Scientific and practical significance- Scientific significance: Based on inheriting the existing research results, thethesis has synthesized the theoretical basis for analyzing the finan
The urgency of the topic
After 36 years of transition from a backward, poor economy to a socialist- oriented market economy - the period of revolution in industrialization, modernization and global integration, Vietnam's economy becomes more exciting than ever when the number of participating businesses or units of all economic sectors is increasing, the explosion of the capital market with many new models, speculators, brokers, etc securities or credit institutions are also very rich The ultimate goal that each business or unit aims at is to increase asset value as well as reach the highest profit To do this well, managers of each unit need to know how to grasp the performance of their own units by reviewing and evaluating the results achieved each year.
Financial analysis is currently a very important work for all areas of economic and social life The fact that we conduct financial analysis will help managers of units or businesses better understand the efficiency of their business investment activities and can also clearly identify the nature and extent of risk of problems related to many different factors From there, it will assess the advantages, disadvantages as well as the prospects of the market and support the management board of the unit or business to make more informed decisions for the next investment directions of the company their units, economically and effectively use capital and all resources to improve the quality of financial management to promote production and business activities of the enterprise.
VnEconomy was born in the field of providing all information and propaganda work of the Party and State, combining real estate investment with its purposes The unit has also operated in the same industry for a long time and There is a lot of competition in the market Therefore, the study of the unit is very important to help the unit have long-term development strategies as well as managers will make many appropriate decisions to ensure increased revenue and value.
Stemming from the above reasons, I chose the topic "Analysis of the financial situation of VnEconomy" for my graduation thesis, with the desire to contribute my ideas to improve the quality of information, serving the management of the unit.
Research objectives
- Analyze and evaluate the financial situation of the VnEconomy, thereby proposing solutions to improve the financial situation at the unit.
- Systematize theoretical issues of financial situation analysis at non-business units.
- Analysis of the current financial situation at the VnEconomy Thereby, evaluating the achieved results and limitations on the financial situation of the VnEcomony.
- From there, propose some solutions to improve the financial situation ofVnEconomy in the next period.
Subjects and scope of study
- Subject of study: Financial situation of non-business units.
About content: Analyzing the financial situation for financial management at non-business units.
Time: Analyze the current financial situation in the period of 2019 -
2021 and recommend solutions from 2022 onwards.
Research methodology
The subject used the methodology of dialectical materialism and historical materialism to study issues that ensure the comprehensiveness, system, logic and practicality of complete solutions At the same time, the topic uses economic scientific research methods such as synthesis methods, analytical methods, systemization methods, interpretation methods, induction,comparison methods
Scientific and practical significance
- Scientific significance: Based on inheriting the existing research results, the thesis has synthesized the theoretical basis for analyzing the financial situation of non-business units.
- Practical significance: The thesis has studied the overview of VietnamEconomic Review from such angles as the process of formation and development; organizational and management structure, specific business lines; thereby analyzing the financial position and assessing the financial position of the entity in terms of the achieved results, limitations and causes.Based on the socio-economic context, based on the goals and development orientation of VnEconomy, the thesis has analyzed the financial situation of the unit to see the advantages and disadvantages of the unit.
Structure of the thesis
In addition to the opening, conclusions, appendixes and a list of references, The main content of the topic constitutes 3 chapters with the name:
Chapter 1: Theoretical basis for analysis of non-business unit situation
Chapter 2: Analysis of the current financial situation of VnEconomy
Chapter 3: Solutions to improve financial situation of VnEconomy
THEORETICAL BASIS FOR ANALYSIS OF NON-
Overview of analysis of financial situation of the non-business unit
- Concept: Non-business unit is a type of public service organization capable of mobilizing social resources and suitable to socialization conditions This is determined by the nature of their career activities and their public service delivery function.
A public non-business unit is an organization established by a competent state agency, a political organization or a socio-political organization following law, has legal status, and provides services public administration, serving the state management.
Non-public non-business units are non-state non-business organizations, established by social organizations, enterprises, individuals or joint ventures between organizations and foreign countries legal entity, providing public services, operating under the business model. b Characteristics of the non-business units
Public non-business units shall be established according to the decisions of competent agencies, performing functions and tasks assigned by the Party and the State Features of operation of public non-business units:
Firstly, a public non-business unit is an organization operating mainly in the nature of social service, not for business purposes Public non-business unit operating in the field of career, providing public services to society,which are activities for the common good, in order to maintain and ensure the normal development of society, serving the development of each sector, each field as well as the entire national economy These activities are basically carried out by organizations authorized by the State, maintained and funded by the State Since then, the state's macroeconomic objectives and associations are to improve people's knowledge, foster talents, ensure human resources, take care of the health of the community, improve the cultural and spiritual life of the people, promote economic activities to develop and become more and more effective.
Secondly, goods and services provided by non-business units are products that bring common benefits with sustainability and organic attachment to the process of creating material wealth and social spiritual value Goods and services created by professional activities are mainly values of knowledge, culture, invention, health, morality, social values, which can be shared by many people and subjects on a wide scale The use of goods created by professional activities makes the process of producing material wealth more and more efficient and the social spiritual value increasingly enhanced. Education and training activities create quality knowledge and human resources that determine the development of the country Medical career activities bring health to the community The career of information culture, science and technology is the spiritual foundation of society, bringing understanding to people about nature and society, creating new technologies for production
Third, the activities of public non-business units are always associated with and governed by the State's socio-economic development programs The activities of public non-business units are to serve the common interests of society With its functions, the State always organizes, maintains and ensures career activities to perform socio-economic development tasks The socio- economic development programs of the State in each period are the concretization of specific functions and tasks that the State must perform in accordance with the socio-economic in each period period Therefore, the activities of public non-business units are always associated with and governed by the State's socio-economic development programs in each period Thus, public career units provide career services and can organize production and business but the main goal is not profit These units can organize activities in two forms:
- Non-business units operating independently;
- Non-business units under superior state administrative agencies
1.1.2 Concept and objectives of financial analysis of business units
1.1.2.1 The concept of analyzing financial situation of business units
According to the textbook "Reading and analyzing financial statements of administrative and non-business units" by the Academy of Finance: "There are different interpretations of the concept of financial statement analysis":
First, financial statement analysis is a collection of methods used to assess the financial status and trends of the entity's financial activities through the information presented in the financial statements and related documents, providing managers and interested parties with a basis to evaluate and predict the entity's finances, thereby making decisions following their interests.
Second, financial statement analysis is the process of reviewing, examining, comparing and comparing financial data in the current period with past periods Through the analysis of financial statements, it will provide users with information that can assess the potential, performance, and future financial risks of the entity.
Thirdly, financial statement analysis is a system of methods used to assess the current state of financial capacity and trends in financial activities of the entity through information presented in the financial statements.financial statements and other documents, providing managers and other interested parties with a basis for evaluating and estimating the financials of the entity On that basis, it helps managers who are interested in corporate finance to make the right management decisions, in line with the goals they are interested in.
Financial statement analysis is interpreted differently, but they all agree that financial statement analysis is to provide information to evaluate and predict the financial position of the entity for information users, helping them to correct and appropriate decisions.
Analysis is a tool used for research in almost all sciences, from the natural sciences to the social sciences Analysis helps to perceive the content, form and development trend of the researched phenomenon, see the inner constitutive relationship of each thing, phenomenon, its dialectical relationship with other events other objects and phenomena, thereby helping the users of the analyzed information to make their own decisions.
In a market economy with macro-management by the state, there are many managers inside and outside the non-business units who care about their financial situation such as business owners, managers, etc enterprises, investors, credit providers, state agencies or employees Each manager has certain economic and financial relationships and they all need to use information provided by the company Analysis is provided to serve the management decision-making process, but each manager is interested in different perspectives and goals, requiring financial analysis to be conducted by different methods to meet the information needs of each manager That has created favorable conditions for financial analysis to be more and more complete and developed, and also created the complexity of financial analysis Financial analysis helps all managers to have information suitable for their purposes, on which they can make decisions to preserve and increase their interests associated with the activities of the company unit.
From the above points of view, the concept of financial position analysis of non-business units can be drawn as follows: “Analysis of financial position of administrative and non-business units is the use of appropriate methods to evaluate the financial position of administrative and non-business units evaluation, analysis of financial indicators and information related to finance of administrative and non-business units Thereby, providing interested parties with information about the current financial situation as well as future financial predictions of the entity as a basis for making decisions following their goals.”
1.1.2.2 Objectives of analyzing the financial situation of the business unit
Contents of Analyzing the financial situation of non-business unit
Assets more or less, increased or decreased, allocated to each stage, each stage reasonable or not will greatly affect the business results and financial situation of the business Analyze the asset situation to see the size of the assets of the enterprise, the level of investment of the enterprise for business activities in general as well as each field of operation, each type of asset in particular Thereby seeing fluctuations in investment level, business size,production and business capacity of enterprises, investment policies of enterprises
When analyzing the asset situation of enterprises, use two groups of indicators:
+ Indicators reflecting the size and volatility of assets include: Value of total assets and each asset class on the balance sheet, the main asset targets to pay attention to including money and cash equivalents, accounts to be collected, inventory, fixed assets
Use the method of comparing total assets as well as each type of assets in the middle of the period with the beginning of both absolute and relative numbers The fluctuation of total assets represents fluctuations in the investment size of enterprises, production and business capacity, financial capacity of enterprises The volatility of each asset class both shows the level of investment of the enterprise in each field of operation, each asset type, and shows the effect of fluctuations in each asset class on business activities, financial situation of the enterprise This will see the investment policy of the business.
+ The targets reflecting the asset structure of enterprises are the proportion of each asset class, defined by the formula:
The propo r tion of each asset (%) = Each asset Total asset x 100 %
Use a comparison method to assess the proportion of each asset class at the time the beginning and the end of the period Through the asset structure defined at the beginning of the period, at the end of the period, the investment policy of the enterprise will be evaluated, through the fluctuation in asset structure, the change in the investment policy of the enterprise will be seen.the nature of business lines, the level of management of asset use of enterprises, the stage of development of the enterprise Enterprises operating in the field of trade and services often have a lower proportion of long-term assets than short-term assets due to less investment in fixed assets Businesses operating in the manufacturing sector are the opposite In various manufacturing enterprises, the proportion of long-term assets, short-term assets are also differently high and low due to the characteristics of the production technology process.
1.2.1.2 Analysis of capital sources situation
The capital of the enterprise is an indispensable condition for a business to establish and conduct business activities To meet the needs of business activities, businesses can mobilize from a variety of sources such as equity and loans
The capital situation of the enterprise is shown by the size, structure and fluctuation of capital sources Analyzing the capital situation of the enterprise to assess which sources the enterprise mobilizes capital from, whether the mobilization of such capital meets the capital demand for the production and business process, the size of the mobilized capital has increased or decreased. the fluctuation of the structure of mobilized capital, thereby assessing the level of risk when using such policy, the enterprise is independent or financially dependent on the outside In addition, analyzing the capital situation also helps to show the opportunities and challenges of enterprises in capital mobilization policies, thereby making forecasts about the financial risks that businesses can face, as well as solutions that need to be adjusted
To assess the capital situation of enterprises, use two groups of targets: + Indicators reflecting the size and fluctuation of capital sources include: The value of the total capital target and each type of capital source on the balance sheet
+ The indicators reflecting the capital structure of the enterprise are the proportion of each type of capital source, determined according to the formula:
Percentage of each capital source (%) = Each type of capital source
Use a comparison method to analyze the capital situation of the business Compare the total capital as well as each type of capital source between the end of the period and the beginning of the period, determine the absolute and relative difference, thereby seeing the fluctuation in the size of the capital of the enterprise At the same time, comparing the proportion of each type of capital source between the end of the period and the beginning of the period to reflect the change in capital reflects as well as the level of financial resplendence of enterprises The fluctuation of capital targets depends on the capital mobilization policy of the enterprise such as financial structure objectives, capital use costs, funding needs, the ability to mobilize for each source of capital In addition, this volatility depends on the results of business activities, profit distribution policies.
Analyzing the business performance of a group provides useful information for those who are interested in the financial situation of the group. Specifically, the performance of the group is the basis used by the tax authorities to determine the state budget remittances that the group owes, especially the corporate income tax, and the compliance with state regulations on environmental protection, responsibility for society By analyzing the group's performance and business activities, state management agencies can assess the group's satisfaction level in the following aspects: national management, bases for decision-making, the adjustment of financial policies and management mechanisms to be compatible with changes in the group's business, production, and revenue As for the group itself, its performance throughout each period has a crucial influence on the profit distribution policy and a great impact on the financial strength of the Group Analyzing the group's performance and business situation focuses on clarifying the business situation and performance of each of the group's fields of operation, such as: revenue management, cost factors, and any factors which affect business results Through analysis, the group can identify the key points that need to, be managed and the potential areas that can be exploited in each business sector to increase the revenue and profitability of each of the group's business activities.
To conduct a proper overview assessment of the business situation and performance of the group, we use B02-Consolidated through 2 following groups of items:
+ Main indicators on the Income statement which indicate scale of income, costs, and the group's business results throughout the period in question viewed accumulatively and specifically in each field of operation.
+ Ratios indicating the cost management activities and the effectiveness of operation.
Ratios indicating the cost management of the group:
This ratio indicates how much cost the economic group needs to incur to generate 1 unit (dong) of revenue in the period An increase in this ratio indicates a substantial ability to save and manage the costs of the group.
+ Cost of goods sold-to-revenue
Cost of goods sold-to-revenue = Cost of goods sold
This ratio indicates how much of the cost of goods sold the group needs to incur to generate 1 unit (dong) of revenue The smaller the cost of goods sold index is the better the group can manage the cost of goods sold.
+ Selling expense-to-revenue ratio
Selling expense-to-revenue = Sellingexpense
This ratio indicates how much in selling expenses the economic group needs to incur to receive 1 unit (dong) of net sales The smaller the selling exploits the better the ability of the economic group to save selling expenses and generate better business results.
+ General and administrative expense-to-revenue
General and administrative expense index = General∧administrative expense
This ratio indicates how much in general and administrative expenses the economic group has to incur to generate 1 unit (dong) of net sales The smaller the general and administrative expense index is the more effectively the economic group can manage the cost.
The group of ratios indicating the effectiveness of operations includes the following indexes: Return on sales ratio, Before-tax profit margin, Operating profit margin, profit margin from sales.
Return on sales = Net income
This ratio indicates the group’s relationship between net income and total revenue generated throughout the period This ratio indicates how much net income the economic group gained in total revenue throughout the period in dongs.
Before-tax profit margin = Earnings beforetax
This ratio indicates in 1 unit (dong) of total revenues, how much in earnings there are before tax.
Operating profit margin= Net profit ¿ operating activities ¿
This ratio shows how much net profit is generated from main operating activities.
Sales Profit margin = Net profit ¿ sales ¿
Net profit from sales = Gross profit – Selling expense – General and administrative expense
Net profit from sales indicates the profit gained from sales and services provision activities of the group, it shows the amount of net profit from sales in 1 unit (dong).
Factors affecting the financial situation of the unit
This is the most important factor in financial analysis, the information must not only be accurate but must be relevant to the problem to be analyzed, otherwise the results of the analysis are useless, meaningless From internal information directly reflecting corporate finance to external information related to the operating environment of the business, analysts can see the past and present corporate financial situation and predict future development trends
After obtaining accurate, complete and appropriate information, how to gather and process that information effectively depends entirely on the analyst Analysts must make tables, indicators and attach those indicators so that they are meaningful, combining other factors to be able to explain the financial situation of the business, identify strengths, weaknesses, and causes from which to find appropriate solutions.
Financial analysis will become complete and meaningful if there exists an industry average spending system, which is an important reference base when analyzing One can only say whether the financial ratios of an enterprise are high or low, good or bad when compared with the corresponding ratios of other enterprises with similar products and business characteristics and conditions through comparison with the industry average From there, managers know the position of the unit, assess the current situation as well as the production and business efficiency of their business.
This is a very important factor in financial analysis If leaders understand the importance of financial analysis, they will invest in technology and software for analysis, arrange teams and analytical processes effectively, direct coordination between departments to also provide information and feedback on results, applying solutions after the analysis process, at that time, financial analysis makes sense
- Other factors: Financial policy of the State, technology, price market,inflation also affect the process as well as give the results and solutions of the financial analysis process
Through theoretical research on the financial situation used in enterprises, we have learned related concepts, systematized reasoning about analytical methods, evaluation indicators and factors affecting the financial situation. The content of chapter 1 presented the general theoretical issues of corporate finance, including: Analysis of assets and capital sources; Analysis of business results; Analysis of profitability; Analysis of debt and solvency; Analysis of group’s efficiency and Analysis of the cash flow situation
The presentation and analysis of the basic theoretical issues in Chapter 1 is necessary and important as a basis for analyzing the financial situation of listed steel enterprises in Vietnam and as the basis for proposing solutions to improve the financial situation of listed steel industry enterprises in Vietnam These theories are the scientific basis for evaluating and analyzing the financial situation at VnEconomy Journal in Chapter 2.
CHAPTER 2: ANALYSIS OF THE CURRENT FINANCIAL
Introduction to VnEconomy Journal
2.1.1 The process of formation and development of the company
The Vietnam Economic Times is an agency under the Vietnam Economic Science Association Born in the period of renovation and economic integration of the country to promptly serve all information and propaganda work of the Party and the State On 3/4/2019, the Government approved in Decision No 362/QD-TTg, changing the legal entity form of "Vietnam
Economic Times" into "VnEconomy Journal"
Vietnamese name : Tạp chí Kinh tế Việt Nam
Head Office : 96 – 98 Hoang Quoc Viet, Hanoi
Charter capital : 2,000,000,000 (two billion VND).
Over 31 years of construction, growth and development, from an economic information sheet, published weekly in 1991, up to now, VnEconomy Journal has been a strong economic newspaper complex with the following publications:
- Thời báo kinh tế Việt Nam (Vietnamese) publishes daily with tens of thousands of readers.
- Vietnam Economic Times (VET) English, published on 1 month Daily VET English Website The English Guide, published May 1 Standard
& Vietnamese Consulting Publication, published once per month During the past 31 years (1991 – 2022), the publications of the Vietnam Economic Review, especially the Vietnam Economic Times (in Vietnamese) and VnEconomy Online Newspaper daily have closely followed the political, economic and social issues of the country to promptly reflect on the publications.
- March 1991: Decision to publish Economic Information sheet
- September 1991: Number 1 was released to readers Headquarters at 8A Ly Thuong Kiet Street, Hanoi
- December 1991: Economic Information changed its name to Vietnam
- 1992: Vietnam Economic Times published on the plane of Vietnam Airlines
- March 15, 1994: The number 1 publication of Vietnam EconoMic Times was released to readers Head office at 175 Nguyen Thai Hoc Street, Hanoi.
- June 1994: Number 1 publication of The Guide was released to readers.
- February 1996 No 1 Consumption & Consumption Consulting published to readers.
- July 28, 1998: Vietnam Economic Times joins the Internet VnEconomy Electronic Newspaper launched to readers.
- March 2001: Stopped cooperation with Swiss company Ringier AG.
- 2003: Publications of The Guide in Japanese, The Guide in Chinese, The Guide in Russian were released to readers Headquartered at 96 Hoang Quoc Viet Street, Hanoi.
- November 3, 2006: Vietnam Economic Times becomes the first daily general economic newspaper of Vietnam.
- July 2007: Liquidation of contract with Swiss company Ringier AG.
- March 2011: Celebrating 20 years of establishment of Vietnam Economic Times.
- March 2014: Vietnam Economic Times turns 20 years old.
- November 2014: Launched the website vneconomictimes.com
- March 2016: Celebrating 25 years of Vietnam Economic Times
- June 26, 2020: Converted to VnEconomy Journal
2.1.3 Industry characteristics of the unit
Due to its inherent properties, the press - mass communication most clearly shows the social nature aspects of the media.
Newspapers are the channels and types that have the most obvious characteristics of mass communication.
Journalism activities are political activities: Journalism is doing politics; The political nature is expressed in many aspects (propaganda of political ideals, viewpoints and lines; gathering allied forces; promoting political movements, ); The press serves domestic and foreign policies and meets specific requirements of the Party and State;
As a tool to express political power, political culture of political power.
Journalism is a social activity: Born out of social obligations and obligations to the community, due to objective demands from life; Ability to arouse, gather resources, participate in solving social problems; The press informs all areas of social life that the community is interested in; Form of expression (for the purpose of information for the sustainable development of society and community benefits, organization of charity activities, organization of social seminars to solve practical problems, education of ideas, etc.) community, social, etc.); The more clearly the social nature is shown, the higher the position and prestige of the press agency will be enhanced.
It is necessary to combat the tendency to pursue purely commercial purposes in order to benefit the press agency and infringe on political - cultural - social interests.
The fundamental and main contradiction between the press and the market economy is the conflict between political - cultural - social interests and economic interests.
2.1.3.2 General characteristics of the unit
Information events, happenings, social significance.
Information that the public wants to know, needs to know but does not know, Announcement of information from leadership events.
The information has been around for a long time but is now topical.
Every problem occurs in the form of events Not every normal event turns into a Press event Only when that event many people want to know, has social significance, will it become a Press event.
Distinguish between the new and the strange The press mainly informs the new but does not ignore the strange.
Event organization skills and how to combine information events to organize information and communication campaigns to generate and direct public opinion are issues that clearly show the topicality of the Press.
From a small event -> Spreading to the community, even globally -> affecting the perception and behavior of readers -> stirring, influencing, and disrupting the reader community -> Important origins important to create the social power of the press
As a tool, a force to participate in organizing, managing, monitoring and criticizing society.
The strength of publicity depends on many factors: authenticity, true nature of the event, is public information multidimensional?; Information needs to be analyzed in multiple dimensions.
Publicity is very important for journalists in selecting events and information issues.
Other purposes: culture, people's livelihood to help organize, entice and persuade people to participate in solving social problems.
Some methods of journalism express political purposes: Propaganda through current events; Participating in organizing seminars and socio- economic activities to propagate and promote views and ideas of political documents; analyze and comment on ongoing events; Directly propagate the views represented by the press agency; Praise the right and good places and criticize the wrong things and people…
It is a tool to show the political power of the state, to show the political position of the people.
After a period of time -> Press publications are broadcast.
It's a community convention If there is a change -> must apologize to the public.
Each type of journalism has its own periodical characteristics depending on the capacity of collecting, processing and publishing. (Example: Daily Newspaper, Weekly Newspaper, Monthly Newspaper… TV Program, Online Newspaper – Shorter periodical).
Periodicity has the potential power of the press, affecting the journalist's professional activities.
Meaning: Create a conditioned response to the public's information; timely reflect vivid life; forming a working style for journalists; building discipline and working rhythm in the newsroom; the basis for forming plans, ways of working to communicate with the public…
The aspects of expression: Objects and events are reflected in all areas of society, there are no events or social issues that the press is not interested in; The target audience is very diverse; Public understanding – diverse target group; diversified transmission channels; Means and methods of information in many different forms; Methods of rich information.
Multi-dimensional information helps the public to be more deeply aware of the nature of the event, the issue that is taking place.
The multidimensionality also depends on the thinking, political culture, level of democracy, bravery and capacity of the journalist.
- Easy to understand, easy to remember, easy to follow:
Information often serves the majority -> understand the same -> create common awareness, act quickly, and agree on how to respond to informed events.
The reason for this feature is to meet the requirements, demands from life, from the public and society.
Understandably, Newspapers provide articles that can be easily understood by the general population That is the requirements and communication characteristics of the mass on the mass media and the press in particular.
Interoperability is the informational feature of Modern Journalism.
The basis for assessing the interaction is to create social consensus, ensure sustainable development, and avoid risks of instability in the community Therefore, it requires the capacity and knowledge of journalists.
Mainly referred to as a bridge, a means of interaction between the public and the public, etc.
Realizing that interactivity is of great significance to journalists and development in general.
Multimedia affects many senses, increasing the attractiveness, objectivity, truthfulness, and reliability of information.
It is the strength and characteristic of the type of online newspaper.
Analysis of the financial situation of VnEconomy Journal
2.2.1 Analysis of assets and capital sources
Table 2.1 Asset situation of VnEconomy journal in the period of 2020 -2021
II Short–term financial investment
8 Shortage of asset awaiting resolution
3 Working capital in affiliated units 2,000 100 0 2,000 0 100
VI Other long-term investments 0 0 23 41.82 -23 -100 -41.82
(Source: Calculation from the financial statements of VnEconomy journal in
At the end of 2021, the total asset value of the unit was VND 33,829 million, an increase of VND 10,578 million with an increase of 45.49% compared to the beginning of the year This proves that the capital scale of the unit is tending to expand, and both long-term and short-term assets increase rapidly In terms of structure, although both asset classes increased, the proportion of short-term assets decreased slightly (from 99.76% to 93.91%, corresponding to a decrease of 5.85%) Meanwhile, long-term assets tend to increase in proportion (from 0.24% to 6.09%, corresponding to an increase of 5.85%) For a business operating in the field, the change in the proportion structure by increasing long-term assets was a matter of concern, especially in
2021 after the Covid-19 epidemic Therefore, this structural shift needs to be analyzed deeply to clarify the causes.
- Regarding the structure of assets:
The proportion of short-term assets remained around 90% and long-term assets fluctuated below 10% Such a proportion is relatively suitable for a unit working in the field of journalism The proportion of short-term assets more than long-term assets shows that the company can focus on providing short- term services and that is completely appropriate.
Long-term assets at the end of 2021 were VND 2,060 million, increasing to VND 2,005 million with an increased rate of 3,645.45% The rapid increase in long-term assets is due to the increase in receivables, specifically the working capital mobilized by the affiliated unit of VND 2,000 million, which shows that the unit is investing in business expansion business and improve service quality in the following years Tangible fixed assets also increased to
63 million dongs However, intangible assets decreased quite deeply, from VND 33 million at the beginning of the year to negative VND 2 million at the end of the year, the rate of decrease was -106.06% This causes many difficulties for the unit when the numbers change erratically, especially after the Covid-19 pandemic took place Long-term investments were also in deficit, with the figure at the beginning of the year being 23 million VND and at the end of the year being 0 VND
Current assets at the end of 2021 were VND 31,769 million, increasing to VND 8,573 million with an increased rate of 36.96% The increase in current assets was mainly due to the increase in short-term receivables Short-term receivables at the end of 2021 were VND 19,562 million, increasing to VND 5,866 million compared to the beginning of the year with an increase of 42.83%, especially from short-term receivables from customers increasing from VND 27,405 million to VND 35,124 million VND with an increased rate of 28.17%
The increase in short-term receivables from customers indicates that the entity has a very good ability to collect debts from customers and is less likely to be capitalized and can effectively rotate payments.
Besides, cash and cash equivalents increased from VND7,503 million to VND9,829 million with an increase of 31% In 2021, keeping a large amount of cash and cash equivalents will be an advantage for the entity to be able to have quick cash when needed.
The business's inventory for the year increased from VND 451 million to VND 867 million, an increase of VND 416 million with an increased rate of 92.24% Actual research at the business shows that the increase in inventory was partly because the unit has increased the stock of publications to wait for new releases and provide services to customers In addition, most of the inventory is due to the increased inventory of publications Thus, the sudden increase in inventory can be considered as a plan of the unit to serve the business in 2022, after the Covid-19 pandemic has been controlled and the units as well as customers have been businesses and corporations have strongly re-operated However, in 2021, the price of input materials is increasing sharply, but the unit is storing a lot in the warehouse This can be a disadvantage for the unit, requiring careful consideration to avoid waste, and stagnant quality that cannot be sold, moreover, inventory is an asset class. With low solvency, the unit should not invest too much in this item, especially when the market demand has not shown signs of increasing.
In summary, according to the aggregated figures mentioned above, the asset structure of the entity changes significantly in 2021, although the ongoing Covid-19 pandemic has generally been a dangerous year On the other hand, the unit has also prepared plans to implement larger projects and recover from the pandemic in the future.
2.2.1.2 Analysis of capital sources situation
Table 2.2a Capital situation of VnEconomy in the period of 2020 -2021
Mil VND Mil VND Mil VND Rates (%)
(Source: Calculation from the financial statements of VnEconomy journal in
From table 2.2a, it shows that the total capital of the unit at the end of
2021 is VND 33,828 billion compared to the beginning of the year, increasing to VND 10,577 billion, up 45.59% In total capital, equity at the beginning and end of the year is negative, so the liabilities at the beginning and end of the year are larger than equity The above-mentioned increase in total capital proves that the scale of mobilized capital of the unit at the end of 2021 has increased, the scale of capital is growing and replenishing at an extremely fast rate The total capital of the entity at the end of the year increased compared to the beginning of the year due to the year-end liabilities increased from VND 51,263 billion to VND 56,185 billion, equivalent to an increase of VND 4,922 billion, up 9.60% Negative assets at the end of the year decreased. compared to the beginning of the year.
The owner's equity at the beginning and the end of the year is negative, showing that the equity of the unit is not preserved and the financial situation of the entity is facing difficulties However, the negative equity level improved at year-end To more fully appreciate an entity's capital position, a detailed analysis of liabilities and equity is required.
Table 2.2b Liabilities situation of VnEconomy journal in the period of 2020 -
6 Short-term loans and leases
(Source: Calculation from the financial statements of VnEconomy journal in
The company's liabilities at the end of 2021 are VND 56,186 billion, an increase of VND 4,922 billion, equivalent to 9.60% compared to the beginning of 2021 The increase in liabilities is due to short-term prepayment from 4,449 billion dongs to 5,316 billion dongs (up 19.49%) and short-term payables to sellers from 3.47 billion dongs to 3,638 billion dongs (up 4.84%), payables to employees increased by 2,816 billion dongs (up 59.38%),
At the end of the year, the ratio of liabilities to total capital decreased compared to the beginning of the year, mainly because the proportion of short-term payables to sellers decreased (from 6.77% to 6.48%), and taxes and payables to the State decreased (from 12.23% to 11.48%), short-term internal payables decreased (from 47.48% to 44.04%) However, the proportion of buyers with short-term prepayment increased compared to the beginning of the year (from 8.68% to 9.46%), and the payable wages of employees also increased compared to the beginning of the year (from 9.25% to 9.46%) up to 13.45%) It can be seen that the structure in which internal short-term debt accounts for the highest proportion of total liabilities is more consistent with the structure of public non-business units and non-business units.
Table 2.2c The situation of the owner’s equity of VnEconomy journal in the period of 2020 -2021
Mil VND Mil VND Mil VND Mil VND
(Source: Calculation from the financial statements of VnEconomy journal in
Equity of the unit had a positive change, from -28,012 billion dongs to - 22,357 billion dongs, equivalent to 5,655 billion dongs, up 20.19% Which, undistributed profit after tax increased from -40,132 billion dongs to -34,476 billion dongs, equivalent to 5,656 billion dongs, up 14.09% As equity increases, it indicates that the entity is thriving and more profitable Both an increase in equity and an increase in contributed capital support unit size expansion This can lead to higher revenue because a unit can take advantage of economies of scale to increase output at a cheaper cost.
In short, entities are getting smaller and smaller and are now using equity instead of debt to raise capital The above is also incorporated into the entity's plans for 2020 and 2021, whenever the transition from capital appreciation to capital appreciation will provide the group with an adequate and secure source of financing Even so, this does not allow the entity to effectively use leverage to generate higher residual profits In contrast, equity options will help organizations operate healthier and pay less interest during the challenging Covid pandemic It can be seen that the adjustment of the capital mobilization structure is completely acceptable.
Table 2.3 Actual situation and business results of VnEconomy journal in the period of 2020 – 2021
Items Year 2021 Year 2020 Diffirenc e rates (%)
1 Sales revenue and service provision 41,932 12,252 29,680 242.25%
4 Cost of goods sold and services provided 22,300 13,320 8,980 67.42%
5 Gross profit on sales and service provision 19,602 -1,126 20,728 -
10 Net profit from business operations -351 -26,465 26,114 -98.67%
14.Total accounting profit 5,657 -25,656 31,313 -122.05% before tax
16 Profit after corporate income tax 5,657 -25,656 31,313 -122.05%
18 Cost coefficient of goods sold 0.5322 1.0923 -0.5601 -51.28%
(Source: Calculation from the financial statements of VnEconomy journal in
General assessment of the financial situation of VnEconomy
Over the past year, despite being affected by the pandemic, the unit's operations have remained stable and some of the results listed below have been achieved thanks to the decisiveness of the managers and planners’ timely response to take profitable measures.
About the ability to raise capital
Although the business results are still at a loss, with the support from the subordinate unit as well as the unit with many valuable collaterals, the unit's ability to raise capital is quite good In addition to using collateral to borrow business bank loans, the unit always receives attention from its subordinates in providing capital to implement projects as well as implement its business plans.
About the situation of using capital
The capital structure of the unit is quite suitable for the characteristics of the industry The unit focuses on investing in short-term assets suitable for the production and trading of publications in the short-term of the unit in order to turn around capital quickly, ensuring high liquidity Especially during the epidemic period, the unit has changed its capital mobilization policy, from borrowing to equity.
About production and business activities
Although over the years, the production and business situation of the unit has still lost money, but with the efforts of all employees, this number has decreased significantly It noted that the unit has changed the way it does business, looking for new sources of readers to increase revenue, and reduce input costs to reduce cost of sales and management costs Besides, the liquidation of inventory to create business capital, reducing financial costs,thereby increasing business efficiency.
In general, the short-term solvency of the unit is not good, the quick payment ratios over the years are less than 1, proving that the unit does not have enough short-term assets to pay off short-term loans The unit needs to focus and have a more reasonable direction to improve these scores.
Although there are still many bad debts, they are debts incurred, later the unit has an effective sales and debt collection policy, leading to many limitations in incurring more bad debts.
In terms of profitability and growth possibilities
Although the production and business situation of the unit is still at a loss, there have been many positive changes over the years The unit has gradually recovered from the epidemic and is expected to improve even more over the years.
Moreover, the capital structure of the unit matches the quality of the industry quite well The unit prioritizes putting money into short-term assets suitable for small and medium-sized industries, quick execution to convert profitability and ensuring high liquidity Units have moved from lending to handling money as a means of raising capital, especially during the epidemic outbreak.
On the other hand, selling and administrative expenses have also been significantly reduced, creating more profits and rotating capital for the unit.
Thirdly, the unit does a good job of using assets; especially, short-term receivables account for a sizable portion of their working capital In contrast,units often use small and medium-sized bidding packages, supporting quick capital turnover besides short-term cash flow Furthermore, the unit is focusing more on enhancing its ability to solve problems quickly by keeping more money and financial assets on hand In addition, it allows organizations to respond quickly to emergencies.
On the other hand, by tightening revenue and expenditure policies for customers, the unit is also reducing its receivables Whenever an entity seeks to safely collect debt in order to maintain its viability, this makes perfect sense Since all entities are struggling with malicious loans during these tough financial times, this can be seen as a consortium effort Such procedures can be seen as appropriate steps to reduce the likelihood of bad debts, ensuring that the entity is safe and has sufficient resources to survive a challenging downturn.
Besides the successes, the unit still faces some challenges in using capital and controlling the budget, specifically:
First, the entity is stockpiling large quantities of raw materials whose value will fluctuate according to economic, political, and social conditions risky manner In contrast, Inventory is an illiquid asset that affects the ability of the entity to maintain its liquidity in the short term.
In addition, despite increasing the capital ratio in the past year, the unit still pursues the venture capital funding strategy Entities mobilize a significant amount of short-term lenders throughout the year to engage in short-term assets However, the pandemic has affected business performance; Too much short-term capital mobilization increases the interest expense of the entity and affects its solvency of the entity.
Moreover, the unit does not carry out inventory, calculating the input material norm is different than expected Holding too many materials on hand negatively impacts the value of products, causing them to stagnate significantly and making them unsaleable.
Finally, units fail to effectively manage their costs But from one year ago, the unit's total cost of goods increased significantly while net revenue decreased Agencies must also improve the efficiency of their cost estimates.
To do this, the unit must accurately calculate the standard of raw materials to manage inventory, promptly reduce unnecessary inventory, and improve cost management.
In chapter 2, we analyzed the financial situation and factors affecting the financial situation at VnEconomy Journal in the period of 2019 - 2020.Through comparative analysis, the financial situation of the company is quite stable as shown by the efficiency indicators tend to increase over the year.Based on the analysis, the assessment of the effectiveness of the financial situation from there shows that the company's management results have been achieved in the year and the existence, the reasons why they still exist within the company to be the basis for finding solutions and improving the financial performance in the coming years and these solutions will be presented in chapter 3.
SOLUTIONS TO IMPROVE FINANCIAL SITUATION OF
Company’s development strategy
The IMF's World Economic Outlook Report 10/2022 said that the world is in a period of many fluctuations, economic, geopolitical and ecological changes all affect the global outlook.
In the first 2 months of 2022, although the Russia-Ukraine war negatively affected the world economy such as negatively impacting demand, supply chain, commodity prices, inflation, financial markets, currencies, increased security risks , food security in many countries but economic recovery still good compared to the previous year
The inflation storm, which has been forming since mid-2021, has lasted longer than forecast and so far shows no signs of stopping Most countries implementing the target inflation mechanism have recorded this rate exceeding the level set by central banks, even successively reaching the highest level in decades, including in developed countries More than 43% of the world's countries record double-digit inflation.
Inflation increased sharply in other countries, forcing the central bank to continuously raise interest rates quickly and sharply; interest rates, rapidly increasing exchange rates, sharply reducing the demand for trade, investment and consumption, increasing financial risks, debt risks in many countries, the risk of recession exists
Global inflation is likely to cool significantly in 2023 as commodity supplies recover while consumer demand weakens The gloomy economic outlook coupled with a deteriorating labor market could cause consumers to tighten their wallets Therefore, we forecast that overall world commodity prices will maintain a downward trend in 2023, excluding some commodities that pose a risk of supply shocks such as natural gas and crude oil.
The global economy does not decline and restore the hilt of supply, the price of raw goods may rise in the short term (due to the West's pressure on the price of Russian oil at $60 per barrel (sea transport) changing 5% lower than the price Russia sells to Asian countries, supply so will not be restricted).
It can be said that Vietnam's economy in 2022 is a bright spot in the dark picture of the world economy In 2022, Vietnam's economy recovers strongly after a long period of "freezing" because of the epidemic
In the context of the disruption of the world supply chain, Although Vietnam is more or less affected, it still has positive results For the whole year of 2022, the export turnover of goods is estimated at 371.85 billion USD, up 10.6% over the previous year; import turnover of goods is estimated at 360.65 billion, up 8.4% compared to the previous year It is estimated that for the whole year of 2022, the trade balance of goods has a trade surplus of 11.2 billion USD, up 237% over the previous year (the previous year had a trade surplus of 3.32 billion USD)
State budget revenue and expenditure in 2022 will achieve positive results, specifically, the total State budget revenue in 2022 will reach 1,784.8 trillion, equal to 126.4% of the year's estimate and an increase of 13.8% compared to the previous year; accumulated in 2022 is estimated at 1,562.3 trillion, equal to 87.5% of the year's estimate and an increase of 8.1% compared to the previous year, ensuring the needs of socio-economic development, national defense, security, State management, payment of due debts and restoration of production in areas damaged by natural disasters and epidemics.
- International tourists will recover: The reason is that the huge tourism potential will be present when China reopens, along with many policies. proposed to attract international visitors.
- Public investment capital will be accelerated disbursement
- Export growth will slow due to falling global demand
- Interest rate and exchange rate pressures strengthen at least until the end of
- Inflationary pressures are still present.
3.1.2 Overview of the journalism industry
In the field of journalism, in 2021, there will continue to be many important positive changes in the direction, management and activities of the press: The direction of the press and the management of the press will be carried out consistently according to the guidelines the motto of being proactive, timely, effective and persuasive, especially on important, complex and sensitive issues; The rectification and handling of errors in press activities have been strengthened, especially for violations related to the improper implementation of principles, purposes, untrue information, information not suitable for the interests of the press national and ethnic interests; the situation of "newspapering" of electronic magazines, general information sites, and "hiding" social networks operating as press agencies have been gradually overcome The national press development and management plan up to 2025 (Press master plan) continue to be implemented; develop journalism according to the orientation of the 13th Party Congress: "building a professional, humane and modern journalism and communication" The master plan for the network of press, radio, television and electronic information establishments for the period of 2021 - 2030, with a vision to
2050 and the Strategy for digital transformation of press up to 2025, with orientation to 2030 is urgently completed for submission to the Prime Minister for approval Paying attention to and strengthening political and professional training for reporters and journalists; well implement regulations on ethics for journalists in Vietnam Press agencies actively innovate methods, improve the quality and depth of programs, news and articles, especially news lines, information and propaganda articles on the Party's policies and guidelines policies and laws of the State; on protecting the ideological foundation of the Party; communication on prevention and control of COVID-19 epidemic; fighting and opposing wrong and hostile views; protecting sovereignty over sea and islands; economic and social development activities
In 2021, the press economy will continue to face many difficulties due to the heavy impact of the COVID-19 pandemic and the dominance and competition of cross-border platforms and cross-border advertising networks.The number of circulation and advertising of many press agencies decreased,many press agencies had to reduce pages, reduce the publication period, some press agencies had to temporarily stop publishing in print during the implementation of social distancing festival During the period of increased isolation in Ho Chi Minh City, many printed press agencies could not distribute to the people and state management agencies had to mobilize socialization resources to support agencies newspapers The revenue of many stations dropped sharply, with some stations losing up to 70% of advertising,sponsorship, and media cooperation revenue Particularly, the pay-TV market has grown steadily, the number of subscribers and pay-TV service revenue in
Through the survey, capturing data from 159 print and electronic press agencies (81 newspapers, 78 magazines) showed that total revenue in 3 years decreased (revenue in 2021 to September 2021), specifically: in 2019 is 3,091 billion dong, in 2020 is 3,115 billion dong, in 2021 is 2,123 billion dong, down 31.4% compared to 2020, which, the total revenue of newspapers: in
2019 is 2,784 billion dong, 2020 is VND 2,855 billion, VND 1,952 billion in
2021, down 30.6% compared to 2020; total magazine revenue: in 2019 is 307 billion VND, in 2020 is 259 billion VND, in 2021 is 170 billion VND, down29.4% compared to 2020
Objectives and development orientation of VnEconomy Journal
Firstly, Improve the liquidity of short-term assets
In order to further improve the business situation, enhance the reputation with customers and manage inventory well, the unit needs to take really effective measures.
* Regarding improving the liquidity of receivables:
It is necessary to develop a debt collection and management process, to classify customers and apply payment discounts as well as different repayment periods. There is no need to be too rigid and mechanical in collecting receivables.
Perform detailed monitoring of receivables, classify debts in detail according to debt size and debt duration Regularly update payment status and compare debts with customers, urge recovery for debt entangled, prolonged.
Connecting debt collection responsibilities to sales staff and debt accountants.
Well organize the import, purchase, transport and storage of goods with consideration, in accordance with actual business needs in order to reduce the minimum inventory Timely detection and immediate handling of stagnation for too long to avoid capital stagnation.
Solvency: Is the ability of the entity to pay its due debts This is considered an important criterion reflecting the financial position and business capacity, helping to assess the financial performance as well as clearly see the financial risks of the entity This is the indicator that investors and lenders use to evaluate the ability of the company to pay short-term and long-term debts. Therefore, units need a reasonable management mechanism:
Secure a certain amount of cash to pay off near-due loans Even undue debts also need to prevent risks from creditors who need to pay quickly, businesses also need to reserve cash for payment.
Stock up on liquid securities that can be quickly converted into cash when short-term debt needs to be paid off.
Organize and manage the production and business process smoothly and smoothly, minimizing the idle time of publications To achieve this, the supply department must effectively coordinate production planning, repair planning, and timely changes in production volume due to market fluctuations.
To increase revenue, the unit can take the following measures:
Try to exploit the market more, promote customer search, apply incentives such as discounts for medium and large orders Perform well after-sales services with customers to strengthen long-term relationships with the unit. Implement a flexible policy for each individual customer, especially potential customers to create a good first impression.
Fourth, Improve the efficiency of using fixed capital
Reducing the proportion of fixed capital (equity) not used in production and business makes the existing fixed capital fully effective: Adjusting the fixed capital among member units to serve business more effectively Actively sell off all unused fixed assets to recover capital Actively liquidate damaged and obsolete fixed assets that cannot be sold or are unable to recover For temporarily unused fixed assets, they should be leased, pledged or mortgaged to mobilize capital for investment in other fields.
Fifth, Improve the efficiency of using working capital
In order to fully mobilize capital in a timely and proactive manner, the unit needs to implement the following measures:
Develop a capital mobilization strategy suitable to the market situation and business environment of each period In order to have a clear strategy and create credibility, it is first necessary to have a clear business plan, presented briefly, concisely, covering many different areas and providing all possible details satisfy all investor questions about the ability to accomplish the set objectives.
Create trust for capital suppliers by improving the reputation of the unit, stabilizing and rationalizing financial indicators, paying debts on time
Prove the purpose of using capital by providing business results and capital turnover efficiency in the past year and prospects for the coming year.
Regarding the use of capital: When implementing, the enterprise must base itself on the established business capital mobilization and use plan as a basis to adjust it to suit the actual situation at the unit.
The management of cash and cash equivalents should be calculated and properly reserve cash fund So the unit needs:
+ Make a budget forecast and forecast receivables and expenses in a scientific way to be proactive in the payment process during the period.
+ Determine the minimum cash balance, apply the Miller - Orr model to cash management Thereby, the entity can rely on to make short-term financing decisions when cash is needed and investments to earn interest when cash is in excess.
+ Set up a reasonable capital reserve level in cash, both ensuring the necessary cash solvency in the period to maintain prestige and ensuring the profitability of the idle cash capital.
Capital structures are considered reasonable when they are consistent with the characteristics of production and business activities and achieve the goal of minimizing the cost of capital Accordingly, the unit needs to determine the minimum capital requirements necessary to meet production and business activities, in order to ensure that the business process of the unit is conducted regularly, continuously, without interruption paragraph.
Improve the management, streamline and organize the lean apparatus, improve the operating capacity of managers through standardization of responsibilities and tasks.
Develop training plans and improve professional qualifications and management skills for a contingent of young officers, employees - employees with a sense of responsibility for their work, sensitive to the market situation, and dynamic in their work business, know how to harmoniously combine the requirements of school training and practice in business activities, promptly add qualified staff to meet the requirements of innovation in business methods of enterprises.
Improve the capacity, qualifications and skills of the company's officers and workers Here are some solutions:
+ Paying attention to training and fostering skills, professional qualifications, professionalism, organization and discipline, community responsibility at work, performing the tasks assigned to the collective of officials and workers and company employees.
+ Exchanging management experience with other units in the same industry, contributing to improving the efficiency of business and financial management for the company.
For the company's employees, who have an influence on the management of production and business costs, and directly operate the new and modern technological equipment, in the coming time to improve their skills and productivity employees of this team, the company should:
Conditions for the implementation of solutions
In the context of opening up and integrating with the world and the region, theVietnamese press industry has been facing many challenges That is, the production capacity and access to readers are still low compared to many countries in the world and the region Therefore, at present, the journalism industry in general has also been supported by favorable socio-economic conditions such as: the macro-economy is gradually recovering, gradually developing stably, along with human resources young, abundant resources, creating a solid foundation for the development of the industry In order to overcome the limitations of market development mechanisms and policies as well as create room for journalism enterprises in general, the state needs to synchronously implement the following solutions:
Firstly, promote programs to develop Vietnam's journalism industry, create playgrounds for young people to learn and access the press more Plus, scale your release to reach more readers.
Second, create conditions for small and medium-sized units operating in the field of supporting journalism to enjoy support programs under the Prime Minister's Decision No 1556/QD-TTg dated October 17, 2012 approving the Prime Minister's Decision No approved the project "Support for the development of small and medium-sized enterprises in the field of supporting industries".
Third, create conditions for units in general, including small and medium- sized ones, to have the opportunity to access modern technology, equipment and production lines for publications Supporting small and medium-sized enterprises in capital when they invest in modern equipment, In addition, for the unit itself, the right thing to do for those businesses is to constantly foster , improve professional qualifications as well as professional skills for staff implementing strategy formulation, information disclosure to have good human resources Financial management personnel should be well trained, meeting the basic requirements of specialized knowledge blocks such as:
- Having professional qualifications in accounting, auditing, finance, tax;
- Deep understanding of Vietnamese law, international and regional practices;
- Fluency in foreign languages and good use of computers;
- Regularly update knowledge about securities, tax, accounting;
- Understanding of the market as well as the trends of the domestic and international press industry.
Chapter 2 analyzed the financial situation of the company in 2020-
2021, stating the results achieved as well as the actual losses of the company.And in order for the analysis to be applied in practice, in chapter 3, the author presented a number of solutions to improve the financial efficiencyVnEconomy Journal The introduction of these solutions partly helps theCompany have the basis to manage to improve the efficiency of capital use in particular and business efficiency in general And it is important to build or organize any of the Company's solutions, it is fundamental to calculate the balance so that the cost is suitable for financial conditions to bring the highest efficiency.
In economic and financial management and administration to make the right decisions and to organize the implementation of decisions scientifically, there should be a proper and complete awareness of the economic and financial phenomena and processes that have been and will take place at the unit, Environmental impact on the operation of the unit Corporate financial analysis is a tool to recognize phenomena, processes and results of economic and financial activities to provide information to management subjects with the necessary grounds to manage and manage the economic and financial units Understanding the financial situation of the company in management will help managers make decisions and directions to help develop and expand the business And especially in the current market economy, when businesses compete more and more fiercely, improving the efficiency of the financial situation, maximizing the internal resources of the enterprise itself is always one of the important issues that require management subjects to regularly pay attention.
Through the process of researching and performing analysis on the financial situation at VnEconomy Journal, the thesis has completed the basic contents as follows:
- Systematize the basic reasoning on the analysis of the financial situation in the business.
- Assess and analyze the financial performance of VnEconomy Journal. From there, evaluate the results achieved, the limitations still exist and specify the causes.
- Based on the analysis and proposal of financial as well as non- financial solutions to improve the efficiency of the financial situation.
Due to limited knowledge, the topic cannot be avoided I would like to sincerely thank you, I look forward to receiving the comments of the teachers to make the topic more complete.
1 Prof Dr Ngo The Chi (Editor in Chief), Prof Dr Nguyen Trong Co
(2020), "Textbook of Corporate Finance Analysis", Tai Chinh
2 Prof Dr Nguyen Trong Co (2020), "Textbook of Theory of Financial
Analysis", Tai Chinh Publishing House
3 Assoc Prof Dr Nguyen Trong Co, Assoc Prof Dr Nghiem Thi Tha,
"Textbook of Reading and Analysis of Corporate Financial Statements",
4 VnEconomy Journal financial statements in 2019, 2020 and 2021.