(Luận văn) xây dựng chiến lược cạnh tranh cho ngân hàng shinhan bank việt nam

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(Luận văn) xây dựng chiến lược cạnh tranh cho ngân hàng shinhan bank việt nam

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ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - KIM, JIHYUN lu Building competitive strategies an n va For shinhan bank vietnam tn to p ie gh XÂY DỰNG CHIẾN LƯỢC CẠNH TRANH d oa nl w CHO NGÂN HÀNG SHINHAN BANK VIỆT NAM nf va an lu lm ul z at nh oi LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH z m co l gm @ an Lu HÀ NỘI - 2020 n va ac th si ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - KIM, JIHYUN lu BUILDING COMPETITIVE STRATEGIES an n va FOR SHINHAN BANK VIETNAM tn to ie gh XÂY DỰNG CHIẾN LƯỢC CẠNH TRANH p CHO NGÂN HÀNG SHINHAN BANK VIỆT NAM d oa nl w Chuyên ngành: Quản trị kinh doanh u nf va an lu Mã số: 60 34 01 02 ll LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH oi m z at nh z NGƯỜI HƯỚNG DẪN KHOA HỌC: PGS.TS HỒNG ĐÌNH PHI m co l gm @ an Lu HÀ NỘI - 2020 n va ac th si DECLARATION The author confirms that the research outcome in the thesis is the result of author‟s independent work during study and research period and it is not yet published in other‟s research and article The other‟s research result and documentation (extraction, table, figure, formula, and other document) used in the thesis are cited properly and the permission (if required) is given lu an n va The author is responsible in front of the Thesis Assessment Committee, Hanoi tn to School of Business and Management, and the laws for above-mentioned p ie gh declaration w d oa nl Place: Hanoi, Vietnam lu nf va an Jihyun Kim z at nh oi lm ul z m co l gm @ an Lu n va i ac th si ACKNOWLEDGEMENT MBA program at Hanoi School of Business has encouraged me to pursue the field of global banking at more advanced level because I became convinced of my ability to endeavor in researching banking sector in Vietnam Before I started my studies with the brightest students in the most prestigious institute in Vietnam, my passion in banking field had been enervated due to the lack of competition in Korea Although I worked at the one of the Asia‟s leading financial groups, Shinhan Financial group, I only considered myself as the lu an frog in the wall who knows nothing of the great ocean Moreover, I was afraid n va that I would not survive in my chosen field due to extremely prominent gh tn to competitors in the countries outside of my home country Korea p ie My experiences in Vietnam, however, allowed me to realize that they are not competitors but colleagues who inspire each other and constructively w oa nl influence the world of businessmen, so that humanity can discover innovative d theories in various issues Consequently, I realized that I wish to be able to lu nf va an contribute to my chosen field substantially as a leader who has a flexible thinking and sincerely enjoy studying and researching with outstanding lm ul individuals leading a variety of markets of Vietnam z at nh oi I plan to pursue the career of an international banker who does his best to z contribute to banking sector of Vietnam as well as Korea I wish to work in @ Vietnam where I have had the opportunity to meet brightest students and gm l professors and social diversity can be strengthened in the field of banking I m co also hope to further expand my role as a group leader through designing an Lu global business strategies and planting motivations in the mind of young employees and give the fair chances to every employee to experience the n va ii ac th si fascination of banking industry With strong motivation and extensive working and studying experiences, I firmly believe that I will become the one I want to be Once again, I really appreciate my company for giving me such a great chance to learn a lot about Vietnam and also thank all of my Vietnamese friends who have actively supported me My memories in Vietnam will stay with me forever lu an n va p ie gh tn to d oa nl w nf va an lu z at nh oi lm ul z m co l gm @ an Lu n va iii ac th si Contents DECLARATION i ACKNOWLEDGEMENT ii LIST OF ACRONYMS vi LIST OF TABLES vii LIST OF FIGURES viii CHAPTER ONE INTRODUCTION 1 Rationale lu an Significance of Study n va Review of the Previous Studies and Researches Relating to the Thesis Title tn to Objective of Thesis gh Methodology p ie Scope of Research Thesis Structure w oa nl CHAPTER TWO BASIC THEORY ON COMPETITIVE STRATEGY AND d BANKING CONCENTRATION lu nf va an 2.1 Basic Concepts and Definitions 2.1.1 Strategy lm ul 2.1.2 Competitive Strategy z at nh oi 2.1.3 Bank Concentration Ratio 2.1.4 Herfindahl – Hirschman Index (HHI) 10 z 2.2 Tools for Business Environment Analysis and Building Competitive Strat @ egy 11 gm l 2.2.1 EFE (External Factor Evaluation) Matrix 11 m co 2.2.2 IFE (Internal Factor Evaluation) Matrix 12 an Lu 2.2.3 TOWS 12 n va iv ac th si CHAPTER THREE ANALYSIS OF BANKING INDUSTRY IN VIETNAM AND SHINHAN BANK VIETNAM 15 3.1 History of Banking in Vietnam 15 3.2 Structure of the Vietnam‟s Banking Sector 17 3.3 Analysis of Banking Concentration (CR / HHI) 24 3.3.1 Bank Concentration Ratio Result 24 3.3.2 The Herfindahl – Hirschman Index Result 26 3.4 Contestability 27 3.4.1 Banking Sector Regulation in Vietnam 28 lu an 3.4.2 Banking Sector Development 29 n va 3.4.3 Financial Innovation and Technological Advances 36 3.5.1 EFE 43 gh tn to 3.5 Shinhan Bank Vietnam 37 p ie 3.5.2 IFE 44 3.5.3 TOWS 45 w oa nl CHAPTER FOUR PROPOSAL OF COMPETITIVE STRATEGIES AND S d OLUTIONS FOR SHINHAN BANK VIETNAM 46 lu nf va an 4.1 SO Strategies 46 4.1.1 Learning Know- lm ul How from Shinhan Financial Group and Implementing “Spoke & Hub” strat z at nh oi egy 46 4.1.2 Focusing on Non Face-to-Face Transactions and ATM Business 48 z 4.2 WO Strategies 49 gm @ 4.2.1 Using Global Networks with Fast- l Growing Economy to Overcome the Small Sized Assets and Network 49 m co 4.3 Proposal of Solutions for Implementing Competitive Strategies for Shinh an Lu an Bank 52 Bibliography 54 n va v ac th si LIST OF ACRONYMS lu an State Bank of Vietnam SCP Structure – Conduct – Oerformance ESH Efficient Structure Hypothesis CR Concentration Ratio HHI Herfindahl-Hirschman Index IFE Internal Factor Evaluation EFE External Factor Evaluation TOWS Threat-Opportunity-Weakness-Strength Analysis IMF International Monetary Fund BSA Banking Supervisory Agency n va SBV tn to Ministry of Finance ie gh MOF State Security Commission p SSC State Owned Commercial Bank d oa Foreign Owned Commercial Bank an lu FOCB nl SOCB Insurance Supervisory Agency w ISA Joint Stock Commercial Bank CAR Capital Adequacy Ratio CI Credit Institution VAMC Vietnam Asset Management Company nf va JSCB z at nh oi lm ul z m co l gm @ an Lu n va vi ac th si LIST OF TABLES Table 2.1: TOWS Matrix 14 Table 3.1: Key Statistical Ratios of credit institutions of Vietnam as of December 2018 19 Table 3.2: Capital Adequacy Ratio (CAR) of Banks with the Implementation of Basel as of November 2019 24 Table 3.3: Bank Concentration Ratio Results 25 Table 3.4: HHI Resutls 26 lu an Table 3.5: Shinhan Bank Vietnam Performance 2017-2018 42 n va Table 3.6: EFE Analysis 43 tn to Table 3.7: IFE Analysis 44 ie gh Table 3.8: TOWS Analysis 45 p Table 4.1: Opening New Branches Status 50 d oa nl w nf va an lu z at nh oi lm ul z m co l gm @ an Lu n va vii ac th si LIST OF FIGURES Figure 3.1: Structure of the Industry of Banking and Finance in Vietnam as of December 2018 18 Figure 3.2: Structure of Banking Sector as of December 2018 19 Figure 3.3: Market Share by the Number of Banks in Vietnam as of December 2018 21 Figure 3.4: Credit and Deposit Growth 21 Figure 3.5: Bad Debt Ratio and ROE 22 lu Figure 3.6: Total Number of Banks in Vietnam from 2012 to 2018 23 an va Figure 3.7: Bank Concentration Ratio Trend 26 n Figure 3.8: HHI Trend 27 gh tn to Figure 3.9: Shinhan Financial Group‟s Net Income by International Business 38 p ie Figure 3.10: Shinhan Financial Group‟s Asset by International Business 38 w Figure 3.11: Shinhan Financial Group‟s Net Income & Asset Composition as oa nl of December 2018 39 d Figure 3.12: Golden population of Vietnam as of December 2017 40 an lu Figure 3.13: Market Position Analysis of Vietnam‟s Banking Industry as of D nf va ecember 2018 41 lm ul Figure 4.1: Income Bracket of Major Cities of Vietnam (%) 47 z at nh oi Figure 4.2: Increase in Non Face-to-Face Transaction 48 Figure 4.3: Shinhan Fianncial Group‟s Indochina Region 50 Figure 4.4: The Spread of Population in Vietnam Based on Region and Incom z m co l gm @ e Level 51 an Lu n va viii ac th si based financial institution to obtain a Vietnamese custodial service license (2017) and it built on this success by aggressively pursuing an entry into the country‟s global custody business It also diversified its portfolio to maximize its profit As a result, Shinhan Bank Vietnam‟s contribution to Shinhan Bank‟s global business in 2018 stood at 30% With the decision to acquire Prudential Vietnam Finance Company (PVFC), it laid the groundwork for further synergy creations across the entire spectrum of its subsidiaries The market is primarily dominated in size by SOCBs banks and some large lu JOCBs while profitable banks mostly concentrated for the area NIM higher than an 3.5% or have a very big in assets size So except for those SOCBs, only those va n banks could consistently keep the NIM above 3.5% could generate a good income p ie gh tn to d oa nl w nf va an lu z at nh oi lm ul z l gm @ an Lu of December 2018 m co Figure 3.13: Market Position Analysis of Vietnam’s Banking Industry as (Source: Shinhan Bank Vietnam Business Report) n va 41 ac th si Shinhan Bank Vietnam has been performing very well in recent year Even though the size of bank is small, rank 22/29 in the market However, with the high productability, Shinhan bank shows an outstanding performance comparing to other banks in terms of balancing both risk management and profitability Table 3.5: Shinhan Bank Vietnam Performance 2017-2018 2017 Items Unit 2018 Rank order Amount Ranking Amount Ranking lu US$ Million Descending 3,255 22/29 3,604 22/29 Lending to customers US$ Million Descending 1,724 20/29 1,943 22/29 Deposit to customers US$ Million Descending 2,525 19/29 2,886 19/29 US$ Million Descending 12/29 72 14/29 an Total Assets n va gh tn to Net income 55 p ie Descending 15,683 3/25 14,256 4/25 US$ Descending 50,678 2/25 46,254 2/25 % Descending 47.82 3/29 13.71 20/29 % Descending 3.34 11/29 4.44 3/29 % Descending 11.96 14/29 13.73 13/29 ROA % Descending 1.98 4/29 2.11 4/29 CIR % Ascending 39.59 3/29 44.98 11/29 NPL % Ascending 0.60 2/26 0.41 1/26 NPL coverage Times Descending 191 2/26 143 5/26 Credit cost % Ascending 0.04 gm 01/27 0.35 04/27 %Debt G2 % Ascending 2.68 20/25 2.58 23/25 LDR % Ascending 62.7 10/29 64.92 12/29 CAR % Descending 18.69 2/25 18.16 1/25 US$ lm ul Salary/ Headcount/ nl w Year oa Net income/ d Headcount nf va ROE an NIM lu Credit growth z at nh oi z @ m co l an Lu (Source: Financial Statement of Shinhan Bank Vietnam, SBV) n va 42 ac th si 3.5.1 EFE Table 3.6: EFE Analysis Opportunities Weight Rating Vietnam‟s fast-growing economy High percentage of the middle class and 0.3 0.3 0.2 0.1 0.1 increasing upper class Active restructuring of Vietnam‟s banking sector lu an digital finance environment An increase in foreign direct investment in n va gh 1.2 0.4 0.3 0.1 Weight Rating p ie Threats nl w High level of graft and state intervention in d oa banks Difficulties in achieving economies of scale Appearance of new competitors (Korean Score 0.4 0.3 0.2 0.1 1.6 0.9 nf va an lu banks) lm ul Weighted Score 0.3 tn to Vietnam Weighted Increasing labor costs z at nh oi Total EFE Score 0.4 0.2 6.6 z m co l gm @ an Lu n va 43 ac th si 3.5.2 IFE Table 3.7: IFE Analysis Strengths Weight Rating Advanced and extended risk management 0.1 Wide global network (189 networks in 20 0.4 countries) Weighted Score 0.3 1.6 High capabilities of digital banking 0.2 0.4 Know-how of wealth management 0.2 0/6 Strong corporate culture 0.1 0.1 Weaknesses Weight Rating gh Small-sized asset 0.4 1.2 Limited network in Vietnam 0.3 0.9 0.2 lu an n va tn to p ie Lack of employee competency in nl d oa management level(local) due to the rapid 0.4 an lu growth in recent years Score w Weighted Insufficient training program 0.1 nf va Total IFE Score 0.1 5.6 z at nh oi lm ul z m co l gm @ an Lu n va 44 ac th si 3.5.3 TOWS Table 3.8: TOWS Analysis lu an n va p ie gh tn to Opportunities(S) O1 Fast-growing economy O2 High percentage of the upper and middle class O3 Digital finance friendly environment and current cash-based society d oa nl w Strength(S) S1 Wide Global Network S2 Know-how of wealth management S3 High capabilities of digital banking SO Strategies Learn know-how of wealth management from Shinhan Fiancial Group and “Hub & Spoke” Strategy (O1, O2, S2) Focus on non face-toface transactions and ATM business with digital technology (O3, S3) ST Strategies Cooperative with Shinhan‟s network outside of Vietnam to overcome the restriction on credit growth rate (T1, T2, S1) nf va an lu Threats(T) T1 High level of state intervention of SBV T2 Difficulties in achieving economies of scale T3 Appearance of new competitors z at nh oi lm ul z Analyze existing customers from ANZ and use share Shinhan and ANZ‟s know-how of wealth management (T2, T3) Weaknesses(W) W1.Small sized assets W2 Limited network in VN WO Strategies Use global networks with fast-growing economy to overcome the small size and network (O1, W1, W2) Select and concentrate on region where Shinhan has not entered based on population analysis (O1, O2, W2) WT Strategies Focus on profitable customer sector (T1, W1) Open new branches based on the analysis in terms of incomepopulation (T3, W2) m co l gm @ an Lu n va 45 ac th si CHAPTER FOUR PROPOSAL OF COMPETITIVE STRATEGIES AND SOLUTIONS FOR SHINHAN BANK VIETNAM 4.1 SO Strategies SO strategy means the use of internal strengths to take advantage external opportunities/ 4.1.1 Learning Know-How from Shinhan Financial Group and Implementing “Spoke & Hub” strategy lu an Vietnam has a growing educated workforce and is now in a period of golden n va population structure, where 45% are under 30 years of age Therefore, it is tn to obvious that the average income and the size of middle and upper class are p ie gh going to increase in the near future Shinhan Bank Vietnam has been actively learning a variety of know-how of w oa nl wealth management business from Shinhan Financial Group and the experts from d ANZ bankers Especially, the wealth management division of the group held USD lu nf va an $ 90.7 billion worth of assets in trust in 2018, its largest amount since its establishment Its gross operation income was USD $ 470.2 million The division lm ul has earned the confidence of a large number of high-net-worth individuals due to z at nh oi its outstanding performances since its launch in 2012 This includes maintaining the highest annual average growth rate in the entire industry z @ In addition, ANZ Bank which sold retail division to Shinhan Bank Vietnam is gm l the largest financial company in New Zealand having a lot of experts in m co private wealth management business Therefore, the synergy effect is an Lu expected from combining know-how of two prestigious financial groups representing Korea and New Zealand n va 46 ac th si Figure 4.1: Income Bracket of Major Cities of Vietnam (%) lu (Source: Shinhan Financial Group‟s Research) an n va tn to From the figure 4.1, income bracket of major cities of Vietnam, there are gh higher percentages of upper class compared to total average of Vietnam p ie Shinhan Bank Vietnam currently has networks in Hanoi, Hochiminh, Hai w Phong, and Da Nang and plans to open new branch in Can Tho in 2020 Even oa nl though Shinhan Bank Vietnam has been focusing on upper class customers of d each city above, it lacks competitiveness in terms of its number of networks lu nf va an Apart from taking an edge of learning know-how from Shinhan Financial Group and the experts from ANZ bankers, Shinhan Bank Vietnam needs to z at nh oi lm ul overcome this disadvantage by implementing „Hub & Spoke‟ strategy * Hub branch: Managing spoke branches nearby it and providing high-quality z PWM services @ *Spoke branch: Operating as a normal branch but offering a counter only for gm m co l PWM customers an Lu Under this strategy, hub branch organizes various events and seminars for customers of spoke branches In addition, pwm customers of spoke branches n va 47 ac th si are allowed to get the consulting services with the experts of spoke branch or senior consultant of mother bank 4.1.2 Focusing on Non Face-to-Face Transactions and ATM Business Shinhan Financial Group, Shinhan Bank Vietnam‟s mother company, is famous for its digital technologies Its efforts towards digital transformation won it a number of prestigious awards in recognition of the excellence of its products and services They included ranking first at the 2018 Korea Innovation Awards and the National Customer Service Index survey, as well lu an as winning the grand prize in the Smart Banking category at the National n va Consumer-Driven Brand Awards tn to gh Therefore, Shinhan Bank Vietnam has been able to learn know-how of p ie Shinhan Financial Group‟s, and also a lot of digital experts come to Vietnam to share their knowledge and experiences As a result, a number of non face- w oa nl to-face transactions such as using mobile application, internet banking, credit d card and ATM are rapidly increasing nf va an lu z at nh oi lm ul z m co l gm @ Figure 4.2: Increase in Non Face-to-Face Transaction an Lu (Source: Shinhan Bank Vietnam‟s Business Report) n va 48 ac th si Considering Vietnam‟s cash-based society where 90% of payment transactions are still in cash, digital technology can be applied to ATM business Firstly, improving customer engagement and convenience would give a chance to understand customer behavior and analyze ATM channel usage Secondly, optimizing ATM availability can reduce ATM channel management costs By analyzing all transactions from will offer specific patterns of each ATM, which would allow Shinhan to have the optimized cash balance of ATM, inserting cash scheduling The optimized inserting cash lu an scheduling will decrease the lack of cash in ATM, the number of inserting n va cash, and the unused balance tn to gh 4.2 WO Strategies p ie WO strategy means the use of external opportunities to overcome internal weaknesses oa nl w d 4.2.1 Using Global Networks with Fast-Growing Economy to Overcome the lu nf va an Small Sized Assets and Network State Bank of Vietnam sets credit growth rate for every year (13% for 2019), lm ul it goes relatively against small-sized bank like Shinhan Bank Vietnam when z at nh oi competing big-sized banks However, the fast-growing economy of Vietnam still gives a lot of opportunities for Shinhan to meet a variety of customers z This WO strategy is slightly overlapped with ST strategy in terms of the fact @ that Shinhan will use its global networks Keeping up with the rapid economic gm l development of Vietnam, Shinhan Financial Group in Korea has organized m co „Indochina Region‟ in 2019 to boost its business area by cooperation Shinhan an Lu Bank Vietnam can use this network with offshore loan strategy The term offshore refers to a location outside of one‟s national boundaries The term n va 49 ac th si may be used to describe foreign banks, corporations, investments, and deposits Offshore loan refers to the loan by a bank that is located outside national residence The purpose of offshore loan is usually used to enjoy relaxed regulations Therefore, although Shinhan Bank Vietnam has a client in Vietnam, it can use a branch in Myanmar, Cambodia and Singapore as well as a lot of networks outside ASIA lu an n va gh tn to p ie Figure 4.3: Shinhan Fianncial Group’s Indochina Region (Source: Shinhan Bank Vietnam‟s Business Report) oa nl w 4.2.2 Opening New Branches Based on Population Analysis (Selection and Concentration) d an lu Shinhan Bank Vietnam has 36 branches as of November 2019, and plans to nf va open to branches every year Due to the limited resources, it can‟t compete lm ul with local banks in terms of a number of branches Therefore, it has been focusing on important cities, Ho Chi Minh and Hanoi, and opened 1st z at nh oi branch in Da Nang in 2019 Table 4.1: Opening New Branches Status 4 Accumulated # of 14 18 2018 2019 30 36 gm 26 m branches 2017 co # of new branches @ 2016 l z 2015 an Lu (Source: Shinhan Bank Vietnam‟s Annual Report) n va 50 ac th si Having limited number of networks is absolutely a weak point, but reversely this could be an advantage for it Rather than opening as many as branches possible, Shinhan Bank Vietnam is able to focus on significant and meaningful areas based on population analysis As mentioned earlier, Vietnam‟s banking sector is still under-developed and is expected to grow readily in retail banking in particular payment cards and wealth management services (Y axis: Population / X axis: Income) (Reference line for population: 1,191 lu an thousand people / for Income: 4,000 thousand Vietnam Dong) n va p ie gh tn to d oa nl w nf va an lu z at nh oi lm ul Figure 4.4: The Spread of Population in Vietnam Based on Region and z Income Level @ co l gm (Source: Labor Force Survey 2016) m From the image above, A area has high population but low income, B area has an Lu high population and also high income, C area has low population and low n va 51 ac th si income, and D area low population but high income According to the analysis of the spread of population done by Labor Force Survey, all branches that Shinhan Bank Vietnam has opened are located in region which has a high population and income Three cities, Long An (1,485 thousand people, 4,600 thousand VND), Kien Giang(1,761 thousand people, 4,500 thousand VND) and Tien Giang(1,729 thousand people, 4,400 thousand VND), should be considered first because of its level of population and income lu an n va 4.3 Proposal of Solutions for Implementing Competitive Strategies for tn to Shinhan Bank gh This study investigates the trend, nature, and degree of competition in p ie Vietnam‟s banking industry over the period 2012 and 2018 using structural approaches such as concentration ratio and Herfindahl-Hirschman Index in w oa nl order to provide Shinhan Bank Vietnam with competitive strategies The trend d of concentration ratio shows that Vietnam‟s banking sector is likely an lu nf va an oligopoly even though it decrease in 2018 In addition, the results of HHI demonstrate that the banking industry of Vietnam is not competitive but lm ul unconcentrated due to relatively large number of banks playing in Vietnam z at nh oi All things considered, among four competitive strategies, differentiation focus strategy concept is best fit to Shinhan Therefore, this paper has focused on z differentiation based on the TOWS analysis, and SO and WO strategies were @ suggested from it More specifically, this paper focuses on its strengths and m co l gm weaknesses with opportunities from outside it an Lu The main strong point of Shinhan Bank Vietnam is that it has high quality know-how of wealth management and digital banking Considering the n va 52 ac th si structure of Vietnam‟s population and income level, commercial banks will have a lot of opportunities to have middle and upper income class customers Shinhan Bank Vietnam has competitive advantages compared to local banks Moreover, Vietnam still remains at cash-based society which means that there are plenty of chances for Shinhan to approach individuals, also even though the this type of society does not change rapidly, it can apply its digital experiences to ATM business so that it achieves the optimized cash management, which will decrease the management costs and brings additional profits lu an n va Shinhan Bank Vietnam has also weaknesses in terms of its asset size and tn to number of networks However, WO strategies will allow Shinhan Bank gh Vietnam to overcome internal weaknesses by using the external opportunities p ie Fast-growing economy will give numerous corporate clients to Shinhan like FDI companies However, due to the restriction on credit growth rate from w oa nl State Bank of Vietnam, small foreign banks such as Shinhan and HSBC d always struggle with expanding their assets Therefore, broad network will lu nf va an allow Shinhan to keep up with the economic development in Vietnam In addition, since Shinhan has limited resources and only focus on a few lm ul provinces and cities, the analysis of province by population and income z at nh oi suggests three potential cities, Long An, Kien Giang, and Tien Giang Shinhan will consider them when it opens new branches in the future z @ Nevertheless, there will be challenges and complexities ahead and foreign gm l companies doing business in Vietnam like Shinhan Bank Vietnam will need to m co embrace a mind-set that no economy is the same Thus, understanding an Lu Vietnam and all the elements that make it a unique market, will help business to develop 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