Current Status of Implementation of Export Risk Management Principles of Truong Thanh Wood Industry Group Joint Stock Company.

 Management risk (R18).

In terms of impact level, among the 5 types of risks above, management risk R18 has a very serious impact on TTF's export activities; R03, R04, R12 and R16 have a serious impact on TTF. The very serious and serious levels are assessed through the risk assessment in Table 2.12 and the risk analysis presented in Section 2.2.2.2 . These risks need to be prioritized for risk prevention solutions and to minimize losses and damages if they occur.

In addition, risks that have a serious impact on TTF but have a low probability of occurrence, meaning the risk is unlikely to occur, also need to be considered and solutions proposed to control them.

We have a ranking of the impact level of risks affecting the cost of TTF as in table 2.13 . Proposing solutions to respond to and control those risks is prioritized according to the ranking level of risk impact. Due to research limitations, the thesis focuses on prioritizing the description of response measures, prevention of risks with the highest probability of occurrence and the level of serious impact of TTF.

2.2.2.3. Risk control:

From identifying, analyzing and measuring risks, TTF has proposed solutions to control export risks as follows:

a. Risk avoidance:

With the risk in the process of signing foreign trade contracts (R07) with low frequency and low severity, it shows that TTF is proactive in avoiding risks before they occur. Specifically, in July 2014, TTF signed a contract to export wood chips with CPM (UK) with an order value of 1,920,682.2 USD, in the contract there is a clause allowing CPM representative and a third party, Omic International Inspection Company, to inspect the quality of wood. When there is

Notify the ship to pick up the goods, TTF conducts an inspection. Although the third party, Omic, has inspected and confirmed that the shipment is of the correct quality according to the standards, CPM's representative still refuses to pay and demands to cancel the contract. However, because Omic is an independent inspection company, has strict and legal certification standards and inspection procedures; therefore, CPM must still proceed to receive the goods and make payment according to the terms of the contract.

b. Loss prevention :

- To limit risks during the transportation of export goods or risks occurring due to the natural environment, causing great damage to goods, TTF has proactively purchased factory insurance, inventory insurance, finished products, and sea freight insurance.

- TTF has limited and prevented risks in the process of organizing and implementing export contracts right from the stage of training, coaching, and improving the qualifications of export staff through the form of human resource training. TTF is one of the first enterprises to pioneer in investing heavily in training Internal Auditors of the ISO 9001-2008 quality management system. The training and coaching program for export staff at TTF is 1 year with a minimum of 20 days. In addition to training professional skills and soft skills as usual, TTF also focuses on training in knowledge about CoC (tracing the origin of products), the US Lacey Act, and the European FLEGT agreement to minimize legal risks when participating in exporting to these markets.

c. Loss minimization:

- Payment risk reserve: In export business, with many large value orders, in addition to the two payment methods D/A and D/P, TTF also uses the L/C payment method in case of risk.

- TTF conducts business cooperation with enterprises in the same industry to ensure risk sharing.

d. Risk diversification:

As a type of business that exports wood to many different markets such as Europe, America, Japan..., the way TTF distributes risks in exporting is through product diversification.

In the EU market, the preferred export products include outdoor wooden furniture, wooden chairs, and bedroom furniture. In the US market, the strongest consumption is panels, shingles, flooring, and decorative products. In the Australian market, TTF also exports a variety of interior chairs, interior wood, and wood products such as veneer, panels, etc. Thus, studying the characteristics of consumer tastes for wooden products in these markets allows TTF to segment the market to orient business and share risks in exporting.

2.2.2.4. Risk financing:

At the end of 2013, investing in export products at the wrong time, mispositioning the main product line when the market showed signs of decline (reserving Teak wood for high-end products when market demand shifted to cheap wood products) and large fluctuations in loan interest rates put TTF's export activities at risk. The loss occurred so that TTF could not react in time, however, at that time, TTF promptly resolved it with some appropriate risk financing measures:

a. Self-overcoming risks: TTF has made many moves to save the financial situation by issuing shares twice. The first time in March 2013, it collected 98 billion VND and the second time, it accepted to issue shares below par value in mid-2013, collected 72 billion VND, but still could not escape debt.

Continuing, TTF recognized the key to the problem was the amount of exported Teak raw material inventory to clear the cash flow. TTF accepted to sell at a loss of 30% compared to the original purchase price of the Teak wood inventory to earn 100 billion VND.

At the same time, TTF has promoted the sale of shares to foreign strategic investors with a value of 400 billion VND and has reached basic agreements.

b. Risk transfer:

- In addition to self-remediation measures, in 2014, TTF transferred the risk of default by transferring debt to Vietnam Debt Trading Company Limited (DATC) by DATC signing a contract to buy 543 billion VND of TTF's debt at Vietnam Joint Stock Commercial Bank for Foreign Trade (Vietcombank) and 254 billion VND of debt at Military Commercial Joint Stock Bank (MB). By selling debt to DATC, a part of TTF's debt was converted into contributed capital, and the remaining part became a loan with a preferential interest rate of 7.8%/year for TTF. Thus, the transfer of interest rate risk has helped TTF almost complete the debt restructuring plan to focus on business activities.

- After the rescue from DACT, business performance has improved significantly but TTF still faces difficulties in capital sources due to heavy spending to restructure debt, causing cash flow to decrease sharply during the year. Currently, TTF's payment ratio is still at a risky level with quick payment at only 0.43 times. To resolve the debt, TTF has also chosen to continue issuing to get money to pay off debt, increase liquidity and finance investment activities.

2.2.2. Current status of implementation of export risk management principles of Truong Thanh Wood Industry Group Joint Stock Company .

 Export risk management is associated with overall, regular and continuous management activities:

Through the investigation, it is shown that the reporting activities on risks in export business at TTF are not carried out regularly. The Import-Export Department only conducts quarterly risk reports but ignores reporting the actual status of export risk management implementation at the enterprise on a weekly or monthly basis. Moreover, the incident of discovering discrepancies in TTF's 2016 financial statements clearly shows that the audit department

Internal control and risk control at TTF are not closely linked, when export orders are continuously signed, while capital and raw materials to produce export products are not enough, creating fake inventory value to mortgage bank loans. This further increases the risk for TTF, easily losing reputation with foreign trade partners when overall management is not linked with export risk management activities.

 Make risk management decisions at appropriate levels.

- The period of 2013-2014 can be said to be a period of great turmoil for TTF. In 2013, for the first time, TTF suffered a loss with a total debt of 1,900 billion VND, the cause of which was due to mistakes in product positioning and export strategy. The risk occurred at a serious level, affecting the financial situation and existence of TTF, forcing the senior management to immediately restructure the business. TTF approached DATC and convinced them to buy the debt to temporarily get rid of bad debt, ensuring cash flow to maintain export business activities.

- In 2016, TTF once again fell into crisis when it was discovered that the internal management process at TTF contained elements of lack of transparency and weakness, leading to withdrawal and divestment from investors while the company's financial situation had not yet recovered. Once again, TTF restructured its finances, implemented a plan to innovate internal management with the desire to stabilize export business activities and maximize production capacity.

 Accept risks when the benefits outweigh the costs.

Returning to the debt crisis that led to restructuring in 2013, almost all shareholders and members of the Board of Directors of TTF gave up and did not dare to face the risks, except for Chairman of the Board of Directors Vo Truong Thanh who tried to save TTF and turn the situation around. He was the one who persuaded DATC to buy the debt and proposed the solution of issuing shares.

below par value to improve cash flow and supplement working capital. With this strategy considered a last resort, the risk of not being able to access capital is very high. However, TTF still accepts this risk in the hope of helping the company increase cash flow and maintain the export market. As a result, TTF is successful.

 Ensure the principle of transparency:

- TTF is considered one of the enterprises with a diverse and regular internal management training and education policy with the goal of catching up with the international business market. However, the implementation of export management training has not been specifically developed by TTF. The risk management orientation only stops at the training of general knowledge (legal regulations in export markets, CoC - tracing product origin. ISO 9001:2008 - meeting customer needs...) without specialized training programs on the process of identifying, analyzing, measuring, and controlling risks in export.

- Through the investigation and survey at TTF, 75/103 opinions said that the export risk disclosure activities at TTF have not been carried out regularly, 21 opinions said that it is not necessary to be disclosed continuously. Thus, it can be seen that the issue of transparency and disclosure in the export risk management process of TTF has not been really taken seriously. TTF's annual report also shows that the analysis and identification of TTF's risk types are still general, preliminary and unfocused. This partly shows the weakness and laxity in TTF's internal management, leading to a series of violations and losses at TTF in recent years.

 Separation of risk takers and risk controllers:

General Meeting of Shareholders

Board of Directors

Board of Control

General Director

Compliance Control

	Permanent Deputy General Director		Legal - assistant

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Typical services are as follows: Payment services, treasury services, guarantee services, card services, trade finance, other services: Western Union, insurance commissions, consulting services, foreign exchange derivatives trading, e-banking services,... 2.2.1.1. Payment services: In accordance with the Prime Minister's Project to promote non-cash payments in Vietnam [15], banks in Tien Giang province have continuously developed payment services to reduce customers' cash usage habits through card services and electronic banking services such as: salary payment through accounts, focusing on developing card acceptance points, developing multi-purpose cards, paying social insurance by transfer, paying bills through banks, etc. Chart 2.3. Net income from payment services in the period 2011-2015 Unit: Million VND 6000 5000 4000 3000 2000 1000 0 3922 4065 4720 5084 5324 2011 2012 2013 2014 2015 Net income from payment services (Source: Report on the implementation of the annual business plan of the General Planning Department of BIDV Tien Giang [24]) Along with the technological development of the entire system, BIDV Tien Giang has a payment system with a fairly stable transaction processing speed, bringing many conveniences to customers. The results of observing chart 2.3 show that the income from payment services that the Branch has achieved has grown over the years but the speed is not high and the products are not outstanding compared to other banks. Domestic payment products such as: Online bill payment, electricity bills, water bills, insurance premiums, cable TV bills, telecommunications fees, airline tickets, etc. bring many conveniences to customers. 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Net income from guarantee and trade finance services in the period 2011-2015 Unit: Million VND 14000 12000 10000 8000 6000 4000 2000 0 5193 5695 2742 3420 8889 3992 11604 12206 5143 5312 2011 2012 2013 2014 2015 Net income from guarantee services Net income from Trade Finance (Source: Report on the implementation of the annual business plan of the General Planning Department of BIDV Tien Giang [24]) Through chart 2.5, we can see that BIDV Tien Giang's income from guarantee services and trade finance has grown over the years. The reason is: Among BIDV Tien Giang's corporate customers, the construction industry is the industry with the highest proportion of customers after the trading industry, this is a group of customers with potential to develop guarantee services. The second group of customers is corporate customers in the fields of agricultural production, livestock and seafood processing with high import and export turnover in the area. are the target of trade finance development. 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Supply

Administration - human resources

Accountant

- finance

Business

Manufacture

Plan​

– moderation

- logistics

Diagram 2.4. Administrative structure diagram at TTF

The governance model at TTF shows the separation between the Board of Directors and the Board of Supervisors. The compliance control board consists of 32 members, with

Responsible for consulting on potential risks before, during and after the export business transaction process. At the same time, through the Legal Department - assistant, carry out the process of comparing and reviewing foreign trade transactions between TTF and partners as well as updating regulations on laws, mechanisms and export policies in the export market; thereby providing forecast results, analyzing and measuring the level of risk to intermediate and senior management levels; with the aim of proactively avoiding and minimizing risks that may occur in TTF's export process.

 Incorporate export risk management into operations and planning at all levels.

- It can be seen that in the period of 2013-2016, export business activities are still the main activity at TTF, although the company has oriented to develop the domestic market with cheaper product segments. With more than 20 years of experience in export business, planning, organization, leadership and control in export management have become the standard for other management activities at TTF such as production, processing...

- The organization of training and capacity building for export staff at TTF is popular at all levels of management from grassroots to senior management. Each year, TTF has 20 training sessions for export staff at the company. In addition, for middle and senior management, TTF regularly sends staff for training abroad with the desire to manage export risks at TTF more effectively and in line with the international business environment.

- Export risk management solutions and strategies at TTF are consistent, with the application of CoC standards, ISO 9001:2008 quality management system, FSC®-C011411 and BRC into export product operations, demonstrating the consistency in management processes at TTF.