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In recent years, the economic crisis in Vietnam has crept into every industry. Real estate bubble, bad debts, gold speculation, and unemployment are the frequently mentioned through the mass media, the scientific research or more in the daily life of every citizen of Vietnam. It no longer lies in the economic forecast, which is taking place within the economy of Vietnam. The economic crisis affected directly or indirectly to the life, work of the people, to the production and business activities of economic organizations in Vietnam. The state agency also gave a lot of new laws which have policies to stabilize the economy and put out of this crisis. However, it takes time to verify the effectiveness of the policy. Right now, the market competition is fiercer than it ever. Competition for survival and competition for development are now moving toward Vietnam. In order to do that, businesses need to have the right business strategy and strong management capability. Buying and selling good of the company will affect to the development in the current business, especially commercial enterprises. Gold is the concerned investment channel today in Vietnam and all over the world. However, like securities, gold investment sector also requires investors to equip themselves with the necessary knowledge that prevent their investment to be risky like gamble. In fact, investors are concerned about gold, but only a few people understand the profound role of world financial markets. Being considered as an asset that has a "safe haven", gold may increase in value even when the stock market declines, and when the economy is in recession. Global gold price is affected by a variety of factors, including the political environment and the economy, such as the effects of the debt crisis in Greece, the increase in gold reserves to diversify foreign exchange reserves of Central banks many countries. Especially the big emerging economies like China, Russia, India, Brazil, or the speculation of financial institutions have pushed the gold price fluctuates constantly, and have created a new record of gold price. For the last 5 years, the gold market Vietnam has made great strides and increased the volatility in step with the world market. Along with the decline of the stock market and the "freezing" on the real estate market, gold investment is one of the attractive sectors that can be considered as the potential businesses. However, we have to admit a truth that gold business is always risky channel, and it is difficult to forecast accurately. During seven weeks of internship in AJC Ha Dong branch, by my experimental working time, I have understood this branch in both organizational structure and its business activities. Simultaneously, I have a chance to look through this branch’s collected data from various sources, especially its financial statement and statement of profit or loss. Business performance of an enterprise in general and business performance of gold in particular of AJC HaDong often depends on many subjective and objective factors, such as management practices, investment strategy to develop production, product innovation, market expansion, human resource planning, the macroeconomic policies of the concerned agencies. Therefore, constantly improving production efficiency business is a leading concern of the leadership and the entire staff of AJC HaDong. That is also the overarching and expressed issue that can illustrate the quality and efficiency of economic management of the corporation. All these improvements in content innovation methods and measures applied in management only really makes sense if they increase business efficiency. Business performance is not only as a measure of quality, reflecting the level of organization, business management, but also as a matter of survival of the AJC HaDong in the current period. As Vietnam''s economy is integrating the world economy will open up many opportunities and many challenges, especially in the field of business risk potential gold and hard to predict correctly. Therefore, I choose the topic: “Improve the business efficiency of Vietnam Agribank Gold Joint Stock Company Ha Dong Branch” to be my bachelor’s thesis in finance.
1 TABLE OF CONTENTS Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A ABBREVIATION Vietnam Agribank Gold Joint Stock Company Vietnam Agribank Gold Joint Stock Company Ha Dong Branch State Bank of Vietnam Board of Director AJC AJC HaDong SBV BoD LIST OF FIGURES LIST OF TABLES Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A CHAPTER 1: INTRODUCTION 1.1 Rationale In recent years, the economic crisis in Vietnam has crept into every industry Real estate bubble, bad debts, gold speculation, and unemployment are the frequently mentioned through the mass media, the scientific research or more in the daily life of every citizen of Vietnam It no longer lies in the economic forecast, which is taking place within the economy of Vietnam The economic crisis affected directly or indirectly to the life, work of the people, to the production and business activities of economic organizations in Vietnam The state agency also gave a lot of new laws which have policies to stabilize the economy and put out of this crisis However, it takes time to verify the effectiveness of the policy Right now, the market competition is fiercer than it ever Competition for survival and competition for development are now moving toward Vietnam In order to that, businesses need to have the right business strategy and strong management capability Buying and selling good of the company will affect to the development in the current business, especially commercial enterprises Gold is the concerned investment channel today in Vietnam and all over the world However, like securities, gold investment sector also requires investors to equip themselves with the necessary knowledge that prevent their investment to be risky like gamble In fact, investors are concerned about gold, but only a few people understand the profound role of world financial markets Being considered as an asset that has a "safe haven", gold may increase in value even when the stock market declines, and when the economy is in recession Global gold price is affected by a variety of factors, including the political environment and the economy, such as the effects of the debt crisis in Greece, the increase in gold reserves to diversify foreign exchange reserves of Central banks many countries Especially the big emerging economies like China, Russia, India, Brazil, or the speculation of financial institutions have pushed the gold price fluctuates constantly, and have created a new record of gold price For the last years, the gold market Vietnam has made great strides and increased the volatility in step with the world market Along with the decline of the stock market and the Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A "freezing" on the real estate market, gold investment is one of the attractive sectors that can be considered as the potential businesses However, we have to admit a truth that gold business is always risky channel, and it is difficult to forecast accurately During seven weeks of internship in AJC Ha Dong branch, by my experimental working time, I have understood this branch in both organizational structure and its business activities Simultaneously, I have a chance to look through this branch’s collected data from various sources, especially its financial statement and statement of profit or loss Business performance of an enterprise in general and business performance of gold in particular of AJC HaDong often depends on many subjective and objective factors, such as management practices, investment strategy to develop production, product innovation, market expansion, human resource planning, the macroeconomic policies of the concerned agencies Therefore, constantly improving production efficiency business is a leading concern of the leadership and the entire staff of AJC HaDong That is also the overarching and expressed issue that can illustrate the quality and efficiency of economic management of the corporation All these improvements in content innovation methods and measures applied in management only really makes sense if they increase business efficiency Business performance is not only as a measure of quality, reflecting the level of organization, business management, but also as a matter of survival of the AJC HaDong in the current period As Vietnam's economy is integrating the world economy will open up many opportunities and many challenges, especially in the field of business risk potential gold and hard to predict correctly Therefore, I choose the topic: “Improve the business efficiency of Vietnam Agribank Gold Joint Stock Company Ha Dong Branch” to be my bachelor’s thesis in finance 1.2 Research objective The thesis aims to analyze, synthesize, and evaluate; from that it gives some solutions in order to improve the business efficiency of Vietnam Agribank Gold Joint Stock Company Ha Dong branch The theoretical and practical figures related to the business efficiency at the Vietnam Agribank Gold Joint Stock Company Ha Dong branch Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 1.3 Scope of Research Mainly focus on the indicators that show the business efficiency of Vietnam Agribank Gold Joint Stock Company Ha Dong branch All the figures, tables and cases were collected from the materials of years 2013 and 2014 1.4 Research methodology The thesis used many methods of analyzing, summarizing, synthesizing, and comparing the statistics of the Vietnam Agribank Gold Joint Stock Company Ha Dong branch through years 2013 and 2014 The main source of information is secondary data, including legal documents such as law documents; publications such as reports, magazines or other publications related to the subject 1.5 The structure of the thesis The thesis includes three chapters as follow: Chapter 1: Introduction gives the overall about the thesis: rationale, research purpose, object and scope of the thesis, research method, structure of the thesis Chapter 2: Theoretical review of the gold trading business and the business efficiency provides the readers with theoretical background of gold trading business, gold market in Vietnam and in the world, and the business efficiency The chapter does not only feature an overview of gold and gold trading business but also clarifies concepts of the indicators that show clearly the business efficiency Chapter 3: The efficiency of gold trading business in Vietnam Agribank Gold Joint Stock Company Ha Dong Branch discusses the financial results and business efficiency of AJC Ha Dong Based on the theoretical overview above, the thesis analyzes the financial statement and income statement that show the efficiency of business in AJC HaDong Chapter 4: Solutions for improving the business efficiency in Vietnam Agribank Gold Joint Stock Company Ha Dong suggests some recommendations of the author to improve the business efficiency for AJC Ha Dong Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A Chapter 5: Conclusion gives the summary of the thesis Due to limited time, knowledge and experiences, the thesis might have some shortcomings and limitations Therefore, I expect to receive comments and recommendations from professors and readers to help me improve my thesis I would like to express my gratitude to PhD Pham Thi Dinh, my supervisor in Falcuty of Insurance, who gave me an orientation and a lot of useful advices to complete my thesis I also would like to thank a lot of friendly, knowledgeable staff especially Mr Nguyen Thien Phuc, who directly help me a lot during the internship in AJC Ha Dong Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A CHAPTER 2: GOLD TRADING BUSINESS AND THE BUSINESS EFFICIENCY 2.1 The role of gold in society Gold has played a special important role in major of societies since thousands years ago Not only with a nation, a region of all known civilization considered gold as a common trading good, but also every people around the world used gold From the time of Egypt - Ancient Greek, medieval, early modern, and so far, gold is always adored The classes, castes in any society passionately found, appropriated and stored gold Thus, gold is one of the very few values, which helped people to communicate with the others regardless of differences in race, religion and history Currently we can trace our use of gold back to at least 6200 years ago A variety of objects made of gold have been found in Bulgaria from 4500-4000 BC Gold artifacts dated to 5000 years ago have been found in Egyptian tombs; gold was already being beaten into sheets, foil and wire in Egypt at this time The Egyptian word for gold was ‘nub’ and is related to Nubia, the land south of Egypt where much of Egypt’s gold was obtained Humans have known gold and treasured it since prehistoric times Who discovered gold? We not know, it was discovered before there were written records We know there is a good chance the discovered found it in a river bed Gold is usually associated with rocks such as quartz and pyrites As these rocks undergo weathering or erosion by water, the gold can be washed into rivers allowing people to find it easily 1.1.1 Feature of gold The scientific symbol for gold is Au It is number 79 on the periodic table of elements Gold is not magnetic, but it is an excellent conductor of electricity Its melting point is 1945° F Gold is not corroded or tarnished by moisture, or oxidized (rust) by the effects of oxygen and water, or affected by ordinary acids, as most other metals are Deposits of gold that have lain inside a mountain or under a streambed or even on the ocean’s bottom will remain there and be rather unaffected until moved by the natural forces of the earth-or taken by man Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A Gold is unaffected by air, water, alkalis and all acids except aqua regia (a mixture of hydrochloric acid and nitric acid) which can dissolve gold Gold does react with halogens It will, for example, react very slowly with chlorine gas at room temperature to form gold chloride, AuCl3 If gold chloride is heated gently, it will decompose to release the pure elements again Gold is not the most valuable metal, but it is extremely valuable and probably the most sought after of all the valuable metals found on earth At today’s market exchange value, that same cubic foot of pure gold would be worth in the neighborhood of 10 million dollars A cubic inch of pure gold would be worth about thousand dollars So gold is valuable, very valuable indeed; and it does not take very much of it to accumulate a considerable amount of wealth Because gold is dispersed widely throughout the geologic world, its discovery occurred to many different groups in many different locales And nearly everyone who found it was impressed with it, and so was the developing culture in which they lived Gold was the first metal widely known to our species When thinking about the historical progress of technology, we consider the development of iron and copperworking as the greatest contributions to our species' economic and cultural progress but gold came first Gold is the easiest of the metals to work It occurs in a virtually pure and workable state, whereas most other metals tend to be found in ore-bodies that pose some difficulty in smelting Gold's early uses were no doubt ornamental, and its brilliance and permanence (it neither corrodes nor tarnishes) linked it to deities and royalty in early civilizations It is these characteristics that gold has attracted people from the beginning not only always keep colors in all conditions, but also because with a little gold, people can easily fabricated items very beautiful makeup for life Gold is the goods as well as one kind of currency Gold has two attributes of goods, which are existing-use value and value worth Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 10 Value in use of gold: Gold is used pretty much the same everywhere Originally, due to the brilliant colors, the easy processing and non-corrosive, gold is used for jewelry, art and supplies serving mystical religious ceremonies The applications of gold has made people appreciate gold, used it to adorn themselves and regarded it as a symbol of power Since thousands of years ago, the gold objects were placed in the Pyramids of Egypt's popular or how your donation Faraón decorated and map content in the palace of the Emperor of China 'Son of Heaven ' This day, in addition to serving the needs of jewelry and beauty, because of the predominant characteristics Vietnam, gold is used in high-tech fields such as military technology, electronic technology and travel information universe The value worth of gold: To have gold, it is necessary in gold mining and manufacturing Thus, the value of gold is worth of labor crystallized in it Gold is widely used in jewelry and coinage It is also used in dental work as crowns, as gold plating for decoration and as gold thread in embroidery work The gold content in alloys is usually measured in carats (k), with pure gold defined as 24k Gold is also one kind of currency Gold became the basis of money in many ancient civilizations, and even today most countries maintain large reserves of gold for financial credibility Most modern currencies, however, are not tied to gold as they were in the days of Gold Standard, described by economist John Maynard Keynes as “a barbarous relic.” In addition, the undeniable value of gold is in the ritual, religious, symbol of the power of the ruling class, in admiration of the man with the jewelry, art work associated with capital priceless art and beauty is praised by women, in other words, in addition to the typical value of a commodity you go through many centuries, just use as gold coins When the productive forces and the social division of labor developed to a certain extent, the exchange of goods thrived and people had to use the special commodity serves as the general price level Increasing in division of labor and production market is expanding across the state have more general character makes exchanges difficult, so need to use the general price level material and form unified currency rates treatment appears, at first, the money is rare things for people such as arrows, shells, fur, animal skins, and finally silver and gold Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 44 CHAPTER 4: SOLUTIONS FOR IMPROVING THE BUSINESS EFFICIENCY IN AJC HA DONG 4.1 Development directions of AJC Ha Dong Recently, the businesses in general and the gold and jewelry trading company in particular working in the difficulties, struggling during a turbulent economy, need for macroeconomic policies in order to force the economy to develop, especially for businesses trading in gold, silver has recently been under pressure by the State as a series of laws in the operation of gold trading, given to the major changes compared to the previous In that context, businesses need strategic thinking and vision They should develop a roadmap for development, need for change, reform activities in order to adapt the market Therefore, AJC Ha Dong has built its development strategy for the short, medium and long term corresponding stages which are: "Consolidation Phase" (From 2014 to 2016), "Growth Phase" (From 2017 to 2019), and "Expansion phase” (From 2020 to 2022) Accordingly to that, AJC Ha Dong give strategic expertise which are "financial strategy", "human resource strategy", "Strategic Marketing", "Business Strategy" In the process of implementing its growth strategy, the company has maintained to ensure the following specific objectives: - Satisfying customer requirements for quality, quantity and timing products provide - Ensure fair treatment policy and welfare workers - Complete and exceeded the tasks entrusted superior unit - Development of corporate culture, build a good working environment and efficiency - Contribute to the development of community and social Here are three stages mentioned from above: Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 45 1.1.7 From 2014 to 2016: Consolidation Phase From now until the end of 2016, the company continued stable operational strategy through: - Financial Strategy: In addition to funds allocated by the Corporation, Ha Dong AJC tend to increase by raising capital from the public in both gold and VND - Strategic Human Management: Improving apparatuses towards the quality, accelerate the training of staff in the course, reward to the skillful staff - Marketing Strategy: Increase the awareness of the buyers about the company's image, prestige through quality products and quality customer service - Business Strategy: Improving labor productivity, efficient use of existing human resources to improve sales volume Search for new sourcing quality, reasonable price 1.1.8 From 2017 to 2019: Growth Period - Financial Strategy: Continue to raise capital from the people with all the gold, VND and foreign currencies - Strategic Human: increase the staff in all departments, focus on recruiting qualified college or university in the field of economics block, recruit skilled goldsmiths serve for the workshop - Marketing strategy: opening the center in crowded areas such as commercial centers, large urban areas, the farther Ha Dong District - Business strategy: business expansion diamonds and other precious jewels, a license with the State of jewelry production, expanding existing job shop into a factory, capable of producing pages Jewelry, crafts finished with output in service consumption, reduce dependence input source from purchased 1.1.9 From 2020 to 2022: Expansion Period The company continues to perform well the proposed strategy Expanding the scale, the brand officially launched AJC jewelry to buyers in the area in Ha Dong district and Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 46 neighboring districts Extending the standard factory, capable of producing jewelry, crafts with high quality and productivity, minimize and possibly the entire dependent source of purchased inputs 4.2 Recommendations As I mentioned about the weaknesses of AJC Ha Dong, the problems are the difficulty in gold trading market and the information technology as well as in the management of human resources To solve these problems, AJC Ha Dong need to improve the quality of human resources, applying some information technology software in sale management as well as in accounting management In order to increase the efficiency of the AJC operation activities, here are some recommendations I will mention in the following: 1.1.10.Improve the quality of human resources Focusing on training staff, regular open the training courses for the staff in the branches and transaction centers Chief accountant should go to some training class to improve professional skills and update the new regulations of the State, from which common staff for the accounting department In the long term, but significant recruitment of high quality human resources, not only based on qualifications but pay attention to the practical level, recruiting via check, direct interviews 1.1.11.The applications of information technology in accounting The company has bought the rights to use the accounting software MISA This is the best accounting software recently, but there are still some mistakes Therefore, to fit well with the characteristics of business activities, companies can lease accounting software designer for their units only, with the option of software to meet the full needs of the company By implementing centralized accounting, the accounting profession in the center of the transaction usually takes place the day after the date of the transaction To solve this, companies should use the internet to connect data centers in dealing with the Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 47 accounting department at the branch Meanwhile, the sales staff will direct the accounting profession in the center of the transaction at the right time arises Accounting data will be transferred to the accounting department immediately via the internet To this, companies need to invest in a good computer system for trading centers, training, training sales staff to become an accounting transaction In addition, the investment in software and data security is also important 1.1.12.Establish the management accounting department Realizing that AJC Ha Dong does not really concern about the work of management accounting is a major flaw, thematic graduated propose solutions to establish management accounting department With the level of accounting staff does not have a high graduation thematic boldly proposed the hiring of management accounting in the first year, building a reporting system regulations and guidance methods, procedures and management accounting procedures for company personnel Then, the organization department of management accounting in the form of combination: accountant accounting for part of what will be done both financial accounting and management accounting part of it In addition, businesses must arrange the implementation of content management accounting general, such as: Collecting and analyzing information for the estimation and decision making in corporate governance The contents of this work can be arranged for general accounting (chief accountant) responsible 1.1.13.Innovation and development of new products in gold bullion nature collections, souvenirs and gifts Parallel to maintain the AAA gold bullion products, research is needed to release some low-volume gold bars with packaging guarantee equal some international products Need to improve the content of 2-sided but still carry the logo of Agribank Products will be keepsakes and gifts suitable for consumers in terms of value, while the high aesthetic, combined brand of the Agribank Gold Corporation Vietnam Joint Stock Company Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 48 1.1.14.Producing jewelry AJC virtually is not popular in the market in the field of jewelry and also would not have any significant move in building brands from the jewelry products The maintenance of a specialized unit is now manipulated as good conditions for deployment of production activities of the corporation However, in recent years, the product of AJC have not got a foothold in the market due to various reasons, including essentially not even pick up key commodities that are more advantageous than the others Branch is currently producing manipulated manually exit for all orders with any ingredient category, from gold, to silver and sometimes copper , so please not leave empty in Customer subconscious Immediate necessity is to choose the right time for the market demand, focus on production for one to two grams of quality key categories, such as 18K gold west of the rings, earrings, and silver 925 for all silver products The organization of production will be rearranged based on these raw materials coupled with selected technology and organization of production method offers the most Vietnamese That would be two types of products bearing marks the first AJC introduced to the market and to concentrate all possible conditions to introduce to consumers This method of selecting specific products creates competitive advantage However the particular choice will be made by the enterprise is on the basis of the approved scheme 1.1.15.Improving marketing activities Market research, market segmentation, target market selection and positioning of the brand Gold bullion market in Vietnam is a huge and potential market, but now the SJC huge influence Therefore, the need to conduct market research in Vietnam should be carried out and specific details to: Identifying market segments that gold piece AAA can promote the strength to compete with large scale Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 49 Selection of target markets for each stage and a description of the typical consumer of that market, for example, what age they belong, their profession, they often buy gold, buy gold do, to guide the product development, pricing, distribution channel expansion, building the advertising content, advertising media, an effective way Gold jewelry market, precious, market research and identify target markets is also very important Identify your target market according to geographic area and demographic characteristics such as age, income Understanding the characteristics of your target audience to take action oriented for designing, determine bracket, developing the distribution system, decoration, shop display The identification of the target market and brand positioning are the strategic issues, needs the understanding, thorough evaluation and the direction of the board of the Corporation However, according to the original, the AJC jewelry largely made generally available, no own uniqueness, level of main processing branch is limited manipulated, mostly people of Vietnam have the rates Import is not high, AJC should focus on the mass market segment to intermediate, taking advantage of the reputation of big brands to compete with private retail stores, and gradually develop the advantages of sample code, quality and service 1.1.16.Putting the form of advertising, sales promotion To promote brand gold pieces AAA and AJC brand to numerous people and create confidence for investors, balanced to promote advertising, sales promotion There are many combinations that use other forms of advertising as follows: Advertise on site, at the beautiful locations in the current distribution system, should decorate the shop with posters, large format posters to advertise beautiful gold jewelry pieces AAA and AJC In addition to the image on the poster should provide concise information on the properties of outstanding of products, the benefits of gold pieces AAA Outdoor advertising, AJC should plan to lease outdoor billboards on a few large street and road, which is crowded, or on the road to NoiBai International Airport On big holidays, AJC can participate in the banner ads in the big city Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 50 1.1.17.Solutions to improve efficiency in working capital Develop plans to use the capital, because the corporation is specialized in manufacturing business of jewelry art to depend very much on the volatility of financial markets Therefore, the Corporation must plan to use working capital, based on an analysis calculated from the results of the previous quarter or the year before, and must have reserves in the case of large fluctuations Rapid recovery of outstanding debts: the debt will increase a lot of costs The AJC Ha Dong will fund capital appropriation So corporations need strong measures against bad loans, while improving the customer financial evaluation before accepting loans, trade credits Rapid increase in working capital cycle, the AJC Ha Dong must proceed minimize working capital in circulation, increased speed of operation to increase the working capital cycle During the production stage should take the time and power of machinery, application of modern science and technology, increase production efficiency Saving expenses, besides saving the expenses as mentioned above, the costs of sales, in the management of enterprises also need saving Creating effective financial reserve fund can have many causes objective or subjective, but in business has always met all risks affecting the business Thus, the corporation must make a financial reserve fund to limit and overcome the losses that may occur 1.1.18.Research and analyze customer satisfaction The ultimate judge of how well an organization accommodates customer expectations and requirements is the customer All of the internally generated statistics related to basic service, perfect order or absolute performance may be internal indicators of customer accommodation, but to quantify satisfaction requires monitoring, measuring, and collecting information from the customer.While a comprehensive discussion of interview and survey research methodology is beyond the scope of this text, typical satisfaction measurement requires careful investigation of customer expectations, requirements and perceptions of firm performance related to all aspects of logistics Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 51 operations.For example, the typical survey measures customer expectations and performance perceptions regarding availability, order cycle time, information availability, order accuracy, problem resolution, and other aspects of logistics quality It is useful to gather information concerning customers’ overall feelings of satisfaction in additional to their assessment of specific logistics activities Additional questions may be included to capture customer perceptions of competitor performance Only through collecting data from customers can real satisfaction be assessed! Further, efforts to enhance customer success can be measured only from the customer’s perspective Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 52 CONCLUSION Depression and fluctuations in the market recently have affected negatively to the entire economic system as missed step foot on the bridge development It has shown that we need to develop a mechanism for the effective management of all resistance against the unwanted effects from the outside, better adapted to the new conditions and to ensure the ability to sustainable growth After becoming the internship member at the company, I found that the organization of general accounting, financial operation, basically meet the requirements of the new management, quite consistent with the current conditions of the company and AJC Ha Dong has achieved encouraging results However, in some content, there are also certain limitations With these restrictions, if the mangers have the positive solution in early time, AJC Ha Dong will become a strong company with the skillful staff, and contribute to the development of the Corporation in the future I hope that the solutions and recommendations above in the thesis contribute to improve the operating activities in gold and jewelry trading in Vietnam Agribank Gold Corporation Joint Stock Company Ha Dong Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 53 REFFERENCE Vietnamese: Luu Thi Huong & Vu Duy Hao, Tài doanh nghiệp, 2009 Đặng Thị Tường Vân, “Các giải pháp kinh doanh vàng Việt Nam”, University of Economics Ho Chi Minh City, 2008 English: Financial Report of AJC 2012, 2013, and 2014 Jonathan Spall, Gold Investment, 2010 McGraw-Hill, Marketing Essentials Student Edition Websites: http://vneconomy.vn/tai-chinh/thi-truong-vang.htm http://www.polyusgold.com http://usagold.com Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 54 COMMENTS Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 55 INTERSHIP REPORT ASSESSMENT Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A 56 Signature of supervisor Supervisor: PhD Pham Thi Dinh Nguyen Quang Huy – Class: Advanced Finance 53A ... ABBREVIATION Vietnam Agribank Gold Joint Stock Company Vietnam Agribank Gold Joint Stock Company Ha Dong Branch State Bank of Vietnam Board of Director AJC AJC HaDong SBV BoD LIST OF FIGURES LIST OF TABLES... concepts of the indicators that show clearly the business efficiency Chapter 3: The efficiency of gold trading business in Vietnam Agribank Gold Joint Stock Company Ha Dong Branch discusses the financial... of the State Bank of Vietnam and become Ha Dong branch and operates under the statutes of the Agribank of Vietnam On December 29th, 2008, Chairman of the Board of Directors of AgriBank of Vietnam