{"id":999978653,"date":"2025-10-03T14:04:36","date_gmt":"2025-10-03T07:04:36","guid":{"rendered":"https:\/\/bizzi.vn\/?p=999978653"},"modified":"2026-06-09T13:42:46","modified_gmt":"2026-06-09T06:42:46","slug":"what-is-fcfe","status":"publish","type":"post","link":"https:\/\/bizzi.vn\/en\/what-is-fcfe\/","title":{"rendered":"What is FCFE? In-depth analysis, calculation formula and application in business valuation"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">FCFE is an important financial indicator, reflecting the net cash flow available to shareholders after the business has paid all operating costs and debt obligations. Understand <\/span><b>What is FCFE?<\/b><span style=\"font-weight: 400;\"> helps managers, investors and CFOs grasp the ability to pay dividends, assess cash flow health, and make accurate financial strategy decisions. This article analyzes FCFE in detail, its calculation formula, comparisons with other indicators and practical applications, and suggests financial automation solutions to improve the accuracy of FCFE.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Index<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#Khai_niem_ve_FCFE_va_tinh_chinh_xac_cua_du_lieu_tai_chinh\" >Concept of FCFE and accuracy of financial data<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#FCFE_la_gi\" >What is FCFE?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#Tai_sao_FCFE_can_du_lieu_chinh_xac\" >Why does FCFE need accurate data?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#Cong_thuc_va_phuong_phap_xac_dinh_FCFE_chuan_xac\" >Formula and method to determine FCFE accurately<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#Cong_thuc_FCFE_pho_bien\" >Common FCFE formula<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#Cong_thuc_FCFE_theo_quy_dinh_phap_ly_tai_Viet_Nam\" >FCFE formula according to legal regulations in Vietnam<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#Cach_tinh_FCFE_tu_FCFF_Dong_tien_thuan_cua_doanh_nghiep\" >How to calculate FCFE from FCFF (Net Cash Flow of the Business)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#Phan_biet_FCFE_voi_cac_chi_so_tai_chinh_khac\" >Distinguish FCFE from other financial ratios<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#1_FCFE_vs_FCFF\" >1. FCFE vs FCFF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#2_FCFE_vs_Loi_nhuan_Rong_Net_Income_%E2%80%93_NI\" >2. FCFE vs Net Income (NI)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#3_FCFE_vs_Co_tuc\" >3. FCFE vs Dividends<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#4_FCFE_vs_EBITDA\" >4. FCFE vs EBITDA<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#Ung_dung_chien_luoc_cua_FCFE_trong_thuc_te\" >Strategic applications of FCFE in practice<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#1_FCFE_trong_tham_dinh_gia_doanh_nghiep\" >1. FCFE in business valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#2_Dieu_chinh_chinh_sach_tai_chinh_dua_tren_FCFE\" >2. Adjust financial policy based on FCFE<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#Moi_lien_he_giua_FCFE_va_tu_dong_hoa_tai_chinh\" >The Relationship Between FCFE and Financial Automation<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#1_Tai_sao_tu_dong_hoa_tai_chinh_lai_anh_huong_truc_tiep_den_FCFE\" >1. Why does financial automation directly affect FCFE?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#2_Giai_phap_cua_Bizzivn_de_toi_uu_FCFE\" >2. Bizzi.vn&#039;s solution to optimize FCFE<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#Cac_cau_hoi_thuong_gap_ve_FCFE\" >Frequently Asked Questions about FCFE<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#1_FCFE_am_co_phai_luon_la_dau_hieu_xau\" >1. Is negative FCFE always a bad sign?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#2_Co_nen_dung_FCFE_thay_the_mo_hinh_Dinh_gia_Co_tuc_DDM\" >2. Should FCFE be used instead of the Dividend Valuation Model (DDM)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#3_Nha_dau_tu_ca_nhan_co_can_quan_tam_den_FCFE_khong\" >3. Do individual investors need to care about FCFE?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#4_FCFE_lien_quan_gi_den_chi_phi_von_chu_so_huu_Cost_of_Equity\" >4. How does FCFE relate to Cost of Equity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#5_FCFE_co_bao_gom_tien_tu_ban_tai_san_hay_khong\" >5. Does FCFE include cash from asset sales?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#6_Chi_so_FCFE_bao_nhieu_la_tot\" >6. What is a good FCFE ratio?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/bizzi.vn\/en\/what-is-fcfe\/#Ket_luan\" >Conclude<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Khai_niem_ve_FCFE_va_tinh_chinh_xac_cua_du_lieu_tai_chinh\"><\/span><b>Concept of FCFE and accuracy of financial data<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">What is FCFE? FCFE is the actual cash flow that shareholders can receive after the business has paid operating costs and debt obligations. Understanding this concept helps managers and investors grasp the ability to generate cash flow, distribute dividends and plan financial effectively.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"FCFE_la_gi\"><\/span><b>What is FCFE?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>FCFE (Free Cash Flow to Equity)<\/b><span style=\"font-weight: 400;\"> or also known as <\/span><b>Net cash flow to owners<\/b><span style=\"font-weight: 400;\">, is the amount of cash flow available for a business to distribute to shareholders after paying operating expenses, principal and interest on loans.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> Unlike accounting profit (Net Income \u2013 NI), FCFE represents <\/span><b>actual cash flow<\/b><span style=\"font-weight: 400;\">, including the effect of financial leverage, so FCFE is also known as <\/span><b>Levered Cash Flow<\/b><span style=\"font-weight: 400;\">. This is an important indicator to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Assessing dividend payout capacity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Determining intrinsic value in business valuation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Decide whether to reinvest or reduce debt<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Tai_sao_FCFE_can_du_lieu_chinh_xac\"><\/span><b>Why does FCFE need accurate data?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The reliability of FCFE depends directly on microfinance data such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Net Profit (NI)<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Capital expenditure (CAPEX)<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><a href=\"https:\/\/bizzi.vn\/von-luu-dong-rong-la-gi\/\">Working capital<\/a> (Working Capital)<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These data need to be collected and controlled accurately, as any discrepancies affect the accuracy of the FCFE. Financial automation solutions such as <\/span><b>Bizzi.vn<\/b><span style=\"font-weight: 400;\"> helps ensure that microfinance data is always reliable, thereby improving the quality of macroeconomic analyses such as FCFE.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cong_thuc_va_phuong_phap_xac_dinh_FCFE_chuan_xac\"><\/span><b>Formula and method to determine FCFE accurately<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">What is FCFE and how to calculate it correctly? This section will present the common FCFE formula, calculation method according to Vietnamese law, and conversion method from FCFF to FCFE, providing you with practical tools to value a business and analyze shareholder cash flow.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cong_thuc_FCFE_pho_bien\"><\/span><b>Common FCFE formula<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-999978655 size-large\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/FCFE-Formula-1024x439.jpg\" alt=\"What is the formula for calculating FCFE?\" width=\"1024\" height=\"439\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/FCFE-Formula-1024x439.jpg 1024w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/FCFE-Formula-300x129.jpg 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/FCFE-Formula-768x329.jpg 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/FCFE-Formula-18x8.jpg 18w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/FCFE-Formula.jpg 1344w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Basic formula:<\/span><\/p>\n<p><b>FCFE = Net Income (NI) + Depreciation \u2013 Capital Expenditure (CAPEX) \u2013 Change in Working Capital + Net Debt<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Net Income (NI)<\/b><span style=\"font-weight: 400;\">: Cash flow from operating activities after tax.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Depreciation<\/b><span style=\"font-weight: 400;\">: Non-cash expenses, added back to cash flow.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>CAPEX<\/b><span style=\"font-weight: 400;\">: Investment in fixed assets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Change in working capital<\/b><span style=\"font-weight: 400;\">: Increase or decrease in cash flow related to current assets and liabilities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Net debt<\/b><span style=\"font-weight: 400;\">: Increase cash flow from borrowing, minus principal repayment.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Cong_thuc_FCFE_theo_quy_dinh_phap_ly_tai_Viet_Nam\"><\/span><b>FCFE formula according to legal regulations in Vietnam<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">According to Article 24 of Circular 36\/2024\/TT-BTC, FCFE is not only a popular financial formula but also standardized by Vietnamese law, helping businesses calculate net cash flow to shareholders in a transparent and compliant manner. Citing this legal formula creates strong trust, especially with investors and management agencies.<\/span><\/p>\n<p><img decoding=\"async\" class=\"wp-image-999978657 size-full aligncenter\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/Levered-Free-Cash-Flow-Formula-960x411-1.jpg\" alt=\"\" width=\"960\" height=\"411\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/Levered-Free-Cash-Flow-Formula-960x411-1.jpg 960w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/Levered-Free-Cash-Flow-Formula-960x411-1-300x128.jpg 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/Levered-Free-Cash-Flow-Formula-960x411-1-768x329.jpg 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/Levered-Free-Cash-Flow-Formula-960x411-1-18x8.jpg 18w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/p>\n<p><b>FCFE formula according to Circular:<\/b><\/p>\n<p><b>FCFE = Profit after tax + Depreciation \u2013 Capital expenditures (CAPEX) \u2013 Change in net working capital other than cash + Net debt<\/b><\/p>\n<p><b>Explain the components:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Capital expenditure (CAPEX): Includes costs for purchasing, constructing, and upgrading fixed assets and long-term assets for business operations. According to Circular 36\/2024\/TT-BTC, businesses need to eliminate non-cash expenses or expenses not directly related to core operations.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Change in net working capital other than cash: Is the fluctuation of receivables, payables, and inventories that is not related to actual cash, helping to reflect net cash flow more accurately.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Correct application of the components under the Circular ensures that FCFE accurately reflects the actual cash flow available for distribution to shareholders, while complying with legal regulations in Vietnam.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cach_tinh_FCFE_tu_FCFF_Dong_tien_thuan_cua_doanh_nghiep\"><\/span><b>How to calculate FCFE from FCFF (Net Cash Flow of the Business)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In addition to the direct calculation, FCFE can also be converted from FCFF (Free Cash Flow to Firm) using the formula:<\/span><\/p>\n<p><strong>FCFE = FCFF + Net debt \u2013 Interest expense \u00d7 (1 \u2013 Tax rate)<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Explain the difference and semantics:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>FCFF (Free Cash Flow to Firm): <\/b><span style=\"font-weight: 400;\">Is the cash flow available to all suppliers of capital, including shareholders and creditors.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>FCFE (Free Cash Flow to Equity): <\/b><span style=\"font-weight: 400;\">Only reflects cash flow attributable to shareholders after debt and interest costs have been paid.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Converting from FCFF to FCFE helps financial analysts understand the true cash flow that shareholders can expect to receive, creating a more accurate valuation basis, especially in DCF models or evaluating potential dividend payments.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Phan_biet_FCFE_voi_cac_chi_so_tai_chinh_khac\"><\/span><strong>Distinguish FCFE from other financial ratios<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">FCFE differs from traditional metrics such as FCFF, net profit or EBITDA in terms of who receives cash flow and what it is used for. Understanding this difference helps managers make more informed financial decisions.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_FCFE_vs_FCFF\"><\/span><strong>1. FCFE vs FCFF<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cash flow recipients:<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">FCFF (Free Cash Flow to Firm) is the net cash flow available to all capital suppliers, including shareholders and creditors.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\">FCFE (Free Cash Flow to Equity) is simply the actual cash flow remaining for shareholders after debt and interest expenses have been paid.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"wp-image-999978656 size-full aligncenter\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/free-cash-flow-firm-equity-fcff-vs-fcfe-1024x310-1.webp\" alt=\"\" width=\"1024\" height=\"310\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/free-cash-flow-firm-equity-fcff-vs-fcfe-1024x310-1.webp 1024w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/free-cash-flow-firm-equity-fcff-vs-fcfe-1024x310-1-300x91.webp 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/free-cash-flow-firm-equity-fcff-vs-fcfe-1024x310-1-768x233.webp 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2025\/10\/free-cash-flow-firm-equity-fcff-vs-fcfe-1024x310-1-18x5.webp 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Intended use:<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">FCFF is used to value the entire enterprise, in line with the overall DCF valuation model.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">FCFE is used to analyze dividend payout capacity and equity value, usually discounted by the cost of equity capital (Re).<\/span>&nbsp;<\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Applicable cases:<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">FCFF: When wanting to evaluate the total value of a business, especially for companies with a mixed capital structure (debt + shareholders&#039; equity).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">FCFE: When the investor is directly interested in shareholder cash flows or a valuation model based on potential dividends.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"2_FCFE_vs_Loi_nhuan_Rong_Net_Income_%E2%80%93_NI\"><\/span><strong>2. FCFE vs Net Income (NI)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Actual cash flow vs accounting profit:<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">NI is book profit, including non-cash items such as depreciation and provisions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">FCFE reflects the actual cash flows available to shareholders, removing non-cash items and adjusting for changes in working capital.<\/span>&nbsp;<\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Meaning:<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">FCFE provides a more accurate picture of a company&#039;s ability to generate cash, thus being a more effective measure of its financial health.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"3_FCFE_vs_Co_tuc\"><\/span><strong>3. FCFE vs Dividends<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Affordability vs. Actual Payment:<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">FCFE represents the dividend payout potential based on net cash flow.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Dividends are the actual amount a business has paid to its shareholders.<\/span>&nbsp;<\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Meaning:<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">A company with positive FCFE but not yet paying dividends still has the ability to pay or reinvest, helping investors assess long-term potential.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"4_FCFE_vs_EBITDA\"><\/span><strong>4. FCFE vs EBITDA<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Basic differences:<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">EBITDA reflects earnings before interest, taxes, depreciation and amortization, and is primarily used to evaluate core operating performance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">FCFE calculates the actual cash flow available to shareholders, including investment costs and changes in working capital.<\/span>&nbsp;<\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Application:<\/b>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">EBITDA is useful for comparing operating performance between businesses.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">FCFE helps investors and management decide on profit distribution, dividends and financial strategy.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Ung_dung_chien_luoc_cua_FCFE_trong_thuc_te\"><\/span><strong>Strategic applications of FCFE in practice<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">FCFE is an important tool in business valuation and financial policy adjustment. Through forecasting and analyzing FCFE, businesses can optimize dividends, reinvestment or manage debt effectively.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_FCFE_trong_tham_dinh_gia_doanh_nghiep\"><\/span><strong>1. FCFE in business valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">FCFE is an important index in the DCF (Discounted Cash Flow) valuation model, used to determine <\/span><b>intrinsic value of a business from a shareholder&#039;s perspective<\/b><span style=\"font-weight: 400;\">. When using FCFE in DCF:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Discount cash flow using cost of equity (Re):<\/b><span style=\"font-weight: 400;\"> Since FCFE is the cash flow to shareholders, discounting using Re helps accurately reflect the present value of the cash that shareholders can receive in the future.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Forecast period:<\/b><span style=\"font-weight: 400;\"> In practice, to calculate forecast FCFE, it is usually necessary to at least <\/span><b>03 years of forecast data<\/b><span style=\"font-weight: 400;\">For rapidly growing businesses, forecasting FCFE should consider factors such as capital investments, changes in working capital, and debt strategies to properly assess actual cash flow generation capacity.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Advantage:<\/b><span style=\"font-weight: 400;\"> FCFE reflects <\/span><b>actual cash flow available for distribution to shareholders<\/b><span style=\"font-weight: 400;\">, helping investors and management make more informed decisions about corporate value, dividend potential, and long-term financial strategy.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"2_Dieu_chinh_chinh_sach_tai_chinh_dua_tren_FCFE\"><\/span><strong>2. Adjust financial policy based on FCFE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>When FCFE &gt; 0:<\/b><span style=\"font-weight: 400;\"> Businesses have <\/span><b>cash surplus<\/b><span style=\"font-weight: 400;\"> after paying off debt and investment costs. At this point, the company can:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Pay dividends to shareholders,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Buy back treasury stock,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Or reduce debt to optimize capital structure.<\/span>&nbsp;<\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>When FCFE &lt; 0: <\/b><span style=\"font-weight: 400;\">\u00a0A negative FCFE indicates that the company is spending more than the cash flow it brings in after paying down debt. This could be <\/span><b>risk<\/b><span style=\"font-weight: 400;\"> if the company does not have enough money to pay dividends, but it could also be <\/span><b>growth opportunities<\/b><span style=\"font-weight: 400;\"> if the business is reinvesting heavily in expansion, R&amp;D, or strategic projects. In this case, the solution is often <\/span><b>fundraising<\/b><span style=\"font-weight: 400;\"> from shareholders or debt to ensure business operations and investment development.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Tracking FCFE helps businesses <\/span><b><a href=\"https:\/\/bizzi.vn\/tai-sao-can-lap-ke-hoach-tai-chinh\/\">financial planning<\/a> long term<\/b><span style=\"font-weight: 400;\">, balancing between dividend payments, reinvestment, and debt management, thereby creating sustainable value for shareholders and improving cash flow health.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Moi_lien_he_giua_FCFE_va_tu_dong_hoa_tai_chinh\"><\/span><b>The Relationship Between FCFE and Financial Automation<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The accuracy of FCFE depends on detailed data, working capital, and investment costs. Financial automation reduces errors, speeds up collections, and optimizes profits, thereby improving the ability to generate real cash flow for shareholders.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Tai_sao_tu_dong_hoa_tai_chinh_lai_anh_huong_truc_tiep_den_FCFE\"><\/span><strong>1. Why does financial automation directly affect FCFE?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">FCFE (Free Cash Flow to Equity) reflects <\/span><b>actual cash flow available for distribution to shareholders<\/b><span style=\"font-weight: 400;\">However, the calculation of FCFE depends on <\/span><b>detailed financial data<\/b><span style=\"font-weight: 400;\">, including net profit (NI), capital expenditure (CAPEX) and working capital (WCC).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This data is often <\/span><b>fragmented, disjointed, and error-prone<\/b><span style=\"font-weight: 400;\"> if managed manually. Small errors in reporting expenses, liabilities or CAPEX can lead to <\/span><b>FCFE is incorrect<\/b><span style=\"font-weight: 400;\">, affecting business valuation and strategic financial decisions.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Giai_phap_cua_Bizzivn_de_toi_uu_FCFE\"><\/span><strong>2. Bizzi.vn&#039;s solution to optimize FCFE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">With these financial automation tools, businesses can not only ensure accurate and transparent data but also <\/span><b>Monitor, forecast and optimize cash flow for shareholders<\/b><span style=\"font-weight: 400;\"> proactively. FCFE thus becomes a reliable indicator, helping management make strategic decisions about <\/span><b>dividend payments, reinvestment or debt management<\/b><span style=\"font-weight: 400;\"> flexibly and effectively.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Optimize Net Profit (NI) with Bizzi Expense:<\/b><span style=\"font-weight: 400;\"> Bizzi Expense helps businesses <\/span><b>real-time cost control<\/b><span style=\"font-weight: 400;\">, reducing the risk of overspending. When costs are managed effectively, net profits increase, thereby <\/span><b>direct FCFE increase<\/b><span style=\"font-weight: 400;\">.<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Streamline Working Capital (WCC) through Bizzi AP and AR:<\/b><span style=\"font-weight: 400;\"> Solution <\/span><b>Bizzi Bot<\/b><span style=\"font-weight: 400;\"> automatically process input invoices, while <\/span><b>Bizzi ARM<\/b><span style=\"font-weight: 400;\"> debt management and quick collection. Thanks to that, businesses <\/span><b>reduce errors, increase speed <a href=\"https:\/\/bizzi.vn\/vong-quay-von-luu-dong-la-gi-cach-tinh-vong-quay-von-luu-dong\/\">working capital turnover<\/a><\/b><span style=\"font-weight: 400;\">, improving the ability to generate cash flow available to shareholders.<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Unified data platform:<\/b><span style=\"font-weight: 400;\"> Bizzi.vn has the ability <\/span><b>Seamless integration with ERP systems<\/b><span style=\"font-weight: 400;\"> existing, ensuring input financial data is always <\/span><b>accurate, complete and timely<\/b><span style=\"font-weight: 400;\">. This not only increases the reliability of FCFE but also supports strategic decisions on dividend payments, reinvestment or debt management.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">When financial automation is implemented effectively, FCFE becomes <\/span><b>reliable macro indicators<\/b><span style=\"font-weight: 400;\">, accurately reflects the ability to generate actual cash flow for shareholders. At the same time, businesses can <\/span><b>forecasting, planning and optimizing financial strategies<\/b><span style=\"font-weight: 400;\"> more proactively and flexibly.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cac_cau_hoi_thuong_gap_ve_FCFE\"><\/span><strong>Frequently Asked Questions about FCFE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_FCFE_am_co_phai_luon_la_dau_hieu_xau\"><\/span><strong>1. Is negative FCFE always a bad sign?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>Reply:<\/b><span style=\"font-weight: 400;\"> Not necessarily. A negative FCFE indicates that a company is spending more money than it is bringing in after paying down debt. While this can be a sign of financial trouble, in many cases, especially with smaller companies, <\/span><b>fast-growing company<\/b><span style=\"font-weight: 400;\">A negative FCFE is a positive sign. It shows that the company is reinvesting heavily in fixed assets (plant, equipment, R&amp;D) to expand its scale and generate larger cash flows in the future.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Co_nen_dung_FCFE_thay_the_mo_hinh_Dinh_gia_Co_tuc_DDM\"><\/span><strong>2. Should FCFE be used instead of the Dividend Valuation Model (DDM)?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>Reply:<\/b><span style=\"font-weight: 400;\"> FCFE is generally considered a more reliable indicator than DDM because it reflects <\/span><b>actual dividend payout ratio<\/b><span style=\"font-weight: 400;\">, not just the declared dividends. DDM is only useful when the company has a history of stable and predictable dividend payments, while FCFE can be applied to companies that do not pay dividends or have volatile cash flows.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Nha_dau_tu_ca_nhan_co_can_quan_tam_den_FCFE_khong\"><\/span><strong>3. Do individual investors need to care about FCFE?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>Reply:<\/b><span style=\"font-weight: 400;\"> Yes. For individual investors, FCFE analysis is important. FCFE helps you evaluate a company&#039;s ability to generate real cash, its ability to finance itself without relying on debt, and its potential for sustainable growth.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_FCFE_lien_quan_gi_den_chi_phi_von_chu_so_huu_Cost_of_Equity\"><\/span><strong>4. How does FCFE relate to Cost of Equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>Reply:<\/b><span style=\"font-weight: 400;\"> In the DCF valuation model, FCFE is discounted to present value using the cost of equity (Re\u200b). FCFE represents the cash flows that shareholders require, so the cost of capital they require (i.e., Re\u200b) is the most accurate discount factor.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_FCFE_co_bao_gom_tien_tu_ban_tai_san_hay_khong\"><\/span><strong>5. Does FCFE include cash from asset sales?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>Reply:<\/b> <b>Are not<\/b><span style=\"font-weight: 400;\">. FCFE includes only cash flows from core business operations. Cash flows from the sale of assets (e.g., the sale of an old factory) are usually classified as investing activities and are not included in FCFE unless they are core activities of the business.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Chi_so_FCFE_bao_nhieu_la_tot\"><\/span><strong>6. What is a good FCFE ratio?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>Reply:<\/b><span style=\"font-weight: 400;\"> There is no fixed number to evaluate FCFE as good or bad, because it depends on the industry, development stage and strategy of the company. Instead of just looking at a number, you should compare the company&#039;s FCFE with competitors in the same industry and analyze the trend of FCFE over the years to have a more accurate view.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ket_luan\"><\/span><strong>Conclude<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Hopefully this article has provided you with useful information about what FCFE is? It can be said that FCFE (Free Cash Flow to Equity) is <\/span><b>The key cash flow ratio reflects the ability to generate actual cash flows available to shareholders.<\/b><span style=\"font-weight: 400;\">In business valuation and financial management, FCFE helps managers and investors <\/span><b>more accurately assess cash flow health, dividend coverage, reinvestment, and debt management<\/b><span style=\"font-weight: 400;\"> compared with traditional accounting metrics.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the value of FCFE is only truly accurate when <\/span><b>comprehensive, transparent and tightly managed financial database<\/b><span style=\"font-weight: 400;\">. Errors in recording costs, CAPEX or working capital can lead to FCFE results that do not accurately reflect the financial capacity of the business.<\/span><\/p>\n<p><b>Solution:<\/b><span style=\"font-weight: 400;\"> Using the systems <\/span><b>specialized financial automation like Bizzi.vn<\/b><span style=\"font-weight: 400;\"> help businesses:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Real-time cost control, net profit (NI) optimization.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Optimize working capital, manage receivables and automate invoice processing, ensuring accurate cash flow data.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Seamlessly integrates with existing ERP, creating a unified, reliable data platform for FCFE.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Thanks to that, businesses can <\/span><b>Rely on reliable FCFE data to make strategic decisions<\/b><span style=\"font-weight: 400;\">, from dividend payments, reinvestment to financial risk management.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Businesses that want to improve cash flow management efficiency and improve FCFE accuracy should consider <\/span><b>Integrate Bizzi.vn into the existing financial system<\/b><span style=\"font-weight: 400;\">, transforming FCFE from a theoretical indicator into a practical tool to support strategic decisions.<\/span><\/p>\n<p id=\"ember3880\" class=\"ember-view reader-text-block__paragraph\"><strong>Monitor\u00a0<a class=\"scbZDdHASaspEUgpeaTPqGoNBLbulnZdkpWE\" tabindex=\"0\" href=\"https:\/\/bizzi.vn\/?swcfpc=1\" target=\"_self\" data-test-app-aware-link=\"\">Bizzi<\/a>\u00a0To quickly receive the latest information:<\/strong><\/p>\n<ul>\n<li>Facebook:\u00a0<a class=\"scbZDdHASaspEUgpeaTPqGoNBLbulnZdkpWE\" tabindex=\"0\" href=\"https:\/\/www.facebook.com\/bizzivietnam\" target=\"_blank\" rel=\"noopener nofollow\" data-test-app-aware-link=\"\">https:\/\/www.facebook.com\/bizzivietnam<\/a><\/li>\n<li>Linkedin:\u00a0<a class=\"scbZDdHASaspEUgpeaTPqGoNBLbulnZdkpWE\" tabindex=\"0\" href=\"https:\/\/www.linkedin.com\/company\/bizzi-vietnam\/\" target=\"_blank\" rel=\"noopener nofollow\" data-test-app-aware-link=\"\">https:\/\/www.linkedin.com\/company\/bizzi-vietnam\/<\/a><\/li>\n<li>Youtube:\u00a0<a class=\"scbZDdHASaspEUgpeaTPqGoNBLbulnZdkpWE\" tabindex=\"0\" href=\"https:\/\/www.youtube.com\/@bizzivietnam\" target=\"_blank\" rel=\"noopener nofollow\" data-test-app-aware-link=\"\">https:\/\/www.youtube.com\/@bizzivietnam<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>FCFE is an important financial indicator, reflecting the net cash flow available to shareholders after the business has paid\u2026<\/p>","protected":false},"author":37,"featured_media":999978654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[76,263],"tags":[],"class_list":["post-999978653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-goc-nhin-cfo","category-kien-thuc"],"acf":[],"_links":{"self":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999978653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/comments?post=999978653"}],"version-history":[{"count":2,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999978653\/revisions"}],"predecessor-version":[{"id":999978659,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999978653\/revisions\/999978659"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/media\/999978654"}],"wp:attachment":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/media?parent=999978653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/categories?post=999978653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/tags?post=999978653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}