MINISTRY OF EDUCATION AND TRAINING MINISTRY OF FINANCE
FINANCE ACADEMY –––––––––––––
LA THI THU
PERFECTING THE COST MANAGEMENT ACCOUNTING IN THE CIGAGETTES MANUFACTURING ENTERPRISES OF THE
VIETNAM NATIONAL TOBACCO CORPORATION
Major: Accounting Code: 9.34.03.01
SUMMARY OF DOCTORAL THESIS IN ECONOMICS
HANOI - 2021
This thesis has been completed at: FINANCE ACADEMY
Supervisors: 1. Assoc. Prof. Dr. Tran Thi Hong Mai 2. Assoc. Prof. Dr. Nguyen Manh Thieu
Examiner 1……….
Examiner 2………
Examiner 3………
The thesis will be orally defended at the Examining Committee
Venue:...
at……..(day) of ……..(month), 2021.
This thesis is available for the purpose of reference
at:...
LIST OF SCIENTIFIC WORKS PUBLISHED BY THE AUTHOR
1. La Thi Thu (2018), theory of contrast and application in cost management accounting at tobacco manufacturing enterprises, Journal of Industry and Trade, No. 9, p.332- 338.
2. La Thi Thu(2019), Completed cost management accounting at enterprises of Vietnam Tobacco Corporation, Financial Magazine, period 2 (701), p.74- 76.
3. La Thi Thu(2019), Building environmental cost management accounting in enterprises in Vietnam, Journal of Economics and Forecasting, No. 14, p.59-61.
4. La Thi Thu, Tran Thi Hong Mai, Nguyen Manh Thieu
(2021), Studying factors affecting the application of
cost management accounting in tobacco manufacturing
of the Vietnam national tobacco corporation,
Sustainable economic development and bussiness
management in the context of globalisation (SEDBM-
4), Finance Publishing, p.1253-1259.
INTRODUCTION 1. Rationale for the research
In the context of international economic integration and development, Vietnamese enterprises have the opportunity to exploit many new markets, increase revenue sources, but the challenges of competitive pressure at home and abroad are extremely large. To win in competition and dominate the enterprise market, it is necessary to constantly improve technical facilities and management methods to adapt in new conditions. Cost Management Accounting (CMA) is one of the management tools that can be adapted under new conditions. In addition to providing useful information to the administrator; Modern CMA also offers measures and technical methods to help managers exploit, use, link, distribute resources effectively, save, identify the cause and provide timely remedies to limit risks, minimize costs incurred without increasing value, improve profitability.
Tobacco is a material production industry, annually contributing to the state budget revenue of more than VND 11,000 billion, solving a large number of jobs for workers, creating a value chain throughout from agricultural production to industrial production. However, in the current period, tobacco manufacturers in general, the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation in particular face many difficulties such as: unstable supply of tobacco materials, uneven material quality, the output market is tightened due to the direct impact of the State's policy mechanism and the recommendations of agencies on consumer health protection; unfair competition of smuggled cigarettes; Thecumbersome management system is a burden for managers to be able to overcome difficulties... The problem for managers is to control to cut costs at the same time as the operational decisions at each stage must improve the efficiency of using resources, decide the production level at each time in accordance with the demand to avoid capital stagnation and reduce product quality due to inventory ... In many the cigagettes manufacturing enterprises in Vietnam, MA in general, CMA in particular has not received enough attention, the existence is not
entirely due to the purpose of the enterprise. The selection of the model of CMA suitable to the characteristics of tobacco manufacturers is very necessary in the current period. That is also why the author chose the thesis "Perfecting the Completing cost management accounting in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation ".
2. Overview of research issues
2.1. Overview of foreign research works
Studying the historical process of forming and developing MA and CMA in the world, showing that the CMA has lobbied and transformed itself from a functional part of accounting gradually to be reviewed the role and function of MA, CMA. IFAC (2002), Gary Cokin (2011) and many other scientists by concrete arguments and evidences demonstrating the role and function of MA, CMA in corporate governance, consulting and leading businesses through crises, growth, sustainable development. The thesis has reviewed the studies according to the following contents:
* Trends in the view of MA according to IFAC's research framework
* Overview study of the application of CMA by function to serve the needs of managers
(1) CMA with the function of serving the control
(2) CMA with the function of serving the consultancy and decision-making
(3) CMA serves to increase the value of enterprises
* Research on factors affecting the application of CMA in manufacturing enterprises
2.2. Overview of domestic research works
* Research on the development process and trends in the application of CMA in Vietnam
* Research on CMA for corporate governance objectives
* Research on factors affecting the application of CMA in manufacturing enterprises
2.3. Research gaps and projected research frameworks Research gaps
Firstly, based on the approach of its predecessors on CMA in Vietnam, the thesis found that there is no topic that integrates research directions together to clarify the objectives, roles and functions of CMA in manufacturing enterprises specifically towards the goal of strategic development and sustainable development. The author agreed with Bui Tien Dung (2018) when he said that combining the two research directions (approaching the CMA according to the information function and according to the content of the work) will clarify the information function of the CMA as well as how to organize, provide information and demonstrate the strategic role of information in the enterprise.
Secondly, the ability to apply CMA in practice in Vietnamese enterprises compared to the development of modern CMA theory in the world is still greatly gaping. Meanwhile, in the world, there has been a lot of research on CMA and how to complete to achieve the threshold of maximum management of resources and increase the value of enterprises for sustainable development and development.
Thirdly, the study of factors affecting the CMA in enterprises produced in Vietnam is not much, at the same time our economy is in the developmentstage, in each stage of development of the country there are many changes. Therefore, there needs to be new research, more up- to-date than the reality in our country.
Fourth, the study of CMA in cigagettes manufacturing enterprises is very limited.
Frame of the projected research content of the thesis
Based on the research results and arguments to identify gaps, the thesis offers the expected analysis framework of the thesis with the content of the enterprise's CMA including:
- Identify and classify costs
- Building a system of estimates and norms - Collecting production cost information
- Analyze and provide information to serve the needs of managers:
+ The need of the manager to perform the control function of the CMA
+ The need of the manager to perform the consulting function of the CMA
+ The need of the manager to perform the function of increasing the value of the CMA
- Identify and evaluate the impact of factors on the application of CMA in research enterprises.
3. Objectives of the research 3.1. General objectives
The study proposes solutions to improve the CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation
3.2. Specific objectives
First, Generalization of the theoretical system of CMA in manufacturing enterprises
Second, Analyzing the situation of CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation, identifying and assessing the impact of factors on the application of CMA in these enterprises.
Third, Proposed a number of solutions to complete the CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation
4. Research questions
- How is the current situation of CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation?
- What is affecting factors to apply of CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation?
- How is The solution to complete the CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation?
5. Subjects, scope and methods of research 5.1. Study subjects
The current situation of CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation
5.2. Scope of study
About space: Studying the status of tobacco industry in 12 cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation. Especially, the case study of 4 enterprises, in which Thanh Hoa tobacco are studied more intensively to model the direction of building application solutions.
About time: Researching the status of CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation from 2015 to the present.
About content: Research on the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation, in which the content of accounting the cost of tobacco production is of special interest due to the diversity and complexity of this type of cost.
5.3. Research Methodology
The thesis uses a combination of quantitative and quantitative research methods, in which, the method of calculation to learn and analyze the status of CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation. Quantitative research supports quantitative research by identifying topics that match the survey sample based on in-depth interview questions. Quantitative research supports quantitative research by generalizing the findings with larger survey samples. For research documents: Collecting, synthesizing and analyzing research works related to the application and completion of CMA at manufacturing enterprises in Vietnam and the world.
For the method of quantitative research: The purpose of quantitative research is to study the current implementation of CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation. From there, adjusting the scales reflects the affecting factors the application of CMA in research production enterprises. To carry out quantitative research, the thesis uses methods such as: case study method; methods of group discussion, expert consultation to adjust the scale and complete the survey questionnaire;
Methods of in-depth interview of managers, chief accountants, specialized accountants; Methods of processing documents such as systematization, synthesis, classification, comparison, analysis ... to build a theoretical and practical basis for research and survey content.
For quantitative research methods: Conducting the construction of questionnaires on the basis of quantitative research results in the content of quantitative research and conducting surveys. The survey subjects are managers at all levels, chief accountants, cost accountants on factors that have influenced the application of CMA in manufacturing enterprises. I'm doing research. Statistical analysis methods apply to assess and analyze the impact of factors on the application of CMA in the above manufacturing enterprises. The thesis uses SPSS 20 software to synthesize and analyze data according to the research contents. Statistical results are presented in the form of tables, diagrams and graphs to draw findings on the status of the CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation.
6. Contributions of thesis
- Theoretically: Systematize and clarify more basic theoretical issues about CMA in manufacturing enterprises with a combined approach according to information functions and according to the content of work. Therefore, clarify the content and meaning of the CMA in the production enterprises.
Practical:
+ Study the status of tobacco insurance in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation, assess the impact of factors on the ability to apply the CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation.
+ Proposing solutions and directions to complete the CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation. Solutions oriented to apply modern technology to use saving resources, improve economic efficiency, contribute to increasing the value for enterprises.
7. Thesis structure
Chapter 1: Theoretical framework on cost management accounting in manufacturing enterprises
Chapter 2: Study of the situation of cost management accounting in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation
Chapter 3: Solutions to complete cost management accounting in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation
CHAPTER 1: THEORETICAL FRAMEWORK ON COST MANAGEMENT ACCOUNTING IN MANUFACTURING
ENTERPRISES
1.1. GENERALIZATION OF COST MANAGEMENT ACCOUNTING
1.1.1. Management accountant
MA not only quantification, planning, evaluation and cost control, but also increasing the mobilization of resources in enterprises to continuously improve operational processes that effectively use resources, combined with corporate governance methods, Strategic management from there gradually creates and adds value to the business.
1.1.2. Cost Management Accounting
MA is a part of the MA and has three main tasks, (1) Performing the function of collecting, processing, analyzing, synthesizing, presenting and reporting on financial information, non- financial information, past information and predictive information for managers to help perform the inspection function, supervision, planning and decision-making; (2) Providing and advising useful, timely and strategic forecasting information to all levels of management within enterprises; (3) As an important link in the enterprise-wide management system, implemented incombination with modern management techniques, management level system, human resources system in the departments performing work to form a unified body to realize the objectives of enterprises, improve the efficiency of resource use, save and eliminate redundant activities, constantly increasing the value for enterprises.
1.1.3. Cost management accounting with management function
CMA supports corporate managers to perform planning functions, organizational functions, inspection and evaluation functions, decision-making functions.
1.2. THEORY OF CONTRAST AND APPLICATION IN COST MANAGEMENT ACCOUNTING
1.2.1. Theory of contrast
Research and apply this doctrine to identify and analyze the limited factors that hinder the realization of the objectives of the enterprise.
1.2.2. Application of theory of contrast (TOC) in cost management accounting
"In the process of managing the business, business managers always want to have the appropriate source of information to make optimal decisions, so it is necessary to build an information toolkit. TOC is an important part of this toolkit, providing unique insights and a focus on ongoing challenges in identifying products and services to maximize added value and profitability on the part of customers" (IMA, 1999, p.1).
The process of applying theory of contrast: in 5 steps(Reid, 2007)
* Application of TOC in combination with the technology of CMA for management functions
- Serving the function of cost control: CMA will combine with TOC to detect bottlenecks incurred wasteful costs in an invisible and tangible form such as delayed costs from supply activities, waiting costs of machinery and equipment, workers at the production stage after waiting for the pre-production stage to move to ... excess supply costs cause waste of warehouse costs, storage costs ... the cost of producing excess results causes stagnation of output, incurs warehouse costs ... The application of combining TOC with JIT (just in time) rules is both timely and sufficiently used at all stages from supply, production, distribution will minimize wasteful costs that do not increase value.
- Serving the function of consulting and decision-making:
TOC combined with traditional recording tools, monitoring, reporting, analyzing, detecting bottlenecks, production options create different profit lines from which advice helps managers handle bottlenecks, choose production plans, supply and distribution bring maximum profit to the business.
- Serving the function of optimal use of resources, increasing enterprise value: TOC combined with MAC tools such as ABC helps
enterprises monitor the production process, operate according to the flow of costs, thereby accurately calculating the cost of products, on the basis of which advising managers on price strategy, build a reasonable, accurate and strategic forecasting system. The combination of TOC and ABC helps business managers identify and manage the cost flows incurred without adding value, contributing to advising managers on production options, operating to make optimal use of finite resources and constantly increasing the value of enterprises both in the visible aspect, invisible.
In addition, CMA uses TOC in combination with other management tools such as Lean lean management, a tool to evaluate achievements through kpi measurement index system, BSC to help manage, make optimal use of available resources and constantly increase the value of enterprises.
1.3. CONTENTS OF COST MANAGEMENT ACCOUNTING IN MANUFACTURING ENTERPRISES
1.3.1. Identify and classify costs
In enterprises, there are many activities serving the SSC process, each activity incurs one or more types of costs. Based on the management objectives of NQT, there are different ways of classifying costs as according to the use of costs, according to the relationship with the level of operation, cost factors,...
1.3.2. Cost of budget (1) Standand cost.
Developing cost norms is an important stage of resource control management and monitoring of the implementation process. The closer and more detailed the development of the standand cost for all types of expenses incurred helps the manager to plan and allocate resources appropriately. Standand cost are set for factors of production cost and non-production costs.
(2) Cost of budget
Based on the cost norms system that has been built, enterprises build the estimating system. This process helps manager develop a reasonable resource allocation plan and through the process of implementing cost estimates to monitor, control the implementation and
use of resources in the enterprise. The more detailed the estimate for all types of costs, the easier and more reasonable the process of compiling the overall estimate of the enterprise. Combining static and flexible estimating methods will help businesses to spare resources and be flexible in dealing with unforeseen problems in the future.
1.3.3. Collecting information cost
This is the process of collecting costs and collecting cost information for the corporate governance objectives of the CMA. Based on information sources, methods of collecting information, methods of determining costs for the CMA to determine the costs incurred for the object, for the implementation process, for the location of implementation... build a cost reporting system according to the information needs of the enterprise administrator. This information advises managers: control of attrition resources, closely assess implementation costs, choose appropriate cost methods, adjust implementation plans, make price decisions in the competitive market.
When collecting cost information, the CMA should pay attention to: The source of information collected; Methods of collecting and systematizing information cost; Method of determining costs. The contents to be concerned, implemented:
(1) The process of collection Cost
(2) Method of determining the price of fees (3) Application technique for determining costs
1.3.4. Analyzing and providing information for corporate governance
According to IFAC (2002), the function of the CMA in phase 4 performs 3 major functions: one is to serve the control function, the other is to serve the function of decision-making consultancy, the third is to serve the function of effectively using resources to increase value for businesses. The thesis defines the contents of the CMA in this work including:
Analysis and provision of information for control functions Analysis and provision of information for the function of advising managers
Analyzing and providing information for the purpose of increasing the total mobilization of resources in the enterprise, increasing the value of the business
When implementing the CMA, businesses can apply tools such as operation-based, lean management. Lean manufacturing techniques will help manufacturing enterprises eliminate a lot of waste during operation. Maskell (2007) established a four-step transformation model:
(1) Maintaining the current accounting system and current methods of control, but began to cut the costs that were clear and visible within the scope of the production process; (2) To reduce transactions as well as unnecessary expenses during the review of production reports as well as to try to reduce the amount of unfinished products; (3) Linking waste reduction to the current accounting cycle of the unit as well as the sales, production and distribution cycle to perform in a more holistic manner;
(4) Gradually transfer of operations incurred with new ways of calculating costs according to the steps cut above in order to have a complete production process.
Within the scope of research, the thesis said that for enterprises that are just starting to apply lean accounting should only be carried out for lean production activities, managing the flow of value in the production activities of the unit.
1.4. AFFECTING FACTORS THE APPLICATION OF COST MANAGEMENT ACCOUNTING IN MANUFACTURING ENTERPRISES
1.4.1. Basis theories
Scientists around the world have conducted research and attempted to explain the application of the theory of CMA in enterprises affected by which agents through the underlying theoretical basis system, such as: Random theory; Representative theory; Sociology theory;
Institutional theory; The theory of relationship of interest, cost... The thesis summarized the system of background theory, the impacts on the CMA and the theoretical framework model for applying CMA in manufacturing enterprises.
1.4.2. Develop a research model for factors affecting the application of cost management accounting in manufacturing enterprises
From previous studies, the thesis exported a model of research on factors affecting the application of CMA in manufacturing enterprises:
Influencing factors Variable observation The Legal
Regulations (ROL)
Pressure from the government.
Pressure from local authorities Pressure from the mother.
Pressure from public health organizations Business
Environment (EOB)
Input resources of the production process Market demand
Competitors Social problems the Quality of
Accounting Staff (QOA)
Information is provided in a timely, synchronous manner
The information of the CMA is of a predictive nature Information of CMA has a basis for decision-making consultancy
efficiency of information provision (EOI)
Highly trained staff
Employees are knowledgeable about the field of operation of the business
Employees with deep expertise in CMA
Having experience and appropriate application of the implementation of CMA in the business lines of enterprises
managers’ point of view (VOA)
Managers has an understanding of CMA technical tools
Managers highly appreciates the usefulness of CMA TECHNICAL TOOLS
Managers has a need to apply CMA
Managers accepts high cost in investing in the application of CMA
1.5. EXPERIENCE IN COST MANAGEMENT ACCOUNTING OF COUNTRIES AROUND THE WORLD
The thesis summed up the experience of cost management accounting in a number of countries with representatives of developed countries, which have many similarities with Vietnam,... From there, we have learned some lessons for our manufacturing enterprises.
1.5.1. Cost Management Accountant in Japan 1.5.2. Cost Management Accountant in China
1.5.3. Cost management accounting in some Southeast Asian countries
1.5.4. Lessons learned from cost management accounting for Vietnam
- Lessons on information provision to strengthen control, internal control, orientation control in countries that emphasize safety, collecticity, reduce loss of economic resources in CMA activities.
- Lessons on providing useful information for decision counseling.
- Lessons on providing information to help managers identify, be aware and strategic in effectively using finite resources, constantly mobilize resources to increase business value.
CHAPTER 2: THE STUDY OF THE SITUATION OF COST MANAGEMENT ACCOUNTING IN THE CIGAGETTES MANUFACTURING ENTERPRISES OF THE VIETNAM
NATIONAL TOBACCO CORPORATION
2.1. OVERVIEW OF TOBACCO PRODUCTION AND TRADING ACTIVITIES IN UNITS OF VIETNAM TOBACCO CORPORATION
The Vietnam National Tobacco Corporation was established in 1985 specializing in producing special products, which, although bringing large revenues to the state budget, are not encouraged to consume. The Corporation is on the way towards the goal of building into a strong economic group in the tobacco and food industry sectors, so far there have been 18 subsidiaries, 15 affiliated companies (Figure 2.1)
Diagram 2.1. The Vietnam National Tobacco Corporation Organization Diagram
Source: The Vietnam National Tobacco Corporation Website
Production organization process in tobacco productionenterprises: The process of tobacco product processing technology at tobacco products in vietnam tobacco exports is complex continuous processing style, organization of production is much and stable, production cycle is short and continuous alternating, half of the finished product at the previous stage is transferred to the next stage to continue processing, not sell half the finished product out.
Diagram 2.1. The technology process of Product Put the cigarett e into a Tobacc
o
sliced leaves into
Roll yarn into a
Product quality inspection
Importing finished products
* Characteristics of organizing accounting in the cigagettes manufacturing enterprises of the Vietnam National Tobacco Corporation: Enterprises do not organize separately and do not have specialized employees in terms of information technology, mainly accounting staffs of production costs and responsible for some contents of the CMA as required and assigned by the chief accountant. closely apply circular No. 200/2014/the document of Ministry Finance issued on December 22 of the Minister of Finance and circulars guiding amendments and supplements of the Ministry of Finance.
* Characteristics of tobacco industry in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation: Enterprises are applying Circular 53/2006/the document of Ministry Finance on guidelines for applying tobacco technology in enterprises. All enterprises shall classify, control and evaluate costs according to each sector and department of operation; to review and evaluate product costs, mainly prices in each production process; Collect and analyze data from which to establish appropriate information, serve the construction of selling prices, short-term and long-term business plans according to each field and department of operation.
2.2. THE STATUS OF COST MANAGEMENT ACCOUNTING IN TOBACCO DNSX UNDER VIETNAM TOBACCO CORPORATION
Survey thesis at 12 cigagettes manufacturing enterprises of the Vietnam National Tobacco Corporation. Survey subjects: cost-intensive accountant/chief accountant. Survey method: direct interview with CMA specialists (or accountants assigned equivalent tasks). Survey results: 12 employees/12 businesses agreed to answer. To illustrate the survey results, the thesis selected a case study for the content of the CMA in Thanh Hoa Tobacco Co., Ltd., Thang Long Tobacco Co., Ltd., Ben Tre Tobacco Co., Ltd.
2.2.1. Status of cost identification and classification
The surveyed enterprises all categorize costs based on two criteria: sorting costs by factor and classifying costs by cost item in the total cost. There are two units, Thang Long Tobacco Company and Saigon Tobacco Company (accounting for 16.7% of the survey units) to classify costs according to the level of operation, but the application is
still narrow-scale testing.
2.2.2. The state of norming and estimating costs
Enterprises that are members of the Vietnam National Tobacco Corporation comply with the general system of economic and technical standard of the tobacco production industry prescribed by the tobacco industry. However, in order to match the specific production conditions at the unit, enterprises rely on the general prescribed standard system of The main firm to build their own standard system for their units to orient and control the actual costs incurred during the period. The cigagettes manufacturing enterprises mainly sets standard for direct raw material costs, many of which do not set standard for other production costs and non-production costs.
* The reality of making cost of budget
Based on the technical economic standard that the cigagettes manufacturing enterprises has developed and the expected production plan, 100% of the survey units make an estimate of the cost of raw materials and make cost estimates according to static estimates. Only 16.7% of the manufacturing enterprises make estimates for expenses incurred other than production costs and usually make them once at the beginning of the accounting year. The purpose of estimating other amounts is to help the unit quantify and plan allocation for the year of implementation and to the subsidiaries.
2.2.3. Current situation of collecting cost information (1) Method of determining costs
100% of enterprises choose the traditional cost-gathering method of each workshop or each production department, this collection applies to the main products under the exploitation and production of enterprises.
100% of the enterprises surveyed applied the method of determining the actual cost in combination with norms, methods of determining costs from a modern point of view are almost unused.
(2) Method of calculating product prices
100% of enterprises calculate the cost of producing finished products according to the total cost method. The method of calculating prices is selected by enterprises: simple method of calculating prices, allocating The cost of labol and the cost of general product according to the conversion output; or applying by coefficient method; or calculate the price according to the order.
For non-production costs: Non-production expenses are gathered according to the cost content on accounting accounts as guided by Document 200 release by Ministry Finance .
2.2.4. Analyzing and providing information for corporate governance
2.2.4.1. Analyzing and providing cost management accounting information for control functions
According to the survey results, businesses analyze information including cost information for consulting decisions. However, the analysis of cost information is not carried out according to the system and assigned to the specialized department. The analysis of cost information is only a small part of the work of the planning and business departments, the numbers are merely comparing the implementation period with the plan and with the previous year. Therefore, it can be said that the role of information analysis here is short-term and consulting in the form of implementation control rather than long-term strategic nature, strategic consultancy, advice on how to implement CMA effectively while still ensuring economic.
Summary of survey results on analysis and information provision (Extracted)
2.4. Analysis and provision of information
Consciousness Content
Selection Number
of votes
Proportion (selection/total survey sample) 2.4.1. Does
the enterprise analyze the cost
information for decision- making?
Have 12 100%
Not
0 0%
2.4.2. Purpose of analyzing cost
information in enterprises
For cost control 12 100%
For short-term and long-
term decision-making 12 100%
Analysis of performance
of Accounting
responsibility center
2 16.7%
Analysis of informthe cost to make a decision to continue production or decommissioning
0 0%
Analysis of cost information to do it yourself or outsource
2 16.7%
2.4.3. Do you know about the
accountability accounting system?
Totally unknown 0 0%
I heard about it. 10 83.3%
Know a little. 2 16.7%
Know well
0 0%
2.4.4. Does Have 2 16.7%
the enterprise implement the accounting system of responsibility?
Not
10 83.3%
2.4.5. Unit reporting system for cost control at the unit
Report expenses associated with each activity of each shopping mall
2 16.7%
Report analyzing the implementation of production cost estimates for each administrative entity
12 100%
Production report 12 100%
Detailed report on production costs by cost item for each admin
12 100%
Product price report 12 100%
2.4.6.
Enterprise reporting system used for decision- making consultancy
Report expenses associated with each activity of each shopping mall
2 16.7%
Report analyzing the implementation of production cost estimates for each administrative entity
12 100%
Production report 12 100%
Detailed report on production costs by cost item for each admin
12 100%
Product price report 12 100%
2.2.4.2. Analyzing and providing information on information for consulting and decision-making functions
According to the survey results, businesses analyze information including cost information for consulting decisions. At the time of surveying the surveyed enterprises, there were no specialized reports of information and information used to advise on the selection of ssd and decision-making options. The survey results showed that two out of 12 enterprises using cost reports associated with the cost center are production workshops (accounting for 16.7%). These reports mainly provide basic information, not analyzing detailed information that advises managers to make decisions.
2.2.4.3. Analyzing and providing information on CMA for the function of mobilizing maximum resources contributing to adding value
The survey within this functional framework is based on the criteria: (1) The view of reviewing resources in the enterprise of the manager; (2) The view of the manager in the use of the resource review report in the enterprise.
According to the survey results, enterprises have not paid attention to collecting information for the function of mobilizing maximum resources.
2.3. STUDY AFFECTING FACTORS THE APPLICATION OF COST MANAGEMENT ACCOUNTING IN TOBACCO MANUFACTURING ENTERPRISES OF VIETNAM TOBACCO CORPORATION
Inheriting the results of previous studies, combined with the actual study, the author conducted in-depth interviews with some experts (businesses, lecturers) to build a preliminary questionnaire, carry out a test for the case study enterprise. From the results of in-depth interviews with experts, it is said that the factors of choice for surveys are scientifically grounded and reliable. The author adjusts and designs the official questionnaire.
The author sent 192 survey slips to 12 cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation and obtained 176 valid votes. In particular, each survey enterprise has the number of votes collected / number of votes issued is 15/16 valid votes, the survey group includes: Board of Directors 3-4 votes, accountants 5 votes, Managers at all levels and Production workers 7 votes. The purpose of
the survey is to measure the impact of factors on the ability to apply CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation.
2.3.1. Quantitative Research Results
The study used an EFA discovery factor model with five scales of independent variables (including 18 observed variables) and a dependent variable scale (consisting of four observational variables).
Coefficientsa
Model
Unstandardize d Coefficients
Standardized Coefficients
t Itself.
Collinearity Statistics B Std.
Error Beta Toleran
ce BRIG
HT 1 (Constant) .543 .225 2.417 .017
Legal Regulations
(ROL) .117 .043 .160 2.729 .007 .691 1.447 the Quality of
Accounting Staff (QOA)
.315 .046 .357 6.884 .000 .886 1.129 managers’ point
of view (VOA) .332 .053 .374 6.326 .000 .680 1.471 managers’ point
of view (VOA) .127 .038 .200 3.360 .001 .672 1.488 a. Dependent Variable: The ability to apply CMA in enterprises
Thus the standardized regression method model is:
ACMA =0.43 + 0.16ROL + 0.46QOA + 0.53VOA + 0.38EOI 2.3.2. Discuss results
2.3.2.1. On influencing factors
Through the synthesis of theoretical bases on how factors have an impact on the applicability of CMA in the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation and the techniques of quantitative and quantitative analysis, the study has synthesized 5 representative factors: Legal regulations (ROL), Business Environment (EOB), Quality of Accounting Staff (QOA) , efficiency of information provision (EOI), managers’ point of view (VOA) and 18 observation variables all ensure analytical significance. When
examining the correlation and testing the suitability of the research model, the business environment independence factor (EOB) has a multilineal phenomenon, the author removed this variable to continue the study with the remaining 14 observation variables and 4 representative factors. The test results showed that the remaining four representative factors did not have multilineial phenomena with each other, had a correlation with the dependent factor, and the model of regression was of study significance.
2.3.2.2. On the extent of the influence of factors
We can determine the impact of independent variables through standardized regression coefficients as follows:
Table 2.18. The important position of the elements.
Independent variable Absolute value %
Legal regulations (ROL) 0.16 10.45
Quality of Accounting Staff (QOA) 0.46 30.07
managers’ point of view (VOA) 0.53 34.64
efficiency of information provision (EOI)
0.38 24.84
Amount 1.53 100
Thus, with 4 representative factors including Legal regulations (ROL), Quality of Accounting Staff (QOA) , managers’ point of view (VOA) , efficiency of information provision (EOI), 10.45%
contribution, respectively; 30.07%; 34.64%; 24.84% on the impact of increasing the feasibility of applying CMA in the cigagettes manufacturing enterprises of the Vietnam National Tobacco Corporation.
However, the model with 4 representative factors only reflects 58.3% of the research problem, which means that there will be other factors, other observational variables may also affect the application of CMA in the cigagettes manufacturing enterprises of the Vietnam National Tobacco Corporation but have not been studied in the current research model due to being limited by limit by research scope and due to by time for research.
The results of regression demonstrate the role of factors in influencing the application of hierarchically declassified CMA. Therefore, the solution to enhance the feasibility of applying the CMA must be based on the results of the verification of the influencing factors but should be adjusted in time when the position value of the above factors has changed over time, space, economic conditions, politics.
2.4. EVALUATE OF COST MANAGEMENT
ACCOUNTING IN THE CIGAGETTES MANUFACTURING ENTERPRISES OF THE VIETNAM NATIONAL TOBACCO CORPORATION
2.4.1. Advantages
CMAs in enterprises have had certain successes in identifying and classifying costs, building and estimating costs, collecting, analyzing and providing cost information for corporate governance.
2.4.2. Existence and Cause
* Existences:
- On identification and classification of costs
✓ The classification of costs in research units mainly serves financial accounting, the ways of identifying and classifying costs are not focused to serve the work of information technology.
- On standard and cost estimates + Set a standard:
✓ For cost standard, the cigagettes manufacturing enterprises of the Vietnam National Tobacco Corporation base on the cost standard issued by main firm to build appropriate standard. However, the variety of application makes main firm difficult to control, normative errors still occur in some units due to the qualifications, capacity, ethics of the person or group of people tasked with building the material norms in the unit.
✓ Main firm does not develop norms for the cost of labol and the cost of general production and non-production costs. Units employed by the autonomy mechanism should have self-built units for costs other than the cost of raw materials produced or have non-construction units.
+ Making estimates: Some small-scale survey units do not make detailed estimates for expense items other than the cost of raw materials, affecting the management and control of the resources of the enterprise.
Surveyors also have not made flexible estimates.
- Cost information collection: Cost information is collected in the traditional method of serving financial accounting in calculating the price for the product unit according to the cost item. The modern methods of CMA are not applied, or if there is only a formality that does not have a function for cost management.
- On analysis and provision of information for the functions of the CMA
+ For control function
✓ Regarding information analysis: information analysis techniques for analyzing information that has not been implemented, or implemented asynchronously such as: methods of analyzing information by graph; analyzing information through the technique of building a comparable table system ..., cost information analysis techniques input factors, analyzing the effect of this information on profitability, on cost structure and decisions to adjust the cost structure to ensure that profit targets are not focused.
✓ Regarding information provision: survey units do not have specialized reports of the MA department as a basis for monitoring, evaluating and controlling resources in enterprises.
+ For consulting function
✓ Information analysis: information analysis techniques that have not been implemented, or implemented asynchronously such as: C- V-P relationship analysis techniques; method of analyzing information by graph; analyzing information through the technique of building a comparable table system; cost information analysis techniques input factors, analysis of the effect of this information on profitability, on cost structure and decision-making adjustment of cost structure to ensure that profit targets are not focused; technical analysis of production resources, output factors, environmental factors
✓ Regarding information provision: survey units do not have specialized reports of the MA department as a basis for consultancy, grounds for short- and long-term decisions.
+ For the function of efficient use of resources, increasing value
✓ Information analysis: The accounting system in surveying enterprises is only designed for financial accounting to work, so the information analysis techniques for effective use of value-added resources are not managed by managers, the local accounting apparatus is up-to-date and focused.
✓ Regarding information provision: survey units do not have specialized reports of the MA department as a basis for managers to have policies and plans to effectively use resources, eliminate wasteful activities, increase business value.
* The causes of limitations such as the awareness of the
management levels in the unit about social insurance in general, the CMA in particular, the competitive pressure for enterprises is unknown,...
CHAPTER 3: THE SOLUTION TO COMPLETE COST MANAGEMENT ACCOUNTING IN THE CIGAGETTES MANUFACTURING ENTERPRISES OF THE VIETNAM
NATIONAL TOBACCO CORPORATION
3.1. DEVELOPMENT ORIENTATION OF UNITS OF VIETNAM TOBACCO CORPORATION
In 2017, the Ministry of Industry and Trade has decided to approve the strategy to develop Vietnam Tobacco Tobacco Technology to 2025, with a vision to 2030. According to this decision, The main firm vision is defined as"strong economic organization, holding the leading position in the tobacco export chain in Vietnam and exporting, contributing increasingly highly to the economic development of the country". At the same time, the decision also requires: "To complete the financial accounting and management accounting throughout thecompany in the direction of modernization in order to provide accurate, complete and timely information for internal management and at the request of state management agencies."
3.2. REQUIREMENTS AND PRINCIPLES FOR COMPLETING COST MANAGEMENT ACCOUNTING IN ENTERPRISES
* Completion requirements:
- CMA meets the needs of information for corporate governance at research units
- Selectively inherited CMA achievements in the world in accordance with the type of SXKD of research units
* Finishing principles: Suitable; Inheritance; Saving, efficiency.
3.3. SOLUTIONS TO COMPLETE COST
MANAGEMENT ACCOUNTING AT TOBACCO
MANUFACTURING ENTERPRISES OF VIETNAM TOBACCO CORPORATION
3.3.1. Complete cost identification
Cost information should be categorized and identified
compatible with the role of cost information such as control; effective use of value-added resources; easy to synthesize and report quickly to implement the decision-making advisory function of the manager. The thesis proposesto be cost-worthy according to the relationship between cost and activity level and according to the inductive capacity of the subject of the cost.
3.3.2. Perfecting the system of norms and estimates
* Standard Cost:
The thesis proposes that enterprises need to develop the cost of labol and the cost of general production standard (according to variable fees and charges) and build non-production cost standard.
* Cost budgeting:
- For production costs, the thesis proposes to apply flexible budgeting to help enterprises respond flexibly to market fluctuations in the supply of inputs of the production process. Building a reasonable and accurate estimation system to help businesses save costs, make the most of resources, be proactive in allocating resources, and respond flexibly to fluctuations.
- For non-production costs, the proposed thesis is based on estimates based on the history of information on the profit sheet and market trends.
3.3.3. Complete the collection of cost information Source of information collected
Method of collecting and systematizing cost information Content of collecting and systematizing cost information Perfecting the accounting system:
- Solution on completing the voucher system reflecting the cost of raw materials
- Solutions on completing the voucher system reflecting labor costs
Perfecting the account system
Complete the construction of the account system for the CMA with 3 levels: by cost item, by workshop, by level of operation.
Complete the synthesis and report on cost information The CMA in the enterprise needs to build a synchronous system of MAC books, including: direct material cost accounting book, direct
labor cost accounting book, general production expense accounting book, sales expense accounting book, enterprise management expense book, accounting of financial operating expenses.
Complete cost allocation and cost determination
- Completing the set of costs to determine costs: The thesis proposes that the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporatioan should set up costs according to the actual cost method combined with standard and flexible budgeting. At the same time, in the process of implementing the thesis, research units should apply the Kaizen cost method to implement Continuous improvement, control and cost-lowering enhance competitiveness (3-step process).
- Complete the allocation of costs:
+ For the allocation of costs of auxiliaryworkshops: (For enterprises with auxiliary production workshops for internal consumption) enterprises should allocate anctributary costs according to the method of ladder allocation for the cost of repair workshops,...
According to this method, starting from the anctributary department that provides the most products and services to other departments and ending up in the department providing the least, labor services at least and not allocating the opposite to that department anymore.
+ Cost allocation criteria: in order to calculate the correct price of products to price the offer, the author recommends that the cigagettes manufacturing enterprises should use the cost of general production allocation model based on various allocation standards in each part incurred costs. The service must go through two stages:
Phase1: Set of cost of general production incurred in each department (each cost center).
Phase2: To allocate cost of general production for each product and service (using different allocation criteria accordingly and reasonably).
This allocation helps cigarette manufacturing enterprises determine the price of each product type more accurately than using a single allocation standard as currently applied by the cigagettes manufacturing enterprises.
3.3.4. Complete analysis and provision of information for corporate governance
3.3.4.1. Serve control function
The survey showed that the reports of the cigarette manufacturing enterprises of The Vietnam National Tobacco Corporation are not synchronized and have no system, so they do not meet the management requirements. Therefore, it is necessary to build a cost management reporting system that meets management requirements.
The design of the CMA reporting system should stem from the information needs of the enterprise administrator, so the author proposes according to three reporting systems: (1) The report on orientation of CMA; (2) Department effectiveness assessment report; (3) The report provides information for the decision-making process.
3.3.4.2. Serve the function of consulting and decision-making Stemming from the information needs of the cigagettes manufacturing enterprises of the Vietnam National Tobacco Corporation, it is necessary to analyze the fee difference, analyze the cost-volume- profit relationship, break-even point analysis, and analyze information for decision-making. That's why the author proposes to finalize some of the following solutions:
- Complete informationanalysis: Complete the analysis of differential cost information; Perform cost-volume-profit relationship analysis; Performing appropriate information analysis for short-term business decisions;
- Complete analysis and provision of information for consulting and decision-making functions: The report provides information for the decision-making process; Report analyzing material cost fluctuations directly; Report analyzing direct labor cost fluctuations; Report analyzing general production cost fluctuations; Report analyzing fluctuations in sales costs and Cost Management; Report analyzing cost vs. revenue; Report analyzing fluctuations in production results and reports analyzing the causes of fluctuations in production results; Report on analysis of appropriate information
3.3.4.3. Serving the function of mobilizing maximum resources
contributing to adding value
Currently, there are many tools for resource review in enterprises, in which lean management tools are said to be the most pioneering and effective in controlling resources, but the understanding and application of this tool depends on the view of the manager that the use is necessary and takes into account the economy. the long-term effectiveness between systematic or partial or non-implementation implementation.
The thesis proposes solutions to apply management techniques combining MA in practice at Thanh Hoa Tobacco Co., Ltd., the practical application can be modeled throughout the system of Vietnam Tobacco Company.
- Make a list of production costs and labor costs for each type of product
- Determining the production process for each type of product -
> Determining the expected production cost of each product, Determining the expected production time.
- Assessment of production capacity of the production system - Monitoring the results and procedures of operation - >
Implementing resource control, Identifying bottlenecks.
- Making an analysis of information for decision-making (exploiting the limitations of the system or not)
- Make a reportasking managers to effectively use resources and increase the value of enterprises.
The solution of applying TOC techniques in the production activities of Thanh Hoa Tobacco Company aims to identify limited resources, make decisions and consult to increase the value of enterprises with the hypothetical situation below.
Enterprises are currently producing 2 types of products: Lotus silver filter head cigarette, Rong Jaw filter headless cigarette.
The majority of the same tobacco manufacturing process goes through the same steps: Tobacco Cigarettes -> Separating Rolls (B) -
>Infierure (C) -fermented > (D) -> filter head-to-head (E1) or fiber roll (E2) -> bagged (F) -> of packing (G) -> Product Quality Inspection (H) -
> Importing Finished Product (I).
However, the production process shows that for the type of filter
and non-filter head differs at the stage of rolling the fiber with the filter head graft or not; And the standard rule for paper length for filtered and non-filtered cigarettes is different, so the technical economic norms for unit cigarette products for each type also differ.
Table 3.9. Material cost norms for two types of products Standard Raw material
for product units (packages)
Silver Lotus (Copper) Filter
Head Tobacco
Rong Jaw FilterLess Tobacco (Copper) Main raw material
tobacco fiber
465 465
Secondary Raw material 1
320 82
+ Classic filter head 221 0
+ Rolling paper glue 69 60
+ Cigarette roll paper 30 22
Raw material Sub-2 115 115
White chicken tongue 13 13
+ Just tear the sack 4 4
+ Caton paper 20 20
+ Glass ball 9 9
… …
Sum 900 662
(The author builds on the data source of Thanh Hoa Tobacco Co., Ltd. in 2018-2019)
Table 3.10. Time norms and labor costs for each product unit Production time standard
for product units (packages)
Silver Lotus Filter Head Cigarette
Cigarettes without a Rong
Jaw Filter
Output (package/hour) 12.000 17.000
Unit price (public hours) $45,000 $25,000
Hour/package cost norms $3.75 $1.47
Table 3.11. Production requirements for Lotus and Rong Jaws products
product Volume/
hour
Raw material
Cost/unit product
Price per package
Operational requirements
Total expected output for unit operating time
(minutes)
Total expected operating expenses product
Rong Jaws 17.000
Main R.
Material 465
4.700 B,C,D,E1, G,H,I
325 packs per minute
283 packs per minute Sub-
R.Materia l 1
320 Sub-
R.Materia l 2
115
Lotus 12.000
Main R.
Material 465
8.500 B,C,D,E2, G,H,I
100 packs per minute Sub-
R.Materia l 1
82 Sub-
R.Materia l 2
115
Table 3.12. Analysis of the capacity of the production system Operating
at stages
Operation capacity of 1
lotus unit (minutes)
Operation capacity of 1 unit of Rong
Jaws (minutes)
Total required
uptime (minutes)
Total current
time (minutes)
B 0,045 0,045 0,09 0,09
C 0,045 0,045 0,09 0,09
D 0,045 0,045 0,09 0,09
E1 0,46 0,62 0,46
E2 0,16
G 0,045 0,045 0,09 0,09
H 0,045 0,045 0,09 0,09
I 0,045 0,045 0,09 0,09
Sum 1 minute 0.43 minutes 1.16 mins 1,0
* Control of resources
From Table 3.24 shows the total operating time at stage E (0.62
minutes) > The total time allowed by the system at each stage (0.46 minutes). So stage E is the bottleneck of the production system.
Looking at the production process, production capacity and profit margins that can be achieved, we see bottlenecks limiting the production capacity and operation of the whole system at the stage of filtering and non-filter head grafting, the time at this stage increases depending on the type of product and at the same time the cost also increases due to the The product dominates the quantity of raw materials.
* Analysis of information for decision-making (Limited exploitation decision of the system)
According to the above hypothetical content, the profit earned by Ham Rong and Lotus is 5,000 VND and 4,000 VND, respectively.
Due to limitations in production capacity in stage E, the production system cannot produce to meet the production plan of Lotus, Ham Rong. Decide how to choose the production of product mixtures to bring optimal profit. The author makes two calculations based on two perspectives: (1) Determining optimal returns from a traditional cost point of view, (2) Views based on the TOC doctrine.
(1) Determine optimal returns from a traditional cost point of view
Because the unit margin profit of SP Hoa Sen (5,000 VND) is higher than the unit profit of SP Ham Rong (4,000 VND), so the priority of the whole system will prioritize the production of Lotus products at the point of knot E.
Specifically, if the total time of the system prioritizes the production of Lotus, the profit is: 5000D*100gói/ minute = 500,000 VND / minute. At the same time, waste of capacity in stages B, C, D, E2, G, H, I with a waste of =(0.16/0.43)*283SP*4,000d =421,209 VND. Thus, the actual profit of the unit is 500,000d-421,209d = 79,000 VND
(2) Determine optimal profitability based on TOC doctrine From a TOC point of view, the purpose of the system is to maximize the profit achieved at the E knot (profit achieved/unit of time).
Accordingly, we see that for SPY, the time to implement 1 unit of time (1 minute) SP Ham Rong at knot E reaches the output of 283 and the unit SP Ham Rong brings the profit margin of the unit for the system is 4,000 VND, so the profit rate sp Ham Rong achieved when passing through the
bottleneck E is 1,132,000 VND / minute (4,000 VND *283SP). Similarly, the profit rate sp Lotus achieved when passing through bottleneck E is 500,000 VND /min (5,000 VND*100SP). From this point of view, the manufacturer prioritizes the production capacity of Rong jaws first and the production of Lotus products with the remaining capacity.
Specifically, if the total time of the system prioritizes the production of Rong Jaws, the profit is: 4,000D*283gói/min = 1,132,000 VND/min. At the same time, the time of 0.3 minutes (0.46-016) is used to produce Lotus products, the benefits from the use of the remaining time: (0.3/0.46)*100SP*5,000 VND = 326,087 VND. Thus, the total actual profit earned in the unit of time (minutes) is 1,132,000 VND + 326,087d = 1,458,087 VND
* Value-added advice for businesses
The exploitation of production activities according to the plan of the TOC view poses a problem: it is necessary to ensure that the creation of 238 Rong Jaw products is accepted by the market and consumed in the accounting period (the week of arising) before the ultimate goal of the enterprise is realized (creating higher profits in a finite period of time with a commitment. tied at the bottleneck point). So, the next binding issue raises the market demand with Rong Jaw cigarettes.
In this case, the manager has two ways of dealing with: (1) Increasing the processing capacity at stage E (which can be repairing and purchasing new equipment at the E limit; of course, not changing the old production process due to the waste of costs from not making the most of the existing production process, Recover the invested resources). (2) Create more market demand with SP HamRong. Option (2) is selected due to the feasibility in the case of short-term decision-making by the business manager. Thus, the choice of option (2) has shifted the limit point from stage E (in the production process) to another activity (market limitations).
If in any step above the limit is broken, go back to step 1- identify the limitpoint.
In order to avoid the stagnation of the application that will likely be the risk of the next limit, the TOC implementation process requires the operation process of the enterprise to return to step 1 to ensure the improvement process is continuous, the enterprise always achieves the
goal of maximizing profits, Ensure the competitiveness of the business.
3.4. PROPOSALS TO CONTRIBUTE TO THE APPLICATION OF SOLUTIONS TO COMPLETE COST MANAGEMENT ACCOUNTING
3.4.1. For state and local agencies
* For the State
First,develop and promulgate new circulars with a clearer orientation to replace Circular 53/2006/the document of the Ministry of Financial
Secondly, there is a policy to support enterprises, especially the cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation in accessing and transferring CMA from countries that have successfully built.
Thirdly, Ministry of Education cooperates with the university to train in construction and design to bring modern CMA contents into teaching. The training method enhances practicality to ensure that it meets the needs of personnel and personnel levels in the units used.
Fourth,the Ministry of Industry and Trade should drastically implement measures to heal the competitive market of tobacco products in the country.
Fifth, the restrictions on the consumption of tobacco products by the Ministry of Health and the health protection association need to be clearer, more popular, more specific for the cigagettes manufacturing enterprises to have a supply consumption plan method.
Sixth,the Ministry of Agriculture and Rural Development well implements the planning of tobacco cultivation to serve the input supply of the production process.
Seventh,the ministry's criteria framework for natural resources and environment should be clearer on the issue of waste and emissions regulations. Thereby, the cigagettes manufacturing enterprises of vietnam tobacco industry has the basis to develop estimates of processing costs incurred, contingency plans to limit possible problems related to the environment.
* For local
3.4.2. For cigagettes manufacturing enterprises of The Vietnam National Tobacco Corporation
