Ministry of finance

College of finance business administration

Department of foreign languages

English in finance and business

(for the fourth term students)

By:

Nguyen Hanh Van M.A

Pham Minh Duc M.A
Nguyen Van Khoa - M.A

Foreword

The following is a collection of readings in finance and business put

together for the fourth term students at the College of Finance
Business Administration (CFBA). The texts were collected from various
text books, popular books on finance and business, reports from
different economics news and articles written especially for this book by
various authors. The texts were shortened, simplified in order to fit the
skill level and interests of the students. Difficult and new vocabulary
was extracted from each reading to create a word list that was carefully
transcribed

and

translated into

Vietnamese.

Each

text

contains

exercises to practice vocabulary, grammar and use the language on

that particular subject. There are a total of 20 readings on different
subjects which were chosen because they are the basic subjects that
students at CFBA are required to study.
The book was designed in order to provide the students with
vocabulary and basic knowledge in finance and business that is
necessary for them to assimilate specialized books written in English. It
also helps them to communicate with foreigners in English in their field.
The work was initiated and compiled by two English lecturers from
CFBA, M.A. Nguyen Hanh Van, M.A. Pham Minh Duc and M.A Nguyen Van
Khoa Dean of English department from Hanoi University . During the
compilation of this book, the authors received some advice and
assistance from many colleages to improve the value of the material.
Many thanks to all of these people who have helped us in the
completion of this book.
The material has been approved by the council of science and
training. This is officially used by the lecturers and students at CFBA
during their research and study. There may be some shortcomings

during our first compilation. We wish to receive all comments from our
colleagues and students so that our next publication will be better

Council

of

science

and

training.

Hung Yen, 2010

Table of contents
Unit 1: .......................................................................................... Finance
1
Unit 2: Corporate Finance........................................................................8
Unit 3: Fiscal and monetary policies......................................................14
Unit 4: Central banks and finance markets...........................................15
Unit 5: The letter of credit L/C.............................................................19
Unit 6: Investing in stocks....
.21
Unit 7: Inflation...................................................................................... 27
Unit 8: Accounting................................................................................. 32
Unit 9: Marketing................................................................................38
Unit 10: Promotion................................................................................ 43
Unit 11: Distribution.............................................................................. 49
Unit 12: International business.............................................................55
Unit 13: Personnel................................................................................61
Unit 14: Letters of application.............................................................66
Unit

15:

Functions

of

central

banks ...............................................................................71

unit 1: finance
I. Reading
Finance

is

concerned

with

providing

funds

to

individuals,

businesses and governments. Finance allows these entities to use credit

instead of cash to purchase goods and invest in projects. For example,
an individual can borrow money from a bank to buy a house. An
industrial firm can raise money through investors to build a new factory.
Government can issue bonds to raise money for projects.
Finance plays an important role in the economy. As banks, credit
unions, and other financial institutions provide credit, they help expand
the economy by directing funds from savers to borrowers. For example,
a bank acquires large amounts of money from the deposits of individual
savers. The bank does not let this money idle but instead it provides
loans to borrowers who might then build a house or expand a business.
The savings of millions of people percolate through many financial
institutions, spurring economic growth.
A wide variety of financial institutions have different roles in
finance and the economy. Some institutions act as an intermediary
among consumers, businesses and governments by lending out
4

deposits. Other institutions, such as stock exchange, provide a market

for existing securities, for example, stocks and bonds. Stock exchanges
encourage investment because they enable investors to sell their
shares when the need arises.
Many aspects of finance are studied individually. Corporate finance
centres on how businesses can best raise and spend their funds. Public
finance focuses on the financial role of state, and local government.
Comprehension questions
1. What is finance concerned with?
2. What does the term these entities in the text refer to?
3. How can an industrial firm raise money?
4. How can government raise money for projects?
5. Prove that finance plays an important role in the economy?
6. Does the bank let the money idle?
7. Indicate the different roles of financial institutions in finance and the
economy?
8. Why do stock exchanges encourage investment?
9. What does corporate finance centre on?
10. What does public finance focus on?
II. Language focus:
1. Infinitives of purpose:

Adverbial clauses of purpose

To/ In order to/ So as to

We use to + infinitive to talk about the purpose of doing

something (= why someone does something).
Eg: - We have changed the management team to make the bank more
efficient.
- In order to change your image, you need to redesign your product
literature.
5

- Your company should expand production so as to meet the

demand of the market.
- Why has the factory closed down? - In order not to suffer losses.
2. Clauses of purpose: So that/ In order that
We can also use so that/ in order that + a clause to talk
about the purpose of doing something.
Eg: - Our firm concentrates on the home market so that we can attract
potential customers efficiently.

Practice: Use the suggested words or phrases in the brackets

to combine each pair of the following sentences:
1. He is going to the bank this afternoon. He wants to withdraw some
money. (to)
..
2. The enterprise wants to borrow capital from the bank. The
enterprise must demonstrate a detailed project. (in order to)
..
3. The man is saving money. He is going to build a villa. (so as to)
..
4. We dont want to waste time. We have circulated the papers before
the meeting. (in order not to)
..
5. Vietnam need reform administrative procedures. A lot of foreign
investors will invest in Vietnam. (so that)
..
III.

exercises

A. Vocabulary exercise:
Use the given words in the box to fill each blank in the sentences.
raise

securiti

cash

a deposit an

investors
6

es
project bonds

credit

intermediary
financial

loans

firms

s
1. The farmer is using ....................from the bank to do business.
2. Is investing in ........................ the most profitable in Vietnam now?
3. The

province

should

improve

administrative

procedures

to

attract ......................
4. Some people dont know how to decide between sending money to
banks or buying goverment ..............
5. They are making efforts to attract better investment ...................
6. The company needs a person who has the ability to manage
the ...................... resources of the company effectively.
7. All

business

..................

always

try

to

maximize

profits

but

households try to maximize utility or satisfaction.

8. The corporation may ................ capital by issuing more stocks.
9. The shop promised to keep the goods for me if I paid ............... of $
600.
10.

Using ................... card is more and more popular in Viet

Nam.
11.

They cant deal with each other directly so all their business

is conducted through.......................
12.

I have no ................. on me - May I pay by cheque?

B. Translation
*Translate into Vietnamese
The financial sector network of The World Bank Group helps countries
strengthen their financial systems by providing financing, policy
research, and advice, and technical support on banking systems, capital
markets, etc
..
7

..
..
..
*Translate into English
1- Ti chnh l mt iu kin v l mt tin ca s pht trin
kinh t. Mt chnh sch ti chnh ph hp s thc y pht trin kinh t.
..
..
2- Anh y thnh lp mt doanh nghip t nhn. Quy m hot
ng ca n vn cn nh v ti chnh cn hn ch.
..
..
IV.

Vocabulary:

finance

[fainns;

(v-n)

finns]

ti chnh, cp ti chnh, cp

vn
financial

[fainnl;

finnl]

to be concerned with
fund

[kns:nd]

(n)

[fnd]

entity

[entiti]

credit

[kredit]

(a)

thuc v ti chnh

(a)

lin quan n

qu, vn
(n)

thc th, ch th

(n)

tn dng

cash

[k]

(n)

tin mt

loan

[loun]

(n)

khon vay

purchase
project
saver

[prdekt]

[seivin]

[f:m]

(v-n)

mua, vic mua sm

(n)

d n

(n)

[seiv]

savings
firm

[p:ts]

ngi tit kim, ngi cho vay

(n)

tin tit kim, ti sn dnh dm c

(n)

hng, cng ty

(v)

lm tng ln, huy ng

raise

[reiz]

issue

[isju:]

(v)

pht hnh

share

[e]

(n)

c phn
8

stock

[stk]

(n)

c phiu

bond

[bnd]

(n)

tri phiu

securities

[si'kjurti]

(n)

chng khon

economic

[,i:knmik]

(a)

thuc v kinh t

(n)

nn kinh t

(n)

lin minh, t chc

economy
union

[i:knmi]

[ju:nin]

institution

(n)

[,institju:n]

t chc, th ch, nh ch

expand

[ikspnd]

acquire

[kwai]

(v)

t c, ginh c, thu c

amount

[maunt]

(n)

lng, s lng

deposit

[dipzit]

idle

(v) m rng, pht trin

(n)
(a-v)

[aidl]

percolate
spur

(v)

intermediary

arise

(v)

[knsju:m]

ngi trung gian

tiu th, tiu dng

(n)

ngi tiu th, ngi tiu dng

(v) pht sinh, ny sinh, l ra

['raiz]

corporate

c bit n dn dn, lan ra

khch l, kch thch

(n)

[,intmi:diri]

[knsju:m]

consumer

nhn ri
(v)

[p:kleit]

[sp:]

consume

tin gi, tin t cc

(a)

[k:prit]

thuc v doanh nghip, cng ty

unit 2: Corporate Finance

I. Reading
Corporations need financing for the purchase of assets and the
payment of expenses. The corporations can issue shares in exchange
for money or property (sometimes referred to as equity funding). The
shareholders together form the ownership of the company. Each share is
represented by a stock certificate. This is negotiable, which means that
it can be bought or sold.
The value of a share is determined not only by the net assets
divided by the total number of outstanding shares, but also by any
particular rights it gives to shareholders. The greater the success of the
company is, the more value the shares usually have.
9

A corporation can also get capital funds by borrowing. This is called

debt funding. When corporations borrow money, they give notes or
bonds, which are also negotiable. However, interest has to be paid out
whether business is profitable or not.
Management must consider both the outflow and inflow of capital
funds in running the corporation. The purchase of materials and
supplies, or payment of salaries results in an outflow. The sale of goods
and services results in an inflow. In the long run, the inflow must be
greater than the outflow to result in a profit. In addition, a company
must deduct its costs, expenses, losses on bad debts, interest on
borrowed capital and other items in order to determine whether its
financial management has been profitable. The amount of risks involved
is an important factor in determining fund raising and whether a
particular corporation has a good investment.
Comprehension questions
1- Why do all corporations need financing?
2- What is meant by the term equity funding?
3- How is the value of shares determined?
4- What is the relation between the success of the company and the
value of the share?
5- What is debt funding?
6- What are some activities that produce an outflow of capital?
7- What are some activities that produce an inflow of capital?
8- What happens in a business if the inflow of capital is not greater than
the outflow?
9- What must a company deduct?
10- What does the amount of risk involved determine?
II.

Language focus:

Passive voice

Form: The passive voice is formed with a form of be and the

past participle of theSmain
+ to beverb.
+ PII (past participle)
Rules to Change an active sentence into a passive one:
10

V( transitive) + O +.

+ Be + V(past participle) + (by + O)

- Turn the O of the active sentence into the S of the passive

one.
- Turn the V in the active sentence into past participle
which is preceded by a form of Be.
- Turn the S in the active sentence into the O which is
preceded by By
Use: The passive voice is used when we do not know who does
the action or we do not want to mention who does the action.
The farmer should use the loans right now.
S

The loans should be used by the farmer right now.

S

to be

PII

The company can offer him a high wage.

He can be offered a high wage by the company.
Someone will buy the flat at a low price soon.
The flat will be bought at a low price soon.
They may not give a good opportunity to the employee.
A good opportunity may not be given to the employee.
People take the products to the supermarket every morning.
The products are taken to the supermarket every morning.
They appointed a financial director yesterday.
A financial director was appointed yesterday.
Are you expanding your business activities rapidly?
Are your business activities being rapidly expanded?
How many tonnes of rice have they exported to European market?
11

 How many tonnes of rice have been exported to European

market?
* Practice:

Turn the following sentences into passive

1. She can put some money in a savings account.

..
2. Nobody could train the employees in such a short time.
..
3. What did the employer send to the employees?
..
4. Will they carry out the project next month?
..
5. They send complaints to the head- quarter regularly.
..
6. What kinds of guests can this restaurant serve?
..
7. The garment company imported the modern equipment from Japan
2 months ago.
..
8. People have done a market research carefully in Vietnam.
..
9. Have they paid money to the suppliers?
..
10.

She has sold those fridges very quickly.

..
11.

The government is spending too much money on the roads.

..
12.

The company is exploiting potential markets in the country.

..
13. Someone raised this question at the meeting but people reached
no conclusion then.
12

..
14. Why dont the consumers buy this kind of products at a high
price?
..
15. We gave him back the money last Sunday.
..
16. Somebody has locked the door and I cant open it.
..
17. Is the firm luring customers from the competition?
..
18. How much money has the dealer lost since last month?
..
19. The government is supplying credit to poor students in the whole
country.
..
20. The man took the motorbike out of the shop without anybody
seeing him.
..
III.

exercises

A. Vocabulary exercise:
Use the given words in the box to fill each blank in the
sentences.
equity
capital

stock
factors
attractiv risk

interest
negotiable shares
sharehold financed
ownership

er

1. If the company offers a salary of $1,000 per month in Vietnam, it

will be a very .....................offer.
2. Most large corporations in the world were ....................... by stocks.
3. If I own a bond, I am a creditor, but I own a.................. I am a partowner.
13

4. Do foreigners have the right to the....................of land or property

in Vietnam?
5. Each person who owns stock in a company is called a ....................
6. If the company issued 1,000 ...................... of stock and I own 500
of them I own 50% of the company.
7. Many .......................affect the business result of a business.
8. They need ................ in order to purchase supplies.
9. ................ funding means financing by the owners of the company.
10.

Of course you can buy and sell stocks; they are...................

11.

We want to make a profit, so we must be careful about

investing in a company that has much...................

12.

Where

did

they

borrow

the

money

and

how

much..................will they pay?

B. Translation
*Translate into Vietnamese
There are different types of corporations. The corperate form of
ownership has several advantages. The first is its ability to raise
financial resources. The second advantage is that if the corporation
attracts a large amount of capital, it can make large investment in
plants, equipment and research.
..
..
..
..
..
..
*Translate into English
1- Cc cng ty c th huy ng vn bng cch no? - H c th pht
hnh c phiu.
..
..
14

2- Cc ngn hng thng mi cc thnh ph ln hp tc vi nhau.

Bng cch ny cc ngn hng c th cp vn cho cc hot ng xut
nhp khu gia cc quc gia.
..
..
..
IV.

Vocabulary

corporation
material

net

['set]

(n)

(n)

[iks'pens]

exchange

chi ph

(v-n) trao i

[iks'teind]

(n)

['ekwiti]

vn huy ng t vic bn c phiu

(v-a)

[oun]

owner

ti sn, c ngi, bt ng sn

(a-n) rng, thc

[net]

equity

ti sn, ca ci
(n)

['prpti]

expense

own

(n) nguyn vt liu

[m'tiril]

asset
property

(n) cng ty, tp on

[,k:p'rein]

s hu, ring

['oun]

(n)

ngi s hu

ownership ['ounip]

(n)

quyn s hu

represent

[,repri'zent]

certificate

[s'tifikt]

(v)

i din
(n)

negotiable [ni'goubl]

chng ch, giy chng nhn

(a)

c th thng lng, chuyn nhng -

(n)

gi tr

determine [dit:min]

(v)

xc nh, nh r, quyt nh

outstanding

(a)

c
value

['vlju:]

[aut'stndi]

shareholder[e'hould]
capital

(n)

['kpitl]

capital funds ['kpitl

(n)

ang lu hnh, cha thanh ton

c ng

vn
(n)

qu vn

debt funding [det fndi]

(n)

vn vay, vn n

note

(n)

giy vay n

(n)

li sut

(n)

li nhun

interest
profit

[nout]
['intrst]
['prfit]

fnd]

15

profitable
inflow

['inflou]

outflow
supply

(n)

sinh li, sinh li

thu, lung vo, u vo

(n)

['autflou]

chi, lung ra, u ra

(v-n) cung, cung cp, ngun cung

[s'plai]

result in
deduct

(a)

['prfitbl]

[ri'zlt]

(v)

dn n

[di'dkt]

(v)

khu tr

loss

[ls]

(n)

khon thua l

item

['aitm]

(n)

chi tit, mc, khon

risk

[risk]

(n)

ri ro

(v)

lin quan, bao gm

involve
factor

[in'vlv]
['fkt]

(n)

nhn t, yu t

unit 3: fiscal and monetary policies

I. Reading
The two main types of macroeconomic policies are fiscal and
monetary policies; the two policies are interrelated.
Fiscal policy is carried out by the Ministry of Finance and can be
divided into two parts, government expenditures and taxation. These
two parts determine whether the government has a deficit or surplus in
its budget. A careful fiscal policy is the basis of a stable macro-economy.
Taxes and public spending can affect resource allocation. Fiscal deficits
affect both the balance of payments and the rate of inflation.
Monetary policy in developing countries follows fiscal policy.
Printing of money is often the source of financing for government
spending. If the central bank has to finance a big deficit, it may be
unable to implement a restrictive monetary policy to control inflation.
If a deficit is financed by printing more money than the public
wants to have, prices will rise. Inflation causes the real value of personal
16

financial assets to fall. But it also induces people to buy assets such as
gold, dollars or real estate which will not lose value with inflation.
When

budget

deficit is financed by

excessive

domestic

borrowing, it can lead to higher interest rates because of the high

demand for money. These high rates can make it too expensive for
private sectors to borrow money.
Government deficit must be brought down with cuts in spending,
or through higher taxes. If spending cuts are not made, governments
eventually have to print money to finance their deficit, making inflation
unavoidable.
When money is losing value, it lacks one of the necessary qualities
of money- stability of value. It is no longer acceptable as a store of
value, and it becomes an unsuitable standard of deferred payments.
Nobody wants to hold an asset that is losing value, so people try to get
rid of money as quickly as possible. Inflation, therefore, stimulates
consumer spending and discourages saving.
Comprehension questions
1.

What are the two main types of the macroeconomic policies?

2.

What are the two parts of fiscal policy?

3.

What do the two parts determine?

4.

What do fiscal deficits affect?

5.

What does monetary policy in developing countries follow?

6.

How do some governments finance government spending?

7.

What is needed to control inflation?

8.

What will happen if the government prints more money than the
public wants to have?

9.

What does inflation induce people to do?

10. What can excessive domestic borrowing lead to?

11. What is one of the qualities of money?
12. What does inflation stimulate and discourage?
II.

Language focus:

Defining relative clause:

17

Relative pronouns serve two functions at once. They are used

as the subjects or objects of verbs like other pronouns; at the
same time, they join clauses together like conjunctions.

subject
people Who/ that
things

object

possession

whom/

whose + N

that
which/ that which/
that

whose + N/ N +of
which

Subject:
- The accountant who/ that guides me is very experienced in the work.
(The clause who/ that guides me identifies the accountant)
- We will cooperate with a bank which/ that is located near our
company.
(The clause which/ that is located near our company identifies a
bank.)
Object:
- The woman whom you talked to has been successful in her project.
( The clause whom you talked to identifies the woman)
- The cars which/ that they imported last month are much more
expensive now.
(The clause which/ that they imported last month identifies
the cars)
Possession:
- This is the man whose business exports coffee to Australia.
- The man is working for the bank whose leaders are young and
dynamic.
- It was a conference, the importance of which I didnt realize at the
time. (or whose importance I didnt realize at the time.)
- We cant accept a product, the quality of which is too low.
(or whose quality is too low.)

18

*Practice:

Use the relative pronouns to combine each pair of

the following sentences

1. He has interviewed the employees. They are offered high wages by
the bank.
..
2. The company will move into another area. It produces these parts.
..
3. Do you know the name of the woman? She has just delivered the
goods.
..
4. Jane has sold the old car for $4,000. She was given it by her parents.
..
5. It was the most awful experience. It has happened to me in my life.
..
6. The kind man has found the motorbike. He lost it last week.
..
7. The corporation is the most profitable in the USA. Its products are
well-known all over the world.
..
8. I dont want to work for the organization. The organization is badly
invested.
..
9. The factory has just closed down. The technology of the factory is too
backward.
..
10. Mr John is out of the country. He supervised the research.
..
11. How will you use the loan? You have borrowed it from the Bank for
social policy.
..
19

12. Its difficult to export the products to Austria. The products have a
low quality.
..
13. The people have borrowed a lot of money from the bank. They are
investing big capitals in the business.
..
14. We dont need to interview those employees. We discussed with
them three days ago.
..
15. The company has a large operating scale. You are dealing with it.
..
16. Joe is an architect. His designs have won the international prize.
..
17. I know the supervisor. His car was stolen some days ago.
..
18. A few people will understand his lecture. The subject of the lecture
is very strange.
..
19. The personnel manager is very friendly. My sister talked to him at
the party.
..
20. A friend of mine helped me to get a job. His father is the director of
the company.
..
III.

exercises

A. Vocabulary exercise
* Use the given words in the box to fill each blank in the
sentences
allocatio
n
taxation

carried out induced

excessive

stability

stable
real

stimulate

expenditu

inflation

res
restrictive
20

estate
1. The interest rate minus the ...............................rate equals the real
interest rate.
2. He must stop his ........................spending or else he will not have
enough money to feed himself.
3. Many people try to avoid .....................................because they
want to keep their money for themselves instead of giving it to the
government.
4. His mother has very ......................................rules. He must be at
home before 8 pm and he cant bring his girlfriend home.
5. The dollar is a very....................................currency since its value
only changes very little during the year.
6. The high tax on cigarettes .....................................him to quit
smoking.
7. ..............................includes land and all the buildings on it.
8. How can the government ............................demand?
9. The ..of financial resources should be carefully
considered by management.
10. They ...............a very difficult project that helped to increase
incomes in rural areas.
11. We are going through a difficult time. All employees will have to
cut down on unnecessary ..
12. If an economy has low inflation and steady growth over several
years, we could say that ................has been attained.
* Find synonyms for these words in the reading
-

to implement

paid for

kind

land and buildings on it

spending

public

* Find other forms of these words in the reading.

-

related

able

financed

restrict

stable

to inflate

to pay

person
21

to exceed

tax

to avoid

to accept

22

B. Translation
* Translate into Vietnamese
In the financial field, diversifying investment sources into science and
technology development is one of important solutions to relieve the burden
on state budget and attract capital from the society. Budget capital is no
longer the only capital source for sci-tech development.
..
..
..
..
..
*Translate into English
1-

Lm pht ang tng rt nhanh. Chnh ph cn thc hin mt

chnh sch tht cht tin t kim ch lm pht v bnh n gi

c.
..
..
2- Cc doanh nghip trong nc ang c gng ct gim chi tiu vt qua c nhng kh khn trong thi k suy gim kinh t.
..
..
IV. Vocabulary
fiscal

[fiskl]

monetary

['mnitri]

macroeconomic
macroeconomy
interrelated
expenditure
taxation

(adj) ti kho, ti chnh

[,mkri :k'nmik]
[,mkri :k'nmi] (n)

[,intrileitid]
[ikspendit]

[tksein]

(adj)

tin t

(adj) thuc kinh t v m

nn kinh t v m
(adj) c quan h ln nhau
(n) s chi tiu
(n) s nh thu

surplus
deficit

[s:pls]

[defisit]

budget [bdit]
basis

['beisis]

stable

[steibl]

stability

(n)

thng d, d tha

(n)

thm ht

(n)

ngn sch
(n)

nn tng, c s
(adj)

n nh

(n)

s n nh

balance of payments

(n)

cn cn thanh ton

print

(v)

in n

[st'bilti]

[print]

implement [impliment]
restrictive

(v)

thc hin
(adj) hn ch, cht ch, tht cht

[ristriktiv]

control [kntroul]

(v-n) kim sot, khng ch, iu khin

induce

(v)

[indju:s]

real estate
excess

excessive
private
sector
affect

(n)

[ri:l isteit]

(n)

[ikses]

xui khin
bt ng sn

s vt qu
(adj) vt qu, qu mc

[iksesiv]

(adj) t, ring, b mt, t nhn

[praivit]

(n)

[sekt]

ngnh, thnh phn, lnh vc

(v-n)

[fekt]

tc ng, nh hng, s tc

ng
rate

(n)

[reit]

demand

t l
(n) nhu cu

[dim:nd]

eventually

[iventuli]

unavoidable

(adv)

cui cng
(adj) khng th trnh c, bt

[,nvidbl]

c d
acceptable
unsuitable
defer

(adj) khng ph hp

['n'sju:tbl]

(v) tr hon, chm tr

[di'f:]

get rid of
stimulate

(adj) c th chp nhn c

[k'septbl]

(v)

(v)

['stimjuleit]

discourage

[dis'krid]

gii thot, tng kh

(v)

kch thch, khuyn khch

hn ch, cn tr, lm nn lng

Unit 4: central banks and finance markets

I. Reading
Central banks are public owned. A country organizes its central
bank as an independent system or as governmental system. As a
national monopolist in issuing legal money, the central bank is the
bankers bank that controls and that is the creditor of all financial
institutions in a nation.
In the macroeconomic state control, the central bank takes the
responsibility of carrying out the monetary policy in order to increase the
output of the economy, create employment and control the inflation. In
the pursuance of an active monetary policy, the central bank exerts its
influence mainly by causing the amount of money supply to increase
(called a loose policy) in times of deflation or to diminish (called a tight
policy) in times of inflation.
On open markets, the central bank regulates or participates in
regulating the body of all capital markets and money markets in order to
coordinate the monetary policy and guarantee the purchasing power of
the domestic currency. Capital and money markets are two aspects of a
finance market where money savers meet money borrowers through
financial intermediaries.
In external economic relations, the central bank controls the
circulation of foreign exchange by the ECR (Exchange Control Regulation)
and operates foreign assistances and foreign investments by counterpart
funds to keep sufficient reserves for the economy.
Comprehension questions:

1. Who do central banks belong to?

2. How does a country organize its central bank?
3. What is the relation of the central bank with other banks and
financial institutions in a nation?
4. What is the purpose of public implementation of monetary policy?
5. How does the central bank exert its influence on the pursuance of
an active monetary policy?
6. For what purpose does the central bank regulate or participate in
regulating body of all capital and money markets?
7. What are the two aspects of a finance market?
8. What is the function of the central bank in external economic
relation?
II.

Language focus:

Relative adverbs of place: Where

It is used in the same way as relative pronouns. It modifies

the place in which an action or an event takes place.
Eg:
Healthrow airport is very modern. Hundreds of planes land and take
off daily there.
Healthrow airport where hundreds of planes land and take off daily
is very modern.
Goods must be transported to the place. Customers need to buy
them there.
Goods must be transported to the place where customers need to
buy them.
Can you show me a place? In the place I can exchange my foreign
currency.
Can you show me the place where I can exchange my foreign
currency?

* Practice: Use the relative adverbs to combine each pair of

the following sentences
1. The beach was really attractive.We spent our holidays at the beach.
..

2. Foreign investors want to invest in Vietnam. The politics is very

stable there.
..
3. Most of young people want to live and work in the big city. Working
condition is better there.
..
4. The place is called market. People trade in and exchange goods
there.
..
5. Many Overseas Vietnamese are thirsty for coming back to Vietnam.
They were born in the country.
..
III.

exercises

A. Vocabulary exercise
* Use the given words in the box to complete the following
passage:
organizati
ons
governme

offices

institutio as

deposito

money

brokers

ns
commod

rs
market

capital

nt

deposit

ity

Investment banks are (1)..........................that specialize in raising

capital for industries and other organizations. In credit operations, they
operate on medium and long term bases. They do not accept short term
(2)......................from

the

public.

They

deal

mainly

with

holding

companies which are the main (3).....................of groups or companies.

Their main duties are: providing investment consultancy, underwriting
new issues of stocks or corporate bonds and trading them on primary
(4)..................., buying and selling securities on secondary markets as
(5).......................

A capital market is a centre for raising (6).......................needed by

(7)...............,

commercial

or

industrial

concerns

and

other

(8)................... Transactions made between brokers and jobbers, who

deal (9)..........................bull investors or bear investors at exchange
market are mostly speculation on future prices of (10)......................,
foreign exchange of securities.
* Fill in the blank with the right form of the words given in
brackets
1. She is for the losses of our company. Her project is
unsuccessful. (responsibility)
2. When you borrow money from someone your. will ask you
to write a borrowing certificate. (credit)
3. If there are any problems, we need. some items in our
contract. (consideration)
4. VND is not a strong......... in international market. (current)
5. Has the corporation ........ salaries for its workers? The
workers have asked for salary raising for a long time. (increasingly)
B. Translation
* Translate into Vietnamese:
1- The forward exchange rate is the rate that is contracted for the
delivery of a currency at a specific date in the future.
..
..
2- The government has to control the exchange rate in a country to
keep the balance of international payments.
..
..
3- Money markets are centres where short-term securities (credits of
less than one - year term) are transacted.

..
..
4- The recent rise in interest rates has led to the bankruptcy of many
small businesses. The central bank should lower the interest rates in
order to ensure their existence and development.
..
..
..
* Translate into English:
1- Hin nay my vi tnh c s dng rng ri trong cc nghip v
ngn hng trn khp c nc.
..
..
2- Cc doanh nghip phi i mt vi nhiu ri ro nh: i tc ca
h ct gim chi ph hoc h khng th thanh ton, mc li sut ngn
hng hoc mc thu tng.
..
..
IV. Vocabulary
organize

[':gnaiz]

independent
monopolist
creditor

[,indi'pendnt]

[m'nplist]

['kredit]

responsible

[ri'spnsbl]

responsibility
increase

[ri,spns'bilti]

['inkri:s]

(v):

t chc

(a):

c lp

(n):

ngi c quyn

(n):

ch n, ngi cho vay

(a):

c trch nhim

(n):

trch nhim

(v-n):

tng ln, s tng ln, lng

tng
decrease
gim

['di:kri:s]

(v-n):

gim, s gim xung, lng

output

(n):

['autput]

input

(n):

['input]

create

[kri:'eit]

pursue

[p'sju:]

pursuance
exert

u ra, sn lng

[p'sju:ns]

u vo

(v):

to ra

(v):

theo ui, mu cu

(n):

s theo ui
(v):

[ig'z:t]

a vo s dng, p

dng
loose

(a):

[lu:s]

tight
inflate

(a):

[tait]
[,ri:'fleit]

(v):

[di'fleit]

(v):

deflate

lng lo, ni lng

cht, tht cht
lm pht
gim pht, gim gi, lm chm li

diminish

[di'mini]

(v):

h bt, lm suy yu

regulate

['regjuleit]

(v):

iu chnh, quy nh

regulation

[,regju'lein]

coordinate

[,grn'ti:]

purchasing power
internal

s iu chnh, quy nh
(v):

[kou':rdineit]

guarantee
currency

(n):

['pau]

(v):

m bo, bo hnh

(n):

sc mua

(n):

['krnsi]
[in't:nl]

iu phi, phi hp

tin t

(a):

bn trong

external

[eks't:nl]

(a):

bn ngoi

circulate

['s:kjuleit]

(v):

lu thng

circulation

[,s:kju'lein]

foreign exchange

(n):

s lu thng, s quay vng

(n)

vic i ngoi t, ngoi hi, hi

(n):

s h tr

(n):

vn i ng

oi
assistance

['sistns]

counterpart fund

['kauntp:t]

unit 5: The Leter of Credit L/C

I/ Reading

The letter of credit is the most widely used instrument of

international banking. It has facilitated international trade for a very long
time, especially during times of economic and political uncertainty.
The letter of credit is the bank instrument that assures the person
selling merchandise will be paid if he makes the agreed-upon shipment.
On the other hand, it also assures the buyer that is not required to pay
until the seller ships the goods. It is thus a catalyst that provides the
buyer and the seller with mutual protection in dealing with each other.
An international trading transaction begins when a buyer and a
seller sign a contract that records all the elements of the transaction: the
merchandise, price, method of payment, delivery date, etc. After working
out the agreement, the buyer and the seller must arrange payment. The
buyer will want possession before paying, and the seller will want
payment before making delivery. Since each party often has incomplete
knowledge of the other, there is a certain caution to their dealings.
To be safe, the buyer and the seller use the letter of credit. The
buyer requests his bank to issue a letter of credit in favor of the seller.
Assuming that credit risk is acceptable to the bank, it issues its letter of
credit. Basically, the letter says to the seller: we, the bank, promise that
we will pay you when you submit certain documents to prove that you
have made the agreed-upon shipment. The bank thus substitutes its
credit for that of the buyer, which might also be good but probably is not
as well known. The letter of credit also protects the buyer, for he knows
that he will not be called upon for payment by his bank until the
evidence shows that the shipment has actually been made.
Comprehension questions
1.

What is the letter of credit?

2.

What is the advantage of using the LC for sellers?

3.

What is the advantage of using the LC for buyers?

4.

If the buyer and the seller had been doing business with each other
for many years and knew each other very well, would they need to
use an LC?

5.

What do buyers and sellers do to make sure payment will be made?

6.

By whom is the LC issued?

7.

Does the buyer pay the seller directly when they use an LC?

8.

What does the seller have to do to be paid?

9.

Why might the bank not issue a letter of credit to a buyer who
requests one?

10. When does the buyer have to pay?

II. language focus:

Revision of relative clauses

III. exercises
A. Vocabulary exercise:
Use the given words and phrases in the box to fill each
blank in the sentences
documen merchand commerc submitt substitu chartered
ts
transacti

ise
parties

ial
facilitate

ed
assista

te
strateg

capital
shipment

ons
d
nce
y
1. ...............................banks have signed contracts with some large
corporations

such

as

FPT,

Vietnam

Oil

and

Gas

Insurance

Corporation.
2. When you make a contract, both must sign it.
3. The last delivery of . from Hong Kong was late, please
make sure that

this one is on time.

4. She .her proposal to the leading Board last week but they
havent replied.
5. What can you do to promote the delivery of goods faster? Because
the next port ofis ShangHai.
6. All the students in the college are with modern learning
equipments.
7. The secretary types ...on the computer because by that way
they are easier to read than when she writes them by hand.
8. Agribank wants to increase its ......................... by issuing more
shares.

9. The business .........................has been carried out successfully.

10. Payments by cheque easily outnumber cash .
11. We must ..a new chair for the broken one.
12. Linkage of banks and businesses allows both to receive special
. from the other to expand their businesses.
B. Translation
* Translate into Vietnamese
In the context of international integration, Vietnam banks association
(VNBA) has international coorperation ties to seek support from foreign
banking associations and international organizations and at the same
time it helps Vietnamese credit institutions find foreign partners. VNBA
also emphasizes manpower training and development. It has offered
hundreds of courses for its members to introduce modern banking
management.
..
..
..
..
..
..
..
..
* Translate into English
1- Hu ht cc ngn hng thng mi ang a ra nhiu loi hnh
dch v ti chnh hp dn thu ht khch hng. Hot ng ca cc
ngn hng ny rt hiu qu.

..

2- Th tn dng l cng c ca ngn hng c th m bo ngi bn

nhn c tin khi h a giy t cho ngn hng chng minh rng
mnh giao hng theo tho thun.
..
..
..
IV. Vocabulary
letter of credit
facilitate

[f'siliteit]

uncertainty
assure
ship

[n's:tnti]

th tn dng.

(v)

to iu kin thun li, thc y.

s khng chc chn

(v)

(v)

[ip]

catalyst
mutual

(n)

['ktlist]

['di:li]

transaction

['elimnt]

contract

['kntrkt]

possession
deliver
delivery

assume

bun bn, thng lng

(n)

s bun bn, s thng lng

(n)

s giao dch.

(n)

yu t, nguyn t

(n) hp ng, giao ko, kh c

(n)

[p'zen]

[di'liv]

(v)

(n)

[in 'feiv v]

[sb'mit]

document
substitute

['dkjumnt]
['sbstitju:t]

bn.

s thn trng.
(v)

['sju:m]

in favor of

s phn pht, s giao hng

(n)

['p:ti]
['k:n]

quyn chim hu.

phn pht, giao hng

(n)

[di'livri]

party
caution

(v)
[trn'zkn]

element

cht xc tc.

(adj) ln nhau.

['mju:tjul]

dealing

chuyn ch, vn chuyn

(n) hng ho

['m:tndaiz]

[di:l]

m bo, qu quyt

(n) s xp hng, g hng

['ipmnt]

merchandise

submit

(n)

(n)

['u]

shipment

deal

['let v 'kredit]

cho rng, tha nhn

(prep)bnh vc, c li cho, thin v.

(v)

trnh, np

(n)

vn bn, ti liu

(v-n) thay th, ngi thay th, vt thay th

prove

[pru:v]

(v)

chng minh.

evidence

['evidns]

(n)

bng chng

Unit 6: investing in stock

I. Reading
Investment helps an economy expand and provide a better
standard of living for its people. One of the most popular ways for people
to save money and to put it to work as an investment is through the
purchase of stocks.
Stock represents the ownership of a company. A company will issue
hundreds, or thousands of shares of stock that can be purchased by
individuals as an investment. The money paid for stocks goes to the
company for its use. When a company wants to expand or rebuild its
factories, it can borrow money or it can sell stocks to raise the cash.
For an investor, shares of stock can be attractive in two ways. The
company will pay a dividend to its shareholders. This money comes from
the profits of the company money left over after a company pays all of
its costs of doing business. Typically, a company will announce every
three months that it is paying a dividend, say $1, for each share of stock
held on that day. If you own 100 shares, you will receive $100 as return
on your stock investment.
The second attraction for the purchase of stocks is that they can
grow in value. A corporation may have a million shares of stock that are
on sale for $10 a share. A person can buy 100 shares and start collecting
any dividends the company is paying. After a year, he might find that the
shares are now selling at $15 a share. The investor could then sell his
shares and take a profit of 50% for the year or longer and hope that their
price will go even higher. Of course, it is possible the stock may fall in
value and the investor would have to decide between selling and waiting
to see if the price will rise again. The reward can be high because the

investor is taking a risk when he invests his money. Investments

involving higher risks should pay higher returns to the investor. More
secure investments usually pay lower returns.
Comprehension questions:
1. What does investment help an economy?
2. Is purchase of stocks an investment? What can you say about it?
3. What does stock represent?
4. How many shares of stock can be issued by a company?
5. When does a company want to issue stocks?
6. What is the first attraction for the purchase of stocks?
7. What is the second attraction for the purchase of stocks?
8. What do you think of Vietnamese stock market now and its
investors?
II. Language focus:

Reduced relative clauses

Relative clauses with who, which, that as subject pronoun

can be replaced with a participle (a present participle, V-ing or
past participle, V-ed). This makes the sentence shorter and
easier to understand.
* -ing clauses have the active meaning
I told you about the business woman who lives next door.
I told you about the business woman living next door.
Enterprises which operate in textile garment sector offer low wages.
Enterprises operating in textile garment sector offer low wages.
* -ed clauses have the passive meaning
Vietnamese consumers normally want to purchase the products which
are imported from Japan.
Vietnamese consumers normally want to purchase the products
imported from Japan.

The boy who was injured in the accident was taken to hospital.

The boy injured in the accident was taken to hospital.

*Practice:

Use the reduced relative clauses to rewrite the

following sentences
1. Macroeconomic performance is a central factor which affects the
success or failure of nations.
..
2. The employees who work in the factory were carefully trained for
two years.
..
3. The money that has been spent on bridges is really great.
..
4. Most of the products which are made in this factory are exported to
European countries.
..
5. The customers who use the products are satisfied with their quality
and price.
..
6. The police will never find the money which was taken away in the
robbery this morning.
..
III. exercises
a. Vocabulary exercises
* Use the given words in the box to complete the following passage:
buying
a bond

dividends
certain

risk
owns

receiving off
worthles for
s

lower
return

Ownership in a company, called equity, is certified through pieces of

paper called shares or stocks, that states that the holder of this share .
(1).................. a part of this company
When the company makes a profit, its owners share in the benefit by .
(2)................a dividend or by selling their shares for more money than
they originally paid. When the company loses money, however, the .
(3)...................... are reduced or eliminated and the share price tends to
fall. In the worst case, the company goes bankrupt, owing money than it
can pay. The shares then become . (4)........................., and the owners
lose all the money invested in them.
A companys shareholders are paid last: after the suppliers, after the
bank and after the bondholders. The risk is that there may be nothing
left .. (5)......................... stockholders after everyone has been paid..
(6)................... The reward is that when a company earns a lot, the
stockholders get it all. With equity, there is higher .. (7).............but also
opportunity for greater reward.
All investments involve a .. (8)................ amount of risk, but a stock is
generally considered much more risky than a bond, which is an
agreement by the company to pay a specific amount of money at a
specific time. In contrast to the fixed income of.. (9)..............., the return
on an equity investment is unknown. To reward investors for the risk,
equity tends to provide a higher.. (10)......................., either in the form
of dividend payments or by an increase in value, when the company
retains its earning.
* Fill in the blank with the right form of the words given in
brackets
1. There has been a..of 12 % in sales compared to last
year.(reduce)
2. His business is very ,the sales have increased by 20%.
(profit)

3. That company has just introduced a new marketing

(strategic)
4. We should think of before making a decision on an
investment.(secure)
5. Our government is trying to implement some solutions for the .of
the economy. (grow)
B. Translation
* Translate into Vietnamese
There are investors who buy up large members of shares over a period
of time and then sell off large amounts quickly to take profits. Investors
with a good ability to anlyze market situations are few at present. Every
observer

has

seen

that

the

Vietnamese

securities

market

has

experienced many inexplicable ups and downs.

..
..
..
..
..
* Translate into English
1- Nu bn khng hiu bit v th trng chng khon th vic u t
ca bn s ri ro cao, gi ca nhiu loi c phiu bin ng rt ln.
..
..
2- Th trng chng khon Hoa K ang rt si ng. S lng cc nh
u t chng khon ang tng rt nhanh.
..
..
IV. Vocabulary
standard of living
attract

['trkt]

['stndd]

(v):

(n):

mc sng
thu ht, cun ht

attractive
dividend
say

['trktiv]
['dividend]

cun ht, hp dn

(n):

c tc, tin li c phn

(v):

[sei]

typically [tipikli]
announce
return

(a):

gi d, chng hn, c th l

(adv):

in hnh, tiu biu

(v):

['nauns]

thng

(v-n):

[ri't:n]

bo

thu hi, li, tin li

reward

[ri'w:d]

(n):

tin thng, thng

secure

[si'kju]

(a):

an ton

unit 7: inflation
I. Reading
Inflation is an economic condition in which prices of consumer
goods increase and the value of money or purchasing power decreases.
There are three important causes of inflation.
The first and most important cause may be excessive government
spending. For example, in order to finance a war or carry out social
programs, the government may spend more money than it has received
through taxes and other revenues, thus creating a deficit. In order to
offset this deficit, the Treasury department can simply expand the money
supply by using more paper money to meet the debts of government.
This increase in the money supply will cause the value of the currency to
automatically decrease.
The second cause of inflation occurs when the money supply
increases faster than the supply of goods. If people have more money,
they will run out to buy popular goods like televisions or computers, a
shortage will result. Industry will then produce more, at high prices, to
satisfy demand. Furthermore, if people think that the prices of popular

goods are going up, they will buy or even borrow money at high interest
rates to pay for them.
Finally, if labour unions demand that the wages of workers be
increased to cover the high cost of living, industry will meet this demand
and add other costs of production onto the customers. In summary, all of
these causes can create inflationary problems that can affect the welfare
of a nation. However, of these cases, excessive government spending
may be the most important.
An economy that grows too quickly can be a bad thing. With a
decline in unemployment, companies are forced to pay higher wages for
scarce workers, and prices of goods and services are raised to pay for
their increased costs. Inflation is usually the highest during times of
economic chaos, such as energy shocks, wars or debt crises, when there
is a shortage of basic goods and services.
When government and central banks see signs of inflation, they try
to slow down the economy. They increase interest rates, which makes
almost all activities, for example building new factories, more expensive.
Higher interest rates tend to discourage business and consumer
spending, leading to a reduction in jobs and a slow down in the economy.
With favourable inflation and interest rates, a country can attract
foreign investment. When a countrys economy grows too strongly,
inflation is about to rear up its ugly head, international investors quickly
move their money out, preferring to invest their funds in countries with
more stable economic growth and predictable inflation rates.
Comprehension questions
1. What is inflation?
2. What is the most important cause of inflation?
3. How may a deficit be created?
4. What does the Treasury do in order to offset this deficit?
5. What happens when the money supply increases faster than the
supply of goods?

6. What will people do if they have more money?

7. What happens in the society when the prices of popular goods rise?
8. Why is it said that an economy that grows too quickly is a bad
thing?
9. What is the role of the government and central banks in fighting
inflation?
10. What will happen if interest rates increase?
11. How does inflation affect the world economy?
12. Have you ever been affected by inflation? and how?
II. Language focus:

Participles used as adjectives

1. Present participles: V-ing

It is an adjective when it stands before a noun to modify the noun
itself.
Eg:

washing machine, dressing table, purchasing power,

developing country
We will expand our production to meet the growing demand
of the market.
The purchasing power of the home market is decreasing.
2. Past participles: PII
It is an adjective when it stands before a noun to modify the noun
itself.
Eg: invested capital, broken window, increased costs, imported
goods
The broken window is being mended.
The company has attracted a great foreign invested capital.
*Practice:

Choose the best answer to complete

the

sentences:
1. The foreign invested/ investing projects will be carried out soon
2. Lara is an interested/ interesting girl. I feel very pleasant to talk
to her.
3. The corporation is trying to maintain the led/ leading position in
the market

4. The sellers will raise the price of rice to ration out a limited/ limiting
supply
5. The selling/ sold price of this product is much higher than that one
6. Despite of his breaking/ broken legs, he managed to get out of
the accident.
7. Though she is a well educating/ educated girl, she leads
miserable life.
8. Vietnam is an emerging/ emerged market with a young population
9. What do you think of the lived/ living standard of the people in this
region
10. Our firm needs a qualifying/ qualified accountant for the chief
position.
II. Exercises
A. Vocabulary exercise
Use the given words in the box to fill each blank in the
sentences.
discoura
ged
welfare

crisis

chaos

a decline

predictable

run away purchasing

shortag

inflatio

e
offset

n
energ

power

1. There was .................in the street market as the police chased the
vegetable sellers out of the street.
2. When there is

...................in the price of fish, many fishermen fell

deeper into poverty.

3. The

marketing

department

is

trying

to

find

out

why

the ........................... is decreasing.

4. ......................is needed for everything from lighting our houses to
running machines in our factories.

5. The shortage of houses in Ha noi has led to ....................... growth in

housing prices which theories of supply and demand could easily
predict.
6. The demand for new goods will be ........................after they carry out
a market research.
7. A rapid rise in prices is called .........................
8. An increase in sale volume may ........................the decrease in price.
9. Many countries faced the financial.................. in 1997.
10.

Complicated

administrative

procedures

have

........................domestic and foreign investors.

11.

The leaders are doing their best for the ........................ of the

nation.
12.

They cant carry out the business due to the ........................of

capital.
B. Translation
* Translate into Vietnamese
Vietnamese economy will continue to grow rapidly for 5 to 10 years
and therefore Japanese investors should continue funneling capital into
Vietnam. Vietnam is improving its investment climate but Investors believe
that growth will occur mostly in Vietnams biggest cities and the economic
gap between the big cities and the rest of the country will continue to get
wider.
..
..
..
..
..
..
* Translate into English:

1- Chnh ph thc hin mt s gii php cp bch kim ch

lm pht v bnh n gi c, nhng gi ca mt s mt hng vn ang
tng.
..
..
2- Tnh trng tht nghip ang c xu hng tng cc khu vc nng
thn. Nhng ngi tht nghip s x ra cc thnh ph ln tm vic
lm.
..
..
III. Vocabulary
purchasing power

(n): sc mua

['pau]

occur

['k:(r)]

(v) : xy ra

offset

[':fset]

(v): b li

thus

(adv):

[s]

revenue

['revnju:]

treasury

['treri]

(n): ngun thu

(n): kho bc

automatically [,:t'mtikli]
shortage
labour
cover

(adv):

t ng

(n): s thiu ht

[':tid]

['leib]

v vy

(n): lao ng
(v): bao, bao hm

['kv]

in summary ['smri]

(adv):

welfare

['welfe]

(n): phc li, s thnh vng

decline

[di'klain]

(n): gim

unemployment [,nim'plimnt
scarce
chaos

['keis]

energy
shock
crisis

[skes]

['endi]
[k]

['kraisis]

(n):

ni tm li

nn tht nghip

(a): khan him

(n): s hn n, hn lon
(n): nng lng
(n): khng hong, sc
(n): s khng hong

sign

(n): du hiu

[sain]

slow down

(v-n):

tend

(v): c xu hng

[tend]

favourable
runaway

['feivrbl]

['rnwei]

rear up its ugly head

predictable

[pri'diktbl]

gim tc

(a): thun li, trin vng

(a): vt xa
[ri] (phrase)

l r b mt xu xa

(a): c th d on c

unit 8: Accounting
I. Reading
Accounting is a system which enables the business manager to
record all the money coming in (income) and all the money going out
(outgoings) and to work out the companys progress and present
position. It provides a financial picture of a business firm. The accounting
department records and measures the activity of a business and reports
on the affects of these transactions on the firms financial condition.
Accounting records and reports provide data that are used by
management, stockholders, creditors, independent analysts, banks and
government.
All businesses need to maintain financial records in order to find out
if they are making a profit. These records exist in several forms. In daily
business operation, recording of business transactions are first made in a
journal. In the journal, bookkeepers record sales, uses of raw materials
and purchases. Periodically, bookkeepers transfer figures from the
journals to ledgers. This activity is known as posting. The ledger is a
book containing all the accounts of a company. An account is a financial
record, which contains information about a group of similar transactions.
For example, all sales activities are recorded in one account. Another
account may be a record of all the costs of raw materials.

Accountants use information in accounts to construct financial

statements. These statements are analyzed by management and used as
a basis for business decisions such as allocation of financial resources,
development of new products and expansion of operations. The most
important of these financial statements are the balance sheet and the
statement of income and expenses. These are also used for determining
income tax liabilities. Income expense statements for different types of
businesses vary greatly.
The balance sheet is a financial statement which indicates the
condition of a company on a specific date. It is called a balance sheet
because it expresses the basic accounting formula:
Assets = liabilities + owners equity
The left side of the balance sheet itemizes the firms assets. Assets
are anything of value to a company. On a balance sheet the value is
always expressed in terms of money. Companies have different types of
assets. They are usually divided into two groups: current assets and fixed
assets.
Current assets are either cash or items which will be turned into
cash during the current business period such as sold merchandise,
received payments, inventories, receivables, stocks and bonds.
Fixed assets are those that will be kept and used for a long time
such as machinery, production equipment, furniture, fixtures and
building.
The opposite side of the balance sheet shows the liabilities. These
are amounts which the company owes. Companies owe money to banks
who supply credit to employees whom they havent yet paid, to the
government for taxes and to other companies who have sold them goods
which they havent yet paid for. After a company subtracts its debts from
its assets, the figure arrived at is the net worth of the company or its
owners equity.

Comprehension questions:
1. What is accounting?
2. What is the main task of the accounting department?
3. Who uses the data which are provided by accounting records?
4. Why do businesses keep financial records?
5. Where are business transactions first recorded?
6. What are examples of things recorded in the journals?
7. What is contained in the ledger?
8. What is an account?
9. What do accountants do with the information in the accounts?

II.

10.

Why do managers need financial statements?

11.

What does the balance sheet indicate?

12.

What are current assets?

13.

What are fixed assets?

14.

What are liabilities?

Exercises

A. Vocabulary exerice
*Matching:
Match the words and phrases which have similar meaning:
1. transactions
a. assets minus liabilities
2. transfer to the b. money owed to the company
ledger
3. ledger

c. securities sold by the electric

4. accounts

company
d. sales

5.

income

liability
6. asset
7. receivable
8. inventory
9. fixed asset
10. utility bonds

and

expenditures,

example
tax e. book of accounts
f. records of similar transactions
g. something of value
h. post
i. tax which must be paid
j. merchandise

for

11. finance
12. net worth

k. obtain capital
l. a building, for example

* Multiple choice
Select the answer which best completes the meaning of the
sentence
1. Financial information is regularly transferred from the journal to a
book containing all the accounts. This means that the figures are:
a. Entered in the journal.
b. Balanced.
c. Posted in the ledger.
d. Considered as assets.
2. The best way to explain the difference between bookkeeping and
accounting is:
a. Bookkeeping is done by a bookkeeper, but accounting
must be done by an accountant.
b. Bookkeeping
information,

is

but

the

daily

accounting

recording
is

the

of

financial

design

and

maintenance of the bookkeeping system.

c. Bookkeeping is done in the journal, but accounting is
done in the ledger.
d. Bookkeeping is more sophisticated than accounting.
3. An accountant can interpret the information found in the ledger and
use it to construct financial statements. This means that an
accountant can:
a. Make financial decisions for the company.
b. Allocate capital resources.
c. Prepare a balance sheet and income-expense statement
after examining the accounts.
d. Analyze bookkeeping procedures.

4. Management analyzes the financial statements and uses them as a

basis for allocating financial resources. This means:
a. All

transactions

and

sales

of

securities

must

be

considered.
b. The statements help them decide how to invest their
capital.
c. The sale of securities can help finance expansion.
d. All of the above.
5. Banks and insurance companies often invest their capital in
securities.
a. They purchase stocks and bonds which they hope will
increase in value and which pay dividends or interest.
b. They want to be sure that their debtors will pay them
back.
c. This increases the value of their assets and decreases
the value of their equity.
d. None of the above.
6. Since all the fixtures are included in the price of the building,
a. Lighting and plumbing equipment are to be removed by
the seller.
b. All attached shelves and heating equipment must show a
decline in value.
c. Air

conditioning and other attached electrical and

plumbing devices will remain attached when the building

is sold.
d. All of the above.
7. Money which the bank lent us to finance inventory and accounts
receivable must be paid back this year.
a. Short term money is regarded as a current liability.
b. We can repay this debt as our customers pay us what
they owe.

c. The merchandise we have for sale was used to secure

this loan.
d. All of the above.
8. Because the company is in good financial condition, it will be able to
sell

bonds

to

finance

construction

of

additional

production

equipment.
a. The repayment of the bonds will be secured by the value
of the new equipment.
b. The bond purchaser will hold a mortgage on the new
equipment.
c. Investors in the bonds believe the company has a good
reputation.
d. Long-term money must be secured.
B. Translation
Translate into English
1- Ban gim c dng bo co ti chnh a ra cc quyt nh
cho doanh nghip v xc nh xem phi np bao nhiu thu.
..
..
2- Nhim v ca nhn vin k ton chi ph l c gng kim sot cc
khon chi ph v sn xut.
..
..
3- Nu cng ty cn thm mt khon tin mt, h c th bn i mt
s chng khon m h s hu. C phiu v tri phiu cng d thanh l.
..
..
4- K ton ng mt vai tr quan trng trong vic qun l cc ngun
ti chnh ca doanh nghip.
..
..

5- Khon tin m cng ty vay ca ngn hng c lit k trn bn

cn i k ton nh mt khon n.
..
..
III. Vocabulary
statement
record

(n)

['steitmnt]

bn bo co, s tuyn b
(v-n)

[ri'k:d] ['rek:d]

lu gi, ghi chp li, h s,

chng t
outgoings

transaction
datum
data

(n)

['autgouiz]

(n) giao dch, nghip v kinh t

[trn'zkn]

(n)

['deitm]

['deit]

stockholder

chi ph, khon chi

s liu, d liu
(n) s liu, d liu

(plural)

(n)

c ng, ngi gi c phn

['nlist]

(n)

ngi phn tch

analyze ['nlaiz]

(v)

phn tch

maintain

(v)

duy tr, lu gi

(n)

ghi chp ti chnh, chng t ghi s

analyst

['stk,hould]

[mein'tein]

financial record
journal
ledger
raw

[fai'nnl 'rek:d ]

['d:nl]
['led]

(n)

s ci
(n) nguyn liu, vt cht

[m'tiril]

periodically
transfer

nht k, s nht k

(adj) th, sng

[r:]

material

(n)

[,piri'dikli]

['trnsf:]

(adv)

nh k

(v-n)

chuyn,

chuyn

nhng,

chuyn nhng
posting
account

['kaunt]

balance sheet
liability

['blns

['veri]

formula

i:t]

['f:mjul]

vo s ci
(n)

ti khon

(n)

bng cn i k ton

(n) khon n, n phi tr, ti sn n

[,lai'biliti]

income tax liability

vary

(n)

[pousti]

(n)

thu thu nhp doanh nghip

(v) thay i
(n) cng thc

owners equity
itemize

(n)

(v) ghi thnh tng mc, iu khon

['aitmaiz]

in terms of

(prep)theo, bng

current asset
fixed asset

['krnt

[fikst

'set] (n)

'set]

receivable [ri'si:vbl]
fixture
owe

['fikst]

[ou]

employee
subtract

vn ch s hu

ti sn lu ng
(n)

ti sn c nh

(n)

n c th thu hi c

(n)

c gn vi nh xng

(v)

[,impli'i:]

(n)

nhn vin

[sb'trkt]

(v)

tr i

unit 9: marketing
I. Reading
The terms market and marketing can have several meanings
depending upon how they are used. For example, the term stock
market refers to the buying and selling of shares in corporations as well
as other activities related to stock trading and pricing. When economists
use the word market, they mean a set of forces or conditions that
determine the price of a product such as the supply available for sale
and demand for it by consumers. The term marketing in business
includes all of these meanings and more.
In the past, the marketing emphasized sales. The producer made a
product he wanted to sell. Marketing was the task of figuring out how to
sell the product.
The modern marketing encompasses several coordinated activities:
market research, product planning, promotion and distribution, but its
based on a different set of principles. Production can be economically
justified only by consumption. In other words, goods should be produced
only if they can be sold. Therefore, the producer should consider who is

going to buy the product, or what the market for the product is before
production begins. This is very different from making a product and then
thinking about how to sell it.
Marketing involves first deciding what the customers want, then
designing and producing a product that satisfies these wants at a profit
to a company. Instead of concentrating solely on production, the
company must consider the desires of the consumer, and this is much
more difficult because it involves human behaviour. Production, on the
other hand, is mostly an engineering problem. Thus, demand and market
forces are still an important aspect of modern marketing, they must be
considered prior to the production process. Through market research, the
producer tries to predict the demand of the market and make plans for
production.
Promotion

includes

advertising,

personal

selling

and

sales

promotion.
Distribution consists of transportation, storage and related services
such as pricing, selling credit, related risks
Because products are often marketed internationally, distribution
has increased in importance. Goods must be transported to the place
where customers need to buy them. This is known as place utility. It adds
value to a product. However, many markets are seperated from the place
of production, which means that often both raw material and finished
product must be transported to the points where they are needed. Along
all points of the distribution channel, various amount of storage are
required. The time and manner of such storage depends on the types of
products.
Modern marketing is therefore a coordinated system of many
business activities, but basically, it involves four things: selling the
correct product at the proper place, selling it at a price determined by
demand, satisfying a customers need and wants and producing a profit
for the company.
Comprehension questions

1. What does the term stock market refer to?

2. What do economists mean when they use the word market?
3. What was the task of marketing in the past?
4. What are the coordinated activities of modern marketing?
5. What is the modern marketing based on?
6. What should the producer consider before production begins?
7. Why is the consideration of the consumers desires difficult?
8. What does the producer try to predict through market research?
9. What does promotion include?
10. What does distribution consist of?
11. Why has distribution increased in importance?
12. What does the time and manner of storage depend on?
13. What four things does modern marketing involve?
14. What do you think of the role of marketing department in a
company?
II. exercises
A. Vocabulary exercise
*Matching
Match the words below with the definitions indicated in
Vocabulary exercise:
1. stock exchange a. distribution
2. market forces
b. methods to increase sales, like
3. desire
4. delivering
5.consumer
6. promotion
7.consumption
8.supply
*Multiple choice

advertising
c. amount available for sale
d. dupply and demand
e. place to buy and sell shares of
corporations
f. purchase
h. customers
i. demand

Select the answer which best completes the meaning of the

sentence

1. In the past the main objective of marketing was sales promotion.

Marketers were people who.
a. bought and sold stock

c. tried to sell products

b. consumed

d. Supplied and

demanded
2. Modern marketing aims to satisfy the wants of the consumer.
Marketing personnel should consider first of all.
a.

how to advertise the

product

b.

what

c. how
products

the

customer desire

to

distribute

the

product
d.engineering problems.

3. Marketing is an important consideration for

a. the consumer

c. all aspects of

production
b. the distributor

d. the salesman.

4. Demand and market forces are considered prior to production.

Before designing and producing the product, companies consider.
a. The supply of consumers
b. The desire by consumers
c. Distribution to the consumers
d. All the marketing activities to purchase a product
5. Between the producer and the consumer, certain goods are stored
along the way because there may be great distances between the
point of production and the point of sale. Storing along the
distribution channel.
a. is suitable for all products
b. makes quicker delivery to consumers
c. makes standardization and grading necessary
d. does not add to the cost of the product
6. Economists use the word market to refer to a set of forces or
conditions which determine the price of a product. This particular
meaning of the word market.

a. is not important for people who are not economists

b. describes in general how prices are determined
c. has no effect on the stock market
d. Considers only demand, but not supply.
7. Among other things, modern marketing considers selling the
correct product at the proper place. This means that:
a. Place utility and consumer demand must be considered.
b. Advertising will help increase sales.
c. Distribution is more important than product design.
d. If a product is for sale, someone will buy it.
8. Modern marketing is a coordinated system of business activities
because:
a. It involves solving design problems to meet consumer
demands.
b. It involves having the product at the right place at the right
time.
c. It considers the profitability of the company.
d. All of the above.
B.

Translation
Translate into English
1- Chng ta nn dnh tin vo vic qung co v vic ny c th

gip cho mc bn tng ln.

..
..
2- Gi ca mt loi sn phm s c quyt nh bng s lng sn
phm sn c bn v nhu cu ca ngi tiu dng i vi sn phm
.
..
..

3- Cu v t ang tng ln bi v gi ca t ang gim xung

v thu nhp ca ngi dn kh hn.
..
..
4- Ngi ta s mua sn phm y nhiu hn nu n c tng cng xc
tin v qung co.
..
..
5- Phng kinh doanh phi c kh nng thu thp thng tin trn th trng, phn tch v x l thng tin ri xut cc gii php pht trin
ph hp.
..
..
III. Vocabulary
trade

(v-n)

[treid]

economist
force

[i:'knmist]

(n)

[f:s]

available

['veilbl]

promote

[pr'mout]

promotion
distribute

distribution
figure out

encompass
emphasize
base

justify
design

(v)
(v)

['emfsaiz] (v)

s thc y, s xc tin
phn phi
(n) s phn phi

(v)

tnh ton ra
(v)

['dstifai]
[di'zain]

['soulli]

bao gm

nhn mnh, ch trng

da vo
(n) nguyn tc

['prinspl]

concentrate
solely

(v) thc y, xc tin

[in'kmps]

[beis]

principle

lc tc ng

[,distri'bju:n]

['fig]

nh kinh t

(a) sn c

[pr'moun] (n)
[dis'tribju:t]

(n)

bun bn, thng mi

(v)

chng minh

(v)

thit k

['knsntreit]

(v)

(adv)

tp trung
ch, duy nht

desire

[di'zai]

behaviour
prior to

[bi'heivj]

['prai]

advertising
store
utility
add

(adv)
(n)
(n)

['st:rid]

[ju:'tilti]

separate

hnh vi, thi , cch c x

trc
qung co

(v-n) lu tr, ca hng

[d]

various

['veris]

manner

['mn]
['prp]

s tch tr, lu kho

(n)

s tin dng, tin ch

(v)

cng, thm vo
(v)

['sepreit]

channel ['tnl]

proper

(n)

['dvtaizi]

[st:]

storage

(n-v) mong mun, khao kht

(n)

tch bit

knh
(a)

khc nhau, a dng

(n)

cch thc, phong cch

(a)

ng, chnh xc

Unit 10:promotion
I. Reading
Promotion is the aspect of marketing concerned with increasing
sales. Promotion attempts to persuade and influence the customers
attitude in various ways. It is oriented toward producing a customer for
the product rather than a product for the customer. Price should be
determined by supply and demand. Promotion attempts to increase
demand for a product and thereby increase sales. Through promotion,
companies try to keep demand and sales constant when prices
increase. However, if the price decreases, they try to increase demand
for the product, hoping that an increase in sales volume will offset the
decrease in price.
Three main promotional activities are advertising, personal selling
and sales promotion.
Advertising is a nonpersonal presentation of goods, services or
ideas aimed at a mass audience. It is particularly suited for products
that are widely distributed, such as convenience goods. There are

several methods of advertising and several media. The method selected

depends on the product, the distribution of the market and the type of
information which the company wishes to convey about its products. In
general, advertising works best when the demand for a product is
increasing. It also works well when there are real differences between
two or more similar products such as different types of cars. Using
advertising a company can emphasize the differences between its
products and that of the competition. The purpose of advertising is to
communicate information that convinces a customer to buy a specific
product.
Personal

selling

involves

salesperson

trying

to

convince

customers directly to buy a product. Personal selling is very effective

when

there

is

concentrated

market

for

product.

sales

representative usually gets a commission if the product has a high unit

value, the cost of the product justifies the commission paid to the sales
representative if the product must be individually tailored to the
purchaser, and the salesperson must be able to sell exactly what the
customer needs. Sales staffs are also needed to demonstrate a product.
This is particularly important for new products which may be unfamiliar
to the customer. Finally, personal selling is necessary when there is
negotiation about the price of the product, for example, when a trade-in
is involved.
Sales

promotion

involves

several

activities.

It

is

becoming

increasingly important in the self-service environment where there is

often no sales staff. Sales promotion activities are of two types:
information and stimulation. Examples of information promotion are a
booklet

about

the

product,

demonstration,

market

research

information telling about the nature of the customers, dealer training

and managerial advice from producers. Stimulation promotion can be
accomplished by the distribution of free samples, reduced price
promotion, premium and coupons Sales promotion also involves
display of the products.

Basically there are two ways to increase sales of products: find new
markets and increase market share.
A different market situation requires a different method of
promotion. When a market is saturated, it means that there are no new
customers to be found. A company then needs to lure customers from
the competition and gain a greater share of the total market. To
increase market share, the marketing department of a company must
design a total program of promotion for a particular product.
Comprehension questions
1. What is promotion?
2. How should price be determined?
3. What does promotion attempt when prices increase and when
prices decrease?
4. How many promotional activities are there?
5. Which promotional activity is best suited for convenience goods?
6. Who should receive the advertisers message?
7. When selecting a method of advertising what factors should be
considered?
8. When does advertising work best?
9. Who does personal selling?
10.

What is paid to the sales staff?

11.

In which cases is personal selling necessary?

12.

How many types of activities are there in sales promotion?

13.

What are two sources of new customers for a product?

14.

What must the marketing department do to increase market

share?
II.

exercises

A. Vocabulary exercise
*Matching
Match the words on the left with the words and phrases on
the right:

1.
2.
3.
4.
5.
6.
7.

demand
constant
offset
sales volume
persuade
attitude
mass

audience
8. suited
9. distribution
10. time utility

a. consumer desire to purchase product

b. arrangement
c. usefulness at a certain time
d. maximum number of viewers or readers
e. be appropriate
f. compensate for
g. opinion
h. convince
i. rate of sales
J. unchangeable

* Multiple choice
Select the answer which best completes the meaning of the
sentence
1. Promotion attempts to increase demand for the product. Effective
promotion therefore
a. increases sales

c.

Aims

at

mass

audience
b. decreases supply

d. Decreases prices

2. Promotion should shift the demand curve so that

a. supplies increase
b. prices increase
c. Consumers want to buy the product more than before
d. demand stays constant
3. If the demand for the product is inelastic, when prices increase
a. customers continue to buy the product even at higher
prices.
b. increased prices result in fewer sales.
c. increased prices result in more sales.
d. the supply available for sales is increased.
4. If customers increase purchases of the product when prices
decrease
a. sales volume increases.

b. the demand is elastic.

c. increased volume may offset lower prices.
d. all of the above.
5. Advertising is aimed at a mass audience. Advertisers hope
a. that it would be convenient for the customer to purchase
the product.

b. that a very great number of people will see

or hear their message.

c. that reducing prices will increase sales.
d. to sell similar products.
6. Personal selling refers to a sales representative who persuades a
customer to buy a product. It is very effective when
a. the product must be custom designed for the consumer.
b. the number of customers is small and the sales staff know
who they are.
c. the product needs to be demonstrated to the customer.
d. all of the above.
7. A commission refers to a fee which the salesperson receives for
making a sale. A commission is usually based on a certain
percentage of the sales price. Sales staff probably
a. prefers to sell expensive or big ticket items since their
commission will be greater.
b. prefers to sell convenient items since customers purchase
them frequently.
c. can afford to advertise on television to demonstrate their
product.
d. are unable to negotiate the price of the product.
8. In a self-service store the customer usually selects merchandise
personally and then brings it to a cashier to pay for it. Self-service
stores
a. could probably increase sales if they used personal selling.
b. can stimulate sales by the proper use of displays and other
sales promotion devices.

c. cannot use advertising effectively.

d. usually sell only convenience items.
9. Sales promotion activities include those which provide information
to customers and those which stimulate them to purchase
particular products. Customers receive information about products
through
a. coupons
b. pamphlets

c. Premiums
d. Discounts

10. A customer can be stimulated to make a purchase through

a. a free sample

c. A reduced price

b. an attractive and convenient display d. All of the above

11. Increasing sales means getting more customers for your
products. You can get more customers to buy your product by
finding new markets. A method of expanding the market might be
a. to sell your product in other cities and states.
b. to sell your product to people who do not now purchase
your product or a similar product.
c. advertising to tell more people about your product.
d. all of the above.
12. You can get more customers for your product if they switch from
a competing brand to your own. To do this requires
a. only getting more products on the shelves at the store.
b. giving more information about your product.
c. saturating the market.
d. designing a total program according to the product and the
market.
B. Translation
Translate into English
1- Sau 20 pht thng lng, gi ca nhng sn phm y c xc
nh mt mc m c hai bn u c li.
..
..

2- Trong vic lp mt chin lc kinh doanh, mt cng ty phi xt

n mt cnh tranh v cc yu t khc.
..
..
3- Chin dch khuyn mi ca chng ti t hiu qu. Mc bn
tng ln c 14% so vi nm ngoi.
..
..
4- Qung co l nhm gy tc ng n thi quen mua sm ca
khch hng h s mua nhng sn phm ang c qung co.
..
..
5- Nu doanh nghip y c mt th phn n nh trong nc, th

h phi ngh n vic thm nhp vo cc th trng nc ngoi.

..
..
III.

Vocabulary

persuade
convince
attitude
orient

[p'sweid]

(v)

[,:rien'tein]

['vlju:m]

advertisement
nonpersonal
aim

[d'v:tismnt]

(v)
[':djns]

convenience
medium

(n)

s nh hng

(n)

khi lng, dung lng

(n)

bi qung co

nhm vo
(n a)

[ms]

audience

hng vo, nh hng

(a) gin tp

[non'p:snl]

[eim]

mass

(n) thi , cch suy ngh

['titju:d]

orientation

thuyt phc
(v) thuyt phc

[kn'vins]

[':rint]

volume

(v)

[kn'vi:njns]

['mi:dim]

khi, i chng, s ng

(n) khn gi
(n) s tin dng
(n) phng tin

convey

(v)

[kn'vei]

the competition
specific

[sp'sifik]

representative
commission
tailor

[,kmp'tin]

[,repri'zenttiv]

(n)

[k'min]

demonstrate

trade-in

[,demns'trein]

(v)

[ni'gouieit]

(n)

['treid'in]

[in'vairnmnt]

managerial

[,mn'diril]

accomplish

['kmpli]

(n)

ngi i din

tin hoa hng

trnh by, gii thiu

(n) s trnh by, s gii thiu

thng lng, chuyn nhng
mn hng i b
(n)

(a)

mi trng

thuc v qun l
(v)

(n)

['s:mpl]

premium

c th, c bit

(n) ngi bun bn

['di:l]

sample

(a)

(n) s thng lng, s chuyn nhng

[ni,goui'ein]

environment
dealer

nhng i th cnh tranh

(v)

['demnstreit]

demonstration
negotiation

(n)

(v) ch to theo mun

['teil]

negotiate

truyn ti

mu
(n)

['pri:mim]

hon thnh
mn hng biu km

coupon

['ku:pn]

(n)

phiu mua hng gim gi

display

[dis'plei]

(n)

trng by

saturate

(v) lm cho bo ha

['streit]

market share

(n)

th phn

lure

(v)

thu ht

[lu]

Unit 11:distribution
I. Reading
After a product has been made, the next step is to find out which
methods and routes should be used to bring it to market. This involves
channels of distribution.
The channel of distribution or trade channel refers to the route the
product takes on the way from the manufacturer or producer to the

ultimate consumer. The simplest form of distribution is direct sale. For

example, a grower sells produce directly to a customer at a roadside
stand. However, most often the channel of distribution involves
middlemen. Middlemen are the people who take possession of
merchandise and take title to it or arrange for transfer of ownership.
The reason middlemen are needed is that a particular customer or
consumer

desires

many

products,

which

come

from

many

manufacturers, and it is impossible for the consumer to purchase every

product from the producer.
The job of the middleman is to collect the different products from
the various manufacturers, and then to divide them into amounts which
the customers require. The middleman gives the products place utility
by delivering or transporting them to where they are needed. Two types
of middlemen are merchant middlemen, who actually take title to the
merchandise, and agent middlemen, who arrange for the transfer of
title between manufacturers and wholesalers. An example of a
merchant middleman might be a person who owns a warehouse, buys
large quantities of goods from manufacturers and then distributes them
to companies who purchase smaller quantities. An example of an agent
middleman would be a broker, who earns a commission by putting
buyers and sellers in contact with one another.
The selection of a distribution channel for consumer products sold
on the retail market depends upon the type of products. Some items are
considered convenience goods. They are generally products which have
a low price and could be found at several convenience locations.
Examples are chewing gum, cigarettes and soft drinks. One generally
goes to the closest place to buy these kinds of products. In this case,
convenience is more important than price. The customer is willing to
pay for place utility. Convenience goods are found at supermarkets,
convenience stores, and even in vending machines. These goods must
be widely distributed. They may, therefore, go through several

middlemen before they arrive at the place where the consumer

purchases them.
Other consumer products are classified as shopping goods. These
are products which generally cost more than convenience goods and
require more consideration of price and quality than convenience goods.
A customer shopping for a television set or other major home appliance
would probably consider several different products and shop at several
locations to compare quality and price before making a decision about a
purchase. Shopping goods can be found at various retail outlets.
Discount houses are a type of retail outlet. Products are offered for
sale at a lower price because there is a small sales staff or the retailer
has been able to reduce overhead in another manner. For example, the
store could be in a warehouse or some place where rents are lower.
Two of the larger types of retail distributors are franchise stores
and chain stores. A franchise store is a store that is independently
owned, but operates under a franchise or license from a parent
company. The franchisee pays a fee for the license and a certain
percentage of the total sales to the parent company. In return for this,
the parent company supplies the products and promotes sales through
advertising. Franchise stores and chain stores are similar in the way
they are run. The main difference between a chain store and a franchise
store is that chain store is owned by the parent company. Some
supermarkets and department stores are operated as chain stores. The
advantage that franchise stores and chain stores enjoy in distribution is
that they are often vertically integrated. Vertical integration should
allow a parent company to control costs and maximize profits. However,
sometimes vertically integrated organizations become so large that
they actually cost more to operate.
Comprehension questions
1. What is a channel of distribution?
2. What is the most general explanation of a middleman?

2. Why is the middleman necessary?

3. What are the activities of the middleman?
4. How does he give the products place utility?
5. What is a merchant middleman?
6. What is an agent middleman?
7. What are convenience goods?
8. What does the customer consider when purchasing convenience
goods?
9. How are convenience goods distributed?
10.

What are shopping goods?

11.

What two things do customers consider when they purchase

shopping goods?
12.

What is a franchise store?

13.

What does the franchise store do for the parent company?

14.

What services does the parent company supply?

15.

What are the similarities and differences between franchise

store and chain stores?

II.

exercises

A. Vocabulary exercise
*Matching
Match the words below with the definitions:
1. bring to market
a. company that grants a franchise
2. ultimate
b. fee paid for making a sale
3. take possession c. available for sale at many locations
of
4. take title to
d. deliver to the customer
5. commission
e. able to be seen
6.
widely f. costs other than costs of the product,
distributed
7. place utility

such as rent, electricity, management

g. legal permission to operate certain

8. personal selling

businesses
h. explaining the features of a product to a
potential customer

9. on display
10. overhead
11. high volume
12.

franchise

license
13.

i. increased value due to location

j. to become the legal owner
k. person who buys something for his own
use
or l. large

company

which

owns

smaller

companies
parent m. large amount of merchandise being

company
14. franchisor

bought and sold quickly

n. to hold and have physical control over

*Multiple choice
Select the answer that best completes the meaning of the
sentences:
1.A grower selling fruit at a roadside stand is an example of
a. a middleman

c. producer selling directly to

consumer
b. a convenience goods

d. manufacturer selling

directly to middleman
2. A middleman who takes title to the merchandise is an example of
a. a merchant middleman
b. an agent middleman

c. a distributor
d. a customer

3. A stock broker or real estate broker would be an example of

a. a person who receives title to certain investments
b. a person who deals with both buyers and sellers
c. a person who buys large quantities of real estate and stock
d. a salesman
4. The best channel of distribution depends on
a. the type of product

c. where the product will be

sold
b. the price of the product

d. all of these

5. The cost of distribution for convenience goods is probably

a. higher than for shopping goods

c. not a factor in the sales price

b. not important for the consumer d. part of the commission

6. Discount houses can offer merchandise at lower prices because

a. they have lower overhead

c. they have fewer salesmen

b. they deal in volume

d. all of the above

7. Franchise and chain stores benefit from

a. the sale of licenses to their stores
b. locating away from the main business areas
c. vertical integration
d. the ability to advertise on a large scale
8. The difference between chain stores and franchise stores is
a. chain stores are individually owned
b. franchise stores are individually owned
c. they do not handle similar products
d. franchise stores enjoy an advantage in distribution
B. Translation
Translate into English
1- Nu bn mong mun mua to nh , bn nn lin h vi mt ngi
mi gii bt ng sn.
..
..
2- Mt nhn vin cho hng thng nhn c mt khon tin hoa
hng cho mi ln bn. Anh ta cng bn c nhiu th anh ta cng nhn
c nhiu tin.
..
..
3- Cng ty s phn b mt lng tin nht nh cho vic xc tin
u t trong v ngoi nc.
..
..
4- lm tng gi tr ca mt sn phm v tng lng bn, cc doanh
nghip phi quan tm nhiu hn n hot ng phn phi.
..

..
5- Cng ty y ang chp c hi bn sn phm cho ngi dn
cc vng l lt.
..
..
III. Vocabulary
route

(n)

tuyn ng, l trnh

(a)

sau cng, cui cng

take possession of

(v)

chim hu

take title to

(v)

thit lp chng t s hu

merchant

['m:tnt]

(n)

ngi bun bn

wholesale

['houlseil]

(v-n) bn bun

[ru:t]

ultimate

['ltimt]

wholesaler
retail

(n)

['houlseil]

(v-n)

['ri:teil]

retailer
agent

(n)

[ri:'teil]

quantity

ngi bn l
(n) s lng

['kwntti]

(n)

i l, ch i l

['brouk]

(n)

ngi mi gii

manufacturer
location

(n) nh ch to, nh sn xut

[mnju'fktr]

(n) v tr, a im

[lou'kein]

appliance ['plains]

(n)
(n)

['autlet]

chewing gum
classify

['vendi

m'i:n]

['klsifai]

consumer goods

[kn'sju:m'gudz]

convenience goods
shopping goods
overhead
[rent]

[kn'vi:njnsgudz]

['pigudz]

['ouvhed]

warehouse

['wehaus]

thit b, dng c

ca hng tiu th, i l

(n) ko cao su

['tu:igm]

vending machine

rent

bn l

['eidnt]

broker

outlet

ngi bn bun

(n)

(n)

my bn hng t ng

(v)

phn loi, xp loi

(n)

hng tiu dng

(n)

hng tin dng, hng tin ch

(n)

hng mua sm

(n)

ph qun l

nh kho

(v-n) thu nh, tin thu

franchise

(n-v) quyn kinh doanh, cp php

['frntaiz]

kinh doanh
franchisee ['frntaisi:]
chain

(n)

(n) lin hp, chui

[tein]

license

(n)

['laisns]

percentage

ngi c cp php kinh doanh

giy php
(n)

[p'sentid]

t l phn trm

subsidiary [sb'sidiri]

(n)

cng ty con

vertical ['v:tikl]

(a)

ngnh dc, thng ng

maximize

(v)

['mksimaiz]

ti a ha

Unit 12:international business

I. Reading
Most countries realize the advantages of world trade. Countries
have developed their economies, increased production of goods, and
met

market

demands

interdependence

among

through
trading

increased
nations

has

world

trade.

provided

The

increased

business opportunities.
International trade develops because certain countries are able to
produce some goods more efficiently than other countries. They
exchange goods to satisfy their needs and wants. Efficient production
may be the result of several factors such as climate, geographical
location, natural resources and labour forces.
There are several reasons why governments try to control the
imports and exports of a country. One reason is that a country enjoys an
advantage if it exports more than it imports. Wealth accrues to the
exporting country. Some countries have special programs to encourage
exports. They may be programs that provide marketing information,
establish trade missions, subsidize exports, and provide tax benefits or
incentives. Government subsidies allow companies to sell products
cheaply. Sometimes these subsidized companies export their products

and sell them cheaply overseas. This practice is known as dumping.

Dumping is selling on a foreign market at a price below the cost of
production.
On the other hand, governments impose taxes and quotas to
restrict imports of certain products. Sometimes governments want to
protect a domestic industry because that industry provides employment
for the population. Not only the industries but also the labour unions
encourage the government to enact protectionist controls.
Protectionist measures are in the form of duties which eliminate
the comparative advantage, or quotas which restrict the import of the
product altogether.
In order to import and export products, there needs to be a system
of international monetary exchange. International trade involves the
exchange of one currency for another. Most currencies are now
exchanged on a floating rate basis. There are no official exchange rates.
The rates fluctuate according to market forces. Sometimes these great
fluctuations in value threaten economic stability; then central banks
change market forces by purchasing a foreign currency to support its
price and maintain stability.
The amount of money that goes in and out of a country is referred
to as the balance of payments. If a country is exporting more than it
imports, it is receiving foreign currency and has a balance of trade
surplus. If it is importing more than it exports, it is spending money out
of the country and has a balance of trade deficit. Continued surpluses or
deficits change the demand for the currency of a country and cause its
value to float either upward or downward.
Exporting companies sometimes set up subsidiaries in the market
countries. The larger company is referred to as the parent company.
Some countries have laws restricting the foreign ownership of factories
or

other

production

facilities,

while

others

encourage

foreign

investment. A large company that sets up production facilities in several

different countries is referred to as a multinational. Multinational

corporations develop a global philosophy of management, marketing,

and production. They choose to operate in those countries that afford
them comparative advantages.
Comprehension questions
1. What advantages do countries derive from world trade?
2. How does efficient production give rise to world trade?
3. What factors mentioned would contribute to a countrys production
efficiency?
4. Explain how exporting countries become wealthy!
5. How do some governments encourage exports?
6. Why do some governments try to control imports?
7. What do the great fluctuations in value of currency threaten?
8. What is the balance of payments?
9. What will happen if a country exports more than it imports and
opposite?
10.

What will be a good reason for an exporting company to set

up a subsidiary in the country that imports its products?

II. Exercises
A. Vocabulary exercise
* Matching
Match the words in the left column with the phrases in the
right column that have the same meaning:
1. advantage

a.

company

management
2.
3.
4.
5.
6.

overseas
domestic
floating rate
subsidy
protectionism

with
and

worldwide
production

philosophy
b. excess of imports over exports
c. company which owns a subsidiary
d. foreign
e. beneficial condition
f. home

7. dumping
8. currency

g. circulating money
h. trade restrictions to benefit domestic

producers
9. exchange
i. below cost foreign sale
10. balance of trade j. money given to cover losses and assist
deficit
11. subsidiary

nonprofit enterprises
k. money value not determined by gold

12. multinational
13. parent company
14. market forces

or a fixed standard
l. branch company
m. supply and demand
n. convert

* Multiple choice:
Select the answer which is consistent with the meaning of
the sentence
1. International trade develops because certain countries are able to
produce some goods more efficiently than others. They exchange these
goods in order to satisfy their needs and wants.
a. Countries import the goods which they produce efficiently
b. Countries probably export the goods which are not efficiently
produced.
c. Countries probably exchange goods which they produce
efficiently for goods which other countries produce efficiently.
d. Efficient exchange results from international trade.
2. Price is determined by the supply side of the market.
a. If the demand for products increased so would the price.
b. There is such an abundance of products for sale that prices
would have to increase.
c. If the supply is low, the price is low.
d. Supply is more of a factor than demand in determining the price.
3. A basis for mutually beneficial trade is the fact that one country has a
comparative advantage.
a. Both the importing country and the exporting country benefit
from trade.

b. One countrys comparative advantage can benefit another

country.
c. The comparative advantage of one country can result in trade
between countries
d. All of the above.
4. A country can accrue wealth if it exports more than it imports.
a. This country has a balance of trade deficit.
b. Demand for this countrys currency will fall.
c. This country receives money from countries which imports its
products.
d. All of the above.
5. Government try to control imports of products to protect domestic
industry.
a. Protectionist measures take the form of import duties and
quotas.
b. Protectionist measures insure free trade.
c. Workers are always opposed to protectionism.
d. All protectionist policies have the same effect on the market.
6. Selling products abroad at prices lower than the cost of production is
known as dumping.
a. Dumping is always against government policy.
b. Dumping is always beneficial to the importing country because
buyers pay lower prices.
c. Exporters dump products on foreign markets to lower domestic
employment.
d. Some reasons for dumping could be inventory reduction,
maintenance of domestic employment, and continuation of high
production levels.
7. Most currencies are now exchanged on a floating rate basis in which
there are no official exchange rates, and rates fluctuate according to
market forces.

a. If money changers want to sell Dollars for Yen, the price of the
dollar will decline.
b. An exporting country with a balance of payments surplus may
accumulate a lot of foreign currency for which demand is low, thus
making their exports more expensive.
c. The supply and demand for currencies determine the exchange
rates.
d. All of the above.
8. Multinational companies set up production facilities in countries
where production is most efficient.
a. All countries allow foreign ownership of production facilities.
b. The larger company is called the parent company; the
production facilities are referred to as a subsidiary.
c. Subsidiary companies eliminate the problem of worldwide
competition.
d. Each subsidiary needs to consider only local market conditions.
IV. Translaiton
Translate into English
1- Cng ty y xut khu nhiu loi sn phm sang cc nc chu u
mc gi cao. Cng ty ang m rng sn xut p ng nhu cu
ngy cng tng ca th trng.
..
..
2- Thng trc Hoa K nhp khu nhiu hng ho hn xut khu.
Mc thm ht trong cn cn thng mi l 1.2 t la.
..
..
3- Chnh ph lp ra mt hn ngch cho s lng tht b c nhp
khu nhm bo v cc nh sn xut tht b trong nc.
..
..

4- Nhng nh nhp khu v xut khu phi i tin t ca h

ly tin t ca quc gia m h ang giao dch kinh doanh.
..
..
5- n lc cc doanh nghip Vit Nam phi nng cao nhn thc
v cnh tranh ton cu v lm th no to ra c li th cnh
tranh.
..
..
IV. Vocabulary
interdependence
opportunity
efficient

(a)

wealthy
accrue

['weli]
['kru:]

mission

['min]

subsidize

['sbsidaiz]

c hiu qu
(n) hiu qu

[i'finsi]

[wel]

s ph thuc ln nhau

(n) c hi

[,p'tju:niti]

[i'fint]

efficiency
wealth

[,intdi'pendns](n)

(n)

s giu c, ti sn

(a)

giu c

(v)

tch ly

(n)

nhim v, mi quan h

(v)

h tr, tr cp

subsidy

['sbsidi]

(n)

s tr cp

benefit

['benifit]

(n)

li ch

incentive

[in'sentiv]

overseas

[,ouv'si:z]

dumping

['dmpi]

impose
quota

(n) nc ngoi
(n) h gi, ph gi
(v)

[im'pouz]

(n)

['kwout]

protect

(n) s khuyn khch

protection

[pr'tekn]

protectionist
enact
eliminate

[pr'teknist]

[inkt]
[i'limineit]

hn ngch
(v)

[pr'tekt]

p vo, nh vo
bo v

(n)

s bo v

(n)

bo h
(v)

ban hnh

(v) loi tr

threaten
facility

['retn]

[f'siliti]

multinational
global
afford

[fi'lsfi]

['f:d]

e da

(n)

thit b, phng tin

[mlti'nnl]

['gloubl]

philosophy

(v)

(a-n) a quc gia, cng ty a quc gia

(a)

ton cu

(n)

trit l

(v)

lm cho c th, cung cp

unit 13:

Personnel

I. reading
Personnel refer to all the people who work for a firm. Most large
companies have special personnel departments which are responsible
for employer employee relations. The personnel department is a staff
department, which means that it is not directly involved with
production, but that it provides a service to the managers. The most
important services which the personnel department provides are
recruiting, that is, finding new workers or managers for the company,
deciding which applicants are most suitable for employment by the firm,
and developing and implementing personnel policies and procedures for
the benefit of the company as well as the employees.
Most businesses continually need to recruit good personnel to
replace workers who retire or quit and to fill new jobs created when the
company expands. After management has determined the goals of the
company and the positions needed, the personnel department must find
qualified people to fill those positions. Depending upon management
policy and the nature of the position, recruiting may be done internally
or externally. Internal recruitment means that the person chosen for the
position is selected from the current employees of the company. This is
either by promotion or transfer. External recruitment means that the
company is looking for the new employees from outside the firm. All

companies do some types of external recruitment. They recruit

employees with special training or education by interviewing graduation
students at university campuses or they seek top level managers from
other firms, often from their competitors. Other methods of recruiting
involve

the use

of

advertising

in

newspapers and professional

publications and even paying a fee or commission to an executive

placement service.
The personnel department should have a method for choosing the
best candidate from among the applicants for the position. In some
companies this may involve testing prospective employees. Civil service
or government jobs often require applicants to compete with each other
on written tests. Those applicants with the highest scores are selected
for an interview. Other companies may assign points for certain items
on the application form, such as experience or education. They may
then total the points and select the applicants with the highest totals.
After the applications have been evaluated, the best qualified applicants
are invited to an interview. In the interview the applicants personality
and ability to work with others may be judged.
Some people feel the most important function of the personnel
department is the development of personnel policies. For efficiency and
fairness, a company should have a specific formal written procedure for
dealing with its employees. Otherwise, decisions must be made on a
case by case basis and this could adversely affect employee morale.
These procedures should state working conditions, salary scale and
fringe benefits such as paid vacation, paid sick leave, group insurance,
and pension or retirement plan all things received in addition to pay.
Parts of the policy may also include a procedure for notifying employees
of openings or promotional opportunity and handling complaints when
an employee is treated unfairly by the employer.
Comprehension questions
1. What do personnel refer to?

2. What are the most important services which the personnel

department provides?
3. What is the purpose of personnel activities?
4. Why do most businesses continually need to recruit good
personnel?
5. What does recruitment depend on?
6. What are the two main types of recruitment?
7. What does internal recruitment mean?
8. How is external recruitment carried out?
9. What do other methods of recruiting involve?
10.

How do some companies recruit?

11.

How do other companies recruit?

12.

What do some people think of the function of the personnel

department?
13.

What should a company do to have efficiency and fairness in

recruitment?
14.

What should the procedures state?

II. Exercises
a. Vocabulary exercise
*Matching
Match the words on the left with the expressions on the
right:
1.
2.
3.
4.
5.
6.
7.

promote
vacancy
retire
external
recruitment
fringe benefits
grievance

a. complaint of unfair treatment

b. paid sick leave, for example
c. job opening
d. seeking new employees
e. accounting, for example
f. outside
g. to assign a more important job

8.

staff h. to stop working after a certain

department

age

*Multiple choice
Select the answer which best completes the meaning of the
sentence.
1.The personnel department must decide which applicants are the most
suitable for
a. benefits
b. employment

c. Employee
d. Promotion

2. To fill the vacancy in the accounting department, they are seeking the
person who is best
a. promoted
b. competitive

c. Qualified
d. Authorized

3. The person being promoted receives more

a. authority

c. Salary

b. responsibility

d. All of these

4. Companies which recruit internally hire new workers

a. at all levels

c. At beginning levels

b. at the managerial level

d. All of these

5. If a company is recruiting new employees, they might

a. advertise in newspapers

c. Qualify for the job

b. promote a new employee

d. None of these

6. The job description tells about a job opening at a company. It would

most likely state
a. the supervisors name

c. What the

applicant looks like

b. the duties and responsibilities

d. The

applicants name
7. As a personnel director, he is authorized to issue employee
identification. Issuing employee identification is one of his
a. authorities

c. Qualifications

b. requirements

d. Responsibilities

8. The personnel policies should provide a method for settling employee

grievance. An employee who has a grievance
a. may be promoted

c. Should fill out an

application
b. will be fired

d. Thinks he was treated

unfairly
9.

The

committee

will

base

their

decision

on

the

applicants

qualifications. This means they will decide whom to

a. apply

c. Authorize

b. qualify

d. Hire

10. The personnel department announces a promotional examination

next week. This examination is intended for
a. supervisors

c. Current employees

b. new recruits

d. Competitors

B. Translation
* Translate into Vietnamese
According to a survey of general department of vocational training,
only 25% of the people working at small and medium sized enterprises
are highly educated and skilled but their adaptation ability as well as
teamwork ability are still very low. Moreover, foreign language
proficiency and the ability to communicate are still poor.
..
..
..
..
..
*Translate into English
1- tm c vic lm tt sau khi tt nghip, ngoi chuyn ngnh
ra, sinh vin nn dnh nhiu thi gian hn luyn tp ting Anh v tin
hc.

..
..
2- Vit nam ang thiu ngun nhn lc c trnh cao pht
trin kinh t t nc.
..
..
3- Cng ty General Motors c khong 3000 cng nhn vin. Cng ty
ny cho cng nhn vin c hng nhng li ch tt.
..
..
4- Phng nhn s va a ra thng bo tuyn dng 2 k ton vin v
10 nhn vin kinh doanh. ng vin s c nh gi cn c theo kh
nng chuyn mn v kinh nghim ca h.
..
..
..
5- Bn mun lm vic cho mt cng ty ca Vit Nam hay cng ty lin
doanh? - Ti mun lm vic cho mt cng ty m c iu kin lm vic
tt v nhiu c hi thng tin.
..
..
III. Vocabulary
personnel
employer
employee
recruit

[,p:s'nel]

[ri'kru:tmnt]

['plai]

applicant

(n)

[,impli'i:]

[ri'kru:t]

['pliknt]

nhn s, nhn vin, cng chc

(n) ng ch, ngi tuyn dng

[im'pli]

recruitment
apply

(n)

(v)

nhn vin

tuyn dng
(n) vic tuyn dng
(v) xin vic
(n)

ngi xin vic

application
replace
goal

[ri'pleis]

[goul]

position

['kwlifaid]

qualification
graduate

thay th

(n)

mc tiu
(n)

graduation
campus

(a)

(n) s tt nghip
(n) khu trng s ca i hc

['kmps]

(v)

professional
publication

bng cp, trnh chuyn mn

(v-n) tt nghip, ngi tt nghip

[,grdu'ein]

[si:k]

v tr, chc v

c trnh , nng lc
(n)

[,kwlifi'kein]

['grdut]

s xin vic, n xin vic

(v)

[p'zin]

qualified

seek

(n)

[,pli'kein]

tm kim
(a)

[pr'fenl]

chuyn nghip

(n) s xut bn, bo

[,pbli'kein]

executive

[ig'zekjutiv]

(a-n) u vin qun tr, ngi iu hnh

candidate

['kndidit]

(n)

prospective

[prs'pektiv]

civil service

['s:vis]

assign

['sain]

evaluate
judge

(a) trin vng, tng lai

(n)

cng chc nh nc

(v)

giao cho, giao nhim v

(v) thm nh, nh gi

[i'vljueit]

(v)

['dd]

personality
fairness

ng c vin, th sinh

nh gi, phn xt
(n) nhn cch, tnh cch

[,p:s'nlti]

['fenis]

(n)

s cng bng
xem xt, giao dch

deal with

[di:l]

(v)

adversely

['dv:sli]

(adv)

morale
scale

[m'r:l;

(n)

fringe benefit

[frind]

['penn]

retirement
complaint
treat

(a) tinh thn, ch kh

m'rl]

[skeil]

pension

[tri:t]

bt li

(n)

phc li

(n)

lng hu
(n)

[ri'taimnt]
[km'pleint]

quy m

hu tr, s ngh hu

(n)

s khiu ni, phn nn

(v)

i x

Unit 14:letters of application

If you want to be sucessful in your applying for a job, you
should be careful about writing a letter of application. There
are three parts in a letter of application as the following:
I. Openings
1. In reply to your advertisement in the Times for a secretary, I beg to
apply for the position.
2. With reference to your TV advertisement on June 9 th, I wish to
apply for the position of chief accountant.
3. I would like to apply for a position as an accountant, which your
office advertised in the Times.
4. I would like to apply for the position of sales representative, which
your office advertised in the Times last week.
5. I wish to apply for the position of marketing researcher, which was
recently advertised on TV.
6. I have learnt from Mr.John that you are looking for a financial
planner in your organization. I should like very much to have you
consider me for the job/ post/ position.
7. Understanding that you require the services of a computer
operator in your company, I wish to apply for the post. Please keep
in view the following facts.

8. Having heard from one of my friends that you need a personnel

officer. I offer my services for the vacancy I give below particulars
regarding my qualifiaction, experience etc... And I hope that you
will give me an opportunity for interview.
II. Details
1. I am twenty one years old - a first/ second/ .last year at the
Finance-Banking department (faculty) of the College of Finance Business Administration.
2. This is the post for which I am particularly well qualified.
3. I

have

an

open-hearted

personality

and

ability

to

attract

customers.
4. I can go on business to remote areas.
III. Education
1. I am a college/ university graduate.
2. I have a Bachelors degree in Economics / Finance- Banking/
Accounting/ Business Administration/ Economic Information System
(Accounting Informatics) / Valuation/ Commercial English.
3. I have a good command of English and Chinese.
4. I have a good certificate in informatics.
5. I am studying marketing at.......
IV. Work experience
1. I have a lot of experience in making out invoices and inventories.
2. I have a lot of experience in doing shorthand and typing/
accountancy/ office work/ computerizing records.
3. For five years, from January 2002 to January 2007, I worked as an
accountant for Garment Company 10 in charge of bookkeeping and
accountancy.

4. I am experienced in all kinds of office work and have good

knowledge of valuation.
5. I spent four years as a marketing officer in The Prudential- a life
insurance company from Britain so I have enough experience to
work in that field.
6. My work experience includes two years with the bank and over
three years with the garment company. At the bank I posted
general ledger, audited, handled cash and dealt with the public
at...
V. Work ability
1. I can speak English fluently and use computer skillfully.
2. I can work under pressure/ in shift / in a team/ on Saturdays and
Sundays.
3. I am patient with prickly/ quick- tempered people.
4. I can write shorthand
5. I have the ability to perform basically elerical duties.
6. I understand office procedures.
7. I have the ability to act as the employers right hand assistant/
write correspondence and arrange business meetings.
8. I have the ability to work carefully with details.
9. I have the ability to verify data, reconcile discrepancies, prepare
detailed reports from raw data and check accounting
documents for completeness
10. I have the ability to prepare detailed reports from raw data and
construct financial statements
11. I have the ability to prepare a wide variety of memoranda, orders
and offers.

12. I have the ability to manage financial resources of the company/

analyze the way that money is earned, spent and invested.
13. I can handle personal cheques, travellers cheques and a variety
of credit cards.
14. I have the ability to suggest ways in which capital can be used
more effectively.
15. I have over four years of experience in managing finance for a
joint venture company.
16. I have the ability to project a companys budget for the months
ahead.
17. I have the ability to find out which products will sell best.
18. I have the ability to analyze facts about products that are already
on the market.
19. I can talk skillfully with people and can surpass all sales quotas.
20. I have patience and the ability to communicate well orally and in
writing.
21. I can help improve efficiency in management and production
areas.
22. I am willing to work hard and make a positive contribution to your
organization.
23. I am familiar with computerizing accounting system.
24. I have an export and import background.
25. I have a pleasant personality and neat appearance.
26. I can promote the companys products at trade show and
conferences.
27.I can visit prospective buyers to analyze their needs to tell them
about the companys products.

28. I can create new products or improve existing ones.

29. I have the ability to work with people at all levels.
30. I have a strong management skill and the ability to lead and
supervise staff.
VI. Endings
1. Id be very glad if you granted me an interview.
2. Id appreciate very much if you would grant me an interview.
3. Id appreciate your giving me an interview.
4. I hope you will grant me an interview.
5. I hope that I will have the chance to put my training to work for
your company.
6. I would like very much to put my skill and experience to work for
your bank.
7. I should be very grateful for your favorable consideration of my
application.
8. I hope that my five years as a secretary to the sales manager will
qualify me for the post.
9. The head of personnel of my previous company will be pleased to
give you any information as regard to my character and my work.
10. I have confidence of being able to fulfill all the tasks assigned to
me.
Contact:
1. I can be reached at Tel: (04)3. xxxxxxx.
2. I can be reached during working hours.
3. I can be reached outside working hours.
4. I can be reached after 5 P.M

5. I can be reached at Tel: (04)6xxxxxx during working hours and shall

be glad to come for an interview at your convenience.

Form 1
Send
ers address
.....
............................
....
............................
Da
te
Employers name
Address of the company
.................................................
Dear ...
..........................................................................................................
..................................................................................................................
..................................................................................................................
.............................................................................................
..........................................................................................................
.............................
..................................................................................................................
..................................................................................................................
................................................................

..................................................................................................................
..................................................................................................................
................................................................
..................................................................................................................
..................................................................................................................
...............................................................
..................................................................................................................
................................
..........................................................................................................
.............................
..................................................................................................................
..................................................................................................................
...............................................................
Yours
faithfully/sincerely
(
signature)
f
ull name
enclosed (if any)
form 2:
sende
rs address
.....
............................
....
............................

Da
te
Employers name
Address of the company
.................................................
Dear....,
..........................................................................................................
..................................................................................................................
..................................................................................................................
.............................................................................................
..........................................................................................................
..................................................................................................................
.............................................................
..................................................................................................................
................................
..................................................................................................................
..................................................................................................................
................................................................
..................................................................................................................
................................
..........................................................................................................
..................................................................................................................
..................................................................................................................
.............................................................................................
Yours faithfully/sincerely
(Signature)

full name

enclosed (if any)

In order to write a good letter of application, you should:
- Demonstrate in a brief and concise way.
- State your ablities and experience.
- Enclose your detailed C.V. with your letter of application.
* Notes:
1. You can write date in two ways:
- British English: daymonthyear:
Eg: 1st / 1 May, 2002 (1.5.2002 or 1/5/2002)
- American English: monthdayyear:
Eg: May 1, 2002 (5.1.2002)
2. You can write the greeting as the following:
+ Dear Sir, (for a male)
+ Dear Sirs, (for a group of males)
+ Dear Madam, (for a female)
+ Dear Madams, (for a group of females)
+ Dear Sir or Madam,
+ Dear Mr (Miss/ Mrs, Ms) + name,
2.

You can end the letter in two ways:

- Yours faithfully
- Yours sincerely
3.Forms of abbreviation: Limited (Ltd), Company (Co.) Reference
( Ref), Care of (C/O), Road (Rd), Street ( St), Park (Pk), Avenue
(Av), Square (Sq), Place (Pl), Terrace (Terr), House (Ho)

Typical letters of application

1. Application for the post of accountant
38, Nguyen Van Cu,
Gia Lam, Ha noi,
Tel: (048) xxxxxx
Mr Smith - Personnel Manager

June 5th, 2007

ABC Co.Ltd
102 Nguyen Trai Str,
Thanh Xuan, Ha noi
Dear Mr Smith,
In reply to your advetisement in this weeks Investment review for
the post of accountant, I would like to apply for the post.
I graduated from the College of Finance - Business Administration
in 2009. My major was accounting. I have the following abilities:
- Handle company accounts; construct financial statements with
computerizing accounting system.
-

Use computer skillfully, especially Words, Excell, Foxpro, Access,

Computerizing Accounting system...

- Write and speak English fluently.

- Act patiently and be careful with details.
And I have one years experience of working for Thinh Vuong import export company in Ha noi.
As for the matter of salary, it will be discussed to mutual
satisfaction during personal interview.
I should be very grateful if you could consider me for the post.

Yours faithfully,

Nguyen Quang Hung

Enclosed is my C.V. giving more details about myself.

2. Application for the post of salesperson

68, Ngoc Ha Str,
Ba Dinh, Ha noi,

Hoa Phat Co, Ltd

March 16th, 2007

5, Nguyen Duc Canh Str,

Le Chan, Hai Phong

Dear Sir/ Madam,

Having heard from one of my friends that you need a salesperson, I
offer my service for the post and I hope that you will give me an
opportunity for interview.
I am 22 years old and in the fourth year at the Business Administration
faculty of the Hanoi National Economics University. I can talk skillfully
with people and surpass all sales quotas, especially communicate in
English and Chinese fairly well. I have some experience in promotion
and sale. For the past two summers I worked consecutively as a shop
assistant at Giang Vo fair for COMPTEX, a Malaysian computer company
and the Hongkong Silverware firm and from both I got letters of
commendation for hard work and efficiency.

Id appreciate your giving me an interview. I can be reached at Tel: (04)6

888 999 at any time in the afternoon.
Yours sincerely,

Pham Ngoc Minh

* Curriculum vitae
1. Curriculum vitae 1

bui ngoc diep

32 Hoang Hoa Tham str

Mao Khe, Dong Trieu, Quang Ninh
Home phone: (033) xxxxx
CARRER OBJECTIVE

To gain a broad base of knowledge in accountancy and finance.

QUALIFICATION, EXPERIENCE AND ACCOMPLISHMENTS

- Over three years of experience in managing financefor a joint venture

company.
- Suggested ways in which capital could be used more effectively (was
elected the best among 5 other acountants of ABC company, Hai
Phong city.
- Known by supervisor as innovative and dependable employee
EDUCATION

- Bachelor of Science, 2004 Ha noi Economics University, major:

Accounting and Finance. Minor: Business Administration.
- Certificate of typing(80 wpm)
- Certificate of English, Level C, 2007
WORK HISTORY

- December 200...present: Budget accountant, ABC company, Hai

Phong city.
- August 200...November 200...: Accountant, DEF company, Ha noi
city.
- February 200...October 200...: Secretary, GHI company, Ha noi city.
PERSONAL

- Birthday: January 10, 1980

- Marital status: single
- Health: excellent
- Interests: swimming, reading, singing,...
REFERENCES

B - Interview
Here are a number of typical questions used for applicants in
job interviews.
1.

Tell me about yourself, please?

2. Please tell us the college/ university you graduated from. Whats

your major?
3. Do you have any special trainings or skills?
4. What do you know about our company/ organization?
5. What are your hobbies?
6. Please tell us about your personality?
7. Do you have a sense of humour?
8. What personal characteristics do you have, which affects the way
you work?
9. What type of person do you find it difficult to work with?
10. Have you had a job before?
11. Why do you want to change your job?
12. In what way do you think your knowledge is useful to our company?
13. How would you convince me that you are right for this job?
14. How many languages can you communicate in?
15. How can you use a computer?
16. What was the biggest problem you had to overcome?
17. You have been job-hunting for quite a long time. Why do you think
you have a problem getting a job?
18. If

you

were

supervisor,

how

would

subordinates?
19. What are your strengths and weaknesses?

you

supervise

your

20. What has been your most valuable experience?

21. When will you be available for employment?
22. How long can you stay with us if you are appointed?
23. What makes you like to work for us?
24. Which comes first: job satisfaction or salary?
25. Are you sure you could do this job?
26. Can you tell me your worst fault and your best quality?
27. What are your long goals?
28. What makes you worried about the job?
29. Are you creative? Give me an example!
30. Can you describe your present job?
31. What do you do in your spare (free) time?
32. Whats your desire?
33. What do you know about this kind of work/ our organization?
34. Can you work in shift/ overtime/ at weekends?
35. Can you go on business to remote areas?
36. What do you do when you and your boss/ director/ leader disagree?
37. What chances have you missed in life?
38. Which position in our organization are you the most qualified for?

Typical Interviews
1- Interview for an applicant who wants to work as a marketing
reseacher.
Interviewer: Come in, Its Miss Hoa, isnt it?
Miss Hoa:

Yes, thats right. How do you do?

Interviewer: How do you do? Please take a seat.

Miss Hoa:
Interviewer:

Thank you very much.

Well, Ive got your application form here. I just want to
check the information .. Is that all right?

Miss Hoa:

Yes, of course.

Interviewer: Now, you are 25, arent you?

Miss Hoa:

Yes, I am.

Interviewer: You arent married, are you?

Miss Hoa:

No, I am not, but I am engaged.

Interviewer: You graduated from Economics College, didnt you?

Miss Hoa:

Yes, I did. My majors were marketing and foreign

trade.
Interviewer:
Miss Hoa:

Do you know about advertising?

Yes, I am interested in it very much.

Interviewer: According to you how many stages are there in

promoting a product?
Miss Hoa:

In my opinion, there are four stages in promoting a

product:
1. First, attract the attention of potential customers.
2. Second, arouse interest in the product.
3. Third, create a desire for its benefits.
4. Fourth, encourage customers to take prompt action.

Interviewer: Very good. Can you name some products (goods and
services) that have been advertised well on TV?
Miss Hoa:

Of course. They are Hao Hao instant noodle, Pepsi,

Lavie, Colgate, Hong Ngoc Tailors and so on.

Interviewer:

Thats all very satisfactory, Miss Hoa. Now is there

anything youd like to know about the job?

Miss Hoa:

No, I read the job description carefully before I came. Id

like to work for your organization.

Interviewer: Good. When can you start?

Miss Hoa:

As soon as possible. Thank you very much for this

opportunity. I feel confident that I will be able to make a
contribution to your organization. Ill be looking forward
to hearing from you. Have a good day, Sir.

2- Interview for an applicant who wants to work as an

accountant.
Interviewer: Come in. Please, sit down. Its Mr Tuan, isnt it?
Tuan:

Yes, thats right, good morning.

Interviewer:

Good

morning.

Well,

Ive

looked

through

your

application. Can I ask you some questions.

Tuan:

Yes, of course.

Interviewer: Have you finished a college or a university?

Tuan:

Yes, I graduated from College of Finance Business

Administration.
Interviewer: When did you graduate?
Tuan:

I graduated from the college in 2006.

Interviewer: What was your major?

Tuan:

It was accounting and auditing.

Interviewer: Have you worked for a company before?

Tuan:

Yes, I have. I worked for Hong Ha printing company.

Interviewer: Why do you want to change your job?

Tuan:

Oh, in my previous work I didnt have opportunities to

use my English, not many opportunities for promotion. I
always want to contribute all my abilities to a company,
which I work for. I want to seek new opportunities and
challenges.

Interviewer: How would you convince me that you are right for the
job?
Tuan:

I worked as an accountant for Hong Ha printing

company for over one year in charge of bookkeeping
and accountancy so I have gained some experience in
that field. I can construct financial statements very well.
I can use a computer skillfully. I am familiar with
computerizing accounting system and I can write and
speak English fluently.

Interviewer: Very good. Can you work over time?

Tuan:

Yes, I can.

Interviewer: When will you be available for employment?

Tuan:

Oh yes, next month. Thank you very much for this

opportunity. I hope to have a chance to work with you.

unit 15:

functions of a central bank

(Optional reading)

I. Reading
There are four functions of a central bank. The first one is actually to
implement monetary policy. There are roughly three ways to do it:

- The first is setting interest rate: ceilings and floors, which means
limiting, upwards or downwards, the fluctuations of the interest
rate.
- The

second

is

simply

printing

money,

or

destroying

coins,

banknotes.
- The third way that is a bit more modern is open-market operations,
which are simply buying and selling government bonds to and from
commercial banks.
The second one is exchange rate supervision, mainly for floating
exchange rates but one should not forget that even for a fixed exchange
rate the central bank still has to make sure that it has enough reserves
to counteract any upswing or downswing of this exchange rate.
The third main task is the commercial bank supervision. The
commercial banks have enough liquidities to avoid any bank run. The
bank run is a kind of panic, a situation in which investors or simply
customers of the banks run to the bank and take their money out
because they realize or they think that their bank is not trustworthy any
more. And to avoid this actually, the central bank has to make sure they
have a sufficient liquidity ratio.
The fourth task of the central bank would be to act as a lender of last
resort in case, actually, one of these commercial banks goes bankrupt
and the investors, the people putting money in the bank, have to get
back their money.
Comprehension questions
1. How many functions of a central bank are there?
1. What is the first function?
2. Show the ways to implement monetary policy?
3. What is the second function?
4. What is the third main task?
5. What is a bank run?

6. What does the bank do to avoid bank run?

7. What is the fourth main task?
II.

Language focus

Relative clause: Who, Which, That

Non-defining Relative clause: Who, Which,whose,
Non-defining

relative

clauses

provide

interesting

additional

information which is not essential to understanding the meaning of the

sentence.
Relative

Pronouns

in

Non-Defining

Relative

Clauses

subject

objec

possession

t
person who
which
thing

whom
which

whose + N
whose + N/ N +of
which

Eg:
Tom is a very experienced manager. He is still single.
Tom, who is still single, is a very experienced manager.
The Titanic is known as the red planet. It is over 200 miles long.
The Titanic, which is known as the red planet, is over 200 miles
long.
The As good as it gets is a good film. We enjoyed a lot.
The as good as it gets, which we enjoyed, is a good film.
III.

exercises

A. Vocabulary exercise
Use the given words in the box to complete the following
passage:

services a refund

discount
in bulk

receipt

bargain

not

on

worth

credit

a rip-off

a fare

When you buy something in a shop, you usually pay for it outright
but sometimes you buy (1).................... Sometimes you may be offered.
(2)...................or a reduction on something you buy. For example, you
might get $10 off perhaps because you are a student. You are often
offered a discount if you buy.. (3)..................... It is not usual to haggle
about prices in a British shop as it is in a Turkish market. If you want to
return something which you have bought to a shop, you may be given..
(4)................., i.e. your money will be returned, provided you have.
(5).....................
The money that you pay for.. (6).................. i.e. to a school or a
lawyer, is usually a fee or fees. The money paid for a journey is.
(7)....................
If you buy something that you feel was very good value, its
(8)................. If you feel that it is definitely. (9).................what you paid
for it, then you can call it (10)..............
B. Translation
* Translate into Vietnamese:
Vietnamese experts said that the WBs recommendations are
important, as they will help Vietnam increase attractiveness to foreign
investors. However, the WBs report does not reflect all achievements in
Vietnam, which has resulted in several inaccurate assessments.
..
..
..
..
..

* Translate into English:

Lng cung tin cng c th c iu chnh bng Tri phiu chnh
ph. Bng vic mua vo mt lng ln tri phiu, ngn hng Trung ng
c th bm tin vo nn kinh t. Bng vic bn cc tri phiu ra,
ngn hng Trung ng s chuyn mt phn lng tin lu thng ra khi
nn kinh t.
..
..
..
..
..
IV. Vocabulary:
function
roughly

(n)

[fkn]

(adv)

[rfli]

limit [limit]
upwards

khong

(v-n)

[flktjueit]

fluctuation

hn ch, s hn ch, gii hn

(adv)

[pwdz ]

downwards (daunwdz] :
fluctuate

chc nng

(adv)

(v)

theo chiu hng gim

dao ng

(n)

[,flktjuein]

theo chiu hng tng

s dao ng, bin dao

ng
destroy

[distri]

coin [koin]
bank notes

[bk

commerce

['km:s]

commercial
supervise
float

hu b, ph hu

(n)

tin xu

nout]

[km:l]

[su:pvaiz]

supervision

(v)

tin giy

(n)

thng mi

(a)

thuc v thng mi

(v)

gim st
(n)

[su:pvin]

(v)

[flout]

open-market operations

(n)

[,prein]

s gim st
th ni

(n)

hot ng trn th trng

t do
exchange rate supervision

[,su:pvin]

(n) gim st t gi hi oi

floating exchange rate

reserve

upswing

[,kauntrkt]

[pswi]

downswing
liquidity

(n)

[riz:v]

counteract

(n)

[daunswi]

tin d tr
(v)

chng li

(prep)

chiu hng tng

(prep)
(n)

[likwiditi]

t gi hi oi th ni

chiu hng gim

kh nng thanh ton bng

tin mt
bank run

[bk

rn]

(n)

tnh trng x n ngn

(n-a)

hong s, hoang mang

hng rt tin
panic

[pnik]

trustworthy

[trst,w:i]

sufficient liquidity ratio

(a)

ng tin cy

(n)

t l m bo thanh ton

[sfint likwiditi reiiou]

resort

(n)

[ri:z:t]

bankruptcy

[bkrptsi]

go bankrupt

[gou bkrpt]

gii php
(n)

s ph sn

(v)

ph sn

Unit 16:Banks expand to gain strength

(Optional reading)
I. Reading
Vietnamese commercial banks have contributed to the growth of
the nations economy. Commercial banks chartered capital has
increased. Presently, capital held by five state-owned commercial banks
together exceeds VND 20 trillion. The chartered capital of commercial
joint stock banks has increased as required, under Governmental
Decree 141/2006/ND-CP dated November 22, 2006. Saigon Thuong Tin
commercial bank (Sacombank), for example, now has VND 4.5 trillion in
chartered capital. Eximbank (Export - Import Bank) plans to increase its
chartered capital to VND 2.8 trillion through additional share sales etc.
Foreign investors have purchased 10 30 percent of the stock
issued by Sacombank, ACB (Asia commercial joint stock bank),

Techcombank, all commercial joint stock banks. Also owning shares of

these banks are state-owned companies, joint stock companies and
state-owned commercial banks.
Large commercial joint stock banks are offering more kinds of
banking services and using computers in their daily operations. Loans
that they provide are being used to purchase securities. Some
commercial joint stock banks hold stock in non-financial companies.
And, to obtain more capital, they are issuing or plan to issue more
shares.
The financial or banking market is developing strongly but safety
must be insured. Foreign investment is increasing and the entire
financial market in Vietnam is expanding. It is the state bank of Vietnam
(SBV) that has the authority and is responsible for overseeing and
regulating activities of the commercial banks, development banks, and
investment banks...
In the time of international integration, domestic commercial banks
are expanding their operation by incorporating or aligning themselves
with another bank or non-financial institution.
In general, commercial bank management must be improved and
this should include medium and long-term development strategies.
Vietnamese commercial banks are offering more products and
services and they are uniting in a number of ways to gain strength,
preparing for the arrival of the big foreign competitors.
Comprehension questions
1. What have Vietnamese commercial banks done?
2. What exceeds VND 20 trillion presently?
3. Tell us about the chartered capital of Sacombank and Eximbank?
4. How many percents of the stock issued by some commercial banks
have foreign investors purchased?
5. What types of institutions own shares of these banks?

6. What are large commercial joint stock banks offering?

7. What are the banks doing to obtain more capital?
8. How is the financial and banking market operating?
9. By whom should the operations of the banks be overseen and
regulated?
10. How do the domestic commercial banks operate in the time of
international integration?
11.

What types of development strategies must be improved and

included?

12. What are Vietnamese commercial banks doing to prepare for the
arrival of the big foreign competitors?
II. exercises
A. Vocabulary exercise
Use the given words and phrases in the box to fill each blank
in the sentences.
foreign

integrating exceed
s

institution contributio strengt

s

overse

long

term

prove

promised

1. At present the state bank of Viet nam has eighty credit.....................

2. Most of private companies pursue short - term targets while not
having ............ strategies.
3. Competition between domestic and ..................... companies will be
open and clean.
4. Vietnamese

banks

are

cooperating

with

one

another

to

combine ......................
5. What will happen if supply .....................demand?
6. Vietnamese economy is on the way of .......................into the world
economy.

7. Wed like to make ..........................to the development of your

company.
8. She .. to pay him when she received her salary but he
didnt believe her.
9. Its difficult to all the activities of construction in such
remote areas.
10. She used her passport to that she was Vietnamese, not
Chinese.
B. Translation
Translate into English:
1- Bn lm vic cho t chc ti chnh y c bao lu ri? T
lm vic c 6 nm ri.
..
..
2- Cc ngn hng c vn u t nc ngoi cn tuyn nhng nhn
vin m c kh nng s dng ngoi ng thnh tho trong cng vic.
..
..
3 - H lm kinh doanh vi nhau nhiu nm v h rt tin tng i
tc ca mnh.
..
..
4- Cc chuyn gia cho rng khng hong ti chnh ton cu s vn
nh hng n nn kinh t Vit nam trong nm ti.
..
..
III. Vocabulary
contribute

[kn'tribju:t]

(v)

ng gp

contribution

[,kntri'bju:n]

(n)

s ng gp
vn iu l

chartered capital

['t:t:d]

(n)

state-owned

ound] (a)

(thuc s hu) nh nc

joint stock
decree
daily
gain

[steit

['dintstk]

(a-n) c phn
(n)

[di'kri:]

(a)

['deili]

ngh nh

hng ngy

[gein]

(v)

t c, ginh c

obtain [b'tein]

(v)

t c, ginh c

entire

(a) ton b

[in'tai]

authority
oversee

[:'riti]
[,ouv'si:]

integrate

(v)

gim st
(v) hi nhp
(n)

[,inti'grein]

incorporate
align

['lain]

unite

[ju:'nait]

compete

quyn, chnh quyn

['intigreit]

integration

strategy

(n)

[in'k:preit] (v)

(v)

s hi nhp

sp nhp, hp nht
sp xp, lm cho thng hng

(v) on kt, lin kt

(n) chin lc

['strtdi]

[kmpi:t]

competitoR[kmpetit]

(v)

cnh tranh

(n)

i th cnh tranh

Unit 17:capital market

(Optional reading)
I/ Reading
Capital markets are concerned with the purchase and sale of legal
instruments that give owners specified rights to a series of future cash
flows. These legal instruments are known as financial assets or
securities which include bonds, stocks and loans made by financial
institution. The original issuer of a security is referred to as a borrower,
and the purchaser of a security is referred to as a lender.

Borrowers have an immediate need for cash whereas lenders have

an excess of cash. When the borrower issues a security to the lender,
both parties benefit. The borrower obtains the current use of cash and
the lender obtains a claim to future cash flows that promises to repay
the initial loan as well as to provide a fair rate of profit (in interest).
Transactions between an initial borrower and lender are called primary
market transaction. Many financial assets created in the primary market
may be sold by the original lender to other people in what are known as
secondary markets. The trading of marketable security in secondary
markets has no impact on the original borrower; only the legal owner of
the security changes. Examples of formally incorporated secondary
markets include the New York Stock Exchange (NYSE), the American
Stock Exchange, and the Tokyo Stock Exchange. Secondary market
transactions that do not take place on incorporated exchanges are
referred to as over-the-counter (OTC) transactions.
Most securities traded in the secondary markets belong to one of
two board classifications: stocks or bonds.
Comprehension questions:
1. What are capital markets?
2. Give examples of some legal instruments transacted in capital
markets?
3. How do borrowers and lenders get benefits from their transactions
in capital markets?
4. Whats the difference between primary and secondary markets?
5. Define the term OTC transactions?
6. What do you think of capital markets in Vietnam ?
II. Exercise
Translate into Vietnamese
In the forthcoming time, the bank is set to open new remittance
channels, particularly from countries having labour export relations with
Vietnam; increase research and application of new products and

services referring to overseas remittance; provide training to improve

the qualification of staff dealing with overseas remittance and foster
inspection to improve the service quality of all the branch offices.
..
..
..
..
..
..
..

III.

Vocabulary

instrument
specified

['instrumnt]

['spesifaid]

(n)

cng c, phng tin

(a)

r rng, nh r

right

[rait]

(n)

quyn

flow

[flou]

(n)

ngun, dng

(a)

gc, ban u

original

['ridnl]

whereas
benefit
claim

(n)

['benifit]

(v)

[kleim]

repay
initial

(adv)

[,wer'z]

tr li, hon li

(a) ban u, khi u

[i'nil]

primary market

['praimri]

secondary market
trade

c li, li ch

khon bi thng, i hi
(v)

[ri:'pei]

trong khi

['sekndri]

(v)

[treid]

(n)

th trng s cp

(n)

th trng th cp

mua bn

trading

['treidi]

(n)

vic mua bn, trao i

impact

['impkt]

(n)

s nh hng

(a)

sp nhp, hp thnh t chc

(n)

giao dch trn th trng phi tp

incorporated

[in'k:preitid]

over-The-Counter transaction
trung

Unit 18:public finance and business finance

(Optional reading)
I .Reading
Finance is management of financial resources for use in economic
activities. There are four systems of finance in a country: public finance
(related to the Budget and public debts), business finance (related to
both a home and offshore businesses), domestic finance (related to a
household budget) and finance in financial institutions (such as bank
finance, insurance finance)
Public finance refers to the monetary policy charged by the Central
Bank and the fiscal policy operated by the Treasury or the Ministry of
Finance whose aim is to provide revenues for the Budget. Public finance
requires large public expenditures for: infrastructural building (roads,
hospitals...), supporting national activities and social relief, giving
capital subsidies to protect and orient production.
Sources of public expenditures are raised from: taxes collected
under the fiscal plans, new legal money issued by the Central Bank,
Treasury bonds sold by the government, foreign aids. Along with
monetary

policies,

fiscal

policies

serve

the

control

of

the

macroeconomy: assure economic growth, allocate resources among

citizens; create jobs and restrict inflation.
Business finance refers to the financial decision making, the control
of funds flows in the course of operation, and the seeking of sources for
the development programs of a business. In addition to bookkeeping
accounting, business finance includes the tasks of cashiering, debt
collecting, customers credit classification... and the assessment of
efficiency in the performance.
Comprehension questions:
1. What is finance?

2. How many systems of finance are there in a country?

3. What does public finance talk about?
4. What does public finance require large public expenditures for?
5. What are sources of public expenditures raised from?
6. What do fiscal policies along with monetary policies serve?
7. What does business finance talk about?
8. Apart from bookkeeping accounting, what does business finance
include?
II. Exercises
A. Vocabulary exercise
* Puzzle
Use the clue to help you find the words hidden horizontally
and vertically in this puzzle. All the words are in relation to
the bank terminology

o
V
E
R
D
R
A
W
N

D
A
T
E
R
B
E
L
S

P
A
Y
M
E
N
T
F
T

B
C
N
I
C
B
D
O
A

R
C
O
T
E
A
E
R
T

A
O
T
T
I
L
T
W
E

N
U
E
A
P
A
A
A
M

C
N
S
N
T
N
I
R
E

H
T
A
C
D
C
L
D
N

I
N
T
E
R
E
S
T
T

Clues
1. One office of a bank is a................................
2. Something which is received is a ................................
3. Money you pay to someone is a .................................
4. You keep money in a bank in an ............................
5.

The money an account holder pays to the bank for borrowing

money is called .............

6. Another word for report is ..................................

7. The

type

of

money

that

is

made

from

paper

is

called .............................
8. When an account is in the red it is .............................
9. The information the account holder writes on the statement is
headed customers ..................
10. The word that refers to the money left in the account
is .......................
B. Translation
Translate into Vietnamese
Next year, we will be focusing on economic recovery, increased
sustainability, social welfare, poverty reduction , raising people
standard of living, improved state administration, political stability,
national defence, and social security.
..
..
..
..
III.

Vocabulary

to be related to
budget

[bdit]:

debt

[det]

offshore

(a)

[rileitd]

(n)

ngnsch
(n)

(a)

[,f:r]

c lin quan n
mn n, khon n
bn ngoi

household

[haushould]

(n)

h gia nh

insurance

[inurns]

(n)

bo him

charge

[t:d]

(v)

chu trch nhim

treasury

[treri]

(n)

kho bc

ministry

[ministri]

(n)

revenue

[revnju:]

require

[rikwai]

(n)

ngun thu
(v)

i hi, yu cu

expenditure
infrastructural
social

[,infrstrktrl](n)

[soul]

relief

[rili:f]

subsidy
aid

(n)

[ikspendit]

[sbsidi]

[eid]

s chi tiu
thuc c s h tng

(a)

thuc v x hi

(n)

s cu tr, cu t

(n)

tin tr cp

(n)

khon vin tr

Unit19: Forms of economic sanctions

(Optional reading)
I. Reading
Economic sanctions are rapidly becoming one of the major tools of
international governance of the post-Cold War era. The UN Security
Council, empowered under Article 16 of the UN Charter to use economic
measures to address "threats of aggression" and "breaches of peace,"
One of the international punishment measures is economic sanction . An
economic sanction is any restriction imposed by one country (the
sender) on international commerce with another country (the target) in
order to persuade the target country's government to change a policy.
Economic sanctions include:
Limiting exports to the target country;
Limiting imports from the target country;
Restricting investment in the target country;
Prohibiting private financial transactions between a sender
country's

citizens

and

the

target

country's

citizens

or

government; and
Restricting the ability of a sender country's government
programs, such as the U.S. Export-Import Bank (Ex-Im Bank) and

the Overseas Private Investment Corporation (OPIC), to assist

trade and investment with the target country.
Sender countries lay out three general categories of policy
objectives for which economic sanctions may be applied: national
security objectives, other foreign policy objectives, and international
trade and investment dispute resolution.
Sanctions such as consumer boycott and trade restrictions, like
economic embargoes and economic blockades, may be used to punish
countries that have harmful practices towards their own people or
towards other countries or countries that condone or sponsor terrorism.
Terrorism-related sanctions usually have been applied unilaterally. For
example, the United States prohibits investment in Iran and Libya,
forbids trade with Libya, and severely restricts trade with Iran because
Iran and Libya fund international terrorist organizations.
Economic

sanctions

may

be

effective

in

the

resolution

of

international trade and investment disputes. Most such disputes,

however, are resolved satisfactorily through the dispute settlement
procedures of the World Trade Organization, regional customs unions
like the European Union, regional free trade agreements like the North
American Free Trade Agreement, or other bilateral agreements. Even
when economic sanctions are employed, a sender country's sanctions
are usually limited and in proportion to a target country's alleged
infraction.
Comprehension questions
1. Where are the economic measures empowered in the UN
charter?
2. Why does the The UN Security Council use the economic
measures?

3. What is an economic sanction?

4. How many items do economic sanctions include?
5. What are the categories of Policy Objectives of Economic
Sanctions?
6. To which countries may economic sancactions be affective?
7. Can you name some typical types of economic sanctions?
8. Can Economic sanction used as an International Trade and
Investment Dispute Resolution ?
II. exercises
Translation
* Translate into Vietnamese
1. Although governments and consumer groups play an important
role, it is often the sustained pressure of economic sanctions that
forces

companies

and

governments

to

change

ecologically

unsound practices and policies.

2. Economic sanctions are rapidly becoming one of the major tools of

international governance of the post-Cold War era.

3. During the Cold War (1945-1989), most economic sanctions

imposed by the United States were directed against communist
countries and were intended to counter actual or potential military
aggression.


* Translate into English
1- Mt trong nhng bin php ch ti quc t l trng pht kinh t.
Trng pht kinh t thng c dng bo v mi trng v nn ho
bnh th gii.

2- Vit nam cng l mt trong nhng quc gia b M trng pht kinh
t nh hn ch mu dch, cm vn kinh t v bao vy kinh t sau
nm 1975.

III. Vocabulary
sustain [ s'stein]
di

(v)

empower [[im'pau]
khon

gi vng, duy tr trong thi gian

(v)

economic Sanctions [,i:k'nmik

'skn]

trao quyn, ghi thnh iu

(n) trng pht kinh t

military aggression ['gren]

(n)

chin tranh qun s

breach of the peace [bri:t]

(n)

gy ri trt t cng cng,

gy ri nn ho bnh th

gii
alleged infraction ['ledd
vin vo

(n)

in'frkn]

vi

phm c vin vo, c

terrorism ['terrizm]

(n)

khng b

condone [kn'doun]

(v)

b qua

sponsor [['spns]

(v)

u , bo tr

dispute [ dis'pju:t]

(n)

tranh ci , mu thun

resolution [rez'lu:n]

(n)

s gii quyt, ngh quyt

consumer boycott [boycott]

(n)

ty chay hn ho,

embargo [im'b:gou]

(n)

cm vn

blockade [[blkid]

(n)

bao vy

(n)

hip nh chung v thu

customs unions
quan

['kstmz'ju:njn]

bilateral [[bai'ltrl]
impose [im'pouz]

(adj)
(v)

Unit 20:

song phng

p t

Budgeting

(Optional reading)
I. Reading
Budgeting involves setting financial goals and standards for an
enterprise. The primary objective of the budget is to establish a
financial framework for the operations of the business. The accounting
period for the budget is usually either the calendar year or the fiscal
year. The fiscal year is any chosen twelve- month period that does not
correspond to the calendar year. Many businesses have provisions for
review and change of the budget more frequently, such as semiannnually, quarterly, or even monthly.
A generally accepted budgeting device is a flexible master budgetThe total of separate budgets from different departments within a
company that shows in detail how the entire business operates. This
budget foresees that management plans to operate the business at
various levels of activity and that all different activities of the enterprise
are included in the financial forecast. A financial forecast is an

estimation of what will probably happen in the future, based on past

and present fiscal record. Budgets for various sections of the company
are gathered together into one overall budget. Then, as the business
year progresses, management can use the budget as a control device
that permits monitoring of the companys operations.
One of the activity budgets is the sales budget. Information about
unit prices, that is, the price of one items of each kind of merchandise
sold, and the expected sales volume are the important entries for this
budget. If the business sells more than one item, aprovision for the
sales mix must be added. This, of course, is the mixture of different
kinds and styles of goods sold by the retailer. A furniture store sells
many different kinds of furniture with many different styles and each
piece of merchandise has its own unit price, the price at which single
item is sold to the buyer. In addition, the furniture store may sell such
goods as rugs, carpeting, or artificial flowers and so on.
The mirror image of the purchases budget, which is, of course,
the budget for the goods that the business will have to buy first in order
to sell. The purchases budget is prepared after the sales budget is
completed and after the existing inventory of goods for sales has been
evaluated. The volume of purchases, the unit prices, and the purchases
mix all reflect the estimates included in the sales budget. The estimated
prices for purchases are strongly influenced by the profit objective
incorporated in the sales plan. The volume of purchases that is
budgeted depends on the estimated sales volume. This is derived in
turn from external and internal business trends that are expected to
influence the enterprise.
Comprehension questions
1. What does budgeting involve? What is its primary objective?
2. What is the customary accounting period for the budget?

3. When can a budget be reviewed or changed?

4. What are included in the financial forecast? What can a flexible
master budget?
5. What are the important entries in the sales buget? What else must
be added if the business sells more than one item?
6. What is a master budget?
7. What is a financial forecast?
8. What does unit price refer to in the context of retailing?
9. What is the mirror image of the purchases buget?
10.

What are the estimated prices for purchases strongly

influenced by?
II. exercises
A. Vocabulary exercise
Use the given words to fill in the banks
artificial
shopping
discount
enterprises
kinds
goods
ceiling
Showroom
draft
to push
1. In 1990s, many foreign .. and joint ventures came to
Vietnam and established their factories and their markets.
2. After considering the companys sales raising efforts and big
order, their partner agreed to give them a 5 %
3. The girl has spent a lot of money on
4. We do business on commission basis. Commission transaction will
surely help ..the sale of your products.
5. The price of fresh flowers is more expensive than that of
.. ones.
6. A: would you mind showing me your..?

or.

B: Of course, It is on the fifth floor

7. The contract should be studied very carefully before it
is submitted to Management.
8. The gap between the bottom floor and the floor is not
very big
B. Transaltion
* Translate into Vietnamese
1- Sales budgets are designed to be both flexible and complete. The
sales figures are adjusted for various reasons: Some merchandise is
returned for credit; a small but significant volume is unusable because
of spoilage or damage.

2- Contracts are important documents in the preparation of budget

estimates. A contract with a supplier, either a manufacturer or a
wholesaler, may be the basis for estimating unit cost.

* Translate into English

1- Ngn qu tin mt c chun b trn c s tin mt, nhm d
bo lng tin thc thu hay thc chi trong thi k k ton.

2- Mt khi ngn qu bn hng v ngn qu chi ph hot ng c

chun b xong, k ton vin c th xc nh c ngay im ho vn.

III. Vocabulary
adjust [ ['dst]

(v)

retail [ 'ri:teil]

(adv)

forecast ['f:k:st]

(v-n)

iu chnh, lm cho ph hp
bn l

d on, d bo

correspond [,kris'pnd] (v)

tng xng vi

foresee [[f:'si:]

d kin, nhn thy trc

(v)

provision for [pr'vin] (n)

budget ['bdit]

s d phng cho

(v-n)

ngn sch, d tho ngn sch

retail outlet ['ri:teil]

(n)

unit price ['ju:nit'prais] (n)

n gi

sales mix [seil]

doanh s hn hp

(n)

ca hng bn l

control device [kn'troul]

(n)

monitor ['mnit]

(v)

qun l, iu khin

framework ['freimw:k] (n)

c cu , khun kh

semiannually

(adv)

[siminuli]

cng c kim sot

nh k su thng, su thng mt ln

quarterly ['kw:tli]

(adv)

theo qu, ba thng mt ln

overall budget ['ouvr:l]

(n)

ngn qu tng th

entry [ 'entri]

(n)

khon mc, u mc

estimate ['estimeit]

(v)

nh gi, c lng

estimation [[,esti'mein] (n)

s nh gi, s c lng

break- event point

(n)

im ho vn

Revision
I.Vocabulary exercise
Fill in the blanks with the right forms of the words in brackets.
1. This is one of the best ............................. of his factory (produce).
2. The Managing director prefers to leave .......................... affair to the
accountant (finance).
3. Last month, Honda company .......................... two marketing
officers (employment).
4. This is an ................................ conference with representatives from
36 countries (nation).
5. The booklet does not give ............................. about price of a
product (inform).
6. I am writing in response to your ....................... in last weeks Times
(advertise).
7. There is no effective ............................. to the problems of pollution
(solve).
8. This enterprise has been operating ....................... since 2007
(success).
9. At the moment, the company is studying plans for ......................in
Europe (develop).
10. ................................ is a very serious problem in many countries
(employ).
11. Car .................................. hasnt been developed in Vietnam yet
(produce).
12. Nowadays, it is important to be well .......................... if you want to
get a job (qualify).
13. They feel unable to complete even the simplest ....................... form
(apply).
14. Because she a well ......................... girl, she can find a good job
easily (educate).

15. Hanson

always

talks

about

the

same

things,

he

is

very ....................... man (bore).

16. All people like watching films .................................. in Hollywood
(make).
17. Working for foreign companies is more and more .................

to

young people nowadays (attract).

18. The central bank is charged with ................................. of carrying
out the monetary policy (responsible).
19. Goods ................................... helps maintain and develop production
(distribute).
20. If I win this ..............................., I will get a new bicycle. (compete)
21. Last December, the boss gave all his ............................. a bonus
(employ).
22. I think they will be...................................... with goods in 2
containers so they can return (satisfy).
23. The last .............................. of goods from Shanghai was late
(deliver).
24. The police found the motorbike ........................... away in the
robbery last month (take).
25. The ........................... of the company have increased for 2 years
(sell).
26. Why are you so ............................ (success).
27. ............................... is a method to increase sales for the company
(promote).
28. We want to employ two qualified .............................. (account).
29. Last year TCL company made a .................... of

2.000 pounds

because of its bad debts (lose).

30. My mother has just bought a ........................ table in her bedroom
(dress).
31. The company is .......................... in Ho Chi Minh city (location).
32. We cannot give you exact ............................ figures now because
our accountant is on holiday (sell).

33. A .............................. has a shop which sells directly to the public

(retail).
34. He is collecting coins and he has a ........................ collection of rare
coins (value).
35. ............................ companies operate in several different countries
(Multination).
36. I shall do the job to the best of my ...................... (able).
37. I look forwards to ......................... you all again (see).
38. I like this motorbike because it is very ........................... (economy).
39. Computer is one of the most important ....................... of the 20th
century (invent).
40. ............................ is one of the important aspects of modern
marketing (advertise).

II. Translation
*Translate into Vietnamese
1. Foreign investors including Japanese investors love to look at Vietnam
as an investment destinatinon. Vietnam offers all investors many strong
points such as stable politics, investment encouragement policies,
young and skilled workers of over 80 million population and so on. All
help Vietnam attract foreign investors. Certainly, more and more
Japanese investors do business successfully in Vietnam.

2. From a small enterprise established in 2001, the Agricultural product

export company has developed well. The company has created stable
employment for more than 7,500 workers. In 2005 the company faced

many challenges due to unpredictable market changes. The price of

processed products was falling continuously.

3. To produce and provide the market and consumers with the best
products, the company has improved the production line and at the
same time the company has diversified it products. The company
ensures the quality of products at every stage of the production process
from planting to processing.

4. Of existing commercial banks in Vietnam, Vietinbank has built a strong

brand both at home and abroad with a nationwide operational network.
The bank now operates 146 branch offices and 800 transaction offices
and saving funds. Especially, Vietinbank has established agent relations
with many banks globally and direct remittance channels to Vietnam.

5. This opportunity immediately caught the attention of domestic and

foreign groups. In early June 2008, 30 banks and financial institutions
joined

forces

with

150

textile

garment

companies

to

promote

investment and enlargement.

6. EFT (electronic fund transfer) is a system where a customers

transaction,

such

as

deposits

and

withdrawals

are

recorded

electronically and then stored in computers memory. It is also called

automatic teller machines (ATM).

*Translate into English

1- Cc doanh nghip trong nc ang c gng i mi cng ngh
nng cao cht

lng sn phm cnh tranh vi hng ngoi

nhp.

2- Cng ty ca cc anh xut khu c bao nhiu i giy sang

Nht k t nm ngoi? Chng ti xut c 60.000 i ri.

3- Cnh tranh ton cu tc ng n tt c cc ngnh ca nn

kinh t, tt c cc quc gia v doanh nghip, v Vit Nam khng phi
l mt ngoi l.

4- Khoa hc v cng ngh ang pht trin nhanh chng v c s tc

ng trc tip n nng sut, cht lng v sc cnh tranh ca sn
phm.

5- Lm th no gi cn cn thanh ton n nh? Mt s gii

php cp bch ca

chnh ph cn c p dng.

6 Chin lc ton cu ca h l hot ng v sn xut nhiu quc

gia m h c hng li th cnh tranh ca mi quc gia

References
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2. Nguyen Thi Tuyet, Enterprise 1,2,3, NXB Dong Thap, 1996.
3. Cao Xuan Thieu, English in Finance, NXB Tai Chinh, 2006.
4. Tran Huy, Ngoc Anh, Refining skills of English Translation on Business
Letters and Economics Contrasts, NXB Khoa Hoc Xa Hoi, 1996.
5. Mai Khac Hoa, How to Succeed in a job interview, NXB Da Nang,
1998.
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8. Bernard Harley and Peter Vney, Streamline English - Departure,
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University Press.
10. Micheal Swan and Catherine Walter, The New Cambridge English
Course 2, Oxford University Press.
11. Golden Address, NXB Thong Ke, 1995.
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13. Sarah Bales, English in Business and Economics, Do Thi Nu, Ha Kim
Anh, NXB GD, 1998.
14.

John

and

Loz

Soar,

Headway

Elementary,

Pre-intermediate,

Intermediate, Upper-intermediate, Advanced, NXB Tre. 2000.

15. Michael Vince, Advanced Language Practical, The Bath Press, 1991.