Taxi business strategy of Mai Linh group in period of 2011 - 2015

To contribute to the success of the Mai Linh and complete the graduation subjects, we selected groups of subjects "Business Strategy Corporation's Taxi Mai Linh Group stage 2011 - 2015"

CAPSTONE PROJECT REPORT

TAXI BUSINESS STRATEGY OF MAI LINH

GROUP IN PERIOD OF 2011 - 2015

Student’s name of group 5

NGUYEN THI THUY DUNG PHAM DANG HUNG

NGUYEN NGOC QUANG NGUYEN THUY QUYNH PHAM MINH SUONG

group which based on theory and practical business situation at JSC Mai Linh Group

The data used in this thread are true, the proposed strategies and solutions given are based on the research process and discussions of our group

Group 5

Systems Jobs National University of Hanoi, has created conditions for us to participate in the training course under training programs of Griggs University - United States

Training program at the University of Griggs - United States has added to our knowledge of many business administration scientifically and our experience to improve skills, in management, the organization in general and in particular myself

We also thank the teachers who participate in teaching, communicate knowledge and the members of the program have supported us in the course

In addition, my group thanks Corporation Mai Linh Group which has created conditions for the group to use the materials on the business in recent years as data

to illustrate article, as well as assisting me in reaching the company at a deeper angle, more realistic

In this topic, our team will use all knowledge are learned from the Program on the actual situation of the Corporation Mai Linh Group to build a business strategy

in Taxi in 2011 - 2015 a effectively

There are no words that can help our team express this profound gratitude Our team wish everyone health, good luck to all and happy to reap more successful in life

IFE : Internal Factor Evaluation

SPACE : Strength Position and Action Evaluation SWOT : Strengths-Weeknesses-Opportunities-Threats QSPM : Quantitative Strategic Planning Matritx

Table 1.2: Example of EFE Matrix 8

Table 1.3: Example of Competitive Image Matrix 8

Table 1.4: Example of IFE Matrix 9

Table 1.5: Example of SWOT Matrix 9

Table 1.6: Example of QSPM Matrix 10

Table 2.1: Number of workers to date 30/04/2011 16

Table 2.2: Mai Linh Group JSC operation results 19

Table 2.3: Mai Linh Group JSC balance sheet 21

Table 2.4: Revenue through the years 24

Table 2.5: Structure of sales by region in 2010 27

Table 2.6: Gross profit by industry through the years 29

Table 2.7: Analysis of financial indicators 31

Table 2.8: Synthesis and forecast of the socio economic criteria 2008 – 2015 36

Table 2.9: Number of transport passengers 39

Table 2.10: The number of taxis in areas to date 05/2011 41

Table 2.11: EFE Matrix of Mai Linh 46

Table 2.12: IFE Matrix of Mai Linh 56

Table 2.13: SWOT Matrix of Mai Linh 58

Table 2.14: Competitive Image Matrix of Mai Linh 59

Table 2.15: SPACE Matrix of Mai Linh 60

Table 2.16: BCG Matrix of Mai Linh 62

Figure 1.2: Five competitive forces model 6

Figure 1.3: Value Chain of Company 7

Figure 2.1: Mai Linh Group Organizational chart 15

Figure 2.2: Workforce’s structure of MLG 17

Figure 2.3: Taxi vehicles’ growth 17

Figure 2.4: Types of taxi up to May 2011 18

Figure 2.5: Revenue over the years 25

Figure 2.6: Revenue of each branch 26

Figure 2.7: Taxi service revenue structure in 2010 by region 28

Figure 2.8: Gross profit/ net revenue chart over the years 30

Figure 2.9: Real GDP growth rate over the years 2011 – 2015 37

Figure 2.10: Petrol price fluctuations over the years 38

Figure 2.11: Passengers serviced fluctuations graph 39

Figure 2.12: Structure of passenger transportation by 2009 40

Figure 2.13: Value chain of MLG 47

Figure 2.14: Graph of SPACE matrix vecto 61

Figure 2.15: Graph of BCG matrix 62

Figure 2.16: Major strategy matrix 64

LIST OF ABBREVIATIONS

LIST OF FIGURES

LIST OF TABLES

INTRODUCTION

CHAPTER 1: BASIC THEORY AND PRACTICE OF TAXI BUSINESS STRATEGY

1.1 Concepts, planning process and strategy implementation 1

1.1.1 Concepts 1

1.1.2 Role, importance of strategy and strategic management 3

1.2 Content of strategic management 4

1.2.1 Defined vision and mission of the enterprise 4

1.2.2 External environment analysis 5

1.2.3 Inside environment analysis 6

1.3 Planning process and strategy implementation 7

1.3.1 External factors assessment Matrix 8

1.3.2 Competitive image Matrix 8

1.3.3 Internal factors assessment matrix 9

1.3.4 SWOT Matrix 9

1.3.5 QSPM Matrix 10

1.4.3 Assessing the quality of taxi service 12

CONCLUSION OF CHAPTER 1 13

CHAPTER 2: ANALYZING THE MAI LINH GROUP IN THE PERIOD 2008-2010 2.1 About Mai Linh Group (MLG) 14

2.1.1 Incorporation and Development History: 14

2.1.2 Organizational chart 15

2.1.3 Business results 18

2.1.4 Assessing the main causes affecting the results 35

2.2 Analysis of the external environment - EFE Matrix 36

2.3 Analysis of internal factors - IFE Matrix 47

2.3.1 The company's value chain 47

2.3.2 Define typical value offered to customers 52

2.3.3 Identify strengths and weaknesses 52

2.4 SWOT Matrix 58

2.5 Competitive image Matrix 59

2.6 SPACE Matrix 60

2.7 BCG Matrix 61

2.8 Major strategy matrix 63

2.9 Quantitative Strategic Planning Matritx – QSPM 65

3.1 Market demand forecast 68

3.2 Vision, mission & objectives of the company 68

3.2.1 Vision 68

3.2.2 Mission 68

3.2.3 Objectives 68

3.3 Strategic Business Plan for 2011-2015 69

3.4 Solutions 78

3.4.1 Marketing solution & market: 78

3.4.2 Financial solution 79

3.4.3 Human resources sulotion 80

3.4.4 Technology sulotion 80

3.5 Conclusion and Recommendation 81

3.5.1 Conclusion 81

3.5.2 Recommendation 82

REFERENCE

larger overall economy Vietnam is no exception, when a country joined the WTO and has a dynamic economy, growing faster than the region In this context, the need for communication and travel has become a major problem to be solved Currently, there are many options for people to use the transportation such as buses, motorcycles, passenger cars, taxis… Taxi which plays an increasingly important role is influential Increasing living standards have much choice for them Taxi is no longer a luxurious choice for many people

Corporation Mai Linh Group is one of the pioneering companies in developing business is passenger service After 18 years, Mai Linh company has now gain the upper hand in this area with nearly 10,000 vehicles (up 29.8% of taxi facilities nationwide) business in 53/64 provinces and cities nationwide

Besides, taxi service is a perfect competition, many companies engage in market services business passengers, so as to make the market more vibrant inherently more exciting

Facing the current context, Mai Linh Group, like other corporations, companies in the market economy, to survive and more sustainable development strategy, the taxi business in the long term is practical needs and urgency To contribute to the success of the Mai Linh and complete the graduation subjects, we

selected groups of subjects "Business Strategy Corporation's Taxi Mai Linh Group

stage 2011 - 2015"

Research methods of this topic based facilities management business theory, the statistic of the company performance through the years and the basis of data through market channels to distribute information analysis, synthesis and proposed strategies and solutions implemented

•Chapter 3: Oriented business strategy and solutions for Mai Linh Group jsc

taxi business development in stage 2011-2015

CHAPTER 1 BASIC THEORY AND PRACTICE OF TAXI BUSINESS STRATEGY 1.1 Concepts, planning process and strategy implementation

1.1.1 Concepts

Concept of strategy

− "Strategy is the determination of objectives, basic long-term goals of the enterprise and the application of a sequence of actions as well as the distribution of resources necessary to implement this objective” - Chandler (1962) [7, p.31]

− "Strategy is the pattern or plan to integrate the major objectives, policies, and action sequences into a cohesive whole rigorously" - Quinn (1980) [7, p.31]

− “The strategy is different.− It means that the choice is calculated, of a series

of different activities to create unique value”- Michael E Porter(1996) [7, p.31] Thus, although there are many approaches and different definitions, for a business strategy includes the following contents:

• Identify the basic and long-term objectives of the business

• Give the general program of action

• Select the action plans, deploy and distribute the resources to

accomplish that goal

Concept of strategic management

Strategic Management can be defined as an art and science, establishing, implementing and evaluating decisions related functionality, which allows an organization to achieve those goals

Strategic management process consists of three phases:

• Strategic planning phase

• Strategy implementation phase

• Strategy assessment phase

Fred R David has given the comprehensive strategic management model [6, p.28] Including the strategic planning phase includes the following steps: defining the vision, mission, strategic goals, then analyzing the factor regarding the external environment to identify opportunities and risks, while the analysis applied to the internal environment to realize strengths and weaknesses of the enterprise, thereby determining business goals and establishing long-term goals and strategies selected for implementation Strategy implementation phase will include the distribution of resources to make the annual goals and policies The last phase is the measurement and evaluation of the implementation strategy

ơ

bution of resources

Distri-Re- determine business goals

Analyze the internal environment to realize strengths / weaknesses

ơ Strategy selected for implemen- tation

ơ

Policy given

Strategy planning Strategy implementation Assessment

ơ Measure and evaluate the imple- menta-tion

of strategy

ơ

Establish long- term goals

ơ

Set annual goals

Figure 1.1: Process implementing Strategy

Source: Fred R.David, Concepts of strategic management, Statistics Publishing House, 2006

1.1.2 Role, importance of strategy and strategic management

Somewhat, strategies make organizations more sensitive to economic forecasting and market fluctuations As a result, right decisions are made and business operations are controlled to increase competitive advantage Since then, progressively ensure their strong position in the market

• Strategy can be considered the "code of conduct" for businesses and the last goal for all members to achieve

• Strategy represents the enterprise value

• Strategy for leaders to create business plans and vision for the future

• Strategy is the creation in enterprise management

• Strategy represents the company's position

In his book about "competitive strategy”, Michael Porter has determined that" strategic competition in the relationship between the company and its market" Most importantly, companies must build long-term strategies being essential for business stability and development in the future However, due to continuous changes of business environment and changing resources in line with business strategy in each period, the business strategy must be flexible and tailored to suit the current situation

1.2 Content of strategic management

The strategy has been built from the tasks of the business, a basis for determining the objectives of clients as well as other relevant partners’

Based on these tasks, managers should set objectives These objectives clearly outlined the tasks for the company and used to develop action plans and evaluation process These objectives are guided by practical knowledge in all markets outside the business environment and internal capabilities Typically, strategic planning begins by carefully studying and analyzing the situation, and takes the priority actions that businesses need to settle for long-term success

1.2.1 Defined vision and mission of the enterprise

Strategic vision is a picture, standard, unique image and ideals in the future, as the enterprises should reach or farming practice

The task is to understand the reason exists, the meaning of existence and operation of businesses Mission more clearly reflect the beliefs and vision to guide the user has been identified and is usually expressed as a statement about the

mission of the enterprise Business going?

1.2.2 External environment analysis

The purpose of analyzing the external environment is to develop a portfolio of limiting opportunity that the environment can bring benefits to the company and the threats that the company should avoid to reduce the risk of harm from the external environment There are different external environmental factors (macro environment and micro environment), the analysis of external environment just limited to the factors that affect business

Macro environment: economic environment, political environment and legislation, sociocultural environment, demographic and geographical environment, technologiecal, global environmental

Micro environment: the competitive environment is also known as the industry environment, the environment is directly associated with the company, most active and competitive activities of the company are in this environment

Michael E Porter, professor of Harvard business strategy has given five competitive forces model: [6, p.32]

Figure 1.2: Five competitive forces model

Source: Fred R.David, Concepts of strategic management , Statistics Publishing House, 2006

1.2.3 Inside environment analysis

In every company there are always strengths and weaknesses in different

business units Strengths and weaknesses of the internal environment and opportunities associated with external threats and with the mission statement as the basis for setting goals and strategies of the company

The elements of the inside environment such as finance, management, marketing, human resources, manufacturing and management operations [6, p.35]

ơ

NEW POTENTIAL COMPETITORS

ơ

ALTERNATIVE PRODUCTS

Figure 1.3: Value Chain of Company

Source: Fred R.David, Concepts of strategic management , Statistics Publishing House, 2006

1.3 Planning process and strategy implementation

Table 1.1: Strategy process and implementation

Source: Fred R.David, Concepts of strategic management, Statistics Publishing House, 2006

1.3.1 External factors assessment matrix

EFE Matrix allows strategists to summarize and evaluate economic, social, cultural, demographic, geographic, political, government, law, technology and competition- related information

Table 1.2: Example of external factors assessment matrix

Source: Fred R.David, Concepts of strategic management, Statistics Publishing House, 2006

1.3.2 Competitive image Matrix

Competitive image Matrix identifies the main competititors and their specific

advantages and disadvantages

Table 1.3: Example of competitive image matrix

Source: Fred R.David, Concepts of strategic management, Statistics Publishing House, 2006

The construction of matrix evaluating internal elements will help us summarize and evaluate the strengths and weaknesses of the important parts of business function, it affects business production and activities

1.3.3 Internal factors assessment matrix

Table 1.4: Example of internal factors assessment Matrix

Internal environment factors Importance Classification Important points

SWOT matrix we have is as follows:

Table 1.5: Example of SWOT Matrix

Source: Fred R.David, Concepts of strategic management, Statistics Publishing House, 2006

1.3.5 QSPM Matrix

QSPM matrix is aimed to evaluate and rank the strategic plans, from which we select based on the best strategy for business This matrix using all information, data from the matrix mentioned above such as: IFE, EFE, competitive image matrix, SWOT Matrix,

Table 1.6: Example of QSPM Matrix

Total points

Attraction points

Total points

Attraction points

Total points Internal factors

1.4 Concept and characteristics of services and taxi service

1.4.1 Concept of service and taxi service

Concept of service

Service is an activity or interest provided for exchange, mostly invisible and does not lead to the transfer of ownership Providing services can be attached or not attached to material products

Service has the following characteristics:

• Simultaneity: production and consumption occur simultaneously

• Inseparability: production and service consumption can not be separated

• Where there is lack of this side, there is no other side

• Heterogeneous nature: there is no uniform quality

• Invisible: not significant and invisible before consumption

• Unable storage: No warehouses established as with other goods

Concept of taxi service

Transportation is the process of change (move) the location of passengers in space and time in order to satisfy the specific needs of certain people

Taxi is the form of car use (no more than eight seats, including driver's seat) to change (move) the location of passengers in space and time to satisfy specific needs for certain human

Taxi transport service business: a business form of passenger transport by car and travel schedule is not fixed at the request of passengers, freight charges calculated according to the taximeter (for passengers)

1.4.2 Taxi service characteristics

• Taxi use demande changes over time, operating time of vehicles 20 - 22 hours per day, driving distance of the big day 200 - 350 km / day

• Comfortable and convenient use regarding time

• Taxi transportation rates are often calculated by the number of times for 'opening car door', distance for passenger using the car and car’s waiting time at the request of passengers

• Means of transport for Taxi transport service according to Decree No 91_CP

by the government are 4 seat- and 7- seat cars, with room for luggage, a charging automated device called Taximeter, incorporating a light box 'Taxi'

• Taxi use demande depends on many factors: purpose of trip, per capital income, taxi service rates, etc…

1.4.3 Assessing the quality of taxi service

Service quality is the interference between service quality expectations of consumers and provided quality service based on four key elements: reliability, comfort, empathy and accountability

Quality of taxi services affected by the following factors:

• Qualifications, competence, skills and attitude of drivers

• Service facilities (vehicles, distance measuring equipment (Taximeter) for charging, equipment for communications between operations centers &

facilities )

• Environment to carry out and delivery services (economic, social, cultural, legal, etc )

In the two chapters after, our team combined the theoretical basis of this chapter

on the actual situation of the Corporation Mai Linh Group, the external environment for strategic planning and business Taxi Company Stock Mai Linh Group stage

2011 - 2015 an effective and feasible

CHAPTER 2 ANALYZING MAI LINH GROUP SITUATION STAGE 2008-2010 2.1 About Mai Linh Group (MLG):

2.1.1 Incorporation and Development History:

Company name : Mai Linh Group

Headquarters : 64 -68 Hai Ba Trung, Ben Nghe Ward, Ho Chi Minh City Telephone No : (84-8) 8.298.888 Fax: (84-8) 8.225.999

Website : www.mailinh.vn

The Company was incorporated on

12/07/1993, with an initial capital of

300 million VND, the initial number of

employees was 25 persons, business

sectors in the first phase are: Car rental

(with two cars first), airline ticket

agency, etc with main activities

within Ho Chi Minh City

After 18 year- operation, actually

Mai Linh Group JSC is the leading

Company in the country for transport

service locally The company's

participation in the taxi service market

has contributed somewhat to solve the

transportation needs of people

Mai Linh has currently developed

its equity up to 875 billion VND and

assets of 2893 billion VND, with over

10,000 vehicles and has attracted over

26 000 staff MLG will develop multi-sector oriented, with 08 sectors such as: Transport, Tourism, Trade, Education, Finance, Telecommunications, Construction

& Management Consulting, also in this direction, gradually MLG has carried out the formation, construction of management apparatus, the business structure by region, MLG business areas are as follows: North East Region, North Central Region, South Central Region & Central Highlands, South East Region, South West Region, Ho Chi Minh City & foreign Region

Actually the company has major shareholders from companies such as: Indochina Capital, Nis Group Co., LTD, Pheim Aizawa Trust, Investco

2.1.2 Organizational chart

Figure 2.1: Organization chart of Mai Linh

Source: Total officials and workers of MLG up to April 30, 2011

The total number of officials and employees of the entire Mai Linh Group is 26.261 people until 30/04/2011

Table 2.1 Number of workers to date 30/04/2011

No Department Quantity (People) Density

Source: Total officials and workers of MLG up to April 30, 2011

As the Company characteristics is transport business with a large number of vehicles so Mai Linh Group major staff are drivers up to 20.350 persons, accounting for 77.5% of total personnel Secundo, the office staff with 2.763 persons, accounting for 10.5% of the entire system

Figure 2.2 Workforce’s Structure

Source: Total officials and workers of MLG up to April 30, 2011

Figure 2.3: Taxi vehicles’ growth

Source: Taxi vevicles’ growth of MLG up to May 11, 2011

Figure 2.4: Types of taxi up to May 2011

Source: Taxi vevicles’ growth of MLG up to May 11, 2011

In the structure of Taxi vehicles, Toyota vehicles occupies occupy actually the highest ratio with 71.2% of total number of vehicles, followed follow by Chevrolet, accounting for 23% of total number of vehicles

Table 2.2: Mai Linh Group JSC operation results

3 Net revenue from sales and services 754,434 574,727 730,340 2,089,643 2,428,985 2,779,865

4 Cost of goods sold 548,642 451,429 554,630 1,537,299 1,809,939 2,036,384

5 Gross profit from sales and services 205,792 123,298 175,709 552,344 619,046 743,481

6 Revenue from financing activities 111,897 48,909 115,322 15,420 27,770 112,391

17 Profit after corporate income tax (51,368) (74,278) 15,166 (115,132) (11,525) 91,533

- Profit after tax of minority shareholders 2,788 31,742 22,990

- Profit after tax of parent company shareholders (117,920) (43,266) 68,543

18 Basic earnings per share (*) (0.001668) (0.000612) 0.000783

Source: Mai Linh Group JSC Audit Report

Unit: Million VND

A Short-term assets 797,933 740,468 827,864 987,208 1,120,206 1,311,421

I Cash and cash equivalents 13,761 13,937 4,374 49,751 61,695 74,218

II Short-term financing investments 52 52 20 8,773 2,739 6,703

III Short-term receivables 522,218 495,153 593,946 537,740 654,101 898,209

IV Inventories 14,445 2,300 5,451 45,041 68,528 47,836

V Other short-term assets 247,457 229,026 224,073 345,903 333,143 284,456

B Long-term assets 1,729,214 1,933,852 2,065,370 3,285,791 3,952,092 3,943,809

I Long-term receivables 0 0 0 858 10,403 5,183

II Fixed assets 915,251 830,507 881,840 2,800,724 3,289,091 3,300,413

Cost of construction in progress 17,243 18,219 22,247 336,140 378,579 422,847

III Real estate investment 37,168 37,168 0 37,168 37,168 0

IV Long-term financing investments 701,261 903,088 959,720 208,940 298,985 283,963

V Other long-term assets 75,534 163,088 223,810 165,214 246,637 287,991

Treasury shares (*) (420) (922) (922) (420) (1,448) (1,666)

II Other sources and funds 1,180 921 1,311 998

sectors, more than 100 member companies, so we analyze its financial situation based on the consolidated financial statements to reflect true nature of business situation

Main product groups

Mai Linh Group JSC’s operation in many industries such as transport, tourism, trade, real estate, etc , of which the transportation sector is key with small industries such as taxi, long distance- fixed routes, car rental, maintenance and repair

Total revenue of products and regions:

Table 2.4: Revenue through the years

Unit:Milion VND, %

No Business sectors 2008 2009 2010

Difference 08 - 09 Difference 09 – 10 Absolute Relative Absolute Relative Total revenue 2,089.6 2,428.9 2,779.8 339.3 16.2% 350.9 14.4%

Through analysis of chart and fluctuations in revenue through the years, we have seen the company's total revenues have increased over the years Specifically,

in 2010 the company's revenue was up to 350 billion VND compared with 2009, equivalent to an increase of 14.4% and reached 2.779 billion VND In 2009 the company's revenue was 2,428.9 billion VND, higher than in 2008 with 339 billion VND (an increase of 16.2%) The cause is mainly due to sales of taxi services have surged in the years

Analyzed sales by sector:

Fluctuations over the years:

Figure 2.5: Revenue over the years

Source: Mai Linh Group JSC audit report

Generally over the years, of Mai Linh business sectors, we realized Taxi service revenues accounted for a high proportion of its revenue growth and relatively stable over the years In 2010 Taxi service revenue reached 2.162 billion VND

(an increase of 15.5%), similarly in 2009, Taxi service sales of 1.866 billion VND (accounting for 76.8%), an increase compared to 2008 with 690 billion VND (an increase of 58%)

In the company's total revenue, Taxi service is always dominant proportion In

2010 Taxi service revenues accounted for 77.8% of total revenue, trade sales reached 216 billion VND, accounting for 7.79% of total revenue, in the third place, car rental services accounted for 4.68% of total revenue, followed by a fixed route, long distance passenger transport service, accounting for 2.28% of total revenue

Figure 2.6: Revenue of each branch

Source: Mai Linh Group JSC audit report

Mai Linh Group JSC has always chosen the passenger transport industry as the key and leading industry So sales of services relating to transport have always occupied a large share in total revenues, of which the trade sector plays a role in the purchase of vehicles for new investment or liquidation for the Company’s passenger transportation business

Unit: Billion VND, %

Region

Total sales

Amount (billion VND)

Density (%)

Northeast region 937.5 33.73

North Central region 279.2 10.04

South Central & Highlands region 367.8 13.23

Ho Chi Minh City & South East region 1,031.1 37.09

Southwest region 164.2 5.91

Source: Consolidated report of each region in 2010

According to the aforesaid data table, it was found that sales of Mai Linh Group mainly in two areas, led by Ho Chi Minh City & the Southeast region, with sales revenue of 1.031 billion VND, accounting for 37.09% of total sales Secundo, the Northeast region with 937.5 billion VND, accounted for 33.7% of total sales These are two areas of major cities, good traffic conditions, high concentrations of population, with economic development, high demand for passenger transport services so high turnover mainly in the two areas

Central region and Central Highlands (North Central, South Central & Highlands), this area had revenue of only 23.2% of total revenue, this is an area of expanding geographical location, sparsely populated, and as demand for transport services is not high, so that sales of this region is relatively low

Southwest region with the lowest turnover representing 5.9% of total revenue, is

a wetland area, infrastructure, low traffic, traffic is mainly the waterway, with mainly economic agriculture So the demand for transport services is not high

revenue structure, headed by Ho Chi Minh Area & Southeast (accounting for 39.67%), the second is the North East Region (accounting for 33.68%) and the lowest is the South West region (accounting for 5.67%)

Figure 2.7: Taxi service revenue structure in 2010 by region

Source: Consolidated report of each region in 2010

* Taxi service revenue in 2010 by region

* Ho Chi Minh Area & Southeast (39.67%), North East Region (33.68%) South West region (accounting for 5.67%), South Central & Highlands (11.68%

Gross profit of each product group

Table 2.6: Gross profit by industry through the years

Unit: Billion VND, %

No Business sectors

Gross Profit Gross Profit / Net Revenue

Source: Mai Linh Group JSC audit report

Through the above table we realize that over the years from 2008 to 2010, total gross profit increased over the years, in 2010 total gross profit was 743.4 billion VND, up from 124.4 billion VND in 2009 (an increase of 20.1%) and gross profit rate on net sales reached well over 25% The most prominent of which is a net profit

of taxi services also increased over the years, in 2010 gross profit of taxi services was 543.1 billion VND, higher than in 2009 with 98 billion VND (an increase of 22%), similarly in 2009, an increase over 2008 with 159%