UNIT 1 ASSIGNMENT 1

ASSIGNMENT 1 FRONT SHEET
Qualification

BTEC Level 4 HND Diploma in Business

Unit number and title

Unit 1: Business and Business Environment

Submission date

July 5th, 2020

Date Received 1st submission

Re-submission date

Date Received 2nd submission

Student Name

Bao Minh Nguyen

Student ID

BDGF190001

Class

BD-BF-2005-1

Assessor name

Thanh Long Nguyen

Student declaration
I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand
that making a false declaration is a form of malpractice.
Student’s signature

Grading grid
P1

P2

P3

M1

M2

D1

r Summative Feedback:

r Resubmission Feedback:

Grade:
Assessor Signature:
Internal Verifier’s Comments:

Date:

Signature & Date:

1


2


BUSINESS AND BUSINESS ENVIRONMENT
Before getting started the meeting. Let me
introduce myself. Currently, I’ve been working
as an analyst JP Morgan, an investment bank
that aims to find out dynamic companies
around the world to invest in. This time, I’ve
new

According to some recent statistics, The United

investment chances for our enterprise. In this

States and EU are on the top of the number of

difficult time, Corona Virus (COV 19) has been

COVID 19 cases. To human beings now, a surgical

spreading out worldwide. More than 6 million

mask is supposed that the most effective method

people are being affected heavily, and 367.402

of preventing the widespread of the epidemic

is the death toll by Coronavirus, with no sign

more. The number of surgical masks has been sold

reduction.

extremely quickly as soon as they are offered.

taken

responsibility

for

finding

Photoshop by me

It will be a potential opportunity if our
organization invests in medical service and
public health. More specifically, not only do
we pour money into manufacturing surgical
masks and all kinds of medical equipment

industry

but

also

we

support

medical

After 3 days of studying and analyzing the market, I
gained some information that may be very useful
to our investment that I will shortly present below
Photoshop by me

businesses to find out clean materials for
manufacturing procedures. Due to being
related to people’s health, business ethics
should be put on the top. Make sure that it is
effective and profitable
3


Why is the medical business which we choose to make an investment coming from Vietnam?
Let me explain this

.

First of all, Vietnam is recognized as one of a few countries tightly controlling the pandemic
the most effective. According to statistical data, for more than six weeks, Vietnam has not
taken any infected cases by COVID 19 of community. Especially, no death toll caused by
COVID 19 in Vietnam so far. Most of the number of infected new cases are traced back from
someone who comebacks Vietnam from the pandemic centre. These would be useful for our
investment. Why do I say that? In this difficult time, Vietnam has emerged to be the guiding
light of preventing pandemic campaign.

It would not be exaggerative to say that most people around the world see Vietnam in
a distinct aspect. I can say for sure that people’s behaviour must be changed
considerably. They are also likely to make some questions such as why do
Vietnamese people preventing the pandemic effectively more than developed
countries ranked of the best healthcare system such as the UK, Switzerland,
Germany,…? They also wonder if any marvellous things existing in the quality of
medical service in Vietnam. And something like that.
4


Like what we see in the first picture, the company which we plan to invest in having a headquarter in
Hanoi capital, Vietnam. It is known as the main source providing most all field hospitals, drug stores,
quarantine stations with million tons of surgical masks and all kinds of medical equipment.

Photoshop by me

1.

The type of enterprise

Japan Vietnam Medical Instrument JSC (JVC) joined the healthcare industry in 2001. Over 20 years of
constant efforts, it has transformed itself into an expert in Medical instrument sale, Consumables sale,

Profit sharing, Technical Services and Clinic, acknowledged by their valued customers and partners.
Besides, its business is also so proud of energetic staffs, experienced expert in the medical field and
public health even professors that work in research institutes, big hospitals. Embracing the message
“Fostering sustainable values”, JVC has been delivering its core values to its employees, partners,
customers, shareholders and society. It aims to manufacture and serve medical organizations,
hospitals, field hospitals, pharmacies, etc with all various kinds of medical equipment, to create profit.
Besides, JVC also operates a chain of polyclinics in Vietnam, etc

[1]

à To summarize JVC is considered as a profit organization.
5


1 day| 1 week| 1 month| 3 months| 6
months| 1 year| 3 years

*First trading date: 21/6/2011
*Closing price for the first trading session (thousand VND): 24.8
*The mass of listed shares for the first time: 24,200,000

The technical graph

Based on the chart, we can see that
the shares of J&V Medical Instrument
were traded on the stock market for
[2]

the first time in 2011 .
Therefore, we conclude that this enterprise must be a public organization.

[3]

Unit KLg: 10,000cp


Since none of the state ownership in the shareholder structure. We have enough proof for
claiming that JVC is a private enterprise
6


2. Vision and mission
The enterprise’s vision is
to be the top-ranked
medical supplier in
[4]

Vietnam . What has it
been doing to pursue this
vision?
Photoshop by me

[5]

All numerical data pointed out that the value of JVC’s stock tends to increase in recent month .

Nevertheless, this enterprise’s revenue
seems not to be stable. The diagram
indicates that net revenue which ranges
from 2013-2014 increased aggressively
and then reached the climax in 2014.

From that time, it’s tended to decrease
but more stable, with no dramatic
increase or
The diagram of revenue, and profit from 2013-2016 [6]

decrease. Net

profit

decreased dramatically from 2014-2015
and reached the climax in 2015

7


The quarterly operational matter
Net revenue and net profit[7]

According to statistical data from MBS, JVC’s net revenue considerably increased in one year
(Q2/2016 – Q2/2017) and then reached the climax in Q1/2017, the stability of increase still
maintained to Q2/2017. For net profit, recognize that the increase in net profit is not stable.
One billion VND is an amount of money (after taxes) which JVC had earned before the dramatic
increase occurred. Specifically, within three months, JVC’s gained a massive net profit, 15
billion VND (net profit increased from 1-16 billion VND). And from that time, JVC’s net profit
lessened intensely. 2 and 2.7 billion VND are net profit which JVC reached respectively in two
first quarters of 2017.
As far as we know, Hitachi is
known as an official partner of
JVC. Companies such as GE,
Siemens, Phillips usually choose

2-3 partners nationwide, but
Hitachi only cooperates with JVC.
While market share comes from
GE, Phillips is so massive
respectively 21.4% and 18.8%
Hitachi’s market share accounts
for 2.7% only. It is undenied truth
that Hitachi is still ranked top 10
of global diagnostic equipment
[8]

market share .
According to MBS, Vietnam’s medical equipment market growth is intense and expected to
[9]
exceed $1 billion in 2018 . JVC's business results showed a positive recovery in the first six
months of 2017, JVC reached VND 256 billion in net revenue, a slight increase of 3% over the
[10]
same period . And then we can compute its market share (256 billion VND/ $1 billion). JVC’s
market share accounts for 1.11% in Vietnam’s medical equipment market.
By what I’ve analyzed, we see that JVC has been making efforts to reach its vision proposed
even though sometimes, it’s not easy for it. Whatever troubles are likely to happen anytime.
8


And then we consider JVC’s mission ‘Contribute to the growth of its country, Vietnam’. What
has the enterprise been doing to aim to this mission? All information will be presented below

Hitachi X-ray

Sakura-Ultrasonic washing

and drying machine

Demand for medical equipment in Vietnamese
hospitals continues to increase due to pressure
from population- scale. Particularly in Ho Chi
Minh City, by 2019, the units of the city will
invest approximately 900 million USD to
[11]

Hitachi-Scenaria

upgrade medical equipment for hospitals
To join in the market of high-tech medical equipment, sellers must obtain papers licenses,
certificates, and diploma at the same time. Besides, they are required to have a large capital
scale and be capable of mastering technology. Especially distributors have to prove their ability,
reputation to be selected as partners by big medical equipment firm.
*JVC’s has been making an investment affiliate with hospitals in Vietnam by purchasing and
installing machines at the hospitals and share profit/ loss from ones with Vietnam’s hospitals
*Mobile examination and treatment service: JVC is known as a medical enterprise that owns
mobile checkup and treatment biggest in Vietnam (20 specialized vehicles) licensed by Hanoi
Department of Health and Department of Science and Technology and equipped Japan medical
devices. Each clinic can serve more 2000 people every day. JVC has been supplying this service
for 200.000 people who come from 150 enterprises to in 15 provinces of northern Vietnam

[12]

.
9

Mobile medical examination and treatment of JVC also trusted by National against Tuberculosis.
in being a supplier of X-Ray service for lung-tuberculosis investigation in more than 40 provinces
in Vietnam.
*Technical and technological base
JVC’s workforce includes 35 engineers experienced technicians who were special-trained by the
top of medical equipment cooperation in the world. JVC is a unique one that is capable of
transmitting maintenance operation

[13]

.

Hitachi does not develop the maintenance department in Vietnam, it uses JVC’s enterprise only.
And it would be wrong if we did not mention JVC’s social responsibility.

Source: JVC in Community program: Mobile examination

*Social responsibility
JVC is aware that development has to come with social responsibility all the time because of
present and future life. In addition to its contribution to the state budget through taxes, creating
jobs for the workforce in its country. JVC is also supposed to be so active in participating medical
examination and treatment that aims to raise public health around its country; especially in
remote areas which are in economic conditions. JVC sponsored mobile checkup bus and
combined doctor teams coming from Hanoi in a program called ’For Vietnamese health’. This
program is held to check, treat and give medication to more than 1000 patients in poor towns
and remote areas.
*With all these proofs I have analyzed, I conclude that JVC is following its mission proposed.
10

Orientation, Strategy and Development Objectives in 2019
*For medical equipment business activities, the company aims to focus on diagnostic image
and infection control devices, simultaneously seek new products. The company will implement
various technology, solutions and equipment to be suitable for each customer segmentation.
The company plans to cooperate with the top general hospital and medical specialist to bring
kinds of sophisticated medical equipment from Japan to Vietnam.
*For consumables, the company plans to extend categories of products.
*For investment affiliate, the company promotes to carry out new joint-venture projects based
on comprehensive evaluation about potential development.
*For technical service, the company aims to enhance sales quality via warranty contracts and
maintenance medical equipment contracts.
*For the mobile medical check-up, the company will implement new medical examinations
combined with top general hospital and medical specialist, expand kinds of service and target
customer.
Source of JVC’s annual report in 2019

Hitachi highly appreciated JVC in expanding its
market share in Vietnam

JVC saw off the delegation that takes responsibility for
taking a chest X-ray of units under the ministry of
public security.

JVC welcomed the chairman and leader of Sakura Global
at Hanoi headquarter on March 22

nd

2019

JVC awarded medical supplies for preventing
COVID 19
11


Summary of financial information for 3 years[14]

Look back on in 2018, to complete the tasks in 2018 of the General Meeting of Shareholders;
the Board of Directors and all employees made efforts to do their best. Eventually, they
acquired many achievements and reception and trust from partners and customers. JVC ‘s
business results in 2018 achieved as follows:
Financial results:
+Net revenue in 2018: 615,074,047,088 VND, reaching 90% of the 2018 AGM plan, increasing
growth of 13% compared to 2017.
+Profit after-tax 2018: 11,445,660,829 VND, reaching 72% compared to the General Meeting
of Shareholders' plan in 2018, an increase of growth of 28% compared to 2017.
+Although the BOD has not reached 100% what the General Meeting of Shareholders
proposed, the BOD assessed the business results 2018 has made complete progress. The Board
of Directors highly appreciates the efforts, dedication and overcoming difficulties of the Board
of Directors Director and all employees, and completely trust in the forceful development in
these next year.
Non-financial results:
+About brands of suppliers and the company: partners, customers have received and trusted.
The firm with many advances in business activities & efficient, professional and dedicated
customer service.
+Regarding corporate governance: the Board of Directors and Board of Directors have been
orienting, developing and adjusting management structure of their enterprise
12

3/ The size and scope of JVC
The size

v

By what I’ve analyzed in the previous page that includes a summary of financial
information for three years, the results which JVC achieved in 2018 consist of financial
even non-financial results. JVC’s total revenue in 2018 is 615.074.047.088 VND,
equivalently to $26.742.350. (1)

*The formula for revenue
Revenue= Turnover – (Discount+ Sale of goods+ Return, etc) (2)
From (1) & (2), we do not find it hard to realize that turnover must be far more than
revenue. Simultaneously, based on the type of enterprise classification below and the
latest data about JVC total number of employees in 2019 is 314 people

[15]

. I’ve got enough

all evidence to claim that JVC is a medium-sized enterprise.
v

The scope
Ø Geographic locations

JVC clinic in Hanoi Capital

The scope of JVC is supposed
rather large. Its headquarter and

branch placed in the two largest
and most developed cities in
Vietnam,

respectively

Hanoi

capital and Ho Chi Minh city.
JVC 's headquarter and clinic both are on Lang Thuong ward, Dong Da district, Hanoi
capital, but a specific distinct is ones' location. While its headquarter located on 24th of
ICON 4 building, at 243A De La Thanh, JVC clinic placed on the 7th floor, Dong Loi
building, at 2+4 in an alley, Lang street. Its branch is on 5th of Central Garden building,
328 Vo Van Kiet Street, Co Giang ward, District 1, Ho Chi Minh city

[16]

.
13


Ø

Market

[17]

*Thanks to constant support from major shareholders- strategic Japanese partner and
efforts of a new board of director, JVC’s has been recovering prestige toward its
customers, suppliers and banks step by step. Its official partner, Hitachi handed

distribution right in Southern market over to JVC since March 2017. This market had been
out of contract in 2016, and then its partner was going to invest another supplier.
*The lasting for payment time and credit line were also accepted. In summary, JVC has
still maintained its base in the market and made its business settle back in. Partners
decided on cooperating tightly with JVC again. Hitachi handed over operation right in 14
provinces to the South of Vietnam to JVC.
Simultaneously, raise relationships based on new belief.
*Besides, its partner, Fujifilm stabilized its distribution channel of the film in North of
Vietnam even though formerly, JVC’s right was taken away and Fujifilm planned to give
another partner since 2016, the period that JVC was in crisis.
*JVC also executed the extending product category campaign such as infection control
system, Sakura; portable ultrasound SonoSite Fuji (Top 5 in market share).

Ø

JVC’s typical suppliers

[18]

The cooperation spanning 20
years and the years to come is
a strong evidence for the good
relationship between JVC and
its main suppliers such as
Hitachi, Fujifilm, Konica, etc.
Here are official JVC’s partners
Being selected as the exclusive distributor of these well-known firms, JVC is highly
appreciated for its market potential and capabilities in brand development, customer
attraction and market expansion in Vietnam. With specific strategies and actions, optimal
resources have been provided by partners to support JVC in promoting its business

activities in a professional and sustainable way in the future.
14


Ø

Target customer
Since

JVC

[19]

mainly aims to

distribute medical equipment
to medical organization such as
hospitals, medical universities,
etc. Therefore we seem to be
less effort to realize that the
majority of its customers is
business. Here are some JVC’s
customers. These consist of
Hanoi medical university, Bach
Mai

hospital,

friendship

Viet

Duc

hospital,

103

hospital- Military Institution.
Besides, the other customers also come from the Northern provinces of Vietnam and areas
that are near Hanoi. By what I’ve analyzed in the previous page. In addition to medical
equipment suppliers to medical enterprises, JVC also participated market share of the clinic
since 2009.
• In my opinion, with all above proofs which I’ve analyzed, I jump to the conclusion that the
size and scope of JVC are compatible with the matter of achieving its set objectives and
products or services even though this enterprise’s finance is not stable. Specifically, the
period of crisis in 2016. Afterwards, all problems fixed and its business operation
completely recovered after one year, in 2017.
4. The functions of JVC
JVC’s management structure consists of a board of director, a board of supervisor, CEO, Ho
Chi Minh branch and other departments which are under the control of the CEO
v The board of director

[20]

.

[21]

ØMr Hosono Kyohei: Chairman (appointed on Oct 2018)

• Certification: Post-graduate
• Specialization: Public policy
• Work experience: worked lots of years at Dream Incubator Inc (Tokyo- Japan; Vietnam)

• Current position at another organization: CEO of Dream Incubator Inc (Tokyo- Japan)
15


Ø Mr The Huong Nguyen: Chairman (appointed on Sep 2018, and dismissed on Oct 2018),
independent member of BOD (appointed on Sep 2016)
• Certification: Master
• Specialization: Financial management
• Work experience: 20 years’ experience at: Deloitte Vietnam Co., Ltd; GAPIT Communication JSC, Viet Anh
Auditing Co., Ltd
• Current position at another organization: Deputy Director cum Member of the BOD of Quoc Huy Joint
Stock Company

Ø Mr Manh Cuong Nguyen: Independent member of BOD (appointed on Sep 2016)
• Certification: Master
• Specialization: Accounting, auditing, Business Administration
• Work experience: 15 years’ experience at: Ernst & Young Co., Ltd in Vietnam, Coca-Cola Beverage Ltd in
Vietnam, Servier Ltd in Vietnam, Innoviet Ltd
• Current position at another organization: Managing director of Scivi Ltd

Ø Madam Hoai Thanh Le Thi: : Independent member of BOD (appointed on Sep 2016, dismissed on
Dec 2018)
• Certification: Bachelor
• Specialization: Accounting
• Work experience: 20 years’ experience at: Thanh Danh Trading Co., Ltd; Crown Joint Venture and Ltd in
Hanoi, JVC

Ø Madam Thanh Thao Nguyen Thi: Independent member of BOD (appointed on Sep 2016)
• Certification: Master
• Specialization: Accounting, auditing
• Work experience: many years’ experience at Ernst & Young Co., Ltd in Vietnam

vBoard of Supervisor[23]

vCEO[22]
Madam Thuy

Hang Vu Thi

Madam Kim

CEO (appointed on Aug 2018)

Thanh Luong

Head of Supervisor (appointed on Aug 2018)

•

Certification: Master

•

Certification: Post-graduate

•

Specialization: Finance, Business Administration

•

Specialization: Finance

•

Work experience: 15 year’s experience at: Joint

•

Work experience: 15 year’s experience at:

Stock Commercial Bank for Investment and

Dream Incubator JSC in Vietnam, Ernst & Young

Development of Vietnam, JVC

Ltd in Vietnam

Mr Khang Bui

Madam Ha Giang Dang Thi Member

Mr Van

Deputy director (appointed on Apr 2018)

Deputy director (appointed on Dec 2018)

of BOS (appointed on Sep 2016)

Member of BOS (appointed on Sep 2016)

• Certification: Bachelor

• Certification: Master, Doctor

Madam Van

Anh Vuong

• Specialization: Financial enterprise,

Hung Ngo

• Certification: Bachelor

• Certification: Bachelor

• Specialization: Public health care

• Specialization: Economy

• Specialization: Accounting

• Work experience:

• Work

Finance, Accounting
• Work experience: Many

years’

experience as a manager and leader
at PricewaterhouseCoopers

Ltd in

Vietnam, Dream Incubator JSC in
Vietnam, JVC

Many

years’

experience

at Hanoi

medical

university,

Global

medicine

organization

experience:

experience

at

Many
24h

advertising company JSC; JVC

years’
stream

• Work

experience:

experience

at

Many
Thanh

years’

Quang

Commercial and Transport service,
investment affiliate J&V medical
equipment JSC field.

16


v The main function of various key department
Ø Top management

They are leaders who take responsibility for
operating, managing, making their decision on
issues which is directly related to JVC, etc

• Their influences on the marketing department
Censor all marketing strategy and decide whether choosing or not.
• Converse impacts of marketing department on them
The marketing department is responsible for making an advertising
strategy and hand in them to managers.
Ø Finance
They are tasked with acquiring funds
for the firm, managing funds within the
organization and planning for the
expenditure of funds on various assets.
• Their influences on the marketing department
They take responsibility for setting up 5-10 years plans.
• In contrast, the marketing department is subject to them to make
revenue’s growth.

Ø R&D
Their mission is researching and develop
their enterprise’s products and services
that aim to meet customers’ need.
• Their influences on the marketing department
Develop enterprise products accordingly to data that marketing
department gains from marketing research.
• The marketing department is tasked with surveying market, gaining
database, insights of customers to meet researching and developing
of R&D.
17


Ø Purchasing
A key sales function is following
up with the leads generated by
a marketing department.
• Their influences on the marketing department
If plans which marketing department proposes can meet profit
satisfaction of their enterprise, it will be maintained. If not, the
Sales

department

have

to

inform

marketing

department

immediately for an innovation.
• Converse impacts of marketing department on them
Marketers take responsibility for planning and communicating their
plans to the sales department.
Ø Accounting department
This department is responsible for
computing,

managing

account

payable even account receivable, and
tracking revenue. Make sure that all
employees are paid accurately
and timely. Besides, they have to perform reporting and financial
statements on time without any mistake, etc
• Their influences on the marketing department
They must work closely with the marketing department to monitor
trends in the business as well as manage the efficiency of sales
promotions initiated by their company.
• Marketing department’s impacts on them
After proposing a marketing strategy and being censored by
the

finance

department,

marketers

require

accounting

sections to give them an amount of money to execute
proposed strategies.
18


General Meeting of
Shareholder

Board of Supervisor

The board of Director

CEO

Ho Chi Minh branch

Medical

Investment

IT

Market

equipment

affiliate

Service

support

Consumables

Technical
Service

Purchasing

Polyclinic

Accounting

Market
development

Administration
&
Personnel

Clinical

Application

JVC is characterized based on the functional and divisional structure. Let me make the statement clear.

v For functional structure, less effort to realize that the general meeting of shareholders is the most
powerful agency in JVC’s administration system. All tasks of election or dismissing any member of
the board of Director and Supervisor have to be passed by the general of the shareholder. Each
department undertakes a distinctive function and is under the control of the CEO. Departments of
JVC include polyclinic, market development, market support, purchasing, accounting, investment
affiliate, technical service, IT service, clinical application.
19


v For divisional structure, we do not find it hard to realize that each division in this structure
can correspond to either products or geographies of JVC.
ØFirst, we consider JVC’s product departmentalization, based on the administration system
on the previous page; we can analyze the structure as follows:
• Each department in this structure undertakes each distinct task, but if we analyze
extensively, it will not be so hard for us to discover that some departments in this
system such as medical equipment, consumables, administration & personnel built up
separately based on products, services that JVC aims to. Particularly here are some
sections integrated inside the following divisions. Set an example for medical
equipment, less effort to realize that manufacturing, R&D, accounting, finance,
marketing department and customer services play a vital role in operating medical
equipment manufacturing system. It would not be exaggerative to say that each division
which is structured accordingly to the divisional structure will not be able to run
smoothly without one of the departments that I mentioned above.
Ø How have the two following structures of JVC been affecting this enterprise?
• First of all, we all together analyze some advantages of
them * For functional structure

§ JVC is run by powerful leaders who have many years’ experience in the medical field
and large corporations in Vietnam and Japan. Especially, the current chairman of JVC,
Hosono Kyohei whose a large amount of contribution for recovering JVC after the crisis
in 2016. For 2 recent years, he proposed many methods to grow revenue and profit,
repay more than 60 billion VND of budget, pay off long-term debts of up to 90 billion
VND.
§ The team members work with other people in the field and it allows sharing of
thoughts and knowledge to support each other to learn new skills.
§ The staff members get lots of opportunities for getting promoted their functional
areas which is the reason keeps them stay a long term in JVC.
* For divisional structure
§ By what I’ve analyzed about the divisional structure on the top of the page. We do
not find it hard to realize that each division built up as follow divisional structure
works effectively and creates high productivity for the firm since each team or
group stays focused on a specific product or service, etc.
20


• How many strengths it has cannot fade its limitation out. And then we turn our attention to
some disadvantages that the two following structures bring to
* For functional structure
§ As all tasks almost have to be passed by CEOs and BOS before they executed. Therefore in some situations,
Enterprise’s plans, projects are likely to be temporarily put off if the lack of leaders’ operation.
§ Senior managers overburdened with routine matters and they tend to neglect strategic issues.

§ It is likely to cause unhealthy competition working with the other areas. For instance, the accounting
department of JVC that is not prioritized to participate in the concerns of the sales department can financial
pressure on the salesperson.
§ Less flexibility and innovation in work.
§ Each department structured accordingly to functional structure seems to find it hard to

adapt to JVC’s innovation.
*For divisional structure
§ Duplication of central and divisional functions.
§ Fragmentation and non co-operation.
§ Danger of loss of central control.

5/ Conclusion
In summary, in this hard time, the COVID 19 age, investing in a medical enterprise is
supposed to be a possible project that each investor needs to implement.
Although some limitations have remained inside JVC’s system such as financial issues, the
lack of stability of profit, loose administration system, we cannot deny an apparent truth
that JVC is one of the most potential medical enterprises in Vietnam. Besides, being
operated by experienced leaders in the medical field and cooperating Hitachi, Fujifilm,
Konica are considered to be enormous advantages to make sustainable growth
ØWith the view of an investor, making an investment in JVC is worth.

21


v REFERENCES
Ø 1. See things in a general introduction in JVC’s official website
Ø 2. />Ø 3. />Ø 4. See things in vision and mission in JVC’s official website
Ø 5. />Ø 6. More details in page 8
/>MBT.pdf

Ø 7. See details in page 9
/>MBT.pdf

Ø 8. See things in this link: *Download to see

Ø 9. See things in the first page of MB SECURITIES’s report
Ø 10. Numerical data gained in page 2 of MB SECURITIES’s report
Ø 11. See things in the first page of MB SECURITIES’s report
Ø 12; 13 More details in the fifth page of MB SECURITIES’s report
/>MBT.pdf

Ø 14. See more details in page 6; 7 and 8 of JVC’s annual report 2018
/>g/Bao%20cao%20thuong%20nien/JVC%20-%20Bao%20cao%20thuong%20nien%202018%20%2020092019.pdf

Ø 15. Gained from
/>
Ø 16. See things at the footer of JVC’s official website
/>Ø 17. See things at the bottom of page 1 and the header of page 2 of MB SECURITIES’s report
/>MBT.pdf
22


Ø

18; 19 Particularly described in the introduction section at JVC’s official website
/>
Ø

20. Gained from administration system of JVC’s official website
/>
Ø

21; 22; 23 See things in page 10; 11 of JVC’s annual report 2019
/>