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2011 | Global advanced MBA Program (Class: GaMBA01-X0510) | Group No.06 CAPSTONE PROJECT REPORT STRATEGY FOMULATION FOR VIETNAM - RUSSIA JOINT VENTURE BANK IN THE PERIOD 2011 - 2015 NGUYEN THI BICH HONG LE THI KIM CHUNG TRAN QUOC TUAN NGUYEN HUU HOANG Class: GaMBA01-X0510 H a n o i , 11 MBA Capstone Project Report – Griggs University & International Academy GRIGGS UNIVERSITY GLOBALADVANCED MASTEROFBUSINESSADMINISTRATION PROGRAM Capstone project report STRATEGY FOMULATION FOR VIETNAM - RUSSIA JOINT VENTURE BANK IN THE PERIOD 2011 - 2015 Group No.: 06 Student's name: NGUYEN THI BICH HONG LE THI KIM CHUNG TRAN QUOC TUAN NGUYEN HUU HOANG Class: GaMBA01-X0510 H a n o i , 11 MBA Capstone Project Report – Griggs University & International Academy REASSURE WORDS Our group reassures this capstone project is the result of our scientific and independent research Data and result mentioned in this project is honest and clear origins ON BEHALF OF GROUP Nguyen Thi Bich Hong MBA Capstone Project Report – Griggs University & International Academy THANK YOU LETTER To finish and complete this project, our group would like to thank to our teachers, friends and colleagues working at VRB, who have spent more time exchanging documents and provide relevant information ON BEHALF OF GROUP Nguyen Thi Bich Hong MBA Capstone Project Report – Griggs University & International Academy LIST OF ABBREVIATION VRB : Vietnam – Russia Joint Venture Bank WTO : World Trade Organization NPL : Non-performing loans IFE : Internal factor evaluation CPM : Competition profile matrix EFE : External factor evaluation QSPM : Quantified strategic planning matrix SWOT : Strengths, Weaknesses, Opportunities, Threats MBA Capstone Project Report – Griggs University & International Academy LIST OF TABLES AND DIAGRAMS Diagram I.1: Strategic management process Diagram I.2: Process of strategy fomulation Diagram I.3: Specific steps of strategy fomulation Table I.1: External factor evaluation matrix ( EFE ) 10 Diagram I.4: Five forces model by Michael Porter 11 Table I.2 Competition profile matrix .13 Table I.3 Internal factor evaluation matrix (IFE)………………… …….……….15 Table 1.4 SWOT matrix………………………………………………… ………17 Table I.5 QSPM matrix 17 Diagram II.1 VRB’s organizational structure 19 Table II.1: VRB’s business result in the period from 2008 to 2010………… … 20 Table II VRB’s external factor evaluation matrix .26 Table II.3 VRB’s competition profile matrix 31 Chart II.1 VRB’s total assets growth through years…………………………… 32 Chart II.2 VRB’s capital mobilization through years .32 Chart II.3 VRB’s growth of equity and charter capital………………………… 33 Table II VRB’s internal factors evaluation (IFE matrix) 38 Table III.1 SWOT matrix to combine strategy 44 Table III.2 Quantified strategic planning matrix of replaceable strategy of VRB (QSPM) 51 Table III.3 Estimated balance sheet .55 Table III.4 Estimated income statement 56 MBA Capstone Project Report – Griggs University & International Academy INDEX INTRODUCTION 1 The necessity of the topic Aim of the project Object and scope of the project .1 Research methodology Contribution of the project Project structure CHAPTER I: GENERAL THEORY OF BUSINESS STRATEGY FOMULATION .3 I Definition and role of business strategy Business strategy definition and classification The role of business strategy .3 Strategy classification .4 II Strategic management process .4 Strategy fomulation .5 Implementation strategy Strategic evaluation III Process of strategy fomulation Vision, mission, strategic target Business environment analysis 2.1.General business environment 2.1.1 Economic factor 2.1.2 Political, legal factor .8 2.1.3 Socio-cultural factor 2.1.4 Technical factor .9 2.1.5 Global environment MBA Capstone Project Report – Griggs University & International Academy 2.1.6 Synthesis of external environment analysis - External factor evaluation matrix (EFE) 2.2 Analysis of industrial environment 10 2.2.1 Industry rivalry 11 2.2.2 Threat of substitute products 12 2.2.3.Potential entrants 12 2.2.4 Supplier’s power .12 2.2.5 Buyers power .13 2.2.6 Synthesis evaluation of the competition in the industry - Competition profile matrix (CPM) 13 Internal factors analysis .14 3.1 Financial capability 14 3.2 Human resources and organizational structure 15 3.3 Research and development .15 3.4 Technological factors .15 3.5 Risk management .15 3.6.Evaluate the internal factor of the enterprise – Internal factor evaluation matrix (IFE) 15 Selecting the strategy 16 4.1 Matrix to combine strategy (SWOT matrix) .17 4.2 Matrix to select strategy - Quantified strategic planning matrix (QSPM matrix) .17 CHAPTER II: ANALYSIS THE BUSINESS SITUATION OF VIETNAM RUSSIA JOINT VENTURE BANK 19 I Overview of Vietnam - Russia Joint Venture Bank .19 Establishment and development process 19 Organizational structure .20 Business result in the period 2008-2010………………………………………… …21 MBA Capstone Project Report – Griggs University & International Academy II Analysis of business environment and the internal factors of Vietnam - Russia Joint Venture bank……………………………………………………………… 22 Analysis of business environment……………………………………………….22 1.1 General environment analysis………………………………………………….22 1.1.1 Political factor………………………………………………………………………22 1.1.2 Economic factor……………………………………………………………… …….22 1.1.3 Socio-economic factor…………………………………………………………… 23 1.1.4 Technological factor…………………………………………………… ….24 1.1.5 Legal factor………………………………………………………………………….24 1.1.6 Evaluation on the analysis of external environment (using EFE matrix) …………………………………………………………………………………… …25 1.2 Industrial environment analysis………………………………………… .27 1.2.1 Pressure from customers………………………………………………………… 27 1.2.2 Potential entrants……………………………………………………………….… 28 1.2.3 Threat of substitutes……………………………………………………… ……….29 1.2.4 Pressure from suppliers……………………………………………………………30 1.2.5 Industry rivalry………………………………………………………………….… 30 1.2.6 Competition profile matrix 31 Internal factor analysis 32 2.1 Financial capability 32 2.2 Human resources and organization structure…………………………………….34 2.3 Research and development…………………………………………………….…….35 2.4 Information technology……………………………………………………….…… 36 2.5 Risk management…………………………………………………………………… 36 2.6 Synthesis evaluation of analysis of VRB’s internal factor (IFE matrix)….……37 III Evaluation on VRB’s current business strategy…………………………….….40 Achievements…………………………………………………………… …… 40 MBA Capstone Project Report – Griggs University & International Academy Limitations………………………………………………………………………41 CHAPTER III SELECTION OF BUSINESS STRATEGY FOR VIETNAM RUSSIA JOINT VENTURE BANK IN 2011-2015, SOLUTIONS AND RECOMMENDATIONS…………………………………………………………42 I Foundation for strategy formation……………………………………………….42 Mission, vision………………………………………………………………… 42 Long-term goals…………………………………………………………………42 Potential growth of banking sector…………………………………………… 43 II Propose strategy for Vietnam - Russia Joint Venture bank………………….….44 Strategy formulation (SWOT matrix) ……………………………………….….44 1.1 Promote strengths…………………………………………………………… 48 1.2 Overcome weakness………………………………………………………… 48 1.3 Taking advantage of opportunities…………………………………………….49 1.4 Overcome threats…………………………………………………………… 49 Propose business strategy for VRB .49 2.1 Strategy for market penetration 50 2.2 Strategy of products differentiation 50 2.3 Strategy for strengthening the risk management .50 Select strategy - Quantified strategic planning matrix (QSPM) 51 III Solution for business strategy implementation…………………………….… 54 Solution for increasing capital resources 60 Solutions for expand operations and distribution channels 61 Human resources………………………………………………………… … 61 Information technology………………………………………………….………61 Risk management and internal audit……………………………………… … 62 Management and controlling……………………………………………… … 62 Capital mobilizing………………………………………………………… … 63 Credit activity………………………………………………………………… 63 Services………………………………………………………………………….63 10 MBA Capstone Project Report – Griggs University & International Academy Main important factors Classify (1) (2) Internal environment Support from BIDV and VTB of capital, Replaceable strategy Market Market penetration development AS TAS AS TAS Foundation technology, experience Support from Governments Modern technology Network expansion Payment advantage in USD and RUB Brand name hasn’t been widely known Management capacity is weak Limited financial capacity Credit quality is low 10 Poor products and services 11 Thin customer base External environment 0.1 0.4 0.2 Advantage 0.11 0.05 0.08 0.1 0.11 0.08 0.12 0.1 0.1 0.05 3 4 0.33 0.2 0.24 0.3 0.33 0.32 0.48 0.3 0.4 0.15 3 4 2 0.33 0.1 0.24 0.4 0.33 0.32 0.24 0.3 0.2 0.1 Advantage Advantage Advantage Advantage Disadvantage Disadvantage Disadvantage Disadvantage Disadvantage Disadvantage Stable socio-economy 0.1 0.3 0.3 Advantage Good relatioship between Vietnam and Russia Great customer’s demand International economic intergration Institutional system is improved 0.1 0.15 0.1 0.05 2 0.3 0.45 0.2 0.4 0.2 0.6 0.2 0.15 Advantage Advantage Advantage Advantage Backward of technology and management 0.1 0.4 0.3 Disadvantage 54 MBA Capstone Project Report – Griggs University & International Academy Increasing competition Increasing requirements from SBV on 0.05 0.2 0.15 Disadvantage 0.1 0.25 0.3 Disadvantage 0.05 0.5 0.1 Disadvantage 0.1 0.2 0.3 Disadvantage 11 Habit of payment in cash in Vietnam 0.05 0.15 0.1 Disadvantage 12 Risk of merger of weak banks 0.05 0.25 0.15 Disadvantage managing commercial bank Business result is shrunk 10 Increasing demand for banking products and services Total 7.05 5.61 Through the above analysis, it shows that market penetration strategy has the total attractive point is 7.05, while the market development strategy is 5.61 From this result, we think, in the period 2011-2015, VRB should give a priority to focus on promoting market penetration strategies Then, the market development strategy This is entirely consistent with the actual situation of the development trend of banking industry in the future Table III.2 : Quantified strategic planning matrix of replaceable strategy of VRB (QSPM) - Group S/T Main important factors 55 Classify Replaceable strategy Foundation MBA Capstone Project Report – Griggs University & International Academy -1 -2 Product development AS TAS Product differentiation AS TAS Network expansion AS TAS Internal environment Support from BIDV and VTB of capital, technology, experience 0.1 0.4 0.3 0.3 Advantage Support from Governments 0.11 0.44 0.22 0.33 Advantage Modern technology Good condition for network expansion Payment advantage in USD and RUB Brand name hasn’t been widely known Management capacity is weak 0.05 0.15 0.1 0.1 Advantage 0.08 0.24 0.24 0.32 Advantage 0.1 0.4 0.4 0.3 Advantage 0.11 0.22 0.33 0.22 Disadvantage 0.08 0.08 0.32 0.08 Disadvantage Limited financial capacity 0.12 0.24 0.24 0.12 Disadvantage Credit quality is low 0.1 0.2 0.3 0.1 Disadvantage 10 Poor products and services 0.1 0.4 0.2 0.1 Disadvantage 11 Thin customer base 0.05 0.1 0.1 0.15 Disadvantage External environment 56 MBA Capstone Project Report – Griggs University & International Academy Stable socio-economy Good relatioship between Vietnam and Russia 0.1 0.3 0.3 0.2 Advantage 0.1 0.2 0.2 0.3 Advantage Great customer’s demand International economic intergration Institutional system is improved 0.15 0.3 0.6 0.45 Advantage 0.1 0.1 0.2 0.2 Advantage 0.05 0.15 0.15 0.1 Advantage 0.1 0.3 0.3 0.2 Disadvantage Increasing competition Increasing requirements from SBV on managing commercial bank 0.05 0.15 0.15 0.1 Disadvantage 0.1 0.4 0.3 0.1 Disadvantage Business result is shrunk 0.05 0.2 0.1 0.1 Disadvantage 10 Increasing demand for banking products and services 0.1 0.3 0.3 0.3 Disadvantage 11 Habit of payment in cash in Vietnam 0.05 0.1 0.1 0.1 Disadvantage 0.05 0.2 0.15 0.05 Disadvantage Backward of technology and management 57 MBA Capstone Project Report – Griggs University & International Academy 12 Risk of merger of weak banks Total 58 5.57 5.60 4.32 MBA Capstone Project Report – Griggs University & International Academy Through the above analysis we see strategy of the product development has a total of 5.57 attraction points, strategy of market development has the attractive point of 5.6, network expansion of 4.32 From this result, from our point of view, in the period from 2011 – 2015, VRB should focus on the strategy of product differentiation After that, VRB will give the priority to the strategy of product development This is entirely consistent with the actual situation of the development trend of banking industry in the future In conclusion, the results of QSPM matrix analysis showed that at first, VRB should focus on market penetration strategy And after that is the strategy to market development Although the targets of VRB are to become the modern multi-function bank, but in the next period, VRB should use the strengths inherited to make its market penetration, develop the market share in of credit, banking services In addition, the matrix QSPM show that the market penetration should be supported by strategic product differentiation of quality service, products and services brand's image by focusing on personnel recruitment, enhancing the staff training on communication skills, sales skills and customer service skills to make a difference compared to other competitors III Solution for business strategy implementation Solution for increasing captial source: Continue to promote many forms of capital mobilizing, which VRB Bac Ninh has available advantages such as: issuing promissory notes, bonds, certificates of deposit with the attractive interests in order to attract mid-term and long-term capital with the annual growth of 20-25% Asking for VTB and BIDV to contribute to increase chartered capital for VRB So that VRB have good condition to make financial investment, increasing outstanding loans as well as ensure liquidity There are appropriate policies for each customer group to increase customer deposit sources (With individual customers, it can be a promotional gift depending on the current values of deposits; providing free services such 59 MBA Capstone Project Report – Griggs University & International Academy as card issuing, making free salary payment through the individual account on the other side, enhancing the consulting, design relationship, creating the close exchanges with the customer of economic organizations ) Itensify on advertising about the image, new products to all the people in the province Solutions for expand operations and distribution channels: Open some more branches and transaction offices in major cities and provinces to provide banking products and services to the customers and advertise VRB’s image Establish ATM system, the card-accepting unit: focus on placing the ATM in industrial parks, towns, townships which have commercial development; Implementation the installation of card acceptance machines at supermarkets, restaurant, hotel Until 2015, it will be 28 ATM and 50 card-accepting units Human resources - Focus on the recruitment and training of human resources to meet the development requirements, network expansion and integration - Review plans to hire foreign experts to build, managing, trainning and transferring new and key business areas - Identify team leaders, key staff to send abroad for training under these programs should be promoted - Develop incentive system for employees (wage mechanism, reward) Information technology - Development of information systems technology in three specific objectives: i) increase the supply capacity of products and services with high quality, ii) support continual business information for management in time, iii) ensure safety in operation - Standardize the reporting system based on the maximum exploitation of resources at the Datastore - Define which is important software determining the efficiency of investment in information technology 60 MBA Capstone Project Report – Griggs University & International Academy - Focus review and approval of technical projects, necessary for interconnection modules of new services with the current system Risk management and internal audit - Improve function and model according to the international practice - Develop and promulgate the risk management notebook, internal audit notebook - To improve risk management policies of the bank for each type of risk: credit, market and operational risk Identify risk limit for each stage, ensure safety and operational efficiency - Strengthening inspection and evaluation, strictly controlling l periodically and unexpectedly potentia risks Management and controlling - Perform business administration and management according to international standards and practices of a modern bank - To develop and put into operation the credit-debt management committee to manage the investment restrictions, safety limits, differences of terms, the difference of interest rates to improve business performance of the whole system, and control the risks involved - In conformity with international practices of governance and regulation in Vietnam, it need to consider the number of independent board of directors account for the majority Member of Supervisory Board must be independent of BOD in accordance with Resolution No.59 by the Government - Review and adjust the administration mode and the working mechanism of the BOD, specifically to review and adjust the authorization of Board of Directors for the Credit Committee and general director, to ensure controlling and risk management - The Board of Director should require the monthly report from executive board to master all banking activities for making direction in time - The parent bank should be consistent in building management mechanism of joint venture through their representatives to ensure their rights of capital 61 MBA Capstone Project Report – Griggs University & International Academy contributions or playing the role of orientation the joint venture For the operation of VRB in each region (Vietnam, Russia), each party (BIDV, VTB) with their own strengths in each market should be uniformly support activities for VRB to promote efficient operation in each market, avoid assigning full responsibility for joint venture Capital mobilizing - Increase deposit of deposits of individuals and economic organization by diversifying new product of capital mobilizing - Identify appropriate interest rate for each term of deposit to guarantee minimum interest cost - Maintain the primary, secondary reserve at a reasonable level, sufficient to ensure liquidity Credit activity - Develop and periodically review the list of customers Ranking clients to make effective customer policy - Building a customer base orienting: Attracting small and medium businesses, enterprises producing exporting goods Ultimately make use the need for using the services of target customers - Developing retail system (consumption loans, development of automated banking services) to ensure increased safety assets - Developing credit scoring system, safety, saving processing time Service - Define the target market, the object/needs/consumption habit of customers to build the appropriate orientation of service development, giving out breakthrough products, make difference - Develop specific marketing strategy for each group of customers, each targeted market segments, each type of products and services - Connect payment service with strategic partners IV Petition With the Government and Statebank of Vietnam 62 MBA Capstone Project Report – Griggs University & International Academy - Government and local authorities should continue to intensify measures to attract investment, promote economic growth: implementation of investment incentives, investment promotion, to complete the system infrastructure, human resource development and equal treatment for all economic sectors, trade promotion, export support, maintain social and political stability, expand cooperation with other countries, participate in regional and international market - Implement the solution for stablizing the economic policies and reducing the risk of the business environment: macroeconomic stability, interest rate policy, monetary and tariff; lower inflation; balance state budget, exports and imports; combat smuggling, trade fraud, and protecting the copyright to reform the administrative procedures in an effective way - Creating good conditions and adequate legal framework for the development of land markets, real estate, transfer valuable papers, the brain works enables the transfer of capital between investors become easier - Quickly research and promulgate the legal documents to adjust the new financial service defined in the international, bilateral and multilateral trade agreements - Controlling the monetary policy under market principles, widely used tools of open-market operations, discount, foreign currency swaps, overdraft, business deposits, refinancing operations, requiring rate of reserve to manage the currency and interest rates With two parents bank of BIDV and VTB: - Support VRB in the transfer of software of risk management, credit ratings Training credit staff for VRB - Support VRB in transferring charter capital from USD in to VND to ensure increased efficiency of capital using - Transfer advanced technology to develop modern banking products, create good opportunity for VRB to develop the retail market segment - To accelerate the promotion of cooperation between the two countries to strengthen the signing of financing agreements and other banking services 63 MBA Capstone Project Report – Griggs University & International Academy - Support VRB in accessing customers in 02 countries, especially those who have large and stable capital 64 MBA Capstone Project Report – Griggs University & International Academy V: Estimate the balance sheet and Income statement Balance sheet Unit: Thousand USD Items ASSETS Cash in hand Balance of SBV Balance of credit institution Placement and lending customers Sercurity investment Loans to customer Provision for doubtful debts Provision fund Investment in subsidiary bank Tangible fixed assets Intangible fixed assets Other assets TOTAL ASSETS PAYABLES AND EQUITY PAYABLES Deposit at financial institutions Borrow from SBV Borrow from other credit 2011 2012 2013 2014 2015 3.096 26.309 10.606 3.406 66.959 31.467 3.747 73.521 34.544 4.121 93.050 44.341 4.533 118.229 57.042 98.181 455.663 383.308 398.313 369.836 15.768 325.027 332.084 7.057 8.593 2.062 708 2.114 492.466 46.339 435.940 448.314 12.373 11.171 2.475 956 8.892 1.063.269 57.332 589.911 605.223 15.312 14.522 2.970 1.291 18.676 1.179.822 78.760 800.874 817.051 16.178 18.878 3.564 1.743 12.490 1.456.134 107.949 1.085.812 1.103.019 17.207 24.542 4.276 2.353 35.115 1.809.687 82 1.053 334 1.053 371 1.053 469 1.053 590 1.053 institution Deposit of customers Other payables TOTAL PAYABLES 32.420 132.042 146.516 185.187 232.858 288.769 2.703 325.027 734.940 14.144 882.513 806.964 24.349 979.253 1.021.314 29.691 1.237.714 1.297.670 24.160 1.556.331 EQUITY Chartered capital Funds Retained profit TOTAL EQUITY LIABILITIES 160.830 1.168 5.440 167.438 492.466 160.830 5.575 14.350 180.756 1.063.269 160.830 7.352 32.388 200.570 1.179.822 160.830 8.362 49.229 218.420 1.456.134 160.830 9.353 83.173 253.356 1.809.687 Income statements Unit: thousand USD Items 2011 2012 2013 2014 2015 INCOME FROM BUSINESS ACTIVITY Income from interest and equivalent 34.604 61.875 88.213 105.521 131.755 Loans and placement 33.741 59.256 83.824 99.745 123.820 65 MBA Capstone Project Report – Griggs University & International Academy Items 2011 2012 2013 2014 2015 863 2.619 4.389 5.776 7.935 Expense of interest and equivalent -18.800 -36.648 -55.525 -66.090 -84.048 NET INCOME FROM INTEREST 15.804 25.226 32.688 39.431 47.708 607 880 1.276 1.850 2.682 -335 -403 -483 -580 -696 3.700 4.995 7.242 10.501 15.227 218 296 514 752 1.086 19.996 30.999 41.242 51.960 66.014 10.998 15.499 18.559 20.784 26.406 Salary 5.169 7.285 8.723 9.768 12.411 Assets 5.133 7.484 9.032 10.171 13.109 696 731 804 844 887 8.998 15.499 22.683 31.176 39.609 Provision 6.115 5.907 3.265 962 1.144 Profit before tax 2.883 9.592 19.418 30.214 38.465 Coroperation tax 721 682 1.380 2.147 2.734 2.162 8.910 18.038 28.067 35.731 Sercurities income Income from services Expense of services Net income of currency trading Income of contribution capital Other income NET INCOME FROM BUSINESS ACTIVITY EXPENSE OF OPERATION Othe expenses NET INCOME FROM BUSINESS ACTIVITY NET PROFIT 66 MBA Capstone Project Report – Griggs University & International Academy CONCLUSION In the context of banking activities are complex, many management policies on banking management are issued, issue of restructuring including merger of small inefficient banks is mentioned in many articles and seminas, it is necessary for VRB to fomulate and successfully apply business strategy in the period of 2011-2015 Building business strategy for Vietnam - Russia Joint Venture Bank is really a big job requires in-depth study of domestic financial markets and foreign banks, especially in Russia In the trend of integration and competition, the business strategy fomulation becomes very important and urgent In this capstone project, dute to the time and capability limitation, our group only focus on the main contents directly related to the fomulation of the overall business strategy of Vietnam - Russia Joint Venture Bank With our capstone project, we have solved some issues: - To systematize some fundamental theoretical issues in strategy and strategy fomulation - Applying theory to make analyzing of basis, hence propose strategic direction for the Vietnam - Russia Joint Venture Bank in the period from 2011 to 2015 To finish and complete this project, our group would like to thank to our teachers, friends and colleagues working at VRB, who have spent more time exchanging documents and provide relevant information As time and ability is limited, our capstone project can not avoid some shortcomings We would be grateful to receive comments from our teachers in the MBA committee, VRB’s leaders and colleagues to complete our capstone Thank you very much / 67 MBA Capstone Project Report – Griggs University & International Academy LIST OF REFERENCE “Strategic management – Concepts and cases” by Fred R.David “Strategic management” by Le Van Tam (2000), statistics publication Business law 2005 Law on credit institution 2010 Decree No 141/2006/ND-CP dated 22/11/2006 issued by the Government on the list of the legal capital of credit institutions Decree No 59/2009/ND-CP on organization and operation of bank VRB’s audited financial report from 2006 -2010 VRB’s business strategy in the period from 2011 – 2015 VRB’s website: http://www.vrbank.com.vn/ 10 Other internal documents supplied by VRB’s board of management 11 Documents on strategic management of MBA program by Griggs University 68 ... name: NGUYEN THI BICH HONG LE THI KIM CHUNG TRAN QUOC TUAN NGUYEN HUU HOANG Class: GaMBA01-X0510 H a n o i , 11 MBA Capstone Project Report – Griggs University & International Academy REASSURE WORDS.. .MBA Capstone Project Report – Griggs University & International Academy GRIGGS UNIVERSITY GLOBALADVANCED... result mentioned in this project is honest and clear origins ON BEHALF OF GROUP Nguyen Thi Bich Hong MBA Capstone Project Report – Griggs University & International Academy THANK YOU LETTER To finish