Luận văn thạc sĩ quản trị kinh doanh quốc tế MBA (185)

PROJECT REPORT DEVELOPMENT STRATEGIES PETROVIETNAM INSURANCE FINANCE INVESTMENT JOINT STOCK COMPANY PERIOD 2011-2015 Member group: Le Tien Hung Le Thanh Hai Trinh Thi Men Nguyen Duc Tuong Hanoi, December 2010 Table of Contents I INTRODUCTION ON PVIF 31 Development history 31 Key business activities .31 Vision/mission and core values 32 3.1 Vision 32 3.2 Mission .32 3.3 Core values 32 Management Team 33 Organization structure 33 Business Operation situation from 2008 up to now .33 II DEVELOPING COMPANY STRATEGIES 36 Analysis and assessment of external environment 37 1.1.1 Economy 37 Table 2-2 Forecasted Vietnam economy development by 2015 38 1.1.4 Technology .40 1.2 Industry environment analysis 40 1.2.2 Competitors of the industry 40 Analyzing and evaluating the internal environment .51 FOREWORD With the continuous growth of Vietnam's economy from 7.5% to 8.2% during the past decade, Vietnam has emerged as a phenomenon of Asia’s economic development, Vietnam’s integration into the world trade organization seems to justify Vietnam’s economy complete integration into the world’s economy The rapid growth of the economy led to the strong boom of financial markets, securities and real estate during the period from 2006 to 2007 The rapid growth is many times higher than the overall growth of the economy and the attractive profit rate are attraction and motivations to appeal investors such as institutions and individuals involved in financial markets, securities and real estate under capital contribution form to set up companies According to the Ministry of Planning and Investment, only within years from 2006 to 2007 the number of newly established companies participating in financial and real estate markets increased rapidly and with the equal number of companies in the same field established 10 years earlier The world’s crisis and economic slowdown in 2008 has made great impact on enterprises and new established enterprises have been affected much more than others because these enterprises have not built up their own strategic operation systems but have to face with the market’s dramatic decline such as securities, real estate In fact, only a small percentage of companies established in this period have gained success due to the support of the dominant shareholders which are corporations, big general corporations, the rest are in loss situation, especially there are companies with greater losses than the capital rate Petroleum Vietnam Insurance Financial Investment Joint Stock Company (PVIF) is one of the few companies in the fields of financial investment has still been developing even in the difficult period of the market, but the development is not fast and strong because the company has not set up their own strategic business activities Hence, the expectation to get the company’s sustainable development surpassing the competitors requires a strategic guideline for the company’s business operations With the knowledge gained from the program and the experience of our team members, we have conducted a research of the company’s activities of and cooperate with the company’s management board to make PVIF’s development strategy to 2015 Objectives: The subject has the following specific objectives: - Analysis of environmental impact to the company’s main investment business operations - Deep awareness of the opportunities and challenges, the strengths and weaknesses of the company, the propose necessary business strategies to effectively use available resources, make full use of the advantages and use strategic solutions for directing PVIF’s business activities Methodology: The study of this subject using the common methods as follows: Step 1: Collecting data through: - PVIF’s documentation - Referring related documents - Real operation of PVIF, directly interview Board of Administration and PVIF’s managers Step 2: Analysis of data by several methods, including: - Methods of comparison and synthesis: a comparison among the period in the year and then come to the conclusion - Method of induction: the method coming from small problems to general conclusions - Methods of analysis of business combinations for review purpose and evaluation of the company's potentiality, strengths and weaknesses in business areas, including methods of business structural analysis by Boston Business Group and methods of business structural analysis by McKinsey Scope: This subject was studied on the current strategic business areas of PVIF Specifically, it is studied on the basis of PVIF’s data, the real situation of the company's operations in production and business activities since its foundation Therefore, the solutions in this subject are applied in the PVIF’s business development in the period 2011 - 2015 Structure of the Capstone Project Report Besides the introduction, conclusion and list of references, appendices, the main content of the Capstone Project Report is structured into three chapters: Chapter 1: Basic theory of making business strategy Chapter 2: Current situation, analysis and selection of PVIF business strategy, period 2011 - 2015 Chapter 3: Implementing solutions CHAPTER BASIC ARGUMENT OF BUILDING COMPANY’S STRATEGY I Definitions and Characteristics of the strategy Definitions of strategy Strategy is a comprehensive action program to achieve specific objectives When speaking about the strategy of an organization, people often think of the organization determining which goals they aim to achieve, how to implement and which resources it must ensure? Until now there have been many definitions of strategy such as: - "Strategy is a collection of operation strings which are designed to create sustainable competitive advantage." (According to McKinsey 1978) - "Strategy is not only a plan, not just an idea, strategy is the philosophy of a company." (According to Cynthia A Montgomery) - "Strategy is the determination of an enterprise’s main long-term goals and objectives and the application of a sequence of actions as well as the allocation of necessary resources to implement this goal." (According to Chandler) - "Strategy is an organization’s direction and scope to gain long term competitive advantage for organizations through the format of its resources in a changing environment, to meet market demands and to satisfy meet the expectations of our related parties" (According to Johnson & Scholes) - "Strategy is a harmonious combination of activities and allocation of resources to achieve the organizations’ objectives Strategy of an organization is an attempt to make full use of an organization’s capabilities and resources to respond best to opportunities and challenges of the outside environment." (According to Bateman & Zeithaml) - "Strategy is a method that companies use to direct future to achieve and maintain success" (According to Phillipe Lasserre & Joseph Putti) Characteristics of strategy: There are many different expressions of the strategy; however, all strategic views have common features: - Strategy clearly defines the Company’s goals and activities directions for each specific period to ensure enterprise’s continuous and firm development in the competitive business environment - Strategy specifies the method of maximum use of enterprise’s resources, the optimal combination of resources to promote the advantages and overcome the enterprise’s weaknesses and limitations of the business to gain advantage in the market Business strategy is used as a guideline for an enterprise in the long period (3, or 10 years) The role of strategic Planning role: business strategy helps enterprises to find their own purpose and direction It points out that managers must know to consider and determine which direction the organization must follow and when to achieve the desired results Forecasting role: In a continuous fluctuate environment, opportunities as well as risks always appear Strategic planning process helps administrators to analyze the environment and provide forecasts aiming at identification of the appropriate strategy Thus, administrators can grasp better the opportunities, take advantage of opportunities and reduce environment - related risks Controlling role: Business strategy helps administrators to use and allocate available resources optimally as well as effective combination of functions in the organization to achieve common set goals Strategy classification 4.1 Classification by management level Based on the strategic management level, strategies are divided into three groups as follows: - Firm-level strategy: identify and define clearly the company’s purposes, objectives, identifying the business activities that the company pursues, create basic policies and plans to achieve the company's targets, allocating resources among business activities Corporate strategy is applied to the entire enterprise - Business-level strategy: has been planned to determine the selection of specific types of products or markets for their own business within the company In business level strategy, they must determine how each enterprise must be fulfill to contribute to the company’s task, identified target - Functional strategy: focuses on supporting the company’s strategy and on professionals and business sectors 4.2 Based on functions, strategies are divided into the following groups 4.2.1 Combination strategy group: - Front combination: enterprises implement this to increase the control or ownership of the distributors or retailers - Behind combination: enterprises increase ownership or control suppliers This will allow enterprises stay stable in supply, and controlling input and output expenses - Horizontal combination: enterprises want to control the competitors This strategy help to focus on resources, expand the operation scope and increase the competitiveness of enterprises 4.2.2 Intensive strategy group: - Market penetration strategy: to increase market share for enterprise’s existing products or services - Market development strategy: to put enterprise’s existing products or services in new geographic areas - Product development strategy: to put into the current markets products or services equivalent to enterprise’s existing products or services which have been improved, amended 4.2.3 Activities expansion strategy group: - Diversify concerted activities: putting in the current market existing products or services related to the current products - Diversify horizontal activities: putting in the current market existing products or services related to the current products - Diversify horizontal activities: putting in the current market the groups of existing customers with new products or service not related to the available products - Diversify mixed activities: putting in the current market the products or services not related to the available products 4.2.4 Other strategic groups - Joint - venture strategy: when one or more enterprises cooperate together to pursue a certain goal - Reduced operation strategy: when enterprises need to restructure, carry out the cancel of a number of products or activities in order to rescue again the position of the enterprise - Liquidation strategy: is the sale of enterprise’s assets Enterprises accept failure, try to rescue to the best what they can The role of company’s strategy - Strategies help the enterprises to identify its objectives and direction, capture and take advantage of business opportunities, identify problems and challenges so as to find out the solutions to improve the efficiency resources, make policy and mode of action to strengthen its position, competitiveness for sustainable development and rising above the competition The company’s strategies is the guideline for all activities of the company in the short, medium and long term and the motivation to strive for leadership and the entire staff II Environmental analysis Analysis on external business environment of the enterprise 1.1 Macro environment Macro environment consists of many different factors which indirectly affect the activities of the enterprises through its impact on the environmental factors of the sector Five of them are considered as the ones that have strongest impact, including Economics, Politic – Legal, Technology, and analysis of macro environment for the enterprises to identify opportunities, challenges, and legal barriers which affect the making and implementation of strategy of the Company Economic factors: Economic factors have a direct impact on the potential attractiveness of various strategies The influence of economic factors such as economic growth, inflation rates, economic cycle, the increase or decrease of interest rates, stock prices, the trend in the value of the dollar, the tax system and lease rates, etc … Legal and political factors: the stability and development of the political system and institutions have a growing influence on the operation of enterprises Legal factors include legal institutions, policies, regulations, institutions, laws, remuneration, procedures, and regulations…of the State Social factors: all the enterprises have to analysis the social impacts to identify the potential opportunities and risk Social factors including the role of the women, demographic pressure, lifestyle, ethics, traditions and practices, the rate of population growth, population shifts, educational level These changes in culture, social influence is important to almost all decisions about products, services, and consumer markets Natural factors: enterprises have recognized the impact of the nature to their business decision Analysis of natural factors including the consideration of environmental pollution, the energy resources which get increasingly scared, the natural resources, the uncontrolled exploitation of mineral resources, the ability of degradation of natural environment and the natural disasters are the factors that the strategy makers have to consider Technological and techniques factors: such as R & D, license technology, automation trends, technology transfer, outside processing are opportunities and challenges to be considered when making strategy International factors: the trend of globalization, international economic integration and free trade are remarkable matters of the world economy today The rules and regulations agreed by members of the European Union, financial institutions, commercial banks in the world, the World Trade Organization (WTO), regional free trade agreement, have contributed to the independence among countries around the world The trend of “flatten” the world will grow stronger in the world today which requires the strategy makers to catch the opportunities, limits and overcome risk and disability 1.2 Environment of the sector Is the environment which is associated with the operation of the enterprises, the elements of the operation environment will determine the investment environment, the intensity of competition and profitability in the sector? Analysis of sector environment shall help the enterprises to identify the attractive of the sector, the number of the current direct competitors and potential competitors and the intensity of competition in the sector PVIF analyzes the sector environment and the attractiveness of sector by the model of five competitive factors Remarks: The analysis of Mckinsay is very suitable for macroeconomic analysis PVIF is operating in attractive business areas The financial score is 4.15 and real estate score is 4.5 which exceeds attractiveness levels of the sector 2.4.2 Evaluating competitive advantages of business areas PVIF is trading in the sector that exceeds attractiveness However, with the competitive advantages of PVIF, they can develop all business strategies On the other hand, the model shows that the BBC in the matrix of PVIF lacks adequate cash flows, which means the company is growing more rapidly than as estimated Financial investment Factors reflecting competitive Weight Score Weighted score advantages (1) (2) (3) (4) = (2) x (3) Market share 0.1 0.30 Technology 0.1 0.40 Product quality 0.2 0.80 After-sale service 0.1 0.40 Price 0.25 0.75 Cost 0.15 0.60 Production capacity 0.1 0.40 Total 3.65 = very weak; = weak; = average; = strong; = very strong Remarks: With the point of 3.65/5, PVIF has advantages in financial investment However, these advantages are not absolutely outstanding Financial service Factors reflecting competitive Weight Score Weighted score advantages (1) (2) (3) Market share 0.10 Technology 0.15 Product quality 0.20 After-sale service 0.10 Price 0.20 Cost 0.15 Production capacity 0.10 Total 1 = very weak; = weak; = average; = strong; = very strong (4) = (2) x (3) 0.10 0.60 0.60 0.40 0.60 0.45 0.30 3.05 Remarks: With the point of 3.05/5, PVIF’s financial service is at the average level, which is suitable to a newly established financial investment company as PVIF Real estate investment Factors reflecting competitive Weight Score Weighted score advantages (1) (2) (3) (4) = (2) x (3) Market share 0.1 0.20 Technology 0.1 0.30 Product quality 0.15 0.45 After-sale service 0.1 0.20 Price 0.15 0.60 Cost 0.10 0.50 Production capacity 0.25 1.00 Total 3.25 = very weak; = weak; = average; = strong; = very strong Remarks: PVIF’s real estate investment is above average; their current advantages not lie in capital but in the management system (human factor) Real estate service Factors reflecting competitive Weight Score Weighted score (2) (3) (4) = (2) x (3) Market share 0.1 0.20 Technology 0.1 0.20 Product quality 0.15 0.30 After-sale service 0.1 0.20 Price 0.15 0.45 Cost 0.10 0.30 Production capacity 0.25 0.50 advantages (1) Total 1 = very weak; = weak; = average; = strong; = very strong 2,15 Remarks: Real estate services of PVIF are very weak and difficult to develop in the near future 2.4.3 The classification of PVIF’s business areas According to the evaluation above, it can be classified PVIF’s strategic business areas on the matrix of attractiveness of the sector and competitive advantages of the company as follows: The matrix of financial attractiveness and PVIF’s competitive advantages Attractiveness Property investment Financial investment High Financial service Property service Average Low Low Average High Competitive advantages 2.4.4 Choice of strategic business areas According to the arrangement of strategic business areas, the company decides to choose the strategic business areas as follows: Intensified investment for financial investment area including strategic business units such as investment with fixed interests and acquisition investment: - Financial service; - Property investment including strategic business units such as base land investment, houses, eco-villas, tourist areas; - Remove property services because PVIF cannot compete with others in spite of the potential market 2.5 The selection of strategic business areas and implementing methods 2.5.1 The selection of PVIF’s strategic business areas Comparing strategic business areas that the company chose, it can be seen that the size of the company absolutely cannot meet the requirements of the strategic objectives For better development in the strategic period, PVIF will invest into strategic business areas as follows: Financial investment This is a key business area of PVIF It matches with the capacity of the company and is in the potential market which PVIF will focus the development on Financial service With current personnel and financial service as a potential market, PVIF will continue to invest into the development of financial services Property investment This is a key business area with the advantages of leadership and capital PVIF will boost real estate investment; consider it as breakthrough business area in the future 2.5.2 Methods of implementation Financial investment - Developing the financial investment sector including investment with fixed interests, securities trading, and business acquisitions - Strengthening co-operational agreement among companies in the oil industry to take advantage of unemployed funds with low costs - Improving the product quality by offering investment criteria and investment objectives - Improving the self-control by providing forms and instructions in business areas - Raising staff’s serving capacity and their attitude in working, strengthening risk management to eliminate the risk of losing capital Financial services In spite of having technology and services needed, PVIF however does not a regular system of customers and lack of business tools The solution chosen is to find and buy the security companies which can meet and complement the functions for PVIF to develop financial services such as entrusted investment services, security investment cooperation, and financial consultancy for business With the current potentials, PVIF will target to stock companies whose capital is from 40 billions to 100 billions to buy controlling stakes and become the owner Property investment The characteristics of the real estate business, developing real estate projects will typically take to years is even longer Strategic PVIF: - Selection of projects the company has the full legal process to buy stakes in order to shorten the deployment time The company aimed to have projects within the portfolio of real estate PVIF - Cooperating with other investors who lack capital in order to continue the projects - Cooperating with other companies consulting the sale of products and investment to exchange experiences and seek opportunities for investment - Continuing existing projects to create the healthy development environment CHAPTER SELECTION OF STRATEGIES FOR PVIF AND SOLUTIONS FOR IMPLEMENTATION I Selecting strategic business lines and mixes of PVIF Selecting strategic business lines Based on arrangement of strategic business lines, the Company has decided to select the following strategic business lines: Investment into finance, including strategic business units that can get fixed interest and investment into enterprise purchasing - Strategic business lines are finance services - Strategic business selection is real estate, including strategic business lines that are ground base projects, housing, ecological villas and tourism area - Reject real estate services of PVIF that are not potential to compete Selecting strategic business mixes Comparison on strategic business lines selected by the company, we can see that the company has totally not met the requirements of strategic objectives yet So that, the company can develop well in the strategic period, PVIF will invest and develop strategic business lines as follows: Finance investment This is the main business line of PVIF that is suitable with its ability and it is in a potential market that PVIF will pay much attention to development Finance services With the current human resources and potential finance services market, PVIF will continue to invest into finance services Real estate investment This is an important business line with strengths of leading and capital resources PVIF will invest in real estate and consider it as a special business line to be precedence for development in the future II Solutions for implementation Finance Investment - Develop finance investment, including investment to gain fixed interest, trading on security and enterprise purchasing - Enhance and sign agreements to use capital of enterprise in the field of petrol to use up free capital resources with low cost - Improve the quality of products by setting up investment standards and objectives - Develop autonomy by regulating formulas and detailed guidance on investment fields as well as each investment field - Develop ability and attitude of the employees, enhance risk management to prevent capital loss and appropriation Finance Services Although there are necessary technologies and services, there is no regular customer system and business tools Solutions are finding and purchasing security companies that are able to meet the requirements and add enough functions for PVIF to develop finance services such as investment authorization, security investment cooperation and finance consultant Real Estate Investment With the characteristics of real estate trading, it often takes fro to years to develop real estate projects or even longer The strategies of PVIF are as follows: - Selecting companies that have enough legal formulas to buy shares and shorten the implementation time These companies must be in the list of real estate investment of PVIF - Cooperate to investors that lack capital to implement the projects - Cooperate to Consultant Companies to exchange experiences and find investment chances - Continue to implement available projects to create strong development in the future from rent variance III Auxiliary Solutions Solution for organizational structure The completion of organizational structure of PVIF is done through the development and application the quality management system ISO 9001 in the company Effectiveness of management is further improved on the basis of appropriate decentralization and devolution, creating conditions for staff to promote their abilities The characteristics of real estate business are to implement procedures, to operate in a long time and through many different stages Thus, the company needs to have emulation movements to shorten the work time, while ensuring the order and quality of procedures The autonomy and linkages among units, departments should be strengthened It is required to set up an HR unit under HR Administration Department which is responsible for recruitment, training and professional human resource development to meet the needs of PVIF’s development It is required to set up marketing department under direct management of the Boards of directors which is responsible for marketing and Sales department returns to its sale functions With the structure of manager, deputy manager and the number of staff depending on the degree of development, this arrangement should be made immediately A real estate management company working independently with PVIF should be set up In the near future, this real estate management company will manage the properties invested by PVIF With the advantage of human resources as well as available outputs, the set up of real estate management company is very essential for the development of PVIF, helping the company reduce costs, increase profits, as well as open up a new business direction which was previously dominated by foreign companies In the long term, when this company grows the operational market will be expanded to implement other projects Solution for Marketting Marketing department should coordinate with Research and Development department to conduct a research on customers’ tastes, customers’ needs so as to offer suitable real estate products Currently the studying of real estate market is made by several experienced foreign companies in this field such as CB Richard Ellis (CBRE), Chesterrton Petty, and CliftonConey PVIF can cooperate, acquire the results of this study to serve their requirements In recent time, the issue of market research is almost zero because Vietnam is rapidly growing; the demands for real estates increases dramatically but the source of supply can not meet Therefore, real estate products are sold out right away after they appear and customers have no choice, though all the needs cannot be met But in the near future, after 2010 when the property market is relatively stable, the research of market and customers will be very important Good research on the customers’ needs create advantages for other departments in designing, offering suitable products to customers Satisfying customers’ needs will create the value of products, the value of the PVIF brand and help the company increase the profits PVIF remains focusing on luxury properties, creating customers’ loyalty to the products as well as making differences with other competitors Customer care and after-sales services for the customers using PVIF’s property products should be paid much attention Making tracking notes which are used to collect all the information about customers Conducting surveys on customers’ satisfaction towards the products and services provided by the company quarterly or monthly Timely handling with complaints and inquiries from customers, satisfying all customers’ needs Doing all these things well is to enhance the value of PVIF Solution for brand building and brand development Today the brand value is very important for the survival and development of the business PVIE was newly established and has operated in the past eight years which is too little to form and develop the brand in customer's mind In spite of short operational time, PVIF confirmed its brand value at the beginning when they set up the website www.pvifinance.com.vn and carry out PR programs to promote the image of the company, sponsor for events such as offering houses of affestion, music programs to help poor people in Ho Chi Minh City and other provinces and remote areas However, during the period of international economic integration as today, it is not enough because there are more and more companies, real estate corporations come into existence - Building the image of PVIF in the real estate market by ensuring high quality absolutely for real estate products provided by the company, ensuring the progress of construction, timely delivering products to customers, etc., punctually and fully paying for suppliers - Constantly improving the interface and updating information about the company’s activities on the website This work will be undertaken by the Marketing department; articles and information about projects, events organized by the company must be updated to reflect the rapid growth of the company PVIF directs the community towards “a new lifestyle for Vietnamese people.” - Making a good relationship with media agencies to address timely wrong feedbacks about the company Solution for human resources For real estate business especially in the role of investors, human resources play a very important role in forming the value of the company Thus, besides the above solutions, PVIF needs to have plans to build, train and develop human resources to ensure its sustainable growth The first step is recruitment This step is being done quite well by PVIF The company has built a system of job descriptions for specific positions in the divisions, departments The recruitment is done quite professionally Recruitment Information is posted widely in the mass media and the candidates referred by the officials and employees in the company are given priority The candidates go through interviewing rounds and are recruited publicly Foreign experts are recruited through international companies specializing in providing high quality personnel to ensure the quality Policies of human resources training and development: For managers, it is necessary to have additional training programs on management skills, especially human resources management skills For officials and employees, it is required to regularly hold classes to improve qualifications, learn new technologies in construction, construction design, project management, as well as participate in specialized seminars Training plans and human resources development plans should be made clearly, specifically for enabling all staff members to participate Recruitment and training of human resources is difficult, but the development and creating employees’ attachment to the company is more difficult In addition to salary schemes and allowances in line with employees’ capacity; the making of incentive, rewarding, motivating schemes is very important The policy should ensure the fairness; rewards, reprimands or disciplines must be for right people Besides that the spiritual life of workers and employees should be paid much attention to help them relax, be confident in their job, for example: annual travel, picnics, family festival In addition, PVIF should set up the objectives that replace foreign managers and experts by Vietnamese qualified human resources However, it does not mean whole replacement; it needs to remain a ratio of human resources so that Vietnamese human resources can access professional working styles of the foreigners as well as maintain competitiveness between domestic and foreign human resources Solution for finance Making plans for using funds quarterly, monthly, weekly to better manage and exploit efficiently capital flows Implementing control policies and cost-effective management, improving competitiveness Being flexible in mobilizing funds for project implementation The real estate projects implemented by PVIF are all A-group projects, therefore the total investment is very huge In the previous years, PVIF used equities and bank loans for project implementation, but in the future it is required to apply more capital mobilization channels such as bond issuing, real estate stock issuing On the other hand, the company should cooperate with international financial groups to carry out big projects The funds paid in advance by the customer must be used effectively The projects are implemented quickly, punctually to avoid the long duration with arising huge expenses CONCLUSION Business strategies determine the orientation of development, basic objectives of a business in the long term, as well as identify the method of implementation and the process to allocate limited resources of the business to get these objectives To develop PVIF’s business strategies, the group of authors made specific analysis and evaluation of the financial investment environment, the real estate market, the production and trading situation in recent years With the goal to become a Vietnamese leading enterprise, a pioneer in the field of financial investments and real estate trading, the period 2011-2015 is identified as an important changing period for the sustainable development of PVIF The topic "Developing PVIF’s business strategies in the 2011-2015 period" is an objective reality which is very essential and helps the Board of directors to have an overall, comprehensive, scientific viewpoint in business development and image building in the market It also offers solutions to implement these strategies in the context of severe competition among companies in the sector to soon become a strong, reliable and competitive brand in the regional market REFERENCES Steategic management in economic globalization, Dao Duy Huan, 2010 Strategic management, Doan T Hong Van, 2010 MBA for ledership, Steven Sibiger, 2009 Administrative channels, Truong Dinh Chien, 2008 Building strong and successul beonds, James Gregory ,2004 New marketing techniques, Bernd H.Schmitt, 2006 Secret of success of the world’s leading media brand, Mark Jungate ,2007 Competitive Advantage, Michael E.porter 2009 The Portable MBA in Marketing, Chales D Schewe & Alexander Hiam, 2009 10 PR disasters – Inside Stories lessons learnt, Gerry MC Gasker, 2007 11 Asia’s Star Brands, Paul Teeporal, 2007 12 The Occean Blue Strategy, W.Chanhim Renee Mauborgne,2007 ... assurance rate of credit institutions 1.1.3 Society There are 54 ethnic groups in Vietnam, in which Kinh group occupies about 86% of the national population, living mostly in delta and coastal plain