Bài Tiểu Luận Topic Financial Analysis Of Phu Nhuan Jewelryjoint Stock Company -Pnj.pdf

lOMoARcPSD|38146348  UNIVERSITY OF ECONOMICS AND FINANCE KHOA TÀI CHÍNH ~~~~~~*~~~~~~ BÀI TIỂU LUẬN TOPIC : FINANCIAL ANALYSIS OF PHU NHUAN JEWELRY JOINT STOCK COMPANY -PNJ Nhóm thực : :7 Lớp : :222.FIN1103E.A06E Subject : :Corporate Finance Lecturer : :Tang My Sang HCM city – 2023 Page | Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 Members: No Full Name Student’s ID Contribution 100% Le Vo Hong Ngoc 215043350 100% Dinh Tran Nhat Lam 215032639 I INTRODUCTION Company's name: + Vietnamese name: PHU NHUAN JEWELRY JOINT STOCK COMPANY + English name: Phu Nhuan Jewelry Joint Stock Company + Short name: PNJ, JSC - Company logo: Head office: 170E Phan Dang Luu – Ward – Phu Nhuan District – Ho Chi Minh City Page | Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 Phone: (84-28) 39951703 – Fax: (84-28) 39951702 – Email: pnj@pnj.com.vn Business registration certificate: 0300521758 Tax code: 0300521758 Company type: Joint-stock company Legal representative: Ms Cao Thi Ngoc Dung – Chairman of the Board of Directors of PNJ Charter capital: 2,252,935,850,000 (Two thousand two hundred and fifty-two billion nine hundred and thirty-five million eight hundred and fifty thousand dong) Main business sectors: - Producing and trading in gold, silver, precious stones, fashion accessories, and souvenirs - Trading in watches and buying and selling gold bars - Testing service for diamonds, precious stones, precious metals - Real estate business Stock code: PNJ PROCEDURES AND DEVELOPMENT : On April 28, 1988, Phu Nhuan Jewelry Store was born In 1994 and 1998, PNJ established branches in two key economic centers, Hanoi and Da Nang In 1999, opening a branch in Can Tho, PNJ completed the presence of major economic centers In 2001, the PNJSilver brand was born, and in 2005 it re-launched a new image In 2004, PNJ became Phu Nhuan Jewelry Joint Stock Company PNJ won the title of Top 500 Leading Retail Enterprises in Asia - Pacific and received the First Class Labor Medal In 2005, the high-end jewelry brand CAO Fine Jewelry was born In 2008, PNJ was the jeweler and crown sponsor of the Miss Universe pageant, held in Vietnam In 2008 - 20 years of establishment, PNJ announced a new logo change PNJ became one of the 200 largest enterprises in Vietnam as announced by UNDP and was honored to receive the Third Class Independence Medal In 2009, PNJ shares were officially listed on HOSE, PNJ is the first and only jeweler listed on the stock exchange so far In August 2009, CAO Fashion One Member Limited Liability Company was established In 2012, PNJ was inaugurated - one of the leading jewelry manufacturing enterprises in Asia Inaugurated the largest jewelry, diamond, and watch center in the whole system at 52A-52B Nguyen Van Troi, Phu Nhuan, HCMC In 2013 - 25 years of establishment, the PNJSilver brand repositioned PNJ gold jewelry brand announced a new message "Honor true value" Page | Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 In 2016, PNJ launched the collection I Love Vietnam with national spirit at Vietnam Fashion Week 2017 - PNJ is honored to accompany the APEC 2017 high-level week, promoting Vietnam's image through the APEC VIETNAM 2017 badges; PNJ won “ASIA’S BEST REPORT ON THE SDGS”, Outstanding Enterprise of the Year – ASEAN and Top Asian Retailers voted by JNA, … In 2018, PNJ marked the 30-year milestone with the largest jewelry fashion show in Vietnam, established a Gold Trust medal for the U23 Vietnam team, entered the Top 50 most effective business companies in Vietnam, and received the JNA award for the 4th time, times in a row, reaching the Top 10 in 100 Sustainable Development Enterprises, becoming a billion-dollar enterprise Business Philosophy Vision As the leading jewelry manufacturing and retailing company in Asia, holding the No position in the mid-and high-end segments in Vietnam Slogan: FAITH AND STYLE Mission PNJ brings pride to customers with exquisite jewelry products of outstanding quality Core Values Integrity - Responsibility - Quality Innovation - Engagement The philosophy of sustainable development Put customer interests and social benefits in the interests of the business 4.1 Company position PNJ currently manages and operates PNJ Jewelry Factory with a total investment of 120 billion VND and a production capacity of over million products/year By the end of 2019, PNJ has developed a distribution system with 346 retail stores, e-commerce channels, and indirectly through more than 3,000 wholesale customers nationwide PNJ's products have been exported to 13 countries and territories PNJ was ranked 16th by Plimsoll World, a leading global organization specializing in providing industry reports Development and investment strategy To become the leading jewelry manufacturing and retailing company in Asia, holding the No.1 middle and high-end jewelry market segment in Vietnam Focusing on the key business of jewelry production and trading in Vietnam Expanding retail distribution system in key markets, especially in the North Invest in and apply modern machinery and technology to reduce wastage, diversify and improve product quality Page | Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 Strength - High technology and technique in jewelry making - More than 20 years of experience in the industry - The brand is trusted by consumers - Innovative marketing strategy stable export markets - Wide dealer store for product introduction and distribution - Invest in R&D a lot - Professional management system and effective combat already have Dong A Bank in human capital financing activities, and sustainable relationships with partners Weaknesses - Difficult to forecast to overcome high-risk jewelry production - The market in uncut pieces The source of raw materials is mostly imported from abroad, and the silver jewelry market is concentrated in the South - Financial activities have not yet yielded significant profits or invested capital accounts for a high proportion of assets - Products to serve the needs of customers are still concentrated in the domestic market PNJ is temporarily having an imbalance because a part of PNJ's long-term assets is being financed by short-term capital Opportunity - The higher the trend of jewelry consumption, the higher the concept of saving for dowry is indispensable for Vietnamese women - Modern machinery and technology create many designs and ways to compete strongly with foreign enterprises - The gold trading market is developing to promote gold trading activities - The number of competitors in the industry is relatively small - The real estate market recovers the joint venture company that is likely to contribute a lot of profit to PNJ in the future Challenge - Fierce competition from domestic and foreign enterprises in the same industry - Being affected by factors such as natural disasters, epidemics, fires and explosions that affect traditional customers and potential markets - The world economy is always unstable - Long-term investment capital in Vietnam will face risk when this investment is not effective - Changes in political and legal policy are always possible and when they happen less often much influence on the management of production and business activities of PNJ Page | Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 - The import of gold materials is strictly controlled by the state II ANALYSIS BALANCE SHEET a) Current Assets Why the years 2020 and 2019 have the lowest numbers while the years 2022 and 2021 represent a turning point? The milestones for short-term assets steadily grow, as shown on the figure, with 2020/2019 being at a relatively low level (-0.03) but increasing rapidly from 2022/2021 (0.29) In terms of short-term assets, both inventories and short-term receivables have grown over time The total value of Short-term assets is currently the account that accounts for the highest proportion of total assets at 90% It can be seen that in the period of 2019-2022, the company's short-term assets continuously grow and the size of the business is on an increasing trend In the structure of short-term assets of Phu Nhuan Jewelry Joint Stock Company Current assets include cash and short-term receipts, inventories , and other short-term assets, in which inventories are accounting for the highest proportion of short-term assets but from 2019-2022 tend to rate decrease year by year The increase and decrease of inventory greatly affect the company's short-term assets because according to the balance sheet report, the proportion of inventory in short-term assets is 79% and reached the highest level of the year 2021(82%) The company's inventory accounts for a large proportion, showing that the liquidity of inventory is quite low It is quite understandable because the company's products are mainly jewelry items, etc., and targeting certain consumers, so low liquidity is inevitable Other short-term assets in total short-term assets are receivables accounting for a lowest proportion Page | Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 b) Long-term Assets According to the comparative analysis from time to time, it shows that short-term assets decreased but not too much from 0.05 (2020/2019) to 0.03 (2022/2021), but on the contrary, long-term receivables increased suddenly find that the company's management of long-term Page | Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 debt collection is not good, it is necessary to take more measures to speed up the recovery of long-term debt Total long-term assets in the period 2018-2022 had negligible fluctuations Account Common-sized analysis Long-term Assets 2022 2021 2020 2019 Long-term Account Receivable 10% 12% 16% 15% Fixed assets 1% 1% 1% 1% 7% 9% 11% 1% c) SHORT-TERM LIABILITIES Liabilities in 2019 increased by 46.79% compared to 2022, the proportion decreased to 35.53% According to the data, the company's business situation prefers to invest in short-term debt over long-term debt, but there is no positive effect on short-term debt although short-term debt accounts for the highest proportion of debt collection payable (46.79% in 2019) but every year Page | Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 the increase and decrease are uneven… Especially, enterprises keep track of debts on time to pay on time, so the proportion of current assets decreases Account Common-sized analysis 2022 2021 2020 2019 Liabilities 35.53% 43.38% 38.21% 46.79% Short term Liabilities 35.46% 42.97% 38.10% 46.70% d) Long-term Debt Account Common-sized analysis 2022 2021 2020 2019 Long term Liabilities 0.07% 0.04% 0.11% 0.09% Long-term debt accounted for the lowest proportion of receivables from 0.09% to 0.07% This shows that enterprises want to save capital costs but need to reconsider balancing the investment needs of teaching assets In terms of structure, the company's longe-)terOmwdneebrt’smEaqiunliyty comes from long- Lteormokifnignaantctehelecaosemsparnadtivleoaannsa,lythsies scharpt, wdeecrceaanseseeinthtahtisoviteermthehapsasgtr3eaytelyarsa,ffeeqcuteitdy hthaes loningc-treeramsedebtmstorruecturtehaonf PNLJi.abilities Thereby, we can see that the company has a high reputation, low financial risk, good financial autonomy because the company uses internal capital, less dependent on external capital Page | Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 In the equity structure, equity accounts for the main proportion (accounting for a high proportion of 64.47% in 2022) The company mainly uses owner's contributed capital which has been positive over the years This is the account for the highest proportion in equity, helping to improve financial autonomy, the business also shows that the business mainly focuses on mobilizing capital for the company With the additional mobilization by issuing new shares, with stable revenue and profit growth over the years, the company easily completed the capital raising phase, not only that the company also sold shares Issued shares higher than par value causes the company to have additional capital shares from the share premium Account Common-sized analysis Owners equity Capital and researves 2022 2021 2020 2019 Paid-in capital Share premium 64.47% 56.62% 61.79% 53.21% 64.47% 56.62% 61.79% 53.21% 18.48% 21.43% 26.83% 26.19% 16.90% 9.33% 11.69% 11.25% INCOME STATEMENT PNJ's business results over the past years have fluctuated In 2019, the business results were more positive than in 2018, the company's profit after corporate income tax increased by more than 234 billion VND, equivalent to an increase of 24.38%, and the proportion increased by 0.43% However, by 2020, profit after tax will decrease by more than VND 124 billion, corresponding to a decrease of 10.44%, a decrease of 0.92% compared to 2019 Page | 10 Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 As follows: In 2020, it will decrease by 85.92%, a proportion of 0.09% decrease compared to 2019 Meanwhile, financial costs will increase quite strongly, by 2020 financial costs will still Page | 11 Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 increase by more than 27 billion VND, equivalent to 20.84 % of which interest expenses increase by more than 39 billion dongs, equivalent to an increase of 33.85%, the proportion increased by 0.2% compared to 2019, the profit from financial dong decreased by more than 42 billion dongs The reason is that the company maintains a high average debt level to ensure liquidity and commitment to customers, thereby further improving the image of a reputable retailer in the market At the same time, PNJ Company is expanding its scale, opening 40 to 45 gold jewelry stores, so interest expenses also increase Selling expenses tend to increase strongly over years In 2019 it increased by more than 194 billion VND, equivalent to an increase of 16.39%, the proportion decreased by 0.02% compared to 2018 By 2020 the increase was slightly more than VND 39 billion, equivalent to an increase of 4.34%, and the proportion increased by 0.1 % compared to 2019 The reason is that PNJ Company offers many promotional policies advertising such as a 0% installment purchase policy - easily applied via credit cards of more than 20 banks, hours delivery - own your favorite jewelry within hours, and discount of up to 1.5 million when ordering online Other incomes in 2020 increased sharply by more than VND 724 billion, equivalent to an increase of 15.23% compared to 2019 Meanwhile, other expenses also increased quite strongly, specifically in 2020 increased by more than VND billion, respectively 102.54% compared to 2020 Because of this, other profits also increased and decreased In 2019, other profits decreased by more than 1.4 billion dongs, equivalent to a decrease of 73.93% compared to 2018 By 2020, a decrease of more than billion dongs, equivalent to a decrease of 735.14% compared to 2019 The reason is that the company has income from a property transfer, asset liquidation, income from deposit interest, interest on deferred payment, and installment payment Conclusion: Based on the data through the Income Statement, we see that Cost of goods sold (COGS) is the index accounting for the highest percentage when divided by net revenue, and there is a year-over-year fluctuation from 2019- 2022 Besides, the index accounting for the second weight in the table is gross profit, which tends to decrease starting from 2021-2022 The slight increase in the proportion of COGS and decreasing gross profit also shows that the cost management activities The cost of the business is not good, the solvency of the business or the future profitability is also directly affected Corporate income tax (CIT) has halved from 2% in 2019 to 1% in 2021 Net profit after tax has shown signs of decreasing nearly 2.5 times from 2021, showing that businesses are operating Not good, not on the right path of development, and reducing the possibility of good growth in the future Through the indicators have volatility and the change is not positive, most clearly from 2021, Page | 12 Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 most of the items have a downtrend or not up However, it is a sign that there will be a new change in 2021, specifically, PNJ recorded net revenue of VND 19,593 billion, up 11.9% and completing 93.3% of the year plan Profit after tax reached VND 1,030 billion, down 3.7% compared to the previous year, reaching 84% of the plan set out in 2021 In general, PNJ's business results over the past years are relatively good, but by 2020 there will be a decrease due to the heavy influence of the Covid-19 epidemic, and the company still maintains its position domestic brands, mastering the stages of creation, production, and distribution FINANCIAL ANALYSIS ROE 2022 2021 PNJ 23.3% 18.2% SJC -5.4% 2.3% Looking at the chart, we can see that PNJ's Return on average equity is relatively high compared to its competitor, SJC, showing the company's potential for growth over the years This is a positive sign to attract investors in the future From 2022 PNJ (23.3%) but SJC achieved a negative number (-5.4%) Especially, PNJ's equity has a certain growth rate (8587800) but SJC has increased and decreased unstable over the years (94,139) The development of PNJ is understandable because PNJ stores are concentrated in places with good income, so the demand for customers also increases Enterprises need to save and cut costs and make better use of borrowed capital and occupied capital to improve ROE because this is an indicator that many Page | 13 Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 investors are interested in when considering profitability business words Besides, businesses also need to be careful about their solvency and financial safety when using a lot of loans to increase ROE ROA 2022 2021 PNJ 15.4% 11.3% SJC -0.3% 0.1% PNJ's profitability is higher than that of SJC, it can be seen that PNJ's total assets are 8.1 times higher than that of rival SJC, which is also considered PNJ using good financial leverage The ROA of this gold, silver, and stone company has increased over the years, showing an increasing trend in profits in investments which means that the company effectively uses the assets of the business quite positively compared to other businesses industry in the same industry Not only that, over the past years, ROA is also much higher than competitors in the same industry, showing that the company tends to have good business performance and high profitability DUPONT Page | 14 Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 Profitability: The profitability ratio measures the company's ability to generate profits from its sales The ratio is calculated as net income divided by revenue PNJ had a net income of 1,264 billion VND and revenue of 16,208 billion VND in 2021, which gives a profitability ratio of 0.078 or 7.8% Efficiency: The efficiency ratio measures how well the company is using its assets to generate revenue The ratio is calculated as revenue divided by total assets PNJ had revenue of 16,208 billion VND and total assets of 14,291 billion VND in 2021, which gives an efficiency ratio of 1.13 Page | 15 Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 Financial Leverage: The financial leverage ratio measures the amount of debt a company is using to finance its assets The ratio is calculated as total assets divided by shareholders' equity PNJ had total assets of 14,291 billion VND and shareholders' equity of 5,418 billion VND in 2021, which gives a financial leverage ratio of 2.64 Putting these ratios together, we can use the DuPont formula to calculate the company's return on equity (ROE): ROE = Profitability ratio x Efficiency ratio x Financial leverage ratio ROE = 0.078 x 1.13 x 2.64 ROE = 0.242 or 24.2% => This indicates that PNJ has a healthy ROE, with a good balance of profitability, efficiency, and financial leverage Comment: - Profit after tax (ROS) has not changed much in years, ranging from 6-7 This ratio reflects that for every 100 VND of net revenue, there will be VND 7.02 in profit after tax in 2019 and VND 6.11 in profit after tax in 2020, showing that the company's business situation is very good Enterprises use cost-effectively, including costs generated from business assets - Profit before interest and tax (EBIT) ratio shows how much profit is for every 100 VND of net revenue from selling goods and providing services, and how much profit is before corporate income tax after offsetting expenses loan interest charges In years, this number is positive and fluctuates at 8-10 and reached the highest figure in 2019 of 9.54, showing that the company controls costs quite well, is able to pay as well as maintain, developed for future plans - Profit before interest, tax, and amortization (EBITDA) ratio reflects how much profit a business earns for every 100 VND of net revenue from selling goods and providing services cover interest expense and depreciation expense In the period from 2019-2022, this number is positive and fluctuates at 9-10 This is a positive sign and the business is earning high profits III CONCLUSION All in all, PNJ has done well in building profitable and learning relationship with their invaluable customers The organization constantly develops clear action plans to relentlessly improve its products and ask for positive changes in customer services and policy, with the ultimate goal is to achieve highest customers’ satisfaction In addition, PNJ also takes care of its employees’ personal development, as illustrated by “PNJ Common Home”, “PNJ family day” and “Healthcare club” as well as promised raise and incentive programs Page | 16 Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 Nevertheless, giving back to the community is a meaningful activity that PNJ pursues as an appreciation “PNJ charity fund- A journey of love” contributed greatly to the society by giving billions VND to improve the lives of poor people, poor patients and cultivate gifted children PNJ is a Vietnamese company and, therefore, a pride of the nation Overcoming challenges, PNJ consolidates maturity However, harsh challenges and difficulties are inevitable in today ever-increasing competitiveness, especially when the world is getting flatter and markets are more open Firstly, PNJ is not hugely favorable in the North as it is in the South Experts believe this cautious sentiment is due to the difference in cultural perception on the aesthetic of products and the long establishment of Bao Tin Minh Chau (BTMC) – a brand that have earned the preference because of history and liable record Secondly, trade agreements are requisite for some of the top jewelry brands in the world to flux in Vietnam and some firms have already done the market research Not only the prestigious Tiffany&Co and Mikimoto, but also many renowned regional retailers from Thailand, Malaysia and Hong Kong are preparing to pressurize Vietnam jewelry and luxury goods market Lastly, the unpredictable nature of gold and silver price and the uncertainty in economic stability can combine to cause major losses if unprepared The company still has some advantages and disadvantages as follows: a Advantage The solvency indicators show the level of safety when paying short-term debts And at the same time, the company also shows that its interest payment ratio is always above the safe threshold The company's profit after tax in the period 2018-2020 always grows year by year and reaches more than 1000 billion VND, in 2020 there is a decrease compared to 2019 due to the situation of the Covid-19 epidemic complicated However, compared to competitors and the industry average, this number is still very large and admirable b Disadvantages: - Effectiveness of using total assets continuously decreases year by year.Through this, it can be seen that Phu Nhuan Jewelry Joint Stock Company needs more assets to maintain the business level that the company has set The efficiency of use is always decreasing because the company's production and business activities have not really grown even though the revenue has increased and the amount of investment has also increased in 2022 - Cost of goods sold tends to increase year by year due to high input costs - Inventory is always at a high level, accounting for more than 70% of total assets, making inventory turnover low and gradually decreasing showing the situation of goods stagnation, and slow turnover Page | 17 Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 - Liabilities and especially short-term debts increased, causing a decrease in payables turnover, showing that the company's debt repayment ability is not good ª Recommendations and solutions to improve financial situation - From the advantages and disadvantages analyzed in the evaluation of Phu Nhuan Jewelry Joint Stock Company, the team has come up with a number of solutions to help improve the financial situation at the company as follows: Promote Marketing to increase revenue and profit - The Covid-19 epidemic has not had much impact on the jewelry industry, so it is necessary to create a new strategy for the next year to catch up with the trend after the epidemic is over by: + Improve the efficiency of using assets + Strengthening the management of fixed asset - The company should have a regulation on the management and use of fixed assets combined with regular inspection, supervision and compliance to be able to manage fixed assets in the most effective way The company needs to choose a depreciation method with a suitable depreciation rate to facilitate the company to concentrate capital for new fixed assets Strengthening repair and upgrading of fixed assets and investing in the right direction - The company needs to well implement measures to repair, maintain, and plan to upgrade fixed assets to maximize the capacity of equipment and machinery, prolong life and reduce abnormal damage With the projects under construction, the company needs to speed up the progress and shorten the construction time to quickly put them into use For properties that need to be upgraded and bought new, it is necessary to carefully analyze and properly assess the condition and quantity of missing equipment to buy the right, enough, and avoid redundancies Procurement, upgrading, repair combined with a fixed asset management company will help the company improve productivity, product quality and reduce input costs Inventory management - Good inventory management will help the company speed up capital turnover, improve the efficiency of using current assets To be able to manage inventory well, the company needs to coordinate measures from procurement, transportation and inventory steps Over the years, we see that PNJ's inventory turnover is at a very high level, and the company's backlog of goods is still high To solve the above situation, the company needs to: Page | 18 Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com) lOMoARcPSD|38146348 o Identify and select the appropriate suppliers to reduce purchasing costs while maintaining good quality Choose to cooperate with the appropriate shipping units to reduce shipping costs o In addition, the company should regularly monitor the fluctuations of the market to decide to purchase raw materials in a timely manner REFERENCES: ª https://www.pnj.com.vn/gioi-thieu-ve-pnj/thong-tin-ve-pnj-en/ 2/4/2023 ª https://dstock.vndirect.com.vn/tong-quan/PNJ2023 ª https://dstock.vndirect.com.vn/tong-quan/SJC2023 ª https://cdn.pnj.io/images/quan-he-co-dong/2022/3-Bao-cao-thuong-nien-2021-V3- EN.pdf ª https://cdn.pnj.io/images/quan-he-co-dong/2023/15b-20230329-PNJ-BCTC-nam- 2022-da-duoc-kiem-toan-boi-PwC-Hop-nhat.pdf ª https://dantri.com.vn/doanh-nghiep/vi-sao-khach-hang-tin-nhiem-trang-suc-pnj- 1411730869.htm ª In addition, PNJ also takes care of its employees’ personal development, as illustrated by “PNJ Common Home”, “PNJ family day” and “Healthcare club”:https://vietnamnet.vn/en/pnj-launches-charity-housing-program-for-the-poor- E138407.html Page | 19 Downloaded by van Nguyen (hacngocbachvan.1003@gmail.com)