Luận văn thạc sĩ quản trị kinh doanh quốc tế MBA (3)

COMMITTMENT The whole content of this subject has been studied and performed by our group We ourselves collected information and data issued by Sacombank and selected the most necessary information to finish this subject We guarantee that: Subject "IMPROVING THE COMPETITIVENESS OF SACOMBANK IN THE CONTEXT OF INTERNATIONALIZATION AND INTEGRATION" was not copied from any research papers We are absolutely responsible for our compliance to the law and Griggs University Hà Nội, November 21st 2009 TABLE OF CONTENTS Page COMMITTMENT TABLE OF CONTENTS LIST OF ABBREVIATIONS LIST OF TABLES LIST OF FIGURE INTRODUCTION CHAPTER I: COMPETITION IN BANKING INDUSTRY IN THE CONTEXT OF INTERNATIONALIZATION AND INTEGRATION 1.1 International integration in Banking 1.2 Competition in Banking 1.2.1 Products and product strategy of the Bank 1.2.2 Defining the competitors in banking 1.2.3 Strategic planning model of a bank to reach the goal in business 1.3 Competition in banking industry 1.3.1 Contents of banking product competition 1.3.1.1 Products and Services quality 1.3.1.2 Price competition 1.3.1.3 Competition by the distribution system 1.3.2 Competitiveness of the Commercial Bank 1.3.1.3 Financial capacity 1.3.2.2 Operational capacity 1.3.2.3 Management capacity 1.3.2.4 Information technology capacity 1.4 Vietnam’s commitments on international integration in Banking 1.4.1 Commitments on foreign exchange and payment 1.4.2 Commitments on policies of trade and services relating to the banking 1.5 Opportunities and challenges in international integration in Banking 1.5.1 Opportunities on international integration 1.5.2 Difficulties and challenges facing the banking system 1.6 Some lessons learned from developing countries in international integration in Banking 1.6.1 Common real situation of developing countries prior to international integration 1.6.2 Lessons learned from China 1.6.2.1 China’s commitments in Banking to enter WTO 1.6.2.2 The competition lesson in banking in China after entering WTO 1.6.2.3 Experience in reforming the banking system of China on international integration 1.7 Lessons for Vietnam during the Banking integration process 1.7.1 Real situation of Vietnamese commercial banks before WTO accession 1.7.1.1 Financial capacity of Vietnamese banks 1.7.1.2 Operational capacity of Vietnamese banks 8 9 11 12 14 14 14 14 15 15 15 15 15 16 16 16 17 18 20 22 23 23 24 24 25 27 28 28 28 29 1.7.1.3 Management capacity 1.7.1.4 Technological capacity 1.7.2 Lessons on competition in the process of international integration for Vietnamese Commercial Banks 1.7.3 Achievements after joining WTO CHAPTER II: THE REAL SITUATION OF BUSINESS OPERATIONS OF SACOMBANK ON VIETNAM’S ACCESSION TO WTO 2.1 General introduction on Sacombank 2.2 Strategic management of Sacombank 2.2.1 Vision 2.2.2 Mission 2.2.3 Objectives 2.2.4 Competition Analysis 2.2.5 Environment Analysis 2.2.5.1 Environment and conditions to Banking business in Vietnam (PEST analysis) 2.2.5.2 Sacombank and its internal factors (SWOT analysis) 2.2.6 Application 2.2.7 Control 2.3 Overview of the business situation in Sacombank 2.3.1 Organizational structure and management engine 2.3.1.1 Organizational structure 2.3.1.2 Management structure of Sacombank 2.3.1.3 Operation structure of Sacombank 2.3.2 Business results of Sacombank over the past years 2.4 Real situation of Sacombank business operation 2.4.1 General evaluation of Sacombank business operation 2.4.2 Competitiveness of Sacombank CHAPTER III: SOLUTIONS FOR IMPROVING COMPETITIVENESS OF SACOMBANK 3.1 Solutions for improving financial capability 3.1.1 Increasing capital scale 3.1.2 Improving the profitability indicators 3.1.3 Intensifying risk prevention 3.2 Solutions for strengthening operation capacity 3.2.1 Solutions of capital mobilization 3.2.2 Improving the credit quality 3.2.3 Solutions for develop services 3.3 Solutions for strengthening management and administration capacity 3.3.1 Continuing to restructure the engine 3.3.2 Policies of salary and talent attraction 3.4 Solutions to improve information technology capacity 3.5 Solutions for enhancing the prestige and trademark of Sacombank CONCLUSION LIST OF REFERENCES APPENDIX 31 31 32 33 37 37 39 39 39 40 40 43 43 44 48 49 50 50 50 51 51 52 53 53 57 80 80 80 80 81 85 85 86 86 90 90 90 92 93 94 95 97 LIST OF ABBREVIATIONS ASEAN Association of Southeast Asian Nations AFTA ASEAN Free Trade Association ADB Asian Development Bank APEC Asian - Pacific Economic Cooperation ATM Automatic Teller Machine CAR Capital Adequacy Ratio EU European Union GATS General Agreement on Trade in Services FBs Foreign Banks IMF International Monetary Fund JBs Join venture Banks JSBs Joint - Stock Banks NAFTA Northern Atlantic Free Trade Area NPLs None-Performing Loans ROE Return on Equity ROA Return on Asset SBV State Bank of Vietnam SOCBs State-Owned Commercial Banks WTO World Trade Organization WB World Bank LIST OF TABLES Page Table 1.1 Scale of chartered capital of some Commercial Banks in Asia 28 Table 1.2 ROE of Vietnamese Commercial Banks in the period 1998-2005 29 Table 1.3 Credit growth rate in Vietnam in the period 2000-2006 30 Table 1.4 Market share of the Group of Banks in Vietnam from 2004-2007 35 Table 1.5 Schedule for increasing chartered capital in 10 Vietnam biggest JSBs 36 Table 2.1 Result of some activities of Sacombank in the recent years 53 Table 2.2 Result of the survey program “Listen to our customers” 54 Table 2.3 Sacombank’s mobilization activities 56 Table 2.4 Sacombank’s credit activities 57 Table 2.5 Comparing the chartered capital with some Southeast Asia Banks 59 Table 2.6 Result of debt management of Sacombank in the recent years 62 Table 2.7 Comparing the debt management with other rivals in 2008 62 Table 2.8 Sacombank’s profit structure 65 Table 2.9 Sacombank’s cost structure 65 Table 2.10 Sacombank’s mobilization structure in the recent years 67 Table 2.11 Sacombank’s credit state in the recent years 68 Table 2.12 Sacombank’s credit growth rate in the recent years 69 Table 2.13 Geographical market distribution of Sacombank 71 Table 2.14 Geographical market distribution of ACB Table 2.15 Development of correspondent banks in the recent years 73 Table 2.16 Sacombank’s investment activities in the recent years 73 Table 2.17 Return from securities investment activities in the recent years 74 Table 2.18 Return from capital contribution activities in the recent years 75 Table 2.19 Structure of labor in the recent years 76 Table 2.20 Comparing the educational staff with other Rivals in 2008 78 72 LIST OF FIGURES Figure 2.1 Growth in owner equity of Sacombank in the recent years 58 Figure 2.2 ROE from 2002 to 2008 of Sacombank 63 Figure 2.3 ROE compares with other Rivals of Sacombank 64 Figure 2.4 ROA from 2002 to 2008 of Sacombank 64 Figure 2.5 ROA compares with other Rivals of Sacombank 65 Figure 2.6 Loans in terms 69 Figure 2.7 Loans in industries 70 Figure 2.8 Loans in economic sectors 70 Figure 2.9 Credit market shares of the Vietnamese Banks in 2008 72 INTRODUCTION International economic integration has become a trend of our age and is taking place vigorously in many fields, reflecting the objective indispensable tendency of an economy To catch up with the trend, Vietnam has actively taken part in the international integration process by entering ASEAN, joining ASEAN Free Trade Area (AFTA), signing Vietnam - America trade agreement, entering World Trade Organization (WTO), and participating in various international economic organizations as well as other agreements on bilateral trade relation promotion In the general context of the whole economy, how Vietnamese commercial banks (NHTM) will face challenges, take full advantage of opportunities and turn challenges into opportunities to avoid failures on their “home field” require the system of commercial banks to actively be aware of and prepared to take part in this integration and competition process It is possible to say that Banking is one of the extremely sensitive fields and its doors need to be opened nearly completely in accordance with commitments on accession to the World Trade Organization (WTO) Vietnam’s banking system is considered one of the key industries and needs to be restructured to improve its competitiveness To be active in the integration process, Vietnam needs to build a banking system, which is prestigious, competitive, highly effective, safe, and capable of better mobilization of capital resources in the society and investment expansion CHAPTER I BANKING COMPETITION IN THE CONTEXT OF INTERNATIONALIZATION 1.1 International integration in Banking International integration in Banking is the process in which the local system of commercial banks joins the regional and global Banking system This means a Vietnamese commercial bank can business abroad or foreign banks can completely business equally in Vietnam in accordance with Vietnamese laws Hence, along with the integration, banking operation in Vietnam may completely be affected or take full advantage of the trend of the banking system in the world and must follow market rules and international business principles at the same time The international economic integration process requires the government to remove, step by step, preferences for the local system of commercial banks and at the same time, to remove barriers against foreign banks when they business in Vietnam in order to approach equal competition between local banks and foreign banks Thus, the integration level in banking has a tight relation with the level of financial - monetary liberalization Financial liberalization means increased competition among financial institutions, together with the termination of legal discrimination among different activities Financial liberalization consists of liberalization of interest rate and exchange rate, elimination of capital subsidy through credit assignment, liberalization of activities of local and international finance - credit institutions on the basis of liberalization of current accounts and capital accounts International integration is an indispensable development trend of the world economy in the context that concepts of national border are increasingly unclear and the tendency of economic regionalization such as EU, NAFTA, ASEAN more and more becomes a united entity International integration brings about such positive effects as easier access to new markets, less tariff and legal barriers and easier access to technologies and funds for enterprises However, disadvantages will arise due to limitations in terms of awareness, human resource, technology, capital and prestige of developing countries, including Vietnam Accordingly, in order to deal with these disadvantages, developing countries often make commitments on their integration process 1.2 Competition in Banking 1.2.1 Products and product strategy of the Bank a Traditional services: Borrowing and lending Banks develop a lot of products and services for the market and they can meet a service scope, which covers almost all operation fields of the commercial bank and relevant financial services However, commercial banks will have their own ways to launch specific products and services to the market Banks specialize specific services in which they will make evident competition against their competitors However, there are some factors to be noted - Money can be borrowed with a fixed or changing interest rate - Loans can be guaranteed for each specific type of asset This is a fact usually used in lending in the field of transportation or construction - Unsecured loans: This is a common fact in case of specialized, preferred loans - Loans can be guaranteed - usually applied when the borrower is part of a group of companies Guarantee can be performed in various forms, package guarantee or partial guarantee of a project - Loans may consist of one kind of money or various kinds of money Risks that occur may be compensated or covered by the borrower - Loans are refunded as required or entrusted to the borrower under a certain term - Terms promised to refund loans may be: + Short-term or medium and long-term + Debt payment can be made by each term during the time or by lump-sum payment at the end of the borrowing time + Convenience in refund, the borrower makes a direct repayment at the bank or refunds by transfer In addition, banks can provide extra specialized lending services In order to make efforts to improve profitability by focusing on appropriate activities, commercial banks can offer lending in the following main fields: - Fixed asset lending (lending for purchasing fixed assets, capital construction) This usually combines many services; some services may make higher profit than other activities - Lending in the field of energy, like fixed assets, energy is a highly potential field, offering good opportunities for commercial banks which understand this field and can provide package or partial funds in a flexible and creative way - Mining, minerals, like energy and financial projects, these fields have the same application regulations in lending activity - Commercial credit funding, including market of customers and enterprises operating in the field of commerce - Project funding or lending construction investment projects - Leasing is the field which has grown strongly in recent years Leasing provides customers with a lower interest rate rather than one-time investment with very large capitals - Lending for activities in the stock market, intermediate market, joint-venture contribution lending, etc b Other services Apart from activities of capital mobilization and lending, commercial banks provide customers with special and profitable services - Payment services: + Local money transfer service: Check, letter of credit transfer, bank-to-bank transfer, direct debit, banking payment, etc + International money transfer service: Mail transfer, telegraphic transfer, check transfer, etc + Commercial credit service: Documentary credit, import-export credit 10 rates, exchange rates and fee in the permitted range on the basis of calculation of the whole final benefits which customers can bring when at the same time, using a variety of products and services of the bank - Develop and expand the agents banking system Actively diversify cooperation with large reputable banks in the world on the basis of comparative advantages of each bank, review and consolidate the network of existing banking agency, further develop the relationship with banks in countries where foreign trade activities of Vietnam began setting relationship such as the North American market, Europe, Africa, Asia, South America, Australia to expand international business and import and export business support, investment towards overseas of enterprises in Vietnam Understand the economic policy, foreign trade agreements, development projects to establish the agent banking system, serve for agreements and projects when implementing performance Besides, strict control over the activities of bank agents, if agents not have transactions arising in the long run should be temporarily closed to save costs b Card services development solution Although the card service has the boom in recent years, potential development for this market is very huge, Sacombank needs to actively work as follows: - Expanding additionally the network to accept cards to ensure that the cardholders can use their payment cards in all commercial centers, restaurants, supermarkets by a combination among the provider of banking services with other agencies, businesses, providing services organizations, consumed goods in society - Card acceptance network link among banks - Stabilize the payment technology system - Develop additionally utilities of card and types of new cards as link card - Propagate ads for population on the benefits of using the card - Establish customer support center - Implement the system of risk management in the card professional - To be able to keep the leading role in the service of ATM, the ATM system must be invested over a bigger scale, mainly develop by the automatically banking transaction system, rather than individual investment Developing branches system, transaction office/counter, ATM transaction, the places to accept cards shall be built on the prior 88 basis is the convenience Therefore, Sacombank is willing to spend high costs to get the best position Card activity of Sacombank in recent years has achieved relatively positive achievements but appears not to match with the development of Sacombank In the competitive environment on the card market, keeping the position in the market and develop it seems to be a very difficult task, requiring the synchronic efforts, coordination of the whole system To receive candid look at the factors and implement solutions to overcome the urgent issues today, with proper orientation, investment in Sacombank’s card services will actually be effective, card services will develop sustainably on the market, confirm Sacombank’s market share on the market c Solution on the development of modern distribution channels With the aim to become the leading retail bank in Vietnam, the development of modern, multi-utility distribution channels, is top priority to assert its own + Increase the effectiveness of self-service system (self-services) - ATM system with the ability to offer dozens of different services, can act on behalf of a bank branch with dozens of transactions + Bank through computer (PC Banking / Home Banking): from trend and the ability to popularize personal computers, Internet connectivity, which Sacombank should soon accelerate services to clients as set command, make payments, query information The use of the channels are safe, time saving for both customers and banks Internet is the effective distribution channel, which the retail banks around the world provide for their customers A typical example is the online savings accounts of HSBC has attracted over $ billion deposit in just first two months after deploying the online banking program in the U.S., the program has expanded HSBC activities to states in USA Currently HSBC was able to reach customers throughout the U.S., HSBC markets was previously not easy to access + Bank by telephone (Telephone Banking / Mobile Banking): With a booming trend of mobile subscribers today in the Vietnam market, this could be an effective and potential distribution channel that Sacombank needs to focus on - Diversification of products and services, regular technological innovation, increasing products and services, value added service 89 Banking services is one of the strengths of foreign banks; this is one big challenge for domestic banks Sacombank is one of the bank is considered as the best banking services, but the proportion of service income on total service is still low In the past time Sacombank also had several new products and services according to international standards, but if compared to other banking products and services around the world would still see a gap; thus strengthening banking products and service is a program that Sacombank must make regularly, alongside technological innovation Also based on the existing products and services, the Sacombank needs apply to more value-added services for the product Diversification of products identified as strength, is key point to develop personal banking services, Sacombank needs focus on products with high technology content, outstanding features compared to other products on the market to make a difference in the competition Be able to provide more products including new products through a diversification of distribution channels will help bank to use the optimum advantage in retail banking services brought in newly emerging markets like Vietnam 3.3 Solutions for strengthening management and administration capacity 3.3.1 Continuing to restructure the engine From the beginning in 2008, Sacombank has worked out the restructuring program with four main contents as follows: - Restructuring the apparatus; - Restructuring the legal framework; - Restructuring of business operations and - Restructuring the list of assets and financial structure With awareness in the context of the market including many difficulties, restructuring is an opportunity for Sacombank to see more clearly, the right choice of more balanced and uniform development strategy, creating fundamental change in the operations for the clients Since then, in 2008, Sacombank made fundamental restructuring of the machine from the Departments, Professional Rooms of Head Office to Branch, dealing three separate business functions, support and supervision; come into operation of regional Office; initially formed professional sales team piloted in 90 Transaction Center of Ho Chi Minh city In addition, Sacombank has issued regulations on functions, tasks and gradually improved the mechanism of operation 3.3.2 Policies of salary and talent attraction a Salary policy In fact, building a base system which properly evaluate the working effectiveness of each employee, thereby make appropriate salary is very difficult To pay proper wages under performance, managers must know the exact level of contribution, the influence of this work to the general public, the complexity of the work; need the expertise to accomplish the task To this, need to complete the description for different types of work at the bank Then, continue building criteria and specific grades to evaluate specific types of work For example at the stage of evaluating the complexity of the job description consists of four parts: identified, complex and very complex problems; difficulties Going further, each of the evaluation is divided into the different levels of evaluation, with different wage Detailed evaluation system will help form a race: when two people a job at the same time, which have higher ability will have the opportunity to increase supply, increase wages faster In addition, Sacombank should also pay attention to the bonuses and allowances Income from bonus is based on the results of completed work of each employee on the basis of these objectives have been established already If the bonus is a tool to motivate banks to encourage employees, the allowance is a tool for keeping the financial strategy of the bank Calculating the interest rate can pay by the job more difficult and increase funds to pay salaries for employees However, in order to create a team of professional human resource for bank they have to deserve because the people are invaluable assets of the business That is an investment rather than increase the cost of each enterprise in general and Sacombank in particular b Policies to attract talents The input factors of the commercial banks in particular and of an enterprise generally, including capital, technology and human resources However, the most important element is still the human resources "Human resource is the national virgin air” has implied the problem: "The man decides to mobilize and use capital is; the man at the center of the development and man are factors that make success So 91 owning a professional, dynamic, enthusiastic staff has held a half success Vietnam owns a young, enthusiastic and important, trained workforce all the way from domestic and abroad universities to attract workers but the way to attract these employees need paying attention by the corporate runners Competitive pressure to attract high quality personnel from competitors and foreign commercial banks, the employees want to work in a professional environment, dynamic, rewarding and income chance promotion is entirely legitimate Therefore, the policies system of human resources management of Sacombank must be built with the human style, paying attention to value and contribution of individuals in the course of their work In addition, Sacombank should focus on shaping character and constructing identical culture of Sacombank towards professional, fair and cooperation in order to create stability and psychological attachment to long-term employees There is a staff of dynamic, professional, knowledgeable; Sacombank can confidently cope with the evolutions of the local market and international as well as towards the development goals of the Sacombank 3.4 Solutions to improve information technology capacity IT revolution has a positive impact to most of economic and social areas IT has changed the conception of work, thinking of human Therefore, the IT application in the fields of economic activity has become an indispensable trend The shortest and most effective path to gain competitive advantage is the self-renewal that is important is technological innovation associated with IT use Although the existing technology platform is considered as modern compared to level in the country and be able to develop value-added products as CoreBanking systems, data storage center but implementation of IT in Sacombank is still a complex process, spending more time and costs for the bank So that Sacombank needs to: - Invest, upgrade and modernize the bank in both Head Office and its subsidiaries as a whole to ensure that the information connection and online interface networks building between the national branches to Head Office at the same time, ensure that Head Office is storage nerve center, information processing and system operations management, reducing the distance between the branches to facilitate the application of banking products and services and implement modern banking transactions remotely via Internet, phone 92 - Consolidate and develop new products based on modern technology including: personal account with the value-added services such as payroll, cards, statements, bills paid service for other investment products such as asset management, capital management focus; card link; products accumulated savings, savings insurance; the pledge loan products, develop new utilities the ATM - Strengthen training; standardize the IT level for the entire staffs of Sacombank This should be considered a work needs to be high priority because of its influence to the level of exploitation and management of information technology for the competitiveness of Sacombank Training must be seen as a process of regularly and continuously by the very rapid growth of IT Modern technology application for Sacombank helps improve management and ensures safe operations, reduce management costs, reduce price and improve product competitiveness So can say the foundation of modern information technology is the key not only to make Sacombank assert its position, its role is to provide banking services in Vietnam, but also help Sacombank more confident when participating in the process of economic integration of the region and the world 3.5 The Solutions for enhancing the prestige and trademark of Sacombank Reputation and trademark decide the success of a bank remarkably Sacombank may be viewed as a leading bank trademark in Vietnam but the ads on the market have not still been available See the words to make marketing of the world's largest bank as HSBC: "HSBC The world's local bank " or the marketing of CITI bank "The CITI never sleeps " The marketing so come deeply into human generations in the world and when asked to broadcast these words, people immediately think of and perceive who are they So, Sacombank is necessary to build its own advertising when people mention that it is Sacombank Reputation not only be expressed through the broadcasted words, it is summarized through a business process from its birth until now Therefore, to maintain and constantly enhance its reputation, Sacombank must prove: - Sacombank is always one of the leading banks in Vietnam - Assets of clients are always guaranteed and developed in the best way by Sacombank - Services of Sacombank always bring optimal benefits to customers 93 - Sacombank’s employees who are always friendly and leading financial experts 94 CONCLUSION Integration process into the WTO goes strongly in all areas of Vietnam in which integration process in the Bank is and will be a big challenge for commercial banks in Vietnam It can be said that the Vietnam's accession into WTO on November 7th, 2006 opened a new chapter for the banking business operation in Vietnam Many opportunities were created but many challenges are awaiting the Vietnam commercial banks ahead Sacombank is a leading bank in Vietnam, but if compared with other banks in the region, still only a small capital bank, low technology and experience However, to survive and grow in competitive conditions as a result, Vietnam commercial banks in general and Sacombank in particular need to develop strategies to proceed promptly with the integration process The subject "Improving the competitiveness of the Sacombank in the context of internationalization and integration" has been analyzed and evaluated quite full on the existing competitiveness capacity situation of Sacombank through indicators reflect: the capital, and performance business activities of banking services, technology, human resources and organizational network system Topics also mention achievements and especially the existence, restrictions that are affecting to the competitiveness capacity of Sacombank In which, notably there are three issues: limited financial capacity, performance capacity limitations and human resources limitations Therefore, the topic was put out solutions to improve the competitiveness of Sacombank, which focuses on five major solutions following: capital solutions, solutions of banking services development and solutions of technology, human resources solutions and solutions for improving the image and reputation of Sacombank Although there have been several efforts made in the subjects study, but the competitiveness of Vietnam commercial banks in general and Sacombank in particular in the process of WTO accession is still a relatively new problem, therefore the subject unavoidable certain restrictions, we look forward to receiving the comments of those interested to this topic can continue to be improved and more meaningful in practice 95 LIST OF REFERENCES Vietnamese E Wayne Nafiger, Economics of developing countries (Vietnamese translation), Statistic Publisher (1998) Edward W Reed, Ph.D Edward K Gill, Ph.D, Commercial Bank (Vietnamese translation), Ho Chi Minh City Publisher (1993) Nguyễn Văn Giàu Phd, Reforming and opening the banking services, Banking magazine No3/2008 Nguyễn Trọng Tài Phd, Competition among commercial banks reviewed from theoretical and practical aspects in Vietnam, Banking magazine No3/2008 Nguyễn Đình Tự Prof, Phd, Vietnam banking industry after year entering WTO, Banking magazine No1/2008 Vietstock (2007), Vietnam commitment in the banking section to enter WTO Sacombank, Annual Report 2006, 2007, 2008 Sacombank, The announcement “Selling equity to public” (2009) Vietcombank, Annual Report 2008 10 Vietcombank, The announcement “Selling equity to public” (2009) 11 ACB, Annual Report 2008 12 AgriBank), BIDV, VietinBank, Annual Report 2008 13 Minh An (2005), Banking development strategy of China 14 Trần Phương Minh (2004), Reforming the China banking system, “late than nevertheless”, (Translate from CNN/Money) 96 97 English Edward I Altman and Anthony Saunders, (1997), “Credit Risk Measurement: Developments over the Last Twenty Years,” Journal of Banking and Finance (20th Anniversary Issues) Anthony Saunders and Linda Allen (2002) “Credit Risk Measurement: New approaches to Value at Risk and Other Paradigms” 2nd Edition, Published by John Wiley & Son, Inc, New York Michael E Porter : “The competitive advantage of nations”, The Free Press (1990) Fitch Ratings, Vietnamese Bank: “Focus on Asset Quality: Three stress Scenarios” Feb, 2009 IMF, Country Report No 09/110 - April 2009 Standard & Poor’s Credit rating Moody’s Ratings 98 APPENDIX APPENDIX 99 APPENDIX 100 APPENDIX 101 APPENDIX 102 ... Sacombank 2.3.1.3 Operation structure of Sacombank 2.3.2 Business results of Sacombank over the past years 2.4 Real situation of Sacombank business operation 2.4.1 General evaluation of Sacombank... of Sacombank in the recent years 58 Figure 2.2 ROE from 2002 to 2008 of Sacombank 63 Figure 2.3 ROE compares with other Rivals of Sacombank 64 Figure 2.4 ROA from 2002 to 2008 of Sacombank 64... Vietcombank., JST Bank for Investment and Development of Vietnam (BIDV) VIB Bank Asia Commercial Bank JST Sacombank., JST 20 10 11 12 120 140 199 201 268 Techcombank., JST Southern Bank., JST EximBank.,