LV Thạc sỹ_Finance situation of Vietnam SUFAT corporation and solution in 2013 2017

INTRODUCTION Preface Nowadays, with development of the market economy, inflation and economy crisis are inevitable Along with these, finance crisis makes corporations got into difficulties Therefore, financial problems are always a hot topic to corporations Like other countries, Vietnam also has to encounter with world’s general situation We have stimulus policies to economy activities The first and second stimulus package including: Tax reduction and preferential loans To develop the economy, our country needs many sources such as Science, Technique, Technology, Capital, Labor, Finance, and Standard in Management Among them, it can be said that Finance is the most important source It directly decides development of country’s economy in general and effectiveness of business activities in companies in particular State-owned companies have got into many difficulties of management and using finance This caused companies operating at a loss and having long-term debts, and then companies no longer met requirements and business activities in trouble The main objective of most companies is profit and enlarges scale of business activities Finance and its function will help companies reach that objective in case financial management works out Therefore, financial activities insistently develop and companies need stay on top of finance concept, business activities Analyst and valuation finance concept have become one of the most important and essential in each of companies It is a key factor in decision and effectiveness of business operation Companies should check and value finance situation frequently to make wise financial decisions, so companies could earn best profits and reach the objective Vietnam SUFAT Limited Co has the main functions including production of self-assembling and sales motorbikes In the last years, because of sharp fluctuation of input materials, some of companies went into bankruptcy The main capital of Page SUFAT Corporation is equity capital, loans from some banks and idle capital from populations To get understandings and consider about extension business activities in the past years and future, this following report could give a clear view on that problem Because of the importance of finance concept to business activities of companies along with knowledge of finance, I have decided to choose my theme: “Analyze the finance situation of Vietnam SUFAT Corporation 2007-2011 and The Financial solution in stage 2013-2017” as my graduation thesis Target of Thesis With this theme, target of research is: Value strength of finance system, effectiveness of business activities and existing restrictions in the company From that point, we can find the strengths and the weaknesses of company Propose some strategic solutions to improve finance situation and meet requirements of business activities and other requirements in the near future Scale of Research - Space This theme was done at Vietnam Sufat Limited Corporation, Pho Noi B Industry Zone – Yen My District – Hung Yen Province Analyzing Finance Report of Sufat in two years - 2007 amd 2008 – to estimate finance concept and development way for company - Object From finance reports like: balance sheets, business report, accounting sheets, I have carried out collection, analysis, comparison figures to obtain the objective of research - Time Page Figures that used for this research was in five years: 2007, 2008, 2009, 2010 and 2011 Research time for figures from Jan 1st 2007 to December 30 2011 Research Methods Based on finance reports such as: balance sheet, business report, accounting sheets, we will the following tasks: - Estimate generally finance situation of company - Analyze the fluctuation and relationship between norms in balance sheet and business report - Analyze debts of company - Analyze profitable ability of company Therefore, we can estimate strengths as well as weaknesses and factors have effect on business activities of company The method of finance analysis used mostly was comparison We use it to define directions of development as well as levels of fluctuation in economic and technical standards The comparison standard was selected standard as a foundation Depending on analysis requirements, we select appreciate foundation or principal term Comparable condition between economic standards has to involve space and time in The progress of comparison between standards will be shown in three forms: - Absolute Comparison: that is result of comparison between levels of standard which is considering of various terms Comparison by the relative number reflects scale of fluctuation of analyst standards - The relative number: that is result of comparison between analyzed terms It is shown in division among levels of standard which is considering at various terms Comparison by the relative number reflects ratio relationship, structure of each standard in general or fluctuation of consumption speed between various terms Page - The average number: this shows popularities of analyst standards Three forms above were in comparison both of depth and width There are: - Progress of comparison, definition ratio, interrelate relationship between finance reports of existing term is called analyst progress in length - Progress of comparison, definition trends of figures in the finance report of various terms is called analyst progress in width - Sequence Timeline Methods: Using number to show characters of quantity of sequence timeline and to analyse estimations of statistics standards for periods There were some norms used in this thesis including: principal index of development, continuous index of development, average +Principal index : ( principal year: 2007) I= I1 × 100% I0 + Continuous index : I= I I i −1 × 100% + Average is a norm to show popularity of analyzed norms - Sequence timeline with common trend a =( n −1 In - 1) × 100% Ii - Sequence timeline with incommon trend 100 a = 100 + n −1 n ∑ i =1 I i − I i −1 I i −1 Content of thesis Chapter 1: Foundation of theory for corporation finance analyst Chapter 2: Analyze reality of finance situation in Vietnam SUFAT Limited Corporation in stage 2007-2011 Chapter 3: Finance solution for Vietnam SUFAT Limited Corporation in stage 20132017 Page CHAPTER I FOUNDATION OF THEORY FOR CORPORATION FINANCE ANALYST 1.1 Basic concepts of corporation finance a Corporation finance: The area of finance dealing with monetary decisions that business enterprises make and a system of economic relationships accrued in monetary distribution, progress of build and transfer capital to obtain corporation’s general target b Assets: A reflection in value of ownership when producing report that owns management and using rights -In economy: assets shows scale and structure of ownership existing in many forms: tangible assets like inventory, intangible assets like copyrights, investment items, receivables, cash Making an examination of assets helps us a general estimation about production ability as well as material facilities of corporation - In legality: the amount of “Assets’’ shows capital belongs to management and long-term using right • Current Assets Current assets are cash and other assets expected to be converted to cash or consumed either in a year or in the operating cycle (whichever is longer), without disturbing the normal operations of a business There are some major items included into current assets: + Cash and cash equivalents : currency, deposit accounts and negotiable intrustment (e.g bank drafts, cheque, money orders) Page + Investments in special funds includes short-term stocks and other shortterm investments • Fixed assets + Long-term investments: Long-term investments are to be held for many years and are not intended to be disposed of in the near future + Tangible assets: are those that have a physical subtance, such as currencies, buildings, real estate, vehicles, inventories, equipment and precious metals + Intangible assets lack of physical substance and usually are vary hard to evaluate They include patents, copyrights, franchises, goodwill, trademarks, ect + Depreciation of fixed assets: The cost of an asset so allocated is the difference between the amount paid for the asset and the amount expected to be received upon its disposition Depreciation decreases productivities of fixed assets and valuation of assets c Capital A reflection of capital managed and used at the moment of making report In economic: it helps managers to see how to use and manage finance situation of company In legality: companies can see their own responbilities for total capital collected from various sources like owner’s equity, loans, liabilities, payables and cost of employees + Liabilities: Any type of borrowing from persons or banks for improving a business or personal income that is payable during short or long time Enterprise have responsibility to others that entails settlement by future transfer or use of assets, provision of services, or other transaction yielding an economic benefit, at a specified or determinable date, on occurrence of a specified event, or on demand There are two smaller terms: Page + Short-term debt: This account is comprised of any debt incurred by a company that is due within one year The debt in this account is usually made up of short-term bank loans taken out by a company such as taxes, stated payables, loans, seller’s accounts, employees’ liabilities + Loang-term debt: Loans and financial obligations lasting over one year includes long-term loans, seller’s long-term liabilities d Owner’s equity Owner’s equity, often just called equity, represents the value of the assets that the owner can lay claim to It includes: + Capital: This account is only necessary for small, unincorporated businesses The Capital account reflects the amount of initial money the business owner contributed to the company as well as owner contributions made after initial start-up + Treasury stock : This account reflects the value of outstanding shares of stock sold to investors A company calculates this value by multiplying the number of shares issued by the value of each share of stock Only corporations need to establish this account + Restained earnings: This account tracks the profits or losses accumulated since a business was opened At the end of each year, the profit or loss calculated on the income statement is used to adjust the value of this account 1.2 Finance Analysis Finance analysis refers to an assessment of the viability, stability and profitability of a business It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports These reports are usually presented to top management as one of their bases in making business decisions for present and future Page Concept of Finance Analysis According to existing regulation, enterprises have to maje three madatory reports including balance sheet, Business statement, Finance statement To get information of business activities, existing situation and potential in the future, we have to analyse finance report “Financial analysts often compare financial ratios including pass performance and future performance” [Financial Theory] Through analysis of finance, we can evaluate potential, business effectiveness as well as risks in the future Finance analysis is not caculations but geting understandings of results of finance management which shown on the finance report Finance analysis evaluate pass performance, predict future performance Afterward, enterprise can propose effective solutions in order to take advantage of strengths and restrict weaknesses In general, finance analysis needs to make figures “speakable”, so users can understand clearly of finance concept as well as targets, action plan of company Meaning of finance analysis - After all, financial data represent the concrete results of the company's solution and structure Although analyzing financial statements can be quite complex, a general idea of a company's financial position can be determined through the use of ratio analysis Financial performance ratios can be calculated from the balance sheet and income statement - Typically, financial analysis is used to analyze whether an entity is stable, solvent, liquid, or profitable enough to be invested in When looking at a specific company, the financial analyst will often focus on the income statement, balance sheet, and cash flow statement In addition, one key area of financial analysis involves extrapolating the company's past performance into an estimate of the company's future performance - The Financial Analysis function performs in-depth analysis of the institution’s financial and operating results independently of the business units and prepares management reports for Senior Management and the Board Page - For owners: the first priority is profit and liabilities Moreover, there are some other concerns such as providing jobs, quality, low cost, social welfare, environment protection However, some companies just carry out these targets only if they can overcome two challenges as well as basic business including profits and solvency A company suffered loss continuously, its resources will be out of stock and then go into bankruptcy The same with a company in a burden debt and cannot pay off - For bankers: they just care about company’s solvency, so they pay a high attention on cash and assets that can convert to cash Then they compare it to shortterm debts to get understanding of instant solvency Moreover, they also care about the amount of equity because it is a insurance money for risks No one is willling to lend money if they cannot be sure information of partners For investors: their concerns are risks, ROE, profit, debt on equity, so they care about finance conditions, business activities and statement as well as growth potential All these ensure the safety and the high effectiveness Demand of using information for various objects Objects Managers Targets Future arrangements Questions Run business - map out plans for future - Which solutions have activities - long-term investment the highest effective? - Which investors should be mobilized? Should invest in- Which investments can - Ability of enterprise in Investors Bankers this company? Should lend make profits in the business activities and future? mobilization the- Can company pay off- Debt situation company money? money in time? of company - other benefits to- Which activities bring lenders benefits for company? Page - Situation and potential of growth for company? - contributions toStates and employees State Is the contractIs there any fluctuation appreciate and legal? of capital and income in - should continue- Company can raisethe future? carrying out theincome of employees? contract? Corporation finance is a system of economic relationships associated with creating and using monetary fund to use for business activities So, finance analysis allows corporation to realize its strengths as well as restriction Then, corporations can plan goals and good business Solutions Moreover, finance analysis is an important tool in management Analysis is an awareness progress of business activities, a foundation to make wise decisions, especially in examination, evaluation and management to obtain business goals Because of its importance, business corporations should usually their own finance analysis 1.3 Role of financial activities in Business Corporation Financial activities are activities associated to transfer and switch of financial resources It makes value transfer in business and fluctuate capital as well as change capital structures On the other hand, financial activities are activities that associated to definition demands, creating, seeking, organizing, mobilizing and using capital sources effectively It is one of the basic activities that belong to business activities If it performs smoothly, it will speed up the development of business and on the contrary, only if business runs effectively, financial activities can run perfectly Financial officer could evaluate exactly corporation’s finance situation through checking financial activities Summary some roles of financial activities as the followings: Page 10 Figure2.17 Fluctuaion of capital, net revenue and owner’s capital From analysis, we could find that SUFAT did not use debt and equity capital effectively, so it need solutions to increase revenue, cut down expense and extend business size Afterward, SUFAT cannot meet requirements and strong enough in market economy 2.4 Overall finance situation of SUFAT in stage 2007-2011 2.4.1 Achievements Business reports in stage 2007-2011 have proven SUFAT’s attempts during that stage Equity capital increased, among them payables accounts and owner’s capital went up Business size and workload increased more and more Corporation has got lots of achievements and strong in market Moreover, company had suitable policy and use effectively existing assets into business activities - Structure and fluctuation of capital and asset have gone in right way, from business areas and demand of the market - Inventories had uptrend in the stage thanks to corporation’s plan and calculation However in 2010, there was a strong fall because of global crisis Page 77 2.4.2 Corporation’s existing financial problems From all analyses above: - Capital and equity capital structure have lost of potential risks and corporation’s debt ratio is always high Payables hold a big part in total capital It made company dependent on debt and loans - Company has a high ratio of inventories and receivables These make cost of stock higher and stagnant capital It could slow speed of transfer capital, then it will lessen effectiveness of using capital - Liabilities ratio is low and increase or decrease is not stable through past years and still at low level in comparison with other companies in the industry CHAPTER III THE FINANCE SOLUTION FOR VIETNAM SUFAT CORPORATION IN STAGE 2013-2017 3.1 GOAL : To improve the shaky finance of company, we have to plan a healthy finance step by step to maintain business activities as well as to be ready for wise investment decisions (Take opportunities) The followings are: - Take NPLs and arrears out of distribution system… take back capital money for company - Enhance effectiveness of using capital by saving a waste of resources in business activities - Speed up liquidation activities of assets and equipments that have low performance using ratios and long-term inventory - Consider carefully investment decisions and set aside long-term investments Page 78 3.2 PROPOSAL SOLUTIONS : From synthetic analysis of the SWOT matrix above (Table 2.3.4), another tool of planning solution is TOWS This tool will be used to map out financial Solutions for company as follows: TOWS Matrix: Table 3.1 TOWS MATRIX IN PROPOSING SOLUTION SWOT Matrix Opportunities Threats (Stregths – Weaknesses O1: Ability of exporting T1: the more fierce – Opportunities - motorbikes made in competition, the less Threats) Vietnam profit T2: The price of O2: Customer trend in input materials is rising Vietnam… more and more O3: Barriers of entering T3: Real estate and stock industry … markets O4: Continuing withdraw T4: Interest rate… of some enterprises T5: Inflation is still O5: There are no many difficult to control Strengths changes in technology… SO Solution ST Solution S1: Material facilities SO: ST: and technology “Improve the finance of “Improve the finance of abilities… company S2: Over 15 years of sources of income from effectively working experience business activities such as: capital (WC) such as: S3: Potential for R&D revenue from spare parts increase ratios, decrease S4: IT system … and out-sourcing inventory, cut down on S5: The position as well activities, take as brand name of advantage of productivity activities, take a full by raising company by using full wastes of business Page 79 company in the market of superfluous equipments SUFAT advantage of partners’ commercial credit Weaknesses WO Solution WT Slution W1: A shaky finance… WO: WT: W2: Company is large “To improve finance “Revalue the company but scale of business is situation, the company and be ready for all not… need to use effectively conditions in case selling, W3: Crisis human fixed assets, diversify buying or M&A in order resource… business affairs in order to to provide a healthy W4: Complex generate income for capital structure and to organizational structure company from fixed assets help company overcome W5: Production such as: leasing workshop, obstacles, maintain and management is not good store-yard, entering into develop business, and enough food and entertainment then increase market share industry “ as well as export trade 3.3 Selection solution QSPM Matrix: Using QSPM matrix to select a finance solution (out of solution proposed in section 3.2) is the most suitable tool and selected for Vietnam Sufat Corporation Table 3.2 QSPM MATRIX FOR SELECTION SOLUTION Weight WO Solution “To improve finance ST Solution “Improve the finance of situation, the company by using company need to use effectively working effectively fixed capital (WC) such as: assets, diversify increase ratios, Page 80 Evaluation Factors business affairs in decrease inventory, cut order to generate down on wastes of income for company business activities, take from fixed assets such a full advantage of as: leasing workshop, partners’ commercial store-yard, entering credit into food and .” entertainment industry “ Outside main factors Opportunities The ability of exporting Point Sum Point Sum 0.15 0.45 0.3 0.1 0.2 0.2 0.1 0.3 0.2 0.1 0.3 0.2 motorbikes that made in Vietnam to Asian countries like Laos, Kampuchea, Myanmar, etc in order to compete for quality and model is total possible Consumer trend in Vietnam more and more pays attention on quality and reasonable price The continuation of others’ withdraw will improve revenue and market share of the remainder The obstacle to entering into industry is big and profit of motorbike business is small, so existing competitors cannot invest with a depth like Vietnam Sufat Corporation Page 81 Apart from electric fuel 0.05 0.05 0.05 0.15 0.3 0.45 0.15 0 0 0.1 0.3 0.2 0.05 0.1 0.05 0.05 0.05 0.15 0.3 injection, there is not many big changes of technology and technique in motorbike production Threats Motorbike industry is now in the stage saturation, competition level is more and more tough and profit is lower The price of input materials like steel, aluminum alloys, plastic beads, etc is rising (from to 12%) However, the last production like motorbike is hard to raise its price Interest rate fell down (from 12-14%) but corporations cannot access to capital So business activities still confront with lots of difficulties Exchanges and business projects seem to close in frozen real estate and stock market Inflation is still difficult to control and price is escalating All these make cost of salary rising Weighted sum: Inside main factors Strengths: Material facilities and 100% 0.15 modern technology is good enough for quantity as well Page 82 as quality of products according to market demand The corporation has a 0.1 0.1 0.2 0.05 0.1 0.05 0.2 0.05 0.2 0.15 0 0.15 0.15 0.45 0.3 0.1 0.2 0.2 0.1 0.1 0.1 excellent IT system that can meet connection requirements to supply and distribution chains inner and outer Potential for R&D field Over 15 years of experience and technical skills in motorbike industry Position and brand name of SUFAT motorbike start drawing customers’ attention on quality and model Weaknesses A weak finance system The ratio of debt capital to equity capital was imbalanced It was difficult to maintain working capital, not mention to investment activities Have just few top staff, skilled and experienced workforce short-handed for lots reasons Business of scale is narrow (only one kind of motorbike) although SUFAT is a large corporation Lack of diversity makes corporation difficult to seek out Page 83 incomes from other business fields A bulky organizational 0.05 0.3 0.05 0.05 0.05 0.15 0.05 0.05 0.05 structure with overlapped activities follows functional model without decentralization Production management was not good, lots wastes and losses Cost price was high and quality is not stable A poor working conditions caused staff’s motive power low A series of core manager were off work Weighted sum: 100% Pointed Sum 3.7 3.4 Comments: Quantitied result with points of 02 proposal Solutions ST and ST (Table 3.3) indicates that ST finance solution with pointed sum 3.7 is an appropriate solution for VIETNAM SUFAT Corporation in stage 2013-2017 That is: “In order to improve finance concept, the company need to use effectively fixed assets, diversify business affairs in order to generate income for company from fixed assets such as: leasing workshop, store-yard, entering into food and service industry, etc“ However, finance Solutions not demand lots of resources, so we can deploy parallel both of two proposal Solutions WO and ST WO increase capital for company, ST use capital effectively Page 84 3.4 Deployment 3.4.1 Goals 1) Switch fixed assets over in cash: billion VND/2013; billion VND/2017 2) Raise ROA ratio bit by bit through years: %/ and .% in 2017 3) Decrease cost of working capital (inventory, capital turnover ratio) from .in 2012 to in 2017 3.4.2 Action Plan No Content Do the stocktaking, classification and revaluation all fixed assets: Assign task - FEO Anticipated Anticipated time cost 3-4 weeks insignificant Data from storehouse and accounting department 50 million VND Income will be switched over working capital - Accounting Department - Starting value - Depreciation value Note - Remaining value Liquidate assets and equipments that was no longer in use or had low productivities - FEO Plan projects to convert usage purposes to leasing land, workshop and taking a full advantage of ideal locations for other business activities - FEO 3-6 months 300-400 million VND Carry out package of solutions to cut down on cost of working capital - FEO months 100 million VND Solution for handle with longterm inventories - Board of Director months 400-500 million VND - Mechanic Team months - Accounting Department - PEO - FEO Rearrange human resource of Finance and Accounting - Board of 1-2 months Director - FEO Accounting Internal plan 100 billion VND Page 85 Department Sum: moths 950 - 1.150 million VND 3.4.3 Supporting Solutions Managers’ Commitment: - Build a strong organization, clean the culture of company Improve system, carry out progresses and tools Train and recruit qualified staff Speed up and increase incessantly revenue Focus on core ability Goal: Brand name gets high value market Associate and measure finance to proposal Solutions Run business with cooperation spirit through all departments and function - parts to reach the goal Maintain a favorable internal environment (select, develop and encourage - managers and skilled staff) Generate a good profit for investors by providing high value of usage to customers Supporting solutions 1) Check customers’debt and reclaim them absolutely 2) Do not spread money in investment, should check new products, research and have tighter regulations before investing 3) Cut down on cost of noneffective business trips 4) Increase accuracy of inventory figures Do not receive underqualified goods and enhance functions CONCLUSION ROLE OF FINANCE SOLUTION FOR VIETNAM SUFAT CORPORATION IN STAGE 2013-2017 The motorbike industry’s sale is now close to saturation In 2005, there were 57 motorbike companies and in 2011, there were only about to 10 companies in Page 86 business With many years for investing brandname, SUFAT will take a chance to develop Apart from domestic market, SUFAT has advantages of export to Asian countries To reach that goal, SUFAT need to plan specific strategies and objectives: - Strive for obtaining turnover of over 500 billion VND in 2013 Export turnover reaches from 25% to 35% Annual revenue growth reaches over 15% Providing jobs for 450 employees and ensuring income average of employees as well as spirit demands increase bit by bit - The company carries out innovation completely in fields: production organization, salary, investment activities, and finance management, sales The company needs to overestimate human resource because it is the core factor of the company Therefore, it is necessary to esteem tight regulations - in production, industrial manners, business culture Enhance quality of products, meet customers’ requirements, improve - effectiveness of business activities and legal duty to the country Anticipate capital demand of company in stage 2013 to 2017 and next years, capital demand is very necessary, it increases average around by 25% per year To reach the goal in next stage, the company need to mobilize a huge capital through tools and enhance effectiveness of using capital POTENTIAL OF FINANCE SOLUTION FOR VIETNAM SUFAT CORPORATION IN STAGE 2013 - 2017 Because of lack of knowledge and time for this thesis, there must have lots of mistakes However, having 20 years working experience in VIETNAM SUFAT Corporation with passion for theme and colleagues’ help, I have done the thesis: “”Analyze the finance situation of Vietnam SUFAT Corporation 2007-2011 and The Financial solution in stage 2013-2017”” I would like to express my thanks to Professor, Dr Vu Thanh Hung – Deputy Director of Business Administration Institute, National Economics University for carefully guiding me during progress of working on this thesis I firmly believe that “Finance Solution for VIETNAM SUFAT Corporation in stage 2013-2017” will help company overcome obstacles in crisis period, stabilize Page 87 finance situation All these will bring fresh sources which make general strategies successful Reference materials Corporation finance Labor publisher, Hanoi 2003 Chief editor: Dr Luu Thi Huong, Dr Vu Duy Hao Statistics publisher Corporation finance schoolbook Writer: nguyen tan binh Finance statement Examination and analysis Finance publisher 2001 Chief editor: Dr Nguyen Van Cong 5.VIETNAM SUFAT Corporation’’s finance statement from 2007 to 2011 Website: tailieu.vn TABLE OF CONTENTS INTRODUCTION Preface Target of Thesis Scale of Research .2 Research Methods - Progress of comparison, definition trends of figures in the finance report of various terms is called analyst progress in width Content of thesis .4 CHAPTER I Page 88 FOUNDATION OF THEORY FOR CORPORATION FINANCE ANALYST 1.1 Basic concepts of corporation finance 1.2 Finance Analysis .7 1.3 Role of financial activities in Business Corporation 10 1.4 Financial Ratios 11 1.4.2 Capital structure and asset structure 14 1.4.3 Activity ratios 16 CHAPTER II 19 Analyze reality of finance situation in Vietnam Sufat Limited Corporation in stage 20072011 19 2.1 COMPANY’S PROFILE 19 2.1.1 General Introduction: 19 2.1.2 History: 20 2.1.2 SUFAT Organization Structure 22 22 2.2 Corporation’s Business Environment Analysis 23 2.3 Situation of financial activities of Vietnam SUFAT Limited Corporation 33 2.3.1 Overall finance situation of SUFAT in stage 2007-2011 33 2.3.2 Analyze insurance capital resource for business activities of SUFAT in stage 2007-2011 .52 2.3.3 Analyze SUFAT’s payment policy and solvency in stage 2007-2011 58 2.3.3.2 Analyze other standards 65 2.3.4 Analyze effectiveness of SUFAT business activities in stage 2007-2011 68 2.4 Overall finance situation of SUFAT in stage 2007-2011 .77 2.4.1 Achievements .77 2.4.2 Corporation’s existing financial problems 78 CHAPTER III .78 THE FINANCE SOLUTION FOR VIETNAM SUFAT CORPORATION IN STAGE 20132017 78 3.1 GOAL : 78 3.2 PROPOSAL SOLUTIONS : 79 3.3 Selection solution 80 Page 89 3.4 Deployment 85 3.4.1 Goals 85 3.4.2 Action Plan 85 3.4.3 Supporting Solutions .86 CONCLUSION 86 Reference materials 88 Page 90 ... Original Index Continuous Index Average Index Equities Original Index Continuous Index Average Index payables Original Index Continuous Index Average Index Equity capital Original Index Continuous... reality of finance situation in Vietnam SUFAT Limited Corporation in stage 2007-2011 Chapter 3: Finance solution for Vietnam SUFAT Limited Corporation in stage 20132 017 Page CHAPTER I FOUNDATION OF. .. activities of Vietnam SUFAT Limited Corporation 2.3.1 Overall finance situation of SUFAT in stage 2007-2011 Finance situation shown in finance reports, among them, balance sheet and business statement