Luận văn thạc sĩ quản trị kinh doanh quốc tế MBA (186)

GaMBA01.X02 – Strategic Management INTRODUCTION The importance of strategic management and the urgency of the subject Business strategy management is considered as the leading factor determining the survival and development of enterprises In another words, without subtle business strategy management, all the economic organization or a financial institution find it hard to survive and sustainably develop Thereby, it is obviously the core task of any business leader in the world As for strategic managers in Vietnam today, the implementation of business management strategic is of much more necessary task As we already know that, most of the Vietnamese enterprises’ scopes are small and medium rooting from the centrally planned economy In the context of global integration nowadays, they have been facing to competitive pressures from the market economy Although they are emerged the management and establishment strategic plans, most of the corporations are influenced from the everyday unplanned activities That there is no clear direction or no goals can harm the enterprises’ performance and in some cases it can cost their existence The strategic management helps the organizations, the enterprises clearly state their own targets, direction and appropriate methodologies to achieve the targets successfully Carrying out the strategic management includes the major following steps: Analyzing context; Drawing out the strategies; Implementing projects and evaluating and taking control over the situation It is necessary to fully carry out all of the steps above chronologically However, this record will only focus on drawing out the strategies which is considered as the backbone of the strategic management Purposes of the research Group 8: Business Strategy in period 2011 - 2015 of VICOSA GaMBA01.X02 – Strategic Management This record is written with the key purpose of collecting and reorganizing knowledge that has been provided in the program, especially the knowledge on strategic management That would be applied into the real context in order to build up the strategic plan via analyzing the in and out effects, deciding the opportunities and challenges, outcomes and shortcomings in the business environment, along with the companies’ directions and targets Objectives and the scope of the research With the above orientation together with finding in reality, our group chose Vinacomin Shipping Agency Joint Stock Company (VICOSA) as the object to the research As VICOSA is an independent subsidiary of Vietnam National CoalMineral Industries Holding Corporation Limited (VINACOMIN), which operates in marine service in QuangNinh province Our main scope of the research is to find out and analyze the VICOSA's business environment in marine service in QuangNinh province With the full and kind-hearted help from the leaders of VICOSA, we made up our mind to choose the topic "Drawing out the business strategy management in the period of 2011-2015 for Vinacomin Shipping Agency Joint Stock Company - VICOSA" as the topic reported Methodology of the research To successfully implement this research, we have used the following methods: - Data collection: News on domestic and global economy is collected through the internet, specialist magazines especially the magazines issued by the Vietnam National Coal-Mineral Industries Holding Corporation Limited (VINACOMIN); and the information and statistics are accumulated from the VICOSA's accounting Group 8: Business Strategy in period 2011 - 2015 of VICOSA GaMBA01.X02 – Strategic Management balance sheets, financial and annual reports - Methods of analyzing, generalizing and comparing: This report is written as the result of testing and applying knowledge into the real life of business The knowledge in GaMBA program, especially, the knowledge in Strategic Management and marketing lessons accompanied by the main tools using for analyzing statistics such as the samples of SWOT, PEST, and IE matrix are flexibly and creatively applied in the research Internal-external matrix is used in investigating the reality of marine service such as the features of market and the socio-economic in QuangNinh province That leads to the proposal of the business strategic plans for the period 2011 - 2015 of VICOSA The structure of the research In addition to the abstract, conclusion, the list of references, the annex, the table of content, this report is divided into main chapters: Chapter 1: Principal Theory on Strategic Management and Drawing out Business Strategy Chapter 2: Real Situation of Business Operations of Vinacomin Shipping Agency Joint Stock Company (VICOSA) Chapter 3: Drawing Out Business Strategy For VICOSA in Period 2011 - 2015 Abbreviations - VICOSA: Vinacomin Shipping Agency Joint Stock Company - VINACOMIN: Vietnam National Coal-Mineral Industries Holding Corporation Limited CHAPTER PRINCIPAL THEORY ON STRATEGIC MANAGEMENT AND DRAWING OUT BUSINESS STRATEGY Group 8: Business Strategy in period 2011 - 2015 of VICOSA GaMBA01.X02 – Strategic Management 1.1 Theory on business strategy management 1.1.1 Definition of strategy In terms of history, the definition of strategy dated back to the ancient Greece, which was engaged in the military science From then, the definition has been much more developed together with the social development Hence, there is various definition of strategy, which differs according to the point of view of each scholar In the book Strategy and Structure published in 1962, Alfred Chandler states that: "Strategy covers basic long-term aims of an organization, simultaneously deciding the way or the operation, allocating vital resources to accomplish these aims” In 1980, James Quinn gave another general definition of strategy like this: “the pattern or plan that integrates an organization's major goals, policies and action sequences into a cohesive whole A well-formed strategy helps to marshal and allocate an organization's resources into a unique and viable posture based on its relative internal competencies and shortcomings, anticipated changes in the environment and contingent moves by intelligent opponents" Strategy also determines and reveals the organizational purpose in terms of long-term objectives, action program to achieve the firm's goals 1.1.2 Business strategy A business strategy is common known as the plans, action programs to achieve specific goals The business strategy is clearly defined by various researchers Group 8: Business Strategy in period 2011 - 2015 of VICOSA GaMBA01.X02 – Strategic Management According to Fred R Dav: "Business strategies are means for approaching long-term aims They can cover geographical development, verifying activities, developing product, market penetration, cutting down on budget, liquidating merging" (Fred R David, Concept of Strategic Management, translating version, Thong Ke Publisher, 2006) Business strategy can be defined in a general way like this: "Business strategy is a series of agreement and activities that a company uses to obtain competitive advantages by exploiting resources, capacities in a same market in anticipation of future events." The above definition mentions a crucial element in stating the strategic plan, which is the central capacity The central capacity is understood as the resources, and abilities that the enterprise is much more outstanding than their competitors in the same market Once the central capacity is indicated, the business strategy would be directed wisely The business strategy is operated in common ways:  Determine the long-term goals  Draw up general action programs  Select action plans; allocate resources to accomplish these plans 1.1.3 Roles of strategic management  The role of orientation: The business strategy assists the enterprises recognize their own goals and directions and then help them figure out the suitable map and time to achieve the best results  The role of forecast: In the constantly- changing environment, risks and Group 8: Business Strategy in period 2011 - 2015 of VICOSA GaMBA01.X02 – Strategic Management chances are always intertwined Strategic management supports the leaders to analyze and give predication towards the anticipation of the future events and from then, they can prepare suitable strategies to deal with the real situation  The role of controlling: The business strategy also supports the managers allocate and maximize the resources in an optimal way to reach the targets 1.1.4 The purposes of the business strategies In such a dynamic and competitive business environment, that mapping out commerce plans is to make the position of a company outstanding in the relative relationship with its opponents Developing and carrying out a business strategy will help the firm to reach position in the market and tell it apart from other competitors 1.1.5 Categorizing strategies There are many forms of business strategies according to different criteria, however, there are two major forms consequently used such as organizing the strategies based on the level of control and the combination between product and market 1.1.5.1 Organizing the strategies based on the strategic management level Based on the strategic management level, the business strategy is divided into three major kinds:  Company-level strategy Company-level strategy clearly states goals, purposes and business activities that it catches up on From then, it can draw out policies and plans to obtain the goals, allocating its resources Company-level strategy is applied to the whole enterprises  Business-level strategy Group 8: Business Strategy in period 2011 - 2015 of VICOSA GaMBA01.X02 – Strategic Management Business-level strategy is made with the aim at choosing the product or specific market inside the company In the business-level strategy, it is necessary to state the way that one item needs to contribute to the company's achievements  Function – level strategy It is more focus on supporting the company's strategy and business scale in function-level strategy 1.1.5.2 Categorizing the strategies based on product and markets According to the combination of product and market, strategies can be sorted out in the following groups:  Strategy of combination In this kind, the company can follow a strategy of backward, forward and horizontal combination - Strategy of forward combination: It increases the power or possesses as for distributor or agents - Strategy of backward combination: It enhances power of possesses right as for providers, and it helps stabilize providing resources, taking control on input fees - Horizontal combination strategy: This strategy is used for taking control over opponents, which gather all resources, enlarging the action scale and improving competitive capacity  The intensive strategy group It includes tactic for market penetration, enlarging market strategy and developing product strategy - Market penetration strategy: Increasing the company's market on products and services at the current market Group 8: Business Strategy in period 2011 - 2015 of VICOSA GaMBA01.X02 – Strategic Management - Enlarging market strategy: Bringing the company's product to new markets - Developing product strategy: Introducing the advanced products to the market home  The strategy of expanding activities This kind of program includes verifying activities with the same goals, verifying activities horizontally and verifying activities in mixture - Verifying activities with the same goals: Introducing new kind of products involving the current ones - Verifying company activities horizontally: Bringing the present market new kinds of products - Verifying miscellaneous activities: Introducing new kinds of products that have never published in the market  The strategy of narrowing down the action scale Such kind of master plan is used in case the enterprises need to be changed due to unexpected impact of economic cycle or to avoid recession This group consists of such kind plans: - Joint venture strategy: One or more than one company associate with each other to chase a goal - The strategy of narrowing down the action scale: When the enterprises need to be restructured in order to remove some products or to its position - Liquidating strategy: Liquidating means some assets of the enterprise are sold off The firm has to admit failure and make endeavor to rescue what can be 1.1.6 Building up sales strategy process It is necessary for a company to undergo three major steps to build up a Group 8: Business Strategy in period 2011 - 2015 of VICOSA GaMBA01.X02 – Strategic Management commercial strategy: Step 1: Determining the main goals This is the first step of strategic management and building up business strategy The mandates and the major goals are considered the background to build up a plan It is necessary to clearly state out what is the meaning of the company’s existence for? The company set up the objectives to gain They can be the benefits, position, or the company's capacity Step 2: Analyzing the inner and outer environment This step is regarded as the most important one in the process of building up a strategy Whether a suitable and effective business strategy is applied at the right time depends much on how the inner and outer environment is analyzed The purpose of investigating the outer environment is to recognize and evaluate the trends and events that are out of company’s control, such as the national economic growth, inflation rate, rules and policies issued by the government, or the people's demand, etc Such kind of things bring both risks and chances and hence, having good vision as for the anticipation of the future events can help the leader draw up the suitable strategies to fully take advantages of the chances and minimize bad effect of the threats Meanwhile, analyzing the company's inner environment means recognizing and evaluating strong and weak points of all offices in the company, which includes the manager board, marketing, accounting, production and human resources Put the challenges and chances in the relative relationship and then figure out solutions Group 8: Business Strategy in period 2011 - 2015 of VICOSA GaMBA01.X02 – Strategic Management to deal with Step 3: Determining the suitable business strategy In this level, options are calculated and considered carefully to maximize strong points and minimize the weak points through techniques using for analyzing the strategies The solutions must be suitable and relative to the resources and capacity together with demand and condition that the company is operating 1.2 Fundamental argument about strategic analysis techniques In the process of building up a strategy, after clearly pointing out the goals, tasks of a company, the next crucial step is to give analysis on group of factors that impact on the enterprises, and using it as the background to develop the master plan for the company To obtain the exact result, it is necessary to use techniques in analysis the micro and macro group of effects In another word, strategic analysis techniques are tools and the basis to orientate and map out a business strategy 1.2.1 PEST sample The business environment outside the company is seen as micro or macro one; in another word, they are seen as the general or specific environment PEST sample is used to analyze macro-environment Macro-environment can directly or indirectly impact on business operation The level and characteristic effects are different and they are mainly out of control of the company According to PEST sample, the macro environment is included with politics, economics, socio-culture, technology These four factors have direct impact Group 8: Business Strategy in period 2011 - 2015 of VICOSA 10 GaMBA01.X02 – Strategic Management Opportunities - O Globalization Inflation tends to increase Stable politics Technology, strong technical development is a positive factor for business SO Strategies - Continue to invest in, promote stronger coal ship agency services, and maritime agency services - Promote strategic sourcing by customers and partners in the development of electronic commerce and information technology - Investment yards to the fleet and more professional in the coal ship agency services in general and in particular the ship operators to focus on the source Group 8: Business Strategy in period 2011 - 2015 of VICOSA 77 WO Strategies - Modern technology growth is a useful tool to strengthen marketing activities, product promotion and brand development - Maintaining a workforce with experience Special attention to learning in the organization, and recruit new staff with high qualifications, has desire to dedicating - Develop plans for senior personnel of the company as the core based on available resources GaMBA01.X02 – Strategic Management Threats - T - Vietnam joins the WTO Economic integration of deep and broad - Pressure from substitute products - State policies to reduce coal exports, focus of inland coal market - Legal systems are not synchronized, not made - Environment diverse, complex - The negative impact of natural factors - Density competitors, high level of competition - The pressure of customers on price and service quality ST Strategies On the one hand, to maintain its shipping agent position in the coal exporting market On the other hand, to promote investment in infrastructure and human resources to develop some other products and services, with particular focus on the exploitation of shipping business services, domestic and international transportation Strategy for improving the quality of products and services based on improving the qualifications of the workforce thereby improving the competitiveness of companies in the market Strategy to expand its business market, expanded product portfolio and business WT Strategies Maintaining the business of products and services inherent In short, avoid the exploitation of other services Rapidly improve the quality and quantity of direct labor operations Thereby improving the competitiveness of the company - Develop plans for senior personnel of the company as the core based on available resources Based on the VICOSA’s resources, combined with the opportunities and potential risks from external environment, SWOT matrix shows group of strategies that may be applied to the business development of VICOSA in the period from 2010 to 2015 However, we can not apply all the strategies from SWOT matrix but must base on business-orientation and the actual situation of VICOSA to consider the most appropriate strategy for the development of him Group 8: Business Strategy in period 2011 - 2015 of VICOSA 78 GaMBA01.X02 – Strategic Management 3.4.2 Selecting Strategic Building strategy is very important, but choosing an appropriate strategy is the more important Because it is a wrong strategic decision, it can affect the business performance of companies and even affect the survival of the business Through the SWOT matrix, we obtain the group's business strategy VICOSA as follows:  The S + O strategy (combination of strengths and opportunities) - Continue to invest, promote stronger coal ship agency services, and maritime agency services - Promote strategic looking for customers and partners in the development of electronic commerce and information technology - Invest in yards to the fleet and more professional in the coal ship agency services in general and in particular the ship operators to focus on the source * W + O strategies (combination of weaknesses and opportunities) - Enhance its marketing, product promotion and brand development through the development of the technological factors - Maintain a workforce with experience Special attention to learning in the organization, and recruit new staff with high qualifications, has desire to dedicating - Develop plans for senior personnel of the company as the core based on available resources  The S + T Strategy (combination of strengths and threats) - On the one hand, to maintain its shipping agent position in the coal exporting market On the other hand, to promote investment in infrastructure and human resources to develop some other products and services, with particular focus on the exploitation of shipping business services, domestic and international Group 8: Business Strategy in period 2011 - 2015 of VICOSA 79 GaMBA01.X02 – Strategic Management transportation - Strategy for improving the quality of products and services based on improving the qualifications of the workforce thereby improving the competitiveness of companies in the market - Strategies to expand the business market, expanding product portfolio and business * Team strategy W + T (combination of weaknesses and threats) - Maintain the business of products and services inherent In short, avoid the exploitation of other services - Quickly improve the quality and quantity of direct labor operations Thereby improve the competitiveness of the company - Develop plans for senior personnel of the company as the core based on available resources 3.4.3 Business strategy of Vicosa’s period 2011 – 2015 As we can see, in recent years, the service with the highest economic efficiency for VICOSA is exporting coal, and it has received great support from Vinacomin That is one important reason to take up VICOSA‘s positions leading ship agency services specifically for export coal ship agents However, when the government policy limits coal exports to focus on serving the domestic market, inevitably it will narrow the operation of services of VICOSA It encourages VICOSA to find new business, develop and market new products to maintain and develop business With a good foundation of a unit with many years of working in the field of maritime agents, based on the needs of the domestic market and international integration period, especially in freight demand will can be seen to rise, the ST group strategy which is specific strategies: On the one hand, to maintain its shipping agent position in the coal exporting market On the other hand, to Group 8: Business Strategy in period 2011 - 2015 of VICOSA 80 GaMBA01.X02 – Strategic Management promote investment in infrastructure and human resources to develop some other products and services, with particular focus on the exploitation of shipping business services, domestic and international transportation is the best conformity for VICOSA It is not only short-term strategy period 2011 - 2015 which can be considered as long-term strategic vision for further VICOSA 3.5 Some proposal solutions to implement strategy 3.5.1 Solutions to improve the internal strength  Human resources and labor organization Human factor is the most important for the development of maritime service business Maritime services need a large number of professional and high level of skill workers and requires direct employees as well as the leadership position to direct business activities to have deep understanding about maritime operations, foreign trade, good foreign language and good communication skills as ship agent services, maritime brokerage, logistics, commerce… In addition, there are services such as cargo handling, ship cleaning just needing general workers with short term training, which only requires good health and youth Essence of the matter is that the labor standards for the maritime sector must be suitable for each specific type of service, which can not have a common standard Even within the same type of service but labor standard may change over time, demand and production level, techniques for each period Currently, when other socio-economic conditions are relatively equal, extensive level of knowledge, industrial working style and diligent spirit are the key success for employees as well as business competitiveness On the other hand, customers’ requirement for quality is higher and higher, which requires workers and business owners also need to Group 8: Business Strategy in period 2011 - 2015 of VICOSA 81 GaMBA01.X02 – Strategic Management continuously improve the knowledge and advanced industrial working style Through above analysis of human factor on business operation in maritime services, the company needs solutions to human resource development according to compulsory criteria: - Labor recruitment: Fair and objective criteria are the most effective measure to get the true quality of labor The increasing demand of the market for quality workers, the rapid development of maritime services, the increasingly fierce competition are also factors for corporate manager to take more concerns about the role of strategy / recruitment, employment training, and also from which motivate the young generation of labor force learn and work passionately, because only then they can get stable jobs and high incomes - Job training: For young labor, although they are equipped with basic knowledge through formal training schools specialized in marine, foreign trade, foreign languages, once recruited into the business; they are still not qualified to work independently To enhance knowledge about professional business operation, workers must often be retrained through daily work, through practical situations occurring every day, especially through the ship agent and maritime brokering  Proposal strategic organization modal Group 8: Business Strategy in period 2011 - 2015 of VICOSA 82 GaMBA01.X02 – Strategic Management CHAIRMAN CONTROLLER BOARD DIRECTOR VICE-DIRECTORS HEAD ACCOUNTANT ADMINISRATIVE MANAGEMENT DEP EXPLOITATION – TRADE DEPARTMENT CAM PHA OFFICE HANOI OFFICE TECHNIQUE – MATERIAL DEP STAFF-LABOR ORGANIZATION DEP PLAN – INVESTMENT DEP FINANCE – ACCOUNTNG DEP HO CHI MINH OFFICE SERVICE PROVIDING DEP SHIP AGENT DEP DA NANG OFFICE (Chart 3.1) Restructuring businesses will form more functional department of ship transport management and exploitation Also, on the basis of its capacity, the company plans to set up representative offices in the big economic seaport centers such as Ho Chi Minh City, Da Nang to exploit maritime service with import / export products in and outside Vinacomin  Facility: Group 8: Business Strategy in period 2011 - 2015 of VICOSA 83 GaMBA01.X02 – Strategic Management For maritime agent services, although maritime brokerage does not require much capital, that does not mean no investment or expansive investment, but that it is a must to constantly improve the capacity for employees as well as conditions and working facilities needed as vehicles, communications systems and information technology For the transport sector, to exploit advantages of potential market of the Vinacomin, VICOSA needs to focus on investing and developing the fleet specialized in freight transport according to business objectives, associated with hiring outside means in short- term and long-term to exploit the maximum share of transporting products of the Vinacomin in which the major market share is coal for domestic consumption and partly for export (next is import coal) as well as other commodities  Capital mobilization and development Except for the development of ship exploitation business, the company needs to prepare the initial investment capital, with current capital the company are eligible for deep development in the ship agency business and maritime services However, to develop business oriented mining ship, the initial investment capital is not small: About 15 billion to a union barges of 1,800 tons DWT, about 130 billion for 01 ship of 7,000 tons DWT and when to form for the whole fleet from 3-5 ships, investment value will be great With development strategy as investment in period (gradually invest in each ship), VICOSA can be proactive on capital from the following sources: + Credit from banks: through survey and the Vinacomin’s guarantee, the bank lends the company 80-85% of the total value of the approved project Group 8: Business Strategy in period 2011 - 2015 of VICOSA 84 GaMBA01.X02 – Strategic Management + The remaining capital 15% will be invested by company development funds due to annual profit set aside and the capital depreciation of fixed assets annually If not enough, it can be mobilized by borrowing from the capital of the Viancomin Vinacomin Financial Company now functions to mobilize capital and lend to businesses within the Vinacomin from the preferential foreign capitals  Management Activity Management and leadership capacity depend mainly on the human factor The company now bases on its business demand to streamline its organization and plan to train qualified personnel to perform the tasks undertaken titles For example: Manage and direct ship agency services requires being knowledgeable about maritime operations, good at foreign language For the field of ship operation management, there are two main segments which are both independent and closely related to each other: They are the ship operation and management + Ship operation: Employment is crucial to whether to continue the business of transport services or not It is known that it takes a large amount of investment capital to organize the transport operations, the fact that ships not work any more means that business capital will be stagnant, moreover, fixed costs for ships will be high , What will take to offset the cost of paying even when ships not work So the organization of marketing activities, exploiting the market to expand market share and transport activities are the only way for the business + Ship management: Transport activities can bring very high revenue, but profit is very low, this means that if the ship management is not carried out effectively, it is likely to lead to loss In transport activities, the costs of: fuel, depreciation and repair costs often take up a large proportion, besides, the Group 8: Business Strategy in period 2011 - 2015 of VICOSA 85 GaMBA01.X02 – Strategic Management management is not simple at all Thus, the fleet management plays a very important role in determining the operation efficiency Strengthen the management to reduce costs to the lowest level and master the technical conditions of ship to ensure maximum its operation in the year 3.5.2 Market solution As the country has full integration into region and the world in theory, business services in general and maritime services in particular must work in a shared environment with equal conditions of the market However, support measures, incentives or protection of market share are just the internal elements within a nation, an economic group and their existence will not be long Being aware of that, the company needs a plan to develop marketing systems, market agents and maritime brokering about goods market for transport ships Firstly, aim at the domestic owner of export goods, after that take further steps in the international of broking system to find goods for ship to operate in any lines, any regions that bring high profits 3.5.3 Application of scientific equipment advances and computerization In the era of open market today, one of challenges we face is the application of the achievements in information technology to improve productivity and efficiency in the business management If we not know to apply the scientific and information technology achievements to improve service and business management from which to serve customers better, attract more customers, the company has to consider to upgrade and modernize equipment, apply information technology in management and operation service business Group 8: Business Strategy in period 2011 - 2015 of VICOSA 86 GaMBA01.X02 – Strategic Management Equipping and computerizing the whole operational process with computers and specialized software’s will support the timeliness and improve customer service, save costs and improve productivity 3.6 Some suggestions to implement the strategy 3.6.1 About business management organization VICOSA is taken up 51% of stakes by the Vinacomin representing for State’s capital VICOSA runs businesses under the business law, exercises the rights and obligations as prescribed by law, the Charter on organization and operation of the Vinacomin and its own VICOSA is the most synthetic enterprise which operates maritime services in the Vinacomin Maritime services in general and especially the ship agent services are specific types of services which have a large profit, the rate of profit over turnover are always stably from 25-28%, developing on the existence of import and export goods by sea Ship agency service is also a complementary service for ships coming to the port, effectively supporting the commercial activities of ships and goods owners at seaports In order to avoid being pinched by the organizations providing services outside the Vinacomin in the use of services to access port outside Vinacomin at the port specialized in import and export of the Vinacomin In short term and long term, Vinacomin needs to hold dominant shares of the company to hold the power in maritime services to both create revenue for the Vinacomin and facilitate the exploitation and port development for production and business activities of the Vinacomin's main products 3.6.2 Market and market share of ship agent services and other maritime services Group 8: Business Strategy in period 2011 - 2015 of VICOSA 87 GaMBA01.X02 – Strategic Management On the basis of commitment to cooperation agreements of the ASEAN countries on the marine services group in 2020 to support marine services, including ship agency services in Vietnam is approved, "Limit regulatory and market opening " Therefore, shipping agent service entirely for companies in Vietnam operate Accordingly, Vinacomin has proposed policies, measures and help VICOSA for market share of shipping agency services to coal import and export ships To maintain its market share of shipping agent service, VICOSA will have advantages in providing active service groups to access services using ports such as pilots, tugboats, stevedoring, ship repair, ship cleaning, oil supply, food and transformation crew services 3.6.3 Organize to exploit sea transportation While the amount of export coal reduces, which means revenues from ship agent services decreases It is requested that the group should support the company in business development of maritime transport services, partly to ensure the company’s revenue, on the other hand to increase transport capacity in the industry, to ensure eligibility and meet national and international transportation’s demand Besides, it is also requested that the Vinacomin should support the investment capital to promote investment in large ship from 7,000 to 30,000 tons DWT in order to gradually form and develop the sea fleet, opening up a new business field of Vinacomin on maritime services 3.6.4 Labor and salary policy Maritime service has specific characteristics of labor, the process of operation and commercial operation of the ship 24/24 hours, working time for ship agents, if continuous working time is counted, it is often 12-24 hours a day, including Sundays and holidays, plus working conditions as waterway areas It is Group 8: Business Strategy in period 2011 - 2015 of VICOSA 88 GaMBA01.X02 – Strategic Management not appropriate to compare with the labor law, but due to the nature and characteristics of work, a ship agent member must adhere to the operation of the ship to represent the captain to solve, arrange all the work of ship since the ship reaches the buoy number "0", lands the port to commerce and leave Therefore, salary policy for a labor of ship agent will also need to be appropriate and fit with his work’s nature, because revenue from marine services in general is formed from the services by the settlers’ accounting, for the maritime ship agent services, the income from charge of agents is paid by the ship-owners On the basis of ensuring the efficiency of business activities, it is requested that the Vinacomin should have specific regulations about salary and income for maritime labors -* CONCLUSION With major changes in the overall picture of the world economic situation and region, especially the policies of the State and Vinacomin on Economic Development Strategy 2011-2015 VICOSA business strategy during this period reflects a great idea and decides the success or failure of corporate governance Group 8: Business Strategy in period 2011 - 2015 of VICOSA 89 GaMBA01.X02 – Strategic Management work, and it has a great influence on the survival and development of the company's following phases Strategy including the market situation analysis, planning, implementing and supervising the implementation of measures to establish strengthening and maintaining relationships with customers Achieved goals have to increase competitiveness, profitability and constantly expanding business market for maritime service Basing on assessment of current market situation, it can be seen that a general trend of maritime service development is the fact that large and mediumscale business both expand their business scope to provide diverse services Because of the psychology of ship firms as well customers today is not to want to contact many companies to make the demand for various marine services, enterprises which can supply many kinds of services, will have more competitive advantages Therefore, enterprises must have a business strategy direction to pick the trends to arrange business and choose the form of business operation in order to maintain and develop their business activities In the process of world economic integration, ASEAN countries are gradually implementing the liberalization and commercialization of marine services and seeking to increase capacity and competitiveness in the region and the world For companies in the marine services business in Vinacomin in general and VICOSA in particular, in the direction of its business strategy to equally integrate and participate in business activities with other businesses in the region, besides the support policies of the Vinacomin, the subsidiaries themselves must grasp the opportunities of the transition period to quickly improve business operation efficiency Group 8: Business Strategy in period 2011 - 2015 of VICOSA 90 GaMBA01.X02 – Strategic Management With the above content of building a business strategy for Vinacomin Shipping Agency Joint Stock Company, on the theoretical basis of strategic management course, from the targets identified, with solutions and determination the company to implement, we can totally believe that the business strategy of VICOSA will bring economic benefits to the Vinacomin and its own Group 8: Business Strategy in period 2011 - 2015 of VICOSA 91 ... 2011 - 2015 of VICOSA 28 GaMBA01.X02 – Strategic Management (Chart 2.2) * Growth number of agent ships Group 8: Business Strategy in period 2011 - 2015 of VICOSA 29 GaMBA01.X02 – Strategic Management... accumulated from the VICOSA's accounting Group 8: Business Strategy in period 2011 - 2015 of VICOSA GaMBA01.X02 – Strategic Management balance sheets, financial and annual reports - Methods of analyzing,... the result of testing and applying knowledge into the real life of business The knowledge in GaMBA program, especially, the knowledge in Strategic Management and marketing lessons accompanied