the following sources  Identify Military Commercial Bank as a strategic partner providing longterm credit to finance the company's investment projects  Mobilize capital from financial leasing organizations and investment funds  Mobilize the advance funds of customers and business partners to finance the project  Mobilize capital from equitization of the enterprise and issuing additional shares  Mobilize capital from staffs in the unit 3.5 Some recommendations to the management level For the state:  Perfect the business legal environment on the basis of equality among enterprises in the direction of integrating into the world construction market, in line with international practices  Simplify investment procedures, improvement of basic construction management procedures  Promote the prevention of corruption, harassment in the building  Renovate the method of capital management in capital construction investment, adjusting the fiscal year in the capital construction settlement to suit the climate conditions of our country Although the state has stipulated the allocation of capital for groups of works, but in fact the capital also not enough supply and spread many works, so the completion of the works are prolonged causing loss to society, increase the cost of production of the contractor Volume processing also has different opinions, but the treatment is often prolonged, thus obstructing the completion of the works 76 (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense  Renovate basic construction management Establishment of capital construction management company to replace the project management board, from the role of the master to become the real boss Projects must meet the goals of economic efficiency and community efficiency Avoiding the situation that many of the projects are currently invested in construction but ineffective exploitation, causing great waste for society and taxpayers  Amend a number of articles of the Bidding Law, which stipulate price ceilings, floor prices and unreasonableness in adjusting bids  Have appropriate policies and resolutions in the enforcement of site clearance, avoid the situation as many projects can not be completed because of land clearance For superior managing agencies:  Limit the intervention of higher level agencies into production and business activities and arrange organizational structure in enterprises Give more selfdetermination to enterprises in proactive planning and production organization in accordance with the situation of enterprises  Allow companies to carry out shares at the discretion of the Prime Minister and to reasonably settle policies for employees, especially those who are military employees after equitization 77 (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense CONCLUSION Along with the movement of the economy, businesses need to make adjustments in how they operate and have strategies that are appropriate for each period The topic of "Building a real estate business strategy of the Ministry of Defense 59" is well suited to the current context where the old strategy is no longer appropriate and requires the development of a new strategy With the time to study the situation and develop strategies for the company 59, the author has achieved the following highlights Systematize the theoretical basis of strategy, real estate strategy Introduce a model to build a real estate strategy in line with the reality of the company The questionnaire has been developed, from which the assessment and assessment sheet is composed of strengths and weaknesses; Opportunities challenges of the company Develop SWOT matrix and propose strategic options, including strategies, including:  ST1 Vertical integration growth strategy  ST2 Horizontal integration growth strategy  SO Product development strategy Use QSPM to analyze and select strategic options The result: SO strategy Product development is the strategy with the highest score Develop solutions to implement SO strategy Recommendations to sectoral and state management agencies Despite the efforts, the experience and knowledge of the trainees are limited As a result, I am expected to receive the contributions of their teachers and siblings to complete the thesis and can use it for the company's own strategy development in the next years Special thanks! 78 (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense REFERENCES Michael E Porter (1998), Competitive strategy, Statistics Publishing House, Hanoi; Philip Kotler (1997), Marketing management, Statistics Publishing House, Hanoi; Fred R David (2003), Concept of strategic management, Statistics Publishing House, Hanoi; Prof Ph.D Ngo Kim Thanh (2011), Strategic management, National Economics Publishing House, Hanoi; Ph.D Nguyen Thanh Hoi, Ph.D Phan Thang (2001), Management, Statistics Publishing House, Hanoi Michael E Porter (1980), Competitive Strategy, New York, USA Michael E Porter (2008), Competitive advantage, (Translation) Tre Publishing House; Ho Chi Minh City Micheal E Porter (2009), Competitive Strategy, Tre Publishing House, Ho Chi Minh City Garry D, Smith Danny R, Arnold, BobbyG, Bizzell (1997), Business Strategy and Policy, Statistics Publishing House, Hanoi; 10 Prof Ph.D Hoang Dinh Phi (2011), Curriculum on Management Technology, Vietnam National University Press, Hanoi; 11 Nguyen Thi Lien Diep and Pham Van Nam (2003), Business Strategy and Policy, Statistics Publishing House, Hanoi; 12 Authors’ group of University of Economics Ho Chi Minh City (2010), Competitive environment of real estate – strategy of Binh Chanh Construction Investment Shareholding (BCCI) at the stage of 2010 – 2015; 13 Ngo Vinh Tu (2007), master thesis, University of Economics Ho Chi Minh City; Building development strategy for Company 59 under Ministry of Defense until 2015 79 (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense 14 Tran Quoc Thai (2006); master thesis in economics, Strategic business plan of Vietnam Export Import Bank until 2015 University of Economics Ho Chi Minh City 15 Decree no 76/2015/NĐ-CP dated 10 September 2015; Detailed provisions on implementation of real estate business law 16 Law of the officers of the Vietnam People's Army dated 21 December 1999; Law on amendment and supplementation of articles of law of the officers of the Vietnam People’s Army dated 03 June 2008 80 (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense APPENDIX SOCIOLOGICAL INVESTIGATION FORM A GENERAL INFORMATION Full name: Workplace: Position: B CONTENT OF SURVEY Please tick X for the option you choose Types Content Excellent Good Average Poor Opportuniti Political situation is stable Law es system, policies to support enterprises Economic growth has increased steadily People's incomes increase Preferential credit policy for military personnel Government investment is concerned with infrastructure Demand for middle-class housing increased The speed of urbanization is fast The number of new families increases rapidly Vietnam built an open economy, socialist orientation, global integration Improve legal institutions Get off to the forefront of technology People's living improves, demand for 81 (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense home ownership increases Flexible and various supplier Challenges The corruption, bureaucracy in the real estate industry The bank tightens lending policies with real estate Trends in cooperation, mergers and acquisitions The change in technology application in the real estate industry Regulations and obligations of business units under the Ministry Regulations and obligations of business units under the Ministry of defense The fierce competition in the industry Administrative procedures are not yet streamlined Unfair competition in the industry The virtual demand for real estate Regulatory adjustment Outstanding capital in real estate Strengths Equipment and machinery meet the construction, interior design of residential civil works The company is managed using a land fund with a favorable location to exploit 82 (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense Ability to raise capital to expand production The company has a large, professional and efficient sales team The company has built its brand in the non-military market The company has loyal customers, stable (projects, customers in the military) The company has a good record of 40 years of experience in real estate The company applies many new technologies in the process of construction execution The process is professional, professional Capital Weaknesses The level of management of specialized departments is limited and uneven The recruitment and training of new staff is not good The investment cost for renovation of equipment is still low The method of annual planning is also bureaucratic Debt recovery from customers is slow The remuneration policy is not good, 83 (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense not keeping good personnel The image of state-owned enterprises (slow, bureaucratic) has an impact on the impression of corporate customers or individual customers The task of urging debt recovery slowly Bad debt is relatively large The budget budget has a late payment time Allocation of management costs for each type does not follow a certain criterion Expenditures of the Company's legal reserves are not high Thanks for your cooperation! 84 (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense APPENDIX QUESTIONAIRE STRATEGY SELECTION MATRIX FORM A GENERAL INFORMATION Full name: Workplace: Position: B CONTENT OF SURVEY Dear readers, after the survey number was issued, the author has conducted research and identified main strategies and in accordance with the reality of the company However, the author still needs to collect more of his opinions to ensure objectivity in assessing the attractiveness of each strategy Look forward to your cooperation! Interpretation: ST1: Vertical Integration Growth Strategy ST2: Horizontal Growth Strategy SO: Product development strategy AS: Points of Attraction: The relative attractiveness of strategy versus other strategies, by factor TAS: Determine the total number of points of interest by multiplying the number of points in the column with the AS score In particular: point is not attractive, point means less attractive, point is quite attractive and point is very attractive Optional streategies Fundamental factors ST1 Types AS ST2 TAS AS TAS SO AS TAS Opportunities 85 (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense Optional streategies Fundamental factors ST1 Types AS ST2 TAS AS TAS SO AS TAS Political situation is stable Law system, policies to support enterprises Economic growth has increased steadily People's incomes increase Preferential credit policy for military personnel Government is interested in investing in infrastructure development Demand for middleclass housing increased Challenges The corruption, bureaucracy in the real estate industry The bank tightens lending policies with real estate 86 (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense Optional streategies Fundamental factors ST1 Types AS ST2 TAS AS TAS SO AS TAS Trends in cooperation, mergers and acquisitions The change in technology application in the real estate industry Regulations and obligations of business units under the Ministry of defense Real estate agents depend on sales agents, intermediary channels Strengths Machinery and equipment are met construction, interior design of residential civil The company is managed using a land fund with a favorable location to exploit 87 (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense Optional streategies Fundamental factors ST1 Types AS ST2 TAS AS TAS SO AS TAS Ability to raise capital to expand production The company has a large, professional and efficient sales team The company has built the brand for the non-military market Weaknesses The level of management of specialized departments is limited and uneven The recruitment and training of new staff is not good The investment cost for renovation of equipment is still low The method of annual planning is also bureaucratic 88 (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense(LUAN.van.THAC.si).building.business.strategy.in.real.estate.for.company.59 the.ministry.of.defense Optional streategies Fundamental factors ST1 Types AS ST2 TAS AS TAS SO AS TAS Debt recovery from customers is slow Total Thanks and best 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