Vietcombank – joint stock commercial bank for foreign trade of vietnam managerial aspects analysis

Vietcombank Management Analysis Introduce Management (MGT103) VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS VIETCOMBANK – JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM MANAGERIAL ASPECTS ANALYSIS Subject: Introduction of Management Group Assignment Class: BBA_1602 Instructor: Nguyen Quoc Bao VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS Members of group Văn Thị Hà Tâm – SS160091 Lê Thị Bảo Trân – SS160028 Lê Ngọc Phụng – SS160324 Tạ Nhật Hào – SA150114 Lê Thế Huy – SE150035 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS 3 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS History and Development of Vietcombank The Bank for Foreign Trade of Vietnam (Vietcombank) was established on April 1, 1963, and is one of the State's 23 special enterprises With its reputation in wholesale banking, capital exchange, trade finance, international payments, and advanced technology applications in banking operations, the Bank for Foreign Trade of Vietnam (Vietcombank) has always played a key role in Vietnam's banking system The Foreign Trade Bank has developed into a multi-functional institution Aside from its strong role in wholesale banking with a diverse customer base that includes corporate cardboard and large businesses, Bank for Foreign Trade has established a wide and diversified distribution network that has fueled the growth of retail banking and provided SMEs with modern and high-quality banking services.Through its subsidiaries and joint ventures, it has grown into many other fields, including securities, mutual fund management, life insurance, real estate, infrastructure growth, and so on With the equitization of the Bank for Foreign Trade of Vietnam in 2007, a new chapter in the Bank's history begins The Bank for Foreign Trade of Vietnam would benefit from changes in modern banking governance in accordance with international standards, the expansion of business forms, the development of modern banking products and services, and technological inputs During the years 2015 to 2020, The Bank for Foreign Trade has concentrated on modern banking governance, expansion, and improvement in order to achieve its goal of being one of the region's leading multi-functional financial groups network of branch and transaction offices The Bank for Foreign Trade's network has grown to include Transaction Center, 58 branches, and 87 transaction offices across the country, domestic subsidiaries, representative offices in Singapore and Paris, and joint ventures The operations of the Bank for Foreign Trade are backed up by the largest international transaction network among Vietnamese banks With over 1,300 correspondent banks in over 90 countries and territories, the South is the world's largest financial hub In addition to its business activities, N Vietnam Foreign Trad e Bank is a member of industry organizations such as the Asia Banking Association, the Asean Pacific Bankers Club, and the Vietnam Banking Association Environment Analysis 2.1 Board of manager: Responsible for coordinating and operating the branch's business operations, as well as introducing business orientations to encourage and improve the productivity of the branch's departments and individuals in order to optimize local market opportunities, supervising subordinate departments to ensure strict adherence to the regimes, procedures, and tasks in order to enhance credit quality, capital protection, and risk ratios when developing banking services; Sign branch contracts, credit contracts, and other contracts, mortgage guarantees are issued in compliance with Vietcombank credit regulations and professional procedures, and I accept responsibility for my decision to the General Director and the law As the individual in charge of defining the Branch's objectives and plans VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS Figure Model of Board of Manager in Vietcombank 2.2 Customer service department: Consists of parts:  Credit Department: Receives credit reports from customer service and passes them on to the appraisal department If the application is approved, the department can help with disbursement, sign the document drafting assistant, conduct property procedures, review the disbursement papers, and so on  Appraisal Department: Receive credit files from the credit department, appraise them, review them, and send them for approval to the appropriate authorities  Customers' trade financing and international payment documents are received and processed by the international payment department, which includes letters of credit, export letters of credit, guarantee banking, thanks for import and export sales, and international money transfers  Fund accounting department: Data should be used to represent the bank's entire operations in a complete, timely, and reliable manner, as well as to check and expedite the execution of capital and usage plans Perform regular book statistics and prepare financial statements for representatives and inspection bodies on a daily, weekly, quarterly, and annual basis Managing the branch's treasury and ensuring its absolute protection, as well as regular cash collection, checking, and managing the bank's cash supply  Human resource: Advising the Branch Director and putting the personnel organization in place: negotiating appointments, pay transfers, recruiting of officials and staff under the Branch Director's supervision, obtaining, releasing track, and archival clerical at the Branch  General department: Create, track, and review the branch's annual plan's execution Implement reports as directed by both internal and external management Synthesize, post, and mount VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS interest rates, exchange rates, and branch fees on the machine in compliance with the head office's regulations Manage the system's product parameter settings in compliance with the headquarters' regulations Serving as a marketing center, disseminating information in order to promote the brand and the branch's image Computer room: It is responsible for establishing services, transmitting data between  departments, and preventing in-time issues in order to ensure that the network functions properly 2.3 Vision: No.1 bank in Viet Nam, becoming in 100 major banks in Asia One of the world’s 300 largest financial banking groups and governed by international best practices In the next stage (after 2020), VCB aims to continue maintaining its No bank position in Vietnam and gradually enhance its position in the region 2.4 Mission: A green bank for sustainable development 2.5 Slogan: Together for the future 2.6 Business to customer (B2C) In Vietcombank’s annual report, the bank actively implemented sales promotion programs through sales promotions and emulation; sales support for affiliates; handling customer requests, guide and advise customers through the customer service center; and developing a free hotline to serve VIP card customers Vietcombank has issued policies suitable to each customer segment, opened many training courses on customer care skills, focused on keeping traditional customers and expanding potential customers Organizational Structure Although Vietcombank has numerous branches beneath, its fundamental body's structure is defined as below: VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS Figure Corporate Goverence Model of Vietcombank (Vietcombank Annual Report 2019) VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS Figure Management Structure of Vietcombank (Vietcombank Annual Report 2019) 3.1 Function of some Committees under Board of Directors:  Supervisory Board: Members of the Supervisory Board participated in proficient pieces of training and courses for better understanding of administration to connect transformation projects; proactively checked, encouraged, and coordinated with Departments/Divisions/Centers at the Headquarter and the Branches to perform proposition of the Supervisory Board, inner reviews, and suggestions from outside assessment units  Risk Management Committee : The Risk Management Committee is responsible for advising the Board of Directors on the approval of appropriate policies and orientations in each period relating to the management of risks including the Bank's determination of ratios, limitations and exposure to risk Risk Management Committee / Head of the Risk Management Committee has comments on the loan and / or total loans exceeding 10% of Vietcombank's equity or other matters as requested by the Chairperson of the Board of Directors VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS Personnel Committee:  The Personnel Committee is responsible for advising the Board of Directors in considering, evaluating and proposing the election, appointment, removal, dismissal, public planning the senior management staff under the appointment authority of the Board of Directors at the request of the General Director and promulgating the regulations on salary, remuneration, bonus, staff recruitment, training and other remuneration policies for Vietcombank's senior managers and key personnel are consistent with Vietcombank's business orientation and plan in each period Human Resources Committee:  Human Asset Committee prompts BOD with things related to human assets, compensation approaches, pay rates, rewards, and other compensation arrangements of Vietcombank After new policies on human asset administration were surveyed and issued at the same time, Human Resource Committee effectively evaluated and overseen the staff beneath its competence Amid the past time, the arrangement and reappointment of pioneers at the Head office and commerce units have been approved by Human Asset Committee, contributing to make strides in capacity and quality of staff management Board of Directors:  The Board of Directors is the governing body of Vietcombank, has the full authority to act on behalf of Vietcombank to make decisions and perform the Bank's rights and obligations, except matters under its authority of the General Meeting of Shareholders The Board of Directors of Vietcombank is responsible before the law, to the General Meeting of Shareholders for the performance of assigned tasks and powers Members of BOD: N Full name Position VCB shared owns Number of Ownership o Nghiem Xuan Thanh Pham Quang Dzung Nguyen Manh Hung Nguyen My Hao Eji Sasaki Pham Anh Tuan Hong Quang shares 59,025 3,281 2,270 7,012 0 Chairman Memers, CEO Member Member Member, Deputy CEO Member Member, Head of Human 0,00159% 0,00009% 0,00006% 0,00019% 0,00000% 0,00000% Remarks Since 2014 Since 2014 Non-executive Non-executive Non-executive 0,00000% Resource Committee Truong Gia Binh Member 0,00000% Non-executive Do Viet Hung Member 0,00000% Non-executive Table Structure of Board of Directors (Source: Vietcombank Annual Report 2019) 3.2 Function of some deparments in Vietcombank:  Wholesale Banking 10 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS -Securities portfolio statement payment Quick transfer to another management bank account -Top up prepaid mobile phone -QR code payment -Send lucky gifts from application -Send money request -Booking functions: Air ticket, Movie ticket, Hotel -Chatbot -Link App to App beetwen VCBPAY and Mobile Banking -Sync contacts -Change default account -Set favorite functions -Change money request settings -Log in/ Verify transaction with fingerprint/ Face ID 32 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS -Change password - Transaction report Yes Yes Yes Yes Yes Yes Yes No No Yes Yes Yes No Yes Yes Yes No Yes Yes Yes No Yes Yes No account Bills payment No Yes Yes No Finance No Yes Yes No Yes Yes Yes Yes No Yes Yes No Account enquires ATMs/TSOs locations enquiries Fund transfer within Vietcombank Fund transfer outside Vietcombank Quick fund transfer Open Online Deposit service payment e-Topup Credit card payment 33 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS Register No No Yes No Yes No No No value-added services Account payment notification Condition Condition of use -Customers have current -Customers have current -Customers accounts at Vietcombank accounts at Vietcombank have current accounts at -Already Vietcombank -Customers register VCB -Customers – SMSB@nking at VCB - SMS Vietcombank counters or service via ATMs -Customers register VCB Mobile Internet Banking service registered Banking Ba@nking activated (with the registered SMS -Customers OTP phone number) or registered VCB – activated Mobile Banking SMS Banking service service at -Having mobile phones Vietcombank counters or -Customer register that can connect to the VCB – iB@nking Internet (via at Vietcombank GPRS/3G/Wifi) and use through VCB - iBanking service counters one of these operating -Customers have mobile devices that can be systems: iOS (from 8.0), -Customers’ connected with internet computer (via GPRS/ 3G/ Wifi) and mobile or Android (from 6.0) use iOS (from 8.0) or device -Downloaded, installed connected with the application and Android (from 6.0) internet activated VCBPAY service on mobile device -Each customer can only use VCBPAY on one device and log in with one user name at the same time The VCBPAY system records the customers in based on the 34 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS user's telephone number Fees Registration fee: free of Registration charge free of charge Maintenance fee: fee: Maintenance fee: VND 11.000 per month Free of charge in case the - VND 11.000 per mobile month phone registered VCB – is not SMSB@nking activated number the SMS alert function in the - Free of charge in case there was no any financial transaction month via VCB – iB@nking and VCB – Mobile Banking in month - Free of charge for one service in case customers have financial transactions both via VCB iB@nking VCB – Banking – and Mobile in the same month Transaction fee: - Fund within transfer VCB: 35 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS VND 2.200 per transaction (under VND 50 million); VND 5.500 per transaction (from VND 50 million) - Fund transfer to other banks: VND 7.700 per transaction (under VND 10 million); 0.02%, VND 10.000 per transaction (from VND 10 million) Control: Risk management To become Vietnam's best risk management bank, Vietcombank is always constructive in improving risk management culture, pioneering in studying and applying current credit risk management measures and models in compliance with international norms, regulatory authority orientations, and internal management needs In terms of organization and risk management, Vietcombank regularly reviews and consolidates its risk management apparatus in line with Lines of Defense (1) The first line is to identify, control and mitigate risks (2) The second line is to develop risk management policy, internal regulations on risks management, measurement monitoring in compliance with the law (3) The third line is for internal auditing Vietcombank also invested resources into creating risk assessment instruments and models that used cutting-edge approaches A credit risk quantification model was developed, which covered the majority of the bank's portfolio, including: Probability of default model (PD model) according to Basel II standard; Loss given default model (LGD model); Exposure at default (EAD model) for both Wholesale and Retail portfolios Besides, the information technology systems were also regularly upgraded to meet the 36 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS governance requirements the best The quality and completeness of the data continue to be improved as an important foundation for the Bank’s risk management Summary of the key risk management at Vietcombank: 9.1 Credit Risk - Credit risk arises when consumers fail to meet or are unable to meet part or more of their repayment commitments under VCB contracts or agreements - Counterparty risk arises when a counterparty fails or is unable to meet part or more of its repayment commitments prior to or at the maturity of a trading agreement Repo transactions; reverse repo transactions; hedge stock transactions for hedging; foreign exchange and financial asset transactions for clients and partners 9.2 Market risk Market risk is the risk generated due to negative changes in interest rates, exchange rates, gold price, securities and goods to values of VCB’s financial assets Market risk includes: Interest rate risk, stock price risk on the trading book and foreign exchange risk, commodity price risk on the trading and banking books 9.3 Operation risk Operational risk is the risk generated due to incomplete or erroneous internal processes, human, errors, incidents of system or external factors which causes financial losses, negative non-financial impacts on commercial bank and its overseas branches (including legal risks) 9.4 Liquidity risk Liquidity risk is the risk generated when: - The bank fails to fulfil its repayment obligations at due date; or - The bank is able to fulfil its repayment obligations at due date but has to pay a higher cost than the average market price according to VCB’s internal regulations 9.5 Concentration Risk Concentration risk occurs when a bank’s business focuses on only one customer (including related persons), partner, product, transaction, industry, economic sector, and currency with significant impact on income, risk status according to internal regulations of the bank Concentration risks include concentration risks for credit activities and proprietary transactions Vietcombank has established a comprehensive concentration risk management framework, composed of organizational model and structure, comprehensive system of policies, processes, regulations, and limits to identify, measure, supervise and report risks for compliance with the State Bank’s regulations as well as Vietcombank’s 37 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS internal regulations In the concentration risk management of credit activities, Vietcombank diversified the credit portfolio according to the following principles: (1) defining credit limits of INTEREST RATE RISK concentration risks for credit products, customers, industries and economic sectors; (2) identifying the relevant person of the customer; (3) defining the level of diversity and interaction of credit products, industries and economic sectors In 2019, Vietcombank constantly supervised and monitored credit limits of concentration risks to ensure the credit limits to comply with the regulations 9.6 Interest rate Risk Interest rate risk management: is the risk generated by negative changes of interest rate on income, asset value, value of liabilities and value of off-balance sheet due to:  Difference in period to apply new interest rates or to re-define interest rates;  Change of relationship among interest rates from different financial tools with the same maturity; Change of relationship among interest rates at different maturities;  Impact from products with interest rate options 10 Leadership Personal Information Name Date of Birth ID card number Place of Birth Nghiem Xuan Thanh November 2, 1969 026069000377 Vinh Phuc 38 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS Figure Chair of the Board Of Direction: Nghiem Xuan Thanh Working Experience  From October 1988 to August 1994: Officer - Industrial and Commercial Bank of Vinh Phuc  From September 1994 to May 1997: Chief of Accounting Department - Phuc Yen Bank for Industry and Trade  From June 1997 to April 1999: Officer in Personnel and Training Department - Industrial and Commercial Bank of Vietnam  From May 1999 to June 2002: Deputy Chief of the Office - Secretary General Director  From July 2002 to October 2003: Head of the Secretariat of the Board of Directors - Vietnam Bank for Industry and Trade  From November 2003 to February 2006: Head of Risk and Problem Debt Management Division Industrial and Commercial Bank of Vietnam  From March 2006 to August 2008: Head of Debt Management Department - Industrial and Commercial Bank of Vietnam  From August 2008 to October 2010: Director - Vietnam Bank for Industry and Trade - Thanh Xuan Branch  From October 2010 to January 2012: Director - Vietnam Bank for Industry and Trade - Dong Da Branch  From January 2012 to June 2012: Deputy General Director - Vietnam Joint Stock Commercial Bank for Industry and Trade  From June 2012 to July 2013: Chief of Office - State Bank 39 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS  From July 2013 to November 2014: Member of the Board of Directors, General Director - Joint Stock Commercial Bank for Foreign Trade of Vietnam  From November 2014: Chairman of the Board of Directors of Vietnam Joint Stock Commercial Bank for Foreign Trade He has made a lasting impression during his 24 years in the banking industry, especially during his tenure at the helm of Vietcombank, where he led the bank to remarkable achievements in the Vietnam banking industry And in 2019, Vietcombank achieved positive results, especially new record-setting profits thanks to its movements on the right track:  Total assets reached VND 1,222,719 billion, increasing by 13.8% compared to 2018 and exceeding by 1.6% the 2019 goal set by the General Meeting of Shareholders  Total outstanding loans reached VND 741,208 billion, increasing by 15.9% over 2018 and complying with the credit growth set by the Governor of the SBV  Total deposits reached VND 1,039,086 billion, up 14.1% over 2018 In particular, customer deposits(including valuable paper issuance) reached VND 949,835 billion, increasing by 15.4% compared to 2018  Vietcombank continued to tightly control credit quality and promote the recovery of non-performing loans Non-performing loan was VND 5,804 billion, nonperforming loan ratio was 0.78%, while loan loss provision was VND 10,417 billion Vietcombank’s loan loss reserve ratio was 179%, which was the highest level in the bank’s operations  Profit before tax reached VND 23,122 billion(equivalent to USD billion),increasing by 26.6% compared to 2018 and fulfilling 116% the planning 2019 set by the General Meeting of Shareholders 11 Strategic Management Strategic objectives towards 2020  No.1 in retail banking and Top in wholesale banking: Consolidate wholesale activities and promote retail activities  Bank with largest profit and high profitability: Strive to increase the scale and restructure high and sustainable income, improve the efficiency of investment activities and of its subsidiaries  No bank in customers’ satisfaction: Applying modern technology to develop services, improve and ensure the uniformity of product quality  No bank in quality of human resources: Improving the quality of human resources through policies on recruiting, training, rotating and appointing staff  Best bank in risk management : Risk management according to international standards; ensure prudential ratios according to regulations of the State Bank 40 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS  No bank in digital transformation: Building a modern and advanced technology system, especially digital banking conversion services VCB adopted a set of managerial policies and programs covering all bank activities in order to execute corporate strategies with an emphasis on three main pillars of "Retail, Service, and Investment" and the motto of "Transformation - Efficiency - Sustainability." Retail pillar  Developing credit products for individuals and SMEs to satisfy consumer demands; changing lending interest rates flexibly to increase retail credit  The RTOM Project is being carried out on schedule  Providing prompt sales workers reinforcement and meeting the minimum criteria for experienced employees at transaction offices  Signing an arrangement for exclusive insurance distribution with FWD Group Service pillar  Expanding trade financing products to replace credit products, and issuing more appropriate foreign payment processing products to meet consumer needs  Helping foreign exchange operations of branches by using a flexible internal exchange rate system based on market conditions  Many payment-processing technologies are being developed and improved Implementing noncash payment options  VCB's leadership role in card operations is being strengthened Visa Inc has signed a ten-year funding deal worth USD 80 million with VCB to promote card operations Investment pillar  Growing investment performance by reorganizing the portfolio and increasing the size of financial institution bond portfolios  Collaboration with VCBS and VCBF subsidiaries on the creation and cross-selling of more comprehensive investment banking products to satisfy customers' financial needs  Development of an investment banking proposal for the years 2020-2025 12.2 Vietcombank’s Business Orientation in 2020 With the motto “Transformation, Efficiency, Sustainability” in action and the viewpoint “Responsibility Action - Creativity” in management, the focus in 2020 is improving the growth demonstrate in profundity, operational rebuilding, sustainable development, tall proficiency, and labor efficiency advancement In 2020, Vietcombank will pursue “Four strategic breakthroughs”, “Three central objectives in operational restructuring”.(Vietcombank Annual Report 2019) 41 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS In 2020, the worldwide economy is at a hazard of subsidence as a result of Covid-19 flare-up in China and worldwide spread Worldwide generation appears signs of stagnation whereas the utilization, speculation, and world exchange have declined China’s generation index in February dropped to 37.5, the most reduced point since 2004 In the interim, different existing dangers, such as the US-China exchange war, the expanding sum of government and individual obligations, geopolitical and political flimsiness, and climate alter, etc are debilitating worldwide development Numerous governments and central banks have extricated financial approaches and advertised financial bolster bundles to overcome this scourge In reaction to the widespread, the Government has radically given services with control measures and bearings The State Bank of Vietnam moreover coordinated the usage of different arrangements (lessening of expenses and loaning intrigued rates, obligation rebuilding without alteration of obligation bunches, etc.) for endeavors influenced by Covid-19 By and large, Vietnam’s financial development will be affected by Covid due to its tall exchange openness and overwhelming reliance on influenced markets By the by, positive components when EVFTA is endorsed by the EU will as it took impact as early as the third quarter of 2020 2020 is anticipated to be a challenging year for managing an account industry with an extreme financial effect of the plague and unusual universal circumstance As a result, the weight for altering and advancement is gigantic due to progressively furious competition between the conventional and the computerized banking segments as well as between banks and fintech companies Four strategic breakthroughs  Renovating the development demonstrate and rebuilding the commerce operations  Completing components of inside administration and client policies  Completing and overhauling IT framework, conveying advanced keeping money services  Enhancing the quality of human assets and the capacity to adjust with the online banking Three central objectives in operational restructuring  Performing capital rebuilding to pick up proficiency and sustainability  Increasing the extent of non-credit wage with a center on administrations and capital trade investment  Ensuring sensible credit development together with credit rebuilding to pick up effectiveness and sustainability Solutions to promote efficiency of Vietcombank business orientation Business support solutions Developing specialized items in line with customer segments; promoting the advancement of modern ones, concentrating on venture bank’s items Extending client base from securities companies/securities speculation funds/fund administration companies to supply comprehensive managing account 42 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS administrations and to center on the improvement of open-end stores, ETF stores, extra deliberate annuity reserves, etc Creating and actualizing technology-based installment administrations in key divisions such as open transport, continuous toll collection, wellbeing care, and instruction Changing contactless innovation arrange by arranging in line with SBV controls and the market’s prerequisites Creating advanced products/services/platforms with high application of innovation, empowering exchanges on advanced banking channels Risk management solutions Advancing inside review and review whereas closely administering the comes about of executing assessment and examining proposition and remotely observing trade exercises of branches/subsidiaries within the Vietcombank framework Proceeding to progress chance administration capacity through the usage of change ventures and activities beneath the Basel II Program Overhauling operational hazard administration Supporting solutions for technology, human resources, and information management Accelerating the usage of change and IT ventures Proficiently working the unused Signature Center managing an account framework, as an establishment for computerized change and improvement of modern items and administrations Updating IT frameworks to meet commerce prerequisites, guaranteeing tall accessibility as well as secure and secure operations; overseeing the IT frameworks beneath worldwide measures Creating and actualizing a proficient promoting methodology, advancing promoting communications to extend Vietcombank brand personality Actualizing announcing framework for multidimensional benefit administration by division/customer/product Rebuilding the deals and overhauling models at all branches taking after the RTOM ventures Changing and reorganizing the compensation component, as well as commerce effectiveness and labor efficiency Creating and issuing a set of criteria for selecting skilled staff; capacity system, preparing guide; investigating JDs and KPIs Expanding the normal number of preparing sessions, tests/skill competitions compared to 2019 whereas making strides the preparing quality Planning vital conditions for monetary explanation concurring universal guidelines Other solutions Expanding constitution capital from held benefits and overflow; expanding capital through issuing private offers right after being affirmed by the competent specialists Optimizing the organization show and working offices taking after the affirmed arrange for higher commerce effectiveness Making strides the quality of logical inquire about and developments all through the Bank for successful usage of Vietcombank’s development and commerce advancement procedures Actualizing different social exercises to back regions, reduce harms of characteristic fiascos, prioritizing instruction, healthcare, etc 12 Conclusion: 43 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS The insurgency of science and innovation leads to numerous gigantic changes, particularly to the financial division It influences all the viewpoints of undertakings, banks, and other divisions of the economy when adjusting to a modern circumstance These impacts require advancement in most units counting companies, banks, or multinational enterprises within the Vietnamese showcase The development handle must be first carried out within the corporate culture of each organization, from the authority fashion of supervisors, working fashion of staff to a proficient environment In another word, corporate culture ought to be paid more consideration to amid the development and integration of most businesses In 2020, Vietcombank is steadfast with the motto of action "Transforming - Efficiency - Sustainability" and renews the management perspective of "Responsibility - Action - Creation" which is concretized through Resolution 686 of the Board of Directors In which the focus in 2020 is to innovate the growth model in depth, restructure in the right direction, perfect the policy mechanism, implement solutions to ensure sustainable growth, and improve productivity labor rate The Chairman of the Board of Directors suggested that the leaders of the units carefully study the documents and reports at this Conference, especially the Instruction No 01 of the Governor of the State Bank of Vietnam to thoroughly grasp all officers and employees about key tasks to be performed in 2020 following the requirements and orientations of the Government and SBV; orientation, objectives, tasks, and solutions set out by the Board of Directors The implementation of the plan assignment must be done specifically to each unit, each staff according to the assigned business norms, launching the emulation movement of the whole system to encourage the morale of the staff to make efforts to complete excellently the task of bringing Vietcombank to continue conquering new heights At the same time, the units organize the implementation of plans and programs towards the successful organization of the Party Congress at all levels and towards the success of the XIII Party Congress term 2021-2026 In the new development phase, Vietcombank has set a vision and strategic goal by 2025 to maintain its position as the number one bank in Vietnam; to become one of the 100 largest banks in Asia; One of the 300 largest financial and banking groups in the world, one of the 1000 largest listed companies in the world, has made great contributions to the development of Vietnam 44 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS 13 References: [1] Vietcombank, (2020) Vietcombank Annual Report 2019 [online] Available at: https://portal.vietcombank.com.vn/VCBDigital/2019/en/pdfs/20200723-VCB-AR2019-EN.pdf [Accessed Mar 2021] [2] Phuong M, (2019) Top 100 nơi làm việc tốt Việt Nam [online] Available at: https://petrotimes.vn/top-100-noi-lam-viec-tot-nhat-viet-nam-531205.html [Accessed Mar 2021] [3] Hung N, (2017) Bao cao thuc tap tai NH Vietcombank Quy Nhon [online] Available at: https://www.academia.edu/34824299/Báo_cáo_thực_tập_vhg? [Accessed 10 Mar 2021] [4] Thu N, (2014) Corporate Culture in Vietcombank, Ngo Quyen Branch [online] Available at: https://www.academia.edu/8526297/Corporate_Culture_in_Vietcombank_Ngo_Quyen_Branch [Accessed 10 Mar 2021] [5] VNDIRECT, (2018) VCB Initiation [online] Available at: https://static- 02.vndirect.com.vn/uploads/prod/VCB_Initiation_20180406.pdf [Accessed 16 Mar 2021] [6] The Asian Banker, (2021) The Winners of the Asian Banker Leadership Achievement Awards 2006 – 2021 [online] Available at: https://www.asianbankerawards.com/leadership/winners.php [Accessed 10 Mar 2021] [7] Dan Tri, (2019) Vietcombank - khẳng định chất lượng qua giải thưởng [online] Available at: https://dantri.com.vn/kinh-doanh/vietcombank-khang-dinh-chat-luong-qua-tung-giai-thuong20190815071724818.htm [Accessed 14 Mar 2021] [8] Phong H, (2020) Vietcombank top đầu nơi làm việc tốt Việt Nam [online] Available at: https://vnexpress.net/vietcombank-trong-top-dau-noi-lam-viec-tot-nhat-viet-nam-4181131.html [Accessed 14 Mar 2021] [9] VCB News, (2020) THÔNG BÁO VỀ VIỆC NÂNG CẤP HỆ THỐNG NGÂN HÀNG LÕI (CORE BANKING) [online] Available at: https://portal.vietcombank.com.vn/News/newsevent/Pages/Vietcombank.aspx?ItemID=8632 [Accessed 14 Mar 2021] [10] VCB, (2018) Điều lệ VCB [online] Available at: https://portal.vietcombank.com.vn/content/Investors/Investors/C%C3%B4ng%20b%E1%BB %91%20th%C3%B4ng%20tin/2018/16.%20Dieu%20le%20cua%20VCB%20(1).pdf [Accessed 15 Mar 2021] [11]VCB, (2020) Báo Cáo BĐH [online] Available at: https://bit.ly/3cOQb3t [Accessed 15 Mar 2021] 45 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS [12] CafeF, (2021) Nghiem Xuan Thanh [online] Available at: http://s.cafef.vn/ceo/CEO_50530/nghiem-xuan-thanh.chn?cs=VCB [Accessed 15 Mar 2021] 46 ... VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS 3 VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS VIETCOMBANK MANAGERIAL ASPECTS ANALYSIS History and Development of Vietcombank The Bank for Foreign Trade of Vietnam (Vietcombank) ... Member of the Board of Directors, General Director - Joint Stock Commercial Bank for Foreign Trade of Vietnam  From November 2014: Chairman of the Board of Directors of Vietnam Joint Stock Commercial. .. equitization of the Bank for Foreign Trade of Vietnam in 2007, a new chapter in the Bank'' s history begins The Bank for Foreign Trade of Vietnam would benefit from changes in modern banking governance