INTERNSHIP REPORT shinhan vietnam finance company limited

TABLE OF CONTENTS 1 1 LIST OF ABBREVIATIONS No Abbreviations English meaning Ltd Limited Company SVFC Shinhan Vietnam Finance Company 2 2 Vietnamese meaning Công ty trách nhiệm hữu hạn Công ty tài Shinhan Việt Nam LIST OF TABLES AND FIGURE 3 3 ACKNOWLEDGEMENT The well developed and smoothly operated financial market plays a major important role in the growth and efficiency of a country In 2020, Vietnam has garnered international praise for its swift and effective response to the COVID-19 outbreak The issue of Vietnam Briefing Magazine, titled “Assessing Vietnam’s Economic Prospects for Foreign Investors After COVID-19”, stated that: the Asian Development Bank still forecasts Vietnam to be one of the fastest growing economies in Southeast Asia while the World Bank observes that Vietnam’s economy is resilient in the COVID-19 pandemic Shinhan Vietnam Finance Company Ltd (previously known as Prudential Vietnam Finance Company) is also a company operating in this field with the main business are personal loan and auto loan Being recommended and allowed by English Faculty – Thuong Mai University, I gratefully experienced as a trainee in the Sales Department of Shinhan Vietnam Finance Company Ltd After nearly one months (from 1/1/2021 to 22/01/2021), under the valuable support and instruction of Sales Management, Leader team, staffs and other trainees in the company, I was able to apply my obtained knowledge at university into practice, meanwhile gaining basic information to complete my internship report I would like to express my gratitude toward lecturers at the Faculty of English – Thuong Mai University as well as my managers and colleagues in Pioneer Textile and Garment Company Limited I look forward to receiving comments and suggestions of the lecturers in order to complete my paper perfectly Hanoi, January 21th, 2021 Student Nguyen Thi Hong Van 4 4 Part 1: OVERVIEW OF SHINHAN VIETNAM FINANCE COMPANY LTD 1.1 The introduction of Shinhan Vietnam Finance Company Ltd 1.1.1 General introduction of Shinhan Vietnam Finance Company Ltd Name: Shinhan Vietnam Finance Company Limited Date of establishment: July 2019 Head office address: Floor 23rd, Saigon Trade Center, 37 Ton Duc Thang, Ben Nghe ward, District 1, Ho Chi Minh city, Viet Nam A few of Transaction office addresses (Ha Noi only): Starlake transaction office Address: TM 2-13, 2nd Floor, Building 903, H9-Ct1 Building, Co Nhue I Ward, Bac Tu Liem District, Ha Noi My Dinh Transaction Office Address: Lot 136, Tt3 - Sudico My Dinh - Me Tri, My Dinh Ward, Nam Tu Liem District, Ha Noi Pham Hung Branch Address: 1st and 2nd Floor, Keangnam Hanoi Building, Me Tri Ward, Nam Tu Liem District, Ha Noi Tax code: 0304946247 Tel: (84-28) 39 113 666 Fax : (84-28) 39 101 642 Email : dvkh@shinhanfinance.com.vn Website: https://www.shinhanfinance.com.vn/ 1.1.2 The process of foundation and development of Shinhan Vietnam Finance Company Limited Shinhan Financial Group (South Korea) – a fully foreign owned consumer finance company owns Shinhan Card, one of the leading credit card businesses in Korea (RoK) On July 2019 Shinhan Card officially announced the opening of its consumer finance company in Vietnam, Shinhan Vietnam Finance Company Ltd (SVFC), formerly Prudential Finance Shinhan Finance also announced the launch of a new brand identity and slogan 5 5 Image 1.1 Logo of Shinhan Vietnam Finance Company Limited Source: https://www.shinhanfinance.com.vn/ Symbol and Logo: Global Scale A leap towards becoming a global integrated financial services brand representing Korea in the global era The color scheme is intended to render an image of a globalized financial firm challenging the world with vision and confidence Hope The dove and sprout, which were the major elements of the previous CI, have been reinterpreted to better suit the 21st century sentiment and are symbols of hope for a bright 6 6 Future path A drive to march endlessly towards growth With Shinhan Card’s know-how in financial products and more than 14-yearsexperience of the Company in Vietnam consumer lending market, Shinhan Finance is considered one of the best customer-oriented Finance Companies in Vietnam In term of legal entity, being one of Shinhan Financial Group's independent subsidiaries in Vietnam same as Shinhan Bank, Shinhan Securities and Shinhan Digital Solution, meanwhile Shinhan Finance will continue to operate separately as usual in Vietnam, each independent subsidiary is obligated to share necessary reports to the Country Head appointed by Head of Global Business Group of Shinhan Financial Group 1.1.3 Vision, mission and core value - Vision: "World Class Financial Group" Shinhan Finance is values-based organizations who share a passion for initiating changes and an intense focus on customer satisfaction and employee/colleague success While the details have be determined as a part of the transition process, the new company will continue to embody that same spirit with new experience, new value, creating exciting opportunities for employees/colleagues and delivering on our shared goals to bring a broader, richer set of content, solutions, and next-generation products across industries to our customers In light with this, Shinhan Finance Vision is to be customers’ companion with world-class products and services in order to provide solutions to their lifestyle needs and aspirations needs - Mission: + For customers: Shinhan Finance mission is to Good to the World with the Power of Finance (compassionate Finance) The reason for being is striving to good to our customers and the society through every touch-point with Shinhan 7 7 Finance Shinhan Finance regard their customers as their companions for mutual success and therefore their best for customer value creation and protection + For employees: Building a professional and creative working environment Having sharing and recognition Serving customers dedicated and having opportunities to promote + For the community: Harmonizing corporate interests with social benefits; Contribute actively to community-oriented activities Fulfilling its obligations to the state, paying all taxes in accordance with current regulations Obeying state regulations on environmental protection, national security and labor safety - Core values: Shinhan Finance core values are foundational to their culture and include: + Customer oriented; + Mutual Respect; + Initiating change; + Towards the best; + Ownership 1.2 Organization chart Shinhan Vietnam Finance Company Ltd organizational structure can be illustrated as below: 8 8 Head Head of of Sales Sales and and Distribution Distribution Telesales Telesales Feet-on-street Feet-on-street sales sales (FoSt) (FoSt) Telesales Telesales HCM HCM Telesales Telesales Hanoi Hanoi FoS FoS North North Digital Digital Sales Sales 3P 3P Sales Sales FoS FoS South South FoS FoS Central Central TopUp TopUp Sales Sales strategy strategy Sales Sales Scheme Scheme and and Promotion Promotion Sales Sales training training and and Engagement Engagement Sales Sales MIS MIS and and Analysis Analysis Sales Sales Training Training Development Development Sales Sales Training Training Delivery Delivery Sales Sales Engagement Engagement Sales Sales Talent Talent Acquisiton Acquisiton Distribution Distribution service service Administration Administration Service Service Incentives Incentives and and Bonus Bonus Sales Sales Disciplinary Disciplinary Diagram 1.1 SVFC’s Organizational structure Total number of employees: SVFC employs more than 500 fulltime employees, 5,000 Sales agents and outsourcing staffs across Vietnam 1.3 Annual revenue (2017-2020) Annual revenue (2017-2019): Prudential Vietnam Financial Inc; (2019-2020): Shinhan Vietnam Financial Ltd Table 1.1 Annual revenue (2017-2020) 9 9 (Source:https://www.prudential.com.vn/vi/tim-hieu-veprudential-viet-nam/bao-cao-tai-chinh/ and Accounting Department of SVFC) From the above figures, it is clear that revenues and profits of SVFC increase in each other In 2018, sales revenue reached over VND 27.6 billion This figures for 2019 were slight down to 27.54 billion We can see that there was a noticeable increasing in the sales revenue in 2020 compared with the previous years with 3% in the sales revenue This was the time when SVFC officially take over Prudential’s business This growth was mainly thanks to such reasons as followed: effort of all employees, the right direction of the company and the continuous improvement of the quality of products and services This results also indicates an optimistic outlook on the operation of the company in the future 1.4 Main product - My Loan Loan limit: 12 times customer’s salary Interest rate: 0,8 – 1,8% - Big Loan Loan limit: 10000000 - 300000000 VND Interest rate: 0,8% - Easy Loan Loan limit: 10000000 - 300000000 VND Interest rate: 0,8% For sure that SVFC will continue to develop products as it is doing today The company will also look at opportunities to take advantage of the combined strengths resulting from this deal aiming to better products and service in the near future 1.5 Introduction about Sales Department (Internship Department) Sales Department is the advisory and assisting department for the Director on the sales of products and services of the company Besides, it makes the research and product development, market development, construction and customers’ relationship development In SVFC, this department takes responsible for: 10 10 10 10 10 - Implementing strategies, target and work plans of the division each month for - submission to the Director for approval Finding, developing new customers belonging to the target group of the company Searching for customers to make investment, contribute capital in joint ventures, - associates according to the plan and development strategy of the company Maintain and develop relationships with customers Customer care is according to - the company’s policy Build processes and regulations related to the products and sales of products and services of the company 11 11 11 11 11 PART 2: INTRODUCTION OF INTERNSHIP PROCESS IN SHINHAN VIETNAM FINANCE COMPANY LTD 2.1 The tasks in internship process During the internship process in Shinhan Vietnam Finance Company Ltd, I was assigned to intern in Sales Department, this is a great opportunity for me to experience in a dynamic working environment, broaden my mind, learn and familiarize myself in multiple skills Shinhan Vietnam Finance Company Ltd is a financial company for financial products Potential customers is mainly found through telephone, website, so when I became a sales intern, I did activities such as: Search for customers, call for consultation, receive legal papers, appoint customers, draft contract, monitor signing contract process, track payment process, care customer after sale, Specific work as follows: + Find potential customers through data given The data directed will be mainly in industrial zones across the country Sales manager will assign industrial zones to every Team Leader and Sales staffs will then find for potential customers (my team is mainly responsible for the North area) + The phone number and information found will be listed in company’s data of each computer, and the daily task is to call to research the needs of the customers, then sell the Loan to customers + When a customer wants an amount of loan, the sales staff will ask for customer’s address, company name, salary tables, etc and then continuing support customer via media site like Zalo, Facebook for more information + All the requested data will be entered into a management software of the company so that the sales manager as well as the general director can know the information of the customer needs The following table gives some detail information about my work in three weeks that I have completed: 12 12 12 12 12 Week Given tasks - Learning about the company’s regulations - Do tests, I must pass all tests in order to be a finance intern - Making the acquaintance of the others (only in the department and working environment days) - Visiting the assignment and instructions of the guide - Reading materials or documents of the company - Learning how to find potential customers on e-commerce channels, on advertisement on website - Translate the instruction documents (I learn more by looking other documents about company on the Internet and many specific documents of Sales Department) - Adapting to the company’s web, main server and company app (they are all in English language) - Summarizing the internship Expected results - Adapting myself to the new working environment - Having good instructions to work effectively - Understanding the company’s background, its missions, its work and my responsibilities - Having more knowledge about finance contracts and know to research customers on e-commerce channels or via their friends/families/colleagues Table 2.1 Tasks given in the internship process At first, I lack my experience and I find myself scared of calling and talking to customers I spend my free time learning information and things I would say when I am mouth-to-mouth with customers I also watch my co-workers a lot and imitate how they talking to customer through the phone My supervisor said theory only accounts about 50% when I know all about the work but I can’t communicate clearly, I have to practice talking more and more So after one week I finally get used to the work pace and know all the processes I have to 2.2 Difficulties and lessons 2.2.1 Difficulties During my internship at SVFC, I encountered some following difficulties: - The ability to apply theory in practice is limited, which is lead to some problems that I still have not handled quickly 13 13 13 13 13 - Working in professional environment that requires high flexibility, I had to make a lot of efforts to observe and learn knowledge and skills of my prior colleagues every - day My lack of understanding clearly about the finance field lead to a number of problems during implementation the finance operations 2.2.2 Lessons Almost half of a month internship process in Sales Department at SVFC, I have learned a lot of valuable lessons and specific experiences for myself which my help my further career growth: - Apply the knowledge and skills learned at university (writing emails, translation on - the job) Have more knowledge about financial field and practice some operations of this - field such as: write sales contract, document, procedures, etc Understand the importance of team work and know how to cooperate with my - colleagues Accumulate more practical knowledge and improve communication skills Familiar with the modern, dynamic, professional environment of the company as - well as office culture in workplace Learn how to get along with other colleagues and build a good relationship Improve my computer skills and English ability 14 14 14 14 14 PART 3: THE REALITY IN USING OF ENGLISH AT SHINHAN VIETNAM FINANCE COMPANY LIMITED 3.1 The use of English in SVFC As a finance company only work inside Vietnam, SVFC rarely exchanges with foreign partners, therefore the usage of English is approximately limited In particular, English is used the most in Sales department In Sales department, knowing English is an advantage because the data server is in English and we have to remember every function in English Therefore, the staffs in this department are able to use English Someone who can read and write, someone who is fluent in all skills Most of them have quite well at English in reading skills, they seldom use speaking skills because of the position’s requirement But knowing how to use English is an additional requirement in this room In addition, Quality control department and HR department also need to use English but not highly demanding About the Team leader, She frequently uses English whenever she has conversations with the Korean partners Her English ability is at good level so she not need interpreter’s help to talk to the foreign partners Besides, the company’s ecommerce channel also is designed and displayed in English, Vietnamese language not only to help Vietnamese but also foreigners easily access and find out information about the company To this, the company has a core team of qualified English- speaking staff who has ever studied carefully as well as exchanged with foreigners However, the use English at SVFC still encounters several limitations: • They have not exploited the potential of staffs in using English in all departments • Most of staffs are not able to master in all specialized English In fact, they have no capacity to use professional English of e-commerce sector • Most staffs have only the ability to read and understand English but are not really good in communicate so sometimes it creates few barriers in transactions with foreigners Not many people have mastered Listening and Speaking skills They usually mistake some of the common words, and sometimes they could not 15 15 15 15 15 catch the meaning of the sentence when talking to the foreigners and still struggle with complicated sentences 3.2 Some solutions to improve the use of English in the working environment • The company should organize weekly training programs of specialized English for the entire staffs, especially new staffs in the company • Each employee should have self-study morale, improve English skills for themselves and realize the importance of English because it is not only significant for themselves but also for business operations of the company • The company has the rewarding policy such as extra bonus for individuals with good performance, increase the wages for employees who have the good qualifications and English ability in the workplace This policy will create motivation and encourage employees to work and improve their English • In recruitment, the company should give the specific requirements of English and evaluate the English level frequently to raise initiative in the using of English • Organize English contest in the company and this could be done annually every year It can combine English exam with foreign trade professional skills 16 16 16 16 16 PART 4: SUGGESTION FOR THE SUBJECT OF GRADUATION THESIS In today’s world, multilingualism is becoming more and more important In addition to opening up employment opportunities, being able to speak English fluently helps to make a real connection with people and to know more about diverse cultures, places and lifestyles The more proficient I am, the better I can express myself Therefore, when I see my colleagues struggle to speak English without an accent, and how they left out the grammar to make a full sentence Me myself also have difficulties in speaking English when I was a freshman at Thuong Mai University and I have a hard time to find the best way to speak English confidently, so I come up with this topic: “Difficulties in English speaking skillFrom the perspective of students at Thuong Mai University” for graduation thesis I will collect my experience from almost four years in Thuong Mai University as well as my friends’ experiences as the main documents for my thesis I sincerely hope my guide teacher will help me throughout this issue 17 17 17 17 17 CONCLUSION After the internship at Shinhan Vietnam Finance Company Limited, I understood the organizational structure and the way the company worked In particular, I have been guided enthusiastically by my team to know how to work as a finance intern as well as improve my English skills Two weeks of internship at the SVFC was really a valuable time for me It has helped me gain more knowledge, more confidence when preparing to go to work and give me valuable lessons Once again, I would like to express my sincere thanks to the help of the company leadership, my colleagues at SVFC for helping me to accomplish this report Hanoi, January 22th, 2021 Student Nguyen Thi Hong Van 18 18 18 18 18 ... OF SHINHAN VIETNAM FINANCE COMPANY LTD 1.1 The introduction of Shinhan Vietnam Finance Company Ltd 1.1.1 General introduction of Shinhan Vietnam Finance Company Ltd Name: Shinhan Vietnam Finance. .. 642 Email : dvkh@shinhanfinance.com.vn Website: https://www.shinhanfinance.com.vn/ 1.1.2 The process of foundation and development of Shinhan Vietnam Finance Company Limited Shinhan Financial... Vietnam, Shinhan Vietnam Finance Company Ltd (SVFC), formerly Prudential Finance Shinhan Finance also announced the launch of a new brand identity and slogan 5 5 Image 1.1 Logo of Shinhan Vietnam Finance