Luận văn thạc sĩ quản trị kinh doanh quốc tế MBA (10)

1 STRATEGIC MANAGEMENT ACKNOWLEDGEMENT Group 12 would like to express our sincere thanks to leaders, all teachers and professors of Center for educational technology and career development- ETC, the department of Post-graduate –Vietnam National University; Griggs University creating the most favorable conditions for learners to study at the university over the past years and complete this capstone project in particular Our grateful thanks also go to both the leaders of Petro Vietnam Insurance Joint Stock Corporation and relevant departments that gave enthusiastic guidance and provided the necessary data which truly helps us in this project We have tried our best but it is unavoidable that certain shortcomings remain in this study, all members of group 12 wish to get your comments in order that the research will play significant meaning in reality Concurrently, it will improve more and be the steady background for other members in their management activities with the theoretical basis obtained from this capstone project report! Group 12 STRATEGIC MANAGEMENT COMMITMENT We commit that this is work of our own group Data, results given in this Project is completly true and have not published in any other works before Ha Noi, date month year 2011 Group of authors Group 12 STRATEGIC MANAGEMENT TABLE OF CONTENTS PREAMBLE CHAPTER 1: THEORETICAL BASISI FOR FORMULATING BUSINESS STRATEGY OF PETROVIETNAM INSURANCE JOINT STOCK COPORATION 1.1 Concept and role of strategy 1.1.1 Concept 1.1.2 Role of strategy 1.1.3 Strategy of business unit Process of developing business strategy Analysis of economy environment Tools and techniques for strategic analysis 1.2 1.2.1 1.3 1.3.1 Input stage 14 1.3.2 Integration stage 15 1.3.3 Decision stage 16 CHAPTER 2: CURRENT SITUATION OF BUSINESS ACTIVITIIES 18 OF PETROVIETNAM INSURANCE JOINT STOCK CORPORATION (PVI) 2.1 2.1.1 2.1.2 General introduction about PVI 18 Establishment and development history of PVI 18 Organization chart, management mechanism and distribution 18 Group 12 STRATEGIC MANAGEMENT network 2.1.3 Business lines 21 Business environment analysis of PVI 22 2.2.1 Analysis of economic environment affecting PVI 22 2.2.1 Economic factor 22 Cultural factor 25 Political and legal factor 25 Technology factor 26 Natural factor 27 2.2.2 Analysis of business industry environment of PVI 27 2.2.2 Rivalry of existing competitors 27 Bargaining power of customers 29 Pressure from substitute products 29 2.2 2.2.1 2.2.1 2.2.1 2.2.1 2.2.2 2.2.2 Group 12 STRATEGIC MANAGEMENT 2.2.2 Bargaining power of suppliers 29 Pressure from new entrants 30 Summary of opportunities and challenges for PVI 30 2.2.3 Internal analysis of PVI 32 2.2.3 Human resources 32 Analysis of financial capability 32 Analysis of technology capability 35 Analysis of management capability 35 Summary of strengths and weaknesses of PVI 35 CHAPTER 3: SELECTION OF STRATEGY AND 38 2.2.2 2.2.2 2.2.3 2.2.3 2.2.3 2.2.3 IMPLEMENTATION SOLUTIONS AT PVI IN PERIOD OF 20112015 3.1 Development orientation of PVI in period of 2011-2015 38 3.2 Strategies selection of PVI in the period of 2011-2015 41 Group 12 STRATEGIC MANAGEMENT 3.2.1 SWOT matrix and formulation of strategic plans 41 3.2.2 I.E matrix 43 3.2.3 QSPM-Select SO plans 44 3.2.4 Content of selected strategy 46 Strategic solutions 48 3.3 3.3.1 3.3.2 3.3.3 3.3.4 3.3.5 3.4 48 Solutions on improving insurance operation activities 49 Solutions on cooperation 50 Solutions on investment 52 Solutions on human resource development 53 Solutions on management Some recommendations for PVN, Insurance Association and 55 State CONCLUSION 57 REFERENCES 58 Group 12 STRATEGIC MANAGEMENT LIST OF TABLE AND FIGURE No Name Page Figure 1.1: Strategic planning process Figure 1.2: Five competitive forces model of M Porter Figure 1.3 QSPM matrix 17 Figure 2.1: Organization chart 20 Table 1: Growth rate of GDP and average GPD per capita of 22 Vietnam Table 2.1 Diagram of CPI in recent months 25 Table 2.2: EFE matrix of PVI 31 Table 2.3: Key financial criteria of PVI in 2009 (up to 32 December 31st 2009) Figure 2.2: Revenue growth chart of PVI in the period 2005- 34 2009 10 Figure 2.3: Capital growth chart of PVI in the period 2006- 34 2009 11 Table 2.4: IFE matrix of PVI 36 12 Table 3.1: Roadmap for charter capital increase of PVI 39 13 Table 3.2: Detailed revenue plan in the period 2011-2015 40 14 Table 3.3: SWOT matrix of PVI 41 15 Table 3.4 : Internal – External factors matrix (IE) 43 16 Table 3.5: QSPM matrix for S-O 44 Group 12 STRATEGIC MANAGEMENT PREAMBLE The necessity of the subject An enterprise without orientation for business development is like a boat that is out of touch on ocean, business development strategy orients to a unit where to go and what to to achieve the highest efficiency Insurance business is currently happening more and more excitingly and many insurance enterprises have been newly established Many big insurance enterprises in the world have expanded operation at Vietnam, so identifying business goals to set sound strategies is critical to success in business of insurance companies Business strategy enables an enterprise to define their purpose and direction, which is the basis and guideline for all activities of an enterprise Furthermore, under rapid change and development of business environment, business strategy will enable an enterprise to capture and take advantage of business opportunities, and actively seek solutions to overcome and bypass risks and threats in a competitive market In addition, the strategy also contributes to improve usage efficiency of resources and strengthens the competitive position to ensure the continuous and stable development for an enterprise Finally, the formulating and implementing business strategy is to create a solid basis for working out policies and decisions in accordance with market’s fluctuations Practice of the insurance industry also shows that if an enterprise has a sound business strategy, wide vision and creates action thinking towards specific strategic objectives, this enterprise is able to be strong and successful in current competitive market Otherwise it will fall into deadlock, inefficient operation or go bankrupt Therefore, the core issue of insurance enterprises is to have long-term development orientation via a sound business strategy which is built in conformity with environment context and is compatible with capability and position of each enterprise in current increasingly and strongly competitive market with many Group 12 STRATEGIC MANAGEMENT fluctuations Although PetroVietnam Insurance Joint stock Corporation (PVI) has joined Vietnam insurance market for 15 years, formulating business strategy has just begun to be focused for recent five years From above mentioned reasons, our team has chosen the theme: "Formulating business strategy for insurance service of PetroVietnam Insurance Joint stock Corporation in the period 2011 - 2015" as the topic of Capstone Project Report for Master of Business Administration Research purpose Develop measures to carry out business strategy for PetroVietnam Insurance Joint stock Corporation for the period 2011 – 2015 Research objective and scope - Research objective: Insurance business strategy and deploy implementation of insurance strategy of PVI - Research scope: Insurance service business strategy of PetroVietnam Insurance Joint stock Corporation from the establishment date up to 2015 but mainly focus on the period 2011 – 2015 Research methodology To carry out above goals and tasks, the capstone project applies following research methods: - Statistics method; - Synthesis capstone project method; - Analysis method; - Comparison method; - Forecast method Structure of capstone project Group 12 10 STRATEGIC MANAGEMENT Apart from Preamble, Conclusion and Reference, capstone project structure includes three chapters: - Chapter 1: Theoretical basis for formulating business strategy of PetroVietnam Insurance Joint stock Corporation - Chapter 2: Real situation of PetroVietnam Insurance Joint stock Corporation - Chapter 3: Selecting strategy and implementing solution for insurance business strategy of PetroVietnam Insurance Joint stock Corporation in the period 2011 – 2015 10 Group 12 55 STRATEGIC MANAGEMENT of customers + Develop synchronized and integrated information system to meet the following requirements: • Apply software of policy insurance, software of business performance calculation and data statistics into business operations to reduce unskilled labor and to increase accuracy in business reports of units • Apply software system of human resources management, payroll awards to ensure transparency and fairness to all units • Develop data center system for business analysis, orientation and executives • Promote electronic offer of insurance products and services Strategy of strong human resource development • Arrange and rotate staff in line with their capacity and strong point and with the process of renewal process and transformation of operation model of parent enterprise and subsidiaries • Improve quality of human resource by increasing training to improve existing staff resource of the Corporation and affiliates; recruit and train young human resource to meet human resource requirements of strategic objectives • Develop remuneration policies in line with the Corporation’s stature and position and in equivalence with other foreign insurance enterprises operating in Vietnam to keep and attract high quality personnel, avoid brain drain Development strategy and focus on key markets • Promote the professional business is the strength of PVI 55 Group 12 56 STRATEGIC MANAGEMENT + Keep the number one position in insurance market in the insurance industry, increase distance with competitors by developing strongly aviation insurance, insurance for electricity sector, civil construction, manufacturing and installation Deploy cooperation with provinces major corporations, financial institutions to develop property insurance and supporting insurance services Develop sale system for affiliates by improving quality of insurance services, strengthen power of units and establish a new internal and external enterprise/subsidiary in insurance business • Develop key markets + Develop and construct member enterprises in key market areas such as Hanoi, Ho Chi Minh, areas of Hai Phong, Can Tho and Khanh Hoa, etc + The member enterprises deploy business in the local area and closely corporate together to improve the uniformity and quality of insurance services, making the breakthrough and sustainability throughout the Corporation + Boost business, train people and build infrastructure in Ho Chi Minh City, Danang and Can Tho for big enterprises to have sufficient capability to control market and assist development to member enterprises in surrounding areas + Establish branches and representative offices in places like Venezuela, Algeria, Laos, etc 3.3 Strategic solutions 3.3.1 Solutions on improving insurance operation activities • Promote marketing to apply new approaches to customers, capture changes and development trends of market, then take measures to adapt to market fluctuations, keep up with strategies, information about economic development of the country and national & regional economic industries timely to process measures Promote 56 Group 12 57 STRATEGIC MANAGEMENT advertising the enterprise’s image through seminars and introduce insurance operations for customers, hold customer conference, install billboards and have newspaper articles, introduction section in the annual report, etc • Continue research, development and completion of insurance products under principle of associating rights between insurers and insured are: premium relative to insurance liability, offer insurance products to satisfy customer needs and build package insurance product with reasonable insurance premium and insurance liability to meet essential needs of the insurance business of enterprises and investors Focus on great potential business operation such as insurance of goods export and import, fire insurance, etc • Determine a retaining rate reasonably based on research and application of risk management processes for large projects in oil and gas industry • Computerize management of contract from risk verification, exploration, contract management stage to compensation, insurance payment, development of software system development for premium, revising 3.3.2 Solutions on cooperation Any business needs to have good credit relations and to promote new relationships for the enterprise to have a foothold Especially in the fierely competitive insurance market competition, maintaining and expanding relationships with customers and partners are essential to continue promoting cooperation and expansion, the enterprise needs to make the following specific measures: • Maintain and strengthen cooperation deeply and widely by seminars, meeting with clients to make relationship between customers and the enterprise increasingly consolidate and implement in-house training for units in the industry • Actively improve risk counseling and loss prevention by equipping customers with 57 Group 12 58 STRATEGIC MANAGEMENT risk prevention devices such as fire fighting equipment, types of life jacket on ship and equipment to reduce loss when risk occurs; these are incentives outside insurance contract to consolidate and develop investment projects and activities of the industry • Give priority to cooperation with domestic insurance enterprises on basis on equal and mutual benefit insurance, to expand special relations with Bao Viet, PJICO, PTI, and Bao Minh due to Oil and Gas Insurance In the next few years only five enterprises are expected to develop and compete with foreign insurance enterprises • Cooperate with foreign insurance enterprises for some aspects, especially enterprises in the region through participating in oversea insurance program deployed by contractors such as FPSO of Modec Mitsui, the project of constructing oil rig and pipeline systems in South Korea of KNOC, M3 Project, Malaysia, UT 722 ship of Amr shipyard (Russia), etc Since the enterprise takes a leading role in coordinating the domestic energy insurance market, oil and gas insurance should gradually increase collaboration with insurance market centers in the world (UK, U.S., and Australia) to facilitate the re-insurance arrangement • To expand relation with countries which have close ties to the oil and gas industry in terms of oil and gas mining, exploration, and processing in order to develop insurance relationship and attract insurance services from those countries • To maintain and expand relations with other ministries, industries and big corporations such as: Ministry of Transport, Song Da Construction Corporation, Thang Long Construction Corporation, etc to develop services 3.3.3 Solutions on investment To strengthen the enterprise's financial power, apart from management profession measures, it is important to use capital source for new investment In 58 Group 12 59 STRATEGIC MANAGEMENT fact, there still have insurance enterprises at a loss in developing insurance market due to basing solely on business insurance Hence, what is factor to ensure the survival and growth of enterprises? That is to invest in other sectors to stabilize finance Given rise of Vietnam's insurance market like today, in the coming years, when the market becomes saturated with insurance enterprises in Vietnam in general and oil and gas insurance in particular, stability and business development will meet many difficulties Therefore, investment in the current period is rehearsal and preparation to face the future challenges To so, the enterprise should some of following measures: • Continue to diversify types of financial investment such as real estate investment and securities trading, joint ventures, and trust investments purchase of debentures and bonds, etc It is required to ensure financial security and profitability, to comply with types of investment in Law on insurance business • Maintain credit activities to ensure bank deposit at high interest rate The enterprise should classify bank deposit into two accounts, namely call deposit to secure their quick liquidity at low interest, this is money mainly for compensation or regular insurance payment The rest is deposited as term deposit in order to earn a higher interest rate and to balance their liquidity • Specific characteristic of insurance business is principle of spreading risk Insurance business is not able to be separated from reinsurance activities Particularly, it is very necessary for oil and gas insurance Annually, the enterprise has to arrange reinsurance for contract with foreign insurance enterprise Payment of reinsurance premium is calculated in foreign currency, U.S dollars Change of exchange rate affects the reinsurance in general and insurance business in particular, so the enterprise always has to balance their foreign currency source in order to be active in payment To meet such requirement, it must ensure foreign currency amount in the form of foreign currency deposit at credit institutions 59 Group 12 60 STRATEGIC MANAGEMENT • Increase capital investment in projects of the industry, especially projects deployed by partners, and focus on efficient projects and fast payback period to ensure financial security Further emphasis to investment at financial markets • The enterprise may make investments through lending in accordance with bank ordinance: This form will be developed and paid attention by many insurance enterprises, especially for mortgages In this respect, an insurance enterprise is a channel providing loan parallel to commercial banks Especially, an insurance enterprise may provide loans via insurance policy which is a developing form According to regulations, insured customers who pay regular premium from more than two years will be loaned via insurance policy Implementing well this method will improve services quality, create competitive advantage of an insurance enterprise and attract more customers • The enterprise should step up investment in infrastructure construction, basically construction of branch head offices because its branches’ head offices are mainly hired Hence, investment in construction and development of branches is necessary to create favorable conditions for business and unused space can be for rent This is an investment form bringing high effectiveness for many enterprises • The enterprise should take measures of using funds for loss prevention and minimization effectively It is necessary to promote risk assessment, prevention and management, thereby limiting losses, especially major risks of the oil and gas industry By this way, it makes good use of funds for loss prevention and minimization Where risk management and assessment is enhanced, it will facilitate to further increase retaining ratio, reducing foreign reinsurance from and to raise revenue for the enterprise 3.3.4 Solutions on human resource development Human is the core of development They are both a purpose and a motive force 60 Group 12 61 STRATEGIC MANAGEMENT for development An enterprise wants to have sustainable development, the most concern issues is training Because Vietnam's insurance market has just prosper for a few years, work force in the insurance industry in general and oil and gas sector in particular remains modest in terms of quantity and quality Furthermore, oil and gas insurance is an operation with high-tech nature Demands of the operation for insurance staff are much more complex than other operations To complete their task, they not only have extensive knowledge of insurance but also have knowledge of petrochemical sector about exploration and exploitation of oil and gas as well as the ability to analyze and evaluate information to make accurate decisions To meet demands of the above measures and work requirements, policies of training and human resource development also require high adaptation Hence, the Enterprise should: • Open operational training course and classify many training programs to suit various levels of staff such as basic training, training for key staff In addition the enterprise can send staff to participate in seminars, study abroad to improve their knowledge, accumulate experience, and invite experts from major insurance organizations to teach for operational training course This will contribute additional experience and knowledge of young staff as well as to promote their high dynamism and adaptability • Give priority for high-quality and specialized training program for new demands such as training for security specialists, single-level experts, and other supplementary support forms; foreign language is considered as a mean to acquire quickly insurance experience and advanced science in the world • Have a rational treatment policy, especially excellent staff in areas such as oil and gas insurance, investment, mining, and formulate a civilized culture of the enterprise In current business service industry, human factor is always considered as an 61 Group 12 62 STRATEGIC MANAGEMENT important and most crucial factor to success of each enterprise Therefore, further investment in human resource is a right, lucid and very necessary direction 3.3.5 Solutions on management To meet the increasing demand of business activities, it is necessary to further improve management to meet requirements The enterprise needs to implement the following measures: • The enterprise should actively analyze effectiveness of each business field; thereby direct the enterprise and its subsidiaries in the good service, creating efficiency in extraction Maintain performance and constantly improve the process of quality management system ISO 9001-2000 • Management divisions need be actively responsible for management of branches in order to bring good result in their performance; comply with regulation such as: business cost norm, decentralization of operation and compensation • The enterprise should improve statistical work in order to enable direct exploiters or receivers of claim to be frequently updated information in order to create favorable conditions for settlement The enterprise needs to apply information system for management of insurance operations which reduce time to compare and synthesize data, to create better working conditions for economic analysis of the enterprise • The enterprise should increase management in verification and compensation; thereby create a good condition for settlement of compensation claims, especially claims of customers outside the industry, the enterprise should try to consider and resolve quickly, accurately and legally • Divisions of the Enterprise and its subsidiaries have to have agreement and good coordination in their work, particularly those related to compensation in order to avoid deficiencies 62 Group 12 63 STRATEGIC MANAGEMENT • The enterprise should continue to invest in engineering facilities, operational training, improve management, professional qualifications for staff, implement construction of information infrastructure and application of accounting software, management and exploitation of insurance policy and reinsurance in order to increase efficiency in management Thus, PVI should continue to improve and enhance effectiveness of operational management, gradually implement sale assignment in order to associate staff income with business performance result, continue to raise qualifications of technical staff, focus on expert training for deep specialization, gradually diversify insurance products and expand into foreign market based on advantage as a subsidiary of PVN in order to make insurance partner for large projects with the Group's capital contribution 3.4 Some recommendations for PVN, Insurance Association and State To develop activities of PetroVietnam Insurance Joint stock Corporation, the paper proposes some following recommendations: • As for PVN Further encourage the units of the sector involved in insurance at PVI, particularly 100% works in the oil and gas industry have to participate fully in insurance to ensure finance and capital of the Group as well as units in the industry Support PVI to participate in major projects of other sectors and introduce PVI with oversea associated enterprises so that PVI can develop a vision as well as its operation network • As for Insurance Association 63 Group 12 64 STRATEGIC MANAGEMENT + Unify ideas from members to make certain agreement related to competition in the insurance operation Members of the Association have to discuss with each other, in any case, to not increase or decrease cost and not expand insurance coverage without permission, etc If violating, any insurance enterprise shall suffer reasonable sanction: be expelled from the association, not be given priority in activities of that enterprise, etc + Strengthen relationship among members of the Association to detect these vulturish cases of insurance, etc and to have reasonable preventive measures Also enterprises should also agree that those who act a vulture in one enterprise will not be participating in insurance category in other enterprises + It is necessary to facilitate and encourage domestic enterprises to cooperate with foreign insurers under an appropriate form for learning experiences, promoting local market development At the same time, continue to promote relationship of international cooperation, deep integration into world markets • As for the State Steering role of the State for the insurance market offers a particularly important significance Legal documents governing operations is considered as a "guideline" for the trend of market integration From the macro perspective, given its favorable policy mechanism, the State will contribute to development direction from this time to 2015 of Vietnam Insurance The State should have specified regulation to avoid constant changes which disturb the business environment of enterprises 64 Group 12 65 STRATEGIC MANAGEMENT CONCLUSION In 15 years working in non-life insurance field, PVI has achieved a lot of successes in both revenue and market share of insurance and has separate built its own brand, image on both domestic and abroad market PVI is the only enterprise in the field of Insurance- Finance of Vietnam which is rated by an international organisation on financial credit and reached B +; Moreover, PVI achieved international finance credit rating level B + has marked an important milestone in the development of not only PVI in particular but also of Vietnam’s insurance market in general However, PVI will have to face with many difficulties and challenges in the future due to the entry of domestic insurance companies and foreign insurance 65 Group 12 66 STRATEGIC MANAGEMENT companies Therefore, formulating direction, objectives and action plans and proposing solutions to implement the proposed plans is one of the urgent issues Based on theoretical basis of strategic management and strategy formulating processes in Chapter I, combining with analysis, assessment and review of the real situation, specific characteristics of PVI including external factors, internal factors which affecting on formulating business strategies in Chapter II, the authors have chosen business strategies of PVI and implementation solutions for thoes strategies in Chapter III This Capstone Project is result of our group efforts but shortcoming is unavoidable We would like to receive contributing ideas, guidelines from teachers, scientists, colleges and those interested to supplement and complete higher quality writing as well as improve feasibility of the project in practical application REFERENCE I Vietnamese documents Ministry of Finance, Vietnam insurance market in 2005, Finance Publishing House, Ha Noi, 2006 Ministry of Finance, Vietnam insurance market in 2006, Finance Publishing House, Ha Noi, 2007 Ministry of Finance, Vietnam insurance market in 2007, Finance Publishing House, Ha Noi, 2008 Ministry of Finance, Vietnam insurance market in 2008, Finance Publishing House, Ha Noi, 2009 Đao Cong Binh, Business strategy implementation, Young Publishing House, 66 Group 12 67 STRATEGIC MANAGEMENT 2007 Hoang Van Chau, Insurance in business textbook, Society Labour Publishing House, Ha Noi, 2006 Nguyen Thi Lien Diep, Pham Van Nam, Business strategy and policy, Society Labour Publishing House, 2006 David Bland, Principle and practice insurance – English Royal Insurance Academy, Finance Publishing House, Ha Noi, 1999 Nguyen Van Đinh, Insurance textbook, Natioanl Economic University Publishing House, 2008 10 Nguyen Van Đinh, Insurance business management textbook, Natioanl Economic University Publishing House, 2009 11 Đao Xuan Huy, Strategic management in economic globalization, Statistic Publishing House, 2007 12 Pham Thi Thu Huong, Strategic management in global economy, Science and Technology Publishing House, 2007 13 Vietnam Insurance Association, News No 4, 2005 14 Vietnam Insurance Association, News No 4, 2006 15 Vietnam Insurance Association, News No 4, 2007 16 Vietnam Insurance Association, News No 4, 2008 17 Nguyen Khoa Khoi, Đong Thi Thanh Phuong, Strategic management, Statistic Publishing House, 2007 18 Petro Vietnam Corporation, Decision accepting plan for years from 2011 to 2015 of Petro Vietnam Insurance Joint Stock Corporation, 2004 19 Petro Vietnam Corporation, Decision accepting plan for years from 2011 to 2015 of Petro Vietnam Insurance Joint Stock Corporation, 2010 67 Group 12 68 STRATEGIC MANAGEMENT 20 Ngo Kim Thanh, Le Van Tam, Strategic management textbook, National Economic University Publishing House, 2009 21 Petro Vietnam Corporation, Financial report, 2002-2009 22 Petro Vietnam Corporation, Annual report, 2007-2009 23 Petro Vietnam Corporation, Fire Bullentin No.7, 2005 24 Petro Vietnam Corporation, Fire Bullentin No.5, 2006 25 Petro Vietnam Corporation, Fire Bullentin No 7, 2007 26 Petro Vietnam Corporation, Fire Bullentin No 1, 2008 27 National assembly, Insurance business law and implementation guilines,2004 II English documents 28 McCord M.J (2005), AIG Uganda Good and Bad Practices in Microsinsurance, Case Study No.9.ILO Social Finance Programme, Geneva 29 United Nations (2007), Trade and development aspects of insurance services and regulatory frameworks, Conference on Trade and Development, New York and Geneva III Website 30 http://www.baohiem.pro.vn, “Open Vietnam insurance market – real situation and solution ” 31 http://www.webbaohiem.net,“Vietnam insurance market with WTO integration” 32 http://www.vatgia.com, “Activities of Vietnam insurance enterprises after integrating in WTO” 33 http://www.baohiem.pro.vn 34 http://www.baoviet.pro.vn 35 http://www.hiephoibaohiem.vn 68 Group 12 69 STRATEGIC MANAGEMENT 36 http://nghiencuumarketing.com 37 http://www.svic.vn 38 http://www.pvi.com.vn 39 http://www.thuvienphapluat.vn 40 http://www.vinare.com.vn 69 Group 12