Luận văn thạc sĩ quản trị kinh doanh quốc tế MBA (56)

I COMMITMENT Group 5, Class GaMBA N01 undertakes that the contents of the thesis have not been submitted to any programs for Master degree as well as to any training programs for other degrees Group also would like to commit that the thesis is the best efforts of our group The results, analysis and conclusions in this thesis (except for the parts to be quoted) are the results of our group Group II ACKNOWLEDGEMENT Group 5, Class GaMBA N01 would like to first and foremost express our sincere gratitude to enthusiasm of the lecturers of MBA course After completion of MBA course, we have achieved much factual knowledge in our business administration Group is also particularly grateful to Professor Vu Tri Dung, Ha Noi National Economics University and Professor Sean Mc Goush for their guidance, encouragement throughout the course of our research and completion of Capstone Project Report We also would like to present our sincere thanks to the administration staff of Class GaMBA N01 for their warm support throughout the course Group III TABLE OF CONTENTS Content Page Foreword Chapter 1: Theoretical basis on the business strategy applied in the export credit of the Bank 1.1 Theoretical basis on the business strategy applied in the export credit of the Bank 1.1.1 Definition and requirement of business strategy 1.1.2 Business strategy of the enterprise Table 1.1: Strategic management process 1.1.3 Significance of building up business strategy 1.1.4 Process of building up business strategy Table 1.2 : Strategy planning steps 1.1.4.1 Determine functions and duties of the enterprise Table 1.3: Enterprise and determinants on the enterprise 1.1.4.2 Analyze environment outside the enterprise Table 1.4 : competitive forces of M Porter 1.1.4.3 Analyze environment inside the enterprise Table 1.5: Model of value chain of Michael Porter 1.1.4.4 Determine sustainable competitive advantages Table 1.6: Process of recognizing sustainable competitive advantages 1.1.5 SWOT matrix and selection of optimal strategy 1.1.5.1 SWOT matrix Table 1.7: Irreducible SWOT analysis frame 1.1.5.2 Select optimal strategy Table 1.8: Quantitative matrix by GREAT criteria 1.1.6 Basic business strategies Table 9: Basis of business strategy Table 1.10: General strategies in the model of competitive forces of 8 9 10 11 13 14 15 19 19 20 20 20 21 21 23 23 Michael Porter 1.1.6.1 Cost leading strategy 1.1.6.2 Product differentiation strategy 1.1.6.3 Focusing strategy 1.1.6.4 Combination of general strategies Table 1.11: Comparison of features of general strategies in the context 24 25 26 27 of competitive forces IV 24 27 1.2 State export credit assumed by VDB 1.2.1 Concept and role of export credit: 1.2.1.1 Concept 1.2.1.2 Role of export in the economy 1.2.2 Necessity of export credit of the State 1.2.3 International regulations governing the State export credit activity 1.2.3.1 WTO agreement on subsidy and counter measures 1.2.3.2 Export credit agreement of the Organization for Economic Cooperation and Development (OECD) 1.2.3.3 International alliance of credit and investment insurers (Berne Alliance) 1.2.4 State export credit operation experience in some countries 1.2.4.1 Thailand 1.2.4.2 South Korea 1.2.4.3 China 1.2.4.4 Japan 1.2.4.5 USA Chapter II: Implementation of VDB’s export credit strategy in the period 2006 - 2009 2.1 VDB profile 2.1.1 VDB formation 2.1.2 VDB organizational structure 2.1.3 Main activities of VDB 2.2 Actuality of export credit activity at VDB; 2.2.1 State export credit before joining WTO; 2.2.1.1 Legality 2.2.1.2 Mechanism TABLE 2.1: Export credit short-term loan from 2001 - 2005 TABLE 2.2: Loan sales by goods from 2001 -2005 TABLE 2.3: Loan sales by market from 2001 - 2005 TABLE 2.4: Loan sales by enterprise type from 2001 - 2005 2.2.2 WTO’s membership of Vietnam 2.2.2.1 Legality 2.2.2.2 Mechanism Table 2.5: Implementation of export credit plan from 2006 to 30/6/2009 Table 2.6: Export credit loan sales Table 2.7: Loan sales by goods Table 2.8: Loan sales by main export market V 29 29 29 29 30 30 30 31 32 33 33 33 33 34 34 37 37 37 38 39 40 40 40 40 42 43 45 46 47 47 49 49 50 52 Table 2.9: Loan sales by enterprise type 2.3 Evaluation on the actual operation of export credit of VDB 2.3.1 Achievements 2.3.1.1 The first, Export credit policy is gradually completed in accordance with actuality of Vietnam and international regulations 2.3.1.2 State export credit assumed by VDB 2.3.1.3 Export credit loan always on growth Diagram: 2.10 2.3.1.4 Paying attention to the equality among economic sectors, articles in the State export credit policy Diagram: 2.11 2.3.1.5 Market expansion and diversification Diagram 2.12 2.3.2 Shortcomings, restrictions 2.3.2.1 About the State policy and mechanism: 2.3.2.2 About internal VDB: Table 2.13: Export credit capital proportion in total annual domestic investment at VDB 2.3.2.3 Other issues: 2.3.3 Experience lesson from the model of export credit policy implementation in other countries: Conclusion of Chapter 53 54 54 54 56 56 56 57 57 58 58 59 59 60 61 63 63 65 Chapter III: Some solutions to completing export credit strategy at 66 VDB to 2015 3.1 Vision, mission, objective and orientation 3.1.1 Vision, mission 3.1.1.1 Vision: 3.1.1.2 Mission: 3.1.2 Strategic objective and operation orientation 3.1.2.1 Objective: Table 3.1 Strategic objective 3.1.2.2 Export credit operation orientation: 3.1.3 Situation forecast, WTO integration schedule and requirements 66 66 66 66 66 66 66 69 on export credit for Vietnam 3.1.3.1 Forecast 3.1.3.2 WTO integration schedule and requirements on export credit at 71 VDB VI 71 73 3.2 Evaluation on the possibility of export credit development of VDB 3.2.1 Analysis of outside environment 3.2.1.1 Macro environment Diagram 3.2: Vietnam’s GDP growth rate from 1999 to 2008 3.2.1.2 Micro environment 3.2.2 Analysis of inside environment 3.2.2.1 Strong points 3.2.2.2 Weak points 3.2.2.3 Opportunity 3.2.2.4 Challenge Diagram 3.3: Pressure of competitive environment 3.3 Evaluation of export credit development possibilities of VDB by analyzing SWOT 3.3.1 Combination of strong points and weak points: 3.3.2 Combination of strong points and challenges: 3.3.3 Combination of weak points and opportunities: 3.3.4 Combination of weak points and challenges: 3.4 Determination of possible strategy and selection of optimal strategy: Table 3.4: Quantitative matrix by GREAT criteria 3.5 Implementation solutions 3.5.1 Reasonable capital structure for export credit: Table 3.5: Export credit capital proportion in total annual domestic investment at VDB 3.5.2 Completion of export credit policy system: 3.5.3 Gradual standardization of export credit operations at VDB 3.5.4 Full implementation of export credit forms 3.5.4.1 Lending operations to the importer 3.5.4.2 Operations of export credit guarantee, bid guarantee, export contract performance bond 3.5.4.3 Diversification of lending forms to the exporter 3.5.4.4 Research, implementation of export credit insurance operations 3.5.5 Improvement of Bank management capacity to ensure efficiency of export credit: 3.6 Recommendations: 3.6.1 To the State: 3.6.2 To the enterprise: 76 76 76 77 82 84 84 84 85 85 86 87 87 88 88 88 89 89 90 90 90 91 94 97 97 97 98 99 99 99 100 100 VII 101 CONCLUSION References VIII Content Table 1.1: Strategic management process Table 1.2 : Strategy planning steps Table 1.3: Enterprise and determinants on the enterprise Table 1.4 : competitive forces of M Porter Table 1.5: Model of value chain of Michael Porter Table 1.6: Process of recognizing sustainable competitive advantages Table 1.7: Irreducible SWOT analysis frame Table 1.8: Quantitative matrix by GREAT criteria Table 9: Basis of business strategy Table 1.10: General strategies in the model of competitive forces of Michael Porter Table 1.11: Comparison of features of general strategies in the context of competitive forces Chapter II: Implementation of VDB’s export credit strategy in the period 2006 - 2009 TABLE 2.1: Export credit short-term loan from 2001 - 2005 TABLE 2.2: Loan sales by goods from 2001 -2005 TABLE 2.3: Loan sales by market from 2001 - 2005 TABLE 2.4: Loan sales by enterprise type from 2001 - 2005 Table 2.5: Implementation of export credit plan from 2006 to 30/6/2009 Table 2.6: Export credit loan sales Table 2.7: Loan sales by goods Table 2.8: Loan sales by main export market Table 2.9: Loan sales by enterprise type Diagram: 2.10 Diagram: 2.11 Diagram 2.12 Table 2.13: Export credit capital proportion in total annual domestic investment at VDB Table 3.1 Strategic objective Diagram 3.2: Vietnam’s GDP growth rate from 1999 to 2008 Diagram 3.3: Pressure of competitive environment Table 3.4: Quantitative matrix by GREAT criteria Table 3.5: Export credit capital proportion in total annual domestic investment at VDB Page 10 13 15 19 20 21 23 24 27 37 42 43 45 46 49 49 50 52 53 56 57 58 61 66 77 86 89 90 mechanism of interest rate to mobilize capital and lending, loan security in the spirit of self-controlled VDB, not compensate for the difference in interest rates for export credit operations and reduce operating costs It is necessary to define the vision, mission, targets and orientations for the action of VDB and to build up an overall strategy for the entire system However, it is also necessary to adjust them accordingly to the actual progresses and to make them further complete VDB have got a number of encouragous achievements in just first three years, which proved correct development in right direction and suitable with the source of powers and proved an effective use of those sources while the policy and the mechanism need to be developed syncronizingly, step by step applying fully all those proposed technical activities 3.5 Solutions 3.5.1 Suitable capital resource structure for export credit: Table 3.5: Export Credit Ratio of total annual domestic investment capital at VDB Unit: Billion VND 2006 Target Total Total 2007 Ratio (%) 100, Total Six months of 2008 Ratio (%) 100,0 Total Ratio (%) 2009 Ratio Total (%) 13.327 00 26.060 76, 42.902 100 29.082 100 Credit Export 10.200 54 21.877 22, 83,95 25.997 60,60 10.668 36,68 Credit After- 2.997 49 11,04 10.254 23,90 14.650 50,37 0,56 14,94 0,20 12,75 Investment investment support Pilot lending 2.878 0, 130 97 260 1.045 1,00 4,01 91 240 6.411 57 3.707 (Source: VDB’ annual report) To ensure growth according to the strategic objectives set out both the speed and the proportion of export turnover in recent years has been paid attention, the proportion of capital for annual export credit increases rapidly from about 11% in 2007 to 2008 is 23.9% and estimated over 30% in 2009 But the export value is formed from export credit is too modest in 2008, accounts for 2.7%, months of 2009 makes up 4.4% of export turnover from items eligible for export credit loan 3.5.2 Perfecting Export Credit Policy: First: the mechanism of export credit interest rate must be flexible before the evolutions of the market In the coming time, this mechanism should be adjusted in the direction: allow VDB to decide lending interest rate flexibly for each customer based on the fundamental interest rate informed by the State Bank with the amplitude ±% Second: For export credit policy objects: the portfolio of items must be defined in accordance with the development strategy of export of the country in each period, and the direction of reducing the proportion of crude exports of crude, increase the proportion of items with high value added processed and manufactured products , products having high technology content and gray matter In the long term development, the rate of localization and export contract value should be defined to stimulate large transactions, increase the content of Vietnam goods value in value of exports, take advantage of domestic benefits Besides export credit objects, goods should be added objects like key and potential export services to encourage the development of this area Third: For loan and repayment: Should consider changing loan conditions in foreign currency (exporters having foreign currency revenues to repay) Can adjust by allowing VDB to operate foreign exchange activities to convert foreign exchange 92 currency, from which the lending products in foreign currency and domestic currency will be more flexible Fourth: For the mechanism for handling the risk, should be adjusted through sunset, allowing CEO of VDB to establish risk reserve to offset some losses at a certain level Only the risks of large works or value shall be submitted to the competent body for consideration and settlement Finally: Perfect the system of regulations and process of export credit - Loan guarantee: secured asset value of loan should be flexible, apply specific measures combined with credit marking and customer ranking according to international standards and safety level in payment of export contract For example: If form of payment is safe and credit rating is good, forms of credit could be approved for loans Diversify forms of pledge or mortgage - Reduce the provisions in the loan credit line: this method has been applied by VDB Lending by credit line should have strict regulations to determine the true demand for loans for export The prescribed conditions for the loan limit is: the borrower operates profitable business production in the two recent consecutive years, with regular export activities needed However, the condition which requests the borrower to have repute in credit relation with VDB, may be too strict for such businesses that have never applied for loan from VDB This could prevent these objects from loans according to this form of credit Therefore, it’ very reasonable when considering the conditions for borrowing the loan according to credit line, VDB should simply regulate: borrowers only need have credit relations with other banks is enough - Disbursement: adjusting regulations on disbursements towards more flexible, allowing the disbursement of deposit accounts in some specific cases so that they are complied with the provisions of the VAT law, facilitate borrowers in the process of production and export business - Monitoring and supervision should be conducted according to a standard from the central to the Branch: Branch should inspect and monitor closely the situation of production and business operations and revenues of the units to ensure 93 collection of loans fully and timely At the office, it’ necessary to implement the actual inspection of lending work at the and information supervision on the situation of production and business activities of each borrower to make timely warning for VDB branches about credit safety and timely redress errors in the professional implementation of branches The inspection should be strengthened to ensure better recovery of debt when the objects of loans tend to be narrowed the loan interest rate is in the proximity to the market interest rate - Debt classification: study and adjust debt classification standards of the world so that they can be evaluated in the past debts and deductions set up risk reserves, respectively, make these measures to handle debt promptly, to avoid outstanding debts, which are based not recovered -Completing the system to mark and rate customers VDB has issued regulations on mark and rate customers to provide export credit In the coming time, VDB needs consider building a professional and modern system to mark and rate customers, f a c i l i t a t i n g appraisal and decision to offer loans It is important to finalize the marking and rating system which is suitable for characteristics of each sector and kinds of business forms such as big and small and medium-sized enterprises and cooperatives It is necessary to consider adjusting the maximal mark level of the criteria to reflex each customer’s situation in the most accurate way, focusing on several main criteria: Business scale; corporate financial indexes, non-financial indexes such as management capacity and experience, prestige in credit relation and business environment Customers’ credit points are calculated base on the sum of the mentioned-above criteria’s points Based on this, credit cadres can propose suitable credit conditions for each customer and customer group Currently, VDB has moved to the operation model of a credit organization, therefore, it should actively apply the State Bank of Vietnam’s instructions on professional activities, ensured asset, ensured asset settlement, debt classification, risk settlement and preparation for risk prevention measures The bank also needs to 94 take advantages of being a banking organization to closely join hands with commercial banks to carry out new tasks and collect debts; particularly VDB has not deployed international payment services Besides, VDB should make its financial operations more professional and transparent to take deeper penetration into the global financial system in a safe and effective way and fully prove the role of being the state’s tool in the export credit implementation 3.5.3 Gradual standardization of credit export activities at VDB -Setting up the system of credit information administration Credit information includes the collection, analysis, classification, forecast, exchange, supply, storage, exploitation and use of credit information in order to ensure safety for credit activities These also serve as foundations for managing levels to build policies, credit policies and strategies for managing credit risks Building the update information system on importers and import markets, which requires the state IT operation between the banks’ main headquarter and branches Credit cadres are responsible for updating information on importers, markets and loans and sharing the information for the entire system It is needed to set up a taskforce in managing, collecting and treating the information in the IT center - Establishing managing system for special debts At present, VDB is following the State Bank of Vietnam’s regulations on loan classification; however, setting up hedge funds does not conform to common regulations applied to credit organizations In the time to come, it is necessary to adjust this in line with credit organizations’ common criteria to make the financial transparency and raise prestige for the bank -Raising appraisal quality The appraisal quality depends on knowledge, ability, experience and flexibility of appraising cadres When appraising documents for getting export credit capital, besides customers’ prestige and experience, the appraisers must understand businesses’ operation scale, business activities, financial situation, 95 market trend and business project’s feasibility They also understand export activities, conditions and articles of global trade, international business practices, international payment and logistics Therefore, to sharpen appraisal quality of export credit, VDB has focused on providing training courses on foreign trade, merchandise exchange and international payment for its staffs Additionally, support of the system for credit information administration helps to increase the appraisal quality and the system’s safety -Completing direct payment: VDB has applied direct payment services for its clients to partially meet their timely payment demand In the coming time, the professional settlement process will be completed under the “one-door” form to build models of cash collection and spending and transfer payment to clearly regulate tasks, rights and duties of each part in order to ensure payment effectively To raise quality of internal payment as well as payment for customers, facilitating timely capital rotation, the VDB also focuses on the following aspects: + Modernizing IT, particularly payment technologies + Building the capital use mechanism and capital management to raise effectiveness of capital use for the entire system + Paying attention to human resource training and development to enable them quickly catch new IT and apply it in the real situation - Implementing international payment services Currently, the VDB is applied concentrated e-payment services, joining the inter-bank payment network It has inked cooperative agreements with the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) for the 96 international payment service After a period of the payment application via Vietinbank, VDB needs launch the payment directly To that, it has to complete its inter-bank payment inside the country, join SWIFT network and establish a network of correspondent banks and banks worldwide According to commercial banks’ experience, in the first operation stage, the international payment should only be made at the main headquarter and big branches which can meet requirements for cadres’ capacity and foreign currency balance After the international payment launched, export lending services can be diversified under the forms of bills discounting, advance and receivables Funding medium and long-term receivables under the model of deferred payment for a long time bases on all bills accepted for banks which provide loans for exporters 3.5.4 Full implementation of export credit forms 3.5.4.1 Lending services for exporters This is a completely new payment service of VDB, in which customers are importers in different countries In developed countries, the service has played a more important role and gradually replaced export lending services The ratio of credit outstanding loans between buyers and export credit organizations has tended to grow However, VDB has not yet applied the services in the reality The major reason for this is the loans offered for importers are often goods exports, meanwhile, Vietnam’s main exports are consumer goods Moreover, to provide loans for importers, the country’s prestige, financial capacity and technologies in general and VDB’s in particular must be raised The lending method can be carried out via two channels: -Offering direct loans for importers: The service requires much information from importers such as financial capacity, payment capacity, credit capacity and markets 97 -Indirect loans for importers: +Official Development Assistance (ODA) is a relatively safe model because it is the form of guaranty Credit loan supply can be made via a bank or a financial organization at importing countries, which have a good relation with VDB To get the loans under this form, importers should learn about prestige and operation scale of these financial organizations 3.5.4.2 Export credit guaranty, bidding guaranty and guaranty for export contract implementation Basically, export credit guaranty is similar to investment and development credit guaranty which has not yet attracted much attention from customers over the past time To avoid complicated procedures for contacting both commercial banks and VDB, clients will select or get export credit loans from VDB or commercial banks instead of asking VDB’s export credit guaranty Not many enterprises pay attention to bidding guaranty and contract implementation guaranty Special features of agricultural product export are that importers not ask for the supply of bidding guaranty and contract implementation guaranty A survey at exporters indicated that, enterprises’ awareness of export credit is still limited as they are concerned about guaranty procedures and fees In spite of the fees of 0.5 per cent per year compared to guaranty and the maximal level of VND100 million per guaranty contract, but this many be a barrier for exporters to get access to this form Based on the above analysis reports, Vietnamese exporters’ demand for export credit types, bidding guaranty and contract implementation guaranty remains modest Therefore, these forms are not popular in reality To attract more borrowers to use the form, export guaranty process should concentrate on following contents: - Appraisal and decision-making process needs to ensure the simplest level for borrowers and maximally limits coincidence with appraisal process of loans of commercial banks, but have to ensure credit safety 98 - Exporters can carry out bidding and contract implementation guaranty at commercial banks and VDB However, borrowers have to pay a certain level of fees under the current laws - Paying more attention to providing consultancy services for exporters to help them fully understand operation mechanism and benefits brought about export guaranty forms 3.5.4.3 Diversifying lending forms for exporters As for export lending services, along with international payment and the ability of credit diversification of sellers such as bills discounting and payment which are actually short-term loans; Funding medium and long term receivables in the deferred payment form bases on billed okayed by banks for importers’ payment 3.5.4.4 Researching and launching export credit services One time, services to offer loans for importers, exporters, bidding and contract implementation guaranty will be fully completed and developed in line with the real demand and condition When our country’s economic potentials are strong enough, Vietnamese enterprises should boost export of hi-tech industrial products to new potential markets and export credit insurance is a way to deal with latent risks in the markets Moreover, export credit insurance is a safety service which encourages commercial banks to provide more loans for exporters through export credit and eases VDB’s pressure for offering direct loans This lending type is also suitable for Vietnam’s deeper integration into the world trade, thus, it is necessary to entirely remove subsidized loans for several kinds of sensitive goods Credit insurance forms for exporters and importers closely attaches to lending activities for importers and exporters Therefore, export credit insurance is considered as of supporting tool for export lending services 3.5.5 Raising banking administration capacity to ensure effectiveness of 99 export credit activities Raising appraisal quality and capital source management, loan management and credit risk settlement Completing suitable accounting mechanism in line with domestic and international practices Boosting training cadres and promoting VDB’s prestige and image in export supporting activities Enhancing exchange and cooperation activities with international financial and credit organizations 3.6 Proposals: 3.6.1 As for state: + Analyzing general commercial risks of the economy to work out supporting polices for market information, which is a weakness of all enterprises This not only provides businesses information about market demand, but also helps them to understand about product criteria in different markets to help them get access to partners + Outlining a plan to help enterprises enter export markets + Strengthen the state sector’s roles in export via trade promotion activities +Creating conditions for VDB’s capital and jurisdiction rules: Capital mobilization mechanism should be transparent to ensure operation and lending activities 3.6.2 For businesses: + Concentrating investment to accelerate production + Improving product quality and ensure food safety under SPS agreement + Building, completing and implementing corporate administration strategy to affirm trademark in the market 100 + Taking advantages of human resources and diversifying products as well as expanding markets + Protecting environment, increasing non-financial fees to provide more healthcare services for laborers + Enterprises need to carefully study WTO regulations on anti-duping, technical barriers of importers to avoid dumping lawsuits; finalizing the accounting record in line with the legal documents, arranging human resources, and raising corporate administration capacity and building measures to protect enterprises’ benefits CONCLUSION All countries in the world pay attention to their export activities, a key economic activity Governments always focus on building export supporting policies, in which export credit tool is considered as a key measure for sustainable export Experience to implement export credit policies in South Korea, China and the US showed that export credit funding is carried out via a financial organization like import and export bank or some commercial banks such as guaranty and insurance firms In Vietnam, HTPT fund and VDB are financial organizations which implement export credit policies of the government The stable growth proves export credit assignment for VDB is the government’s proper guidance which is expected to bring more effectiveness in the near future Besides gained results, VDB’s export credit activities have also faced problems due to different reasons: A business strategy is based on results of various analysis reports Thus, a good vision can avoid difficulties to realize the set target and enterprises can make successes with such as strategy Selecting VDB as the object for the Strategic Administration Subject helps the group members to fully understand about MBA 101 program in the way get access to the problem and deal with the corporate administration situation I believe that, along with appropriate assessment on VDB’s operation over the past time based on SWOT analysis to define and select optimal strategies to efforts to fulfill the set goals in the coming time, VDB will become a special bank in the near future, deserving the local government’s effective tool in the macroeconomic management Abbreviation Viet Nam Development Bank: VDB Commercial Bank: CB Development Assistance: DA World Trade Organization: WTO WTO’s agreement on subsidies and countervailing measures: SCM Entrusted capital management for official development assistance: ODA Agreement on export credit of economic cooperation and development organization: OECD 102 International federation of credit and investment insurers: Berne Federation World economic forum: WEF 10 Common effective preference for tax: CEPT 11 Investment Credit: IC 12 Export credit: EC 13 Export: EX 14 Credit Organization: CO 15 Added value: AV 16 Cooperatives: COP 17 Export contract: EC 18 Society-Economy: SE 19 Gross domestic product: GDP 20 Capital safety coefficient: CAR 21 Industrialization: IDL 22 Management of information system: MIS 23 Research and Development: R&D 24 Vietnamese Dong: VND 25 Decision: DE 26 State Bank: SB 27 Ministry of Planning and Investment: MPI 28 World Bank: WB 29 Asia development bank: ADB 30 International Monetary Fund: IMF 31 State budget: SB 32 Association of South East Asian nations: ASEAN 33 ASEAN free trade area: AFTA 34 Association of petrol export countries: APEC 35 Asia-Europe economic forum: ASEM 36 Enterprise: EN 103 37 Limited: Ltd 38 Board of Management: BOM 39 The State Bank of Vietnam: SBV 40 The State Treasury of Vietnam: STV 41 Trade interest rate reference: TICR 42 United State export and import Bank: USEXIMBANK References: Strategic management syllabus Strategic management, Associate Professor-Doctor Le The Gioi; Dotor Nguyen Thanh Liem; Master Tran Huu Hai, Statistics publishing firm Strategic management: Competitiveness and Globalization Hill, M., Ireland, R., and Hoskinsson, R., 7/c, 2007 Thomson Southwestern Grand, Robert M., Contemporary Strategy Analysis: Concepts, Techniques, Application, 2005, 5th ed Blackwell Publishers Michael E.Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors, 1998, 1th ed, Free Press 104 Circular No.151/2006/ND-CP dated December 20, 2006 of the Government Annual report of VDB Regular report of export credit of VDB Vietnam Economic Times, Year 2007-2008-2009 10.Website of Ministry of Industry and Trade: http//www.MOIT.GOV.VN 11 Website of VDB: http//www.VDB.GOV.VN 12 Website of Binh An seafood http//www.bianfish.com 105 export and import Company: ... ACKNOWLEDGEMENT Group 5, Class GaMBA N01 would like to first and foremost express our sincere gratitude to enthusiasm of the lecturers of MBA course After completion of MBA course, we have achieved... purchasers USEXIMBANK doesn’t compete with commercial banks but support exporters by focusing on the fields with many risks that are not operated by commercial banks With its activities, USEXIMBANK helps... preferential services of USEXIMBANK, exported products and services must have at least 50% of domestic content and not damage the US economy Main activities of USEXIMBANK: Working Capital Guarantee,