ASSIGNMENT 1 FRONT SHEET

Qualification BTEC Level 4 HND Diploma in Business

Unit number and title Unit 1: Business and Business Environment

Submission date 18/06/2021 DateReceived1stsubmission

Re-submissionDate DateReceived2ndsubmission

Student Name Nguyễn Hưng Nguyên Student ID GBS 18656

Class GBS 0907 Assessor name Vu PM

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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.

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 Table content
I. INTRODUCTION...........................................Lỗi! Thẻ đánh dấu không được xác định.
II. BODY...................................................................................................................................................... 4
1. Types of organization:................................................................................................................ 4
a. The single-member limited liability company:............................................................4
b. The multi-member limited liability company:.........................................................5
c. Joint stock company:............................................................................................................... 6
d. Partnership:............................................................................................................................ 6
e. The private company:......................................................................................................... 7
f. The franchising & the licensing company:.....................................................................8
g. Sole trader:.................................................................................................................................. 8
2. Economic sectors:......................................................................................................................... 9
3. Size of organization:.................................................................................................................... 9
4. Vision, mission, objectives:.................................................................................................... 10
5. Stakeholders:............................................................................................................................... 11
6. Roles of department:................................................................................................................. 11
7. Functions:...................................................................................................................................... 12
8. Organizations structure:......................................................................................................... 12
III. APPLYCATION................................................................................................................................. 13
IV. CONCLUSION................................................................................................................................... 15
V. Reference list................................................................................................................................... 16
 I. INTRODUCTION
The following report will analyze Vinamilk's investment research model and scale in the
period of 2020-2025. By referring to other Vietnamese websites to know the literal
difference between the models of companies that are allowed to be incorporated in
Vietnam. The real enterprise is also the real basic unit, the cell of the economy, creating
material wealth for society, directly coordinating the factors, which is quite significant in
nature. Streamline production to create the most efficient product or service.

II. BODY

1. Types of organization:
There are different types of organizations present in the market, which are multi-member
limited liability companies, single-member limited liability companies, joint-stock
companies, private companies, franchise, and the licensing company.

a. The single-member limited liability company:

A limited liability company (LLC) is a simple and flexible business structure that protects
your personal assets from litigation involving your business. This business structure is the
least complicated and the most flexible. A limited liability company combines the transfer
tax of a partnership and the limited liability of the company. You can create a limited
liability company by submitting the Articles of Association to the Secretary of State and
paying the typical application fee. (Larissa Bodniowycz, J.D, 2021)

Advantage: A one-person company has an independent legal entity, and the entrepreneur
can implement any action plan of the company without granting any owner. One-person
company has many effective opportunities, limited liability. Since OPC's liability is limited
to the value of the shares you hold, individuals can take more risks in the business without
affecting or suffering personal asset losses. This will encourage people to start more start-
ups and see skilled innovative thinking. OPC can experience the various benefits provided
to small industries, such as easy financing from banks minus deposit transactions and any
certain limit guarantees, lower loan interest rates, and various benefits based on foreign
trade policies and other policies. Single ownership is more advantageous than having one
or more owners. This is very beneficial for making quick decisions, managing the business
and controlling without following any recommendations and methods. This is a personal
mind business. Companies with poor personal credit scores can even apply for loans. If the
OPC score meets the specification, the OPC credit score will not matter. Unlike sole
proprietorships, any remuneration paid to directors is very suitable for income tax
deduction. OPC takes advantage of all the benefits provided by the Enterprise Development
Act of 2006. The newly established OPCs are micro, small or medium-sized; therefore, they
are protected by the Act. According to the Act, if the buyer or recipient receives any late
 payment (payment is received after a specified period), he is entitled to three
times the bank interest rate. Any business entity operating as a company always enjoys
higher trust and prestige.( myonlineca, 2021)

Disadvantage: As OPC focuses more on various functions and core areas, compared with
private limited companies, OPC has to face some burdens. The annual return of a one-
person company is mandatory to be signed by the directors. OPC generally does not allow
the mandatory requirement to accept the signature of the company secretary. If it is a one-
person company, 30% income tax will be charged directly to you. High tax rates are a major
disadvantage of single-person companies. When the turnover is a bit high and effective,
most experts recommend choosing a private limited company instead of an individual
company. The establishment of OPC and the conversion of a one-person company to a
private limited company were considered not a good decision. ( myonlineca, 2021)

b. The multi-member limited liability company:

A multi-member limited liability company is composed of multiple owners or members.
Unless the member chooses otherwise, a multi-person limited liability company is taxed as
a partnership. The operating agreement is an important legal document for a multi-
member limited liability company. It stipulates the specific division of ownership and
responsibilities among the members. All members are jointly responsible for the operation
of the company in a limited liability company managed by the member. This is ideal for
small businesses with limited resources, because their operations do not require separate
management. (llcbymbm.com, 2021)

Advantage: No personal responsibility for company members. Often referred to as a

"limited liability entity". This entity is called a "through entity" because the income is
passed directly to the members, avoiding the double taxation trap associated with "C"
companies. Ability to choose federal tax as a subsection "S" company or default as a
partnership for automatic taxation. Flexible governance and organizational requirements:
There is no restriction on the type of owner or the creation of different membership
categories, and the ability to utilize multiple ownership categories with different voting
rights and income rights. (llcbymbm.com, 2021)

Disadvantage: All income is subject to self-employment tax: there is no taxable difference

between the member's "salary" payment and the company's distribution to the member,
and the impact depends on the estimated income. Less formalities, which may cause
difficulties in transferability of ownership. (llcbymbm.com, 2021)

c. Joint stock company:

Modern companies originated from stock companies. A joint stock company is a company
owned by its investors, and each investor owns shares based on the number of shares
purchased. The establishment of a joint-stock company is to provide funds for projects that
 cannot be funded by individuals or even the government. The owner of the joint-
stock company wants to share its profits.( investopedia, 2021)

Advantage: The huge capital required by modern enterprises would not be possible under
other forms of organizations like sole individual proprietorship and even in a partnership.
The liability of the shareholders of a company is limited to the face value of the shares they
have purchased. It has a stimulating effect on investment. The organization of a company as
a separate legal entity gives it a character of permanence or continuity.( Roshina,2021)

Disadvantage: Every issue is discussed in the meeting of the board of directors. The
minutes of the meeting and accounts of the firm’s profit and loss etc., have to be published.
In this situation maintenance of secrecy is difficult. In the company form of organization, all
important decisions are taken by the board of directors and shareholders in general
meetings. ( Roshina,2021)

d. Partnership:
A partnership is a formal arrangement in which two or more parties manage and operate a
business and share profits. There are several types of partnership arrangements. Especially
in partnerships, all partners share liabilities and profits equally, while in other cases,
partners may bear limited liability. There is also a so-called "silent partner" in which one
party does not participate in the daily operations of the enterprise.( CAROL M. KOPP, 2021)

Advantage: In terms of capital, due to the nature of the business, partners will use start-
up funds to fund the business. This means that the more partners they have, the more
funds they can invest in the business, which will bring greater flexibility and greater
growth potential. This also means that more potential profits will be evenly distributed
among the partners. Regarding flexibility, partnerships are generally easier to form,
manage, and operate. As far as the laws governing the formation of the company are
concerned, their supervision is not as strict as that of the company, and since partners have
the sole right to operate the company (without shareholder interference), they are more
flexible in management, as long as all partners can agree. Partners can share the
responsibility for business operations. This will enable them to make the most of their
abilities. Instead of splitting the management department and sharing each business task
equally, it is better to split the work according to your own skills. Partners share decisions
and can help each other when needed.( thecompanywarehouse, 2021)

Disadvantage: One of the most obvious shortcomings of partnerships is the danger of

disagreements between partners. Obviously, people may have different ideas about how
the company should operate, who should do what, and what the company’s best interests
are. This may lead to disagreements and disputes, which may harm not only the company,
but also the relationship between related personnel. In terms of agreements, because
partnerships are jointly operated, all partners are required to agree to what is being done.
This means that in some cases, there is less freedom in business management. A general
 partnership enterprise bears unlimited liability, which means that each partner
shares the responsibility and financial risks of the enterprise. One of the main
disadvantages of partnerships is that the tax law means that partners must pay taxes in the
same way as self-employed individuals, and each person submits a self-assessment tax
return each year. In the end, the partners split the profits equally. This may lead to
inconsistencies, where one or more of the partners did not make a fair effort for the
operation or management of the business, but still reaped the rewards.
( thecompanywarehouse, 2021)

e. The private company:

A private company is a privately owned company. Private companies can issue shares and
have shareholders, but their shares are not traded on public exchanges, nor are they issued
through an initial public offering (IPO). Therefore, private companies do not need to meet
the strict filing requirements of the U.S. Securities and Exchange Commission (SEC) for
listed companies. In general, the stocks of these companies have poor liquidity and
valuations are more difficult to determine.( JAMES CHEN, 2021)

Advantage: No minimum capital is required to establish a private limited company. A

private limited company is an independent legal identity in court, which means that the
assets and liabilities of the company are different from those of the directors. The two are
considered different. Private limited companies separate management and ownership.
Therefore, managers are responsible for the company's success and responsible for the
company's losses. Regarding limited liability, if the company encounters financial
difficulties for any reason, as the personal liability is limited, the personal assets of the
members will not be used to pay the company’s debts.( Dharti, 2021)

Disadvantage: One of the main disadvantages of a private limited company is that its
articles of association restrict the ability to transfer shares. In a private limited company,
the number of shareholders cannot exceed 50 under any circumstances. Another
disadvantage of a private limited company is that it cannot release a prospectus to the
public. On the stock exchange, stocks cannot be quoted. ( Dharti, 2021)

f. The franchising & the licensing company:

Licensing is a legal relationship in which one party grants the other party the right to use
or benefit from trademarks, technologies, or other legal rights. One company acts as a
licensor and allows another company to act as a licensee, with limited rights to use
trademarks for limited purposes. For example, Walt Disney (Walt Disney) granted a license
to McDonald's for McDonald's to co-brand its McDonald's Happy Land meal with Disney
trademark characters. The technology company acts as a licensor to grant a license to use a
specific technology to an individual or company as a licensee. A pharmaceutical company
that has a patent for a certain drug acts as a licensor and grants a license to another
pharmaceutical company as a licensee, allowing them to manufacture and sell drugs that
use the patented formula.( franchiselawsolutions,2021)
 Franchising is a legal relationship in which one party grants the other party the
right to develop, establish and replicate the business operations of the franchisor. There
are many examples of franchise relationships in the entire American economy, including
restaurants like McDonald's, retailers like GNC, and companies in various industries
including American home care and healthcare. ( franchiselawsolutions,2021)

In short, licensing is a limited legal relationship. Franchising is a broader legal relationship,

including licensing. If your goal is to expand and develop your brand through additional
stores or service areas, franchising is the right legal model, and licensing is not an
alternative. ( franchiselawsolutions,2021)

g. Sole trader:
Sole proprietorship, also known as sole proprietorship or sole proprietorship is a family
with one owner, who pays personal income tax based on the profits of their business. Due
to the lack of government oversight, a sole proprietorship is the easiest type of business to
start or split. Therefore, these types of businesses are very popular among sole business
owners, sole proprietors, and consultants. Many sole proprietorships operate under their
own names as there is no need to create a separate company or product name. A household
business are owned by an individual, the individual has full authority to determine all
business activities of the family. For a family business owned by a group of people or a
family, all business activities of the family are determined by the group members or
members of the family. A group of people or families appoint a qualified person to engage
in external transactions on behalf of the group or family. Sold traders are usually small
businesses: they have a place of business and employ no more than 10 employees. Owners
of household business must declare taxes, pay taxes and perform other financial
obligations in accordance with the law. In accordance with the provisions of the labor law,
ensure the legitimate rights and interests of employees. Ensure the quality of goods and
services and assume responsibility for them in accordance with prescribed legal standards
or registered or announced standards. (Sole Proprietorship: What You Should Know, 2021)

2. Economic sectors:
A sector is one of the few general sectors in the economy that can classify a large group of
companies. An economy can be broken down into about a dozen sectors, which can
describe almost all business activities in the economy. Economists can conduct a deeper
analysis of the economy by looking at each individual department. There are three sectors
in the economy. The primary sector (raw materials) deals with the extraction and harvest
of natural resources such as agriculture and mining, and the secondary sector
(manufacturing) includes construction, manufacturing, and processing. Basically, this
sector includes industries related to the production of finished products from raw
materials, and the tertiary sector (service) includes retailers, entertainment and financial
companies that make up the sector. These companies provide services to consumers.
(CHAD LANGAGER, 2020)
 3. Size of organization:
In fact, the size of the organization generally is very diverse. According to the business level
of the organization, we can definitely classify the size of the organization, which mostly is
fairly significant. However, something that is pretty small in one industry may be
particularly large in another in a subtle way.

THE SIZE OF ORGANIZATION IN VIETNAM: According to the latest data from the 2017
Economic Census, the size of domestic companies in Vietnam is shrinking. Experts say this
marks an improvement in the country's business environment.

According to the General Administration of Statistics of Vietnam (GSO), since 2012, the
average number of employees in economic institutions has fallen from 32 to 27. Among
them, the public sector has the largest layoffs (now an average of 20 employees), followed
by private enterprises, households/ Individual businesses, and cooperatives.

Enterprise Development Department of the Ministry of Planning and Investment, said that
the shrinking of the enterprise-scale is “an objective reality”. Previously, when business
activities were difficult, low competitiveness and more employees were needed, now when
the business environment improves, more companies can actually afford to hire fewer
employees, while they are still fully capable of maintaining Position in the market. The
"shrinkage" of enterprise-scale is a positive indicator of the government's efforts to
promote economic development. Micro-enterprises accounted for 74% of the total number
of enterprises, which is in full compliance with the government’s policy of encouraging
family businesses to turn into businesses.

On the other hand, the size of Vietnam's FDI (foreign direct investment) companies is seen
as the main driving force for growth in recent years. According to GSO, each company has
added an average of 15 employees compared to 2012. (Network, 2021)

As the table above shows, the market in Vietnam has all three sizes of organizations which
are a very small enterprise, small enterprise, medium enterprise.
 4. Vision, mission, objectives:
The vision statement describes the long-term goals that the company aspires to achieve,
usually in the five to ten years time frame, and sometimes even longer. It describes the
company's future vision and sets clear directions for the planning and execution of
company-level strategies. For example, let’s look at Microsoft Corp’s Vision Statement
Microsoft Corp is an American multinational company that develops, manufactures,
licenses, and sells technology products, including computer software, electronics, and
personal computers. It is also one of the largest corporations in the world, alongside
companies such as Apple, Inc. and Amazon.com, Inc. (Corporate Finance, 2021)

Companies use mission statements to explain the purpose of their existence in a simple
and clear way. Sentences are usually very short. They can be one sentence or a short
paragraph. These statements have a dual purpose, helping employees focus on the task at
hand and encouraging them to find innovative ways to achieve company goals more and
more effectively. The mission statement varies from company to company. For example,
Microsoft's mission is to enable everyone and organizations on the planet to achieve more
goals. (JAMES CHEN, 2020)

Ultimately, the investment objective is a customer information form used by registered

investment advisors (RIA), advisors, and other asset managers to help determine the best
investment portfolio. For clients. Individuals who manage their own investment portfolios
can also fill in investment goals. (JAMES CHEN, 2020)

5. Stakeholders:
According to JASON FERNANDO, a stakeholder is a party who has an interest in a company
and can influence or be affected by the business. The main stakeholders of a typical
company are its investors, employees, customers, and suppliers. However, with increasing
attention to corporate social responsibility, this concept has been extended to include
communities, governments, and industry associations.

Stakeholders can be internal or external to the organization. Internal stakeholders are

people who have an interest in the company through direct relationships (such as
employment, ownership, or investment). External stakeholders are those who do not
directly work with the company but are affected by business actions and results. Suppliers,
creditors, and public bodies are all considered external stakeholders. (JASON FERNANDO,
2021)

6. Roles of department:
Every organization composed of multiple people needs some form of organizational
structure. The organization chart shows how the chain of command works within the
organization. The organization of a company can be illustrated by a packaging company.
 The company will be owned by shareholders who choose directors to take care of
their interests. Then, the directors appoint managers to operate daily business:

In the above company structure: The managing director is mainly responsible for
operating the company, including setting company goals and focusing on all departments.
The distribution manager is responsible for controlling the movement of goods into and
out of the warehouse, supervising the drivers, and supervising the transportation of goods
into and out of the company. The production manager is responsible for maintaining a
continuous supply of work for all production employees and organizing manpower to meet
customer orders. The sales manager is responsible for contacting customers and
obtaining orders from these contacts. The company’s accountant controls all the
company’s financial transactions and is responsible for the preparation of management
accounts and financial reports. (Business Case Studies, 2021)

Other organizations will have different structures. For example, most organizations will
have a marketing department responsible for market research and marketing plans. The
customer service department will meet customer requirements. The human resources
department will be responsible for recruiting and selecting new employees, employee
motivation, and a series of other people-oriented activities. In addition, there will be many
cross-functional areas, such as administrative and information technology departments
that provide services to the company's functional areas. These departments will provide
back-up support and training. (Business Case Studies, 2021)

7. Functions:
The functions of an enterprise are more stable than the organizational structure, and the
organizational structure can be changed according to needs. A unit of an organization may
be responsible for multiple business functions. However, a business function can only be
performed by one unit of the organization. Some examples of business functions are
customer relationship management, financial management, marketing, operations, product
management, and supply chain management.

Business functions provide the vocabulary and framework needed to provide an

enterprise-wide view of business activities. They help determine the main activities of the
organization.

Defining business functions includes creating a hierarchical list of the scope of

responsibility managed by each organizational unit. These areas or functions will not
overlap or cross to other areas.

Business functions are determined by analyzing data and organizational structure, the
company's business lines, business processes, and any other relevant information. Business
functions and organizational structure are not necessarily related. They are also
 independent of products or services, so when business needs change, companies
can quickly adapt to changing markets or develop new products.

Because business functions are aligned across multiple organizational units or areas,
training needs are reduced, and customers can have a single point of contact. Defining
functions can also reduce data inconsistencies and redundancy, and improve the quality of
all data collected during business operations.

Having business functions independent of organizational units or processes helps

companies avoid the need to replicate the same functions in multiple departments.
(upcounsel, 2021)

8. Organizations structure:
According to Will Kenton, an organizational structure is a system that outlines how to
direct certain activities to achieve the goals of the organization. These activities can include
rules, roles, and responsibilities. The organizational structure also determines the flow of
information between the company's internal levels.

For example, in a centralized structure, decision-making is carried out from top to bottom,
while in a decentralized structure, decision-making power is dispersed at all levels of the
organization.( Will Kenton, 2021)

The organizational structure is either centralized or decentralized. Traditionally, the

structure of an organization is centralized leadership and a clear chain of command. In a
centralized organizational system, each role has very clear responsibilities, and the
subordinate roles accept the guidance of the superior by default. Decentralized
organizations have increased. This allows the company to remain fast, agile and adaptable,
and almost every employee accepts a high level of personal agency. ( Will Kenton, 2021)

III. APPLYCATION
Vinamilk is a joint-stock company, this company specializes in the production and trading
of milk and products made from milk. According to statistics of the United Nations
Development Program, this is the 15th largest company in Vietnam in 2007. The head office
is located in Ho Chi Minh city, the company's website vinamilk.com.vn - The company
converted into a joint stock company in 2003. Vinamilk's vision is to become the leading
symbol of trust in Vietnam in nutrition and health products serving people's lives. The
company's mission is that Vinamilk is committed to providing the community with top
quality and high-quality nutrition with its own respect, love and high responsibility for
human life and society.

Vinamilk is committed to providing the community with top-class nutrition and quality
with its own respect, love and high responsibility for human life and society.
 Vinamilk is one of the leading companies in the dairy industry in Vietnam, not
only thriving in Vietnam, Vinamilk has reached out to the world and thrived. Vinamilk is a
self-sufficient company. To solve the problem of raw materials (cow's milk), instead of
buying raw materials abroad, the company built an international standard dairy farm to
supply the factory, and only the Modern machinery is imported from Sweden and European
countries. Currently, Vinamilk has a total of 10 production factories across the country. And
there are a total of 408 retail stores across the country. The company was announced by
Forbes Vietnam that Vinamilk's brand value will reach $2.4 billion in 2020
(vietnamnet,2020). The key apparatus of the company has brought the Vinamilk brand to
the world. Vinamilk's governance regulations are a system of principles and rules to ensure
that the company is effectively oriented, managed, and controlled for the benefit of
shareholders and stakeholders. to the company. The operation regulations of the Board of
Directors prescribe the organizational structure of personnel, operating principles, powers,
and obligations of the Board of Directors and members of the Board of Directors in order to
operate in accordance with the provisions of the Law on Enterprises. business, the
company's charter, and other relevant laws. According to the theory of organization size
mentioned above, Vinamilk is a large enterprise. Because the number of labor is 6000
people, and the total capital is 2.4 billion dollars.(vinamilk.com,2021)

Vinamilk applied a functional online structure model. A management organizational model

in which managers make decisions and directly supervise subordinates, and vice versa.
Each subordinate only accepts management and is responsible to one superior. The
working relationship between the members of the organization is carried out online, and
the executor only accepts the order of one person in charge. Therefore, managers will
directly make decisions with subordinates and accept their reports.

The advantage of this model is that it is often convenient for the application of a centralized
and unified leadership model, helping organizations to operate quickly and responsively to
environmental changes, and at the same time, the management cost is quite low. On the
other hand, under this structure, it is easy for those who follow the instructions to follow,
because the commands given are consistent. But this model still has its limitations.
Managers must often deal with the relationship between online departments and functions.
Functional leaders have different opinions, and often have to conduct intense discussions
and make untimely decisions, resulting in reduced business efficiency. There are not many
opportunities for interaction between various departments within the company, the ability
to improve professional skills is low, and the learning knowledge is limited. It is difficult for
companies to keep up with the development trend of the market, because employees do
not have the opportunity to learn, improve their professional knowledge or learn more
new knowledge to improve their skills during their work. (Platform, 2021)

In short, Vinamilk is one of the most developed companies in the field of special dairy
products in Vietnam and has many new diversion projects in the future that will have an
impact on the Vietnamese economy.
Source: Vinamilk.com, 2021

IV. CONCLUSION
Through this article, most of the business and business environment are clearly analyzed.
In addition, this basically shows that for those who want to basically operate an enterprise,
they actually know many advantages and many risks of this enterprise and the business
environment.
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