The working capital management at hoa phat interior supply company limited during 2016 2020

THE STATE BANK OF VIETNAM MINISTRY OF EDUCATION AND TRAINING BANKING UNIVERSITY OF HO CHI MINH CITY THE WORKING CAPITAL MANAGEMENT AT HOA PHAT INTERIOR SUPPLY COMPANY LIMITED DURING 2016 - 2020 GRADUATION THESIS MAJOR: FINANCE – BANKING CODE: 7340201 Student: NGUYEN HOAI BAO NGOC Class: HQ5 – GE02 Student code: 030805170133 Supervisor: Dr NGUYEN DUY LINH Ho Chi Minh City, 2021 THE STATE BANK OF VIETNAM MINISTRY OF EDUCATION AND TRAINING BANKING UNIVERSITY OF HO CHI MINH CITY THE WORKING CAPITAL MANAGEMENT AT HOA PHAT INTERIOR SUPPLY COMPANY LIMITED DURING 2016 - 2020 GRADUATION THESIS MAJOR: FINANCE – BANKING CODE: 7340201 Student: NGUYEN HOAI BAO NGOC Class: HQ5 – GE02 Student code: 030805170133 Supervisor: Dr NGUYEN DUY LINH Ho Chi Minh City, 2021 ii ABSTRACT Working capital management is a very important component of corporate finance because it directly affects the liquidity and profitability of the company It is concerned with current assets and liabilities For one thing, a traditional manufacturing firm's current assets account for more than half of its overall assets They account for even more for a distribution company Excessive amounts of current assets can easily result in a poor return on investment for a company Efficient working capital management entails preparing and managing current assets and current liabilities in a way that reduces the possibility of not being able to fulfill due short-term commitments and, on the other hand, avoids unnecessary investment in these assets Working capital could be at an optimum level for maximizing a company's value High sales can result from a large inventory and a generous trade credit policy A greater inventory decreases the probability of a stock-out Long, Maltiz, and Ravid (1993) and Deloof and Jegers (1996) suggested that trade credit can boost sales by allowing consumers to determine product quality before paying Accounts payable is another part of working capital Delaying payments to suppliers helps a company to determine the quality of goods it has purchased, and it can be a low-cost, versatile source of funding for the company On the other hand, if the company is given a discount for early payment, late payment of invoices can be very expensive However, if the costs of increased working capital outweigh the benefits of keeping more inventories and/or granting more trade credit to consumers, corporate profitability could suffer as a result of the cash conversion period Better working capital governance is essential to any business's success Working capital management organizes a company's cash flow, allowing it to operate smoothly Managing the proper relationship between a firm's short-term assets and short-term liabilities is part of proper working capital management Short-term assets are those that can be converted into cash within a year same short-term liability we may call such short-term liabilities that have a one-year payment period Working iii capital management's primary aim is to ensure that an organization's regular activities can continue and that it has enough cash on hand to offset short-term debt and potential operating expenses This discussion of the value of working capital management, its various components, and its effect leads us to the problem statement that we will be analyzing The main objectives of the thesis are to systematize the basic theoretical issues about working capital and using working capital of enterprises, analyze the use of working capital of Hoa Phat Interior Supply Company Limited, determine the successes and problems with the same cause and propose recommendations to improve the efficiency of working capital of this company Working capital, in general, and working capital, in particular, are factors that ensure that the business's production process runs smoothly and continuously However, what is the best way to use working capital? Being successful is a difficult task The inefficiency of capital would perpetuate the joint deflation of market activities As a result, the Company must make informed choices on how it can use the capital The company's working capital use was examined The author has finished her graduation thesis on the topic: "Working capital management at Hoa Phat Interior Supply Company Limited” Any of the following fundamental problems have been solved by the basic thesis: - Provide a comprehensive general and reasonably complete theory of the historical situation of working capital in the market, emphasizing the significance and function of working capital in business helping to make decisions about the company's survival and growth - Examine the Company's working capital use situation over the previous period, drawing conclusions, assessments, and feedback on accomplishments and flaws that must be addressed - Make some recommendations for improving the company's working capital performance iv It could be seen that Hoa Phat has been promoting its strengths with great policy in managing receivables and improving its previous strict policy to attract customers as well as demonstrating effectiveness in managing expense On the other hands, there are also some limitation that have been illustrated in this thesis about Hoa Phat Firstly, the Company has limited capital to compete with other larger corporations in the industry Secondly, Hoa Phat has a high amount of inventory that also incurred storage costs, inventory management costs, losing the investment opportunities of capital resources Lastly, the Company would not be able to cover unexpected expenses and make payment on time due to low liquidity strength Hoa Phat Interior Supply Company Limited has many opportunities to grow stronger at the moment Those are the average urban growth rate that leads to the strong growth in housing and office segment, the development of furniture industry and also the technology However, the Company is now facing some challenges in the difficulty in e-Commerce furniture distributors, the availability of inventory on hand for customers and its strict policies on customers The thesis uses different methods as the basis for the research such as: synthesis method, systematization; method of collecting secondary data; comparative method; index method; historical method; interpretation method; SWOT analysis In detail, in this thesis, there are analysis performed that help improving the company’s working capital management such as: Analysis of working capital structure, working capital turnover, inventory and accounts receivable, cashflow, liquidity and cash conversion cycle… Realizing the current situation of Hoa Phat Interior Supply Company Limited, the author gives some conclusions for the Company as working capital management plays an important role in the company’s daily operation In 2020, Hoa Phat Interior Supply Company Limited has made some improvements but still faced some challenges, mainly lies in the management of inventory The thesis proposed several solutions that could be applied in order to optimize the use of inventory, avoid overstocking and thus enhance working capital in general such as inventory v categorization using ABC analysis or EOQ model At the same time, the Company should continue making improvement in its accounts receivable so that it can be quickly converted into cash and enhance the Company’s liquidity position Besides, there are some other recommendations that could be apply for Hoa Phat to improve and develop its operations While several attempts have been made to study and investigate, due to a lack of knowledge and the inability to learn about the Company's history of using working capital in a short period of time, evaluations and suggestions are difficult to avoid shortcomings The author only provided a few statements and assessments on the Company's use of stored capital activities before moving on to providing some recommendations for the use of capital However, the author hopes that by completing the study, she will be able to assist companies in doing better performance analysis using working capital in order to assist managers and entities involved in the organization in obtaining useful and timely information in order to make the best and most effective decisions vi STATEMENT OF AUTHORSHIP Except where reference is made in the text of the thesis, this thesis contains no material published elsewhere or extracted in whole or in part from a thesis by which I have qualified for or been awarded another degree or diploma No other person’s work has been used without due acknowledgements in the thesis This thesis has not been submitted for the award of any degree or diploma in any other tertiary institution Author Nguyen Hoai Bao Ngoc vii ACKNOWLEDGEMENT The author would like to express her sincere her supervisor Dr Nguyen Duy Linh for his invaluable guidance, comments and suggestions through the course of her thesis It has created the best conditions for her to complete this thesis Kindly thanks to Hoa Phat Interior Supply Company Limited has helped the author a lot in applying the principles and knowledge, through which she can possibly add more inadequate knowledge and contribute to developing herself in a professional and challenging working environment However, due to the limit of time and understanding, her graduation thesis can not avoid the mistakes or omission She is very pleased to receive the comments and feedbacks from lecturers to improve this thesis Author Nguyen Hoai Bao Ngoc viii TABLE OF CONTENTS CHAPTER OVERVIEW OF HOA PHAT INTERIOR SUPPLY COMPANY LIMITED 1.1 OVERVIEW OF HOA PHAT INTERIOR SUPPLY COMPANY LIMITED .4 1.1.1 General information of Hoa Phat Interior Supply Company Limited 1.1.2 History of Hoa Phat Interior Supply Company Limited 1.2 ORGANIZATIONAL STRUCTURE OF HOA PHAT INTERIOR SUPPLY COMPANY LIMITED .2 1.3 INDUSTRY ANALYSIS 1.3.1 Overview of Vietnam’s furniture industry .3 1.3.2 SWOT Matrix 1.4 BUSINESS OUTCOMES OF HOA PHAT INTERIOR SUPPLY COMPANY LIMITED DURING 2016 – 2020 CHAPTER WORKING CAPITAL MANAGEMENT OF HOA PHAT INTERIOR SUPPLY COMPANY LIMITED .12 2.1 WORKING CAPITAL STRUCTURE OF HOA PHAT INTERIOR SUPPLY COMPANY LIMITED .12 2.2 ANALYSIS OF WORKING CAPITAL’S COMPONENT OF HOA PHAT INTERIOR SUPPLY COMPANY LIMITED DURING 2016 – 2020 .17 2.2.1 Inventory management .17 2.2.2 Accounts Receivable management 21 2.2.3 Cash and Cash Equivalents Management .25 ix 2.3 REVIEW OF WORKING CAPITAL MANAGEMENT AT HOA PHAT INTERIOR SUPPLY COMPANY LIMITED 34 2.3.1 Review of the world’s wood and furniture industry 34 2.3.2 Vietnam’s furniture industry forecast over 2020 – 2024 35 2.3.3 Analysis of domestic furniture corporations 36 2.3.4 Review of working capital management at Hoa Phat .39 CHAPTER RECOMMENDATIONS OF WORKING CAPITAL MANAGEMENT AT HOA PHAT INTERIOR SUPPLY COMPANY LIMITED 44 3.1 DEVELOPMENT ORIENTATION OF WORKING CAPITAL MANAGEMENT OF HOA PHAT INTERIOR SUPPLY COMPANY LIMITED .44 3.1.1 Furniture market trend in the next five years in Vietnam 44 3.1.2 Hoa Phat’s development orientation 45 3.2 RECOMMENDATIONS FOR IMPROVING WORKING CAPITAL MANAGEMENT .46 3.2.1 Inventory categorization using ABC analysis 46 3.2.2 EOQ model .46 3.2.3 Other recommendations for the Company .49 REFERENCES 51 x Table 2.19 Average financial ratios of Hoa Phat and other corporations Inventory Turnover Hoang Anh Gia Lai Group Hoa Phat Group Accounts Receivable Turnover Current Quick Ratio Ratio 1.29 0.28 0.67 0.52 3.12 17.97 0.59 1.09 0.54 0.36 0.17 0.07 1.8 10.44 1.52 0.47 Petroleum Interior Decoration Hoa Phat Interior Supply Company Limited Source:Stockbiz and writer’s calculation Table 2.19 demonstrated the financial ratios of other corporations in the furniture and wood industry in Vietnam In the average ratios of five years from 2016 - 2020, we can see that compared to others businesses in furniture industry, Hoa Phat had the inventory turnover ratio of 1.8 somehow lower than Hoa Phat Group which is a large business that keeps a large amount of inventory on hand, however is still higher than Petroleum (0.54) and Hoang Anh Gia Lai (1.29) which means business is reducing the stability and efficiency of its activities and goods are stagnating It can be inevitable considering that the Company had not used any model to forecast the optimal ordering quantity or categorize its stocks into groups for different management and control The figure of accounts receivable turnover of Hoa Phat in the average of five years was 10.44, despite it was lower than Hoa Phat Group (17.97) but much higher than that compare to Hoang Anh Gia Lai and Petroleum which was accounted 0.28 and 0.36 respectively This was shown that Hoa Phat could lose their sales to 38 competitors offering more lenient credit terms because such high accounts receivable turnover The average current ratio of Hoa Phat was 1.52 which was the highest among the comparing corporations and higher than the average of furniture industry (0.9) Although this was greater than 1, proving the Company has managed and used its assets well, but being too high can lead to an imbalance when using assets to pay off short-term liabilities The higher the quick the ratio is, the higher the payment ability of the business In the past five years, Hoa Phat has shown its weak management through high quick ratio (0.47 in average) compared to Petroleum (0.07), however, the Company still performed its limitation in paying debt using current assets with lower ratio than Hoang Anh Gia Lai Group (0.52) and Hoa Phat Group (1.09) 2.3.4 Review of working capital management at Hoa Phat STRENGTHS - A good brand in mind of customers - Effectiveness in managing through its policy - Maintain and develop the operations - Strong labor force SWOT MATRIX WEAKNESSES - High amount of inventory - A limitation of capital to compete with other corporations - Decrease liquidity strength 39 OPPORTUNITIES - High growth rate in furniture industry - Control the cost through tenological advances - Rapid urbanization increases the demand for decoration and furniture SWOT MATRIX THREATS - Competitions from other domestic and foreign partners - Customers always ask for better designs, but the price increases little or no change Chart 2.5 SWOT matrix of Hoa Phat d 40 • Strengths The company has made progress and achievement during the period 20162020 Specifically, the results achieved in the 2016-2020 period are as follows: The company has had an appropriate policy in managing receivables In 2018, receivables were sharply reduced, nearly 84% of receivables were reduced compared to 2017 The average debt collection time of the company also tends to decrease gradually each year, it took the company 59 days in 2017 to collect its accounts receivable however in 2018, the figure declined to 49 days and continued to reach 20 days in 2019 and 27 days in 2020 Although the debt collection time of the company is still high, it has shown its effectiveness in managing debt collection and helping the company more flexible and convenient in debt collection process to accelerate business production and product consumption Through fluctuating its accounts receivable, the Company had correspondingly decreased the amount of cash received by customers, from 11,688 million VND in 2017 to 7,414 million VND in 2020 The Company had demonstrated effectiveness in managing and controlling general, administration expense Since the cost of sales declined during 2016 – 2018 and improving in 2019 and 2020, good management of these costs has helped the Company to enhance its profit growth during this period At the same time, the Company also improved its working capital turnover in the last two years compared to 2018, showing that after a decrease in this ratio during 2016-2018, the Company had been more effective in generating revenue with its working capital • Weaknesses Besides the achieved results, working capital management at Hoa Phat Interior Supply Company Limited still exists the following limitations: Continuous increase of inventories The company's inventory increased steadily during the period 2016-2018, especially in the 2018 period, which increased by more than 23% compared to 2017 Inventory has long led to capital backlog, as evidently showed in the low inventory turnover, causing losses to the company plus risks such as damage, wear and tear if the stock of inventory is too long While there was a decline of inventories in 2019 41 by 15%, the amount of those still on an upward trend during 2020 The value of inventory increased, leading to a decrease in storage coefficient, corresponding to the prolonged average storage rotation period In addition, high amount of inventory also incurred storage costs, inventory management costs, losing the investment opportunities of capital resources Decreasing liquidity strength A strong and continuous increase in inventory days on cash has consequently led to a longer cash conversion cycle, making it longer for the Company to convert its investments in inventory into cash and increasing the Company’s liquidity risk At the same time, since the inventory amount is so large that it accounts for a majority of current asset, the rising inventory amount had lowered quick ratio, making it difficult for the Company to cover short-term debts without inventory, which is the least liquid item among current assets All of Hoa Phat’s liquidity ratios are still too low and far from 1, which may put the Company at risks when they are not able to cover unexpected expenses and make payment on time, which will affect the Company’s credit-worthiness • Opportunities Rapid urbanization increases the demand for decoration and furnitures Vietnam is unique in that its people are very open-minded and eager to try out modern technologies, owing to its young and tech-savvy population Over the last few years, real estate values have begun to increase dramatically, and large houses or apartments have become a luxury that not everybody can afford Moreover, the trend of young Vietnamese in demand for interior design of houses and furniture at low and mid-range prices is increasing Control the cost through tenological advances Industry 4.0 pushes businesses to change their business models, and administration to invest aggressively in information technology systems and hire top talent Multigenerational human resource management skills are needed by businesses, as is increased labor productivity Human resources must be able to 42 multitask, be self-assured, independent, and have a strong desire to learn Therefore, the Company could mange its cost well, take full advantages of resources and grow up stronger • Threats Competitons from other domestic and foreign partners Despite Hoa Phat is a good brand in customer’ mind, the Company also faces the competitiveness among others corporations in the industry such as Minh Duong Furniture, ATC Furniture, Hoang Anh Gia Lai, Kaiser 1,… Those are larger partners compared to Hoa Phat, therefore, Hoa Phat needs to focus on its marketing campaign, products’ quality and prices to become better and hold a bigger market share in this industry Customers always ask for better designs, but the price increases little or no change Nowadays, the buyers have lots of choices for their furniture decoration, moreover, they would like a diverse and high quality of products, but a profitable price for them This could lead to a decline in the Company’s income if Hoa Phat chooses to decrease in price to compete with other businesses and attract more customers 43 CHAPTER RECOMMENDATIONS OF WORKING CAPITAL MANAGEMENT AT HOA PHAT INTERIOR SUPPLY COMPANY LIMITED 3.1 DEVELOPMENT ORIENTATION OF WORKING CAPITAL MANAGEMENT OF HOA PHAT INTERIOR SUPPLY COMPANY LIMITED 3.1.1 Furniture market trend in the next five years in Vietnam Fit home and office units and other wooden furniture are included in the kitchen and office furniture category Increased urbanization and home remodeling are driving the furniture market With steady growth in the hospitality sector, which has since thrived in terms of rises in tourism and tourism, home furniture and furnishings are gaining traction in terms of investment Wood and furniture have risen to become Vietnam's sixth largest export item, accounting for 6% of the global market Vietnam's current free trade agreements (FTAs) and ongoing trade negotiations, which provide opportunities for furniture manufacturers, are credited with the industry's strong export growth Furniture and other wood products help businesses compete and sell more Vietnamese furniture companies have strengthened their competitiveness by investing in advanced and automated facilities, as well as better designs, labels, and administrative management upwards The needs of the global market can be met by local furniture To increase their competitiveness, local furniture companies would expand production with advanced facilities The revenue of the furniture and interior equipment industry in Vietnam is about 478 million USD in 2019, according to Statista The annual growth rate of the furniture industry's revenue is expected to be 13.5 percent from 2019 to 2023 As a result, the furniture and interior products industry in Vietnam is expected to generate 44 $ 793 million in revenue by 2023 The furniture industry in Vietnam generates the 37th highest revenue in the entire furniture market bridge Despite its low GDP, Vietnam's demand for luxury furniture is comparable to that of Hong Kong, Singapore, and other high-income countries Hanoi and TP Ho Chi Minh City are the two markets with the fastest-growing demand for high-end furniture Users in Vietnam are becoming more interested in living space, paying attention to the aesthetics and art of interior furniture, but not as sensory as they once were 3.1.2 Hoa Phat’s development orientation In the coming year, the Company had set out some development orientation to improve working capital management as follows: Develop a stringent control policy on its inventory, making sure the Company know exactly the amount of its inventory before making any purchases At the same time, more research into the market has to be conducted to fully grasp the consumers’ demand before making a plan of further expanding its products Before the start of a new year, a report on inventory forecast and optimization for the next year should be prepared While accounts receivable management has been effective in the last year, the Company would continue implementing stringent credit policy in order to increase the amount of cash received by customers Since the Company is currently in a low liquidity position, declining accounts receivable would play a crucial role in helping the Company’s receive cash timely to cover its daily operation At the same time, the Company would negotiate with new suppliers on a longer credit term If the Company buys products in bulk or settles payment immediately, the Company would hope to receive a discount from new suppliers, or a longer duration to pay for its accounts payable If the Company is able to increase its days of holding account payables, this would put less burden on the cash conversion cycle of the Company, and the Company would be able to take advantage of these payables as a source of non-interest loan 45 3.2 RECOMMENDATIONS FOR IMPROVING WORKING CAPITAL MANAGEMENT 3.2.1 Inventory categorization using ABC analysis Inventories of the Company account for the largest proportion in the total working capital and are on the upward trend, resulting in more management costs and stagnant capital Therefore, it is crucial for the company to choose an appropriate inventory management method The proposed method is the ABC inventory management model, which is a model suitable for the company's production and business conditions The criteria for placing inventory types into groups are: - Group A: including goods with a value of 60-80% of the total value of inventories, in quantity only accounting for 15-20% of the total inventory - Small B: includes goods with an annual value of 25-30% of the total value of inventories but in volume they account for 30-50% of total inventories - Small C: includes goods with small annual value, accounting for only 5- 10% of total inventory value However, the number of them accounts for about 30- 55% of the total inventory Through this categorization, the supply manager can identify inventory hot spots, which are inventory that has huge quantity but are not that profitable The manager can now focus on preserving the inventory that is the most valuable and has different control and management plan for each category in different times 3.2.2 EOQ model Proposing to apply the EOQ model to calculate the optimal quantity for Hoa Phat because the company has many conditions suitable for the assumption of the EOQ model: the purchased goods will be put into the warehouse, not the reserve form, suppliers not deduct according to the amount whether or not to buy a lot, there is no shortage of inventory because the company always has a certain inventory available Furthermore, Hoa Phat has such a small amount of inventory compared to other firms in the industry to use the POQ model At the same time, the EOQ model 46 is also the simplest and most commonly used model When completing this model, the company has accurate forecasts about: - When to order the goods to make them available to customers - The amount of goods should be placed for each order so the order cost is minimal To use the EOQ model, the company needs to know the following information: Inventory demand in each year (D); daily inventory needs (d); Order costs for an order (S) and storage costs for a unit of goods (H) for each year 2016, 2017, 2018 are made through the following assumptions: - The company does not enjoy the trade discount policy from suppliers - The amount of goods in each order is made in a shipment - Instant receipts of materials - Only order cost and holding cost The formula to calculate Economic Order Quantity will be as follows: 𝐐 = F(𝟐 ∗ 𝐃 ∗ 𝐒)/𝐇 The economic order quantity (EOQ) is the order quantity that minimizes total holding and ordering costs for the year Even if our assumptions not hold in the coming years, EOQ will still indicate whether our current order amount if reasonable or not 47 Table 3.1 Demand, order cost and holding cost of inventory at Hoa Phat Interior Supply Company Limited during 2020 Number Item Demand (D) Order cost per order (S) Holding cost per unit (H) Chair 8846 1,589,000 650,000 Closet / Drawer 1333 766,000 710,000 Table 909 579,000 450,000 Others 332 91,000 210,000 Source: Financial and Accounting Department Using the information regarding Demand (D), Ordering cost per order (S), Holding cost per unit (H), the results regarding optimal order quantity (Q), expected number orders (N), expected time between orders (T) are calculated as follows: Table 3.2 EOQ results in 2020 Criteria Optimal Order Quantity Expected Number Orders Expected time between orders Minimal inventory cost (million VND) Formula Q = F(2 ∗ D ∗ S)/H 𝑁= 𝑇 = 𝐷 𝑄 𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝑑𝑎𝑦𝑠/𝑦𝑒𝑎𝑟 𝑁 𝑇𝐶 = 𝐷 𝑄 ∗𝑆+𝐻∗ 𝑄 Chair Closet / Drawer Table Others 208 54 48 17 43 25 19 20 12 16 15 135.2 30 21.8 3.5 Source: Writer’s calculation Above were the results assuming that the demand and costs stay constant also in 2021 compared to 2020 If there are any changes, employees at the Company could adjust according to the Company’s needs The results are interpreted as follows, for example in the case of Chairs: with the annual demand of 8846 units, according to EOQ model, it can be estimated that the optimal order 48 quantity in 2019 would be 208 units at the minimal inventory costs total 135,178,335 VND After days, the Company should continue making another other so as to make sure the selling process run smoothly and the costs are at its optimal level The Company can product corresponding forecast for the other items 3.2.3 Other recommendations for the Company • Improve the efficiency of capital inventory - Planning to inspect products during the buying stage to ensure quantity, quality, price, type, and means of payment at the lowest cost - Regularly updating information and evaluating the historical situation material, stock status of the Company - Organizing merchandise consumption and aggressively promoting the company's brand and products to draw new consumers - Conduct thorough market study, discovery, and analysis in order to comprehend the situation of fluctuating prices at home and abroad and to choose goods for import • Consumption should be well-organized in order to speed up the rotation of working capital transfers Customers making large-volume purchases should be given priority in terms of pricing, payment terms, and mode of transportation • Strengthen financial checks to avoid wasting working capital loss - Every month, you should inventory and re-evaluate the entire row - Capitalization, cash capital, payment capital to determine the available physical quantity current value of the Company - Strictly manage the procurement as well as stockpiling warehouse, to avoid loss, reduce value • Improve financial management capacity through accretion work maintenance staff - Regularly review and summarize the organizational structure and the skills of employees, from which there are advanced courses high professional qualifications - Clearly divide tasks and jobs 49 • Cost management - The company must be able to monitor the price of input goods; • The company must have procedures in place to manage the sales staff in order to improve job productivity and raise revenue - Reduce the amount of money you spend on things that aren't related to your manufacturing industry 50 REFERENCES Buehlmann, U., & Schuler, A 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https://tuoitre.vn/tang-co-hoi-khaithac-thi-truongnoi-dia-cho-doanh-nghiep-go-va-noi-that2018111907452016.htm VNS – Vietnam News (2013) FDI wood exporters outstrip lagging domestic companies Available at: http://vietnamnews.vn/economy/246292/fdi-woodexportersoutstrip-lagging-domestic-companies.html (Cited 02.03.2014) VOV – The Voice of Vietnam (2013) Timber exports in 2013 Available at: http://english.vov.vn/Economy/Timber-exports-in-2013/260122.vov (Cited 02.03.2014) 52 ... capital management at the company Scope of thesis is the working capital management at Hoa Phat Interior Supply Company Limited from 2016 to 2020 CHAPTER OVERVIEW OF HOA PHAT INTERIOR SUPPLY COMPANY. .. HOA PHAT INTERIOR SUPPLY COMPANY LIMITED 1.2.1 General information of Hoa Phat Interior Supply Company Limited Hoa Phat Interior Supply Company Limited was founded on April 03th, 2010 Hoa Phat. .. Financial Statements of Hoa Phat Interior Supply Company Limited from 2016 -2020 12 Table 2.2 Analysis of the working capital structure of Hoa Phat Interior Supply Company Limited during 2016 - 2020