Credit card service at bidv ba trieu transaction office 1,graduation thesis

INTRODUCTION

Rationale of the study

In ancient times, trade relied on the direct exchange of goods until the introduction of money as a payment method, which varied by region and included items like gravel, livestock, and dry tea Over time, money evolved into its modern form as paper currency However, as the economy advanced, paper money became inadequate due to issues such as distance, time constraints, and the risks of loss or theft, alongside the persistent problem of counterfeiting faced by governments This led to the development of "plastic money," with credit cards emerging as a convenient and effective payment solution for modern transactions.

Credit cards serve as a convenient alternative to cash for both individual and corporate customers, representing a core service of the global banking industry Enhanced by advanced technology, credit cards offer users not only a practical payment method but also increased security for their funds.

The credit card, introduced in the 1950s in the United States, has evolved significantly, providing substantial benefits to both consumers and banks, especially in Western developed countries In these regions, banks often charge fees, extend credit, and assist governments with economic stimulus initiatives, making credit cards an essential part of everyday shopping However, in contrast, the credit card remains relatively unfamiliar to many Vietnamese consumers Recognizing the vital role of credit cards, I have chosen to focus my graduation thesis on "Credit Card Service at BIDV Ba Trieu Transaction Office 1." Through my research, I aim to analyze the current performance of credit card services and propose solutions for their enhancement and growth.

In this article, I will discuss the current credit card services at Ba Trieu Transaction Office 1, sharing my insights to help guide the development of these services in a more effective direction.

The aim and scope of the study

This study aims to (1) summarize the theoretical aspects of credit cards; (2) evaluate the credit card business performance of BIDV Ba Trieu Transaction Office 1, identifying its successes and challenges; and (3) offer recommendations to improve this service and overcome obstacles in the sector.

The study mainly focuses on researching and analyzing the development of credit card services at BIDV Ba Trieu transaction office 1 from 2009 to 2012.

Research methodology

The research methodology begins with theoretical frameworks prior to analyzing real-world scenarios and proposing solutions Data for this study is primarily sourced from two key areas, with internal metrics related to the performance of credit card services being cited from the organization's records.

This report analyzes the retail credit business of Ba Trieu Transaction Office 1 from 2009 to 2012, utilizing reliable secondary data sources, including articles, websites, and relevant studies The author employed research methods such as synthesis and comprehensive analysis to effectively summarize and evaluate the collected data, ultimately providing suggested solutions and conclusions on the topic.

Research questions

To achieve the above purposes, two questions are addressed as following:

Question 1: What is the quality of credit card service at Ba Trieu transaction office 1?

NGUYEN THI MAI ANH_ ATCAK13 3

Question 2: How does the business of credit card service in BIDV Ba Trieu transaction office 1 perform?

Question 3: What are the solutions to develop the quality and business performance of credit card service at BIDV Ba Trieu transaction office 1?

Organization of the study

The main content of the study includes four chapters:

Chapter 1 introduces the study in general

Chapter 2 reviews the theoretical issues including seven parts: definitions, characteristics, origin, development, categories, utility, risks, influencing factors of credit card service and the necessity to develop credit card service in Vietnam

Chapter 3 zooms in the situation of BIDV Ba Trieu transaction office 1 and gives assessments of the development of credit card service

Chapter 4 recommends some solutions to prove strengths and limit weaknesses to continuously develop credit card service in the future in BIDV Ba Trieu transaction office 1.

THEORETICAL BACKGROUND OF THE STUDY

Origin and development of credit card

The idea of credit card originally came up to the mind of a writer, Mr Edward Bellamy (1850 – 1898) in his fiction novel, “Looking Backward”, but most bankers did not notice it

In the 1920s, the United States saw the introduction of the first credit cards, as companies like hotel chains and oil firms began issuing them to customers for purchases at their establishments, according to Encyclopedia Britannica.

In 1950, Diners Club, Inc launched the first universal credit card, inspired by an embarrassing incident where businessman Frank McNamara forgot his wallet and had to ask a family member for money to pay his restaurant bill This prompted him to create a convenient cashless payment method, leading to the birth of the "Diners Club" credit card By 1951, over a million dollars had been charged to Diners Club accounts, marking a rapid increase in usage and profitability for the company.

The success of the Diners Club credit card paved the way for a variety of other credit cards, including Trip Charge, Golden Key, Gourmet Club, and Esquire Club, introduced in 1955 By 1958, Carte Blanche and American Express emerged, quickly dominating the market This credit card system began to be licensed in other states, expanding its reach and influence.

1966, and was renamed Visa in 1976 At present, American Express is the biggest Travel & Entertainment credit card issuer in the world with the quantity of card issued

NGUYEN THI MAI ANH_ ATCAK13 5 being 5 times than Diners Club and 2 times than JCB while Visa Card has the largest scale globally

Created in 1961 by Sanwa Bank in Japan, JCN has emerged as a competitor to Visa, demonstrating that technological advancements are not solely an American domain Following JCN's introduction, major bankcards like MasterCard, originally known as Master Charge, gained prominence To enhance their service offerings, including meals and lodging, many smaller banks that previously issued credit cards locally or regionally partnered with larger national and international banks.

The evolution of the commercial banking system and the integration of technology in banking operations have resulted in the emergence of various types of credit cards Today, credit card payments are ubiquitous, generating approximately two-thirds of the total profits within the banking industry.

Definitions and characteristics of credit card

Credit card is a familiar term, which has been defined in many ways with different senses These conceptions are attempted to help us derive its narrow and broad meaning

According to website: http://www.nasdaq.com, three senses to interpret this term are presented as follow:

A credit card serves as an effective substitute for cash payments, credit payments, and installment payments, facilitating transactions through electronic devices such as card swiping machines and internet-enabled computers.

 In a Financial perspective, “Credit card is a facility provided by a bank or non- banking financial company (NBFC) which gives its customer a preference to

NGUYEN THI MAI ANH_ ATCAK13 6 have a short-term borrowing of funds usually at the point of transaction (while purchasing something or carrying out sale).”

A credit card is a plastic card issued by banks or non-banking financial companies (NBFCs) that allows cardholders to borrow funds for short periods Interest is charged on the borrowed amount, typically applied after a month or within 30-45 days following credit card transactions The cardholder is informed of their credit limit through written communication.

A credit card is a payment card that enables users to purchase goods and services based on their commitment to repay the borrowed amount Issued by a financial institution, it establishes a revolving credit account, allowing cardholders to borrow funds for transactions or cash advances.

Credit cards have distinct physical characteristics such as size, thickness, shape, and material With advancements in technology, credit cards have evolved from being made of hard paper to being uniformly produced from polymer, adhering to the ISO/IEC 7810 ID-1 standard for size.

 Standard size of credit card issued by a bank (or NBFC) is illustrated below:

 Sample image of face or front side of a credit card

The front side of a credit card shows following details:

2 Logo of payment processor: is the logo of some payment processing company, which the issuer issues a credit card in collaboration with It helps a cardholder

When shopping online, it's crucial to identify the payment processor managing your credit card transactions and select a suitable option for your purchases The top payment processors include Visa, MasterCard, Discover, American Express (AMEX), and Japan Credit Bureau (JCB).

3 Hologram: is a 3D image of an object, individual or some special symbol that is mainly used as a seal of originality to authenticate a genuine brand from counterfeit one It acts as one of the security measures to avoid and minimize forgery

6 Card number: is a long and unique number embossed (raised) on the front-side of a credit card It is generally 16-digits in length to comply with the standard ISO/IEC 7812-1 and is grouped in four sets of number in sequential order with four digits in each set The first single digit is Major industry identifier (MII) digit value; the first six digits present an issuer identifier number (IIN), which used to be Bank identification number (BIN); the next nine digits are Individual account identifier and the last one is Checksum or check digit

7 Embedded microchip: is an electronic storage device, also known as a semiconductor memory This microchip runs as an enhanced protection shield of a card that safely stores confidential information of a cardholder by encrypting the original information into junk, and then prevents any duplication Thus, it is mandatory and essential for a credit card to have this comprehensive protection

 Sample image of back side of a credit card

The backside of a credit card shows following details:

9 Magnetic stripe (or “mag-stripe” or “swipe card”) is a storage device containing details of the cardholder’s account such as credit card number, name of the cardholder, expiry date and the issuer’s country code It is further internally divided into three horizontal stripes known as Track 1, Track 2, and Track 3

10 Security code (card verification number)

11 Signature panel: is a reserved place where a cardholder must put or sign his authorized signature It helps the merchants or traders cross check whether the physical-signature in the transaction invoice matches with the signature authorized

12 Additional information: can be the service disclaimer, official address of card issuing entity, and toll-free telephone number for customer service

The credit card is designed then welcomed by virtue of its prominent functional characteristics involving payment instrument, buying-first-paying-second characteristic and end-month statement check

Credit cards serve as a primary payment method, effectively replacing cash and checks for purchasing goods and services at any location that accepts them The process is simple: customers present their credit card to the cashier, sign the receipt, and the card issuer quickly transfers the necessary funds to complete the transaction In Vietnam, the rise of nearly 40,000 point-of-sale (POS) systems that accept credit card payments highlights the growing convenience and popularity of this payment method.

The appealing feature of credit cards is their buy-now-pay-later functionality, which distinguishes them from debit cards Credit card users can make purchases or withdraw cash without prior account deposits, as financial institutions extend credit based on the customer’s credit limit However, it is essential for users to repay their debt by the end of the month, adhering to the minimum payment set by their bank Many banks offer a 0% interest rate for cardholders who pay off their balances on time, typically within a 15 to 45-day period.

Cardholders receive a monthly statement detailing their transactions, including any applicable fees and outstanding debts Customers are entitled to dispute any transactions they suspect may be inaccurate.

Categories of credit card

The evolution of credit cards has transformed from a basic, standardized card issued by individual providers to a diverse array of options featuring various interest rates, fees, and reward programs With this complexity, it's essential for consumers to explore all types of credit cards to find the one that best aligns with their financial circumstances and lifestyle needs.

In developed countries, credit cards come in various forms, with Emily Starbuck Gerson and Ben Woolsey categorizing them into five types, while other sources, such as money.howstuffworks.com, identify three This article summarizes four fundamental types of credit cards, highlighting their distinct features and uses.

Standard credit cards are widely available for individuals over 18 who meet the minimum credit requirements set by financial institutions These cards do not require any deposits, and the credit limit is determined by the issuer based on the cardholder's creditworthiness.

Reward cards provide benefits for credit card purchases, offering rewards such as cash back, points, airline miles, or discounts based on spending Accumulated points can be redeemed for free hotel stays, merchandise, air travel, car rentals, and certificates However, these cards often have complex rules, limits, and restrictions that users should be aware of.

Secured credit cards function as pay-as-you-go options, requiring cardholders to deposit a few hundred to a couple of thousand dollars, which sets their credit line at typically 50-100% of the deposit These cards provide an opportunity for holders with a positive payment history to convert to a standard credit card However, it's important to note that secured credit cards often come with higher annual fees and interest rates.

Specialty credit cards cater to consumers with distinct credit requirements, including business professionals and students These tailored credit card programs are specifically designed to address the unique financial needs of these individuals.

In Vietnam where credit card service has not far developed yet, credit cards can be classified based on some criteria:

A domestic credit card allows users to make payments exclusively in the local currency within the country Both the credit card issuer and the point of sale (POS) must operate within the same nation, ensuring seamless transactions for local purchases.

 International credit card is issued by the international credit institutions and accepted in over the world Transactions are usually honored by strong currencies

 Individual credit card is opened for individual customer

 Corporate credit card is to make payment for corporate entity

 Golden credit card has credit limit from 50 million VND to 90 million VND

 Standard credit card has credit limit from 10 million VND to 50 million VND

 Embossed Card: credit card numbers are embossed on the surface of the card This kind of credit card bas been no longer in use nowadays

 Magnetic Card: A strip made of magnetic particles in this card is a container of necessary information It is very useful when data should be readable via physical contact

IC/Smart Cards feature a readable and encoded memory chip that securely stores information, automatically erasing data if duplication is detected This advanced technology is increasingly being adopted in the production of credit cards, ensuring enhanced security and reliability for users in the future.

Comparison between credit card and debit card

Credit card and debit card are called as brothers as they look similar in terms of general appearance, universal acceptance, and usage for light travel (and lighter

Nguyen Thi Mai Anh ATCAK13 highlights the key differences between credit and debit cards A credit card functions like a small loan, allowing consumers to spend money upfront with the obligation to repay the bank later In contrast, a debit card directly withdraws funds from the user's bank account, ensuring that spending is limited to available balances Understanding these distinctions is essential for effective financial management.

Table 1: Comparison between credit card and debit card

Borrowing money from a bank or financial institution (Spending

Funds taken from the money that you have in your bank account (Spending your "own" money)

Credit card only Debit or credit card i.e., a debit card may be used without a PIN for certain types of transactions such as e-commerce

Line of Credit Carries Line of Credit No Line of Credit

While most credit cards do not offer PINs for ATM withdrawals, some do allow this feature similar to debit cards However, using credit cards for cash withdrawals is often unwise due to the associated high fees and interest rates.

PIN number provided, but not always asked to punch in

Picture ID required before issuance

If a credit card bill is not paid in full, No interest is charged because no

Interest interest is charged on outstanding balance and the interest rate is very high money is borrowed Consumer's own funds are used to make purchases

Responsible credit card usage and timely payments can enhance your credit rating, as credit card companies report account activity to at least one of the three major credit bureaus each month.

Does not affect credit history

Strict Consumer liability limit for credit card fraud is $50 if the credit card company is notified within 60 days in written since the fraudulent charges

Lean Consumer liability limit for debit card fraud is $50 if the bank is notified within two days of noticing the fraudulent charges

Low Consumers are protected against unauthorized purchases as long as the fraud is reported in a timely manner Consumers are not responsible for charges incurred in fraudulent transactions

High, as they are attached to a bank account A person does not need a PIN number to use a debit card and therefore can easily drain a persons bank account, causing extreme problems

Only problem is proving that someone else has used the card

With a debit card the person has to figure out how to get their money back and if any checks bounced they are responsible for those as well

Limit Credit line, which can be increased/decreased from the time of

NGUYEN THI MAI ANH_ ATCAK13 15 applying

Overdraw Fees Low Some credit card companies allow to overdraw amount over the maximum credit line with a fee

High "overdraft" fees Possible to overdraw amount over the account limit

Connected to Need not be connected to any bank account

Offers protection and other benefits

Often For example, extended warranties on new products, or insurance on a rental car

Sometimes For example, extended warranties on new products, or insurance on a rental car

(Source: http://www.diffen.com (a website of HSBC)

Credit cards offer significant advantages over debit cards, including access to larger funds from banks, enhanced security, and greater convenience However, it is crucial for credit card holders to manage their spending wisely, as high-interest rates and irresponsible usage can negatively impact their credit history.

Usefulness of credit card

Credit card is a banking service benefiting customers by many ways

The convenience and flexibility of payment options eliminate the need for cash or checks when settling invoices, as transactions can be easily completed using a small credit card This accessibility allows consumers to purchase goods from overseas without the constraints of time or distance Furthermore, these payment methods can be utilized in various settings, including retail stores, over the phone, or online, enhancing the overall shopping experience.

When faced with the need to purchase an expensive item but lacking the funds to pay for it upfront, borrowing offers a quick and convenient solution This option allows individuals to acquire necessary goods without the immediate financial burden, making it a practical choice for managing larger expenses.

Using a credit card allows for flexible payment options, enabling individuals to spread costs over several months Additionally, credit cards offer significant advantages in emergency situations, providing immediate access to funds when needed.

Credit cards offer enhanced security for your finances, eliminating concerns about cash loss or theft With transactions increasingly conducted through credit cards, users can feel confident knowing their money is protected In the event of a lost card, simply notifying the bank allows for immediate locking or cancellation, ensuring that funds remain secure.

 Budget management: Cardholders can better manage their budget using their monthly statement with the details of all purchases

Credit cards provide enhanced purchase protection that debit cards typically do not offer In cases where products are lost, damaged, or stolen, credit card statements and the issuing company can confirm your purchase, even if the original receipt is unavailable Furthermore, many credit card companies extend insurance coverage for significant purchases, adding an extra layer of security for consumers.

 Bill payment: Fees of electricity, water, internet, television could be debited directly in credit card

Credit card holders can access a variety of additional preferential services, including exclusive discounts at select retailers, bonuses like free airline miles or travel discounts, and specialized insurance options such as travel or life insurance.

Customers with a strong credit history can benefit from low-interest loans, as their banking transactions enhance their eligibility for credit cards, loans, rental applications, and even job opportunities.

Having a credit card and using it wisely (making payments on time and in full each month) will help people build a good credit history and good credit line

2.6 Risks of credit card service

Although credit card is beneficial, it has disadvantageous aspects, too

 High interest rate, commission and annual fee: Banks charge an annual fee of

Domestic banks typically charge fees ranging from 50,000 to 200,000 VND, while foreign banks, excluding Bank of America and Citibank, impose fees between 300,000 and 500,000 VND Additionally, if cardholders fail to settle their balances by the end of each month, they incur significant interest charges as penalties This also applies when cardholders exceed their credit limits.

The convenience of online shopping, facilitated by just a click and easy credit card payments, encourages consumers to purchase more goods and services than they truly need This trend of overconsumption is driven by the accessibility and simplicity of acquiring products from the comfort of home.

 Increased debt: This is the continuous consequence of over consumption Credit cards can lead to increasing debt and negatively affect your credit history if it is not managed properly

Credit card fraud poses a significant risk, as cards can be stolen or counterfeited If users fail to protect their PIN or if it is compromised, they may find their accounts drained before notifying their financial institutions Additionally, while technology offers convenience, it can also be exploited by hackers to steal personal information for various motives, including political and financial gain.

2.7 Factors affecting the development of credit card service

In general, the development of credit card service involves in many aspects including external factors and internal ones

External factors such as socioeconomic development, legislation, and technology significantly influence the growth of credit card services In developed countries, credit cards have a long-standing history, while in developing nations like Vietnam, they remain relatively new This disparity is largely due to differences in social conditions and economic progress; a stable society with a well-educated populace is more likely to use credit cards wisely Consumer habits, originally driving the creation of credit cards, continue to play a crucial role In advanced economies with strong purchasing power, consumers prefer plastic money over cash, facilitating transactions through established banking systems These factors collectively foster the rapid development of credit card services to cater to shopping demands Furthermore, advancements in technology and supportive legislation enhance security for both customers and issuing banks However, the misuse of modern technology by malicious entities poses risks to the payment system, potentially leading to financial losses and compromised customer information.

Internal factors within banks, including capital, marketing strategy, and internal control, play a crucial role in the development of credit cards Among these, the bank's capital is the most significant, as credit cards essentially function as small loans for customers Consequently, the greater the capital that banks possess, the more potential they have for expanding their credit card offerings.

Banks' lending ability through credit cards is supported by their capital, which finances essential equipment like ATMs and POS systems, as well as covering operational costs such as salaries and risk management However, the existence of customer demand is crucial for the success of credit card services A strong marketing strategy serves as a vital intermediary to stimulate this demand, effectively promoting the bank's products, enhancing its image, and increasing the popularity of credit cards Additionally, an internal control system is essential for ensuring the security of the banking system and the integrity of credit card transactions.

Credit cards, which originated in America during the 1920s, have evolved to include various types and features tailored to specific customer groups With advancements in technology, modern credit cards adhere to international standards and prioritize security Today, they are recognized as a flexible payment option that enables customers to make purchases before repayment, valued for their convenience, safety, and additional benefits such as budget management and purchase protection However, cardholders must exercise caution to avoid high interest rates, fees, and the risks of debt and identity theft Addressing these challenges requires attention to factors like socioeconomic development, legislation, technology, capital, marketing strategies, and internal controls, all of which contribute to enhancing credit card services.

Factors affecting the development of credit card

In general, the development of credit card service involves in many aspects including external factors and internal ones

External factors such as socioeconomic development, legislation, and technology significantly influence the growth of credit card services In developed countries, credit card usage has a long history of expansion, while in developing nations like Vietnam, it remains relatively new This disparity is largely due to differences in social conditions and economic development; stable societies with higher education levels tend to utilize credit cards more wisely Consumer habits, which initially spurred the creation of credit cards, play a crucial role as well In advanced economies with strong purchasing power, people prefer using plastic money, leading to increased transactions through banking systems These external factors drive rapid development in credit card services to meet shopping demands Additionally, advancements in technology and robust legislation enhance security for both customers and issuing banks However, negative entities can exploit modern technology, potentially disrupting payment systems and compromising financial security, resulting in loss of funds and customer information for banks.

Internal factors such as capital, marketing strategy, and internal control play a crucial role in the development of credit cards Among these, a bank's capital is the most significant, as credit cards function as a form of small loan for customers; therefore, greater capital enables banks to offer more credit options and enhance their credit card services.

The lending capacity of banks through credit cards relies heavily on their capital, which also funds essential equipment like ATMs and POS systems, as well as covering operational costs such as salaries and risk management However, the success of credit card services is contingent upon customer demand, making effective marketing strategies crucial for stimulating interest and promoting bank products A well-executed marketing approach enhances the bank's image and increases credit card adoption Additionally, a robust internal control system is vital for ensuring the security of the banking system and the integrity of credit card transactions.

Credit cards, which originated in America in the 1920s, have evolved into diverse forms tailored for specific customer groups, benefiting from technological advancements that enhance security and adhere to international standards Today, they are recognized as a flexible payment option that enables consumers to spend before repaying, offering convenience, safety, budget management, purchase protection, and additional perks However, cardholders must exercise caution to avoid high interest rates, fees, debt, and potential risks to personal information To mitigate these risks, it is essential to consider factors such as socioeconomic development, legislation, technology, capital, marketing strategies, and internal controls that influence the enhancement of credit card services.

CREDIT CARD SERVICE AT BIDV BA TRIEU

Overview of BIDV and Ba Trieu Transaction Office 1

3.1.1 Introduction of Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV)

 Full name: Ngân hàng TMCP Đầu tư và Phát triển Việt Nam

 International Transaction Name: Joint Stock Commercial Bank for Investment and Development of Vietnam

 Address: BIDV Tower, 35 Hang Voi Street, Hoan Kiem District, Hanoi City

 Website: www.bidv.com.vn

 Email: Info@bidv.com.vn

BIDV, established on April 26, 1957, is recognized as the oldest commercial bank in Vietnam Its over fifty-year journey has been marked by challenges and trials, reflecting a proud legacy intertwined with Vietnam's historical struggles against invaders and the nation's development.

BIDV stands out as a premier bank in the financial services sector, offering a comprehensive range of solutions including brokerage, loan syndication, and advisory services With a focus on modern and convenient banking products, BIDV also serves as an insurance provider, offering tailored non-life insurance products that complement its overall service package In the stock market, BIDV excels by delivering diverse brokerage services, investment opportunities, and expert consulting, supported by a rapidly expanding network of agents to efficiently process orders across the nation.

BIDV engages in financial investments, encompassing financial leasing, securities trading, and capital contributions, to establish investment companies for various projects Notably, BIDV plays a pivotal role in coordinating significant national initiatives, including the Aviation Stock Leasing Company (VALC) and the development of key infrastructure projects like the Long Thanh International Airport and the Highway Development Company (BEDC).

BIDV has more than 16,000 officers, employees and financial consultants who are well qualified and well trained to bring customers the benefits and reliability

BIDV boasts an extensive banking network across Vietnam, featuring 118 branches and 500 transaction bureaus, along with thousands of ATMs and POS terminals in 63 provinces and cities Additionally, its non-banking networks include the Investment Securities Company (BSC), the Insurance and Investment Company (BIC), and a Leasing Company, which collectively operate over 20 branches nationwide BIDV also maintains a presence through its overseas representatives.

Laos, Russia and especially in the Cambodian market (Investment and Development Company of Cambodia – IDCC, Investment Banking and Development of Cambodia – Cambodian BIDC, Insurance Company – CVI)

Since 2007, BIDV has consistently ranked at the top of Vietnam's ICT Index, showcasing its excellence in application development and information technology The bank was recognized among the Top 10 CIOs for Information Technology Leadership in Indochina in 2009 and in Asia in 2010.

BIDV is dedicated to delivering high-quality products and modern banking services to all customers The bank emphasizes successful collaboration with partners, believing in the principle of "sharing opportunities." BIDV invests in employee training to ensure that each staff member becomes a competitive advantage, focusing on enhancing both professional skills and personal virtues while safeguarding their legitimate rights and improving their overall well-being.

3.1.1.7 Position of BIDV in credit card market in Vietnam

BIDV credit card market share accounts for a small percentage compared with other banks The figures about business result in credit card field reckoned in 30 th , June

2012 of some representatives are shown to compare the scale among BIDV and other banks:

Table 2: Quantity of credit cards issued and revenue of banks in Vietnam

Amount of international credit card issued (up to

Average revenue from card using (Million VND/card)

(Source: Summary report on development of BIDV credit cars on 30/6/2012)

In the table above, the amount of credit card issued until the mid of 2012 was

BIDV lags behind in the credit card market, holding a mere 3.1% market share with 38,817 customers, while Viettinbank leads with 372,768 credit cards, occupying 29.5% of the market, closely followed by Vietcombank with 309,507 credit cards and a 24.5% market share Other banks, including BIDV, trail behind with less than 10% market share, resulting in BIDV ranking seventh among nine listed banks in terms of quantity In terms of revenue from card usage, BIDV generated 606 billion VND, a significantly lower figure compared to Vietcombank, the market leader in revenue, with BIDV's market share standing at 6.22%.

As a result, this bank was listed at the sixth position regarding to credit card market share in 2012

However, the average revenue from card using was relatively high with 16 million VND/card, only after Techcombank (24 million VND), Sacombank (19 million

In conclusion, despite the limited number of cards issued and revenue generated, the average revenue per card usage among nine banks remained notably high, highlighting the effectiveness and quality of BIDV's credit card services.

During the first ten months of 2013, credit card business performance continued to develop with 15916 cards issued additionally and 121.32 million VND fee earned

Another criterion to assess the business scale in credit card field is the POS network and ATM distribution system

Figure 1: POS and ATM market share of Banks in Vietnam

(Source: Summary report on development of BIDV credit card on 30/6/2012)

The pie charts above illustrate POS and ATM market share of BIDV up to June

In 2013, BIDV faced significant competition from Viettinbank and Vietcombank, which together controlled nearly 50% of the POS market share and approximately 30% of the ATM market share In comparison, BIDV's market presence was limited, with only 6.4% of the POS system and 9.4% of the ATM system.

The growth of BIDV's credit card sales is closely linked to the enhancement of their technical systems As the number of credit cards issued expands, the associated networks evolve to accommodate the rising demand.

In October 2013, the number of POS was 4761, which outstripped the plan by 88% This 4761-POS machine-system of BIDV earned the turnover of 3068.32 million VND, surpassing the plan by 29%

In summary, BIDV's credit card services are relatively new, resulting in a smaller market presence compared to competitors like Viettinbank and Vietcombank However, recent efforts to enhance sales strategies, technical systems, and overall service quality have contributed to the growth of BIDV's credit card offerings.

3.1.2 Overview of Ba Trieu transaction office 1

3.1.2.1 Introduction of Ba Trieu transaction office 1

Ba Trieu Transaction Office 1 was established on March 28, 1991, following Decision 76/QĐ/TCCB issued by the CEO of BIDV, marking the beginning of its ongoing development and growth.

As of June 30, 2011, the Ba Trieu transaction office 1 features an organizational model comprising 21 independent expert bureaus, each functioning like a commercial bank, thereby providing customers with a variety of transaction options.

Nguyen Thi Mai Anh, ATCAK13 26, highlights that the Ba Trieu transaction office 1 features four transaction bureaus and two savings banks This center is continuously being enhanced, establishing itself as a pivotal component of the BIDV system.

3.1.2.2 Function and authority of Ba Trieu transaction office 1

Ba Trieu transaction office 1 is authorized to manage and utilize the equity, assets, and resources of BIDV, while also mobilizing funds and issuing loans in accordance with legal requirements and BIDV’s regulations Additionally, the office has specific responsibilities that must be fulfilled.

 Ensure the effectiveness, security and development of bank’s capital, assets and other resources in reaching the business target and mission confided

 Repay the sufficient mobilized fund for customers on schedule

 All liabilities, receivable amount and payable amount must be within the capital granted

 Experiment on the new products of BIDV

3.1 Overview of BIDV and Ba Trieu transaction office 1

3.1.1 Introduction of Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV)

 Full name: Ngân hàng TMCP Đầu tư và Phát triển Việt Nam

 International Transaction Name: Joint Stock Commercial Bank for Investment and Development of Vietnam

 Address: BIDV Tower, 35 Hang Voi Street, Hoan Kiem District, Hanoi City

 Website: www.bidv.com.vn

 Email: Info@bidv.com.vn

BIDV, established on April 26, 1957, is recognized as Vietnam's oldest commercial bank Its over fifty-year journey has been marked by challenges and trials, yet it stands as a proud symbol of resilience, closely intertwined with Vietnam's historical struggles against invaders and its ongoing nation-building efforts.

BIDV is a prominent banking institution that offers a comprehensive range of financial services, including brokerage, loan syndication, and advisory solutions As a modern and customer-centric bank, BIDV also provides non-life insurance products tailored to meet the diverse needs of its clients In the stock market, BIDV excels in delivering extensive brokerage services, investment opportunities, and expert consulting, supported by a rapidly expanding network of agents for nationwide order processing.

BIDV engages in financial investments, encompassing financial leasing, securities trading, and capital contributions to establish investment companies for various projects Notably, BIDV plays a pivotal role in coordinating significant national projects, including the Aviation Leasing Company (VALC), the Highway Development Company (BEDC), and the Long Thanh International Airport investment.

BIDV has more than 16,000 officers, employees and financial consultants who are well qualified and well trained to bring customers the benefits and reliability

BIDV boasts an extensive banking network across Vietnam, featuring 118 branches and 500 transaction bureaus, along with thousands of ATMs and POS systems in 63 provinces and cities Additionally, its non-banking divisions include the Investment Securities Company (BSC), the Insurance and Investment Company (BIC), and a Leasing Company, all supported by over 20 branches nationwide BIDV also maintains a presence through its overseas representatives.

Laos, Russia and especially in the Cambodian market (Investment and Development Company of Cambodia – IDCC, Investment Banking and Development of Cambodia – Cambodian BIDC, Insurance Company – CVI)

Since 2007, BIDV has consistently ranked at the top of Vietnam's ICT Index, which focuses on application development and information technology The bank was recognized among the Top 10 CIOs for Information Technology Leadership in Indochina in 2009 and in Asia in 2010.

BIDV is dedicated to delivering high-quality products and modern banking services to all customers The bank emphasizes collaboration with partners, aiming to "share opportunities and succeed together." Employees are trained to embody the motto "each staff member must be a competitive edge," focusing on enhancing both professional skills and personal integrity while ensuring their legitimate rights and improving their overall well-being.

3.1.1.7 Position of BIDV in credit card market in Vietnam

BIDV credit card market share accounts for a small percentage compared with other banks The figures about business result in credit card field reckoned in 30 th , June

2012 of some representatives are shown to compare the scale among BIDV and other banks:

Table 2: Quantity of credit cards issued and revenue of banks in Vietnam

Amount of international credit card issued (up to

Average revenue from card using (Million VND/card)

(Source: Summary report on development of BIDV credit cars on 30/6/2012)

In the table above, the amount of credit card issued until the mid of 2012 was

BIDV has issued credit cards to 38,817 customers, capturing a mere 3.1% of the market share, while Viettinbank leads with 372,768 cards, representing 29.5% of the market Vietcombank follows closely with 309,507 credit cards, accounting for 24.5% Other banks, including BIDV, hold less than 10% of the market share, placing BIDV seventh out of nine banks in terms of quantity Additionally, BIDV's revenue from card usage stands at 606 billion VND, significantly lower than Vietcombank's, which is four times greater, resulting in a modest market share of 6.22% for BIDV.

As a result, this bank was listed at the sixth position regarding to credit card market share in 2012

However, the average revenue from card using was relatively high with 16 million VND/card, only after Techcombank (24 million VND), Sacombank (19 million

In summary, despite a modest number of cards issued and limited revenue, the average revenue generated per card usage remained high across nine banks, highlighting the effectiveness and quality of BIDV's credit card services.

During the first ten months of 2013, credit card business performance continued to develop with 15916 cards issued additionally and 121.32 million VND fee earned

Another criterion to assess the business scale in credit card field is the POS network and ATM distribution system

Figure 1: POS and ATM market share of Banks in Vietnam

(Source: Summary report on development of BIDV credit card on 30/6/2012)

The pie charts above illustrate POS and ATM market share of BIDV up to June

In 2013, BIDV faced significant competition from Viettinbank and Vietcombank, which together controlled nearly 50% of the POS market share and around 30% of the ATM market share In comparison, BIDV's market presence was limited, with only 6.4% of the POS system and 9.4% of the ATM system.

The growth of BIDV's credit card sales is directly linked to the enhancement of their technical systems As the scale of credit card issuance expands, the supporting networks evolve to accommodate the rising demand.

In October 2013, the number of POS was 4761, which outstripped the plan by 88% This 4761-POS machine-system of BIDV earned the turnover of 3068.32 million VND, surpassing the plan by 29%

In summary, BIDV's credit card service is relatively new, resulting in its smaller market presence compared to established competitors like Viettinbank and Vietcombank However, recent efforts have focused on enhancing sales, technical systems, and overall service quality, indicating a commitment to growth in this sector.

3.1.2 Overview of Ba Trieu transaction office 1

3.1.2.1 Introduction of Ba Trieu transaction office 1

Ba Trieu Transaction Office 1 was established on March 28, 1991, following Decision 76/QĐ/TCCB issued by the CEO of BIDV, marking the beginning of its continuous development.

As of June 30, 2011, the Ba Trieu transaction office 1 features an organizational model comprising 21 expert bureaus, each functioning as independent commercial banks This structure provides customers with a wide range of options for conducting their transactions.

Nguyen Thi Mai Anh, ATCAK13 26, highlights that Ba Trieu Transaction Office 1 features four transaction bureaus and two savings banks This center is continually being enhanced and has emerged as a pivotal component of the BIDV system.

3.1.2.2 Function and authority of Ba Trieu transaction office 1

Ba Trieu Transaction Office 1 is responsible for managing and utilizing BIDV's equity, assets, and resources while ensuring compliance with legal and regulatory standards Additionally, the office has specific duties that include mobilizing funds and providing loans in accordance with BIDV's regulations.

 Ensure the effectiveness, security and development of bank’s capital, assets and other resources in reaching the business target and mission confided

 Repay the sufficient mobilized fund for customers on schedule

 All liabilities, receivable amount and payable amount must be within the capital granted

 Experiment on the new products of BIDV

and average indexes of branches in Hanoi

next two years, the gap between these two objects was erased rapidly with the average index showing only 15% lower than Ba Trieu transaction office 1’s number

Another factor used to promote credit card service is POS service The number of POS machine is far different between the two subjects According to the statistic in

30 th June, 2012, a branch in Hanoi averagely managed only 233 POS machines while

Ba Trieu transaction office 1 installed 427 POS machines

Ba Trieu Transaction Office 1 stands out as a top branch in Hanoi for credit card services, boasting a significant volume of issued credit cards and transactions Despite its strong competitive position, recent trends indicate a decline in its competitive edge, as the gap between its credit debit and the average standard has narrowed This decline suggests that the office's performance in credit card services has not yet reached its full potential Further details regarding its successes and challenges will be explored in subsequent sections.

3.3.2 Achievements of credit card service at Ba Trieu transaction office 1 and reasons

The credit card service at Ba Trieu Transaction Office 1 has experienced significant growth, becoming a leading service in retail credit and debit transactions As the first branch to launch this innovative product from BIDV, Ba Trieu Transaction Office 1 actively issued initial credit cards to branch employees and leaders of partner enterprises and economic institutions.

The achievements in credit card business of Ba Trieu transaction office 1 are assessed in some aspects as following:

3.3.2.1 Quantity of credit cards issued

Figure 5: Quantity of credit cards issued in Ba Trieu transaction office 1

(Source: Report on retail credit business of Ba Trieu transaction office 1 (2009- 2012)

In general, the quantity of credit cards issued followed the upward trend from

Between 2009 and 2012, BIDV's credit card service experienced significant growth In its initial launch at the Ba Trieu transaction office, 790 credit cards were sold This figure rose to 1,668 in 2010, marking a 2.1-fold increase from the previous year The growth continued with sales reaching 2,671 in 2011 and further increasing by 25% to 3,355 in 2012.

Interestingly, Ba Trieu transaction office 1 led in the number of credit cards issued among BIDV’s branches in 2001 with 1003 cards released additionally, increasing by 68% compared with 2010 result

The notable increase in results can be attributed to two key factors Firstly, Ba Trieu Transaction Office 1 was one of only two BIDV offices to pilot a new credit card service in 2009, leading to thorough preparations in human resources, service quality, and mass communication efforts The office's strong performance in the previous year served as a catalyst for even better results in subsequent years Secondly, the establishment of

NGUYEN THI MAI ANH_ ATCAK13 44 of four new transaction bureaus between 2010 and 2011, credit card service of Ba Trieu transaction office 1 had more chances to access to customers

3.3.2.2 Credit debit of credit card service

Credit debit refers to the amount borrowed through a credit card for consumption purposes The Ba Trieu transaction office 1 experienced significant growth in this area, with credit debit reaching 3,727 million VND in 2009, representing 1.42% of total retail credit debit This figure more than doubled in the following year, increasing to 2.54% of the total By 2011, credit debit surged to 14,346.21 million VND, capturing 4.42% of the overall retail credit debit market.

The credit debit at Ba Trieu transaction office 1 has steadily increased due to a rise in credit card issuance Situated in the heart of Hanoi, this office benefits from a high and stable average income among its residents Its prime location significantly contributes to the growth of credit card services Additionally, Ba Trieu transaction office 1 boasts a strong business customer base, which supports the potential for individual customers to engage in substantial credit consumption.

3.3.2.3 Revenue from credit card received

Between 2009 and 2012, the average annual growth rate of credit card fees was 50% In 2012, total revenue reached 2.459 billion VND, with 1.25 billion VND generated in the first half of the year The credit card services provided by Ba Trieu transaction office 1 have contributed to a stable income and demonstrated a strong growth trajectory.

On June 30, 2012, Ba Trieu Transaction Office 1 successfully identified locations, promoted, and installed new POS machines in credit card-accepting units, achieving a total of 427 POS machines, excluding those in Mai Linh taxis.

In the first half of the year, 45 new machines were installed, and to ensure timely customer support, a dedicated POS group was established to address any issues, including transaction errors and low revenue By November 2013, an additional 245 machines were deployed to enhance operational efficiency.

BSMS has garnered positive customer feedback for its convenience, establishing itself as a stable income source for Ba Trieu transaction office 1 Revenue from BSMS steadily increased from 390 million VND in 2009 to 480 million VND in 2010 Notably, in 2012, BSMS revenue experienced a remarkable 65% surge, highlighting its growing importance and success.

Figure 6: BSMS revenue of Ba Trieu transaction office 1 from 2009 to 2012

Especially, 89% of BSMS revenue in 2012 was collected in the first 6 months, which is the evidence for the effectiveness of strategies to promote BSMS service

3.3.3 Limitations of credit card service at Ba Trieu transaction office 1 and reasons

Although the business performance of credit card service at Ba Trieu transaction office

1 was positive from 2009 to 2012, limitations still appeared in some aspects below:

Despite the increasing trend in credit card service usage, it still represents a minor portion of the overall retail credit debit at this office The details regarding credit card services and other products are outlined in the table below.

Table 9: Proportion of retail banking products in total credit debit at Ba Trieu transaction office 1 from 2009 to 2011

Credit debit (%) Credit debit (%) Credit (%)

In 2012, the credit card service ratio peaked at 4.54%, significantly lower than the predominant home loan figures that dominated credit debit transactions This disparity can be attributed to the relatively recent introduction of credit card services at Ba Trieu transaction office 1 and other BIDV branches, coupled with customers' unfamiliarity with this payment method.

The young workforce at Ba Trieu transaction office 1 presents a dual challenge; while the enthusiastic and well-trained staff strive to deliver quality service, their lack of experience and essential sales and customer care skills hampers performance Additionally, frequent staff rotations between Ba Trieu and the Head Office, along with the redistribution of personnel to new branches as per BIDV’s policies, adversely affect the operations of the credit card department For instance, when BIDV opens a new branch in Hanoi, top performers and even directors from Ba Trieu may be temporarily reassigned for two to three months, impacting overall service quality.

Ba Trieu Transaction Office 1 excels in card services, particularly credit card offerings However, after three years of operation, challenges have emerged, including high overdue debts and difficulties in debt collection, largely due to credit cards being issued based on reputation guarantees Additionally, managing individual customer credit cards presents more complexities compared to business accounts.

General limitations relating to characteristics of BIDV’s credit card also influenced performance of credit card business at Ba Trieu transaction office 1 The

BIDV's recent introduction of its credit card products, including the ATCAK13 48, comes as other banks have already established a more extensive range of offerings The variety of BIDV's credit cards is limited, particularly in comparison to competitors like VPBank, which features the Vietnam Airlines – VPBank Platinum MasterCard, and Vietcombank, which offers the Vietcombank Vietnam Airlines Platinum American Express.

Recently, the newborn product, BIDV VISA Manchester United, has been launched in the market but the quantity of target customers is still small

RECOMMENDATIONS AND CONCLUSIONS

Recommendations for developing credit card service at Ba Trieu transaction office

The solutions to develop the credit card service at Ba Trieu transaction office 1 focus on the following aspects:

Investing in human resources is crucial for the success of the credit card business, particularly at Ba Trieu Transaction Office 1 It is essential to prioritize both the quantity and quality of staff in the credit card department Employees must possess specialized knowledge of credit cards, especially the unique features of BIDV cards, to effectively introduce products and address customer inquiries and complaints Additionally, they should stay updated on evolving additional services Strong communication and customer care skills are equally important, as the employees' thoughtfulness and reliability foster a sense of security and satisfaction among customers, significantly influencing their choices.

Because the risk of unawareness of rights and responsibilities has occurred to customers, bank staff have to explain all information in detail for them

This office must continue to offer annual training programs for staff across various fields, including a comprehensive training program focused on the theory and case studies of successful foreign retail banks in credit card services.

NGUYEN THI MAI ANH_ ATCAK13 51 o Training programs in customer relationship, team work, negotiation skill, communication skill o Training programs in professional etiquette, BIDV package of 10 rules in transaction

After each program, the inspection and assessment to staff should be carried out to be the basis of suitable rewards and punishments

 Improvement in credit card service’s quality

The time for processing transactions needs shortening by the professionalism of staff and modernity of technology or disappearance of some unnecessary steps Nevertheless, security and effectiveness cannot be neglected

To enhance user experience, the integration of credit card services with additional offerings needs improvement High-quality services such as ATMs, POS transactions, medical assistance, insurance options, and customer care are essential, ensuring a secure and user-friendly environment for all customers.

To effectively address customer complaints, staff must handle issues thoroughly and transparently By maintaining a comprehensive overview of work processes from start to finish, employees can minimize customer complaints and streamline procedures, ultimately reducing the need for customers to navigate multiple locations to complete their tasks.

To expand the customer base effectively, it is crucial to prioritize relationships and time management The credit card department can create a freelance team to handle appropriate tasks and leverage their connections This approach not only reduces costs but also boosts the number of cardholders These freelancers will be carefully recruited, trained, and compensated fairly for their contributions.

The advancement of technology is essential for enhancing the quality of credit card payments and maintaining competitive strength among banks Currently, the MasterCard system is undergoing an upgrade, and it is crucial for staff to utilize the latest devices effectively.

Despite the limited effectiveness of traditional advertising methods such as television, newspapers, and email for Ba Trieu Transaction Office 1, it is essential to continue utilizing mass media for promotion However, the content of these advertisements needs to be revised Designers should shift their focus from merely highlighting the benefits of credit cards to emphasizing the unique features that distinguish BIDV products from those of other banks, ensuring that customers are reminded of BIDV credit cards.

Besides, it is necessary for Ba Trieu transaction office 1 to develop its own marketing strategy, which is suitable with the target customers in Dong Da District

To enhance the widespread use of BIDV credit cards, it is essential to expand modern distribution channels such as ATMs and POS systems Ideal locations for installing POS machines include large retail stores, supermarkets, hospitals, and educational institutions.

Ba Trieu transaction office 1 should associate with shopping centers and supermarket to develop discount programs for customers making payment by BIDV credit cards.

Conclusions 52 REFERENCES

Money has been a pivotal invention that has significantly advanced human civilization The advent of modern technology led to the creation of credit cards, representing a revolutionary new form of value in financial transactions.

“plastic money” Credit cards not only satisfy two requirements of money: convenience and security but also represents the civilization and modernity of integration trend and globalization

Credit cards have been available in Vietnam for nearly 25 years; however, their usage remains less prevalent compared to other countries The BIDV Ba Trieu transaction office serves as a case study to evaluate the current state of credit card services in the country By analyzing relevant data from 2009 to 2012, three key research questions regarding the adoption and utilization of credit cards in Vietnam are addressed.

Ba Trieu Transaction Office 1 has excelled in the credit card business, with issuance, credit debit, and revenue metrics exceeding the average of BIDV branches in Hanoi Despite this positive growth rate, credit card services represent a minor share of the overall retail credit debit, indicating that they have not yet emerged as a highly profitable product for the office.

Ba Trieu Transaction Office 1 has enhanced its credit card services by investing in the training and development of its staff's specialized knowledge and skills Despite these efforts, the quality of their credit card services remains less competitive compared to other retail banks, primarily due to limitations in BIDV's product offerings and transaction procedures.

Ba Trieu Transaction Office 1 must enhance its credit card services, a lucrative opportunity for BIDV and a growing trend among Vietnamese banks Key recommendations include investing in human resource training, improving service quality, expanding the customer base and distribution channels, leveraging advanced technology, and intensifying marketing efforts.

I hope that these solutions will be of interest of the branch leaders when considering measure to improve credit card business

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Tiêu đề	Credit Card Service At Bidv Ba Trieu Transaction Office 1
Tác giả	Nguyen Thi Mai Anh
Người hướng dẫn	Nguyen Thi Hien Hanh (MA)
Trường học	Banking Academy of Vietnam
Chuyên ngành	Foreign Language
Thể loại	graduation thesis
Năm xuất bản	2014
Thành phố	Hanoi

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