Banking Academy

Business plan of virtual assistance

Name of members:

Class: CityU8C
Table of content

1.source of new idea………………………………………….. 1

2.Opportunities assessment…………………………………… 2

3. Porter model………………………………………………… 3

4.Analyses PESTEL…………………………………………… 6

5.Product……………………………………………………… 6

6.Promotion…………………………………………………… 10

7.Production plan……………………………………………… 14

8. Organization Structure……………………………………… 16

9.Financial................................................................................... 28
 1. Sources of new ideas

Today, in the era of technology 4.0, the application of technology in business is

increasingly popular and is a necessary part in many fields in both industry and
agriculture. There are more advanced machines born to help people and
businesses reduce worries about budget and human resources. Technology 4.0
not only has advanced machines, but it also has AI, a virtual assistant sound. It
not only helps businesses with 24/7 automatic sales consulting with a
professional attitude, approaching customers through a variety of information
channels, but also has the ability to scale up according to needs. As such, an
audio assistant is essential in the business.

So what are the real potential customers that we want to focus on?

+ For large businesses, there are many questions from customers every day that do
not have enough human resources to answer

+ Small businesses, newly opened, do not have enough money to hire human
resources.

+ Enterprises have complex jobs, cannot find the right person for the job, or cannot
do the job the way you want.

+ Businesses catch up with trends by applying AI to business

+ Businesses want to increase their profits by reducing the cost of hiring human
resources to answer tasks.

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2.Opportunities assessment

+)Market demand: Specifically, the Business Virtual Assistant really has the
potential to develop business in the current technology era 4.0, about a business
with too many customers responding or want to know more information about a
product that you are trading. This will take you a lot of time to answer, so owning
an online assistant to answer or advise customers is essential for today's business.
This technology also helps us to manage daily tasks or Read notifications, book
and remind appointments, which is very suitable for today's business. For
customers, one advantage of hiring a virtual assistant is the flexibility to contract
for only the services they need. Depending on the terms of the agreement, some
virtual assistants may be paid on duty instead of on an hourly basis. In contrast,
employees in a traditional office are usually paid for a fixed number of hours per
day. For small business owners, hiring a virtual assistant can free them up valuable
moments to focus on growing their business and generating revenue. It can be
easier and more cost effective to outsource tedious and time-consuming tasks to
someone with skills.

+) Market size: According to statistics, in 2019, Vietnam's population reached

approximately 97 million people, with the urban population rate of 36%. In the
same year, there were 64 million Internet users, an increase of 28% compared to
2017. According to statistics, there are 58 million social media users on mobile
devices as of early 2019, the number This increased to 8 million users over the
same period last year. Along with the development of technology, the series of
mid-range phones are constantly being released, making it easy for many people to
own smart phones and access the Internet. Most of Vietnamese people have access
to smart mobile phones and many people use 2-3 phones at the same time to serve

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life and work. This shows that providing business assistant services has great
potential to grow on a large scale, in particular, we can build and develop
throughout Hanoi because of the large number of internet users and the service
levels by setting up a website, through which to set up and set up the business.

+) Market structure: Big companies like Google, Amazon, Apple, ... have deployed
virtual assistants online as an indispensable trend in recent years. Usually, these
smart "assistants" are integrated into the phone, the application and appear,
following the requests of the "owner" through voice. This brings many benefits and
practical value to the business. This article will give you the trends and how this AI
model works. With the storage of millions of words and phrases, smart assistants
are not restricted by a single language. Therefore, the use of voice to control daily
tasks or remote control (via the internet of things IoT) creates advantages and
significantly increases performance for users. According to statistics, from the
beginning of the year to October 31, 2020, Hanoi City has granted business
registration certificates to 22,124 newly established businesses with registered
capital of VND279,816 billion (down 5). % of the number of enterprises and a
decrease of 16% of registered capital compared to the same period last year), to
carry out dissolution procedures for 2,039 enterprises (an increase of 19% over the
same period last year), 9,452 enterprises registered to suspend operations (up 42%
y / y). Raising the total number of businesses in Hanoi city to 299,741 businesses.
The number of businesses reopening is 5,207 (up 13% year-on-year), showing that
there are many potential customers in providing virtual assistant services in the
business.

3. Porter model

Porter’ model New entrants: background you create roadblocks

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+) Implement attractive discounts, promotions and offers

+) for customers to try it for free

+) always ready to service and warrant system problems

+) Strengthen advertising and marketing campaigns

+) Create a difference in brand

+) discounts when customers spend a lot of time

+) always absorb and consider customer opinions about their services

+) Encourage customers to introduce acquaintances

+) increase in scale and prestige

Buyer in Porter model

In the Vietnamese market, the customer power is quite large when there are some
famous virtual assistant software in the world such as siri, Amazon Alexa, Google
Assistant and in Vietnam market, a group of scientists developed the first virtual
assistant named Ki-Ki.

Virtual assistant clients are often price sensitive due to the high cost of popular
software for the business. And as the new product of the market, the price of our
product will probably be cheaper than with other applications. In this case, the
products are not very differentiated so all competitive factors will be about price.
However, with our products, the software will be constantly updated to understand
the buyers' behavior so that we can reduce the buyer's power.

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As of 2019, the total number of businesses in Vietnam is 758,610 active
businesses. This is a huge source of customers for our virtual assistants’ product.
We can target small and medium business customers to make profits

Suppler in Porter model

The supplier's strength in this case is enormous. As we are a newly developed

business, it is difficult for us to switch from one vendor to another, but suppliers
can always transition easily from our business.

The supplier can provide us with the necessary electronics for software
development. However, there are many sources of supply for virtual assistant
systems but it is extremely expensive to have a good replacement material and we
are a newly founded financial problem extremely worrying. The suppliers of good
raw materials are being invested by big firms, so small investors like us all have
difficulty in supply. Especially in the virtual assistant industry, human resources
play an important role but with large enterprises attracting them more with better
policies and working environment.

Threat of Substitutes | Porter’s Five Forces Model

If your product or service has many replaceable products or services, then your
power will be reduced. Because customers will have more options. On the
contrary, if your product or service is more or less replaceable, your power will
increase dramatically.

At the present in Vietnam, most of the virtual assistant products are imported from
other countries so the threat of substitutes is very small in the market

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 4. Analyses PESTEL :

Advantage: Technology transformation: According to research from Microsoft in

2017 in the Asia-Pacific region, the impact of digital transformation on GDP in
2017 is about 6%, in 2019 it is predicted to be 25% and by 2021 it is 60%. Digital
transformation also increases labor productivity by 15% in 2017, expected to be
21% in 2020; 85% of jobs in the region will be transformed in the next three years.
Currently, Vietnam's small and medium enterprises account for about 97% of the
total number of enterprises, the level of science, technology and innovation is still
low, with 80% to 90% of the machinery used in Vietnamese enterprises are
imported. nearly 80% are old technologies from the 1980-1990s. The report also
shows that Vietnamese small and medium enterprises are investing in cloud
technology (18%), cybersecurity (12.7%), upgrading software and hardware for
digital transformation. (10.7%). According to Forrester's 2016 analysis report, of
those surveyed, only 11% succeeded in digital transformation.

Disadvantage: The disadvantage comes from the inflation of economic factors.

The increase in world commodity prices since the beginning of 2021 due to the
expectation of a strong economic recovery after the crisis and strong loosening of
fiscal and monetary policies, made us worry about a sharp increase in inflation. In
the context that global inflation in 2021 is forecast to increase quite strongly
(maybe at 2.8% compared to 2% in 2020), this may affect the price of our products
due to the increase in prices. of other items.

5. PRODUCT:

Target market: Virtual assistants for small and medium businesses that do not have
much money to buy expensive virtual assistants, besides these businesses also want to

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apply advanced technologies in business, consulting customers to have more profits
than hiring workers in a traditional way to consult customers as well as business
management.

Target customers:

+ customer characteristics: For small businesses, newly opened or trading in items

such as clothing, hotels, cosmetics, household appliances, food, accessories for
phones or computers, car sales…

+ buying situation: Helping businesses to advise, answer customers, suggest products

to help businesses not spend too much money on hiring many employees to answer
product-related questions, saving the time

+ Potential customers: our virtual assistant product is for newly opened businesses
that do not have much capital, especially in Vietnam when digital transformation in
our country is quite slow compared to businesses in the world

Strengths and Weaknesses

Strengths: - Large customer base due to the growing demand for digital
transformation of businesses over the years

                                 - interact with customers better

                                 - manage daily tasks or Read announcements,

                                 - make an appointment and remind an appointment, very suitable

for today's business

                               

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Weaknesses: - can be attacked by opponents or hackers

                     - Most businesses are doing business in the traditional style, which is
difficult to approach.

Goal: good sales, become a giant enterprise in the virtual assistant industry, distribute
to many businesses in the country and the world.

Price: Since we are a new business, we rely on the market price and the businesses
that are famous for providing virtual assistants and our target customers are medium
enterprises, so the price of our products will be cheaper and easily accessible to
customers

Basic software: + user's voice recognition

                          + read and understand text

                          + information link

                           + auto reply

Expected time of software upgrade

Expected Name of service Some updates add old

release provided software.
time

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1/6/2021 Audio virtual assistants User voice recognition
automatically respond to
Analyze and identify user
customer care and sales by
emotions.
phone 24/7.

1/9/2021 Read and understand text, Upgrade the automatic audio

answer automatically in answering bot to be smarter,
words. understand the user's intentions
better.

1/12/2021 Open more business Manage daily tasks or Read

management positions. announcements, schedule
appointments, email
appointment reminders

1/3/2022 Open more book Analyze, prepare reports, check

management functions. errors in books related to
accounting.

1/6/2022 Scale on demand through Quickly upgrade resources to

the power of cloud serve up to millions of
computing infrastructure. customers via cloud

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 infrastructure.

6. PROMOTION:

Online marketing

+) social media: we will use Facebook because it is very popular nowadays almost
everyone uses it so it is very convenient for us to use it by buying groups with a lot
of followers and then posting products to promote.

+) google: Most people tend to use google which is the best way to advertise
products.

+)Youtube: this is the page with the most viewed videos in the world (more than a
billion videos are watched every day), in addition, users also do a lot of searches
on YouTube, video search behavior is also different from text search traditional
and can bring more value to a marketer when nesting the message to be advertised
in accordance with the user's search behavior.

Some way to promote our software in social media:

Television Press Radio

VTV3: Advertise 10-20s for 1-2 times VN VOV giao thông: About

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 during the shark tank show time express 15-30s for 2-3 times in
around 20h-21h. the 17-18h time frame.
Dantri
VTV1: Advertise 10-20s for 1-2 times
Forbes
in the time frame of the Financial
Việt Nam
Newsletter around 21-22h every day.

Action plan

Categories Detail time Note Expense

Performer

Youtube KOL, 15-20s 50.000.000

advertisement VNĐ
Advertise

via social
Google Google 60.400.000
network
adwords VNĐ
Buy package
from ad

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 agency

Vn 1 main 1 article 30.000.000

express article in VNĐ
PR articles
business
enterprise,
1-2 small
banner

Dân trí 1 main 1 article 30.000.000

article in VNĐ
business
enterprise,
1-2 small
banner

Radio VOV Rush hour morning: 10.800.000

advertising giao 6:15- VNĐ
thông 9:15,10:00-
12:00,
afternoon:

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 16:30-19:45

TV VTV3 20h30- Package 127.500.000

advertising 21h30 C13.16(20s) VNĐ

VTV1 16h00- Package 7.500.000

17h00 B1(20s) VNĐ

Forum Business Every time

advertising and
financial
forums

7. PRODUCTION PLAN

Our team will be using subcontractors because most of our staff, we cannot
implement writing software as well as create virtual managed software. My team
will be responsible for a part of the production tool, maybe I will buy a machine

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like a computer, use my own software, and my team will hire programmers to
write the software

The subcontractors that we will choose are FPT-software, CMC Corporation. FPT
software will be the main subcontractor of our project. 

We choose FPT-software as a subcontractor because with many years of

experience in IT training, this company has created a great staff and very attentive
customer care, especially the price. reasonably cheaper than other subcontractors.
CMC Corporation: CMC is an app programming company with 13 years of
construction and development, is one of the leading technology corporations in
Vietnam, CMC app design service in Vietnam is very well known in the industry,
with prestigious and reliable information about technology of some projects at
medium and large levels in the fields, Always persisting with the orientation of
core competence as ICT, app design company CMC has achieved many
remarkable achievements in its activities. Business activities, development and
construction of a professional working environment for nearly 2,000 employees
promises to be a potential subcontractor.

Step 1: Summarize customer orders or based on the plan to supply goods to the
market, make a list of goods to be purchased and produced. 

Step 2: Make a work order: Issue a work order specifying the quantity of software,
response time, software needs, ... 

Step 3: Make a production plan: Based on the production schedule and production
schedule, determine the production quantity. Liaise with NCCs to determine

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supply capacity and overall planning Production schedule and implementation
plan 

Step 4: Producing software programming Install computers, install servers, hire

programmers. 

Step 5: Provide services to customers

The equipment will be needed for manufacturing:

We will cooperate with the FPT company and our computers will be provided by
FPT because FPT is the largest information technology service company in
Vietnam with the main business of providing products. information technology
services. FPT is the number 1 company in Vietnam in providing computer
components as well as computers used to produce software and virtual assistants.
We will also have the opportunity to hire FPT programmers and software to create
virtual assistant software.

the suppliers of new materials and what are the appropriate costs

FPT company is our main supplier 

10 computers: 300 million VND 

network fee: 1.4 million VND

server: 79.3 million VND

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the costs of manufacturing the product

+ The average salary of an experienced programmer is in the range of $2,500-

$5,000, we are a newly opened business so we will hire employees at $2,600 per
employee, estimated to hire about 10 employees’ members and rent will be
$26,000 

10 computers used to write software, create virtual assistants: 300 million VND 

Net fee/month: 1.4 million VND 

Server rental: 79.3 million VND 

+ Electricity: on average, each computer works for 8 hours, so 10 computers will

be 80 hours, on average 8 hours of computer use costs 1 million electricity per
month and the cost of running the server, so the whole month will be 10 million

8. Organization Structure

In Financial-accounting department: we need 2 people in audit function and 3

people in financial planning function

Job description:

1. Evaluating whether the company’s current assets and investments are the best
use of the company’s excess working capital, by looking at return on investment
(ROI) and comparisons with other ways the company might utilize its cash flow

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2. Gauging the company’s overall financial health, primarily by using key financial
ratios such as the debt to equity ratio, current ratio, and interest coverage ratio

3. Examining and evaluating the cost-efficiency of each department of the

company, in light of what percentage of the company’s financial resources each
department consumes

4.Working with individual departments to prepare budgets and consolidate them

into one overall corporate budget

5. Preparing internal reports for executive leadership and supporting their decision
making

Requirements: 3-5+ years of business finance or other relevant experience

Finance, Accounting, Economics, or Statistics are preferred major fields

Proven work experience in a quantitatively-heavy role in quantitative and

analytical competency

Self-starter with excellent interpersonal communication and problem-solving skills

Advanced knowledge of Excel

Auditor function: ensuring that proper checks are carried out to ensure accuracy of
accounting systems and procedures.

Responsibility:

- Carry out a full audit of an organization; including accessing risk and taking the
necessary risk management steps to forestall fraud

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- Ensure control management regarding financial reliability and compliance by
making sure that directions and regulations are strictly adhered to

- Prepare and presents reports that clearly reflects the audit results

- Obtain, analyze, and evaluate accounting documentation, reports, and data

- Act objectively by giving independent advice in order to ensure legality and

achieve organizational goals

- Maintain and improve on existing open communication with the management and
the audit committee

Requirements:

- 10 years’ experience

- Have a degree in Accountancy, Accounting, or Finance

- Proven teamwork and problem-solving abilities

- Strong ability to work on multiple tasks or assignments

- Possess a high level of professionalism, integrity, and truthfulness in all dealings

- Knowledge of legal and financial systems

- Possess strong knowledge of auditing standards, procedures, laws, rules, and

regulations

- Possess advanced skills in computer applications like Microsoft Word, Excel,

PowerPoint, and other accounting software

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In human resource department: 1 people for compensation department, 1 people
for recruitment

Job description for human resources manager: Human resource managers are
responsible for ensuring that the overall administration, coordination, and
evaluation of human resources plans and programs are realized. Therefore, their
essential job responsibilities include: Developing and administering human
resources plans and procedures that relate to company personnel Planning,
organizing, and controlling the activities and actions of the HR department
Contributing to the development of HR department goals, objectives, and systems.

Job description for recruitment manager: Recruitment managers will work

closely with our recruiters to manage sourcing, interviewing and employment
processes. Ultimately, recruiting managers will manage our recruitment to ensure
we hire qualified employees to meet our company’s current and future needs.
Responsibilities Update current and design new recruiting procedures (e.g. job
application and onboarding processes).

Supervise the recruiting team and report on its performance

Keep track of recruiting metrics (e.g. time-to-hire and cost-per-hire)

Implement new sourcing methods (e.g. social recruiting and Boolean searches)
Review recruitment software and suggest the best option for company needs
Research and choose job advertising options

Advise hiring managers on interviewing techniques Recommend ways to improve

our employer brand

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Coordinate with department managers to forecast future hiring needs

Stay up-to-date on labor legislation and inform recruiters and managers about
changes in regulations

Participate in job fairs and career events

Build the company’s professional network through relationships with HR

professionals, colleges and other partners 10 years of experience in their field for
recruitment manager

Responsibility: Implementing and revising a company’s compensation program

Creating and revising job descriptions

Developing, analyzing and updating the company’s evaluation program

Developing, revising, and recommending personnel policies and procedures

Maintaining and revising the company’s handbook on policies and procedures

Overseeing exit interviews

Maintaining department records and reports Participating in administrative staff

meetings

Maintaining company directory and other organizational charts

Recommending new policies, approaches, and procedures 10 years of experience

in their field for human resources manager

Requirements: 10 years of experience in managing people for compensation

department, 10 years of experience in recruiting for recruitment manager
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The product development department: needs 5 people in idea function and 5
people in the software development function

Job brief: Product developers will have to come up with an idea for a new product
or service. Then research the market demand for that product to identify potential
market segments and optimize the product based on customer requirements. Not
only that, they will also have to supervise the entire production process, support the
design, engineering and quality management teams to ensure the best quality
before launching into the market.

Responsibility:

In idea function:

Research, analyze the market, consumer demand for products, analyze the latest
product development trends

Propose ideas for product development, new features, build implementation plans
based on research results

Ensure products achieve the highest results and efficiency

In improving software function:

writing code for upgrading software

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Regular product maintenance

Finding software’s bugs and fix them

Requirements:

Good analytical and synthesis skills

Have at least 5 years of experience in this field

Ability to work in a team, manage time and work well

In Marketing department: The marketing department consists of 8 employees,

including 2 staff members in digital departments and 6 staff members in research
departments,2 members in sale department

Job description: The Marketing Department plays an important role in advancing

an organization's business and mission. It serves as the public face of your firm,
coordinating and creating all of the company's documentation. The Marketing
Department's job is to reach out to potential consumers, consumers, investors,
and/or the community, and to build an overall picture that positively portrays your
firm.

Responsibility:

A, Market research function

Job description: survey customer preferences and statistical data in order to

support customers during their decision-making process regarding product designs,
prices and promotions. The successful market researcher will be able to analyze
autonomously qualitative data, trends, strategies and competition aiming at
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increasing competitiveness. Need 6 staff because market research is a very difficult
and time-consuming job because in order to identify the market

Responsibilities:

· Collect data on consumers, competitors and market place and consolidate

information into actionable items, reports and presentations

· Understand business objectives and design surveys to discover prospective

customers’ preferences

· Compile and analyze statistical data using modern and traditional methods to

collect it

· Perform valid and reliable market research SWOT analysis

· Interpret data, formulate reports and make recommendations

· Use online market research and catalogue findings to databases

· Provide competitive analysis on various companies’ market offerings, identify

market trends, pricing/business models, sales and methods of operation

· Evaluate program methodology and key data to ensure that data on the releases
are accurate and the angle of the release is correct

· Remain fully informed on market trends, other parties researches and implement
best practices

Requirements:

 Proven Market Research Analysis experience

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 Ability to interpret large amounts of data and to multi-task

 Strong communication and presentation skills

 Excellent knowledge of statistical packages (SPSS, SAS or similar), databases

and MS Office

 Search engines, web analytics and business research tools acumen

 Familiarity with CRM programs

 Adequate knowledge of data collection methods (polls, focus groups, surveys

etc)

 Working knowledge of data warehousing, modelling and mining

 Strong analytical and critical thinking

 BS degree in Statistics, Marketing or related field

B. Digital marketing function

Job description: Digital marketing, also called online marketing, is the promotion
of brands to connect with potential customers using the internet and other forms of
digital communication. This includes not only email, social media, and web-based
advertising, but also text and multimedia messages as a marketing channel.
Essentially, if a marketing campaign involves digital communication, it's digital
marketing. Need at least 2 members to promote the product including YouTube
and google.

Responsibilities:

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Analyze digital data to draw key recommendations around website optimization

Conduct social media audits to ensure best practices are being used

Maintain digital dashboard of several different accounts

Coordinate with sales team to create marketing campaigns

Prepare emails to send out to customers

Monitor key online marketing metrics to track success

Create and maintain online listings across e-commerce platforms

Ensure that the brand message is consistent

Requirement:

2+ Years of Experience in Digital Marketing

Experience executing paid social media campaigns

Bachelor's degree in marketing or business

Knowledge of video and picture editing software such as Adobe

Must be able to juggle multiple projects at the same time

Incredible attention to detail

Full understanding of all social media platforms

Problem solving skills

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Knowledge of content management systems

C. Sale department

Job description: Sales representatives are the principal point of contact between a
business and its customers. Sales reps ensure current customers have the right
products and services, identify new markets and customer leads, and pitch
prospective customers.

Responsibilities:

Generating leads.

Meeting or exceeding sales goals.

Negotiating all contracts with prospective clients.

Helping determine pricing schedules for quotes, promotions, and negotiations.

Preparing weekly and monthly reports.

Giving sales presentations to a range of prospective clients.

Coordinating sales efforts with marketing programs.

Understanding and promoting company programs.

Obtaining deposits and balance of payment from clients.

Preparing and submitting sales contracts for orders.

Visiting clients and potential clients to evaluate needs or promote products and
services.

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Maintaining client records.

Answering client questions about credit terms, products, prices, and availability.

Requirements: Bachelor’s degree in business, marketing, economics, or related

field.

Experience in sales.

Understanding of the sales process and dynamics.

A commitment to excellent customer service.

Excellent written and verbal communication skills.

Superb interpersonal skills, including the ability to quickly build rapport with both
customers and suppliers.

Experience using computers for a variety of tasks.

Competency in Microsoft applications including word, excel, and outlook. Able to

work comfortably in a fast paced environment.

9.Financial Statement

Fix costs:

Depreciation:

+10 computers: 300 million VND, remaining 150 million after 8 years => 150/8 = 18.75
million / 1 year => 1 million563k / month

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+1 server: 79.3 million VND, remaining 20 million 4 years => 59.3 / 4 = 14.825 / 1 year =>
1tr235k / month

Insurance: Cybersecurity insurance (SHB) 3000 $ / year => 5 million750k / month

Interest expense: borrow techcombank 1 rate for 3 years, interest 7.88 / year => 6,566 million /
month

Renting office: 5 floors Nguyen Xien, youth 70m2 => 22 million / month

- Finance - accounting department:

+2 auditors => 20 million / month

+ 3 people financial plan => 39 million / month

- Human Resources Department: 1 compensation person => 10 million / month

Recruit 1 person => 10 million / month

- Research and development version:

+ 5 people on idea function => 50 million / month

+ 5 software developers => 60 million / month

- Marketing department:

+ 2 people digital department => 24 million / month

+ Research room for 6 people => 60 million / month

+ 2 sales people => 10 million / month

Utilities:

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Electricity price: 10 million/month

Network price: 1.4 million/month

Water bill: 1 million/month

Office tools prices:

1 copier => 10 million VND

2 Desk phones x1 470k (Nguyen Kim) => 940 thousand VND

6 Midea Air Conditioner 1 HP MSAF-10CRN8 x1 5,890,000 (Dien May Xanh)=> 35 million

and 340 thousand VND

5 WATER FILTERS KAROFI E9RO x1 5,300,000 (Eshops) => 26 million 500 thousand VND

1 Korean green board with coffee frame 517k x1 (DQ Board) => 517 thousand VND

100 plan accounting book 14k x1(Shopee) => 1 million 400 thousand VND

5 Panasonic ceiling fans F-60MZ2 x1 1,050,000 => 5 million 250 thousand VND

25 sets of staff tables and chairs, 550k/1=> 13 million 750 thousand VND

Variables costs

Production supplies: 10 computers provided by FPT=> 300 million, 5 computers for office, 5
computers for products=> 150 million

Wages: hire FPT software programmer 5 people=> $20/hour/day/person => work 8 hours/day,
45 days a day=> 802 million

Commissions: 500 thousand VND /product which sold by the sales person

=> Price per unit: 40 million/month

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It is estimated that 30 products will be rented per month

BE = 52 products

1. Income statement (million VND)

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2. Start-up cost

(1) Soft cost

+Cash (in hand): 800 million VND

(2) Fixed cost: 426 million and 211 thousand VND

(3) Fixed assets: 392 million 297 thousand VND

Total capital needs 800tr+426tr211k+392tr297k=1618tr508k

3. Fund

We choose external source of funds: we will borrow 1 billion VND from the bank and the whole
group will contribute 800 million VND in which each member contributes 200 million VND

4 Conclusion
In conclusion, this industry will continue to thrive in Vietnam along with the social media
networks and commercial platforms specifically designed to promote online work. Websites
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dedicated in providing these services to a wide range of industries have risen in popularity the
last few years. Hand-in-hand with the demand for online assistance work, technology has
evolved to introduce programs and software that improve efficiency for outsourced services. The
business environment has changed and the need for economic inter-dependence has become
more apparent as the world increasingly opens up to globalization. Technology may be the
engine but people will always be the drivers of growth.

The Virtual Assistant will continue to play an important role in the development strategy of
business because it provides a double-edged solution to improve profitability by effectively
lowering cost and increasing revenue through efficiency.

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