This paper aims to propose a Comprehensive Decision Support Model to evaluate retail companies’ financial performance traded on the Vietnam Stock Exchange Market. The financial performance has been examined in terms of the valuations ratios, profitability ratios, growth rates, liquidity ratios, efficiency ratios, and leverage ratios. The data of twelve companies from the first quarter to the fourth quarter of 2019 and the first quarter of 2020 were employed. The weights of 18 chosen financial ratios are calculated by using the Standard Deviation method (SD). Grey Relational Analysis technique was applied to obtain the final ranking of each company in each quarter. The results showed that leverage ratios have the most significant impact on the retail companies’ financial performance and gives some long-term investment recommendations for stakeholders and indicated that the Taseco Air Services Joint Stock Company (AST), Mobile World Investment Corporation (MWG), and Cam Ranh International Airport Services Joint Stock Company (CIA) are three of the top efficient companies. The three of the worst companies are Viglacera Corporation (VGC), Saigon General Service Corporation (SVC), and HocMon Trade Joint Stock Company (HTC). Furthermore, this study suggests that the GRA model could be implemented effectively to ranking companies of other industries in the future research.

Abstract
1. Introduction
    1.1. Retailing in Viet Nam
    1.2. The impacts of Covid-19 on Retail Industry
2. Financial Performance Evaluation andProposed Financial Ratios
3. Methodology
    3.1. Standard Deviation Method
    3.2. Grey Relational Analysis Technique
4. Results and Discussion
    4.1. Results of GRA in the 1st Quarter of 2019
    4.2. Results of GRA in the 2nd Quarter of 2019
    4.3. Result of GRA in the 3rd Quarter of 2019
    4.4. Result of GRA in the 4th Quarter of 2019
    4.5. Results of GRA in the 1st Quarter of 2020
5. Conclusions
References

• Phi-Hung NGUYEN(Faculty of Business, FPT University, Hanoi, Vietnam) Corresponding Author
• Jung-Fa TSAI(Department of Business Management, National Taipei University)
• Viet-Trang NGUYEN(Faculty of Business, FPT University, Hanoi, Vietnam.)
• Dang-Duong VU(Faculty of Business, FPT University, Hanoi, Vietnam.)
• Trong- Khoi DAO(Faculty of Business, FPT University, Hanoi, Vietnam.)