Bctc công ty cổ phần viễn thông tin học bưu điện 1596687654

SO GIAO CHUNG KHOÅNc.ÄpDÄNG NIÉM CHUNG KHOÅNCHi CO NGHiA LÅ Vl$c NIÉMYÉr CHUNG KHOÅNDÄ THC HIÉN THEO cÅc QIJY CljA PHÅpLUÅT LIÉN QUANMÅKHöNG HÅM DÅMBÅo GIÅ TRJ cüA CHUNGKHOÅN.MQITUYÉN Bö TRÅI völ DIÉU NÅY L.ÅBÄT HOP PHÅp Sd GIAO N cÅo BACH CHUNG KHOÅN ÉN THONG-TIN HOC BUD DIÉN THÅNH PHö cöNG o HößHi MIN (Giäy Ching nhån däng ky doanh nghiép sö' 0100683374 do Sd Kéhoach vå Däu tu' thånh phöHå Nöicäp /än däu ngåy 12/12/2001,cäp thay dö• /än thLf1r6 ngåy 24/09/2018) CTin Success together NIÉM Cö PHIéU TRÉN GIAO DXCHCHÜNG KHOÅNTHÄNH PHö Hö CHi MINH (Quyét d/nh däng k' niém yét sÖ:ff.6/QD-SGDHCM do Sd Giaod/ch Chtng khoån ThånhphöHö ChiMinhcäp ngåy.2.7thång.d2 nåm*.aq,) co Bån cåo bach nåy vå tåi liéu b6 sung sé dLfdccung cäp tai: cöNG TY Cö PHÄNVIÉN THÖNG-TIN HOC DI?N Tru Sd chinh 158/2 phö Höng Mai, P.Quynh Löi, Q Hai Bå TM1g, TP.Hå Nöi Dién thoai (84-24) 3863 4597 Fax: (84-24) 3863 0227 Website www.ctin.vn PI-IVTRÅCH cöNG Bö THONGTIN HQ tén Ong Nguyan Ngqc Sdn Dién thoqi (84-24) 38634597 Fax: (84-24) 3863 0227 HÅ Nöl, THÅNG 12/2019 I 1 CONG TY Co PHAN VIEN THONG-TIN HOC BUIJ DItN ;iv Success togather cenn CONG TY co PHAN VIEN THONG-TIN HOC BUU DIN (Gra'y chUng nhan (fang kY doanh nghiOp so' 0100683374 do SO Ka hoach va DciU tu' thanh pho- Ha NO/ cap Ian dau ngay 12/12/2001, c.a') that' crOi len thi? 16 ngay 24/09/2018) NIEM YET Co PHIEU TREN GIAO DICH CHO'NG KHOAN THANH PHO HO CHI MINH Ten di phieu : Co phi& Cong ty Co phan Vien th6ng - Tin hoc Bu'u dien Loa i co phieu : Co phieu ph6 thong Ma c6 phi& : ICT Menh gia : 10.000 VND/ co phieu T6ng so niem yet : 32.018.500 c6 phieu Teing gia tri menh gia (theo menh gia) : 320.185.000.000 VND TO CHIC TY VAN Ten Cong ty Cong ty Co phan ChU'ng khoan KB Viet Nam Dia chi Tang G, tang 2 va 7, tea nha Sky City, 88 Lang Ha, Dong Da, Ha NOi flien thoai (84-24) 7303 5333 Fax: (84-24) 3776 5928 Website www.kbsec.com.vn TO CHIC KIEM TOAN Ten Cong ty Cong ty TNHH Kiem town VACO Dia chi Tang 12A tea nha TOng Cong ty 319, se 63 Le Van Lu'dng, PhutIng Trung Flea, Qugn Cau Gigy, Thanh oho Ha 10i Dien thoai (84-24) 3577 0781 Fax: (84-24) 3577 0787 Website www.vaco.com.vn BAN CAO BACH I 2 KB Securities MUC LUC cTin MUC LUC DANH MUC BANG 6 DANH MUC HiNH 7 CAC NHAN To RUI RO 8 I RUI RO VE KINH TE 8 1 Tang tatang kinh 8 2 Lam phat 9 3 Lai su5t 10 4 Ty gia 11 II RUI RO VE LOT PHAP 11 III RUI RO DAC THU 12 1 Rui ro canh tranh 12 2 Rui ro ye con ngifai 12 3 Rui ro ve ding nghe 12 IV RUI RO KHAC 13 NHONG NGUOI CHID TRACH NHIEM CHiNH DOI VeYI NOI DUNG BAN CAO BACH 14 CAC KHAI NIEM 15 TiNH HiNH VA DAC DIEM CUA TO CHUC NIEM YET 20 V TOM TAT QUA TRiNH HiNH THANH vA PHAT TRIEN 20 1 Giai thieu chung ye to chifc niem yet 20 2 Qua trinh hinh thanh ya phat trie'n 22 3 Qua trinh tang v6n dieu le 26 VI CO' CAU To CHOt CONG TY 31 VII co CAU BO MAY QUAN Li' CO LONG TY 32 VIII DANH SACH Co DONG LO'N, CO DONG SANG LAP, CO' CAU co DONG 36 1 Danh sach c6 Tong nam giit tit 5% tra len y6n c6 phan cua C8ng ty 36 2 Danh sach c6 Tong sang lap va tj, le c6 phan nam gilt 36 3 Cd cau c6 dong tai ngay 26/09/2019 36 IX DANH SACH NHUNG LONG TY ME vA LONG TY CON CO LONG TY CO PHAN VIEN THONG - TIN HOC BU'U DIEN, NHONGCONG TY MA LONG TY CO PHAN VIEN THONG - TIN HOC BIJU DIEN BANG NAM GI'O' QUYEN KIEM SOAT HOC Co PHAN CHI PHOI, NHUNG CONG TY NAM QUYEN KIEM SOAT HOAC Co PHAN CHI PHOI DOI Vol LONG TY Co PHAN VIEN THONG - TIN HOC BlrU DIEN 37 1 Danh sach ding ty me 37 2 Danh sach cong ty con 37 3 Danh sach ding ty lien kat 37 4 Danh sach ding ty ma Cling ty Co phan Vien thOng - Tin hoc dien dang nam giti quyen kiem sok no5c c6 phan chi ph6i 38 5 Danh sach cong ty nam quyen kiem scat hoac c6 phan chi ph6i d6i vdi Cong ty Co phan Vier) KB Securities BAN CAO BACH 13 MUC LUC acTin SLCWEe Y5 thong - Tin hoc Buu dien 38 X HOAT BONG KINH DOANH 38 1 Khai quat hoat clOng kinh doanh cua Cong ty 38 2 San ludng san ph'am/ gia tr.i dich vy qua cac narn 40 3 Nguyen vat lieu 43 4 Chi phi sari xu5t 45 5 Trinh dO ding nghe va nghien citu phat trign 47 6 Tinh hinh kigm tra chat lutng san phgm/ dich vy 48 7 Hoat dOng marketing 49 8 Nhan hieu thuldng mai, clang lqt ph& minh sang the va ban quyen 50 9 Cac hdp dOng dang dutc thut hien ho'Oc da" ditdc ky kEt 50 XL BAO CAO KET QUA HOAT HONG SAN XUAT KINH DOANH CUA CONG TY CO PHAN VAN THONG - TIN HOC !WU MO 53 1 Tom Cat mot s6 chi tieu yes hoat dOng san xuat kinh doanh cua Cong ty trong giai doan 2017 — 9T 2019 53 2 Nhi?ng nhan t6 anh hung den hoat dOng san xuat kinh doanh cua Cong ty trong narn 2017 - 2018 55 XII VI THE CUA LONG TY SO Vol CAC CONG TY KHAC CONG NGANH 56 1 VI the cua Cong ty trong nganh 56 2 Trign vong phat trign cua nganh 58 4 Danh gia hdp dinh hutng phat trgn cua Cong ty vdi dinh hu'ong cua nganh, chinh sach cua Nha nitric, va xu the chung tren the gidi 63 XIII CHINH SACH DOI Vol NGUta LAO BONG 66 1 S6 lutrig va cd cau ngu'di lao dOng trong ding ty 66 2 Chinh sach ciao tao, lu'dng thutng, trd cap doi vdi nguti lao dOng 66 XIV CHINH SACH CO Tut 68 XV TINH HINH HOAT BONG TAI CHINH 69 1 Cac chi tieu cd ban 69 2 Cac chi tieu tai chinh chu yeu 79 XVI HOI BONG QUAN TRI, BAN TONG GIAM DOC, BAN KIN SOAT, KETOAN TRUVNG 81 1 HOi Tong quan tri 81 2 Danh sach thanh vier) Ban Kigm soat 99 3 Danh sach thanh vien Ban T6ng Giam d6c, KE toan trutng 106 XVII TAI SAN 107 XVIII KE HOACH KINH DOANH, LOT NHUA:N VA Co TUC TRONG CAC NAM TIEP THEO 116 1 Chien Iitdc kinh doanh giai doan 2020 - 2025 117 2 KE hoach san xuat kinh doanh, Idi nhOn va c6 tic giai doan 2019 — 2020 119 XIX.DANH GIA CUA TO CHOIC TY VAN VE KE HOACH LOT NHUAN VA co TUC 130 XX THONG TIN VE NHUNG CAM KET NHUNG CHU'A THUt HIEN CUA CONG TY 131 Se.,curi1J ,s BAN cAo BAcH i 4 MUC LUC cTin XXI.CAC THONG TIN, CAC TRANH CHAP KIEN TONG LIEN QUAN DEN CONG TY MA CO THE ANH HYONG DEN GIA CO PHIEU CHAO BAN 132 CHUNG KHOAN NIEM YET 133 XXII LOAI CHUNG KHOAN 133 XXIII MENH GIA 133 XXIV TONG SO CHY'NG KHOAN NIEM YET 133 XXV SO Lu'oNG co PHIEU BI HAN CHE CHUYEN NHYONG THEO QUY DINH CUA PHAP LUAT HOAC CUA TO CHUC PHAT HANH 133 1 SO lu'Ong co phidu bi han chd chuydn nhu'cing theo quy dinh dia phaplOt 133 2 S6 lifOng cO phidu bi han che chuygn nhu'dng theo quy dinh cua to chCrc niem yEt 134 XXVI PHUVNG PHAP TINH GIA 134 XXVII GIOI HAN TY LE NAM Gila D0I VOT NG1(61 NY& NGOAI 141 CAC LOAI THUE CO LIEN QUAN 142 1 Thud lien quan ddn t6 chirc niem ydt 142 2 Thud lien quan den hoat Ong giao dich chi:rng khoan 142 CAC 001 TAC LIEN QUAN TOT DOT NIEM YET 145 XXVIII TO CHUC TY VAN 145 XXIX TO CHIC KIEM TOAN 145 DANH MlyC CAC VAN BAN PHAP LUAT CO LIEN QUAN 146 PHU LUC 147 KB Securities BAN CAO BACH 15 DANH MUC BANG DANH MUC BANG Bang 1 Qua trinh tang von cua CTIN 26 Bang 2 Thong tin cua ddt tang von Ian 1 27 Bang 3 ThOng tin cua ddt tang von Ian 2 27 Bang 4 Thong tin cua ddt tang von ran 3 28 Bang 5 Thong tin cua ddt tang von ran 4 29 Bang 6 Danh sach c6 Ong nam tti 5% von c6 phan cua CTIN tai ngay 26/09/2019 36 Bang 7 Danh sach ngtfbi dai dien phan von Cua Tap doan Buu chinh Vie'n thong Viet Nam tai CTIN tai ngay 26/09/2019 36 Bang 8 Cd cau c6 Ong tai ngay 26/09/2019 36 Bang 9 Danh sach cong ty con cua CTIN 37 Bang 10 M8t s6 du' an tieu bieu ma C8ng ty da hoan thanh 39 Bang 11 Cd cau doanh thu thuan cua CTIN trong giai doan 2017 - 9T2019 40 Bang 12 Co' cau !di nhuan gop cua CTIN trong giai doan 2017 - 9T2019 41 Bang 13 Danh sach mot so nha cung cap nguyen vat lieu cho Cong ty 44 Bang 14 Chi phi san xuat kinh doanh 45 Bang 15 So sanh tj,le Chi phi/ Doanh thu thuan cua CTIN vdi cac cong ty cung nganh trong nam 2018 46 fl Bang 16 M6t so hdp clang c6 gia tri Idn Cong ty da kji ket nam 2017 - 2019 50 Bang 17 Ket qua hoat Ong kinh doanh hdp nhat giai doan 2017 - 9T 2019 53 Bang 18 Ket qua hoat Ong kinh doanh Cong ty me giai doan 2017 - 9T 2019 54 Bang 19 Danh sach cac cong ty so sanh cung nganh vdi COng ty 59 Bang 20 So sanh tinh hinh hoat Ong nam 2018 cua CTIN vdi cac cong ty khac trong nganh 61 Bang 21 So sanh cac chi tieu tai chinh nam 2018 cua CTIN vdi cac cong ty khac trong nganh 62 Bang 22 Cd cau lao Ong CTIN tai thdi diem 30/09/2019 66 Bang 23 Lich si:r chi tra c6 b5ng tien mat 68 Bang 24 Chinh sach khau hao tai san co' dinh 69 Bang 25 So sanh so lieu ve lao Ong, mCrc ludng tai CTIN vdi cac cong ty ding nganh nam 2018 69 Bang 26 Cac khoan phai n8p NSNN hdp nhat ngay 31/12/2017, 31/12/2018 va 30/09/2019 70 Bang 27 Cac khoan phai n8p NSNN Cong ty me ngay 31/12/2017 via 31/12/2018 va 30/09/201970 Bang 28 50 du' cac qui", trich lap hdp nhat 72 Bang 29 Tinh hinh du nd vay hdp nhat cua Cong ty 72 Bang 30 Cac khoan phai thu hdp nhat cua Cong ty 74 Bang 31 Chi tiet phai thu ng5n han cua khach hang 75 Bang 32 Chi tiet khoan muc phai thu cua khach hang vdi cac ben lien quan 76 Bang 33 Cac khoan phai tra hdp nhat cua COng ty 76 Bang 34 Chi tiet cac khoan phai tra ngu'di ban ngan han 78 Bang 35 Chi tiet khoan muc phai tra ngubi ban vdi cac ben lien quan 78 KB Securities BAN CAO BACH 16 DANH MUC HINH crin Bang 36 Cac chi tieu tai chinh 79 Bang 37 Danh sach thanh vien HO' Tong guar) tri 81 Bang 38 Danh sach thanh vien Ban Kim sok 99 Bang 39 Danh sach Ban T6ng giam d6c, Ke toan trudng 106 Bang 40 Tinh hinh tai san co dinh hdp nhat tai 31/12/2018 107 Bang 41 Danh sach dat dai, bat dOng san Cong ty dang sd tau 116 Bang 42 Chi phi Ay citing cd ban dd dang hdp nhat tai 31/12/2018 116 Bang 43 Chi tieu kinh doanh giai doan 2020 — 2025 117 Bang 44 KE hoach san xuat kinh doanh, Idi nhuan va co tifc hdp nhat giai doan 2019-2020 119 Bang 45 KO hoach san xuat kinh doanh, Idi nhuan Cong ty me giai doan 2019-2020 120 Bang 46 Cac cly' an, dich vu dd kien ghi nhan doanh thu trong thang 12 nam 2019 121 Bang 47 KEt qua hoat dOng kinh doanh 11 thang dau nam 2019 va udc thyt hren nam 2019 123 Bang 48 KO hoach kinh doanh nam 2020 124 Bang 49 Chi tiEt kE hoach doanh thu HDKD chinh hdp nhat nam 2020 125 Bang 50 Cac DV an da trung thau va thyt hi8n trong nam 2019 127 Bang 51 Cac D.t an da trUng thau va thu'c hren trong nam 2020 130 Bang 52 Danh sach thanh vien nam c6 phiEu bi han chE chuygn nhudng 133 Bang 53 Gia tri s6 sach cua CTIN 134 Bang 54 Danh sach cong ty so sanh 136 Bang 55 P/B cua cac doanh nghrOp so sanh tai 16/12/2019 139 Bang 56 PIE do cac doanh nghlOp so sanh tai 16/12/2019 139 Bang 57 S6 li8u EPS cua Cong ty qua tirng thdi kit 140 Bang 58 Gia tham khao theo cac phudng phap 140 DANH myc HINH Hinh 1: T6c dO tang trudng GDP 9 Hinh 2: Tir 18 lam phat cua Vi8t Nam 10 Hinh 3: Sd do cd cau t6 chitc cong ty 31 Hinh 4: Sd do cd cau V) may quan Ijr CTIN 32 Hinh 5: Top 10 doanh nghi8p cong ngh8 giai phap phan mem va cung (mg thiet bi cong ngh8 - vien thong uy tin nam 2019 57 Hinh 6: Cac san pham, dich vu CTIN cung cap trong chu(Si gia tri ct:Ja nganh 63 KB Securities BAN CAO BACH 17 CAC NHAN TO ROI RO c Tin CAC NHAN TO RUI RO Ket qua kinh doanh va then vong phat trien cua COng ty Co phan Vi6n thong — Tin hoc btu dien, sau day goi tat la "CI IN" hoac "Cong ty", co the anh hddng bdi bat kY rUi ro nao dudc de cap dui day Cac doanh nghiep hoat dOng trong nen kinh tedeu phai chiu cac tac dOng den ttl (i) rUi ro kinh te; (ii) rUi ro luat phap va (iii) rUi ro dac thU cua hoat dOng kinh doanh Nhifng rUi ro va kha n'ang khOng ch5c ch5n khac ma CTIN chtfa de cap, ho5c danh gia la khOng clang ke, ding CO the anh Wong den hoat dOng kinh doanh cua CTIN va vi the anh hudng den gia c6 phan cua Cong ty sau khi niern yet I ROI RO VE KINH Tt Rui ro ve kinh to la loai rUi ro he th6ng thong qua nhang Bien dOng nhu' dO tang trubng kinh te", lam phat, I5i suat, có tac dOng trdc tiep hoac gian tiep den hoat dOng san xuat kinh doanh a:2 cac doanh nghiep trong nen kinh to not chung Vi vay, viec phan tich cac yeu to vi mO cua nen kinh to se lam ro mist dO tac Ong cua loai rUi ro nay ding nhddua ra du'dc cac bien phap han che", kh5c phut mtk do anh hdong den hoat dOng cua Cong ty CuOc chien thudng mai M9 - Trung n6 ra tip thang 3 nam 2018 ding gay anh hddng nhat dinh den Viet Nam do ndoc to có quan he thu'dng mai ch5t che vdi ca hai cd6ng qu6c tren Tac dOng tieu cut dau tien tdi Viet Nam la std yeu di cua he thong thddng mai td do toan tau Du chi& tranh thddng mai ch6 yeu se xoay quanh Trung Quot via MY; chau Au va Canada ding da cd nhirng dOng thai clanh thue mang tinh bao hO Viet Nam se phial tim cach lam viec vdi nhlYng clOi tac toan tau nhu' Canada, Nhat Ban, de dam bao viec tuan thU sau hdn cac nguyen tac cua WTO Cac loai thue mdi ap ding se anh hudng ro ret tdi thudng mai xuyen bien gidi giaa Viet Nam va Trung QuOc Xuat kh5u vao M9 cua Viet Nam có the se tang, nhung cac ding ty Trung QuOc ding nhieu kha na'ng se tang cdOng xuat kh5u vao Viet Nam, khien can can thudng mai gii a Viet Nam va Trung QuOc tang trd nen chenh lech Vdi viec nhap khau nhieu hang hosa to Trung Qu5c, ding có lo ngai rang cac doanh nghiep Viet se khong the canh tranh vdi cac doanh nghiep Trung QuOc Dieu nay co the anh hddng tieu cdc tdi su phat then cua nganh san xuat nOi dia Hang Trung QuOc thddng co silt canh tranh cao hdn nh0 gia thanh ye su da Bang Cac nha san xuat Viet Nam can phial tiep tuc d6i mdi via cai thien stk canh tranh dia san ph5m 1 Tang trtfeing kinh to Thdc trang via xu hudng phat trien dia nen kinh to trong nu& luen anh hudng den sdtbn tai va phat trien cua cac doanh nghiep Khi nen kinh to d giai doan tang tru'dng cao se tao nhieu cd hOi cho doanh nghiep phat trien Ngudc lai, khi nen kinh to suy thoai, thu nhap cua dan cd giam thi nhu tau ve dich vu vien thong, cong nghe thong tin cung se, giam sut Dieu nay keo theo s11 sut doanh thu va Idi nhuan cua toan nganh not chung va Cong ty Co phan Vien thOng - Tin hoc Bdu dien not rieng Tuy nhien, ding veil su phat trien nhanh thong cua x5 hOi hien dai, linh vtic Vien thong va Cong nghe thong tin dan trd thanh nganh kinh to mui nhon cua dat nddc Vien thong va COng nghe thong tin d5 tao nen mOt x5 hoi toan tau, ndi ma moi ngudi có the Wing tac va lien lac vdi nhau mOt cach nhanh thong va hieu qua Cac Ong dung Vien thong va Cong nghe thong tin có tam quan trong thlk day nhieu linh vuc kinh to nhdthddng mai den giai tri va tham chi ca van hoa, x5 hOi va giao Chinh vi tam quan trong do nen milt giam cua nganh ciddc ki vong se thap hdn mdc giam cua nen kinh Giai doan 2013-2014, tuy van con nhieu kho khan nhdng kinh to Viet Nam da có nhang bien chuyen theo hddng tich cut hdn so vdi nam 2012, mile tang GDP ca nam 2013 dat 5,52%, va toc dO tang GDP nam 2014 dat 5,98% KB Securities BAN CAO BACH 18 CAC NHAN TO ROI RO • cTin Hinh 1: Tik do tang traing GDP 10% 8,2% 8,5% 8% 6% %k° 6,8% 6,0% 6,7% 6,2% 6,8% 7,1% 6,9% 6,8% 5,9% 5,3% 5,0% 5 4°/o N 4% 2% 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F2020F Nguon: Tong cuc Thong ke, Ngan hang Phat &len chat] A Theo Tang cyc th5ng ke, t5c do tang tru'dng GDP nam 2015 dat 6,68% cao hdn nhieu so vdi ding ki nam tru'oc va vu'dt tren mut muc tieu Qu5c hai dat ra dau nam la 6,2% Nam 2016, GDP tang 6,21% so vdi nam 2015, thap hdn mutt tang 6,68% cua nam 2015, va khong dat muc tieu tang tru'dng 6,7% de ra, nhu'ng trong 1361 canh kinh tE the gioi khong thuan, gia ca va thu'dng mai toan cau giam, trong nu& gap nhieu kho khan do thdi tiet, moi tru'dng bign dien Bien phirc tap thi dat dudc mot tang tru'dng ten la mat thanh Cong Nam 2017, GDP tang 6,81% so vdi nam 2016, mk tang tru'dng nam nay vu'dt muc tieu de ra 6,7% va cao hdn mk tang cua cac nam tit 2011-2016, khang dinh tinh kip thdi va hieu qua dia cac giai phap du'dc Chinh phu ban hanh, chi dao quyet liet cac cap, cac nganh, cac dia phu'dng can no Inc thyc hien Nam 2018, t5c da tang tru'dng GDP nam 2018 dat 7,08%; vu'dt muc tieu 6,7% dat ra va la milt tang cao nhat kg tut nam 2008 trd lai day Trong an ban b6 sung bao cao Cap nhat Trign vong Phat trign Chau N A 2019 cong b5 vao dau thang 12/2019, Ngan hang Phat trign chau A (ADB) ghi nhan mitt tang tru'dng GDP cua Viet Nam trong 3 quy dau nam 2019 dat 7,0%, mutt cao nhat so vdi ding kit trong chin nam qua N Tieu clang ca nhan a tang 7,3%, trong khi dau of tang 7,7% nhd moi tru'ang kinh doanh du'dc cal thien, niem tin cua cac nha dau tut du'dc duy tri via skt gia tang dau tit trk tiep nu'dc ngoai Ngu'dc lai vdi xu hu'ang ha thap du bao tang tru'dng kinh to trong khu vyt, ADB da dieu chinh tang du bao tang tru'dng GDP cua Viet Nam tang tit mitt 6,8% len 6,9% cho nam 2019, via tit mat 6,7% len 6,8% cho nam 2020 Nen kinh to Viet Nam van có thg tong chd vao cac yEu to nhu': (i) Khoang trong ve viec cal cach thg chE tao moi tru'dng thuan Idi cho doanh nghiep via gidi dau tit nh5m thu hut them nguon lk; (ii) Nai cua nen kinh to Viet Nam van can cis& dao den tit quy mo dan s5 Ian, cac nganh hang not dia dem lai gia tri thang du' Ian cho nen kinh to van con chu'a phat trien va (iii) Vern luc tit nguon v6n ngoai, dau to ding va kieu h5i van con nhieu du' dia dg tang tru'dng kern theo do la cac ding nghe, quy trinh xay diing phat trign bai ban tt cac nu'dc phat trign se h(!) trd thCic day nen kinh to Viet Nam Cong ty luon bam sat cac nguon bao tot do tang tru'dng kinh to clang tin cay nhu' World Bank (Ngan hang the gidi) , Asian Development Bank (Ngan hang Oat trign chau A) dg du'a ra chien lu'dc kinh doanh cho tUng nam hoac tiing thdi kit cu thE, phu hdp vdi nhu cau va Stk tieu thy cua thi tru'dng Vi6n thong - Cong nghe thong tin Thong qua do, Cong ty quan tri rOi ro dg han chE du'a ra chien lu'dc, chinh sach khong pha hdp ding nhu' giam thigu thiet hai neu có 2 Lam phat Chi s5 lam phat anh hutng den host dang san xuat kinh doanh cua Cong ty thong qua cac chi phi nguyen vat lieu dau vao Lam phat gia tang se khien chi phi san xuat kinh doanh cua Cong ty tang cao do tang gia nguyen vat lieu, gia nhan cong v.v Su phu thuac vao nguyen lieu au vao luon la mat thach thk d5i vdi doanh nghiep Nguyen vat lieu dau vao (thiEt bi linh kien dien tit, vien thong; cap chuyen nganh vien thong; day thug bao; vat lieu dien ) chiEm ty trong len trong cd cau gia thanh cac loci san pham via dich vu cua Cong ty, chinh vi vay sir thay dai gia cua nguyen vat lieu tat yeu anh hutng den Idi nhuan do gia ban khong thg dieu chinh kip thdi trong ng5n han Val no luc tit phia Chinh phi.] va NHNN, cung ben du'dc dieu tigt hdp Icr, mat bang gia ca 6n dinh hdn da K B Seca!"ities BAN cAo BACH I 9 .40V • CAC NHAN TO ROI RO cam kim ham du'dc muc tang cua chi so CPI Nen kinh to Viet Nam tigp tuc chUng kien xu hudng giam cua mdt tang lam phat trong nam 2014 xu5ng mUc 4,09% so nam 2013 Nam 2015 la nam CO chi s6 gia tieu dUng tang thap nhat trong 15 nam trd lai day khi chi s5 gia tieu dUng nam 2015 chi tang nhe 0,63% so vdi nam 2014 Nam 2016 CPI binh quan nam dat 2,66%, tang cao hdn so vdi binh quan nam 2015 Milt tang CPI binh quan nam 2017 tang 3,53% so vdi binh quan nam 2016, dudi muc tieu Qu6c hOi de ra CPI binh guar) nam 2018 tang 3,54% so vdi nam 2017 Nhu' vay, muc tieu kiem soat lam phat, CPI binh quan nam 2018 du& 4% da dat du'dc trong 135i canh dieu chinh du'dc gan hgt gia cac mat hang do Nha nudc quan ly dat ra trong nam 2018 CPI binh quan 10 thang dau nam 2019 chi tang 2,48% so veil ding kji nam trubc — day la rntirc tang binh quail 10 thang thap nhat trong \long 3 nam qua Lam phat cd ban trong thang 10 nam 2019 tiep tuc xu hu'ong on dinh, tang 0,15% so vdi thang 9 nam 2019 va tang 1,99% so vdi thang 10 nam 2018 Lam phat cd ban binh quan 10 thang dau nam 2019 dat 1,89% so vdi cung kjt nam 2018 Tuy nhien, Chi s5 CPI binh quan nam 2019 se van duy tri d milt kha quan khoang 2,7% so vdi nam 2018, thap hdn nhigu so vdi chi tieu dat ra (4%) (Ngu5n: KBSV, Bac) cao cap nhOt kinh vi rne thang 10 nam 2019) Lam phat tang se khien cac chi phi nhu' chi phi van chuygn hang hoa vat tu', thiet bi tdi cong trinh tang kern theo tang len cua gia mua hang hoa vat tu, phu kien lap dat clU On khien cho 10i nhuan cua Cong ty giam Degiam thigu cac rUi ro tang gia va chi phi, TIN luOn tim cach da dang hoa cac ngubn cung cap hang hoa de có du'dc cd hOi tiep can Ten nguon chi phi thap nhat Tong thdi nghien cUu, trien khai bien phap thi cong, thigt ke t6i u'u nhat de tigt kiem chi phi Du' kien trong thdi gian tdi, khi rUi ro ve lam phat tiep tuc du'dc Vern chg d mk 6n dinh se tao ra nhUng anh ht rdng tich cut tdi hoat dOng tri6n khai On cua Car-1g ty, cac chi phi neu tren se du'dc kigm sok tot Hinh 2: Ty I§ lam phat cua WO Nam 25% 19,9% 20% 15% 12,6% 10% 7,6%, 6,0% 6,5% 5% 6,8% 1,8% 0,6% 2,7% 3,5% 3,5% 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Ngdon: Tong cuc thang ke 3, Lai suat Lai suat la mot trong nhUng yeu to tac &Ong manh tdi hoat dOng san xuat kinh doanh cua doanh nghiep Lai suat ngan hang tang cao se gay Op len chi phi tai chinh va anh hudng den Idi nhuan sau thug cua Cong ty Kg tu' nam 2015 den nay, chinh sach tien to tai Viet Nam có su' nc3i long kha manh, vdi tang tardng tin dung luon xap xi 0 mO'c cao, tif 18 - 20% va mat bang lai suat lien tiep di xu6ng Tuy nhien cung tien ndi long sau mot thdi gian ding co the gop phan gay Op Itic len lam phat Chinh vi vay, trong thdi gian tdi vigc th5t chat chinh sach tien to trd lai la can thiet, nhat la khi cac nen kinh to khac phat trie'n cho den mc3i not gan day deu tang nhanh lai suat Tinh den thdi digm hien tai, lai suat huy d5ng tien &Ong cua cac ngan hang thu'dng mai da du'dc diet] chinh tang, dac biet d cac kji han ti.' 12 thang trd len Lai suat huy Ong tang cao se tac dOng len lai suat cho vay, gop phan tao ra mat bang lai suat not Chung tang len, tao Op Inc cho doanh nghiep, anh hudng dEn kEt qua san xuat, kinh doanh ding nhu' canh tranh cua doanh nghiep Trong tu'dng lai, Cong ty Co phan Vi'En thOng - Tin hoc Bu'u dien co the se phat sinh them cac khoan vay dg phuc vu cho hoat dOng san xuat kinh doanh Do do, Cong ty chiu rUi ro khi lai suat ED& d5ng Rui ro KB Securities BAN CAO BACH 110