Luận văn thạc sĩ quản trị kinh doanh quốc tế MBA (271)

CAPSTONE PROJECT REPORT DEVELOPING BUSINESS STRATEGY FOR TRANG AN SECURITIES JSC IN THE PERIOD OF 2012 - 2017 Ngo Giao Hai Duong Manh Hung Nguyen Thi Thanh Huyen Nguyen Minh Quang Class: GaMBA.X0710 H A N O I 1 ACKNOWLEDGEMENT First of all, the Group No.9 - GaMBA.X0710 would like to express our sincere thanks for the Master of Business Administration Program, the Affiliate Programs between Griggs University, USA and Center for Education Technology and Career Development, Vietnam University Hanoi for organize MBA course in Vietnam and facilitating our Capstone Project Report Secondly, we would like to express our sincere thanks to the Leaders and staffs of Trang An Securities JSC - who have fully supported our team in providing valuable input information for this Capstone Project Report Last but not least, let our thanks go to our families whose encouragement has helped us complete the course without having any difficulties We have tried to complete the assignment in the best way using our best knowledge and ability However, the shortcomings are inevitable We wish to receive valuable comments from teachers and colleagues MỤC LỤC LIST OF ABBREVIATIONS APS: APEC securities joint stock company AVC: Au Viet securities joint stock company EFE: External Factor Evaluation GDP: Gross Domestic Product HRM: Human resource management IFE: Internal Factor Evaluation MIS : management information system PEST: Political - Economics - Socio-culture - Technological R&D: Research & develop SWOT: Strengths, Weaknesses, Opportunities, Threats SSC: Sao Viet securities joint stock company QSPM: Quantitative Strategic Planning Matrix TAS: Trang An securities joint stock company JSC: Joint stock company LIST OF TABLES Table 1.1 Example of External Factor Evaluation Table 1.2 Example of IFE matrix Table 1.3: QSPM Model Table 2.1: Some major contracts have been implemented by TAS Table 2.2: The business result of Trang An securities JSC from 2008 to 2010 Table 2.3 Five-force analysis model Table 2.4 SWOT analysis of competitors Table 2.5: Compare some criteria in business TAS against rivals Table 2.6: External Factor Evaluation matrix Table 2.7: Evaluation of internal factors matrix Table 2.8: SWOT matrix of TAS Table 3.1: Some financial ratios Table 3.2: The quantitative strategic planning matrix for optimal strategy selection LIST OF FIGURES Figure:1.1: Process of strategic management Figure 1.2: PEST model in macro-environment analysis Figure 1.3 Five-force model of M Porter Figure: 2.1: Organizational Chart of TAS Figure: 2.2: The GDP Growth of Vietnam from 2007 to present and Forecast for 2012 Figure: 2.3: Inflation of Vietnam in period of 2000-2010 Figure: 2.4: Employee’s qualification of TAS Figure:3.1: Market share of securities of brokers Vietnam 2010 INTRODUCTION I The necessity and meaning of the research topic The world economy has been in more stable phase after economic crisis and is having significant development Together with general development trend of the world economy, Vietnam is gradually marking position in global economy With the open economy, demand on capital in regard to enterprises increases and become diversified Securities market, by means of a part of market It is useful took to solve demand on capital However, the ups and downs of market in 2010 and first half of 2011 have made some securities companies recognize efficiency and adjust their trading activities As a new company, the Trang An Securities JSC has to face more competition not only the domestic companies but also foreign firms with strong finance because the growing number of competitors will reduce the TAS's market share Coming from above problems, our groups realized the particularly important role of building strategy for existence and development of a securities company Therefore, the group decided to select topic “Developing business strategy for Trang An Securities Joint Stock Company in the period of 2012 - 2017" with the desire to apply the our knowledge to contribute to the sustainable development of the Company in the current situation II Researching objectives - To systematize basic knowledge and theory of strategic management and strategy building - To initially approach to actual operations of securities company in particular and Vietnam securities market in general and building a new business strategy for company - To propose some solution strategies for the TAS during the period 2012 - 2017 III Subject and scope of the research - Subject: Analysis on the business environment of Trang An Securities Joint Stock Company helps us build the business strategies for the Corporation during 2012-2017 - Scope of the research: Trading activities of Trang An Securities Joint Stock Company, Vietnam securities market and some factors in currency market IV Research methodology Primary data source used is the prospectus, annual report of the company, the other companies in the industry and the data on public companies in the market From In addition to that, analysis and synthesis of data, logical thinking, deductively etc are also the methods used to complete the capstone project V Structure of the research topic Chapter 1: Literature review of strategy and strategic management Chapter 2: The real situation of business activities of Trang An Securities joint stock company Chapter 3: Proposal of business strategies and implementation solution for Trang An securities JSC in the period of 2012 – 2017 CHAPTER LITERATURE REVIEW OF STRATEGY AND STRATEGIC MANAGEMENT 1.1 The concepts of development strategy 1.1.1 Concepts about strategy From the past up to now, there are many views on the strategy For example, as is the view of Alain Threlart, ME Porter, G Arlleret, D Bizrell But they all revolve around the internal affairs such as: "Strategy is the art" or "strategy is a special plan" or "the strategy is a plan, just as art" According to the school of Harvard Business University (1965): “Strategy is system of goals, targets stated under the form of sectors/business activities that the company wants to, entry, size, position that the company wants to achieve and basic policies as well as plans to implement predetermined targets” According Michael Porter: “Strategy is the creation of unique and valuable position including differentiation, exchanged selection to focus on resources; from that it brings advantages for organization” From above definition, we can see that strategy relates to long term and basic goals of an enterprise Nevertheless, building and selecting the strategy oriented goals are not enough; strategy must be defined as matching to vision, mission of organization and methods as well as means to reach those goals the most effectively If applicable, it promotes strengths, overcomes weaknesses, makes use of opportunities and mitigates threats from external environment Thus, we can define strategy in general as following: “Strategy is a series of complex activities to mobilize resources of organization and gain certain objective.” 1.1.2 The concept of strategic management: - Strategic management is the process of researching, analyzing the external and internal environment of a company in the current and future period; defining the company’s objectives; planning, implementing and evaluating the strategy to effectively utilize the resources and reach the desired goals - The process of strategic management: Figure:1.1: Process of strategic management 1.1.3 The role of business strategy The role of business strategy in enterprise is demonstrated through following issues: - Business strategy helps enterprise define their orientation in each specific period of time It is guideline for all production and trading activities of enterprise - Business strategy helps enterprise catch and make use of opportunities, promote strengths and have initiatives to overcome weaknesses, avoid or respond to mitigate damages from external threats in competitive market - Business strategy has significant contribution to the effect of using resources, promotes position of enterprise and ensures the continuous as well as sustainable development - Business strategy creates solid foundation for enterprise to make decisions in accordance with displacement of market It also creates solid foundation for research and deployment, development investment, human resource training, market expansion and product development 1.2 Process of building business strategy 1.2.1 Defining the business’s vision and mission Vision: Strategic vision demonstrates the highest and the most general desires and wishes that organization wants to achieve We also consider vision as routine of enterprise in which it shows the destination in the future and the way enterprise will follow to reach that destination Or in other words, strategic vision is to draw a picture of destination together with reasons and means to Defining and stating vision have particularly important role since it gathers expectations of all members in enterprise and encourages them making efforts to gain goals, career and noble ideas Mission: Mission or function is a statement having long term value in objective and distinguishes this company to others Such statements are also called as business philosophy, business principles and belief of the company According to Drucker, the business mission statement gives answer to the question “What is our business operation?” “What would we and how would we to reach the vision statement?” Core thinking Core thinking defines long term features of an organization It is consistent definition over life cycle of product or market, technological breakthrough, ways of administration and leaders In fact, core thinking creates the most important and stable contributions for success in a company with further vision Core thinking is basic and sustainable regulations, principles of organization Core values not need to external defense They have value and important within organization A company must determine value as a core that is dependent on current environment, competitive environment and administration methods In order to recognize core value, we need to sort the honesty and define the central one 1.2.2 Analyzing external environment External environment includes factors, forces and regulations happening out of enterprise Enterprise cannot control them but they have significant influences to efficiency and operation of enterprise Recognizing and assessing opportunities and threats from external environment led enterprise define their mission and functions correctly and obviously Furthermore, enterprise can build strategies and reach long term target as well as policies to reach annual targets External environment contains: 10 for enterprises as well as valuable investment demand of strategic investors (Strategy 4: The differentiation strategy) (S2-3,O2) Promote activities of introducing image of enterprise to attract investors (Strategy 5: Provide the services to arrange capital that meet capital demand) The combination of strengths, weaknesses, opportunities and threats has given out business strategies for TAS Based on the objective of TAS as becoming a security company at high ranking in Vietnam, we can select one of major strategies as below: - Strategy 1: The low-cost strategy in order to improve the competition and opening the market - Strategy 2: Provide the services to arrange capital that meet capital demand for enterprises as well as valuable investment demand of strategic investors 3.2.2 Selection of priority strategy All strategic solutions have shown the necessary measures of the TAS The optimal choice is carrying out all the strategies However, with limited resources, we need to prioritize strategies in the most orderly, effective and scientific way From time to time, we will continue to evaluate and come up with other strategies to implement In the framework of the research, we use the QSPM matrix to select a optimal strategy from the above two strategies The application model QSPM be made on the basis of expert opinion for scoring Table 3.2: The quantitative strategic planning matrix for optimal strategy selection SELECTION THE BEST STRATEGY KEY FACTORS strateg Weig y ht A TA S S strategy strategy A A TA TAS S S S strategy strategy A S TAS A TAS S 0.8 Strengths Development strategy matches to development orientation of Vietnam’s securities market 0.1 0.3 0.3 0.4 67 0.3 With wide network of organization and individual investor Rather strong trademark in securities area 0.1 0.3 0.2 0.2 0.2 0.3 0.05 0.2 0.15 0.1 0.1 0.15 0.06 0.2 0.12 0.2 0.2 0.18 0.05 0.2 0.1 0.15 0.05 0.2 0.1 0.15 0.05 0.2 0.1 0.15 0.05 0.2 0.1 0.1 0.05 0.2 0.05 0.2 0.2 0.15 The expansion and development of branches are too quick; 0.05 0.2 0.1 0.0 0.05 0.15 Operational cost of TAS is too much with high revenue and low profits 0.05 0.2 0.05 0.15 Demand on mobilizing capital for economy coming time will increase 0.04 0.1 0.08 0.12 Securities market is gradually developed in sustainable direction and becomes the effective capital mobilizing channel in regard to many companies 0.06 0.2 0.12 0.18 The program of capitalizing state owned companies has been promoting and conducting quickly 0.07 0.2 0.14 0.21 Stable and strong financial capacity Be implemented and have capacity to implement all professions in securities trading field Operational mechanism has significant changes and creates motivation as well as incentive for development Modern information technology foundation 0.3 0.3 Weaknesses The personnel has high quality, it is not stable in number Risk management in securities area is not good Opportunities Market for services of securities market has relatively high growth rate 0.0 2 0.08 0.06 0.2 68 Threats Strong competition Securities market has too quick development in short term, therefore, it will have extraordinary splacements because of influences from many factors The management mechanism for securities market has been not closed and completed It loses belief of investors and has not created attractiveness with respect to foreign investors Knowledge of enterprises and investors in financial and investment products and services is quite limited Belief of investors to securities market and securities companies is not positive Total 0.09 0.2 0.09 0.04 0.1 0.04 0.04 0.1 4 0.27 0.12 0.12 0 0 0 3.7 1.84 2.8 1.99 Strategy Key Factors Opportunities Demand on mobilizing capital for economy coming time will increase Securities market is gradually developed in sustainable direction and becomes the effective Weight (1) 0.1 0.1 0.1 Strategy (2) (3)=(1)*(2) (3) (4) (5)=(1)*(4) (5) 3 0.3 0.3 0.3 0.2 69 2.95 capital mobilizing channel in regard to many companies The program of capitalizing state owned companies has been promoting and conducting quickly Market for services of securities market has relatively high growth rate Threats Strong competition Securities market has too quick development in short term, therefore, it will have extraordinary displacements because of influences from many factors The management mechanism for securities market has been not closed and completed It loses belief of investors and has not created attractiveness with respect to foreign investors Knowledge of companies and investors in financial and investment products and services is quite limited Belief of investors to securities market and 0.09 0.27 0.18 0.1 0.4 0.2 0.09 0.27 0.27 0.07 0.14 0.14 0.14 0.08 0.14 0.02 - 0.07 0.02 70 securities companies is not positive Strengths - Fine leaders - Modern e-transaction - Products for personal financial services are diversified and flexible - With wide network of partners and clients Development strategy matches to development orientation of Vietnam’s securities market - Rather strong trademark in securities market - Stable and strong financial capacity Weaknesses - Personnel has high quality, it is not stable - Risk management in securities area is not good - The expansion and development of branches are too quick; however, operations management has not kept track on that development - Operational cost of TAS is too much with high revenue and low profit ‘-The research and development of new 0.12 - 0.48 0.24 0.15 0.45 0.15 0.1 0.3 0.2 0.1 0.3 0.2 0.1 0.2 0.3 0.1 0.2 0.3 0.12 0.24 0.24 0.05 0.05 0.1 71 products has not been focused Total 4.12 3.18 From the above results, it can be seen that strategy is appropriate for the TAS This strategy has highest score: “ The low-cost strategy in order to improve the competition and opening the market” 3.2.3 Solutions for implementing business strategy of TAS 3.2.3.1 Solutions on human resource Review and rearrange the organization structure of the Company and subsidiaries to take the full use of the capabilities of individual staffs, encouraging each member's contribution to the development of the company Recruit more to attract talented people, especially to avoid the brain drain from other companies Training and developing human resource Nowadays, in the competitive market, companies must pay much attention to the training of human resource to have the high qualified and strong staff Although most of officers of TAS are highly qualified, the demand of training new staff is always essential and urgent because the field of securities is always new and the demand of clients now is more and more diversified Thus, the skill improvement and specialized knowledge and new knowledge are getting more important The soft skills, in addition to the specialized knowledge, also need to be trained such as communication skills, negotiation skill and sales and so on It is said that they are important and necessary skills The company should build the plan to train professional staff and have steps to train the staff of business financial consultants who are expertise and excellently professional In access to international standards, training program must meet following requirements: Equip professional and deep knowledge about securities law and corporate finance The company is required to have training programs to foster and improve specialized knowledge on law, securities and corporate finance for employees In 72 particular, with operation of corporate finance advisory, managers must create favorable conditions for employees to be able to easier access to new legal documents Equip knowledge about skill and profession In order to implement orientation as leading company with advisory operation in particular as well as securities business in general, there is one decisive factor as capacity to use and make use of skills from employees In order to equip perfect knowledge and professional skills for employees, the company needs to pay attention to specific work with following cases: Communication skills: According to psychologists, 93% of success in communicating information is thanks to tone and voice, or the emphasis of the words used, or the speech speed and gestures And 90% of resistance from clients for information that is not effective is due to one reason that consultants not communicate clearly what are necessary and unnecessary Thus, they not establish a deep sympathy and trust for clients To improve this situation, the counselors who communicate directly with clients should pay much attention to the technique of communicating information and expressing ideals and contents to bring clients the best satisfaction These skills include: The concern of employees to clients: in working, employees have to recognize that: clients are the one deciding existence with respect to employees Therefore, employees should have suitable concern to clients In order to increase efficiency and take advantage in supplying services and products, employees must put clients on the top and revenue as second It is aimed at creating confidence and helping clients feel whether this is expected financial consultants or not Communication through telephone: There are many first communications between employee and customer through telephone This mean will highly appreciate the importance in voice of consultant for corporate finance Therefore, in the process of communication through telephone, in order to create good impression for another, dealers must pay attention to effective introduction, use intonation in voice, adjust speed with clearness 73 Create reliance and confidence: consultancy experts must understand communication methods making clients see cooperation and sympathy From that, clients will believe in consultancy experts Skills of searching clients: in order to attract clients and provide consultancy services for potential clients; the development of clients, ceaselessly looking for new clients have influences to success or failure of corporate finance advisory Although, TAS has professionalization in looking clients for employees, they must have incentives for employees in process of corporate finance consultancy They find another consultancy demands or seek for potential clients from the formers Therefore, good corporate finance advisor is not only good at doing paper work but also is active and initiatively look for new clients Training employees should not take place in a short term; it must be interested and organized frequently We have following solutions: To encourage staff to learn from each other to improve professions To organize training courses in short-term or long term In which managers, professional and senior experts will share, communicate experiences for subordinates and colleagues In addition, the company needs to invite professional speakers or lecturers about soft skills like communication, customer meeting and writing mail to advice clients To regularly organize "professional contest" to enable employees to learn and cultivate more professional skills Improve management work If the company has an excellent team of profession with dedication in working, we have to refer to significant contribution of management staff The managers will be the one creating incentives, instructing their subordinates An employee can only develop when he has good leaders Thus improving the management plays an important role in enhancement of employees’ quality Like the training of staff, the leaders themselves should also improve management skills, with the management measures in accordance with conditions and circumstances of each department Some specific measures are proposed as follows: 74 Assign tasks: need to have an effective management measure to encourage employees attempting such as planning detail description for each individual This work should be written in detail to avoid overlapping assignment Additionally, manager as well as employees take initiatives at work, are satisfied with such professional working style Strengthen supervision and inspection, encourage employees to work: The work of an employee in a securities company combines lots of skills with high pressure Therefore, to make work effective, managers should regularly encourage and create motivation for employees 3.2.3.2 Solutions on Marketing To meet the goal of expanding market share and enhancing prestige, TAS need to develop marketing plan for enforcement, promote marketing as well as develop a strategy to implement this activity well - Firstly: The company must identify the objectives of this activity, that goal must serve the overall goals of the company in the long term, specifically aim at potential clients, attracting more and more clients to the company - Secondly: The Company needs to conduct market segments: market segment can be understood as a group of investors react equally to a set of marketing stimulation That is, the segment is divided according to certain criteria, the overall market of large-scale with disagreed needs - Thirdly: The Company shall select target markets based on an analysis of the business environment The nature of the target market selection is to find potential clients that the company will cater to the specific service The selected target markets may be one or more market segments or the entire market - Fourthly: The Company must set out the action plan and estimate budget An action plan for the entire plan of the Company is the entire company's marketing plan ensuring that the plan will be implemented under the control and regulation of the marketing administrators In addition to planning marketing activities, it is required to promote the marketing activity through meetings or customer care services 75 - The marketing effort requires time and expensive cost Appropriate and scientific time arrangement is extremely important and staff is not expressed regret their effort to build relationships Furthermore, cost issue must also be economical and efficient Marketing method is just direct and indirect Must have help from senior levels, and management based on friendship It is important to create the beautiful image of the company, causing the sympathy from the other sides and keep the trust with every customer 3.2.3.3 Solutions on capital With respect to a financial institution in particular and a securities company in general, having a stable and rich source of capital is a huge advantage over other companies in the industry In 2011, TAS will continue to promote safe and effective capital management experience It is to maintain liquidity and ensure quick payment savings to investors Capital department will actively coordinate with the securities service one to support capital for investors with safe, less risk, flexible financial products as well as simple procedure At the same time, they will continue to improve product support investors with high profitability It preserves capital with flexible time limit, makes use of available capital to optimize earnings and increase the role of brokers 3.2.3.4 Solution for information technology Information technology more and more confirms the strategic role in development of financial banking area in general and securities companies in particular Regarding to securities companies, profession operations have been more and more diversified and complex Customers have desire to be supplied with high quality, competitive and in time service products Furthermore, they also require the suitable price and fee In order to reach these requirements, TAS puts information technology as strategic problem with priority for current development and feasible initiatives enforcement in the future - Maintain stable, security and safe technology infrastructure and meet demands of daily business activities: 76 A company operating in securities area as TAS, at present, possesses particularly information of customers It relates to personal information, exchange account information Furthermore, each loss about information will have certain influences to customers and their prestige Similarity, some incidents in exchange system operations also lead significant risk about finance for customers and the company In order to control happened risks, IT of TAS attempts to maintain stable, safe and security technology infrastructure with enforcement of synchronous methods 3.2.3.5: Saving costs: The ultimate goal for any company is making profits and sustainable development However, before creating corporate profits had to spend a lot of investment and expenses related to business activities Therefore, saving as much as costs, company’s profits will rise and owners to make their way toward their goals 3.2.3.5.1 Reducing the cost of normal business operations Keep costs at the industry average: Comparing financial ratios allows businesses to identify cost factors irrational than other firms in the industry Minimize these costs will help businesses increase their competitiveness Identify the most cost accounts occupy a lot:All expense items on the income statement must be examined to identify opportunities to reduce costs The first place to look for the amounts accounted for the highest percentage compared to sales - this is usually the cost of goods sold For example, if the cost of goods sold accounting for 50% of sales, decreased by 10% making the total cost will be 5% cost reduction This can be compared with some fixed costs of operations as interest expense, plant rent, depreciation costs, often accounting for 5-10% of sales If 10% of businesses reduce the cost of this clause, the total cost of only losing 1% So determining the most cost items will guide how to allocate time and resources on reducing costs so that the most effective Contract:If business activities based on contract, consider negotiating pay and time costs This technique helps improve cash flow of the business This also helps reduce the amount of cash to use in the business, thus helping reduce the cost of borrowing money to pay Rather than require payment when the contract is completed, please plan to pay by month or by week for each part of the work is completed Overhead costs: Reduce overhead expenses, such as rent studio equipment will help reduce business breakeven point (at which point revenue = cost) When the 77 breakeven point is reduced, the company can gain more profits sooner and more interest as more sales As sales increase, the profits are retained also larger One of the secrets to help manage overall costs is to keep these costs at reasonable levels compared to sales Renting equipment: Rental equipment is one way to reduce costs because companies only hire when required, or enterprises not need to use such devices regularly However, a drawback of the rent that equipment will not be included in the assets of the business and rental costs are usually more expensive than the cost if the business owners actually in a the same time as another Staff Training: The division of responsibilities consistent with the capacity of people with self-training within the organization, or encourage people themselves learning new skills is also a more cost-effective way 3.2.3.5.2 Reduce costs by organizational change Expanding: The expansion can cause constant fixed costs while the production of products for resale increased If businesses have to increase fixed costs to achieve increased sales, it is necessary to consider certain issues as compared to the rate of return or cost objectives of the business to decide what is reasonable in each phase Vertical diversification: Diversification is generally considered products is a choice business development and a cost-effective Usually the field is used to diversify should relate to current operations of the business 3.2.3.5.3 Reduce costs by managing the risks The risk is always standing in the business In a stable business, the risks must be controlled, but for a growing business, the risks can cross check These unforeseen events can cause additional costs, erosion of the company cash flow The following potential risks and solving methods will help reduce the impact to business operations Litigation: Litigation may be because the company did not comply with the law or be a party to sue Cost, time and effort dealing with these issues very intimidating The Company may seek to settle with the other If you not achieve the results the lawyer can be found, or hospital insurance for civil liability Risks for employees Insurance is a safe way to be compensated in case of work accidents or risk being unable to work The requirements for tax: Company should also am related insurance taxes to determine the tax cost and implement their obligations 78 CONCLUSION Because of limited time as well as resources, this capstone project is unavoidable to have certain shortcomings This assignment only focuses on researching and building business strategy of Trang An Securities Joint Stock Company in period of 2011-2015 Therefore, conducted conclusions are only applied for building and selecting strategies for TAS In order to apply these conclusions into different strategy forms, other enterprises must have additional researches The capstone “Developing business strategy for Trang An Securities Joint Stock Company in the period of 2012-2017” was researched and conducted with aims to persuade enterprise applying into reality Basing on documents and gained knowledge from programs, reality exchange with colleagues as well as enthusiastic instruction of lecturers, we finished this assignment Hopefully, this topic will help managers in company understand and make use of opportunities, mitigate risks in competitive market in following time It also has significant contribution to success of development mission and target in company up to 2017 79 REFERENCES Blocher and co-workers (2002), “Strategic Analysis and Strategic Cost Management”, FredR.David (2000), “Concepts about strategic management” (translation edition), Statistics Publishing Garry D.Smit, Danny R Arnold.( 2003), “Business Strategy and Method” (translation edition), Statistics Publishing Griggs University– The US, “Document on Strategic Management of GaMBA” Liam Fahey & Robert M.Randall – MBA in hand, “Strategic management”, Ho Chi Minh City General Publishing TAS (2010), “Annual report in 2010 of Trang An Securities Joint Stock Company” TAS, “Auditing financial report in 2009, 2010 of Trang An Securities Joint Stock Company” Website: http://www.saga.vn/Quantrichienluoc/16423.saga www.tas.com.vn 80 ...ACKNOWLEDGEMENT First of all, the Group No.9 - GaMBA.X0710 would like to express our sincere thanks for the Master of Business Administration Program,... and Center for Education Technology and Career Development, Vietnam University Hanoi for organize MBA course in Vietnam and facilitating our Capstone Project Report Secondly, we would like to express