solutions to improve the efficiency of business activities in the nhat phuong investment and import export company

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THANG LONG UNIVERSITY

INTERNSHIP REPORT TOPIC

:

SOLUTIONS TO IMPROVE THE EFFICIENCY OF BUSINESS ACTIVITIES IN THE NHAT PHUONG INVESTMENT AND IMPORT-EXPORT COMPANY

Name: Nguyen Tuan Quang Class: AMI8B

Supervisor: Nguyen Thi Kim Anh

10/2018

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Acknowledgement

First of all, I would like to honor my sincerest gratitude to my supervisor, Mrs.Nguyen Thị Kim Anh, Assoc.Prof. Dr.,Department of World Economy and International Economic Relations, Faculty of International Business and Economics, University of Economics and Business, Vietnam National University, Hanoi – a visiting prof. of Thang Long University, Vietnam, who has supported me throughout my internship report with her patience and knowledge.

I express my greatest honor and thank to my supervisor Mrs.Hoang Kim Thu CEO of Nhat Phuong company, Mrs.Nguyen Thu Huyen- Manager of the import / export department for her kind permission me for three months internship,teaching me about the Business Plan, international accounting allowing me to work under her supervising at the import / export department. I would like to thank to the employees of above department and the Nhat Phuong company for their kind assistant providing me necessary information for my internship.

Finally, I would like to thank to all the Teachers in International Relations Department of

Thang Long University for their supports and guidance me throughout the course of internship.

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Abstract

The paper is my internship result from June 1, 2018 to September 30, 2018 at Nhat Phuong Imex., JSC (Nhat Phuong). It presents my understanding of the company and its recommendations designed to improve the company's business. Besides, it also demonstrates that I have effectively applied the theory into practice. Through the internship I have applied the learned knowledge and this is a good opportunity for me to express myself in a new business environment. As a result, my plan was highly appreciated, practically by Nhat Phuong's board. The report has four main parts.

- The first: Introduce the history of the company, the scale of the company's operations, and talk about my position during the internship.

- The second: Summarizes the tasks and goals I plan to accomplish

- The Third: Self-development through the process of evaluating the company's business operations based on the model

- Finally, I provide suggestions and solutions to improve business productivity of Nhat Phuong

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1.1.2.Development process through stages ... 2

1.1.3. About the Japanese partners: ... 2

1.2. About Nhat Phuong Company: ... 3

Chapter 2: Company Structure and Organization Chart ... 7

2.1.Nhat Phuong organizational chart ... 7

2.2. Description ... 7

2.2.1. Board of Management ... 7

2.2.2. Chief Executive Officer ... 8

2.2.3. Administration - General Accounting ... 8

2.2.4. Warehouse Department ... 8

2.2.5. Import-Export Department ... 9

2.3. My Department and role as a trainee ... 9

Chapter 3: The Mission: Assigned Tasks & Goals ... 11

3.1. The tasks assigned to my position ... 11

3.2. The link between the subject matter and my mission ... 12

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v

3.4. What I can bring to the company : ... 12

3.5. Theoretical knowledge acquired that I can put into practice during my internship ... 14

3.5.1. International Economics and Globalization ... 14

3.5.2. International contract law ... 14

3.5.3. International distribution channels ... 14

3.5.4. International and intercultural negotiation ... 15

3.5.5.International Strategy ... 15

3.5.6.International business plan ... 15

Chapter 4: Development ... 16

4.1. Assessing Self ... 17

4.2. Stage II: Explore the options ... 17

4.3. Phase III: Developing skills ... 18

4.4. Phase IV: Marketing self ... 21

4.5. Phase V: Performing and planning next steps ... 24

Chapter 5: Conclusion ... 25

5.1. Achievement of the Internship ... 25

5.2. Shortcomings of the Internship ... 25

5.3. Action plans for the company ... 25

5.4. Conclusion ... 28

References ... 29

List of Tables ... 30

List Of Figures ... 31

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Introduction

In the past 10 years, Vietnam has grown rapidly, joining the global economy. In the context of globalization plays an increasingly important role in the national economy, the fierce competition has made businesses invest and thrive on product diversification, sourcing New, diversified ways to improve business efficiency. Businesses actively invest in the development of supply chain, also known as logistics network, including suppliers, warehouses, distribution centers and retail stores, inventory between facilities. Logistic management is considered as the basis for cost impact. It plays an important role in making products at competitive prices in line with the needs of customers.

Import and export market is a potential field of activity and challenge. With the increasing competition in the market today, the urgent need for companies to use their resources to Focus on strategic development opportunities including a number of internal factors such as management style, culture, human resources, facilities, and a number of external factors such as technology, globalization and compete. This is where the concept of logistics plays an important role, it helps to take advantage of the certainty that the company has on the market. Nhat Phuong Imex., JSC is one of many export-import companies to find that Vietnam is a potential market in this field. When I registered for internship, I contacted and really felt impressed with Nhat Phuong. The company was established in Vietnam in 2010 with its headquarter in Hanoi. In eight years, they developed the company quickly and soon became one of the well-known companies in the domestic dairy import market in Vietnam.

So, I want to find out how they can spread and effectively manage their companies as well as learn more about logistics and supply chain management. In my report, all research was concentrated at their head office in Hanoi

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Chapter 1: Company Background

Overview of Nhat Phuong Investment And Import Joint Stock Company

1.1. Important events

1.1.1.History Begin

In November 2010, Nhat Phuong Investment and Export Joint Stock Company was established under the Business Registration Certificate No. 0104992888 dated 05/11/2010.

1.1.2.Development process through stages

When newly established Nhat Phuong Investment and Export Joint Stock Company imports and distributes baby diaper products for children in Vietnam.

By the end of 2010, Nhat Phuong joined hands with one of Japan's leading Meiji dairy corporations, and became one of the distributors of dairy products to the domestic market of the group in Vietnam.

By 2015, Nhat Phuong Company will officially distribute dairy products to Morinaga's domestic market to diversify its products and import more dairy products for pregnant women.

In March 2016, Nhat Phuong became the official distributor of Ofukuro Dashi Ofukuro Soy Sauce

From late 2017 until now: Nhat Phuong has expanded to import and distribute functional products such as spirulina

Over 8 years of development of international quality products in Vietnam, Nhat Phuong has grown steadily with a nationwide distribution network and annual sales growth of no less than 15 % in the last 5 years.

1.1.3. About the Japanese partners:

+ MEIJI CORP: Meiji Powdered Milk, renowned all over the world. No 1 In Sales In Japan

The company started overseas-oriented powdered milk business in the 1950s. Currently, they export powdered milk for infants and nursing mothers to Taiwan, Hong Kong, and Vietnam. The powdered milk they sell to overseas market is manufactured under the same manufacturing principles as the products they sell domestically in Japan. They make use of high-technological skills developed in Japan to offer safe, high-quality products that you can consume with peace of mind. Furthermore, just like the products we sell domestically,

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the products we sell to Taiwan, Hong Kong, and Vietnam are also produced in our Saitama factory. They employ quality control practices of the highest standard to provide the best product to our customers.

+ MORINAGA CORP

Morinaga Milk was established as Nippon Rennyu Co., Ltd. in 1917 with the primary aim of manufacturing dairy products. The company merged with Morinaga & Co., Ltd and was then split off, taking its current form as Morinaga Milk Industry Co., Ltd. in 1949. Morinaga Milk Group celebrated its 100th anniversary in 2017. In addition to condensed milk and infant formula, products that it has offered since its founding, the Group has produced a wide range of products based on milk, including Morinaga Milk, Bifidus Yogurt, Creap (creaming powder), and Mt. RAINIER CAFFE LATTE.

+ DIC LIFETEC Co.,Ltd

As a world's first company to be successful for commercial production of Spirulina in 1977, Dainippon Ink and Chemicals, Inc (current name: DIC Corporation) have endeavored to stay at the leading position in spirulina business. Today they operate 2 sophisticated spirulina farms in the world, and consolidated total production capacity is about 800 tons per year, which makes us the world largest spirulina producer. They would like to emphasize the advantages of our DIC Spirulina, and its details.

1.2. About Nhat Phuong Company:

1.2.1. Type of Company

Nhat Phuong investment and import export joint stock company: A company of the type formed, existed and developed by the capital contribution of many shareholders.

In that Mr. Hoang Duc Tien - Chairman of the Board

Mrs. Nguyen Hoang Phuong Nga - shareholder - head of finance and accounting Mrs. Hoang Kim Thu - shareholder and director of the company

The company's equity up to 2018 is 3,500,000,000 VND. Director: Hoang Kim Thu.

Transaction name: NHAT PHUONG IMEX., JSC

Business Line: Milk and Functional Foods - Imports & Distribution. Tax code: 0104992888

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4 Tel: (84) 0422460028.

Website: Email: Currently the company has 2 branches at:

1 - Warehouse No. 6 Le Quang Dao, Nam Tu Liem District, Hanoi

2 - No. 6, Alley 69B / 33 Hoang Van Thai, Khuong Mai Ward, Thanh Xuan District, Hanoi.

Target:

+ By 2020, Nhat Phuong is in the list of 10 largest importers in Vietnam. + Expand the customer segment to many age groups

+ Company will be expand a import field at Australia , Russia … to multilining the

product for the user for the user is many of more than the same time 1.3.Nhat Phuong Products

1.3.1. Meiji Powder Milk

- Meiji Step (For 1 to 3 year olds)

- Meiji Rakuraku Cube Hohoemi (for children from 0 to 12 months) - Meiji Hohoemi (for children from 0 to 12 months)

1.3.2. Morinaga Powder Milk

- Morinaga E-Akachan - Morinaga E-Okasan Matcha - Morinaga E-Okasan Milk Tea

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- Morinaga E-Okasan Cafe

- Morinaga Hagukumi Milk (for children from 0 to 12 months) - Morinaga Chirumiru Milk (For 1 to 3 year olds)

1.3.3. Weaning for baby

- Dashi Ofukuro Soy Sauce for baby food - Baby Food

Distributed in retail outlets in 64 provinces across the country.

1.4.2. Supermarket

Presented in most major supermarkets for mother and baby in Vietnam such as:

- The Tuticare system: in Hanoi, HCMC. Ho Chi Minh City, Hai Phong, Binh Duong, Binh Phuoc Can Tho, Dong Nai, Ninh Binh, Phu Tho, Quang Ninh, Thanh Hoa, Tien Giang

- Baby Shop System: in Hanoi, HCMC. Ho Chi Minh City, Hai Phong, Can Tho, Dong Nai, Ninh Binh, Thanh Hoa

- Kid Plaza: Hanoi, Ho Chi Minh, Da Nang - T-MART.VN

- Bibomart System: in Hanoi, HCMC Ho Chi Minh City, Hai Phong, Can Tho, Dong Nai, Ninh Binh, Thanh Hoa

Table 1: Income Statement

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(Source: Source: Income Statement of Nhat Phuong Company in 2017)

Revenue and profit of the company increased sharply in 2017 because after 7 years of development in Vietnam market, the company has a certain number of loyal customers, not to mention in late 2016 Nhat Phuong signed a contract with Kid Plaza supermarket to expand distribution market share. This promises that in 2018, Nhat Phuong's revenue and profit will increase because some 2016 and 2017 exploration items will officially be distributed.

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Chapter 2: Company Structure and Organization Chart

2.1.Nhat Phuong organizational chart

Figure 1: Nhat Phuong’s Organizational Chart

(Source: Company Chart Published)

2.2. Description

2.2.1. Board of Management

Board of Management is the highest authority of Investment Join Stock Company

The General Assembly of Shareholders is held annually by the request of the chairman of the governing board and important shareholders

The General Assembly of Shareholders is competent for most important decisions of the company.

- The General Assembly of Shareholders has the right to approve the development of the company.

- The General Assembly of Shareholders has the right to decide on amendments and supplements to the Charter of the company.

Board of Manager

Administration - General Accounting Department

Warehouse Department

Import-Export Department Chief Executive

Officer

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8 - The General Meeting of Shareholders is authorized to approve the annual financial statements of the company. In addition to reviewing and approving the financial statements, the General Meeting of Shareholders also reviews reports on the management and administration of the company. These reports serve as the basis for the General Meeting of Shareholders to evaluate the management effectiveness of the Board of Directors and the General Director of the company as well as to decide the dismissal or removal of members of the Board of Directors and the CEO.

2.2.2. Chief Executive Officer

The CEO is the legal representative of Nhat Phuong, who is appointed by the shareholders meeting. In nhat phuong,CEO direct the work, participate in contracting, operating daily business operations, ensure the growth of the company

- Organize the implementation of decisions of the Managing Board;

- Organize the implementation of the business plan and the investment plan of the company; - Propose the plan on arrangement of the organizational structure and internal management regulations of the company; Decision on salary increase, rotation of staff.

Nhat Phuong's CEO, Mrs. Hoang Kim Thu, is a great contributor to Nhat Phuong's steady growth over the years.

2.2.3. Administration - General Accounting

The main functions of the department are: Human resource management, financial reporting, and business reporting…. Due to the small size of the company, some rooms are combined for management and optimization. This makes the work of the department more diverse, but also heavier. It has two sections in charge of two separate sections

- Administration Department: Management of procurement on equipment, staff recruitment, payroll structure

- General Accounting: Salary, financial accounting, financial reports, balance sheet, income statement ...

This is the backbone of the company. Chief of staff is Nguyen Hoang Phuong Nga, one of the major shareholders of the company.

2.2.4. Warehouse Department

This is the most crowded department of Nhat Phuong. In addition to the official staff, Nhat Phuong also has some part-time outsourcing contracts. The main task is to carry cargo from

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port to warehouse, from warehousing to distribution agents, labeling and auxiliary stamp. This includes jobs that require health, so most employees are young men

2.2.5. Import-Export Department

Next to the Administration - General Accounting, this is the important Department of the company. This department will maintain contact with the exporters in Japan, Australia .... ,the shipper, contact the dealer. The department is responsible for expanding its market share in the Vietnamese market. Employees in this department must participate in many stages and must be professional. Therefore, this is the department that I have the desire to practice when applying for a job in the United States

Detailed work areas:

- Market management;

- Market share analysis, market leader analysis; - Market orientation ;

- Market orientation sets a sales target ;

- Researching and developing new products including conducting surveys of customer needs. Contacting new external partners to find out the source of supply as well as ensuring distribution units when selling goods in Vietnam;

- Provide strategies to ensure revenue growth along schedule; - In charge of customer care hotline, reception handling complaints ; - Staff training.

2.3. My Department and role as a trainee

During the internship at Nhat Phuong I was assigned to the import / export department, being facilitated by my department head who was involved in some practical stages in the company's operations so that it could Better understand how the company operates. My main role during this time is to receive documents, clearance at ICD My Dinh. After receiving the original application from Japan, my task is to bring to the veterinary inspection agency to carry out animal testing procedures, because the type of business that I participate in milk is to have some Special requirements. After receiving the results from the Veterinary Department, I brought the records to the ICD. Here I declare the customs, clear the goods clearance, temporary storage warehouse, contact the freight company, schedule the loading and unloading with the warehouse. At Nhat

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10 have personally participated in, implemented and supervised the process since then to know more about how to calculate the cost of products. Everything is really interesting, I really learned useful knowledge. After completing my work, I have to enter details of all information in the system and report daily to the manager so that the department manager can monitor the work process management.

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Chapter 3: The Mission: Assigned Tasks & Goals

3.1. The tasks assigned to my position

I have been working as a trainee since June 2018. I was educated and worked under the direction and guidance of the head of import and export department-Mrs.Nguyen Thu Huyen

My main role during this time is to receive documents, clearance at ICD My Dinh

Table 2: My assigned tasks in NHAT PHUONG

June1st -June15th

- To get understanding History, Type of company,Oriented development, Nhat Phuong Products, Nhat Phuong organizational chart

- To understand import-export process

June16th– June30th

- Directly involved in a stage in the import-export process. Learn about the process of customs declaration online and offline. Learn more about the field you are practicing, the market share of the company is occupying

- Get acquainted with some computational software as well as a company's data system

- Having the opportunity to work directly with foreign companies, transportation companies, warehousing, I understand better the process of import and export from import to delivery.

July 16th-September30th

- Directly implementing a Meiji dairy import and export business under the guidance and supervision of team leader-Mrs.Hien. - Directly down to the port of duty, monitoring the process of importing from which to better understand the process of importing goods, customs clearance, transportation procedures - Be involved in the process of business development planning in the last 6 months of 2018, learn the skills of analysis and evaluation of business efficiency, analyze competitors so that the development direction is effective.

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(Source: The author planned himself)

3.2. The link between the subject matter and my mission

After three months internship jn Nhat Phuong, I found that most of the steps in the rectangle were handled directly with the human element. Nhat phuong now has a small number of employees, so the department has a very high degree of this is also an advantage when I can be involved in more stages. I also participate in some online workflows when I use some online systems to ensure the effectiveness of work: Monitoring system work progress .... Nhat Phuong's partners are mainly in foreign countries. Regular contract negotiation is done by email, telephone and fax. Nhat phuong also has a number of contracts with shipping service providers such as Heung-A, NYK, .. In viet nam, Nhat Phuong used railway transportation with long-term contracts

ensure the best price, most competitive compared to their competitors. 3.3. The goal to reach

- Market research to improve efficiency in the work;

- Research assessments about the department I am practicing;

- Meet and solve complaints and inquiries of customers to improve the quality of services; - Study to expand market share, maximize competitive advantage.

3.4. What I can bring to the company :

On the first goal of improving business efficiency of Nhat Phuong, I realized When I study customs procedures, freight services, warehousing, customer care .... I can identify the market trend as well as the situation, the direction of the work. The strengths and weaknesses of the company to contribute to the business orientation of the company as well as some recommendations to improve the quality of services, from here to the Nhat Phuong company to a new height with individual strengths.

First of all, I believed that for a company that specializes in trading all kinds of services,

customer factors are at the forefront, so there must be a holistic solution to bring satisfaction from customers. Currently the department still has a combination of functional departments when the department of import and export is responsible for customer care. This makes the department sometimes overloaded, many customer comments have not been received and resolved from here

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creating a discomfort from the customer. Cause mainly due to the lack of staff in Nhat Phuong, a staff must occupy multiple positions.

After a period of internship here, I had a customer survey and came up with a detailed report with suggestions for the department head and company leaders.

Article 2: Transportation Aspects: Currently, due to Nhat Phuong's main market is Japan,

there are many transportation providers with different preferential rates. Nhat Phuong company after having established a position on the market, can further consider switching to another carrier to minimize costs. Nhat Phuong still maintains its transportation partner from the first day of the market. This has the advantage of being safe and convenience in the payment process. Nhat Phuong company should make a detailed costing report to find the most suitable service provider. In addition, there are some air cargoes by air. Currently the Nhat Phuong company is still using DHL's services, evaluating the cost quite high compared to the current site. After identifying these issues, I discussed with my supervisors to determine the optimal route to reduce the shipping price to the customer. It is possible to use the shipping method for some commodities that do not require time factor, as well as to use some additional measures to ensure the quality of goods is not damaged by the transportation process.

Article 3: My ultimate goal is to improve the business performance of the market by

expanding its market share in Vietnam. At present, the market is facing fierce competition with other importers in Vietnam such as Le May,Soc & brother, etc. In the long run, many other import-export companies would like to take this market share. Nhat Phuong need to improve the quality of personnel, proposed to expand its own marketing department to ensure the market share, to increase competition for companies in the market. The current business trend is both wholesale and retail, in addition to importing them also open the official dealer ,showroom to the

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