Giải pháp tài chính nhằm nâng cao khả năng cạnh tranh nghiên cứu tại tập đoàn bưu chính viễn thông việt nam (VNPT)​

ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - NGUYỄN ĐỨC ANH IMPROVING COMPETITIVENESS THROUGH FINANCIAL SOLUTIONS: A STUDY OF VIETNAM POSTS AND TELECOMMUNICATIONS (VNPT) GIẢI PHÁP TÀI CHÍNH NHẰM NÂNG CAO KHẢ NĂNG CẠNH TRANH: NGHIÊN CỨU TẠI TẬP ĐỒN BƯU CHÍNH VIỄN THƠNG VIỆT NAM (VNPT) LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH HÀ NỘI - 2020 ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - NGUYỄN ĐỨC ANH IMPROVING COMPETITIVENESS THROUGH FINANCIAL SOLUTIONS: A STUDY OF VIETNAM POSTS AND TELECOMMUNICATIONS (VNPT) GIẢI PHÁP TÀI CHÍNH NHẰM NÂNG CAO KHẢ NĂNG CẠNH TRANH: NGHIÊN CỨU TẠI TẬP ĐOÀN BƯU CHÍNH VIỄN THƠNG VIỆT NAM (VNPT) Chun ngành: Quản trị kinh doanh Mã số: 60 34 01 02 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH NGƯỜI HƯỚNG DẪN KHOA HỌC: PGS.TS HỒNG ĐÌNH PHI HÀ NỘI - 2020 DECLARATION The author confirms that the research outcome in the thesis is the result of author’s independent work during study and research period and it is not yet published in other’s research and article The other’s research results and documentation (extraction, table, figure, formula, and other document) used in the thesis are cited properly and the permission (if required) is given The author is responsible in front of the Thesis Assessment Committee, Hanoi School of Business and Management, and the laws for abovementioned declaration Date: November 2019 i ACKNOWLEDGEMENT I wish to express my deepest gratitude to my thesis advisor, Assoc Prof Dr Hoang Dinh Phi, dean of Hanoi School of Business and Management at Vietnam National University Without his enthusiastic support, the goal of this project would not have been realized I am gratefully indebted to his very valuable advices on this thesis I would like to give great thanks to all my respected lecturers during my two years of study at HSB It is whole-heartedly appreciated that their great advice proved monumental towards the success of this study I wish to thank all my colleagues and all my friends whose assistance was a milestone in the completion of this project I would like to recognize the invaluable assistance that you all provided during my study Finally, I must express my very profound gratitude to my parents and to my sister for providing me with unfailing support and continuous encouragement throughout my years of study and through the process of researching and writing this thesis This accomplishment would not have been possible without them Thank you Hanoi, November 2019 Duc Anh Nguyen ii TABLE OF CONTENTS DECLARATION i ACKNOWLEDGEMENT ii TABLE OF CONTENTS iii LIST OF ABBREVIATIONS .vi LIST OF TABLES viii LIST OF FIGURES ix ABSTRACT 1 Rationale Literature review Research objectives .7 Research scope Research methods Structure of the dissertation CHAPTER BASIC THEORY ON FIRM’S COMPETITIVENESS AND THE ROLE OF FINANCE IN IMPROVING COMPETITIVENESS OF ENTERPRISES 1.1 CORPORATE COMPETITIVENESS 1.1.1 Theories of competitiveness and competitive advantage 1.1.2 Methods of measuring and analyzing competitiveness .12 1.1.3 External factors affecting competitiveness 20 1.2 THE ROLE OF FINANCE IN IMPROVING ENTERPRISES COMPETITIVENESS 22 1.2.1 Taxation 22 1.2.2 State investments on supporting industries 23 1.2.3 Enterprises’ financing policy 23 1.2.4 Enterprises’ investment policy 24 iii 1.2.5 Enterprises’ distribution policy 25 CHAPTER ANALYSIS OF VNPT COMPETITIVENESS AND ITS CONTEMPORARY FINANCIAL SOLUTIONS FOR IMPROVING COMPETITIVENESS DURING 2014 - 2018 26 2.1 BRIEF OVERVIEW OF VNPT .26 2.1.1 History and development of VNPT 26 2.1.2 Characteristics of VNPT activities 26 2.1.3 Business performance of VNPT in comparison with its competitors 28 2.2 THE COMPETITIVENESS OF VNPT DURING 2014 - 2018 37 2.2.1 Evaluation of VNPT’s competitiveness using Pyramid Model 37 2.2.2 Evaluation of VNPT’s competitiveness using 5-Forces model 44 2.3 EVALUATION ON VNPT FINANCIAL SOLUTIONS FOR IMPROVING ITS COMPETITIVENESS DURING 2014 – 2018 50 2.4 EXTENDING THE ANALYSIS 51 CHAPTER 3: PROPOSAL OF FINANCIAL SOLUTIONS FOR IMPROVING COMPETITIVENESS OF VNPT IN VIETNAM 54 3.1 DEVELOPMENT ORIENTATION OF VNPT IN THE NEAR FUTURE 54 3.1.1 Opportunities and challenges to VNPT 54 3.1.2 Development orientation of VNPT 56 3.2 RECOMMENDED FINANCIAL SOLUTIONS FOR IMPROVING COMPETITIVENESS OF VNPT 58 3.2.1 Diversifying sources of capital 58 3.2.2 Improving VNPT’s credit and inventory management 59 3.2.3 Making investment decisions effectively 61 3.2.4 Innovating financial management team .61 3.2.5 Creating a diverse and flexible price policy 62 iv 3.3 OTHER RECOMMENDATIONS 63 CONCLUSION 67 REFERENCES APPENDIX v AAG ABC ADSL AFTA ATM EOQ FTTC FTTH GDP 10 ICT 11 IP 12 ISO 13 IT 14 IXP 15 JIT 16 MRP 17 NGN 18 ODA 19 OECD 20 R&D 21 ROA 22 ROE 23 ROS vi vii 24 SDH 25 SWOT 26 VNPT 27 VTF 28 WDM 29 WEF 30 WTO 31 xDSL LIST OF TABLES Table 2.1 VNPT financial indicators 2014 - 2018 32 Table 2.2 Comparison in price of the same service provided by VNPT, FPT, Viettel 2019 35 Table 2.3 VNPT’s business result 2014 - 2018 (Unit: Million VND) 39 Table 2.4 VNPT’s Accounting Balance Sheet 2014 - 2018 (Unit: Million VND) 40 Table 2.5 Strengths and weaknesses of VNPT’s competitors in the postal sector 45 Table 2.6 Strengths and weaknesses of VNPT’s competitors in telecommunications sector 47 viii modern telecommunications infrastructure; reducing network exploitation costs Particularly for the postal network, it is necessary to strengthen computerization in order to shorten the time to exploit traditional services Along with network expansion, the regular networks should be reviewed and simplified The company also need to pay attention on cooperation between enterprises, research institutes, universities in technology innovation Research and development activities should be focused and regulated supervised First of all, VNPT should continue improving the regulations and guidelines for synchronous, comprehensive and highly feasible R&D activities to attract, encourage and motivate the research team Secondly, the relationship between “the parent” VNPT and its subsidiaries should be built closely This helps to identify the issues, then apply solutions via research activities in time Thirdly, the company needs to support and encourage the import of advanced technology, decoding, mastering and localizing import technology, exchange new products Fourthly, science and technology potentials can also be developed through training, international cooperation and acknowledgement In corporate governance, to ensure higher stability and efficiency, the determining factor to improve competitiveness is human resources Workers in the organization should be well trained and familiar with and participate in competitive plans and strategies In order to so, the internal information system must be transparent and confidential VNPT should also pay attention to measures to motivate people labor In particular, the company needs to strengthen the team and renew the organization through training activities, strengthen cooperation with prestigious domestic and international training institutions To effectively use human resources, the company needs to focus on building high skills workers at management levels, recruit the right people at the right positions The recruitment should be based on actual business 64 operations and business development strategies Recruitment, training policies in the specific areas in each period and each stage should be set up clearly In addition, planning and creating favorable conditions for researchers and managers to learn and cooperate with partners, approach new technology is important These actions will create a team of professional experts for the company To encourage and motivate employees, the company needs a good salary policy which can improve productivity, quality of work and attract high quality workers This also minimizes labor transferring to others other businesses At the same time, the remuneration and bonus policy should be set up suitable with the ability and contribution of employees Regarding branding, it is very important to design brands clearly and consistently with long-term vision of the enterprise The message should clearly aim to well-defined target markets The brand design should be easy to remember, meaningful, easy to convert, adaptable In addition, to expand to international markets, it is necessary to apply trademark policies in accordance with global trend but still ensure flexibility in certain markets In addition to the effective communication methods, it is necessary to consider the media for different target market segments For example, beside advertising aimed at target customers, good sales promotion will increase the loyalty of existing traditional customers Moreover, the quality of customer support should be focused Through customer service, the company not only increase the loyalty and satisfaction of customers, but also collect information in terms of market demand, market trend VNPT should quickly build a software system and database of customer demand and information about the usage process of customers This will be a good database for market research, providing information for decision and policy making 65 The last but not least is integration Strengthening cooperation with suppliers, partners, domestic and foreign organizations will help VNPT to improve its competitiveness in both domestic and international markets Regarding domestic partners, besides strengthening VNPT competitiveness, it is still necessary to actively cooperate with domestic telecommunication enterprises, especially in sharing infrastructure in areas which are far away or difficult to develop the network This will improve the efficiency of investment and use of infrastructure, and also lower the cost of services Regarding foreign partners, VNPT should cooperate with suppliers of technology and equipment in the international market This action will help the company to access modern technology, gain experience in management and use of technology Besides, the cooperation with other partners in the field of telecommunications, banking, television, the internet will allow VNPT to improve product quality, diversify types of services and create new services such as data transmission, entertainment services with television, mobile banking services, etc., which better meet customer needs It is the foundation for VNPT to join the global and global value chain, reaching to regional and world telecommunications markets 66 CONCLUSION The financial source of the enterprise is one of the direct factors which influence competitiveness of enterprises A highly competitive enterprise with abundant capital, which ensures capital mobilization in necessary situations with low costs, is able to accurately record revenue and expenses in order to make decision of using its capital effectively Without sufficient financial resources, businesses will face many difficulties in using modern technology, limiting the improvement of staff qualifications, limiting the modernization of the management system and finding opportunities to invest in market research For the post and telecommunications industry, the financial capacity of businesses greatly affects business capabilities because investing in the field of technology and telecommunications requires huge costs Determining this, this study focus on improving VNPT’s financial capacity to maintain a stable growth This thesis aims to provide financial solutions for VNPT to make right business strategies in the context of increasingly fierce competition in the market among post and telecommunications companies These financial solutions include diversifying sources of capital, improving VNPT’s credit and inventory management, making investment decisions effectively, innovating financial management team and creating a diverse and flexible price policy Along with financial solutions, it is important that the enterprise pays attention on other issues relating to the corporate competitiveness, such as: technology innovation, research and development activities, human resources, branding, customer support, and integration After studying and researching along with the dedicated guidance of Assoc Prof Dr Hoang Dinh Phi, the author has completed this thesis 67 Despite great efforts, the thesis does not avoid shortcomings The author is looking forward to receiving feedback and support from other researchers 68 REFERENCES [1] Alice Pham (2015), “The Vietnam Telecommunications Sector: Good practices in Regulatory Reform in Relation to Competition Policy & Law Issues”, Toronto, Geneva and Brighton: ILEAP, CUTS International Geneva and CARIS [2] Anca, H.D 2012 Literature review of the evolution of competitiveness concept Annals of the University of Oradea, Economic Science Series 21(1), pp.41-46 [3] Buckley, P.J., Pass, C.L & Prescott, K 1988 Measures of international competitiveness: A critical survey Journal of Marketing Management 4(2): 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triệu VND BẢNG CÂN ĐỐI KẾ TOÁN Mã số 100 TÀI SẢN 110 130 I Tiền khoản tương đương tiền II Các khoản đầu tư tài ngắn hạn III Các khoản phải thu ngắn hạn 140 IV Hàng tồn kho 150 V Tài sản ngắn hạn khác 200 B TÀI SẢN DÀI HẠN 210 I Các khoản phải thu dài hạn 220 II Tài sản cố định 250 260 III Các khoản đầu tư tài dài hạn IV Tài sản dài hạn khác 270 TỔNG CỘNG TÀI SẢN Mã số 300 NGUỒN VỐN 310 I Nợ ngắn hạn 330 II Nợ dài hạn 400 B VỐN CHỦ SỞ HỮU 410 I Vốn chủ sở hữu 430 II Nguồn kính phí quỹ khác 440 TỔNG CỘNG NGUỒN VỐN 120 TÀI SẢN NGẮN HẠN A NỢ PHẢI TRẢ BÁO CÁO KẾT QUẢ HOẠT ĐỘNG KINH DOANH RIÊNG CHỈ TIÊU 10 bán hàng cung cấp dịch vụ 11 dịch vụ cung cấp 20 hàng cung cấp dịch vụ 21 tài 22 Chi phí tài 24 Chi phí bán hàng 25 Chi phí quản lý doanh nghiệp 30 10 Lợi nhuận từ hoạt động kinh doanh 40 13 Lợi nhuận khác 50 14 Tổng lợi nhuận trước thuế 51 15 Chi phí thuế TNDN hành 60 16 Lợi nhuận sau thuế TNDN Công ty cổ phần FPT BẢNG CÂN ĐỐI KẾ TOÁN RIÊNG ngày 31 tháng 12 năm 2014 Đơn vị: triệu VND BẢNG CÂN ĐỐI KẾ TOÁN Mã số 100 TÀI SẢN 110 140 I Tiền khoản tương đương tiền II Các khoản đầu tư tài ngắn hạn III Các khoản phải thu ngắn hạn IV Hàng tồn kho 150 V Tài sản ngắn hạn khác 200 B TÀI SẢN DÀI HẠN 210 I Các khoản phải thu dài hạn II Tài sản cố định 120 130 220 250 260 III Các khoản đầu tư tài dài hạn IV Tài sản dài hạn khác 270 TỔNG CỘNG TÀI SẢN Mã số 300 NGUỒN VỐN 310 I Nợ ngắn hạn 330 II Nợ dài hạn 400 B VỐN CHỦ SỞ HỮU 410 I Vốn chủ sở hữu 430 II Nguồn kính phí quỹ khác 440 TỔNG CỘNG NGUỒN VỐN TÀI SẢN NGẮN HẠN A NỢ PHẢI TRẢ BÁO CÁO KẾT QUẢ HOẠT ĐỘNG KINH DOANH RIÊNG CHỈ TIÊU 10 hàng cấp dịch vụ Doanh 11 Giá vốn hàng bán dịch vụ cung cấp 20 gộp hàng cấp dịch vụ Lợi 21 hoạt Doanh 22 Chi động 24 Chi hàng phí phí 25 Chi phí quản lý nghiệp 30 10 động doanh Lợi 40 13 khác Lợi từ 50 14 nhuận thuế T 51 15 thuế hành 60 16 sau thuế TNDN Chi Lợi Comparison between VNPT and FPT Indicators ROA ROE ROS ... SOLUTIONS: A STUDY OF VIETNAM POSTS AND TELECOMMUNICATIONS (VNPT) GIẢI PHÁP TÀI CHÍNH NHẰM NÂNG CAO KHẢ NĂNG CẠNH TRANH: NGHIÊN CỨU TẠI TẬP ĐỒN BƯU CHÍNH VIỄN THƠNG VIỆT NAM (VNPT) Chuyên ngành:... (Vietnam News, 2017) In general, it can be seen that the reforms have lifted the overall competitiveness of the telecom sector Initially, there was only one service provider in Vietnam, namely... telecommunications networks and performance In Vietnam, telecom market has transformed from monopoly based to competition-based approaches in the last two decades In 2007, Vietnam was recognized as the world’s