Developing distribution channels for viet tinh anh joint stock company to boost the sales of the imported LEGO toys

VIETNAM NATIONAL UNIVERSITY, HANOI SCHOOL OF BUSINESS Do Thu Hang DEVELOPING DISTRIBUTION CHANNELS FOR VIET TINH ANH JOINT STOCK COMPANY TO BOOST THE SALES OF THE IMPORTED LEGO TOYS Major: Business Administration Code: 60 34 05 MASTER OF BUSINESS ADMINISTRATION THESIS Supervisor: Dr Nguyen Thi Phi Nga Hanoi – 2011 TABLE OF CONTENTS ACKNOWLEDGEMENT i ABSTRACT ii TÓM TẮT iv TABLE OF CONTENTS vi LIST OF ABBREVIATIONS ix LIST OF TABLES, FIGURES AND PICTURES x INTRODUCTION 1 Significance of the Topic Literature Review Objectives of the Thesis Scope of the Thesis Research questions Research Methodology Expected Results Structure of the Study CHAPTER 1: GENERAL THEORETICAL BACKGROUND 1.1 Definition of distribution channels and their functions 1.1.1 Definition of distribution channels 1.1.2 Functions of Distribution Channels 17 1.2 Operating Distribution Channels 19 1.2.1 Definition of operating distribution channels 19 1.2.2 Basic elements of a distribution channel 20 vi 1.2.3 Step of distribution channel‘s management 23 1.2.4 Selecting the optimum distribution channel 23 1.2.5 Intermediaries selection methods in a distribution channel 24 1.2.6 Select distribution approach 27 1.3 Managing distribution channels 28 1.3.1 Definition of managing distribution channels 28 1.3.2 Management in distribution‘s workflows 30 1.3.3 Distribution channels‘ conflicts management 31 1.3.4 Assessing the effectiveness of a distribution channel 33 CHAPTER 2: THE CURRENT SITUATION OF IMPORTED – LEGO – TOY DISTRIBUTION CHANNELS AT VIET TINH ANH JSC 35 2.1 An overview about Viet Tinh Anh JSC and the distribution channels for imported LEGO toys 35 2.1.1 An overview about the company 35 2.2 The current situation of imported LEGO toy distribution channel 42 2.2.1 Designing distribution channel 42 2.2.2 Managing distribution channel 53 2.3 Assessing the effectiveness of the imported LEGO toy distribution channel 57 2.3.1 The effectiveness of the whole channel 57 2.3.2 The effectiveness of each member in the channel 58 2.4 An analysis of the affecting factors to the effectiveness of the LEGO toy distribution channel 59 2.4.1 Objective factors 59 vii 2.4.2 Subjective factors 62 CHAPTER 3: SOLUTIONS TO DEVELOP DISTRIBUTION CHANNELS FOR VIET TINH ANH JSC TO BOOST THE SALES OF THE IMPORTED LEGO TOYS 64 3.1 Business objective and business strategies of Viet Tinh Anh JSC in the coming years 64 3.1.1 Business objectives and business strategies of the company 64 3.2 Suggestions to develop distribution channels for Viet Tinh Anh Joint Stock Company 66 3.2.1 Strategic solutions 66 3.2.2 Specific solutions 69 CONCLUSION 74 REFERENCES 76 APPENDIX 78 viii LIST OF ABBREVIATIONS CEO Chief Executive Officer CFO Chief Executive Official JSC Joint Stock Company HCMC Ho Chi Minh City ix LIST OF TABLES, FIGURES AND PICTURES TABLE Table 2.1 Table 2.2 NOTE Revenue in the last months 2007-8 Revenue in the first months 2008-9 Table 2.3 Revenue of direct sales in 2009 and expectation in 2010 Table 2.4 Revenue of direct shops in 2009 and expectation in 2010 Table 2.5 Sales on intermediaries Table 2.6 Increase of revenue of retailers and consignments, 2009-10 Table 2.7 Number of intermediaries 2007-09 Table 2.8 Indicator to assess performance of retailer and consignment of Viet Tinh Anh JSC in 2009 Table 2.9 Table 3.1 Level of education of human resource in Viet Tinh Anh Current and expected number of retailers and consignments of Viet Tinh Anh JSC FIGURE Figure 1.1 Figure 1.2 Figure 1.3 Figure 1.4 Figure 1.5 NOTE Ideal types of distribution channels Distribution channel structures Typical Channels in Business-to-Business (B2B) Markets An example of distribution channel for mobile telecommunications service A Conventional Marketing Channel Versus A Vertical Marketing System Figure 2.1 Model of distribution channels of Viet Tinh Anh JSC PICTURE Picture 2.1 Picture 2.2 NOTE Core value of Viet Tinh Anh JSC Process of providing LEGO toys Picture 2.3 Children playing LEGO in Smart Garden, Hanoi Picture 2.4 LEGO Golden Day Picture 2.5 Fashion Contest for Barbie Doll promoted by Phuong Nga Picture 3.1 Advertisement of LEGO Club in Viet Nam Picture 3.2 Management team of Viet Tinh Anh JSC x INTRODUCTION Significance of the Topic Marketing plays an important role in business activities of enterprises, especially in the harshly competitive market Comes to marketing, people refers directly to the Ps or marketing mix which are the typical features of marketing activities Besides, the managing the distribution channels also plays an important role in the success of the company However, the job of managing the distribution channels have not received proper attention of the many company‘s owners Viet Tinh Anh Joint Stock Company, the exclusive distributor of LEGO – one of the most wanted toys brand – in Vietnam is an example Since being established, the company distributes LEGO toys mainly through two traditional channels: retailing shops and company‘s boutiques in big shopping centers However, to make the company grow and compete successfully with other distributors in the toy market, the company needs to improve the quality of the existing channels and discover new ones Thus, after an internship in Viet Tinh Anh Joint Stock Company and see the urgent needs of the company to improve the turnover and fame, I would like to write a Thesis on the topic of ―Developing distribution channels for Viet Tinh Anh Joint Stock Company to boost the sales of the imported LEGO toys‖ The thesis is expected to figure out the existing problems in the distribution channel of Viet Tinh Anh Joint Stock Company and then suggest practical solutions to improve the sales for the imported LEGO toys from Denmark Literature Review In the world history, there have been quite a few books, researches, articles, etc relating to marketing, especially, distribution channels Known as the father of modern marketing, Phillip Kotler has conducted a numerous works on marketing such as Principles of Marketing (13th edition, Jan 7, 2009) – with co-author Gary Amstrong In this book, Phillip Kotler and Gary Amstrong pointed out some most updated measures in modern marketing in order to make the products most marketable in recent business environments The work also succeeded in revealing the role and relationship between distribution channels with other elements in a marketing strategy On the website http://www.articlesnatch.com, many articles on distribution channels have referred to many case studies on distribution strategies of big corporations in the world Furthermore, the articles focus on how to reduce channel conflicts, the importance of stock management and distribution fulfillment to run a business efficiently, internet marketing distribution, and multi—channel retail integration The global outlook series on Distribution Channel Research provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings The report offers a bird‘s eye view of the structure of the distribution channel system, and the changing trends dotting its landscape Discussion on the global market is lined up with concise primers on major distribution channel markets, such as, Agricultural Sector, Retail Banking, Insurance Sector, and Mutual Funds The reader stands to gain an understanding of market fundamentals, and learn the truth behind multichanneling trends in the developed markets, and the simple math underlying the correlation between product performances, effective product penetration, and gap analysis and locating the customer market, among others The report highlights recent mergers, acquisitions, and other noteworthy corporate developments The retailing/distribution landscape in the US is quantitatively analyzed, and annotated with 46 market data rich tables that portray the prevalent retailing practices and distribution infrastructure scenario in select industries such as Cosmetics (Fragrances, Hair Care, Health & Beauty Aids), Office Products, Consumer Food & Beverage Products, Individual Life Insurance, Lamps, Table Linens, Home Textiles, Wall Décor, FashionLicensed Merchandise, and Over-the-Counter Drugs, among others Other briefly discussed and statistically illustrated regional markets include France, Italy, UK, China, and India Also included is an indexed, easy-to-refer, factfinder directory listing the addresses, and contact details of 2,281 companies worldwide In Vietnam, there have been also many researches on marketing as well as distribution channels because of the developing business atmosphere recently Especially, MA Ngo Quoc Hung finished a master thesis on distribution channel ―The development of distribution channels of gold and silver products in Phu Nhuan JSC‖ However, the thesis was on a very different kind of products – gold and silver products rather than toys for children So far, there has never been any thesis or research on toys products in Vietnam More importantly, the LEGO toy products are quite different because of its high price, besides, it can help children develop physical and mental health Therefore, the author believes that the theme of the thesis is worth to be researched Moreover, in the current situation of toy distribution industry in Vietnam which has often delivered Chinese products, the research‘s result may help Viet Tinh Anh JSC to sustain and develop its own distribution channels for high price – high quality LEGO toys, not mention to make a good mirror for other companies to follow Objectives of the Thesis The Thesis applies academic theories about distribution channels and significant characteristics of toy market to analyse the situation of Viet Tinh Anh JSC in managing its current distribution channels Basing on the analysis of the strong points and weak points of the existing channels, a comprehensive set of solutions will be suggested to improve the distribution channels of the company in the coming time Scope of the Thesis The Thesis studies the operation of distribution channels of Viet Tinh Anh JSC in the past two years and the next three coming years, regarding the other competitors in the toy market and the current business setting of Vietnam Because of the limited time and competence, the Thesis mainly focuses on studying the distribution channels of Viet Tinh Anh JSC for LEGO toys in the recent years with the limited area of the Northern provinces (mainly in Hanoi and Hai Phong) Research questions - What is distribution channel and its role in marketing? - How does Viet Tinh Anh JSC operate its distribution channels? - How to improve Viet Tinh Anh's distribution channel to increase its profit? Research Methodology To reach the above objectives, the current thesis use the traditional research methodology which starting with the background of channel distribution and then the situation of the distribution of Viet Tinh Anh case to find the application lessons for the company to improve the effectiveness of this action in the future Most of the analysed documents in this curent reseach were collected through the secondary data Expected Results - Giving an overview of the main characteristics of high-end toy market in big cities in Vietnam - Finding out strong points and weak points of the operating and managing the LEGO toy distribution channels of Viet Tinh Anh JSC - Suggesting solutions to improve the distribution channels for Viet Tinh Anh SJC to boost the sales of the imported LEGO toys However, in order to have a right distribution strategy, a firm needs a team of competent people There is no way to implement professional training to managers as well as help them to lift up awareness of the role of management activities and system development in doing business Picture 3.2.: Management team of Viet Tinh Anh JSC (Source: www.viettinhanh.com.vn) Human resource development Human is always key factor Without them, a firm can not be established and operated Thus the human resource development should be paid due attention, which helps the firm stronger and well-developed However, few Vietnamese enterprises are aware of the issue It is partly because they are lack of good conditions to develop human resource, and more, they are not aware of the importance of human Thus, the human resource development now in Viet Nam is quite limited Viet Tinh Anh is now taking more appropriate human resource policies to develop human resource The development strategy is all-sided covering every aspects of life such as: working conditions, job detailing, benefit package, consultancy service, etc Expanding distribution network while promoting distribution system’s quality The firm can expand market coverage of the products to develop distribution channel However, the firm should consider about distribution channel‘s efficiency It is because if the firm just considers covering new 67 market and forget core sustainability of the system, the system will collapse That is why developing distribution channels needs serious consideration about both issues to assure sustainable development Completing distribution activities based on selected multiple channel model Taking serious analysis on distribution channel and business atmosphere, the model of multiple channels is suitable with LEGO toys The final result of analysis is foundation on which the firm makes future strategies for distribution channel development as specific: - Retailing outlets still are key member in the distribution channel to make a sustainable distribution system - Expanding distribution network through expanding retailing outlets in big cities and provinces - Covering more market in provinces through system of consignments - Maintaining online distribution, direct sales to make more access to customers Focusing on key market as well as promoting potential markets Over the past years, Viet Tinh Anh has established a strong distribution system HCMC and Hanoi are two top markets where Viet Tinh Anh locates 28/31 shops selling LEGO toys In the south, HCMC is the biggest city in Vietnam where has nearly million people living and working (HCM Cityweb, 2010) HCMC is an attractive and potential market for every enterprise in general and Viet Tinh Anh in particular Meanwhile, in the north, Ha Noi is the capital, the heart of the country where has expanded into old Ha Tay provinces Ha Noi is also the potential market In recent years, Ha Noi and HCMC are parallel developed However, in coming years, Viet Tinh Anh should research and expand its distribution 68 channel in more cities and provinces The expansion should be careful because of the significant feature of the products: high quality and high price Besides Ha Noi, HCMC, Da Nang, Can Tho, Buon Me Thuot also need more investment from the firm‘s management team 3.2.2 Specific solutions In order to increase revenue, Viet Tinh Anh can apply some ways to improve sales as following:  Develop programs that encourage sales: Create motivation for sales people The company can motivate them by trip or reward sales quotas  Encourage joint product offer: Staff will convince consumer to buy LEGO products  Provide beneficial information to customers: Customers will have the most realistic information and have full rights and other benefits when shopping  Customer classification: There is obviously a big difference between patrons and normal clients  Reward programs: The discount to customers on birthdays, consultancy services…it can help attract loyal customers and increase sales  Promotional gifts: Customers will be very pleased and introduce more friends to buy LEGO products The specific solutions can divided into which apply to kinds of distribution channels: The current distribution channel and brand new distribution channel Solutions to the current distribution channels: LEGO is a big brand which has been recognized in the market However, its products are expensive for the average income of Vietnamese people That is the reason why the number of customers who know and buy these products are still limited Viet Tinh Anh JSC has identified its target 69 customers and its business partners to help the company improve profitability The main objectives of Viet Tinh Anh JSC now are to promote sales and find the right agents  Revenue are highest in the June, September, December, January corresponds to the season Children Day, Mid-autumn festival, Christmas and Lunar New Year So Viet Tinh Anh should implement a marketing program which welcomes more customers during such occasions Specifically, promotion campaign should be conducted actively to offer more benefits to customers  Sales from the retail outlets are high, so Viet Tinh Anh must concentrate on the kind of distribution channel It can be done with excellent communications between the firm and customers Viet Nam LEGO club is still in finishing phase, so in order to enhance this process, we need to raise up member‘s rights when they join LEGO club  The efficiency of public relations activities leads to very good image of the firm in the eyes of customers, which in turn help increase revenue The organization of the festival ‗Fun with LEGO‘ received positive response and the excitement from pupils, so this activity needs to be implemented regularly  Communication activities must combine all tools: Advertisement, promotion, public relations, direct sales, direct marketing The main used tool is direct mail and internet  With existing distribution channels, we have two specific measures to help increase sales rapidly in two years  Focus on direct shops: Because of the percentage of direct shops is low, Viet Tinh Anh should not focus much on this kind of channel Even if the number of stores will double in 2012 revenue from this channel can‘t not reach billion VND However, with growth rate at 160%, direct shops play an important role in raising awareness of toy products and LEGO brand 70  Combine direct shops and other channels: By keeping the direct shops and direct sales at the same level, Viet Tinh Anh should combine direct shops and other channels because it contributes much to the total sales revenue At current rate, the total of three channels is expected in 2012 as following: 260 + 615 + 35185 = 36,060 (million VND) If Viet Tinh Anh increases growth rate of retailer channel from 120% to 135%, the new expected revenue will be: 260 + 615 + 45406 = 51,493(million VND) So the remaining sales revenue comes from consignment must be: 60,000 – 42,168 = 8,506(million VND) And then, the growth rate of consignment can increase from 150% to 160% The number of Agents of Viet Tinh Anh JSC through the years as following: 71 Unit: shops No Retailers Consignments 2009 13 45 2010 15 67 2011 20 105 2012 26 160 Table 3.1: Current and expected number of retailers and consignments of Viet Tinh Anh JSC (Source: Sales and Marketing Department, 2011) Solutions to brand new distribution channels So far, Viet Tinh Anh JSC has to carry out many promotion and marketing campaigns It also spends money on charity and organizes events at many schools across the country with the aim of providing every Vietnamese child with a chance to play with LEGO toys at least once during childhood The company also must make plan to expand its operation to different cities and provinces in Vietnam With favorable discount rate and payment policy as well as support in shop decoration and sale staff training In order to get the years target, Viet Tinh Anh has to cooperate with more than 50 shops, supermarkets and bookstores to promote Lego branded products Viet Tinh Anh immediately needs to open more branches in the provinces with density population, large consumer markets such as Hai Phong, Quang Ninh Because the cost is high, the opening should carefully calculate the route and scale For example: The route is expansion up to 100 agents in 72 2011 and 150 agents in 2012 And then split into each moth, each quarter in order to use at the all reasonable resources Developing distribution channel’s members - Standardizing procedure to select new members - Establishing criteria to assess distribution channels‘ members - Building up and implementing assessment plan to manage and support timely members - Conducting training to managers and management level staffs - Specifying human resource policies - Building up corporate culture Building up a market information system Market information gathering is key factor that help firm to make quick and right decision to adjust itself confronting market‘s fluctuation Market information is gathered and processed timely and appropriately will help the firm make better decision Thus, it is needed to build up a market information system In order to promote process of gathering and assessing market information, distribution channels should pay attention to the following points:  Gathering information periodically to help management activities  Gathering information timely relating to rivals, products, patterns, new trends, customers‘ taste and behaviors and responses to their concerns  Conducting market researches with R&D Department of Viet Tinh Anh or outsourcing 73 CONCLUSION As far as concerned, the three research questions have been answered throughout this thesis So far, readers have had ideas about, first, the nature of distribution channel and its role in marketing Second, they have understood how Viet Tinh Anh JSC has operated its distribution channels from the beginning till now when it achieved very first successful business results Third, the thesis has given Viet Tinh Anh JSC feasible solutions to improve its distribution channel in order to increase profits More specifically, Chapter has given out the definition and the functions of distribution channels, the distribution channels operation and distribution channels management Chapter 2, based on theoretical background in Chapter 1, has revealed overview about Viet Tinh Anh JSC and its current situation of imported LEGO toys distribution channels Beside, the Chapter has also assess the effectiveness of the imported LEGO toy distribution channels, as well as affecting factors to the effectiveness of the LEGO toy distribution channels Accordingly, Chapter 3, giving solutions to develop distribution channels for Viet Tinh Anh JSC to boost the sales of the imported LEGO toys, has shown business objectives and strategies of Viet Tinh Anh JSC in coming years Based on such objectives and strategies, the author has given the company suggestions to develop distribution channels for Viet Tinh Anh JSC As mentioned in the scope of the thesis in the Introduction, the thesis just studies the operation of distribution channels of Viet Tinh Anh JSC in the past years and next three coming years However, thanks to an appropriate research methodology which is traditional, expected results of the thesis has been achieved More detailed, the thesis has given main features of high-end toy market in big cities in Vietnam It also has found out strengths and weaknesses in operation and management of Viet Tinh Anh JSC‘s distribution 74 channels Finally, the thesis has dealt with suggestions and solutions to improve the distribution channels for Viet Tinh Anh JSC to boost the sales of the imported LEGO toys It is expected that the thesis has succeeded in giving readers an obvious view on the issues throughout the paper Moreover, the author does hope that Viet Tinh Anh JSC has found the thesis worthwhile to be taken into consideration, so that the company can find feasible solutions to strengthen its distribution channels In turn, it helps to increase its sales revenue in the next three years Last but not least, during the preparation and conduct of the thesis, the author can not help avoiding possible mistakes So, the author welcomes all of your feedbacks, comments, and suggestions on the themes as well as the deployment of the research paper All of your contributions to make the thesis better are highly appreciated Thank you! 75 REFERENCES Vietnamese MA Anh, Ngo Tran Anh, Marketing Management Lecture Dr Ngo Tran Anh and MA Nguyen Tien Dung , Proposal for Graduation Thesis, Faculty of Economics and Management, 2006 MA Nguyen Tien Dung, Marketing Management Lecture MA Le Thi Phuong Hiep, Business Operation Assessment, Science and Technology Publishing House, 2006 MA Ngo Quoc Hung, The development of distribution channels of gold and silver products in Phu Nhuan JSC, 2010 MA Phan Van Thanh, Marketing Communications Financial Management, Faculty of Economics and Management, 2007 Trong Hoang and Hoang Thi Phuong Thao, Marketing Management, Statistics Publishing House, 2006 English Chan Kim W and Renee Mauborgne, Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition, Harvard Business School Press 10 Charles W Lamb, Joseph F Hair and Carl McDaniel, Essential of Marketing, Jan 1, 2011 11 Eugene Mick Kolassa, James Greg Perkins and Bruce R Siecker, Pharmaceutical Marketing: Principles, Environment, and Practice, Mar 12, 2002 12 Gary L Lilien, Arvind Rangaswamy and Arnaud De Bruyn, Principle of Marketing Engineering, Jul 3, 2007 13 Jennifer Lees - Marshment, Political Marketing: Principles and Applications, Aug 16, 2009 76 14 Louis E Boone and David L Kurtz, Contemporary Marketing, Jan 3, 2007 15 Paul Christ, Know This: Marketing Basis, Sep 6, 2008 16 Philip Kotler and Gary Armstrong, Principles of Marketing, 13th edition, Jan 7, 2009 Websites 17 http://www.articlesnatch.com 18 http://www.researchandmarkets.com 19 www.viettinhanh.com.vn 77 APPENDIX Appendix 1: Annual Report 2008 REPORT ON SALES ACTIVITIES YEAR 2008 UNIT: DONG TARGET CO DE A Revenue from sales activities B The deduction from revenue Net revenue from sales activities (10 = 01 - 02) Costs of sold goods Gross profits from sales activities (20 = 10 - 11) Revenue from financial activities Financial costs - Inclusded: Interest expenses Business management costs 10 Net profit from sales activities (30 = 20 + 21 - 22 – 24) 10 Other incomes 11 Other costs 12 Other profits (40 = 31 - 32) 13 Profit before tax (50 = 30 + 40) 14 Costs of corporate income tax 15 Profit after corporate income tax (60 = 50 – 51) 30 SPE CIFI CAT ION C IV.0 11 20 YEAR 2008 YEAR 2007 27.050.026.292 238.345.066 17.947.441.224 24.744.490 26.811.681.225 17.922.696.735 23.193.881.785 15.938.775.245 3.617.799.440 1.983.921.490 40.540.342 1883.088.326 1633.778.502 1763.411.778 13.345.884 728.349.727 526.086.342 1.017.051.405 11.839.677 40.875.395 7.056.220 33.819.175 251.866.243 7.135.325 8.586.923 18.548.403 45.658.852 11.414.713 180.414.645 45.103.662 34.244.139 135.310.983 21 22 23 24 31 32 40 50 IV.0 51 60 78 Appendix 2: Sales Report Half 2009 REPORT ON SALES ACTIVITIES FIRST HALF 2009 UNIT: DONG TARGET CO DE A Revenue from sales activities B The deduction from revenue Net revenue from sales activities (10 = 01 - 02) Costs of sold goods Gross profits from sales activities (20 = 10 - 11) Revenue from financial activities Financial costs - Inclusded: Interest expenses Business management costs Net profit from sales activities (30 = 20 + 21 - 22 – 24) 10 10 Other incomes 11 Other costs 12 Other profits (40 = 31 - 32) 13 Profit before tax (50 = 30 + 40) SPE CIFI CAT ION C IV.0 01/01/200930/06/2009 01/01/200830/06/2008 18.525.013.146 119.172.533 14.700.017.528 158.896.711 18.405.840.613 14.541.120.817 16.596.940.893 12.129.254.523 1.808.899.720 2.411.866.293 21 22 23 24 30 20.270.171 941.544.163 816.889.251 881.705.889 5.919.839 27.026.895 1.255.392.217 1.089.185.668 1.175.607.852 7.893.118 31 32 40 50 20.437.698 3.528.110 16.909.588 27.250.263 4.704.147 22.546.117 22.829.426 5.707.357 30.439.235 7.609.808 17.122.070 22.829.426 11 20 IV.0 14 Costs of corporate income tax 51 15 Profit after corporate income 60 tax (60 = 50 – 51) 79 Appendix 3: Accounting Balance 2007-9 TARGET CO DE assest 100 A Short term (100=110+120+130+140+150) I Cash and cash equivalents Cash (cash + bank deposits) II Short term financial investments Short term investments III Accounts receivable Receivable Prepayments to suppliers Other receivable IV Inventory Inventory V Other current assests Short term prepaid expenses VAT dedictible Taxes and other accounts receivable from the State Other current assets B Fixed assets (200=210+220+240+250+260) II Fixed asset Tangible fixed assets Fixed assets of financial leasing Intangible fixed assets IV Long term financial investments Other long term investments V Other current assets Long term prepaid expenses Total assets (270=100+200) A Liabilities (300=310+330) I Liabilities Accounts Payable The advances Taxes and accounts payable to the State Accounts payable to employees Internal payable Accounts payable and other short term payable II Long term debts Provision for loss of work B Equity (400=410+430) 110 111 120 121 130 131 132 135 140 141 150 151 152 154 158 200 220 221 224 227 250 258 260 261 270 300 310 312 313 314 315 317 319 330 336 400 30/06/20102009 31/12/2008 31/12/2007 21.465.072.938 4.225.809.766 4.225.809.766 0 6.516.854.255 5.825.988.965 575.547.200 115.318.090 9.241.041.390 9.241.041.390 1.481.367.527 0 22.735.819.635 732.063.280 732.063.280 0 6.373.073.922 4.762.180.404 261.600.000 1.349.293.518 14.938.566.749 14.938.566.749 692.115.684 0 18.579.150.770 892.359.349 892.359.349 0 6.045.082.301 4.902.127.378 213.600.000 929.354.922 10.859.091.388 10.859.091.388 782.617.740 0 396.700.618 1.084.666.910 692.115.684 782.617.740 5.270.892.232 4.633.846.233 936.018.366 3.697.827.867 56.000.000 56.000.000 581.045.998 581.045.998 26.735.965.170 16.760.719.884 16.727.167.884 2.694.805.054 10.825.578.910 5.608.970.645 5.050.395.669 1.102.889.845 3.947.505.824 160.000.000 160.000.000 398.574.976 398.574.976 28.344.790.280 16.771.064.507 16.771.064.507 3.432.021.523 7.574.983.718 5.062.797.388 4.563.863.354 836.066.592 3.727.796.762 136.000.000 136.000.000 362.934.034 362.934.034 23.641.948.166 13.701.442.291 13.701.442.291 5.889.407.476 6.282.754.331 298.082.348 0 1.065.670.641 1.196.559.200 222.400.968 605.308.762 923.971.722 2.908.701.573 33.552.000 33.552.000 9.975.245.286 3.279.428.458 0 11.573.725.773 0 9.940.505.874 80 I Equity Capital investment of the owner Development Investment Fund Financial Reserve Fund Other funds 10 Undistributed profit after tax II Capital and other funds Bonus and welfare funds Total capital (440=300+400) 410 411 417 418 419 420 430 431 440 9.666.092.495 9.240.000.000 245.292.495 148.800.000 32.000.000 309.152.790 309.152.790 26.735.965.170 81 9.407.786.989 9.240.000.001 94.986.988 72.800.000 0 2.165.938.785 2.165.938.785 28.344.790.280 9.418.148.037 9.240.000.000 122.148.037 56.000.000 0 522.357.838 522.357.838 23.641.948.166 ... see the urgent needs of the company to improve the turnover and fame, I would like to write a Thesis on the topic of ? ?Developing distribution channels for Viet Tinh Anh Joint Stock Company to boost. .. Company to boost the sales of the imported LEGO toys? ?? The thesis is expected to figure out the existing problems in the distribution channel of Viet Tinh Anh Joint Stock Company and then suggest... distribution channels of Viet Tinh Anh JSC - Suggesting solutions to improve the distribution channels for Viet Tinh Anh SJC to boost the sales of the imported LEGO toys Structure of the Study INTRODUCTION