Solutions to improve the profit at the Internayional Development and Discovery Company

Solutions to improve the profit at the Internayional Development and Discovery Company Bachelors thesis Solutions to improve the profit at the Internayional Development and Discovery Company Bachelors thesis

Table of Contents ABBREVIATIONS AEC Asean Economic Community EAT Earnings after tax EBIT Earnings before interest and tax EBT Earnings before tax FL Financial Leverage ICT Information and Communication Technology IPO Initial Public Offering NOPAT Net Operating Profit After Tax ROA Return On Assets ROE Return On Equity ROI Return On Investment ROS Return On Sales ROTC Return On Total Cost TIE Times Interest Earned TPP Trans-Pacific Partnership TR Total Revenue LIST OF TABLES, LIST OF FIGURES Table Table 2.1 Table 2.2 Table 2.3 Table 2.4 Table 2.5 Table 2.6 Table 2.7 Table 2.8 Table 3.1 Table 3.2 Figure Figure 2.1 Figure 2.2 Figure 2.3 Name The liabilities and equity of IDD in the period from 2013-2015 The assets of IDD in the period from 2013-2015 The inventory of IDD in the period from 2013-2015 The cash flow statements of IDD in the period from 2013-2015 The income statements of IDD in the period from 2013-2015 The absolute profit of IDD in the period from 2013-2015 The relative profit of IDD in the period from 2013-2015 The number of employees of IDD The projection in 2016 The selling market of IDD Name Main operating fields of IDD Operating structure of IDD Changes in liabilities and equity of IDD from 2013-2015 Page 30 33 35 36 37 39 41 46 53 55 Page 23 29 31 Figure 2.4 Figure 2.5 Changes in assets of IDD from 2013-2015 Revenues and earnings after tax of IDD from 2013-2015 34 38 INTRODUCTION • Rationale of the thesis In the market economy, most businesses are aiming to making profit This is the frequent and long-lasting target of the business entities Profit is not only the source of income of the owners but also the basis for extending production and business in the market In addition, the profit is also an important indicator reflecting the business performance of the enterprise In the specific case of the International Development and Discovery Company (IDD), the profit is more important Especially in 2014, this company had the negative earnings after tax To be specific, the earnings after tax fell dramatically (222.18%) and even IDD dropped in a loss of 775 million dong Moreover, the earnings after tax of the company has gone up from 2015 to now but it still has many disadvantages if compare with some companies in the same industry For example, comparing with CMC – a well-known medium size company in the same industry, IDD’s scale is about 1/8 but the profit is just about 1/12 Therefore the imperative requirement at that time is to improve the profit Coming from the importance of this topic as well as the urgency of this to IDD, along with the knowledge basis studying in the National Economics University, the topic:”Solutions to improve the profit at the International Development and Discovery Company” had been chosen • Target of the thesis The thesis synthetises the theory about the profit of enterprises and analyzes the specific profit situation at International Development and Discovery Company (IDD) From that, the possible solutions can be given to improve the profit of IDD in the next years • Objectives and scope of the thesis Object of the study: Profit of the company Scope of the study: Real situation of the profit at the International Development and Discovery company from 2013 to 2015 • Research structure Beside Introduction, conclusion, references, the thesis is divided into chapters: Chapter 1: The general theory of corporate profit Chapter 2: The current situation about profit at the International Development and Discovery company Chapter 3: Solutions to increase profit at the International Development and Discovery company Chapter 1: The general theory of corporate profit 1.1 Overview about the corporate profit 1.1.1 Concept of enterprise and its activities Enterprise is an organization where goods and services are exchanged for another or for money Every enterprise requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make profit Businesses can be private owned, not-for-profit or state-owned According to the regulation in Vietnam, enterprise is an economic unit, having assets and own name, having stable transaction head office Enterprise must be registered according to the law to conduct operating activities in the market The enterprise has main activities as following: operating activity, financial activity and other activity However, the profit of enterprise mainly comes from operating activities Operating activities are company’s typical daily processes that generate income Operating activities pertain to a company’s core business activities such as manufacturing, distributing, marketing and selling products or services These activities should provide the majority of a company’s cash flow and will largely determine whether a company is profitable or not Financial activities are any transactions or initiatives undertaken by a business to further the fulfillment of economic goals Financial activities may include buying and selling of products or assets, organizing and maintaining accounts, issuing stocks or bonds, arranging loans or other business activities with specific monetary objectives Other activities: extraordinary activity which occur infrequently such as the sale of assets, receivables from partners breaching of contracts, bad debt processed, violations of breaching contracts; tax penalty, tax arrears; errors, confusion 1.1.2 Definition of the corporate profit Historically, there are many different definitions about the profit: In view of the classical economists before Marx, the dominant component in the selling price compared to the cost of production is profit Karl Marx said that the surplus value or dominant component in the whole value of goods, in which the surplus labor is the unpaid labor of the materialized workers, is profit Modern economists P.A.Samuelson and W.D.Nordhaus had the definition: the profit is a dominant income, equaling the total income minus total outcome To be more specific, the profit is the difference between total revenues and the total cost Today when studying about the profit, almost the economists have researched in the view of Karl Marx The profit is seen as a synthetic indicator showing business results of the enterprises In view of the enterprises, profit is the difference between the revenues earned and the expenses spent 1.1.3 The sources of the profit Based on the source of the activity making profit, the profit of the enterprise is divided into sources:  Profit from operating activities: is the difference between the revenues from selling goods and providing services to the selling price (selling price includes cost of goods sold, selling expenses, administration expenses) This is the kind of profit which accounted for a large part in total revenues of an enterprise C N Profit from operating activities ost of go ods sol d et rev en ues In which: S ell in g ex pe ns es A dministra tion expenses  Net revenue from selling goods and providing services: is the difference between the sales revenue with deduction (discount, reduced selling price, the value of goods returned, indirect tax, the export tax to be paid)  Cost of goods sold in the period: the production cost of sold products (including raw material costs, direct labor costs and general manufacturing costs) for the manufacturing enterprise; or the input price for commercial enterprises This is the cost of raw materials, material and fuel used directly for the production of goods and services of enterprises This item usually accounts for a large share of the cost of production So that, the managers always pay attention to the use the materials reasonably, minimizing failure rates  Cost of direct labor: This item includes all salaries, bonuses, allowances, insurance expenses, that pay for employees directly producing goods and services In the industry like textile or construction, the cost of direct labor is high because they have to use more direct labor in the production However, in some industry like finance or information technology, this cost is smaller This kind of cost also depends on the development of machine In developed countries, businesses are often equipped modern and advanced machinery, using less direct production workers Thus, the share of this item in the production cost is usually small In the developing countries such as Vietnam, due to machinery and equipment level is not high, using more direct labor, share in the cost of direct labor is often larger  Selling expenses: are expenses incurred during products, goods and services consumption (cost of packaging, shipping, handling, advertising, of cost of tools, utensils, cost of out-sourcing, cost of warranties, wages, allowances for sales staff ) This is a cost item that enterprises spend to serve for the goods, products and services consumed such as market research costs, advertising, preservation, packaging, wages and benefits for workers sales, Sales plays very important role in the operation of the business A business can achieve very high efficiency in the production of goods, but if there is no reasonable sales strategy, product consumption was slow inefficient, which means that business can absolutely still falling at a loss Especially in the market economy, there is a fierce competition between the competitors, the enterprise having good quality of selling service will dominate the market Therefore, the cost for the sales of the business is also a very important type of costs, which should be focused on investment and allocation in a reasonable way, maintaining product sales network efficiently, enthusiastic sales team and the quality associated services  Management expense: includes cost business management, administrative management and general expenses related to business activities of enterprises (salaries and allowances for the Board of Directors and managers of each department, the expenses of furniture and office materials, depreciation for business, taxes, charges, fees, insurance, out-sourcing expenses, seating, expenses for business trips, ) This item includes the cost of business management, administrative management and other general expenses related to the operation of the entire enterprise, such as the cost of materials, office stationary, depreciation of the general fixed assets, salaries and allowances for the board of directors, Business management is an activity embracing all the other activities of the business The suitable management strategic and policy will push all other activities effectively, increasing profits for businesses Therefore, companies, enterprises often spend significant expenses for this work  Profit from financial activities: this is the difference between revenues from financial activities and expenses from financial activities, including:  Revenues from financial activities: the proceeds from investing activities and capital finance (income from joint ventures capital, interest from trading securities, the difference between interest income and interest expenses of bank loans, gains from foreign currency sales, income from property leasing )  Expenses from financial activities: are those incurred in financial activities (interest expense, costs of joint venture, joint venture losses, reduced of stock price, the cost of buying and selling securities, property rental costs, )  Profit from other activities: is the difference between income from extraordinary activity (sale of assets, receivables from partners breaching of contracts, bad debt processed ) and expenses from extraordinary activity (cost of sale of assets, the residual value of fixed assets liquidation or sale, violations of breaching contracts; tax penalty, tax arrears; errors, confusion In conclusion: Total profit = Profit from operating activities + Profit from financial activities + profit from other activities 1.1.4 The importance of the profit Profit plays a very important role for the survival and development of the enterprises in the business as well as for the entire economy Especially in the market economy today, the profit goal becomes a frequent and long lasting target of the businesses 1.1.4.1 The important of the profit to the enterprises  The profit ensures the continuous business operation of a business  Profit is an important source to compose the equity The use of this fund helps businesses increase the level of financial independence as well as save the cost of capital compared with raising equity from issuing common stocks This source of capital is the basis for re-investment, business expansion, technological innovation in order to improve labor productivity and product, service quality and save costs This, thus, helps enterprise have chance to improve competitiveness in the market 10 Now there are many new established companies operating in the same industry with IDD They sell products at a lower price to attract customers This may bring bad effect to the consumption of IDD products Moreover, there are also some companies coming from foreign countries They have high level of management and high quality of products They are big competitors, which requires the effort of IDD to prevent them invade the market  Independent price of the input materials Enterprise does not have enough capacity and conditions to produce raw material for the product Most of raw materials are imported from abroad, so the quality, quantity and price of raw materials depend heavily on foreign suppliers Moreover, shipping distance is far, which is to occur unwanted trouble as delivery delay, stagnation of production Putting in the actual situation of the company now, which solutions can be given to improve the profit of IDD company? Chapter 3: Solutions to improve the profit at the International Development and Discovery Company 3.1 Orientation about business operation in the next two years 3.1.1 Difficulties and advantages of enterprise 3.1.1.1 Advantages Workforce: IDD have young, enthusiastic workforce (workers aged from 20 to 30 account for 50%) who are always eager to learn, explore, creatively In which, employees graduating from universities comprised 60%, graduating from colleges 49 make up 30%, and unskilled workers constitute 10% (data from human resources department of IDD) Employees in IDD are all trained carefully after recruitment The company has a reputation for quality, delivery schedule Being one of five companies operating in various sectors of information technology industry such as assembly and distribution of products, software solution providers, system integration, the company always tries to conduct market research before selling products to meet the needs of consumers Currently the company is planning to invest over 12 billion in server system to develop the system integration products for finance and education In addition to high quality, the company IDD also ensures timely delivery; service attitude of the salesperson proper, civilized and courteous to create customer satisfaction The company has a strong sales network The company products are sold from North and Central with 11 stores The company is initially implementing outsourcing to India and Malaysia market This is a positive sign for the market, spreading out internationally IDD’s products have relatively high market share compared with competitors Leading the current market share is FPT products accounting for 25% of market share CMC and MWG's products account for 14% IDD products make up 8.9% of market share 3.1.1.2 Difficulties Fierce competitiveness At present, the biggest competitors of the company in the country are FPT, CMC and MWG Three opponents are rivals with the scale large operations, history of 10-15 years Because they are large corporations, they have high level of management Moreover, the brands of them are greater visibility than IDD In addition, the company's products compete with products imported from Singapore, Australia, Taiwan and especially Chinese products with relatively homogeneous standards Market research is not effective, there is not a specific market research department as well as the marketing activity has many limitations Especially in the current context Vietnam is taking part in AEC and TPP, the company will have to 50 compete with many new domestic companies as well as foreign companies, then the limitations on the sale of the products will be a significant barrier for enterprise The difficulty in handling the inventory of finished products in 2011 A large amount of capital of the business is stagnant as inventories, mainly finished goods inventory, from 2011 (as analyzed above), while company has to go for bank loans to support business services, increasing financial costs and adversely affecting profit The company is still trying to consume finished goods inventory to free circulation of capital But very few customers have demand on products of 3Com Moreover, for a long time, most inventories are outdated Only a handful of products have potentially positive consumption as monitors, So the consumption of this product takes place very slowly If IDD not sell quickly, the liquidation amount will not be recovered significantly Enterprise does not have enough capacity and conditions to produce raw material for the product Most of raw materials are imported from abroad, so the quality, quantity and price of raw materials depend heavily on foreign suppliers Moreover, shipping distance is far, which is to occur unwanted trouble as delivery delay, stagnation of production Enterprise is facing difficulties in raising capital By analyzing the situation in the overview of business above, we can see that the ratio of debt is now at a high level, which should be strengthened in raising more equity But at that time, conducting IPO in the context of inefficient operation is not feasible As a result, IDD should have the direction in solving this matter This is a big problem posing for the managers Difficulty in saving management expense The IDD company currently has excess personnel, especially the indirect labor In 2013, the enterprise increased production capacity, expanding selling market, then they recruited many people for management positions However the management apparatus operated ineffectively, there is overlap However, cutting staff is not easy to be conducted in the short term because the labor contracts have been signed with binding terms This is a difficult in saving 51 administration cost of IDD This is an expense item which is adversely affecting the efficiency of the company IDD In terms of objective factors, there are more and more distribution enterprise in information technology industry in the market Because they initial penetrate the market, they offer products at a low prices However the quality is not good as IDD product, there are many company using to drain funds Thus, we can see that the company is facing a lot of difficulties in production and consumption Then in the next time, which orientations IDD have to improve these difficulties? 3.1.2 The orientation of business operation in the next two years On the basis of analyzing the business results in companies IDD in recent years, along with the analysis of the advantages and disadvantages of the business, management board has identified that they would have made a lot of changes strategies in all business activities, financial activities, operations capital mobilization and asset management activities in order to improve business performance and improve profit for businesses First of all, the management board in IDD company based on the actual situation to set out the objectives to be achieved in the next years as following: In terms of operation activity: The immediate objective of the business is to increase profit, improve production efficiency for business To achieve that goal, IDD is conducting solutions: Expand the production and increase the revenues substantially, stably, avoid increasing production lines and expand the selling market so fast as in 2012, 2013 as it will make difficult for management Research and implement solutions to save expenses radically This is an extremely important objective of the company IDD in the near future, because management expense is now the most difficult problem for IDD company, being the main reason causing inefficiency in operation business activity 52 To be more specific, in the end of 2016, IDD is looking forward to achieve following goals as table 3.1 In terms of capital mobilization plan: IDD is looking forward to add the additional equity, reduce debt capital in order to improve the ability to self-finance In the end of 2016, the goal of business is to achieve capital structure: 65% is debt, 35% is equity In terms of assets adjust: Handle of finished goods in the inventory to free circulation of capital This helps reduce the amount of bank loans, reduce financial expense For the target setting for the end of 2016, IDD can handle 70% of the finished goods in inventory outstanding since 2011 Table 3.1: The projection of IDD in 2016 Revenues 433 billion dong, increase by 19.4% compared to 2015 Cost of goods sold 330 billion dong, increase by 4.5% compared to 2015 Business administration expenses 14.6 billion dong, increase by 5.2% compared to 2015 Selling expenses (invest more for 20.5 billion dong, increased by 53% advertisement, services, customers compared to 2015 care…) Financial expense 17.5 billion dong, decrease by 3.3% compared to 2015 Other expenses Keep stable growth Earnings after tax 700 million dong Source: IDD director board 53 3.2 Solutions to improve the profit at the International Development and Discovery company To increase the profit for IDD company, the director board directs to two objectives: increase revenues gradually and reduce the expenses Thus, the proposed solution will also be given following two target groups mentioned above 3.2.1 Solutions to increase the revenues To increase revenue sustainability and stability, the IDD company need to focus on some of the following measures:  Increase the production capacity of equipment and production lines Company IDD should continue to increase the capacity of the assembly line to eventually take advantage of production machinery However, IDD company need to avoid sudden increase like in 2012, 2013 The expanding production so quickly like that made business revenue increased significantly, but the results were accompanied by a lot of unwanted consequence of the increase in cost of sales, cost of management, Therefore, in the coming years, taking advantage of the maximum capacity of machinery and equipment still needs to be done but it must be done slowly, ensuring sustainability Growth rate of production capacity should be maintained at around 15%/year  Diversification of products to attract different types of customers Currently, the competitors of the company have produced variety of new products Meanwhile, the company’s product has not rich in kind, feature Today, when science is growing, the market competition is increasingly fierce, if the company want to meet the ever-changing needs of consumers, company must actively research to offer new products Realizing that in recent times the demand for the type of products that integrate the information technology gadget or software products to serve the financial activities, 54 educational activities, sales activities, is increasing However, the company's products have not to meet a variety of needs above However, when conducting product diversification, enterprises should clearly define its product strength to maintain the uniqueness compared with similar products of competitors  Focus on market research to capture timely new business opportunities, as well as to choose the product features appropriate to each specific customer This activity should be done frequently, company IDD need to actively seek market demand for the goods produced by the company Especially in the context of integration, our country joined the TTP, AEC, the competition between firms is very intense, the number of suppliers is increasingly, which need to conduct market research regularly to promptly grasp the goods opportunity, proactive in seeking new contracts Recognizing that outsourcing to overseas markets such as India, Malaysia, was fairly favorable due to the demands are high In addition, IDD has experience in this area since 2015 and received positive feedback from partners On that basis, I could propose the expansion of the export market of enterprise products as follows: Table 3.2: The selling market of IDD Market 2014 Domestic market In the end of 2016 88.69% 80% 11.31% 15% - 5% Traditiona l market Out-sourcing for India, Malaysia,… New Out-sourcing market for Middle East,… 55 Besides aiming to capture new business opportunities, careful market research also helps enterprise avoid the situation like in 2012 The products can not be sold because it does not meet the demand of customers  Continuously improve product quality To attract customers, the companies have a lot of methods Some company even used the tricks But if company want to build long-term relationships with customers and create a network of loyal customers, the quality of products must be placed on top Good quality of goods will make up the company's reputation in the market This is an effective branding without expensive advertising costs Reputable businesses will naturally easily achieve high revenue Therefore, IDD company need to pay attention to the purchasing of raw materials; regularly monitor the progress of production in the factory to ensure proper technical standards After the production process, it is necessary to implement the preservation of finished products, check the quality of goods in warehouse before delivery to the customers; ensure the transportation of finished products between divisions and customers safe  Increase advertise and introduce products During the period of integration and globalization, the number of producers and sellers is more and more, the promotional activity increasingly play an important role in order to brand the company closer to customers At present, the promotion of IDD has not been focused on To strengthen this activity, the company can use advertising methods on the Internet, because it is one of the popular marketing channels and close to most customers today The company should focus on advertising on its own website to facilitate the promotion of products In addition, IDD should have 2-3 employees to manage the website At the same time, enterprise can take advantage of the popularity of social network Facebook to bring the brand closer to consumers Facebook is now being used 56 widely Advertise on this channel may cost quite cheap especially, this advertising channel with the ability to automatically find the appropriate subjects to introduce the product (based on demographic information and information about the activities of the using facebook) This may not be a method of advertising can apply long term, but at the same time, this is one of the ways that effective marketing can now look to the application However, the customers of the company are not only young people There are some customers who are older and they not always use social network Instead, they read newspapers and watch television Advertising through television channels is suitable with the condition of IDD at that time So enterprise should introduce their products through newspapers, television Especially, IDD company should use this advertisement channel when having promotion  Focus on the service during and after sales, as well as boosting customer care Today, businesses are not only competing on quality and price, but also competing on quality of service and customer care The level of customer satisfaction has a strong influence on the sale of the enterprise products Therefore, companies need well-organized system of feedback from customers in order to timely receive their contribution, which helps to give the appropriate adjustments The setting up more carefully its own website as mentioned above will also help businesses to receive feedback from customers easier At the same time, businesses also need to develop rapid delivery service, timely repair services Better serve for customers will create trust, long-term commitment to the business, promoting product sales 3.2.2 Solutions to control the expenses  Focus on management to reduce the cost of goods sold 57 As analyzed above, the raw material of IDD company is mainly imported from other country, which means that the cost of goods sold depends on the volatility of the exchange rate and the situation in the world market Moreover, if businesses not plan rationally in reserving, causing a shortage of input materials for the manufacturing process, then it is very vulnerable for price squeeze from suppliers, increasing the cost of goods sold Therefore, managers need to study and determine the rational level of reserves of input raw material, which avoids shortages as well as avoids storages cost waste IDD should choose a few key suppliers to create long-term relationships, which will minimize the price pressure as well as ensure about the quality of raw materials To choose the appropriate suppliers, company IDD need to have a team of professionals knowledgeable in the field of technical materials and understand the market Another solution to reduce the cost of goods sold is to raise the labor productivity Through analysis of the assets of IDD, it can be seen that in 2015 enterprise have invested more in machines and equipment for production activities However, general machinery enterprises still lack the consistency and this is a little bit backward If IDD free the finished goods in the inventory, it will be a good condition for IDD to invest in additional fixed assets such as modern equipment, increasing productivity and reducing the cost of goods sold  Reduce the business administration expense The management of the company is currently overlap, wasting of manpower That is due to the increase of production capacity too quickly in 2013 while business had no clear plan for regulating the operation of the management apparatus, making the management of enterprise loss initiative, incurring unexpected costs Also in 2013 the company has recruited some employees for managing positions Administration expenses increased mainly due to expenses paid for these new employees But over a 58 period of production, enterprises have noticed that the recruitment is inefficiencies, excess manpower, but quality management is not high In the coming years, in order to cut business administration costs improve profit, businesses must actively set out a specific plan for the management from time to time to ensure that all activities of the enterprise ongoing, avoiding passive causing unwanted costs Another matter being extremely important but difficult to solve is to cut personnel Managers should consider reducing the management staff at the workshop However, this can only be done gradually over a long time, and the board should have smart solutions to achieve both manpower reductions and benefit ensure for, preventing the emergence of complex issues of legality In addition, there are many other items related to business administration cost which need to keep in mind to save such as controlling the use of electricity, telephone for the right purposes, avoiding abuse for the purpose of personal; managing expenses for guests, paid wages depending on the ability and work efficiency  Review the financial activities of the enterprise o Venture operation in investment securities: This is an investment sector which is complex and volatile, especially when the financial investments of the business is purely long-term investment It can be seen that in recent years, the enterprise has suffered losses from this activity Losses that the company suffered when associated with the company TAG even greater than the total losses of the enterprise IDD Thus, managers should study and consider negotiating strategy to withdraw capital from the venture activities, focusing funding for the company's operating activities If IDD withdraw the fund from this venture, it will be an abundant source of money for businesses to invest in machinery, technology and promotional activities as well as product sales of the company o Interest expenses: this is a pretty big cost of company IDD, impacting negatively on business situation The cause has been analyzed in the previous section, this is there is a large proportion of total assets, wasting a business capital of the enterprise While 59 right now IDD has to borrow the short-term loans from banks to meet the demand for capital Thus, the processing of finished goods inventory from the previous year is necessary action This capital flow circulation helps enterprise reduce the amount of the loans, the corresponding interest expense also will decrease significantly, positively impacting profit However, quick handling finished goods inventory is not simply because it mainly does not really fit with the needs of the customer (production and backlog from 2012) To solve this problem, the sales department should have reasonable strategic incentives such as free installation or free shipping Companies need to accept breakeven sale or even sell at a loss in order to accelerate the consumption of these products Then use this capital for other activity Above are some basic measures aiming at increasing profit, improving the efficiency of production and business operation for the company IDD If the board of directors study and implement these measures, the business results of the IDD will improve and achieve the objectives, orientations that proposed 60 CONCLUSION Once more time I want to confirm that profit play an important role for production and business activity of enterprises Especially in the context of the market economy, the profit is more important, deciding the existence and development of enterprises in particular and the economy as a whole in general In 2015, the company IDD has made efforts to improve business performance, enhance profit to get rid of a loss as 2014 The scale production and consumption of IDD are now also increasingly extend But production and business efficiency is still lower than the average level of the industry The reason is that expenses management of IDD is not good After a period of internship at International Development and Discovery Company, I found that the increase of the profit is the most urgent problem for enterprise, combining with the knowledge studying at the National Economics University, I have given some suggestions to the director board of the company These may be considered for implementing in order to improve profit for the business 61 These proposals were presented in the thesis is only the solution-orientation These solutions are affected by subjective opinion of writer Business managers who know best about the real situation of the company should have the careful consider when implementing these solutions to ensure that they suit the actual circumstances / REFERENCE  Nguyen Nang Phuc (2011), Phan tich bao cao tai chinh, Nha xuat ban Dai hoc Kinh te Quoc dan, Hanoi  Luu Thi Huong & Vu Duy Hao (2012), Tai chinh doanh nghiep, Nha xuat ban Dai hoc Kinh te Quoc dan, Hanoi  Nguyen Thi Ngoc Huyen & Doan Thi Thu Ha & Do Thi Hai Ha (2012), Quan ly hoc, Nha xuat ban Dai hoc Kinh te Quoc dan, Hanoi  Doan Thuc Quyen (2015), Giai phap nang cao hieu qua hoat dong san xuat kinh doanh cua cac doanh nghiep niem yet tren san chung khoan Viet Nam Financial Statements of IDD in the period of 2013-2015 62 63