Research Factors Affecting the Establishment of Budget Estimation of Small And Medium Commercial Enterprises A Case Study in Ho Chi Minh City, Vietnam

s In this paper, qualitative and quantitative methods (descriptive statistics, Cronbach's Alpha test, extraction variance test and multiple regression) have been applied in the study of factors affecting the establishment of budget estimation of small and medium commercial enterprises in Ho Chi Minh City. 8 factors affecting the process of building budget estimation of commercial enterprises in Ho Chi Minh City have been identified based on the results of qualitative research. Quantitative research was conducted with 302 questionnaires for 8 independent variables with 4-6 scales for each variable. Survey results of experts, testing hypotheses by evaluating the reliability of each scale and survey data, testing the factor analysis model and explaining the observed variables shows 8 factors. There is a close correlation with the construction of budget estimation for SMEs in HCMC. The variables are positively related to the dependent variable budget estimation. Multiple regression results allow to arrange the influence of factors on establishing budget estimation in small and medium enterprises in Ho Chi Minh City in the following order: Leadership point of view> Human resources> Infrastructure> Accounting organization> Estimating process> Enterprise size> Policy regime> Business characteristics.


Introduction
Budget estimation helps to detail the goals of the organization, helps managers make the right strategic decisions, in order to achieve the short-and long-term development goals of the business. Good construction of budget estimation both motivates enterprises to comply with the set schedule, well controls the targets to be achieved and uses the available resources of the unit effectively, and is ready to deal with risks in business. However, in Vietnam, the construction of budget estimation in enterprises has not been focused properly. Organizations, especially commercial enterprises mainly plan the company's annual activities based on the business results of the previous year, but have not seen the development trend of the industry as well as the general context of the economy. The importance of budget estimation: Building budget estimation is the only process that quantifies the vision and management strategy, only when the managers, participants in estimating budget realize that the thinking process is more important than the numbers themselves, their budgets and benefits will be sufficient (Banovíc, 2005). Budget estimation's primary role is to serve the planning and monitoring of business operations. Through that, managers can achieve the goal of business is to maximize profits (Barbara & Tabachnick, 2020). According to Langfiel-Smith et al (2009), budget estimation has five main functions: planning, coordination, information communication, control and evaluation. The importance of budget estimation is also reflected in the purpose of this work. The purpose of budget estimation is to plan the activities of enterprises in the future in order to ensure that the activities of enterprises are completed in the best way to achieve the goals; coordinate departments; communicate; allocate resource; perform evaluation; allocate responsibility; set goals; motivate employees and help employees to have an overall perception of the enterprise, to understand how their work contributes to the success of the enterprise (Drury, 2004). Hung, (2016), confirms that the success of a budget depends greatly on how to build the budget. Budget estimation is successful in case of maximum support from key managers, when senior managers consider budget estimation as one of the company's important activities and how they use it. Factors affecting the results of establishing budget estimation. In the majority of studies Banovíc, (2005) ;Srbinoska, (2018) ;Qi, (2010); Hang (2016); Keiser (1974); Thu (2005); Trang (2018) qualitative and quantitative research methods were applied in assessing the factors affecting the results of establishment of budget estimation. Banovíc, (2005) pointed out the main factors affecting the construction of the budget include: information technology (IT), business size, strategy, organizational structure, operating environment and organizational culture. While Srbinoska (2018) determines the scale, IT and strategy are the factors affecting the establishment of the budget. Faleti & Myrick (2012) said that the process of establishing budget estimation is very important so that businesses can build budget to serve their production and business activities and the author has discovered factors such as firm size, participation in establishing budget estimation, ownership structure influence the process of establishing and controlling budget estimation in Nigeria. Research on the impact of budget estimation on the performance of small and medium enterprises in China- Qi (2010) has shown two factors that strongly influence the establishment of budget estimation in China, namely size of enterprises and type of business. Researches on budget estimation have received more attention in recent years in Vietnam. Hang (2016), gave a theoretical research model of factors affecting small and medium enterprises' budget estimation, including human resources, process of establishing budget estimation, facilities, and government policies, organize the accounting work and control the budget creation process. According to Hai (2017); Keiser (1974), 6 factors include human resources, facilities, accounting work at enterprises, budget implementation process, government legal policies and regimes, characteristics of small and medium enterprises. All of them have a proportional influence on the establishment of natural resources in Binh Phuoc province. Liem (2018) based on the survey results of more than 200 enterprises in the Ho Chi Minh City, found out the factors affecting the budget process, including ownership structure, leadership style, IT application in accounting cooperation, company size, and employee participation budget estimation. Phuong (2017) commented among the factors of competition, decentralization of management, qualification of accountants, IT application in creating budget, production technology, the competitive factors and qualification of accountants are the most important factors to improve the application of budget creation in enterprises in Gia Lai province. Hung (2016) using research methods such as testing and applying the factor model to explore the factors affecting the efficiency of business budget tools has shown two factors that play a role, they are the participation of employees and the opinion of the administrator. For the establishment of budget in enterprises in Da Nang city, the factors affecting competition, decentralization of management, qualification of accountants, IT application were quantitative researched by (Quyen, 2015). The test results give the regression model as: Y = 0.289X1 + 0.187X2 + 0.251X3 + 0.197X4 + ς. In which: (Y) level of application of budget tools, (X1) competition, (X2) accounting staff qualifications, (X3) management decentralization, (X4) IT application in generating budget. Trang (2018) has identified the impact level of each factor in the construction of budget of enterprises in Quang Binh province and proposed the following model: Budget Estimation (BE) = 0.427SP + 0.185CE + 0.146DM + 0.207F. In which, four factors impacting strategic plans (SP), capacity to estimate budget (CE), decentralized management (DM) and facilities (F) were surveyed. From the reference documents, the factors affecting the establishment of budget estimation in small and medium enterprises are concerned. In Vietnam in recent years (from 2015) there are many researches on this issue. However, research results of authors from many different countries lead to mixed conclusions about the influencing factors. The cause of this difference stems from the characteristics of the company, working environment, the development as well as the limitations in the research method as the number of samples is small (Keiser, 1974;Quyen, 2015). Overseas, firm size is considered the most influential factor (Srbinoska, 2018;Qi, 2010). Larger and more diversified firms tend to use budgets more sophisticatedly and efficiently than small firms (Banovíc, 2005). Second is the infrastructure factor and IT that are regularly used to gather the individual budget estimation, unified and presented at the organizational level (Banovíc, 2005;Srbinoska, 2018). Companies with good technology facilities often focus on establishing budget rather than companies with rudimentary technology (Banovíc, 2005). Small companies often do not establish budget but conduct direct supervision and personal interaction, with little strategy (Qi, 2010). National studies show that the authors have discovered and measured the factors that influence budget estimation development, including: 1) leadership opinion; 2) facilities, 3) human resources, 4) organizational accounting, 5) business characteristics, 6) policy regime, 7) estimation process, 8) enterprise size, 9) ownership structure and 10) competition. In which, competitive factors (Phuong, 2017;Quyen, 2015), accountant qualifications (Phuong, 2017), employee participation and managers' opinion Loi (2007), decentralization of management (Quyen, 2015), strategic planning Trang (2018) are the factors playing an important role in the process of building budget for businesses. Thus, in Vietnam, humanrelated factors play an important role in establishing budget, while in other countries, enterprise size and IT application are considered as the most influential factors. This paper sets the following objectives: -To detect the factors that affect the budget estimating construction of small and medium sized commercial enterprises in Ho Chi Minh City by statistical method.
-To measure the impacting level of each identified factor to the budget estimating construction -To provide an additional document to support SMEs in Ho Chi Minh City in implement the establishment of budget estimation. The paper is organized into the following four sections. First, there is a literature review looking at prior research that that the article is interested in. The next section mentions on methodology, including the qualitative and quantitative methods, research model and measurement design. The third section presents the research results and findings. In conclusion, the research ends with notifications based on the explored result, also noting on future research.

Research Method
In this article, the influence of factors on the construction of budget estimation of small and medium enterprises in Ho Chi Minh City is studied by qualitative and quantitative methods. For qualitative research, use expert interviewing and survey methods. Quantitative research methods include: descriptive statistics of obtained survey data, Cronbach's Alpha test, test the suitability level using EFA model and test the variance extracted with the support of SPSS software.

Results of Expert Interviews
Experts' opinions on the factors influencing the semi-structured interview results are summarized as follows: 1) Leadership opinion: Experts say that leaders play a particularly important role in construction of budget estimation. 2) Enterprise size has a high degree of impact on building budget estimation in commercial enterprises. 3) Human resources: In general, experts completely agree with the scale of the Human Resource factor. Employees in the unit need to have experience and knowledge to understand the objectives to be achieved. 4) Accounting organization: If a company wants to build well the budget estimation, the accounting apparatus must have a combination of management accounting (MA) and financial accounting (FA), both support each other to improve. Budget estimation, which ensures accurate metrics, helps managers make quick and timely decisions. 5) Facilities have an impact on budget estimation of enterprises. Today, the software supports budget estimation a lot such as: G8, F1, Acitt, Eta, Delta ... However, nowadays most businesses use Microsoft Excel software, so businesses need to actively apply technology to improve working efficiency. 6) Estimation process has an impact on the construction of the budget estimation, but according to experts, the impact level is not high. 7) Business characteristics have an impact but not too high in the construction of budget estimation. 8) Policy regime: Vietnam's accounting regime has changed quite a lot to suit the characteristics of enterprises, but this makes the accounting work at enterprises face many difficulties in understanding and implementing. 9) Competition: For small and medium commercial enterprises in Ho Chi Minh City, the business activities not too large are mainly retail, selling by order, selling to familiar customers. 10) Ownership structure: According to experts, small and medium commercial enterprises have no division of type of enterprise, there is no division of power in the organization as well as the dispersion of ownership. Therefore, experts propose to eliminate two competitive factors and ownership structure. After the expert interview, two factors of competition and ownership structure were removed and 8 independent variables remained. Therefore, the regression model after interviewing the expert is modified as follows (see figure 1).

Survey Results
Sample size selection: According to the Critical case, a sample is needed large enough to confirm that the data collected from the above method during the interview period is highly objective. According to Hair & Black, (2010), the minimum sample is 50, preferably 100, and the ratio of observations to the measurement variable is 5: 1, preferably 10: 1. Meanwhile, according to Barbara G. and Tabachnick, (2020), when using MLR (multiple regression), the sample size n should be selected by the following formula: n> 50 + 8p (p: number of independent variables). Based on the research model in this article, there are 8 independent variables, so there should be 50 + 8 * 8 = 114 observations. With the aim of improving the reliability of the results, the survey was conducted on 300 observations. Survey method is done by building a questionnaire. All constructive variables will be measured on a 5-level Likert scale with option 1 being completely disagree with the statement and option 5 being the choice completely agree with the statement. The results obtained from the SPSS statistical software show that, out of 302 questionnaires collected, 115 votes were surveyed as male and 187 surveyed were female, accounting for 38.1 and 68.5 respectively. %. The subjects that construct the MSWs account for 7.0%, while those who apply MSS account for 93.0%. There are 53.6% of people working in the unit having the profession of production -trade -services and 46.4% of people working in the unit in the profession of trade -service. In 302 survey questionnaires, 189 people have worked for less than 3 years, 105 people have worked from 3 years to 10 years and 8 people have worked for more than 10 years. The survey results show that 47% of enterprises prepare monthly revenue reports, 40.1% of enterprises prepare quarterly revenue reports, 8.3% of enterprises prepare annual revenue reports, 4.6% of enterprises prepare revenue reports Based on the request of the administrator, chief accountant or some enterprises that do not prepare revenue reports, only prepare financial statements, tax reports.
Descriptive statistical results are listed in Table 1.

Commenting on Interview Results
In the group of factors "The impact of budget estimates on small and medium commercial enterprises in Ho Chi Minh City", most of the factors have an average value > 3, showing that the majority of respondents agree with contents related to budget estimates for small and medium commercial enterprises in Ho Chi Minh City. For the group of factors "Leadership Opinion", the surveyed people did not completely agree when asked about the manager who always discussed with his subordinates before making a decision affecting the construction of the budget estimation. The "Enterprise Size" group has 2 factors: ES 3 and ES 4 with average value < 3, according to which the surveyed people think that the cost of establishing budget estimation depends on the size and the company has many affiliated units, the more complex the budget estimation does not affect the construction of the budget estimation. Most of the factors in the group "Human Resources" have average value > 3, this shows that the majority of respondents agree on the impact of this factor on the construction of the budget estimation. Factors group "Accounting Organization", most of the surveyed people wondered that the focus on Management Accounting affects the construction of budget estimation. For the group of factors "Facilities", the subjects do not completely agree on the idea that support information and ancillary estimation equipment that affect the construction budget estimates. For the group of factors "Estimation Process", the respondents also wondered with two factors (1) Estimation Process needs to be established in detail (average value <3) and (2) Complete and unified estimation forms among divisions and departments in enterprises. Factor group "Business Characteristics": There are 3 factors (1) The higher the position of the enterprise in the market, the more closely and accurately budget estimation must establish; (2) The more product consumption market expands, the more attention budget estimation gets; (3) The quantity of enterprise's goods is always estimated and is enough to meet the orders which have not been unanimously agreed by the surveyors (average value < 3).
Regarding the factor "Policy Regime", the surveyed subjects disagree that the change of law affects the budget work of enterprises and business policy (discount, ...) affects the budget estimation.

Cronbach's alpha coefficients of the group "Policy regimes" are: 0.708
Cronbach's Alpha test is used to check the reliability of scales. In each scale, Cronbach's Alpha coefficient is in the range of 0.6 to 0.9 and at the same time, if a variable has a total variable correlation coefficient ≥ 0.3, it meets the requirements.
Cronbach's Alpha's test comments of each factor: Factor "Impact of budget estimation on SMEs in Ho Chi Minh City" includes 4 observed variables. Cronbach's Alpha has a total group of: 0.737. The observed variables have correlation coefficients greater than 0.3 and Cronbach's Alpha coefficients if the type of variables are smaller than Cronbach's Alpha coefficients of the group. Conclusion that all the variables in the group are reliable. The factors "Enterprise Size", "Human Resources", "Accounting Organization", "Facilities", "Estimation Process", "Business Characteristics" have 5 observed variables and the factor "Policy Regime" 6 observed variables Cronbach's Alpha has a total group of respectively: 0.802, 0.863, 0.841, 0.800, 0.833, 0.719 and 0.0.708, all greater than 0.60. The observed variables have correlation coefficients greater than 0.3 and Cronbach's Alpha coefficients if the type of variables are smaller than Cronbach's Alpha coefficients of the group. So all the variables in the 6 groups are reliable. Factor "Leadership Opinion" has 5 observed variables Cronbach's Alpha has a total group of: 0.780. There is a variable "The manager always talks with subordinates before making a decision" has a correlation coefficient of less than 0.3 and has a coefficient Cronbach's Alpha if the variable type is greater than the coefficient Cronbach's Alpha of the group should be disqualified. The remaining observed variables all have correlation coefficients greater than 0.3 and Cronbach's Alpha coefficients if the type of variables are smaller than Cronbach's Alpha coefficients of the group. Therefore, all remaining variables are reliable.

Test the Factor Analysis Model
The results of the first factor analysis EFA showed that the scale is accepted and divided into 8 factors. In which, the scale with the smallest weight and the difference less than 0.3 is AO3, so this scale will be rejected in the first analysis. Next, the coefficients have ensured the reliability of the scale, tested KMO (Kaiser -Meyer -Olkin) and Bartlett to confirm the suitability of the survey results with the discovery factor analysis method. EFA.  Extraction Method: Principal Component Analysis. Test of variance extracted to consider the level of variance or explanation level of each group of factors discovered through EFA factor analysis tool. Explanatory test results (Table 4) show that the observed variables have the rate of variance extracted> 50%, which is eligible to form a factor. The correlation matrix of factors is described in Table 6. .354 . Table 6 shows that 8 factors are strongly correlated with the construction of budget estimation for SMEs in HCMC. Specifically: with 95% confidence, the correlation coefficient of the factors "Leadership Opinion", "Business Size", "Human Resources", Accounting Organization "," Facilities ", "Estimation Process", "Policy Regime", "Business Characteristics" have correlation coefficients respectively 0. 443, 0.260, 0.430, 0.379, 0.375, 0.366, 0.110, 0.194.

Regression Coefficient Test
According to Hair and Black (2010) if VIF > 10 has multi-collinearity phenomenon, it means that the independent variables are correlated with each other and the analysis model does not accurately measure the impact level of the variables in the model. Table 9 shows that all variables have the value Sig < 0.05, so with 95% confidence and descriptive statistical results, it is possible to conclude that 8 variables are correlated with the variable BE, moreover the values are VIF < 10, meaning that there is no multi-collinearity phenomenon, that is, there is no linear relationship between the variables.

Significance of Regression Coefficient
Based on Table 9 (ANOVA), the coefficient β of the independent variables in the regression model shows that 8 variables Enterprise Size, Business Characteristics, Policy Regime, Leadership Opinion, Accounting Organization, Facilities, Human Resources, Estimation Process have positive relationship with dependent variable impact of Budget Estimation on small and medium commercial enterprises in Ho Chi Minh City. If we consider the meaning of the normalized regression coefficient, we can establish the influence order of the factors. Thus, the impact of Budget Estimation on SMEs in Ho Chi Minh City needs to consider the impact factors arranged from the factor with the highest impact to the factor with the lowest impact, in order of The priorities are as shown in Table 10 as follows: Leadership Opinion > Human Resources > Facilities > Accounting Organization > Estimation Process> Enterprise Size > Policy Regime> Business Characteristics. "Leadership Opinion" is the most powerful factor affecting the establishment of BE. In which many experts agree that "The manager is interested in improving the professional capacity of BE staff" is the strongest impact factor with the average value of 3.38 and the standard deviation of 1.16. The factor "The manager is involved in the estimation process" affects the second place, with the mean of 3.35 and the standard deviation of 1.27. "Managers always explain their decisions to subordinates" in third place, with an average value of 3.34 and a standard deviation of 1.26. According to the expert's opinion, "The manager wishing to use BE information to make decisions" is a factor affecting the fourth position in the LO factor group with the mean value of 3.31 and standard deviation. is 1.22. "Human Resources" ranks second in the scale of influencing factors. In the group of human resources, the factor "BE staff always improve their knowledge and expertise" has the strongest impact with the average survey value of 3.66 and the standard deviation of 1.31. "The staff to create a BE with a lot of experience and skills" ranks second in the group of human resources factors, with the average value of the survey is 3.60 and the standard deviation is 0.99. In the third place, the experts all agreed with the opinion "Employee understanding of the importance of creating BE" with the survey average value of 3.48 and the standard deviation of 1.05. Next, "The staff who establishes BE must understand the goals and the process of establishing the BE of the enterprise" agreed by experts in the survey with the average value of 3.47 and the standard deviation of 1.15. Finally, "The level of participation of workers in the construction of the BE" agreed by experts when surveyed with the average value of 3.35 and the standard deviation of 1.29. "Facilities" ranks third in the scale of influencing factors. According to the survey results, the factor "The software system can evaluate the actual results and budget estimation" has a strong impact on the establishment of BE of small and medium commercial enterprises in Ho Chi Minh City with the average value of 3.48 and standard deviation 0.99. In second place, "Enterprise equips facilities and software for budget estimation" is one of the consensus factors of the most people with the surveyed average of 3.47 and the standard deviation of 0.97. The factor "Modern computer systems and keep up with new software" is one of the factors affecting the construction of BE with the average value of the survey is 3.35 and the standard deviation is 1.03. "The stability of the internal computer network" is a factor that receives a lot of agreement with the surveyed average value of 3.33 and standard deviation of 1.02. The factor "Having an information support and equipment to establish the budget estimation" also has a significant impact on the construction of budget estimation for SMEs in Ho Chi Minh City, corresponding to the average value of 3.33 and standard deviation is 1.09.

Standardized regression coefficients
In the group of factors of "Accounting Organization", "Financial accounting is involved with the management accounting in the process of building budget estimation" has the strongest impact on the construction of budget estimation of small and medium commercial enterprises in Ho Chi Minh City with the average value of 3.54 and the deviation. Standard is 0.78. Vietnamese enterprises are still quite vague about the management accounting, while this is an important weapon to improve the efficiency of management and the competitive position of enterprises (Trang, 2018). The core reason that Management Accounting has not been paid attention and is the weakest stage of Vietnamese enterprises is that: Vietnam approached the management accounting in the late nineteenth century later than developed countries; management accounting only started teaching at universities after 1994; The accounting training program focuses on teaching students how to record accounting Trang, (2018). According to the survey results, the factor "Organization of accounting apparatus including management accounting and financial accounting is favorable for the establishment of budget estimation" is the second most influential factor on the technical standards with the average value of 3.46 and standard deviation of 0.82, "Set up the appropriate budget estimation model" with the average value of 3.36 and the standard deviation of 0.73 stands at 3rd place and "The accountant understands the estimation process to provide necessary information" stands in place. fourth place with an average value of 3.34 and a standard deviation of 0.73. In the group "Estimation Process", the factor "Budget estimation is the connection of all parts of the organization" agreed by experts to be the factor that has the strongest impact on budget estimation with the mean value of 3.57 and the standard deviation. is 0.75. "Budget estimation is convenient for actual monitoring and comparison" comes second with the mean of 3.25 and the standard deviation of 0.74. The factor "Estimation process must be consistent with enterprise size" is the third most influencing factor of budget estimation with an average of 3.17 and standard deviation of 0.83 and "Budget estimation forms must be complete and unified among divisions and departments in enterprises" ranked fourth with an average of 3.08 and a standard deviation of 0.77. The factor "Budget estimation needs to be established in detail and clarity" is one of the factors that have the lowest impact on the construction of the private sector of SMEs in Ho Chi Minh City with an average value of 2.95 and standard deviation of 0.90. "Business Size" factor ranks 6th in the table of impact. According to many experts, "Increase or decrease in annual revenue has an impact on budget estimation" is one of the factors that have the strongest impact on building budget estimation with the surveyed average value of 3.26 and the standard deviation is 0.87. Next, "Decentralization in enterprises affects the establishment process of budget estimation" with the average value of 3.15 and the standard deviation of 0.89. Two factors "Enterprise has many affiliated units, the more complex the budgeting is" with the average value of 2.95 and the standard deviation of 0.90 and "The cost of setting up budget estimation depends on the size of the enterprise" with the average value of the survey was 2.93 and the standard deviation of 1.04 agreed by many experts, but stood at the lowest impact position. In the group of "Policy Regimes", the factor "Changes in accounting regime affecting the budget estimation work of enterprises" has the strongest impact on the production capacity of enterprises with the average value of 3.85 and the standard deviation of 0.76. With the second impact level, the factor "Inventory management policy affects budget estimation" has an average value of 3.53 and a standard deviation of 0.83. The factor "Tax policy affects budget estimation " is the factor that has the third degree of impact on the construction of the private sector of small and medium commercial enterprises in Ho Chi Minh City with an average value of 3.38 and standard deviation of 0.94. "Debt governance policy affects budget estimation" is a factor with the fourth degree of impact among the group of factors Policy regime with average value of 3.23 and standard deviation of 0.82. In the fifth place according to the survey results, "Business policy (discount, ...) affects budget estimation " is one of the factors of the group of policy regime factors that affect the construction of budget estimation with average value is 3.07 and the standard deviation is 0.73. With the lowest impact level, "The change of the law affects the budget estimation" is an impact factor in the policy regime group with the average value of 3.03 and the standard deviation of 0.72.
In the group of "Business Characteristics", the majority of respondents agree that the factor "The diversity of industries (products) affects budget estimation" plays an important role in building budget estimation for SMEs in HCMC, which corresponds to the mean of 3.21 and the standard deviation of 0.62. The second level of impact belongs to the factor "Number of customers, competitors, and suppliers influencing budget estimation" with the mean of 3.0 and standard deviation of 0.71. In the third position, "The quantity of business goods is always estimated and enough to meet the orders" is also a factor in the group of business service factors that have an impact on estimation with the average value of 2.89 and the standard deviation equals 0.90. Finally, the factor "The more the market expands the product, the more attention budget estimation is focused on" influences the creation of a budget estimation with an average value of 2.81 and a standard deviation of 0.68. "Size and position in the industry of the enterprise" has a significant impact on the establishment of budget estimation of the unit with the average value of 2.83 and standard deviation 0.65.

Conclusion
Combining comparative synthesis methods, objective reasoning with quantitative research methods such as descriptive statistics, Cronbach's Alpha test, extraction variance test and multiple regression factors affecting the establishment of budget estimation of SMEs in Ho Chi Minh City were comprehensively reviewed. Research results, has identified and measured the impact level of each factor. Qualitative research results show 8 factors affecting the process of building the budget estimation of commercial enterprises in Ho Chi Minh City, including: Leadership opinion (5) scale; Human resources (5) scale; Facilities (5) scale; Accounting organization (5) scale; Estimation process (5) scale; Enterprise size (4) scale; Policy regime (6) scale; Business characteristics (5) scale. Quantitative research is done with 302 questionnaires, by expert survey methods; hypothesis tests have built the following regression model: BE = 0.340*LO + 0.253*ES + 0.313*HR + 0.260*AO + 0.310*F + 0.256*EP + 0.196*PR + 0.177*BC Regression model allows to arrange the influence of factors on establishing budget estimation in small and medium enterprises in Ho Chi Minh City in the following order: Leadership opinion > Human resources > Facilities > Accounting organization> Estimating process > Enterprise size > Policy regime > Business characteristics. The research results are useful references in building budget estimates of small and mediumsized commercial enterprises in Ho Chi Minh City. The results of the survey and evaluation show that in order to make a successful and realistic budget estimate, the above 8 factors need to be taken into account, in which the factor "Leadership perspective" has the strongest impact. Therefore, leaders of large enterprises need to pay special attention to improving the professional qualifications of estimating staff, and at the same time, leaders need to participate in the budget estimation process. In addition, the role of information technology and software systems also has a stronger impact on the efficiency of budgeting. Therefore, updating and applying modern software to estimate work is a real need. The survey results show that the "organization of the accounting apparatus" including management accounting and financial accounting is convenient for making estimates, but Vietnamese enterprises are still quite vague about management accounting. Therefore, this is also a factor that businesses need to focus on developing.