Luận văn thạc sĩ quản trị kinh doanh quốc tế MBA (189)

CAPSTONE PROJECT REPORT CARD DEVELOPMENT STRATEGY OF JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM UNTILL 2015 Dao Quang Minh Le The Vinh Dam Hai Yen Do Thi Nga Class GaMBA 01.X03 H A N O I GRIGGS UNIVERSITY GLOBAL ADVANCED MASTER OF BUSINESS ADMINISTRATION PROGRAM CAPSTONE PROJECT REPORT CARD DEVELOPMENT STRATEGY OF JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM UNTILL 2015 Group number: Student’s name: Dao Quang Minh Le The Vinh Dam Hai Yen Do Thi Nga HA NOI 2010 ACKNOWLEDGEMENTS In order to complete this capstone project, group – Class GaMBA01.X03 would like to acknowledge help and support of the following individuals and organizations:  Professors, lecturers participating in the Training Program Master of International Business Administration of Griggs University;  Cadres, employees of the Center for Educational Technology and Career Development, the School of Graduate Studies, Vietnam National University, Hanoi;  The Card Center of Joint Stock Commercial Bank for Foreign Trade of Vietnam;  The Board of Directors, the Card Division of the Service Trading and Payment Department, of Joint Stock Commercial Bank for Foreign Trade of Vietnam – Ba Dinh Branch;  The group members’ friends, families and colleagues i TABLE OF CONTENT Acknowledgements TABLE OF CONTENT LIST OF TABLES LIST OF FIGURES, GRAPHS introduction chapter 1: THEORETICAL BASE 1.1 Overview of Strategic Management 1.1.1 The concept of strategy 1.1.2 Foundations of a strategy 1.1.3 Strategic Management Process 1.1.3.1 Strategic planning phase 1.1.3.2 Strategic implementation and inspection: 1.2 Introduction to kinds of cards 1.2.1 Roles and positions of cards in banking 1.2.1.1 As for the economy 1.2.1.2 As for banks 1.2.1.3 As for customers 1.2.1.4 As for card acceptance organizations 1.2.2 Present some kinds of Card 1.2.2.1 Based on the nature of the payment 1.2.2.2 According to the extent of application Chapter 2: General View of the CARD OPERATION AT JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM (VIETCOMBANK) 2.1 General view of Joint Stock Commercial Bank For Foreign Trade Of Vietnam 2.1.1 Brief introduction of Vietcombank 2.1.2 Summarize the operation activities of Vietcombank from 2007 to 2009 ii 2.1.3 Card Trading Operation of Vietcombank in the period of 2007 – 2009 2.1.3.1 General view of Vietnamese card market 2.1.3.2 The foundation and development of Vietcombank 2.1.3.3 Card Business of Vietcombank in the period of 2007 – 2009: 2.2 Analysis of environmental factors: 2.2.1 Macro environmental analysis according to PESTLE model 2.2.1.1 Law 2.2.1.2 Economic 2.2.1.3 Technology 2.2.1.4 Politics 2.2.1.5 Culture, society 2.2.2 Analyzing sector environment according to Michael Porter’s model 2.2.2.1 Potential competitor 2.2.2.2 Clients 2.2.2.3 Alternative commodities 2.2.2.4 Provider 2.3 SWOT analysis and choosing target strategy 2.3.1 Assessing the opportunity and challenges to card operation of Vietcombank 2.3.1.1 Assessing the opportunity 2.3.1.2 Assessing the challenge 2.3.2 Assess the advantages and disadvantages 2.3.2.1 Advantages 2.3.2.2 Disadvantages 2.2.3 SWOT analysis 2.2.4 Strategic target CHAPTER 3: VIETCOMBANK CARD OPERATION DEVELOPMENT ORIENTATION IN THE PERIOD OF 2010 – 2015 3.1 Vietcombank card operation development orientation in the period of 2010 – 2015 3.1.1 Oriented products and services 3.1.2 Oriented network development 3.1.3 Oriented Sale Activity 3.2 Propose the solutions for implementation iii 3.2.1 Formulation of Marketing Strategies and Policies 3.2.2 Completion of card issuing process 3.2.3 Increase in investment to modernize the technology 3.2.4 Improve the quality of card product 3.2.5 Developing the network of card accepting units 3.2.6 Improve the quality of professional card staff CONCLUSION REFERENCE APPENDIX iv LIST OF TABLES Table 2.1 Operation result of Vietcombank from 2007 to 2009 Table 2.2 Number of international credit card issued by Joint Stock Commercial Bank for Foreign Exchange of Vietnam Table 2.3 Number of issued debit card of Vietcombank through years Table 2.4 The sales of using international credit card issued by Vietcombank 28 Table 2.5 The sales of using international debit card issued by Vietcombank Table 2.6 The sales of using international debit card issued by Vietcombank Table 2.7 The GDP growth rate of Vietnam in the period of 2005-2010 Table 3.1 The position of Vietcombank card in the market (by Dec 31st, 2009) v LIST OF FIGURES, GRAPHS Figure 1.1 The term “Strategy” Figure 1.2 Differences among three uses of the term “strategy” Figure 1.3 Three steps of strategic planning process Figure 1.4 Michael Porter’s five competitive forces model Figure 1.5 SWOT matrix Figure 1.6 Basic steps of strategic management Figure 2.1 Total assets of Vietcombank in the period of 2007 - 2009 Figure 2.2 Profit before tax of Vietcombank in the period of 2007 – 2009 Figure 2.3 Number of international credit cards issued by Joint Stock Commercial Bank for Foreign Trade of Vietnam through years Figure 2.4 Number of issued debit card of Vietcombank through years Figure 2.5 The sales of using international credit card issued by Vietcombank through years Figure2.6 The sales of using international debit card issued by Vietcombank through years Figure 2.7 The sales of using debit card issued by Vietcombank through years 30 Figure 3.1 Market share of Vietcombank card for the years vi INTRODUCTION Importance of the subject choice Competition is inherent in a market economy It is important for enterprises (economic subjects) to change so that they can have advantages and dominate a given market share They must try their best to keep and develop these advantages That shows their competition capacities In order to win in competition, it is necessary for them to build an efficient competitive strategy A card is one of the products which are being developed by commercial banks and competition in this field among them is very harsh There have been continuous changes in competitive environment among Vietnamese commercial banks When the economy was transformed from a centrally planned economy to a market economy, commercial joint stock banks are permitted to open, and foreign banks are permit to operate in Vietnam, competition among banks is more and more harsh On the other hand, US-Vietnam Trade Agreement is implemented more and more perfect and Vietnam joined the World Trade Organization (WTO), Vietnam must carry out international undertakings on financial service expansion, for example, domestic financial enterprise and foreign ones must have equal opportunities Because commercial joint stock banks have developed more and more quickly in the recent years and foreign banks have financial potentials, experience and modern technologies, the state commercial banks no longer have a monopoly owing to priorities from the State As for the above-mentioned changes, commercial banks in general and Joint Stock Commercial Bank for Foreign Trade of Vietnam in particular must improve their operation efficiencies and competitive capacities in order to keep advantages of operation scales, experience and great customers After implementing the reconstruction project of the State Bank of Vietnam with the World Bank’s help and support since 2001, Joint Stock Commercial Bank for Foreign Trade of Vietnam has gained encouraging achievements: Basic implementation of asset reconstruction, overall technological renovation…, especially its profit has continuously been the largest and stable (continuously voted the best bank of Vietnam by the Banker) However, in order to meet international economic integration requirements, it is vital for Joint Stock Commercial Bank for Foreign Trade of Vietnam to carry out revocation and reform continuously so that it can adapt to changes in the world economy It implemented its equalization (this is change in the quality) to form a multipurpose financial corporation with an important position in the region and in the world Based on the above-mentioned reasons, group decided to choose the subject: “Card development strategy of Joint Stock Commercial Bank for Foreign Trade of Vietnam until 2015” with a view to contributing to solutions to improve general competitive capacities of Joint Stock Commercial Bank for Foreign Trade of Vietnam Study purpose Competition in banking operations in general and cards in particular has ever been studied by many experts and scholars in/out of the field of banking However, with this subject (no longer new), group wants to systemize theoretical matters on business strategy building and choice, business reality analysis, and strategic orientation for card development of Vietcombank, and then business strategy choice and giving solutions and proposals for improving competitive capacities of Joint Stock Commercial Bank for Foreign Trade of Vietnam in the field of card operation until 2015 Study method Argument foundations for study are theory of the subjects: Strategic Management, Operations Management, Human Resources Management, Marketing Management… During our study progress, we have used the methods: comparison, general analysis, statistics, etc to analyze argument and practice for improving competitive capacities of Joint Stock Commercial Bank for Foreign Trade of Vietnam in the field of card operation Layout of the capstone project In addition to the introduction, conclusion, reference and appendices, the report consists of chapters:  Chapter 1: Theoretical base 3.1.2 Oriented network development Currently, Vietcombank has been to focus on developing the network of cardaccepting units in the areas: the business of restaurant, hotel and chain of retail stores, especially the global hotel groups, the largest retail group in the world to install POS devices so as to make the payment for goods or services to cardholders When non-cash payment via a facilitate payment card will one hand contribute to attract more number of cardholders, on the other hand create a favorable condition for the card accepting units to make payments and manage the funds more efficiently, thereby creating a solid basis to develop the payment card market in Vietnam Oriented network development of Vietcombank over the card operation's tag is:  To improve the operation of card accepting network to serve the customers, ensure a stable operative network with the best quality of 24/24  To maintain and develop a network of card-accepting units, ensure a rapid and efficiency response of the unit needs to accept the card as troubleshooting, providing the card bills , with the mode of special care, offers for card-accepting units with high turnover  To promote the unit development of accepting the local cards, create the infrastructure for customers to use the local card in payment for goods and services, contributing to promote non-cash payment  Focus on developing the card-accepting units in the field of competition was not as much as recurring payments (recurring payment), education, health and beauty services, cinemas, exhibition center, collecting the bridges and roads fee…  Change the design of ATM locations, Kiosk to create an image of Vietcombank's card services uniform and professionally 3.1.3 Oriented Sale Activity Common characteristics of retail banking services are targeted at individual customers, so the marketing task of card services bears many similarities with the other type of goods and consumer services On the other hand, the demand for cards 49 in Vietnam, with most of the population is not urgent and indispensable indeed Therefore, the strategy of Vietcombank is the need to actively introduce the card products and services in an extensive way to the citizens throughout the country, changing the concept of the card Look in the marketing task of the card can not just stop at the extent of identifying the needs of the market and satisfy that demand as the traditional model without creating the demand, creating desire for products card The product advertisement can not equate that with these cards, each of which is to identify the customers on their own goal, thus making the appropriate marketing strategy Thus, sales-oriented activities of Vietcombank will focus on:  To train and improve the sales skill of branch staff, each of whom in Vietcombank strives for becoming a marketing staff for the product, card service of Vietcombank  To rewards for the staff with high achievements in the work of selling products, card services  To develop the cardholder towards its quality, implementation of incentive programs to use card so as to increase the rate of active card  To continue to perform the work as assigned, the business plan of card to each branch  To enhance the task of communication, product advertisement or card service of Vietcombank, analysis for the card accepting unit in sake of card payment, simultaneously raise people's awareness about features and benefits of the card 3.2 Propose the solutions for implementation 3.2.1 Formulation of Marketing Strategies and Policies In business activities, the commercial banks have to build themselves a longterm strategy to compete with rivals, which contributes to bring the success Therefore, in the business of card, Vietcombank has to build themselves with marketing strategies and implemented policies to ensure the success for their card 50 First goal is to provide the accessed card to all people that make it really a practical part of life Vietcombank will promote the advertising propaganda to people who know about the numerous economic benefits, the convenience in while of using the card This operation is done through various means of mass media to have a strong impact on people's awareness, breaking the psychological barrier of people who hesitate before new services and change the habit of using cash in payment so that they find it economical, fast, safe and convenient in their card payment Building on its budget for the card marketing activities, the promotional policies and the development on the occasion of major holidays, rewarding quiz shows, simultaneously promote the introduction, advertisement of card products to the overall audience of potential customers, particularly in big groups, corporations, companies and organizations on nationwide scale, capable of spreading rapidly, industrial parks, export processing zones, Payment card market of Vietnam is now developing very fast and intensely competitive, Vietcombank should promote the developing policies of products and customer relationships to advertise the extra advantages in their card products At the same time, through policy and customer relations, Vietcombank also should survey customers about products and services to provide innovative products that can meet the maximum needs of users Market share of card payment is shared by competitors that one of such reason is no policy of frequently customer care Therefore, Vietcombank should develop customer care programs such as: Giving gifts to customers on holidays, Tet festival, Organization of the bonus program for customers using cards; regularly poll the customers about the quality of provided products and services…, Card competition between commercial banks has become increasingly fierce, to win the competition, Vietcombank must first analyze their competitors from which to choose and use a flexible way of the most appropriate policy With effect from the Amex proposal are: (i) Revenue from fees discount card acceptance units higher than the Visa / Master Card, (ii) exchange rate Vietcombank receive fees from card sales of cardholders than MasterCard, (iii) exclusive brand 51 for Vietcombank Amex advantage in negotiating with partners to develop products and expand its network card unit to accept the card The main reason is, Vietcombank must have product-oriented marketing for Amex card that is: increase the number of cards and card use and sales network expansion units Amex cards accepted 3.2.2 Completion of card issuing process To improve and develop the method of common card payment implemented by the countries in the region as well as developed countries, the first is to promote the distribution stage and it will be the basis premise from which to develop the stage of payment Then, it is the process that will impact back into the distribution stage and both will promote the card services to develop Stepping up the issue of bank card now, Vietcombank is planning to invest for the future It is necessary to formulate the strategies of card development on the basis of overall demand forecasts for the economy, specific forecasts of each customer, and each type of specific card Saturated market of ATM cards from 2009 onwards, the sales turnover should not only include ATM cards issued by Vietcombank, but also of all commercial banks in general will decline This is identified by experts in the field of cards, so Vietcombank should make the adjustments in its strategy, policies accordingly The timing for launching a product is one of the important things in competition This often means that regularly product innovation and the rapid shift to keep up or ahead of customers' tastes or in other words ahead of the competition, offering the right product at the right points of time that is necessary for the needs of customer’s use Vietcombank can not wait for banks or mimic the same market to produce the same product So as to succeed in this arena, in addition to understanding the needs of the market, Vietcombank will only win its opponent when Vietcombank was the first corporation to come up with new products The development of card products associated with corporations, companies for providing goods and services to increase the number of issued cards, revenue growth, which dominates the market because the cost savings for associated card 52 products is based on card products which are available except for investing in new technology It is necessary to train the staffs who are professional firm to develop new projects without difficulty The training task is not only in the theoretical form, but also must combine the theory with practice in the foreign bank From the knowledge and practical acquirement, staff card can apply for the card task in the country Vietcombank should organize the seminars with reputable banks in the market for the issue and payment of cards and draw the experience as well as find about the limitations which the issue of payment cards are experiencing, how to release to boost the sales further, for many more, not only for foreigners, but also it is necessary to focus on the people of Vietnam Currently, the service comes with the use of Vietcombank cards has been noted, but limited So to be able to increase the turnover of card issue as well as turnover of card payment, Vietcombank should provide more services with the use of cards, because the customers often choose the card that has more services, more beneficial in card payment to use It is necessary for Vietcombank to consider and edit the card-issuing conditions that are favorable and more relevant to the ability of our customers 3.2.3 Increase in investment to modernize the technology Card business which always requires the modern technology, are highly automated Technical level of technology is crucial to the quality of the card payment services and success in competition Therefore, one of the major orientations in Vietcombank operation in general and the Card centre in particular is to increase the investment in technology for card business of hardware, software as well as human resources In the process in technology investment, equipment investment for the system of payment card acceptance units is indispensable But for an increasingly network of card accepted unit, it is important to ensure a system of management and 53 processing the information effectively, to ensure the information flow and cash flows related to usage of the cardholder's money to be smooth Investment in technology is not simple; it requires a large amount of capital, long-term capital recovery Therefore, banks should have a plan to deduct from development invested funds or mobilized from some other long-term resources to cater for this work Thus, the new system to promote the role of ensuring the provision of high quality services to customers, card accepting units and effectively prevention from risks, damage caused by fraud, card fraud Investment in the issue of card: In addition to market expansion strategies and improve the quality of card services, commercial banks plan to invest heavily in technology to be able to develop for a long-term in Vietnam market Experiences in previous years, Vietcombank has proposed a long-term business strategy and technology investments in line with the development of the world Vietcombank also identify the tools to make successful competition in the technology integration Only advanced technology, Vietcombank can research and make available the products of high quality, multi-utility, advantages and cost savings in payment, especially for cost of human resource capital tends to rise the amid fierce competition In addition, modern technology is an important factor in the application of modern management paradigm High-tech application in the card payment: card payment activities require advanced technical environment as a foundation, particularly in the field of telecommunications So as to develop the card payment market, we must first focus on infrastructure development, technical science and technology Enhance the technology transfer from advanced countries on the basis of acquiring and mastering technology In the process of integration today, most countries expanded the multilateral economic relations based on mutual benefit, so the approach to learning, transfer of technology that has many advantages over before Investment to modernize technology, including the equipment, software programs and the training of skilled technical experts that should be deployed across all areas of the field does not own the card Vietcombank should expand its network of branches and transaction offices to expand its network of card transactions automatically (ATM) across provinces Investment in research and server systems, communications backup for ATMs, credit cards to avoid the downtime of the 54 system, increasing the frequency of the system operation according to the international-standard cards of 95-98 % 3.2.4 Improve the quality of card product Any bank that launches their cards on the market understands that quality issues of product will decide which products can survive and develop or not Therefore, Vietcombank should have a reasonably concern with the issue of product quality as a springboard from which to influence the quality of card issuance as well as in payment Therefore, card products that Vietcombank should focus on the achievement of increasingly higher usability, fast, safe and accurate customer in the process of billing Vietcombank has to consider and study the experience of banks in the region as well as in enhance the innovation and continuous quality card, for example, combines the convenience of the card, create card that features "three in one", "four in one"…, eg bank card cards could be used as a student, card gallery, store cards and especially may put to photo copier automatically without the staff photos Currently, the business card is the core focus continues to be more investment banking focused development resources and increased competition in many competitive strategies is very flexible and diverse In fact at present, income from the card is not enough to offset the cost, particularly if you get income and expenses for the business card will have a negative number However, if one includes prestigious brands by market share, sales increase, the transaction will be different So the solution for the business card that is operating effectively in parallel with the continued development units accept the card, Vietcombank must continue to offer new products to banking clients feel constantly developed utility and customer-oriented and always add utility increases for products through partner links, the program co-marketing Card business income mainly relies on the increased sales of customers using the card Through increased sales, the bank will earn fees from card-accepting unit, the fee paid by international card organizations and charges on the card as cash, deferred payment Value-added services on the card orientation will extend the payment online with local card, card cooperation with taxi firms, promoting at the 55 ATM card payment service for electricity, water, telecommunications, insurance… Also, must have the stimulus program, stimulus spending cardholders E.g discount when payment credit card merchant at some further advantage is the bank pioneer in the development of online payment card market, to meet the shopping needs, bar customer accounts in the modern era of information technology boom and the internet 3.2.5 Developing the network of card accepting units Build a long term development strategy to card-accepting units in the fields of common consumer and essential goods, such as electronics stores, fashion clothing conventional supermarkets, gas stations … to create the habits of domestic consumers using the card In the first time, sales turnover of the units will accept this card is very low, but investment in other entities in the country to accept the new card is the long-term investment, sustainable investment and also to develop card market in Vietnam, the development of card users Vietcombank, which is the leading bank for card payment service, should have the advantage of the traditional customers, but the market units of small merchants, retail, and customer service in the country to open such banks: ACB, East Asia that occupied This not only affected in terms of revenue but also in terms of maintaining the image of a leading bank, always leading in the field of cards Besides the implementation of long-term strategy, the investment in network development must be combined with economic efficiency, avoid spreading investment Network development of card accepting unit is growing both in width and depth, particularly interested in the unit that accepts a higher turnover cards and the traditional card accepting units of Vietcombank According to statistics, total sales of 10% of card payment acceptance unit which has the largest card payments turnover account for 74% of the total sales turnover of the card accepting units The development of ATM network in both width and depth: increasing the number of machines and installations in densely populated locations, convenient to use and to carry out a range of services and payments through ATMs and accept a wide range of cards are widely used around the world, for example, AirPlus, Maestro, Eurocard, VISION CARD, CARD ATT Increasing to ATM facilities, 56 particularly in deploying the cash deposit into their accounts through ATMs to reduce people's transactions with the bank, reduce manpower costs 3.2.6 Improve the quality of professional card staff In the activity of cards issuance and payment: Vietcombank need to train, improve the knowledge for professional and technical staff, access to advanced technology and modern with the acquired knowledge, the staff team will make available the new modern, more convenient card product for the development task of new products In the work of payment will ensure that the payment will be done quickly, smoothly, prevent risks In marketing activities: It is necessary to have an intensive professional training, in which the human factors are decisive characteristic That's the strategy; marketing policy that staff created this will ensure 50% of the success for each product in competitiveness In the customer’s care: customer care is a part of marketing activities, but because of its important properties, it is the managers set a problem that needs to be focused Staff who will deal directly with customers should be regularly trained and retrained to serve their customers better This is the core issue to preserve and increase its prestige brand of Vietcombank The development of new customers, maintain old customers have succeeded or not is entirely dependent on this team who is trading in the current competitive situation, the commercial banks, other very professional staff , trained staff, their customers should at least have them as conditions for good care In case of occurring the verification, risk: Card Center must focus on resources urgently and take measures to control as well as minimize the damage and then seek ways and means to recover the money To that, the most important issue is human resources with experience of staff working in the field of card risk management Therefore, Vietcombank needs to train the staff working in risk management to minimize risks in the payment card 57 CONCLUSION Service of payment cards is becoming popular increasingly, gradually replacing the method of non-cash payment With increasing economic development and international economic integration, the development of card payment form is a necessity The commercial banks have found the same card products utilities that offer a card providing resources not less, along with cards, names, and brand names of commercial banks get known by people and businesses Under these circumstances, the research and development strategy to 2015 is needed Promotion of business card service activities provides many benefits to cardholders and to the economy such as cost reduction in cash flow, stimulate the domestic consumption and consumer goods abroad, savings time of payment, bringing the safety and convenience of payment, card services business activity will change the income structure of banks by increasing the proportion of the total revenue collection services, and time to raise the brand's position and competitiveness of banks in the process of international economic integration From now to 2015 for the economy in general and in particular the banking sector will witness many changes both in quality and quantity The future promises many opportunities and challenges This business does not allow apathy and walk leisurely on the way to go Vietcombank is certainly not outside that range In the trend of new development and integration, requiring Vietcombank to make adjustments in time enough to stand firm and grow in a spiral of competitive environment Therefore, Vietcombank needs to build a force enough strong, a proper orientation for inclusion in the general environment As one of the officials who are directly working in Vietcombank, we want to help out their small part to build Vietcombank card activities in increasingly sustainable development 58 59 REFERENCE Assoc Prof Dr Le The Gioi – Dr Nguyen Thanh Liem – MA Tran Huu Hai (2009), Strategic Management, Statistical Publishing House; Hill, M., Ireland, R., and Hoskinsson, R., 7/e, 2007 Thomson, Southwestern, Strategic Management: Competition and Globalization; Strategic Management, the Program for Training of Masters of International Business Administration, Griggs University; Annual reports 2007, 2008, 2009 of Vietcombank; Summary report on business activities 2007, 2008, 2009 of Vietcombank; Report on card business activities of Vietcombank 2007, 2008, 2009; Vietcombank’s magazine No 171 - 10/2007 (171); Vietcombank’s magazine No 179 – 6/2008; Vietcombank’s magazines No 184 & 185 – 11-12/2008; 10 Vietcombank’s magazine No 193 – 8/2009; 11 Vietcombank’s magazine No 198 – 1/2010; 12 Vietcombank’s magazine No 201 – 4/2010; 13 Vietcombank’s magazine No 203 – 6/2010; 14 Vietcombank’s magazine No 204 – 7/2010; 15 Vietcombank’s magazines No 205 & 206 – 8-9/2010; 16 Website: http://www.vietcombank.com.vn/ 60 APPENDIX Domestic card market share until 31/12/2009 (accumulated) Other, 16.93% Vietcombank, 19.00% BIDV, 9.10% Vietinbank, 15.10% Sea Bank, 19.80% Agribank, 20.07% Figure – Domestic card market share until 31/12/2009 (accumulated) (Source: Card Center of Vietcombank) International card issue market share until 31/12/2009 (accumulated) Other, 19% Vietcombank, 34% Techcombank, 8% Eximbank, 5% Sacombank, 9% ACB, 25% Figure – International card issue market share until 31/12/2009 (accumulated) (Source: Card Center of Vietcombank) 61 Card use turnover market share 2009 Other, 12.40% Vietcombank, 30.70% BIDV, 11.90% Vietinbank, 13.00% Sea bank, 19.50% Agribank, 12.50% Figure – Card use turnover market share 2009 (Source: Card Center of Vietcombank) International card turnover market share 2009 Other, 13.90% UOB, 7.60% ACB, 13.70% Sacombank, 4.0% Vietcombank, 53.40% Vietinbank, 6.60% Figure – International card turnover market share 2009 (Source: Card Center of Vietcombank) 62 ATM market share until 31/12/2009 Agribank, 17.50% Other, 34.80% Sea Bank, 11.20% Vietinbank, 10.70% BIDV, 10.50% Vietcombank, 15.30% Figure – ATM market share until 31/12/2009 (Source: Card Center of Vietcombank) POS market share until 31/12/2009 Agribank, 7.40% PG Bank, 10.20% Other, 40.00% Vietinbank, 8.60% ACB, 7.30% Vietcombank, 26.50% Figure – POS market share until 31/12/2009 (Source: Card Center of Vietcombank) 63 ... issued by Vietcombank  Domestic Debit Card  Vietcombank Connect24 Card  Vietcombank SG24 Card  International Debit Card  Vietcombank MasterCard Debit Card - Style  Vietcombank Connect24... Vietcombank Visa Card  Vietcombank MasterCard  Vietcombank American Express Card  Vietcombank Vietnam Airlines American Express Card ( the Golden Lotus ) 2.1.3.3 Card Business of Vietcombank... banks as Sacombank, Techcombank, and Eximbank are competing strongly with Vietcombank Especially, the participation of foreign banks such as HSBC, ANZ, etc will be a challenge to Vietcombank 35 Market