Recommendations to improve business efficiency of orient maritime service a branch of vosa corporartion

MINISTRY OF TRANSPORTATION MINISTRY OF EDUCATION & TRAINING VIETNAM MARITIME UNIVERSITY STUDENT NAME:NGUYEN THI KIEU ANH DISSERTATION GLOBAL STUDIES AND MARITIME AFFAIRS RECOMMENDATIONS TO IMPROVE BUSINESS EFFICIENCY OF ORIENT MARITIME SERVICE - A BRANCH OF VOSA CORPORARTION HAI PHONG -2015 MINISTRY OF TRANSPORTATION MINISTRY OF EDUCATION & TRAINING VIETNAM MARITIME UNIVERSITY STUDENT NAME:NGUYEN THI KIEU ANH CLASS: GMA 02 DISSERTATION GLOBAL STUDIES AND MARITIME AFFAIRS RECOMMENDATIONS TO IMPROVE BUSINESS EFFICIENCY OF ORIENT MARITIME SERVICE - A BRANCH OF VOSA CORPORATION Supervisors: Ms Vu Thi Thu Hang Division: GlobalStudiesand Maritime Affairs Faculty: Economics HAI PHONG -2015 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation PREFACE I declare that this report is my own unaided work It has not been submitted before If violated, I am solely responsible for and bear the punishments of the Institution and University Student Name and Signature Nguyen ThiKieuAnh Nguyen ThiKieuAnh - GMA 02 Page i Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation ACKNOWLEGEMENT For completion of this dissertation, it is indispensable the help and cooperation of many people First of all, I would like to thank the International School of Education for giving me the chance to learn the course and practice specifically I also thank my supervisors Mr Vu Le Huy and Ms Vu Thi Thu Hang for the guidance and valuable suggestion during the time I complete the internship report In addition, I also want to express my thankfulness to all staffs of Orient Maritime Service (ORIMAS Haiphong) who enthusiastically gave me necessary help, support and information to complete this dissertation successfully Due to limitation of knowledge and reality practice, there certainly have many shortcomings and obstacles Therefore, I look forward to seeing the comments and recommendation from instructors and lecturers to accomplish the dissertation Nguyen ThiKieuAnh - GMA 02 Page ii Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation TABLE OF CONTENTS Preface i Acknowledgment ii Table of Contents iii List of Tables and Graphs v List of Figures vi INTRODUCTION CHAPTER 1: Literature Review 1.1 Business efficiency 1.1.1 Definition of business activity 1.1.2Definition of business efficiency 1.2 The criteria to evaluate business efficiency 1.2.1 Some indicators evaluating business efficiency 1.2.1.1Return on sales (ROS) 1.2.1.2 Return on cost (ROC) 1.2.1.3 Return on equity (ROE) 1.2.1.4 Return on labor (R/L) 1.2.2Other factorsaffectingbusiness efficiency 1.2.2.1Subjective factors 1.2.2.2 Objective factors CHAPTER 2:Evaluation of ORIMAS Haiphong in the period 2012 - 2014 10 2.1 Background of ORIMAS Haiphong 10 2.1.1 Historic development process of ORIMAS Haiphong 10 2.1.2 Organizational structure 14 2.1.3 Personnel 17 2.1.4 Services 18 Nguyen ThiKieuAnh - GMA 02 Page iii Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation 2.2 Business efficiency of ORIMAS Haiphongin the period 2012 - 2014 19 2.2.1 The ROS of ORIMAS Haiphong in the period 2012 - 2014 19 2.2.2 The ROC of ORIMAS Haiphong in the period 2012 - 2014 20 2.2.3 The ROE of ORIMAS Haiphong in the period 2012 - 2014 20 2.2.4 The R/L of ORIMAS Haiphong in the period 2012 - 2014 21 2.3 Evaluating business efficiency of ORIMAS Haiphong in the period 2012 - 2014 22 2.3.1Evaluating business efficiency by human factor 22 2.3.2 Evaluating business efficiency by capital factor 24 2.3.3 Evaluating business efficiency by financial factor 25 2.3.4 Evaluating business efficiency by technical - facilities factor 28 CHAPTER 3: Recommendations to improve business efficiency of ORIMAS Haiphong in the period 2012 - 2014 30 3.1 Training and upgrading the quality of human resources 30 3.2 Mobilizing capital investment for maritime transport activities 30 3.3 Providing customer care services 31 3.4 Promoting marketing 31 3.5 Upgrading facilities and applying new technology 33 CONCLUSION 34 Reference 35 Nguyen ThiKieuAnh - GMA 02 Page iv Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation LIST OF TABLES Table 1: The number of staff in ORIMAS updated in August, 2015 17 Table 2: The ratio of ROS in the period 2012 - 2014 19 Table 3: The ratio of ROC in the period 2012 - 2014 20 Table 4: The ratio of ROE in the period 2012 - 2014 20 Table 5: The ratio of R/L in the period 2012 - 2014 21 Table 6: Staffs’ education background in ORIMAS updated in August, 2015 23 Table 7: Evaluating working age in ORIMAS (statistics August, 2015) 23 Table 8: The variations of revenue, cost, and profit of ORIMAS Haiphong in the period 2012 - 2014 25 Table 9: The variation of current income tax of ORIMAS Haiphong in the period 2012 - 2014 27 Nguyen ThiKieuAnh - GMA 02 Page v Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation LIST OF FIGURES Figure 1: The organizational chart of VOSA Corporation 12 Figure 2: The organizational chart of ORIMAS Haiphong 14 Figure 3: The R/L of ORIMAS Haiphong in the period 2012 - 2014 22 Nguyen ThiKieuAnh - GMA 02 Page vi Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation INTRODUCTION The Importance of Dissertation According to information from the Vietnam shipping association, there are nearly 170 million tons of cargoes through Vietnam port system, creating turnover of several billion USD for shipping industry However, up to 80% of cargoes are transported by sea on foreign ships This figure not only reflects the status currently of the domestic shipping activities, but also indicates that shipping agency service is a field of promising activities for Vietnamese company As one of the leading names of shipping agent and freight forwarders, Vietnam Ocean Shipping Agency (VOSA Corporation) is a multi - sector business company which in shipping agent is an important operation, existed long life, and associated with the company’s image In this 3rd internship, I was very fortunate to have an opportunity to learn and study at Orient Maritime Service - a branch of VOSA Corporation ORIMAS Haiphong with experienced and professional staffs has been meeting the highly requirements in Vietnam and over the world about shipping agency service, freight forwarding, tallying service … ORIMAS Haiphong has also continually improved and developed business with aim to provide the best services as well as to reach the highest rank in all scope of business However, in recent year, ship’s agent sector has face to face more difficult because of sources scares and many competitors Nowadays, ORIMAS Haiphong also is not immune from this situation Although, there are many strong points, ORIMAS has still existed limits affecting to business efficiency Therefore, I finally decided to choose topic “Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation” to demonstrate in my dissertation The Object of Dissertation This dissertation will focus on the analysis and evaluation business efficiency of ORIMAS Haiphong and giving some recommendations that need to be improved Nguyen ThiKieuAnh - GMA 02 Page Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation The Scope of Dissertation This dissertation only related to business efficiency of ORIMAS Haiphong and all of information and data is provided by ORIMAS Haiphong in the range between 2012 and 2014 The Methodology of Dissertation Through the research, collection, analysis and compare data of ORIMAS Haiphong following economic indicators (ROS, ROC, ROE, R/L) maybe find out the factors which have good effects and bad effects to business efficiency of this company Contemporaneously, based on the real situation of ORIMAS Haiphong find the reasons of this, thus suggest some recommendations to improve business efficiency The Structure of Dissertation Chapter 1: Literature review Chapter 2: Evaluation ofOrient Maritime Servicein theperiod 2012 - 2014 Chapter 3: Recommendations to improve business efficiency of Orient Maritime Servicein theperiod 2012 - 2014 Nguyen ThiKieuAnh - GMA 02 Page Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation Over years, the ratio of profit to shareholder’s equity has decreased dramatically by each year, ranging between 1.22% and 8.01% Because of a gradually decrease of net income, it is easily seen clear growth of this ratio, which decreased 21.1 times (2013/2012) and continuing rose 54.65 times (2014/2013) That means the growth rate of ROE from 2012 to 2014 has decreased significantly It proves that the company is using its investors’ funds ineffectively 2.2.4 The R/L of ORIMAS Haiphong in the period 2012 - 2014 Table 5: The ratio of R/L in the period 2012 - 2014 Criteria Unit Year 2012 Year 2013 Year 2014 person 71 71 74 Profit after tax million VND 2,940 1,024 516 R/L million VND 41.41 14.42 6.97 No of labor Source: Financial statements of ORIMAS Haiphong in the period 2012 - 2014 The ratio of profit to labor decreased within years, from 41.41 million per person to 6.97 million per person However, the number of employees increased slightly but the indicator has decreased dramatically, it is necessary to consider the level of development of the profits During years, the profit growth rate was slower than the growth rate of labor each year The cause is due to the number of employees has increased people between 2012 and 2014 as 4% in comparison with 2012, while net income decreased 65.17% and 49.63% in 2013 and 2014 respectively Nguyen ThiKieuAnh - GMA 02 Page 21 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation 2.3 Evaluating business efficiency of ORIMAS Haiphong in the period 2012 2014 2.3.1 Evaluating business efficiency by human factor Based on calculation of the return on labor of ORIMAS Haiphong in the period 2012 - 2014, it can be seen that the number of labor has a slight increase, which at only people over years, but the labor productivity has a dramatic decrease, which fell about times from 2012 to 2014 This means the ability of production is increasingly lower than before The cause of this is due to the qualification and professional skills are quite poor No of labor (person) 71 R/L (million VND) 74 71 41.41 14.42 6.97 Year 2012 Year 2013 Year 2014 Figure 3: The R/L of ORIMAS Haiphong in the period 2012 - 2014 Nowadays, ORIMAS Haiphong has 74 employees who achieved education background in categories different: university, college, community college and general worker It is can be seen those who has university certification accounted for the largest components, about almost a half of total, following by general worker whose figure was just over a quarter of all By contrast, the rest of education background included college and community college representing a range from 12% to 15% Recognizing that nowadays education has still essential for every individual, so the company leaders always creates the environment for employees to expand knowledge and profession experience Nguyen ThiKieuAnh - GMA 02 Page 22 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation Table 6: Staffs’ education background in ORIMAS updated in August, 2015 Education background No of people Department University College Community General College Worker Administration Dept Finance& Accounting Transport Dept 2 Agent Dept 16 16 Professional Dept 40 11 19 74 35 11 19 100% 47% 12% 15% 26% Total Proportion Source: Administration Department, ORIMAS Haiphong Furthermore, the age of employees is also a criterion to assess the ability, experience of employees Table 7: Evaluating working age in ORIMAS (statistics August, 2015) Working Age Groups No of people 18 - 30 15 30 - 40 41 40 - 50 11 50 - 60 Source: Administration Department, ORIMAS Haiphong From the table that the numbers of people divided in each age group is different The age group 30 - 40 has most popularity in company, nearly a half of staff (41 Nguyen ThiKieuAnh - GMA 02 Page 23 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation people), which is suitable for full experience company It is interesting to note that the youngest group has a considerable figure (15 people) and followed by age group 40 - 50 has 11 people By contrast, the elder age group account for only a small amount, equivalent roughly one second of the youngest Through analysis, almost employees of ORIMAS are younger, so it is important to training skill and experience for them 2.3.2 Evaluating business efficiency by capital factor The efficient of using capital reflects by the ratio of ROE Thus, to improve business efficiency in term of using funds needs to improve ROE.On the other side, ROE is also calculated by the following formula: Profit after tax ROE = Net revenue x Net revenue Total asset x Total asset Equity We can see this indicator is constituted by three main factors as above Firstly, the rate of return after tax on revenues - These are factors that reflect management level revenues and expenses of the business Secondly, the entire capital cycle (asset turnover) - This factor is reflected in the level of exploitation and use of corporate assets Third, the coefficient capital per equity (debt ratio) - This factor is reflected in the level of management organization operating capital for the business Due to ROE of the company has decreased by each year, the factors of ROE has also decreased To increase ROE, increasing business efficiency, businesses have three basic choices that increase one of the three factors First, businesses can increase their competitiveness in order to improve revenue and reduce costs at the same time, to increase the net profit margin Second, enterprises can improve business performance by better use of their existing assets, in order to improve asset turnover Or to put it more understandable that businesses need to generate more revenue from existing assets Third, enterprises can improve business performance by improving leverage or otherwise borrow money to invest If the profit / total assets of higher business loan interest rates, the loan to invest in the enterprise is effective Nguyen ThiKieuAnh - GMA 02 Page 24 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation 2.3.3 Evaluating business efficiency by financial factor Table 8: The variations of revenue, cost, and profit of ORIMAS Haiphong in the period 2012 - 2014 Difference Year Year Year 2012 2013 2014 2013/2012 2014/2013 Criteria Value Value Value Value The Value The (million VND) (million VND) (million VND) (million VND) proportion (%) (million VND) proportion (%) Revenue 50,256 42,579 41,574 -7,677 -15.28 -1,005 -2.36 Cost 47,316 41,555 41,059 -5,761 -12.18 -496 -1.19 Profit 2,940 1,024 516 -1,916 -65.17 -508 -49.63 Source: Financial statements of ORIMAS Haiphong in the period 2012 - 2014  Profit Through statistics table, it can be seen that profit of the company has declined over years, more detail, profit in 2013 is 1,024 million VND has decreased 1,916 million VND compared to 2012 (2,940 million VND) as well as decreased 65.17% Profit in 2014 has continuing fell, at 516 million, which means it has decreased 508 million as 49.63% compared to the profit in 2012 The variation shows that profit of company has changing to the negative trend and relying on two important components (revenue and cost) The cause of this variation is due to: - The market economy is increasingly volatility, no have source of goodsabundantly as before, thus, demanding more intense competition between companies and the competitors Nguyen ThiKieuAnh - GMA 02 Page 25 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation - The fleet’s ability is poor which make the competitive strength lower than other domestic competitors - The young staffs are not experienced in maritime affair leads to some damages to customers This is the cause of the lower credibility and trust from clients  Cost The costs of the company tend to decrease in recent years Specifically, in 2012, the total cost was 47,316 million, till 2013 this figure fell by 5,761 million (12.18%) Afterwards, in 2014, the cost continued to fell by 496 million (1.19%) which means it was only 41,059 million Overall, the decreasing trend of expenses shows a good signal that the company’s management is effective However, it is easy to see that the costs from 2012 to 2013 had a sudden fall from 47.316 million to only 41.555 million The reasons of this phenomenon are: - Cause 1: Decreasing of financial expenses In fact, the cost to operate the business and expand the scale is from the bank’s capital However, in the context of continuous downturn economic, all the banks are no longer willing to pour a substantial financial contribution to any enterprise Therefore, companies are required to downscale production and waiting for assistance from other financial institutions Thus, the company will be subject to many external impacts leading to loss of autonomy in business and loss of opportunity to compete with competitors This variation impacts negatively to the business efficiency of the company - Cause 2: Decreasing of current income tax (CIT) According to the financial statement of the company in those three years, the costs for income tax were reduced over the period Specifically, the cost of CIT in 2013 was 341.51 million, then reduced 639 million (65.16 %) in compare with that in 2012 Similarly, compare to 2013, the costs in 2014 fell 170 million (49.65 %) This is a significant variation because after only one year, the value fell by more than a half In theory, the cost of the company’s income tax is calculated based on annual profits Actually, the reducing of this cost Nguyen ThiKieuAnh - GMA 02 Page 26 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation annual means company’s profit also reduces significantly Obviously, the profit decrease leads to the decreasing of tax Thus, this variation is considered to contribute actively to the company for overcoming the shortage of funds Table 9: The variation of current income tax of ORIMAS Haiphong in the period 2012 - 2014 Difference Year Year Year 2012 2013 2014 2013/2012 2014/2013 Criteria Current income tax Value (million VND) Value (million VND) Value (million VND) 980.31 341.51 171.94 Value The Value The (million proportion (million proportion VND) (%) VND) (%) -639 -65.16 -170 -49.65 Source: Financial statements of ORIMAS Haiphong in the period 2012 - 2014 Through analysis, the reducing of cost in the last three years has both good and bad sides Improving cons and promoting pros would help the company overcome bad periods  Revenue The revenue indicators have also decreased over years In 2012, the revenue was 50,257 million, and then in 2013 and 2014, this figure dropped to 42,579 and 41,575 million respectively Compare the 2012/2013, the revenue also changing, a dramatic decrease of 15.27% and the 2013/2014 is 2.36% However, in 2014, the company was seemed to stabilize and started to rise again On the other hand, the revenue from the transport services dropped markedly, especially in the period 2012/2013, this figure had decreased 7,676 million (15.28%) This decreasing shows the variation in management, and also the restriction of goods source in the market Since, the company needs more policy in Nguyen ThiKieuAnh - GMA 02 Page 27 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation terms of rational competition and attracting numerous customers than competitors while still ensure the interests Through evaluating business efficiency by the financial factor, we can realize some following point: - Firstly, the total revenue of the company shows a downward trend during the period 2012 - 2014 with the ROS also decreases The cause of decreasing is due to management ability and reducing of goods source in the market In fact, increasing revenue is a basic path to promote further business efficiency of company Therefore, the company needs more policy in terms of rational competition and attracting numerous customers such as - researching market carefully and produces more services better than before Secondly, the total cost has decrease gradually, so the company still needsto ensure reasonable cost structure asreducing costs as low as possible.Cost reduction can help business provide services at lower prices than before or is obtained more profit Lower cost will lead to higher profit and that means business efficiency of company will go up However, the cost of salary should be improved to encourage the loyal and living standard of employee 2.3.4 Evaluating business efficiency by technical - facilities factor Currently, ORIMAS Haiphong is located in Le Loi Street which is one of main roads of the city Despite the small scale, the company still has adequate function rooms with infrastructure standardsfavourable conditions, comfortable to ensure quality of work Thus promoting business and creating greater efficiency However, in term of technology of ORIMAS, it is quite difficult to bring a best effect The software in the computer system is too slow because it is too old and rarely cured But at the present, ORIMAS’s staffs usually entry information manually into system which leads to raise responsibility of staffs and to cause errors easily For instance, fulfilling wrong information in issue booking can cause negative effects for shipping agent Name of port of destination is false, which can arrange wrong port of destination and agent would have to pay fee to shift or transit Name of ship is wrong leads to wrong customs declaration, so that ship cannot leave berth Or wrong in Estimated Time of Departure (ETD) will false in stuffing plan Nguyen ThiKieuAnh - GMA 02 Page 28 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation To facilitate management system and logistic process, applying ISO standard and more advanced technology into doing business is extremely importance Therefore, ORIMAS Haiphongneeds upgrade the different functions of computer system to serve in customer services Nguyen ThiKieuAnh - GMA 02 Page 29 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation CHAPTER 3: RECOMMENDATIONS TO IMPROVE BUSINESS EFFICIENCY OF ORIENT MARITIME SERVICE IN THE PERIOD 2012 - 2014 In order to improve business efficiency of ORIMAS Haiphong, I have some recommendations which are quite useful for company ORIMAS Haiphong at first needs to improve its strength and then addresses its disadvantages 3.1 Training and upgrading the quality of human resources In term of service business, human is the key factor The workforce’s quality rises, the quality of service operation is also higher Currently, in the company, although the number of employees is large, the staffs equipped with modern knowledge, energetic and creative are still lack which leads to low efficient of productivity In order to improve the quality of human resources, there are some suggestions for company leaders to conduct human resource management: - Reducing manpower, recruiting true qualified staff, avoid hiring based on the relationship - Conduct training to improve knowledge and skills for all employees - Conduct a reward for those who their job with reasonable reward regime and timely On the other hand, discipline the individuals who violate by cutting bonuses All of the above suggestions aim to improve labor’s working spirit and their consciousness to the work in the company 3.2 Mobilizing capital investment for maritime transport activities The conduct of mobilization aims to renew and improve quality of shipping services to help motivate the efficiency of company's business Volume of investment would help to: - Modernize means of transport - Upgrade additional service Nguyen ThiKieuAnh - GMA 02 Page 30 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation - Upgrade the quality of seafaring However, raising capital cannot conduct wastefully It should meet some specific requirements as below: - Capital must big enough to meet the demand - Capital resources should be long-term due to the company’s turnover is slow - Capital must have interest rates as low as possible 3.3 Providing customer care services It can be said that good and enthusiastic staff is one of strong point of ORIMAS Haiphong However, ORIMAS Haiphong need constantly improve the quality of its services by customer services Nowadays, when competition is becoming more and more intense, to gain reputation throughout the price of services is no significant difference, so that customer services before and after buying are very importance to maintain their loyalty.Therefore, most of company builds experienced and professional staffs in the care for customers; especially the company operates in service sectors In this pattern, ORIMAS has also established customer service part, but now it has only one person responsibility for caring customers in Sinotrans Container Lines Also, this job is very busy and often overwhelmed.In this situation an urgent problem which the company need solve now is that build customer service part with wide scale and many staffs As there are new staffs who enter to work at agent department, ORIMAS should train them so that new staff also gain professional skill like existing staff.This would lead to improve business efficiency simultaneously to avoid overwhelmed situation in profession 3.4 Promoting marketing Professional marketing plays an important role in market researching Research before doing business could help company avoid the regrettable failure Thus, setting up a marketing department is an absolutely correct policy At first, we need to set up a subcommittee under the dealer room to take advantage of the human as well as of the technical facilities of the company Therefore, the company enhances cooperation with partners and carriers as well as enhances good and close relationship with companies that company has already worked with That will help ORIMAS Haiphong improves trust from customers, thus improves its reputation Nguyen ThiKieuAnh - GMA 02 Page 31 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation Secondly, ORIMAS Haiphong also should seek for many other customers besides existing carriers of agency; especially the container carrier, because revenue of shipping agent of ORIMAS mainly depends on shipping agent operation with container ship In addition, container ship is considered as main target of maritime world By this way, the companyneeds to expand its operating scope, avoid the risk of too depending on one container carrier and can make negotiation ability become higher Therefore, if ORIMAS can get more customers who carry container cargo, can get much more chances to supply shipping agent service and obtain much profit Thus, business efficiency is more effective 3.5 Upgrading facilities and applying new technology Regarding to upgrading facilities, investing and updating vehicles will reduce depreciation, lower the costs, improve productivity, and promote the rotation of capital Since, the efficiency of business processes will be enhanced As far, it is necessary to applying new technology to improve system One suggestion would be to build an international system which enable customer to complete control and overview of their shipments With logistics flows becoming more complicated and diverse, the overall service package could take many advantages for customers An overall service package can include online booking, track and trace shipments, and online payment - Online booking: Using online system book transport online 24 hours a day Bookings can be made manually or through different EDI solutions To book a shipment the required forms must be filled in, and the shipment will be given a unique bar code that customers print and attach to the shipment Then ORIMAS ensure that the correct ID number and documentation will follow the shipment all the way to its destination - Track and trace shipments: With this service customers can always see the latest status of their shipment throughout ID customers which are created themselves Also, customers can track and trace their orders in the system - With online system, customers can also choose electronic invoicing and statistics and reports There is convenience for customers in online payment The online system could bring real benefits for customers Nguyen ThiKieuAnh - GMA 02 Page 32 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation - Efficiency: Easy to find the status of customer’s shipment throughout a standardized booking process, instant notifications, and templates to simplify ocean shipping process - Speed: Generate bookings faster compared to manual booking with online templates that eliminate the need for telephone calls, emails and faxes - Accuracy and flexibility: Reduce data entry errors and generate bookings in multiple languages - Communication: Automatic notifications provide proactive shipping status updates and the ability to track ongoing status Nguyen ThiKieuAnh - GMA 02 Page 33 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation CONCLUSION The role of shipping agent in Vietnam’s economy is extremely important In recent years, the development of agencies has contributed significantly to the economic development of our country In order to promote continuously this role and be up to date to meet the requirements of economic development, agencies in relationship with trade in the world must innovate constantly and improve all aspects Over the process of studying the topic, I believe that improving business efficiency is very necessary and essential for the development of company From the analysis of efficiency of business, it is easily to see the general situation of company over year from 2012 to 2014, the achievements and shortcoming Therefore, we can set out remedial measures to improve the business efficiency in the next few years It is also the basis for managing business in a more efficient and premise for strategy planning, direction for the company in the future This dissertation has addressed the following issues:  The theoretical basic related to business efficiency, the criteria evaluating business efficiency through some indicators of the ratio and other factors affecting  Introduce more detail about ORIMAS Haiphong, covering foundation and development of the company, organization, personnel and main services  Evaluating business efficiency of ORIMAS Haiphong in the period from 2012 to 2014 through applying some indicators in the theory above into practice  Propose recommendations to improve the efficiency of business in ORIMAS Haiphong However, because of short time, qualification and practical knowledge, my dissertation still has some limitations, unavoidable to have shortcomings I look forward to receive comments of the lecturers and instructors in the department to complete the dissertation Nguyen ThiKieuAnh - GMA 02 Page 34 Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation REFERENCE [1] VOSA Corporation, VOSA Introduction, designed by VIHAN, in 2007 http://vosa.com.vn/About_us/Organization [2] Introduction of ORIMAS Haiphong, from websitehttp://www.vosa.com.vn/modules.php?name=Distributor&op=viewcat& catid=284&newlang=vietnamese [3] Report of Administration Department, ORIMAS Haiphong [4] Financial statements of ORIMAS Haiphong in the period 2012 - 2014 [5] Definitions byhttp://www.investopedia.com/terms Nguyen ThiKieuAnh - GMA 02 Page 35 ... ThiKieuAnh - GMA 02 Page Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation CHAPTER EVALUATION OFORIENT MARITIME SERVICE (ORIMAS HAIPHONG)IN... ThiKieuAnh - GMA 02 Page v Recommendations to improve business efficiency of Orient Maritime Service - a branch of VOSA Corporation LIST OF FIGURES Figure 1: The organizational chart of VOSA Corporation... VOSA HA NOI HA NOI ORIMAS HAI PHONG HAI PHONGHAI PHONG VOSA NHA TRANG NHA TRANG VOSA VUNG TAU VUNG TAU NYK Line (Vietnam) VOSA HAI PHONG BEN THUY BEN THUY VOSA SAI GON SAI GON VOSA CAN THO CAN