VIETNAM NATIONAL UNIVERSITY, HANOI
INTERNATIONAL SCHOOL
===================
NGO QUANG MINH
ANALYSIS OF CAPITAL STRUCTURE OF
LISTED FOOD ENTERPRISES IN VIETNAM
Program : Financial Management
Code : 8340202
Supervisor : Dr. Le Thi Thu Huong
Ha Noi – 2025
I
DECLARATION OF AUTHORSHIP
I hereby declare that this scheme was carried out by myself under the
guidance and supervision of Dr. Le Thi Thu Huong; and that the work contained in
it and the results in it are true by the author and have not violated research ethics.
The data and figures presented in this scheme are for analysis, comments, and
evaluations from various resources by my own work and have been duly
acknowledged in the reference part.
In addition, other comments, reviews and data used by other authors, and
organizations have been acknowledged and explicitly cited.
I will take full responsibility for any fraud detected in my scheme.
II
ACKNOWLEDGEMENTS
The project was completed with the enthusiastic help of the Board of
Directors - Hanoi National University, the leadership team and teachers of the
International School - Hanoi National University, especially the dedicated and
thoughtful guidance of the instructors. I would like to send my most respectful
thanks to the teachers.
Sincere thanks to family, friends, and colleagues for always encouraging,
supporting, and sharing difficulties for the author to successfully complete the
project.
Scheme Author
Ngo Quang Minh
III
SUMMARY
This study focuses on analyzing the capital structure of listed food
enterprises in Vietnam during the period 2020–2024. In the context of stable
economic growth, increasing per capita income, and a population exceeding 100
million with a high proportion of working-age individuals, Vietnam’s food industry
is recognized as one of the key sectors with strong development potential. While
capital structure has been widely researched globally and domestically, few studies
have specifically examined the food sector in Vietnam or updated the impacts of
recent macroeconomic fluctuations such as COVID-19, interest rate volatility, or
fiscal policy shifts. This research aims to fill that gap by providing a comprehensive
analysis of capital structure characteristics among listed food firms.
The study addresses three main objectives: (i) systematize the theoretical
foundations of capital structure and identify key influencing factors; (ii) evaluate the
current status of capital structure among listed food companies in Vietnam; and (iii)
propose solutions to improve capital structure by 2030 in line with the sector’s
strategic development orientation. The research applies secondary data analysis
methods, using audited financial statements from 2020 to 2024. Comparative
analysis, data synthesis, and graphical representation techniques are used to
examine trends in ownership capital, debt maturity, leverage, and internal vs.
external financing.
Key findings reveal that listed food enterprises maintain relatively low debt
ratios, high internal capital proportions, and stable financial leverage. However,
limitations still exist, such as over-reliance on short-term debt, lack of
diversification in financing sources, and absence of clearly defined target capital
structures. These issues highlight the need for improved capital management
strategies.
The study’s findings are significant for both academic and practical
purposes. They provide valuable insights for corporate financial managers in
optimizing capital structure, assist investors and financial institutions in risk
assessment, and support policymakers in developing effective financial regulations
tailored to the food industry. Overall, the study contributes to bridging theoretical
gaps and enhancing financial decision-making in one of Vietnam’s most vital
economic sectors.
VI
TABLE OF CONTENTS
ACKNOWLEDGEMENTS .................................................................................... iii
SUMMARY ............................................................................................................. iv
TABLE OF CONTENTS .......................................................................................... v
LIST OF ABBREVIATIONS............................................................................... viii
LIST OF TABLES .................................................................................................. ix
LIST OF FIGURES .................................................................................................. x
INTRODUCTION ..................................................................................................... 1
1. Background of the Research ................................................................................ 1
2. Research Objectives .............................................................................................. 6
3. Research Subject and Scope ................................................................................. 7
3.1. Research Subject .................................................................................................. 7
3.2. Research Scope .................................................................................................... 7
4. Research Methods ................................................................................................. 8
5. Scientific and Practical Significance of the Scheme ........................................... 9
5.1. Scientific Significance ......................................................................................... 9
5.2. Practical Significance ........................................................................................... 9
6. Structure of the research .................................................................................... 10
CHAPTER 1: THEORETICAL BASIS OF ENTERPRISE CAPITAL
STRUCTURE .......................................................................................................... 11
1.1. Overview of capital and capital sources of enterprises ...................................... 11
Enterprise Capital ............................................................................................ 11
Definition and Characteristics ...................................................................... 11
Classification of enterprise capital ............................................................... 11
Capital sources of enterprises.......................................................................... 12
Definition and classification of capital sources ........................................... 12
Capital source organization model of enterprises ........................................ 14
1.2. Capital Structure of Enterprises ......................................................................... 16
Definition of Capital Structure ........................................................................ 16
Indicators for Evaluating a Company’s Capital Structure .............................. 18
Based on Ownership Relationship ............................................................... 18
Based on the Duration of Capital Mobilization and Use ............................. 19
Based on the Scope of Capital Mobilization ................................................ 20
Factors Affecting the Capital Structure of Enterprises ................................... 20
