Research to perfect criteria for determining the value of state-owned enterprises in the forestry production sector - 2

LIST OF TABLES

Table 01: Survey sample size 12

Table 3.1: Number of forestry companies by area. 78

Table 3.2. Number of CTLNs according to management level 79

Table 3.6: Results of determining the enterprise value of Yen Son Forestry Company Limited in 2017 - 2019 91

Table 3.7: Results of determining the enterprise value of Quy Nhon Forestry Company Limited (2017-2019) 96

Table 3.8: Results of determining the enterprise value of La Nga Forestry Company Limited in 2017-2019 98

Table 3.9: Enterprise value at the time of determination 101

Table 3.10: Evaluation of criteria used in valuation of DNLN 104

Table 3.11. Summary of the level of influence of macro-environmental factors

................................................................ ................................................................ ..........................110

Table 3.11. Summary of the level of influence of micro-environmental factors

................................................................ ................................................................ ..........................112

Table 3.12. Summary of the influence level of factors belonging to the production characteristics of forestry enterprises 113

Table 4.1. Results of determining the value of Yen Son Forestry Company 132

Table 4.2. Results of re-determining the value of Quy Nhon Forestry Company Limited by asset method 135

Table 4.3. Results of re-valuation of La Nga Forestry One Member Co., Ltd. using the asset method 138

Appendix 3.7: Business performance results of Yen Son LN Company Limited from 2017-2019 173

Appendix 3.8: Business performance results of Quy Nhon LN One Member Co., Ltd. from 2017-2019 174

Appendix 3.9: Business performance of LN La Nga One Member Co., Ltd. from 2017-2019 175

INTRODUCTION

1. Urgency of the topic

We know that all business production decisions of enterprises are related to the use of criteria to determine the value of the enterprise. For internal enterprises, when making budget estimates, it is necessary to consider the effects of specific activities on the value of the enterprise, or when making strategic plans, it is necessary to consider how the value of the enterprise will be affected by those operating plans. As for society, investors also need to use criteria to determine the value of the enterprise as a basis for their business decisions.

With information on criteria for determining enterprise value, investors can know whether the market value of assets is higher or lower than its real value, so that they can make correct buying or selling decisions. Using criteria to determine enterprise value is also extremely necessary in the process of equitization, merger or dissolution of enterprises. All of these enterprises as well as related entities must use criteria to determine enterprise value before making decisions on equitization, merger or dissolution. Even for credit providers who may not be explicitly interested in determining the value of the enterprise's equity criteria, they must at least implicitly pay attention to the equity value criteria if they want to avoid risks in lending activities.

However, in reality, the system of legal documents related to financial handling and types of assets to determine enterprise value still has shortcomings, especially related to criteria for land use rights value or geographical location advantage criteria, brand value criteria, regulations on organizing bidding to select consulting organizations to determine value, regulations on determining value

market of assets. With these limitations, in the past, enterprises have determined the value of enterprises inaccurately and incompletely, causing large losses of assets, especially in the process of equitization and transfer or dissolution of enterprises.

Policy researchers and business management practitioners agree that: The use of criteria to determine enterprise value is a complex and truly important issue. This complexity is not only unique to our country but also to all countries with developed market economies and countries transitioning to market economies. Therefore, it is necessary to have criteria and methods to assess asset value with standards to help determine the correct value of enterprise assets.

The use of criteria to determine the value of state-owned enterprises in the forestry sector in recent years as well as at present still has many shortcomings. In particular, the criteria for determining the value of state-owned enterprises in the forestry sector are very difficult due to the specific characteristics of the industry such as long production cycles, complex production, operating areas are distributed in rural mountainous areas and the basic means of production is land.

When State-owned enterprises in forestry carry out innovation, the use of criteria to determine enterprise value is also inaccurate and unreasonable, causing many difficulties for the process of innovation and restructuring of forestry companies, especially the criteria of land value and forest value. Although the land value of forestry companies is very large, currently the companies have not calculated to determine the value of land use rights into the value of the enterprise's assets. The companies choose the form of land lease with annual payment along with the State's preferential policies for forestry enterprises so as not to add land value to the total value of the enterprise's assets.

In addition, most forestry companies currently include the criteria for the value of forests that are not yet ready for exploitation in the inventory criteria, which is inappropriate because forests that are not yet ready for exploitation have different characteristics compared to other unfinished and finished products. The production cycle in forestry is long, the investment cost in planted forests is long, and must be invested for many years, so it is necessary to separate it into a separate criterion and monitor it differently from normal inventories.

In addition to theoretical issues on forming a scientific approach to this issue, on the discussion forums of financial experts, there are many issues related to the work of determining enterprise value raised such as: valuation mechanism, valuation organization, control of valuation process, selection of valuation organization, valuation method, determination criteria, method of selling enterprise value, state shareholding ratio... However, there has not been any systematic research on both theoretical basis and practical requirements for perfecting criteria for determining the value of state-owned enterprises in the forestry production sector. Recognizing the importance of the issue, with the desire to gradually solve the problems in using criteria to determine the value of forestry enterprises, the researcher realized that there was a need for a research project to objectively and comprehensively evaluate the use of criteria to determine the value of forestry enterprises.

Based on the above problems, the author has chosen the problem: " Research to perfect the criteria for determining the value of state-owned enterprises in the forestry production sector" as the topic of his doctoral thesis.

2. Objectives and research tasks of the thesis

2.1. Research objectives

Based on research on current situation, analysis of factors affecting the

Criteria for determining the value of current forestry enterprises, thereby proposing solutions to improve the criteria for determining the value of state-owned enterprises in the forestry production sector in the coming time.

2.2. Research tasks

1. Contribute to systematizing and clarifying the theoretical and practical basis of criteria for determining the value of state-owned enterprises in forestry

2. Assessment of the current status of criteria for determining the value of state-owned enterprises in forestry in Vietnam

3. Analysis of factors affecting the criteria for determining the value of state-owned enterprises in forestry in Vietnam

4. Propose solutions to improve the criteria for determining the value of state-owned enterprises in the forestry production sector in the coming time.

3. Subject and scope of the thesis research

3.1. Research subjects

The research object of the thesis is the theoretical and practical basis of criteria for determining the value of state-owned enterprises in the forestry production sector.

3.2. Scope of research

* Spatial scope

State-owned enterprises in the forestry production sector with limited scope are selected from 3 representative regions: the Northeast region, the Central Coast region and the Southeast region.

* Time range

- Secondary data collection time: In principle, the longer the selection time, the better and the higher the accuracy. However, within the framework of this topic, due to the specificity of the criteria for determining enterprise value, all are based on data from the last 3 years, so the thesis mainly focuses on the period from 2017-2019, some research content for longer periods.

- Proposals to complete the criteria for determining the value of State-owned enterprises in forestry production applicable for the period from 2021-2030.

* Content scope

The research content of the thesis focuses on the criteria for determining the value of state-owned enterprises in forestry production. Because each method of determining the value of an enterprise has a different system of criteria. Therefore, the topic cannot study all the methods, so it is limited to the main method that enterprises use to determine the value of enterprises today, which is the asset method.

On the other hand, state-owned enterprises in the forestry sector also include many different production fields from forest creation, exploitation, processing and consumption, so it is too broad. Therefore, the topic is also limited to focus on forestry companies that mainly produce and trade planted forests.

4. Research methods

4.1. Approach of research method and theoretical framework of the thesis

Approach:

- Access to financial markets: All criteria for determining enterprise value are valued at market prices at the time of determination.

- Financial analysis approach: Calculating criteria to determine the values ​​of enterprises according to separate entities, which are forestry companies. In the thesis, there are 3 companies selected to represent 3 regions and 1 company as a comparison reference.

- Approach by enterprise type: The topic is limited to forestry enterprises, specifically former state-owned forest enterprises (current forestry companies).

Method of Determining the Value of State-Owned Enterprises in Forestry

career

Criteria for determining the value of agricultural enterprises in forestry production

QT Experience

Background on PT

Production

Propose

complete solution

Analytical framework of the thesis

Determining the value of forestry enterprises

Production factor influence
Production cycle	Location	Production diversity	Society	Season

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At the end of the survey, after checking and eliminating erroneous questionnaires, the study collected 858 complete questionnaires, equivalent to a rate of about 78%. In addition, the research subjects of the thesis are only people who are using mobile phones, so people who do not use mobile phones are not within the scope of the thesis, therefore, the questionnaires with the option of not using mobile phones were excluded from the scope of analysis. The number of suitable survey questionnaires included in the statistical analysis was 835. 4.1 Demographic characteristics of the sample The structure of the survey sample is divided and statistically analyzed according to criteria such as gender, age, occupation, education level and personal income. (Detailed statistical table in Appendix 6) - Gender structure: Of the 835 completed questionnaires, 49.8% of respondents were male, equivalent to 416 people, and 50.2% were female, equivalent to 419 people. The survey results of the study are completely consistent with the gender ratio in the population structure of Vietnam in general and Hanoi in particular (Male/Female: 49/51). - Age structure: 36.6% of respondents are <23 years old, equivalent to 306 people. People from 23-34 years old accounting for the highest proportion: 44.8% equivalent to 374 people, people aged 35-45 and >45 are 70 and 85 people equivalent to 8.4% and 10.2% respectively. Looking at the results of this survey, we can see that the young people - youth account for a large proportion of the total number of people participating in the survey. Meanwhile, the middle-aged people including two age groups of 35 - 45 and >45 have a low rate of participation in the survey. This is completely consistent with the reality when Mobile Marketing is identified as a Marketing service aimed at young people (people under 35 years old). - Structure by educational level: among 835 valid responses, 541 respondents had university degrees, accounting for the highest proportion of ~ 75%, 102 had secondary school degrees, ~ 13.1%, and 93 had post-graduate degrees, ~ 11.9%. - Occupational structure: office workers and civil servants are the group with the highest rate of participation with 39.4%, followed by students with 36.6%. Self-employed people account for 12%, retired housewives are 7.8% and other occupational groups account for 4.2%. The survey results show that the student group has the same rate as the group aged <23 at 36.6%. This shows the accuracy of the survey data. In addition, the survey results distributed by occupational criteria have a rate almost similar to the sample division rate in chapter 3. Therefore, it can be concluded that the survey data is suitable for use in analysis activities. - Income structure: the group with income from 3 to 5 million has the highest rate with 39% of the total number of respondents. This is consistent with the income structure of Hanoi people and corresponds to the average income of the group of civil servants and office workers. Those People with no income account for 23%, income under 3 million VND accounts for 13% and income over 5 million VND accounts for 25%. 4.2 Mobile phone usage in Hanoi inner city area According to the survey results, most respondents said they had used the phone for more than 1 year, specifically: 68.4% used mobile phones from 4 to 10 years, 23.2% used from 1 to 3 years, 7.8% used for more than 10 years. Those who used mobile phones for less than 1 year accounted for only a very small proportion of ~ 0.6%. (Table 4.1) Table 4.1: Time spent using mobile phones Frequency Ratio (%) Valid Percentage Cumulative Percentage Alid <1 year 5 .6 .6 .6 1-3 years 194 23.2 23.2 23.8 4-10 years 571 68.4 68.4 92.2 >10 years 65 7.8 7.8 100.0 Total 835 100.0 100.0 The survey indexes on the time of using mobile phones of consumers in the inner city of Hanoi are very impressive for a developing country like Vietnam and also prove that Vietnamese consumers have a lot of experience using this high-tech device. Moreover, with the majority of consumers surveyed having a relatively long time of use (4-10 years), it partly proves that mobile phones have become an important and essential item in people's daily lives. When asked about the mobile phone network they are using, 31% of respondents said they are using the network of Vietel company, 29% use the network of of Mobifone company, 27% use Vinaphone company's network and 13% use networks of other providers such as E-VN telecom, S-fone, Beeline, Vietnammobile. (Figure 4.1). Figure 4.1: Mobile phone network in use Compared with the announced market share of mobile telecommunications service providers in Vietnam (Vietel: 36%, Mobifone: 29%, Vinaphone: 28%, the remaining networks: 7%), we see that the survey results do not have many differences. However, the statistics show that there is a difference in the market share of other networks because the Hanoi market is one of the two main markets of small networks, so their market share in this area will certainly be higher than that of the whole country. According to a report by NielsenMobile (2009) [8], the number of prepaid mobile phone subscribers in Hanoi accounts for 95% of the total number of subscribers, however, the results of this survey show that the percentage of prepaid subscribers has decreased by more than 20%, only at 70.8%. On the contrary, the number of postpaid subscribers tends to increase from 5% in 2009 to 19.2%. Those who are simultaneously using both types of subscriptions account for 10%. (Table 4.2). Table 4.2: Types of mobile phone subscribers Frequency Ratio (%) Valid Percentage Cumulative Percentage Valid Prepay 591 70.8 70.8 70.8 Pay later 160 19.2 19.2 89.9 Both of the above 84 10.1 10.1 100.0 Total 835 100.0 100.0 The above figures show the change in the psychology and consumption habits of Vietnamese consumers towards mobile telecommunications services, when the use of prepaid subscriptions and junk SIMs is replaced by the use of two types of subscriptions for different purposes and needs or switching to postpaid subscriptions to enjoy better customer care services. In addition, the majority of respondents have an average spending level for mobile phone services from 100 to 300 thousand VND (406 ~ 48.6% of total respondents). The high spending level (> 500 thousand VND) is the spending level with the lowest number of people with only 8.4%, on the contrary, the low spending level (under 100 thousand VND) accounts for the second highest proportion among the groups of respondents with 25.4%. People with low spending levels mainly fall into the group of students and retirees/housewives - those who have little need to use or mainly use promotional SIM cards. (Table 4.3). Table 4.3: Spending on mobile phone charges Frequency Ratio (%) Valid Percentage Cumulative Percentage Valid <100,000 212 25.4 25.4 25.4 100-300,000 406 48.6 48.6 74.0 300,000-500,000 147 17.6 17.6 91.6 >500,000 70 8.4 8.4 100.0 Total 835 100.0 100.0 The statistics in Table 4.3 are similar to the percentages in the NielsenMobile survey results (2009) with 73% of mobile phone users having medium spending levels and only 13% having high spending levels. The survey results also showed that up to 31% ~ nearly one-third of respondents said they sent more than 10 SMS messages/day, meaning that on average they sent 1 SMS message for every working hour. Those with an average SMS message volume (from 3 to 10 messages/day) accounted for 51.1% and those with a low SMS message volume (less than 3 messages/day) accounted for 17%. (Table 4.4) Table 4.4: Number of SMS messages sent per day Frequency Ratio (%) Valid Percentage Cumulative Percentage Valid <3 news 142 17.0 17.0 17.0 3-10 news 427 51.1 51.1 68.1 >10 news 266 31.9 31.9 100.0 Total 835 100.0 100.0 Similar to sending messages, those with an average message receiving rate (from 3-10 messages/day) accounted for the highest percentage of ~ 55%, followed by those with a high number of messages (over 10 messages/day) ~ 24% and those with a low number of messages received daily (under 3 messages/day) remained at the bottom with 21%. (Table 4.5) Table 4.5: Number of SMS messages received per day Frequency Ratio (%) Valid Percentage Cumulative Percentage Valid <3 news 175 21.0 21.0 21.0 3-10 news 436 55.0 55.0 76.0 >10 news 197 24.0 24.0 100.0 Total 835 100.0 100.0 When comparing the data of the two result tables 4.4 and 4.5, we can see the reasonableness between the ratio of the number of messages sent and the number of messages received daily by the interview participants. 4.3 Current status of SMS advertising and Mobile Marketing According to the interview results, in the 3 months from the time of the survey and before, 94% of respondents, equivalent to 785 people, said they received advertising messages, while only a very small percentage of 6% (only 50 people) did not receive advertising messages (Table 4.6). 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• Identify Rating Levels and Rating Scales zt2i3t4l5ee zt2a3gstourism,quan lan,quang ninh,ecology,ecotourism,minh chau,van don,geography,geographical basis,tourism development,science zt2a3ge zc2o3n4t5e6n7ts of the islanders. Therefore, this indicator will be divided into two sub-indicators: a1. Natural tourism attractiveness a2. Cultural tourism attractiveness b. Tourist capacity The two island communes in Quan Lan have different capacities to receive tourists. Minh Chau Commune is home to many standard hotels and resorts, attracting high-income domestic and international tourists. Meanwhile, Quan Lan Commune has many motels mainly built and operated by local people, so the scale and quality are not high, and will be suitable for ordinary tourists such as students. c. Time of exploitation of Quan Lan Island Commune: Quan Lan tourism is seasonal due to weather and climate conditions and festivals only take place on certain days of the year, specifically in spring. In Quan Lan commune, the period from April to June and from September to November is considered the best time to visit Quan Lan because the cultural tourism activities are mainly associated with festivals taking place during this time. Minh Chau island commune: Tourism exploitation time is all year round, because this is a place with a number of tourist attractions with diverse ecosystems such as Bai Tu Long National Park Research Center, Tram forest, Turtle Laying Beach, so besides coming to the beach for tourism and vacation in the summer, Minh Chau will attract research groups to come for tourism combined with research at other times of the year. d. Sustainability The sustainability of ecotourism sites in Quan Lan and Minh Chau communes depends on the sensitivity of the ecosystems to climate changes. landscape. In general, these tourist destinations have a fairly high level of sustainability, because they are natural ecosystems, planned and protected. However, if a large number of tourists gather at certain times, it can exceed the carrying capacity and affect the sustainability of the environment (polluted beaches, damaged trees, animals moving away from their habitats, etc.), then the sustainability of the above ecosystems (natural ecosystems, human ecosystems) will also be affected and become less sustainable. e. Location and accessibility Both island communes have ports to take tourists to visit from Van Don wharf: - Quan Lan – Van Don traffic route: Phuc Thinh – Viet Anh high-speed boat and Quang Minh high-speed boat, depart at 8am and 2pm from Van Don to Quan Lan, and at 7am and 1pm from Quan Lan to Van Don. There are also wooden boats departing at 7am and 1pm. - Van Don - Minh Chau traffic route: Chung Huong high-speed train, Minh Chau train, morning 7:30 and afternoon 13:30 from Van Don to Minh Chau, morning 6:30 and afternoon 13:00 from Minh Chau to Van Don. f. Infrastructure Despite receiving investment attention, the issue of infrastructure and technical facilities for tourism on Quan Lan Island is still an issue that needs to be resolved because it has a direct impact on the implementation of ecotourism activities. The minimum conditions for serving tourists such as accommodation, electricity, water, communication, especially medical services, and security work need to be given top priority. Ecotourism spots in Minh Chau commune are assessed to have better infrastructure and technical facilities for tourism because there are quite complete and synchronous conditions for serving tourists, meeting many needs of domestic and foreign tourists. 3.2.1.4. Determine assessment levels and assessment scales Corresponding to the levels of each criterion, the index is the score of those levels in the order of 4, 3, 2, 1 decreasing according to the standard of each level: very attractive (4), attractive (3), average (2), less attractive (1). 3.2.1.5. Determining the coefficients of the criteria For the assessment of DLST in the two communes of Quan Lan and Minh Chau islands, the students added evaluation coefficients to show the importance of the criteria and indicators as follows: Coefficient 3 with criteria: Attractiveness, Exploitation time. These are the 2 most important criteria for attracting tourists to tourism in general and eco-tourism in particular, so they have the highest coefficient. Coefficient 2 with criteria: Capacity, Infrastructure, Location and accessibility . Because the assessment area is an island commune of Van Don district, the above criteria are selected by the author with appropriate coefficients at the average level. Coefficient 1 with criteria: Sustainability. Quan Lan has natural and human-made ecotourism sites, with high biodiversity and little impact from local human factors. Most of the ecotourism sites are still wild, so they are highly sustainable. 3.2.1.6. Results of DLST assessment on Quan Lan island a. Assessment of the potential for natural tourism development  For Minh Chau commune: + Natural tourism attractiveness is determined to be very attractive (4 points) and the most important coefficient (coefficient 3), so the score of the Attractiveness criterion is 4 x 3 = 12. + Capacity is determined as average (2 points) and the coefficient is quite important (coefficient 2), then the score of Capacity criterion is 2 x 2 = 4. + Exploitation time is long (4 points), the most important coefficient (coefficient 3) so the score of the Exploitation time criterion is 4 x 3 = 12. + Sustainability is determined as sustainable (4 points), the important coefficient is the average coefficient (coefficient 1), so the score of the Sustainability criterion is 4 x 1 = 4 points + Location and accessibility are determined to be quite favorable (2 points), the coefficient is quite important (coefficient 2), the criterion score is 2 x 2 = 4 points. + Infrastructure is assessed as good (3 points), the coefficient is quite important (coefficient 2), then the score of the Infrastructure criterion is 3 x 2 = 6 points. The total score for evaluating DLST in Minh Chau commune according to 6 evaluation criteria is determined as: 12 + 4 + 12 + 4 + 4 + 6 = 42 points Similar assessment for Quan Lan commune, we have the following table: Table 3.3: Assessment of the potential for natural ecotourism development in Quan Lan and Minh Chau communes Attractiveness of self-tourismof course Capacity Mining time Sustainability Location and accessibility Infrastructure Result Point DarkMulti Point DarkMulti Point DarkMulti Point DarkMulti Point DarkMulti Point DarkMulti CommuneMinh Chau 12 12 4 8 12 12 4 4 4 8 6 8 42/52 Quan CommuneLan 6 12 6 8 9 12 4 4 4 8 4 8 33/52 b. Assessment of the potential for humanistic tourism development  For Quan Lan commune: + The attractiveness of human tourism is determined to be very attractive (4 points) and the most important coefficient (coefficient 3), so the score of the Attractiveness criterion is 4 x 3 = 12. + Capacity is determined to be large (3 points) and the coefficient is quite important (coefficient 2), then the score of the Capacity criterion is 3 x 2 = 6. + Mining time is average (3 points), the most important coefficient (coefficient 3) so the score of the Mining time criterion is 3 x 3 = 9. + Sustainability is determined as sustainable (4 points), the important coefficient is the average coefficient (coefficient 1), so the score of the Sustainability criterion is 4 x 1 = 4 points. + Location and accessibility are determined to be quite favorable (2 points), the coefficient is quite important (coefficient 2), the criterion score is 2 x 2 = 4 points. + Infrastructure is rated as average (2 points), the coefficient is quite important (coefficient 2), then the score of the Infrastructure criterion is 2 x 2 = 4 points. The total score for evaluating DLST in Quan Lan commune according to 6 evaluation criteria is determined as: 12 + 6 + 6 + 4 + 4 + 4 = 36 points. Similar assessment with Minh Chau commune we have the following table: Table 3.4: Assessment of the potential for developing humanistic eco-tourism in Quan Lan and Minh Chau communes Attractiveness of human tourismliterature Capacity Mining time Sustainability Location and accessibility Infrastructure Result Point DarkMulti Point DarkMulti Point DarkMulti Point DarkMulti Point DarkMulti Point DarkMulti Quan CommuneLan 12 12 6 8 9 12 4 4 4 8 4 8 39/52 Minh CommuneChau 6 12 4 8 12 12 4 4 4 8 6 8 36/52 Basically, both Minh Chau and Quan Lan localities have quite favorable conditions for developing ecotourism. However, Quan Lan commune has more advantages to develop ecotourism in a humanistic direction, because this is an area with many famous historical relics such as Quan Lan Communal House, Quan Lan Pagoda, Temple worshiping the hero Tran Khanh Du, ... along with local festivals held annually such as the wind praying ceremony (March 15), Quan Lan festival (June 10-19); due to its location near the port and long exploitation time, the beaches in Quan Lan commune (especially Quan Lan beach) are no longer hygienic and clean to ensure the needs of tourists coming to relax and swim; this is also an area with many beautiful landscapes such as Got Beo wind pass, Ong Phong head, Voi Voi cave, but the ability to access these places is still very limited (dirt hill road, lots of gravel and rocks), especially during rainy and windy times; In addition, other natural resources such as mangrove forests and sea worms have not been really exploited for tourism purposes and ecotourism development. On the contrary, Minh Chau commune has more advantages in developing ecotourism in the direction of natural tourism, this is an area with diverse ecosystems such as at Rua De Beach, Bai Tu Long National Park Conservation Center...; Minh Chau beach is highly appreciated for its natural beauty and cleanliness, ranked in the top ten most beautiful beaches in Vietnam; Minh Chau commune is also home to Tram forest with a large area and a purity of up to 90%, suitable for building bridges through the forest (a very effective type of natural ecotourism currently applied by many countries) for tourists to sightsee, as well as for the purpose of studying and researching. Figure 3.1: Thenmala Forest Bridge (India) Source: https://www.thenmalaecotourism.com/(August 21, 2019) 3.2.2. Using SWOT matrix to evaluate Quan Lan island tourism General assessment of current tourism activities of Quan Lan island is shown through the following SWOT matrix: Table 3.5: SWOT matrix evaluating tourism activities on Quan Lan island Internal agent Strengths- There is a lot of potential for tourism development, especially natural ecotourism and humanistic ecotourism.- The unskilled labor force is relatively abundant.- resource environmentunpolluted, still Weaknesses- Poorly developed infrastructure, especially traffic routes to tourist destinations on the island.- The team of professional staff is still weak.- Tourism products in general quite wild, originalintact general and DLST in particularalone is monotonous. External agents Opportunity- Tourism is a key industry in the socio-economic development strategy of the province and Van Don economic zone.- Quan Lan was selected as a pilot area for eco-tourism development within the framework of the green growth project between Quang Ninh province and the Japanese organization JICA.- The flow of tourists and especially ecotourism in the world tends toincreasing Challenge- Weather and climate change abnormally.- Competition in tourism products is increasingly fierce, especially with other localities in the province such as Ha Long, Mong Cai...- Awareness of tourists, especially domestic tourists, about ecotourism and nature conservation is not high. Through summary analysis using SWOT matrix we see that:  To exploit strengths and take advantage of opportunities, it is necessary to: - Diversify products and service types (build more tourism routes aimed at specific needs of tourists: experiential tourism immersed in nature, spiritual cultural tourism...) - Effective exploitation of resources and differentiated products (natural resources and human resources) div.maincontent .p { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 14pt; margin:0pt; } div.maincontent p { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 14pt; margin:0pt; } div.maincontent .s1 { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 13pt; } div.maincontent .s2 { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 13pt; } div.maincontent .s3 { color: #0D0D0D; font-family:"Times New Roman", serif; font-style: normal; font-weight: bold; text-decoration: none; font-size: 14pt; } div.maincontent .s4 { color: black; font-family:"Times New Roman", serif; font-style: italic; font-weight: normal; text-decoration: none; font-size: 14pt; } div.maincontent .s5 { color: black; font-family:"Times New Roman", serif; font-style: italic; font-weight: bold; text-decoration: none; font-size: 14pt; } div.maincontent .s6 { color: black; font-family:"Times New Roman", serif; font-style: italic; font-weight: normal; text-decoration: none; font-size: 14pt; vertical-align: -3pt; } div.maincontent .s7 { color: black; font-family:"Times New Roman", serif; font-style: italic; font-weight: normal; text-decoration: none; font-size: 14pt; vertical-align: -2pt; } div.maincontent .s8 { color: black; font-family:"Times New Roman", serif; font-style: italic; font-weight: normal; text-decoration: none; font-size: 14pt; vertical-align: -1pt; } div.maincontent .s9 { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 14pt; } div.maincontent .s10 { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: bold; text-decoration: none; font-size: 14pt; } div.maincontent .s11 { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 14pt; } div.maincontent .s12 { color: black; font-family:Symbol, serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 14pt; } div.maincontent .s13 { color: black; font-family:Wingdings; font-style: normal; font-weight: normal; text-decoration: none; font-size: 14pt; } div.maincontent .s14 { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 9pt; vertical-align: 5pt; } div.maincontent .s15 { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 9pt; vertical-align: 5pt; } div.maincontent .s16 { color: black; font-family:Cambria, serif; font-style: italic; font-weight: normal; text-decoration: none; font-size: 14pt; } div.maincontent .s17 { color: #080808; font-family:"Times New Roman", serif; font-style: normal; font-weight: bold; text-decoration: none; font-size: 14pt; } div.maincontent .s18 { color: #080808; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 14pt; } div.maincontent .s19 { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 11pt; } div.maincontent .s20 { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 10pt; } div.maincontent .s21 { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: bold; text-decoration: none; font-size: 11pt; } div.maincontent .s22 { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 11pt; } div.maincontent .s23 { color: black; font-family:"Times New Roman", serif; font-style: italic; font-weight: normal; text-decoration: none; font-size: 14pt; } div.maincontent .s24 { color: #212121; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; tex

General impact
Macro	Micro

Note: : Before and after relationship;

: Impact relationship

Figure 1: Research analysis framework

(Author's suggestion)

4.2. Research method of the thesis

4.2.1 Method of selecting research sites

* Step 1: Select research area

Due to the requirements and characteristics of the research topic, the selection of the research area must ensure that there are forestry companies producing and trading in afforestation with high intensity. The researcher chose the Northeast region as the area for trading in raw materials for the paper industry; the Central region as the area for trading in raw materials for wood chips; and the Southeast region as the area for trading in industrial raw materials. These are also the regions that have been and are in the process of changing the organizational model from state-owned forestry farms to one-member limited liability forestry companies and are also the regions that are planning to equitize forestry companies in the near future.

* Step 2: Select research province

In each selected research area, the author selected provinces representing the area that met the requirements and research contents of the thesis, specifically:

- In the Northeast region, Phu Tho, Yen Bai and Tuyen Quang provinces are selected. These are provinces with highly developed forestry production and business. Production and business mainly focus on paper materials. There are various forms of production organization, but most of them are small-scale.

- In the Central region, the author chose Binh Dinh province, which is a province with quite developed forestry production and business and has the first forest certification model in Vietnam.

- In the Southeast region, the author chose Dong Nai province, this is a province with many forestry companies trading in paper industry raw materials representing the region.

* Step 3: Select forestry enterprises to survey and select the company as a research point

In each selected region and province, the author selected 3 forestry companies for survey: