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Improve the business efficiency of Vietnam Agribank Gold Joint Stock Company Ha Dong Branch = Nâng cao hiệu quả kinh doanh của Công ty Cổ phần Vàng Agribank Việt Nam Chi nhánh Hà Đông

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  • Improve the business efficiency of Vietnam Agribank Gold Joint Stock Company Ha Dong Branch = Nâng cao hiệu quả kinh doanh của Công ty Cổ phần Vàng Agribank Việt Nam Chi nhánh Hà Đông

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In recent years, the economic crisis in Vietnam has crept into every industry. Real estate bubble, bad debts, gold speculation, and unemployment are the frequently mentioned through the mass media, the scientific research or more in the daily life of every citizen of Vietnam. It no longer lies in the economic forecast, which is taking place within the economy of Vietnam. The economic crisis affected directly or indirectly to the life, work of the people, to the production and business activities of economic organizations in Vietnam. The state agency also gave a lot of new laws which have policies to stabilize the economy and put out of this crisis. However, it takes time to verify the effectiveness of the policy. Right now, the market competition is fiercer than it ever. Competition for survival and competition for development are now moving toward Vietnam. In order to do that, businesses need to have the right business strategy and strong management capability. Buying and selling good of the company will affect to the development in the current business, especially commercial enterprises. Gold is the concerned investment channel today in Vietnam and all over the world. However, like securities, gold investment sector also requires investors to equip themselves with the necessary knowledge that prevent their investment to be risky like gamble. In fact, investors are concerned about gold, but only a few people understand the profound role of world financial markets. Being considered as an asset that has a "safe haven", gold may increase in value even when the stock market declines, and when the economy is in recession. Global gold price is affected by a variety of factors, including the political environment and the economy, such as the effects of the debt crisis in Greece, the increase in gold reserves to diversify foreign exchange reserves of Central banks many countries. Especially the big emerging economies like China, Russia, India, Brazil, or the speculation of financial institutions have pushed the gold price fluctuates constantly, and have created a new record of gold price. For the last 5 years, the gold market Vietnam has made great strides and increased the volatility in step with the world market. Along with the decline of the stock market and the "freezing" on the real estate market, gold investment is one of the attractive sectors that can be considered as the potential businesses. However, we have to admit a truth that gold business is always risky channel, and it is difficult to forecast accurately.During seven weeks of internship in AJC Ha Dong branch, by my experimental working time, I have understood this branch in both organizational structure and its business activities. Simultaneously, I have a chance to look through this branch’s collected data from various sources, especially its financial statement and statement of profit or loss.Business performance of an enterprise in general and business performance of gold in particular of AJC HaDong often depends on many subjective and objective factors, such as management practices, investment strategy to develop production, product innovation, market expansion, human resource planning, the macroeconomic policies of the concerned agencies. Therefore, constantly improving production efficiency business is a leading concern of the leadership and the entire staff of AJC HaDong. That is also the overarching and expressed issue that can illustrate the quality and efficiency of economic management of the corporation. All these improvements in content innovation methods and measures applied in management only really makes sense if they increase business efficiency. Business performance is not only as a measure of quality, reflecting the level of organization, business management, but also as a matter of survival of the AJC HaDong in the current period. As Vietnam''s economy is integrating the world economy will open up many opportunities and many challenges, especially in the field of business risk potential gold and hard to predict correctly. Therefore, I choose the topic: “Improve the business efficiency of Vietnam Agribank Gold Joint Stock Company Ha Dong Branch” to be my bachelor’s thesis in finance. 1 TABLE OF CONTENTS Supervisor: PhD. Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 2 ABBREVIATION Vietnam Agribank Gold Joint Stock Company AJC Vietnam Agribank Gold Joint Stock Company Ha Dong Branch AJC HaDong State Bank of Vietnam SBV Board of Director BoD LIST OF FIGURES LIST OF TABLES Supervisor: PhD. Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 3 CHAPTER 1: INTRODUCTION 1.1. Rationale In recent years, the economic crisis in Vietnam has crept into every industry. Real estate bubble, bad debts, gold speculation, and unemployment are the frequently mentioned through the mass media, the scientific research or more in the daily life of every citizen of Vietnam. It no longer lies in the economic forecast, which is taking place within the economy of Vietnam. The economic crisis affected directly or indirectly to the life, work of the people, to the production and business activities of economic organizations in Vietnam. The state agency also gave a lot of new laws which have policies to stabilize the economy and put out of this crisis. However, it takes time to verify the effectiveness of the policy. Right now, the market competition is fiercer than it ever. Competition for survival and competition for development are now moving toward Vietnam. In order to do that, businesses need to have the right business strategy and strong management capability. Buying and selling good of the company will affect to the development in the current business, especially commercial enterprises. Gold is the concerned investment channel today in Vietnam and all over the world. However, like securities, gold investment sector also requires investors to equip themselves with the necessary knowledge that prevent their investment to be risky like gamble. In fact, investors are concerned about gold, but only a few people understand the profound role of world financial markets. Being considered as an asset that has a "safe haven", gold may increase in value even when the stock market declines, and when the economy is in recession. Global gold price is affected by a variety of factors, including the political environment and the economy, such as the effects of the debt crisis in Greece, the increase in gold reserves to diversify foreign exchange reserves of Central banks many countries. Especially the big emerging economies like China, Russia, India, Brazil, or the speculation of financial institutions have pushed the gold price fluctuates constantly, and have created a new record of gold price. For the last 5 years, the gold market Vietnam has made great strides and increased the volatility in step with the world market. Along with the decline of the stock market and the Supervisor: PhD. Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 4 "freezing" on the real estate market, gold investment is one of the attractive sectors that can be considered as the potential businesses. However, we have to admit a truth that gold business is always risky channel, and it is difficult to forecast accurately. During seven weeks of internship in AJC Ha Dong branch, by my experimental working time, I have understood this branch in both organizational structure and its business activities. Simultaneously, I have a chance to look through this branch’s collected data from various sources, especially its financial statement and statement of profit or loss. Business performance of an enterprise in general and business performance of gold in particular of AJC HaDong often depends on many subjective and objective factors, such as management practices, investment strategy to develop production, product innovation, market expansion, human resource planning, the macroeconomic policies of the concerned agencies. Therefore, constantly improving production efficiency business is a leading concern of the leadership and the entire staff of AJC HaDong. That is also the overarching and expressed issue that can illustrate the quality and efficiency of economic management of the corporation. All these improvements in content innovation methods and measures applied in management only really makes sense if they increase business efficiency. Business performance is not only as a measure of quality, reflecting the level of organization, business management, but also as a matter of survival of the AJC HaDong in the current period. As Vietnam's economy is integrating the world economy will open up many opportunities and many challenges, especially in the field of business risk potential gold and hard to predict correctly. Therefore, I choose the topic: “Improve the business efficiency of Vietnam Agribank Gold Joint Stock Company Ha Dong Branch” to be my bachelor’s thesis in finance. 1.2. Research objective The thesis aims to analyze, synthesize, and evaluate; from that it gives some solutions in order to improve the business efficiency of Vietnam Agribank Gold Joint Stock Company Ha Dong branch. The theoretical and practical figures related to the business efficiency at the Vietnam Agribank Gold Joint Stock Company Ha Dong branch Supervisor: PhD. Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 5 Supervisor: PhD. Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 6 1.3. Scope of Research Mainly focus on the indicators that show the business efficiency of Vietnam Agribank Gold Joint Stock Company Ha Dong branch. All the figures, tables and cases were collected from the materials of 2 years 2013 and 2014. 1.4. Research methodology The thesis used many methods of analyzing, summarizing, synthesizing, and comparing the statistics of the Vietnam Agribank Gold Joint Stock Company Ha Dong branch through 2 years 2013 and 2014. The main source of information is secondary data, including legal documents such as law documents; publications such as reports, magazines or other publications related to the subject. 1.5. The structure of the thesis The thesis includes three chapters as follow: Chapter 1: Introduction gives the overall about the thesis: rationale, research purpose, object and scope of the thesis, research method, structure of the thesis. Chapter 2: Theoretical review of the gold trading business and the business efficiency provides the readers with theoretical background of gold trading business, gold market in Vietnam and in the world, and the business efficiency. The chapter does not only feature an overview of gold and gold trading business but also clarifies concepts of the indicators that show clearly the business efficiency. Chapter 3: The efficiency of gold trading business in Vietnam Agribank Gold Joint Stock Company Ha Dong Branch discusses the financial results and business efficiency of AJC Ha Dong. Based on the theoretical overview above, the thesis analyzes the financial statement and income statement that show the efficiency of business in AJC HaDong. Chapter 4: Solutions for improving the business efficiency in Vietnam Agribank Gold Joint Stock Company Ha Dong suggests some recommendations of the author to improve the business efficiency for AJC Ha Dong. Supervisor: PhD. Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 7 Chapter 5: Conclusion gives the summary of the thesis. Due to limited time, knowledge and experiences, the thesis might have some shortcomings and limitations. Therefore, I expect to receive comments and recommendations from professors and readers to help me improve my thesis. I would like to express my gratitude to PhD. Pham Thi Dinh, my supervisor in Falcuty of Insurance, who gave me an orientation and a lot of useful advices to complete my thesis. I also would like to thank a lot of friendly, knowledgeable staff especially Mr. Nguyen Thien Phuc, who directly help me a lot during the internship in AJC Ha Dong. Supervisor: PhD. Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 8 CHAPTER 2: GOLD TRADING BUSINESS AND THE BUSINESS EFFICIENCY. 2.1. The role of gold in society Gold has played a special important role in major of societies since thousands years ago. Not only with a nation, a region of all known civilization considered gold as a common trading good, but also every people around the world used gold. From the time of Egypt - Ancient Greek, medieval, early modern, and so far, gold is always adored. The classes, castes in any society passionately found, appropriated and stored gold. Thus, gold is one of the very few values, which helped people to communicate with the others regardless of differences in race, religion and history. Currently we can trace our use of gold back to at least 6200 years ago. A variety of objects made of gold have been found in Bulgaria from 4500-4000 BC. Gold artifacts dated to 5000 years ago have been found in Egyptian tombs; gold was already being beaten into sheets, foil and wire in Egypt at this time. The Egyptian word for gold was ‘nub’ and is related to Nubia, the land south of Egypt where much of Egypt’s gold was obtained. Humans have known gold and treasured it since prehistoric times. Who discovered gold? We do not know, it was discovered before there were written records. We know there is a good chance the discovered found it in a river bed. Gold is usually associated with rocks such as quartz and pyrites. As these rocks undergo weathering or erosion by water, the gold can be washed into rivers allowing people to find it easily. 1.1.1. Feature of gold. The scientific symbol for gold is Au. It is number 79 on the periodic table of elements. Gold is not magnetic, but it is an excellent conductor of electricity. Its melting point is 1945° F. Gold is not corroded or tarnished by moisture, or oxidized (rust) by the effects of oxygen and water, or affected by ordinary acids, as most other metals are. Deposits of gold that have lain inside a mountain or under a streambed or even on the ocean’s bottom will remain there and be rather unaffected until moved by the natural forces of the earth-or taken by man. Supervisor: PhD. Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 9 Gold is unaffected by air, water, alkalis and all acids except aqua regia (a mixture of hydrochloric acid and nitric acid) which can dissolve gold. Gold does react with halogens. It will, for example, react very slowly with chlorine gas at room temperature to form gold chloride, AuCl 3 . If gold chloride is heated gently, it will decompose to release the pure elements again. Gold is not the most valuable metal, but it is extremely valuable and probably the most sought after of all the valuable metals found on earth. At today’s market exchange value, that same cubic foot of pure gold would be worth in the neighborhood of 10 million dollars. A cubic inch of pure gold would be worth about 7 thousand dollars. So gold is valuable, very valuable indeed; and it does not take very much of it to accumulate a considerable amount of wealth. Because gold is dispersed widely throughout the geologic world, its discovery occurred to many different groups in many different locales. And nearly everyone who found it was impressed with it, and so was the developing culture in which they lived. Gold was the first metal widely known to our species. When thinking about the historical progress of technology, we consider the development of iron and copper- working as the greatest contributions to our species' economic and cultural progress - but gold came first. Gold is the easiest of the metals to work. It occurs in a virtually pure and workable state, whereas most other metals tend to be found in ore-bodies that pose some difficulty in smelting. Gold's early uses were no doubt ornamental, and its brilliance and permanence (it neither corrodes nor tarnishes) linked it to deities and royalty in early civilizations . It is these characteristics that gold has attracted people from the beginning not only always keep colors in all conditions, but also because with a little gold, people can easily fabricated items very beautiful makeup for life. 1 Gold is the goods as well as one kind of currency Gold has two attributes of goods, which are existing-use value and value worth. Supervisor: PhD. Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 10 Value in use of gold: Gold is used pretty much the same everywhere. Originally, due to the brilliant colors, the easy processing and non-corrosive, gold is used for jewelry, art and supplies serving mystical religious ceremonies. The applications of gold has made people appreciate gold, used it to adorn themselves and regarded it as a symbol of power. Since thousands of years ago, the gold objects were placed in the Pyramids of Egypt's popular or how your donation Faraón decorated and map content in the palace of the Emperor of China 'Son of Heaven '. This day, in addition to serving the needs of jewelry and beauty, because of the predominant characteristics Vietnam, gold is used in high-tech fields such as military technology, electronic technology and travel information universe. The value worth of gold: To have gold, it is necessary in gold mining and manufacturing. Thus, the value of gold is worth of labor crystallized in it. Gold is widely used in jewelry and coinage. It is also used in dental work as crowns, as gold plating for decoration and as gold thread in embroidery work. The gold content in alloys is usually measured in carats (k), with pure gold defined as 24k. Gold is also one kind of currency. Gold became the basis of money in many ancient civilizations, and even today most countries maintain large reserves of gold for financial credibility. Most modern currencies, however, are not tied to gold as they were in the days of Gold Standard, described by economist John Maynard Keynes as “a barbarous relic.” In addition, the undeniable value of gold is in the ritual, religious, symbol of the power of the ruling class, in admiration of the man with the jewelry, art work associated with capital priceless art and beauty is praised by women, in other words, in addition to the typical value of a commodity you go through many centuries, just use as gold coins. When the productive forces and the social division of labor developed to a certain extent, the exchange of goods thrived and people had to use the special commodity serves as the general price level. Increasing in division of labor and production market is expanding across the state have more general character makes exchanges difficult, so need to use the general price level material and form unified currency rates treatment appears, at first, the money is rare things for people such as arrows, shells, fur, animal skins, and finally silver and gold. Supervisor: PhD. Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A [...]... 2005 of the Governor of the State Bank of Vietnam and become Ha Dong branch and operates under the statutes of the Agribank of Vietnam On December 29th, 2008, Chairman of the Board of Directors of AgriBank of Vietnam signed Decision No 1737/Decision-BOD to change the name of the corporation from Jewelry Fine Art Agriculture Development Bank Corporation to Vietnam Agribank Gold Corporation Joint Stock Company. .. debts The receivables turnover ratio is an activity ratio, measuring how efficiently a firm uses its assets Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 22 CHAPTER 3: THE EFFICIENCY OF GOLD TRADING BUSINESS IN VIETNAM AGRIBANK GOLD JOINT STOCK COMPANY HA DONG BRANCH 3.1 Overview of AJC Ha Dong 1.1.2 Vietnam Agribank Gold Joint Stock Company (AJC) English name: Vietnam Agribank. .. effect to the market as the quantity, quality and price of the production The price of gold in Vietnam is much higher than the world price - The policy of State Bank has been changed in 2012 about management the business operations of gold; it has made the negative influence on the domestic gold market and a very strong impact on the operation of the business In 2012, most of the basic advantages of trading,... Board of Directors, the Supervisory Board of the Corporation On December 29th, 2008, Chairman of the Board of Directors of AgriBank of Vietnam signed Decision No 1737/Decision-BOD to change the name of the corporation from Jewelry Fine Art Agriculture Development Bank Corporation to Vietnam Agribank Gold Corporation Joint Stock Company (abbreviated as AJC) Agribank Gold Corporation Joint Stock Company. .. AJC) Ha Dong- branch became an operating unit under the Headquarters From that time to now, Ha Dong Branch has been a potential unit, and leading in effective business operation It is the result of the tireless striving of various staff and employees in the branch, especially the wise direction, and the high responsibilities of the Ha Dong Branch s managers Ha Dong Branch has obtained some great achievements... 10,00% 12,00% 20,00 Source: Synthesis report of AJC Ha Dong In 2015, the business of AJC HaDong faces many difficulties First of all, the products of AJC are not popular compared with others such as SJC On the other hand, the business capital of the AJC in 2015 is difficult because of the conversion of savings into gold deposit in Vietnam dong is very risky, so do not buy gold on foreign accounts to counter... the trading activities with the deposit of 5% total value of the trades The trading fee will be based on the interest rate of the USD or gold quoted on the market Business performance of AJC Ha Dong 1.1.4 SWOT analysis 1.1.4.1 - Strengths Structure of the organization: By activating the decision of the Board of Directors, in the first months of 2013, AJC has implemented “Project of rearranging of the. .. impact on the domestic gold price volatility, but with the policies that the SBV deployed, the gold market management has achieved positive results Stable developments in the gold market have contributed to maintain the stability of the exchange rate, the foreign exchange market, increase foreign exchange reserves and a stable state macroeconomics 3 Kinds of gold investment products in Vietnam Vietnam's... happiness of every member of AJC is devoted their abilities 1.1.3 AJC Ha Dong 1.1.3.1 General information Agribank Gold Corporation Vietnam Joint Stock Company - Ha Dong branch was established in 1981 Abbreviation: AJC Ha Dong Head office: 537 Quang Trung Street, Phu La Ward, Ha Dong District, Hanoi, Vietnam Tax code: 0100695362 to 003 Phone: 04 33824352 On May 30th, 1981, the State Bank of Vietnam decided... 20 The amount of net income returned as a percentage of shareholders equity Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested 2 Liquidity ratios Current ratio = A liquidity ratio that measures a company' s ability to pay short-term obligations The current ratio can give a sense of the efficiency of a company' s . concepts of the indicators that show clearly the business efficiency. Chapter 3: The efficiency of gold trading business in Vietnam Agribank Gold Joint Stock Company Ha Dong Branch discusses the financial. potential gold and hard to predict correctly. Therefore, I choose the topic: Improve the business efficiency of Vietnam Agribank Gold Joint Stock Company Ha Dong Branch to be my bachelor’s thesis. objective The thesis aims to analyze, synthesize, and evaluate; from that it gives some solutions in order to improve the business efficiency of Vietnam Agribank Gold Joint Stock Company Ha Dong branch.
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