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CAPSTONE PROJECT REPORT FORMULATION OF BUSINESS STRATEGY PLANNING OF HO CHI MINH SECURITIES COMPANY IN THE PERIOD 2011 2015 Group – GaMBA01.X0610 Mr.Nguyen Quang Hai Mr.Nguyen Ngo Minh Ms.Nguyen Ngo Thi Chung Ms.Nguyen Thi Vi Anh Ms.Bui Huong Lien Ha Noi, Dec 2012 Capstone Project Report Gamba01.X0610 - Group ACKNOWLEDGEMENT In the first words, we would like to send my best thankfulness to teachers and professors in Centre for Educational Technology and Career Development – Higher Education – Vietnam National University, America Griggs University for creating the best favorable situation for all trainees during the whole course, especially, when we carrying out this capstone project report Our group also thank to Board of Directors of HSC and related sections for guiding enthusiastically and providing necessary data for us to complete this report Despite of trying our best in studying and collecting data, the report still have some unavoidable shortcomings We sincerely hope to receive comments of teachers and friends to makes it more meaning full COMMITMENT Our group commit that this is our special work Data and figures in this report are accurate, our analysis and conclusions have not been announced in any other scientific research Hanoi, Nov 22nd 2011 Group Leader NGUYEN NGO MINH Capstone Project Report Gamba01.X0610 - Group Table of Contents ACKNOWLEDGEMENT INTRODUCTION 1.Urgency of research .5 The research objective of the thesis Objects and scope of the research .5 Research Methodology .6 Thesis structure CHAPTER 1: COMPETITIVE STRATEGY OF HSC SECURITIES COMPANY .6 1.1 Overview of securities business activity 1.1.1 Definition of stock market 1.1.2 Characteristics of Securities Market 1.1.3 Classification of securities 10 1.2 Making business strategies for Securities Company 11 1.2.1 Definition and characteristics of business strategy 11 1.2.1.1 Definition of business strategy .11 1.2.1.2 Characteristics of business strategy .12 1.2.2 The necessary of making the business strategy .13 1.3 The process of developing business strategy in enterprise 14 1.3.1 Classification of tasks and objectives of business strategy 14 1.3.2 Analysis of external business environment 15 1.3.2.1 Analysis of environment through P.E.S.T model 15 1.3.2.2 Five competitive forces model .17 1.3.3 Analysis of Internal Environments 22 1.3.3.1 Analysis of company resources 22 CHAPTER 2: SITUATION ANALYSIS OF HSC SECURITIES COMPANY 31 2.1 About HSC Securities company 31 2.1.1 History and development 31 2.1.2 Organizational structure of company 33 Capstone Project Report Gamba01.X0610 - Group 2.1.3 Business scope of company .33 2.2 HSC competitiveness current situation on Vietnam stock market 34 2.2.1 Analysis of company operation in recent years .34 2.3 Develop competitive strategy at HCS securities company 36 2.3.1: Vision and mission of company 36 2.3.2 Analysis the external environment based on the P.E.S.T .36 2.3.2.1 Economic environment analysis .36 2.3.2.2 Social and culture environment 38 2.3.2.3 The political and legal environment 39 2.3.2.4 Technology environment 41 2.3.3 Analysis of industrial environment 42 2.3.3.1 The stock market in the recent years 42 2.3.3.2 Analysis the current competitors of HSC 44 2.3.3.3 Customer analysis 52 2.3.3.4 Analysis of potential competitors 53 2.3.5 Analysis of the environment within the company 58 2.3.5.1 Resources Company 58 2.3.5.2 Culture and prestigious business 61 2.3.5.3 Models environmental analysis within the IFE 62 2.3.6 Strengths and weaknesses 64 CHAPTER 3: PROPOSED STRATEGY AND SOLUTIONS OF COMPETITIVE STRATEGY FOR HSC SECURITIES JSC 69 3.1 Orientations of industry development in the period 2011 to 2015 69 3.3 Best strategic selection by QSPM model .73 3.4 Solution strategy .75 3.4.1 Marketing strategy planning 75 3.4.2 Improving financial capacity of HSC Securities JSC .78 3.4.3 Human resource solutions 79 Capstone Project Report Gamba01.X0610 - Group 3.4.4 Modernization the information technology system in service of business executives in company 80 3.4.5 Approach the strategic partners 80 3.4.6 Develop leadership culture and future leading generations of HSC .81 3.4.7 Effective investment strategy: 82 CONCLUSION 83 REFERENCE .84 Capstone Project Report Gamba01.X0610 - Group INTRODUCTION Urgency of research Since late 2006, Vietnam's stock market developed rapidly both in number of securities, the number of investors and securities service organizations with a total market capitalization reached 304 trillion (20 billion) in 31% of GDP, approximately 200,000 securities accounts and 55 securities companies, 18 fund management companies, 61 depository institution By the end of March 2007, the stock market tends to go down, stock exchange is delayed, meanwhile, more and more nascent securities companies which led to the fierce competition among securities companies In recent years, the impact of global economy as well as the difficulties and challenges of domestic economy make the increasingly fierce competition with the high risk of rejection To help businesses get the right strategy to survive and grow in the current period, we have chosen the topic "Business strategy planning of Ho chi minh Securities company in the period 2011-2015 " The research objective of the capstone project report:  Systemize the basics of stock services of a securities company to be the theoretical basis for research  Assess the business situation of the company, the strengths, weaknesses, opportunities and challenges to build the appropriate business strategy for the company  Systemize the proposes and solutions to implement business strategies for company Objects and scope of the research Financial reports, business operation reports, annual reports over years… Company activities, competitors reports analyst - Brokerage: brokerage, deposit, advance payment of securities, pledged Capstone Project Report Gamba01.X0610 - Group - Advisory services: listing advisory, underwriting securities issuance agent, equalization consultancy, investment consultancy Other services: investment portfolio management, shareholders investment Offer specific business strategies for companies in the period 2011-2015 Research Methodology Research methods are mainly used in this paper is the analysis, synthesis and comparative approach Through these methods the report evaluates services of HSC securities companies, from which proposes solutions to the development of the HSC securities company services In addition, the report also uses a number of other methods such as statistical methods, interpretation, inductive Report structure Besides the introduction, conclusion and reference list, the report is structured into three chapters: Chapter 1: Competitive strategy of HSC securities company Chapter 2: Situation analysis of HSC securities company Chapter 3: Proposed strategy and solutions of competitive strategy for HSC securities CHAPTER 1: COMPETITIVE STRATEGY OF HSC SECURITIES COMPANY 1.1 Overview of securities business activity 1.1.1 Definition of stock market In the beginning period of producing goods and circulating money, banking system was early appeared to mobilize idle capital in society to re-distribute to national economy according to credit principle Thus, a capital flow channel connecting them and going through financial intermediaries mainly the banking system, which is called the indirect capital flow channel When social production and circulation of commodities develops in an advanced stage, those who have already qualified for the legal environment, financial environment and so on Capstone Project Report Gamba01.X0610 - Group 6 transferring directly their capital to invest in production without going through financial intermediaries and have to go through the stock market - a market which directly led from a capital pole to another capital pole basing investment principles This is called direct capital flow channel According to studies on direct and indirect capital flow channel, besides advantages of direct capital flow, which can not appear in indirect one, stock market stabilizes capital in national economy through trading and alienation among parties of economy Therefore, when production develops in advanced stage requiring the creation of national securities markets Furthermore, in terms of internationalization of economic life and society today, globalization of stock market operation is necessary and will develop Thus, what is stock market? There are many different definitions of stock market; however, in general, there is a common one: Stock market is a market where people buy them to sell, alienate and exchange securities for profitable purpose The stock market must exist in a place where buying and selling securities that are made In the process of developing and improving stock markets in countries with the long history of goods production and circulation as America, Britain, France, etc where it exists in two forms: organized and no-organized stock markets Typical form of the organized securities market is Stock Exchange Any purchase, sale, transfer or exchange of securities must be conducted in Operations Centre and by the members of the Operations Centre under the regulation of stock exchange Stock exchange may be state-owned one, joint stock company or partnership and all have the legal status of securities trading activities There are some famous stock exchange in the world such as NYSE (New York Stock Exchange), TSE (Tokyo Stock Exchange), LSE (London Stock Exchange), etc Capstone Project Report Gamba01.X0610 - Group The no-organized securities market is existed without formation of an organization; it could be anywhere where buyers and sellers meet directly to carry out the transaction There may be at the counter at any bank This market formation so-called is transaction market over the counter (OTC) Today, thanks to the revolutionary achievements of information technology, internet system binds members of the market together Thus, the exchange of information or conducting securities transactions is no need to come bank office and be able to proceed immediately in computer This is a form of advanced nonorganized stock market in the last decade This market has not yet had official name, some people call it the Third Market 1.1.2 Characteristics of Securities Market Function of Securities Market Mobilizing capital for the economy When investors buy securities issued by companies, some of their idle money is come into production and business activities and thereby contribute to the expansion of social production Through the stock market, the Government and local authorities can raise funds for the intended use and infrastructure investment in economic development, serving the needs of society Providing investment environment for the public: Stock market provides a healthy investment environment with abundant opportunities for the public The securities types in market are very different in nature, duration and risk This allows investors to choose the goods in accordance with ability, goals and hobbies Creating liquidity for the securities: Thanks to stock market, investors can convert their securities into cash property or other securities when they want Liquidity is one of the attractive features of the securities vectors This factor reflects the flexibility and safety of capital The more dynamic and effective Stock market operations are, the more liquid the securities traded in the market are Evaluating business operation: the operation of the businesses reflected generally and precisely through securities It makes evaluation and comparison of Capstone Project Report Gamba01.X0610 - Group business operations faster and more convenient Therefore, it also creates a healthy competition environment to improve the efficiency of capital and stimulate the application of new technology and product innovation Creating an environment to assist the Government to implement macroeconomic policies Securities market indicators reflect sensitively and accurately the economy's dynamics The increasing price of securities means the expansion of investment and the growing economy On the opposite site, decreasing stock price shows the negative signs of the economy Therefore, the stock market is considered as barometer of the economy and an important tool to assist the Government to implement macroeconomic policies Thanks to securities market, the government can buy and sell government bonds to generate revenue to offset budget deficits and inflation management In addition, the Government can also use some policies and measures to affect the stock and orient investments to ensure the balanced development of economy Securities market Structure Analyzing the flow of securities on market, there are two kinds: Primary market: is market sale of newly issued securities On this market, capital investment will be transferred to the publisher by investors buying newly issued securities Secondary market: is A market for trading of securities issued on the primary market Secondary market is to ensure liquidity for the securities issued Secondary market is to exchange, buy and sell securities which have already been issued Investors buy to resell the securities for the one of purposes: keeping financial assets, receiving a fixed annual income, and enjoying the price difference Thus, the secondary market does not provide capital to businesses, and then what is benefit? If there was no secondary market, there wouldn’t have primary market, if the securities issued couldn’t flow on the secondary market, investors wouldn’t not interested in the purchase and holding of securities issued (especially shares, a Capstone Project Report Gamba01.X0610 - Group Expanding Key factor Opportunities: Gradually improving macro economy Gradually improving economic legal environment Professional customer with financial capacity International integration Threats: 1.Difficult economy, high inflation 2.Impact of international commitment Investors worry 4.Fiercer competitiveness Total Weight Alternative strategies Effective Technological market share investment development strategy AS TAS strategy AS TAS strategy AS TAS 0.12 0.36 0.36 0.36 0.11 0.33 0.22 0.33 0.15 0.6 0.45 0.45 0.12 0.48 0.48 0.36 0.12 0.48 0.48 0.24 0.11 0.33 0.22 0.44 0.15 0.12 0.45 0.48 3.51 0.6 0.36 3.17 0.3 0.36 2.84 Table 3.2: QSPM Alternative strategies Financial Key factors Weight HR strategy strategy AS Capstone Project Report TAS Marketing strategy AS TAS AS TAS Gamba01.X0610 - Group 76 Strength Prestigious and high quality 0.15 0.6 0.6 0.6 0.14 0.56 0.56 0.56 0.13 0.52 0.39 0.52 High quality HR 0.12 0.36 0.36 0.36 Good business management 0.13 0.39 0.39 0.39 Marketing activity 0.10 0.3 0.2 0.3 Difficult investment and 0.12 0.48 0.36 0.36 0.10 0.3 0.3 0.3 company High financial capacity Product diversity with competitive price Weaknesses business 3.Inadequate risk management Total 3.51 3.16 3.39 3.4 Solution strategy 3.4.1 Marketing strategy planning The number of securities companies is increasing to meet the customer’s requirements Due to the statistics of 2007, there are 60 operating securities companies, more than the sum of years 2004, 2005 and 2006, up to now, the number is at 105 companies, many estimation shows that the number and types of securities companies will increase rapidly in the future However, the investors are head aching with the companies because of the serious lack of information The securities companies also meet difficulties, the number of competitor’s increases which means the question: “Why should customers choose us” is their survival The general solution of these companies is promotion – media – branding Nevertheless, the problem is the marketing and PR activities of domestic Securities companies currently almost not work – both quality and diversity The given reasons are PR of financial services meets specific difficulties, this major is so new, there remain the constraints of cost … Securities companies has not realized the number of potential customers when they ignore this important gate Capstone Project Report Gamba01.X0610 - Group 77 Successful marketing requires the “understanding”: understanding the product and its features, customer demand, in order to find the right spot to affect and draw attention to the enterprise HSC securities companies are not out of influence, thus companies need to have the appropriate marketing strategies to improve their competitive position: Media promotion: The basic media includes: radio, newspapers, television and other advertising materials (poster, leaflets) Check out the two popular media for securities companies’ marketing activities: the press and television, with forms of advertisement and support Advertisement: A quick glance at the newspapers, almost imperceptible the differences between advertisements of securities companies, except for name, charter capital, address and company slogan TV ads also has the same fate: the “over grown” investing content, the ending was predictable becomes the obsession and the origin of “offensive” Impressive record is no more than a new brand in the stock sky, and rapidly packs away the customer’s mind Therefore, company needs to establish the marketing strategies to overcome the weaknesses that other companies are met Support: The detour is used more efficient Only more than year, appear about financial reports and 15 securities news in different TV channels Although access before or later, securities companies including HSC should not ignore this trendy media Promotion by appearing beside the prestigious media is a preferred form of securities companies, because of both reputation enhancement and likely coughing the eye of a large number of spectators Internet – the forgotten power: all securities companies are proud to admit that they use internet during the branding process However, this abundant resource is exploited in the most rudimentary level Logo and name of securities companies are placed on the websites related directly to stock, one direct click to Capstone Project Report Gamba01.X0610 - Group 78 link to the online price category of online searching of stock and basic definition of stock exchange Some specific examples of co-corporation in implementing the online stock exchange between securities companies and media organizations such as: online stock exchange at website www.vneconomy.vn is the co-operation with Tan Viet Securities Incorporated (TVSI); similarly, at Tuoi Tre Newspaper sponsored by Saigon Bank Securities (SBS) VNDirect Securities supports Thanh nien (Youth) Online the implementation of “Online Securities” Securities Investment newspaper combines with Thang Long Securities … This is a clever form of advertising At first, users may not care to the donors name which are placed beside the information, but the frequent occurrence is able to “invade” the minds of customer, as well as build the confidence and reflexes: when issue arise, they will think of that securities companies Securities companies are racing their own websites; the risk that competitors have but they not have is unacceptable Notably, most websites have the similar interfaces; including the main board is the trading result, market news, financial news, analysis chart that not everyone can use Some pages have added the securities reference, provided knowledge and some definitions, or extract some market issue analysis reports of some journals Except for the trading result, the others not seem to be taken care, stay “mold” month by month This is the weaknesses that HSC Company needs to identify to have the specific strategies for themselves Considering the characteristics of finance, the most powerful tools are internet However, securities companies have not realized this gold mine and exploited more effectively Internet with the widening access, continuous information provision, unlimited time, area, is not ole and encourage shares and comments, ideas… - these are great features for the new technology system with the capacity of branding, record review, market perspective, even the orientation, Capstone Project Report Gamba01.X0610 - Group 79 become the channels of communication with high reliable channel, close the distance between the transmission and receive objects There are thousand ways to create the difference in media activities Select the combination of different media, the investment level for each means, and form of promotion … take certain role in the strategy Finance is a sensitive field, appear impressively does not as effective as consistent with long lasting effect measurable and adjustable appearance, moreover, answer the question: how many the media organizations professional in finance When understand the characteristics and sensitivity of the job We all know for sure that marketing activities are very important for these stock companies, by the trademark has affirmed the competition also means high market share and revenues and profits will be better So they I think about the marketing strategies , a strategic priority ò the HSC in 2012 , We strongly recommended to use 50 billion vnd for HSC marketing campaigns Especially , focusing on marketing activities in the area of northern VIETNAM where there in general headquarters of major state companies.Using any form of creativity, the securities companies still have immutable principles: securities investment field requires great confidence; the final goal is the customer confidence This is the golden key to open the success of securities companies 3.4.2 Improving financial capacity of HSC Securities JSC Brokering, bridging finance, financial advisory and private sector enterprises in the stock market and bonds Although, in 2010 HSC has decided to reduce proprietary trading activities, possible opportunities and growth prospects of the market, when stocks have some good prices, the company should take the time; capture the trend of the market for long term investment as well as short-term deals for a move to affordable market maker stage The 2011 financial plan of HSC has counted the case that company will complete the charter capital increase to 400 billion VND after capital mobilization plan is accepted Although HSC owns more than 500 billion VND in cash, adding capital can improve the Capstone Project Report Gamba01.X0610 - Group 80 company’s legal capital to about 1000 billion VND and the total shareholders equity to 2000 billion VND This capital helps HSC in the peak market can actively enhance the customer support service in margin trading, liquidity support for brokerage services, birding financial support, enterprise financial advisory and privacy in both stock and bonds market Although, in 2010 HSC decided to reduce the proprietary trading activities, before the good opportunities of market growth, some stocks have the good price, company should capture that chance, catch the market trend to long term invest as well as implement the short term deals for a move to affordable market maker stage.To ensure provide the best customer service securities firms need to have financial capacity With support from DRAGON CAPITAL HSC always were among three securities companies have the best financial resources But with the difficulties of VIETNAM economy as well as the world, we think would be unwise the HSC increased capital in this period With current power injection test your plans the number one priority of the HSC in still forciblerecommended financial to increase 2012 But in the strategy (specific capital capital is not medium term we increase) to ensure business activitiesas well as the position of the HSC 3.4.3 Human resource solutions Human resource is the core factor in every activity of any enterprise, decides the success of enterprises, organizations and countries In enterprises, this factor is very important because every decision related to the strategic management is decided by human, competitive ability on the market strong or weak and organizational culture is good or not … is started from human Company needs to build the training program for staff and organize the seminars to exchange experience, technical exchanges, along with professional training, the company should implement policies to encourage and reward such as reward initiatives; enjoy savings of materials; rewards fulfill the production plan, sales plan income for the employee to motivate them to work Capstone Project Report Gamba01.X0610 - Group 81 The improvement of leadership team, managers is the key factor leading to the improvement of competitiveness This management team is involved in all business activities and impacts significantly to the efficiency of company performance The administrator must know the ingenious combination between member’s interests with Company’s interests We strongly recommened budget to 80 billion VND for strategic, staffing, specific strstegic priorities that this is only after about marketing strategy.Not only equipped but solid foundation of knowledge ( specific completion certificates expertise Securities and Exchange Commission staff ).Priority of short term training course both inside and outside VIETNAM Moreover, it is necessary to plan and attract the high quality human resource: human resource planning involves forecasting the demand of company in the future of human resource and staffing to ensure the Company will have the adequate staff in time, which should be held:  Re-evaluation of the existing human resource of company  Systemization of work, analysis of each duty  Building the work and staff evaluating system  Review and codify specifically the recruitment process Develop training plan and human resource development Training process is done by these following training steps: Step 1: Identify the training needs Step 2: Plan for training Step 3: Implement training Step 4: Evaluate training 3.4.4 Modernization the information technology system in service of business executives in company Take advantages of technological environment, company is necessary to focus on the technological factor to service customers the best utility In the context of fierce competition, especially with the luxury market as financial and stock Capstone Project Report Gamba01.X0610 - Group 82 market, company should set goals: maintain top position, strengthen the service quality HSC should focus on partnering with the customers by the optimizing technological products associated with the best customer care to bring the highest ROI for customers and commit to sustainable development Orientation of long-term growth plan and expand the market requires longterm investment on infrastructure, information technology and office facilities The office for lease market has cooled somewhat, HSC should seize the opportunity to sign long term contracts In addition the company should invest in building a modern data center and office space of modern office is settled to reap steady sustainable growth in the coming years 3.4.5 Approach the strategic partners HSC should aim to larger, capable partners with some similarities to HSC and have the resources and energy to operate the apparatus One of the oriented businesses is financial consulting business giving HSC ability to put financial investment products to connect their products in the field of fund-management where the investors are hungrily looking for opportunities in Vietnam market Vietnamese Fund Management Company majority owned by Dragon Capital Financial Group has the potential to become the effective capital razing channel when business financial consulting of HSC meets the requirements of investors With rich platform capabilities in brokerage and consulting business in Vietnam, HSC should aim to develop the ability to broker the international scope and access to opportunities for Vietnamese investors to invest abroad HSC should establish relations with companies in global stock markets overseas and offshore the foreign investment into Vietnam effectively, make use of the current distribution channels to lead the Vietnamese investors to abroad when have the allowance of Vietnamese legal 3.4.6 Develop leadership culture and future leading generations of HSC 2011 is considered as the first year in the next developing stage of HSC During years, the company has passed the “past”, success with “Present” and Capstone Project Report Gamba01.X0610 - Group 83 towards “The future” Vietnamese securities industry is still young and attracted many young intellectual With the rate of rotation of employees is quite low compared to other industry companies, HSC has become the ideal working environment for young professionals, consultants, investment securities, analysts, accountants members, consultants corporate finance The capable staff have always been honed and give chance to become the discerning executives of company in the future That is why at this stage, HSC should develop and enhance a sense of "cultural leaders" in the company The company should implement formal programs and training to develop communication skills as well as behavioral leadership skills for young people Search and honor young leaders in the quarterly ceremony, encouraging the CEO and the head officer to find a successor, and actively promoted the young leaders 3.4.7 Effective investment strategy: Liquidate the investment portfolio, accept cut losses to reduce financial risk Transfer dealing activities for fund management, reduce and limit this activity Invest into other sectors to reduce risk Expand market into other countries like Laos Take advantages of market chances decline to strengthen internal resource, and development and more intensive in the activities of investment banks like business financial advisory, trading – merger advisory Improve the financial service activities, financial leverage, capital arrangement for investors to safely and effectively use capital Further promote the securities brokerage by the business development solution as: develop branch, transaction office, online order receiving at big cities Quickly develop the targeted customers market, especially the big investment group market Always have a few strategies for each company in each phase of development No company can deploy all of its strategic resources of the firm is finite Therefore the Capstone Project Report Gamba01.X0610 - Group 84 company will always select the strategy best suited to building strength as well as its position With HSC companies we focus on three strategies for human resources,marketing and finance We strongly recommended budget priorities as well asimplementation of the strategy as the table below: TENTATIVE BUDGET Solutions Cost Deadline Marketing 50 From Jan 2012 ( billon VND) to Dec 2012 80 From Jan 2012 (billion VND) to Jun 2013 200 From Jan 2012 ( billion VND) to Dec 2013 Human Resource Finance Time line Strategies at the divisional level (Year) Capstone Project Report Gamba01.X0610 - Group 85 Strategy at the company level Marketing Human resource Management Finance 2012 1 2013 2 2014 3 2015 2016 Capstone Project Report Gamba01.X0610 - Group 86 • Orientation: strategic choice for sustainable development by promoting the strengths and minimize weaknesses • Suggestions to HSC: – maintain the top position by always providing the best service quality for customers – exploit the market potential not only inside but also outside Vietnam – increase the financial capacity(equity increased to 3000 billion) – improve staff performance (spend 10 billion budget to train staff) – system provides the most advanced technology – promoting marketing activities Capstone Project Report Gamba01.X0610 - Group 87 CONCLUSION The theory of strategy and strategic management is really a practical model in applying analysis and determination of business construction strategies in HSC phase 2011- 2015 Through the application of the canonical model of strategic management theories such as the PEST model, model year competitive forces, SWOT matrix, GREAT or the analysis of the business environment have shown the weaknesses, strengths and opportunities and challenges that HSC will encounter during the period of this strategy From the results of qualitative and quantitative analysis, the project showed the general strategy along with implementing roadmap specifics for each stage to help HSC determine directions to achieve the objectives of the period 2011-20165 Project also offers some forecasts about the market development in the following year as the basis for strategic planning of HSC in particular and companies in industry in general In order to implement the long term developing strategies, the strategy that HSC is essential to apply to stay ahead of cost, strengths, ready to take advantages of market opportunities to expand market share and profit Topic gave an overview of the overall strategy of the HSC in the period 2011-2015 This general strategy focuses on activity of the entire company from human resource training, technology innovation to improvement of marketing activity quality To have the specific vision of strategic program of each department, individuals need to have the specific project to analyze the features as well as the steps of each department in company That is the new research topic that the project figured out Along with the micro-program activities for each section, the topic “Business construction strategies in HSC securities company phase 2011- 2015” brings the accurate strategies, programs for HSC and is the reference for other companies inside the industry Capstone Project Report Gamba01.X0610 - Group 88 REFERENCE HSC: Report of 2008 – 2010 business years HSC: Business situation Le Van Tam, Ngo Kim Thanh, strategic management textbook, National economics university Publisher, Hanoi 2009 Nguyen Hoang Viet, strategy management textbook, The University of Commerce, 2008 Pham Vu Luan, commercial business management, Hanoi National University Publisher, 2001 Pham Cong Doan, commercial business economy, Hanoi National University Publisher, 1991 Nguyen Ngoc Hien, Business management, Labor Publisher, 2003 Pham Lan Anh, strategic management, Science and Technology publisher, 2003 Pham Thi Thu Huong, strategic management in the global economy, , Science and Technology publisher, 2002 10 Rudolf Gruning (2003), strategic process planning, Science and Technology publisher, 2003 11 Fred R.David, Concept review of strategic management, Statistics Publisher, 1995 12 Garry D.Smith (1994), Strategy and business strategy, Statistics Publisher, 1994 13 Micheal E.Porter, Competitive strategy - Science and Technology publisher, 1996 Capstone Project Report Gamba01.X0610 - Group 89 ... scientific research Hanoi, Nov 22nd 2011 Group Leader NGUYEN NGO MINH Capstone Project Report Gamba01.X0610 - Group Table of Contents ACKNOWLEDGEMENT INTRODUCTION 1.Urgency... development 31 2.1.2 Organizational structure of company 33 Capstone Project Report Gamba01.X0610 - Group 2.1.3 Business scope of company .33 2.2 HSC competitiveness current... Securities JSC .78 3.4.3 Human resource solutions 79 Capstone Project Report Gamba01.X0610 - Group 3.4.4 Modernization the information technology system in service of business