ACADEMY OF FINANCE UNIVERSITY OF TOULON PRACTICAL TRAINING REPORT DEGREE: LICENCE IN ACCOUNTING - CONTROL - AUDIT Student: Le Van Giap Class: K111 School year: 2020-2023 Company/Bank: DELTA Sports Equipment Joint Stock Company Time: 30/6/2021 to 30/7/2021 Ha Noi - 2021 TABLE OF CONTENTS TABLE OF CONTENTS i LIST OF ABBREVIATIONS iii LIST OF TABLES iv FOREWORD PART 1: LEARN ABOUT DELTA SPORTS EQUIPMENT JOINT STOCK COMPANY AND FINANCIAL INSTITUTIONS 1.1 General introduction of DELTA Sports Equipment Joint Stock Company 1.1.1 The process of formation and development 1.1.2 Characteristics of business activities of DELTA Sports Equipment Joint Stock Company .7 1.1.3 Size and financial structure of the business 1.1.4 Size of the company's personnel 1.1.5 Business performance of DELTA Sports Equipment Joint Stock Company .10 PART 2: LEARN ABOUT THE MARKET AND DEVELOPMENT ORIENTATION OF ENTERPRISE 12 2.1 Situation of the market at DELTA Sports Equipment Joint Stock Company .12 2.1.1 Business capital situation and business capital of DELTA Sports Equipment Joint Stock Company 12 2.1.2 Status of capital sources of Delta Sports Equipment Joint Stock Company .17 2.2 Effects of macro policies on DELTA Sports Equipment Joint Stock Company .28 2.3 Influences of DELTA Sports Equipment Joint Stock Company .29 PART 3: STUDENT COMMENTS AND PRACTICE 31 3.1 Advantages and disadvantages of enterprises in the current conditions 31 Lê Văn Giáp – K111 Page 3.1.1 Socio-economic context 31 3.1.2 Advantages and disadvantages of business 33 3.2 Overall assessment of the business results of Delta Sports Equipment Joint Stock Company in the past time 34 3.2.1 These achievements .34 3.2.2 Limitations and reasons .36 3.3 Recommendations: 37 3.4 Main solutions to strengthen business capital management at DELTA Sports Equipment Joint Stock Company .38 3.4.1 Strengthen governance and use of capital in cash .38 3.4.2 Strengthen the management of accounts receivable 40 3.4.3 Strengthen inventory management 41 3.4.4 Enterprises use the appropriate method of determining working capital needs 42 3.4.5 Strengthen fixed capital management 43 CONCLUDE 48 LIST OF REFERENCES 49 Lê Văn Giáp – K111 Page LIST OF ABBREVIATIONS DN : Enterprise HTK: Inventory LN : Profit NPT : Liabilities NVDH: Long-term capital NVNH: Short-term capital NWC : Regular working capital CIT: Corporate income TLSX : Material of production TSDH : Long-term assets Assets: Short-term assets Fixed assets: Fixed assets Working assets: Current assets Labor : Labor power Production and business: Production and business Capital : Fixed capital Equity : Equity VKD : Business capital Working capital: Working capital VLDTX: Regular working capital Lê Văn Giáp – K111 Page LIST OF TABLES Table 2.2: Business results of the company in 2019-2020 10 Table 2.3: Changes in business capital in 2020 .12 Table 2.4: Changes in business capital in 2020 .14 Table 2.5: Structure and movements of working capital at the end of 2020 17 Table 2.6: Structure and movement of capital in cash at the end of 2020 .20 Table 2.7: Solvency ratios at the end of 2019-2020 21 Table 2.8: Structure and movement of short-term receivables in 2020 24 Table 2.9: Indicators reflecting the effectiveness of the year's receivables management 2019-2020 25 Table 2.11: Structure and movement of long-term assets in 2020 28 Lê Văn Giáp – K111 Page LIST OF CHARTS RED Figure 2.1: Working capital structure chart: 18 Figure 2.2: Solvency chart 22 Lê Văn Giáp – K111 Page FOREWORD Overview In the context of the current economy, every activity in the economy seems to be associated with the journey of capital Capital is the leading factor, very important for every business, every company in all industries and fields because capital is both the basis and means for the production and business process of enterprises , without capital, enterprises cannot conduct production and business The goal of businesses is to maximize profits, which requires businesses to use capital effectively in fiercely competitive market conditions Therefore, the requirement for businesses is to increase the mobilization of internal and external capital and use and manage capital in the most effective way This is considered an important task in the current economic and financial management system of enterprises, helping businesses to fully, accurately and timely implement and ensure the correct implementation of the regime and the law regulated by the State Through the practice of working at DELTA Sports Equipment Joint Stock Company, with the enthusiastic help of the company's staff of the finance-accounting department, I have gradually become familiar with reality, applying theory and company practices Because I was aware of the meaning and importance of the problem, I studied deeply and completed the exercise Structure of ants The main content of the exercise is divided into parts: Part 1: Learn about DELTA Sports Equipment Joint Stock Company and financial institutions Part 2: Understanding the market and development orientation at DELTA Sports Equipment Joint Stock Company Part 3: Students' comments and suggestions After studying and researching at the Institute of Finance - University of Toulon and practicing at DELTA Sports Equipment Joint Stock Company and below, the dedicated and thoughtful help from the Specific Equipment Joint Stock Company In DELTA sports, I have completed my homework Although we have tried to understand and analyze, but due to limitations of qualifications and time, errors cannot be avoided I look forward to receiving suggestions and guidance to improve my essay Thank you sincerely! Lê Văn Giáp – K111 Page PART 1: LEARN ABOUT DELTA SPORTS EQUIPMENT JOINT STOCK COMPANY AND FINANCIAL INSTITUTIONS 1.1 General introduction of DELTA Sports Equipment Joint Stock Company 1.1.1 The process of formation and development  The process of formation and development of the company Delta Sports Equipment Joint Stock Company was established under the Business License No: 2800702548 issued by the Department of Planning and Investment of Thanh Hoa province for the first time on August 5, 2002, and changed for the 15th time on December 31 /2019 With the initial charter capital of: 2,250,000,000 VND, up to now the Company has raised its charter capital to: 324,000,000,000 VND The birth of Delta Company marked the efforts and determination of Mr Nguyen Trong Tham and the founders The founders bought the entire Delta brand, technology, and production lines from Hungary to bring back to Vietnam for investment and development Currently, Delta Company is the leading enterprise with 100% domestic capital in Thanh Hoa province in the field of manufacturing sports equipment and apparel, ranked as one of the prestigious domestic and international enterprises - 2002 The founders decided to buy the entire Delta brand, equipment and technology from Hungary On August 5, 2002, Delta Sports Equipment Company was officially established with a charter capital of VND 2,250,000,000 and 35 employees; - 2004 Continue to improve technology, improve product quality in order to orient the Company's products towards export; - 2006 Stable production line, personnel & technology Expand the export business strategy and have the first export shipment for customers Voit Lê Văn Giáp – K111 Page of Mexico and Bigma of Sweden Marking an important milestone in the international market for sports products of Delta Sports Equipment Company; - 2007 Invest in and upgrade the factory system, invest in research on technology for producing artificial leather balls; opened a production branch in Thuong Xuan district, Hau Loc district (Thanh Hoa province); Representative office in Ho Chi Minh City In particular, the development of the textile and garment business in Ho Chi Minh City has created a foundation for the company's sustainable development and international integration in the coming years 2007, It is also a year marking the growth when the Company's products are accepted and cooperated by many partners such as: Cambuci; Erima, Eria, Challenger and exported to major markets such as: Braxzil; Virtue; Italia; America - 2008 Start testing technology to produce sports balls from artificial leather, completely replacing real cowhide Maintain and develop existing customers and cooperate with big customers such as: UHL Sport, Nordic - 2009 The project "Investment in construction and expansion of Delta Sports Equipment Company" was officially started With a synchronous investment on an area of 2.1 hectares, the company built 02 production enterprises, which are sports balls and garment factories All are equipped with modern machinery and equipment according to international standards, creating a spacious and airy workplace for 1,600 workers to work on site Transforming the form of textile cooperation into direct production of garment products Since then, Delta Sports Equipment Company marked an important turning point in production and business activities, and at the same time carved its name into the general picture of Thanh Hoa province's textile industry - 2011 Officially cooperated with Intochu Corporation (Japan) This is one of the three largest textile corporations in Japan Converting business Lê Văn Giáp – K111 Page registration to Joint Stock Company and raising charter capital to 120 billion dong; - In 2012 On August 5, 2012, Delta Company started the project "Delta Production and Welfare Complex" on an area of 120,000m2; investment capital is nearly 2,700 billion VND Key works in this project include: Delta textile production area; Housing area for workers with 250 apartments, a kindergarten of 30 classes/800 children and Delta Ecological General Hospital At the same time, Delta Sports Equipment Joint Stock Company obtained ISO 9001: 2008 Quality Management System Certification and SA 8000: 2008 Social Responsibility Standard, which is one of the Company's breakthrough certifications Delta in an integrated and developed economy Won Silver Award, National Quality Award; received the Certificate of Merit from the Prime Minister; - 2013 The project "Delta Welfare and Production Complex" basically completed the infrastructure, and at the same time put into use 13,000m2 of textile and garment factory, attracting more than 1,000 employees The company's export turnover reached nearly 30 million USD, the revenue reached more than 260 billion VND Thesis "Research on production technology solutions to improve the quality and design to improve the competitiveness of sports ball products on the market" This topic won the Second Prize at the 12th National Technical Innovation Contest (Vifotec), 2012-2013, with the Creative Labor Certificate of the Vietnam General Confederation of Labor, the typical product of Thanh Hoa province in the year 2013 The company won the Gold Award, National Quality Award, Third Class Labor Medal & Certificate of Merit from the Prime Minister; - 2014 Raised the Company's charter capital to VND 240 billion Continue to build and complete each work item in the project "Delta Welfare and Production Complex" Continuing to maintain ISO 9001: 2008, SA 8000: Lê Văn Giáp – K111 Page needs to continue to promote these points and at the same time improve the weaknesses in the management and use of capital 3.2.2 Limitations and reasons  Firstly, about the capital organization of the company: In the company's capital structure, the company's capital accounts for a large proportion of liabilities, while equity tends to decrease in proportion, making the financial situation of the company Company is not safe, easy to take risks  Second, in 2020, the company's ROE and ROA are reduced Causing unsustainable growth of a business  Thirdly, the amount of cash decreases suddenly and is not commensurate with the business scale, especially bank deposits, which will reduce the financial initiative of the company In addition, the company does not have specific methods to determine the amount of cash reserve needed for the continuous production and business process and does not cause capital waste  Fourthly, the inventory is not reasonable, causing stagnation of capital, wasting a lot of extra costs in inventory management And the company has many unfinished construction projects that are past the contract period, causing loss of reputation and increasing costs for the company  Fifth, the company does not have a specific plan or method to determine working capital needs for the plan year Most of the mobilization, The recovery of working capital is based on the actual needs when arising in the operation and the experience and knowledge of the management This makes the company fall into a passive state, without a plan to use working capital in the most scientific and effective way, sometimes causing excess or lack of capital Lê Văn Giáp – K111 Page 36  Sixth, the management and administration capacity of the company is not good, the professional capacity of the staff and workers in the company is still weak The company does not have a specialized staff in financial management but still lumps together the accounting - finance department but mainly only performs accounting operations, the financial staff are not flexible and dynamic in their studies ask 3.3 Recommendations:  About business organization Implementing a reasonable import plan for business items must pay attention to the demand of the economy Strict application of technological process management measures, focusing on service quality management Strengthen strict management and actively implement thrift practices in the entire business process After the covid-19 pandemic, the demand will definitely decrease, so the reduction in inventory is certain In addition, it is recommended to increase more incentives and support policies for buyers to cooperate for mutual development and alleviate difficulties of the current economy This will help the company solve the amount of Inventory certain and increase revenue for the company Although the increase in revenue is certainly not breakthrough  Organization and management of the company -Continue to improve the management capacity of the whole company's system, continue to promote the spirit of innovation and creativity in the leadership apparatus, the management continues to strengthen the entire leadership management apparatus at the Company Completing the development of the Company's development strategy, well implementing the recruitment and training activities in 2020, the training content in different forms ensures quality, meeting the requirements for management, production Lê Văn Giáp – K111 Page 37 and business business, suitable to the working conditions of the participants, the goal of constantly improving the quality of human resources - Building a cultural lifestyle in the enterprise, doing well the emulation and commendation work, launching emulation movements at units, factories, at key construction sites, contributing to encouraging employees to complete their tasks well in the assigned work - In addition, the Covid-19 epidemic has required a faster response from the leadership, a more secure and safe business strategy  Market: Do well marketing to introduce products to expand the market in the whole country, especially sports equipment stores and domestic football fields Prioritize large, reputable and capable customers, new customers who have the ability to expand and develop business partnerships, but this does not mean that small stores are ignored where there is a real need  Investment: Investing in infrastructure expansion, purchasing modern and advanced machinery and equipment, expanding business scale and improving product quality and productivity 3.4 Main solutions to strengthen business capital management at DELTA Sports Equipment Joint Stock Company Through the internship at DELTA Sports Equipment Joint Stock Company, To learn practically about the management and use of working capital of the company, understand the shortcomings and limitations in addition to the achievements that the company has in the course of business operations, below I would like to Some recommendations on solutions to improve the efficiency of the company's business operations are as follows: 3.4.1 Strengthen governance and use of capital in cash Cash capital is an important component of working capital, which is a direct factor that determines the solvency of the business With a certain size Lê Văn Giáp – K111 Page 38 of business capital, it is required to have a commensurate amount of money to ensure the financial position of the business is in a stable state The cash capital of an enterprise also reflects the solvency of the business at that time Therefore, corresponding to a certain size of capital requires regularly having a corresponding cash capital scale to ensure the solvency as well as the financial position of the company In 2020, cash capital includes cash and cash equivalents in the business capital structure, relative to a business company, because money must continuously rotate for investment to generate profits Liquidity ratios are all low compared to the industry However, in the coming time, the company needs to strengthen the management and use of capital in a more reasonable manner The following measures can be applied: + Determine the level of cash reserve, based on the recurrent expenditure plan, balance the receivables and payables in the period, avoiding capital stagnation The company should plan cash flow to determine the excess or lack of money from which to bring solutions to balance revenue and expenditure in cash + Strictly manage cash advances Clearly define the object of the advance, the cases of the advance, the level of the advance and the time limit for which the advance is granted; regularly ensure the company's ability to pay its due debts + In addition, you should consider the plan to import inventory, especially how much to import to ensure enough distribution, enough money to rotate In summary for the business industry, here is Sports equipment business, should not leave money idle and should not carry out too many projects to avoid low liquidity Lê Văn Giáp – K111 Page 39 3.4.2 Strengthen the management of accounts receivable Receivables in 2020 are still increasing, the management of receivables has not been effective, so in the coming time, it is necessary to have strict management measures and promote debt recovery measures, especially with receivables customers and specifically as follows: + For bad debts such as bad debts, overdue debts to reduce possible risks, enterprises need to take appropriate measures such as: suspending new contracts for customers with overdue debts, + The Company's current credit policy is reasonable However, this is like a double-edged sword: While creating a good relationship with customers, it is difficult to eliminate the risk of bad debt Therefore, the company needs to closely monitor the receivables from customers and make provisions in accordance with regulations to minimize the risks encountered + The company needs to carefully consider customers in terms of prestige, familiarity and ability to repay debts when due to offer forms of credit sales, narrowing the scope of customers to enjoy incentives, withdrawing shorten the credit sale period and speed up debt collection to avoid capital misappropriation + In the coming time, the Company needs to redefine a reasonable credit policy, including determining both the subject of the credit sale and the time of the credit sale, taking into account the goal of expanding the market and considering the credit policy of the company competitors Before making a decision to sell on credit, the Company needs to analyze the customer's financial situation to ensure that the customer is able to pay, pay when due, and not generate bad receivables; At the same time, the Company needs to redefine, reduce the credit period and have a reasonable payment discount to promote early payment, reduce the need to finance receivables Lê Văn Giáp – K111 Page 40 3.4.3 Strengthen inventory management Inventory in 2020 is the indicator that accounts for the highest proportion in the structure of working capital and tends to increase compared to the previous year Therefore, inventory management is very important for the survival of the business Too much inventory causes capital stagnation and affects the business performance of the business The company should choose a supplier with reasonable price, good reputation, close distance for easy transportation, the supplier always has stable production and business to be able to supply goods at any time Must determine the minimum inventory level so as not to lack or have too much inventory, which will increase inventory management costs The company needs to conduct a review of the entire inventory on the basis of assessing production and consumption needs in the coming period, assessing and quickly releasing finished products in order to recover capital and increase cash revenue for enterprises to increase its ability to pay its debts + Need to consider the cost of materials, the availability of materials of the market to have appropriate management measures; determine the quantity of raw materials and goods to be purchased in the period to ensure that the company's daily production takes place normally and continuously; Well organize the storage and preservation of raw materials and goods, check regularly to avoid loss or damage, reduce quality and cause waste for the Company + Quickly release finished products that are backlogged in warehouses, store only at a reasonable level to ensure supply to the market and for works under construction in sufficient and reasonable quantities, ; For inventory that is business real estate, it is necessary to come up with appropriate sales policies to fully meet the needs and tastes of the market, avoiding long-term storage leading to degradation and damage Lê Văn Giáp – K111 Page 41 + Regularly check and master the situation of inventories, timely detect the stagnation of materials and goods, and take measures to release capital stagnation 3.4.4 Enterprises use the appropriate method of determining working capital needs DELTA Sports Equipment Joint Stock Company is a company operating in the field of manufacturing, mainly operating in sports equipment and garments Annually, for uninterrupted production and business activities, the company must determine the regular working capital needs in a reasonable manner and in line with the company's business objectives In order to ensure the organization and use of working capital in a highly effective manner, the company should pay attention to the following issues when planning capital mobilization and use: A company should combine both direct and indirect methods of determining its working capital needs Must accurately determine the minimum capital requirements needed for the company's business operations, avoiding unreasonable excess capital of the company in many cases, such as cash needs, demand inventory in each period, each period of the company based on the fluctuations of the domestic and foreign economy On the basis of determining regular working capital as planned, the company needs to develop a mobilization plan including: selecting the most active funding source, determining the amount of existing capital, the amount of additional capital To ensure the regular working capital needs, the company first needs to find ways to maximize internal resources from within, increase the mobilization of short-term capital sources to finance immediate capital needs, take full advantage of use short-term debts that are not yet due for payment such as payables to employees, taxes and other payables to the State Budget but not yet due, apply the form of commercial credit (buying on Lê Văn Giáp – K111 Page 42 credit for suppliers), because when using these funds to help the Company not have to spend costs, the company has more conditions to improve its production and business efficiency 3.4.5 Strengthen fixed capital management Currently, the Company's fixed assets will have a direct influence on the production and business process Therefore, it is necessary to focus on management and preservation to improve the efficiency of using fixed assets in the company • For investment in new fixed assets: - Increasing investment, purchasing new fixed assets to replace outdated and obsolete fixed assets with equity from retained earnings and basic depreciation fund on the basis of depreciation, or mobilized from long-term loans term To minimize the downtime of fixed assets, to make full use and exploit the maximum operating capacity of machinery and equipment - Conduct appropriate innovation, select machinery and equipment that both meet production needs and adapt to the company's financial potential avoid patchwork and lack of synchronization investment When investing in machinery and equipment, new production lines need to be appraised of techniques, usage needs and usability of the operating staff • For fixed assets already in use: - Organize monitoring, management and classification of fixed assets by group, each type, and at the same time decentralize management of fixed assets for each production department, workshop, and manager to improve the responsibility of asset management and use in company - From time to time, it is necessary to accurately evaluate and re-evaluate fixed assets Regularly re-evaluate the value of fixed assets as a basis for determining reasonable depreciation rates From there, it is possible to take timely repair and maintenance measures to limit intangible as well as tangible Lê Văn Giáp – K111 Page 43 wear and tear At the same time , enterprises can recover capital or promptly handle depreciated assets, prevent capital loss Besides, it is also necessary to identify and classify obsolete fixed assets so that there can be appropriate liquidation and sale measures fit - Implement measures to improve the efficiency of the use of fixed assets such as: making the most of the machine's capacity, reducing the time when equipment is idle; Strictly implement the maintenance and repair regime of machinery • Regarding the depreciation of fixed assets: Currently, the straight-line method of depreciation is being applied to calculate depreciation for all fixed assets in DELTA Sports Equipment Joint Stock Company However, because the Company's fixed assets have many different types, each type of asset has its own characteristics of use, so using the same depreciation method to calculate the general depreciation for all such assets will not reflect accurately reflect the level of loss m The reality of each type of fixed asset, the ability to recover capital is slow Therefore, in the coming time, the company should apply appropriate depreciation methods for each type of fixed asset For fixed assets serving the production and business process of enterprises such as means of transport and machinery and equipment, the Company should apply the accelerated depreciation method The purpose of this method is to quickly recover the capital spent as well as technological innovation But when implementing this depreciation method, the Company needs to ensure the operation with high economic efficiency; when implementing this method, enterprises must be profitable; Accelerated depreciation cannot be more than twice the depreciation determined using the straight-line method Some other solutions Lê Văn Giáp – K111 Page 44  Expanding the output market, promoting bidding and finding partners - Actively develop products and expand markets; offer bidding policy, competitive price - Improve construction quality, diversify product forms and business forms to suit the needs and tastes of the market - Exploiting more new markets in line with the average income of customers, aiming to diversify customer segments - The company also needs customer incentives such as payment discounts, commissions, trade discounts, etc to increase consumption, reduce capital stagnation, solve inventory problems and the company's receivables - Maintain relationships with existing foreign partners, eliminate limitations in the working process, increase efficiency through cooperative work  To further promote the accounting work in parallel with financial analysis This is a very important job to help the Company have a correct view of what has been done and then take measures to overcome the limitations to achieve better results In general, this solution is to strengthen the governance finance in general as well as strengthening VKD management in particular, thereby improving efficiency in the use of resources of enterprises Through the accounting work, information about the company's production and business activities is reflected in a timely manner, serving to make financial management decisions for enterprises  Focus on fostering and training staff to further improve the efficiency of business capital management Labor is an essential element to conduct production and business activities in enterprises It directly affects the entire production and business Lê Văn Giáp – K111 Page 45 results of the whole enterprise in general and the effectiveness of VKD management in particular An appropriate organizational structure and management mechanism will clearly define the functions and duties of each department and level of management To this, the company should consider some of the following solutions: - Every year, the Company should organize training for employees at the workshop to improve their working capacity in accordance with the development of society Besides, the Company also encourages employees to self-study, foster and improve their professional qualifications to increase labor productivity and product quality - The company needs to strengthen the training of staff, improve the management skills and qualifications of the factory managers to respond to the new economic situation The company should send managers to attend short courses so that they can access new advanced management methods, methods to improve the efficiency of business capital management for enterprises - Implement well the policy of material reward for employees in the company who have good working capacity and bring benefits to the company In addition, the company should have measures to encourage material, spirit such as: caring, motivating and partially supporting the study costs for the children of employees in the company - Building a harmonious relationship between employers and employees and between employees Paying attention to improving the safe working environment, focusing on labor protection, giving employees and reasonable remuneration regimes to attract and retain good employees who stick with the company for a long time company and promote the maximum working capacity of each person Lê Văn Giáp – K111 Page 46 - Enhance the operational efficiency of the company's functional departments according to their majors but ensure compactness, in line with the Company's operational scale to operate smoothly and effectively Lê Văn Giáp – K111 Page 47 CONCLUDE Through analyzing the actual situation of business activities at DELTA Sports Equipment Joint Stock Company, I have partly seen the achievements that the Company has achieved in the past years and the remaining limitations that need to be overcome in the coming time so that the Company can further improve its business efficiency in order to contribute to bringing the country into the trend of integration and internationalization in the current period From there, a number of appropriate solutions were proposed in the hope of contributing to the enhancement of the Company's business capital management I hope that the solutions that I propose and propose in my internship can partly help the company in perfecting its organization and effective operation management However, due to the limited theoretical level and internship time at the Company, this article is definitely limited, I look forward to receiving the evaluation and suggestions of the teachers in the Academy and the Board of Directors and especially the staff of the Finance - Accounting Department of the Company so that I can complete this exercise Once again, I would like to sincerely thank the teachers in the Academy, the Board of Directors and staff of the Finance - Accounting Department of DELTA Sports Equipment Joint Stock Company for creating favorable conditions and helping me during this time via Thanh Hoa, September 2021 Students perform Le Van Giap Lê Văn Giáp – K111 Page 48 LIST OF REFERENCES Textbook "Corporate Finance", edited by Dr Bui Van Van - Dr Vu Van Ninh, Finance Publishing House (2013) Textbook ''Corporate financial analysis'', Editor-in-Chief Prof TS.NGND Ngo The Chi, Assoc.Prof.Dr.NGU Nguyen Trong Co, Finance Publishing House (2015) DELTA Sports Equipment Joint Stock Company document on financial statements for the years of 2018, 2019 and 2020 Annual reports for 2018, 2019 and 2020 A number of theses, topics and other topics on financial assessment, operation of mining companies, production and business Lê Văn Giáp – K111 Page 49 Lê Văn Giáp – K111 Page 50 ... expected to increase by 1.8% in 2020 and increase in growth rate of 6.3% in 2021, while GDP in developing Asia will shrink by 0.7% in 2020, and increase by 6.8% in 2021 Vietnam will keep inflation... Strengthening self-inspection and supervision, closely combining ensuring the State's financial regime and implementing the mechanism of contracting internal expenditures in order to minimize product... the increase in liabilities was mainly due to an increase in loans and short-term debt When considering the correlation between the increase in the value of short-term assets with the increase in