Cohort 2022-2024
Master’s Thesis
Financial Statement Analysis of
Oriental Sports Industrial Vietnam Co., Ltd.
(Vietnam)
Student: Vu Dieu Linh
Supervisor: Assoc. Prof. Dr. Nguyen Van Dinh
Hanoi, December 2025
ABSTRACT
Thesis Title: Financial Statement Analysis of Oriental Sports Industrial Vietnam Co., Ltd.
(Vietnam)
Pages: 96
University: Nantes University
Graduate School: IAE Nantes - International Banking, Finance, Insurance
Date: December 2025 Degree: Master
Researcher: Vu Dieu Linh Advisor: Assoc. Prof. Dr. Nguyen Van Dinh
Keywords: Finance, Economics, Footwear Industry, Exporting, FDI
This thesis examines the financial performance and strategic developments of Oriental
Sports Vietnam Ltd., an export-oriented, mid-sized enterprise specializing in the production
of sports and lifestyle goods. The analysis focuses on the fiscal years 2019 to 2024—a period
marked by the company's transition from post-pandemic recovery and peak demand in 2023
to declining profit margins and revenue contraction in 2024.
Despite facing adverse macroeconomic conditions, foreign exchange fluctuations, and
weakening consumer demand in key Western markets, the company demonstrated notable
financial resilience and operational discipline. However, findings also highlight the
emergence of internal inefficiencies and a lack of strategic agility, which have increasingly
constrained growth potential.
The study evaluates the firm's financial performance under various scenarios and
proposes a set of strategic recommendations aimed at enhancing financial sustainability in the
short, medium, and long term.
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ACKNOWLEDGEMENTS
I would like to express my deep gratitude and sincere thanks Assoc. Prof. Dr. Nguyen
Van Dinh, who have instructed, guided and helped me very enthusiastically during the time of
doing and completing the thesis. Also, I would like to sincerely thank Vietnam National
University, the Postgraduate Training Department, for creating conditions and helping me to
do the thesis.
I would like to sincerely thank my colleagues in the Faculty of Environment and Urban
Affairs and my friends for their mental support and valuable comments to help me complete
the thesis. Finally, I would like to thank my family for their unconditional support throughout
my entire education and career development journey. They are the primary motivation for me
to complete this higher level of education and move forward in the future.
Thank you!
Author
Vu Dieu Linh
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TABLE OF CONTENTS
ABSTRACT
ACKNOWLEDGEMENTS
TABLE OF CONTENTS
ABBREVIATIONS
LIST OF TABLES
LIST OF FIGURES
CHAPTER 1. INTRODUCTION
1.1. The urgency of the research topic
1.2. Literature Review of existing research on financial statement analysis
1.3. Research Objectives and Research Tasks
1.3.1. Research Objectives
1.3.2. Research Tasks
1.4. Research question
1.5. Subject and scope of research
1.6. Research methodology
1.6.1. Data sources and data collection methods
1.6.2. Data processing method
1.7 Implication of the research topic
1.7.1. Theoretical implication
1.7.2. Practical implication
1.8. Thesis structure
CHAPTER 2. THEORETICAL BACKGROUND OF FINANCIAL STATEMENT
ANALYSIS
2.1. Theoretical Framework of Corporate Financial Analysis
2.1.1. Concept of Financial Analysis
2.1.2. Objectives of Financial Analysis
2.1.3. Meaning of Financial Analysis
2.1.3.1. For internal stakeholders
2.1.3.2. For external stakeholders
2.2. The four basic financial statements: an overview
2.2.1. Balance Sheet
2.2.2. Income Statement
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2.2.3. Statement of Cash Flows
2.2.4. Other sources of information for financial analysis
2.2.5. Relationships Among the Statements
2.3. Financial Statement Analysis Methods
2.3.1. Comparison Analysis
2.3.2. Trend Analysis (Trend Percentage)
2.3.3. Ratio Analysis
2.3.4. Dupont Model
2.4. Corporate Financial Analysis Contents
2.4.1. General assessment of financial situation
2.4.2. Analysis of the company’s financial structure
2.4.3. Financial Health: Payables/Receivables Management and Solvency Analysis
2.4.4. Business efficiency analysis
2.4.5. Cash Flow Analysis
2.4.6. Financial Risks Assessment
CHAPTER 3. FINANCIAL STATEMENT ANALYSIS OF OSIV
3.1. Background information about OSIV
3.1.1. OSIV’s general information
3.1.2. OSIV’s Organizational Structure
3.2. Analysis of OSIV Financial Statements
3.2.2. Profitability and Operational Efficiency Analysis (2019–2024)
3.2.3. Cash Flow Analysis
3.2.4. In-depth Financial Analysis
3.2.5. Peer Benchmarking and Industry Context
CHAPTER 4. PROPOSED SOLUTIONS TO IMPROVE PERFORMANCE OF OSIV
4.1. Proposal for a strategic plan
4.2 Short-Term Financial Optimization
4.2.1. Inventory Management and Turnover Efficiency
4.2.2. Accounts Receivable and Payment Discipline
4.2.3. Payables Strategy and Supplier Terms Optimization
4.2.4. Cash Flow Monitoring and Short-Term Forecasting
4.2.5. Unlocking Liquidity Through Operational Precision
4.3. Long-Term Structural Improvements
4.3.1. Capital Structure Optimization: Introducing Selective Leverage
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