1 INTRODUCTION efficiency analysis in order to test usefulness and feasibility of the recommendations NECESSITY OF THE TOPIC SUBJECT AND SCOPE OF RESEARCH In the context of overall development, in order to achieve high business Research subject of the thesis is defined as the analysis of business efficiency and business goals, enterprises need to evaluate their own business efficiency in manufacturing enterprises in general and export wood efficiency and find out the causes so that they can have proper solutions in processing enterprises in particular, at the same time concretizing the analysis the future through annual analysis of business efficiency The industry of of business efficiency in export wood processing enterprises in South Central export wood processing – one of major export industries in Vietnam – of Research scope of the thesis is limited to theoretically researching into which South Central region is one of the four fastest growing areas, is not an business efficiency, analysis of business efficiency and the current situation of exception Stemming from a great deal of thorough research of business analysis of business efficiency and recommending the solutions to improve efficiency analysis in export wood processing enterprises in South Central, the analysis of business efficiency in export wood processing enterprises in South thesis entitled “Improving analysis of business efficiency in export wood Central for the period of 2008 - 2010 processing enterprises in South Central” was conducted RESEARCH AIMS - Systematizing theory of efficiency, business efficiency and analysis of business efficiency in manufacturing enterprises in general, export wood processing enterprises in particular RESEARCH METHODOLOGY With the research objectives set out, based on dialectical materialism methodology of Marxism-Leninism, the author identifies research methods to be used would be qualitative ones as follows: + For less important information (information provided by professional - Researching into the current situation of analysis of business efficiency organizations of information provision): the author used desk research The in export wood processing enterprises in South Central, thereby, pointing out author inherited and developed the research information to build a basic theory strengths and weaknesses system for the thesis - Recommending a number of solutions to improve analysis of business + For basic information (information provided by the enterprises): the efficiency suitable for export wood processing enterprises in South Central author used desk research and in-depth interviews, particularly: in-depth Providing guidelines for applying changes, supplements in business interviews with interview sample of 30/176 and desk research with CHAPTER documents of enterprises NEW CONTRIBUTIONS OF THE TOPIC - Systemizing and improving the theoretical issues of business efficiency and business efficiency analysis of manufacturing enterprises in general and BASIC THEORY OF ANALYSIS OF BUSINESS EFFICIENCY IN MANUFACTURING ENTERPRISES 1.1 EFFICIENCY AND BUSINESS EFFICIENCY IN ENTERPRISES 1.1.1 Concept and nature of efficiency and business efficiency export wood processing enterprises in particular 1.1.1.1 Concept and nature of “efficiency” - Contributing to clarifying the current situation of the activities of analyzing business efficiency in export wood processing enterprises in South Central Efficiency is an indicator reflecting the level of gaining the results in order to achieve a certain aim of the subject corresponding to a unit of resource spent in the process of implementing an activity - Contributing to improving the activities of analyzing business efficiency in export wood processing enterprises in South Central THESIS STRUCTURE In addition to the introduction, conclusion and references, the thesis Classification of efficiency: - Economic efficiency and social efficiency - Social production efficiency and individual efficiency content consists of 188 pages, 36 tables, charts and 24 appendices made up - Direct efficiency and indirect efficiency of three main chapters: - Absolute efficiency and relative efficiency Chapter 1: Basic theory of analysis of business efficiency in manufacturing enterprises Chapter 2: The current situation of analysis of business efficiency in 1.1.1.2 Concept and nature of business efficiency a Views on business efficiency b Concept and nature of business efficiency export wood processing enterprises in South Central Chapter 3: Viewpoints and solutions to improve the analysis of business efficiency in export wood processing enterprises in South Central Business efficiency is an economic category featured by a system of specific economic indicators set on the basis of comparing the correlation between the output and the input costsss or other input factors, thereby reflect the level of using the input costsss and other input factors in order to achieve the highest results in harmony of economic efficiency and social Stages of analyzing business efficiency consist of the following ones: efficiency preparation, implementation and conclusion 1.2 Criteria to evaluate business efficiency 1.2.3 Methods of analyzing business efficiency The criterion to evaluate business efficiency is the appropriate level of Methods of analyzing business efficiency consist of the following ones: business and social results gained meeting the objectives set out on the basis comparison, detail, exclusion, balance correlation, Dupont analysis and of economical use of social labor regression 1.1.3 System of indicators used for business efficiency analysis 1.2.4 Contents of analyzing business efficiency 1.1.3.1 Principles of setting up the indicators 1.1.3.2 Indicators used for business efficiency analysis Contents of analyzing business efficiency include analysis of business efficiency through indicators of use efficiency, profitability and rate of turnover of input costs or other input factors and indicators to evaluate the * The indicators for evaluating economic efficiency: social efficiency + Efficient use of input costs or input factors 1.3 CHARACTERISTICS OF ANALYSIS OF BUSINESS EFFICIENCY + Rate of turnover of input costs or input factors + Profitability of input costs or input factors IN EXPORT WOOD PROCESSING ENTERPRISES 1.3.1 Characteristics of export wood processing industry affecting business efficiency and analysis of business efficiency * The criteria for evaluating efficiency enterprises created for the society: the ability to provide direct and indirect employment; the ability to contribute to the State budget 1.2 ANALYSIS OF BUSINESS EFFICIENCY IN ENTERPRISES 1.2.1 Meaning and mission of analyzing business efficiency 1.3.2 Business efficiency and business efficiency analysis in export wood processing enterprises 1.3.2.1 Business efficiency of export wood processing enterprises Business efficiency of wood processing export enterprises is an economic category represented by the specific economic indicator system 1.2.2 Stages of analyzing business efficiency which is determined on the basis of comparison of the correlation between the outputs and the input costs or other input factors of the enterprise Business efficiency reflects the level of using the resources of export wood processing enterprises to accomplish their specific immediate and long-term development objectives in order to further confirm the main production role of export wood processing industry 1.4.1 Analysis of business efficiency in some countries in the world 1.4.2 Lessons drawn to analyzing business efficiency in Vietnam Conclusion drawn from Chapter To get enough power to be able to survive and grow in today’s market 1.3.2.2 Analysis of business efficiency in export wood processing economy; enterprises need to understand strengths and weaknesses of their enterprises business activities to have appropriate policy and decisions This is only carried out when enterprises analyze their business efficiency Analysis of Analysis of business efficiency in export wood processing enterprises also include such stages as operation of analysis, method of analysis and content of analysis which are similar to that carried out in the other business efficiency is not only necessary for any specific industry or business but needs to become a regular activity of all enterprises in all economic sectors and all areas of business including export wood processing industry manufacturing enterprises in general, the only difference is the indicator system for analysis In Chapter 1, the author carries out in-depth study codifying the basic theoretic issues of business efficiency and the content of analyzing business 1.3.3 Characteristics of indicator system for analysis of business efficiency in export wood processing industry Indicator system for analyzing business efficiency in export wood processing enterprises is developed based on the basic method of developing indicators, combined with a number of specific indicators of the industry such as productivity of sawing equipment, productivity of drying equipment, productivity of detail processing equipment, productivity of product finishing equipment, costs of direct materials 1.4 ANALYSIS OF BUSINESS EFFICIENCY IN SOME COUNTRIES IN THE WORLD AND LESSONS DRAWN TO VIETNAM efficiency in manufacturing enterprises in general and the export wood processing enterprises in particular 9 10 CHAPTER 2.3.2 Method of analysis CURRENT SITUATION OF ANALYSIS OF BUSINESS EFFICIENCY IN EXPORT WOOD PROCESSING ENTERPRISES IN SOUTH CENTRAL 2.1 OVERVIEW OF EXPORT WOOD PROCESSING ENTERPRISES IN SOUTH CENTRAL REGION 2.2 CURRENT SITUATION OF BUSINESS EFFICIENCY ANALYSIS IN Aspects carried out: Comparison method has been used by comparing business efficiency indicators among different business terms of the enterprises Aspects not carried out yet: data of the enterprise is not compared with that of other enterprises in the same industry and the average of the industry, the analytical method used is still monotonous, not able to evaluate the variable nature of the indicators EXPORT WOOD PROCESSING ENTERPRISES IN SOUTH CENTRAL 2.3.3 Source of information used for analysis REGION Aspects carried out: information within the enterprise such as the information from the accounting system and other offices of the enterprise has been used 2.3 EVALUATION OF CURRENT SITUATION OF BUSINESS EFFICIENCY ANALYSIS IN EXPORT WOOD PROCESSING ENTERPRISES IN SOUTH CENTRAL REGION 2.3.1 Operation of analysis Aspects carried out: There have been a number of enterprises carrying out analysis of business efficiency Aspects not carried out yet: the process of analysis has not been scientifically carried out, specifically, analysis has not been regularly done and analyzers often lack experience Aspects not carried out yet: the quality of information within the enterprise does not guarantee accuracy; information outside the enterprise has not been used 2.3.4 Content of analysis Aspects carried out: enterprises have carried out general analysis of business efficiency, rate of turnover of input factors and profitability of input factors Aspects not carried out yet: lack of analysis of the efficiency of using input costs or input factors, rate of turnover of costs and profitability of costs and social efficiency 11 12 CHAPTER 2.3.5 Indicator system used for analysis Aspects carried out: Indicator system has been used for general analysis of business efficiency analysis and for evaluation of rate of turnover of the assets and for profitability of assets and capital VIEWPOINTS AND SOLUTIONS TO IMPROVE ANALYSIS OF Aspects not carried out yet: lack of indicators related to costs analysis, enterprises have not yet agreed on the general indicator system as well as in identifying indicators 3.1 DEVELOPMENTAL BUSINESS EFFICIENCY IN EXPORT WOOD PROCESSING ENTERPRISES IN SOUTH CENTRAL REGION ORIENTATION AND VIEWPOINTS ON BUILDING SOLUTIONS TO IMPROVE ANALYSIS OF BUSINESS EFFICIENCY IN EXPORT WOOD PROCESSING ENTERPRISES IN SOUTH CENTRAL REGION Conclusion drawn from Chapter 3.2 BASIC SYSTEM OF SOLUTIONS TO IMPROVE ANALYSIS OF Chapter provides outline of the export wood processing industry in South Central area and evaluates the current situation of analysis of business efficiency in enterprises within the industry through documents of some enterprises which conducted analysis of business efficiency Current situation of business efficiency analysis in enterprises is very much affected by the scale of the enterprise, so there has not been much attention paid to analysis Therefore, the analysis of business efficiency is still very sketchy; it is prone to required to more than necessary to and still focuses on the form Before starting with Chapter 3, the author would like to confirm once again that business effectiveness analysis can help administrators have a general view on the basis of analyzing the nature of research issue, thereby based on the conclusions of analysis to determine appropriate business strategies, on one hand to overcome weaknesses, on the other hand to promote strengths of business activities BUSINESS EFFICIENCY IN EXPORT WOOD PROCESSING INDUSTRY IN SOUTH CENTRAL REGION 3.2.1 Improving the operation of analysis 3.2.1.1 Preparation for analysis - Identifying objectives of analysis - Identifying scope of analysis - Identifying department in charge - Identifying the time and method of analysis - Making financial plan for analysis 3.2.1.2 Implementation of analysis Before sorting and processing information used for analysis of business efficiency, it is necessary to select information: 14 13 * Information inside the enterprise mainly includes financial statements provided by the Accounting Department and the documents provided by functional departments In order to increase the accuracy and value of the output information, the information related to indicators stated in the financial statements and other information related to costs should be processed as follows: - Information related to financial statements: Information should be collected at various times to determine the average data Table 3.5: Report on business performance based on costs ensuring balance of Tan Thanh Dung Quat Export Wood JSC in 2010 Indicators Amount (VND) Net revenue 14.580.087.241 Total variable costs 12.822.116.199 Total costs ensuring balance = (1) – (2) 1.757.971.042 Total fixed costs - For information related to costs, especially production costs, management accounting should be combined with financial accounting when accounting the costs, especially in the classification of costs according to behavior of the costs Based on that, the enterprise can carry out reports of business efficiency used for the internal management (including overall report and sectional report) Analysts will base on profits determined in sectional reports to evaluate how the performance of individual departments affects the overall business efficiency of enterprise For example, the data of Tan Thanh Dung Quat Export Wood JSC, after calculation process, the author has made the report (tables 3.5 and 3.6 on page 13) Based on tables 3.5 and 3.6 (page 13), it is possible to evaluate the business efficiency of Tan Thanh Dung Quat Export Wood JSC which is low because profit bears negative value The reason of loss in business is that the production department and the management one have not yet achieved high results 2.392.363.923 Net profit = (3) – (4) (634.392.881) (Source: Calculated by the author) Table 3.6: Detailed sectional report of Tan Thanh Dung Quat Export Wood JSC in 2010 Production Sales Management department Department department Net revenue 14.580.087.241 11.955.671.538 1.458.008.724 1.166.406.979 Variable 12.822.116.199 12.553.868.602 100.001.122 168.246.475 costs 1.757.971.042 (598.197.064) 1.358.007.602 998.160.504 Costs Indicators Total ensuring balance = (1)-(2) Sectional fixed costs Sectional balance = (3)-(4) General fixed costs Net profit 2.392.363.923 562.777.877 212.705.510 1.616.880.536 (634.392.881) (1.160.974.941) 1.145.302.092 (618.720.032) 0 0 (634.392.881) (1.160.974.941) 1.145.302.092 (618.720.032) 16 15 ∆HTSNH = ∆HTSNHTSNH + ∆HTSNHDTT = - 0,07 + 0,35 = + 0,28 turnover (Source: Calculated by the author) * Next is the information collected outside the enterprise such as developmental orientation of the export wood processing industry in South Central region, the factors affecting prices of raw materials can be obtained from the Department of Trade and Industry, Vietnam Association of Wood and Forest Products, This is the stage of writing report Report needs to be comprehensive, easy to understand and able to provide useful information for decisionmaking; and must be detailed, clear, coherent, concise, but still address the key issues 3.2.2 Improving method of analysis ROS: Return on DTT After establishing DuPont equation, applying method of difference to determine the influencing level of HTS and ROS to the variability of ROA (illustrative figures of Dai Thanh Wood Technology JSC) - Impact of variability HTS: 3.2.2.1 Supplementing content of comparison method ∆ROAHTS = (HTS1 - HTS0) x ROS0 = + 0.03% It is necessary to supplement the comparison of the business efficiency of enterprises with the average of the industry or with other peer enterprises’ 3.2.2.2 Applying detail method - Impact of variability ROS: ∆ROAROS = HTS1 x (ROS1 ROS0) = + 1.46% - Synthesis of impact of these factors: 3.2.2.3 Applying exclusion method For example, Dai Thanh Wood Technology JSC, uses the method of continuous substitute evaluating factors affecting the rate of turnover of short-term assets through indicator of “number of turnovers of short-term assets” + Impacts of increase in the value of assets: DTT0 DTT0 - 0,07 ∆HTSNHTSNH = = turnover TSNH1 TSNH0 + Synthesis of the impacts of factors: + First, DuPont equation is established by modifying the indicator of “Return on total assets” (ROA): ROA = HTS x ROS Of which: HTS: Number of turnovers of total assets 3.2.1.3 Conclusion of analysis + Impacts of increase in net revenue: DTT1 DTT0 ∆HTSNHDTT = = TSNH1 TSNH1 3.2.2.4 Applying Dupont method + 0,35 turnover ∆ROA = ∆ROAHTS + ∆ROAROS = 0.03% + 1.46% = 1.49% + Second, the thesis proposes simple Dupont equation for the indicator of “Return on common equity” (ROE): ROE = ROA TTT (Of which: TTT: The ratio of self-financing) 3.2.2.5 Applying method of regression The thesis proposes the method of single regression in estimation of operating costs (including costs of sales and corporate management costs) based on production and consumption - First is establishing the regression equation of the following form: Y = a + bX Of which: Y is total operating costs 18 17 a is total operating fixed costs b is variable operating costs of output unit X is production and consumption - Next is collecting the data of total operating costs and production and consumption in many consecutive terms, at least for terms For example, data of Dai Thanh Wood Technology JSC is as follows: Table 3.10: Statistics of total operating costs and production – consumption costs at Dai Thanh Wood Technology JSC Terms Production and consumption Total operating costs (Y) (X) (item) (VND) 310.000 7.326.984.625 341.000 8.847.788.725 372.000 16.250.582.416 434.000 17.689.786.346 465.000 9.260.232.283 (Source: SalesDepartment – Dai Thanh Wood Technology JSC) After calculation process done in Excel spreadsheet, the result obtained b = 29.835,64; a = 406.255.901; R = 0,41 - correlation between the total operating costs and production and consumption costs is average and covariable correlation From the results obtained, we have a function: Y = 406.255.901 + 29.835,64 X (*) From the function (*), the Company can determine the total operating costs corresponding with each level of production and consumption 3.2.3 Improving source of information used for analysis - For the accounting information, it is necessary to ensure accurate and absolutely objective information by organizing accounting system consisting of two classifications of financial accounting and management accounting Opening training courses on accounting operation to ensure the accuracy of accounting information and establishing the internal control department to check the accuracy of the accounting information provided - It is necessary to open regular and periodic training courses for managers from low to high level to have professional management team - It is necessary to open professional training for staff working as analyzers and proceed to recruit a team of professional employees properly trained for the establishment of a department specializing in business efficiency analysis 3.2.4 Improving the content of analysis and indicator system used for analysis 3.2.4.1 Sumplementing the indicators of efficient use of input costss or input factors This group of indicators includes the following specific indicators productivity of sawing equipment, productivity of drying equipment, productivity of detail processing equipment, productivity of product finishing equipment, costs of direct materials To determine the indicator of efficiency for each stage of production, export wood processing enterprises in South Central needs to identify the “productive value” for each stage as follows: + The first way, enterprises need to track costs used in each stage of production to determine the productive value at each stage In this way, enterprises will have to wear extra costs, resulting in reduction of business results and efficiency + The second way, enterprises can relatively determine the productive value based on the percentage of costs at each stage If the total production costs is 1.000.000 VND then the productive value after the sawing stage will range from 840.000 to 860.000 VND, the productive value after after the 19 20 drying stage will range from 880.000 VND to 890.000 VND, the productive value after after the detail processing stage will range from 960.000 to 980.000 VND and the productive value after the finishing production stage would be 1.000.000 – is the total costs of production 3.3 SOME FUNDAMENTAL SOLUTIONS TO IMPROVE BUSINESS 3.2.4.2 Supplementing the indicators of rate of turnover of input costs or input factors - Adjusting the way of identifying indicators used in calculation is needed by: for the indicators taken from the balance sheet, it is necessary to use the average figure between the beginning and end of the period or the average figure at various times to ensure not ignore the variability of the indicators in the period - Supplementing the following indicators: “Number of turnovers of assets”, “Number of turnovers of materials”, “Number of turnovers of equity” 3.2.4.3 Supplementing the indicators of profitability input costs or input factors - Adjustment to identify indicators used in calculation is needed by: for the indicators taken from the balance sheet, it is necessary to use the average figure between the beginning and end of the period or the average figure at various times to ensure not ignore the variability of the indicators in the period EFFICIENCY IN EXPORT WOOD PROCESSING ENTERPRISES IN SOUTH CENTRAL 3.3.1 Promoting investment in forestation for materials 3.3.2 Increasing investment and promoting production of interior furniture 3.3.3 Exploitation and use of raw materials associated with environmental protection 3.3.4 Investment in developing human resource 3.4 CONDITIONS TO CARRY OUT SOLUTIONS TO IMPROVE ANALYSIS OF BUSINESS EFFICIENCY IN ORDER TO IMPROVE BUSINESS EFFICIENCY IN EXPORT WOOD PROCESSING ENTERPRISES IN SOUTH CENTRAL REGION 3.4.1 For the State, industry, Associations and locality - The State needs to promulgate brief regulations on forestation registration procedures and shorten the registration time for enterprises wishing to invest in forestation and facilitate them with loans - Adjustments in the legal system in the direction of more complete - Supplementing the following indicators: “Profitability of direct materials” which has been and will continue to be implemented are essential for the 3.2.4.4 Evaluation of social efficiency enterprises in South Central in particular - Stable income of workers - Stable employment of workers - Environmental protection overall development of the economy and of export wood processing - The State needs to have policies to support loans for wood processing enterprises 21 22 - Local authorities can create convenient conditions for enterprises To be able to propose solutions to improve analysis of business investing in forestation to be permitted to lease land for a long time (50 – 90 efficiency, the thesis outlines developmental orientation for export wood years) with preferential price processing industry in South Central until 2020, analyzes viewpoints to - Export wood processing industry needs to pay more attention to the improve analysis of business efficiency in export wood processing enterprises operation of the associations of wood and forest product processing at the in South Central After proposing solutions to improve analysis of business local level and help them improve their operating capacity and position efficiency in export wood processing enterprises in South Central, the thesis 3.4.2 For the enterprises - Enterprises should be aware of the importance of analyzing business also proposes a number of measures to improve business efficiency of these enterprises and propose the necessary conditions to implement the solutions efficiency in management activities - Enterprises should invest in training to improve professional capacity for staff engaged in analysis as well as accounting - Depending on each specific period and based on the available processes, methods and indicator systems used for analysis, the enterprises choose an analysis model consistent with the objectives and contents of analysis, preparing personnel and facilities in accordance with existing conditions to ensure the most effective and costss-saving analysis - Enterprises should pay more attention to investing into the analysis of their business efficiency - There should be coordination between functional departments within the enterprises Conclusion drawn from Chapter CONCLUSION The thesis presents the theoretical issues of efficiency, business efficiency, analysis of business efficiency in the manufacturing enterprises, business efficiency and analysis of business efficiency in export wood processing enterprises; and provides overviews of export wood processing enterprises in South Central region and the current situation of analysis of business efficiency in these enterprises On that basis, the thesis proposes possible solutions to improve analysis of business efficiency as a basis to improve business efficiency of export wood processing enterprises in South Central region in the future The solutions presented in the thesis are feasible not only for export wood processing enterprises in South Central, but also for enterprises in the same industry of the country Research results show it is unlikely to deny the role of analysis of In Chapter 3, the thesis presents the viewpoints and solutions to improve business efficiency for the operation of export wood processing enterprises analysis of business efficiency to improve business efficiency in export wood in South Central region in particular and the manufacturing enterprises in processing enterprises in South Central general Process of analyzing business efficiency only really brings high value for management when there is a close link from the operation, 23 24 methods, contents and indicators of analysis To meet those requirements, using input costs or input factors; a number of indicators evaluating the the thesis entitled “Improving analysis of business efficiency in export rate if turnovers of input costs or input factors, including: “Number of wood processing enterprises in South Central” researches and addresses turnovers of the total asset”, “Number of turnovers of raw materials” and the following contents: “Number of turnovers of the equity”; supplementing a number of Systematizing basic theory of business efficiency and analysis of business efficiency in manufacturing enterprises in general and export wood processing enterprises in particular indicators evaluating profitability of input costs or input factors, including “The profitability of direct material costs” Proposing some basic solutions to improve business efficiency of On the basis of general theory, the thesis presents the current situation of analysis of business efficiency in export wood processing enterprises in South Central and makes reasonable evaluation export wood processing enterprises in South Central Proposing recommendations to the State, the authority agencies, the Associations of wood and forest products and export wood processing In order to help export wood processing enterprises in South Central enterprises in South Central to help ensure the performance of feasible conduct analysis of business efficiency easier and more convenient, the thesis solutions to improve the analysis of business efficiency and business proposes a number of solutions to improve the analysis of business efficiency efficiency based on the developmental orientations of the industry and the viewpoints on improving business efficiency analysis including: Although there have been a lot of efforts invested into the thesis, the research results presented in thesis are only very small contributions in such a efficiency, broad and complex field as analysis of business efficiency of enterprises Due supplementing function of management accounting in cost management in to limited time and experience, the thesis of researching into analysis of order to provide qualified information and evaluating activities of inefficient business efficiency of export wood processing enterprises in South Central department affecting business efficiency of the whole enterprise; cannot avoid shortcomings Therefore, the researcher wishes to receive the + Improving the activities of analyzing business + Completing contents of comparison method in the analysis by comparing the average figure of the industry, supplementing detail method supplementing the method of continuous substitute and Dupont analysis method to consider the factors affecting the analysis indicators and supplementing the method of single regression to predict the operating costs; + Improving the system of analysis indicators with additional indicators including: the system of indicators used to evaluate efficiency of feedbacks from her instructors, colleagues and those interested in this thesis for further improvement of the thesis  ... terms For example, data of Dai Thanh Wood Technology JSC is as follows: Table 3.10: Statistics of total operating costs and production – consumption costs at Dai Thanh Wood Technology JSC Terms... materials 1.4 ANALYSIS OF BUSINESS EFFICIENCY IN SOME COUNTRIES IN THE WORLD AND LESSONS DRAWN TO VIETNAM efficiency in manufacturing enterprises in general and the export wood processing enterprises... average data Table 3.5: Report on business performance based on costs ensuring balance of Tan Thanh Dung Quat Export Wood JSC in 2010 Indicators Amount (VND) Net revenue 14.580.087.241 Total variable