practical training report degree licence in accounting control audit tuyen quang agricultural and forestry materials

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<b>PRACTICAL TRAINING REPORT</b>

<b>Degree: Licence in Accounting - Control – Audit</b>

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<b>TABLE OF CONTENTS</b>

LIST OF TABLES AND GRAPHS...1

PROLOGUE... 3

A. Reasons for training:...3

B. Objectives of the episode:...3

C. Scope of knowledge:... 3

CONTENTS... 3

A. Learn about your business...3

I. Overview... 3

II. Business activities...6

III. Size and financial structure of the enterprise:...8

IV. Personnel size of the enterprise:...8

V. Business results of enterprises in 2022...8

B. Learn about the market and development orientation of the business...9

C. Student comments and recommendations on:...10

CONCLUDE... 13

BIBLIOGRAPHY... 14

BUSINESS CONFIRMATION... 15

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<small>General Director (Chairman of the Board of Directors)</small>

<b>LIST OF TABLES AND GRAPHS</b>

Figure 1: Company logo... 4

Figure 2: Diagram of enterprise organizational structure...6

Figure 3: List of business lines of TFC...8

Figure 4: Japanese rice Japonica NPK pellets...8

Figure 5: SWOT model... 12

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<b>A. Reasons for training:</b>

Entering the twenty-first century with many obstacles and challenges, Vietnam'seconomy in recent years has gradually recovered and developed rapidly. Therefore,the business environment of enterprises is gradually expanded. This both createsmany opportunities to improve production and business, and can bring many risksand "obstacles" for companies in the process of development and stability.In order to minimize the dangers to businesses and stand firm in the "storm ofindustry integration", leaders need to recognize and pay deeper attention to capital,labor, technology and environmental factors,.... In addition, businesses need todraw out in detail each "step path" oriented to development.

Agriculture currently acts as a pillar of Vietnam's economy, accounting for a largeproportion in the overall economic structure. Therefore, I chose to practice at"Tuyen Quang Agricultural and Forestry Materials Joint Stock Company" (TFC)with the desire to better understand the strengths and weaknesses along withunderstanding the opportunities and risks to businesses in particular and agriculturein Tuyen Quang province in general at present and in the future.

<b>B. Objectives of the episode:</b>

The objective of this topic is to understand, observe, analyze and evaluate theoperation of the enterprise. Besides, show the SWOT model of the company. Fromthere, propose solutions and recommendations for the company; Give theadvantages and difficulties that businesses are facing.

But I myself also have the opportunity to access the real environment, observe thework at the enterprise. From there, I can maximize the knowledge learned in thelecture hall by applying it in practice.

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- Business Type: Joint Stock Company

- Legal representative of the company: Mr. Hoang Duc Hoang – General Directorof the company

- Number of Employees: 128

Firgue 1: Logo

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2. The process of formation and development

- In 1992, from 3 small companies (including: seed company, material company,livestock company) Tuyen Quang agricultural and forestry material seedcompany was formed and managed by the People's Committee of Tuyen Quangprovince. At that time the company was a state-owned enterprise

- 19/01/2009, Tuyen Quang Agricultural and Forestry Material Seed Companywas equitized, becoming Tuyen Quang Agricultural and Forestry Material SeedJoint Stock Company

- Since being merged from 3 subsidiaries, Tuyen Quang Agricultural andForestry Seed Company has always been the flagship in the campaign toinnovate livestock and cultivation techniques in the province to suit the times.As a mountainous province, being out of poverty, then the agriculture andforestry industry was the spearhead of production and business of the majorityof people here. Therefore, Tuyen Quang Agricultural and Forestry SeedCompany, then a state-owned enterprise, always had to be ready to learn,explore and research new methods, techniques and seeds to help peopleimprove productivity; contribute to hunger eradication and poverty reduction inthe province.

- Later, when equitized, the enterprise was still a reliable destination for themountainous people of Tuyen. TFC is confident to have a force of young,energetic and enthusiastic engineers and a team of skilled, enthusiastic andhighly qualified and experienced staff. The company always creates the bestlearning conditions and is trained to improve professional qualifications.3. Functions, tasks, organization and development plan

<b>a) Function</b>

Tuyen Quang Agricultural and Forestry Seed Joint Stock Company is one of themost prestigious and quality units in the North, especially in the northernmountainous region in the wholesale industry of plant varieties and trees. Inaddition, this business also provides a variety of quality fertilizers andpesticides for farmers; Thereby solving many problems in the cultivation andbreeding of cattle and elders in the province and surrounding areas. TFC has thefollowing specific functions:

- Supply of materials, plant varieties, fertilizers, pesticides

- Research, find new varieties, new scientific techniques to propagate to thepeople

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<small>General Director(Chairman of the Board of Directors)</small>

<small>Sales ManagerHead of Accounting DepartmAdministrative and Human Resources ManExecutive Officer</small>

<small>Station Manager of Son DuongStation Manager of Yen Son StationManager of Chiem Hoa StationManager of Ham Yen StationManager of Na Hang StatManage</small>

- Advising and helping farmers which crops to plant depending on weatherconditions

- Devise and implement methods to help people access new technologies

<b>b) Task:</b>

- Tuyen Quang Agricultural and Forestry Materials Joint Stock Company has themission and mission to provide people, especially farmers, with new qualityproducts, with high productivity in cultivation. Since then, products reachingconsumers daily are improved, improving the quality of life.

- In addition, the officers and employees of the company also regularly visit tosurvey and directly guide people on new farming methods. From there, it ispossible to increase the closeness between buyers and sellers more closely andintimately.

- Not only that, TFC also has the noble task of helping farmers in remote areashave the fastest access to science and technology in the agricultural industry sothat they do not lag behind society.

<b>c) Diagram of the organizational structure of the enterprise</b>

Figure 2: Diagram of enterprise organizational structure

Source: TFC Human Resources Department

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<b>II.Business activities</b>

TFC is known as an enterprise specializing in providing goods related to theagriculture and forestry industry, especially agriculture.

1. Trading and service business

<b>a) Business Industry/Items</b>

Tuyen Quang Agricultural and Forestry Material Seed Joint Stock Company is amultidisciplinary company, not only wholesale plant varieties but also trading in manyother fields

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9 Wholesale of agricultural machinery, equipment and spare parts

10 Retail sales of other goods that have not been categorized anywhere inspecialized stores

11 Wholesale of feed and feed ingredients for livestock, poultry and aquaticproducts

12 Multiplication and care of agricultural seedlings13 Production of fertilizers and nitrogen compounds14 Repair of machinery and equipment

15 Guesthouses, guesthouses operating short-stay services16 Wholesale of paddy, corn and other grains

17 Wholesale of fertilizers, pesticides and other chemicals used in agriculture18 Retail sale of vegetables and fruits in specialized stores

19 Wholesale of fruits and vegetables20 Breeding buffaloes and cows

21 Freight transportation by other cars (except specialized cars)22 Wholesale of live animals

Form 3: List of business lines of TFC

Source: TFC Sales Department

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Some typical business items

Form 4: Japanese Rice Japonica NPK Pellets

Source: TFC Sales Department

<b>b) The market of the business</b>

Currently, TFC not only dominates the market in the province but also encroacheson other provinces, especially the mountainous region of the Northwest. Not onlydominating many domestic markets, this enterprise also exports products to manyother countries, namely China, Japan and Southeast Asian countries. This isconsidered a great step forward in bringing Vietnamese agricultural and forestryproducts to the world.

<b>c) Main customers of the business</b>

Because supplying materials, agricultural and forestry products are TFC's mainbusiness, their main customers are farmers. In addition, other distributors fromoutside the province are also a familiar customer file of the company. Not onlythat, foreign customers are also new customer files that businesses need to try toconquer. These are two of those "gods" who can hardly please them and it took thecompany many years to be accepted by these two countries to import goods.

<b>d) Size and financial structure of the enterprise: </b>

- Total capital: 29,400,000,000 VND (written in words: twenty-nine billion fourhundred million Vietnam Dong)

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<small>General Director(Chairman of the Board of Directors)</small>

- Equity: VND 5,600,000,000 (written in words: five billion six hundred millionVietnam Dong)

<b>e) Personnel size of the enterprise:</b>

- Total number of employees: 128+ Managerial labor: 5

+ Direct business employees: 6

- Labor classification by qualifications: + Master's degree: 14

+ University level: 84+ College level: 12+ Intermediate level: 10

<b>f) Business results of enterprises in 2022</b>

- Total revenue: 150,100,000,000 VND (written in words: one hundred fiftybillion one hundred million Vietnam Dong)

- Total cost: 127,585,000,000 VND (written in words: one hundred twenty-sevenbillion five hundred eighty-five million Vietnam Dong)

- Gross profit: VND 52,535,000,000 (written in words: fifty-two billion fivehundred thirty-five million Vietnam Dong)

- Profit before tax: 22,515,000,000 VND (written in words: twenty-two billionfive hundred fifteen million Vietnam Dong)

- Profit after tax: VND 17,562,000,000 (written in words: seventeen billion fivehundred and sixty-two million Vietnam Dong)

<b>B. Learn about the market and development orientation of the business</b>

- Market situation: From the beginning of 2023 until now, Vietnam's agriculturalindustry has developed in the context of many difficulties. The supply chain is

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broken, the total supply and demand are affected. Add to that the impact ofinterest rates, inflation, the war between Russia and Ukraine, climate change...Organic agricultural production with the advantage of protecting people's healthproduction and consumption, protecting the environment, making clean andquality agricultural products. .. is becoming an inevitable trend and isconsidered an inevitable development direction of modern agriculture. Alongwith many provinces and cities throughout the country, in recent years, TuyenQuang province has been having mechanisms and solutions to promote organicagricultural production. Therefore, Tuyen Quang Agricultural and ForestryMaterials Joint Stock Company has contributed to the process of organization,bringing advantages to people in the province with many scientific researchtopics and projects implemented such as: "Application of scientific andtechnical advances in biosecure breeding methods (hybrid wild boars, Free-range chickens) in the closed value chain in Tuyen Quang province", Researchon restoration and conservation of red leaf Lei Potato tree and yellow flowerLim tree to develop tourism economy in 03 districts: Chiem Hoa, Na Hang andLam Binh, Tuyen Quang province. Therefore, the company's market isexpanding, from the inner province to the northern mountainousneighborhoods, and is trusted and close by farmers

- Macroeconomic policies that affect the development of enterprises:Fiscal policy:

In 2020, the Government has issued a letter reducing 30% of the payable corporateincome tax amount of the 2020 corporate income tax calculation period in case theenterprise has a total revenue of not more than VND 200 billion in 2020 (includingall sales proceeds, processing money, service provision including subsidies, etcsurcharges and surcharges that enterprises are entitled to in accordance with theLaw on Enterprise Income Tax and implementation guiding documents. Especiallyin early 2023, for fertilizers, Decree No. 26 stipulates an export tax rate of 5% forphosphate and urea fertilizers. Particularly for DAP fertilizer, NPK stipulates anexport tax rate of 0% instead of stipulating a tax rate based on the ratio of mineralresources plus energy costs (51%), in order to reduce administrative procedures forcustoms authorities and enterprises.

Monetary policy:

In early 2023, according to Mr. Dao Minh Tu, Deputy Governor of the State Bank,the average deposit interest rate of commercial banks is currently 5.8% / year(down 0.7% compared to the end of 2022), the average lending interest rate is 8.9%/ year (down 1% / year compared to the end of 2022). Liquidity of credit

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institutions is abundant, including small banks. This is one of the factors causinginput interest rates to fall deeply. This helps businesses in general and TFC inparticular recover business faster after the economic slowdown at the end of lastyear.

<b>C. Student comments and recommendations on:</b>

1. Advantages and difficulties and strengths and weaknesses of the businessSWOT MODEL Strengths

- Beautiful business location, pronged near Tam Co market - the largest market in Tuyen Quang

- Spacious working and research space, fully equipped with modern equipment

- Enthusiastically supported and supported by Tuyen Quang provincial government

- Strong reputation, good information reputation- Diversified products,

tracked by crop- Prices are reasonably

assessed by farmers

- Higher productioncosts than competitors- Haven't done

many product promotion campaigns- Haven't engaged

in propaganda through the Internet much

- Wide market both domestically and internationally (China,Japan, Thailand,...)- Products are

increasingly new, creative and effective

- Market development strategy, it is possible to expand branches in districts to increase visibility with customers- Product development

strategy, elimination of obsolete products,

- Market penetration strategy, online business deployment, website development, combined with well-branded

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