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SOCIAL
Industrial Manufacturing
Industrial manufacturing challenges and opportunities
Revenue growth and profitability: Industrials companies seek to differentiate themselves through value-added products, tailored customer experiences and streamlined operations that can deliver products to market faster than the competition. Companies must also control their materials and labor expenses, and squeeze inefficiencies out of their supply chains.
CONTACT US
Ms. Hoang Thi Vinh
Giám đốc kiểm toán
P: 0904 555 333
E: vinh.hoang@rsmhanoi.com.vn
Global expansion: As part of their growth strategies, many middle market industrials companies need to evaluate their role in the international marketplace. When businesses enter new markets and source production and raw materials abroad, they face challenges including international taxation, differences in business culture, new economies and regulatory issues.
Risk management: Managing internal and external risks involves navigating a range of issues—currencies, commodities, regulations, cybersecurity and global political disruption, to name a few. There are many ways businesses can adapt to these risks; some, for instance, may hedge key materials to mitigate the risk of price fluctuations. Others might invest in automation to deal with rising labor costs.
Industry 4.0: Effective technology enables companies to capture insights that can improve the customer experience, reduce costs, automate processes and increase efficiency. By prioritizing innovation, industrials companies can differentiate themselves to attract and retain customers.
Workforce: To keep up with the advancement and integration of technology, industrials companies need to attract a skilled workforce. With fewer young people looking to manufacturing as a viable career direction, a lack of skilled workers limits growth and profitability
Fueled by the experience and expertise of our industry professionals, we help clients confront the complex challenges of today’s constantly changing environment to position themselves for growth.
As customers look for innovation and quality at increasingly competitive prices, IM companies must look for new ways to manage risk, deliver exceptional products and reduce costs and time to market. While IM companies find themselves seeking opportunities for growth in both developed and high growth markets, we can help our clients adjust their business models to thrive within new cultures and operating environments and stay ahead of the competition.
IDEAS AND INSIGHTS
March 15, 2021
Le Dai Duong
Vietnam Accounting Standard (VAS) was established based on International Accounting Standards (IAS/IFRS) from the year 2000 to 2005, according to the selective application of International practice principles and matched with the characteristics of the economy and management level of Vietnamese enterprises.
March 20, 2021
Van Hoang
On March 16, 2020, the Minister of Finance issued Decision No. 345/QD-BTC approving the scheme on application of International Financial Reporting Standards in Vietnam
February 6, 2021
Huyen Tran
The impact of COVID-19 is evolving rapidly with varying degrees of individual circumstances. In addition to addressing the severe operational impacts of the coronavirus, it is important for all entities to consider the effects of COVID-19 on their financial statements. We provide a high-level overview of some of the issues to consider during this critical moment
April 3, 2021
Le Dai Duong
Despite being hit hard by COVID-19, Vietnam’s economy remained resilient and even grew at 2.91 percent in 2020 (General Statistics Office). This is the result of both government’s decisive containment measures and the ability of Vietnam to keep a high business confidence index
February 4, 2020
Le Dai Duong
In an ever-growing global economy, international mobility of employees had become a routine and everyday occurrence. This has resulted in many challenges around tracking internationally mobile employees, meeting compliance obligations in each country and understanding the impact of international mobility on the business.
April 5, 2019
Le Dai Duong
The COVID-19 crisis is creating tremors that are being felt, on an international scale, by businesses as they look to safeguard their future in terms of cashflow and liquidity. Cashflow forms the lifeblood of small and medium-sized businesses and once this is threatened, an organisation can soon find itself in troubled water.