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CAPSTONE PROJECT REPORT BUILDING AND SELECTING STRATEGY TO DEVELOP HANOI WESTERN MARKET OF PETROVIETNAM FINANCE CORPORATION – THANG LONG BRANCH (PVFC THANG LONG) IN 2011 – 2015 PERIOD AND VISION TO 2020 Nguyen Tu Anh Luong Minh Tuan Tran Luu Kien Bui Huy Quang GaMBA01.X03 Hanoi, 2010 GRIGGS UNIVERSITY GLOBAL ADVANCED MASTER OF BUSINESS ADMINISTRATION PROGRAM CAPSTONE PROJECT REPORT BUILDING AND SELECTING STRATEGY TO DEVELOP HANOI WESTERN MARKET OF PETROVIETNAM FINANCE CORPORATION – THANG LONG BRANCH (PVFC THANG LONG) IN 2011 – 2015 PERIOD AND VISION TO 2020 Group No: 06 Members: Nguyen Tu Anh Luong Minh Tuan Tran Luu Kien Bui Huy Quang Hanoi, 2010 COMMITMENT We commit that the content of this capstone project report has not been submitted to any master program of any other training programs We also commit that this capstone project report is the effort of our group’s members All the results, analysis and conclusion in this capstone project report (apart from those are cited) are the result of the group’s working SIGNATURE OF TUTORS ACKNOWLEDGEMENT We would like to thank the Center for Educational Technology and Career Development (ETC) – Hanoi National University, the lectures and cadres in the Department for having conscientiously teaching, guiding and creating condition for us during the learning period in class GaMBA01.X03 and completing this course We would like to thank the teachers for having enthusiastically teaching, guiding and being responsible to help us during learning, studying process and finishing this capstone project report We are grateful to Vietnam National Oil and Gas Group - PetroVietnam Finance Joint Stock Corporation – Thang Long Branch for facilitating and helping us to conduct this capstone project report We are indebted to our colleagues, friends and families for encouraging and helping us Thank you so much! TABLE OF CONTENT PREFACE 1 Topic Reasons for selecting the topic Objectives of the study .3 Scope of the study Methods of the study Questions of the study Limitations of the project Expected results 10 Structure of the project CHAPTER – THEORETICAL BASE 1.1 STRATEGY AND MAREKTING STRATEGY 1.1.1 Strategy 1.1.2 Marketing strategy 1.1.3 Implications and roles of marketing strategy 1.2 PROCESS OF BUILDING STRATEGY 1.2.1 Mission and vision 1.2.2 Objective of marketing strategy 13 1.2.3 External environment analysis 15 1.2.3.1 Macro environment analysis – PEST model (Political – Economic – Social – Technology) 15 1.2.3.2 Micro environment (sectorial environment) analysis 20 1.2.4 Internal environment analysis .24 1.2.4.1 Analyzing according to fields of operation – Value chain .25 1.2.4.2 Process of recognizing sustainable competitive edge 28 1.2.5 SWOT matrix 29 1.2.5.1 General arguments on SWOT analysis 29 1.2.5.2 SWOT matrix 29 1.2.6 Strategy selection 31 1.2.6.1 Cost-leadership strategy 31 1.2.6.2 Product differentiation strategy .32 1.2.6.3 Focus strategy 33 1.2.6.4 Combining common strategies 34 Summary of Chapter .34 CHAPTER 2- ANALYSE MARKET SITUATION OF PVFC THANG LONG .36 2.1 GENERAL VIEW ON PVFC 36 2.1.1 Establishment and growth .36 2.1.2 Product patterns 37 2.1.3 The business operation criteria 39 2.1.4 Development orientation until 2015 and a vision to 2020-2025 42 2.2 THE PROCESS OF FORMATION AND DEVELOPMENT OF PVFC THANG LONG 42 2.2.1 Formation and development 42 2.2.2 The organizational structure of PVFC Thang Long 43 2.2.3 Main products and services of PVFC – PVFC Thang Long 45 2.3 MARKET AND MARKET SHARE DEVELOPMENT SITUATION 47 2.3.1 Market development situation .47 2.3.2 The strategy on customers of PVFC Thang Long 51 2.4 ASSESSMENT ON MARKET DEVELOPMENT OF PVFC THANG LONG AT PERIOD OF 2007 - 2010 .51 2.4.1 Achievements 51 2.4.2 Limitations and reasons 54 2.5 BUILDING AND SELECTING STRATEGY TO DEVELOP HANOI WESTERN MARKET OF PETROVIETNAM FINANCE CORPORATION – THANG LONG BRANCH IN 2011 – 2015 PERIOD .55 2.5.1 Analyze external environment 55 2.5.1.1 Analyze macro environment - PEST model 55 2.5.1.2 Analyzing industry environment – the 5-force model of M PORTER 64 2.5.1.3 Synthesize analysis of external environment 76 2.5.2 Environmental inside analysis – the value chain 81 Summarize Chapter 90 CHAPTER 3: DEVELOPMENT STRATEGY TOWARD HA NOI WESTERN MARKET AND SOLUTIONS FOR PVFC THANG LONG 92 3.1 DEVELOPMENT TARGET OF PETROVIENAM FINANCE CORPORATION BY 2015 AND ORIENTATION TO 2025 .92 3.2 DEVELOPMENT ORIENTATION FOR PVFC THANG LONG BY 2015 94 3.2.1 The concrete development orientation for PVFC TL by 2015: .95 3.2.2 The development routine by 2015 including periods: 95 3.3 OPTIONS IN MARKET DEVELOPMENT STRATEGY OF PVFC THANG LONG 95 3.3.1 Select the market in Ha Noi West area basing on SWOT model 96 3.3.2 Marketing development strategy based on economic environment .98 3.3.3 Brand development strategy 100 3.4 SOLUTIONS .101 3.4.1 The solutions for the strategy – The strategy of the focus 101 3.4.2 The solutions for strategy – The strategy of distinction 102 3.4.3 Breakthrough solutions .104 3.5 SUGGEST SOME SUPPORTING SOLUTIONS .104 3.6 LIMITATIONS OF REPORT AND THE NEXT RESEARCHING ORIENTATION 105 CONCLUSION OF THE THESIS 106 REFERENCES 107 LIST OF ABBREVIATIONS Abbreviation Content GDP PEST PV PVFC PVFC Thang Gross domestic products Political – Economic – Social – Technology Model National Oil and Gas Group (PetroVietnam Group) PetroVietnam Finance Joint Stock Corporation PetroVietnam Finance Joint Stock Corporation – Thang Long Long SO Branch Competitive strategy combining Strengths-Opportunities of the ST company Competitive strategy combining Strengths-Threats of the SWOT company Strengths - Weaknesses - Opportunities – Threats Matrix of CI Ltd CC WO the company Credit Institution Limited Chartered capital Competitive strategy combining Weaknesses-Opportunities of WT the company Competitive strategy combining Weaknesses- Threats of the company LIST OF TABLES – GRAPHS – CHARTS (TABLES) Table 1.1: Process of building strategy Table 1.2: Analysis model of three-level internal and external environment 16 Table 1.3: Five forces model of Michael E Porter 21 Table 1.4: Value chain diagram 26 Table 1.5: Diagram of cross-functional goals and value chain .27 Table 1.6: Process of recognizing sustainable competitive edge 28 Table 1.7: SWOT matrix 30 Table 1.8: Table summarizing suitable options for each strategy 31 Table 2.1: Several criteria on business outcome in PVFC at the period of 2004 2009 39 Table 2.2: Diagram of Revenue, Profit and the ratio of Profit/Revenue of PVFC Thang Long in the period of 2004 - 2009 .41 Table 2.3: The organizational structure of PVFC Thang Long .43 Table 2.4: GDP growth rate of Vietnam from 1999 – 2009 (%) .58 Table 2.5: The matrix of impacting factor classification 62 Table 2.6: Matrix of external factors 63 Table 2.7: Matrix of competitive imagine 64 Table 2.8: The scale of charter capital of credit organizations owning head offices and branches in Hanoi Western area in 2009 65 Table 2.9: The scale of charter capital of some credit joint stock organizations locating head offices and branches in Hanoi Western area in 3/2010 .66 Table 2.10: The capital scale of several foreign banks 2009 67 Table 2.11: CAR of some credit organizations locating head offices and branches in Hanoi Western area in period of 2007- 2010 (estimation) 68 Table 2.12: The growth rate of credit and financial products and GDP from 2004 to 2009 72 Table 2.13: Assign weight in priority order 77 Table 2.14: Evaluate threats against PVFC Thang Long 79 Table 2.15: The density of service products and revenue of PVFC Thang Long from 2007 – 10/2010 84 Table 2.16: The diagram of business and production values of PVFC Thang Long from 2007 – 10/2010 84 Table 2.17: Compare features of services and products of PVFC – PVFC TL and Vinashin Finance Company 85 Table 2.18: Diagram of revenue of main products and services of PVFC Thang Long 2010 (estimation) 85 Table 2.19: Diagram of comparing revenue of products and services in Oil and Gas industry (2009) in PVFC Thang Long and the outside of the industry 86 Table 2.20: Diagram of financial product market share of PVFC Thang Long in the Plan 2009 of PVFC 86 Table 2.21: Diagram of value chain of products and services of PVFC Thang Long 87 Table 2.22: Diagram of value chain agents of service products of PVFC TL 90 Table 3.1: SWOT model of product value chain in the general context of current business and production situation of Vietnam financial organizations 97 developing motivation; to diversify financial products to meet maximally needs of customers Targets:  Stable and steady growth The average revenue growth is 15%/year, profit over average capital is 12-20%, and profit growth is 10%/year  Ensure high profitability and safe capital during process of business and production  Become the realizable address for individuals and enterprises having demands of using financial products; support development and always be credible companion of enterprises 3.2.2 The development routine by 2015 including periods:  Period of 2007 – 2010: Establish imagine, set up status Revenue reaches billions of VND by 2010  Period of 2010 -2012: Explore market, become the branch grade of PVFC, support efficiently in affirming trade mark PVFC in finance market  Period of 2012 -2015: Achieve the target of becoming one of the heading branches of PVFC with professional and effective operation; over-fulfill allocated targets and norms 3.3 OPTIONS IN MARKET DEVELOPMENT STRATEGY OF PVFC THANG LONG Applying the organizational structure of PetroVietnam Finance Corporation – Thang Long branch with 04 departments and 01 centre transaction office, PVFC Thang Long has got firm and considerable achievements in recent years However, development speed of business in PVFC Thang Long has recently been forwarded quickly, and the weak economy causes such fierce competition They are the reasons that make market forming of each branch is exceedingly urgent It has strategic 95 meaning toward the development of PVFC in general and PVFC Thang Long in particular Locating the head office at the building The Manor, the most luxurious building in the West of Hanoi, PVFC Thang Long has a lot of advantages but still faces up with a large number of obstacles to develop and expand market The place of the head office of PVFC Thang Long lies in the dynamic area in the West of Hanoi It is the ideal area, next to the National Conference Centre, My Dinh National Stadium, international schools with convenient transport system, especial it is convenient to go to Noi Bai international airport It is obviously wonderful for PVFC Thang Long to locate their head office in this developing area with convenient transportation belonging to the plan of expanding Ha Noi capital 3.3.1 Select the market in Ha Noi West area basing on SWOT model In this part, we would like to summarize strengths, weaknesses, opportunities and threats of product value chain in the general context of current business and production situation of Vietnam financial organizations Table 3.1: SWOT model of product value chain in the general context of current business and production situation of Vietnam financial organizations Strengths Weaknesses 96 Service and product The financial services – products as With the specificity as a branch of strengths of PVFC TL include: financial company, PVFC Thang Long is Credit, capital arrangement, not permitted to implement full banking development of CDM projects, trade operations like other banks in foreign currency, capital mobilization, forward marketing, individual credit, support to invest in stock, project investment, investing Trade mark mandate, bond trade, selling and buying date of valuable vouchers … As a branch of a large financial The trade mark PVFC often goes along institution with high prestige inside with great projects and big companies in and outside country Oil and Gas industry, so other customers Relations in the value chain Banking technology have not much concern to PVFC PVFC – PVFC Thang Long has a lot The qualification of the staff is not equal, of chances to take advantage of so it is difficult to carry out modern and modern technology of domestic and uniformed technology for the whole foreign countries -Specialize in system effectively trading financial The branch cannot meet the requests of products and services for enterprise foreign partners, so the cooperation and and individual customers… In service value increase are implemented addition, PVFC Thang Long also conveniently cooperates with Ocean Bank to business in term of financial products and services… 97 Market demand Product development Opportunities Penetrate markets and Threats develop serving finance Need to transfer into the form of high-grade commercial bank to implement fully customers in the West of Ha Noi The customers in the Ha Noi West Most of high-grade customers have area have high life standard and made relationship with a lot of banks qualification; they also have the in the region, so it is not easy to demand of business, so the need of change their habit and explore more using banking services is extremely their needs of using banking huge Trade mark & and competition banking operations services PVFC – PVFC Thang Long is a big There are many Vietnam prestigious trade mark and has been well-known banking brand names In addition, for a long time as a brand name with the competition pressure from high-class financial service line and banking branches and foreign banks having capacity of arranging capital on the verge of opening in the same for large projects region Source: Analyze and appraise the data on one’s own 98 3.3.2 Marketing development strategy based on economic environment Economic environment of PVFC Thang Long in particular and PVFC in general relates closely to development of deposit market and capital mobilization PVFC is well supported by PetroVietnam Finance Corporation and PetroVietnam Group, however, it not only is a very important market but also the most comparative and overheating market among financial organizations in absorbing idle money from other organizations and residents Thus, PVFC Thang Long has to meticulously execute capital and deposit mobilization strategy in compliance with laws on deposit and capital: - Compete to come to preparation on facilities, personnel, technology to transform from financial company to commercial bank, prepare development plan step by step, and simulate customers to create private account and PVFC card account There have now been over 1.3 million private accounts all over the country, including 750,000 holder accounts - Compete to absorb call account from economic-social organization Compete to absorb money from National Budget, Vietnam Social Insurance, Bao Viet Prudential Vietnam, telecommunication, electricity… - Compete to absorb call account: this is one of the traditional ways to mobilize money among credit organizations and postal saving service companies, and especially grassroots /basic people’s credit fund Some commercial banks have recently issued services to stimulate customer such as: sending and receiving in different branches, accumulate saving, saving together with prudential insurance, progressive saving (that means the more money saved, the more interest paid), aggressive saving (that means customers can actively withdraw money at any time they want, interest will base on the real number of saving days responding to the recent period, prize saving, and so on - Issue deposit certificate, bill of exchange, bond… to absorb 6-month and over deposit or with attractive interest 99 In recent years, there have been dynamic competitions in deposit-absorbing market and mobilization market, especially financial intermediary organizations which have issued diverse absorbing deposit items and services, capital mobilization However, for market development issue, there is a big problem of PVFC Thang Long that is they have not collected maximum deposit and idle money from people, basing on that it can choose payment service or cash withdraw on demand at any time It is a great and important capital source that boosts development of monetary market This source increases call deposit and available capital for PVFC as well 3.3.3 Brand development strategy We all know that brand is the values of a company (product service…) reflected in customers’ mind and public’s Developing brand is to maintain/ bring up values that company has contributed in customers’ mind and public’s It is “invisible – feeling” value resulted from “experience and interaction” between customer and its product, service … during a process Thus, brand development needs stable investment, and clear strategy Contribute more successful brand development policy for PVFC – PVFC Thang Long  Brand popularization not only is advertising, even advertisement is an indispensable part in brand development process It is rooted from prestige of product and service, product sustainability PVFC – PVFC Thang Long always ranges product quality first Because no matter how long product prestige of PVFC – PVFC Thang Long is, it is possible to lose itself if product quality decreases  PVFC Thang Long have to assess brand issue with a general strategy which means correct and full comprehensions about brand in the whole branches; contribute brand name basing on carefully analyzing market; propose the Corporation to register trademark protection in internal and external market; 100 develop branch system; manage trademark to ensure that prestige and image of PVFC are constantly increased  PVFC Thang Long have to deeply impress their trademark on customers’ perception to make use of their internal strength, focus on main target, carry out supporting plan and contribute their image in customers’ mind  Developing trademark only take effect when it is together with other support means Especially contribute study promotion fund “Light Faith” of PVFC and other activities They all have positive effect in customers’ attitude  On making trademark contribution strategy, it should be involved a principle reflecting company’s criteria and consisting of great humanity to take customers’ belief on product value We have heart “New faith of development” when referring to PVFC’s service product, but PVFC Thang Long has to try more to develop their trademark  Finally, PVFC Thang Long should set up a steady brand name connection in the mind of customers through the long term campaign of advertisement as well as strange and creative marketing activities In general, it can be said that brand name is an intangible asset with tangible power in case it decides the options of customers on products, services It even impacts on success or failure of business operation For this reason, it is always the challenge for PVFC – PVFC Thang Long to find the direction for the brand name 3.4 SOLUTIONS 3.4.1 The solutions for the strategy – The strategy of the focus For the reason that the central strategy aims directly to the need of a group or customer segment; moreover, PVFC and PVFC Thang Long operate on the function as the credit organization of petroleum industry, so the essential strategy has to concentrates on the gap of concrete market and defines the aspects as geography (The West of Ha Noi), kind of customer (in petroleum industry), product segment (projects and activities linking the products in petroleum industry) It will be a long 101 term strategy and implemented in PVFC The practical methods possibly coming to real are: - Increase income from services - Approach the customers who gain high and stable income, connect them to the effective invested projects in progress - Diversify products, prepare necessary conditions to control market share of individual finance - Focus on develop personnel with higher quality - Build up efficient strategies for the future human capital by forwarding the program of associating with and sponsoring universities and training centers - Make the reasonable treatment for laborers, create comfortable climate for employees to express all their capacity and creativeness, need to respect their ability - Build up periodic projects on fostering professional knowledge for employees to strengthen specialty and skill of applying new technology - Constantly invest and renovate banking technology to ensure the quickness, modernity, safety, convenience in transaction and service supply to customers - Be more enthusiastic in investing and renewing technology, which is suitable to banking modernization strategy in next time, more concentrative on carrying out Core banking software - Improve and enhance qualification and ability of applying IT of employees, raise the effectiveness in using modern technology 3.4.2 The solutions for strategy – The strategy of distinction As mentioned in the Chapter 1, the target of the strategy of distinction is to obtain competitive advantages for enterprise by making products or services which customers can see the uniqueness and distinctiveness The enterprise creates the 102 distinction to satisfy the demand of customers in the way that the rivals cannot cope with higher price (considerable price in comparison with average level of industry) Therefore, PVFC Thang Long should carry out this strategy through diversifying business operations, especially the activities in monetary market following international practice PVFC TL ought to put forward the PVFC needs to invest more in stock trading sector and attracting sight deposit and payment service for customers This is the way that PVFC TL can get attention of individual investors in stock market and potential customers toward stock trading sector: All the operations of PVFC Thang Long have to aim to the distinction from other credit organizations: The products of PVFC Thang Long have to include three contents: “Create values for customers”, “Provide sensible values”, “Difficult to imitate” - Create values for customers One of the key factors brings success to the distinction strategy is the real values for customers For example, for the customers who want to invest in stock to get profit, convenience is not value; they expect opinions of the heading experts more than convenience PVFC Thang Long will provide useful consultancy from the experts of the branch They are all the most competent To reach this target, PVFC TL needs to research market to understand customers and test systematically ideas and suppositions This market research has to ensure that added values deserve the price which is higher than competitive products - Provide sensible values The added values have to be felt by customers The information has to touch customer, it must be easy-remembered and realizable Sensible values are extremely important in case customers cannot verify them Thus, the task of PVFC Thang Long is well controlling these signs - Difficult to imitate 103 The distinct points have to be long-lasting and difficult to imitate It can combine collaborative focus and prior focus to make durability of distinction strategy If the distinct points start from the comprehensive effort of organization and its assets and capacity, it is not easy and very expensive to imitate, especially the points are active and flexible ceaselessly Microsoft is a creative organization and invests concentrative in R & D, so it cannot be imitated The new rivals have to be competent and decisive if they want to copy Thus, increasing investment and risk will make rivals give away PVFC Thang Long’s choice is focusing on developing brand aimed PVFC premium, regular use of the service package The difference of Thang Long PVFC than competitors show at the Thang Long PVFC development and provide support services associated with credit-granting activities such as financial support for your customers securities firms, lending real estate business with a special form of preferential 3.4.3 Breakthrough solutions  Increase to perform package products; provide customers the best products as: Consultancy in enterprise establishment, enterprise survey and evaluation, financial consultancy, capital and asset management, consultancy in investment and cooperation, investing mandate  Concentrate on investing in projects which are safe and have high economic efficiency in the industry of petroleum, energy, high-grade tourism, real estate, banking, stock…;  Provide consultancy service on buying and selling, merging enterprises; take part in this operation directly;  Develop high-grade products for upper stratum, VIP customers;  Develop products and services on the bases of advanced information technology; 104  Constantly improve fast, safe and convenient processes;  The products and services on consultancy and investment are managed by groups of these sectors to reach the professional of each field So, strategies and solutions of PVFC Thang Long is based on the overall strategy of PVFC The difference is reflected in a number of factors:  Characteristics of the market and customers PVFC Long;  Ability to meet market demand of PVFC Thang Long;  PVFC Thang Long’s strategy taking into account the differences in products and services compared to competitors in the same area;  The ability to raise capital to meet market demand;  PVFC Thang Long is the only branch in the system PVFC products provide full service, upscale customer for foreigners living and working in the area 3.5 SUGGEST SOME SUPPORTING SOLUTIONS Toward PVFC - Support PVFC Thang Long to resolve fully unpaid debts, check and adjust unprofitable items to strengthen quality of assets of PVFC Thang Long Support the branch with a risk warning system; simultaneously PVFC founds a company whose function is managing loans and exploring assets to timely warn sudden risk and deal with unpaid debts entirely - Enhance capacity of management according to international standard - Standardize organizational structure following international practice, which concentrative aims to customers Therefore, the headquarter will focus on controlling and resolving business issues of the bank, the branches mainly sell products to customers and implement customer care - Renovate management structure following international standard: uniform policies, focus on risk management, allocate concretely duties and pay relevant income 105 3.6 LIMITATIONS OF REPORT AND THE NEXT RESEARCHING ORIENTATION Limitations: - Since the time is not much, the report of assignment does not tell fully deep aspects of the researching issue The researched object is a branch directly under PVFC The operations of PVFC Thang Long cannot be separated from the common activities, targets and tasks of the whole organization Hence, the given solutions have to be place in the context of PVFC - The report is the work of several individuals; therefore, it is not viewpoints and judgments of synthetic thought - The financial and monetary market always has complicated fluctuation and difficulty in estimation The data for analysis is just momentary and not significant for long-term application The next researching orientation: Through finding out and comparing with many realizable references, applying solutions written in this thesis in reality, we observe and evaluate their conformability and impacts on development of PVFC Thang Long, then complete and strengthen report of assignment which not only reaches the depth of research but also get realistic features, matching the Vietnam economic context in the period of 2010 – 2015 and orientation to 2020 CONCLUSION OF THE CAPSTONE PROJECT REPORT After more than 20 years of innovation, Vietnam economy has achieved a lot of outstanding landmarks Vietnam is integrating the economy of the region and the world comprehensively, actively and enthusiastically The credit organizations with their representative as banks, financial companies have been expressing their importance as economic bridges progressing growth and development of the country 106 There are more and more objects concerning about operations and financial reality of financial companies which are expanded more and more largely The need on enterprises’ information through financial statement analysis is increasing ceaselessly Meanwhile, because of specific characters of structure, management, and operations, it is rather complicated for the branches of financial companies to widen market The situation of this activity in financial firms is still limited and requests to be improved and completed Within the scale of the thesis with topic: “The development strategy for the market in Ha Noi Western area in the plan of PetroVietnam Finance Corporation – Thang Long branch”, the authors have resolved following issues: - Systematize theoretic issues relating to market development in financial companies and here is PetroVietnam Finance Corporation – Thang Long branch - Analyze the situation of developing products and services, market; assess the condition of business and take them as bases to expand Ha Noi Western market - Suggest some solutions to enterprises as well as ideas about policy aiming to develop Ha Noi Western market in the plan of PVFC Thang Long 107 REFERENCES Nguyen Tan Binh (2004), Analyze operations of enterprises, Publishing House of Statistics, Ha Noi Nguyen Van Cong, Nguyen Nang Phuc, Tran Quy Lien (2002) – Set up, read, check and analyze financial statement, Publishing House of Finance, Ha Noi Ngo The Chi, Nguyen Trong Co (2005), The curriculum of corporate finance analysis, Publishing House of Finance, Ha Noi Pham Thi Gai (2004), Curriculum of business analysis, National economic university, Ha Noi Luu Thi Huong (2002), Curriculum of corporate finance, Publishing House of Education, Ha Noi The State Bank of Vietnam, Regulations on financial report for credit organizations, issued according to the Decision No : 16/2007/QĐ-NHNN dated 18/04/2007, Ha Noi The State Bank of Vietnam, Decision 03/2007/QĐ-NHNN on correcting and amending articles of the regulation on ratios ensuring safety within operations of credit organizations, attached with the Decision No.: 45/205/QĐ-NHNN dated 19/04/2005 issued by the Governor of the State Bank of Vietnam, Ha Noi The State Bank of Vietnam, Decision No : 493/2005/QĐ-NHNN dated 22/04/2005 on classifying debts, deducting and setting up, using provision to deal with credit risk in banking operations of credit organization, Ha Noi Nguyen Nang Phuc (2008), Curriculum of financial statement analysis, National economic university, Ha Noi 10 Nguyen Ngoc Quang (2001) “Accomplish criteria of financial statement to get effective information for analysis” – The magazine of economy and development (8/2001) 108 11 The National Assembly of Socialist Republic of Vietnam (2004), Amended bill of the Law of credit organizations No.: 20/2004/QH11 dated 15/06/2004, Ha Noi 12 PetroVietnam Finance Corporation (2007), The financial statement of the Corporation 2007, Ha Noi 13 PetroVietnam Finance Corporation (2008), The financial statement of the Corporation 2008, Ha Noi 14 PetroVietnam Finance Corporation (2007), The prospectus of the Corporation 2007, Ha Noi 15 A.P Ph.D Tran Huy Hoang (2008), Commercial bank management, Publishing House of Labor – Society 16 Vietnam tasking board on WTO accession, The concrete commitment on service, Report dated 27/10/2006 17 Multilateral Trade Assistance Project, Vietnam accession to WTO – Explain joining conditions 18 The State Bank, annual statements 19 Commercial banks, annual statements 20 Decision No 112/2006/QD-TTg, dated 24/05/2006, Banking development project by 2010 and orientation by 2020 Websites Ministry of Finance http://.www.mof.gov.vn The State Bank of Vietnam http://www.sbv.gov.vn PetroVietnam Finance Corporation http://www.pvfc.com.vn Stock investment http://.vir.com.vn Vietnam economy news http://www.vneconomy.vn 109 ... conscientiously teaching, guiding and creating condition for us during the learning period in class GaMBA01.X03 and completing this course We would like to thank the teachers for having enthusiastically... there must not any completely disappearance of any value The lack of any value will result in the imbalance of the pyramid and if there is not timely adjustment, it is very difficult to think about