NATIONAL ECONOMICS UNIVERSITY FACULTY OF FOREIGN LANGUAGESDEPARTMENT OF BUSINESS ENGLISH LE DIEP LINH BUSINESS ENGLISH 58A REAL SITUATION OF EXPORTING AGRICULTURAL PRODUCTS IN INTERIMEX
FINDINGS AND ANALYSIS o 555555 5< << 16
Methodology 50G G G5 G9 9 9 099.9 000.9 0000000944996 06 16 SSNBPE- vi vo na
The first important point to conduct the research is collecting data This study acquires useful information through both primary and secondary sources.
3.1.1.1 Primary data Firstly, an insightful interview with Mr Nguyen Dat Tan, Chairman of Interimex JSC and other five employees who take over vital positions was taken to obtain primary data This method aims at getting individual opinions of the real situation of export activities in the company when they are working as well as asking them some recommendations for future business As a result, several questions have been designed with the aim of achieving these above — mentioned objectives.
The very first questions, “What achievements have Interimex JSC gained in 2017-2019 period? What are major challenges that the company has to face with?”, was set for the Chairman in order to acknowledge the situation of export activities in the company Then, author asked him about the information of organizational orientations in the next period 2020-2025 in order to put forward useful recommendations and suggestions for the enhancement of the company’s business, especially in export activities’ efficiency Moreover, Mr Nguyen Dat Tan was also encouraged to express his ideas about current governance of export operation All the questions left were given to several employees of Interimex JSC, who directly involved in export process, to identify the challenges of each position as well as access the required qualifications in their working stage. Then, the author can summary the export process and procedure in the company.
3.1.1.2 Secondary data The Second source of getting information for this research is collected from existing studies, e — journals, textbooks, commercial webpages and financial report of the company Furthermore, raw data and figures of historical
Le Diep Linh — 11162849 — Business English 58A establishment, development as well as business activities are fully assembled through annual reports of the company With these sources, the author can look up and summarize essential information for this study.
3.1.2 Data analysis Once secondary data has been completely collected, it would be classified into specific categories in line with the purpose of each part In detail, published data getting from books, studies, e-journals, etc helps author hand with theoretical framework section because this part provides fundamental knowledge of export and its procedure In finding and analysis section (this chapter), statistics from Accounting Department and annual financial report is carefully calculated to analyze, compare and conclude The export operation of Interimex JSC is also accessed by personal interviews with the Chairman and several employees This is primary data, which bring the author a thorough insight of the real situation of export in this company as well as help author in giving recommendations for improvement.
Real situation of Interimex JSC from 2017 to 2019
Figure 2:Total business capital of Interimex JSC from 2017 to 2019
No Value (VND) Share Value (VND) Share Value (VND) Share i alue alue alue
(Source: Annual financial report of Interimex JSC from 2017 to 2019)
Figure 2 shows a slight fluctuation in the amount of business capital from 2017 to 2019 It can be seen that the capital value increased nearly 309 million VND in
2018 (compared with 2017) and continued increasing approximately 2 billion VND in 2019 In addition, the working capital made up of only 12.68% of total
Le Diep Linh — 11162849 — Business English 58A capital It mean that the enterprise has not depended mainly on short — term and long — term commitment, it depends mostly on its fixed assets, which directly affect on the balance of payment The total capital increasing year by year also illustrated that the company has a stable finance for last-long development.
Besides, this figure also points out that the amount of short-term loan grew over three years (increasing 164,2% in 2018 and 129,5% in 2019) It means that the company loan more from banks to meet the need of being an intermediary In term of benefit, if an enterprise applies more for bank loan as well as receives bank’s acceptance, its reputation and reliability will be affirmed, which ratio with the number and quality of bank Thus, the enterprise may obtain several advantages when making payment with partner (importer).
3.2.2 Business result in the period 2017 to 2019
Figure 3 Business result of Interimex JSC from 2017 to 2019
Value Value Value h rate rate
(Source: Annual financial report of Interimex JSC from 2017 to 2019)
This table shows the business result of Interimex JSC from 2017 to 2019 First of all, it’s easy to see the decreased total revenue year by year, ratio with the cost of goods sold However, the profit increased 44.3% in 2018 before witnessing the decrease in 2019 (-43.7%) presents the unstable performance of the company.
The period 2017-2019 is quite rough for the company The total revenue declined every year from more than 100 billion VND to more than 60 billion VND
Le Diep Linh — 11162849 — Business English 58A partially reflects the downing number of customer purchasing ability for agricultural products At that time, the number of contract was under expectation. According to Mr Nguyen Dat Tan, due to unusual weather changes and other factors lead to crop failure, local suppliers did not have enough material to meet the demand of foreign customers Therefore, there were limited competitive deals in this period.
On the other hand, the ratio of total cost to revenue made up over 90% points out the ineffective work and low productivity of the company, especially sales department The profit after tax although raised 44.3% in 2018 but immediately downed 43.7% in 2019, which clearly prove for the ineffective performance of the company.
Real situation of export activities during 2017-2019 period
Chart 1: Export turnover of Interimex JSC from 2017 to 2019
(Source: Annual financial report of Interimex JSC from 2017 to 2019)
The chart above displays the export turnover of agricultural products over three years from 2017 to 2019 Because Interimex JSC plays a role of an export intermediary, the only activity of the company is export, without any other paid services To that extent, the total revenue is equal to the export turnover. According to analysis in 3.2.2, it can be concluded that Interimex did not perform well in its business in this period.
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Figure 4 Value of exported goods from 2017 to 2019
Goods Value Value rate (%) Value rate (%)
(Source: Annual financial report of Interimex JSC from 2017 to 2019)
Overall, it’s noticeable from table above that cashew is the major exported product of the company However, in order to make clearer observation, a bar chart was designed.
Chart 2: Structure of Interimex JSC exported goods
(Source: Annual financial report of Interimex JSC from 2017 to 2019)
At the first glance, it’s easy to see that cashew accounts for the largest proportion of exported goods with approximate 65% in 2017, 56% in 2018 and nearly 64% in 2019 Even though cashew is attributed to the growth of export turnover, there seems hardly a change in the proportion of it in the period of 2017-2019 The certainly change belongs to pepper and cassia Pepper is the second largest exported goods even it has quite fluctuation The most significant change can be
Le Diep Linh — 11162849 — Business English 58A seen is the ratio of exporting cassia In 2017, cassia only accounted for 2.02% of total quantity Nevertheless, it had a dramatic leap while increasing approximately 10% in 2018 before witnessing a rather considerable down (4.5%) in the next year Others, which include mainly coffee bean/ground, desiccated coconut and star anise, also have an increasing proportion over three years.
After analyzing, it can be concluded that cashew and pepper have been becoming the major exported items of Interimex and being sold on a massive scale One plausible explanation is that Interimex has got a good relationship with more big, charismatic and reputable local suppliers They provide high quality raw material with reasonable price Belong with that, it also proves the high demand of foreign customers of the two typical items.
Nevertheless, this period witness the general decrease in value of each product, due to the decrease of export turnover and total revenue, with the reason mentioned in 3.3./ and 3.3.2 This is quite negative signal for the company in
2020 if this status continue happening.
The following charts describe the most dominant customers and their contracts for importing goods from Interimex over three years in detail:
Chart 3: Number of contracts of typical foreign customers from 2017 to 2019
#8 SEPANTA BAR PARS INTERNATIONAL TRANSPORT CO LTD ARGO PTE LTD m NEW BLAZE CO LTD
(Source: Annual detailed contract report of Interimex JSC from 2017 to 2019)
From bar chart, it can be calculated that Interimex major exports agricultural products to the Middle East, where they are used much for food processing industry.
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Chart 4: Number of weight of raw material buyed from local suppliers from
I Private enterprise of purchasing agricultural products Mrs Dang Thi Lien SONG HY GIA LAI Ltd.
(Source: Annual detailed contract report of Interimex JSC from 2017 to 2019)
The chart above shows the amount of raw materials that Interimex has purchased from local enterprises It's easy to see the two largest partners are Song Hy GiaLai Ltd and Hoang Gia Luan Ltd They are two reputable and influential agricultural suppliers in the country Co-operating with them, Interimex will prove the commitment on product quality to customers.
Export method and trade term << 5 5 ô555555 22
Currently, Interimex JSC has applied to two major forms of export: direct export (taking all responsibilities for the whole export procedure) and entrusted export (done the procedure by an entrustment) In addition, the purchasing orders are mostly agreed with FOB, CNF and CIF shipping method, depend on negotiation and requirement of each customer.
A contract with CIF term confirms that the exported company has to take responsibility until the named port of final destination in imported country Cost of goods, insurance, charge of transportation and other charges are assumed by the seller.
Meanwhile, with a contract used CNF method, the sellers have to take all responsibility as CIF except buying insurance.
With FOB shipping method, the buyer must bear all costs and risks in transit once cargo has been loaded on board However, whatever the shipping method is,
Le Diep Linh — 11162849 — Business English 58A the exported company then have to make electronic customer declaration, other related procedures, and accept payment by opening L/C or T/T with deposit.
Evaluation of export performance from 2017 to 2019
3.5.1.1 Spreading networking of customer and supplier From then-and-now, developing a strong relationship with the customers has been considered as a strategic plan for any companies who want to expand their market share Interimex JSC with the enthusiastic support of workforce and local suppliers, the company succeeded in providing customers good services, which consist of handing over adequate information of products, updating on cargo delivery, sending full set of document after cargo loaded on final destination and
Thanks to the marketing crew and providing good services, Interimex has affirmed their reputation, especially in exporting agricultural products Over 12 years operating, Interimex has co-operated with approximately 100 enterprises over the world, most of them from Middle East and South America Recently, the company has accessed with USUK market with ambition to co-operate with more potential customers This implies that the board of Interimex has strategic vision.
In general, setting transparent process benefits export activities a great deal. Export enterprise can save time, workforce and total costs as possible For example, Interimex has improving the documental procedure by working mostly with partners and governmental departments on the internet They always update the latest information in order to add fill the gap timely.
3.5.1.3 Providing convenient conditions and good environment to workforce
At Interimex JSC, workforce is trained with the updated course, in both theory and practicality, and the latest governmental reforms, which regarding to overseas purchasing and selling activities Besides, sales crew is allowed to visit and exchange their experience at the annual international trade fairs in other countries with the aim of expand visibility and access to more potential investors. Meanwhile, Interimex has organized specific tasks for the overall performance of each individual in the company, support them to work together and create the connection among departments.
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Belongs with significant achievements mentioned above, the company has coped with existed several shortages that affect the sustainable development in the upcoming periods.
3.5.2.1 Limited scale Although has been established for over 8 years, Interimex JSC just has nearly 20 staffs working in all departments It also does not have any branch in any region. Therefore, the scale and productivity, as well as opportunities to approach new potential customers, are ineffective.
However, the Chairman is trying to improve this shortage by associating with several enterprises, which in the same field in the South of Vietnam, such as Simexco Daklak, Song Hy Gia Lai Ltd., etc Meanwhile, it has joint several organizations such as Pepper Association (VPA); Cashew Association (VINACAS) and so on.
3.5.2.2 Unstable profits Because of the limited scale, the mobilized capital is limited in the scope of approximately 10 billion VND Although Interimex has a large amount of fixed capital, it could not help the company maintain its business performance. Moreover, unstable revenue as well as unstable profits might be partly blamed for the qualification of the workforce, especially sales department.
In addition, a specific feature of this business field is the dependence on nature. Therefore, the profits and revenue in agricultural exporting field is unsteady.
3.9.2.3 Failure in delivery on time Interimex JSC has worked with third parties as shipping lines, inspection agency, bank, etc Occasionally, there are several troubles on board For example, when delivering by sea from Hai Phong Port, Vietnam to Bandar Abbas, Iran, the ship faced with hurricane It leads to shipping lines delayed at the transitional port in Dubai The estimated time arrive (ETA) is longer Though, it is occasional In almost time, Interimex is on schedule.
When doing business, the weaknesses that enterprise has to deal with are almost depended on both controllable and uncontrollable forces.
One of the first important causes is totally depending natural conditions Because the current context of Vietnam agriculture has not allowed farmers to do organic
Le Diep Linh — 11162849 — Business English 58A farms or plant onto conservatory in a large area, productivity has not been enhanced positively and the export company could not ensure to provide customers quality goods with reasonable price.
In addition, reliance on third parties also causes dependence on them, especially shipping lines Its dependence leads to several consequences such as delay in delivery and loss of profit and reputation.
Legal framework and currency exchange
Finally, the Government, along with currency exchange, also cause the unstable profits of Interimex JSC The changeable legal framework affect directly on exported policy in the company.
Due to being a small enterprise (SME), Interimex has borrowed narrowed bank loans while the fixed capital and asset are not vast enough to guarantee In fact, a typical characteristic of being an intermediary to buy material from local enterprises and sell goods for foreign customers is that it requires a huge amount of capital With the limited capital structure, the enterprise has no alternative but mobilize capital from other parties, mainly from banks However, it will cause greater dependence on liabilities, while the company tries to reduce ultimately this dependence Therefore, Interimex could not deal with big contracts, and it is hard for the company to expand the scale.
Additionally, shortage of personnel also leads to limited scale In reality, the company just has had exactly 23 staffs of all departments except the Chairman. Thus, Interimex could not increase profits maximally.
Last but not least, lack of the qualification of workforce are the gap which causing a lot of troubles for Interimex Several staff are still working with outdated software as well as working ineffectively Typically, some sales have not worked with enthusiasm yet and others may get trouble in negotiating with customers Moreover, documentation staffs sometimes make mistake that delay the common process of a contract.
In conclusion, with statistics and data taken from accounting department, together with opinions of the general director and staff by interviewing, the author could conduct the research thoroughly These figures help author has
Le Diep Linh — 11162849 — Business English 58A overall outlook of export activities in Interimex JSC and then find out the achievements as well as weaknesses when the company is operating Based on the in — depth analysis, author will suggest several useful recommendation for not only Interimex JSC, but also the Government.
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CHAPTER 4: RECOMMENDATIONS TO ENHANCE EXPORT EFFICIENCY OF INTERIMEX JSC FOR FUTURE BUSSINESS
Organizational future orientation from 2020 to 2025
Since Vietnam has signed several international economic agreements, local enterprises have had big opportunities than ever, not only for export activities but also for all aspects of business By over thirty-year-experience and strategic vision, the Chairman has set a particular plan for the company in the next period 2020-2025, with the aim of improving business result and maintaining the competitive advantages These goals are:
> Co-operate with more potential suppliers in order to not only reduce the dependence on several major suppliers but also diversify the quality and type of goods, which satisfying the demand of different customers.
> At the same time, the sales have to consider and enhance their performance seriously The Chairman will set the KPI and bonus for each staff to force them to work harder.
> Strengthen and continue expanding customer relationship, always get feedback from customers to improve the quality of goods and services.
> Make sure workforce is all comprehensively equipped with needed soft skills and hard skills by training online and offline By the way, more recruitment is appropriated.
> Investigate and analyze the standards of the US-UK agricultural import market Join E-commerce market to do business effectively.
4.1.2 Specific orientation towards export activities
The period 2020-2025 promises to be a potential time for international trade. Since US President Donald Trump signed a law of imported restriction from China, Vietnam has had a chance to infiltrate into this big market Therefore, The Chairman puts forward specific guidance for export activities of the company in upcoming period, which includes:
> Continue export high quality raw materials with reasonable price; reduce the number of contract requiring low or medium quality of material.
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> Attending international trade fairs Forthcoming, the Chairman and typical sales are going to attend to the ANUFOOD China 2020 trade fair to visit and access new potential customers from USUK.
> Expand scale by co-operate with several local enterprises in the South and hire more personnel In detail, Interimex are going to associate with Maseco Ltd on October 2020 in order to improve input sources.
> Hold a whole training course for staffs annually in April and September.
> Enhance the export turnover and revenue.
Recommendations for the COMPANY 5555 << s5 28
4.2.1 Improving the quality of human resource
First and foremost, Interimex should pay attention to recruit and training more staffs for sales and export procedures as well as set the KPI and bonus level for current staffs In particular, it is possible to hold monthly training courses instead of twice a year In this digital age, employer could encourage employees to attend online-offline courses every month alternately For instance, it’s reasonable to hold an online course in this month and offline course in next month By doing these, the employer could create motivation for employees and the employees could have the general observation about the whole process of exporting and improve the necessary skills at the same time.
Looking at the data of figures on chapter 3, a noticeable thing is the unstable performance of Interimex It proves the weak qualification of workforce and limited vision of the leader The Chairman should change the strategic objective policies, such as expanding scale; diversifying exported goods, etc Because the major exported products of Interimex are planted in the South of Vietnam, the company should consider opening a branch in the South for cost savings. Furthermore, when expand scale, the company could get a vast bank loans and mobilized capital to do business.
About workforce’s qualification, employees should study and improve ability, take their responsibility seriously, work harder and contribute idea to the Chairman to strengthen the brand.
Practically, services of Interimex are quite good However, there are several shortages in sending sample and delivering late Although failure in delivery on time often is a majeure risk, however, Interimex late to updating information of shipment to customers, lead to customers feel unpleasant and it might affect to the company’ reputation.
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In order to improve the services, Interimex should recruit and train a staff for customer care position as well as remind sales crew of making conversation to their customer frequently.
Recommendation for the governMent << s ô55s se 29
4.3.1 Perfecting the legal system and customs procedures
In recent years, the government has changed the export regulations (electronic custom procedure, for example), eliminated barriers, and reduced tariffs for several exported goods, especially agricultural products According to the annual report on “the ease of doing business index” published by the World Bank in
2019, the average time for customs procedure in Vietnam has been significantly shortened by getting 68.6 point (easy level) It gives a positive signal for Vietnamese legal systems and local enterprises In addition, the Government should simplify the process of licensing related documents for distant enterprises (especially South enterprises).
The fact is that Vietnam still has outdated infrastructure and inadequate logistics facilities, which restricted business from achieving higher performance and low transport cost Typically, the situations of traffic jam at seaports, degradation of highway and lengthened transportation from warehouse to port lead to containers stuck at loaded ports Therefore, it is essential for the policy makers to draw a strategic plan to improve the quality of infrastructure in order to logistic enterprises can work smoothly.
One issue bothering Vietnamese businesses recently is lack of well — qualified workforce and brain drain Despite the fact that there are thousands of bachelors graduated every year, local enterprises still lack of high-quality personnel In most situations, candidates do not prepare basic knowledge and experiences in terms of practical international trades, due to the theoretical without practicing training courses of almost universities and colleges in Vietnam.
Recommend solutions for this is universities and colleges should interact and cooperate with import — export companies as well as organizations such as VCCI, WTO, etc., which specialize in handling export procedure transactions across borders.
Otherwise, Government should have favor policies and high-working environment in order to avoid brain drain.
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Being motivated by trade liberalization and globalization, cargos are distributed faster than ever The invisible barriers among countries reduced gradually, along with the international assignment, create more potential opportunities to access to international transaction.
With the context of Vietnam, while there are more and more local enterprises participate in trading “racetrack”, Interimex has to expose to both advantages and difficulties when being a candidate of this competition.
After eight years developing, Interimex JSC has affirmed as reputed firm in exporting agricultural products in several regions, as well as a reliable partner of local suppliers To conclude, with strategic plan in running the company, the Chairman has led and developed Interimex to become a strong firm such present time.
Nevertheless, Interimex has recently coped with substantial difficulties, which vastly stem from subjective and objective causes These challenges mostly occur on strategic vision of the Chairman, lack of human resource, shortage of working capital, changeable legal framework and nature (weather, climate, natural disaster, crop, etc.).
With the personal observation, knowledge and forth-month internship experience, the author has pointed out several achievements and shortcomings of Interimex, as well as has suggested some recommendations for both enterprise and Government, with the hope of backing up the development of the company in the near future.
In conclusion, by all recommendations mentioned above, the author hopes that Interimex can promote advantages, along with reduce and improve disadvantages in order to prove its business efficiency and reputation in exporting agricultural products.
Le Diep Linh — 11162849 — Business English 58A
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17.Bộ Công Thương Việt Nam, Văn ban pháp quy Collected from: https://moit.gov.vn/web/guest/van-ban-phap-quy
18 Bộ phan kế toán công ty CP XNK Interimex Việt Nam, “Báo cáo tài chính hằng năm từ 2017 đến 2019” và “Chi tiết hợp đồng từ năm 2017 đến
19 Hải Quan Việt Nam, “Quy trình cơ bản thủ tục hải quan của hàng hóa xuất khẩu” Collected from: https://www.customs.gov.vn/Lists/HaiQuanVietNam/ http://icccftu.vn/quy-trinh-xuat-khau-hang-hoa-cua-doanh-nghie doanh-xuat-nhap-khau
20.NXB Tai Chinh (03/2020) “INCOTERM® 2020 - QUY TAC CUA ICC
VE SU DUNG CAC DIEU KIEN THUONG MAI QUOC TE VA NOI
DIA (song ngũ Anh- Việt)”
21.T.S Bùi Thị Quỳnh Nhi (2005), Giáo trình Kỹ thuật nghiệp vu ngoại thương, NXB Hà Nội, Hà Nội.
22.T.S Ninh Thị Thu Thủy, Tạp chí Khoa học & Công nghệ ĐH Đà Nẵng.
Số: 11(72)/2013 “Chuyên dich cơ cấu thành phần kinh tế của Việt Nam trong thoi kỳ CNH-HDH”.
23.ThS Nguyễn Quang Hiệp, Tap chí Phát triển va hội nhập 2013, “Thanh tựu và vai trò của xuất khẩu đối với tăng trưởng kinh tế ở Việt Nam và
24 Trung tâm tư vấn thương mại Quôc tế, Trường Đại học Ngoại Thương
TP.HCM “Quy trình xuất khẩu hàng hóa của doanh nghiệp xuất khẩu”.
Collected from: doanh-xuat-nhap-khau
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Appendix 1: Total import — export turnover in 9 months of Vietnam from
EE Xuat khau WzzzaNhap khâu Ema Cán cân TM ——Ticdé ting XK —e—Ticdé ting NK
(Source: General Department of Vietnam Customs)
Collected from: https://www.customs.gov.vn/Lists/ThongKeHaiQuan/ViewDetails.aspx?ID0
8&Category=Ph%C3%A2n%20t%C3%ADch%20%C4%91%E1%BB%8Bnh%2
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For the Chairman of Interimex JSC — Mr.Nguyen Dat Tan:
1 What achievements have Interimex JSC gained in 2017-2019 period?
2 What are major challenges that the company has to face with?
3 To what extent do you evaluate the importance of governance to the development of export business?
For employees in each department of Interimex JSC:
1 What are your main tasks? What obstacles do you encounter when working?
2 What are required qualifications that you think are necessary for this position? Are you confident of your ability in taking over this position?
3 From your view, what limitations that Interimex has failed to solve?
4 Do you have any idea in improving the qualification of workforce?
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Chart 1: Export turnover of Interimex JSC from 2017 to 2019
Chart 2: Structure of Interimex JSC exported goods
Structure of Interimex exported goods
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Chart 3: Number of contracts of typical foreign customers from 2017 to 2019
Number of contracts of typical foreign customers from 2017 to 2019
8 SEPANTA BAR PARS INTERNATIONAL TRANSPORT CO LTD ARGO PTE LTD m@ NEW BLAZE CO LTD
Chart 4: Number of weight of raw material buyed from local suppliers from 2017 to 2019
Number of weight of raw material buyed from local suppliers from 2017 to 2019
@ Private enterprise of purchasing agricultural products Mrs Dang Thi Lien
@ SONG HY GIA LAI Ltd.
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Figure 1: Interimex JSC’s Organizational Structure
Figure 2.Total business capital of Interimex JSC from 2017 to 2019
No Value (VND) Share Value (VND) Share Value (VND) Share
Figure 3 Business result of Interimex JSC from 2017 to 2019