137 evaluating the quality of international payment services at joint stock commercial bank for foreign trade of vietnam,khoá luận tốt nghiệp

BANKING ACADEMY COMMERCIAL BANK FALCUTY GRADUATION THESIS EVALUATING THE QUALITY OF INTERNATIONAL PAYMENT SERVICES AT JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM : Nguyen Thi Quynh Ngan Student Class : K18CLCB Student ID : 18A4000502 Course : 2015 - 2019 Instructor : MB.VU HAI YEN Ha Noi, May - 2019 COMMITMENT I assure you that this thesis is done by myself, the analytical data in the topic is honest, all references from other documents are cited in detail and accurately in the scope of inquiry yours Please take responsibility for this study Student Nguyen Thi Quynh Ngan i ACKNOWLEDGEMENTS In order to complete the thesis, besides the efforts of the self, there is also the enthusiastic guidance of the teachers, co-worker as well as the encouragement of the family and friends in during the past time of studying and practicing I would like to express my sincere and deepest thanks to all the teachers who are teaching at the Banking Academy in general and teachers of the Banking and Finance Department in particular, who have devotedly conveyed the knowledge, as well as creating the most favorable conditions throughout your studies at school, especially during the writing of this thesis The knowledge gained in the learning process not only helps me to achieve good results in this career phase, but also as a baggage to help me step into my life more confidently and firmly The report has many shortcomings, I hope to receive sincere feedback from teachers to help me have the opportunity to supplement, repair and improve I would especially like to express my sincere thanks to Mrs Vu Hai Yen for always being there for continuous instructions, precious advice, kindness, patience and encouragement during my thesis writing I would like to express my sincere and deepest thanks to the Board of Directors of Joint Stock Commercial Bank for Foreign Trade of Vietnam Tay Ho branch for creating conditions for me to be able to practice at the bank during the past six months Thank you very much to Ms Vu Thu Giang, Mr Le Anh Long and his colleagues in the Customer Service Department for always caring, telling me to be dedicated at work, helping me get a deep look sharper with the banking industry and directly carry out the work in the bank Although there are many shortcomings, but with these encouragement and help, I was able to gradually improve myself Finally, I would like to express my sincere thanks to my family and friends who have always been a great source of encouragement and support and encouragement for me during this course ii TABLE OF CONTENTS COMMITMENT i ACKNOWLEDGEMENTS ii LIST OF ACRONYMS v LISH OF TABLE AND ILLUSTRATION vi INTRODUCTION CHAPTER 1: THEORETICAL BASIS AND LITERATURE REVIEW FOR EVALUATING THE QUALITY OF INTERNATIONAL PAYMENT ACTIVITY AT COMMERCIAL BANKS 1.1 INTERNATIONAL PAYMENT IN COMMERCIAL BANK 1.1.1 Definition 1.1.2 International payment’s characteristics 1.1.3 International payment’s methods 13 1.1.4 International payment’s role 18 1.2 INTERNATIONAL PAYMENT SERVICE IN COMMERCIAL BANK .20 1.2.1 Definition 20 1.2.2 Nature and characteristics of services: 21 1.3 INTERNATIONAL PAYMENT SERVICE QUALITY MEASUREMENTS 22 CONCLUSION OF CHAPTER I 26 CHAPTER 2: ACTUAL SITUATION OF THE EFFECTIVENESS OF INTERNATIONAL PAYMENT ACTIVITY AT VIETCOMBANK AND EVALUATION 27 2.1 OPERATION’S OVERVIEW OF VIETCOMBANK 27 2.1.1 History 27 2.1.2 Organizational structure 29 2.1.3 Actual situation of Vietcombank’s operation 31 2.2 EVALUATING THE QUALITY OF INTERNATIONAL PAYMENT SERVICES THROUGH ANALYZING VIETCOMBANK’S PERFORMANCES 39 2.2.1 General assessment 39 2.2.2 Evaluating the quality of international payment services through international iii method performances 45 LIST OF ACRONYMS 2.2.3 Evaluating indicators 47 2.3 the quality of international payment services through EVALUATING THE QUALITY OF INTERNATIONAL PAYMENT SERVICES AT VIETCOMBANK 63 2.3.1 Achievements in international payment services 63 2.3.2 Restrictions exist in international payment services 66 2.3.3 Causes of these restrictions 70 CHAPTER 3: SOLUTIONS TO IMPROVE AND COMPLETE INTERNATIONAL PAYMENT SERVICE FOR JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM 74 3.1 GENERAL OBJECTIVES AND DEVELOPMENT ORIENTATION OF INTERNATIONAL PAYMENT ACTIVITIESOF VIETCOMBANK IN THE COMING TIME 74 3.1.1 General goal 74 3.1.2 Development orientation of international payment 74 3.2 SOLUTIONS TO IMPROVE THE QUALITY OF INTERNATIONAL PAYMENT SERVICES AT BANKS 76 3.2.1 About service quality 76 3.2.2 About consumption and promotion of services 77 3.2.3 About personnel and management 79 3.2.4 About the ability to increase sales 80 CONCLUSION OF CHAPTER III 82 CONCLUSION 83 SBV State Bank of Vietnam VCB Vietcombank Joint Stock Commercial Bank for Foreign Trade of Vietnam Joint Stock Commercial Bank for Foreign Trade of Vietnam ASEAN Association of Southeast Asian Nations APEC Asia-Pacific Economic Cooperation ASEM The Asia-Europe Meeting WTO BIDV World Trade Organization Joint Stock For Commercial Bank For Investment And Development of Viet Nam iv ATM Automated teller machine POS Point of Sale Vietinbank Vietnam Joint Stock Commercial Bank For Industry And Trade ^FDI Foreign Direct Investment ODA Official Development Assistance UCP GDP The Uniform Customs and Practice for Documentary Credits Gross Domestic Product v LISH OF TABLE AND ILLUSTRATION Table 2.1 Growth of Vietcombank total assets and total equity .31 Table 2.2 Deposit mobilization structure 33 Table 2.3 Credit activities structure .36 Table 2.4 International payment sales 39 Table 2.5 Actual international payment sales through international payment methods 45 Table 2.6 Vietcombank performances through quantitative criteria 47 Table 2.7 Vietcombank performances through related ratio 49 Figure 1.1 Payment methods risk diagram 18 Figure 2.1 Current Vietcombank structure 30 Figure 2.2 Vietcombank shareholder structure 30 Figure 2.3 Targeted Vietcombank structure in 2020 .31 Figure 2.4 Structure of Vietcombank’s total asset in 2016 - 2018 32 Figure 2.5 Vietcombank’s international market share 42 vi INTRODUCTION Research purpose In our society, every country needs to interact with others to have conditions to improve their country's economy Especially for developing countries, the sooner they trade with other big economies, the sooner they will achieve the dream of enriching the country As for Vietnam, we are now an official member of ASEAN, APEC, ASEM and WTO, which means the international economic integrating and expanding the relations with other countries and organizations is an opportunity to make Vietnam a developed economy Clearly, this inevitable trend of Vietnam in recent years has boosted our export activities, attracted foreign direct investment capital, hence contributed significantly to economic growth As the economy developed, especially in foreign trade, international payment become a major activity in every banks and it always needs to be improved to helps increase the bank’s competitiveness Recently, international payment activities at commercial banks have achieved many important developments and gradually become more completed to help expand the bank's activities However, the lack of security and lack of prestige in the international banking community is disadvantages for those banks in Vietnam Therefore, the thesis has selected the title " Evaluating the quality of international payment services at Joint Stock Commercial Bank for Foreign Trade of Vietnam " with main objectives: - Clarify theories, give some point of views in international payment service’s quality in the globalization and international integration - Evaluate the quality of services of international payment services at Vietnam Foreign Trade Bank ( Vietcombank) - one of the leading banks in this field - Propose solutions that can help improve the quality of international payment services at Vietnam Foreign Trade Banks in the upcoming time Literature review In today's modern society, the quality of human life is increasing, so the economic structure of each country not only focuses on the development of industry and agriculture, but also gradually develops some other service sectors, especially or errors appear in the dossier If the application is not completed, the payment service will not be implemented in time or may be canceled, causing damage to the reputation and profitability of the bank Finally, rivals in banking field exploded fierce competition in the banking system, with the aim of dominating the market through attracting new customers and retaining potential customers Currently in the integration period more and more commercial banks appear together with many smart strategies to promote product brand and efficiency is attracting market share of people in need of using the service This is also one of the reasons that prevent Vietcombank from implementing international payment services The bank itself does not really focus on marketing for this service, so this becomes a huge omission, which can make Vietcombank easily overcome by others stronger competitors - Subjective reasons: With the two main constrained groups, there are also two groups of causes, with four different causes Explaining heterogeneity between service quality and cost, we can see that the fee collected from this activity is still low, while the cost is high and this cost were not used to improve the quality As mentioned above, the reasons for solving this problem are still difficult from four causes: the lack of diversity in the product portfolio; inefficiency in operating and risk management; there are still many markets that can exploit and increasingly access to many small and medium enterprises without accessing more with large enterprises or foreign businesses If banks can research and develop more international payment forms, more services or accept more methods, reduce the wasted cost or use these great amount of money to improve quality, there will be many opportunities to gain great resources as well as opportunities to promote the reputation of banks both domestically and internationally Explaining the poor response to customers, the reason is divided by technology and by employees ability Firstly, if the system is slow process, less safety or too complex can completely reduce the competitiveness of the bank, especially with the payment system 71 Although the current technology system of Vietcombank is relatively complete, it is still too dependent on the foreign system, which can cause confusion, errors and difficulties for employees in accounting and manipulation In term of bank staff, since there is no separation between the international payment department and the credit bureau, it leads to the absence of a specialized international payment team, which credit officers will have to play this role Although this brings benefits to the records being agreed, it also causes difficulties for credit officers to perform many operations, which may occur errors The fact that officials have to take on many tasks will make them not careful and there will be some conditions such as error of customer information, analyzing the ability to repay debts incorrectly All of the above may pose a risk to the bank in the process of making payment decisions At the same time, the inspection of documents and documents takes a lot of time, not to mention the need to keep track of the records that still owe vouchers or backlog from the previous time, so credit officers will hardly have time completing other targets of yourself, thereby loosening the supervision and customer support in international payment services Being able to build a contingent of professionally trained international payment staff will help payment operations be carried out professionally, systematically, and help banks develop international payments one how to perfect Besides, the construction of a team of international payment specialists will help to reduce the amount of work that credit officers have to perform, which also contributes to improving the quality of traditional credit operations and other related operations The fact that the majority of Vietcombank's management apparatus is senior staff, is less sensitive to the change of technology as well as the lack of knowledge and professional skills in international payment also makes bar service International math can be stagnant Every time there is a problem in the payment process, they are sometimes embarrassed to deal with it When communicating with foreign businesses, they cannot be as fluent and quick as young employees This greatly affects the negotiation as well as the ability to promptly solve arising problems In addition, older officials are less sensitive to changes in information, so it is easy to ignore new laws or new regulations, which could create a gap in the establishment 72 and communication via international payment records This creates risks for banks, so in addition to the senior management staff, it is necessary to add more active young people to the management and monitoring apparatus of international payment services Conclusion of chapter II Chapter II of the thesis presents issues on the status of international payment activities in Vietcombank, including a brief introduction of the bank, the status of international payment value and international payment revenue by each method payment in the period from 2016 to 2018 In addition, the research also assesses achievements and limitations of international payment service quality and causes of these limitations through collecting survey and analysis data Chapter II has further researched the status of international payment activities and quality assessment of this service in Vietcombank, and on this basis builds up future directions and advanced solutions to improve and develop this activities at Vietcomabank in Chapter III 73 CHAPTER SOLUTIONS TO IMPROVE AND COMPLETE INTERNATIONAL PAYMENT SERVICE FOR JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM 3.1 GENERAL OBJECTIVES AND DEVELOPMENT ORIENTATION OF INTERNATIONAL PAYMENT ACTIVITIES OF VIETCOMBANK IN THE COMING TIME 3.1.1 General goal From 2018 - 2020, Vietcombank is aiming to develop in a sustainable way, Vietcombank's officers need to fulfill credit growth targets, promote capital mobilization, increase service fee revenue, improve sales cross-products, increase retail sales, strictly implement measures to manage and recover debts, minimize bad debts, handle risks, and enhance exploitation and access to new customers while improving quality of products and services All staff at Vietcombank improve the spirit of solidarity, professional customer service attitude, strive to complete all targets set, as a basis to complete the set objectives of the entire budget By intellect and dedication, Vietcombank's staff always strives to build Vietcombank to a sustainable development with the goal of bringing Vietcombank to become the No.1 bank in Vietnam in 2020, one of 300 Ngan groups The largest financial goods in the world and managed under the best international practices According to Thomas William Tobin, Vietcombank's retail manager, Vietcombank is aiming to become the No retail bank by 2020 with the goal of becoming the No bank in customer satisfaction, innovation, market share and profit In order to achieve this, the bank needs to continue to grow and improve its products and services as well as a sustainable human system He also revealed that Vietcombank had a roadmap to upgrade and deploy continuously to help Vietcombank go beyond its target by 2020 although other banks take their steps, Vietcombank is confident that it can continue to lead the market with such a strong brand, good relationships with customers as well as good team help the bank stay ahead of other competitors 3.1.2 Development orientation of international payment Vietnam's external activities have been expanded in recent years and have achieved 74 remarkable achievements such as Vietnam's accession to the WTO and participation in many other economic agreements This opens up many opportunities for the State Bank of Vietnam, but there are also many challenges when Vietnam is in the process of expanding external economic relations and participating more and more in the integration process In particular, it is true that in the context of large commercial banks and financial companies around the world tend to merge together to become giant banks or financial companies as hard as today Facing this situation, the Bank for Foreign Trade of Vietnam always focuses on improving quality and expanding international banking operations, especially in international payment activities to build an external business development strategy that focuses on international payment activities in a synchronous and comprehensive way to maximize competitiveness, bring benefits profit for banks, thriving and creating new products and services Establishing multilateral bilateral cooperation with international financial institutions banks, applying new types of business services on the financial market, developing and enhancing Swift international payment network to firmly connecting to the international network and thereby improving the quality of international payment Vietcombank can fulfill the role of one of the banks authorized by the government to enforce credit agreements of international payment agreements between the state and international organizations Strive for a stable annual growth in international payment volume and increase the international payment market of foreign trade banks and the coming years strengthen the ability to research and analyze domestic and international credit market information and customer analysis to support more effectively for the development of international payment activities to enhance advisory capacity for customers Training and supplementing the staff of high professional and technical staff through training programs in the country and abroad This is the most important task for the head office and branches, especially the professional ability to finance import and export trade payment and international payment Credit officers specializing in customer relations and communication skills of professional and marketing staff also need to be trained in a systematic way to meet the increasing requirements of modern 75 business environment increasingly integrated and competitive Diversify the product portfolio through making payments in other forms or adding payment currency for payment services and focus on FDI customer group Adding a more detailed list of payment fees to each type of fee can both maximize the choice of services for customers and create more revenue for the bank; flexible use of competitive fee packages combined with loans to reach and win customers with international payment activities from competitors Focus on process optimization, improve service quality; develop a sales manual from credit to service, from wholesale to retail coordination for FDI customers 3.2 SOLUTIONS TO IMPROVE THE QUALITY OF INTERNATIONAL PAYMENT SERVICES AT BANKS To address the issues mentioned above, the paper presents four solution groups corresponding to problems with specific solutions in these groups: solutions to increase services quality, consumption and promotion, personnel and management, the ability to increase international payment sale 3.2.1 About service quality * Diversify international payment services With the strong development of Banking Technology at present, Vietcombank needs a clear orientation to diversify its products and services The diversification of services will prove the quality of the bank and meet the increasing demands of customers better Currently, the value of international payment by documentary credit method still accounts for a relatively high proportion of the total international payment turnover at Vietcombank, mainly focusing on irrevocable L/Cs Therefore, Vietcombank can diversify more L/Cs types to expand its international payment market share, use more types of L/Cs payments, not just focus on irreversible types for each specific field Besides, Vietcombank also needs to continue developing card payment and traveler's check services to meet the demand of domestic and foreign customers because the tourism industry of Vietnam is also a priority industry to invest * Improve technology quality Improving the level of automation in the banking technology process is one of 76 the most effective conditions for managing centralized capital, further enhancing the integration of the Vietnamese banking system into the world financial market In order to meet the technological requirements, Vietcombank first needs to make the most of the capacity of the current machinery system, to reduce paperwork by transferring all the receipt, making, classification, transfer and management of all types of e-mails used in the payment process to perform on the computer system and through computer networks Vietcombank should diversify and develop existing service coordination channels, add more payment services on Vietcombank's website, such as notice of credit letters, credit reports, credit card opening , payments acceptance, business accounts management, proceed to trade with domestic and foreign import and export enterprises via the internet Vietcombank should regularly upgrade and purchase equipment for international payment work (mainly modern computers with high speed of processing work), building both wide area network and local area network, developing forms and means to secure database security, building multi-dimensional data warehouse to support information management application and making the most accuracy and the fastest business management decisions At first, the technology may cost more, but in long term, this can help reduce unnecessary cost 3.2.2 About consumption and promotion of services * Implement banking marketing strategy The bank's performance, its viability and development depend on its customers and on the credibility of both the Saver, the Borrower and also those who use banking services This is the basis for forming banking marketing activities At the present, Vietnamese banks have become more interested in marketing Vietcombank has also established a Marketing Department to research the market, capture customer activities, but in order to develop this activity, the bank needs to build a specific marketing strategy and this strategy must be consistent through each bank staff member in the whole system In order to build and implement bank marketing strategies that bring practical efficiency, banks must have flexible customer policies This emphasizes that banks must find customers who have direct access to customers to create good relationships with them, through which the bank captures the needs of 77 customers to introduce products and services that the customer need, helping them understand more about international payment services Thus, it will create a sense of security for customers and through them, banks can attract new customers In addition to the policy, customers must carry out advertising programs on banking activities in a systematic and advertising manner through mass media in order to introduce the utility of each translation product The case that the bank has been and will provide customers so that All customers from business people can better understand the bank's operations To this, the bank must equip with experience and marketing ability to reach customers not only for each leader but also for the bank staff Banks must train a team of professional customer staff from the Central to the branch with the ultimate goal of banking marketing is to bring business efficiency to the bank, effectively on revenue Business activities In general, international payment activities in particular and efficiency in prestige and strength in business market Therefore, Vietcombank needs to spend an appropriate amount of money for this activity * Developing consulting services In the current situation, the majority of import and export businesses still lack experience in negotiating and signing foreign trade contracts, especially private enterprises of small businesses who have just entered the market international, immature international payment expertise and not knowledgeable about international trade conditions, resulting in the creation of disputes, litigation or inefficient business practices Therefore, the advice of the bank is very important With the role of a bank advisor, you can instruct the customer in the contractual conditions, choose the payment conditions that are appropriate for each payment method The bank can advise clients in a broader perspective on import and export trade with international trade conditions and relevant legal knowledge of Vietnam and the world Banking consulting and development services will create more trust for customers, which will attract more customers to the bank and will improve the Bank's business efficiency a lot The implementation of consulting services is quite complicated, requires a good communication skills, a deep professional level, and accumulated experience of each bank employee and bank leader In order to implement this service, it is necessary to 78 have a regular training plan for bank officials in accordance with the changing market mechanism Since then, the development of consulting services and the Bank's business revenue will be increased through fee collection activities and if this is a customer service interested, the revenue from this activity will be increasing and inevitably will increase operational efficiency for international payment 3.2.3 About personnel and management * Improve the ability of international payment officer The level of international payment team has a great influence on the effectiveness of international payment In order to implement international payment activities well, Vietcombank must have a well-trained staff on professional operations, proficient use of foreign languages, understanding of law as well as international practices, sensitive to the changes of international economy Therefore, Vietcombank needs to focus on recruiting people with professional qualifications in foreign languages, information, capable, dynamic and enthusiastic personality However, the capacity of international payment staff will not be promoted if the training and recruitment results are not attached to the use of the right personnel, the right people, boldly assigning the manager position directed to talented young people Vietcombank also needs to regularly organize professional training courses to supplement its knowledge of international trade as the risk that Vietnamese ImportExport enterprises often encounter, the world economic situation, the prospects of Vietnamese enterprises and newly applied credit payment techniques disseminating in the world It is also necessary for the bank to have good remuneration policies for employees who successfully complete their jobs, attracting new customers to the bank However, it is necessary to reconsider remuneration in accordance with each person's working capacity and have a reasonable incentive for those who are useful and have the elimination of those who have a bad attitude, not serious in order to help reduce the costs associated with remuneration and management Those solutions will encourage and promote the working capacity of more capable staff * Build an international payment specialized staff group In addition, building a specialized staff to perform international payment transactions is also a solution to help banks develop international payment activities 79 International payment officers bear all responsibilities related to payment transactions such as finding potential customers or carrying out the process The payment process is specifically built and enforced accurately, complying with all terms and most importantly being done properly, sufficiently and honestly The organization of such staff will help to reduce the work of existing credit officers, from which the work of credit officers can be done more carefully and carefully, as well as national payment activities They will be paid more attention to, more potential to develop quality 3.2.4 About the ability to increase sales * Developing the system of correspondent banks Setting up and expanding agency relations with other banks has a strategic meaning in international payment operations in any commercial bank For those banks with traditional relationships, Vietcombank needs to strengthen the close relationship of mutual benefit development through strengthening the exchange of experience exchange, organizing seminars to both learn skills technology and advanced management experience to create conditions for correspondent banks to understand and promote cooperation with Vietcombank Vietcombank also needs to review correspondent banks through the establishment of criteria for classification of correspondent banks' credit rating to select reputable banks for safe and fast payment from It has a suitable foreign policy, and at the same time creates facilities to advise customers The bank should also organize a network of information about correspondent banks quickly, smoothly, and organize the drawing of experiences in external relations to limit risks in international payments Therefore, Vietcombank needs to implement some following solutions Firstly, it is necessary to maintain and strengthen the relationship with correspondent banks to maintain its reputation in the market Secondly, it is necessary to expand agency relations with other banks in many different countries to meet customers' payment needs, to increase customer attraction in many economic sectors * Increase the ability to approach more economic components The bank can only exist if there are multiple customers and can only develop its activities when there is a loyal customer source The number and type of enterprises 80 making payments via Vietcombank is one of the aspects used to assess the scale of this bank's operation Therefore, in order to increase sales and diversify customers to make banking payments, Vietcombank needs to implement customer policies well, regularly contact with customers to understand their requirements with This bank is conducted through annual conferences, monthly, quarterly to collect customer comments Every year, Vietcombank also needs to seriously assess the status of customers' trading operations at Vietcombank, assess more about the current production and business situation and the future development direction to predict the needs of businesses in the payment field Vietcombank should also classify customers into different objects For big customers who regularly pay via Vietcombank with high turnover, they need to have more priorities in payment, considering them as the objects to provide new payment services, prioritize jobs check free trade advice documents As for those customers who not have regular transactions via Vietcombank, they can apply preferential regimes flexibly and best serve their requirements and point out the benefits they will receive when making regular payments via Vietcombank compared to other banks 81 CONCLUSION OF CHAPTER III Chapter III has set out the general goals and development orientation of international payment activities in the coming time In general, international payment activities are developing in a positive direction despite a slightly slower pace, with particular emphasis on revenue growth, sales, and improving payment quality through professionalism in how to handle staff, technology, market, strategy and the diversity of services Based on these and the analysis from Chapter II, in Chapter III, several solutions are proposed to improve the quality and improve international payment services at Vietcombank 82 CONCLUSION For a developing country like Vietnam, import and export activities play a very important role in economic development, followed by international payment activities of commercial banks increasingly hold a higher position in banking operations Joint Stock Commercial Bank for Foreign Trade is one of the largest dealer network bank among Vietnamese banks, with a high level of expertise in international payment operations They always paid attention renewed foreign relations to improve efficiency and develop international payment activities to enhance prestige and competitiveness with international banks in the region and the world Foreign trade bank is a credit and payment monetary center of the country However, by evaluating the effectiveness and quality of international payment operations at Vietcombank, we can see that besides the 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