Luận văn thạc sĩ quản trị kinh doanh quốc tế MBA (222)

CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration ACKNOWLEDGE After doing research and synthesis, with hard working of group members, we have completed this project We make sure that this is the work of our own group The stated date in this project are taken from the studies, reports and article written by organizations and individuals for reference and used as regulated The results presented in this Capstone project report is honest and has not been published in any other work Our group would like to thank Griggs University, Center for Educational Technology and Career Development - Vietnam National University, the teachers who were enthusiastic to teach us We would like to sincerely thank Center’s staff who helps us during our studying time Our group also wants to thank Joint Stock Commercial Bank for Foreign Trade of Vietnam, especially departments such as: Retail Policy, Retail Management, Economic Synthesis and Analysis of Vietcombank Departments have helped us in providing data and useful information and enabling us to complete this Capstone Project Ha Noi, date 30 month 09 year 2011 GROUP OF AUTHORS Capstone Project Report Group 10.Gamba01.X0210 Page CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration TABLE OF CONTENT INTRODUCTION 10 THEORETICAL BASIS ON FORMULATING BUSINESS STRATEGY OF THE COMPANY 13 1.1 Basis theories on strategy and business strategy 13 1.1.1 Some concepts on strategy: .13 1.1.2 Business strategy and types of strategy 14 1.1.3 Roles of business strategy .15 1.2 Strategy formulation process 15 1.2.1 Mission and strategic management 16 1.2.2 Strategic goal 16 1.2.3 Analysis of external environment 17 1.2.4 Analysis of internal environment 22 1.2.5 Formulating strategies, selecting suitable strategy 25 1.2.6 Formulating action plans and strategy implementation solutions 25 1.2.7 Inspection and adjustment .26 1.2.8 SWOT matrix 26 1.3 Selection of business strategy 28 1.3.1 General competitive strategies 28 1.3.2 Analysis model, selection of strategy according to weight methods .29 ANALYZING THEORETICAL BASIS FOR FORMULATING RETAIL BAKING DEVELOPMENT STRATEGY OF JOINT STOCK COMMERCIAL BANK FOR FOREIGNTRADE OF VIETNAM 31 2.1 General introduction about Vietcombank 31 2.1.1 General introduction of Vietcombank .31 2.1.2 Business line 31 2.1.3 History and development 32 2.1.4 Organisational structure: 32 2.2 Analysis of business environment of Vietcombank 33 2.2.1 Analyzing impact of macro environment on Vietcombank .34 2.2.2 Analyzing impact of industry environment on retail banking activities of Vietcombank 42 Capstone Project Report Group 10.Gamba01.X0210 Page CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration 2.2.3 Evaluation and synthesis of opportunities and threats of external environment on retail banking operations of Vietcombank .52 2.2.4 Analysis of internal environment of Vietcombank 54 2.2.5 Synthetic evaluation on strengths and weaknesses of retail banking operation of Vietcombank .62 2.3 Synthesis of SWOT matrix on retail banking operation of Vietcombank 63 SELECTING STRATEGY AND IMPLEMENTATION SOLUTION TO DEVELOP RETAIL BANKING ACTIVITIESS OF VIETCOMBANK IN THE PERIOD 20112015 68 3.1 Vision, mission and strategic goals of Vietcombank .68 3.1.1 Strategic vision .68 3.1.2 Business mission of Vietcombank 68 3.1.3 Strategic goal of Vietcombank 68 3.2 Selection of development strategy for retail banking activities of Vietcombank in period from 2011 to 2015 69 3.2.1 Synthesis of strategies from SWOT analysis 69 3.2.2 Selection of Vietcombank retail strategy based on QSPM matrix: 70 3.3 Strategic solutions 72 3.3.1 Solutions on equipment and IT system investment 72 3.3.2 Solutions on service and product 73 3.3.3 Solutions on customers 76 3.3.4 Solution on distribution channel .77 3.3.5 Solution on support policy 78 3.3.6 Solutions to Strategic Partnership CONCLUSION 85 REFERENCE 86 Capstone Project Report Group 10.Gamba01.X0210 Page CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration TABLE OF ABBREVIATION No Abbreviation Explanation SBV The State Bank of Vietnam Vietcombank; VCB Joint Stock Commercial Bank for Foreign Trade of Vietnam ACB Asia Commercial Bank Techcombank; TCB Sacombank; STB Military Bank Eximbank; EIB Agribank BIDV 10 Vietinbank; CTG 11 12 13 14 15 16 17 18 19 20 21 22 VCBS VCBF VCL CRM VCC POS ATM WTO GDP CPI HSX HNX Capstone Project Report Vietnam Technological and Commercial Joint – Stock Bank Saigon Thuong Tin Commercial Joint Stock Bank Military Commercial Joint Stock Bank Vietnam Commercial Joint Stock Export Import Bank Vietnam Bank for Agriculture and Rural Development Bank for Investment and Development of Vietnam Vietnam Joint Stock Commercial Bank for Industrial and Trade Vietcombank Securities Company Limited Vietcombank Fund Management VCB Cardif Life Insurance Limited Company Customer Relationship Management Vietcombank Contact Center Point Of Sale Automatic Teller Machine World Trade Organization Gross Domestic Product Consumer Price Index Hochiminh Stock Exchange Hanoi Stock Exchange Group 10.Gamba01.X0210 Page CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcô~ e/11~ Global Advanced Master of Business Administration LIST OF TABLES Table 1.1 Table 1.2 Table 2.1 Table 2.2 Table 2.3 Table 2.4 Table 2.5 Table 2.6 Table 2.7 Table 2.8 Table 3.1 SWOT matrix Selection of strategic plan accroding to weight method Vietnam GDP growth rate in 2005 -2010 period Matrix evaluation of external factors Evaluation and synthesis of opportunities and threats of external environment on retail banking operations of Vietcombank Comparison of number, capital mobilization from customer capacity Fiancial quotas of Vietcombank from 2008 to 2010 Internal factors evaluation matrix Basic strengths and weaknesses in retail banking operation of Vietcombank Analysis according to SWOT SPQM matrix of substitue strategies LIST OF FIGURES Figure 1.1 Figure 1.2 Figure 2.1 Figure 2.2 Figure 2.3 Figure 2.4 Figure 2.5 Figure 2.6 Figure 2.7 Figure 2.8 Business strategy formulation process Five forces model of Michael Porter Organisational structure of Vietcombank Diagram of CPI Movements in Exchange rate USD/VND 2006 - 2010 Market share of issuing domestic card Marketshare of issuing international card Revenue of international card payment Mobilizing private capital in commercial bank system in 2008 Comparison of operating income by employees and branches of banks Figure 3.1 in 2010 Models restructuring organization and management of retail block Capstone Project Report Group 10.Gamba01.X0210 Page CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration INTRODUCTION Necessity of the thesis: Life around us is changing fast, people always approach to perfect life where everything around us is comfortable In the past, in order to own a favorite item which is in the other side of Atlantic is just a luxury dream but now only by mouse clicks and Capstone Project Report Group 10.Gamba01.X0210 Page CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcô~ e/11~ Global Advanced Master of Business Administration anywhere in the world we can buy and own such items which take us few seconds By what we have such things look like magic? It is one of many facilities enjoyed by customers owing to modern banking system Online payment is just one small application of many useful applications from retail banking activities bring to customers Development of retail banking activities brings facilities to customers are interested by many commercial banks This is seen as an optional trend in the long term development if banks want to continue to maintain and expand market share in the future Development of retail activities help banks to have larger market; higher economic efficiency by providing products in large quantities to numerous numbers of customers will generate revenue and distribute risk in business Vietnam is considered as a market where the retail banking services are very potential The attraction of retail banking activities has been confirmed Therefore, not only domestic commercial banks but foreign banks are looking for ways to penetrate deeper into Vietnam market Potential business market with the increasingly fierce competition force banks to have effective business strategy, and Joint Stock Commercial Bank for Foreign Trade of Vietnam can not be an exception of this trend Vietcombank is known as the bank operates primarily in wholesale field, retail activities only occupies a tiny percentage and has not been paying attention to develop Vietcombank has many advantages for the development of retail activities, but up to date, this activity has not been developed commensurately with its potentials and advantages With the goal of becoming a multi-functional financial group, getting significant scales in the region, Vietcombank has to diversify business lines, in addition to maintaining strengths of a wholesale bank, Vietcombank needs to promote and give effective strategies for retail activities Starting from the above urgent problems, we Capstone Project Report Group 10.Gamba01.X0210 Page CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration have chosen the theme: "Formulating retail banking development strategy at Joint Stock Commercial Bank for Foreign Trade of Vietnam in the period 2011-2015," with desire to apply studied knowledge and contribute to the general development of Vietcombank Research purposes: - Systematize theoretical basis on business strategy and effective methods for selecting analysis model for formulating business strategy - Apply theoretical basis to focus on analyzing situation and assessing the capacity of Vietcombank in implementation of retail banking services - From the analysis of situation and capacity, proposing solutions and recommendations to further develop retail banking activities of Vietcombank Research object, scope: - Object: Retail banking activities at Joint Stock Commercial Bank for Foreign Trade of Vietnam - Research scope: The whole system of Joint Stock Commercial Bank for Foreign Trade of Vietnam Research method: Data were extracted and compiled from secondary sources such as the annual reports, financial statements, website of Vietcombank and other banks, published information from State Bank and other reference documents, books, newspapers, magazines, specialized teaching materials We have consulted experts of Vietcombank in assessing weight in matrixes analyzing process Our group mainly bases on statistical methods, analysis, comparison, induction and synthetic methods to carry out the study Capstone Project Report Group 10.Gamba01.X0210 Page CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration Structure: Besides the introduction, conclusion, references, the project includes three chapters: Chapter 1: Theoretical basis on formulating business strategy of the company Chapter 2: Analyzing basis for formulating retail banking development strategy of Joint Stock Commercial Bank for Foreign Trade of Vietnam Chapter 3: Selecting strategy and implementation solutions for developing retail banking activities of Joint Stock Commercial Bank for Foreign Trade of Vietnam in the period 2011- 2015 Ha Noi, date 30 month 09 year 2011 CHAPTER I THEORETICAL BASIS ON FORMULATING BUSINESS STRATEGY OF THE COMPANY Capstone Project Report Group 10.Gamba01.X0210 Page CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration 1.1 Basis theories on strategy and business strategy 1.1.1 Some concepts on strategy: Today, the concept of strategy is used very popular and is considered as foundation for the operation of enterprises The interaction and struggle between the above approaching points gradually converge to create relatively uniform concepts of strategy Although being approached in any way, through the above opinions and definitions showing that a business strategy of the enterprise has the three most common characteristic as following: - Establish a general action program toward future goals in long term fundamentals business strategy of the enterprise; - Important policies and solutions of the enterprise are decided to change by business; - Establish action sequences, how to proceed and allocate resources to implement the objectives of the enterprise 1.1.2 Business strategy and types of strategy 1.1.2.1 Concept of business strategy Business strategy is business activities-oriented with objectives in a long time along with system of policies, solutions and ways to allocate resources to achieve the objectives of the enterprise in corresponding period The term "business strategy" can be grouped into three categories: - Group 1: Consider strategy as an art - Group 2: Consider business strategy as a special kind of plan Capstone Project Report Group 10.Gamba01.X0210 Page 10 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration + Deploy applications on the chip card platform to develop multi-functional card product with many features in addition to the basic features as cash withdrawal and payment for goods and services + Expand POS network for local card, focus on field of shopping, health, education, electricity, water, telecommunications, petroleum, or toll - Remittance services + Search for cooperation with other local remittance companies to deploy overseas remittance services to customers door + Search for cooperation with labor export companies to implement programs to attract workers to transfer money to Vietnam via Vietcombank - Build friendly payment and money transfer services + Ensure safety and optimal security + Instant transaction-processing time + Simple, easy to understand easy to remember for transaction manipulation + Ability of consultant support service 24x7 3.3.2.5 Other services and products Privale banking, investment trust services, investment consultant service , financial advisory service, asset management and other non-financial services + Defined as premium services, designed specifically for particular groups of customers + Targeted locations: Hanoi, Ho Chi Minh and other largest city + Aim to linked products with partners such as VCBS, VCBF, VCL - New value added services such as bancassurance, leasing safes…at its eligible branches on demand 3.3.3 Solutions on customers 3.3.3.1 Target customers Capstone Project Report Group 10.Gamba01.X0210 Page 75 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration Major customers that Vietcombank aims at expanding and maintaining in next 05 years are identified and classified into the following basic groups: - VIP customers are those who have major assets, high income and are willing to pay to use the excellent services - Intellectual customers are staff of the state or government agencies, and corporations, companies, corporations, businesses and organizations with foreign elements - Middle-class customers are those who live and work in high or more level urban areas 3.3.3.2 Customer development Based on identification of target customer groups, Vietcombank should apply uniformly solutions in order to find and develop new customers: - Promote thoroughly customer identification systems, focuse on existing customers to offer new products - Coordinate with wholesale banks and investment banks to seek and expand customers, offer product for sales - Use agent companies to search and develop new clients with appropriate management and supervision solutions - Partner with other major big businesses and partners (the telcos, airlines, electricity, post office, etc ) to access to their available customer system - Using marketing methods (direct meetings, phone calls offering their products) to offer and attract customers 3.3.3.3 Customer management and care - Develop CRM system to manage, classify, monitor and exploit information of individual customers in order to meet design requirements and to sell products and services and other management requirements Capstone Project Report Group 10.Gamba01.X0210 Page 76 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcô~ e/11~ Global Advanced Master of Business Administration - Organize customer support (Help Desk /Customer Services) at branches and transaction offices to assist and advise customers as well as gather information and feedback from customers - Use Web page and VCC as the two main channels in recording comments and explanation, consultation satisfying customer’s questions - Extend time for customer service (staff alternating each other through lunch, working on Saturday to facilitate customers who not have time to transactions during working hours, improving the competitiveness of Vieteombank compared with other commercial banks Transaction time policy needs to be uniform in the same locality and in accordance with actual needs and conditions in that area s- Continue to apply "Customer service standard" in the whole system, periodically review and evaluate for each staff - Organize regularly customer care program:  VIP customers on Lunar New Year and birthday  Close customers: On the occasion of years or 10 consecutive year transaction with Vietcombank  Mass customerss: New Year, the anniversary of Vietcombank establishment, Vietnam women’ day 3.3.4 Solution on distribution channel 3.3.4.1 Expand traditional network of distribution channel For customers, the attractiveness of interest rates among banks is similar, the most important selected decisions dealing with a bank that is not convenience of network transactions which is the belief of that bank Therefore, the bank's reputation and financial situation are better, transparency is crucial to choose a bank transaction Vietcombank's transaction network is limited compared to some other banks, but strong competition's price is prestigious brand and a good financial situation Vietcombank takes advantage of this to overcome weaknesses of the network Capstone Project Report Group 10.Gamba01.X0210 Page 77 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration transaction Especially at present time, when banks were limited in ceiling interest rates, so the competition on interest rates is no longer During the world economic instability, domestic macro-economy is also difficult, restructuring the banking system is being mentioned more.Deposit insurance is to protect customers when the maximum payment rate is 50 million Customers of retail operations are very sensitive, so they choose banks as safer choice of convenient transaction Vietcombank also needs to keep abreast of development which is becoming multibanks, so that retail banking is one of the strategic objectives of Vietcombank So the operational model and network must operate differently from banks and not the same orientation Most of Commercial Banks in Vietnam chose to develop towards retail banks such as Techcombank, ACB, MBB, Sacombank so the banks will focus on network development activities for maximum personal customer Agriculture Bank (Agribank) has an active network and the largest number of employees, but the operational objectives of this bank are to serve agriculture and rural network thus extending the operation of Agribank and present how most district-level administrative units in the country The trend of modern retail bank in the world today is not to raise the transaction that they are trying to reduce, reducing the number of employees supported by systems modern information technology, instead banking system automatically reduces operating costs and more convenient for customers when customer service is 24/24 Only available in 35 provinces across the country, this is not good coverage of Vietcombank which developed network of branches and transaction offices is necessary Especially not only provincial branch operations Vietcombank needs to develop networks in all provinces But development of the number of transactions at any rate, anywhere coverage must be taken into account of performance and target customer group Because the cost to develop and maintain an active network will greatly affect on the business performance of banks Capstone Project Report Group 10.Gamba01.X0210 Page 78 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration So the solution for Vietcombank is continuing to develop the network to cover all provinces in the country but at an appropriate level and focus on client objectives and performance At the same time, promoting advantages of reputation, brand, good financial situation, combined with strengths in information technology to compete with other banks is strong network of active trading in the retail banking outlets - Review the channel network of current branches and transaction offices - Improve and reform quality of existing branches and transaction offices because this network is both supply of products and services an the Vietcombank face of showing the bank's position and reputation - Develop planning long-term network development in the orientation for prior areas and locations in each development period The establishment of branches and transaction offices should conform to the master plan and in accordance with actual conditions in each area, to avoid overlapping - Establish branches serving VIP customers in target areas 3.3.4.2 Develop a modern distribution channel system - Develop ATM system at appropriate level, aim to concentrate in ATM cluster at the convenient location and limit set machines separately - Focus resources on developing system to accept the card unit to take over the market - Expand rapidly mode of supply of retail products and services through electronic channels, to enable customers to make transaction anytime and anywhere - Develop VCC into a sales channel through forms: Voicechat, Emaii, YM, Skype 3.3.5 Solution on support policy 3.3.5.1 Restructure retail organization and management model The Vietcombank restructure based on block model with full functionality and duties of each department, each official in a scientific way and completing bank Capstone Project Report Group 10.Gamba01.X0210 Page 79 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration management model under international standard are currently an urgent need to improve Vietcombank’s competitiveness in situation of increasing market pressure The scale of Vietcombank retail operations has developed to a level that requires a change of operational management and organization model to better support development activities in the future Figure 3.1 Models restructuring organization and management of retail block Retail block Card center R&D department Retail group R&D department Customer service center - Sale - Customer service -Implement guarantee policy Marketing and Marketing and - Clue to receive sale sale requirement, complaints and management management contributive ideas of department department customers Actively deal with Risk management Network simple problems in and complaints management and its authority and function resolution development + Forward to other department department operational (CN,PGD) departments at head Issuing office to research an deparment deal with complex problems which are out of its authority + Synthesize Payment feedbacks form department customers on quality of services, products and forward to departments to Individualized formulate policies at and network head office to give development Capstone Project Report Groupresolutions 10.Gamba01.X0210 department (ATM, POS) Branches R &D department Marketing and sale management department Network management and development department (CN,PGD) Page 80 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration a At head office Organization model of retail block is expected to include Card Center, Retail group and customer service centre Retail banking includes departments: product research and development; Marketing and sales management; network management and development b At branches Organizational model of retail operations at branches complies with the principle: - Branches are identical in range of products and services deployed and in competence of issuing and deciding supply - Branches may be different on scale of operation Accordingly, depending on the large or small scale of each branch, of each area, organization model of retail operation at branch may as follows: + Large scale include: Department of retail banking management (Retail dept.), Division of services business of (Service dept.), Consumer Credit Department (Credit dept.) and card department (Card dept.) + Medium scale include; Retail dept, Service dept., Credit dept + Small includes: Retail dept, Service dept., - Establish Department of retail banking management at 100% branches in the system with functions: + Responsible for managing and developing customer list of branch, being key overall management and deployment point of retail operations at branch + A support unit for Head office to enforce policies on retail operations at branches Capstone Project Report Group 10.Gamba01.X0210 Page 81 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration - Organize Customer Support (Help Desk / customer Services) to deploy uniformly in all branches and transaction offices 3.3.5.2 Formulating effectiveness evaluation and measures on retail banking Because operation scale of retail banking is large, many of products and services are provided through many different channels, number of staff in retail banking is also very big, an assessment and measurement of performance effectiveness in each stage, of each section in retail operations is essential Gradually adopt solutions to assess performance: - According to each product or service - According to each supply channel - At each official, office or branch Depending on objective and strategy of each period will select some important retail targets to include performance assessment at branch as evaluating business salary of branch - Develop policies to encourage retail development 3.3.5.3 Enhance support of applied technology Due to decisive importance in creating differentated products and services, technology is identified as powerful tools to support management, business development of services and products, increase utility To achieve proposed objectives and solutions, it should focus on following issues: - Have a large and stable capital to continuously upgrade and invest in technology - Support implementation of operational reporting automatically, fully and promptly - Support implementation of measure for evaluating and measuring effectiveness of each section in retail operations - Enhance risk management in retail operations 3.3.5.4 Strengthen risk management in retail operations - Evaluate building process, policy of product and service Capstone Project Report Group 10.Gamba01.X0210 Page 82 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration - Monitor to detect operational risk in retail operations - Monitor level of risk and loss assessment of retail operations 3.3.5.5 Develop financial plan for retail operations - Develop financial plan for retail operation based on annual business plan 3.3.5.6 Develop and strengthen human resources and build corporate culture of Vietcombank Human source plays a very important role in retail operations Although the human resources of Vietcombank have strong knowledge but lack experience and skills and flinch from retail operations Therefore, the personnel selection, arrangement, training and evaluation must be done throughly and uniformly to change perception in whole system, create enthusiasm for officials and to change quality in retail operation a Recruit and arrange official apparatus - Develop clear and specific criteria for personnel in each position and recruit retail staff with criteria in accordance with requirements of each position - Rearrange the overall retail staff from head office to branches according to qualification criteria in compliance with job requirements in order to raise labor productivity and work efficiency; perform personal rotation to maintain creativity and strength and limit subjective manner in work - Have recruitment plan in preparing manager apparatus who are competent, has well-schooled vision and skills to undertake all tasks in development of retail up to high level - Plan to build strong sales team in both quantity and quality, those master products and services of Vietcombank and have professional sales and customer care skills b Training Training must be conducted regularly to update timely information on products, services and new policies However due to numerous retail staff, organization of mass Capstone Project Report Group 10.Gamba01.X0210 Page 83 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcô~ e/11~ Global Advanced Master of Business Administration and centralized training will be expensive and take much time Therefore, it depends on condition, specific situation and characteristics of training content to select appropriate training methods, including: - Centralized training for nuclear workers at branches, then branch itself will organize training for their staff - Emphasized training for some selected key branches toward certain unique products and services - Study and apply online training method: training content is updated on the intranet, staff at branches can research and online test - Design a forum for retail staff at the head and branches to exchange information and experience handling situations related to products, services and policies - Develop manual of retail banking services under electronic version, update information regularly to support sales staff c Assessment - Develop requirements and standardized criteria for retail staff at each position including requirements on profession, sales and customer care skills - Research and deploy a system by which customers can rate service quality right after making transaction - Maintain selected program "Gương mặt giao dịch viên tiêu biển hàng năm" (Annual typical trader) with reward and honor d Treatment - Apply a clear treatment regime, corresponding to work result and quality of each staff - Apply reward forms for retail staff with clear criteria and widely dissemination fairly, practically and attractively, reflecting recognition of Vietcombank for individual staff’s efforts e Build up Vietcombank’s culture Capstone Project Report Group 10.Gamba01.X0210 Page 84 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcô~ e/11~ Global Advanced Master of Business Administration - Strengthen coordination and cooperation among departments, divisions in performance of assigned tasks - Delete the dodgy, passive and arbitrary working manner existing in some department staff, particularly management staff Objective of "friendly bank" can not be achieved if culture of communication, behavior, cooperation and sharing to colleagues and and to customers does not change 3.3.5.7 Promote the marketing and communications for retail operations - Develop annually marketing and communication plan for retail operations - Diversify marketing methods according to each product and each customer group - Link media activity for activating new brand to marketing activity for retail banking services and products - Attach importance to apply indirect advertising method through the coordination and participation in social programs, gradually building an image of bank of community and for community - Organize client survey for measurement of service quality of Vietcombank, which has developed innovative solutions to improve service quality and development 3.3.6 Solutions to Strategic Partnership On 30/9/2011 Vietcombank signed note to sell 15% shares of Vietcombank for Mizuho Bank and Mizuho Bank was selected as only foreigner strategic partner of Vietcombank Mizuho Bank belongs to Mizuho Financial Group, is the second largest financial group in Japan and is one of the largest financial institutions in the world Mizuho Bank is a strong financial institution with total assets of nearly $ 1,000 billion and equity of USD 41 billion Mizuho Bank is mainly active in retail works with most modern information technology systems in the world will surely brings great benefits to the retail operations of Vietcombank Capstone Project Report Group 10.Gamba01.X0210 Page 85 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration Benefits from the sale of shares and signing a strategic partnership between Vietcombank and Mizuho Bank for Vietcombank's retail operations are: With the sale of 15% of VCB shares for Mizuho Bank, Vietcombank's financial situation is strengthened when additional capital is about USD 570 million equivalent to about 11,800 billion VND will help Vietcombank to have many favorable conditions for expansion of retail sales Their financial situation is good, backed by large financial institutions and leading reputation will help customers to peace of mind, believe in Vietcombank, particularly in the state of Vietnam's banking system is facing with many difficulties and many banks have weak financial situation are considering plans for dissolution or merging Mizuho Bank also participates in board of directors, executing Vietcombank which will helps Vietcombank to improve management, study management experience from leading financial institutions in the world, especially for retail sales Mizuho Bank will send experts to participate in training activities to help retail operations of Vietcombank quick access to the modern retail operations of the bank who goes ahead and experiences and the leading bank in retail banking activities In addition, Mizuho Bank is well-known banking systems of modern information technology, is the first bank in Japan to use VASCO's solution, a solution of the modern convenience Especially with electronic transactions, via internet, by telephone, ATM is considered absolutely safe for users and can say that the challenge for hightech crime This solution meets development requirements of the banking system in the future Vietcombank will be transferred and inherited this technology and are very helpful and great advantage to develop its retail banking activities Cooperation with Mizuho Bank is also the solution to compete with foreign banks who try to invade into the retail banking market in Vietnam when Vietcombank is supported in operational experience, technology, human and financial from Mizuho Bank Capstone Project Report Group 10.Gamba01.X0210 Page 86 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration CONCLUSION Instability of the global economics, finance and politics has not been ended Difficulties in production business are still ahead To be a specific enterprise which is sensitive to changes of external environment, requiring Vietcombank to have mission, Capstone Project Report Group 10.Gamba01.X0210 Page 87 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcô~ e/11~ Global Advanced Master of Business Administration capture all changes and give effective strategies to develop based on its strengths and limit weaknesses In order to get the target of “being one of the five best retail banks in Vietnam in 2015” requiring the whole apparachus of Vietcombank from board of directors to staff to really act right now together, following strategic target in each specific action Opportunies and threats are always together, increasing of competitive pressure in retail banking requires Vietocmbank to not delay and waste time If Vietcombank can not get its medium-term target for the period 2011 – 2015, long-term strategies of Vietcombak to become a large multifunction finance and banking group in the region in 2010 will not be successful The theme “Formulating strategy to develop retail banking operation at Joint Stock Commercial Bank for Foreign Trade of Vietnam in the period 2011-2015” with desiration of applying studied knowledge, contributing to the general development of Vietcombank Although formulating strategy for years of opearation is not a long term vision, due to limited time as well as limited vision and experience, our group would like to receive contribution and feedbacks to help our Capstone Project Report to be more complete GROUP10- GAMBA01.X0210 REFERENCE Analysis Report Vietcombank 5.2011 of Vietcapital Securities Annual Report of the Vietcombank in 2008; 2009; 2010 Fred R David (2006), Concepts of Strategic Management, Statistics Publishing House, Vietnam Michael E Porter (2010), Competitive Strategy, Youth Publishing House, Vietnam Capstone Project Report Group 10.Gamba01.X0210 Page 88 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master of Business Administration Philip Kotler (2011), Marketing 3.0, Synthesis publishers TP HCM, Vietnam The gioi, Thanh Liem & Huu Hai (2009), Strategic Management, Statistics Publishing House, Vietnam Website: http://www.gso.gov.vn Website: http://www.sbv.gov.vn Website: http://www.Vietcombank.com.vn 10 Website of the banks Capstone Project Report Group 10.Gamba01.X0210 Page 89 ... 2.1: Organisational structure of Vietcombank Capstone Project Report Group 10.Gamba01.X0210 Page 29 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master... Analyzing impact of macro environment on Vietcombank Capstone Project Report Group 10.Gamba01.X0210 Page 30 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced Master... diversify their products, Vietcombank also requires expanding Capstone Project Report Group 10.Gamba01.X0210 Page 46 CHƯƠNG TRÌNH ĐÀO TẠO THẠC SĨ QUẢN TRỊ KINH DOANH QUỐC TẾ q,đcơ~ e/11~ Global Advanced