...report 5-6 Consolidated balance sheet 7-8 Consolidated income statement 9 Consolidated cash flow statement 10 - 11 Notes to the consolidated financial statements 12 - 44 Kinh Do Corporation REPORT OF THE BOARD OF MANAGEMENT The Board of Management of Kinh Do Corporation (“KDC” or the “Company”) is pleased to present its report and the consolidated financial statements of KDC and its subsidiaries (“the Group”) as at and for the year ended 31 December 2009. THE GROUP The Group consisted of KDC and its subsidiaries and associates as follows: KDC is a shareholding company incorporated under the Law on Enterprise of Vietnam pursuant to the Business Registration Certificate (“BRC”) No. 4103001184 issued by the Ho Chi Minh City Department of Planning and Investment on 6 September 2002 and the following Amended BRC: Amended BRC: Date: The first amendment The second amendment The third amendment The fourth amendment The fifth amendment The sixth amendment The seventh amendment The eighth amendment The ninth amendment The tenth amendment The eleventh amendment 26 November 2002 22 September 2003 11 December 2003 3 August 2004 7 October 2004 11 May 2005 18 May 2006 6 July 2006 6 November 2007 10 October 2008 21 January 2010 KDC was listed on the Ho Chi Minh Stock Exchange in accordance with the License No. 39/UBCKGPNY issued by the State Securities Commission on 18 November 2005. The principal activities of KDC are...
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...I) Introduction. “There are more than 26 million who are out of work, cannot find full-time work, or have given up looking for work. About four million families have lost their homes to foreclosure and another four and a half million have slipped into the foreclosure process or are seriously behind on their mortgage payments. Nearly 11 trillion in household wealth has vanished, with retirement accounts and life savings swept away. Businesses, large and small, have felt the sting of a deep recession. There is much anger about what has transpired, and justifiably so. Many people who abided by all the rules now find themselves out of work and uncertain about their future prospects.” When reading this information, you may think it may be the status of a certain poor country. The particularly serious numbers show that country is experiencing many problems. I will tell you a secret that you can not have more surprise. The above information is situation of the country that has a most powerful economy all over the world. That is United State of America. The year 2008 marked the economic crisis which caused the USA severe damages. Many of the US financial institutions have suffered heavy losses due to the effect of this crisis. In addition, the crisis is increasingly spreading to the economies of some countries in Europe and in Japan... As a result, some powerful banks in these countries are also suffering from the impact of the crisis. The consequences of the crisis are not only...
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...Introduction 4 2.1.1 Business activities: 4 2.1.2 Management Board: 5 2.1.3 Ownership structure: 5 2.1.4 Company’s History: 6 2.2 Products & Services 8 2.3 Business Strategy 9 III. INDUSTRY ANALYSIS 11 3.1 Industry Overview 11 3.1.1 Tire Manufacturing industry in the world 11 3.1.2 Tire Manufacturing industry in Vietnam 11 3.2 Five Forces Analysis 13 3.2.1 Bargaining Power of Suppliers: 13 3.2.2 Bargaining Power of Buyers: 13 3.2.3 Threat of Substitute products: 13 3.2.4 Threat of new entrants: 13 3.2.5 Competitive Rivalry 14 3.3 SWOT Analysis 14 IV. ANALYSIS OF FINANCIAL STATEMENT 15 4.1 Analysis of balance sheet 15 4.1.1 Current Assets 15 4.1.2 Investments and Other Assets 15 4.1.3 Account Receivables: 15 4.1.4 Inventory: 15 4.1.5 Non-current assets: 16 4.1.6 Current liabilities: 16 4.1.7 Long-term liabilities: 16 4.1.8 Resources: 16 4.2 The analysis of Income Statement 19 4.2.1 Annual Income Statement: 19 4.2.2 Quarterly Income Statement FY2010 and FY 2009 21 4.2.3 Forcasted Income Statement FY2010 26 4.3 The analysis of Cash-flow 27 V. FINACIAL RATIO ANALYSIS 28 5.1 Liquidity Ratios 28 5.1.1 Current ratio 28 5.1.2 Quick ratio: 29 5.2 Activity Ratios 30 5.2.1 Accounts Receivable Turnover (Debtors’ turnover) ratio 30 5.2.2 Days in Sales Receivables (Day sales outstanding – DSO) 31 5.2.3...
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...Vietnam: risk assessment Sovereign Currency Banking Political Economic Country risk risk sector risk structure risk risk risk June CCC B CCC CCC CCC CCC 2012 Sovereign risk Positive: Although the budget deficit will widen in 2012, rapid nominal economic growth and the recent rise in Vietnam's foreign-exchange reserves will support the fiscal position. Moreover, much of the government's external borrowing has been provided on a concessional basis. Currency risk Stable: In recent months the slowing rate of consumer price inflation has led to an easing of downward pressure on the dong, while the decline in the net foreign asset position of the country's banks has paused. Banking sector risk Stable: The rapid pace of credit expansion in the past few years has raised concerns over the potential for a sharp increase in non-performing loans (NPLs). There are also worries about the accuracy of official data on NPLs. Political risk The Communist Party of Vietnam exerts a tight grip on power, ensuring a high degree of political stability. Rows over land leases are emerging as a cause of popular unrest but are unlikely to threaten the party's hold power. Economic structure risk Lacklustre growth in private consumption will depress imports in 2012, but the trade deficit will expand sharply once domestic demand recovers from 2013. Workers' remittances...
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...Monetary policy in Vietnam: the case of a transition country Ulrich Camen 1 1. Introduction A major objective of the Vietnamese authorities in the coming five years is it to strengthen the integration of the Vietnamese economy into the world economy. An important milestone has been the Vietnam-US Bilateral Trade Agreement, BTA. A subsequent milestone will be Vietnamese membership in the WTO, which is under preparation and expected for 2006. As part of this process of internationalisation, Vietnam is also opening its financial sector to foreign financial institutions. Currently, foreign banks have already started to provide banking services in Vietnam. Internationalisation will pose major challenges for financial sector polices, underlining the importance of further progress with financial sector reforms and reforms of monetary policy. This paper will present the current status of the reform of monetary policy in the context of economic and financial sector developments in Vietnam and identify key reform issues with respect to monetary policy. Section 2 will give a brief overview of principal economic and financial developments to situate monetary policy in the context of economic developments in Vietnam. Section 3 describes the monetary policy framework currently in use in Vietnam, and Section 4 presents empirical results on the determinants of inflation and the role of monetary factors. 2. 2.1 Background: macroeconomic developments Economic growth and inflation ...
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...business in Vietnam 2014 Page 1 of 52 Content Page Foreword Country profile Business etiquette and travel Key trends and statistics Regulatory environment Establishing a business in Vietnam Opening up to Foreign Investment Finance Business entities Labour Financial reporting and audit 3 4 8 13 17 20 23 24 26 30 33 “Welcome to our Doing Business Guide which we hope will assist you in navigating this exciting but sometime difficult environment” Ken Atkinson, Managing Partner, Grant Thornton Vietnam Grant Thornton xxxxxxxx Page 2 of 52 Foreword Vietnam is a unique country providing extensive opportunities for those willing to spend time to understand the market. Although not without its problems, Vietnam’s economy continues to expand and modernise, and with the opening up of previously restricted industries and sectors to meet WTO commitments; opportunities continue to develop. Grant Thornton Vietnam has prepared this guide to assist those interested in doing business in Vietnam. This guide does not cover the subject exhaustively. However, it is intended to answer some of the more important questions that may arise. When specific problems occur in practice, it will often be necessary to refer to the laws and regulations of Vietnam and to obtain the appropriate professional advice. This guide contains only brief notes and includes legislation in force as of 28 January 2013. We hope this guide helps you in learning about and understanding business in Vietnam. Should...
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...Market in the Transition Economy of Vietnam, 1990-2010 VUONG, Quan-Hoang and TRAN, Tri Dung Corporate bond appeared early in 1992-1994 in Vietnamese capital markets. However, it is still not popular to both business sector and academic circle. This paper explores different dimensions of Vietnamese corporate bond market using a unique, and perhaps, most complete dataset. State not only intervenes in the bond markets with its powerful budget and policies but also competes directly with enterprises. The dominance of SOEs and large corporations also prevents SMEs from this debt financing vehicle. Whenever a convertible term is available, bondholders are more willing to accept lower fixed income payoff. But they would not likely stick to it. On one hand, prospective bondholders could value the holdings of equity when realized favorably ex ante. On the other hand, the applicable coupon rate for such bond could turn out negative inflationadjusted payoff when tight monetary policy is exercised and the corresponding equity holding turns out valueless, ex post. Given the weak primary market and virtually nonexistent secondary market, the corporate bond market in Vietnam reflects our perception of the relationshipbased and rent-seeking behavior in the financial markets. For the corporate bonds to really work, they critically need a higher level of liquidity to become truly tradable financial assets. JEL Classifications: G32, G38, O16 Keywords: Vietnam; Corporate Bond; Interest Rate; Transition...
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..._____________________________________________________________________ CREDIT Research Paper No. 01/05 _____________________________________________________________________ Reducing Child Malnutrition: How Far Does Income Growth Take Us? by Harold Alderman, Simon Appleton, Lawrence Haddad, Lina Song and Yisehac Yohannes _____________________________________________________________________ Centre for Research in Economic Development and International Trade, University of Nottingham 2 The Centre for Research in Economic Development and International Trade is based in the School of Economics at the University of Nottingham. It aims to promote research in all aspects of economic development and international trade on both a long term and a short term basis. To this end, CREDIT organises seminar series on Development Economics, acts as a point for collaborative research with other UK and overseas institutions and publishes research papers on topics central to its interests. A list of CREDIT Research Papers is given on the final page of this publication. Authors who wish to submit a paper for publication should send their manuscript to the Editor of the CREDIT Research Papers, Professor M F Bleaney, at: Centre for Research in Economic Development and International Trade, School of Economics, University of Nottingham, University Park, Nottingham, NG7 2RD, UNITED KINGDOM Telephone (0115) 951 5620 Fax: (0115) 951 4159 CREDIT Research Papers are distributed free...
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...Solutions for exchange rate policy of transition economy of Vietnam Dissertation zur Erlangung des Grades Doktor der Wirtschaftswissenschaft (Doctor rerum politicarum, Dr. rer. pol.) der Juristischen und Wirtschaftswissenschaftlichen Fakultät der Martin-Luther-Universität Halle-Wittenberg vorgelegt von M.A. Mai Thu Hien geb. am 23. August 1976 in Hanoi, Vietnam Gutachter: 1. Prof. Dr. Dr. h.c. Rüdiger Pohl, Martin-Luther-Universität Halle-Wittenberg 2. Prof. Dr. Martin Klein, Martin-Luther-Universität Halle-Wittenberg Datum der Einreichung: 07.06.2007 Datum der Verteidigung: 12.07.2007 Halle (Saale), Juli 2007 urn:nbn:de:gbv:3-000012127 [http://nbn-resolving.de/urn/resolver.pl?urn=nbn%3Ade%3Agbv%3A3-000012127] 2 Acknowledgements This doctoral dissertation could not be completed if I have not received the help and encouragement from numerous people. Firstly, I am greatly indebted to my first supervisor, Prof. Dr. Dr. h.c. Rüdiger Pohl, who kept an eye on the progress of my work and was always available when I needed his advices. His great advices, supports, criticisms, comments, and encouragement helped me to develop necessary knowledge to understand and to build theoretical context in this dissertation. I also would like to express my deep gratitude to Prof. Dr. Martin Klein, my second supervisor, for his suggestions and concerns with my dissertation. I gratefully acknowledge the financial support of DAAD, without which this dissertation would not have been...
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...Internal analysis 17 Value chain 17 2.3 SWOT 21 2.4 Options 24 2.5 Vietnam Airlines's doing 25 III. Recommendation 28 IV. Conclusion 30 V. Reference 30 Group members: * * 1. Đào Thị Mỹ Hạnh BABAIU13076 2. Park Do Hyun BABAUN13080 * 3. Nguyễn Thị Hoài BABAIU13090 * 4. Nguyễn Lê Phương Khanh BABAIU13107 * 5. Đỗ Thị Thanh Hoa BABAIU13089 I. Introduction. Nowadays, airlines industry is one of profitable businesses in the world. Both government and private enterprise are dominant in the industry. In Vietnam, aviation market is forecasted to be the world's 7th fastest-growing in 2013-2017 period. The Vietnam airlines industry stands a high chance of developing strongly, but there must be an investment in technology, infrastructure in order to reduce the cost as well. And Vietnam Airlines is a largest aviation brand name in Vietnam which has been wholly owned by government. In this report, we make some analyses to appreciate Vietnam Airlines exactly and realize suitable and unsuitable aspects. Company background Vietnamese name . . . . . . . . . . . . . . . Tong Cong ty Hang khong Vietnam English name . . . . . . . . . . . . . . . . . . . Vietnam Airlines Company Limited Transaction name . . . . . . . . . . . . . . . . Vietnam Airlines. Abbreviated name . . . . . . . . . . . . . . . . VIETNAM AIRLINES Head Office . . . . . . . . . . . . . . . . . . . . . No...
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...Vietnam National University, Hanoi UNIVERSITY OF ECONOMICS AND BUSINESS Macroeconomics Home work 1. Measuring a Nation’s Income Section 1: Multiple choice questions 1. In producing a sweater, a man who shears sheep pays a farmer $4 for a sheep. The shearing shop sells the wool to a knitting mill for $7. The knitting mill buys the wool and makes it into a fine fabric and sells it to a sweater-making firm for $13. The sweater-making firm sells the sweater to a clothing store for $20, and the clothing store sells the sweater, gift wrapped, for $50. What is the contribution to GDP of the previous sales transactions? a. $4. b. $44. c. $50. d. $94. 2. Susie grows corn in her backyard garden to feed her family. The corn she grows is not counted in GDP because a. it was not produced for the marketplace. b. it is an intermediate good which Susie will process further. c. the corn has no value. d. it reduces the amount of corn she will buy at the store. 3. Which of the following would be counted in U.S. GDP? a. the purchase of an historical house b. the purchase of a haircut c. the purchase of a $1000 government savings bond d. the value generated when you wash your car in your driveway 4. If private investment increased by $50 billion while GDP remained the same, which of the following could have occurred, all else being the same? a. Consumption spending decreased by $50 billion...
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...STOCK MARKET I. Defination. 1. Securities. Stock is evidence confirming the rights and legitimate interests of the owner of the property or the capital of the issuer. Securities are shown in the form of certificates, book entries or electronic data. Types of securities including: stocks, bonds, certificates of investment funds, derivative securities… Securities may be represented by a certificate or, more typically, "non-certificated", that is in electronic or "book entry" only form. Certificates may be bearer, meaning they entitle the holder to rights under the security merely by holding the security, or registered, meaning they entitle the holder to rights only if he or she appears on a security register maintained by the issuer or an intermediary. They include shares of corporate stock or mutual funds, bonds issued by corporations or governmental agencies, stock options or other options, limited partnership units, and various other formal investment instruments that are negotiable and fungible. 2. The securities market ? In its actual form, the securities market is the only place where the exchanges, sale or transfer of securities; thereby changing the stock holders. II. The structure and operating principle of the securities market. 1. The structure a. Primary market Primary market is the place where the first sale of newly issued securities. The primary market is also known as first market or market issue. Function of primary market: This is the market...
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...UniversityAdvanced Program of Bachelor EducationFin 360Vietnamese Insurance Companies Instructor : Nguyen Thi Minh Hue, PhD Group : 8 Nguyễn Linh Chi Ngô Thu Hường Lương Thị Lụa Nguyễn Thành Nam Lương Bảo NgọcHa Noi, 2011 | Contents I. Introducing and Vietnamese Insurance Market Overview 2 1. Insurance history 3 2. Vietnamese Insurance market overview 4 II. Life & Non-life Insurance 7 1. Life insurance 7 2. Non- life insurance 13 III. Balance Sheet 16 1. Balance sheets of life insurance companies: 16 2. Balance sheets of non-life insurance companies: 20 3. Investments – major assets: 24 4. Reserves – major liabilities: 27 5. Insurance Underwriting activities in Vietnam 27 IV. Regulations 29 Ref: 32 I. Introducing and Vietnamese Insurance Market Overview 1. Insurance history * Over the world * Insurance was considered to appear very early in around 3000 year Before Christ, when the Chinese merchants utilized the technique of sharing risk. In order to reduce risk, they divided the big lot of merchandises into small package ones on the way transportation. * As early as 2500 BC, Egyptian masons organized a club to provide funds for the burial of member. * Around the 3rd century B.C., Greek burial societies were common devices for meeting the expenses of burial and the needs of widows and orphans. * In the 15th Century, the first insurance contract appeared was marine insurance...
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...Student Research This report is published for educational purposes only by students competing in the CFA Institute Global Investment Research Challenge. Oil and Gas industry PetroVietnam Gas Recommendation: HOLD Price Target: 79,512 VND 2015F 83,482,699 24,051,366 15,143,449 7,991 30.12% 2016F 97,674,758 28,140,098 17,753,969 9,369 28.48% 2017F 2018F Date: 22 December, 2014 Ticker: GAS Price (Dec 19, 2014): 68,000 VND Forecast Summary Net Sales (million VND) EBITDA (million VND) Net Income (million VND) EPS (VND) ROE (%) 2011 64,224,500 11,858,894 64,224,500 2,285 28% 2012 68,301,359 15,940,112 68,301,359 5,167 40% 2013 65,399,686 18,434,982 65,399,686 6,478 42% 2014F 72,593,651 20,914,231 13,140,492 6,934 32.20% 117,209,709 142,995,845 33,768,117 21,347,273 11,265 27.37% 41,197,103 26,090,435 13,768 26.51% Key Market Data Listed on HOSE Ticker GAS Industry Oil and Gas 52 Week high 122,300 (VND) 52 Week low 61,300 (VND) Previous close 68,000 (VND) Market Cap. 128,860,000 (million VND) Outstanding 1,895,000,000 shares (units) Source: Student estimates Highlights We estimate PV Gas (GAS) as “HOLD” with target price of VND 79,512, expected higher than its current price 16.9%, VND 68,000. Three-stage discounted cash flows model is employed and the result is confirmed again with P/E analysis. Operation under control of government as a monopoly in gas industry: PV Gas is the only trader in dry gas market and accounted for 70% national LPG market...
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...4/12/2012 LOGO UNIT 1 The fundamentals of financial activity Lecturer: Nguyen Thanh Nhan OUTLINE OF THE LECTURE Features and users of a financial system Advantages of using a financial system The financial system and the real economy Features and users of a financial system A financial system consists of Financial institutions Financial markets End users of the markets and institutions Regulatory authorities 1 4/12/2012 FINANCIAL INSTITUTIONS Deposit-taking institutions •Banks •Building societies •Credit unions •Friendly societies Principal liabilities are deposits Non-deposit-taking institutions •Insurance companies •Investment banks •Pension funds •Unit trusts and OEICs •Investment trusts Principal liabilities are not deposits FINANCIAL SERVICES Financial intermediation provided by all financial institutions Insurance and pensions provided by insurance companies and pension funds Payments provided by banks and building societies Portfolio adjustment provided by unit trusts, open-ended investment companies (OEICs) and investment trusts FINANCIAL MARKETS Definition: Financial markets are markets in which funds are transferred from those who have excess funds (savers, lenders) to those who have a shortage (investors, borrowers). Structure: Debt and Stock Markets Primary and Secondary Markets Money and Capital Markets 2 4/12/2012 DEBT AND STOCK MARKETS Debt market: the market for trading debt instruments...
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