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Cơ sở lý luận về định giá nhãn hiệu; kinh nghiệm định giá nhãn hiệu tại một số nước và tại Việt Nam, từ đó đề xuất phương pháp định giá nhãn hiẹu áp dụng cho Việt Nam trong điều kiện hiện nayCơ sở lý luận về định giá nhãn hiệu; kinh nghiệm định giá nhãn hiệu tại một số nước và tại Việt Nam, từ đó đề xuất phương pháp định giá nhãn hiẹu áp dụng cho Việt Nam trong điều kiện hiện nayCơ sở lý luận về định giá nhãn hiệu; kinh nghiệm định giá nhãn hiệu tại một số nước và tại Việt Nam, từ đó đề xuất phương pháp định giá nhãn hiẹu áp dụng cho Việt Nam trong điều kiện hiện nay
Bd KHOA HOC VA CdNG NGH| ' I t s KHOA HOC S6 HCIJ TKI TlFfi B O K H O A H O C VA CONG NGHE VIEN KHOA HOC SO HUU TRI TUf Bao cao tong hop BE TAI NGHIEN c i i u LY LUAN VA THUC TIEN N H A M XAY DUNG PHU'ONG PHAP DINH GIA NHAN HIEU AP DUNG TRONG GIAI DOAN CONG NGHIEP HOA, HIEN DAI HOA TAI VIET NAM Chu nhiem He tai: Iran Nam Long Bo'n vi: Vien Khoa hoc so huu Iri tuc II \NOl,201() BO KHOA HOC VA CONG NGHE VIEN KHOA HOC SO HUU TRI TUE NGHIEN C i r u LY LUAN VA THlTC TIEN NHAM XAY DUNG PHlTONG PHAP DINH GIA NHAN HIEU AP DUNG TRONG GIAI DOAN CONG NGHIEP HOA, HIEN DAI HOA TAI VIET NAM (Dc tai nghien ciiu Idioa hgc cap Bg) Nguoi thue hien: CN 'Iran Nam Long, chu nhiem TS Pham Hong Quat CN Nguyen Anh Ngoc CN Dang Hoang Anh CN Nguygn Thj Sy CN Vu Thi Han CN Do Thi Xuan Huang CN Tran Thi Thu Hang Ha N o i - MUC LUC MdDAU CHUONG I TONG QUAN VE NHAN HIEU VA PHU'ONG PHAP DINH GIA NHAN HIEU I Tong quan ve nhan hieu II Muc dich, y nghTa, nguyen tac dinh gia nhan hieu III Tong quan ve cac phuang phap dinh gia nhan hieu 3.1 Dac thu cua nhan hieu va anh hircmg doi vol viec dinh gia 3.2 Nhom phuang phap dinh gia sudung each tiep can chi phi 3.3 Nhom phuong phap dinh gia sir dung each tiep can thi truong 3.4 Nhom phuang phap dinh gia su dung each tiep can thu nhap 3.5 Nhom phuong phap dinh gia khac 3.6 Lua chon phuang phap phu hgp va xtr iy ket qua sau dinh gia CHU'ONG H KINH NGHIEM DINH GIA NHAN HIEU TAI CAC NU'CJC PHAT TRI£N He thong tieu chuan quoc te doi voi dinh gia tai san v6 hinh Djnh gia nhan hieu nham mot so muc dich cu the Ket luan CHUONG III THUC TIEN BINH GIA NHAN HIEU TAI VIET NAM I Quy dinh chung ciia phap luat Viet Nam ve tham dinh gia II Tieu chuan tham dinh gia Viet Nam III Dinh gia nhan hieu nham mot so muc dich cu the C H U O N G I V D E XUAT PHUONG PHAP DINH GIA NHAN HIEU I Cac can cu lira chgn piiuong phap dinh gia nhan hieu ap dung cho Viet Nam II Lira chgn phuang phap dinh gia nhan hieu ap dung tai Viet Nam III Phuong phap chiel khau dong tien: Cong thue va each ap dung IV Qu > trinh dinh gia nhan hieu 4.1 Quy trinh dinh gia nhan hieu long quat 4.2 Quy trinh dinh gia nhan hieu chi tiet ap dung phuong phap DCF PHU LUC; Ap dung phuong phap va quy trinh dinh gia nhan hieu dinh gia nhan hieu TISCO cua Cong t;' Co phan Gang thep Thai Nguyen TAII.IEU THAM KHAO MO DAU Trong nhung nam gan day, tai Viet Nam, tam quan trpng cua tai san tri tue noi chung va nhan hieu noi rieng doi voi sir phat tridn cua mgi mat doi song xa hoi cang dugc thua nhan rgng rai Vol nhieu doanh nghiep thi tai san tri tue da dugc coi la mgt nguon lire khong kem phan quan trgng so vai cac nguon lire truyen thong khac Cung v6i su phap trien cua ca che thi truong, nhu cau ve viec dinh gia tai san tri tue cQng cang cap thi^t Dap ung doi hoi ciia thue tiln da co nhieu quy dinh ve dinh gia tai san tri tue dugc ban hanh: Tieu chuan tai san v6 hinh, he thong cac tieu chuan thkm dinh gia Viet Nam (Bg Tai chinh ban hanh) Tuy nhien, nhiing quy dinh chua thue su day du, ro rang, each hieu, each van dung thieu thong nhat lam sinh khong it kho khan thire hien Thirc t6 doi hoi phai nghien cuu day dii, toan dien ve van de dinh gia tai san tri tue, sang chi va nhan hieu dugc coi la hai loai tai san tri tue di^n hinh Do la ly va muc dich thirc hien ciia De tai "Nghien cuu ly luan va thue tiln nham xay dung phuong phap dinh gia nhan hieu ap dung giai doan cong nghiep hoa, hien dai hoa tai Viet Nam" Trong pham vi nghien cuu cua de tai nay, nhom tac gia tap trung giai quy§t cac ngi dung: Co so ly luan vl dinh gia nhan hieu; kinh nghiem dinh gia nhan hieu tai mgt s6 nuoc va tai Viet Nam, tir de xu4t phuong phap dinh gia nhan hieu ap dung cho Viet Nam dieu kien hien Phuong phap va quy trinh djnh gia dugc dl xuit dugc tac gia ap dung dl dinh gia nhan hieu TISCO cua Cong ty C& phin gang thep Thai Nguyen nhu la mgt vi du thue hanh va kiem nghiem CHU'ONG I T N G Q U A N Vt NHAN HIEU VA PHU'OTVG PHAP DINH GIA NHAN HIEU I TONG QUAN VE NHAN HIEU 1.1 Khai niem nhan hieu Tai Khoan Dilu 15 Hiep dinh Cac khia canh thuong mai cua Quyin Sa hiru tri tue (TRIPS), nhan hieu dugc dinh nghia nhu sau: Nhan hieu la "bit ky mgt dau hieu, hoac su ket hgp ciia dau hieu co kha nang giiip phan biet hang hoa hoac dich vu ciia mgt doanh nghiep voi hang hoa dich vu ciia nhimg doanh nghiep khac Cac dau hieu gom cac tir, ke ca ten rieng, chir cai, chir s6, ylu t6 hinh va to hgp mau sac ciing nhu to hgp bat ky ciia cac dau hieu do, phai CO kha nang dugc dang ky la nhan hieu Truong hgp ban than cac dau hieu khong CO kha nang phan biet hang hoa hoac dich vu tuong ung, cac nuac Thanh vien ciia Hiep dinh co the qu}' djnh rang kha nang dugc dang ky phu thugc vao tinh phan biet dat dugc thong qua viec sir dung" Theo Luat So hiina tri tue ciia Viet Nam, nhan hieu duge quy dinh nhu sau: ''Nhan hieu la ddu hieu dimg de phdn biet hang hod, dich vu cua cdc l6 chuv cd nhdn khdc nhau'' (Dieu 4.16) Nhu vay, nhan hieu la mgt loai doi tugng so hiru tri tue, thoa man hai tieu chi: - Phai la dau hieu duoi dang chii viet, so, hinh anh, mau sac, hinh khoi (nhan hieu ba chieu), am hinh anh ba chieu, doan phim ngan, tham chi la miii, vi; - Dau hieu phai co kha nang thue hien chuc nang phan biet hang hoa, dich vu 1.2 Phan loai nhan hieu Can cu vao tieu chi khac ma co nhieu each phan loai nhan hieu Xet tii' goc dac tinh cua dau hieu tao nen nhan hieu, c6 the chia nhan hieu 02 loai: + Nhan hieu truyen thong: Nhan hieu bao gom cac dau hieu ve chir, so mau sac, hinh anh hoac la su ket hgp cua cac yeu to noi tren + Nhan hieu phi truyen thong: Nhan hieu gom cac dau hieu ve am hinh anh dgng, doan phim ngan, anh ao ba chieu, miii, vi, mgt vat (device) co kha nang phan biet hoac la su ket hgp ciia cac yeu to tren Xet tir goc chuc nang ciia nhan hieu, nguai ta chia nhan hieu cac loai: + Nhan hieu thong thuong: + Nhan hieu tap thi: Nhan hieu diing dl phan biet hang hoa, dich vu ciia cac vien cua td chiic la chii so hiiu nhan hieu voi hang hoa, dich vu ciia to chirc, ca nhan khong phai la vien ciia to chirc + Nhan hieu chung nhan: Nhan hieu ma chii sof hiiu nhan hieu cho phep to chuc, ca nhan khac sir dung tren hang hoa, dich vu ciia to chuc, ca nhan de chung nhan cae dac tinh ve xuat xu, nguyen lieu, vat lieu, each thirc san xuat hang hoa, each thue cung cdp dich vu, chat lugng, chinh xac, an toan hoac cac dac tinh khac ciia hang hoa, dich vu mang nhan hieu -t- Nhan hieu lien ket: Nhan hieu ciing mgt chii the dang ky, triing hoac tuong ty diing cho san pham, dich vu cimg loai hoae tuong tu hoac co lien quan vol 1.3 Thu*(mg hieu Trong thyc tiln Viet Nam, hien thjnh hanh thuat ngir "thuong hieu" Trong nhieu tinh huong co su lan Ion thuat ngir voi "nhan hieu" Khai niem "thuong hieu" dugc sii dung voi ham nghTa khong thong nhat Co the diem qua mgt vai each quan niem ve "thuong hieu" nhu sau: - Thuong hieu la toan bg doanh nghiep hoac mgt phan ciia doanh nghiep: vi dy nhu "Thuong hieu Hummer sap ve tay nguai Trung Quoc" hay "mua ban thuong hieu to, cong va that bai" Voi each quan niem nay, noi den thuong hieu la noi den tong the tat ca eac yeu to tao nen mgt san pham, dich vu, vi du noi den thuong hieu KFC ham y ca nhan hieu KFC, uu the ve vi tri cira hang, each bai tri, phuong phap ban hang, bi quyet che bien thyc pham vi nhirng yeu to khong the tach roi Thieu mgt yeu to khong lam nen KFC - Thuong hieu la sy ket hgp giiia nhan hieu va ten thuong mai: Nhan hieu va ten thuong mai mgt so truong hgp song hanh, co the sir dung lan, tham chi la triing vi du noi den Cong t\ Thep Thai Nguyen la noi den nhan hieu TISCO, doi nguoi ta van sii dung khai niem "Thep Thai Nguyen" - tiie la su dung ten thuong mai - de chi san pham mang nhan hieu TISCO Cach hieu dugc thay ro nliat tai Thong tu 146/2007/TT-BTC 06/12/2007 eua Bg Tai chinh, nhu sau: "G/o (ri thucmg hieu (bao gom: nhdn hieu, ten ihwang mgi) duac xdc dinh tren ca sa cdc chi phi thue te " (Diem 4.7.a phan A muc III) Trong hoat dgng dinh gia nham co phan hoa doanh nghiep tai Viet Nam thi khai niem "thuong hieu" thuong dugc hieu theo each ' Vncconmy.vn, 3/6/2009 - Thuong hieu la ten viet tat (ten giao djch) ciia doanh nghiep Co the de dang bat gap tren cac phuang tien truyen thong nhung cum tir nhu "thuong hieu CocaCola", "thuong hieu Vinamilk" hay "thuong hieu Biti's" voi ham y chi doanh nghiep la ehO so hiiu san pham - Thuong hieu la nhan hieu nhin tir goc marketing: Theo Gordon Smith, "xet tir goc ngiJ nghTa thi thuong hieu (brand) la mgt tir chi nhan hieu ITnh vyc marketing hoac la mgt khai niem ma cac chuyen gia marketing phat trien nham chi mgt loai nhan hieu mang nghTa rgng hon la khai niem ciing nhac ve nhan hieu theo luat dinh" {Trang 42, Trademark valuation - New York: John Wiley & Son, 1997) Thuong hieu la nhan hieu c6 uy tin tren thi truong: Voi each tiep can nay, nguofi ta quan niem nhan hieu la v6 bgc ben ngoai ciia uy tin doanh nghiep, mang ham y sy cam ket ve chat lugng san pham, dich vy Khong phai nhan hieu nao cung mang lai cho khach hang nhiing thong diep nhu vay vi du nhiing nhan hieu moi dugc tung thj trucmg, chua co dugc su nhan biet rgng rai cua khach hang Chi nhiing nhan hieu da co uy tin tren thi truong, co dugc su nhan biet den mgt mire nhat dinh thi moi duge ggi la thuong hieu Caeh hieu khac ve mgt khai niem dan den nhieu kho khan khong nhirng ve ly luan ma ea thue tien dinh gia tai san tri tue noi chung, chang ban voi each hilu theo Thong tu 146/2007/TT-BTC ciia Bg Tai chinh (thuong hieu g5m nhan hieu va ten thuong mai ciia doanh nghiep) lam sinh cac van de sau: Thu nhat, theo each hieu nhu vay thi co hai phan cau "thuong hieu", moi phan chiu sy dieu chinh khac ciia luat phap nen hoan toan co the coi la nhirng tai san doe lap va co the dinh gia rieng biet, vay thi tai lai phai ggp lai khai niem thuong hieu? Thii' hai, khong phai truong hgp nao nhan hieu va ten thuong mai cung di lien nhau, vi du ta biet nhieu den nhan hieu "tra thao dugc Dr Thanh" hay "Tam Thai tu", "gach Prime", "tra xanh khong do" nhung hiu nhu khong bilt din ten thuong mai cua loai san pham mang nhan hieu Trong truong hgp noi tren, ro rang viec gan nhan hieu va ten thuong mai la khong can thiet va lam phuc tap hoa qua trinh dinh gia Thu ba, dinh gia nham nhieu muc dich khac nhung myc dich ph6 biln la de thucmg mai hoa nhan hieu mgt each hieu qua nhit Nlu nhu viec thuong mai hoa nhan hieu khong eo tro ngai gi ve mat phap ly (da co hanh lang phap ly cho ho^t dgng li-xang, chuyen nhugng, gop von, lien doanh bing gia trj nhan hieu) thi doi voi ten thuong mai, van de phiic tap hon rat nhieu Dieu 139, Luat Sa huu tri tue Viet Nam quy dinh: "'Quyin ddi v&i ten thuong mgi chi duac chuyen nhugng ciing vai viec chuyen nhugng todn bo ca sa kinh doanh va hoat dong kinh doanh duoi ten thucmg mgi do" Nhu vay, nlu li-xang (eho thue quyIn su dung), gop von lien doanh bang ten thuong mai voi tu each la mgt loai tai san dgc lap la khong hgp phap it la tinh den thai diem hien na\ D I tranh hilu sai can khang dinh rang doi tugng ciia hoat dgng dinh gia dugc nghien cuu de tai la nhan hieu, khon^ phai la thuong hieu II MUC DICH, Y NGHIA, NGUYEN TAC DINH GlA NHAN HIEU 2.1 Muc dich, y nghTa Viec dinh gia nhan hieu nham xae djnh gia tri cua nhan hieu ma doanh nghiep dang tao dyng, dang so hihi Tir hieu ro ban vi the ciia minli tren thi truong uy tin dli voi khach hang va cac nha dau tu; danh gia dung hon no lye ciia lanh dao & nhan vien cong ty viec tao dyng nhan hieu, qua xay dung chien luge dau tu, phat trien nhan hieu Mgt each tong quat, viec dinh gia nhan hieu co the nham thyc hien cae hoat dgng chinh sau day^: (i) Chuyen giao quyen so hiru hoac quyen sir dung nhan hieu: xac dinh gia tri ciia hgp dong chuyen giao; (ii) Sap nhap va mua lai: xac djnh gia trj doanh nghiep dya vao ty trgng (muc dong gdp) eiia cac nhan hieu vao tong gia thi trucmg ciia doanh nghiep; (iii) Tiel kiem chi phi: viec tri cac tai san tri tuc mang lai Igi ich va cung doi hoi phai chi phi, dac biet la chi phi tri va thue thi quyen sa hiru tri tue Viec dinh gia ehinh xac nham xac dinh nhan hieu co gia tri kinh te tiem nang de tiep tue phat trien, loai bo nhung nhan hieu khong gia tri hoac khong mang lai Igi ich Ion hon chi phi boat dgng kinh doanh; (iv) Gop von dau tu, lien doanh hay lien minh chien luge: xac dinh chinh xac gia tri phan so huu (von gop) tuong img ciia doanh nghiep dy an dau tu hoac lien doanh, lien ket kinh doanh: (v) Co phan hoa phat hanh co phieu: xac dinh gia tri ciia doanh nghiep va nhan hieu ciia doanh nghiep tham gia co phan hoa hoac phat hanh co phieu cong chiing; (vi) Ho trg giai quyet tranh chap; xac djnh muc do, gia tri thiet hai hanh vi xam pham quyen doi voi nhan hieu: xae djnh gia trj hang xam pham: ho trg giai quyet tranh chap truong hgp pha san vi pham hgp dong, thira ke (vii) Huong thue uu dai tir viec bieu tang: Viec dinh gia tai san tri tue dugc bieu tang (thuong la cho cac to chirc phi Igi nhuan) lam co so de cac ca quan thul tinh toan mire uu dai thue cho doanh nghiep bieu tang • Valuation ofInielleclual Propcrt\: What Wh\ and Mow, WIPO Maga/inc9-i0/2003 2.2 Nguyen tac kinh te chi phdi hoat dong djnh gia nhan hieu Viec dinh gia nhan hieu phai tuan theo cac nguyen tac sau day - Nguyen tac sir dyng tot nhat va co hieu qua nhat: Viec su dung tot nhat va CO hieu qua nhit ciia nhan hieu ta dat dugc miic hiiu dung toi da nhung hoan canh kinh tl - xa hoi thyc te phii hgp, co thi cho phep ve mat ky thuat, ve phap !>' ve tai chinh va dem lai gia trj Ion nhat Tuy nhien, mgt nhan hieu dang sii dyng thyc te khong nhat thiet da the hien kha nang sir dung tot nhat va eo hieu qua nhat - Nguyen tac cung - cau: Gia tri ciia mgt nhan hieu dugc xac djnh boi moi quan he cung va eau tren thi truong - Nguyen tac thay doi: Gia trj eiia nhan hieu thay doi theo sy thay doi ciia nhung yeu to hinh va co lien quan den gia trj cua no Gia tri ciia nhan hieu cung dugc hinh thanli qua trinh thay doi lien tue phan anh hang loat cac moi quan he nhan qua giiia cac yeu to anh huong den gia tri Ban than cac yeu to anh huong den gia trj luon luon thay doi Do do, djnh gia nhan hieu phai nam dugc moi quan he nhan qua giu'a eac nhan to a trang thai dgng phai phan tich qua trinh thay doi nham xac dinh mire sir dung nhan hieu tot nhat va CO hieu qua nhat - Nguyen tac thay the: Trong truong hgp hai hay nhieu nhan hieu c6 the thay the Ian qua trinh sir dyng, thi gia tri ciia nhung nhan hieu dugc xac djnh boi sy tac dgng lan ciia nhan hieu den nhan bleu khac Hinh gia tri ciia nhan hieu dugc dinh gia thuong co lien quan den gia tri ciia cac nhan hieu khac co the thay the Khi hai nhan hieu co tinh huru ich nhu nhau, nhan hieu nao chao ban o muc gia thap nhat thi nhan hieu se ban dugc truoc Gioi ban tren cua gia trj nhan hieu CO xu huong dugc thiet lap boi chi phi mua mgt nhan hieu thay the can thiet tuong duong mien la khong co sy cham tre qua muc lam anh huong den sy thay the Mgt nguoi than trgng se khong tra gia cao hon chi phi mua mgt nhan hieu thay the cung mgt thj trucmg va mgt thai diem - Nguyen tac can bang: Cac yeu to cau ciia nhan hieu can phai can bang de nhan hieu dat dugc kha nang sinli Icri toi da hay miie hiiu dyng eao nhat Do de uoc tinh miic sir dung tot nhat va co hieu qua nhat ciia nhan hieu, can phai phan tich xem lieu da dat toi sy can bang nhu vay hay khong - Nguyen lac thu nhap lang hoac giam: Tong thu nhap tren khoan diu lu tang len se tang Hen tuc toi mgt diem nhat djnh sau mac dii dau tu tiep tyc tang nhung Ion ciia thu nhap tang them se giam dan ' Tieu chuan \hkm dinh gid \'iC't Nam Lai nhugn hien ndm 2008 ciia Thep Dinh Vn Id; 131.2 ly I'16.46= '.64% Nhu vdy, mirc lai nhugn bien loan ngdnh ndm 2008 ndm kliodng tir 68%, vl vdy, ky ihudt so sdnh lai nhugn bien khdng Ihuc hien duac vi lai nhugn bien cua Thep Thdi Nguyen thdp han rdt nhieu so vai mirc trung binh chung - Khdng cd sd lieu vi mirc phi li-xdng ciia ngdnh thep nen tdc gia uac tinh "lice phi li-xdng Iheo nguyen tdc "rule of thumb " nlnr sau' 2005 2006 2007 Lai nhugn rdng (ly ddng) W.I 19.5 10'.9 Ty le phdn trdm doanh thu 0.3 05 2.0 'Iy le phdn trdm trung binh Ty le ll-xdng uac linh Gid Iri ddng gdp cua nhdn hieu ndm 2008 khodng 2008 'J24 05 0.825% 0.825* 25% = 0,21% 0,21 '7.086,5= ]4.88ty Tinh loan ddng thu nhap ciia nhan hieu: Nau linh gia trj vugl trdi theo ky thuat Premium price hoac Igi nhuan bian Ihi can phan djnh gia trj thudn nhan hieu mang lai gia Iri vugt trdi cd thd cd su ddng gdp ciia nhiau yau td Trong ca cdu sdn phdm gdn nhdn Imu TISCO mat hdng thep hinh vd gang chiem ty khdng ldn long doanh ihu (tuong irng Id 3%i vd 6.7'%) Thdn ldn doanh thu tir ngudn sdn phdm thep trdn (13.8%) vd thep vdn (68.4%) sir dung cho xdy dung ddn dung vd cdng nghiep, Trong sd cdc kenh tieu thu, tieu thu qua chi nhdnh vd cdc don vi thudc Cdng ty chiim phdn chi phdi (71.9%) Tiep den lieu lim qua khdch hdng truyen thdng vd xual khdu (16.6% vd 6%) cdc kenh lieu thu khdc khdng ddng ke Xhu vdy.ddi tugng khdch hdng chinh ciia TISCO Id nhung ngudi dd cd kien thirc nhdt djnh ve sdn phdm thep vd Cdng ly Gang thep Thdi Xguyen Vdi mgi hdng ihep ddc thii la ndng, cdng kenh phi van ehuyen eao nen yiu to "mang ludi phdn phdi" hit sire quan trgng Neu san phdm tdt nhung dja diim xa, khd tiip can thi ca hoi tieu thu hdng ciing khd khan Trong thdi gian quan, TISCO dd xdy dung cho minh mgt mgng ludi phdn phdi rdng khdp tren cdc tinh miin Bdc vd miin Trung nhat Id tgi dia bdn Hd Xdi vd Thai Nguyen, vl vdy yeu td ndy ddng gdp ddng ke vdo viec tao gid tri vugt trdi cua TISC 'O udc tinh 20%, Ten thuang mgi "Gang Thep Thdi Xguyen" Cdng ly Gang Ihep Thdi Xguyen dugc thdnh lap lir ndm 1959 dugc coi Id cdi ndi cua ngdnh liiyen kim Viet Nam duac hdu hit moi ngudi Viet yam biit den vd lin tirang^ ve uy tin chdt Immg (so sdnh vdi nhdn hiiu TISCO dugc ddng ky vd sir dung ddu tien lit ndm 2000) Chinh ten thuang mgi Thep Thdi Nguyen (hogc Gang Thep Thdi Nguyen) chu khong phdi nhdn hieu TISCO (bdt ddu su dung tir ndm 2000) da idm nen hdu het gid Iri vual trdi Khdo sdt 100 ngudi dp ludi lir 20 den 60 lgi Hd \'di, cd tren 85% khdng biit nhdn hieu TISCO thudc ngdnh nao; 73% khdng biil din nhdn hieu Ihep TLSCO Id ciia cdng ty nao Nhu vdy, uac tinh ten Ihuang mgi Cgng Thep Thdi Nguyin dong gop 50% gid tri vupl irpi Mpl yiu td khdc ciing cdn tinh den Id "uy lin qude gia" Khi linh loan gid tri viral trdi, tdc gid sir dung ddi chirng Id sdn phdm dig Trung Quoc Tgi Viet Nam cdc sdn phdm mang nhdn hiiu Trung Qude duac dinh vi Irong ngirdi lieu diing a ddng sdn phdm phdm cdp thdp, gid re, vi vay, sdn phdm mang nhdn hieu I VtV thuong duac coi la cd chdt luang vd gid bdn cao hrrn cdc sdn phdm co xudt xir Trung Qude Yiu 16 ndy ddng gdp klioang 10% gid tri viral trdi Cdc yeu td khdc ddng gdp khoang 5% gid Irl vm/l trdi Nhu vdy, nhdn hiiu TISCO ddng gdp khoang; 100% - 20yo - 50%, - 10%, -5% = 15% luang duong khoang 19.75 ly'num Mirc thui Thu nhdp doanh nghiep dp dung ndm 2008 Id 25%, Xhu vdy lai ich kinh li nhdn hieu TISCO mang lai Irong ndm 2008 Id khodng; 19.75 ly/ndm * (I-25%i) = 14.85 ty nam Tdng kit; Tham sd D cd gid tri: 14.85 ly neu linh bdng ky thudt Premium Price; Tham sd D ed gid Iri; 14,88 ty niu linh bdng ky Ihudt giam Irir phi lixdng Tham sd dupe lira chpn: 14.8 ly 3,2, T h a m so D i co giii trj tir l - ' n Phu'O'ng an Sd lieu ri san lupng du kiin dd diroc cdng bd; Trong Ban Cang bo thdng tin phuc vu cd phdn hda Cdng ly Gang Thep Thdi Nguyen dd dir kiin uin luang lieu thu vd doanh sii dir kiin Irong ede ndm tiip theo nhu sau; [Ndi^i \Sdn lupng du kiin (tdn SP) I 2009 485.000 \ 2010 540.000 2011 590.000 2012 Doanh Ihu du kiin Lai nhugn dong) rdng \ 6.152.8 '233.1 du kien 11} 13'.8 191,8 10.658 245,1 - Ta chua co sd lieu sdn luang du kien lir ndm 2012 tra di nhung ed the ngogi "uy Cudi nam 2010 cdc du dn md rdng vd ndng cao ndng lire ,sdn xudt se /man thdnh nhu vdy din hit ndm 2010, neu k/idng cd biin ddng dgc biel thi Thep Thdi /Nguyen se dat san luang dn dinh Tire Id san luang ndm 2012 gia dinh Id hdng ndm 2011 Cdn cir sd lieu ndy, cd the uac tinh tham sd D ciia ndm (lir 2009-2012) nhu sau Ndm Sdn luang du kien (tdn SP) Gid tri nhdn hieu tirng ndm tinh price theo ky thiigl Premium (ly) Lai nhugn ddng) rdng du kien (ty 2009 2010 2011 2012 485.000 540.000 590.000 - 15 16.7 18.25 18.25 13'.8 191.8 245,1 34.45 47.95 61.275 Gid tri nhdn hiiu tirng ndm linh Iheo ky Ihudt gidm Irir phi iixang (ly) 61.275 Ghi chu: Cd su chenh lech ldn giua hai each tinh todn Id mirc lgi nhugn bien du kien dugc cai thien vi vdy luy san lugng khdng lang nhieu nhung lgi nhugn du kien tdng mgnh (du kien Idi rdng 13".8 ly ndm 2009 so vdi 32.4 ly ndm 2008 ) ddn den gid Iri nhdn hieu ddng gdp cung tdng mgnh neu tlnh theo phuang phdp gidm trir phi li-xdng Phu'O'ng an 2: Chi cd day dii sd lieu hien tgi (2008), biel dugc du kien ldng truang tuang lai ke hogch md rgng sdn xudt tuang lai Cdn cir muc tieu chien luge cua Cdngty Gang Thep Thdi Xguyen den ndm 2011 la "ddu tu chiiu sdu ndng cao trinh dd cdng nghe vd thiet hi; phdn ddu ldng truang 10-15% ndm "; Cdn cir ki hogch dau lu ma rong ndng cao cdng sudt gdm: ndng cdng sudt Id vdi viec dp dung xu ly nudc gang ngodi Id; hodn ihdnh Ddy chuyen sdn xudt 500.000 tdn phdi/ndm vd Lo liiyen gang 550 m3, thudc du dn md rong sdn xudt giai dogn II; ki hogch khai thdc quang sCit tic md Tiin Bd dap irng cung cdp 300.000 tdn quang tinh/ndm Tren ca saphdn du kien se hodn thdnh trudc cudi ndm 2010: tich rdng: Theo du bdo muc tdng truang tieu thu thep xdy dung cua Viet Xam khoang I trieu tdn/ndm vd viec ddu tu ma rgng sdn xudt ciia Cdng ty Gang Thep Thdi Nguyen du kiin se hodn thdnh trudc cudi 2010 nen viic ldng trmmg san luang tiiu thu lir 10 din 15% la khd thi Tuy nhien, cimg ihdi gian ndy cd nhiiu nhd mdy khdc ciing ldng cong sudt hogc ddu lu mdi (cd danh sdch kem theo); ban thdn Thep Thai Nguyen dang gdp bdt lai vi cdng nghi ndi ehung cdn lac hdu, bp mdy cong I'enh hieu qud idn xudt kinh doanh thdp (the hien a lai nhiidn bien thdp han cdc cong ly CO cimg thi phdn) nen sdn luang lieu ihu du kiin ldng lir 5-7% Id hcrp li- vd din ndm 2012 thi sdn lupng se dgl mirc dn dinh Sau ddy Id du kiin sdn Immg liiu thu vd tham so D Iheo lirng ndm Ndm Sdn luang du kiin (Idn SP) 2008 480.000 Gid Iri nhdn hiiu lirng ndm linh Iheo ky ihiidl Premium price iheo lirng ndm luang img (ly) 14.85 2009 2011 2012 2010 (5%) (6%) ('%,) 5''1.000 504 000 534.000 571.000 15,59 16.52 17.6' l'.6' 3.3 T h a m so K Lai sudt phi riii ro dirge lira chgn a mirc 10% tuang duong lai sudi liii kiem ky hgn mot ndm, trd lai cudi kj' thdi diem thdng 11/2009; Cdc rui ro khdc diroc lira chon Id: - Rui ro ve thi trudng: Llien ed khd nhieu nhd mdy ihep dang dugc ddu tu mdi hogc md rdng cdng sudt, wr dung cdng nghe ngdy cdng hien dgi (trong phdn ldn cdng nghe ciia Thep Thdi Xguyen dd Igc hdu), dia diem cd nhieu ini the han (gdn cdng hien gdn thi trudng lieu thu ); Mdt hdng Thep xdy dung cd ddu hieu du thira cdng sudt chiu sir cgnh tranh ngdy cdng mgnh me cua thep nhdp ngogi khien rui ro ve thi Irudng ddi vdi mat hdng thep Id khd ldn Mat khdc, hieu qud kinh doanh cua Thep Thdi Nguyen khdng cao ihi- hien qua ty sudt lgi nhugn bien thdp han mice trung binh ngdnh Jjdc tinh, rui ro thi irudng d mirc 5% - Riii ro vi idi chinh: Theo bdo cdn ciia Tdng cue thdng ke, Lam phdt quy 1/2009 ci'ia Viel Nam Id !4.5%> Tuy nhien ve ddi hgn ihi mirc lam phdt ky vong a mirc 10% Rui ro Ldi sudi phi rui ro (lai sual tiit kiem thai hgn mdt ndm Ihdng 11 2009) 10% Kui ro ve Ihi trudng vd ede riii ro khdc 5% /ill ro idi chinh vd Igm phdt 10% long 25% 3.4 Tham son Thai gian ldn Igi hiru dung ciia nhdn hieu TISCO linh Iheo ky thudt tinh thdi gian thu hdi vdn ddu tu n = I/K = 1/25% = 4, Cong doan Ap dung cflng thirc linh loan Theo phuang dn I; du bdo Cdng ly Gang Thep Thdi Nguyin cung cdp 2008 2009 2010 2011 Ddng Ihu nhdp tuang lai (linh Iheo ky Ihudt Premium Price) 14.8 15 16.7 l"8.25' l8'2T" Ddng Ihu nhdp quy vi hien tgi 14.8 12 10,69 9.35 7.5 Gid tri nhdn hieu 39,54 ty dong Ddng thu nhdp tuang lai tinh 2012 14.8 34.45 47.95 61.2'5 61.2-5 Ddng thu nhdp quy ve hiin tgi 14.8 27.56 30.67 31.37 25.1 Gill Iri nhdn hieu 114,7 ty Iheo ky thitgl gidm trir li-xdng Phuang dn Du hdo ldc gia lu Tmh 2008 2009 2010 2011 2012 Ddng thu nhdp tuang lai 14.8 15,59 16.52 r.6' 1'.6' Ddng Ihu nhdp quy ve hien 14.8 12.4' 10.6 9.05 '.24 Igi Gid Iri nhdn hieu 39,36 ly i long ] Cong doan Xu ly s6 lieu, hieu chinh sau djnh gia Bu-ffc Phan tich di^m manh diem yeu cua kai qua thu dupe Doi vdi trudng hgp cua TISCO ndi tren hai kel qud cd dugc lir tinh ddng thu nhdp bi'mg ky thudt premium price Id khd luang duang (39,54 ty vd 39.36 ty) Irong kit qud thu duac lir ky thudt gidm trir phi li-xdng cd gid tri ldn han hdn ON.Ttyj Tuy nhien, theo ldc gid thi ket qud theo cdeh tinh "gidm trir phi li-xdng" khdng hop ly vi sd lieu lai nhugn rdng du kien ed tinh khd ihi khdng cao Ly mirc lgi nhugn rdng khd cd the ldng dot bien tir 32,4 ly (ndm 2008) len 137.8 ty (ndm 2009) sdn lugng, ca sd vdt chdt bo mdy Id chirc dieu hdnh khdng thay ddi nhieu Mat khdc, vdi viec hoi nhdp ngdy cdng mgnh me vdo nen kinh le quoc le sir tham gia ddu lu cua cdc thdnh phdn kinh le thi su cgnh tranh tren ITnh vuc thep xdy dung se ngdy cdng khdc liet Trong bdn thdn mirc lgi nhugn bien ciia Thep Thdi Xguyen a mirc thdp so vdi doanh nghiep ciing ITnh vuc, ciing thj phdn cho thdy nang luc cgnh tranh khdng cao Bu'dc Hicu chinh sd lieu Tren co saphdn lich nhu tren tdc gia logi bo kel qua dua tr(:n ky ttnidl giam trir phi li-xdng, lira chgn Gid tri nhdn hieu TISCO Id (39.54 -r 39.36)/2= 39 45 ty ddng Cdng doan Hoan tdt va Lap bao cao djnh gia iheo Mdu Bao cao djnh gia nhan hieu kem theo BO KHOA HOC VA CONG NGHE ^1* N KHOA HOC SO HL U FRJ TLE /KHSHTT-DGNH CON'G HOA XA HQl CHU \ G H T A VIET \ , \ \ l Boc lap - Ttitjo - Hanh phtic Hd S6i, ngin, 23 Ihdng 11 ndm 2009 BAO CAO DINH GIA NHAN HIEU hong tin ve khach hang - en khach hang yeu cJu djnh gia Cflng ly Gang thep Thai Nguyfln - Dja chi - Sfl dien thoai , sfl Fax (cua khaeh hang yflu cdu djnh gia ) Thong tin vfl tfl chiic djnh gia - Ten Vien Khoa hpc Scr huu tri tue - Dja ehi Sfl 21 ngach 61/67 Trfln Du\ Hung Ha Npi - Sfl dien thoai: 04.3.5563404, so fax: 04.3.5563405 - Dai Dien: Ong Thong tin ve nhan hieu Tfln nhan hieu "TISCO"; "O l\ TISCO va hinh" Giay CNDKNH sfl 34249, eo hicu luc tir 20.06 2000 dfln ngiiy 28.01.2010; va GCNDKNH sfl 68164, eo hieu lire lir 18.11.2005 dfln 28.06.2014; Pham vi bao hg: Cac san pham thep \'a dich vu mua ban cac san phdm thep Tinh trang phap ly ctia nhan hieu: Binh thuong khflng cfl tranh chip hoac khiflu nai lam anh hutmg dfln viec thue hien quyen Muc dich dinh gia; - Xac dinli gia nhan hieu phuc vu mue dich: Djnh gia phue vu co clu lai doanh nghiep Tho'i diem dinh giii: Tai tho'i diem djnh gia lii thang 11/2009; Thflfi diem gia trj nhan hieu la thang 12.2008 6, Tai lieu tham khao: Valuation of IP and Intangible Assets (Gordon V.Smith and Russell Parr; third Edition); Huong dan djnh gia tai san vo hinh N4 ciia Tfl chuc 'Sinh gia qufle tS; Chuin muc ke loan Viet Xam; Thflng tu 146 2006/TT-BTC xfl hutjng dan cfl phin hoa doanh nghiep; Thflng tu 126/2004/TT-BTC ''• Nguon thflng tin, Ngufln thflng tin sir dung qua trinh ihuc hicn cong lac dinh gia bao gflm: - Thflng tin ve tai chinh: Ban Cflng bfl thflng lin; ban cao bach; ban bao cao tai chinh bo sung hang nam, - Thflng tin vc Ihue: Luat Thue fhu nhap doanh nghiep - Tai lieu ve thj trucrng: Bulclin cua Hiep hfli Thep Viet Nam Phong vfln chuyen gia nganh Thep; Khao sat thj truong; thflng tin cflng bo Ircn cac trang mang uy lin Viec danh gia, phan tich dugc thue hien tren co so nhan djnh ciia cac chuyen gia kinli te the hien tai cae bao cao tai chinh, kiflni toan ciia cac cflng ly dai chiing va eiia TISCO; ket hgp vcri y kien chuyen gia hang dau vfl ITnh vyc siin xuSt, kinh doanh thep tai TSng Cflng ty Thep Vict Nam va Hicp hfli Thep Vicl Nam Mat khac, tac gia eung nghifln ciai Bao cao liii chinh va cac thong lin the hien qua trinh san xuat, kinh doanh ciia nganh Thep Viel Nam noi chung va TISCO noi rieng giai doan tir nam 2000 den na\' Qua trinh phan tich cung cfl su so sanh, dfli chiflu tinh hinh san xuat, kinh doanh ciia cac cflng ty nitri tham gia nganh thep nhung dii co thi phan tuong duong vtri ITSCO nhu Thep Pomina, fhtip Dinh Vu, 'fhep Van Lgi, Thep Viet Y, nhimg dy an se di vao hoat dpng tirong lai nhu Thep Thach Khe va nhirng dy bao ve xu hu'ting phat trien, chien luge phat trien cua nganh thep irong tuong lai Phu'Ong phap dinh gia nhiin hieu: Trcn CO sa nhu'ng so lieu cfl duge va viec phan lich, danh gia linh hinh cfl lien quan d6n nganh thep va TISCO, lac gia thay ring vice iip dung phuong phap chiet khju dong luu kim DCT- \tVi each linh dong Ihu nhap biing (i) k\ thuat gia trj virgt trgi va (ii) giam trir phi li-xang la phii htrp vo'i ly do: (i) Vcri ky thuat gia irj vurjt trpi: Trcn ihi Iruimg cfl san phiim Ihtjp f rung Quflc khflng mang nhan hieu, chJt lugng tirong duong de so sanh; va Co the phan tach gui trj \'ugt trgi dc xac djnh du'oc dong thu nhap (ii) \'ori ky thuat giam trir phi li-xang: Tuy khflng cfl sfl lieu \ c mirc phi lixang eua nganh thep mflt each dang tin ea\ nhimg co thfl tinh dugc mirc phi dya tren nguyen tac 'rule of thumb" Phucmg phap DCF dugc tinh dya tren cflng thirc: ^ D ,-ti„(\+Ky Theo do: V; Gid Iri thi Inrdng ciia nhdn hiiu Ihdi diim hien tgi D, ; Id Gid tri hiin lai ddng thu nhdp ndm thu i (1+ Kf i ; Ihu lu cdc ndm ki liip ki tir thai diim dinh gid (i:I^n); D,; Dong thu nhdp (lai nhugn sau thui ndm Ihir i.) n ; Ld sd ndm luang lai duac lira chpn fliiy Ihupc vdo vdng ddi hiru dung cdn lgi cua nhdn hiiu) K : Ty le chiel khdu Sii dung phuong phap Chiet khau dong lu-u kim DCF kflt qua nhu sau: - Ty le chiflt khSu dirge xac dinh: K= 25% - Sfl nam hiru dung ciia nhan hieu: n= 04 - Dong thu nhap vii gia tri nhan hieu xac djnh theo ky thuat giam Irir phi lixang dya tren ky vgng ve igi nhuan rong ciia 'f ISCO tuong lai: 2008 2009 2010 2011 2012 Ddng Ihu nhdp luang lai 14.8 linh Iheo ky ihudt gidm trir li-xdng 34.45 47,95 61.275 61,275 Dang Ihu nhdp quy vi hiin 14.8 tgi 2'.56 30 67 31.37 25.1 Giii tri nhdn hieu 114,7 ti- Ddng ihu nhap va gia tri nhan hicu xae djnh Iheo ky thual gia trj vugt trpi vdi hai phuang an: Phuang an dua tran ky vpng ve san lugng lieu ihu cua TISCO; phuong an dua trdn ude linh vc san lugng lieu ihu cua lac gia: 2008 2009 2010 2011 2012 Dong Ihu nhdp tuang lai Oinh Iheo ky thudt Premium Price) 14.8 15 16.7 18,25 18.25 Dong thu nhdp quy ve hien tgi 14.8 12 10.69 9.35 7,5 '^id tri nhan hieu 39,54 ty dong Ddng Ihu nhdp luang lai 14.8 15,59 16.52 17.67 17.67 Dong thu nhdp quy ve hien tgi 14.8 12.47 10.6 9,05 7,24 Gid tri nhdn hieu 39,36 ly ddng Lap luan ve miie gia cuoi cung: Vdi tinh hinh canh tranh cang khoc liel ddi vdi mat hang ehii luc ciia TISCO; vdi Irinh dp cdng nghe cdn lac hau vj tri dja ly bat Igi so vdi nhung doanh nghiep lap sau: bd may td chue didu hanh khdng cd dot bidn sau cd phiin hoa: va Ihuc trang san xuat, kinh doanh cdn chua hieu qua (tha bien d mirc Ipi nhuan bian thap) Ihi kha nang TISCO dat dugc su dot bidn vh san lucmg lieu ihu va mirc lgi nhuan la khdng cao Vi vay, mirc gia cudi cimg dugc lua chpn d mirc th^p (39,45 ty), bd qua kdt qua cd dupe tir ky Ihuat giam trir phi li-xang vdn dua nhiau vao ky vpng tang trudng Ipi nhutni bian Irong khdng tang nhieu san luong lO.Katluan Tren ca sd cae tai lieu thu dugc, qua khao sal ihuc la va phan lich, linh loan neu Iran cimg vdi su hiau biat tdt nliai cua minh chung tdi dtra ket qua djnh gia nhan hieu nhu sau: Nhan hieu duoe dinh gia : "TISCO" va "GT, TISCO va hinh" su' dung cho san pham thep xay dung va thep hinh Gia toan bo ciia nhiin hicu: 39,45 t>Liim trdn: 39,5 t>' T.U LIEL TH.VM KHAO Luat SHTT nam 2005; Luat chuyen giao eflng nghe 2006; Luat thue thu nhap ca nhan; Nghj djnh 45/1998/ND-CP 1/7/1998 Thflng tu 84/2008nT-BTC ngiiy 30/9/2008 huo^ng dan thi hanh mflt sfl diflu ciia Luat Thue thu nhap ca nlian va hutimg dan thi hanh Nghj djnh sfl 100/2008/ND-CP 8/9/2008 eua Chinh phii Cflng van so 2506/TCT-CS 19/6/2009 eua Tflng cue Thue He thflng tiflu chuan tham djnh gia Vict Nam Thue trang viec gop vfln bang lai san tri tue ciia doanh nghiep Viet Nam hien nay; PGS, TS Iran Van Nam; Khoa Luat, Dai hgc Kinh tc quflc dan - trich Cong van sfl I5576/BTC-TCDN 22/12/2008 ciia Bg Tai chinh gui Thii lu'tTng Chinh phu xin y kien ve dy thao fhong ly lifln tjch huflrng dan thyc hien gop vfln, lien doanh bang gia trj quyfln so hiru cflng nghiep 10 Gordon V Smith va Russell L.Parr Valuation ol" Intangible Assets and Intellectual Property, Third edition l.An le giira DHL va coquan Ihue Hoa Ky, Toa phiic tham lien bang sfl 2, nam 2002 12, Valuation of Intellectual Property: What, Why and How, WIPO Magazine 910/2003 13.Bao cao djnh gia gia trj thi trudng thuong hieu Viglacera, Cflng 1\ dinh gia Favi, thang 1/2003 14 Trademark Valuation: Review in January 2004 Matthew Gream, 15 Dy thiio Hufliig dan djnh giii tiii san v6 hinh GN - IVSC - 2009; 16 Ma Lianyuan Valuation of Intellectual Assets: Valuation techniques Parameters, methodologies and limitation, thang 11/2000; 17 Bao cao dinh gia thuong hieu \i mang Ha Tien 1, Ernst & Young, 2005 18 Thoa thuan vfl gia htjrp dflng li-xang 05 niim: 2004-2008 19.Mfl hinh djnh gia tai san vfln (CAPM) chuong trinh giang da\ kinh ic Fullbright nien khoa 2006-2007; Bai giang - Phan tich lai chinh 20 Bao cao djnh gia thuong hieu Xi mang Ha Tien - Ernst & Young, nam 2006 21 Ban an sfl 275/2006/DS-ST 29/03/2006 ciia Tfla dan sy foa an nhan dan I P Hfl Chi Minh 22 Student Handbook, Valuation of Intellectual Property, Modul Pro Inno Europe (2007) 23 Bang ke gia tri thucmg hieu tinh den 01/01/2008 ciia Cflng 1\ Gang Thep Thai Nguyfln, Cflng ty TNHH Kiflm loan - lu viin Thufl (ATC) lap thang 11/2008 24 Tflng quan tinh hinh djnh gia quflc te vfl nhan hieu, T.S Pham Hflng Qujt, Cyc SHTT, Hgi thao "Cac quy djnh phap luat va thyc tiln djnh gia tai san tri tue cac doanh nghiep phue vy cfl phan hoa va giai quyflt tranh chjp"; Bg Tu phap, Ihang 9/2009 25 David Maigh, Brand valuation: Understanding, exploiting and coiiimunicating brand value (1998) 26.David (Jajland, "Valuation parameters, methodologies of intellectual and limitations" properly as.iels; significance, WlPO/lP/DDK/98/4(b), 1998 Peter Cordsen, "Valuation oJ intellectual properly assets - methodologies of determining the value of inditslrial properly assels" WIPO/IP/HCM/97/16, 1997; 28 Mark Abell, properly "Mel/iodologies assets indiLitrialproperly viewpoint for determining of an institution rights" \\{PO/Wmil96l5, the for value of inditslrial the management of 1996 29 Thyc thi So huu tri tue eua Luc lugng quan ly Ihj trucrng; loang Minh Tuan, Pho cue trucrng Cue Quan ly thj Iruong Bfl Cflng thuong; Hfli thao ve bao ve quyfln So hiru tri tuc 03/03/2008 tai Ha Ngi 30 TS.Trfln Ngoc Son Giam dflc Cflng tx' djnh giii Favi, Hfli thao "Cac quy djnh ciia phap luat va thyc lien djnh gia tai san tri tuc cac doanh nghiep phyc vu cfl phin hoa va giai quyflt tranh chap" - Vien Khoa hpc phap ly, Bfl Tu phap, 10/9/2009 31 Mflt so vfln dfl vfl dinh gia nhan hieu - Dao Minh Dire Trirong phong So hiru tri tue, Sti Khoa hoc va Cflng nghe plifl Ho Chi Minh 32 Kflt qua trao dfli vrji Dai dien JIII tai Vien Khoa hgc So hiru tri luc thing 9/2009 33.]itip://haodautu.vn (Phong van flng Lam Hoang Vinh, Pho tflng giam dflc Tap doan nuu chinh - Vien thflng Viet Xam, Giam dflc VinaPhone \'tiri phong vifln) 34 http://Vneconniv.vn 3/6/2009 35 Kenh VTV 1, Dai truyen hinh Viet Nam (I'heo Ban tin Thj trucmg till chinh 09/09/2009); 36 http://w\vvv.ivsc.org Intangible Assets Exposure Draft Revised GN 04: Valuation of 37 littp://xahoitlionKtin.com.vn Phflng van flng flng Bill Thien Minh - Pho Tflng giam dflc Tap doan BCVT Vict Nam (VNPT) - don vj chu dju tu Dy an \c tinh Vinasat 38 http://vietbao.vn/The-gioi-giai-tri/Det-Long-An-pha-san/S0731891/407/ 39 http://english.ipr.gov.cn/ipr/en; 40 htlp://vneeonomv.vn thang 01/2005 - Phflng van flng Dinh 'fifln Diing Thir trutrng Bfl Xay dung 41.iittp://tuoiti'e.com.vn - Vo Van Thanh, cfln that Ihoat va lang phi cfl phjn hoa - 22/8/2008 ... H A M XAY DUNG PHU''ONG PHAP DINH GIA NHAN HIEU AP DUNG TRONG GIAI DOAN CONG NGHIEP HOA, HIEN DAI HOA TAI VIET NAM Chu nhiem He tai: Iran Nam Long Bo''n vi: Vien Khoa hoc so huu Iri tuc II \NOl,201()... PHlTONG PHAP DINH GIA NHAN HIEU AP DUNG TRONG GIAI DOAN CONG NGHIEP HOA, HIEN DAI HOA TAI VIET NAM (Dc tai nghien ciiu Idioa hgc cap Bg) Nguoi thue hien: CN ''Iran Nam Long, chu nhiem TS Pham Hong Quat... phuong phap dinh gia nhan hieu ap dung giai doan cong nghiep hoa, hien dai hoa tai Viet Nam" Trong pham vi nghien cuu cua de tai nay, nhom tac gia tap trung giai quy§t cac ngi dung: Co so ly luan