On April 14, 2021, the kick-off ceremony of the project “Reviewing and consulting to improve Management Accounting and methods of setting norms, calculating product cost of VAECO” took place at the Head Office of Vietnam Airlines Engineering Company Limited (VAECO) (Noi Bai, Hanoi). Two branches in Ho Chi Minh City and Da Nang attended through online connections.
Attending the ceremony, on the side of the consultant, there were Dr. Duong Thi Thu, Director of the Institute for Strategic Leadership Development Research (Sleader) and experts. On the side of Vietnam Airlines Engineering Company Limited (VAECO), there is Board of Directors, including: Mr. Tran Quoc Hoai, Secretary of the Party Committee, member of Board of Members; Mr. Pham Dang Thanh, Deputy Secretary of the Party Committee; General Director and members of the Board of Directors, leaders of agencies and units of VAECO in 3 areas: Noi Bai-Hanoi, Ho Chi Minh City and Da Nang.
Sleader\’s experts and VAECO\’s Board of Directors participated in the kick-off ceremony
Vietnam Airlines Engineering Company Limited (VAECO), a subsidiary of Vietnam Airlines Corporation, is currently providing maintenance, repair, and overhaul services for the entire fleet of Vietnam Airlines and more than 80 other international civil airlines.
In 2020, like many other businesses in the aviation sector, VAECO was experiencing great fluctuations due to the impact of the COVID-19 pandemic. However, VAECO\’s Board of Directors has realized that it is time to analyze and evaluate customers and the performance of each service by restructuring the Management Information System, thereby allocating production resources and capital in line with the “New normal” state. Since then, the project “Improving Management Accounting and methods of setting norms, calculating product costs\’\’ has been approved for implementation.
With a feasible and effective consulting solution, modern tools and models of the Malik Institute, Switzerland, Sleader has surpassed other domestic and international consultants to win a contract for the project and signed the contract on March 31, 2021.
Dr. Duong Thi Thu, Director of the Institute for Strategic Leadership Development Research (Sleader) introduced in detail the implementation process and methods, highlighting a number of “proprietary” tools transferred by the Malik Institute, Switzerland such as: Syntegration, Sensimode and Enterprise Management System Assessment (MSA) software. She also confirmed that Sleader will accompany VAECO to deploy solutions through training, cultivating, guiding VAECO\’s staff as well as continuing to support during the project\’s trial operation.
Dr. Duong Thi Thu speaking at the project kick-off ceremony
On behalf of VAECO\’s Board of Directors, Mr. Tran Quoc Hoai, Secretary of Party Committee, member of the Board of Members, delivered a directing speech: “The results of the project will contribute to perfecting the multi-dimensional management reporting system, provide information on fluctuations, causes of changes, analyze internal problems affecting production and business performance, thereby forecasting the future and helping the Board of Directors make decisions and propose correct solutions. Heads of agencies and units at VAECO will know clearly the contribution of their units to the production results of the whole Company, and at the same time evaluate the strengths and weaknesses of the units to improve production processes, save costs, increase labor productivity and have a basis to increase incomes for employees\’\’.
After the kick-off ceremony, Sleader’s experts and the Deployment Team will work together to implement the work items in 3 phases. It is expected that by December 2021, the project will be completed and put into trial operation.
News and photos: Institute for Strategic Leadership Development Research (Sleader)
