Chapter 23 — From Grandmother to Capitalist Queen

“Revocation measures?” Lam Tri Y turned to another page, "Page 23 of the report, the provisioning rate for bad debts. Your department proposed to increase the provisioning rate from 2% to 3%. But according to industry practice and accounting standards, when the overdue debt rate of over 90 days reaches 18%, the provisioning rate must increase to at least 8%. This 3% level is a sign of too low risk assessment."

The meeting room fell silent. Co Dinh Xuyen's expression became delicate — he did not expect Lam Tri Y to question him so directly in the first meeting.

"Lam Tri Y," he started, "We can discuss this issue after the meeting. Today is the first meeting, there is no need to—"

"Mr. Co," Lam Tri Y looked at him, her eyes flat, "The internal control issue is directly related to the appraisal results of capital raising round B. If Dinh Huy discovers that our provision for bad debts is not enough, they will think that the company's financial data shows signs of embellishment. The impact of this on the capital raising process is no less than the problem of stabilizing the leadership."

This statement is like a needle, piercing exactly into Co Dinh Xuyen's most sensitive point. He was silent. Chu Minh Vien promptly spoke up: "I think the issue Tri Y raised is very practical. Deputy General Truong, please go back and recalculate the bad debt provisioning rate and come up with a more reasonable plan. We'll discuss it again at the next meeting of the Board of Directors." Deputy General Truong wiped the sweat from his forehead: "Yes, Mr. Chu." The meeting ended, the Directors left in succession. Lam Tri Y packed up her documents, stood up and prepared to leave.

“Tri Y.” Co Dinh Xuyen called her back.

She stopped walking.

“Your performance today in the meeting—” he considered his words, “was very professional.”

“Thank you.” Lam Tri Y replied, "I am inherently very professional."

“But there are some issues, you can discuss them with me first, instead of bringing them up directly in the middle of the Board of Directors meeting. That way—”

“Doing that will make your Deputy General uncomfortable?” Lam Tri Y finished the second half of the sentence for him, "Boss, I raised the internal control issue in the middle of the Board of Directors meeting, not to make it difficult for anyone. I want to solve the problem. If you feel 'discussing in advance' is more important than 'discussing publicly in the meeting' - then please in the future, before making important decisions, also discuss with me in advance."

She paused a bit.

"After all, I am currently a member of the Board of Directors of the company. I have the right to know the actual operating situation of the company, not to receive painted 'finished products' brought before me."

She turned and walked out of the meeting room, the sound of high heels hitting the floor was rhythmic and steady. In the hallway, Chu Minh Vien was waiting for her.

“Not a bad performance today.” He smiled, "But you're in a bit of a hurry. The first meeting was bombarded, it will make people feel like you're bringing personal feelings."

“I have no personal feelings.” Lam Tri Y replied, "The issue of bad debt provisioning ratio is a real risk. Even if you don't raise it, Dinh Huy's appraisal team will also raise it. Instead of letting investors discover the problem themselves, it would be better for us to expose it ourselves and resolve it ourselves first."

Chu Minh Vien looked at her, his eyes shining with some approval.

"You're right. But you also have to pay attention to the method. In the Board of Directors, just having arguments is not enough - you also need allies.”

“I know.” Lam Tri Y nodded, "So before the next meeting, I will discuss privately with a few other Directors to gain consensus."

“That's smart.” Chu Minh Vien patted her shoulder, "Let's go, I'll invite you to drink tea."

The two walked shoulder to shoulder towards the elevator.

"Oh right," Chu Minh Vien suddenly remembered something, "To Van Tinh's story, have you heard of it?"

“What is it?”