Luận văn thạc sĩ UEB những vấn đề khoa học và thực tiễn để hình thành hệ thống bảo hiểm thất nghiệp ở việt nam

ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA KINH TẾ BÙI VIỆT BẢO Những vấn đề khoa học thực tiễn để hình thành hệ thống bảo hiểm thất nghiệp Việt Nam LUẬN VĂN THẠC SĨ KINH TẾ CHÍNH TRỊ HÀ NỘI, 2001 TABLE OF CONTENT Abstract………………………………………………………………………… i Tóm tắt………………………………………………………………………… ii Acknowledgements…………………………………………………………… iii List of table and chart………………………………………………………… .vi INTRODUCTION 1 Necessity of the thesis Objectives of the thesis Methodology Structure of the thesis CHAPTER 1: THEORICAL FRAMEWORK 1.1 The definition of customer relationship management (CRM): 1.1.1Definition of customer r 1.1.2Comparison between rel 1.2 The principle of CRM 1.3 The element of CRM: 1.4 The characteristics and the challenges of CRM 1.4.1The characteristics of C 1.4.1The challenges of CRM: 1.5 Ideas support CRM: 1.5.1The statistics of Harvard 1.5.2Pareto's Principle - The 1.6 The benefits of CRM: 1.6.1Long-term profitability 1.6.2Lower costs 1.6.3Repeat customer often c 1.6.4Opportunities for cross1.6.5Defection less likely 1.6.6Employee retention 1.6.7Family influence 1.6.8Word of mouth marketin 1.7 The reason why CRM fails: CHAPTER 2: BACKGROUND ON VIETNAM BANKING MARKET AND VPBANK SITUATION ANALYSIS 2.1 Overview of Vietnam Banking Market 2.1.1Background 2.1.2Commercial Banks' Mar 2.2 Situation of VPbank 2.2.1Vision 2.2.2 VPbank’s mission, st iv 2.2.3 2.2.4 SWOT analysis 42 Value chain analyis 48 CHAPTER 3: RECOMMENDATIONS TO BUILD A STRATEGIC PLAN FOR APPLYING CRM IN VPBANK 3.1 VPBank competitive advantages and general strategy from 2006-2010…53 3.2 Application plan of CRM in VPBank: 57 3.2.1 The first phase: Build foundation for CRM 60 3.2.2 The second phase: Deploy CRM 65 3.2.3 The third phase: CRM development 77 3.2.4 Conclusion 79 v LIST OF TABLE AND CHART Table 2.1- VPBank Financial statement analysis in 2001-2004 Table 2.2- Total mobilized funds in the market I in the period 2001-2004 Table 2.3- List of VPBank’s competitors’ software names Table 2.4- The equity growth rate of banking system and some commercial banks Table 2.5- KPI to evaluate the performance of bank Chart 2.1– Financial statement analysis Chart 2.2- Profit structure in VPBank Chart 2.3- Profit in the first six months of 2005 Chart 2.4- Mobilizing fund grow rate in 2003-2004 Chart 2.5- ROE comparison vi INTRODUCTION Competition in Vietnam business environment increases rapidly, especially when opening the economy By approval of operation of economic partners, competition between industries and units of industry is significantly rising Besides that, expanding economic integration requires firms to improve quality of products and services in order to create competitive advantages There is high competitiveness between commercial banks in inter-bank market Competitiveness is really carrying out between state banks and joint stock banks, two biggest bank system in Vietnam Moreover, joint venture banks and foreign banks are emerging as potential competitors in the banking market Foreign banks will absolutely create high pressure on Vietnamese banks When foreign banks are free to operate in Vietnam, they will be big competitors of not only state banks but also joint stock banks This is reason why Vietnamese banks have to apply modern technology in payment and management and diversify services in order to create competitive advantages Vietnam joint stock commercial bank for private enterprises (VPBank) is entirely businesses under high competitiveness pressure It is difficult for VPBank to compete against state banks because the government protects the state-owned banks State banks have many advantages under government‟s protection and they definitely drive financial market Furthermore, some joint stock competitors have high capital and large market as well as wide distribution channel To become one of the top five biggest joint stock banks in Vietnam, VPBank must prepare its competitive strategy in next period in order to explore potential markets and enhance its competitive advantages Necessity of the thesis Joint Stock banks (JSBs) systems in Vietnam are significantly competing with State-owned banks (SOBs) system Because of being result of opening the economy as well as characteristics of economy system, JSBs are controlled by Central Bank much more tight than SOBs Besides that, set up after SOBs they are really weak in infrastructure, competitive capacities and supported policies Furthermore, when Vietnam becomes member of the World Trade Organization, Joint Stock Banks will face increasingly competitive pressure by foreign banks that have much more high power of finance and technology Vietnam joint stock commercial bank for private enterprises (VPBank) is one of JSBs operating in Vietnam banking market It is entirely difficult for VPBank to compete with SOBs However, VPBank is opposing increasing competition of Joint Stock competitors in order to exist and development Moreover, I have been working in VPBank, one of the first Joint Stock banks in Vietnam, as an officer for nearly three years Objectives of the thesis Based on defining difficulties of VPBank in terms of competing with not only other non-state banks but also state-owned banks, the research will significantly find out a relevant competitive strategy for VPBank in the period from 2006 to 2010 and answer Why VPBank should apply CRM as a competitive tool To get the general objective the research thesis will take detail objectives: i) examining main effects of external and internal environment on VPBank‟s operation; ii) finding a relevant competitive strategy for VPBank in next five-year period and the relationship between VPBank new competitive strategy and CRM; and iii) how to apply CRM at VPBank Questions To achieve these objectives above, the dissertation will answer three key questions follow: 1) What factors have significantly affected operations of VPBank? 2) What will be competitive strategy for VPBank in 2006 – 2010 and the relationship between the new strategy and CRM? 3) How to apply CRM solution? Methodology To find a relevant strategy for VPBank, the thesis will analyze competitive advantages based on analyzing SWOT and value chain Data is definitely collected from secondary data source They are government‟s reports, Central Bank‟s annual reports, legal documents related to banking system, VPBank‟s Annual reports, VPBank‟s surveys and banking articles Besides that, the research uses data collected from other Joint Stock Banks and State-owned Banks The research also uses comparison and contrast methods in order to answer the research questions Structure of the thesis To regard to the research topic, the research is clearly divided into three chapters including: Chapter 1: Theorical framework Chapter 2: Background on Vietnam banking market and VPBank situation analysis Chapter 3: Recommendation on competitive Strategy of VPBank in 2006-2010, and how to apply CRM solution as a competitive tool CHAPTER 1: THEORICAL FRAMEWORK The evolution of marketing The word marketing is derived originally from Latin “mercatus”, which means marketplace It comes from the word “mercari”, which means, “to trade” The word can also be somewhat confusing If you ask people what marketing is, many will respond with a variety of words such as selling, advertising, promotion, targeting, or marketing research The fact is that marketing encompasses all of these and yet many other activities and it is concerned with the identification of marketing opportunities The traditional view on marketing with the concept of 4ps: Price, Product, Place, and Promotion, was originally constructed by Niel Hopper in 1964 This approaches that has then over the years been further developed by a number of authors These four elements are regarded as the traditional marketing mix and the marketing mix approach constitutes a production-oriented definition of marketing where transactions are put in the focus From the early 1980s an alternative approach to marketing theory and practice was gaining power, namely relationship marketing The term itself can be traced back to the service marketing literature, through arguably it can be said to have originated in industrial marketing In the scope of industrial marketing this shift from traditional marketing towards relationship marketing are occurring and several scholars are claiming that this is a paradigm shift in marketing defines relationship marketing in the following way: “Marketing is to establish, maintain, and enhance relationship with customers and other partners, at a profit, so that the objectives of the parties involved are met This is achieved by mutual exchange and fulfillment of promises.” In its earliest forms, relationship marketing focused simply on the development and cultivation of long-term, profitable, and mutually beneficial relationships between an organization and a defined customer group However, the concept quickly broadened to encompass internal marketing in acknowledgement that the successful management of external relationships was largely dependent on the alignment of supporting internal relationships 1.1 The definition of customer relationship management (CRM): 1.1.1 Definition of customer relationship management: As already stated, the change of the business environment and the evolution of marketing to adapt to these changes have led to that the way companies organize themselves has switched from product-based to customer-based structures A key driver of the change is the advent of customer relationship management-CRM, which underpinned by information systems convergence and the development of support software, promises to significantly improve the implementation of relationship marketing principles From another perspective, CRM is a strategic view of how to handle customer relations from a company perspective The strategy deals with how to establish develop and increase customer relations from a profitability perspective Based upon knowledge about the individual customer‟s need and potential, the company develops customized strategies describing how different customers should be treated to become long-term profitable customers The basic philosophy underlying CRM is that the basic of all marketing and management activities should be the establishment of mutually beneficial partnership with customers and other partners in order to become successful and profitable In order to more efficiently manage customer relationships, CRM focused on effectively turning information into intelligent business knowledge This information can come from anywhere inside or outside the firm and this requires successful integration of multiple databases and technologies such as the Internet, call center, sale forces automation, and data warehouse There is no universal explanation of what CRM is, since the area is fairly new and still is developing It is therefore important to remember that several attempts of defining CRM exist and that many companies adapt the definition to their own business and their unique needs The following quotations are three examples of how CRM is defined: “CRM is a new customer-centric business model that reorients firm operations around customer needs (as opposed to products, resources, or processes) in order to improve customer satisfaction, loyalty and retention” “CRM is the integration of customer focus in marketing, sale, production, logistics and accounting, i.e in all parts of the company’s operations and structure” “The activities a business performs to identify, qualify, acquire, develop and retain increasingly loyal and profitable customer by delivering the right product or service, to the right customer, through the right channel, at the right time and the right cost CRM integrates sales, marketing, service, and enterprise resource planning and supply-chain management functions through business process automation, technology solutions, and information resources to maximize each customer contract CRM facilitates relationships among enterprises, their customers, business partners, suppliers, and employees” As can be seen above, the three definitions have the following in common: - They all include activities in all parts of the company - The reason for CRM is to create a customer relationship focused company In essence, CRM provides management with the opportunity to implement relationship marketing on a company-wide basis However, for CRM to be successful, all activities in a company need to be managed in a combination to reach success  Report of customer defection rate (The number of customer saying good bye and their total profit)  Record of transaction history (from the time marketing customer)  Record and summarize customer‟s comments in a certain period (comments, requirements, complaints )  Creating the model to analyze customer behaviors such as classifying customers by satisfaction and profitability in order to create customer policies for a certain group  Record of average real-time serving a customer by product or general average  Report of cross-selling situation (Statistic of the number of VPBank products used by a certain customer)  Report of customer risk analysis by subject, and time  Transaction density statistic for each customer to identify average frequency (average time they transact or visit Vpbank) that enable to customer relationship management  Profitability analysis for each customer, each customer group by given certain criterion such as: customer behavior, actual profit, cross-selling opportunity, credit worthiness, financial capability  Statistic of density and transaction value by distribution channel such as: branch, ATM, POS, Internet-banking  Loyal and potential customer statistic and management by certain given criteria  Develop customer information by many ways For example: By product, teller or information collecting channel  Enable to manage and analyze marketing, customer relationship program effectiveness (for example: Award-winning, interest rate policy, gifts ) for each 67 customer=> Choosing the right and suitable marketing channel to each customer group with the same consuming behaviors The following picture is the relationship-marketing model that is supported by CRM solution integrated with the information system of a bank: 3.2.2.2 VPBank employee training: In the CRM implement process, the people are the key factor to succeed CRM concentrates on creating and maintaining the relationship between VPBank and customers, so the staffs will the face of VPBank They are representatives for VPBank to communicate, to serve and to keep the relationship with customers The objectives and the benefits of CRM are understood and committed much clearly by VPBank staffs According to the statistic from Havard business review, the failure of CRM is not mainly from CRM software solution but mainly from each individual person in the company They not commit and perform inconsistently from the board of management to the employees CRM core team is responsible for training functional departments on: - CRM strategy selected 68 - The way to use CRM module and the requirements to work on CRM interface for each user - Standardization of the culture and behavior of all staffs, such as in the manner to express greetings and appreciations to customers, etc - Establishment of consultancy for customers (this will be a channel to get information for the bank) The quality of the banking services through distribution channels strongly depends on the behaviors of the staffs It is noted that to stabilize morale and standardize behaviors in implementing CRM is very necessary Therefore, the bank should figure out solutions to keep the staffs and make them voluntarily serve customers the best Herewith are some of the solutions: - Regulations concerning salary and reward: for a small bank with little reputation, regulations concerning salary and reward are given priority if the bank leaders want their staffs to work for them with all their heart It would be a great loss if experienced staffs leave the bank The more worthy they are treated, the better they serve customers - Regulations concerning strict punishment: regulations concerning strict and clear punishment should be stipulated in the bank regulations and staff manual The bank may set up cameras in front offices to control serving customers of the staffs For back offices whose job are relevant to the quality of banking services such as account department, administration department and informatics department, it is also required to figure out strict punishment regulations to remain the quality of relevant departments Each functional department should consider other departments their customers, thus making better efficiency of the whole chain of the profession, in turn improving and stabilizing the quality of the banking services 69 - Fringe benefit policies: such as sport and entertainment activities, promotion and training opportunities, etc 3.2.2.3 Accomplishment of standardization of the procedure CRM will enable the bank leaders to control the essential time of all stages of banking activities If the real average time to serve a customer prolong and disappoint them, the bank will have to find out the reasons and solutions in order to improve the competitiveness of the bank The reasons are as followings: - Objective reasons (from the point of view of the staffs): + Informatics technology system is not good + The procedure given out is identical or unnecessary in some stages + Infrastructure of the bank is weak - Subjective reasons: + Skill of the staffs + Awareness of the staffs The procedure of all professions should be standardized and identically implementing in the bank in both of its period of time and quality The benefits of standardization of the banking procedure are as followings: - Improving the prestige and making differentiation for the bank - Improving efficiency and easily evaluating work of each staff - Saving time for customers and facilitating them in transactions with the bank - Reducing errors in work The change and standardization of the procedure should be clearly declared and lectured to each staff to ensure that all the customers of the whole system of the bank are served in a speedy and professional manner 3.2.2.4 Classification of customers The core of CRM is classification of customers For each group, the bank will have to figure out appropriate customer policies and balance between the returns and the 70 cost It is the way to calculate the efficiency of CRM After a period of time of implementing CRM, the bank will have to calculate ROI for each group of customers CRM software solution will support the bank in classification of customers In implementing CRM, transactions procedure with customers will change The staffs will not only note down the information supplied but also the mentality, response and feeling of the customers This will also be taken through period researches, such as interviews and questionnaires These are database to evaluate and quantify qualitative criteria, such as satisfaction, potentiality of customers, along with quantities criteria such as turnover and benefit derived from them It depends on the target of the bank in implementing CRM that the bank could choose certain criteria to classify customers For example, the bank chooses Profitable Capability and Satisfaction Level to classify customers: Profitable Capability reflects potentiality to create turnover The bank always desires to increase the number of customers with high profitable capability Thus, the bank has to clearly define this group and figure out target strategies to keep and make them their royal customers Satisfaction Level reflects satisfaction and feelings of customers with services of the bank The bank will have to maintain and adjust the quality of the services to continuously increase this ratio Customers with high Satisfaction Level will more easily become loyal customers of the bank 71 Profitability Satisfaction - The red box shows customer group that provides the highest profitability and satisfy perfectly with VPBank services Certainly, this rate of this customer group is not high compared with the total number But only small ratio can makes the considerable profit for the bank If they go to another bank, VPBank will lose so much One customer of this group can create the profit that is ten or hundred times bigger than normal - The yellow box shows the customer group that brings the highest profit but has average satisfaction or the one that bring the average profit but satisfy perfectly with VPBank services They are the subjective that CRM should impact and VPBank should use some CRM policies to bring them to the first group - The blue box shows the customer group provides the that highest profitability but dissatisfies with VPBank services or the one that has the low profitability but satisfy perfectly They are the customers that VPBank must pay attention and consider carefully because it is very easy for them to say “good bye” with VPBank and only low profitable customers stay - The grey box show the customer group that has the average profitability, dissatisfy with VPBank and has the low average VPBank additional profitability, satisfaction cannot put marketing cost for this group 72 - The black box shows the low profitability and low satisfaction VPbank can forget this group Based on this model, VPBank board of management will have the specified relationship policies for each group of customers VPbank will know how to allocate the marketing cost and know who VPBank potential customers are All the customers will be classified as below: - Diamond customers in the red box - Gold customers in the yellow box - Silver customers in the blue box - Normal and mass customers in the grey and black boxes The bank must calculate the ratio among these groups and type of customers and this is also the item to compare between different periods When VPBank applies CRM, The budget of marketing will be allocated mainly in building customized relationship with customers, not concentrate on the mass marketing that is costly but a little effective Based on each type of group, the bank must plan: + Budget + Human resource + Customer care policies 3.2.2.5 Some customer relationship solutions and customer services for VPBank In this phase, VPBank has supports from CRM software solution, all the customers will devided into different groups like above In order to influence the customer behavior, especially the old customers in VPBank, the customer service department must know what their customers are thinking and caring When VPBank has already CRM solution, it means that VPBank will not launch so many other marketing campaigns anymore The most impotant thing is the long-term relationship 73 The important tool that is used to build and maintain the relationship with customers is communication It helps both VPBank and customers to update information For example: new event of customers (wedding, baby ) will raise some new demand that VPBank can provide Some loyalty solutions: - Customer consuming behavior - Motivation in both physical and spirit - Social activities  Customer consuming behavior: VPBank can influence to customer behavior by improving the quality of service For service industries, customers only have their own experience when they have already purchased So, the core and long-term solution is still the quality VPBank must improve all characteristics Whatever VPBank commits with their customers, VPBank must keep the promises and meet the customer‟s expectation The quality is affected by many factors; the following is the list of some important factors: - Staff‟s attitudes - Procedure - Information technology - Interest rate - Distribution channels - Diversification of product  Motivation in both physical and spirit: CRM software solution will support VPBank to record and analyze the information of customer, classify customers according different characteristics like age, portability, habits Some tactics as below: 74 - The right mix of rewards for the company's unique customer base An effective communications program to keep them engaged A program structure that encourages desired/profitable behaviors Some motivated ways as below: - Mail, e-mail, SMS message, fax Congratulation letter, thank letter - Website: Exchange information, collect the ideas and comments from customers - Prefer card, monthly banking magazine, and postcard, catalogue on some special occasions - Directly meeting: Focus group, private meeting - Call center: Maximize the capability of meeting customers‟ demand, customizing and consulting - Gift and Discount: The more customers make profit for VPBank, the more benefit they get Some incentives to spending activities of customers : o In sense of spirit: - Keep in mind the name of customers - Associate, organize and issue member card for customers in activities such as bodybuilding, tennis, swimming, dancing, etc - Note down important anniversaries of each customer such as birthday, wedding day, special days, for example give birth to a child, etc The bank should send flowers and/or gifts and/or greetings cards for congratulations - Send thankful cards to customers on specials days in various ways - Send news, magazines periodic updated information of the bank and customeroriented descriptions of services and instructions of procedure (the easiest the best) to customers 75 - Establish central switchboard 24/24 availably give answers to all questions and comments as well as consult usage of appropriate banking services to customers - Make call to customers to inquire after and inform them about new policies in case they have no transactions with the bank for a certain/stipulated period of time or intend to use banking services of other banks o In sense of material: There are many ways to encourage the spending activities of customers Most of companies that implement CRM issue cards for royal customers CRM software solutions could make score for customers based on the turnover derived from them Upon various numbers of total score, the bank will grant out many options of rewards for customers Herewith are some of the rewards granted to customers - Reduced price and fee of banking services - Rewards and preferred interest rates - New products without fee in certain time - Preferred prices when using non-banking services such as restaurants, hotels, tourism, cosmetic, household utensils, etc - Credit guarantee in certain cases 3.2.2.6 Evaluation It depends on kind of customers that the bank choose the appropriate customer incentive policy It is noted that this is the most important phase in implementing CRM plan at the bank The success of this phase could determine the success of the whole program The estimated time to perform and evaluate the result of CRM in this phase is three years, however it is required to annually review and evaluate the performance Hereunder are some important criteria (KPI) in this phase: - The profit growth of the bank - Average profitable capability of each customer 76 - The number of customers of “diamond” and “gold” group in certain time - Average returns on investment cost (cost for relationship with customers) ratio and ROI for each kind of customers - Make comparison of average returns on investment cost ratio between pre and post CRM - Do periodic researches to evaluate comments and feelings of customers - Number and ratio of customers that not use the bank‟s services anymore in certain time - Profit ratio derived from the customers that leave the bank in certain time - Number of new customers (In implementing CRM, the target is to maintain the current customers, however, it is the advantage of CRM that attracts more new customers) After completion of the second phase and based on the result, the bank leaders and the core team will make decision to continuously implement the next phase The condition to implement this phase is a certain number of “quality” royal customers and an adequate database of them 3.2.3 The third phase: CRM development In this phase, the bank will have to clearly classify groups of customers Division of banking activities relies on characteristics of each group, e.g.: normal customers, important customers and VIP customers These groups are divided based on their real turnover and profitable capability (as mentioned above) This phase is to figure out appropriate services procedure and policies for each group of customers They must be privatized in banking services It is noted that this is the highest phase of CRM, individualization in serving customers So, what is individualization? It is when each customer is satisfied with serving manner, product design, communications, etc of the service  The benefit of privatization: 77 - Customers will feel satisfaction and respect and feel that they are “unique” - Meet the needs of customers and markets - Increase up-selling and cross-  Some of CRM solutions of privatization: - Arrange account manager: arrange certain account manager serving the whole services to each royal and important customer - Individualization in communications with customers Each customer wants to be respectfully treated; hence, individualization is very important It could be done through call/mail to require after or advise information of the bank, etc All of the channels should be directed to customers with real name - If it is possible, the bank will offer customer-oriented products For example, for consume lending, the bank not only offers pay-in-installments service for purchase of cars or houses, but also for purchase of computers, household utensils, cost for wedding anniversary, hospital bills, etc - Customer researches should be individualized too This will make a greater efficiency because customers will be respectfully treated and in turn, giving out precise and careful answers - Marketing activities are directed to certain customers (marketing one to one) Each customer is differently characterized; hence they need to be differently treated in order to get the best result from them For example, on the chance of 8/3 or 20/10, the bank should send flowers to female ones with various kinds, etc 78 3.2.4 Conclusion The competition on the market is increasing domestically as well as globally Nowadays, if one bank operates without any competitive advantage, it is not sure that the bank can no longer exist In order for VPBank to survive and grow they must find the new way of thinking to operate Banking industry is the special one; it can not live without the customers‟ belief Given the competitive nature of the banking business with its intricate diverse demands today, nurturing and deepening customer relationships is integral to any bank‟s success After all, satisfied customers are loyal customers, their retention rate is much higher and so is their overall profitability for the bank As it happens, CRM offers the most holistic route for banks to enhance customer relationships A powerful CRM solution provides a complete perspective of a customer‟s relationship with the bank across multiple channels like e-mail, telephone, IVR, branch, web chat and across multiple products ensuring that every bank employee is better informed to deal effectively with customers and their needs It enables banks to understand their customer's expectations and preferences better and offer the potential to deliver higher levels of personalized service and more effectively implement cross-selling and upselling strategies By doing so, banks can enhance customer retention, profitability and loyalty and get an increased “share of wallet” from their customers Further, in the face of the recent spate of Know Your Customer (KYC) regulations, CRM systems provide the optimum solution to the need for unified customer data, information and intelligence So, the effective way to keep customer in the long term is customer relationship management (CRM) The goal with CRM is to maximize the company profits by maximizing the value of interaction with the customers And this chapter 3, there are recommendations a plan to VPBank how to build an effective CRM program 79 REFERENCES Arthur Middleton Hughes The Customer Loyalty Solution: What Works (and What Doesn't) in Customer Loyalty Programs McGraw-Hill Brock Richard and et al 2000 Profitable Customer Relationships: The Keys to Maximizing Acquisition, Retention, and Loyalty Apastore Inc Frederick Newell Why CRM Doesn't Work: How to Win by Letting Customers Manage the Relationship Bloomberg Michael T Bosworth and John R Holland Customer Centric Selling McGraw- Hill Neil Woodcock, Merlin Stone and Bryan Foss The Customer Management Scorecard: Managing CRM for Profit Kogan Page Limited Philip Blight and Douglas Turk CRM unplugged releasing CRM’s strategic value John Wiley and Sons, Inc Sarah Dougan Customer relationship strategies in financial services Business Insights Lmt Tom Sant Persuasive Business Proposals: Writing to Win More Customers, Clients, and Contracts Amacom www.guru.com 10 www.asiabanker.com 11 www.vpb.com.vn 80 ... from big events such as the VietnamAmerica Bilateral Trade Agreement (BTA), or Vietnam''s penetration into World Trade Organization (WTO) Inter-bank''s movement in Vietnam is growing constricted which... in Vietnam Their customers are mainly foreign financial groups or joint-venture companies Several banks of this kind such as City- 1State Bank of Vietnam, “2004 Report” 2State Bank of Vietnam,... and low income customers now, they promote brand names for VPBank‟s competitors Table 2.3: List of VPBank’s competitors’ software names No Bank’s name VPBank ACB Vietcombank BIDV Incombank Sacombank