ĐẠI HỌC QUOC GIA HÀ NỘIKHOA QUẢN TRỊ VÀ KINH DOANHNGUYEN THỊ HIẾN BRANDING AND INTEGRATING MARKETING COMMUNICATIONS TO STRENGTHEN BRAND AT JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND
Rationale
Vietnam’s economy has faced instability since 2008 and has been gradually recovering since late 2012 Continuing the recovery trend, Vietnam’s economic performance has been improving over the year 2014 The economic growth is stronger thanks to solid growth in trade Vietnam has managed to improve macroeconomic stability, with the consumer price index rising only 0.6% year-on-year in August 2015, down from 4.3% a year earlier The authorities have prioritized maintaining macroeconomic stability, dealing with banking sector vulnerabilities and restructuring SOEs.
Established in 1990, Vietnam’s banking industry has grown tremendously from a mono-banking system to a huge network of banks and financial institutions Over the past 24 years, the Vietnamese government has initiated many banking reforms for decades to improve the efficiency and competitiveness of the banking system in the country, especially via the privatization of its state-owned banks and restructure of weak banks.
Moreover, many of the banking reforms in Vietnam have been motivated by the country’s entry into international trade and investment agreements, such as the US-Vietnam Bilateral Trade Agreement in 2001 and its accession to the World Trade Organization (WTO) in 2007 The country has gradually deregulated to allow entry of foreign banks This has led to an increase presence of foreign banks in Vietnam, which has helped to increase the competitiveness and strengths of the banks.
There are currently 5 state-owned commercial banks (SOCBs), 33 joint stock commercial banks (JSCBs), 5 joint venture banks and 5 wholly foreign-owned banks In the market economy,wheremanyactive competitors provide thesameand similarproductsor services, brandingis the strategickeyindicatorthat facilitatesacompanyinachievingits financialtarget, reputation and customer’sloyalty Brand is a valuable asset which not only differentiates one seller from its competitors, but also represents its products, service, business identity and philosophy.
Marketingprograms playanimportant role in brandingstrategybecause theyaredirect or indirectchannelthatgrab the consumers’attention to the brand Besidesproduct,price, serviceanddistribution strategies, marketingcommunicationsarethe most adaptable elements ina marketingprogram They aremeans ofcommunication that helpthe brandrepresentits voice,createconversation andestablishrelationship with customers.
The thesisconcentrateson analyzingbrandingstrategyandintegratingmarketingcommunications tostrengthen brand with thecasestudyofThe Joint stock commercial Bank for Investment and Development of Vietnam (BIDV).AlthoughBID Vhasalongactive historyin both international andVietnamese markets,the brand has not beenwidely-known compared to otherbanks.Therefore, thisthesisattempts to assistBIDV ingenerating an improvedplan to integratemarketing communicationsto strengthen the brand.
Theauthoruses bothqualitativeandquantitativeresearch methods with thedeductive approach Theauthor utilizesa varietyofsources,rangingfrom her observation andinterviewsto academic database.
Theresearch isstructured into two parts: the theoretical framework and theempiricalpart.In short, the theoreticalframeworkcontains theoryabout brandingandIntegratingMarketingCommunicationsplanningprocess Theempirical part startswith the introductionaboutthe Vietnamese bankingsector and then 1t isfollowedbytheanalysis of BIDV.Themost important part is the suggestedintegrated marketing communicationsplan forBIDV Thesuggestion is basedon the theorythat has been presented in the theoreticalframework With this newmarketing communicationsplan, the authoraims to supportBIDVto successfullyachieveits objectives.
The author has read many theories and documents about brand, marketing, Marketing Communication Mix and Integrated Marketing Communication Some theories are applied in analyzing the case of BIDV in this thesis.
- Keller, K.L (2012), Strategic brand Management, 4" edition.In this book, Keller provides insights into how to create profitable brand strategies by building, measuring and managing brand equity
- Philip Kotler, (2009) Marketing management, 13" edition, Principles of Marketing,
Kotler on Marketing In the chapter 16, Kotler writed about Managing marketing channels.
In the chapter 18, he also mentioned Managing Integrated Marketing Communications.
- Chris Fill (2013), Marketing Communication, 6" edn This book introducts about marketing communication, marketing communication mix, communication strategies and the international context, etc.
- Jenni-Mari Laitinnen (2009) Thesis “Marketing Communication Plan”
In Vietnam- Nguyen Thanh Thuy (2014) has her thesis on the contents “Branding and integrating marketing communications to strengthen brand of HSBC” However, the thesis concentrates on the personal Banking operation of HSBC Moreover, because HSBC is a FB, the characteristics of a FB are quite different from those of a SOCB like BIDV, therefore, approach in analysis and recommended solutions are also different too.
Besides, there are many Vietnamese and international articles writing about brand or marketing in banking services However, the author has not found any thesis about branding and integrating marketing communication in the case of BIDV Moreover, despite trade finance are one of bank’s traditional service, there are not many research about promoting this service and bank’s brand in this services.
Thethesis aims to analyze thecurrent situation of brand ofBIDV in theVietnamesebankingsector and propose animprovedmarketing communicationsplan to enhance brandimage.
- Literature review the previous research on branding and IMC in banks - Systematize the basic theories of brand, brand equity, brand identity and positioning, marketing communication, marketing communication mix and IMC
- Study the IMC planning process and thereby selecting a suitable model for building IMC plan.
- Analyze the status of brand and integrated marketing communication of BIDV by the selected model Limited success evaluation and cause.
- Give some recommendations to improve the brand of BIDV.
- Scope of contents: Due to limited information accessibility, the author only concentrates on the Trade finance operation, which means that the targeted customers are wholesale banking customers Individual customers will not be discussed in this thesis.
- Scope of space: This thesis aims to propose an improved integrated marketing communications plan based on the current situation of BIDV.
- Scope of time: Secondary data used in the last three years is 2011-2016 6 Research methodology
Secondary data will be collected through The Brand and Public Relation Department of BIDV In addition, the thesis will use some documents as well as information about brand and IMC from books, dissertations, magazines, internet.
Primary data collection methods are expert interviews, observations Inaddition, synthetic analytical methods will be applied.
The dissertation uses two methods of data analysis: qualitative and qualitative.
- Statistical aggregation: Collected data and information collected, selected and statistical information needed.
- Comparison: After collecting and analyzing the necessary data, comparison will be made over time.
The author uses qualitative research methods, interviews some friends, relatives and customers who have used trade finance services of BIDV as well as other banks Interview content will be recorded and synthesized as a basis for designing the questionnaire In addition, methods of statistical analysis, statistical analysis, compilation and comparison will also be used in the dissertation.
This thesis is structured into two different parts: the theoreticalframeworkandtheempiricalpart The theoreticalframework is presented in Chapter I withthetheoretical background ofbrandingandintegrating marketing communications tostrengthenbrand This chapter provides necessaryknowledge to tackle theempiricalpart.
Theempirical part is presented in Chapter II with theexternalanalysisofthe Vietnamese bankingsector.InChapter II,theauthor gives briefinformation about BIDVand its SWOT analysis is presented toanalyze theBIDVsituation inthe
Vietnamesebankingsector.Furthermore, the authoralsoexamines BIDV’sbrand value, its targetedstrategies andcurrent on- track projects.
Chapter Illaims to giveanswer totheremainingresearch sub-questions,specializingon integrating of marketingcommunications to strengthen brand.Inthis Chapter, the author uses the theoryof marketing communication mix and integratingmarketing communicationswhichhas been introduced in the theoreticalframework.
Conclusion of the thesis summarizes the studyand themainideas are presented in thewholethesis by satisfying objects of researchandrecommendingon furtherresearch.
CHAPTER I BASIC THEORY ON BRANDING AND INTERGRATING MARKETING COMMUNICATIONS TO STRENTHEN BRAND
As mentioned in thethesis structuresection, in this chapter, theauthorconcentrates on definingtheoryabout brandingand marketing communications.This theoreticalframework playsanimportant role as a baseprovidingknowledgeforthe latterempirical part.
Priorto the theoryofintegratingmarketing communications to strengthenbrand,principalknowledge ofbrandis presentedinitially This sectionaims toexplain thoroughlythedefinition of brand,its importance andrelatedconcepts.
Scope Of research 0t AAA
- Scope of contents: Due to limited information accessibility, the author only concentrates on the Trade finance operation, which means that the targeted customers are wholesale banking customers Individual customers will not be discussed in this thesis.
- Scope of space: This thesis aims to propose an improved integrated marketing communications plan based on the current situation of BIDV.
Research methodology ccccccccccssesseseeseesseseeeseeseeseeseeeseeseeseceeeesecseceeeseeseeseceseeneens 3 7 Thesis Structure 1
Secondary data will be collected through The Brand and Public Relation Department of BIDV In addition, the thesis will use some documents as well as information about brand and IMC from books, dissertations, magazines, internet.
Primary data collection methods are expert interviews, observations Inaddition, synthetic analytical methods will be applied.
The dissertation uses two methods of data analysis: qualitative and qualitative.
- Statistical aggregation: Collected data and information collected, selected and statistical information needed.
- Comparison: After collecting and analyzing the necessary data, comparison will be made over time.
The author uses qualitative research methods, interviews some friends, relatives and customers who have used trade finance services of BIDV as well as other banks Interview content will be recorded and synthesized as a basis for designing the questionnaire In addition, methods of statistical analysis, statistical analysis, compilation and comparison will also be used in the dissertation.
This thesis is structured into two different parts: the theoreticalframeworkandtheempiricalpart The theoreticalframework is presented in Chapter I withthetheoretical background ofbrandingandintegrating marketing communications tostrengthenbrand This chapter provides necessaryknowledge to tackle theempiricalpart.
Theempirical part is presented in Chapter II with theexternalanalysisofthe Vietnamese bankingsector.InChapter II,theauthor gives briefinformation about BIDVand its SWOT analysis is presented toanalyze theBIDVsituation inthe
Vietnamesebankingsector.Furthermore, the authoralsoexamines BIDV’sbrand value, its targetedstrategies andcurrent on- track projects.
Chapter Illaims to giveanswer totheremainingresearch sub-questions,specializingon integrating of marketingcommunications to strengthen brand.Inthis Chapter, the author uses the theoryof marketing communication mix and integratingmarketing communicationswhichhas been introduced in the theoreticalframework.
Conclusion of the thesis summarizes the studyand themainideas are presented in thewholethesis by satisfying objects of researchandrecommendingon furtherresearch.
BASIC THEORY ON BRANDING AND INTERGRATING MARKETING
Brand identityand positioning - G1111 9211191119111 11 911 11191 1 1n cv 9 1.1.4 Trade ch
- Definition of brand identityOneof themain contributors to brand equityis brand identity.As explained byA.Aaker(2002,68), brand identityis a unique setof brand associations that brandmarketersaim to create or sustain.Incontrast to brand image — whichconcernshow customersperceive,feel orevaluate the brand; brand identityis abouthowcompanyseeks to identifyitselfandrepresents what it standsforBrand identityisoriginatedfrom inside company;therefore, astrongbrand should hold a richandclearbrand identity(Viot201 1).
Brand idenitys the firststep to cstablishtherelaionshp betweena firmandcustomersbecause it is the premier impressions about the brandin their minds.
Brand identityis more than logo,slogan, brand name orpackaging—whicharevisual elements; it is alsothe commitment,promise, vision andbusinessphilosophybehind thebrand that companyseeks to conveyto customers.
- Definition of brand positioning Positioningthe brandhasbeen longacknowledgedas a core activityofthebrandingprocess (Romaniuk 2001).It is described as the act ofestablishingrightbrand identityandbrandimage based on _ points ofparityand differencein relationfo competitor’sbrand in the market(Keller 2008,97) Accordingto Keller (2008,98), brand positioningisaboutdesigningthecompany’sofferand imagein orderto create distinct impression and occupyavaluedplace in the target customer’smind To marketingstrategist, it is exceedinglyimportant to maximize thepotential benefit to companythrough positioningthe brand.In order toachievethat target, theyneed to definetargetcustomer, main competitors,similaritiesanddifferencesbetween thebrandand its competitors(Keller2008, 99).
Identification of target customer, which is also known as customersegmentation, isthe firststep that should be takeninto action However, ithas both advantagesanddisadvantages.Byconcentratingon targetcustomers, companycanestablishdesirable marketingcampaignwhichfullymeetstheirneeds.Furthermore,companyis able to reduce itsunnecessarycost and maximizetheoutcomeof marketingstrategies oncertaincustomers.
On theotherhand,customersegmentationalso restrictspotential customersthat the branddoes notreach.
Competition between brands whichprovide similaroffers is alwaystough.Everybrand tries to gaincustomerspreferenceanddominates the marketbyits products.Therefore, marketers should not definethe competitionnarrowly.Evaluatingthecompetitors atproper level can support companyto createsuitablebrand positioningstrategies,takeadvantage ofcompetitor’ sweaknessesandstrengthencompetitive advantage ofthebrand.
Similaritiesanddifferencesbetween the brandandits competitors: Definition ofpositioningrequires establishingcorrect points of difference(PODs)and points of
10 parity(POPs).PODs areunique attributes thatcustomersbelieve theycould notfind the same in competitor’ soffer Theyaredistinct, customer — oriented, positivelyevaluatedandprofitable toboth companyandcustomers.On theotherhand,POPs concernsaboutassociationsthatare shared byother brands.POPs is explained as theaspects of product offeringthat aremostlysimilarto the offerings ofcompetitors(Market segmentation studyguide 2012).In order to win themarket share, companyshould not onlymeet thecore needofproduct butalso tryto implement new features to themarketplace to differentiate itselffromothercompetitors.
To sum up,both brand _ identityand positioning arecore attributes to brandingprocess.Brand identityisa set of brandassociations thatmarketersaim tocreate or sustain Theycould be visual elements —logo, brand name,packaging,andslogan;especially,theyare also commitment, businessvalueand vision behind the brand.Addressingbrand identityinto customers mind tocreate unique impressions andoccupyvalued place, is brandpositioning.Inorder to tacklethis process, it is necessaryto (1) selectcustomer segmentation,(2)definemain competitorsand(3)determine points of differenceand pointsof parity.
1.1.4 Trade finance - Definition of trade finance
“Trade finance signifies financing for trade, and it concerns both domestic and international trade transactions A trade transaction requires a seller of goods and services as well as a buyer” (BIDV).
- Some types of trade finance services
Various intermediaries such as banks and financial institutions can facilitate these transactions by financing the trade operation.
Banks and financial institutions offer the following products and services in their trade finances branches.
It is an undertaking/promise given by a Bank/Financial Institute on behalf of the Buyer/Importer to the Seller/Exporter If the Seller/Exporter presents the complying documents to the Buyer’s designated Bank/Financial Institute as specified by the Buyer/Importer in the Purchase Agreement the Buyer’s Bank/Financial Institute will make payment to the Seller/Exporter.
It is an undertaking/promise given by a Bank on behalf of the Applicant and in favor
11 of the Beneficiary Whereas, the Bank has agreed and undertakes that, if the Applicant failed to fulfill his obligations either Financial or Performance as per the Agreement made between the Applicant and the Beneficiary, then the Guarantor Bank on behalf of the applicant will make payment of the guarantee amount to the Beneficiary upon receipt of a demand or claim from the Beneficiary.
“+ Collection and discounting of bills
It is a major trade service offered by the Banks The Seller’s Bank collects the payment proceeds on behalf of the seller, from the Buyer or Buyer’s Bank, for the goods sold by the Seller to the Buyer as per the agreement made between the Seller and theBuyer.
Integratingmarketing communications to strengthenbrand
Within the first section ofChapterl, the author has explained principleknowledge of branding, its relatingterms andconcepts.As mentionedearlier,brandingis the process inwhichacompanymanages to establish its own name,image,sign or symbol incustomer’s mind throughdifferent marketingchannelsandcampaigns.In order to create and deliver appropriatebrandidentity, brandimageand build strongbrand equity; marketingplaysanimportant role tobrandmarketers As beingexplained byKotler
&Amrstrong (2010, 29),marketingis“theprocess in which companies createvaluefor customersand build strongcustomerrelationship inorder to capturevaluefrom customers in return”.Theconcept ofmarketingmix4Ps — product,place,priceand promotion; which hasbeen widelyusedforalongtime, is the fundamental toolformarketers to achievetheirmarketingtargets orobjectives.Nevertheless,in this thesis, the author onlyconcentrates on thelast variable,which is promotion.Aftercreatingcustomervalue, companyshouldutilizepromotion asaneffective channel to clearlyandpersuasivelycommunicate that value to customers.However,promotion is not asingle toolsit is a combination of different tools and methods.Marketingcommunications, or promotion as it was originallyknown, is an‘‘audiencecentered activitywhich attempts to encourageengagementbetweenparticipantsandprovoke communications” (Fill 2011, 5).Inbranding, marketingcommunications is used to build brandimage,reinforce memories andunderstandingaboutbrand’sproduct,inform andattractpublic attention to raiseawareness of brand presence and finallypersuadecustomers to buyor consumethe products.Intoday’smarketing revolution, alongwith the huge development intechnology, therehave been remarkable changes in the ways of communicationbetween brands
12 andcustomers.Nowadays, the brand not onlyusestradiional orsingle tools to communicateand build relationshipwith customer, theyareaboutmovingtowardsintegrating avarietyof marketing communications to reachcustomers Within this part, the authorfocuses onpresentingthetheoryofintegratingmarketingcommunications to strengthenbrand.
Definition andimportance of IntegratingMarketing Communications, promotion mix(IMC mix)andsteps to involveIMCin strengtheningbrand areincluded, in which IMC is the main theoryused to support the author’simperialpart with thecaseofBIDV.
Marketing communications uses different marketing channels and tools in combination Marketing communication channels focuses on any way a business communicates a message to its desired market, or the market in general The main purposes of marketing communication are to inform, persuade or remind the selected target audience of the market offering (Lamb et al., 2003:329) However, Bearden et al.
(2007:403) emphasize that marketing communication’s ultimate role is to influence the behavior of the target market, and not only to inform, persuade or remind the consumers.
Marketing communication should, in fact, lead to changes in the behavior of the target market in the purchase of products or loyalty towards brand Marketers can use the marketing communication strategy to convince the selected target market that the products or services offered provide a significant and competitive advantage over those of their rivals (Lamb et al., 2003:315) Therefore, marketing communication can add value for both customers and the company. s* Marketing communication mix Marketing communication mix is the specific mix of advertising, personal selling, sales promotion, public relations and direct marketing a company uses to pursue its advertising and marketing objectives (Phillip Kotler-Chapter 13) Toachieve thesetargets, thereis avarietyofmarketing communications toolsthat could be applied to supportbrandmarketers.
However, in this thesis, the author would like to use the Marketing Communications mix of Kotler to analyze the application of communication tools in marketing.Thefigure belowsummarizes five main tools which arewidelyused inmarketingstrategy:
FIGURE 3: Marketing Communications Mix (Source: Kotler, chapter 13)
Advertising Sale Promotion | Public relations | Personal Direct
Print, broadcast, Prize (contests, | Press kits Sales Catalogs on-line ads | games, Video news | Presentation | Mailings Packaging sweepstakes) releases Sales Telemarketing Motion pictures | Premium (gifts) Speeches meetings Electronic
Brochures, Samples Seminars Incentive shopping booklets Coupons Annual reports | programs TV shopping Directories Cash Refund | Charitable Fairs and | Fax mail
Billboards, posters | Offers (rebates) donations trade shows | Email
Display signs Price Packs | Sponsorships Voice mail Point-of-purchase | (cents-off deals) Publications displays Patronage Awards | Community
Audiovisual Free Trials relations material Product Lobbying
Symbols and logos | Warranties Identity media
Tie-in Promotions Special events
Advertising, which is the best-known form of promotion,hasbeenconsidered tobea significant means ofcommunicatingfor alongtime.It is definedas “Any paid form of non-
14 personal presentation and promotion of ideas, goods, or services by an identified sponsor”(Kotler).
Advertising is a non-personal means of communication Here, non-personal means advertising involves media for transmitting message to the target audience There is no face to face communication between sender and receiver Objective of advertising is to inform, persuade, and remind the target customers about the product of advertiser.
Advertising is generally targeted to ultimate consumers It is not for a specific group The ads communicate the message and persuade the audience to buy advertiser’s product.
Thus, advertising indirectly promotes sale through communication Advertising has both short term and long term effect on sales Advertising creates brand-awareness and brand- preference which has effect on the short run as well as in the long run However, advertising is very cost effective for communicating message to large audience and immediate feedback cannot be taken in advertising as it is one-way communication In case the message is not understood by the audience then they cannot immediately inquire for their doubts.
Advertising should be given more importance under the following situations:
- For quick communication - For communication with masses - When available finance is sufficiently large - When customers are scattered over vast area - When message to be communicated is simple - For promotion of consumer goods
- When the product is branded - When there is product differentiation Personal Selling
Personal selling is personal presentation by the firm’s sales force to make sales and build customer relationships Personal selling is a personal form of marketing communication in which selling is made through face to face contact Here message is communicated individually because at one time message is communicated to one person only for the objective of selling products Thus immediate feedback can be taken by salesmen during sales-talk It is a form of two-way communication Target customers can inquire about their doubts from the salesmen immediately if the message is not clear to them In personal selling, message can be adjusted by the salesmen as the circumstance of individual target customers.
However, in personal selling, cost per audience is more as message is communicated individually to each target customer and message communication is a slow process as each targeted customer is contact separately.
Advertising and personal selling both are important tools of promotion mix.
Advertising is more useful in the introduction stage of product life cycle, as to create brand-awareness Advertising supplements personal selling Sales-call of well known brands is better received by the target customers So both advertising and personal selling should be designed to work in combination so as to achieve marketing objectives.
Personal selling should be given more importance under following situations:
- For marketing of industrial goods and technical goods - Incase of costly goods
- When message to be communicated is complicated - When quick feedback is required
- In case of unbranded products, advertising is just not possible Here by personal contact, salesman tries to convince the target audience to buy the product, by explaining them the good features of product.
- When number of target audience is small - When the market is concentrated and potential customers are not scattered.
- In case of service-marketing like insurance, banking, trained salesmen play very important role to convince the audience regarding need and benefits of service.
- When the product has some inherent qualities which can be highlighted at the time of sale.
Salespromotion istheshort — termincentivesto encourage the purchase or saleofaproduct or service Main objective of sales promotion is to promote the sales It is directly related to promoting sales Sales promotion can be both personal and non-personal Some of the sales- promotion schemes may involve fact to face contact between dealer and customers while some sale-promotion schemes may not involve face to face contact Thus,in case of personal sales promotion schemes, immediate feedback can be taken If the prospective customer has some doubts about sales promotion-scheme then he can inquire about it from the salesman.
However, sales promotion is a costly method so it is launched less frequently and has short term effect on sales.
Sales promotion is given more importance under following situations:
- When middlemen are more popular than manufacturers, then middlemen-oriented sales promotion is very effective - In case of seasonal goods, to sell the product in off season, consumer-oriented sales promotion is very effective - Incase of unbranded product, retailers are to be given considerable importance, as they can better convince the potential buyers Here, retailer-oriented sales promotion is very effective.
- For immediate increase in sales.
Public relation is building good relations with the company’s publics by obtaining favorable publicity, building up a good “corporate image’, and handling or heading off unfavorable rumors, stories and events.
Thetargetaudiencesof public relations varygreatlydependingon differentobjectives of activities.Itcan beclassified into two groups:internalaudiences andexternalaudiences.Internalaudiences are employees of company, stockholdersand investors, suppliers,customersand members oflocalcommunity.Externalaudiencesarethosewhoarenot closelyrelated tothe brand,forexamplegovernments,financial groups or businessorganizations.(Belchet al.
Beingidentical to otherpromotional tools, public relationscontribute hugeadvantages to enhance the brandimageand equity.It is considered to beacost—effective meansof transmittingmessage to largetarget audiencewith highlevel ofcredibility.
ASSESSING THE SITUATION IN THE JOINT STOCK COMMERCIAL
Overview of Vietnamese banking S€CfOT - c5 3+ 3+ + SEEsessrerererrre 25 2.1.2 (co on, s0), 9 n6 26 2.1.3 Trends of Vietnam banking system developmenI - + ++*++<+v£sexss 31 2.1.4 SWOT anaÌySIS . 1n k1 TT TH TH TH TH TH TH TH ng 34 2.1.5.Branding and IMC of main players in Vietnamese banking system
Established in 1990, Vietnam’s banking industry has grown tremendously from a mono-banking system to a huge network of banks and financial institutions Over the past 24 years, the Vietnamese government has initiated many banking reforms for decades to improve the efficiency and competitiveness of the banking system in the country, especially via the privatization of its state-owned banks Nevertheless, the state remains the controlling stakeholder of these state-owned banks, holding at least 65% ownership in them.
Prior to 1990, the State Bank of Vietnam (SBV) functioned as both a central bank and a commercial bank Following the 1990 Ordinance on Banks, Credit cooperatives and financial companies, the SBV separated the central bank’s functions and delegated its banking activities to four newly created state-owned commercial banks (SOCBs), each targeting a different segment of the economy The central bank’s industrial and commercial lending department was converted to the Vietnam Industrial and Commercial Bank (Vietinbank), its agricultural department to the Vietnam Bank for Agriculture and Rural Development (Agribank), its international trade department to the Bank for Foreign Trade of Vietnam (Vietcombank), and its infrastructure department to the Bank for Investment and Development of Vietnam (BIDV) Currently, the SBV’s role is narrowed to that of a central bank which includes the formulation of monetary policies, management of foreign exchange reserves, and licensing and supervision of credit institutions, a term that encompasses commercial banks; while financial intermediation functions which include funds mobilization and allocation were shifted to commercial banks.
Many of the banking reforms in Vietnam have been motivated by the country’s entry into international trade and investment agreements, such as the US-Vietnam Bilateral Trade Agreement in 2001 and its accession to the World Trade Organization (WTO) in 2007 The country has gradually deregulated to allow entry of foreign banks This has led to an increase presence of foreign banks in Vietnam, which has helped to increase the competitiveness and strengths of the banks The SBV has for the first time, granted licenses to wholly foreign-owned banks in 2008 In January 2014, the ownership limit for a single foreign investor was raised from 15 to 20%, with a maximum ownership for all foreign investors to be capped at 30% In addition, there has been a growing partial privatization of the SOCBs and greater efforts to achieve compliance with the international capital standards under the Basel capital accords.
Nevertheless, the reforms for banking sector have been slow, and the banks are still undergoing a restructuring program to address the high level of NPLs and other structural problems Most domestic banks are under-capitalized and reportedly hold a large number of NPLs.
Total Assets of 7 Largest Listed Banks in 2014
2 ` â Q ` ằ° Ne] eS LC ELF ELE ẻ
FIGURE 7: Total Assets of 7 largest banks in 2014
The Vietnamese banking industry comprises a diverse mix of players, ranging from relatively larger state-owned commercial bank down to tiny privately held banks There are
26 currently 43 banks operating in Vietnam at the end of 2015, although the number of banks is expected to be reduced in future through consolidation.
There are currently 7 state-ownedcommercial banks (SOCBs), 28Joint stock commercial banks (JSCBs), 3Joint venture banks and 5wholly foreign-owned banks.
“+ State-owned commercial bank (SOCBs)
State-owned commercial Banks (SOCBs)
1 Vietnam Bank for Agriculture and Rural
Development - Agribank 2 One Member Limited Liability Vietnam
3 Global Petro Commercial One Member | Government
Limited Bank - GP Bank owned
4 Ocean Commercial One Member Limited
5 Vietnam Joint Stock Commercial Bank of
6 Joint Stock Commercial Bank for
Investment and Development of Vietnam | Partially
7 Joint Stock Commercial Bank for Foreign | Equitized
TABLE 3: State-owned Commercial Banks (Source: Vietnam banking Industry report 2015)
SOCBs are 100% or majority-owned by the government (however, do note that SOCBs are currently known as banks owned 100% by the SBV as stipulated in a new corporate law from January 7, 2015 Hence, only Agribank, Construction Bank, Ocean Bank, GP Bank are considered as SOCBs).
Construction bank’s former entity, TrustBank, was in 2012, put under special monitoring due to its liquidity crisis In 2013, new investors changed TrustBank into Vietnam Construction Bank However, difficulties continued and in 2015 shareholders stopped supplying additional capital As a consequence, the bank was unable to meet the minimum capital requirements of VND3trillion (about $143 million).On 05 March 2015, Vietnam Construction Bank has been taken over by the State Bank of Vietnam to prevent uncertainty in the market over its negative capital flow.
The same situation happed with Ocean Bank and GP bank On 9 May 2015, The State Bank of Vietnam announced that it will transform the troubled Ocean Bank from a joint stock commercial lender into a state-owned one-member limited liability bank due to a serious financial loss The bank’s real capital has come lower than the registered capital.
On 07 July 2015, The State Bank of Vietnam also officially announced the Decision on mandatory acquisition of all stakes of GP Bank and turning GP Bank into the One Member Limited Liability Global Petroleum Bank under the — state ownership.
At the time of December 2013, Agribank is the leading and largest commercial bank in Vietnam with the asset of VND 700 trillion However, from 2015, there is a change in hierarchy due to the merger between BIDV and MHB After the merger with MHB on 25 May 2015, total assets of BIDV is more than VND695,000 billion, with VND45,313 billion at MHB and VND655,000 at BIDV and the leading in the asset The hierarchy may change again if the merger between Vietinbank - PG bank and VCB —Saigon Bank. s* Joint stock commercial bank (JSCBs)
JSCBs have a comparatively small capital and deposit base and they have a more diversified shareholding structure than SOCBs They specialize mainly in loans to SMEs and retail banking Currently, Vietnam has 28 JSCBs SOCBs hold a significant stake in the industry, with an estimate of 44.1% of total assets in the banking industry in Vietnam.
JCSBs followed closely behind, with 42.2% of the total assets in the banking system in the country Nevertheless, charter capital for JSCBs is higher compared to SOCBs, with 43.8% of total charter capital in the industry compared to 30.8% of total charter capital for SOCBs.
As of December 2015, the top 10 JSCBs have an approximate of VND 90,729 billion in chapter capital, which contribute to 46.93% of the total chapter capital of all JSCBs in Vietnam The leading JCSB is Saigon Thuong Tin Commercial Joint stock Bank (Sacombank), followed by Military Commercial Joint Stock Bank (MB), Saigon Commercial Joint Stock Bank (SCB) and VietnamExport Import Commercial Joint Stock Bank (Eximbank), with more than VND 10 trillion in charter capital.
Item | Bank’ name Charter Capital (VND billion) 1 Saigon Thuong Tin Commercial Joint 18,852.00
Stock Bank — Sacombank 2 Military Commercial Joint Stock Bank 16,000.00
—MB 3 Saigon Commercial Joint Stock Bank — 14,295.00
Joint Stock Bank — Eximbank 5 The Maritime Commercial Joint Stock 11,750.00
Bank — MSB 6 Asia Commercial Joint Stock Bank — 9,377.00
Commercial Joint Stock Bank — Techcombank
9 Saigon — Hanoi Commercial Joint Stock 8,866.00
Bank — SHB 10 Ho Chi Minh city Development Joint 8,100.00
Stock Commercial Bank — HD Bank TABLE 4: Top 10 JSCBs in Charter Capital (Source: Vietnam banking Industry report 2015)
Foreign banks have established their presence in Vietnam early in the 1990s when the country opened its doors to foreign banks following the 1990 Ordinance on Banks, Credit cooperatives and financial companies In the 1990s, foreign banks had set up joint ventures with Vietnamese banks and open branches to tap into the developing banking sector.
After Vietnam’s accession to WTO in 2007, the Vietnamese government has further liberated the banking sector to allow greater market presence for foreign banks in the country Following a change in legislation set out in Decree 22/2006/ND-CP, the SBV had granted fives licenses to permit HSBC, Standard Chartered Bank, ANZ Bank, Shinhan Bank and Hong Leong Bank to establish as wholly foreign-owned subsidiary banks incorporated in Vietnam In their few years of operations, the wholly-owned foreign banks have reported profits due to high demand by foreign investors to open bank accounts with these banks for trade finance and foreign exchange purposes
(Hong Leong Bank Vietnam Limited
Hongkong-Shanghai Bank Vietnam Limited - HSBC
Standard Chartered Bank (Vietnam) Limited
TABLE 5: Foreign Banks (Source: Vietnam banking Industry report 2015)
“* Joint Venture Banks (JV Bank)
Thelast type of bankinginstitutionisJ VBs— whichareestablished underajointventurebetween oneVietnamese bankand oneormoreforeign banks.
Theforeigninvestment in JVBmust not exceed 49%of total bank capital accordingto Vietnam lawof foreign ownership
Joint Venture Banks (JV Bank)
Vietnamese and Foreign JV Bank
Vietinbank and Indovina Bank Limited - IVB
Vietnam-Russia Joint Venture BIDV and
TABLE 6: List of Joint Venture Banks (Source: Vietnam banking Industry report 2015) VID Pulic Bank was one of the first joint-venture banks in Viet Nam It was established on 30 September 1991 as a 50:50 Joint Venture Bank between the Bank for Investment & Development of Vietnam (BIDV) and Public Bank Berhad, Malaysia
Trade finance services Of BIDV - c1 11t 2 + 11H 11 1111111 kh 46 2.2.4 Currentmarketingcommunication mix Of BIDV - ¿5 5< se ‡+sssrserreesee 47
As mentioned earlier, due to the limited information accessibility, the author only concentrates on the Trade finance operation, which means targeted customers are companies The author believes that understanding trade finance services, situations of trade finance operations, advantages and disadvantages of trade finance services of BIDV in comparison with its competitors will benefit in creating appropriate integrating marketing communication plan for BIDV. s* BIDV Trade finance service products - Export trade finance:
+ All-inclusive export finance: this package includes four products, which are export financing loan, payment for export-import, foreign exchange and financial derivatives.
+ Discounting bill of exchange with export documents + Export factoring
+ Import financing by loans from foreign banks under frame agreement + Import financing under UPAS L/C
+ Letter credit (L/C) + Collection (D/A, D/P) + Cash against documents (CAD)
Trade finance is the financing of international trade flows It exists to mitigate, or reduce, the risks involved in an international trade transaction There are two players in a trade transaction which are an exporter, who requires payment for their goods or services, and an importer who wants to make sure they are paying for the correct quality and quantity of goods As international trade takes place across borders, with companies that are unlikely to be familiar with one another, there are various risks to deal with Trade Finance of the bank reduces risk in international trade transaction such as payment risk, country risk and corporate risk.
Since 2010, trade finance operation of BIDV has been centralized in trade finance centre (TFC) which belongs to head office of BIDV Trade finance divisions of branches play roles as frontiers and trade finance services sellers They have functions of marketing
46 trade finance services to customers, consulting and collecting documents from them After receipt of customer’s demands, staffs of trade finance division will send to TFC through Trade finance plus program (the software designed for transferring documents and transactions between TFC and branches) TFC will operate all transaction in system and take responsibility for risk of operational mistakes.Activities between TFC and branches have been recently adjusted by Document number 5566/QD-TTTM issued on 10 December 2014 Centralized model help BIDV to manage risk and promote selling trade finance service in branches overall system All branches are assigned business plan annually which includes revenue of international settlement and trade finance, number of new customer, number of transactions etc For its advantages,centralization in trade finance operation has become popular in developed economic for long time However, in Vietnam, it has been applied for about seven years in which Vietinbank is pioneer.
“+ Advertising BIDV advertises its brand through TV, radio, magazines and BIDV website channels.
However, the advertising duration is short and rarely The contents of advertisement mainly mention about retail banking Up to now, there isn’t any advertisement about trade finance products besides information in its own website.
Television advertisement of BIDV is not regular as other banks like VCB, Vietcombank, ANZ, VIB BIDV just applies TV ads upon the special event, for example BIDV launches its new retail banking products, BIDV is awarded prizes and titles, etc.
Duration of each TV advertisement is about 30 second and last about one month in VTV1 and VTV3 channels at the evening time Some TV ads BIDV has made are ads about BIDV - Manchester United Visa card, BIDV’s brand with slogan “Share opportunities — share success”, sponsors for “Ai là triệu phú” Program on VT V3 with BIDV’s logo on TV screen during the time of broadcasting.
BIDV advertises its banking product through VOV Transportation channel BIDV sponsors for the Financial News of this channel which is integrated information about BIDV’s products Some main products advertised in this channel are insurance, card, savings money, payment, internet banking, foreign exchange rate, credit.
BIDV has advertisement on the Banking magazine and the BIDV review However,
47 these magazines are regarded as unpopular to customers Some images of BIDV’s advertisements on magazines are as follows:
(Advertisement on The BIDV Review (Advertisement on The Banking Issue No.24, Feb 2017) Magazine, Issue No.58, August 2013)
Trade finance products are not prioritized to be advertised on magazines In 2012, and 2017, on the occasion of BIDV has been named as Best Domestic Trade Finance Provider in Vietnam by Euromoney Magazine, there were some articles of Newspaper as Baomoi, Euromoney, Banking mentioned about this event.
In order to promote Trade finance operation, BIDV has launched some new useful products such as UPAS L/C, UPAS usanced L/C, Upas D/A, Factoring, Negotiate Export documents, etc BIDV also upgraded its software programs so that customers can send their orders though internet banking To attract customers using BIDV’s trade finance products, BIDV also reduce fees and supplies consultancy services without charges to promote customers’ benefits.
“+ Public relations - BIDV — Manchester United Street Football Cup 2013 BIDV — Manchester street football cup 2013 was organized to welcome the launch of BIDV — MU visa card The Street football cup was held nationwide with the presence of famous former footballer of MU club.
- Workshop “Investment Potentials and opportunities in Myanmar”
In July 2013, in Hanoi, BIDV in collaboration with the Association of Vietnam Investors to Myanmar (AVIM) held the Workshop “Investment potentials and opportunities in Myanmar” Attending the workshop, for Myanmar side, were the leading representatives of Myanmar Investment Commission (MIC); Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCT) Myanmar Embassy in Vietnam For Vietnam side, the representatives of the State Bank of Vietnam, Ministry of Planning and Investment, Ministry of Industry and Trade, Ministry of Agriculture and Rural Development, Ministry of Culture, Sports and Tourism, Ministry of Construction, Ministry of Defence, Vietnamese Embassy in Myanmar, Vietnam Chamber of Commerce and Industry (VCCI); and the leading representatives from more than 50 Vietnamese enterprises.
The Workshop aimed at providing the Vietnamese enterprises that are investing and taking interest in Myanmar market with the information about new investment Law in Myanmar, the markets, mechanisms and policies, development orientation, preferential fields and noteworthy points when investing in Myanmar in the forthcoming time This is a good opportunity to promote the investment cooperation, trading and tourism of Vietnam in Myanmar in the period when Myanmar implements the new investment Law and opens the economy in favor of the foreign investors.
- Four countries — One destination Forum July 2016, BIDV in collaboration with Vietnam national Administration of Tourism organized “Four countries — One destination Forum” to connect tourism and expanding banking cooperation among Cambodia — Laos — Myanmar — Vietnam The event attracted about 500 delegates including the participation of government leaders, business in the banking and tourism of four countries This forum was the opportunity to boost economic and trade operation in banking sector, strengthen investment for tourism development On this occasion, BIDV also celebrates grand opening of its branch in Myanmar.
In summary, BIDV has implemented many public relations to promote BIDV’s brand.
However, it appears that there is not any public relation related exactly to BIDV’s brand in trade finance.
At the end of 2015, BIDV has set up a team including experts in trade finance to improve Trade finance operation The team has 10 persons and belongs directly to BIDV’s Head office The function of this team is marketing trade finance products to customers of all BIDV’s branches in case branches need assistance However, after a half of year, this
49 model exposes inefficiency because of high traveling cost of experts from Head office to branches which are allocated along the country.
Situationanal he dẦd
A deepand intense context analysis is beneficialtomarketers in determiningandunderstandingkeymarket and communicationsdrivers, which areprobablytoinfluence the brandandaffect its long— term strategyandobjectives.
Thecomponents of situationanalysiscould be: business context, marketsegmentation,promotional tools and financialallowance.
“+ Current situation of Trade finance operation
Trade finance operation of BIDV in the past five years was bleak and did not achieve set target.
In the period of 2010 — 2012, import and export payment revenue continuously decreased The average decline is 3.16% per year while the growth rate of Vietnam in import export turnover in this period increased 20.6% Market share of BIDV’s trade finance operation therefore reduced from 7.57% to 4.88% The same situation happened to Vietcombank, Agribank, Sacombank, Techcombank and MB On the contrary, market share of Vietinbank and Eximbank in this field increased sharply Despite of third ranking in market share, the gap between BIDV and above group (Vietcombank, Vietinbank) is widen, while the gap between BIDV and bottom group (Agribank, MB, Eximbank, Techcombank, Sacombank) is narrowed significantly because the reduction of Vietcobank,
Sacombank, Techcombank and MB lower than BIDV’s.
10 gues 05 thanh toán NK Ặœ DS thanh toan XK
(Source: BIDV’s Report) Due to the sharp decline, BIDV implemented regain trade finance market share plan in the period 2013 — 2015 Target of the plan is maintaining third ranking, however increase market share at least to 5.5% to narrow the gap between BIDV and Vietcombank, Vietinbank To obtain the target, BIDV implemented some solutions such as:
+ Brand: BIDV tried to improve the marketing communication to increase brand identification of BIDV in trade finance services.
+ Finance trade policy: BIDV adjust lower interest rates and competitive exchange rate + Sales activities: BIDV segmented customers To promote export trade finance, BIDV concentrated on companies doing business on the fields of exporting rice, coffee, rubber, textile, seafood To promote import trade finance, BIDV concentrated on the fields of petroleum, electronic components, medicine etc Besides, exploiting FDI customers is prioritized and encouraged BIDV also improved the skill and experience of sales staffs and issued many motivated policies to encourage staffs in selling trade finance services products.
= PS thanh toan x 21S thanh toain Pb
— a > ae “ tin we a a ae ——— tì tvầi
10 ail awk du ' is ek NgNem ¡ “——-—_ y ma
Nam 2008 Năm 2010 Nam 2011 llim 2912 lim2013 Năm 20nd
FIGURE 14: Market Share in Trade Finance of some main Banks in 2009 — 2014 (Source: BIDV’s report) The situation of trade finance operation in the period 2013 — 2015 has been improved significantly Market share of trade finance services increase to 5.2% at the end of 2015.
At the end of June 2016, import and export payment revenue gains 9,667.49 billion USD, increase 19.74% compare to the same period in 2015 BIDV’s market share rises from 5.2% in the end of 2015 to 6% However, BIDV still stand too far under Vietcombank and Vietinbank. s* SWOT analysis of BIDV’s Trade finance services
SWOT of BIDV in trade finance service is analyzed as below:
- Having large and stable customer|- Customer evaluate lowly BIDV’s base Wholesale is the advantage of BIDV brand in trade finance services These because BIDV is developed from a stated are not traditional advantage of BIDV. construction bank with a function of|- BIDV has not developed FDI disbursing stated capital to national customers which hold main part in projects Many customers of BIDV are big import export turnover of Vietnam.
53 state owned corporations In 2016, BIDV has about 3,700 customer using trade finance services.
- BIDV has segmented customers and oriented on some mainstay fields such as: exporting rice, coffee, seafood, rubber, and importing petroleum, medicines and hospital equipments, chemical fertilizer.
These fields are leading in import export activities in Vietnam.
- Trade finance service products are diversified and sufficient satisfying all demands of customers.
FDI customers hold only 10% BIDV’s customer base.
Sales and sales management are not effective Because sales staffs lack experience in trade activities so consultation customers in using trade finance services is not persuasive.
Moreover, sales staffs do not approach the right persons of the customers who make decisions of using trade finance services of which bank.
BIDV has supply trade finance services through internet banking.
Interest rate and exchange are less competitive than Vietcombank, Vietinbank and Foreign banks.
- BIDV is the leader in opening branches in Myanma, Laos,
Cambodia, Rusia BIDV also is chairman of association of Vietnamese business in Japan These are opportunities for BIDV to promote trade finance with these markets.
- BIDV can market trade finance services to large existed corporate customer base.
- BIDV 1s looking for foreigner strategic investor to own stakes In case of success, BIDV can improve its foreign exchange difficulty and its trade finance services will be more competitive.
BIDV can be leaved behind by MB, Techcombank, Eximbank, Sacombank which have market shares closely behind BIDV.
As the follower in approaching FDI strategy (after Vietcombank and Vietinbank), BIDV will face more difficulties because FDIs are famous of loyalty They often choose their foreign bank and one local bank If they have already chosen a local bank, they hardly change.
TABLE 10: SWOT analysis of BIDV's Trade Finance Services s* Marketsegmentation:
BIDV has specialized on customers who are big state- owned groups and corporations Having large number of big state — owned group and corporation customers used to be the advantages of BIDV in the recent years However, nowadays, manyof these companies do not operate efficiently some of these even get big loss It time BIDV should redefine its market segmentation.
From 2015 to now, BIDV has paid more attention and spent more money in brand and public relation BIDV also has its own Brand and public relation department Many activities relating to brand and public relations have been carried out However, the writer has not information about financial budget allowance.
Therearethreemainelements in promotionalobjectives:corporate objective,marketingobjectives andmarketing communications objectives(Fill 1999,622).
Corporateobjectives * Becomingthe best in supplying Trade finance services.
* Increase its customer using trade finance services
Marketingcommunicationsobjectives e "BIDV" brandand itspromisearewidelyknown amongtargetcustomers. e Promotingthe Bank'simageas a professionalandreliabletrade financeservicesprovider e Increase the Brand Indentify Index from top 9 to top 6 in the market Brand indentify level in Hanoi is 100% and in Hochiminh city is 50%
Marketingobjectives In 2017 ¢ Market share of trade finance service: 10%, remain the stable third position and far ahead from the fourth ranked rival. ° Import export payment revenue:
USD40billion TABLE 11: Promotional Objectives of BIDV's Trade Finance Operation 3.3.Targeting
Afterscreeningthe surveyresults anddiscussingwith the Head of Marketingofthe Bank, theauthorhasfigured out the targeting audienceforthis improvedmarketing communication plan.
- FDI enterprises operating in high growth fields such as electronics, telecommunication equipments, textile) - Export enterprises operating in fields of exporting rice, coffee, rubber, garment, seafood, agricultural products.
- Import enterprises operating in fields of medicine, animal foods, electronics and electronics components 3.4.Promotion mixstrategy
Between two promotionmix strategies— pushandpull, the author has madethedecision to applypush strategy Themain reason forthe choiceis thatBIDVhas alreadyexistedin theVietnamese bankingsector for alongtime andobtainedcertain reputation However, theBank’ sbrand in trade finance isnot widely— known incomparisonto other banks and there is huge opportumtyforBIDV togammoremarket sharein trade fÍinance services Throughdifferent promotional tools, BIDV could be able topromote its brand image, servicesandreach the demandof targetedcustomers.Furthermore,BIDVhas the chance todraw publicattentiontowards the brandandconvince customers to tryits trade financeservices.Consequently,BIDVcould successfullyachieveits promotionalobjectives.
Resources andbudgetIng - - + 32c 1211111111111 11 1111111111 11111 112 11 ngư 56 3.6 Promotional tools 176
BIDV already has Brand and Public Relation Department belonging to Head Office.
However, brand promotion activities have not been comprehensive from Head office to its branches The Brand and Public Relation Department has 24 people Most of them shift from other departments to Brand and Public relation Department, so they do not have experience in brand For this reason, BIDV’s branding activities in recent years have not plentiful and efficiently Branding activities only promote its brand in common instead of its certain services.
In recent years, budget for brand has increased in comparison with it in the past However, budget for brand relating to trade finance services has not been concerned.
To strengthen brand, it is important for BIDV to improve resources, in which human resource and capital are very crucial.BIDV should recruit or train staffs about brand and IMC Senior officials of the Brand and Public Relation Department must be experts in brand and marketing so that they can consult to Board of Management and propose solutions for strengthening brand.Besides, BIDV should hire prestigious experts in brand and marketing to evaluate BIDV’s brand overall and accurately, then consult in building strengthening brand plan professionally.
For trade finance services, BIDV should have plan and spend more money on
56 improving its brand to improve BIDV’s image in the mind of customers.
Basing on the feature of target customers of trade finance services are import export enterprises, besides traditional promotional tools which have been applied by BIDV in the recent years, BIDV should implement some other tools as mentioned below:
Advertisement should be made via public advertisement, mass media, BIDV media channel:
- Public advertisement: advertising billboards, posters in the office building and posters outside bank’s offices.
+ Television: advertising on a TV channel which has large audience and is consistent with the brand positioning and reputation such as VTV1, VTV3.
+ Online newspaper: focusing on brand advertising at the homepage of about 3 online newspapers like Vnexpress, CafeF, Bizlive.
+ Radio channel: advertising is associated with sponsored attractive program of VOV transportation radio channels
+ BIDV media channels: BIDV news, BIDV Review magazine, BIDV TV news, website bidv.com.vn, workplace.
BIDV has applied sales promotions to attract more customers such as reduce charges, competitive exchange rate, etc To make difference, BIDV should supply promotion in packages A package concludes some favors such as reducing charges and interest rate, free consultancy, reducing insurance premium, or credit package which applied favorable loan interest rated for import export enterprise operating in the fields BIDV concerns Package of reducing fees for customers have large amount of trade finance transactions or traditional customers.
In order to improve personal selling, BIDV’s branches should improve trade finance knowledge and selling skills of the selling staffs by some way as below:
- Monthly hold training courses and professional discussions for staffs - Identify clearly the target person when selling service The target person can be the initiator, influencer, decider, buyer or end user After that, selling staffs collect detailed information about target person, the demand of their enterprises and which bank they
57 are using trade finance services to increase the effectiveness of selling and set up close relationship with key person.
3.6.4 Public relation - Relation with Vietnam Chamber of Commerce and Industry (VCCI)
BIDV should have close relationship with VCCI and cooperate with VCCI in holding forum and conference among import and export enterprise VCCI is a non — government organization which support Vietnamese enterprises and promote economic, commerce, science and technology with foreign countries Import — export enterprises often ask VCCI for help to get information about foreign customers, foreign markets and to solve problems relating to foreign trade For these reasons, VCCI is a good channel for BIDV to get information and approach its target customers BIDV should periodically hold conference or training among import export enterprise to share experiences in foreign trade as well as introduce BIDV trade finance services.
- Relation with Management Board of Industrial Zones Most of FDIs — target customers of BIDV - operate in Industrial Zones It is not easy to
- Relation with Embassy of countries Vietnam has trade operation with.
BIDV should sponsor for events relating to import export enterprises such as Program for vote and glory Vietnam brand, or joining prize about trade finance like the best local bank in supplying trade finance services In 2017, BIDV intends to promote brand through sponsoring for 10 — 15 economic, cultural and social events associated with trade finance.
Moreover, BIDV should select prestigious award programs in local or foreign to promote brand, for example:
- Award “The world’s best trade finance banks” of Global Finance Magazine - Trade finance program awards of ADB
- Award “The best trade finance service provider” of Asian banking institution.
Some solutions for BIDV to improve direct marketing as follow:
- Design and print trade finance services catalogs and sales kits professionally For marketing to FDI enterprises, catalogs and sales kits should be print in foreign languages such as English, Japanese, Korea, Chinese These documents also should be updated in period.
- BIDV should have regulations in using email for marketing, for example: at the end of the email must have the name, position, department, phone number and address of the
58 staffs Staffs must check email regularly and solve email in certain time after receiving.
Staffs must have plan in direct marketing which schedules the time sending documents introducing trade finance services to customers, the time call back if receive no reply from customer, etc.
Customer contact center should updates and solve in time the feedback from customers about internet banking services.
Implementation 0.2.0
Brand and public relations department of BIDV: at the beginning of each year, the department plans on:
+ Objectives of branding communications of the year + Contents, messages, pictures, script and timetable of branding communications + Selecting communication tools
+ Finance for branding communication activities + Connecting with prestigious award programs in trade finance to participate + Connecting with organization like VCCI, industrial zones to set up public relation.
Periodically in January and July, The Brand and public relation department synthetic and evaluate the effectiveness of branding communication activities.
Trade Finance Center + Combining with the Brand and public relation department to design the contents, pictures and scripts of advertisement suitable with trade finance products/services
+ Study carefully and participate prestigious award programs in trade finance to get high awards.
Branches of BIDV’s system + Implementing brand advertising as the script built by Brand and public relations department.
+ Searching location for hanging billboards.
Monitoring,evaluation and COTITỌL c5 23232113 E2EE2EESEEEEEEEsrerrkrrkrrkrrre 59 CONCLUSION, LIMITATION AND IMPLICATION 0 eceececsseeeeeeeeeseeseeeeeeeeeeeeeeneenes 61 1 0019001000012 3
This is the last step in the integratedmarketing communicationsplanin which theBIDV_ will evaluate the effectiveness of the whole process and search forotheralternatives if needed Some criterias could be used to evaluate the effectiveness:
The revenue and number of trade finance transactions implemented through BIDV
Thegrowingnumberofcustomers in trade finance services.
- Level of brand awareness towardsBIDV amongpublicity:customersatisfactionrate,word ofmouth andbrand recognition.
Especiallyto the televisioncommercial,before broadcastingon
VTV1,VTV3channel,BIDVshouldorganizeasmall- scaletrial audienceto watch thevideo and askforcomment and feedback Dueto the highcost oftelevisionbroadcasting,afteronemonth try— out, BIDVcould monitorthewebsite traffic,track sales andinquiriesfromcustomersto witness the resultHowever,as beingmentionedearlier, bankingservicesaredifferent from tangible products.Therefore, itmighttakelongertime to see the result.
To summarize,there aredifferentmetrics and analytical tools fortheBanktocontrol and evaluate theeffectiveness of the plan.If theplan couldnot reach theobjectives that havebeenset before,furtheralternatives should be amended.
1 Conclusion The purpose of this thesis is to generate the integrated marketing communications plan to strengthen the brand of BIDV In order to achieve the main purpose, the author conducts both the theoretical framework and empirical part about branding and integrated marketing communications However, thedatacollectedarenotable togive the Bankawholepictureofthecurrent situation,theyare considered to be asuggestion and supportiveinformation to generate desirable marketing communicationsstrategies.
In the theoreticalframework, the author firstlypresents the principal knowledgeaboutbranding, its importance andrelated terms.Secondly, theoryof integratingmarketing communicationsplan is thoroughlyexplained To clarifytheidea, theauthordescribeseach element in the marketing communicationmixandpresentsthe integratingmarketing communicationsplanningprocess.
In theempirical part, before introducingthe improved plan for the BIDV, theauthorgoes deeplyinto analyzingtheVietnamesebankingsector — in which theBank is operatingbygatheringinformation aboutits system,characteristics andmain players.Furthermore,overviewand SWOT analysis of BIDVare alsoconducted.
Themost importantpart of the research isthe suggestedintegrated marketingcommunicationsplan for the BIDV Theplanningprocess is basedontheorythat hasbeenpresentedin the theoretical framework Theplan is donebygatheringand analyzingthe current situation of BIDV,the author’s observationandexperience, theinterviewwith the Headof The Brand and public relation department of BIDVandtheconductedsurvey.
Theauthor stronglybelieves that with thisimprovedmarketingcommunicationsplan, BIDVcould successfullyachieve its objectives andbecomethe leadingbank in trade finance service in Vietnam.
Limitation 0n -'ẮẳẲẮ.<ỶỶ
The second limitation of the research is lacking detailed financial information Budget is one of the most important in analyzing and building integrated marketing communication plan However, it is sensitive information so the author cannot collect in detail.
The third limitation is the main survey was conducted in just one branch of BIDV and
61 the amount of customer carried survey is not large enough which might not represent the overall BIDVs’ branches.
3 Implication From the author’s point of view, BIDV is oneof thebiggest andoldest joint stock commercial banks in the market and has alonghistoryin servingbankingservices.
Although, BIDV’s brand was not yet widely-known in the past, in the recent years, BIDV has become well-known by the customers However, in comparison with the main competitors like Vietcombank and Vietinbank, brand position of BIDV still lower, especially in trade finance services.The author also wishes the results of research and analysis will help BIDV have a basis to promote its brand The implementation process, despite many efforts, but within the limited knowledge, study time is not much, so the thesis is difficult to avoid certain shortcomings The author wishes to receive the comments of teachers, colleagues and friends to complete the essay.
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Document No.539/BIDV-KHDNL dated 06Feb2017 about Awards for the best seller in trade finance services
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Document No.10674/BIDV-QLRRTT of BIDV dated 19Dec2016 about the result
63 of measurement the customer’s satisfaction.
17 Brand report of The Brand and public communication department (2014) of BIDV.
18 Document No.1577/BIDV-KHDNL dated 13Mar2017 about communication of
19 Brand strategy for BIDV (2014) Nielsen Holdings Inc.
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APPENDIX APPENDIX 1: LIST OF COMMERCIAL BANKS IN VIETNAM
1 State-owned over 50% charter capital commercial Banks
Registered Item Bank’s name Address
; ietnam Joint Stock Commercialll0§ Tran Hung Đao,I42/GP-NHNN
IBank of Industry and Trade IHoan Kiem, Ha Noi dated 03/7/2009 oint Stock Commercial Bank forBIDV tower, 35 Hang
84/GP-NHNN 2 [Investment and Development offVoi, Hoan Kiem, Ha dated 23/4/2012
Ocean Commercial One Memberll99_ Nguyen Luong663/QD-NHNN ang, Hai Duong
(Source website of State Bank of Vietnam — up to 31/12/2015)
Number capital sia Commercial Joint 442 Nguyen Thi Minhl0032/NHGP dated 9377
Stock Bank - ACB IKhai, Ho Chi Minh city 24/4/1993 ,
170 Hai Ba Trung, Ho| 0031/NH-GP 2 4,798 oint Stock Bank (Chi Minh city dated 15/4/1993
(CornerStone Building, IBao Viet Joint Stock 328/GP-NHNN 3 INo 16 Phan Chu Trinh, 3,150 ommercial Bank dated 11/12/2008
112-114-116-118 iet Capital Commercial 0025/ NHGP 4 Building, Hai Ba Trung 3,000 oint Stock Bank dated 22/8/1992 street, Ho Chi Minh city.
INo.117 Quang Trung|0052/NHGP dated 5 street, Vinh city, Nghe 01/9/1994 4,400
Sô 2A Nguyen Thi Minh ILienViet Commercial 91/GP-NHNN
Khai, Da Kao Dist, Quận 6,460 dated 28/3/2008 1, TP Ho Chi Minh.
S6 22 Ngo Quyen, Hoan| 279/GP-NHNN
130 Phan Dang Luu, Phu IDong A Commercial : 0009/NHGP dated
INhuan Dist, TP Hồ Chi 5,000 oint Stock Bank 27/3/1992
25 Tran Hung Dao, Hoan|0051/NHGP dated 5 466
Kiem, Ha Noi 25/3/1994 , he Maritime
Sky tower A — 88 Lang|0001/NHGP ngày 10 11,750
0056/NH-GP 16-18 Pham Hong Thai,
Kien Long Commercial dated 18/9/1995 11 IRach Gia City, Kien 3,000 oint Stock Bank 434/QD-NHNN
Giang province. dated 25/12/2006 iet Nam Technological D and Commercial Joint 191 Ba Trieu, Hai Bal0040/NHƠP dated 8.878
201-203 Cach mang/0026/NHGP dated 13 Stock Bank - NAM A ` 3,000 thang 8, Hồ Chí Minh city 22/8/1992 l4 Orient Commercial Joint 45 Le Duan, Dist No 1| 0061/ NHGP 3.547
Stock Bank - OCB IHochiminh city dated 13/4/1996 ,
5 Military Commercial 21 Cat Linh, Dong Da,0054/NHGP dated 16.000 oint Stock Bank-MB_ [Ha Noi 14/9/1994 , ietnam International
INo.16 Phan Chu Trinh} 0060/ NHGP 16 (Commercial Joint Stock 4,845
IHoan Kiem, Ha Noi dated 25/01/1996
HD INational Citizen bank - 28C-28D Ba Trieu str., 18/9/1995 3010
Hoàn Kiếm dist., Ha Noi | 970/QD-NHNN , dated 18/5/2006
18 Sai Gon Commercial 927 Tran Hung Dao str., 5) 238/GP-NHNN 14.95 oint Stock Bank -SCB_ (dist., Ho Chi Minh city | ngày 26/12/2011 ,
0034/NHGP dated 19 str., 1 dist., Ho Chi Minh 3,080
77 Tran Hung Dao str.,| dated 13/11/1993 20 (Commercial Joint Stock , 8,866
IHoan Kiêm dist.,, Ha Noi| 93/QD-NHNN dated 20/01/2006
Saigon Thuong 266-268 Nam Ky Khoj
0006/NHGP 21 {Tin Commercial Joint Nghia, 3 dist, Ho Chi 18,852) dated 05/12/1991 Stock Bank - Sacombank |Minh city
INo 57 Ly Thuong Kiet ienPhong Commercial , 123/GP-NHNN 22 str., Hoàn Kiém dist, Hà 5,550 oint Stock Bank - TPB dated 05/5/2008
Nội iet A Commercial Joint B4A-34B Han Thuyen
12/NHGP 23 Stock Bank - VIETA str., Hai Ba Trung dist, 3,500 dated 09/5/2003 IHa Noi
; 47 Tran Hung Dao str.,| 2399/QD-NHNN ommercial Joint Stock 3,000
Sóc Trăng city dated 15/12/2006 ietnam Commercial
24 oint Stock Bank for (72 Tran Hung Dao, Hoan| 0042/NHGP 8056 rivate Enterprise - IKiém dist, Ha Noi dated 12/8/1993
INo.229, Tây Son str.) 13/11/1993 26 (Commercial Joint Stock , 3,000 Đông Da dist, Hà Nội 125/QD-NHNN
7 ietnam Commercial No.47 Ly Tu Trong, 1) 0011/NHGP 12355 oint Stock - Eximbank Hisr., Ho Chi Minh city dated 06/4/1992 ,
INo.25 Nguyen Thi Minh0019/NH-GP 28 |Development JSC Bank - 8,100
[Khai str., HoChiMinh city\dated 6/6/1992
(Source: website of State Bank of Vietnam — up to 31/12/2015)
Registered | Charter Bank’s name Address
ANZ Bank (Vietnam) Suncity Bldg., 13 Hai Ba | 268/GP-NHNN Limited - ANZVN Trung str., Ha Noi dated 09/10/2008
Hong Leong Bank [72-74 Nguyen Thi Minh Khai] 342/GP-NHNN Vietnam Limited
Shinhan Bank Vietnam | No 138-142 Hai Ba Trung | 341/GP-NHGP
Limited - SHBVN str., | Dist., Ho Chi Minh city|dated 29/12/2008
Standard Chartered Bank Keangnam Bldg., Pham Hung} 236/GP-NHNN
(Vietnam) Limited- ktr., HaNoi dated 08/9/2008 (Source website of State Bank of Vietnam — up to 31/12/2015)
135/GP-NHGP Indovina Bank Limited - IVB | str., Phu Nhuan Dist., Ho dated 21/11/1990 Chi Minh city
, ; dated 25/3/1992 Kiém dist., Ha Noi
3 Vietnam-Russia Joint Venture | No.1 Yet Kieu Str., Hoan} 11/GP-NHNN 3.008
Bank - VRB Kiem Dist, Ha Noi dated 30/10/2006 `
(Source: website of State Bank of Vietnam — up to 31/12/2015)
APPENDIX2: VIETNAM TOP 50 BRANDS IN 2015
BANK FOR INDUSTRY AND TRADE
Bao Viet BAO VIET Holdings HOLDINGS
Drilling And ell Services ung Vuong Corp.
G3) nN etroVietnam ransportation hermal Power
VIET NAM CONSTRUCTI ON & IMPORT
HOA BINH CONSTRUCTI ON AND REAL
LIST OF COMMERCIAL BANKS IN VIETNAM - 66 APPENDIX 2: VIETNAM TOP 50 BRANDS IN 2015 - che, 71
1 State-owned over 50% charter capital commercial Banks
Registered Item Bank’s name Address
; ietnam Joint Stock Commercialll0§ Tran Hung Đao,I42/GP-NHNN
IBank of Industry and Trade IHoan Kiem, Ha Noi dated 03/7/2009 oint Stock Commercial Bank forBIDV tower, 35 Hang
84/GP-NHNN 2 [Investment and Development offVoi, Hoan Kiem, Ha dated 23/4/2012
Ocean Commercial One Memberll99_ Nguyen Luong663/QD-NHNN ang, Hai Duong
(Source website of State Bank of Vietnam — up to 31/12/2015)
Number capital sia Commercial Joint 442 Nguyen Thi Minhl0032/NHGP dated 9377
Stock Bank - ACB IKhai, Ho Chi Minh city 24/4/1993 ,
170 Hai Ba Trung, Ho| 0031/NH-GP 2 4,798 oint Stock Bank (Chi Minh city dated 15/4/1993
(CornerStone Building, IBao Viet Joint Stock 328/GP-NHNN 3 INo 16 Phan Chu Trinh, 3,150 ommercial Bank dated 11/12/2008
112-114-116-118 iet Capital Commercial 0025/ NHGP 4 Building, Hai Ba Trung 3,000 oint Stock Bank dated 22/8/1992 street, Ho Chi Minh city.
INo.117 Quang Trung|0052/NHGP dated 5 street, Vinh city, Nghe 01/9/1994 4,400
Sô 2A Nguyen Thi Minh ILienViet Commercial 91/GP-NHNN
Khai, Da Kao Dist, Quận 6,460 dated 28/3/2008 1, TP Ho Chi Minh.
S6 22 Ngo Quyen, Hoan| 279/GP-NHNN
130 Phan Dang Luu, Phu IDong A Commercial : 0009/NHGP dated
INhuan Dist, TP Hồ Chi 5,000 oint Stock Bank 27/3/1992
25 Tran Hung Dao, Hoan|0051/NHGP dated 5 466
Kiem, Ha Noi 25/3/1994 , he Maritime
Sky tower A — 88 Lang|0001/NHGP ngày 10 11,750
0056/NH-GP 16-18 Pham Hong Thai,
Kien Long Commercial dated 18/9/1995 11 IRach Gia City, Kien 3,000 oint Stock Bank 434/QD-NHNN
Giang province. dated 25/12/2006 iet Nam Technological D and Commercial Joint 191 Ba Trieu, Hai Bal0040/NHƠP dated 8.878
201-203 Cach mang/0026/NHGP dated 13 Stock Bank - NAM A ` 3,000 thang 8, Hồ Chí Minh city 22/8/1992 l4 Orient Commercial Joint 45 Le Duan, Dist No 1| 0061/ NHGP 3.547
Stock Bank - OCB IHochiminh city dated 13/4/1996 ,
5 Military Commercial 21 Cat Linh, Dong Da,0054/NHGP dated 16.000 oint Stock Bank-MB_ [Ha Noi 14/9/1994 , ietnam International
INo.16 Phan Chu Trinh} 0060/ NHGP 16 (Commercial Joint Stock 4,845
IHoan Kiem, Ha Noi dated 25/01/1996
HD INational Citizen bank - 28C-28D Ba Trieu str., 18/9/1995 3010
Hoàn Kiếm dist., Ha Noi | 970/QD-NHNN , dated 18/5/2006
18 Sai Gon Commercial 927 Tran Hung Dao str., 5) 238/GP-NHNN 14.95 oint Stock Bank -SCB_ (dist., Ho Chi Minh city | ngày 26/12/2011 ,
0034/NHGP dated 19 str., 1 dist., Ho Chi Minh 3,080
77 Tran Hung Dao str.,| dated 13/11/1993 20 (Commercial Joint Stock , 8,866
IHoan Kiêm dist.,, Ha Noi| 93/QD-NHNN dated 20/01/2006
Saigon Thuong 266-268 Nam Ky Khoj
0006/NHGP 21 {Tin Commercial Joint Nghia, 3 dist, Ho Chi 18,852) dated 05/12/1991 Stock Bank - Sacombank |Minh city
INo 57 Ly Thuong Kiet ienPhong Commercial , 123/GP-NHNN 22 str., Hoàn Kiém dist, Hà 5,550 oint Stock Bank - TPB dated 05/5/2008
Nội iet A Commercial Joint B4A-34B Han Thuyen
12/NHGP 23 Stock Bank - VIETA str., Hai Ba Trung dist, 3,500 dated 09/5/2003 IHa Noi
; 47 Tran Hung Dao str.,| 2399/QD-NHNN ommercial Joint Stock 3,000
Sóc Trăng city dated 15/12/2006 ietnam Commercial
24 oint Stock Bank for (72 Tran Hung Dao, Hoan| 0042/NHGP 8056 rivate Enterprise - IKiém dist, Ha Noi dated 12/8/1993
INo.229, Tây Son str.) 13/11/1993 26 (Commercial Joint Stock , 3,000 Đông Da dist, Hà Nội 125/QD-NHNN
7 ietnam Commercial No.47 Ly Tu Trong, 1) 0011/NHGP 12355 oint Stock - Eximbank Hisr., Ho Chi Minh city dated 06/4/1992 ,
INo.25 Nguyen Thi Minh0019/NH-GP 28 |Development JSC Bank - 8,100
[Khai str., HoChiMinh city\dated 6/6/1992
(Source: website of State Bank of Vietnam — up to 31/12/2015)
Registered | Charter Bank’s name Address
ANZ Bank (Vietnam) Suncity Bldg., 13 Hai Ba | 268/GP-NHNN Limited - ANZVN Trung str., Ha Noi dated 09/10/2008
Hong Leong Bank [72-74 Nguyen Thi Minh Khai] 342/GP-NHNN Vietnam Limited
Shinhan Bank Vietnam | No 138-142 Hai Ba Trung | 341/GP-NHGP
Limited - SHBVN str., | Dist., Ho Chi Minh city|dated 29/12/2008
Standard Chartered Bank Keangnam Bldg., Pham Hung} 236/GP-NHNN
(Vietnam) Limited- ktr., HaNoi dated 08/9/2008 (Source website of State Bank of Vietnam — up to 31/12/2015)
135/GP-NHGP Indovina Bank Limited - IVB | str., Phu Nhuan Dist., Ho dated 21/11/1990 Chi Minh city
, ; dated 25/3/1992 Kiém dist., Ha Noi
3 Vietnam-Russia Joint Venture | No.1 Yet Kieu Str., Hoan} 11/GP-NHNN 3.008
Bank - VRB Kiem Dist, Ha Noi dated 30/10/2006 `
(Source: website of State Bank of Vietnam — up to 31/12/2015)
APPENDIX2: VIETNAM TOP 50 BRANDS IN 2015
BANK FOR INDUSTRY AND TRADE
Bao Viet BAO VIET Holdings HOLDINGS
Drilling And ell Services ung Vuong Corp.
G3) nN etroVietnam ransportation hermal Power
VIET NAM CONSTRUCTI ON & IMPORT
HOA BINH CONSTRUCTI ON AND REAL