{"id":10485,"date":"2026-11-02T14:42:26","date_gmt":"2026-11-02T07:42:26","guid":{"rendered":"https:\/\/dimac-law.com\/?p=10485"},"modified":"2026-11-02T17:30:10","modified_gmt":"2026-11-02T10:30:10","slug":"hoi-thao-tham-dinh-phap-ly-va-tai-chinh-hieu-qua-trong-giao-dich-ma","status":"publish","type":"post","link":"https:\/\/dimac-law.com\/vi\/hoi-thao-tham-dinh-phap-ly-va-tai-chinh-hieu-qua-trong-giao-dich-ma\/","title":{"rendered":"H\u1ed8I TH\u1ea2O: TH\u1ea8M \u0110\u1ecaNH PH\u00c1P L\u00dd V\u00c0 T\u00c0I CH\u00cdNH HI\u1ec6U QU\u1ea2 TRONG GIAO D\u1ecaCH M&A"},"content":{"rendered":"

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\"\"<\/span><\/b><\/h3>\n

Ng\u00e0y 30\/10\/2026<\/span><\/b>, C\u00f4ng ty Lu\u1eadt TN <\/span>HH DIMAC v\u00e0 RSM Vi\u1ec7t Nam \u0111\u00e3 ph\u1ed1i h\u1ee3p t\u1ed5 ch\u1ee9c th\u00e0nh c\u00f4ng H\u1ed9i th\u1ea3o tr\u1ef1c tuy\u1ebfn v\u1edbi ch\u1ee7 \u0111\u1ec1 <\/span>\u201cTh\u1ea9m \u0111\u1ecbnh ph\u00e1p l\u00fd v\u00e0 t\u00e0i ch\u00ednh hi\u1ec7u qu\u1ea3 trong giao d\u1ecbch M&A\u201d<\/span><\/b>, thu h\u00fat s\u1ef1 tham gia c\u1ee7a \u0111\u00f4ng \u0111\u1ea3o \u0111\u1ea1i di\u1ec7n doanh nghi\u1ec7<\/span>p v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ebfn t\u1eeb nhi\u1ec1u l\u0129nh v\u1ef1c.<\/span>\u00a0<\/span><\/p>\n

Trong b\u1ed1i c\u1ea3nh c\u00e1c <\/span>giao d\u1ecbch mua b\u00e1n v\u00e0 s\u00e1p nh\u1eadp (M&A) ng\u00e0y c\u00e0ng \u0111\u00f2i h\u1ecfi s\u1ef1 chu\u1ea9n b\u1ecb k\u1ef9 l\u01b0\u1ee1ng v\u00e0 \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n, ho\u1ea1t \u0111\u1ed9ng th\u1ea9m \u0111\u1ecbnh (Due Diligence) \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong vi\u1ec7c nh\u1eadn di\u1ec7n r\u1ee7i ro, x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb doanh nghi\u1ec7p v\u00e0 b\u1ea3o v\u1ec7 l\u1ee3i \u00edch c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.<\/span>\u00a0<\/span><\/p>\n

Th\u00f4ng qua nh\u1eefng chia s\u1ebb chuy\u00ean s\u00e2u t\u1eeb g\u00f3c \u0111\u1ed9 ph\u00e1p l\u00fd, t\u00e0i ch\u00ednh v\u00e0 thu\u1ebf, h\u1ed9i th\u1ea3o \u0111\u00e3 mang \u0111\u1ebfn nh\u1eefng ki\u1ebfn th\u1ee9c th\u1ef1c ti\u1ec5n, gi\u00fap ng\u01b0\u1eddi tham d\u1ef1 hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 quy tr\u00ecnh th\u1ea9m \u0111\u1ecbnh, c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ea7n l\u01b0u \u00fd c\u0169ng nh\u01b0 c\u00e1ch chuy\u1ec3n h\u00f3a k\u1ebft qu\u1ea3 th\u1ea9m \u0111\u1ecbnh th\u00e0nh c\u01a1 s\u1edf cho vi\u1ec7c \u0111\u00e0m ph\u00e1n v\u00e0 th\u1ef1c hi\u1ec7n giao d\u1ecbch M&A hi\u1ec7u qu\u1ea3.<\/span><\/p>\n

1.\u00a0 \u0110\u1ed9i ng\u0169 di\u1ec5n gi\u1ea3 v\u00e0 chuy\u00ean gia \u0111\u1ed3ng h\u00e0nh<\/strong><\/h2>\n

H\u1ed9i th\u1ea3o \u0111\u01b0\u1ee3c \u0111i\u1ec1u ph\u1ed1i b\u1edfi <\/span>\u00d4ng Ph\u1ea1m Qu\u1ed1c Tu\u1ea5n – Lu\u1eadt s\u01b0 Tr\u01b0\u1edfng, C\u00f4ng ty Lu\u1eadt TNHH DIMAC<\/span><\/b>, c\u00f9ng s\u1ef1 tham gia chia s\u1ebb c\u1ee7a c\u00e1c di\u1ec5n gi\u1ea3:<\/span>\u00a0<\/span><\/p>\n

    \n
  • B\u00e0 \u0110\u1eb7ng Th\u1ecb Tr\u00fac Ph\u01b0\u01a1ng<\/span><\/b>\u00a0– Gi\u00e1m \u0111\u1ed1c D\u1ecbch v\u1ee5 T\u01b0 v\u1ea5n Th\u01b0\u01a1ng v\u1ee5, RSM Vi\u1ec7t Nam.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
      \n
    • \u00d4ng Nguy\u1ec5n Danh C\u00f4ng<\/span><\/b> – Lu\u1eadt s\u01b0 Th\u00e0nh vi\u00ean, C\u00f4ng ty Lu\u1eadt TNHH DIMAC.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
        \n
      • B\u00e0 Nguy\u1ec5n Ph\u01b0\u01a1ng Th\u1ea3o<\/span><\/b>\u00a0– Lu\u1eadt s\u01b0 Cao c\u1ea5p, C\u00f4ng ty Lu\u1eadt TNHH DIMAC.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

        V\u1edbi kinh nghi\u1ec7m chuy\u00ean m\u00f4n trong l\u0129nh v\u1ef1c ph\u00e1p l\u00fd, t\u00e0i ch\u00ednh v\u00e0 t\u01b0 v\u1ea5n th\u01b0\u01a1ng v\u1ee5, c\u00e1c di\u1ec5n gi\u1ea3 \u0111\u00e3 mang \u0111\u1ebfn nh\u1eefng g\u00f3c nh\u00ecn b\u1ed5 tr\u1ee3 l\u1eabn nhau, gi\u00fap ng\u01b0\u1eddi tham d\u1ef1 c\u00f3 c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n h\u01a1n v\u1ec1 ho\u1ea1t \u0111\u1ed9ng th\u1ea9m \u0111\u1ecbnh trong giao d\u1ecbch M&A.<\/span><\/p>\n

        \"\"<\/span><\/b><\/h3>\n

        2. Th\u1ea9m \u0111\u1ecbnh ph\u00e1p l\u00fd: Nh\u1eadn di\u1ec7n r\u1ee7i ro v\u00e0 b\u1ea3o v\u1ec7 quy\u1ec1n l\u1ee3i nh\u00e0 \u0111\u1ea7u t\u01b0<\/span><\/b><\/h2>\n

        \"\"<\/p>\n

        M\u1edf \u0111\u1ea7u ch\u01b0\u01a1ng tr\u00ecnh, <\/span>B\u00e0 Nguy\u1ec5<\/span><\/b>n Ph\u01b0\u01a1ng Th\u1ea3o\u00a0– Lu\u1eadt s\u01b0 Cao c\u1ea5p, C\u00f4ng ty Lu\u1eadt TNHH DIMAC<\/span><\/b> \u0111\u00e3 chia s\u1ebb v\u1ec1 vai tr\u00f2 v\u00e0 t\u1ea7m quan tr\u1ecdng c\u1ee7a th\u1ea9m \u0111\u1ecbn ph\u00e1p l\u00fd (Legal Due Diligence\u00a0– LDD) trong giao d\u1ecbch M&A <\/span>\u00a0<\/span><\/p>\n

        Theo \u0111\u00f3, th\u1ea9m \u0111\u1ecbnh ph\u00e1p l\u00fd kh\u00f4ng ch\u1ec9 nh\u1eb1m x\u00e1c minh quy\u1ec1n s\u1edf h\u1eefu v\u00e0 t\u00ecnh tr\u1ea1ng ph\u00e1p l\u00fd c\u1ee7a doanh nghi\u1ec7p m\u1ee5c ti\u00eau, m\u00e0 c\u00f2n gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng th\u1ef1c hi\u1ec7n giao d\u1ecbch, nh\u1eadn di\u1ec7n c\u00e1c r\u1ee7i ro ti\u1ec1m \u1ea9n v\u00e0 x\u00e2y d\u1ef1ng c\u01a1 s\u1edf \u0111\u00e0m ph\u00e1n h\u1ee3p \u0111\u1ed3ng chuy\u1ec3n nh\u01b0\u1ee3ng. <\/span>C\u00e1c nh\u00f3m v\u1ea5n \u0111\u1ec1 tr\u1ecdng y\u1ebfu c\u1ea7n \u0111\u01b0\u1ee3c r\u00e0 so\u00e1t trong qu\u00e1 tr\u00ecnh th\u1ea9m \u0111\u1ecbnh ph\u00e1p l\u00fd bao g\u1ed3m:<\/span>\u00a0<\/span><\/p>\n

          \n
        • V\u1ed1n v\u00e0 c\u01a1 c\u1ea5u s\u1edf h\u1eefu;<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
            \n
          • Gi\u1ea5y ph\u00e9p v\u00e0 \u0111i\u1ec1u ki\u1ec7n kinh doanh;<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
              \n
            • \u0110\u1ea5t \u0111ai, b\u1ea5t \u0111\u1ed9ng s\u1ea3n, t\u00e0i s\u1ea3n v\u00e0 quy\u1ec1n s\u1edf h\u1eefu tr\u00ed tu\u1ec7;<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
                \n
              • C\u00e1c h\u1ee3p \u0111\u1ed3ng tr\u1ecdng y\u1ebfu v\u00e0 kho\u1ea3n vay;<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
                  \n
                • Quan h\u1ec7 lao \u0111\u1ed9ng v\u00e0 c\u00e1c ngh\u0129a v\u1ee5 li\u00ean quan.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

                  B\u00ean c\u1ea1nh vi\u1ec7c x\u00e1c \u0111\u1ecbnh c\u00e1c h\u1ea1ng m\u1ee5c c\u1ea7n th\u1ea9m \u0111\u1ecbnh, di\u1ec5n gi\u1ea3 c\u0169ng tr\u00ecnh b\u00e0<\/span>y quy tr\u00ecnh 6 b\u01b0\u1edbc th\u1ea9m \u0111\u1ecbnh d\u00e0nh cho b\u00ean mua, bao g\u1ed3m:<\/span>\u00a0<\/span><\/p>\n

                    \n
                  • B\u01b0\u1edbc 1: X\u00e1c \u0111\u1ecbnh ph\u1ea1m vi v\u00e0 l\u0129nh v\u1ef1c th\u1ea9m \u0111\u1ecbnh.<\/span>\u00a0<\/span><\/li>\n
                  • B\u01b0\u1edbc 2: Y\u00eau c\u1ea7u cung c\u1ea5p v\u00e0 x<\/span>\u00e1c minh th\u00f4ng tin.\u00a0<\/span><\/li>\n
                  • B\u01b0\u1edbc 3: R\u00e0 so\u00e1t, ph\u00e1t hi\u1ec7n c\u00e1c v\u1ea5n \u0111\u1ec1 ch\u01b0a tu\u00e2n th\u1ee7 ho\u1eb7c vi ph\u1ea1m.<\/span>\u00a0<\/span><\/li>\n
                  • B\u01b0\u1edbc 4: \u0110\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro.<\/span>\u00a0<\/span><\/li>\n
                  • B\u01b0\u1edbc 5: X\u00e2y d\u1ef1ng ph\u01b0\u01a1ng \u00e1n x\u1eed l\u00fd.<\/span>\u00a0<\/span><\/li>\n
                  • B\u01b0\u1edbc 6: Theo d\u00f5i, c\u1eadp nh\u1ead<\/span>t v\u00e0 kh\u1eafc ph\u1ee5c c\u00e1c v\u1ea5n \u0111\u1ec1 \u0111\u01b0\u1ee3c ph\u00e1t hi\u1ec7n.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

                    \u0110\u1eb7c bi\u1ec7t, th\u00f4ng qua c\u00e1c\u00a0<\/span>t\u00ecnh hu\u1ed1ng minh h\u1ecda, B\u00e0 Nguy\u1ec5n Ph\u01b0\u01a1ng Th\u1ea3o \u0111\u00e3 ph\u00e2n t\u00edch c\u00e1ch \u0111\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 tr\u1ecdng y\u1ebfu c\u1ee7a t\u1eebng ph\u00e1t hi\u1ec7n, x\u1eed l\u00fd c\u00e1c tr\u01b0\u1eddng h\u1ee3p thi\u1ebfu ho\u1eb7c kh\u00f4ng \u0111\u1ea7y \u0111\u1ee7 th\u00f4ng tin, t\u00e0i li\u1ec7u v\u00e0 l\u1ef1a ch\u1ecdn ph\u01b0\u01a1ng \u00e1n ph\u00f9 h\u1ee3p t\u00f9y theo kh\u1ea3 n\u0103ng kh\u1eafc ph\u1ee5c r\u1ee7i ro.<\/span>\u00a0<\/span><\/p>\n

                    N\u1ed9i dung c\u0169ng \u0111i s\u00e2u v\u00e0o vi\u1ec7c chuy\u1ec3n h\u00f3a k\u1ebft qu\u1ea3 th\u1ea9m \u0111\u1ecbnh th\u00e0nh c\u00e1c \u0111i\u1ec1u kho\u1ea3n \u0111\u00e0m ph\u00e1n v\u00e0 \u0111i\u1ec1u kho\u1ea3n trong H\u1ee3p \u0111\u1ed3ng mua b\u00e1n c\u1ed5 ph\u1ea7n (Share Purchase Agreement \u2013 SPA). M\u1ed9t t\u00ecnh hu\u1ed1ng gi\u1ea3 \u0111\u1ecbnh v\u1ec1 vi\u1ec7c nh\u00e0 \u0111\u1ea7u t\u01b0 mua l\u1ea1i 100% c\u1ed5 ph\u1ea7n c\u1ee7a m\u1ed9t c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng trong l\u0129nh v\u1ef1c d\u1ecbch v\u1ee5 ph\u1ea7n m\u1ec1m \u0111\u00e3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 minh h\u1ecda c\u00e1ch \u00e1p d\u1ee5ng c\u00e1c nguy\u00ean t\u1eafc th\u1ea9m \u0111\u1ecbnh v\u00e0o th\u1ef1c t\u1ebf giao d\u1ecbch.<\/span><\/p>\n

                    3. Th\u1ea9m \u0111\u1ecbnh t\u00e0i ch\u00ednh v\u00e0 thu\u1ebf: nh\u00ecn xa h\u01a1n nh\u1eefng con s\u1ed1<\/span><\/b><\/h2>\n

                    Ti\u1ebfp n\u1ed1i ch\u01b0\u01a1ng tr\u00ecnh, <\/span>B\u00e0 \u0110\u1eb7ng Th\u1ecb Tr\u00fac Ph\u01b0\u01a1ng – Gi\u00e1m \u0111\u1ed1c D\u1ecbch v\u1ee5 T\u01b0 v\u1ea5n Th\u01b0\u01a1ng v\u1ee5, RSM Vi\u1ec7t Nam<\/span><\/b> \u0111\u00e3 mang \u0111\u1ebfn g\u00f3c nh\u00ecn chuy\u00ean s\u00e2u v\u1ec1 th\u1ea9m \u0111\u1ecbnh t\u00e0i ch\u00ednh (Financial Due Diligence – FDD) v\u00e0 th\u1ea9m \u0111\u1ecbnh thu\u1ebf (Tax Due Diligence \u2013 TDD).<\/span>\u00a0<\/span><\/p>\n

                    3.1. T\u1ed5ng quan v\u1ec1 quy tr\u00ecnh th\u1ea9m \u0111\u1ecbnh t\u00e0i ch\u00ednh v\u00e0 thu\u1ebf<\/span><\/b>\u00a0<\/span><\/h4>\n

                    Di\u1ec5n gi\u1ea3 nh\u1ea5n m\u1ea1nh r\u1eb1ng, m\u1eb7c d\u00f9 F<\/span>DD v\u00e0 TDD ti\u1ebfp c\u1eadn giao d\u1ecbch d\u01b0\u1edbi hai g\u00f3c \u0111\u1ed9 kh\u00e1c nhau, c\u1ea3 hai \u0111\u1ec1u h\u01b0\u1edbng \u0111\u1ebfn m\u1ee5c ti\u00eau chung l\u00e0 cung c\u1ea5p c\u01a1 s\u1edf \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n v\u1ec1 t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh, ngh\u0129a v\u1ee5 thu\u1ebf v\u00e0 nh\u1eefng r\u1ee7i ro c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0.<\/span>\u00a0<\/span><\/p>\n

                    Quy tr\u00ecnh th\u1ea9m \u0111\u1ecbnh \u0111\u01b0\u1ee3c kh\u00e1i qu\u00e1t qua 4 b\u01b0\u1edbc ch\u00ednh:<\/span>\u00a0<\/span><\/p>\n

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                    • B\u01b0\u1edbc 1: T\u00ecm hi\u1ec3u t\u1ed5ng quan v\u1ec1 doanh nghi\u1ec7p m\u1ee5c ti\u00eau.<\/span>\u00a0<\/span><\/li>\n
                    • B\u01b0\u1edbc 2: Thu th\u1eadp v\u00e0 ph\u00e2n t\u00edch th\u00f4ng tin\u00a0<\/span>t\u00e0i ch\u00ednh.<\/span>\u00a0<\/span><\/li>\n
                    • B\u01b0\u1edbc 3: \u0110\u00e1nh gi\u00e1 v\u00e0 nh\u1eadn di\u1ec7n c\u00e1c r\u1ee7i ro.<\/span>\u00a0<\/span><\/li>\n
                    • B\u01b0\u1edbc 4: L\u1eadp b\u00e1o c\u00e1o v\u00e0 \u0111\u01b0a ra khuy\u1ebfn ngh\u1ecb.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

                      B\u00ean c\u1ea1nh \u0111\u00f3, di\u1ec5n gi\u1ea3 c\u0169ng l\u00e0m r\u00f5 <\/span>s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa Ki\u1ec3m to\u00e1n B\u00e1o c\u00e1o t\u00e0i ch\u00ednh (Financial Audit) v\u00e0 Th\u1ea9m \u0111\u1ecbnh t\u00e0i ch\u00ednh (Financial Due Diligence), qua \u0111\u00f3 gi\u00fap ng\u01b0\u1eddi tham d\u1ef1 hi\u1ec3u r\u00f5 m\u1ee5c ti\u00eau, ph\u1ea1m vi v\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a t\u1eebng ho\u1ea1t \u0111\u1ed9ng trong b\u1ed1i c\u1ea3nh giao d\u1ecbch M&A.<\/span>\u00a0<\/span><\/p>\n

                      3.2. C\u00e1c y\u1ebfu t\u1ed1 tr\u1ecdng t\u00e2m trong th\u1ea9m \u0111\u1ecbnh t\u00e0i ch\u00ednh<\/span><\/b>\u00a0<\/span><\/h4>\n

                      Kh\u00f4ng ch\u1ec9 d\u1eebng l\u1ea1i \u1edf vi\u1ec7c ph\u00e2n t\u00edc<\/span>h c\u00e1c s\u1ed1 li\u1ec7u tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, th\u1ea9m \u0111\u1ecbnh t\u00e0i ch\u00ednh c\u1ea7n \u0111i s\u00e2u \u0111\u00e1nh gi\u00e1 ch\u1ea5t l\u01b0\u1ee3ng v\u00e0 t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a gi\u00e1 tr\u1ecb doanh nghi\u1ec7p.<\/span>\u00a0<\/span><\/p>\n

                      T\u1eeb vi\u1ec7c x\u00e1c \u0111\u1ecbnh Gi\u00e1 tr\u1ecb doanh nghi\u1ec7p (Enterprise Value) \u0111\u1ebfn Gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (Equity Value), B\u00e0 \u0110\u1eb7ng Th\u1ecb Tr\u00fac Ph\u01b0\u01a1ng \u0111\u00e3 ph\u00e2n t\u00edch 5 y\u1ebfu t\u1ed1 tr\u1ecdng t\u00e2m m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n \u0111\u1eb7c bi\u1ec7t quan t\u00e2m:<\/span>\u00a0<\/span><\/p>\n

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                      • Ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn (Quality of Earnings): EBITDA c\u00f3 th\u1ef1c s\u1ef1 ph\u1ea3n \u00e1nh kh\u1ea3 n\u0103ng t\u1ea1o l\u1ee3i nhu\u1eadn b\u1ec1n v\u1eefng c\u1ee7a doanh nghi\u1ec7p?<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
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                        • Ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n (Quality of Assets): Gi\u00e1 tr\u1ecb ghi s\u1ed5 c\u00f3 ph\u1ea3n \u00e1nh \u0111\u00fang gi\u00e1 tr\u1ecb th\u1ef1c t\u1ebf c\u1ee7a t\u00e0i s\u1ea3n?<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
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                          • N\u1ee3 thu\u1ea7n (Net Debt): Nh\u1eefng ngh\u0129a v\u1ee5 t\u00e0i ch\u00ednh n\u00e0o c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 tr\u1ecb giao d\u1ecbch?<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
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                            • V\u1ed1n l\u01b0u \u0111\u1ed9ng (Working Capital): Nh\u1eefng bi\u1ebfn \u0111\u1ed9ng v\u1ec1 v\u1ed1n l\u01b0u \u0111\u1ed9ng c\u00f3 th\u1ec3 t\u00e1c \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn gi\u00e1 mua?<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
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                              • D\u00f2ng ti\u1ec1n (Cash Flow): L\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c ghi nh\u1eadn c\u00f3 th\u1ef1c s\u1ef1 chuy\u1ec3n h\u00f3a th\u00e0nh d\u00f2ng ti\u1ec1n?<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

                                Nh\u1eefng ph\u00e2n t\u00edch n\u00e0y cho th\u1ea5y vi\u1ec7c \u0111\u00e1nh gi\u00e1 doanh nghi\u1ec7p trong giao d\u1ecbch M&A kh\u00f4ng th\u1ec3 ch\u1ec9 d\u1ef1a tr\u00ean c\u00e1c con s\u1ed1 \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, m\u00e0 c\u1ea7n xem x\u00e9t b\u1ea3n ch\u1ea5t v\u00e0 kh\u1ea3 n\u0103ng duy tr\u00ec hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng trong t\u01b0\u01a1ng lai.<\/span>\u00a0<\/span><\/p>\n

                                3.3. Nh\u1eadn di\u1ec7n v\u00e0 l\u01b0\u1ee3ng h\u00f3a r\u1ee7i ro thu\u1ebf<\/span><\/b>\u00a0<\/span><\/h4>\n

                                \u1ede g\u00f3c \u0111\u1ed9 th\u1ea9m \u0111\u1ecbnh thu\u1ebf, di\u1ec5n gi\u1ea3 nh\u1ea5n m\u1ea1nh r\u1eb1ng c\u00e1c r\u1ee7i ro thu\u1ebf ph\u00e1t sinh trong qu\u00e1 kh\u1ee9 c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh ngh\u0129a v\u1ee5 t\u00e0i ch\u00ednh \u0111\u1ed1i v\u1edbi doanh nghi\u1ec7p trong t\u01b0\u01a1ng lai.<\/span>\u00a0<\/span><\/p>\n

                                M\u1ed9t s\u1ed1 nh\u00f3m r\u1ee7i ro thu\u1ebf ph\u1ed5 bi\u1ebfn<\/span>\u00a0t\u1ea1i Vi\u1ec7t Nam \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1ead<\/span>p bao g\u1ed3m:<\/span>\u00a0<\/span><\/p>\n

                                  \n
                                • Thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p (TNDN);<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
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                                  • Thu\u1ebf gi\u00e1 tr\u1ecb gia t\u0103ng (GTGT);<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
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                                    • Thu\u1ebf nh\u00e0 th\u1ea7u;<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
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                                      • Thu\u1ebf thu nh\u1eadp c\u00e1 nh\u00e2n (TNCN);<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
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                                        • Giao d\u1ecbch li\u00ean k\u1ebft;<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
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                                          • Vi\u1ec7c \u00e1p d\u1ee5ng c\u00e1c ch\u00ednh s\u00e1ch \u01b0u \u0111\u00e3i thu\u1ebf.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

                                            \u0110\u1eb7c bi\u1ec7t, vi\u1ec7c doanh nghi\u1ec7p \u0111\u00e3 ho\u00e0n th\u00e0<\/span>nh k\u00ea khai v\u00e0 n\u1ed9p thu\u1ebf kh\u00f4ng \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c kh\u00f4ng c\u00f2n t\u1ed3n t\u1ea1i r\u1ee7i ro thu\u1ebf. Do \u0111\u00f3, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n th\u1ef1c hi\u1ec7n r\u00e0 so\u00e1t chuy\u00ean s\u00e2u \u0111\u1ec3 nh\u1eadn di\u1ec7n, \u0111\u00e1nh gi\u00e1 v\u00e0 l\u01b0\u1ee3ng h\u00f3a c\u00e1c ngh\u0129a v\u1ee5 thu\u1ebf ti\u1ec1m \u1ea9n, t\u1eeb \u0111\u00f3 c\u00f3 c\u01a1 s\u1edf \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ph\u00f9 h\u1ee3p.<\/span>\u00a0<\/span><\/p>\n

                                            3.4. T\u1eeb k\u1ebft qu\u1ea3 th\u1ea9m \u0111\u1ecbnh \u0111\u1ebfn chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e0m ph\u00e1n giao d\u1ecbch<\/span><\/b>\u00a0<\/span><\/h4>\n

                                            M\u1ed9t n\u1ed9i dung quan tr\u1ecdng kh\u00e1c \u0111\u01b0\u1ee3c di\u1ec5n gi\u1ea3 nh\u1ea5n m\u1ea1nh l\u00e0 gi\u00e1 tr\u1ecb th\u1ef1c s\u1ef1 c\u1ee7a ho\u1ea1t \u0111\u1ed9ng th\u1ea9m \u0111\u1ecbnh ch\u1ec9 \u0111\u01b0\u1ee3c ph\u00e1t huy khi c\u00e1c ph\u00e1t hi\u1ec7n \u0111\u01b0\u1ee3c chuy\u1ec3n h\u00f3a th\u00e0nh nh\u1eefng quy\u1ebft \u0111\u1ecbnh c\u1ee5 th\u1ec3 trong giao d\u1ecbch.<\/span>\u00a0<\/span><\/p>\n

                                            Theo \u0111\u00f3, k\u1ebft qu\u1ea3 FDD v\u00e0 TDD c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng l\u00e0m c\u01a1 s\u1edf \u0111\u1ec3:<\/span>\u00a0<\/span><\/p>\n