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HANOI UNIVERSITY OF SCIENCE AND TECHNOLOGY GRADUATION INTERNSHIP REPORT Nguyen Thi A @sis.hust.edu.vn Major: Business Administration Supervisor: Dr NGUYEN VAN A Department: Science Management and Laws School: School of Economic and Management Hanoi, 13/05/2020 NHẬN XÉT CỦA CƠ SỞ THỰC TẬP Cơ sở thực tập: Xác nhận sinh viên: Lớp: Đã thực tập ………… từ ngày …… đến ngày ………… - Chấp hành kỷ luật lao động (thời gian, quy định đơn vị): - Quan hệ với sở thực tập: - Năng lực chuyên môn: Ngày tháng năm 20… Đại diện sở thực tập APPROVAL OF THE SUPERVISOR - Comments on student’s attitude/performance during the internship period: - Comments on the report: Approval for submission: Yes No Date: Signature: 3|Page TABLE OF CONTENTS PREFACE CHAPTER 1: COMPANY OVERVIEW 10 1.1 History 10 1.2 Mission and Objectives 11 1.3 Organization structures 11 1.4 Main product and services 12 1.5 Production process 13 CHAPTER 2: BUSINESS OPERATIONS ANALYSIS 15 2.1 Marketing and sales 15 2.1.1 Principal market and customer 15 2.1.2 4P Marketing of VDATA 16 2.1.3 Main competitors 23 2.1.4 Comments 24 2.2 Human resources management 25 2.2.1 Workforce structure 25 2.2.2 Recruitment and training 26 2.2.3 Working norm, labor productivity, performance evaluation 27 2.2.4 Wages and bonus 29 2.2.9 Working environment 30 2.2.8 Comments 31 2.3 Financial management 31 2.3.1 Income statement 31 2.3.2 Balance sheet 33 2.3.3 Financial indicators 35 2.3.4 Asset and inventory 38 2.3.5 Comments 39 CHAPTER 3: CONCLUSIONS 40 3.1 Overall evaluation of the company’s performance 40 3.2 Proposal of graduation thesis`s topic 41 REFERENCES 42 APPENDIX 43 5|Page LIST OF FIGURES Figure 1.1: Organizational structure model 11 Figure 2.1: Diagram of the process provides services to customers 14 Figure 3.2: The target customer segment is VDATA's business organization 15 Figure 4.2: The main interface of thuongieuweb 17 Figure 5.2: Website Rental Packages 18 Figure 6.2: Service Price List of Vdata Domain Name Rent 19 Figure 7.2: The Price of Seo web services 20 Figure 8.2: Product promotion form of VDATA 21 Figure 9.2: the website analytics tool 22 Figure 10.2: the service delivery system directly to customers 23 Figure 11.2: Recruitment process at the company 27 LIST OF TABLES Table 1.1: The name and code provided 12 Table 2.1: Vdata's Current Software Service Table 16 Table 3.2: Competitive analysis of VDATA 23 Table 4.2: General comments 24 Table 5.2: Workforce structure of the company 25 Table 6.2: Normal working hours 28 Table 7.2: Holiday schedule 28 Table 8.2: Labor productivity situation in 2018-2019 28 Table 9.3: Income statement of VDATA 31 Table 10.3: Balance sheet of VDATA 33 Table 11.3: Financial indicators of VDATA 35 Table 12.3: The depreciation situation of fixed assets in 2017 and 2018 38 7|Page PREFACE The 21st century has witnessed major changes in the digital economy, especially the rapid growth of the Internet and the emergence of social networking sites has transformed the way of accessing information and culture, buying habits as well as consumption of people Therefore, the problem for businesses is to put their business operations on digital technology Over the past three years, Vietnam has witnessed the success of Social networking forms as a new tool to businesses Access to market and target customers through forms Online marketing Vietnam is one of the top countries in the world for digital media because it can deal with the rigorous standards of its domestic and foreign partners in many aspects Therefore, the Vdata Digital Media Joint Stock company has significantly contributed to the development of Vietnam`s digital media During this internship, I have experienced, applied the knowledge learned, and got more knowledge about my field of study In the framework of this report, I would like to focus on the business situation at Vdata Digital Media Joint Stock company which helps me apply the knowledge of business administration learned to analyze My internship report is divided into parts with the layout presented as follows: Chapter I: Company overview Chapter II: Business operations analysis Chapter III: Conclusions With all sincerity, I would like to express my gratitude and appreciation to Ph.D Nguyen Duc Trong, a respected teacher who has directly helped, cared, and guided me to successfully this report in the past Furthermore, I wish to thank various people for their contribution to this report; board of manager, the staff of Vdata Digital Media Joint Stock Company, for their help in giving me the golden opportunity to work at offices and observe their daily operations I am looking forward to receiving your valuable comments and suggestions for my knowledge in this field more complete at the same time have additional conditions to improve myself awareness 9|Page CHAPTER 1: COMPANY OVERVIEW 1.1 History VDATA Digital Media Joint Stock Company was founded in April 2009 by a group of information technology engineers with years of experience in systems integration, digital media solutions, and software ✓ English name: VDATA DIGITAL MEDIA JOINT STOCK COMPANY ✓ Vietnamese name: CÔNG TY CỔ PHẦN TRUYỀN THÔNG SỐ VDATA ✓ Brief name: VDATA ✓ Address: No 87, Linh Nam District, Hanoi ✓ Fax: 091.200.5186 ✓ Email: info@vdata.com.vn Website: https://vdata.com.vn/ ✓ Law Agent: Mr Tran Van Hai Over 10 years of establishment and development, VDATA has now become a leading solution consulting company, with customers being multi-industry businesses with customers being multi-industry businesses with diverse and complex information technology application needs VDATA`s solutions include: - General management information system for corporations, economic groups - Datacenter infrastructure solution - Virtualization solutions, enterprise management software solutions - Sales solutions and warehouse management for chain business models - Optical transmission solutions… At VDATA, the engineers are constantly updating the latest technology changes, always one step ahead with developing technology trends and having a great influence on production and business The core value of VDATA is the application of technologies to enterprise management practices to enhance efficiency and bring competitiveness to business VDATA is committed to always bringing the best quality products, professional and reliable services IV Long-term work in progress 240 0 250 0 260 374.330.293 445.911.705 1.Other long-term assets 268 374.330.293 445.911.705 TOTAL ASSETS (270 = 100 + 200) 270 5.244.707.472 4.793.346.427 C - LIABILITIES (300= 310 + 330) 300 1.262.896.771 1.698.700.993 310 1.262.896.771 1.698.700.993 Short-term loans and debts 311 242.387.369 396.799.072 Seller short-term liabilities 312 538.246.293 476.960.000 Taxes and amounts payable to the State 313 313.449.789 271.585.251 Short-term unrealized revenue 318 328.000.000 Other payables 319 168.813.320 225.356.670 330 0 D - EQUITY (400 = 410 + 430) 400 3.981.810.701 3.094.645.434 I Owners` equity (410 = 411 + 412 +…+ 421 + 422) 410 3.981.810.701 3.094.645.434 411 1.800.000.000 1.800.000.000 - Voting Share 411a 1.800.000.000 1.800.000.000 - Preferred stock 411b 11 Undistributed profit after tax (421 =421a + 421b) 421 2.181.810.701 1.294.645.434 421a 1.294.645.434 558.242.000 - Undistributed profit after tax for the current 421b 887.165.267 736.403.434 12 Construction investment fund 422 II Funding sources and other funds (430 = 431 + 432) 430 (240 = 241 + 242) V Long-term investment (250 = 251 + …+ 255) V Other long-term assets (260 = 261 + 262 + 263 + 268) I Short-term liabilities (310 = 311 + 312 +…+ 323 + 324) II Long-term liabilities (330 = 331 + 332 +…+ 342 + 343) Contributed capital (411 = 411a + 411b) - Undistributed profit after tax brought forward TOTAL RESOURCES (440 = 300 + 400) 440 5.244.707.472 4.793.346.427 (Source: Accounting Department) -Short-term assets accounted for 83.32% of total assets in 2019, which proves that the company focuses on investing in short-term assets Many long-term assets, short-term assets have faster turnover time and expand the business, making the company's working capital needs to increase significantly However, the company needs to calculate a reasonable amount of money reserves to balance the company's solvency and effective business investment -Long-term assets: From 2018 to 2019, the proportion of long-term assets accounted for about 20% of the total assets of the enterprise, which accounted for a small proportion of the total assets The company's long-term assets only consist of fixed assets and other longterm assets The company's fixed assets in 2019 were 448,193,855 VND decreased by 215,133,036 VND equivalent to a decrease of 32.43% compared to 2018 The cause is due to the depreciation of fixed assets - In 2019, short-term debt accounted for 24.08%, down VND 435,804,222, equivalent to 25.65% compared to 2018 Because the company was paid by customers first, the shortterm debt for the company increased sharply - From 2018 to 2019, the company did not incur any long-term debt, which showed that the company was operating quite effectively - Equity of the company in 2019 increased by 887,165,267 VND, equivalent to 28.67% compared to 2018 Equity of the company in 2019 increased by 887,165,267 VND, equivalent to 28.67% compared to 2018 =>In summary, the capital source of Vdata Digital Media Joint Stock Company mainly uses short-term capital to finance assets and equity accounting for a high proportion of liabilities This shows that the company is adjusting the financial level of its business very well 2.3.3 Financial indicators Table 11.3: Financial indicators of VDATA NUMBERS ITEMS FORMULA MEASURE WORD VALUE 2018 2019 % 76,86 84,32 % 23,14 15,68 Capital and asset structure The proportion of short-term assets The proportion of long-term assets Short-term assets/Total assets x 100% Long-term assets/Total assets x 100% 35 | P a g e Proportion of liabilities Solvency ratio Current ratio Quick ratios Cash ratio Interest coverage ratio (ICR) Leverage ratio Liabilities/total capital % 35,44 24,08 Current assets/current liabilities (current assets -inventories)/Current Liabilities (Cash+ Marketable Securities)/Current liabilities Earnings before interest and taxes/interest expense Times Times 2,17 3,5 3,11 Times 1,22 2,46 Times 0 Total liabilities/ total assets Times 0,35 0,24 Equity/Capital employed Times 0,65 0,76 Debt-equity ratio (D/E) Equity to assets ratio Equity/liabilities Equity/liabilities Times 1,82 3,15 Investment rate Fixed assets and long-term investment/Total assets % 23,14 15,68 Cost of goods sold/Inventory Times 30,58 20,03 AR x 360 days/credit sales revenue Net income/Receivables Day Times 36,8 9,78 16,31 22,07 Sales/NWC Times 4,41 3,13 Sales/net fixed assets Times 13,2 22,05 Sales/Total assets Times 1,83 1,88 Net Profit /Sales Times 0,084 0,09 Net income/total assets Times 0,154 0,17 Profit after tax & prefenence dividend/Equity shareholder`s fund Times 0,154 0,17 Management efficiency Ratio Inventory Turnover AR collection period Accounts Receivable Turnover Networking capital (NWC) turnover Fixed Assets Utilization (FAU) Total Assets Turnover Earnings power Return on sales (ROS) Return on assets (ROA) Return on equity (ROE) (Source: Calculating based on the balance sheet) • Solvency - The current ratio is 2019 increased by 1.33 times compared to 2018, equivalent to the growth rate of 1.33% The coefficient for both years is> 2, indicating that the business fully ensures the ability to pay short-term debt - The quick ratio increased by 1.11 times compared to 2018 Both in 2018 and 2019 have a coefficient greater than which indicates that the enterprise fully ensures quick payment of solvency - At the end of 2018 compared to 2019, the cash ratio increased by 1.24 times, equivalent to the growth rate of 1.24% This coefficient> shows that the cash and cash equivalents are currently guaranteed and excess capacity for instant payment of liabilities within months • Leverage ratio: - The equity to assets ratio of enterprises accounts for a relatively high percentage of 76%, up 11% compared to 2018 This shows the level of financial self-sustaining of the business and the ability to offset losses by equity very well - The debt- Equity ratio (D/E) is 2019 decreased by 11% compared to 2018, accounting for only 24% Therefore, the enterprise has a relatively high level of safety which reduces the capacible of business going into bankruptcy - The investment rate of enterprises in the 2018-2019 period decreased by 7.46%, reflecting that the company did not pay much attention to investing in long-term strategies to seek stable profits in the future • Management efficiency Ratio - Inventories Turnover Ratio of businesses in the period of 2018-2019 tends to decrease However, Inventories Turnover Ratio of both years is low, which shows that the enterprise is having inventory problems or is outdated and of poor quality - The AR collection period tends to decrease in two years In 2019, the AR collection period only lost 16.31, which showed that the company recovered quickly payments, and achieved efficiency in receivables management activities However, this shows that the credit terms are too strict if this situation persists then it may lose customers - Accounts Receivable Turnover tends to increase positively from 2018 to 2019, but this number is still low Therefore, the company has a poor recovery process and credit policies are not good - Net working capital of enterprises in the period of 2018-2019 is very low and tends to decrease As a result, the company's ability to produce, circulate goods and recover capital is very slow and the business process is slow • Earnings power - Return on Sales (ROS) of businesses in the period of 2018-2019 tends to increase and has a value of> which shows that the business is profitable but still weak 37 | P a g e - Return on Assets (ROA) and Return on Equity (ROE) of enterprises in the period of 2018-2019 are the same and there is an increasing trend which shows that enterprises have good capital efficiency One of the evaluative criteria, a company has finnacial capacity according to international standards, the ROE must be at least 15% 2.3.4 Asset and inventory 2.3.4.1 Asset The company`s fixed assets are mostly: - Office and architectural objects - Machinery and equipment - Management tools Accounting method of fixed assets: - Accumulated depreciation is the amount set aside as a charge for the wearing out of a non-current asset - Straight-line depreciation is used for gradually reducing the carrying amount of a fixed asset over its useful life Each accounting year will be allocated the same amount of the percentage of the asset`s cost - Residual value is the net amount that the entity expects to obtain for an asset at the end of its useful life after deducting the expected costs of disposal Calculated as follows: Residual value = Cost - Accumulated depreciation Fixed asset structure: Table 12.3: The depreciation situation of fixed assets in 2017 and 2018 Years Factors 2019/2018 2018 2019 +/- % 1,290,798,246 1,290,798,246 0 Accumulated depreciation 627,471,355 842,604,391 215,133,036 34.3 Residual value 663,326,891 448,193,855 (215,133,036) (32.43) 51,38 34,72 Cost Residual value / cost (%) (Source: Calculating based on the balance sheet) From the table, we see that the cost in 2018 compared to 2017 is the same, so there is no change in the company`s fixed assets Accumulated depreciation value increased significantly at 34.3% equivalent to 215,133,036 VND 2.3.4.2 Inventory -Products and services (digital media solution) of VDATA are designed according to customer requirements so that company does not need to use the warehouse -VDATA has websites, software, technological solutions that have been designed and stored on its host computer -The departments based on the plan of the company to design and built a digital media solution 2.3.5 Comments In general, businesses in the period 2018-2019 have the right business strategy, but there are still some issues that need to be overcome ✓ It is necessary to adjust the cost of goods sold, to find suppliers of raw materials with lower prices to increase the competitiveness of businesses in the market ✓ Focusing on a long-term strategy to seek stable profits in the future ✓ Improving the recovery process, changing the terms of the revocation to engage with customers longer ✓ Calculating a reasonable amount of money reserve to balance the company's solvency and effective business investment ✓ Providing solutions to solve inventory problems, obsolete 39 | P a g e CHAPTER 3: CONCLUSIONS 3.1 Overall evaluation of the company’s performance Advantages • Marketing - Stable personal sales - Diverse service packages with different prices to meet customers' needs - Marketing strategy prioritizes free solutions on the Internet so it is not too time-consuming and budget • Labor - Professional working environment to help employments to develop in the best way - Enthusiastic and dynamic young workers - Training and retraining employees to help employees maximize their capacity • Property- materials management - Fixed assets are always checked periodically, the level of wear, and the ability to use fixed assets so that the company can maintain or buy them in time - Trading materials is always controlled and reported by the accountant • Managing expenses - Labor costs, general costs are updated exactly each item • Financial management - The company's the production and business situation in the period of 2018-2019 is growing well - The current solvency index shows that the company has general solvency and short-term debt - Profit after tax of the company increased due to significantly improved revenue This shows the right direction of the business Disadvantages: • Marketing • Labor - Too many types of products but no leading products - Website, fanpage with low interaction - The brand identity is not distinctive - Low-skilled employees have a large number of businesses but long-term and experienced employees are few because the salary offered is not satisfactory - The human resources of the company still lack highly qualified and strategic experts • Product - The product has no outstanding transactions, the design is not eye-catching and outstanding • Finance - Cost of goods sold accounts for a large proportion of revenue, making it difficult for the company to have many opportunities to compete with competitors - The short-term assets of the company account for 84.32% of total assets The company needs to calculate a reasonable amount of money reserve to balance the company's solvency and effective business investment 3.2 Proposal of graduation thesis`s topic From all the above analysis, it is clear that the problem that VDATA is related to the issue of digital media Therefore, I propose the thesis title for my research paper” building digital media solutions for VDATA enterprises” 41 | P a g e REFERENCES Philip Kotler, Marketing Manager, Publisher.Statistics, 2005 Department of finance-Accounting of Vdata Digital Media Joint Stock company, the Balance sheet of VDATA, as of December 31, 2019 Department of finance-Accounting of Vdata Digital Media Joint Stock company, the Income statement of VDATA, December 2019 Human Resources Department of Vdata Digital Media Joint Stock company, basic documents related to VDATA, 2018-2019 Director`s office of Vdata Digital Media Joint Stock company, basic documents related to VDATA, 2018-2019 Mai Quoc Chanh (1999), Textbook of Labor Economics, Education Publishing House, Hanoi Nguyen Tien Dung (2012), Basic Marketing, Vietnam Education Publishing House Limited Company Nguyen Thi Lan Huong (2020), Graduate Internship Report, School of Economics and Management of Hanoi University of Science and Technology Pham Ngoc Phuong Anh (2018), Graduate Internship Report, School of Economics and Management, Hanoi University of Science and Technology APPENDIX Table of analysis of the factors under the macro environment affecting business activities of VDATA Demographic Opportunities Threats - Vietnam`s population is more than 90 million and 60% younger than internet users is an opportunity for businesses to operate digital media -Young people`s minds and lifestyles are challenges to keeping up with their needs and trends - Stable political systems Political forces - Provisions for businesses operating - The Government always implements in the fields of the policies to support and prioritize digital digital economy are businesses not clear and - The law is clear in business activities and complete consumer rights protection is an important basis for genuine business enterprises as a basis for litigation activities Economic forces - The number of Start-up businesses - The number of increased sharply which created the need to small and medium use digital media enterprises accounts for a high - Businesses are more interested in proportion branding Natural forces - The population is more than 90% million - Some businesses so that demand in life is increasing doing business on the internet - The percentage of people using digital wrong, making devices is high and increasing people increasingly - People increasingly tend to like alert convenience so the prioritize shopping Enterprises over the internet compete with each other through advertising and promotion rampant 43 | P a g e - Technology is developing rapidly, The rapid especially the Internet is an opportunity for development of businesses to apply in business technology creates challenges that - Digital technology allows customers to businesses can not Technological search and buy online which requires keep up with forces businesses to update and build their business models on the Internet Cultural forces - The culture of using social networks allows consumers to share a lot of information, creating opportunities for businesses to build businesses on it Website: https://thuonghieuweb.com/ Thuonghieuweb`s logo Fanpage: https://www.facebook.com/thuonghieuweb/ - Social networking can be a threat to any business mistake when sharing speed is fast Diagram of market share in website design VDATA does not have a definite position in the market and faces many major competitors with strong technology backgrounds that make VDATA need to consider improving the service and changing the way of communication to increase awareness for potential customers Building a position in this field is extremely important because the behavior of customers searching for related products and services will mainly search on the Internet But the company is not on the top of this field The recruitment posts on the fanpage of the company 45 | P a g e Rank website thuonghieuweb.com based on interactions rated by Alexa.com It can be seen that the website ranking has increased significantly since the website content was posted on the schedule, but the truth is that the company has not received any new orders through the website channel Besides, despite trying to post content on social networks the company`s fanpage did not have a growth in the number of followers or the number of interactions on social networks The post only has a maximum of 10 likes due to the sharing from company personnel Some orders VDATA is executing ❖ Fanpage management “Lion Golf Bac Ninh” ❖ Fanpage management “Đầu tư bất động sản” 47 | P a g e ❖ Management fanpage, website “happy agri” ... helped, cared, and guided me to successfully this report in the past Furthermore, I wish to thank various people for their contribution to this report; board of manager, the staff of Vdata Digital... (2020), Graduate Internship Report, School of Economics and Management of Hanoi University of Science and Technology Pham Ngoc Phuong Anh (2018), Graduate Internship Report, School of Economics... which helps me apply the knowledge of business administration learned to analyze My internship report is divided into parts with the layout presented as follows: Chapter I: Company overview Chapter