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-*T * CAPSTONE PROJECT TOPIC: FORMULATING STRATEGY AT VIETINBANK SECURITIES JOINT STOCK COMPANY IN 2011 – 2015 PERIOD Group: 03 Chu Manh Hien Nguyen Thi Thu Phuong Le Hai Dang Dam Cong Loi Class: GaMBA01.X03 HANOI, November, 2010 APPENDIX THANK-YOU .3 LIST OF DIAGRAM AND TABLE……….……………………………………………… Group 03 Some basic concepts on securities activity .6 II Basic matters related to strategy and business strategy Viewpoints on strategy Types of business strategies The role of business strategy in modern business environment Determining missions and objectives of the organization .10 1.1 Determining mission of the organization 10 2.1 Influence of external environment on business strategies .11 5.1 Business-unit-level strategy 19 CHAPTER FORMULATING BUSINESS DEVELOPMENT STRATEGY OF VIETINBANK SECURITIES JOINT STOCK COMPANY 21 Establishment and development 21 Organizational structure : Diagram 2.2 22 II Issues on the company’s formulation of business development strategy 23 External environment analysis 23 1.1 Macro environment 23 1.2 Sectorial environment analysis 28 Internal environment analysis 35 Professional activities: Diagram 2.6: 36 Human resource 38 Potential competitive edge analysis 40 Forming orientation on business strategy of VietinBankSc via SWOT matrix 42 CHAPTER STRATEGIC MEASURES AND RECOMMENDATIONS 45 I Strategic measures .45 Strategy selection 45 Concretizing strategic measures 46 2.1 Competitive strategy 46 2.2 Designing new products 47 2.3 Marketing strategy 48 2.5 Completing implementation strategy .51 2.6 Completing apparatus structure 51 2.8 Seriously implementing checking activity 52 2.9 Training staff .52 II Recommendations 52 To sectorial environment 53 CONCLUSION 54 REFERENCES …………………………………………………………………………… 56 THANK-YOU We would like to thank Center for Technology Educational and Career Development (ETC) – Vietnam National University, and all the teachers, doctors, professors, and other staffs of the Department has dedicated teaching and guiding us during the term in GaMBA01.X03, and helped us complete the course successfully The teachers gave us the skills and knowledge of business administration, this is the basic foundation necessary for us to write this topic as applied in practical work We would like to thank Vietnam Industrial and Commercial Bank Securities Corporation has supported us in providing data as well as working sessions to get an overview and practical strategies for planning out the activity strategy And We also thank the colleagues, friends and family for giving us their encouragement Respectfully yours! Group 03 LIST OF DIAGRAM AND TABLE Diagram 1.1: Process of strategy formulation .11 Diagram 1.2: Five forces model by M Porter .14 Table 1.3.Value chain of organization 17 Table 1.4: Table of SWOT analysis of the company .18 Table 1.5: Table of changing concentrated growth strategy 19 Table 1.6: Table of changing integrated growth strategy .20 Table 2.1: Important milestones 23 Diagram 2.2: Organizational structure 23 Table 2.3 List of 10 securities companies having highest chartered capital in Vietnam securities market 32 Table 2.4: Top 10 securities companies in brokerage market share in quarter III, 2010 34 Table 2.5: The number of customers of VietinBankSc by the end of September 2010 .36 Table 2.6: Book value on December 31, 2009 37 Table 2.7 : Main financial criteria 38 Diagram 2.8: Professional Activties ……………………………………………………39 Table 2.9: Tangible resources 43 Table 2.10: Intangible resources 44 Table 2.11: Comparing some criteria of VietinBankSc with rivals and the whole sector 45 Table 2.12: SWOT matrix applied for VietinBankSc 46 Table 3.1: Projected revenue structure by 2015 51 PREFACE The year 2000 marked the establishment of Vietnam securities market with four securities companies In recent years, the upheavals of Vietnam securities market have associated by the formation of many securities companies From securities companies in 2000, up to now, securities market has consisted of over 100 securities companies The sudden change in the number of securities companies in this period has made securities market become eventful and facilitated their representative companies to participate in securities market However, that there are over 100 securities companies also has a great influence on business activities of securities companies because their market shares have been increasingly contracted In addition, the completely abolishment of protection barriers to finance sector in the integration trend in to the world and regional economic organizations have brought huge challenges to the system of domestic securities companies, even some companies will have to accept to be acquisited, merged or retreated from the market due to lack of competitiveness, typically the retreat of Northern securities market of Vincom Securities Joint Stock Company and followed by being acquisited by one of the company’s partners Heading into the final months of 2010, but the severe effect of the global financial crisis seems to remain The world securities markets have not been stabilized Meanwhile, Vietnam Securities market is amid a difficult time when securities codes on the electric board are always flooded in red and VN index have kept on decreasing for the past months Accordingly, transaction price also dropped dramatically and at the same time, HNX index is also below 100 points (the benchmark when Hanoi Stock Exchange officially came into operation) In that context, the search and formation of a stable measure and business strategy for securities companies are very essential An effective business strategy not only helps companies be stable and develop sustainably, but also is sound measure to stabilize to establishing securities market amid current post-crisis period For above reasons, the topic “Formulating strategy at VietinBank Securities Company” was selected by our group with a significant objective and implication to the company as well as the whole securities market CHAPTER 1: OVERVIEW ON THEORETICAL BASE I Basic concepts of securities and securities market Some basic concepts on securities activity1 Securities Securities mean evidence certifying the holder’s legal rights and benefits over the relevant part of assets or capital of the issuer Securities shall be in the form of share certificates, book-entries or electronic data and shall include: Shares, bonds, fund certificates; Rights to purchase shares, warrants, call options, put options, future contracts or groups of securities or securities indexes Securities market Vietnam securities market is a channel to mobilize capital for the economy, provides investment environment for the public, creates liquidity for securities and creates condition helping the Government implement macro policies Securities companies On theory, securities companies are intermediary financial institution carrying out tasks in securities market for listed, issued organizations, and investors Under the law, securities companies are perceived as joint stock companies or limited companies established in accordance with Vietnamese Law to trade under the business license issued by the State Securities Commission of Vietnam.2 Role of securities companies Creating capital mobilization mechanism for issuers Raising efficiency for investors, saving time and minimizing risks via consultancy Making contribution to establishing the market and regulating price Making contribution to enhancing liquidity of financial products Providing information for management agencies to monitor the market Fields of operation of securities companies Securities brokerage means the operation of a securities company acting as an intermediary to carry out securities buying or selling orders on behalf of the customers Securities Law No 70/2006/QH11, Chapter 1, Article Securities Law No 70/2006/QH11 Securities proprietary dealing means the securities company’s engagement in buying and selling securities for its own account Underwriting means the commitment made by an underwriter to the issuer to complete procedures prior to a securities offering, to buy a part or all the securities of the issuer for resale or to buy the remaining undistributed portion of securities from the issuer; or to assist the issuer in distribution of securities to the public Securities investment advisory means the services provided by the securities companies to investors regarding securities analysis results, or announcement of analysis reports and recommendations relating to securities II Basic matters related to strategy and business strategy Viewpoints on strategy According to traditional view, strategy is perceived as follows: “Strategy is the research to find out an appropriate competitive position for an industry and a main field of operation in which competitive activities happen.”According to Michael Porter Strategy under this viewpoint focuses on competition According to Alfred Chandler4, “Strategy is the determination of enterprises’ basic and long-term goals as well as action programs along with the distribution of necessary resources to realize those goals” Jame Quinn at Darmouth University defined, “Strategy is the pattern or plan of an organization to combine main roles, policies and order of action in a united form” Definition by William F.Gluek6, “Strategy is a united, comprehensive and cooperative plan designed to ensure that basic goals of enterprises are implemented successfully” The formulation of strategy according to planning method is no longer suitable because the reality has proved that official and detailed plans are sometimes not successful; therefore, there must be coping plans in business process Thus, the http://en.wikipedia.org/wiki/Porter_generic_strategies ( June, 10, 2009) http://www.news.harvard.edu/gazette/2007/05.17/27-chandler.html (June, 10, 2009) Quinn, J., B (1980) Strategy for change: Logical Inscrementalism Homewood, Illois, Irwin Lawrence R Jauch and William F Gluek(1989)Business Policy and Strategic Management traditional viewpoint has shown its weaknesses The essence of strategy that is a science and an art to achieve goals is also undefined In that context, modern viewpoints on strategy were formed and replaced traditional ones Modern viewpoints try to return to the changing business environment Therefore, modern viewpoints on strategy not emphasize the calculating and planning but focusing on the selection of strategies that fit the set goals of the organizations Types of business strategies 2.1 Classification of business strategies by levels of strategies When classifying strategies according to levels, people often divide them into: + Corporate-level strategy (or master strategy): this strategy is designed to the whole company on its engaged fields The goal of this strategy shows the destination that a company wants to reach and it is viewed thoroughly on all operations that the company pursues as well as the orientation or measure to reach that destination + Business-unit-level strategy (field): is designed for a narrowed specializing business In case, company only trades in one field, business-unit-level strategy is also corporate-level one + Functional-level strategy: is the strategy of each separate function of the company such as finance, marketing, human resource Functional-level strategy can be viewed as supporting strategy to successfully implement business-level and corporatelevel strategies 2.2 Classification of business strategies by their content Based on content of strategies, French managers assumed that business strategies consist of: + Trading strategy: is the one applied to all trading activities of a company from purchasing and supplying inputs to distributing and consuming outputs of that company + Technological and technical strategy + Financial strategy + Human strategy: shows the orientation, method of mobilizing and using human resources to successfully realize above strategies 2.3 Classification of business strategy by processes of strategy Business strategies include: + Orientation strategy mentions the big orientation of goals of an enterprise, orientation and measures to achieve those goals It is built based on the result of environmental analysis and inter-enterprise analysis The strategy orients basic the basic strategy options of the enterprise + Action strategy: is the action option of an enterprise in each specific situation and projection on adjusting strategy Action strategy can be selected from the strategies that were built while forming orientation strategy or may be selected from emerging strategy in the process of implementing orientation strategy The role of business strategy in modern business environment In modern business environment, strategy has played an increasing importance role in the existence and development of enterprises, it is presented by: Strategy is the tool to generalize long-term goals of enterprises or organizations Goals of enterprises are specific destination that the enterprises want to reach in its business strategy The specification and documentation of enterprises’ goals via strategy will help members in enterprises and organization well-aware of the destination, so they know what to It helps enterprises realize their goals III Content of formulating strategies Despite having many different viewpoints and methods of approach in terms of the strategy formulation, generally, strategy is often built under following steps: Formation Implementation (Deciding what to do) Indentifying opportunities and risks COMPAN Y Diagram 1.1: Process of strategy formulation sTrategy Diagram 1.1: Process of strategy formulation Determining resources: materials, technology, finance and management of the enterprise Human values and determination of board of leaders Affirming noneconomic responsibility to Type of goal and determin ation policy of the company and its business lines (Reaching the result) Structure of the enterprises and relations: Labor distribution, cooperation among departments and information system Process of organization and action Standards and methods to measure and motivation system Control system Selection and Highest leader of the promotion company Deciding strategy – Organizing human resource economy creates conditions for consider to invest); companies to penetrate into foreign Liquidity of markets substantially lower Fairly complete legal framework; countries; IPO and listing plan under a Progress of equitization and IPO of roadmap is started big enterprises are quite slow This Integration trend brings market affects more attracting new foreign capital into opportunities for foreign the the ability market than to is other continue capital; Vietnam's securities market in 2009 as The Government has implemented well as affect the stock demand, while many measures to boost the market supply will remain high Goods tends to increase Systems information technology is not modern, risk prevention system is not high; Managerial and operational skills of the intermediary organizations are limited Fierce competition in domestic market in terms of quantity and expected competition for foreign companies in the future Strengths (S) S/O combination S/T combination The company has a staff of Boosting the attraction of high Building a detailed plan to expand qualification and technological the scale of the company Utilizing skills the strength of a listed company to qualified leaders and good management capacity The transparency is high because Making the most use of available raise capital when it possible the company is a joint stock listed capital to develop a widespread on the securities market network both in domestic and information technology based on Company has reputation and foreign markets according the capital and the existing facilities experience in the market guidelines of State-run securities The bank has relatively modern market technological system, qualified staff Establishing Complete the system of Forming a research staff and designing new products ahead of partnership with competitors and creating barriers with stable professionalism international organizations; on Having the parent bank is one of that basis, building a brand in the oldest and largest banks in foreign sector via the support of management agencies and system Vietnam the of enterprises, groups that have not The financial indicators are at organizations government relatively safe level Weaknesses (W) and these for these products Establishing relations with made IPO to create premise for cooperation in the future W/O combination W/T combination 42 The market share is still low Building long-term strategy compared Studying the rivals and sectorial with other listed company in the same sector Forecast activity has not paid environment to work out shortterm and long-term measures and information collection Having no marketing strategy Having no long-term strategies the market starts to be stable due Having accessed to foreign to good influence from markets government Having system differentiation compared with its rivals Restructuring the portfolios when the Building marketing strategy and training Establishing a system of forecast due attention Strengthening the risk preventing the staff more professionally Giving priority to investing in technology and designing new products Entering niche markets and avoiding confronting with big competitors 43 CHAPTER STRATEGIC MEASURES AND RECOMMENDATIONS I Strategic measures Strategy selection After analyzing external and internal environment and pointing out strengths, weaknesses, opportunities and threats as well as the combination of these criteria via SWOT matrix; in the context of the global crisis and fierce competition in the sector, to minimize risks and increasing value for the company, we consider diversified growth strategy23 is the master strategy that is most suitable with the company in this stage Diversified growth strategy often aims at increasing value It generates value for the company by creating conditions allowing business units of the company to apply business-unit-level strategy to increase income and reduce cost This strategy also rooted in the reason of enhancing the market power against the rivals The above analysis also shows us the result of sustainable standards of VietinbankSc is overall at average level However, in the current trend of fierce competition, barriers erected by these standards are very delicate and easy to be abolished At that time, those average sustainable standards will be lowered if we not find the measures to raise the Company’s value right from now Moreover, resources of the Company such as tangible and intangible resources are not strengths for it to compete equally to its rivals in the context of crisis In addition, the table of SWOT analysis has shown the strengths, weaknesses, opportunities and threats of VietinbankSc; accordingly, this matrix’s typical features of combined criteria is the product development, generating value from redundant resource and expanding operation Those combined criteria are in line with diversified growth strategy To pursue the diversified growth strategy, firstly, the company needs to take measures to develop products, creating new competitive edge as well as occupying the market Secondly, measures to enhance research and forecast to establish criteria for risk management system in investment activity Finally, to implement this strategy synchronously, the organization of implementing strategy is an important task needing to 23 Ass Dr Le The Gioi,(2007), Strategy management, pp 445, Statistical Publishing House 44 be well implemented, in which, paying attention to the processes, regulations and human resource Concretizing strategic measures 2.1 Competitive strategy One of the measures of diversified strategy is creating competitive edge and occupying the market To attain competitive edge on the market, enterprises need to use two main sources of advantages: Low cost and differentiation To VietinBankSc, the achievement of low cost advantage is very difficult because the company was established since the beginning of the securities market, at the same time, the company has largest or the second largest among securities companies, especially the technological renovation to serve the increasing demand of existing customers of the company as well as develop the system of new customers Therefore, the reduction of cost is not feasible Despite having a large number of customers, the transaction volume of VietinBankSc’s customers is not high; especially big domestic and foreign customers and organizations are very limited That is because products of VietinBankSc have no different and even behind many rivals Therefore, as analyzed, we suppose that regarding competition, the company should follow product differentiation strategy Product differentiation strategy offers a product that is completely different from rivals’ products so that customers appreciate the company’s products VietinBankSc’s products that may be used to be differentiated are those serving big customers and foreign ones Some older products need to be used with new method of approach Specifically, training a separate team of brokers having their own specialized skills for each major customer and foreign customer segment as part of current Vip customer care Department For example, some brokers should be reserved for foreign customers with the criteria that these brokers are not only trained foreign languages and professionalism but also understand the habit, custom and tastes of each country’s clients Besides, the formation of the products that the market has not had such as business acquisition, merger, escrow and backdoor listing To this, companies need to take a number of steps as follows: 45 - Taking advantage of partners’ knowledge to make one’s own knowledge Currently, in spite of the company’s high-qualified workforce, they still not have much experience and expertise in the field of securities Therefore, the company needs time to strengthen the staff of specialists, focusing on quality Moreover, companies also need to enhance experience from the partners, turning the experience into the partnership into its own via innovation - Applying information technology in management and technical operation, as well as promoting the company Applying information technology in the process of service advertising To this, a complete human resource strategy is needed However, the pursuit of different ion competitive strategy does not mean the company floats operation cost, differentiation strategy is only really developed further advantage when production costs are minimized Therefore, companies need to improve labor productivity, reorganize management apparatus to make it more effective With the goal of being included in the list of five securities companies with leading brokerage market share in Vietnam’s securities market, product differentiation strategy needs to be implemented simultenously with other strategies 2.2 Designing new products Designing new products is one of the main solutions for diversified growth strategy Designing new products has made products become distinctive and diversified the company's products to attract customers from rivals as well as increasing profits In the coming year, according to the schedule of the government, some new products the company could develop as follows: Advisory services on enterprise merger and acquisition: at present, the demand for advisory on merger and acquisition M&A has been developed with the average transaction value of a contract is US$ - 10 million Administrative procedures are not complicated Therefore, the company needs to quickly develop this service to capture the market and meet the increasing requirement of the market Developing other services such as escrowing service and short sales after being approved by the sector management agency Short sales Table 3.1: Projected revenue structure by 2015 (Unit: VND billion) 46 Services Listing advisory 2011 40 2012 40 2013 40 2014 40 2015 40 Investment advisory 40 40 40 40 40 Issuing advisory 100 100 100 100 100 Equitization advisory 50 50 50 50 50 Short sales Advanced payment Advisory on acquisition and 10 100 10 10 200 10 20 250 10 20 100 10 20 50 merger Escrowing Other income Total 300 600 300 800 15 300 970 15 300 850 15 150 800 Basing on the plan to develop new products, the average development of existing services and the development of companies in the same sector and the development trend of some services and the saturation and other services in the future, our group projects the revenue of the company will mainly focus on advisory and merger & acquisition service These services will take effect in the coming three years and then decrease gradually by proportion The development in the three years is attributing to fact that VietinbankSc has a great advantage in underwriting securities thanks to the support from parent bank, associating with the issuance of nearly VND 60,000 billion of bond from parent bank, the revenue from advisory service will become the main income of the Company in the next three years However, at this point of time, the value of the company will rise high and the previous main services will take effect and bring about main revenue for the enterprises 2.3 Marketing strategy To make above growth strategy measures take effect for the main strategy of diversified growth strategy, Marketing is an indispensible key to make the new products and differentiated products come to customers This is also suitable with analysis in SWOT matrix Marketing strategy of the company has not been really developed synchronously and implemented drastically Hence, in the coming time, the company needs to deploy following measures: Firstly, the company needs to restructure the organizational and separate PR & Marketing division from Research& Development Department into Marketing 47 Department and divide functions to working groups Apart from traditional tasks, the Department needs to implement following tasks: Marketing Intelligence The Marketing Intelligence System is a set of activities aiming to monitor the external environment for trends or emerging events Accordingly, Head of Marketing Department needs to organize personnel to observe and monitor what competitors are doing There are many ways to train staff of this Department to become the main customers of the competitor, find out through various indirect methods to investigate and directly from the workshop meetings, seminars as well as through customers and shareholders of this company In addition, there are many other ways to know what competitors are doing through the analysis of information from their job announcement However, there must be the combination of the information to check the certainty of what they are doing Making market diagram and revenue forecast On the basis of information about the competitor, Marketing Department should also examine market share in the sector and make detailed document on the expected revenue for the whole market and then determine the market share that the company can reach This task takes more time and effort However, companies can apply the available researches of the sector management units and research institutes in this field Understanding customer behavior Securities market is high-level market and the market of psychology The participants in this market are very sensitive and easy to quickly change their decisions Therefore, understanding customer psychology is really important task for the company To achieve this goal, the leaders of the company need to cover the number of customers and grouped them to manage On that basis, the group manager will learn their behaviors and attitudes about their view on the sector, to the company, to market’s products and services related to the company to make assessment and change solutions Segmenting and positioning the market The following step is segmenting the market Nowadays, securities investment circle as well as enterprises is consulted with IPO, issuing more, listed and merging with 48 many different forms Therefore, depending on each market, the company can apply the fees and suitable services to meet all the demands of clients Following steps After implementing basic steps, Marketing Department also needs to carry out marketing tactics to boost customers in the context as follows: Establishing a good relationship with the management agencies and big enterprises to collect information on customers as well as providing information about the products and services of the company to customers Training Marketing staff to strengthen the interaction between the company and customers Coordinating with universities in economic sector to train Marketing staff Actively participating in domestic and International workshops to raise the understanding of the customers about the Company Participating in sponsoring social activities to create a good image to the users Designing website in multiple languages and introducing products as well as information on products in many different languages Developing and sustaining the information supply for TV Stations and press agencies to reinforce the brand and position the company’s brand in the market Participating in delegations signing between Vietnam and international financial and securities sector 2.4 Enhancing the risk management system Enhancing risk management system Apart from the goal of increasing value and expanding the market, the restriction of risks is also a top criterion of diversified growth strategy Therefore, the company should implement following measures: Reducing the rate of investment into low-liquidity stocks Having better invest from 10% to 15% upwards in the total volume of circulated stocks of a listed organization; Not investing over 10% in total circulated stocks of an unlisted organization; 49 Establishing risk management funds to avoid risks and purchasing career responsibility insurance for employees 2.5 Completing implementation strategy Implementation strategy is stages in strategic process This was a decisive stage to decide whether the strategy can be realized or not, so VietinBankSc needs to organize implementation of strategy well to ensure its effectiveness 2.6 Completing apparatus structure The apparatus responsible for implementation of the company's strategy is not clear The main current strategies of the company are the orientation for the whole company Therefore, there should be a Department in charge of this task and must be organized more closely through specific documents Those documents will decide the mechanism and coordination among departments On the other hand, VietinBankSc should train the professional for its staff, eliminate subsidized and monopoly ideology that still exist Besides, VietinBankSc needs to educate all staff the role of strategies to the survival of the company in the context of this fierce competition, improving responsibility and self-determination for heads of departments and work groups to strengthen the shared awareness and responsibility The cadres and employees of the company also need to change working style Business activities of companies in the international professional environment, the fierce competition does not allow employees to work in administrative style and need to improve productivity and work performance of each employee 2.7 Assessment and rational resource allocation To ensure the implementation of strategies, the company should evaluate and mobilize resources This task will be implemented by the coordination of Human Resource Department and other functional boards and departments, primarily the accounting department and cadre organizing department After you know the ability to ensure that strategy, the strategy departments need to conduct the allocation of financial resources, human resource and time When allocating resources, the company must base on the objectives, strategies and measures of short-term plans, operational plans of the 50 Company The allocation of resources must be made through clear documents and widely publicized to strategy units 2.8 Seriously implementing checking activity Checking is an indispensable stage in management process in general business management strategy management in particular Checking to assess and adjust to overcome differences and weaknesses in the process of implementing strategies Depending on the scope and level of strategy management, companies choose different checking forms accordingly For example, companies can conduct periodic checking and extraordinarily checking key areas to functional department and strategic units Grassroots managers need to conduct regular checking on business activities of their units On the other hand, most importantly, companies must educate all staff members the sense of self-consciousness and well observing the company’s discipline 2.9 Training staff Although the staff of the company has made progress both in qualification, quantity and structure as described above, there are still many limitations Therefore, to make the strategy implementation process more well-organized and efficient, the companies need to have human resource development strategy including recruitment, training and retraining of personnel In addition, the company needs to implement standardization of the staff, select real qualified cadres to appoint those having real capacity into strategic positions to raise strategy management capacity of the company II Recommendations To macro environment Needing to implement a flexible monetary policy Adjusting the exchange rate at the appropriate time and gradually implementing each step to avoid having psychological influence on exchange rate issues Gradually decreasing interest rates to support enterprises to overcome difficulties, creating jobs and increasing exports The reduction in interest rate needs to implement each step gradually to not cause difficult for commercial banks 51 To attract direct investment and disbursement of direct investment Strengthening investment promotion, minimizing administrative procedures in site clearance, disbursing direct investment capital, deploying training programs and upgrading infrastructure in industrial zones To sectorial environment - Continuing the equitization program to ensure that the reform and renewal program of the company, creating high-quality goods for the stock market and attracting foreign investment Needing to apply agreement method to strategic partners, or auctioning among strategic partners, while reducing the percentage of selling outwards On hand, switching on the ownership, thereby contributing to improve the company’s administration; on the other hand not causing losses to the State, while attracting foreign direct investment (contributing capital to purchase shares considered direct investment must be held in 2-3 years) - Improving financial capability for banks and increasing foreign currency inflows by allowing banks to sell shares to foreign banks at a rate of below 5% without obtaining permission of the State Bank, at same time loosening foreign ownership ratio in banks to 35% to increase attraction of the decreasing investment capital 52 CONCLUSION Vietinbank Securities Company is one of the first securities companies in securities market which is one of the most complicated and dynamic sectors at present Prior to the real requirements of trading operations in the process economic development and integration to the region and the world with many challenges and competitivenesses of the market, VietinBankSc is trying their best to become a leading securities company in Vietnam to meet the requirement of solid development as well as mark position in market Furthermore, VietinBankSc together with other financial institutions belonging Vietnam Joint Stock Commercial Bank for Industry and Trading (Vietinbank) regarding as Branches of Vietinbank, Insurance Company, Financial Company, Asset Management Company will build up a leading financial banking group in Vietnam At present, the securities trading environment is quite convenient Nevertheless, leaders of VietinBankSc have had guidelines to set up trading strategy basically, professionally to manage VietinBankSc according to the most modern and the best principles and regulations of Vietnam as well as the world Furthermore, the company will create more value for shareholders and society with competitive strength in financial and currency market Trading strategy is not an invariable document, it is a part in stragey management work of VietinBankSc; it inculdes following basic components and will be considered as well as updated annually: Analysis of trading environment and competitive capacity: through the determining and pricing direct or indirect strategic factors affecting to the development in the future of VietinBankSC Selecting and setting up business strategy suitably: to overcome weaknesses, promote strengths and competitive advantages, adapt to trading environment conditions as well as make use of opportunities and minimize threats and risks from the external environment with the reaching to the given objectives and strategic vision 53 Setting up plan to implement trading strategy: for each specific sectors including action program, timetable, cost providing The comprehensive trading plan includes middle term plan (3 year) and the short term plan (annually) Deploying, supervising and evaluating the implementation to timely introduce essential methods and adjustment The strategy will be considered, updated and adjusted annually matching to the reality Group of Gamba01 X03 is pleased to study and hopes that our report analysis mentioned above will consult and support VietinBankSc in the fluctuated market condition in Vietnam and VietinBankSc is also developing quickly, therefore, our evaluation can be not entirely accurate Nevertheless, we hope that, this document will have significant contribution in introducing right policies as well as orientation for VietinBankSc As a result, VietinBankSc will become the leading securities company in Vietnam 54 REFERENCES Associate Professor, PhD Le The Gioi,(2007), Strategy Management, page 166, Statistical publishing house B Wernerfelt (19940, “A Resource Base View of the Firm”, Strategic Management Journal, 5(1994), 5(1997)171-180 Lawrence R Jauch and William F Gluek(1989)Business Policy and Strategic Management M.E Porter, Competitive Strategy(New Yok: Free, Press, 1980 Quinn, J., B (1980) Strategy for change: Logical Incrementalism Homewood, Illois, Irwin R Lubit, 2001 “Tacut knowledge and knowledge management: The keys to sustainable competitive advantage”, organizational Dynamucsics, 29(3):164-178 Associate Professor, PhD Le The Gioi,(2007), Strategy Management, page 166, Statistical publishing house B Wernerfelt (19940, “A Resource Base View of the Firm”, Strategic Management Journal, 5(1994), 5(1997)171-180 Charles W.L Hill, Gareth R Joines (2002), Strategic Management: An Integrated Approach, 5th, Ed Houghton Mifflin 10 David A Secenzo, Stephen P Robbins (2002), Human Resource Management, th John Wiley & Son, Inc 11 Jack W.Cahoun (2004)Fundamentals of financial management, 10th Thomson 12 Lawrence R Jauch and William F Gluek(1989)Business Policy and Strategic Management 13 M.E Porter, Competitive Strategy(New Yok: Free, Press, 1980 14.Annual Report in 2008, 2009 of State Securities Commission of Vietnam 15 Annual Report in 2007,2008,2009 of VietinBankSc 16.www.ssc.gov.vn, www.hsx.vn, ww.hnx.vn 17.www.vietinbanksc.com.vn 55 ... Ltd Sacombank Securities Co., Ltd ACB SBS 1.500 1.128 Saigon - Hanoi Securities JSC SHS 1.000 VNDirect Securities JSC VND 999,99 Thang Long Securities JSC TLS 800 CTS 789 BVS 722 10 Vietcombank... professors, and other staffs of the Department has dedicated teaching and guiding us during the term in GaMBA01.X03, and helped us complete the course successfully The teachers gave us the skills and knowledge... 15,54 7,53 Report on rivals of VCB Source State Securities Commission of Vietnam 30 Hoa Binh Sacombank Asia - Pacific An Binh ACB HBS SBS ÁP ABS ACBS 10 3.66 3.53 3.24 2.73 2.55 10 1,77 The data
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