BASIC MATTERS ON STRATEGY AND BUSINESS STRATEGY
Strategy can be defined in various ways, reflecting the unique perspectives of different authors In 1962, Chandler defined strategy as the process of establishing goals and the long-term fundamental purpose of an enterprise, alongside the implementation of a series of actions and the allocation of necessary resources to achieve these objectives.
Until the 1980s when the strategic management course had become ripe, Quinn given more general definition:
"Strategy is the pattern or plan to integrate the major goals, policies, and the sequence of actions into an overall which is cohesive rigorously."
Then, Johnson and Scholes redefined the strategy in the environmental conditions which were much in rapid changes:
An effective strategy defines an organization's long-term direction and scope, enabling it to achieve a competitive advantage by aligning its resources with a dynamic environment This approach ensures the organization can adapt to market demands and fulfill the expectations of stakeholders.
1.1.2.1 The concept of business strategy
A well-defined business strategy outlines the long-term direction and scope of an organization, enabling it to gain a competitive edge By optimizing resource allocation, businesses can effectively respond to market demands and meet stakeholder expectations, ultimately driving success in a dynamic environment.
1.1.2.2 Basic characteristics of the business strategy
Business strategy clearly defines the basic objectives and business direction of the firm in each period
The crystal-clear strategy focuses on enabling the firm to achieve sustainable growth in an ever-changing business landscape It prioritizes the effective mobilization and optimal utilization of the company's resources, both now and in the future, to enhance competitive advantages and capitalize on emerging opportunities.
Business strategy clearly defines the basic objectives and business direction of the firm in each period
The crystal-clear orientation of a business strategy is essential for a firm to thrive in an ever-changing environment This strategy focuses on maximizing resource mobilization and optimizing the utilization of both current and future assets By leveraging strengths and seizing opportunities, businesses can gain a competitive edge and ensure sustainable growth.
1.1.2.3 The types of business strategy
According to different approaches, there are different business strategies.
Corporate governance encompasses both firm-level strategy and the business strategies of functional divisions Firm-level strategy refers to the overall strategic direction of the enterprise, which can include various approaches such as focused growth, integration-based growth, and diversification In challenging circumstances, firms may adopt a degradation strategy, which involves cost reductions, optimizing return on investment, or even considering options like harvesting, selling, or dissolving the business to navigate bankruptcy effectively.
* According to the scope, business strategies can be divided into: general business strategy, strategy of business factors and strategy of components
Business strategies can be categorized into several types: the strategy of key factors focuses on essential elements for success, the strategy of comparative advantage emphasizes leveraging unique strengths, the strategy to create attack involves proactive market initiatives, and the strategy to exploit degrees of freedom capitalizes on available opportunities for growth.
1.1.2.4 The role of business strategy
Business strategies help companies define clearly their purpose, direction as a base, guideline for all production business activities of the firm.
Business strategies help companies capture and take advantage of business opportunities, and simultaneously having proactive measures to overcome the risks and threats on the competition market
Business strategies contribute to improving the efficiency of using resources, enhancing the competitive position of the firms to ensure the sustainable development of the firms
Business strategies create stable bases for setting out policies and decisions on production and business to suit the changes of the market.
Process to develop the strategy
Developing an effective strategy necessitates strategic thinking and addressing three key questions: "Where are we now? Where do we need to go? And how do we get there?" This process can be broken down into seven essential steps.
1 Current assessment: mission, objectives and strategies.
2.Analyzing the business environment: market structure, development situation, competitive analysis and positioning the firm.
3 Macro environment analysis: demographic ,economic, social, technological and political environment
4 Internal analysis at the enterprise: Structure, resources, processes, personnel and corporate culture.
5 Analyzing strengths, weaknesses, opportunities and threats
6 Analyzing strategic choices: Generally or in sector.
7 Evaluation and implementation: requirements on resources, risks and benefits.
Where do we need to go to?
How do we get there?
Source: Lecturing documents of strategic management - Griggs University
The strategic management process involves analyzing both the external environment to identify opportunities and threats, as well as conducting an internal analysis to assess strengths and weaknesses By leveraging the organization's mission, vision, and SWOT analysis, appropriate strategies and strategic choices are developed This process includes performance evaluation, strategy adjustment, and ongoing monitoring to ensure alignment with organizational goals The strategic management process is visually represented in Figure 1.1 below.
Figure 1.1: Process to business strategy
Source: Lecturing documents of strategic management - Griggs University
* Strategic vision mentions to the future business direction of the company -
"where we will go": The markets need to pursue, focus in the future on technologies
- products - customers, the type of the company management board tries to create.
* The mission statement of most companies focus on current business activities -
"who we are and what we do": These current products and services; customers' needs are being served ; capacity of technology and business.
+ Micro-analysis: the model of five competitive forces.
Implementation and adjustment for strategy Monitoring and evaluation for strategy implementation
Make the organizational structure appropriate with strategy
The proposed strategy should be grounded in the firm's environmental requirements and internal challenges, focusing on achievable goals based on the company's potential and resources Key objectives include revenue, profit, budget management, and average employee income Additionally, firms like the Joint Stock Commercial Bank for Foreign Trade of Vietnam must consider service-oriented targets, such as retail density, service radius, and overall service density.
The analysis of the external environment aims to pinpoint potential opportunities and threats for businesses, focusing on strategies to leverage these opportunities while mitigating unnecessary risks.
The scope and content of environmental analysis includes the macro- environment analysis (general environment) and micro environmental analysis, also known as sector environmen
To ensure the survival and growth of a firm, it is essential to analyze and synthesize external factors that significantly influence its operations Businesses must recognize the opportunities and challenges presented by the objective environment, adapting to these conditions while also driving changes within that environment The components of the macro environment are illustrated in Figure 1.2 below.
(Source: Strategic Management, Prof Dr Le The Gioi, Dr Nguyen Thanh Liem, MA Tran Huu Hai (2009), Statistical Publishing House)
The shifting demographics and increasing population size present significant global challenges and opportunities in the 21st century Understanding these changes is crucial for entrepreneurs, as they can leverage the evolving market dynamics to address the needs of a growing population.
Age structure : Showing the opportunities of the elderly care services, insurance services But it is one also implicit threat for enterprises on the issues of labor resources.
Geographic distribution: Possibly causing the advantages for communications technology By computer, human can perform work at home and communicate with others via telecommunications networks
Analysis of the political and legal environment
The political environment encompasses the various political factors and circumstances that influence a company's operations Key elements include the political regime, the ruling party, and the policies and guidelines set forth by both the Party and the State Additionally, the overall political climate within society plays a crucial role in shaping business dynamics.
The legal environment encompasses the legal framework governing a company, including state legal norms and the legal awareness of judicial and executive bodies The political and legal environment significantly impacts a company's operations, often playing a decisive role in its success A country characterized by political stability, transparent policies, a favorable political atmosphere, and strict laws enables firms to thrive and grow sustainably.
The economic environment encompasses the socio-economic conditions and policies that influence a firm's growth and survival within a country Key components of the macroeconomic environment include the socio-economic structure, the level of economic development, the prevailing economic regime, and the overarching macroeconomic policies.
Analysis of engineering and technology science environment
The engineering science environment encompasses a range of social phenomena directly linked to the elements of science and engineering that influence a firm's survival and growth This environment is shaped by four key factors: the societal level of science and engineering, the workforce in these fields, the scientific and engineering institutions established by the state, and the policies and legal frameworks governing science and engineering.
Analysis of socio-cultural environment
The social environment encompasses the formation and evolution of social classes, population demographics, migration trends, social power dynamics, and the lifestyle and work patterns of individuals These factors' current conditions and changes can significantly influence business operations and strategies.
The cultural environment encompasses key elements such as philosophy, religion, language, literature, and art, all of which indirectly influence a firm's business operations Recognizing and understanding these cultural factors is essential, as their impact should not be underestimated.
The social environment encompasses the formation and evolution of social classes, population demographics, migration trends, social power dynamics, and the lifestyles and work patterns of individuals These factors significantly influence the operational activities of businesses, as their current status and changes can impact enterprise performance and strategies.
The cultural environment encompasses key elements such as philosophy, religion, language, literature, and art These factors significantly influence a firm's business, primarily through indirect effects that should not be underestimated.
Global environment includes global markets are concerned, the current markets are changing, important political international events, the institutional characteristics of the basic culture on the global market.
Analyzing the macro environment enables businesses to evaluate the significant macroeconomic factors influencing their operations and to identify essential shifts in the competitive landscape This analysis is crucial for understanding external conditions that can affect strategic decision-making.
Table 1.1 Analysis of macro environment
Population size Age structure Geographical distribution
Inflation rate Interest rate Deficit or surplus Deficit or surplus of budget
Personal savings rate Enterprise savings rate Gross domestic product
Anti-monopoly law Tax law
Labor Training Law Policies and trends in education
Women in labor force Diversity in the workforce Attitudes about quality of work
Environmental concerns The change in career and services choices
The change in priorities related to product and services features
Product innovation The application of knowledge
Concentrations of costs for the Government’s R & D
Important political event Main global market
Newly-industrilization countries The difference between cultural characteristics and institutions
Source: Strategic Management textbook - statistics publisher -2009.
* The model of five forces of competition
M Porter’s model of five forces, the theoretician and strategic practice of Harvard University with has shown.
Figure 1.3: The Five forces of competition model
(Source: Lecturing material of strategic management - Griggs)
BUSINESS ENVIRONMENT ANALYSIS OF VCB BACNINH
Overview on Joint Stock Commercial Bank for Foreign Trade of
Vietnamese name NGÂN HÀNG THƯƠNG MẠI CỔ PHẦN NGOẠI
English name JOINT STOCK COMMERCIAL BANK FOR FOREIGN
Headquarters 198 Tran Quang Khai, Hoan Kiem District, Hanoi City Chartered capital
VCB at Hochiminh Stock Exchange (HOSE)
Foreign Trade Bank was formally established on 01/04/1963 by the Decision
No 115/CP by the Government Council on the basis of separation from the ForeignExchange Management Department under the Central Bank.
On 21 May 09, 1996, it was authorized by the Prime Minister, the Governor of State Bank signed the Decision No 286/QD-NH5 on re-establishing VIETCOMBANK according to the model of Corporations 90 and 91 specified in the Decision No 90/QD-TTg dated 07 March 1994 of Prime Minister with the international trading name of Bank for Foreign Trade of Viet Nam, the abbreviated name was Vietcombank.
On December 26, 2007, Vietnam Foreign Trade Bank became the first state commercial bank to publicly issue shares on the Ho Chi Minh Stock Exchange Subsequently, on June 2, 2008, it officially transitioned into a joint-stock commercial bank, boasting the largest chartered capital in Vietnam.
With nearly 50 years of growth and development, Vietcombank has established a comprehensive network across Vietnam, featuring a head office in Hanoi and over 300 branches and transaction offices nationwide.
VIETCOMBANK operates three subsidiaries in Vietnam, one in Hong Kong, and has established four joint venture companies and three associated companies, along with a representative office in Singapore The bank boasts an extensive Autobank system, featuring 11,183 ATMs and points of sale (POS) nationwide, complemented by a network of 1,300 agent banks across 100 countries and territories to support its banking activities.
Vietcombank is renowned for its exceptional reputation in trade finance, international payments, foreign exchange, and various banking services, including credit card offerings such as Visa and MasterCard.
Our leadership team boasts extensive experience in state management and banking finance, supported by professionally trained staff equipped with in-depth knowledge of the financial sector and market economy They possess strong foreign language skills and the ability to adapt sensitively to the modern business environment and high levels of integration.
Vietcombank is always the first choice for large groups and local and abroad enterprises as well as of more than 5 million individual customers.
Guided by the motto "ALWAYS FOR CUSTOMERS' SUCCESS," the Bank aims to solidify its position as a leading commercial bank in Vietnam while aspiring to become a prominent international bank in the region within the next ten years.
- By 2015 “Vietcombank to become one of 70 leading financial institutions in Asia and operate on International scale”
- By 2030, becoming a multi-functional financial group with financial potential equal to the largest financial groups in the region.
Mission: Leading bank for Vietnam's prosperity
Operating philosophy: Always putting ourselves in partner position to understand, share and solve the best for work
Vietcombank’s cultural identity: Reliability - Standard - Ready renewal -
Source: Handbook of cultural Vietcombank (2010)
2.1.1.4 A number of titles and large awards:
Vietcombank has been presented the trophies and awards by many international organizations such as:
- The best bank of Vietnam in the areas of foreign exchange and cash management selected by Asiamoney
- Award for "Best Payment" presented by JP Morgan Chase
- Award for "Best Domestic Bank of Vietnam on trade finance in 2009" by Trade Finance Magazine
- Award “Annual high quality international payment "of Citi Group
In 2011, the Asian Banker recognized the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) as the "Best Domestic Bank of Vietnam in Trade Finance," highlighting its excellence in the sector.
Overview on Joint Stock Commercial Bank for Foreign Trade of
2.1.2.1 General information on Vietcombank BacNinh
Headquarters 353 Tran Hung Dao - BacNinh City
The BacNinh branch of the Joint Stock Commercial Bank for Foreign Trade of Vietnam is a level I branch, marking the establishment of the 35th branch in the network.
Dated 06/29/2004, BacNinh VCB officially opened and put into operation, located at 353 - Tran Hung Dao - BacNinh city - BacNinh Province.
The key business products in VCB BacNinh:
- Fund mobilization service (Saving deposits, bonds, promissory notes);
- Lending service (Short, medium and long-term);
- Other services registered in Business Registration Certificate
The core offerings include fund mobilization, lending, export and import payment services, foreign exchange, money transfers, and card services Each of these primary products is enhanced with various sub-products, tailored to meet the diverse needs of customers.
2.1.2.2 The Model of the organization structure in VCB BacNinh
The BacNinh branch of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB) operates as a level I branch under the direct oversight of VCB Center's leadership Each year, the General Director assigns specific business activity targets, while the VCB Center's leadership manages policies related to interest rates, exchange rates, product offerings, and technology applications.
Analysis of the external environment affecting VCB BacNinh’s
is arranged compact with 05 professional departments, group for checking, monitoring and compliance, synthetic group, Information Technology (IT) group, and 04 transaction department (see Figure 2.1)
Figure 2.1 Diagram of VCB BacNinh’s structure organization
Analysis of the external environment affecting VCB BacNinh’s business operations
2.2.1 The impact factors from macro environment
In 2010, the global economy began to emerge from recession, albeit at a slow recovery pace, while facing new challenges such as public debt concerns in Europe, high inflation in China, and the potential risk of a "currency war" among emerging economies.
Internal inspection and complianc -e monitorin -g
Custom er Dept and syntheti -c group
Tu Son transact -ion Dept
Que Vo transact -ion Dept
Yen Phong transact -ion Dept
Thuan Thanh transact-ion Dept
In 2010, the domestic economy exhibited concerning trends, including slow growth, high inflation, and low development quality The Incremental Capital-Output Ratio (ICOR) stood at 6.2, significantly exceeding the World Bank's recommended level of 3 for developing countries, indicating inefficiencies in investment and a need for sustainable economic practices While the GDP growth rate was recorded at 6.78%, inflation soared to 11.75%, and the exchange rates, interest rates, and liquidity experienced significant volatility.
Since 2011, the Vietnamese economy has faced challenges due to rising input material costs and the dual effects of currency devaluation and high interest rates These factors have heightened risks within the economy, significantly affecting banking operations and leading to concerns about liquidity and an increase in bad debts.
In recent years, Vietnam's economic environment has posed significant challenges for the banking industry, particularly in 2011, where banks are confronted with the critical issues of capital mobilization and maintaining liquidity.
However, BacNinh’s economy still has more points of light The growth rate of the province’s economy is always higher than the whole country,
In the 2010 Provincial Competitiveness Index (PCI) report, conducted by the Chamber of Commerce and Industry of Vietnam in collaboration with the U.S Agency for International Development, Bac Ninh province achieved a national ranking of sixth, scoring 64.48 points out of 7,300 surveyed private enterprises This marks a significant improvement for Bac Ninh, which advanced four positions from its previous ranking of tenth in 2009.
BacNinh province has emerged as a significant hub for foreign direct investment (FDI) in Vietnam, ranking third nationwide As of now, the province hosts 299 FDI units, with 282 projects totaling an impressive investment of $3.218 billion In 2010, FDI enterprises in BacNinh generated nearly $4 billion in revenue and achieved an export turnover of $1.6 billion, contributing substantially to the state budget.
700 billion; sloved jobs for nearly 60 thousand employees.
BacNinh province currently hosts 12 established industrial zones, with four operational zones—Tien Son, Que Vo, Dai Dong-Hoan Son, and Yen Phong I—boasting an average occupancy rate of 80.11% Major companies like Samsung Electronics, Canon, and Nokia are prominent players in these zones, presenting significant opportunities for VCB BacNinh, which targets foreign enterprises in industrial and processing areas This influx of foreign investment contributes to BacNinh's economic restructuring, with the industrial-construction sector growing from 63.79% in 2009 to 65.68% in 2010, while the service sector saw a slight increase from 23.77% to 23.88%.
(Source: BacNinh Bureau of Statistics)
Vietnam is recognized by the international community as a country with a stable security and political environment, fostering peace and facilitating economic development This stability attracts both direct and indirect foreign investment Bac Ninh province stands out for its competitive capacity, particularly due to its high levels of transparency, accessible information, and innovative leadership, which collectively enable local firms to thrive and draw in foreign capital.
The Party and state's perspective on economic innovation emphasizes trade liberalization, investment, and the equitization of state enterprises, particularly in the banking sector This includes allowing state-owned and joint-stock commercial banks to sell shares to foreign strategic partners up to a specified limit These measures aim to enhance the financial strength and management capabilities of Vietnam's commercial banking system, improve operational transparency, and facilitate active integration with international banking practices.
Vietnam's legal system is evolving to align with economic development and global integration, yet it still faces gaps and inconsistencies that hinder operational efficiency and foster unfair competition Additionally, the lack of coordination between fiscal and monetary policies has diminished the effectiveness of monetary measures in controlling inflation in recent years.
In recent years, legal system has changed effect to the business activities of banks as follows:
The VAT tax policy mandates that businesses must process payments through banks for goods valued at 20 million or more, facilitating VAT deductions This regulation aims to reduce cash transactions and promote financial transparency within firms.
The Law on Credit Institutions No 47/2010/QH12, effective from January 1, 2011, established a legal framework for the formation, organization, management, and banking operations of various credit organizations This legislation aims to ensure the stable development of the credit institution system while aligning with the demands of international integration in the banking sector.
On the framework of documents of the banking sector, in recent years the State Bank has issued several documents which impact on many banking activities such as:
- The regulations on loan classification, requiring banks to pay attention to credit quality
Circular No 13/2010/TT-NHNN, effective from October 1, 2010, mandates that credit institutions in Vietnam must restructure their assets to comply with safety guarantee rates This regulation aims to align the safety standards of local banks with international banking norms, ensuring a more secure financial environment.
The Circulars No 12/2010/TT-NHNN and No 07/2010/TT-NHNN provide guidelines for financial institutions in lending Vietnamese dong at negotiated rates, allowing banks to actively manage their operations Despite this opportunity, the State Bank is refining the interest mechanism to address the volatility and risks associated with bank interest rates, ensuring continued intervention in the interest rates applied by credit institutions.
The State Bank of Vietnam has implemented flexible foreign currency exchange rates in response to supply and demand dynamics On February 11, 2011, the bank adjusted the exchange rate from 18,962 to 20,693 dong per dollar, narrowing the trading band from ± 3% to ± 1% This adjustment, along with various government measures to combat dollarization, has positively impacted macroeconomic stability, aligning bank rates more closely with real market rates and alleviating pressure on foreign currency supply sources.
Analysing the internal environmental factors of VCB BacNinh
Analysing the internal environmental factors of VCB BacNinh
2.3.1 Elements of the internal environment
Joint Stock Commerical Bank for Foreign Trade of Vietnam - BacNinh branch is inheritted competitive advantages in capital, foreign exchange, of Joint Stock Commercial Bank for Foreign Trade of Vietnam.
In 2011, Vietcombank aims to increase its capital by over VND 7,035 billion, raising its total chartered capital to VND 24,622 billion, making it the largest chartered capital bank in Vietnam Following this capital increase, Vietcombank's Capital Adequacy Ratio (CAR) is projected to be 10% In 2010, the bank achieved impressive financial metrics, with a Return on Assets (ROA) of 1.53% and a Return on Equity (ROE) of 20.39%, significantly outperforming its competitors.
One of VCB’s strengths that is always guaranteed good liquidity while most banks have problems of liquidity and demonstrated VCB’s capital management is very good.
VCB BacNinh has achieved significant success over the years, driven by the robust financial resources of VCB Central The branch has consistently experienced strong growth in pre-tax profits, which has laid a solid foundation for its business development and expansion Over its six years of operation, VCB BacNinh has generated over 100 billion in pre-tax profits, highlighting its impressive financial performance.
VCB BacNinh has experienced significant growth in recent years, particularly since the economic crisis in 2008, which highlighted the challenges faced by the economy Despite these difficulties, VCB BacNinh has demonstrated strong financial capacity and effective management, turning general adversities into specific opportunities for development However, it is important to note that the bank's profits primarily rely on interest income, with fees from services constituting only 10% of total business revenue, indicating a high potential credit risk.
Table 2.6: One of VCB BacNinh’s main operating targets
The rate of services revenue / total income 12% 14% 9%
(Source: Summary Report VCB BacNinh)
The quality of banking services is evaluated through five key dimensions based on customer experience: reliability, assurance, tangibles, empathy, and responsiveness These factors encompass every stage of the service delivery process, all aimed at fulfilling the needs and expectations of customers effectively.
VCB BacNinh has significantly improved its service quality, showcasing noticeable changes in the attitude and service style of its staff since Vietcombank's equitization The employees now possess enhanced qualifications, enabling them to consult with customers more efficiently and accurately.
Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB) places a strong emphasis on technology as a key input factor, leading the industry with innovations such as online banking and trade finance payments The bank invests heavily in its core banking system, focusing on online trading, automated processes, and high-speed transmission lines VCB has successfully completed significant projects in the banking sector, including the EMV project and the implementation of advanced technologies like One-Time Password (OTP) and Identification (ID) systems Additionally, the bank conducts thorough security vulnerability testing and develops utilities to enhance operational efficiency and risk control VCB also offers improved customer service through its Phone Banking services, continuously evolving its technology investments to optimize profit management for each product and customer.
VCB's policy for developing its network focuses on selective investments and efficient operational locations, ensuring its presence across various provinces and cities The Management Board has meticulously approved the opening of transaction offices within branches, leading to the establishment of four successful trading offices in the BacNinh branch In addition to traditional direct distribution channels, VCB has significantly enhanced its modern distribution system, which includes ATMs and robust online services such as VCB Money and internet banking This approach is particularly appealing to foreign businesses and individuals who are adept at using digital platforms.
With the advancement of wireless technology and enhanced informatics knowledge, Vietcombank is poised to establish modern distribution channels that can replace traditional methods This shift not only enhances competitiveness against rival transaction networks but also leads to significant cost reductions.
Senior human resources at VCB Central:
Viecombank's Management Board stands out as a valuable asset, featuring a senior leadership team dedicated to driving innovation for the bank's collective benefit and the nation's prosperity This commitment to excellence has earned VCB's senior leaders recognition and accolades from global organizations.
Viecombank's Management Board stands out as a valuable asset, featuring a senior leadership team dedicated to driving innovation for the bank's and the country's prosperity Recognized globally, these senior leaders consistently receive accolades from international organizations for their exemplary contributions.
CEO Nguyen Hoa Binh was awarded "Typical Vietnamese Entrepreneur in 2009", "The typical foreign economic operator"
Deputy General Director Nguyen Quang Dung was awarded "Young Bank Leaders and Prospects in 2011" (The Asian Banker Promising Young Banker Award,
The Asian Banker (world's leading magazine on providing strategic information in the financial services sector) also gave awards Vietcombank
"Developing talent and leadership at VCB highlights the bank's exceptional human resource capabilities, which are on par with those in the Asia-Pacific region This unique strength positions VCB BacNinh advantageously compared to other banks."
Human Resources of VCB BacNinh:
VCB BacNinh has seen significant growth in personnel over its six years of operation, with the number of employees increasing threefold to 96 by December 31, 2010 The workforce is predominantly female, comprising 54.6%, while men make up 45.4%, with an average age of 28 Educational qualifications include 6.3% holding master's degrees, 77.5% with university degrees, and the remainder at college or secondary levels Employees enjoy a competitive average monthly income of 16 million VND, and the bank fosters a work environment characterized by solidarity, transparency, and respect for talent, offering numerous opportunities for career advancement.
Vietcombank's human resources have been evaluated by a research group from the National Economics University, highlighting key strengths and weaknesses A notable strength is the confidence and pride exhibited by Vietcombank employees, which contributes positively to the bank's culture.
Vietcombank is committed to cultural and humanistic values, supported by a skilled and qualified team of employees and compassionate leadership However, the bank faces challenges such as unclear strategic awareness and competition, leading to a hesitant approach in its corporate culture Employees tend to focus on doing tasks correctly rather than embracing a bold, responsible mindset Internally, there is a disparity between high individual capabilities and low team dynamics, while customer interactions are characterized by caution but can come across as rigid.
Source: The speech of VCB’s CEO at the Conference
"Mobilizing Vietcombank’s New Culture implementation"
Our team, consisting of two experienced officials from VCB BacNinh, both of whom are clients of Vietcombank, concurs with the research team's evaluation, reflecting the actual state of human resources at VCB BacNinh.