Tạp chí Khoa học Thương mại


Abstracts No 58

1. Macro-economy Stabilization Policy 2012 – A/ Prof. Dr. Pham Thi Tue, Vietnam University of Commerce
In 2012, in the context that the global economy remained stagnant towards stronger decline and the world trade growth was in dramatic contraction, Vietnam macro-economy suffered hard swings; specifically, it fell into serious decline when aggregate demand, bad debts and inventory shot up. The vicious circle happened when purchasing power decreased dramatically – inventory increased strongly – capital turnover decreased seriously – bank loans were difficult to access – enterprises reduced their production scale, and bankruptcy went on; the economy faced the risk of falling into stagnation. Meanwhile, the affecting seism of fiscal and monetary policies tends to increasingly narrow because public debt and sovereign debt has increased to a high level together with the threat of inflation that always lies in wait to return. Therefore, the use of fiscal and monetary policy to lead the economy out of recession and maintain macro-economic stability did not bring about the expected result. The paper analyzes the features of Vietnam economy and the real situation of policy management by the government to draw the limitations in using policy tools in 2012, thus suggesting policy management orientation in 2013 to stabilize the macro-economy and bring the economy back to its growth orbit.
The paper consists of 3 parts:
1. Features of Vietnam economy in 2012
2. Macro-economy stabilization policy
3. Orientation in macro-economy stabilization policy administration in 2013
In the first part, the author generalizes the features of Vietnam economy in 2012 when the national economy had quite a few positive signs. In terms of the quantitative indicators, inflation rate decreased to low level (6.81%); trade balance surplus and exchange reserves increased; exchange rate and market remained stable. However, this was also a year in which the economy witnessed unusual and paradox happenings such as inflation cooled down too fast, trade deficit decreased strongly – the goals which however hard the economy had been trying, it could never reach; interest rates decreased, but enterprise investment did not increase; enterprises were still serious lack of capital and many went bankrupt. The paper provides specific evidence with diagrams showing GDP growth by quarter (%), CPI by month in 2012, indicators of inventory and industry product consumption in 2012, industry production indicator in 2012, enterprise number changes, the gross retail and consumption and service turnover in 2012.
When the economy falls into recession, the actual output is smaller than the potential, then the government uses fiscal and monetary policy to stimulate the economy to grow again. However, these two types of policy need to be combined to maintain the stability of the macro-economy, especially not to cause inflation to increase and exchange rate to fluctuation strongly. In 2012, the measures of actively increasing the overall spending of the economy, creating a spillover effect and stopping growth decline through fiscal policy was ineffective because its scale was relatively small and there were few beneficiaries. Therefore, the goal of supporting the aggregate demand recovery and macro-economic stabilization in 2012 was realized through less tightened monetary policy (the government conducted 6 interest rate adjustments descendingly, managed the money supply proactively and flexibly, etc.) It might be said that in 2012 monetary policy played a key role in the government’s macro-economy management measures, making an important contribution to enhancing macro-economy stability, curbing inflation at low level and supporting growth to a reasonable extent. However, in terms of the goal of growth support, monetary was not as effective as expected.
Consequently, one might see that the policy to stabilize the macro-economy applied in 2012 was not really effective, because so far there have still existed signs of production standstill such as the number of enterprises dissolving and ceasing business continued to increase in the first quarter of 2013, credit growth remained negative, and inventory was still high. Hence, a solution to lessen the difficulties for enterprises and raise capital absorbability of the economy stays in the heart of policy management in 2013.
In 2013, because bad debts of the economy has not shown signs of decreasing, leading to a jam in the credit flow that brings up the economy, the risk of the spiral “economy down – bad debt up – credit jammed – employment down – spending down – economy down” is becoming more and more evident. As a result, the goal orientation of policy in 2013 is to stimulate agregate demand as well as support enterprises because only when the aggregate demand increases then a reduction in interest rate (support enterprises) is meaningful; the increased total demand helps enterprises to sell their products, decrease inventory, then enterprises have credit demand to recover and expand their production scale. There need to be a harmonious combination between fiscal policy and monetary policy in practice so that the policies are more effective. In brief, in 2013 the short-term macro-economy stabilization policy should focus on preventing the decreasing impetus of production by supporting enterprises, raising the capital absorbability of enterprises in the economy as well as maintaining the stability of the macro-economy, curbing inflation and interest rate, then growth will recover and the economy will enter a stability status in the long-run.
2. Market Offering to Attract Investment to Fill up Vietnam Local Industrial Parks and Clusters (Case Study: Ha Tinh Province) – Dr. Nguyen Hoang Viet, Vietnam University of Commerce
Recently, several research projects have been conducted and applied place marketing into attracting investment, however both in theory and in practice there still exist many inconsistent and unsystematic points. This paper studies a key aspect of place marketing of how the supply values of market offering to investors of such a locality as Ha Tinh province are considered, what their model of research is, and the real situation of assessment and the implication of a solution to improve the supply values of market offering in order to attract investment into local industrial parks and clusters in Vietnam.
The paper consists of 4 parts:
1. Theoretical background
2. Research model and methodology
3. Research findings of the real situation of supply values of market offering to investors into local industrial parks and clusters in Ha Tinh province at present
4. Some implied solutions to improve supply values of market offering to attract investment into local industrial parks and clusters in Vietnam in the coming time.
Firstly, the author provides an introduction of the infrastructure of the industrial parks and clusters in Ha Tinh province. The occupancy rate of these industrial parks and clusters only reaches 17.61%, such a small figure. The aim of this research is to identify a theory model and to assess the real efficiency of deploying market offering to local investors in order to attract investment into Vietnam local industrial parks and clusters. The place marketing approach is employed to assess the efficiency of attracting investment into local industrial parks and clusters in Ha Tinh province.
Next, the paper provides some theoretical background on place marketing, including: the core and typical concepts of place marketing in attracting investment are concepts of product; the idea of place marketing to attract investment is different from the idea of “offering and selling”, the investment opportunities and conditions into a place investment destination are identified in the 4 pillars: the starting point, target, method to get the target, the finishing; the core element of place marketing management to attract investment is the idea of market offering of investors. From this, the author identifies a model of market offering to investors to attract investment of a locality.
In the second part, the paper identifies a research model of supply values of market offering to attract investment into industrial parks and clusters of a locality; in terms of methodology, the “supplied numeric value in reality” must be worked out in a consistent measurement unit (money, for example), so in the research it is replaced with the “perceived value” by customer – investor, and this is measured through market test with 5-level Likert scale (from 1: very few, very weak, hardly no to 5: very high (cost) and very good (benefit/value)). The surveyed object is local investment destinations in Ha Tinh province with two market segments. The structure of the questionnaire is built based on the model in Figure 2 consisting of 5 variables with different coefficients of importance; each element norm is deployed with parameters/questions. The survey period lasts from September 2012 to January 2013.
By surveying and analyzing, the author comes to the real situation of supply value of market offering to investors into local industrial parks and clusters in Ha Tinh province at present with a total table assessing the perceived supply value by investors to attract investment to fill up local industrial parks and clusters in Ha Tinh province at present. From that some conclusions may be made including: the industrial parks and clusters occupancy of Ha Tinh province at present is really low (<20%); the place marketers are not fully aware of investors’ behaviour in general and of the target market segments in particular to focus on treating the structure of elements to which investors pay more attention; not only the investment attraction of Ha Tinh province is not high but the relative competitiveness is not large and appealing enough to investors; approximately 48-52% of target investors require that Ha Tinh province improve the supply quality and value of market offering to investors of the province specifically and comprehensively if it is to attract investment to fill up local industrial parks and clusters in the coming time. The reasons for this situation are: (1) marketing offering in place marketing is new in implementation reality in provinces in general and Ha Tinh province in particular; (2) investment attraction of Ha Tinh province so far has merely been the idea of “offering and selling” what is available but the view of local marketing; (3) there is a lack of attention to building local marketing ability to attract investment; first of all, there is no human resources organization and appropriate local marketing budget; (4) there is a lack of attention and direction from the central government in realizing methodically and comprehensively local marketing to attract the right, adequate and successful investment industry and technology into investment destinations in general and Ha Tinh province in particular; (5) the effect of the global financial crisis and economy recession in the recent years.
From the case study, basing on the socio-economic development strategy to 2020, vision 2030 of Vietnam as well as each province under the State, the author suggests several solutions including: (1) it is necessary to be clearly aware of place marketing and social commitment in terms of both value and knowledge of all 4 pillars mentioned above to develop the potential and level of local socio-economic industrialization and modernization by satisfying investors, not just the benefits of the total investment projects into local industrial parks and clusters; (2) the place marketing organization needs the participation of a local and hub marketing leader in building and integrating market offering; (3) the permanent system of deploying place marketing to attract investment needs at least 2 to 3 employees who are responsible for and professional in marketing to plan and develop the market-target investor oriented place marketing strategy which is based on the local marketing ability of the province; (4) develop and improve the implementation efficiency of the supply value elements of a market offering to attract investment; (5) to increase the attractiveness of market offering to investors into local investment destinations, place marketing managers need to plan local industrial parks and clusters well, in pursuant to investors’ business and industry to create good conditions and reduce cost for the value chain of investors, create good conditions and enhance the added value under the pattern quality – timing – cost for the supply chain to which the investors want their business to be connected.
3. The Spillover Impacts of FDI on Employment - Nguyen Duy Đat, Vietnam University of Commerce
Along with the powerful development of international commerce, Foreign Direct Investment (FDI) has become an increasingly important resource which contributes to the socio-economic growth of the host countries. However, the contributions of FDI are controversial in some nations. In fact, in Vietnam FDI has had certain positive effects on the economy over the past years. On one hand, FDI not only provides needed capital to the economy but also boosts exports - FDI enterprises accounted for 64% of the total export earnings in 2012. On the other hand, the employment creation impact is still untapped since FDI sectors only create over 1.7 million jobs, accounting for 3.4% of the total employment. It is important to carry out research on the employment generation effect of FDI to justify FDI attracting campaigns in the coming time, as there are more than one million people to join the workforce every year. Therefore, identifying the contributions of FDI to the employment inVietnamis of special importance. The next part of the research reviews theoretical fundamentals of the impacts of FDI on employment. Moreover, it develops the first theories of the indirect impacts on employment and verifies them through a survey on the real situation of employment in the researched area. This is very important as the impacts have not frequently been researched in the current theories.
The research comprises of five parts:
1. Introduction
2. Research model and methodology
3. Major findings

4. The indirect impacts of FDI: A case study of Phuc Đien Industrial Zone, Hai Duong.

5. Some policy implications and suggestions for further study
The first part of the research introduces FDI and its impacts on employment according to OECD. In theory, FDI indirectly creates jobs involving serving FDI enterprises. When a foreign investor makes an investment in an enterprise (say, GI), it creates jobs not only for the labourers within the enterprise but also for other sectors through ‘forward linkages’ and ‘backward linkages’.  Furthermore, recent research carried out by the researcher has revealed that the job creation effect of FDI exists not only in these linkages but also in a more complicated form – in vertical and horizontal spillovers. However, the article does not touch upon the direct impacts of FDI in the vertical aspect but rather focuses on its indirect one over creating jobs in the vertical and horizontal aspects. In order to verify the effect of employment creation of FDI, quantitative research methods are used in a case study to build up hypotheses. The subject of the study is Phuc Đien Industrial Zone, Hai Duong province and adjacent areas. To identify the number of jobs created indirectly by FDI enterprises, 10 enterprises in Phuc Đien Industrial Zone are investigated. To identify the number of jobs created through horizontal spillover, 100 questionnaires are sent to the employees of those enterprises to investigate the generated services (such as catering, entertainment and shopping, etc.) which are used when they work in Phuc Dien Industrial Zone. 50 completed questionnaires are returned.
Via the survey, the author presents a synthesis of licensed FDI in 1988-2011 and the number of labourers in FDI sectors. The number of jobs created indirectly by FDI enterprises is about 3-4 million. However, the percentage of new jobs created is untapped as it only accounted for 3.4% employment in 2011, a sharp increase from 1.0% in 2000 though.
The case study of Phuc Dien Industrial Zone shows the indirect effects of FDI: 1 job created directly generates 10 indirect ones. This ratio varies from 3.1 as the lowest to 14 as the highest. With regard to industries, textile and farm produce industries create the most jobs while precise material manufacture, machinery industry and services create the fewest. The findings are shown in the two tables of the employees of FDI enterprises in Phuc Dien Industrial Zone and the number of jobs created in the horizontal spillover.
Finally, some policy implications are discussed. In order to provide employment opportunities, the government should have some incentives to attract FDI into processing industries for export, and those with an excessive use of manpower such as textiles, farm produce and food processing. The projects in agriculture only require a small investment but have positive effects on creating jobs for the redundant workforce in the countryside. The article also proposes some further studies to theorize about the indirect impacts of FDI, especially on employment creation; to investigate more thoroughly the impacts in the vertical spillover; to study more cases with a larger number of samples; to separate the number of employees of the enterprises which serve the orders of FDI businesses.
4. Minimizing the Risks in Seafood Exports of Vietnam from the Economic Management Approach- Nguyen Bich Thuy, Vietnam University of Commerce
Risks exist naturally in the socio-economy and cause excessive and intensive damages to all aspects of business performance. They impact almost all the stages in the exportation process, from breeders, food, chemical, raising, processing to customs procedures. In order to minimize the risks in seafood exports, it is essential for the government, Vietnam Association of Seafood Exporters and Producers (VASEP) and the enterprises to create a strategic vision on the basis of sustainable development and mutual benefits for the society and the enterprises.
The article has 3 parts:
1. Theories of minimizing the risks in seafood export ofVietnam 
2. Real situation of minimizing the risks in seafood export ofVietnam 
3. Suggested solutions to minimizing the risks in seafood export of Vietnam 
Thanks to its favourable geographical location and natural conditions, Vietnam has a comparative advantage to promote seafood export. However, seafood export has been hampered due to its attributes and the global economic crisis. Thus, risk minimizing will be extremely beneficial to seafood export. In the first part, the article introduces some concepts and an overview of seafood export and risk minimizing (illustrated by diagrams).
In order to investigate the real situation of seafood export risk minimizing ofVietnam, first and foremost, risks must be recognized.Vietnamis the world leading exporter of seafood to the largest and the most demanding markets such as US, EU,Japan. Nevertheless, due to volatile markets and strict requirements of the importers, seafood exports of Vietnam are now encountering more and more risks, such as technical barriers, anti-dumping, macro changes, lack of materials, natural calamities. These risks exist naturally in seafood exports. For this reason, this part of the article mentions the measures of risk minimizing and their effects. There is a suitable solution to each problem in different angles - the government, VASEP and the enterprises. However, there exist some problems in seafood exports of Vietnam although it is considered to be one of the suppliers who have made big progress in the last decade. The task of risk minimizing inVietnamis quite spontaneous and not well-planned enough to prevent the risks. The article also points out the reasons for these problems as followed: Some regulations issued by the government are unbeneficial to the enterprises and seafood industry due to the lack of the mutual consultancy between the enterprises and the government; the government is not determined enough to minimize risks in seafood exports; seafood planning is not appropriate; the enterprises lack information about price volatility, supply and demand, seafood export regulations in Vietnam and in the world.
To minimize the risks in seaport export, the government, VASEP and the enterprises must co-operate: (1) to plan the development strategy for the industry and provide grants to enterprises, basing on the research conducted by institutes of seafood export; (2) to establish a system to provide information and forecasts of seafood export, including the information about markets, regulations, business performance of Vietnam seafood importers and existing and potential importers; (3) to make full use of institutes of seafood export in consulting, strategic planning to minimize the risks; (4) to enhance the role of Vietnam Association of Seafood Exporters and Producers in supporting, consulting and bridging between the enterprises and the government; (5) to build brand for Vietnam seafood; (6) to aim at sustainable seafood export through environment friendly activities in seafood raising, processing and exporting.
Vietnam has great potential to promote seafood export. However, in the past years, weaknesses in risk minimizing have caused serious damages to its revenues and reputation in the world. Taking these measures will be the leverage to develop seafood export of Vietnam sustainably, thus bringing about enormous benefits to the country.
5. The Link between Accounting Work and Internal Auditing System in Vietnam State-owned Enterprises – Nguyen Thi Hanh Duyen, Vinh University
Internal auditing is the methods and policies designed to prevent frauds, reduce errors, promote opeartional efficiency so as to ensure the comformity to the established procedures and regulations. A sound internal auditing system will bring about numerous benefits to enterprises in general, state-owned enterprises in particular and information users. For this reason, improving the quality of accounting work, ensuring the accuracy of accounting figures and financial reports of the companies are the first priority that managers will consider. On the basis of analyzing the link between the organization of the accounting work and the internal auditing system, the author suggests some solutions which help enhance the quality of the accounting work in the state-owned enterprises.
The article consists of 3 parts:
1.      The links between the accounting work and internal auditing system.
2.      Overview of related studies
3.      The situation of internal auditing and accounting in state-owned enterprises.
4.      Solutions to perfecting the organization of accounting work on the basis of applying the link between accounting work and internal auditing.
First of all, the article presents the content of internal control and organization of the accounting work in Vietnam. The internal control system includes various components: controlling environment; accounting system; risk assessment; controlling activities (controlling procedures); independent supervision (internal auditing). The link beteen the organization of accounting work and internal auditing system is a two-way relationship. Analyzing this link is of great significance in improving the efficiency, quality of both accounting work and internal auditing system. A good understanding of the internal auditing system will help the enterprise’s accountants to perfect their accounting tasks and contribute to a more perfect internal auditing work in the enterprise. Specifically: (1) an effective accounting system must be built on the basis of ensuring the controlling targets on the truth, the ratification, the sufficience, the assessment, the classification, the right timing and the accurate book keeping; (2) accountants can apply some rules, procedures, policies of the internal auditing system to perfect their accounting work; (3) the accounting work can only be perfected if it is done in a relatively effective internal auditing sytem; (4) the accounting work can largely affect the implementation of internal auditing targets; (5) via observing, comparing, informing and recording the arising economic tasks, accounting not only provides information for managment but also helps supervise the multi-faceted activities of the enterprise.
Then, the author overviews the related studies and found that many studies have generalized the research on internal auditing but none have looked into the the link between the accounting work and the internal supervising sytem in the state-owned enterprises. This has encouraged the author to investigate the situation of internal supervision and accounting in the state-owned businesses to contribute a new analyzing direction so as to add more solutions to enhancing the management capacity, from which improves the operational efficiency of state-onwed enterprises. Internal control is an important component and the core factor in improving business management in general, state-owned business management in particular.
However, internal supervision in state-owned enterprises is still very problematic. Under the international business management norms, the main function of the Supervision Board or supervisors is to protect the rights of the owners; supervise the activities of the Management Board in implementing the tasks assigned by the owners. But in reality, many important tasks in internal supervision have not been implemented by the Supervision Board/supervisors. Many authorized state bodies have not caught up the sufficient, accurate and prompt information on the use of state capital and assets in the state-owned enterprises. As this information is joint-collected and supervised by the accounting system and internal auditing system, when the accounting system does not work well, the internal auditing system will be distorted.
In the competitive market conditions, enterprises become equal in the same business and legal environment as regulated by the State. In order to survive and develop, enterprises need to better themselves, improve their accounting work. On the basis of analyzing the links between the organization of the accounting work and internal auditing system, the author suggests the following solutions: (1) promoting the conformity to the laws and finance - accounting rules in the enterprises; (2) completing the internal auditing activities in the professional procedures of the enteprises. Nearly all professions in an enterprises have something to do with the finance – accounting work, so the ideas from accountants in this area becomes especially important.
6. The Real Situation of Direct Marketing Activities at Small and Medium Real Estate Enterprises in Hanoi – Nguyen thi Kim Oanh – Vietnam University of Commerce
Thanks to its unique benefits and characteristics, Direct Marketing, defined as a range of promotional activities, has now become mainstream. Since the real estate market is characterised by high-priced products and services, buyers exercise extreme caution before making a purchase. Currently in Vietnam, the number of real estate enterprises using direct marketing to provide information to potential customers and to persuade them to buy is on the increase; however, no long-term and comprehensive plans have been developed for direct marketing activities in particular and marketing communication in general. Given the situation, it is urgent that Vietnam’s real estate enterprises figure out ways to effectively use direct marketing and to boost their business.
The article is composed of three main parts as follows:
1.      Theoretical background
2.      Methodology
3.      Customer reviews on the effectiveness of direct marketing activities at Hanoi small and medium real estate enterprises
The definition of direct marketing is presented at the beginning of the article. Direct marketing is defined by the American Direct Marketing Association as an interactive system of marketing which uses one or more advertising media to influence a measurable response or transaction at any location. This represents an effective method to promote and sell products which is  more suited for disperse and specialized markets. In the context of high development of science and technology and fiercer competition, businesses should use direct marketing in combination with traditional marketing techniques to bring their advantages into full play. Direct Marketing brings benefits to not only companies but their customers as well. There are different marketing tools including telemarketing; direct mail; interactive marketing in print media such as newspapers and magazines and broadcast media like TV and radio; database marketing, Internet marketing and  Video text marketing. To achieve the highest level of effectiveness, these instruments are used flexibly or in combination to suit different types of product, service, target customer and market.
To collect customers’ opinion on the direct marketing operation of small and medium real estate enterprises in Hanoi, the author uses the following research tools: interviews conducted on these companies’ staff, questionnaires delivered to 30 customers of these enterprises,    interpretation, statistics, survey and frequency distribution calculation. The findings reveal that most surveyed businesses use direct marketing though not often and effectively. Internet is often used as an effective tool to provide general information about products, services and projects (progress, characteristics) and to give instructions on how to contact the company to seek more information and advice. The traditional and Internet catalogs are also employed to provide preliminary information about products to the most potential customers. Besides, the traditional catalog consults customers on how to contact the company or the sales staff directly. Direct SMS Marketing and the company’s Website are used to provide general information which arouses potential customers’ attention. Though telemarketing is regarded by customers as an important, flexible and persuasive direct marketing instrument, to date, there have been no training courses on communication over the phone for the staff; therefore, the calls are of different quality levels. To make things worse, that small and medium real estate businesses do not have any free customer support service is common. According to the survey results, though direct mail and e-mail are frequently used, the response rate is not high which is as much as about 1%. Of all the surveyed customers, only 27% know about direct marketing on TV and magazines and a very small percentage are aware of TV shopping. The findings related to clients’ satisfaction with direct marketing activities and operation are presented in graphs.
In the coming time, to improve the quality and effectiveness of direct marketing activities, Hanoi real estate enterprises should make the best of this marketing method using the Internet, email, SMS, catalog and the telephone. Of all the mentioned-above media, telemarketing is believed to create a powerful link between the company and customers after clients have received information from other marketing instruments. It is also nesessary for businesses to combine different direct marketing media and techniques to boost sales and improve operational efficiency that works to the mutual benefits of both customers and companies.   
7. The Internal Auditing System in Vietnam Trading Corporations –Current Situation and Solutions –Nguyen thi Hong Lam, M.A. Vietnam University of Commerce
Internal auditing is one of the effective means for businesses to manage risks and improve operational efficiency. In large-scale businesses all over the world, internal auditing procedures are strictly enforced to ensure high efficiency of the practice. In Vietnam, the lack of clear guidance and regulations on internal auditing has made it difficult for businesses to define its role and to organize a sound internal auditing system. Based on the findings on the real situation of internal auditing practices in Vietnam trading corporations and on international internal audit models used as references, the author puts forth some solutions to help Vietnamese enterprises build a perfect internal auditing system.
The paper is divided into three main parts:
1.         Theoretical background of internal auditing
2.         Evaluation on the current state of internal auditing practices in Vietnamese trading corporations
3.         Solutions to improve the efficiency of auditing practices in Vietnamese trading corporations
The rationale reviews internal auditing work conducted when Vietnam is in the transition into a market economy. To date, internal auditing has proved to be of great improtance for Vietnamese organizations of all types including trading corporations. To ensure the independence of the work, there exist two different models applied all over the world: (1) the internal auditing unit under the Audit Committee of the Board of Management (or the General Board of Shareholders) comprising of sleeping partners and (2) the internal auditing unit under the direct supervision of the Chief Executive Officer (CEO). The Audit Committee is responsible for ratification of any appointment or dismissal of the unit’s head and approval of work, personnel or budgeting-related plans. The audit results are examined by the CEO and the Audit Commitee. This model is more flexible; however, it is less independent compared to the former. After the role of internal auditing in an organization is clearly defined, the internal audit unit is established in accordance with the unit’s function and the business entity’s characteristics such as its size, business scope, the number of affiliates, the staff’s competence and so on. The internal audit system is usually examined on two aspects, namely operational structure and personnel.
To find out about the current status of internal auditing in trading corporations in Vietnam, the author conducted a survey on 13 Vietnamese trading corporations which include both state (11) and equitized corporations (02). The research instruments used are the questionnaire and the interview conducted with the heads of the Internal Audit unit, the Accounting department and the Internal Control unit. The findings on the current state of internal auditing organization in Vietnam trading corporations presented in graphs reveal the following facts (1) internal audits have assisted trading corporations in the detection of large-scale fraud cases, such as fraudulant acts in cost and turnover accounting or big losses caused by investment in new and sensitive fields of business; (2) internal auditing is of little significance in a business’ operational and management structure since only a few (2 out of 13) surveyed corporations have a seperate audit unit; (3) as to structure, the most popular model is the functional and centralized auditing system. With regard to personnel, Vietnam National Petroleum Group is the only business having clear division of work in the audit unit with the unit’s head, deputy head and other auditors; in other organizations, auditors are cross-functional task force overloaded with work; (5) internal auditors are not professional enough in their job.
After analysing and discussing the operation of internal auditing in Vietnam trading corporations to find out existing problems and drawbacks, the author suggests the following solutions to help an organization define the role of internal auditing in its business operation and figure out ways to organize the auditing system (1) instead of having a specialized internal auditing unit, every activity and business process should fall into the scope of internal audits; (2) reorganizing the specialized internal auditing unit and setting up a seperate independent one; (3) as to organization, the centralized model is the most suitable in the initial stage. However, the integrated model with internal audits being conducted in both the main office and large-scale branches or subsidiaries is more suited for businesses which are either growing in size or expanding their business scope and large corporations like Vietnam National Petroleum Group; (4) reorganizing the auditing unit’s structure; (5) properly dividing the work in the unit; (6) personnel-related solutions including recruitment, training and career orientation.
 To make internal auditing an effective tool for supervising and controlling operation of enterprises, especially of trading corporations which have lots of potential risks in their course of doing business, it is necessary for the state and direct management agencies such as the Ministry of Finance to timely issue detailed regulations and guidance on the professional practice of and criteria for internal auditing like the Law on Auditing and Vietnamese Standards on Internal Auditing.
8. The Current State of Management of Pre-registered and Registered Enterprises in Vietnam – Dang thi Hong Van – Vietnam Univerisity of Commerce
Along with the development of the country, our government has encouraged the establishment of private and foreign invested enterprises. However, there exist a lot of problems in managing pre-registered and registered businesses in terms of procedures, process, supervision when a business withdraws from the market and the industry. This paper first analyses the real situation of state management of pre-registered and registered enterprises in Vietnam then puts forth some suggested solutions to increase the efficiency and effectiveness of the practice.
The paper has 5 main parts:
1.      Introduction
2.      Research model and methodology
3.      Research findings
4.      Solutions to increase the effectiveness of the state management of pre-registered and registered enterprises
5.      Conclusion
The article provides the exact number of Vietnamese pre-registered and registered businesses and analyses the current situation of and problems in managing registered enterprises in Vietnam using the five diamond model of M.Porter. The paper focuses on analysing main factors affecting a business’ decisions to join the market and to withdraw from an industry including barriers in a certain market segment. The author uses description, generalization, statistics and analysis of secondary research data as research methods to analyse and evaluate research findings. The strong points in the state administration of pre-registered and registered enterprises include gradual improvement of the business environment for registered businesses; market-driven state administration; reinforced and supportive relationship between the state and the businesses, and higher quality in inspection and settlement of business infringements. These improvements have ensured enterprises’ rights to do business and to take legal responsibilities, and at the same time have reduced interference, harassment and criminalization of business. However, there exist some weak points, too.
Based on the findings, the author suggests some solutions for both the state and related parties to improve the effectiveness of the state administration over pre-registered and registered businesses. First, it is necessary for the state to reinforce the inspection and examination of registered enterprises’ operation. Moreover, the government should issue canonical regulations on coordination between the state inspection bodies in inspecting and examining a business’ operation. It is also important that the state implement regulations stipulating the inspectation and examination of state businesses, corporations and groups. Besides, the author suggests solutions for the supervision of the supplier and the commercial bank as creditor, the press and media, the competitor and the consumer.
Creating a legal framework and good conditions for businesses to join the market and to operate efficiently is a necessity which enables them to enter and to compete in the international market in the near future.          
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