The procedure of payment by letter of credit in importing contracts of Vietnam National General Export-Import Joint Stock Company No. I

FOREIGN TRADE UNIVERSITY
FACULTY OF ECONOMICS AND INTERNATIONAL BUSINESS

---------***--------

MID-TERM INTERNSHIP REPORT
Major: International Business Economics
VIETNAM NATIONAL GENERAL EXPORT-IMPORT
JOINT STOCK COMPANY NO. I

Full Name:
Student ID:
Class:
Instructor:

Hanoi, August 2014


TABLE OF CONTENTS
PREFACE................................................................................................................1
PART 1: INTRODUCTION OF VIETNAM NATIONAL GENERAL EXPORTIMPORT JOINT STOCK COMPANY NO. I (GENERALEXIM I)...................2
1.1 The establishment and development of GENERALEXIM I..........................2
1.2. Functions of GENERALEXIM I...................................................................3
1.3. Missions of GENERALEXIM I....................................................................3
1.4. Main business sectors of GENERALEXIM I...............................................4
1.4.1. Commercial Business............................................................................4
1.4.2. Manufacturing......................................................................................4
1.4.3. Services.................................................................................................4
1.4.4. Financial and Joint Venture – Association Activities............................4
1.5. Organizational Structure of GENERALEXIM I...........................................4
1.6. Business results of GENERALEXIM I in recent years.................................5

PART 2: MID-TERM INTERNSHIP DIARY.......................................................7
PART 3: THE PROCEDURE OF PAYMENT BY LETTER OF CREDIT IN
IMPORTING CONTRACTS OF VIETNAM NATIONAL GENERAL EXPORTIMPORT JOINT STOCK COMPANY NO. I.......................................................12
3.1. The current situation of payment method by Letter of Credit (L/C) of Vietnam
National General Joint Stock Company No. I......................................................12
3.2. Assessment on the use of payment by L/C in importing contracts of
GENERALEXIM I..............................................................................................13
3.2.1. The advantages and achievement of payment by L/C in importing
contracts of GENERALEXIM I.......................................................................13
3.2.2. Unresolved drawbacks in the procedure of payment by L/C in importing
contracts of GENERALEXIM I.......................................................................14
3.3. Some proposals to resolve the weaknesses of payment by L/C in importing
contracts of GENERALEXIM I...........................................................................15
CONCLUSION........................................................................................................16
REFERENCES
APPENDIX


PREFACE
Export-import has always been playing an important role in the development
of the national economy. For a developing country that is currently moving towards
integration into world market, exporting and importing activities even become the
first priority. Being a student majoring in International Business Economics, I was
fortunate enough to experience a five-week internship at export-import companies, in
particular, a one-week period at Vietnam National Textile and Garment Group
(VINATEX) and a four-week period at Vietnam National General Export-Import Joint
Stock Company No. I (GENERALEXIM I).
The following report describes what I have learned and observed from the
internship period. Due to the limit of time and personal restrictions, there might be
mistakes throughout the report. Hence, all the comments and remarks will be highly

appreciated, which could help me do better in my future assignments.
The structure of this report consists of three parts as follows:
Part 1: Introduction of Vietnam National General Export-Import Joint Stock
Company No. I (GENERALEXIM I)
Part 2: Mid-term Internship Diary.
Part 3: The procedure of payment by letter of credit in importing contracts of
Vietnam National General Export-Import Joint Stock Company No. I.
Last but not least, I would like to give special thanks to ......... – my instructor
in this Mid-term Internship module, and ........... – my mentor at GENERALEXIM I
for the help and support during my internship. Without whom, I would not have
completed my report with much more knowledge and experience relating to my
major.
Hanoi, August 2014

1


PART 1: INTRODUCTION OF VIETNAM NATIONAL GENERAL EXPORTIMPORT JOINT STOCK COMPANY NO. I (GENERALEXIM I)
1.1 The establishment and development of GENERALEXIM I:
Vietnam National General Export-Import Joint Stock Company No. I (also
known as GENERALEXIM I) was founded in December 1981 under the Ministry of
Foreign Trade (nowadays called the Ministry of Industry and Trade) and transformed
into a joint stock company in 2006. During its early days, GENERALEXIM I mainly
focused on export-import before diversifying its portfolio, in which the initial focus
accounted for nearly 85% of the company's annual revenues and profits. In both
domestic and international markets, the company has always been highly appreciated
for its prestige in trade and sound financial capacity. The headquarter is located at No.
46, Ngo Quyen Street, Hoan Kiem District, Hanoi and its three branches are in Hai
Phong, Da Nang and Ho Chi Minh City respectively.
Throughout over 30 years, the company's establishment and development is

divided into three main stages:
 Stage 1 (1981-1992): The company was newly established, while the national
economy started to apply a combination of the market mechanism, the economic
management mechanism, the old and new export-import methods. This was the
time for the company to decide on its orientation and lay grounds for its business
activities.
 Stage 2 (1993-2004): The economic management mechanism in accordance with
market mechanism was formed clearly; the company's development was at the
same speed with the international economic integration process of the national
economy.
 Stage 3 (2005-present): The company's business activities have become stable and
it has been successful in transforming into a joint stock company. Being consistent
with the existing business strategies, until now, the company has continued to
consolidate them and started making adjustments in accordance with its new
structure as well as the country's new management mechanism.
GENERALEXIM I was honoured to receive a Third-class Independence Medal
from the Socialist Republic of Vietnam. Moreover, the company also won "Sao Vang
Dat Viet" award for outstanding Vietnamese brands in the integration process. In
2


2008, GENERALEXIM I was ranked 261st place in the Top 500 biggest businesses in
Vietnam and 41st place in the Top 500 biggest private enterprises in Vietnam.
Headquarter: No. 46, Ngo Quyen street, Hoan Kiem district, Hanoi
Office number: (+84)4-38264009
Fax: (+84)4-38259894
Website: www.generalexim.com.vn
E-mail:
Tax code: 0100107490
Business code: 0103011968

1.2. Functions of GENERALEXIM I:
The company directly exports or is entrusted to export agriculture products,
fisheries, handcrafts, and consumer goods in order to serve manufacturing and daily
life needs of locals, industries, enterprises, etc.
Besides, the company also supplies/imports/exports materials and other goods
to locals, industries and enterprises which pay in cash or in exchange of other goods
as agreed upon economic contracts.
Moreover, the company manufactures and processes products for exporting, as
well as provides services relating to importing.
1.3. Missions of GENERALEXIM I:
 Effectively performing manufacturing and services activities.
 Self creating capital; managing and exploiting it in an effective way;
performing its obligation towards the government.
 Complying with policies, economic management system, export-import
management system and external trade management system.
 Performing every obligation in relevant economic contracts.
 Improving the quality and quantity of exported goods; expanding international
markets; attracting more foreign currencies and promoting exporting activities.
 Traning to make more well-qualified staff.
 CSR branding.
1.4 Main business sectors of GENERALEXIM I:
3


1.4.1. Commercial business:
 Exporting: agriculture products such as coffee beans, peppers, rice, peanuts, red
onions, teas, cinnamons, other kinds of peas, etc.; wooden products; garments;
minerals; handcrafts and fine arts.
 Importing: industrial equipments; machines; transportation means; materials for
manufacturing and constructing (iron, steel, aluminum, copper, cattle foods,

materials for vetenirary medicines, etc.); chemicals; consumer products.
1.4.2. Manufacturing:
There are factories processing garments for exporting from Hai Phong.
1.4.3. Services:
The company acts as a sales/purchasing agent at the request of domestic and
foreign customers. In addition, it also offers offices for lease in Ha Noi, Hai Phong,
Da Nang and Ho Chi Minh City and offers other commerical services relating to
export-import.
1.4.4. Financial and Joint venture – Association activities:
 Strategic partnership with Vietnam Export-Import Commercial Joint-Stock Bank
(EXIMBANK).
 General Real Estates Corporation I (G-Land).
 Strategic partnership with BeeLogistic to establish BEEGEN Distribution Solution
Corporation.
 Shareholder of Quang Ngai Minerals ML Corporation.
1.5. Organizational Structure of GENERALEXIM I:
The company consists of several departments with different functions and
specializations, yet they perform in uniformity under the direction of the Board of
Directors. The organizational structure is demonstrated in the diagram below:

4


SHAREHOLDERS ASSEMBLY
SUPERVISORY BOARD
BOARD OF MANAGEMENT
BOARD OF DIRECTORS

Management
Departments

Business
Departments

- Administrative
Department
- Financial
Accounting
Department
- General
Department
- Financial
Investment
Department
- Basic
Construction
Department

- Import-Export
Department 1
- Import-Export
Department 2
- Import-Export
Department 3
- Import-Export
Department 4
- Import-Export
Department 5
- Import-Export
Department 6

- Property
Business
Department

Subsidiaries and
Affiliated
Enterprises

Joint Ventures
and Associated
Units

- In Ho Chi
Minh City
- In Da Nang
- In Hai Phong
- Hai Phong
Export Garment
Enterprise
- Dong Nai
Representative
Office
- AgricultureForestry Products
Processing and
Exporting
Enterprises and
General Depots

- De Nhat
Development

Company
- EXIMBANK
- Quang Ngai
Minerals ML
Corporation
- General Real
Estates
Corporation I
- Hop Luc Fund
Management
Company

1.6. Business results of GENERALEXIM I in recent years:
Today, GENERALEXIM I is a company which has diversified business areas,
however, export-import still remains its primary focus, which accounts for nearly 85%
of the company’s annual revenues and profits. In both domestic and international
markets, the company has always been highly appreciated for its prestige in trade and
sound financial capacity. Over the past few years, although both the national and
5


international economies have faced with significant fluctuations, thanks to the
guidance of the Board of Directors and utmost efforts of the whole company staff, the
company’s performances have been expanded both in depth and width, especially in
export-import.
In 2009, profit after taxes reached 40.4 billion VND, and return on sales (ROS)
was 3.72%.
In 2010, net revenue rose to nearly 80 billion VND, which was 1.95 times
higher than the previous year. Besides, ROS also increased to 7.52% meaning a
successful year with high profits.

However, profits decreased in the next 3 consecutive years. In 2013, ROS sunk
to only 0.53%, while net profit was 11.07 billion VND – about half of that in 2012.
This figure proved that the company was still in hardship and no signs of recovery
had been found. (Please refer to Table 1.1 in Appendix for more details)

6


PART 2: MID-TERM INTERNSHIP DIARY
Week 1: Tuesday, July 1st 2014
Today was my first day at VINATEX. When I arrived, I was asked to come to
the Conference room to have a quick meeting with the Director of Market Department
and his two assistants, along with another intern. We shared our plans and
expectations during the internship, then the two assistants were assigned by the
Director to be our mentors, helping us fulfill our wishes to learn and experience. Our
first week of internship, decided by the Director, would focus on the overview of the
Group’s activities and the Department’s functionalities.
Thereafter, I had a conversation with my assigned mentor, Mr. Dung – who is 4
years older than me and also graduated from Foreign Trade University, High Quality
Program of External Economics, so our getting aquainted went very well. Also, he
really well understood the requirements of the Mid-course Internship module and
ensured to assist me throughout the 1-month-period.
After that talk, he led me to my booth at the middle of the office, between
another internship and a female Business Development Assistant. There were no
available computers left, so he told me to bring my laptop next time I came to the
office. The documents for this week research would be sent to my e-mail and could be
read at home, so I was allowed to leave early.
Before leaving, I was asked to meet the Director of Human Resources
Management and show her the Referral from my Univesity. Being friendly and
supportive as she was, she gave me several suggestions for my Internship Report.

Week 1: Thursday, July 3rd 2014
I continued reading the sent documents, which were: VINATEX Analysis in
the process of Equitization by BSC, and The Functions and Missions of Market
Department. They provided me deep insight about the Group’s strengths/weaknesses
and its opportunities/challenges on the way to become a corporation from a stateowned one member limited company.
In the document, it was stated that the Group would open to many types of
investors, in which there would be several chosen strategic ones. I wondered who
7


Vinatex would choose as its strategic investors and tried to reasearch online first, but
no official list had been announced yet, even any predictions. When I asked other
seniors at the office, they also said the same thing.
I chatted for a while with an employee sitting next to me. Though she was busy
arranging files, she was willing to get to know me and answer my questions.
Finishing my reading, I listed out several topics I would like to be provided
further information on, which were: Current international partners of VINATEX and
Predictions about future international commercial relationships after VINATEX fully
became a corporation. I turned to my mentor to ask for those documents, but he told
me that he could not provide them as they were not available for references.
Week 1: Friday, July 4th 2014
Today the Head of the Department and Mr. Dung were going to another city to
attend a meeting, so I did not meet them at the office. I had already finished the
reading, so I did not know what else to do there. The intern next to me was busy
translating some documents, and another employee on my right was making phone
calls all morning. I just sat at my booth doing some research on the Internet about
garment markets until noon. Then I decided to leave as I thought the afternoon would
be the same as morning.
Week 2: Monday, July 7th 2014
This week I was introduced to a new place for internship – Vietnam National

General Export-Import Joint Stock Company No. I (GENERALEXIM). It would be
more consistent with my major than VINATEX, and more importantly, more open in
providing research materials.
Firstly, an adminstrative staff showed me around the building, we stopped by
every room and said hi to everyone in it. The last one was Export-Import Department
3, to which I was assigned. The room was not very large, and there were 7 employees
working in this Department. I talked to the Vice Manager of the Department and told
him about the purpose of my Mid-term Internship module. He set up a space for me to

8


sit in and said that I would be allowed to observe some of their tasks as I was not
qualified enough to do them by myself, still I felt happy with that.
I came in the afternoon so there was not much work to do at that time, I
thought I could use some time left to get acquainted to the staffs. Two of them
graduated from Foreign Trade University, and they also said that about half of the
staff in the whole company were FTU students. However, the number of FTU
graduates applying for GENERALEXIM I tended to decrease over the last few years.
Week 2: Thursday, July 10th 2014
I was provided with documents with general information about the company
and the Department. From them I learned that Export-Import Department 3 is one of
the 6 Export-Import Departments of the company, which is in charge of importing and
trading transport equipments, metals, as well as processing and producing apparels.
They have to deal with a lot of import contracts and manufacturing contracts on a
regular basis, which requires very sound knowledge about international commercial
transaction.
Today I was asked to make some copies of a document of request for opening
an L/C. It was urgent so I did not have time to thoroughly look at it, but it seemed not
different from the ones that I had seen in textbooks. Besides the copying, I was also

asked to send several documents to another Departments. Mr. Cuong said that they
were some “warm-up” tasks for me to get used to the workplace. Perharps next week
when all things were finished, I would ask to have a look at an import contract and
other relevant documents.
Week 3: Tuesday, July 15th 2014
It was quite a relaxing day at the office today as other seniors did not have
much work. They were preparing for the company’s summer vacation trip this
weekend, so they talked a lot about the plan. I also tried to join their conversation
eventhough I would not take part in that trip. Most of the employees in this
Department were young and friendly, so I found it easy to get along and get to know
them better. My mentor – the Vice Manager of the Department – told that I would not
9


have to come to the office until next week, and that after the trip there would be a lot
of work so I should be prepared.
Week 4: Monday, July 21st 2014
The staff came back from the trip yesterday and they all looked refreshed. At 9
o’clock, we had a staff meeting in which the Manager of the Department summarized
the work of the previous week and of the current week.
After the meeting, I was given a list of documents and was asked to gather
them and arranged them in order. I thought it was a simple task but eventually I did
not finish it until the end of the afternoon as it took quite a lot of time to wait for a
complete set of documents.
I was also instructed to make a call to Vietnam Bank for Agriculture and Rural
Development to confirm some information relating to an L/C. Apparently, the partner
had changed the delivery date so we had to make a request for amendments to fix the
differences.
At the end of the day, the Manager of the Department brought out some
specialties from the trip so that we could have a small snack party for a hard-working

day.
Week 4: Wednesday, July 23rd 2014
Today the Vice Manager of the Department told me to join a staff checking the
information in a set of documents before sending them to Bank of China. Some of
them looked like those that I learned at school, but some were different and new to
me. There were new terms that made it hard for me to follow, but the staff was willing
to explain whenever I felt confused.
There were a number of papers for us to check and arrange, including: bill of
lading, commercial invoice, bill of exchange, certificate of heavy metal, certificate of
weight/quantity, certificate of quality, certificate of beneficiary, etc.
I also had a long talk with them about the company’s common methods of
payment, among which L/C was the most used one. They shared about the procedures
before and after opening an L/C, the advantages of payment by L/C, as well as its
10


unresolved drawbacks. Noticing my interest, my mentor allowed me to have a look at
one of last year’s contracts and its enclosed documents, telling that I could use them
in my internship report (Please refer to the Appendix for more details).
Week 5: Monday, July 28th 2014
My mentor asked me to translate several articles of a contract he was working
on, and provided me a full Sales & Purchase Contract to read and base on. This was
an interesting yet challenging task. I was quite slow in the translation process at first,
trying to recall everything I had learned from the module “Exporting and the Export
contract” at school, and I only finished 4 articles until the end of the afternoon. He
told that I could make some copies of the contract to read at home and then continue
translating the next day I came to the office.
Week 5: Wednesday, July 30th 2014
I completed translating the longest article which was Payment. My mentor
checked it, telling me there were only minor wording mistakes. After having carefully

read the sample contract, I was confident that I could do the job better.
A staff came back from Hai Phong to receive a shipment of industrial
equipments. There were documents that needed scanning so I volunteered to do the
task. I did not know how to scan documents so I was thinking that might be a an
opportunity for me to learn so. Eventually, it was not a difficult thing to do at all.
Week 5: Friday, August 1st 2014
I came to say thanks and goodbye to everyone in the Department. Today was
almost weekend so they were happy enough to throw a small party with some snacks I
brought along. Mr. Cuong gave me some comments on my internship period, and
others also shared some advice about choosing future career. I could not thank them
enough. I had a great time learning and working with them.

11


PART 3: THE PROCEDURE OF PAYMENT BY LETTER OF CREDIT IN
IMPORTING CONTRACTS OF VIETNAM NATIONAL GENERAL EXPORTIMPORT JOINT STOCK COMPANY NO. I
3.1. The current situation of payment method by Letter of Credit (L/C) of
Vietnam National General Joint Stock Company No. I:
International payment is one of the most important steps in importing of
GENERALEXIM I. The company has always been aware of creating a safe and
effective procedure of payment fully under its control.The methods of international
payment used in most of the importing contracts include: letter of credit (L/C),
documents against payment (D/P) and telegraphic transfer (T/T). The results of these
methods are illustrated in the graph below:
Graph 3.1. Paid value of imported goods by 3 payment methods during 2009-2013
(Unit: Million USD)
40
35
30

25
20

32.2

L/C
D/P
T/T

32.8
27.7

15
19.2

20.7

10
5
0

0.99

0.95

4.5

4.3

0.44

2.5

0.48
2.6

0.47
2.7

2009

2010

2011

2012

2013

(Source: Collection of the company’s reports )

12


Throughout the five-year period, payment by L/C was always employed in the
highest frequency. The value of imported goods paid by L/C had a tendency to
increase despite the fluctuation of the total import turnovers. Meanwhile, values of
imported goods paid by T/T and D/P either decreased or remained unchanged,
accounting for a small proportion in the total annual figures.
The company’s main imported goods are: cars, motorbikes, construction
materials, machines, equipments, chemicals from German, Japan, Malaysia,

Singapore, Sweden, China, Italy, etc. Since it orders high-value products from
exporters in developed countries in a regular basis, the exporters tend to choose
payment by letter of credit in order to assure the security and effectiveness in
contracts. In importing contracts, L/C may also bring a number of benefits to the
importers if they comply with all the terms and conditions of the L/C.
3.2. Assessment on the use of payment by L/C in importing contracts of
GENERALEXIM I:
3.2.1. The advantages and achievement of payment by L/C in importing contracts
of GENERALEXIM I:
Since the payment method by L/C in importing contracts started to be
employed by GENERALEXIM I, the company has gained several positive results as
follows:
 Errors are not made in a high frequency, helping the company to reduce costs, as
well as maintain its partnership with banks and other business partners.
 The company has established strong relationships with domestic commercial
banks which give the company preferential treatment and care. Thence,
GENERALEXIM I is able to reduce costs and other complicated procedures in the
payment process.
 The use of L/C in payment has made contribution to maintain foreign exporters’
trust and loyalty. As a result, the company moves through the negotiation process
with its partners more quickly and effectively.
In order to record the above achievements, the company staff have always been
working with responsibilities, concentration, seriousness and devotion. They keep on
learning, gaining more knowledge and developing their professional competence.
13


Furthermore, the company has chosen the right issuing banks to ensure the benefits of
the exporters, the banks and itself. Payment by L/C is undeniably an effective method
in importing contracts.

3.2.2. Unresolved drawbacks in the procedure of payment by L/C in importing
contracts of GENERALEXIM I:
Despite strict inspection prior to the issuing of an L/C, there still appear
unexpected shortcomings, in particular:
Table 2.1. Errors in the procedure of payment by L/C
Number of L/Cs with errors
Total number of L/Cs

2009
13
102

2010
2011
2012
2013
14
16
20
26
108
115
125
154
(Source: Collection of the company’s reports)

The reasons which lead to the above consequences are both subjective and
objective:
As for the company itself, the co-ordination between the Export-Import
Departments and Financial Accounting Department is not tight enough to promptly

mobilize due foreign currency when an L/C is issued. This situation is occurring not
only between two mentioned units, but also between other Departments of the
company. Each Department is good at doing their job, yet they need to become better
at assist the others even if it is not their specialization.
Furthermore, the limitation in foreign language skills of the company staff is
also an important cause. This results in the misunderstanding of contracts, too much
adjustment in the L/C which raises the costs.
Not to mention that, there are still employees who do not fully understand the
procedure of goods delivery and receipt, methods of managing risks relating to
documents, interest rates, exchange rates, etc.
Finally, spelling, typing and printing errors are not checked thoroughly leading
to unnecessary flaws.
Regarding to objective reasons, the complex and time-consuming procedure
for opening an L/C of the bank should be addressed first. One request for opening an
L/C must be presented to three different departments of the bank: Customer
14


Management Department, Risks Management Department and Imported Goods
Payment Department.
Secondly, there are cases in which the issued L/C does not contain correct
agreed terms and conditions in the contract. Most of these disparities come from
foreign exporters and are in regards to changes in delivery date. To solve the problem,
the company has to send a request for advising amendments to L/C and be responsible
for the amendment cost under the regulations of the bank (normally about
US$20/request, and higher charges for more important amendments, such as changes
in the value of an L/C).
Thirdly, the procedure of payment by L/C is regulated by different types of
rules, for instance, foreign exchange management ordinance, international practices
and state laws. This leads to the overlap between the enforcement and application of

sanctions.
Last but not least, differences in geographical locations, language barrier,
political systems, customs and traditions of Vietnam and other countries are causes of
unagreed matters and mistakes in issued L/Cs, making it difficult for both the
company and its partners.
3.3. Some proposals to resolve the weaknesses of payment by L/C in importing
contracts of GENERALEXIM I:
 Upgrading technological facilities in order to assist the payment process as well as
the communication between different Departments.
 Training staff on a regular basis to help them develop important skills, such as:
export-import, international payment, accounting, computer skills (especially ecommerce), and foreign languages.
 Reducing risks rising out of fluctuations in exchange rates by: specifying interest
rate for late payment; using other financial tools to assist the payment process; or
accepting different types of currency in payment.

15


CONCLUSION
After a five-week internship period, I have learned valuable things about my
major, export-import in particular. Although I did not fulfill the whole five weeks at
only one place, but I considered it as my luck to have an opportunity to experience in
different companies and to know great people. VINATEX and GENERALEXIM I are
both big and famous companies in the field of export-import, which provided me a lot
of practical knowledge to compare to what I have studied at school.
Normally I came to the office two days each week as there was not much
work for me to do as an intern. Despite the limitation of time and my lack of skills
and knowledge, I was assigned several tasks of the Department and always tried to
fulfill them with carefulness and concentration. Half of the time the Manager of the
Department was not present at the office, so I did not get the chance to know her very

well. Other staff in the Department are pucntual, responsible, friendly and openminded. They have adequate professional knowledge and were always willing to help
me whenever I faced difficulties. The Department was not busy all the time, as there
were days in which we worked restlessly on a contract, but there were also days in
which we had more time to do our own business or to share things with one another.
By talking to the seniors, I knew more about the company’s payment process, which
has become a minor topic of my report. During the time I was working on the report,
Mr. Cuong – my mentor, and other staff helped along with research materials and their
own personal experience.
The Mid-term Internship module is a helpful course as it gives students an
opportunity to get used to the workplace and get first-hand experience – which are
fundamental things that will be needed in their future career. However, at some point
it can be time-consuming and unnecessary if the company/organization does not allow
students to actually take part in their daily tasks. Therefore, I do hope that there will
be closer relationships between universities and recruiters, and flexible choices for the
students in their internship module in the future.

16


REFERENCES
1. Export-Import Directory, 2013, Top 500 Biggest Enterprises in Vietnam,
/>2. Vietnam National General Export-Import Joint Stock Company No. I, 2009-2013,
Annual Financial Reports, Hanoi
3. Vietnam National General Export-Import Joint Stock Company No. I, 2012,
Overview, Hanoi
4. Vietnam National General Export-Import Joint Stock Company No. I, 2012,
Organizational Structure, Hanoi
5. Vietnam National General Export-Import Joint Stock Company No. I, 2012, Joint
Venture and Associated Units, Hanoi

APPENDIX
Table 1.1: Business results of GENERALEXIM I during 2009-2013
(Unit: Million VND)
Year
Indicator
Net revenue
from sales

2009

2010

2011

2012

2013

1,085,726.4

1,050,717.3

1,179,061.9

1,886,892.0

2,081,574.0

37,954.2

43,837.1

58,712.3

96,154.3

68,144.6

26,118.3

74,580.2

29,013.9

(34,011.7)

(3,320.8)

39,882.5

77,856.2

66,983.2

29,561.3

11,107.0

528.2

2,250.9

745.1

127.2

28.7

40,410.7

80,107.1

67,728.3

29,688.5

11,078.3

-

1,119.9

11,378.3

8,225.9

511.8

(7.06)

(7.06)

(28.3)

-

(511.8)

and services
Gross profit
from sales
and services
Profit from
financial
activities
Net profit
from
business
activities
Other
profits
Total profit
before taxes
Current
corporation
income tax
Deferred
corporation
income tax

Profit after

40,417.7
78,987.7
56,321.8
21,462.6
11,078.3
taxes
FOREIGN TRADE UNIVERSITY
SOCIALIST REPUBLIC OF VIETNAM
Faculty of Economics
Independence – Freedom – Happiness
and International Business
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MID-TERM INTERNSHIP ASSESSMENT
Student’s full name :
Student ID

:

Class

:

Major

:

Internship at

:

Mentor

:

Position

:

Telephone number :
COMMENTS
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Hanoi, August 1st 2014
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