lOMoARcPSD|19958485

BCS - bài tập lớn

Kế toán quản trị 2 (Đại học Kinh tế Quốc dân)

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NATIONAL ECONOMICS UNIVERSITY

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ASSIGNMENT
MANAGERIAL ACCOUNTING 2

COMPANY: MEKONG FISHERIES JOINT STOCK COMPANY

Student: Nguyen Thi Huong Giang - 11201104

Do Yen Nhi - 11202969
Phung Tue Tam - 11203487
Hoang Ngoc Van - 11208408
Vu Thi Thu Hien - 11201448
Class: Auditing EEP 62B
Supervisor: Assoc. Prof. Dr. Le Kim Ngoc

Hanoi, 2023

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TABLES OF CONTENTS

PART 1: COMPANY INTRODUCTION............................................................................................1

I. Overview of Mekong Fisheries Joint Stock Company............................................................1
1. General introduction.............................................................................................................1
2. Mission - Vision......................................................................................................................1
3. Core values.............................................................................................................................1
II. Business strategy of Mekong Fisheries Joint Stock Company...........................................1
PART 2: BUILDING THE MEKONG FISHERIES JOINT STOCK COMPANY’S STRATEGY
MAP AND BALANCED SCORECARD.............................................................................................2
I. Building strategy map...............................................................................................................2
II. Building Mekong Fisheries Joint Stock Company’s Balanced Scorecard.........................2
1. Finance Perspective...............................................................................................................2
2. Customer Perspective............................................................................................................3
3. Internal Processes Perspective..............................................................................................4
4. Learning and Growth Perspective.......................................................................................5
PART 3: CONCLUSION......................................................................................................................6
REFERENCES......................................................................................................................................7

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PART 1: COMPANY INTRODUCTION

I. Overview of Mekong Fisheries Joint Stock Company

1. General introduction
Can Tho City is located in the center of the Mekong Delta - the largest fishery
hub in Vietnam, considered an excellent location for businesses to establish and
develop. Taking advantage of this great opportunity, Mekong Fisheries Corporation
was officially founded on February 26, 2002, focusing on several main industries such
as production and export of agricultural and aquatic products, import of agricultural
and aquatic raw materials, chemicals, and supplies for processing industries. Despite
being a diversified company, when it comes to Mekong Fisheries, consumers always
remember it as a typical company in the field of farming and processing frozen catfish.
With outstanding achievements, after being listed on the Ho Chi Minh City Stock
Exchange with the code AAM, Mekong Fisheries has attracted a lot of attention from
investors.
2. Mission - Vision
Mission: Mekong Fisheries continuously conducts research, innovation, and
process optimization, combining it with 21 years of manufacturing experience to
deliver high-quality products that align with market trends and demand.
Vision: Mekong Fisheries strives to become a reputable exporter of catfish from
Vietnam, leading in product quality, export time, and professional services.
3. Core values
Firstly, the business philosophy is "Reputation and quality create the brand."
Secondly, constant innovation and creativity.
Thirdly, dedicated to delivering the best value to customers.
Fourthly, development goes hand in hand with social responsibility and
environmental responsibility.
II. Business strategy of Mekong Fisheries Joint Stock Company
Firstly, continuously develop an integrated farming system (from breeding to
reaching marketable livestock, processing, and exporting to consumers) with a scale
that aligns with the company's management capacity and financial resources.
Secondly, avoid excessive investment to preserve capital in line with appropriate
production levels and a capacity of around 5,000 to 5,500 tons of raw materials per
year.
Thirdly, invest in value-added processing of by-products or new products.

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Fourthly, market development: In addition to traditional markets, the company

will continue to expand into emerging markets such as China, Hong Kong, the
Americas, and the Arab bloc.
PART 2: BUILDING THE MEKONG FISHERIES JOINT STOCK
COMPANY’S STRATEGY MAP AND BALANCED SCORECARD
I. Building strategy map

II. Building Mekong Fisheries Joint Stock Company’s Balanced Scorecard

1. Finance Perspective

Objectives Measures Targets Frequency Solutions Reasons

Increasing Earnings before 10 billion Year Increasing revenue, This is the ultimate goal of a
shareholder tax VND boosting productivity, business enterprise
value decreasing costs

Increasing Total revenue 180 Year Tight connections with This is a prerequisite factor in
revenue billion established markets (EU, the financial aspect of a
VND Russia...) and strong company's affairs
development in emerging
markets (China, the
Americas, and the Arab
bloc…)

Revenue from 15% Year Penetrating and strong Ensuring that the company is
new markets development in emerging effectively implementing its
markets market expansion strategy.

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Revenue from 10% Year Investing in research and Ensuring that company avoids
new products development to launch products being monotonous in
new high-quality the eyes of customers.
products related to Exploring new field of
aquaculture and seafood production to generate
(Pangasius catfish). additional revenue.

Cost Reduce 10% Year Streamlining Ensuring that Mekong

reduction operating costs management structure Fisheries, JSC., is effectively
and minimizing controlling costs and able to
production costs as achieve the target profit level
general operation cost, set forth.
while ensuring efficient
production processes.

Cost of 55% Year Enhancing the Assessing the revenue-

cultivation/total aquaculture skills of the generating potential from a
revenue workforce to optimize unit of livestock farming cost
labor time. and then implementing
appropriate measures to
balance the expenses
incurred.

2. Customer Perspective

Objectives Measures Targets Frequenc Solutions Reasons

y

Enhancing % of satisfied 90% Quarter Training the workforce, Determining the level of
customer customers including officers, employees, customer satisfaction with
satisfaction meeting their and workers, to make them products then using that
needs ready to follow customer information to implement
preferences and closely improvement measures to
monitor customer meet the increasing
expectations. demands of consumers.

Response 2.5 Per order Strengthening and developing Evaluating the effectiveness
time for each minutes the customer service of the customer service
customer department. department
request

Number of 1/80 Month Improving product quality Identifying negative

complaints order and maintaining a positive feedback from customers to
and respectful attitude address existing limitations
towards customers. within the business and take
necessary measures for
improvement.

Infiltration Market share 3% Year Improving the quality and With the strategic market

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and expanding in the presentation of products vision since 2020, the

into new American (labels, packaging) to meet company is strongly
markets market. standards and regulations. focusing and preparing
Establishing a reasonable resources to re-establish its
pricing policy to effectively presence in the US market
compete with similar products
Market share 5% Year in the market. The primary goal of the
in the Arab company after the Covid-19
market. pandemic is to further
develop emerging markets
such as the Arab market.

Brand Brand Increase Year Building a company image Ensuring an effective

development recognition in 20% with high-quality products to product promotion
the market reinforce consumer trust. campaign to enhance the
company's reputation in the
market.

Increasing the % of 75% Year Building strong relationships Ensuring that the company
number of customers with customers, implementing is implementing customer
loyal retention customer appreciation retention policies
customers programs, and expanding effectively, forming a
related product offerings to certain number of loyal
attract and retain customers. customers.

3. Internal Processes Perspective

Objectives Measures Targets Frequency Solutions Reasons

Improving % of products 95% Year Upgrading production Ensuring that the company
product quality meeting quality equipment while enhancing brings the highest quality
standards the skills of the workforce. products to the market,
Organizing a quality building trust and a positive
management department to image among users.
meet standards.

Improving Time for 50 Number of Building a suitable product Ensuring that the company
marketing marketing new days per promotion plan like can save on advertising
department products product offering product trials, expenses, thereby
effectiveness participating in fairs,..to potentially increasing
shorten the marketing time. profitability.

Number of 3 Number of Hiring highly skilled Marketing plays a crucial

feasible initiatives professionals in the field of role in bringing the
initiatives for per product. marketing. Encouraging company's products closer
marketing and motivating employees to consumers. Having
strategy to proactively enhance multiple initiatives for this
their knowledge, skills, and area of work can increase
contribute innovative ideas. the chances of a successful

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marketing campaign.

Building a cost % of cost 10% Year Increasing labor Striving to achieve the
management reduction productivity by focusing on strategic goal of cost
system. training highly skilled reduction from the financial
workers to optimize aspect of the company.
productivity.

Effective Increasing 5% Year Annually, the company will Ensuring the health and
environmental environmental conduct a survey, then satisfaction of workers
management in cleaning costs obtain the survey results, employed in the company to
production and the company will consider enhance the company's
waste % of workers 0.5% Total adjusting the amount of reputation in the labor
treatment experiencing number of chemicals used in the market.
health issues employees production process and
related to per year increasing the budget for
chemicals environmental cleaning.
Supporting activities like
% of 99% Total regular health check-ups
employees number of for employees, purchasing
satisfied with employees insurance to enhance their
the production satisfaction, work efforts.
environment

4. Learning and Growth Perspective

Objectives Measures Targets Frequency Solutions Reasons

Improving Percentage of 75% Year Contacting professional Ensuring that production

aquaculture trained associations to schedule workers have sufficient
skills workforce annual training sessions aquaculture skills to create
and implementing policies high-quality products.
to support experts.
Number of 2 Year Ensuring that workers are
training courses courses updated with new
for the knowledge and
workforce advancements in
aquaculture.

The 20% Number of Encouraging workers to Ensuring that the company

participation of workers per enhance their knowledge has highly knowledgeable
workers in year and skills through workers who facilitate the
professional appropriate forms of smooth production process
associations recognition, rewards, and and ensure that the products
support. meet quality standards.

Improving % of employees 85% Number of Organizing practical Ensuring that workers have
processing familiar with employees sessions to expose workers a clear understanding of the
skills modern per year to modern equipment. operation processes to
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equipment facilitate smooth and

efficient production.

Number of 2 Year Contacting technology Ensuring that workers are

training courses courses experts and encouraging updated with new
for employees workers to participate. knowledge about modern
technology.

Developing % of employees 25% Number of Organizing seminars, Ensuring that workers can
personal participating in employees fostering and encouraging fully utilize their creative
capacity and business per year workers' creativity, and potential and have the
skills initiatives implementing supportive freedom to contribute
policies and appropriate innovative ideas and
rewards. improvements in the overall
work environment.

Number of 10 Number of Establishing a testing Ensuring the smoothest

implemented initiatives department and promoting operation of the production
initiatives per year the creative abilities of the process from the perspective
workforce. of those directly involved in
the operation.

% of employees 99% Year Conducting surveys and Ensuring the level of

satisfied with making adjustments, satisfaction of employees
the working implementing appropriate with the work environment.
environment support activities during
the work process.

PART 3: CONCLUSION
With the goal of becoming a reputable provider of Pangasius catfish from
Vietnam, leading in product quality, export time, and professional services while
expanding the development of other product types, Mekong Fish will face numerous
challenges on the path to success. To continue this development journey, the company
must continuously adapt to the trends of the business environment and establish clear
and appropriate strategies. Building a strategy map and balanced scorecard is a useful
tool to help the company clearly define specific objectives and how to achieve them.
However, during the process of developing and implementing the balanced scorecard
for Mekong Fish, our group has identified several challenges, as follows:
Firstly, the balanced scorecard is created with subjective measures from the
creators, which may result in deficiencies and insufficient data to accurately and
comprehensively determine them.
Secondly, the set targets for each measure are estimated based on limited
practical experience and observations of the company, leading to the possibility of
targets being set too high or too low compared to the actual operational status of the
company.

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Thirdly, the balanced scorecard may sometimes impose constraints on managers

due to the system of large-scale targets, limiting their creativity in production and
flexibility in unexpected business situations.
Fourthly, the implementation of the balanced scorecard requires consensus and
support from senior management since it needs to be implemented in a synchronized
and coordinated manner among departments.
Fifthly, the process of implementing the balanced scorecard can be time-
consuming, and during that time, the targets may no longer be relevant, resulting in
inaccurate evaluation of effectiveness during that period.

REFERENCES

1. Mekong Fisheries Joint Stock Company’s Annual General Meeting Documents

(2023). Retrieved from: https://static2.vietstock.vn/data/HOSE/2023/TAI
%20LIEU%20DHCD/VN/AAM_TAILIEU_DHCD%20thuong
%20nien_2023.pdf.
2. Mekong Fisheries Joint Stock Company’s Annual Report (2022). Retrieved
from:
https://static2.vietstock.vn/data/HOSE/2022/BCTN/VN/AAM_Baocaothuongni
en_2022.pdf.
3. National Program on “Enhancing Productivity and Quality of Vietnamese
Enterprises' Products and Goods by 2020” (2018). Balanced Scorecard – BSC,
Hong Duc Publisher.
4. Phan, T. X. H. (2016). Building a balanced scorecard system for the seafood
processing industry in Khanh Hoa province, Doctoral Dissertation, Da Nang
University.
5. Ray, H. G., Eric, W. N., & Peter, C. B. (2021). Managerial Accounting, 17th
Edition, McGraw Hill.
6. Robert, S. K. (2010). Conceptual Foundations of the Balanced Scorecard.
Harvard Business School.
7. Robert, S. K., David, P. N. (1996). Balanced Scorecard. Harvard Business
School.
8. Robert, S. K., David, P. N. (2004). Strategy Maps. Harvard Business School
Press.
7

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