HO CHI MINH UNIVERSITY OF TECHNOLOGY

HUTECH INSTITUE OF INTERNATIONAL EDUCATION

ASSIGNMENT REPORT

MPU3223_V2

ENTREPRENEURSHIP 2

MAY 2023 SEMESTER

HUTECH, VIETNAM

STUDENT’S NAME: BÙI TRẦN NGUYÊN PHƯƠNG

STUDENT ID: 2254010040

CLASS: 22BOBA01

EMAIL: btnguyenphuong2205@gmail.com

INSTRUCTOR: MRS. PHAN TRẦN ĐỨC LIÊN

INSTRUCTOR’S CODE: LPTĐ230383

LECTURER’S COMMENT

Student’s Full Name: Bùi Trần Nguyên Phương

Student ID: 2254010040

Comments:

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Ho Chi Minh City, 18th July 2023

Academic Instructor

Phan Trần Đức Liên

 TABLE OF CONTENT & FIGURES
A. INTRODUCE........................................................................................................................................2
1. Entrepreneur’s profile: Nguyễn Bạch Điệp................................................................................... 2
1.1. Overview.............................................................................................................................2
1.2. “Steel Woman'' of FPT Retail............................................................................................. 3
2. Portfolio: FPT Digital Retail Joint Stock Company (FPT Retail)................................................. 3
2.1. Overview.............................................................................................................................3
2.2. Outstanding History............................................................................................................ 4
Figure A.2.2.1. Outstanding History..................................................................................7
2.3. Organisation Structure........................................................................................................ 7
Figure A.2.3.1. Governance Structure of FPT Retail.........................................................7
2.4. Products/ Services............................................................................................................... 8
B. FINANCIAL MANAGEMENT OF FPT RETAIL.............................................................................. 8
1. The financial performance of 2019-2020.......................................................................................8
Figure B.1.2. Main financial indicators in 2019........................................................................ 9
Figure B.1.3. Business results in 2018-2019............................................................................. 9
Figure B.1.4. Main financial indicators in 2020...................................................................... 10
2. Cost Management........................................................................................................................ 11
Figure B.2.1. Prepayments.......................................................................................................11
Figure B.2.2. Financial expenses & Selling expenses and general administration expenses.. 11
3. Investment Strategy..................................................................................................................... 12
Figure B.3.1. Operational capacity & Profitability ratios........................................................ 12
C. FINANCIAL MANAGEMENT OF BUSINESSWOMAN - NGUYỄN BẠCH ĐIỆP..................... 13
1. Debt Management........................................................................................................................ 13
Figure C.1.1. Consolidated Balance Sheet about liabilities.....................................................13
Figure C.1.3. Bad debts............................................................................................................14
Figure C.1.4. Solvency ratios & Leverage ratios.....................................................................15
2. Asset Management.......................................................................................................................17
Figure C.2.1. Consolidated balance sheet about assets............................................................17
Figure C.2.2. Tangible fixed assets..........................................................................................17
Figure C.2.3. Intangible assets................................................................................................. 18
Figure C.2.4. Cash and cash equivalents................................................................................. 18
Figure C.2.5. Short-term advances to suppliers....................................................................... 18
Figure C.2.6. Prepayments.......................................................................................................19
Figure C.2.7. Other receivables............................................................................................... 19
D. PERSONAL SUGGESTIONS FOR FURTHER STREAMLINING FINANCIAL MANAGEMENT.
..................................................................................................................................................................21
E. CONLLUSION....................................................................................................................................23
F. REFERENCES.................................................................................................................................... 23

1
A. INTRODUCE.
1. Entrepreneur’s profile: Nguyễn Bạch Điệp.
1.1. Overview.1
 Full name: Nguyễn Bạch Điệp
 Date of birth: May 13, 1972.
 Nationality: Vietnam.
 Place of birth: Hai Phong Province.
 Ethnic group: Kinh (Viet)
 Education: Graduated in Business
Administration from Ho Chi Minh
City Open University.
 Position: Chairman of the Board of
Directors of FPT Retail Digital Retail JSC
 Awards: Top 20 professional female managers honored by Forbes
Vietnam in March 2022.
 Working process:
 From January 1, 2017, to March 7, 2020: General Director of
FPT Digital Retail Joint Stock Company.
 1998 - 2001: Assistant to Director of Retail Sales - FPT
Technology Investment Development Company.
 2001 - 2003: Deputy Director - Business Unit.
 2003 - 2008: Deputy General Director - FPT Mobile.
 October 2008 - 2009: General Director - Ivoice Telephone
Company.
 2009 - 2011: General Director - FPT Telecom in the South.
 2011 - 2012: General Director - FPT Retail Co., Ltd.
 2012 - present: General Director - FPT Digital Retail Joint
Stock Company.
 January 1, 2017, to present: Chairman of the Board of Directors
cum General Director of FPT Digital Retail JSC.

1
Group, T. A. (n.d.). Doanh Nhân Nguyễn Bạch Điệp - Nữ Tướng của đế chế FPT
retail.
https://www.tapdoantrananh.com.vn/ho-so-doanh-nhan/doanh-nhan-nguyen-bac
h-diep

2
 1.2. “Steel Woman'' of FPT Retail.2

In 2012, Nguyen Bach Diep held the position of General Director of FPT
Retail. At the time, FPT Shop only had 17 stores. In 2017, she held the
position of Chairman of the Board of Directors of FRT and General
Director, and from March 2020 until now, Chairman of FRT. In 10 years,
she and her associates have successfully grown FPT Retail from 17 stores
to the second-largest retail chain of mobile digital products in Vietnam,
with nearly 800 stores spanning from North to South. Besides, Long Chau
pharmacy chain, which developed rapidly in the two years 2021-2022 with
the number of stores now reaching more than 1,000, ranks second in terms
of scale in the pharmaceutical market.

When the pandemic seriously affected the retail industry, Ms Nguyen Bach
Diep still helped businesses go through difficult times and become
profitable in business from 2021. Hence, in 2019, Ms Nguyen Bach Diep
was honoured in the list of 50 most influential women in Vietnam by
Forbes Vietnam. She is also one of two Vietnamese representatives in the
top 25 most powerful businesswomen in Asia in 2020 voted by Forbes
Magazine. This has proven and recognized the talent and spirit of a
businesswoman in the marketplace.

2. Portfolio: FPT Digital Retail Joint Stock Company (FPT Retail).3

2.1. Overview.
 Business registration number: 0311609355
 Stock Code: FRT
 Charter capital: 1.184.725.350.000 VND
 Business locations: 63 localities nationwide

2
Nhung, D. (2023, March 7). Doanh Nhân Nguyễn Bạch Điệp: Phụ nữ làm lãnh đạo
có nhiều thế mạnh riêng. Mekong ASEAN.
https://mekongasean.vn/doanh-nhan-nguyen-bach-diep-phu-nu-lam-lanh-dao-co
-nhung-the-manh-rieng-post18684.html
3
FPT Retail, FPT Retail Annual Report 2022, 2022, tr.8.
https://s3-sgn09.fptcloud.com/frt-cms-prod/BCTN_2022_FULL_ENG_064f34c
96c.pdf

3
  Head office: 261 263 Khanh Hoi, Ward 2, District 4, Ho Chi Minh City,
Vietnam.
 Phone number: (+84-28) 7302 3456
 Website:
http://frt.vn
https://fptshop.com.vn
https://nhathuoclongchau.com

2.2. Outstanding History.

Year History
In March 2012 Digital Retail Joint Stock Company was established, one of 07
companies under FPT Corporation.
In December 2013 FPT Shop officially reached 100 stores.
In 2015 FPT Shop achieved the fastest growth rate compared to other
companies under the same FPT Joint Stock Company with a revenue
increase of 50% compared to 2014, and profit before tax increased by
338.7%.
In 2016 FPT Shop reached 385 stores across 63 provinces. Online revenue
doubled, reaching more than 1,000 billion VND. Opened 80 Apple
corner experience zones nationwide.
In July 2017 The Company won prestigious awards in the retail industry as
follows:
 Top 4 leading retailers in Vietnam (Ministry of Industry and
Trade).
 Top 500 leading retailers in Asia - Pacific (Retail Asia),
(Euromonitor).
 Became a public company from June 2017.

4
  The company has 473 stores nationwide (including FPT
Shop and F.Studio).
During 2018 FPT Retail also received many awards:
 Top 10 Prestigious Retailers 2018 voted by Vietnam Report,
honored with Vietnam Strong Brand for 6 consecutive years
from 2013 to 2018 organized by Vietnam Economic Times.
 Top 500 largest enterprises in Vietnam (Vietnam Report).
 Top 4 leading retailers in Vietnam (Ministry of Industry and
Trade).
 Top 500 leading retailers in Asia - Pacific (Retail Asia),
(Euromonitor).
 Became a public company from June 2017.
 The company has 473 stores nationwide (including FPT
Shop and F.Studio).
 As of August 2018, FPT Retail is in the Top 5 leading
retailers in Vietnam.
 Top 500 leading retailers in Asia - Pacific (Retail Asia).
 In November 2018, FPT Retail was in the Top 10
prestigious retailers surveyed by Vietnam Report Joint Stock
Company (Vietnam Report) and Vietnamnet online
newspaper.
In 2019 FPT Retail was honored in the following awards:
 Top 3 reputable companies in the retail industry (Vietnam
Report).
 Top 500 most profitable enterprises.
 Top 50 most effective companies in Vietnam (Investment
Bridge).
 Top 100 largest public companies (Forbes Vietnam).
 In November 2019, the company completed the plan to open
70 Long Chau pharmacies 1 month ahead of schedule.
 Top 10 Trust and Use Enterprises (Forbes Vietnam).
In 2020 FPT Retail was awarded as
 Top 5 reputable companies in the retail industry (Vietnam

5
 Report).
 Top 500 fastest-growing enterprises in Vietnam (Vietnam
Report).
 Top 500 largest enterprises in Vietnam (Vietnam Report).
 FPT Shop ranked first in “Top 10 First Brands on Social
Networks” (Socialbakers).
 In December 2020, Long Chau pharmacy chain surpassed
200 stores nationwide.
In 2021 FPT Retail was honored in the following awards:
 Vietnam's strong brand 2021 (Vietnam Economic Review).
 Top 10 Reputable Retail Companies in 2021 (Vietnam
Report and VietNamNet).
 Top 3 listed companies with the most favourite IR activities
by investors in 2021 (Vietstock, Vafe Association and FiLi
Newspaper).
 Set an 'all-time record' for selling iPhone 13 Series in the
Vietnam market.
 In December 2021, Long Chau pharmacy chain surpassed
400 stores in 53 provinces and cities and became the leading
pharmacy chain in the retail pharmacy chain market with a
market share of 45%.
In 2022 FPT Retail was honored in the following awards:
 Top 10 Strong Brands 2022 - Retail for the 9th time in a row
 Ranked 2nd in Top 10 Prestigious Retail Companies in 2022
for the 6th consecutive time.
 Top 3 Mid Cap with IR activities most loved by Investors &
Top 3 Mid Cap with IR activities most appreciated by
Financial Institutions in 2022 at IR Awards 2022.
 FPT Long Chau for the first time reached the Top 10 of
Vietnam Users in 2022.
 FPT Long Chau is the first pharmacy chain to be honoured
as the Typical Digital Transformation Enterprise 2022.
 FPT Retail rapidly transformed the sales system: from

6
 traditional POS, and SAP to modern and more flexible
OMS. FRT has brought the entire retail system to the Cloud
in the fastest time with the project of the century "launching
a billion-dollar company to the cloud".
 FPT Long Chau is the first pharmacy system to distribute
the special drug for Covid-19 treatment, Molnupiravir,
specializing in supporting cancer treatment according to
hospital prescriptions.
 In December 2022, FPT Long Chau reached 1,000
pharmacies, becoming the first and only pharmacy chain
covering 63 provinces and cities and reaching 1 million app
users.

Figure A.2.2.1. Outstanding History.4

Source: https://frt.vn/en/about-us
2.3. Organisation Structure.

Figure A.2.3.1. Governance Structure of FPT Retail

Source:
https://s3-sgn09.fptcloud.com/frt-cms-prod/BCTN_2022_FULL_ENG
_064f34c96c.pdf

4
FPT Retail. (n.d.-a). History Begin . About us - Công ty CP Bán Lẻ Kỹ Thuật Số
FPT. https://frt.vn/en/about-us

7
 2.4. Products/ Services5.

FPT Retail operates 2 retail chains FPT Shop, F-Studio by FPT- the Apple
Authorized Reseller in Viet Nam and FPT Long Chau Pharma Joint Stock
Company subsidiary.

 FPT Shop system is a retail system of mobile digital technology

including laptops, mobile phones, tablets, technology services, mobile
accessories, etc.

 F. Studio by FPT is the first company to operate a network of stores

using Apple's standard store model, which includes AAR (Apple
Authorized Reseller) and iCorner.

 FPT Long Chau Pharmacy is one of Vietnam's most prominent

pharmaceutical retail chains, including prescription and non-prescription
drugs, genuine pharmaceuticals, medical instruments, functional foods,
cosmetics, etc.

B. FINANCIAL MANAGEMENT OF FPT RETAIL.

1. The financial performance of 2019-2020.

Figure B.1.1. Business results in 2018-2019

Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2020/05/FRT_Annual-report-for-Y2019.p
df

5
FPT Retail. (n.d.-b). INTRODUCTION. About us - Công ty CP Bán Lẻ Kỹ Thuật
Số FPT. https://frt.vn/en/about-us

8
 Looking at the reported figures for the two years 2018-2019, we can see that
the revenue in 2019 reached VND 16,634 billion, an increase of 9%
compared to 2018 revenue. Profit indicators have decreased but equity and
total assets increased. The main reason came from FPT Retail continuing to
expand FPT Long Chau chain and investing in transferring digital to FPT
shop and FPT Long Chau.

Figure B.1.2. Main financial indicators in 2019

Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2020/05/FRT_Annual-report-for-Y2019.p
df
By the end of 2019, FPT Retail successfully increased the number of stores of
FPT Shop to 593 stores and 70 FPT Long Chau stores. This is the number
that FPT Retail has achieved as planned.6

Figure B.1.3. Business results in 2018-2019

Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df

6
FPT Retail, FPT Retail Annual Report 2019, 2019, tr.22.

9
 Figure B.1.4. Main financial indicators in 2020
Source: https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Rep
ort-TA.pdf
Since the end of 2019, the Covid -19 epidemic began to break out until the
disease greatly affected the world economy. FPT Retail's revenue in 2020
was about VND 14,661 billion, a sharp decrease of 12% compared to 2019.
This also led to a decrease in profit in general.

Despite the pandemic severely affected the market, especially the retail
industry, FPT Retail decided to invest in the pharmaceutical industry during
this period and opened 130 more FPT Long Chau stores, in another word,
with a total of 200 stores spread across 43 provinces and cities in Vietnam.
This explains the fact that the equity increased by approximately 5 times but
the pre-tax profit in 2020 is 90% negative compared to 2019. 7

However, the other profit increased by 172% from the sale of technology
products such as laptops and phones due to the need for equipment to work
online during the time of social isolation. Especially, in the launch of the
iPhone 12, FPT Retail achieved record of sales on the opening day. Besides,
comparing 2019, the large number of FPT Long Chau stores gained more
profit when they entered the business stage at the end of 2020 because
consumers cared more about health during the epidemic season. Thus, in the
context of the complicated Covid epidemic, although the growth rate of FPT
Retail has decreased, it was still among the highest in the world.

7
FPT Retail, FPT Retail Annual Report 2020, 2020, tr.16

10
 2. Cost Management.

Figure B.2.1. Prepayments

Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df

Figure B.2.2. Financial expenses & Selling expenses and general administration
expenses.
Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df

11
 In 2020, facing a large number of closed stores that could not operate due to
the impact of the epidemic and continuous losses, FPT Retail still invested in
expanding the FPT Long Chau store chain, making selling and operating
expenses, and general and administration expenses increased. Because of this,
FPT Retail has come up with a strategy to reduce inventory, reduce
receivables and short-term loans, and increase provision expenses. However,
in the midst of the pandemic, FPT Retail still increased social costs by calling
for individual donations.8

3. Investment Strategy.

Figure B.3.1. Operational capacity & Profitability ratios

Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df
FPT Retail's investment strategy in this period was to focus on long-term
growth, increased equity capital, expand the variety of products and services,
dominated the market, and approached customers by opening more stores to
expand the market to increase recognition. At the same time, promoted
investment in technology, and got revenue from the online segment. In
general, FRT focused on investing in both tangible and intangible fixed assets,
namely computer software.

8
Thảo, N. (2020, May 19). Vì Sao FPT retail dự Kiến giảm lãi ròng trong năm
2020?. Công Ty TNHH SX & TM Tân Quang Minh – Nước giải khát Bidrico.
https://vietq.vn/vi-sao-fpt-retail-du-kien-giam-lai-rong-trong-nam-2020-d17409
7.html

12
C. FINANCIAL MANAGEMENT OF BUSINESSWOMAN - NGUYỄN BẠCH
ĐIỆP.

In the context of 2019, when the ICT industry showed signs of saturation, the
growth of % of revenue from the phone sales market of FPT Shop chain was
slowed down due to the decrease in purchasing power. It was not surprising that
at the end of 2019, FRT reported a loss and was no longer in the same form as
before. The reason has been explained as related to the continuation of provision
for bad debts for the F-Friends program and Subsidy subsidies, however, the
Company's profit would not grow if not included. In addition, despite encroaching
on the pharmaceutical market, FPT Long Chau is still in the process of expansion
and revenue from pharmaceuticals is usually quite slow. By 2020, the situation of
the Covid-19 epidemic has dragged the economy down. So, for businesswoman -
Nguyen Bach Diep, to make FRT able to develop in adversity and compete with
the big brand in the same industry as Mobile World is a huge challenge for an
entrepreneur. Thus, the question arose whether Mrs Nguyen Bach Diep had
policies on financial management for FPT Retail.

1. Debt Management.9

Figure C.1.1. Consolidated Balance Sheet about liabilities

Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df
9
Thảo, N. (2020, May 19). Vì Sao FPT retail dự Kiến giảm lãi ròng trong năm
2020?. Công Ty TNHH SX & TM Tân Quang Minh – Nước giải khát Bidrico.
https://vietq.vn/vi-sao-fpt-retail-du-kien-giam-lai-rong-trong-nam-2020-d174097.html

13
 Figure C.1.2. Short-term loans and obligations under finance leases
Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df

Figure C.1.3. Bad debts

Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df

14
 Figure C.1.4. Solvency ratios & Leverage ratios
Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df
Looking at the business picture of FRT in recent years through financial
statements, it can be seen that financial costs are a "barrier" to the growth
of this business. At the end of 2019, Chairman of the Board of Directors
Nguyen Bach Diep announced the company policy to make provision for
bad debts for two loyalty programs: F.Friend and Subsidy, and to invest
more in Long Chau Pharmacy and invest heavily in information technology
systems. This led to a sharp drop in pre-tax profits at the time. As of
December 31, 2019, FRT's loan balance was VND 3,698 billion,
accounting for 56.09% of total capital.

By 2020, the epidemic broke out, the country implemented social isolation,
and the retail industry "bottomed out". Mrs Diep quickly introduced a
number of debt management policies to minimize damage.

Firstly, looking at the data table, it can be seen that the company has
applied a policy to focus on reducing short-term debt, including reducing
short-term payables to sellers, short-term loans and obligations under
finance leases; and bonus and welfare funds rewards and benefits. At the
same time, speed up the settlement of short-term prepaid debts from buyers
and short-term payable expenses. In addition, defer the payment of
long-term debts. (Figure C.1.1)

Secondly, in order to invest in the expansion of Long Chau Pharmaceutical

in order to create a stronger growth momentum in the coming years (not to
mention for many consecutive years, FRT continuously has to raise capital
from outside to offset cash flow for its operations, yet), despite reducing

15
financial debt, FRT still decided to borrow capital from some foreign banks
with relatively high-interest rates. Since then, at the end of 2019 and the
beginning of 2020, Mrs Diep believed that the ICT segment was only for
maintaining sales and not focusing on growth. She fiercely created a new
direction in the pharmaceutical segment - the segment that will determine
the future growth even though the epidemic affected a lot of the company's
development. This way of borrowing brings a very high risk in 2021 when
FRT faces repayment. Besides, not only encroaching on the pharmaceutical
industry, before, in 2019, Mrs Diep, after drawing the lesson "Don't wait
for saturation to worry about the future seek other market share" Mrs. Diep
also experimented with other areas, especially in the cosmetics segment F.
Beauty. However, the cosmetics segment is not very positive and has been
almost not mentioned in recent years. (Figure C.1.2)

Thirdly, at the end of 2019, in order to stimulate customers' consumption

demand to buy technology products and increase the prestige of the new
Long Chau pharmaceutical chain, Nguyen Bach Diep created programs for
customers that led to the success of the company. The company has
established a provision for bad debts. This has had an impact on net income,
moreover, with the situation as of 2020, FRT has not been able to resolve
this bad debt and continues to make provision for it. With the slow increase
in revenue during the epidemic year, plus having to borrow a large amount
of debt to expand the market and difficult to collect bad debts, the debt
settlement in 2021 is extremely low. (Figure C.1.3)

Finally, looking at the figure C.1.4, we see a short-term ratio of 1.2, which
proves that FRT had enough current assets to pay short-term liabilities and
a quick ratio of 0.8 at the end of the year. 2020 means that FRT had the
ability to move cash quickly to repay debt when there is no collection from
sales. Therefore, even though FRT's business situation was not very good,
they still received investment because they saw the potential, and the
strategy came from the leadership.

16
 2. Asset Management.

Figure C.2.1. Consolidated balance sheet about assets

Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df

Figure C.2.2. Tangible fixed assets

Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df

17
 Figure C.2.3. Intangible assets
Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df

Figure C.2.4. Cash and cash equivalents

Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df

Figure C.2.5. Short-term advances to suppliers

Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df

18
 Figure C.2.6. Prepayments
Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df

Figure C.2.7. Other receivables

Source:
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report-TA.p
df

19
For a retail company, assets are an important factor. There are two types of
assets: short-term assets and long-term assets (fixed assets).

Firstly, with long-term assets, looking at the policy of focusing on opening

more stores, we can see that tangible fixed assets such as machinery, means
of transport, and office equipment have all increased. In addition, the policy
of applying technology to retail also showed an increase in intangible fixed
assets, typically computer software and unlike in 2019, in 2020, Mrs Diep
stopped investing in real estate purchases. These were smart decisions
during the pandemic and beyond. Transforming management with available
technology to make store operations clear, detailed and fast. Moreover, in
2020, the demand from the online segment skyrocketed due to world
demand and trends. Therefore, for Mrs Diep, although it took 2 months to
complete the management software to apply to FPT Long Chau, it was
worth it and avoided a lot of risks (Figure C.2.2 & C.2.3).

Finally, for short-term assets, we can see an increase in money and money
from short-term financial investments also increased because Mrs Diep and
the company got from other investments or received interest from the bank.
In addition, Mrs Diep also applied the policy of accelerating short-term
receivables to settle short-term debts and made provisions for short-term
bad debts. On the contrary, despite opening more branches, at the time of
the epidemic, Mrs Diep still chose to reduce inventory and increase the
provision for the devaluation of difficult goods. However, by the middle
and the end of 2020, FPT Shop products are selling well. At the same time,
the concern about consumers' health during the epidemic is also high, so
even though Long Chau chain was newly established and made a loss at
first, it still had revenue, created prestige and recognition. In addition, the
enterprise's assets also come from demand deposits at banks. Mrs Diep
increased her wealth by depositing interest in the bank. This is a reserve for
future risks. During the epidemic year, the opening of more stores caused
the cost of the premises to increase, but Mrs. Diep and her colleagues
decided to send an application to the property owners to ask for a discount
on the premises and receive support from there.

20
 In short, looking at the asset management policies that Nguyen Bach Diep
gave to FRT, it can be seen that she is a person with a long and wide vision
when she sees great potential from opening more stores for pharmaceuticals
and public applications technology into management. Moreover, such
adjustment of assets can guarantee a reduction in some of the risks in the
future; and at the same time stimulate financial investors to invest in FRT
with coherence and assurance of solvency even if FRT suffers losses during
the conversion process.

D. PERSONAL SUGGESTIONS FOR FURTHER STREAMLINING

FINANCIAL MANAGEMENT.

After reviewing the reports in 2019-2020 combining the actual situation in those
two years, I find that the policies of businesswoman Nguyen Bach Diep and FRT
company are quite timely, helping FPT Retail to overcome difficult times.
However, I find that there are still some rather restrictive policies.

Firstly, in the above analysis, I mentioned the investment plan in cosmetics.

Although according to a market survey, cosmetics is a lucrative market, and Ms.
Nguyen Bach Diep also once said "Although the market report is not clear, the
truth is: a woman, 1 year of spending money on pharmaceuticals are not many,
but several times more cosmetics. Obviously, cosmetics have a lot of potential!"
but the time for FRT to invest in this segment was quite hasty when it directly
opened the F.Beauty test store at the end of 2019, while for FRT, this is a
completely new segment and long-time competitors are many. With the
pharmaceutical industry, FRT acquired Long Chau and it had available resources
plus the application of available technology, so even if it opened later with other
established pharmacies, Long Chau could still compete in a short time. However,
when FRT wants to break into cosmetics, it's a different story. In my opinion, the
cosmetics industry has developed for a long time and is very strong in the
Vietnamese market and the "tycoons" of cosmetics not only in the country but
also abroad are increasingly powerful and capable of updating the market better
when online shopping is the trend. Therefore, even though FRT follows this
segment as it does in the pharmaceutical segment, it is difficult to make a
difference to attract more customers and goods are very risky. This is proven by
the fact that F.Beauty was no longer repeated in the plan of FRT. For a female

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customer like me, if for the first time, I buy cosmetics from a reputable store with
quality, and reasonable price, then the next time, I will tend to buy at that store. In
addition, the development of e-commerce makes it possible for me to buy foreign
cosmetics directly from manufacturers or authorized stores. This makes me feel
secure about the quality of the product. In addition, the customer's impression of
FPT Retail is technology. So, in my opinion, in the time of 2019-2020, FRT
instead of opening chain stores like FPT Long Chau, can try to invest in existing
cosmetic companies and focus on developing pharmaceutical products. And if
FRT wanted to expand into this market, it should have thorough research time on
the market, the source, the price, and the difference to attract customers. At the
same time, waiting for the time when FRT develops stably and recovers from the
epidemic, then consider encroaching on this segment.

Secondly, about debt management policy, there are a few points I would like to
comment on. FPT Retail, when deciding to invest and diversify markets, should
choose a time when the company is stable and profitable, don't wait for saturation
and then rush to find a new path. Why? Because there will be time pressure and
importantly, the risk of encountering unexpected situations such as Covid-19 can
happen at any time. It is easy to see that in 2019-2020, the company had to deal
with short-term debts and bad debts while pouring money to open new stores. I
think the company can consult and meet experts to have a better view of the
future potential. The expansion of Long Chau in adversity is not wrong, FRT has
chosen the right path in the future, but this has pressured FRT to borrow financial
loans with high-interest rates, causing FRT in 2021 to dump large debts and more
difficulty recovering. I suggest the company should optimize the financial
management process by the system to better update, save time, reduce errors and
can reduce personnel costs. In addition, it is recommended to conduct regular
audits, periodically evaluate financial statements, speed up the settlement of
short-term debts at a time when the business is stable, and increase revenues.

Finally, in the time of 2019-2020, with a technology company, FRT should invest
more in applying technology to retail, which helps customers have a new and
more convenient look. Although the company's goal is to diversify products and
industries, instead of investing and experimenting too much in different industries
at the same time, it should focus on one and then continue to encroach on other

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 industries with the standard adequate planning and financial resources. For
example, if FRT’s main plan is to invest in pharmaceuticals, it should focus on
pharmaceutical investments.

E. CONLLUSION.

In conclusion, FPT Retail - an affiliate of FPT in the retail industry has faced
many difficulties and challenges in the years 2019-2020 and has only recently
recovered thanks to the investment policy in the pharmaceutical chain. The retail
industry is not an easy industry to operate and market competition is fierce but
that is still not a problem for a female entrepreneur - Nguyen Bach Diep. With her
talent in operating and managing the company, the ability to quickly adapt to
sudden changes and a profound strategic vision, she has brought FPT Retail to its
current position and has competitive strength, to compete with other "big guys".
In 2019-2020, we can already see the company's difficult situation through
financial statements and the talent of a female entrepreneur through policies on
debt management and asset management. At the end of the analysis, I also
mentioned some personal solutions and my views on some problems such as
F.Beauty, suggestions on financial management and offers on the opportunity to
transform the array retail business.

F. REFERENCES.

FPT Retail. (n.d.-a). (rep.). FPT Retail Annual Report 2019 (pp. 1–103). Retrieved
from
https://frt-cms-prod.s3-sgn09.fptcloud.com/2020/05/FRT_Annual-report-for-Y2
019.pdf.

FPT Retail. (n.d.-a). History Begin . About us - Công ty CP Bán Lẻ Kỹ Thuật Số FPT.
https://frt.vn/en/about-us

FPT Retail. (n.d.-b). (rep.). FPT Retail Annual Report 2020 (pp. 1–98). Retrieved July
18, 2023, from
https://frt-cms-prod.s3-sgn09.fptcloud.com/2021/06/FRT_-2020-Annual-Report
-TA.pdf.

FPT Retail. (n.d.-b). INTRODUCTION. About us - Công ty CP Bán Lẻ Kỹ Thuật Số

FPT. https://frt.vn/en/about-us

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FPT Retail. (n.d.-c). (rep.). FPT Retail Annual Report 2022 (pp. 1–43). Retrieved July
18, 2023, from
https://s3-sgn09.fptcloud.com/frt-cms-prod/BCTN_2022_FULL_ENG_064f34c
96c.pdf.

Group, T. A. (n.d.). Doanh Nhân Nguyễn Bạch Điệp - Nữ Tướng của đế chế FPT
retail.
https://www.tapdoantrananh.com.vn/ho-so-doanh-nhan/doanh-nhan-nguyen-bac
h-diep

Nhung, D. (2023, March 7). Doanh Nhân Nguyễn Bạch Điệp: Phụ nữ làm lãnh đạo
có nhiều thế mạnh riêng. Mekong ASEAN.
https://mekongasean.vn/doanh-nhan-nguyen-bach-diep-phu-nu-lam-lanh-dao-co
-nhung-the-manh-rieng-post18684.html

Thảo, N. (2020, May 19). Vì Sao FPT retail dự Kiến giảm lãi ròng trong năm 2020?.
Công Ty TNHH SX & TM Tân Quang Minh – Nước giải khát Bidrico.
https://vietq.vn/vi-sao-fpt-retail-du-kien-giam-lai-rong-trong-nam-2020-d17409
7.html

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