Bctc công ty cổ phần viễn thông tin học bưu điện 1596687654

SO GIAO CHUNG KHOÅNc.ÄpDÄNG NIÉM CHUNG KHOÅNCHi CO NGHiA LÅ Vl$c NIÉMYÉr CHUNG KHOÅNDÄ THC

HIÉN THEO cÅc QIJY CljA PHÅpLUÅT LIÉN QUANMÅKHöNG HÅM DÅMBÅo GIÅ TRJ cüA CHUNGKHỔN.MQITUN Bư

TRÅI vưl DIÉU NÅY L.ÅBÄT HOP PHÅp.

Sd GIAO N cÅo BACH

CHUNG KHOÅN ÉN THONG-TIN HOC BUD DIÉN
THÅNH PHö

cưNG o HưßHi MIN

(Giäy Ching nhån däng ky doanh nghiép sö' 0100683374 do Sd Kéhoach vå Däu tu' thånh phöHå
Nöicäp /än däu ngåy 12/12/2001,cäp thay dư• /än thLf1r6 ngåy 24/09/2018)

CTin

Success together

NIÉM Cö PHIéU
TRÉN GIAO DXCHCHÜNG KHỔNTHÄNH PHư Hư CHi MINH

(Quyét d/nh däng k' niém yét sÖ:ff.6/QD-SGDHCM
do Sd Giaod/ch Chtng khổn ThånhphưHư ChiMinhcäp ngåy.2.7thång.d2 nåm*.aq,)

co

Bån cåo bach nåy vå tåi liéu b6 sung sé dLfdccung cäp tai:

cưNG TY Cư PHÄNVIÉN THƯNG-TIN HOC DI?N

Tru Sd chinh 158/2 phö Höng Mai, P.Quynh Löi, Q. Hai Bå TM1g, TP.Hå Nöi

Dién thoai (84-24) 3863 4597 Fax: (84-24) 3863 0227

Website www.ctin.vn

PI-IVTRÅCH cöNG Bö THONGTIN

HQ tén Ong Nguyan Ngqc Sdn

Dién thoqi (84-24) 38634597 Fax: (84-24) 3863 0227

HÅ Nöl, THÅNG 12/2019

I 1 CONG TY Co PHAN VIEN THONG-TIN HOC BUIJ DItN

;iv Success togather cenn

CONG TY co PHAN VIEN THONG-TIN HOC BUU DIN

(Gra'y chUng nhan (fang kY doanh nghiOp so' 0100683374 do SO Ka hoach va DciU tu' thanh pho- Ha NO/
cap Ian dau ngay 12/12/2001, c.a'). that' crOi len thi? 16 ngay 24/09/2018)

NIEM YET Co PHIEU
TREN GIAO DICH CHO'NG KHOAN

THANH PHO HO CHI MINH

Ten di phieu : Co phi& Cong ty Co phan Vien th6ng - Tin hoc

Bu'u dien

Loa i co phieu : Co phieu ph6 thong

Ma c6 phi& : ICT

Menh gia : 10.000 VND/ co phieu

T6ng so niem yet : 32.018.500 c6 phieu

Teing gia tri menh gia (theo menh gia) : 320.185.000.000 VND

TO CHIC TY VAN

Ten Cong ty Cong ty Co phan ChU'ng khoan KB Viet Nam

Dia chi Tang G, tang 2 va 7, tea nha Sky City, 88 Lang Ha, Dong Da, Ha NOi

flien thoai (84-24) 7303 5333 Fax: (84-24) 3776 5928

Website www.kbsec.com.vn

TO CHIC KIEM TOAN

Ten Cong ty Cong ty TNHH Kiem town VACO

Dia chi Tang 12A tea nha TOng Cong ty 319, se 63 Le Van Lu'dng, PhutIng Trung Flea,
Qugn Cau Gigy, Thanh oho Ha 10i.

Dien thoai (84-24) 3577 0781 Fax: (84-24) 3577 0787

Website www.vaco.com.vn

BAN CAO BACH I 2

KB Securities

MUC LUC cTin

MUC LUC

DANH MUC BANG 6

DANH MUC HiNH 7

CAC NHAN To RUI RO 8

I. RUI RO VE KINH TE 8

1. Tang tatang kinh 8

2. Lam phat 9

3. Lai su5t 10

4. Ty gia 11

II. RUI RO VE LOT PHAP 11

III. RUI RO DAC THU 12

1. Rui ro canh tranh 12

2. Rui ro ye con ngifai 12

3. Rui ro ve ding nghe 12

IV. RUI RO KHAC 13

NHONG NGUOI CHID TRACH NHIEM CHiNH DOI VeYI NOI DUNG BAN CAO BACH 14

CAC KHAI NIEM 15

TiNH HiNH VA DAC DIEM CUA TO CHUC NIEM YET 20

V. TOM TAT QUA TRiNH HiNH THANH vA PHAT TRIEN 20

1. Giai thieu chung ye to chifc niem yet 20

2. Qua trinh hinh thanh ya phat trie'n 22

3. Qua trinh tang v6n dieu le 26

VI. CO' CAU To CHOt CONG TY 31

VII. co CAU BO MAY QUAN Li' CO LONG TY 32

VIII. DANH SACH Co DONG LO'N, CO DONG SANG LAP, CO' CAU co DONG 36

1. Danh sach c6 Tong nam giit tit 5% tra len y6n c6 phan cua C8ng ty 36

2. Danh sach c6 Tong sang lap va tj, le c6 phan nam gilt 36

3. Cd cau c6 dong tai ngay 26/09/2019 36

IX. DANH SACH NHUNG LONG TY ME vA LONG TY CON CO LONG TY CO PHAN VIEN

THONG - TIN HOC BU'U DIEN, NHONGCONG TY MA LONG TY CO PHAN VIEN THONG - TIN

HOC BIJU DIEN BANG NAM GI'O' QUYEN KIEM SOAT HOC. Co PHAN CHI PHOI, NHUNG

CONG TY NAM QUYEN KIEM SOAT HOAC Co PHAN CHI PHOI DOI Vol LONG TY Co PHAN

VIEN THONG - TIN HOC BlrU DIEN 37

1. Danh sach ding ty me 37

2. Danh sach cong ty con 37

3. Danh sach ding ty lien kat 37

4. Danh sach ding ty ma Cling ty Co phan Vien thOng - Tin hoc dien dang nam giti quyen

kiem sok no5c c6 phan chi ph6i 38

5. Danh sach cong ty nam quyen kiem scat hoac c6 phan chi ph6i d6i vdi Cong ty Co phan Vier)

KB Securities BAN CAO BACH 13

MUC LUC acTin

SLCWEe Y5

thong - Tin hoc Buu dien 38

X. HOAT BONG KINH DOANH 38

1. Khai quat hoat clOng kinh doanh cua Cong ty 38

2. San ludng san ph'am/ gia tr.i dich vy qua cac narn 40

3. Nguyen vat lieu 43

4. Chi phi sari xu5t 45

5. Trinh dO ding nghe va nghien citu phat trign 47

6. Tinh hinh kigm tra chat lutng san phgm/ dich vy 48

7. Hoat dOng marketing 49

8. Nhan hieu thuldng mai, clang lqt ph& minh sang the va ban quyen 50

9. Cac hdp dOng dang dutc thut hien ho'Oc da" ditdc ky kEt 50

XL BAO CAO KET QUA HOAT HONG SAN XUAT KINH DOANH CUA CONG TY CO PHAN VAN

THONG - TIN HOC !WU MO 53

1. Tom Cat mot s6 chi tieu yes hoat dOng san xuat kinh doanh cua Cong ty trong giai doan 2017 —

9T 2019 53

2. Nhi?ng nhan t6 anh hung den hoat dOng san xuat kinh doanh cua Cong ty trong narn 2017 -

2018 55

XII. VI THE CUA LONG TY SO Vol CAC CONG TY KHAC CONG NGANH 56

1. VI the cua Cong ty trong nganh 56

2. Trign vong phat trign cua nganh 58

4. Danh gia hdp dinh hutng phat trgn cua Cong ty vdi dinh hu'ong cua nganh, chinh

sach cua Nha nitric, va xu the chung tren the gidi 63

XIII. CHINH SACH DOI Vol NGUta LAO BONG 66

1. S6 lutrig va cd cau ngu'di lao dOng trong ding ty 66

2. Chinh sach ciao tao, lu'dng thutng, trd cap doi vdi nguti lao dOng 66

XIV. CHINH SACH CO Tut 68

XV. TINH HINH HOAT BONG TAI CHINH 69

1. Cac chi tieu cd ban 69

2. Cac chi tieu tai chinh chu yeu 79

XVI. HOI BONG QUAN TRI, BAN TONG GIAM DOC, BAN KIN SOAT, KETOAN TRUVNG 81

1. HOi Tong quan tri 81

2. Danh sach thanh vier) Ban Kigm soat 99

3. Danh sach thanh vien Ban T6ng Giam d6c, KE toan trutng 106

XVII. TAI SAN 107

XVIII. KE HOACH KINH DOANH, LOT NHUA:N VA Co TUC TRONG CAC NAM TIEP THEO ...
116

1. Chien Iitdc kinh doanh giai doan 2020 - 2025 117

2. KE hoach san xuat kinh doanh, Idi nhOn va c6 tic giai doan 2019 — 2020 119

XIX.DANH GIA CUA TO CHOIC TY VAN VE KE HOACH LOT NHUAN VA co TUC 130

XX. THONG TIN VE NHUNG CAM KET NHUNG CHU'A THUt HIEN CUA CONG TY 131

Se.,curi1J--,s BAN cAo BAcH i 4

MUC LUC cTin

XXI.CAC THONG TIN, CAC TRANH CHAP KIEN TONG LIEN QUAN DEN CONG TY MA CO THE

ANH HYONG DEN GIA CO PHIEU CHAO BAN 132

CHUNG KHOAN NIEM YET 133

XXII. LOAI CHUNG KHOAN 133

XXIII. MENH GIA 133

XXIV. TONG SO CHY'NG KHOAN NIEM YET 133

XXV. SO Lu'oNG co PHIEU BI HAN CHE CHUYEN NHYONG THEO QUY DINH CUA PHAP

LUAT HOAC CUA TO CHUC PHAT HANH 133

1. SO lu'Ong co phidu bi han chd chuydn nhu'cing theo quy dinh dia phaplOt 133

2. S6 lifOng cO phidu bi han che chuygn nhu'dng theo quy dinh cua to chCrc niem yEt 134

XXVI. PHUVNG PHAP TINH GIA 134

XXVII. GIOI HAN TY LE NAM Gila D0I VOT NG1(61 NY& NGOAI 141

CAC LOAI THUE CO LIEN QUAN 142

1. Thud lien quan ddn t6 chirc niem ydt 142

2. Thud lien quan den hoat Ong giao dich chi:rng khoan 142

CAC 001 TAC LIEN QUAN TOT DOT NIEM YET 145

XXVIII. TO CHUC TY VAN 145

XXIX. TO CHIC KIEM TOAN 145

DANH MlyC CAC VAN BAN PHAP LUAT CO LIEN QUAN 146

PHU LUC 147

KB Securities BAN CAO BACH 15

DANH MUC BANG

DANH MUC BANG

Bang 1. Qua trinh tang von cua CTIN 26

Bang 2. Thong tin cua ddt tang von Ian 1 27

Bang 3. ThOng tin cua ddt tang von Ian 2 27

Bang 4. Thong tin cua ddt tang von ran 3 28

Bang 5. Thong tin cua ddt tang von ran 4 29

Bang 6. Danh sach c6 Ong nam tti 5% von c6 phan cua CTIN tai ngay 26/09/2019 36

Bang 7. Danh sach ngtfbi dai dien phan von Cua Tap doan Buu chinh Vie'n thong Viet Nam tai CTIN

tai ngay 26/09/2019 36

Bang 8. Cd cau c6 Ong tai ngay 26/09/2019 36

Bang 9. Danh sach cong ty con cua CTIN 37

Bang 10. M8t s6 du' an tieu bieu ma C8ng ty da hoan thanh 39

Bang 11. Cd cau doanh thu thuan cua CTIN trong giai doan 2017 - 9T2019 40

Bang 12. Co' cau !di nhuan gop cua CTIN trong giai doan 2017 - 9T2019 41

Bang 13. Danh sach mot so nha cung cap nguyen vat lieu cho Cong ty 44

Bang 14. Chi phi san xuat kinh doanh 45

Bang 15. So sanh tj,le Chi phi/ Doanh thu thuan cua CTIN vdi cac cong ty cung nganh trong nam

2018 46

fl

Bang 16. M6t so hdp clang c6 gia tri Idn Cong ty da kji ket nam 2017 - 2019 50

Bang 17. Ket qua hoat Ong kinh doanh hdp nhat giai doan 2017 - 9T 2019 53

Bang 18. Ket qua hoat Ong kinh doanh Cong ty me giai doan 2017 - 9T 2019 54

Bang 19. Danh sach cac cong ty so sanh cung nganh vdi COng ty 59

Bang 20. So sanh tinh hinh hoat Ong nam 2018 cua CTIN vdi cac cong ty khac trong nganh 61

Bang 21. So sanh cac chi tieu tai chinh nam 2018 cua CTIN vdi cac cong ty khac trong nganh 62

Bang 22. Cd cau lao Ong CTIN tai thdi diem 30/09/2019 66

Bang 23. Lich si:r chi tra c6 b5ng tien mat 68

Bang 24. Chinh sach khau hao tai san co' dinh 69

Bang 25. So sanh so lieu ve lao Ong, mCrc ludng tai CTIN vdi cac cong ty ding nganh nam 2018
69

Bang 26. Cac khoan phai n8p NSNN hdp nhat ngay 31/12/2017, 31/12/2018 va 30/09/2019 70

Bang 27. Cac khoan phai n8p NSNN Cong ty me ngay 31/12/2017 via 31/12/2018 va 30/09/201970

Bang 28. 50 du' cac qui", trich lap hdp nhat 72

Bang 29. Tinh hinh du nd vay hdp nhat cua Cong ty 72

Bang 30. Cac khoan phai thu hdp nhat cua Cong ty 74

Bang 31. Chi tiet phai thu ng5n han cua khach hang 75

Bang 32. Chi tiet khoan muc phai thu cua khach hang vdi cac ben lien quan 76

Bang 33. Cac khoan phai tra hdp nhat cua COng ty 76

Bang 34. Chi tiet cac khoan phai tra ngu'di ban ngan han 78

Bang 35. Chi tiet khoan muc phai tra ngubi ban vdi cac ben lien quan 78

KB Securities BAN CAO BACH 16

DANH MUC HINH crin

Bang 36. Cac chi tieu tai chinh 79

Bang 37. Danh sach thanh vien HO' Tong guar) tri 81

Bang 38. Danh sach thanh vien Ban Kim sok 99

Bang 39. Danh sach Ban T6ng giam d6c, Ke toan trudng 106

Bang 40. Tinh hinh tai san co dinh hdp nhat tai 31/12/2018 107

Bang 41. Danh sach dat dai, bat dOng san Cong ty dang sd tau 116

Bang 42. Chi phi Ay citing cd ban dd dang hdp nhat tai 31/12/2018 116

Bang 43. Chi tieu kinh doanh giai doan 2020 — 2025 117

Bang 44. KE hoach san xuat kinh doanh, Idi nhuan va co tifc hdp nhat giai doan 2019-2020 119

Bang 45. KO hoach san xuat kinh doanh, Idi nhuan Cong ty me giai doan 2019-2020 120

Bang 46. Cac cly' an, dich vu dd kien ghi nhan doanh thu trong thang 12 nam 2019 121

Bang 47. KEt qua hoat dOng kinh doanh 11 thang dau nam 2019 va udc thyt hren nam 2019 123

Bang 48. KO hoach kinh doanh nam 2020 124

Bang 49. Chi tiEt kE hoach doanh thu HDKD chinh hdp nhat nam 2020 125

Bang 50. Cac DV an da trung thau va thyt hi8n trong nam 2019 127

Bang 51. Cac D.t an da trUng thau va thu'c hren trong nam 2020 130

Bang 52. Danh sach thanh vien nam c6 phiEu bi han chE chuygn nhudng 133

Bang 53. Gia tri s6 sach cua CTIN 134

Bang 54. Danh sach cong ty so sanh 136

Bang 55. P/B cua cac doanh nghrOp so sanh tai 16/12/2019 139

Bang 56. PIE do cac doanh nghlOp so sanh tai 16/12/2019 139

Bang 57. S6 li8u EPS cua Cong ty qua tirng thdi kit 140

Bang 58. Gia tham khao theo cac phudng phap 140

DANH myc HINH

Hinh 1: T6c dO tang trudng GDP 9

Hinh 2: Tir 18 lam phat cua Vi8t Nam 10

Hinh 3: Sd do cd cau t6 chitc cong ty 31

Hinh 4: Sd do cd cau V) may quan Ijr CTIN 32

Hinh 5: Top 10 doanh nghi8p cong ngh8 giai phap phan mem va cung (mg thiet bi cong ngh8 - vien

thong uy tin nam 2019 57

Hinh 6: Cac san pham, dich vu CTIN cung cap trong chu(Si gia tri ct:Ja nganh 63

KB Securities BAN CAO BACH 17

CAC NHAN TO ROI RO c Tin

CAC NHAN TO RUI RO

Ket qua kinh doanh va then vong phat trien cua COng ty Co phan Vi6n thong — Tin hoc btu dien, sau day
goi tat la "CI IN" hoac "Cong ty", co the anh hddng bdi bat kY rUi ro nao dudc de cap dui day. Cac doanh
nghiep hoat dOng trong nen kinh tedeu phai chiu cac tac dOng den ttl (i) rUi ro kinh te; (ii) rUi ro luat phap
va (iii) rUi ro dac thU cua hoat dOng kinh doanh. Nhifng rUi ro va kha n'ang khOng ch5c ch5n khac ma CTIN
chtfa de cap, ho5c danh gia la khOng clang ke, ding CO the anh Wong den hoat dOng kinh doanh cua CTIN
va vi the anh hudng den gia c6 phan cua Cong ty sau khi niern yet.

I. ROI RO VE KINH Tt

Rui ro ve kinh to la loai rUi ro he th6ng thong qua nhang Bien dOng nhu' dO tang trubng kinh te", lam
phat, I5i suat, có tac dOng trdc tiep hoac gian tiep den hoat dOng san xuat kinh doanh a:2 cac doanh
nghiep trong nen kinh to not chung. Vi vay, viec phan tich cac yeu to vi mO cua nen kinh to se lam ro mist
dO tac Ong cua loai rUi ro nay ding nhddua ra du'dc cac bien phap han che", kh5c phut mtk do anh hdong
den hoat dOng cua Cong ty.

CuOc chien thudng mai M9 - Trung n6 ra tip thang 3 nam 2018 ding gay anh hddng nhat dinh den Viet
Nam do ndoc to có quan he thu'dng mai ch5t che vdi ca hai cd6ng qu6c tren. Tac dOng tieu cut dau tien
tdi Viet Nam la std yeu di cua he thong thddng mai td do toan tau. Du chi& tranh thddng mai ch6 yeu se
xoay quanh Trung Quot via MY; chau Au va Canada ding da cd nhirng dOng thai clanh thue mang tinh bao
hO. Viet Nam se phial tim cach lam viec vdi nhlYng clOi tac toan tau nhu' Canada, Nhat Ban, ... de dam bao

viec tuan thU sau hdn cac nguyen tac cua WTO.

Cac loai thue mdi ap ding se anh hudng ro ret tdi thudng mai xuyen bien gidi giaa Viet Nam va Trung
QuOc. Xuat kh5u vao M9 cua Viet Nam có the se tang, nhung cac ding ty Trung QuOc ding nhieu kha na'ng
se tang cdOng xuat kh5u vao Viet Nam, khien can can thudng mai gii a Viet Nam va Trung QuOc tang trd
nen chenh lech.

Vdi viec nhap khau nhieu hang hosa to Trung Qu5c, ding có lo ngai rang cac doanh nghiep Viet se khong
the canh tranh vdi cac doanh nghiep Trung QuOc. Dieu nay co the anh hddng tieu cdc tdi su phat then
cua nganh san xuat nOi dia. Hang Trung QuOc thddng co silt canh tranh cao hdn nh0 gia thanh ye su da
Bang. Cac nha san xuat Viet Nam can phial tiep tuc d6i mdi via cai thien stk canh tranh dia san ph5m.

1. Tang trtfeing kinh to

Thdc trang via xu hudng phat trien dia nen kinh to trong nu& luen anh hudng den sdtbn tai va phat trien

cua cac doanh nghiep. Khi nen kinh to d giai doan tang tru'dng cao se tao nhieu cd hOi cho doanh nghiep

phat trien. Ngudc lai, khi nen kinh to suy thoai, thu nhap cua dan cd giam thi nhu tau ve dich vu vien

thong, cong nghe thong tin cung se, giam sut. Dieu nay keo theo s11 sut doanh thu va Idi nhuan cua

toan nganh not chung va Cong ty Co phan Vien thOng - Tin hoc Bdu dien not rieng. Tuy nhien, ding veil su

phat trien nhanh thong cua x5 hOi hien dai, linh vtic Vien thong va Cong nghe thong tin dan trd thanh

nganh kinh to mui nhon cua dat nddc. Vien thong va COng nghe thong tin d5 tao nen mOt x5 hoi toan tau,

ndi ma moi ngudi có the Wing tac va lien lac vdi nhau mOt cach nhanh thong va hieu qua. Cac Ong dung

Vien thong va Cong nghe thong tin có tam quan trong thlk day nhieu linh vuc kinh to nhdthddng mai den

giai tri va tham chi ca van hoa, x5 hOi va giao Chinh vi tam quan trong do nen milt giam cua nganh

ciddc ki vong se thap hdn mdc giam cua nen kinh

Giai doan 2013-2014, tuy van con nhieu kho khan nhdng kinh to Viet Nam da có nhang bien chuyen theo
hddng tich cut hdn so vdi nam 2012, mile tang GDP ca nam 2013 dat 5,52%, va toc dO tang GDP nam
2014 dat 5,98%.

KB Securities BAN CAO BACH 18

CAC NHAN TO ROI RO •

cTin

Hinh 1: Tik do tang traing GDP

10% 8,2% 8,5%
8%
6% %k° 6,8% 6,0% 6,7% 6,2% 6,8% 7,1% 6,9% 6,8%
5,9%
5,3% 5,0% 5 4°/o

N..

4%

2%

0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F2020F

Nguon: Tong cuc Thong ke, Ngan hang Phat &len chat] A

Theo Tang cyc th5ng ke, t5c do tang tru'dng GDP nam 2015 dat 6,68% cao hdn nhieu so vdi ding ki nam

tru'oc va vu'dt tren mut muc tieu Qu5c hai dat ra dau nam la 6,2%. Nam 2016, GDP tang 6,21% so vdi

nam 2015, thap hdn mutt tang 6,68% cua nam 2015, va khong dat muc tieu tang tru'dng 6,7% de ra,

nhu'ng trong 1361 canh kinh tE the gioi khong thuan, gia ca va thu'dng mai toan cau giam, trong nu& gap

nhieu kho khan do thdi tiet, moi tru'dng bign dien Bien phirc tap thi dat dudc mot tang tru'dng ten la mat

thanh Cong. Nam 2017, GDP tang 6,81% so vdi nam 2016, mk tang tru'dng nam nay vu'dt muc tieu de ra

6,7% va cao hdn mk tang cua cac nam tit 2011-2016, khang dinh tinh kip thdi va hieu qua dia cac giai

phap du'dc Chinh phu ban hanh, chi dao quyet liet cac cap, cac nganh, cac dia phu'dng can no Inc thyc

hien. Nam 2018, t5c da tang tru'dng GDP nam 2018 dat 7,08%; vu'dt muc tieu 6,7% dat ra va la milt tang

cao nhat kg tut nam 2008 trd lai day. Trong an ban b6 sung bao cao Cap nhat Trign vong Phat trign Chau

N A 2019 cong b5 vao dau thang 12/2019, Ngan hang Phat trign chau A (ADB) ghi nhan mitt tang tru'dng

GDP cua Viet Nam trong 3 quy dau nam 2019 dat 7,0%, mutt cao nhat so vdi ding kit trong chin nam qua.

N Tieu clang ca nhan a tang 7,3%, trong khi dau of tang 7,7% nhd moi tru'ang kinh doanh du'dc cal thien,

niem tin cua cac nha dau tut du'dc duy tri via skt gia tang dau tit trk tiep nu'dc ngoai. Ngu'dc lai vdi xu

hu'ang ha thap du bao tang tru'dng kinh to trong khu vyt, ADB da dieu chinh tang du bao tang tru'dng GDP

cua Viet Nam tang tit mitt 6,8% len 6,9% cho nam 2019, via tit mat 6,7% len 6,8% cho nam 2020.

Nen kinh to Viet Nam van có thg tong chd vao cac yEu to nhu': (i) Khoang trong ve viec cal cach thg chE
tao moi tru'dng thuan Idi cho doanh nghiep via gidi dau tit nh5m thu hut them nguon lk; (ii) Nai cua
nen kinh to Viet Nam van can cis& dao den tit quy mo dan s5 Ian, cac nganh hang not dia dem lai gia tri
thang du' Ian cho nen kinh to van con chu'a phat trien va (iii) Vern luc tit nguon v6n ngoai, dau to ding va
kieu h5i van con nhieu du' dia dg tang tru'dng kern theo do la cac ding nghe, quy trinh xay diing phat trign
bai ban tt cac nu'dc phat trign se h(!) trd thCic day nen kinh to Viet Nam.

Cong ty luon bam sat cac nguon bao tot do tang tru'dng kinh to clang tin cay nhu' World Bank (Ngan
hang the gidi) , Asian Development Bank (Ngan hang Oat trign chau A) dg du'a ra chien lu'dc kinh doanh
cho tUng nam hoac tiing thdi kit cu thE, phu hdp vdi nhu cau va Stk tieu thy cua thi tru'dng Vi6n thong -
Cong nghe thong tin. Thong qua do, Cong ty quan tri rOi ro dg han chE du'a ra chien lu'dc, chinh sach
khong pha hdp ding nhu' giam thigu thiet hai neu có.

2. Lam phat

Chi s5 lam phat anh hutng den host dang san xuat kinh doanh cua Cong ty thong qua cac chi phi nguyen
vat lieu dau vao. Lam phat gia tang se khien chi phi san xuat kinh doanh cua Cong ty tang cao do tang gia
nguyen vat lieu, gia nhan cong v.v. Su phu thuac vao nguyen lieu au vao luon la mat thach thk d5i vdi
doanh nghiep. Nguyen vat lieu dau vao (thiEt bi linh kien dien tit, vien thong; cap chuyen nganh vien
thong; day thug bao; vat lieu dien...) chiEm ty trong len trong cd cau gia thanh cac loci san pham via dich
vu cua Cong ty, chinh vi vay sir thay dai gia cua nguyen vat lieu tat yeu anh hutng den Idi nhuan do gia
ban khong thg dieu chinh kip thdi trong ng5n han.

Val no luc tit phia Chinh phi.] va NHNN, cung ben du'dc dieu tigt hdp Icr, mat bang gia ca 6n dinh hdn da

K B Seca!"ities BAN cAo BACH I 9

.40V •

CAC NHAN TO ROI RO cam

kim ham du'dc muc tang cua chi so CPI. Nen kinh to Viet Nam tigp tuc chUng kien xu hudng giam cua mdt
tang lam phat trong nam 2014 xu5ng mUc 4,09% so nam 2013. Nam 2015 la nam CO chi s6 gia tieu dUng
tang thap nhat trong 15 nam trd lai day khi chi s5 gia tieu dUng nam 2015 chi tang nhe 0,63% so vdi nam
2014. Nam 2016 CPI binh quan nam dat 2,66%, tang cao hdn so vdi binh quan nam 2015. Milt tang CPI
binh quan nam 2017 tang 3,53% so vdi binh quan nam 2016, dudi muc tieu Qu6c hOi de ra. CPI binh guar)
nam 2018 tang 3,54% so vdi nam 2017. Nhu' vay, muc tieu kiem soat lam phat, CPI binh quan nam
2018 du& 4% da dat du'dc trong 135i canh dieu chinh du'dc gan hgt gia cac mat hang do Nha nudc quan
ly dat ra trong nam 2018. CPI binh quan 10 thang dau nam 2019 chi tang 2,48% so veil ding kji nam trubc
— day la rntirc tang binh quail 10 thang thap nhat trong \long 3 nam qua. Lam phat cd ban trong thang 10
nam 2019 tiep tuc xu hu'ong on dinh, tang 0,15% so vdi thang 9 nam 2019 va tang 1,99% so vdi thang
10 nam 2018. Lam phat cd ban binh quan 10 thang dau nam 2019 dat 1,89% so vdi cung kjt nam 2018.
Tuy nhien, Chi s5 CPI binh quan nam 2019 se van duy tri d milt kha quan khoang 2,7% so vdi nam 2018,
thap hdn nhigu so vdi chi tieu dat ra (4%) (Ngu5n: KBSV, Bac) cao cap nhOt kinh vi rne thang 10 nam
2019).

Lam phat tang se khien cac chi phi nhu' chi phi van chuygn hang hoa vat tu', thiet bi tdi cong trinh tang
kern theo tang len cua gia mua hang hoa vat tu, phu kien lap dat clU On khien cho 10i nhuan cua Cong
ty giam. Degiam thigu cac rUi ro tang gia va chi phi, TIN luOn tim cach da dang hoa cac ngubn cung cap
hang hoa de có du'dc cd hOi tiep can Ten nguon chi phi thap nhat Tong thdi nghien cUu, trien khai bien
phap thi cong, thigt ke t6i u'u nhat de tigt kiem chi phi. Du' kien trong thdi gian tdi, khi rUi ro ve lam phat
tiep tuc du'dc Vern chg. d mk 6n dinh se tao ra nhUng anh ht..rdng tich cut tdi hoat dOng tri6n khai On
cua Car-1g ty, cac chi phi neu tren se du'dc kigm sok tot.

Hinh 2: Ty I§ lam phat cua WO Nam

25% 19,9%
20%

15% 12,6% .

10% 7,6%, 6,0%

6,5% 5% 6,8% 1,8% 0,6% 2,7% 3,5% 3,5%

0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Ngdon: Tong cuc thang ke

3, Lai suat

Lai suat la mot trong nhUng yeu to tac &Ong manh tdi hoat dOng san xuat kinh doanh cua doanh nghiep.
Lai suat ngan hang tang cao se gay Op len chi phi tai chinh va anh hudng den Idi nhuan sau thug cua
Cong ty.

Kg tu' nam 2015 den nay, chinh sach tien to tai Viet Nam có su' nc3i long kha manh, vdi tang tardng tin
dung luon xap xi 0 mO'c cao, tif 18 - 20% va mat bang lai suat lien tiep di xu6ng. Tuy nhien cung tien ndi
long sau mot thdi gian ding co the gop phan gay Op Itic len lam phat. Chinh vi vay, trong thdi gian tdi vigc
th5t chat chinh sach tien to trd lai la can thiet, nhat la khi cac nen kinh to khac phat trie'n cho den mc3i
not gan day deu tang nhanh lai suat. Tinh den thdi digm hien tai, lai suat huy d5ng tien &Ong cua cac ngan
hang thu'dng mai da du'dc diet] chinh tang, dac biet d cac kji han ti.' 12 thang trd len. Lai suat huy Ong
tang cao se tac dOng len lai suat cho vay, gop phan tao ra mat bang lai suat not Chung tang len, tao Op Inc

cho doanh nghiep, anh hudng dEn kEt qua san xuat, kinh doanh ding nhu' canh tranh cua doanh
nghiep.

Trong tu'dng lai, Cong ty Co phan Vi'En thOng - Tin hoc Bu'u dien co the se phat sinh them cac khoan vay
dg phuc vu cho hoat dOng san xuat kinh doanh. Do do, Cong ty chiu rUi ro khi lai suat ED& d5ng. Rui ro

KB Securities BAN CAO BACH 110

CAC NHAN TO ROI RO .)\-
.Nk c-rin

nay se do COng ty quail 19 bang cach duy tri d mild d6 hdp 19 cac khoan tien tien vay vdi lai suat co
dinh va lai suat tha noi, phan tich tinh hinh canh tranh tren thi tru'dng, theo doi su bien Ong cua nen kinh
to trong nu'dc va the' gidi de CO dudc cac lai suat CO Idi cho Cong ty va su dung cac don b5y tai chinh hieu
qua. Hien tai, lai suat vay cua COng ty Co phan Vien thong - Tin hoc Bau dien dang dao Ong tir 5,4% -
5,7%/nam vdi cac khoan vay du'di 6 thong; 6,3% -6,5%/nam vdi cac khoan vay dubi 12 thong. Tren that

mt:rc dao Ong lai suat nay khong anh hu'Ong den tinh hinh tra nd cua Cong ty. Tinh den thdi diem
30/09/2019, Cong ty khOng co khoan nd qua han nao.

4. Tjf gia

Trong nhUng nam gan day, Ngan hang nha nu'dc da dua ra nhang chinh sach vo ding linh hoat vdi no 11.rc
kiern soat chat the rui ro ty gia va binh 6n thi truting ngoai h6i. Cu the, giai doan 2013 - 2014, ben d6 dieu
hanh t9 gia kha on dinh d milt tang 2%/nam, da gop phan tich cut on dinh kinh to vi mo, duy tri dudc sift
mua d6i ngoai cua Ong Viet Nam, trong b6i canh mua doi not ding da dudc khoi phuc. Tiep den nam
2015, lu'eing trubc nhang thong tin Cuc triT Lien bang M9 có the dieu chinh lai suat vao thong 9/2015
va pha gia Ong Nhan dan te, Ngan hang Nha nudc da có nhirng chinh sach dieu chinh linh hoat, ba
Ian thtic hien dieu chinh ti gia binh quart lien ngan hang va hai Ian dieu chinh tang ben d6 t9 gia clang thdi
cong bo se khong dieu chinh ti gia den cu6i nam 2015 da giup cho thi traang ngoai h6i dan 6n dinh. Nam

2016 dudc cho la nam nen kinh to toan cau se co nhieu bien Ong ding vdi tinh hinh chinh tri bat 6n, lam
cho rui ro t9 gia ngay tang tang cao nhu' viec giam gia cac Ong tien chinh trong khu vu'c, hay gia Ong
USD tang (tang 2,23% so vdi nam 2015). Nam 2017, t9 gia dudc giil tu'dng d6i on dinh (tang 1.4% so vdi
nam 2016) do Ong USD mat gia tren thi trubng qu6c te. Chien tranh thuOng mai M9 - Trung Qu6c tac Ong
Bang ke len t' gia hoi doai nam 2018. Ttir dau nam 2018 da ba Ian Cuc Du trif Lien bang MY (FED) tang lai
suat. Tai Viet Nam, lai suat USD tren thi takIng lien ngan hang van duy tri tren 2,5%/nam cac k9 han ngan
su6t thdi gian qua thay vi de chiu quanh 1% ding k9 2017 va 2016. Den nay, ve cd ban lai suat va t9 gia
Ngan hang Nha nu'dc van gia dudc on dinh, nhu'ng tam nhin va chu Ong dang doi hoi xa hdn.

Chieu ngay 31/7/2019 theo gia Washington, Cuc Du to lien bang MY (FED) da thong bao ha lai suat cd ban
Ian dau tien trong vong hdn 10 nam qua. Theo do, FED quyet dinh cat giam I5i suat cd ban 0,25% tir bien
d6 2,25-2,5% hien nay xu6ng 'Dien d8 2-2,25%. Milt d6 bien Ong cua ty gia USD/ VND nam 2019 du'Oc
doan se chi xap xi nhu' 2018, it co kha nang xay ra nhiing dien ben anh huong tieu cut den tam 19 thi tru'ong.
Hieu qua cua chinh sach dieu hanh t9 gia trung tam cua NHNN du'Oc by vong se han the rui ro ve t9 gia
trong thdi gian tdi.

Mac du khach hang cua Cong ty chu yeu deu hoat Ong trong nadc, nhu'ng trong qua trinh that hien du'
an va ban hang, COng ty co nhieu hoat Ong g5n lien vdi hoat Ong nhap khau thiet bi, ding nghe of nu'dc
ngoai. Cong ty chiu rui ro khi có sti bien d6ng ve ty gia h6i doai lien quan den cac hoat Ong mua va ban
cac loaf hang hoa bang cac ngoai to khac vdi Ong tien hach toan ke toan cua Cong ty. Theo Vien Nghien
dru va quart 19 kinh to Trung udng, nhirng !Dien dOng phtk tap tren thi trubng tai chinh, dac biet la dien
bien 62 USD (DO la MY) va CNY (Nhan dan te), da tac Ong manh me tdi cac qu6c gia mdi n6i, nhUng
Viet Nam chiu anh hu'dng it hdn nhd chinh sach t9 gia linh hoat, 6n dinh. Viec du' bao t9 gia it bien Ong
thdi gian tdi se giup doanh nghiep de clang hdn trong viec len ke hoach tai chinh va gap phan lam Om
loaf rui ro nay. Cong ty quart 19 rui ro t9 gia th8ng qua viec xem xet tinh hinh thi tardng hien tai va ke
hoach nhap khau hang hoa cua Cong ty. Hien tai, Cong ty chua su dung cong cu tai chinh phai sinh de
phong ngtIra rui ro ngoai te ma phong ngth b5ng cach phong chenh lech t9 gia trong cac phu'dng an
kinh doanh cua doanh nghiep can cif theo thong bao kh6ng the ty gia cua Ngan hang Nha nu'dc hang nam.

II. RUI RO \ft LUAT PHAP

Hoat Ong kinh doanh cua Cong ty bi chi ph6i bdi cac van ban phap luat do Nha nu'dc quy dinh, trong do
trong yeu la Luat Doanh nghiep, Luat Xay dung va cac van ban phap luat khac co lien quan nhu' Luat Vier)
thong, Luat C8ng nghe thong tin. He th6ng phap luat Viet Nam van dang trong qua trinh hoan thien, vi
the, cac luat va van ban hubng dan di the se con du'Oc dieu chinh cho pht:i hdp vdi su phat trien cua nen
kinh te. NhCfng thay d6i cua he thong phap luat, chinh sach trong nu'dc co the anh hu'Ong den ke hoach va
hoat Ong kinh doanh cua Cong ty. Ngarth Vien thong va COng nghe thong tin la nhirng nganh chiu sy'
quan 19 manh me cua Nha nu'dc do la nganh nghe kinh doanh có anh hu'ong trvc tiep den an toan, an ninh
thong tin mang. Do vay, trong su6t qua trinh trien khai hoat Ong kinh doanh, Cong ty thu'ong xuyen theo
sat viec du' bao, du' thao cac luat mOi, dieu chinh luat cu. Cong ty thuting xuyen cap nhat, dao tao cac van

KB Securities BAN CAO BACH I 11

CAC NHAN TO RUI RO iv. •

>•,1 T

ban phap luat mdi, de U' do kip thdi dua ra cac giai phap ph6 hdp cung nhu' co su' chuan bi tot nhat doi
vdi nhUng thay dai trong chinh sach ve luat. Vi vay, xet toan canh mai trudng phap 19 va tinh hinh thpt to
cua Cong ty, rui ro phap luat it ca anh hung den hoat clang cua Cong ty.

III. RUI RO DAC THO

1. Rui ro canh tranh

Su' phat trign nhanh thong ve khoa hoc k9 thuat va cong nghe tren thE gidi có tac Tang true tiep den hoat
dang san xuat kinh doanh cua Cong ty khi Cong ty dang hoat clang trong ngenh nghe kinh doanh trong
linh vtfc 1(9 thuat cao. Theo s6 lieu cua Bo Thong tin va Truyen thong, hien toan thi trudng ca hdn 70
doanh nghiep vien thong dang hoat clang. Su' canh tranh den tip cac san pham, dich vu cua ca cac doanh
nghiep trong nu'dc Ian nu& ngoai dang tran ngap tren thi trudng hien nay, dac biet la canh tranh ve gia

cu'dc du'ai nhieu hinh thtk khac nhau. Cac nha mang vien thong dang gap mat thach thik rat Ian, do la su
phat trign manh me cua mang xa hai. Do vay, des' tranh nguy cd tut hau ve cong nghe, Cong ty phai Von
d6i mdi, sang tao, cap nhat cac thong tin mdi nhat ve tien bo khoa hoc k9 thuat d'ng dung phi.] hdp trong
mpi hoat clang va no luc khang ngUng dg nang cao sk, canh tranh cua san pham dich vu cung nhu' khang
dinh vi the minh. Cong ty da thi,rc hien tai cd cau to chLirc hoat clang san xuat kinh doanh, dau tu' nhan
lut, vat luc vao cac linh vuc kinh doanh mdi (thong qua viec chia tach, sap nhat cac ddn vi, phong ban,
thanh lap them cac ddn vi mdi), dinh hu'ang dao tao k9 thuat cho ngu'di lao dang phi hdp vdi xu hu'ang
phat trign khoa hoc cong nghe cua thE gidi, tuygn dung them lao dang ca trinh do k9 thuat cao phiJ hdp
vdi thtic to nh5m muc tieu tOi Lfu hoa chi phi va nang cao nang luc canh tranh.

2. Rui ro ve con ngu'ai

DOi vdi cac cong ty hoat clang trong linh \Ric k9 thuat cao nhu Cong ty Co phan Vi6n thong - Tin hoc But
dien, nguon nhan Ric la yEu to quan trong trong viec quyet dinh chat lu'Ong san pham dich vu ding nhu'
kha nang canh tranh cua Cong ty. Vi vay, rui ro do Bien dang nhan luc gay ra nh[rng tan that clang kg den
hoat clang san xuat kinh doanh cua Cong ty. Khang nhUng vay, no lam Om di clang kg nang kit canh
tranh cua Cong ty so vdi cac dOi thu canh tranh tren thi tru'dng. Cac chi phi phet sinh do rui ro xuat hien
bao gom ca nhifng chi phi true tiep va gian tiep, thg hien toan bo nhUng thiet hai, mat mat ve vat chat va
tinh than trong viec ganh chiu, khac phut, [Doi thudng ton that, kg ca phOng ngt:fa va han the rt:ti ro. Nhang
chi phi Cong ty phai ganh chin bao Om: Chi phi da chi ra cho ngu'di lao clang rdi 136 khoi cong ty, chi phi
cho ngu'di lao dang mdi, cac tan that do Om nang suat va chat Iu'dng, ton that ve doanh thu, chi phi sap
xep to chk 'pi nhan lUc...

Tu viec nhan thk con ngu'di la tai san qu9 gia cua doanh nghiep, nhu'ng khang thuac quyen sd hUu cua
doanh nghiep, Cong ty luan no )(ay dUng mat mai trudng lam viec than thien va chuyen nghiep cung
mat chinh sach thu but va duy tri nhan tOi du'dc dieu chinh phi.] hdp qua cac thdi k9.

Cuing vdi chinh sach thu but nguon nhan lut, va the do dai nga phb hdp trong tUng thdi k9, cong tac dao
tao, phat trign nguon nhan luc can dudc then khai (fang ba dEn cac cap, tip can ba cap cao, quan l9 cap
trung den cac chuyen vien va nhan vien. Da s6 can ba quan l9 va nhan vien chu chOt deu co sa hUu c6

phieu cua Cong ty Co phan Vien thong - Tin hoc Bu'u dien thong qua cac chudng trinh mua c6 phieu uu
dai. Day la chinh sach dong sd hCru ma Cong ty Co phan Vi6n thong - Tin hoc But dien da trign khai thanh
cong ngay tor khi mai thanh lap.

RCA ro ve cong ngh"0

Cong ty chuyen cung cap cac giai phap trong linh vtic vien thong, cong nghe thong tin nen se phai d6i mat
vdi nhUng rui ro va thach thk dac thu cua nganh nhu' su thay cle5i nhanh thong ye k9 thOt — cong nghe,
su' ra ddi va thay the lien tuc cua cac cong nghe mdi, ra ri bi quyet cong nghe Cong ty can ca thg chiu
nhi?ng rui ro tif cong nghe mdi rinh rap trong b6i canh khi dOi mat vdi cac cong nghe hay bien phap bao
dam an ninh mdi; cac chufdng trinh virus nguy hiem. NhUng chudng trinh do se pha huy cac tep di_T lieu,
thong tin, gay tac clang va lam lech lac kha nang thtic hien cua phan mem he th6ng. Cac may mac thiet bi
can nhieu thdi gian dg st:fa china ton that gay ngu'ng tre hoat Tang kinh doanh, giam doanh thu, tang chi

KB Securities BAN CAO BACH 112

CAC NHAN TO RUI RO „,y c-rin
Aier

phi cho Cong ty. Hdn the niia, uy tin, lOng tin voi doi tac va khach hang ding se giam.

De kip thdi nam b5t dudc xu hu'ang phat trien cua cong nghe mdi, Cong ty luck) d5y manh cong tac to

chic nghien ct:fu phat trie'n san pham/ dich vu mdi va khong ngirng cap nhat, nam bat nhEr'ng cong nghe

ky thuat tien tien nhat tren the giai. Ben canh do, viec thiet l5p qui trinh kiem soat not 136 nghiem ngat,

quy trinh quart lc/ hien dai ding rat Can thiet nham phong rUi ro ye cong nghe.

IV. RUI RO KHAC

C5c rui ro nam ngoai kha nang d bao va vudt qua kha Wang phong ch6ng cilia con ngudi nhu' d6ng dat, hOa
hoan, chitin tranh, dich benh, deu gay anh hung it nhieu den hoat Tang cUa Cong ty. DO han the t6i da
nhirng thiet hai co the xay ra, Cong ty ding d5 xem xet va xay dung mot s5 kich ban pi-long ngt:fa rUi ro bat kha
khang nham giam thieu t6i da cho Car-1g ty va dam bao tinh hoat Ong lien tuc.

KB Securities BAN CAO BACH 13

NHCiNG CHIU TRACH NHIEM CHINH DOI Vol N(), I DUNG BAN CAO BACH •

c-rin

NHCfNG NGYOT CHIU TRACH NHIEM CHINN 061 Vol NOI DUNG BAN CAO BACH

TO CHUG NIEM YET

CONG TY Co PHAN VIEN THONG-TIN HOC BIM MO

Ong: Nguyen Tri Dung Chtlfc vu: ChO tich Hoi Tong quan tri

Ong: Ha Thanh Hai Chtirc vu: T6ng Gam dOc

Ba: Lam Nhi Ha Chic vu: Tru'Ong Ban Kiem soat

Ong: Nguy6n Ngoc Sszin Chtk vu: Ke toan tru'ong

ChUng toi dam bao rang cac thong tin ye so lieu trong Ban Cao bach nay la phU hdp vdi thu'c to ma chUng
toi du'Oc biet, hoac da dieu tra, thu thap mot cach hdp Ii.

TO CHIC TY VAN

CONG TY Co PHAN CHU'NG KHOAN KB VIET NAM

Ong: Nguy6n fhi'c Hohn Chic vu: T6ng Giam dOc

Ban ceo bach nay la mot phan cua ho sd Tang kY niem yet do Cong ty Co phan Chifng khoan KB Viet Nam
tham gia lap tren cd sd hdp &rig tu' van so 42/2017/IB.HN/MSI-CTIN ngay 08/11/2017 vdi Cong ty CO
phan Vien Thong-Tin hoc Bu'u dien. Chung toi dam bao rang yiec phan tich, danh gia ya Iva chon ngon tit
tren Ban cao bach nay d5 du'oc thu'c hien mot cach hdp IY ya can trong tren cd sd cac thong tin va so
lieu do Cong ty CO phan Vien Thong — Tin hoc Bub dien cung cap.

KB Securities BAN CAO BACH 114

CAC KHAI NIEM

CAC KHAI NIEM

Khai niOm

• Cong ty/ COng ty Co phan Vie'n : Cong ty Co phan Vi6n Thong - Tin hoc Bdu dien
Thong-Tin hoc Bdu dien/ CTIN

• MAN-E (Metropolican area La mot mang did lieu bang rOng trong pham vi dia IY cd
network) mot thanh ph6 cung cap, tich hdp cac dich vu truyen
thong nhu' cld lieu, hinh anh va thoai. MOt mang MAN
thu'dng ket not nhieu mang LAN vdi nhau sd dung
du'dng truyen t6c do cao via cung cap ket not truy cap
WAN va Internet. MAN-E giUp cac nha mang nhu VNPT
tiet kiem dudc chi phi thiet 131 via van hanh cung vdi da
Bang dich vu Intranet VPN va Extranet VPN dap Ong

nhu eau cUa thue bao.

• BTS (base transceiver Station) La mot cd sei vi6n thong du'dc dung nh5m tao thong

tin lien lac khOng day gida cac thiet bi thue bao vien

thong va cac nha mang có the la mang di dOng GSM 1
cUa Vinaphone va Mobiphone

• Thiel bi truyen dan VIB La thiet dung song vo tuyen va (Dien d6i cac dac

tuyen cUa song mang vo tuyen du'dc truyen di có cac

dinh hddrig rat cao nho anten dinh hdeing.

• Thiet bi tong dai La mang dien thoai riengdUdc dung cho pham vi
mot tong ty hohn toan mien phi va có kha nang ket n6i
nhieu chi nhanh lien lac 6 cac khu vuc xa

NI • GSM (Global System for Mobile Cac mang thong tin di dOng GSM cho phep có

Communications): the chuyen vUng vdi nhau do do nhOng may dien thoai

di dOng GSM cUa cac mang GSM khac nhau d cc') th6 st:f

dung dudc nhieu ndi tren the gidi. GSM cho phep nha

dieu hanh mang có the san sang dich vu 6 khap ndi, vi

the ngu'di sib dung co the dung dien thoai cua ho

khap ndi tren the giesi.

• Toi uu hoa mang vi6n thong La dich vu ho trd nha khai that thiet ke" va quy hoach
mang di Ong, xay dUng va 15p dat cac tram song sao
cho t6i uu hoa vUng phu song.

• He thong IBS (Inbuilding system) La he th6ng kith sang danh cho dien thoai di dOng trong
cac tda nha 'dn. Nh5m muc dich nang cao chat Iddng
cuOc goi, sd dung dich vu cua cac nha mang.

• Data center (trung tam dif lieu) Ndi tap trung nhieu thanh phan tai nguyen mat do cao
(hardware, software...) lam chdc nang Idu trig, xd IY
toan bo d% lieu he th6ng vdi kha nang san sang via dO
ón dinh cao. Trung tam did lieu la ndi tub trig bao mat
thong tin cUa cac doanh nghiep, cung cap mot moi
trudng an toan va giam thieu nguy cd xam nhap td ben

KB Securities BAN CAO BACH 115

CAC KHAI NIEM cTin

• CRM (Customer Relationship ngoai.
Management)
Quan IY quan he khach hang - la mot chien lu'dc kinh
• Truyen hinh hei nghi doanh cUa doanh nghiep du6c thiet ke de Om chi phi,
tang Idi nhuan bang cach ding c5 sti hai long va gia
• Tea nha th8ng minh tang long trung thanh cUa khach hang. NO ding giup
• OS (operating system) doanh nghiep quan IY, nam bat dudc cac cd hei va dac
biet la cac cd hei se hinh thanh trong tudng lai.

• CCBS (Customer Care and Billing
System) La he thong thiet bi (bao gom ca phan cung va phan
mem) truyen tai hinh anh va am thanh giCra hai hoac
• SMSBrandname nhieu dia diem ttY xa ket not qua during truyen mang
Internet, WAN hay LAN, de du'a tin hieu am thanh via
• Router hinh anh cUa cac pheng hop den vdi nhau nha dang
ngoi hop ding met pheng hop; Thiel bi nay cho phep
hai hoac nhieu dia diem ding Tong th6i lien lac hai chieu
thong qua video va truyen am thanh.

Trong can nha thong minh, do dUng trong nha to pheng
ngU, pheng khach den toilet deu g5n cac bo dieu khien
dien to có the ket not vdi internet va dien thoai di deng,
cho phep chU nhan dieu khien vat dung to xa hoac lap
trinh cho thiet bid nha hoat deng theo lich. Them vao
do, cac do gia dung co the hieu du'dc ngen ngif cUa
nhau va co kha nang tutIng tac vdi nhau...

La chu6ng trinh guar) IY tat ca cac chu6ng trinh (phan
mem) va phan cung trong may tinh. Phan cung la CPU
(central processing unit — vi xu IY trung tam), be nha
(RAM — random access memory va ROM — read only
memory), cac thiet bi nhap (nha ban phim, chuet) va
cac thiet bi xuat (may in, loa). Phan mem la nhang
chu'dng trinh nha soan thao van ban (word, excel), trinh
duyet web (nhu' chrome, firefox).

He thong tinh di& va cham soc khach hang la met he
thOng tong the vdi quy trinh nghiep vu khep kin, thut
hien viec tinh cu6c va cham sec khach hang tron goi

cho cac nha khai thac va cung cap dich vu vien thong.

La dich vu gd'i tin nh5n hang loat, cho phep cac doanh
nghiep gU'i tin nh5n cham sec khach hang va quang ba
den hang tram ngan ngua trong khoang thai gian ng5n.
Dac biet la thddng hieu cua khach hang se hien thi 6
muc ngua gui chif kheng phai hien thi so dien thoai.

Router hay thiet bi dinh tuyen hoac bo dinh tuyen, la
met thiet bi mang may tinh dung de chuyen cac gal did
lieu qua met lien mang va den cac dau cuoi, thong qua
met tien trinh dudc goi la dinh tuyen

KB Securities BAN CAO BACH 116

CAC KHAI NIEM cTin ,.r.cess :x.pethe•

• Truyen dan quang Truyen dan quang la phudng phap truyen dAn tin hieu
dUng bang cep quang, co the hoat dOng d t5c do cao,
vudt xa t6c dO cap xoan va cap dOng truc. Vi 55 lieu
dudc truyen thong bang luOng anh sang nen
khong bi anh hudng bdi cac xuyen nhieu dien tip

• Viba Vi ba la song dien to có budc song dai hdn tia hOng
ngoai, nhung ngan hdn song radio. Vi ba, con gpi la
song tan so sieu cao, co budc song khoang td 30 cm
den 1 cm.

• OSS (Operations support system) : He thOng ho trd van hanh

• ERP (Enterprise Resource Planning) : He thong hoach dinh nguan Idc doanh nghiep. He thOng
ERP la dddc dUng de quan Ic/ moi hoat dOng trong
doanh nghiep.

• 3G (Third-generation) La cong nghe truyen th8ng the he this' ba, cho phep
truyen ca dir lieu thoai va du' lieu ngoai thoai (tai dd.
lieu, gUi email, tin nhan nhanh, hinh anh...).

• LTE (Long term evolution) : La Tien h6a dai han, cong nghe nay du'dc coi nhu cong
nghe di Ong the he thi:t US (4G)

4G (Fourth-generation) : La cong nghe truyen thong khOng day thif tu', cho phep
truyen tai di! lieu vdi toc d8 t5i da trong dieu kien IY
tu'dng len tdi 1 cho den 1,5 Gb/giay

• 5G (Fifth generation) The he mang di Ong thU 5, la the he tiep theo cUa cong
nghe truyen thong di Ong sau the he 4G, hoat Ong 0
cac bang tan 28, 38, va 60 GHz.

• Mobile Internet of Things Mang luOi van vat ket n5i Internet di Ong

• EMC : Electro-magnetic Compatibilty la chi thi tieu chuan ve

kha nang tu'dng thich dien thiet bi

Mobifone La mot trong ba mang di Ong Idn nhat tai Viet Nam
du'Oc thanh lap ngay 16/04/1993 vdi ten gpi ban dau la
Cong ty thong tin di Ong. NI* 01/12/2014, Cong ty
du'g'c chuygn d6i thanh T6ng cong ty Vien thong
MobiFone.

Vinaphone La ten thudng mai cUa Car-1g ty Dich vu Vien thong —
Mot ddn vi thanh vien thudc Tap doan Bau chinh Vien
thong Viet Nam hoat dOng trong linh vL,fc thong tin di
dOng.

• Viettel : La Tap doan Cong nghiep — Vien thong Quan Oi
mang di Ong ldn nhat tai Viet Nam.

KB Securities BAN CAO BACH 117

CAC KHAI NIEM cTin

• VietnamMobile La Cong ty Co phan Vi6n thong Di dOng Vietnamobile
hoat Ong trong linh vi,fc cung cap cac dich vu vien
th5ng

• Ty gia trung tam cCia Hong Viet : Ty gia giao dich binh quan tren thi trung ngoai to lien

Nam vdi DO la My ngan hang cUa Hong Viet Nam vdi DO la MY

Ti( viet tat

• VND/ Sing DOng Viet Nam
• USD Do la My
• BCTC/ BCTCKT Bao cao tai chinh/ Bao cao tai chinh kiem Wan
• BKS Ban Kiern sok
• BHXH Bao hiem xa hOi
• BHTN Bao hiem that nghiep
• BHYT Bao hiem y to

• CBNV Can IDO nhan vier)
• CTCP COng ty Co phan
• CNTT Cong nghe thong tin
• CP Chi phi
• DT/ DTT Doanh thu/ Doanh thu thuan
• TTS T6ng tai san
• DHDCD
• VAT Dai hOi dong c6 (Jong

GTGT Thue Gia tri gia tang
• GVHB Gia tri gia tang
• HDQT Gia von hang ban
• HOSE/ HSX HOi dong quan tri
• HNX SO Giao dich ChCfng khoan Thanh pho HO Chi Minh
SO Giao dich Ching khaki Ha NOi
HTK Hang ton kho
• LNTT Ldi nhuan track thue
• LNST L5i nhuan sau thue

KB Securities BAN CAO BACH 118

CAC KHAI NIEM 0\A' cTin

• QD Quyet dinh
• QLDN Quan lc/ doanh nghiep
• TGD/ Pho TGO T6ng Giam d6c/ Pho T6ng Giam deic
• TNDN Thue thu nhap doanh nghiep
• TNHH MTV Cong ty trach nhiem hiTfu han mot thanh vien
• TMCP
• TSCD ThutIng mai c6 phan

• TSLD
• TSTC Tai san co dinh
• TT/ STT Tai san lu'u dOng
• TICK Tai san tai chinh
• UBCK/ UBCKNN ThCr hi/ So thif tti
• VCSH Thi truing chitng khoan
• VOL by Ban Chiing khoan Nha nubc
• VSD Vein chU sd hilu
• GCN : VOn dieu le
• HD Trung tam Lu'u kY ChCfng khoan Viet Nam
• TP/ Tp./ TP. Gray chU'ng nhan
• MBF Hdp dong
• VNPT Thanh phO
• SL T6ng ding ty Vien thong MobiFone
• CP Tap doan Bu'u chinh Vi6n thong Viet Nam
• VNPT NET SO Iudng
• 9T Co phan
• EPS T6ng cong ty ha tang mang
• 4Q 9 thang dau na'm

Thu nhap tren rn67 i c6 phieu

4 quji gan nhat

KB Securities BAN CAO BACH 119

TINH HINH VA DAC DIEM CUA TO CHIC NIEM YET

TINH HINH VA DAC DIEM CUA TO CHOt NIEM YET

V. TOM TAT QUA TRiNH FINN THANH VA PHATTRI"EN

1. Gidi thi0u chung ve td chac niern yet

Ten doanh nghi0p : CONG TY CO PHAN VIEN THONG-TIN HOC DON

Ten tieng Anh : JOINT STOCK COMPANY FOR TELECOMS AND INFORMATICS

Ten viet tat : CTIN

Try sd chinh : 158/2 ph6 HOng Mai, phdong Qujinh Loi, quan Hai Ba Trdng, Ha NOi

Dien thoai : 024.38634597 Fax: 024.38630227

Web www.ctin.vn

Giay Hang kY kinh doanh Giay chdng nhan clang ky doanh nghiep s6 0100683374 cap ngay
12/12/2001 do sd ke hoach dau to thanh phei Ha NOi cap thay d6i Ian
thd 16, ngay 24/09/2018

Von dieu 10 321.850.000.000 &Ong (Bang chri: Ba tram hai mubi mot tY tam tram
nam mud! trieu Bong)

Logo *ircTin
Fa,ccess tcctter

Ma chifng khoan : ICT

Nganh nghe kinh doanh:

- San xuat thiet bi truyen thong
Chi tiet: san xuet cac thiet trong nganh truyen hinh, dau tu'san xuet thiet bi vien thong, Internet,
san xuat trong link yVc vier? thong;

- Siva china thiet bi lien lac;
- Spa cha'a may vi tinh va thiet bi ngoai vi;
- Ban buck) may moc, thiet bi phu tUng may khac

Chi bet: Ban buon may moc, thief- dien, vat lieu dien (May phat then, dOng cd then, day dien va
thief bi khac dung trong mach dien);
- Lap dat he thong dien
Chi bet: Lap dat thief- bi bao ye;
- Ban buon thiet bi va linh kien dien td, vi6n thong
Chi bet: Kinh doanh cac thief bi trong nganh truyen hink
- Giao duc khac chda ddqc phan vao dau
Chi bet: Dao tao cong nghe vijn thong,. Deo tao cong nghe thc3ng
- Hoat dOng chuyen mon, khoa hoc via cong nghe khac chu'a du'qc phan vao dau

KB Securities BAN CAO BACH 1 20