This paper apply Dupont model to analyze the ratio of net profit on owners' equity (ROE) of Vietnam Dairy Products Joint Stock Company in 2012 and 2013 through two important financial reports: The Balance Sheet and the Income Statement. The results showed a decrease of ROE, since cost of sales in 2013 is much bigger than that in 2012. Although this makes the company's revenue increased, but the rate of after-tax profit growth mismatched. Hence, the company needs to build strategic business plans for enhancing ROE, since this is an important financial index that reflects the level of net income on capital stock and investors are very concerned.