THE COMPETITIVE CAPACITY OF ACB SECURITY LIMITED COMPANY

HUE UNIVERSITY COLLEGE OF ECONOMICS THE ADVANCED PROGRAM UNDERGRADUATE THESIS THE COMPETITIVE CAPACITY OF ACB SECURITIES LIMITED COMPANY HUYNH THIEN VAN Academic Year: 2011-2016 HUE UNIVERSITY COLLEGE OF ECONOMICS THE ADVANCED PROGRAM UNDERGRADUATE THESIS THE COMPETITIVE CAPACITY OF ACB SECURITY LIMITED COMPANY Name of Student: Huynh Thien Van Name of Supervisor: Class: K45 Agricultural Economics – Finance Assoc Prof., Dr., Tran Van Hoa Academic year: 2011-2016 Hue, June 2016 ACKNOWLEDGEMENTS It is important to realize that without the help of all the organizations and people that I met with, I would not have been able to complete my first Bachelor’s thesis Thus, I am very grateful to many people for their help and support during the various stages of writing this thesis First and foremost, I would like to express great gratitude for the mentorship and support of my supervisors Assoc Prof., Dr., Tran Van Hoa throughout the entire research process Likewise, I am grateful to Director Vu Nhuan Thang at ACBS Company who helps me solve any problems and inquiries about my thesis topic I would also like to thank my friends who passed over the past five years with me We shared and supported together and went to many beautiful memories Most importantly, none of this could have happened without my family They encourage me through phone calls and email every day I would also like to show gratitude to them Finally, thank-you again to all who helped me navigate the research process Huynh Thien Van Hue, June 2016 TABLE OF CONTENTS ACKNOWLEDGEMENTS ABBREVIATIONS LIST OF FIGURES LIST OF TABLES ABSTRACT TABLE OF CONTENTS PART I: INTRODUCTION 1 STATEMENT OF PROBLEM RESEARCH OBJECTIVES RESEARCH METHOD .2 4.1 Data collection method 4.2 Method for Data Analysis PART II: RESEARCH CONTENTS AND RESULTS .3 CHAPTER 1: THEORIES OF COMPETITIVE AND COMPETITIVE CAPACITY OF BUSINESS .3 1.1 Concept of the competition, the competitive capacity and the competitive advantage .3 1.1.1 Concept of the competition 1.1.2 Concept of the competitive capacity to business in economic market 1.1.3 Concept of the competitive advantage 1.2 Criteria for assessing of the competitive capacity of business 1.3 Factors that affect the competitive capacity of business 1.3.1 Factors outside that affect the competitive capacity of business .6 FIGURE 1.1: PORTER’S FORCES 1.3.2 Factors inside that affect the competitive capacity of business .9 1.4 The tool and method to research as well as offer solutions .11 1.4.1 Internal Factor Evaluation Matrix (IFE) and External Factor Evaluation Matrix (EFE) 11 1.4.2 Evaluation Competitive Profile’s Matrix (CPM) 12 1.5 Conclusion chapter 12 CHAPTER 2: ANALYSES AND EVALUATIONS OF THE COMPETITIVE CAPACITY OF ABC SECURITIES LIMITED COMPANY 14 2.1 Overview of Vietnam's stock market and the introduction of ACB securities limited company 14 2.1.1 Overview of Vietnam's stock market .14 2.1.2 Introduce of ACB securities limited company 15 2.2 Evaluate ACBS’s business performance in 2013-2015 18 2.2.1 Assets 18 TABLE 2.1: ASSETS OF ACBS IN 2013-2015 18 2.2.2 Capital resource 18 TABLE 2.2: CAPITAL RESOURCE OF ACBS IN 2013-2015 19 2.2.3 Profitability index 19 TABLE 2.3: REVENUE, PROFIT AND PROFITABILITY INDEX OF ACBS IN 20132015 19 TABLE 2.4: SUMMARY BASIC FINANCIAL RATIOS OF ACBS IN 2013-2015 20 FIGURE 2.1: SUMMARY REVENUES FROM A LOT OF OPERATION OF ACBS IN 2013-2015 .21 2.3 Situation of the competitive capacity of ACB securities limited company 21 2.3.1 Factors inside that affect the competitive capacity of company 21 FIGURE 2.2: HUMAN RESOURCE OF ACB BY LEVEL .23 FIGURE 2.3: HUMAN RESOURCE OF ACB BY AGE 23 TABLE 2.5: COMPARE THE AUTHORIZED CAPITAL AND TOTAL ASSET OF THREE SECURITIES COMPANIES 24 TABLE 2.6: INTERNAL FACTOR EVALUATION MATRIX (IFE) 26 2.3.2 Factors outside that affect the competitive capacity of the company 27 FIGURE 2.4: GDP GROWTH AND ECONOMIC CONTRIBUTIONS 28 FIGURE 2.5: TOP 10 MARKET SHARE OF HSX IN 2015 31 TABLE 2.7: THE DIFFERENT BETWEEN 2014 AND 2015 OF SECURITIES COMPANY IN THE MARKET 32 TABLE 2.8: TOP 20 SECURITIES COMPANY WITH THE HIGHEST REVENUE IN 2014 33 TABLE 2.9: COMPARE TECHNOLOGY ADVANTAGES OF SECURITIES COMPANIES 35 TABLE 2.10: THE BROKERAGE MARKET SHARE OF 10 COMPANIES IN 2015 .37 FIGURE 2.6: THE FOREIGN INVESTORS JOINT IN VIETNAM’ STOCK MARKET IN SEVERAL YEARS 39 TABLE 2.11: EXTENAL FACTOR EVALUATION MATRIX (EFE) 41 2.3.3.Evaluation Copetitive Profile’s Matrix (CPM) 42 TABLE 2.12: EVALUATION COPETITIVE PROFILE’S MATRIX (CPM) .42 2.3.4 Analysis SWOT 44 2.4 Conclusion chapter 48 CHAPTER 3: SOLUTIONS TO ENHANCE THE COMPETITIVE CAPACITY OF ABC SECURITIES LIMITED COMPANY 48 3.1 Development orientation of Vietnam's stock market in 2016 48 3.2 Development orientation of ACB Securities Limited Company 49 3.3 Solution to enhance the competitive capacity of ACB Securities Limited Company .50 3.3.1 Enhance labor quality 50 3.3.2 Continuously expand and enhance service quality .51 3.3.3 Enhance investing the research environment .51 3.3.4 Promote marketing operation 52 PART III: CONCLUSION AND RECOMMENDATION .52 2.1 Recommendation to Ministry of finance and Government 53 2.2 Recommendation to the State Securities Commission .54 REFERENCES APPENDICES APPENDIX A APPENDIX B 16 ABBREVIATIONS ACBS ACB Securities Limited Company HSC Ho Chi Minh Securities Corporation MBS MB Securities Joint Stock Company SSI Saigon Securities Joint Stock Company VND Vietnamese Dong VNDirect VNDirect Securities Joint Stock Company LIST OF FIGURES TABLE OF CONTENTS PART I: INTRODUCTION 1 STATEMENT OF PROBLEM RESEARCH OBJECTIVES RESEARCH METHOD .2 PART II: RESEARCH CONTENTS AND RESULTS .3 CHAPTER 1: THEORIES OF COMPETITIVE AND COMPETITIVE CAPACITY OF BUSINESS .3 FIGURE 1.1: PORTER’S FORCES CHAPTER 2: ANALYSES AND EVALUATIONS OF THE COMPETITIVE CAPACITY OF ABC SECURITIES LIMITED COMPANY 14 TABLE 2.1: ASSETS OF ACBS IN 2013-2015 18 TABLE 2.2: CAPITAL RESOURCE OF ACBS IN 2013-2015 19 TABLE 2.3: REVENUE, PROFIT AND PROFITABILITY INDEX OF ACBS IN 20132015 19 TABLE 2.4: SUMMARY BASIC FINANCIAL RATIOS OF ACBS IN 2013-2015 20 FIGURE 2.1: SUMMARY REVENUES FROM A LOT OF OPERATION OF ACBS IN 2013-2015 .21 FIGURE 2.2: HUMAN RESOURCE OF ACB BY LEVEL .23 FIGURE 2.3: HUMAN RESOURCE OF ACB BY AGE 23 TABLE 2.5: COMPARE THE AUTHORIZED CAPITAL AND TOTAL ASSET OF THREE SECURITIES COMPANIES 24 TABLE 2.6: INTERNAL FACTOR EVALUATION MATRIX (IFE) 26 FIGURE 2.4: GDP GROWTH AND ECONOMIC CONTRIBUTIONS 28 FIGURE 2.5: TOP 10 MARKET SHARE OF HSX IN 2015 31 TABLE 2.7: THE DIFFERENT BETWEEN 2014 AND 2015 OF SECURITIES COMPANY IN THE MARKET 32 TABLE 2.8: TOP 20 SECURITIES COMPANY WITH THE HIGHEST REVENUE IN 2014 33 TABLE 2.9: COMPARE TECHNOLOGY ADVANTAGES OF SECURITIES COMPANIES 35 TABLE 2.10: THE BROKERAGE MARKET SHARE OF 10 COMPANIES IN 2015 .37 FIGURE 2.6: THE FOREIGN INVESTORS JOINT IN VIETNAM’ STOCK MARKET IN SEVERAL YEARS 39 TABLE 2.11: EXTENAL FACTOR EVALUATION MATRIX (EFE) 41 TABLE 2.12: EVALUATION COPETITIVE PROFILE’S MATRIX (CPM) .42 CHAPTER 3: SOLUTIONS TO ENHANCE THE COMPETITIVE CAPACITY OF ABC SECURITIES LIMITED COMPANY 48 PART III: CONCLUSION AND RECOMMENDATION .52 REFERENCES APPENDICES APPENDIX A APPENDIX B 16 D/ Rất nhanh … 16 Đánh giá anh/chị sản phẩm dịch vụ ACBS A/ Yếu … B/ Trung bình … C/ Tốt … D/ Rất tốt … 17 Đánh giá anh/chị trình độ nghiệp vụ nhân viên ACBS A/ Yếu … B/ Trung bình … C/ Tốt … D/ Rất tốt … 18 Theo anh/chị, ACBS cần cải thiện yếu tố để phục vụ khách hàng tốt Xin chân thành cảm ơn anh/chị tham gia ý kiến! 15 APPENDIX B RESULTS OF DATA ANALYSIS N Satisfy Minimum Maximum 2.50 3.00 Std Deviation 740 -.014 072 568 858 30 0 30 30 Minimum Maximum Mean 3.57 00 10 3.37 3.77 Std Deviation 568 -.012 069 450 682 30 0 30 30 Minimum Maximum Mean 2.43 00 12 2.23 2.70 Std Deviation 679 -.021 096 450 819 30 0 30 30 Minimum Maximum Mean 3.67 00 10 3.47 3.87 Std Deviation 547 -.018 086 347 681 30 0 30 30 Minimum Maximum Mean 3.17 00 14 2.90 3.43 Std Deviation 747 -.014 067 607 850 30 0 30 30 N Satisfy External factor 30 13 N Satisfy 30 01 N Satisfy 2.73 N Satisfy Mean N Satisfy 30 Minimum Maximum Mean 3.57 01 13 3.30 3.80 Std Deviation 728 -.033 153 407 999 30 0 30 30 N Descriptive Statistics 16 Bootstrapa Statistic Bias Std Error 95% Confidence Interval Lower External factor Minimum Maximum Mean 2.10 00 15 1.80 2.40 Std Deviation 803 -.016 062 662 900 30 0 30 30 N External factor Minimum Maximum Mean 3.13 00 17 2.80 3.47 Std Deviation 937 -.023 117 669 1.126 30 0 30 30 N External factor Minimum Maximum Mean 3.63 00 14 3.33 3.87 Std Deviation 718 -.025 123 403 898 30 0 30 30 N External factor Minimum Maximum Mean 1.90 00 15 1.60 2.20 Std Deviation 803 -.019 102 584 980 30 0 30 30 N External factor Minimum Maximum Mean 2.17 00 17 1.83 2.50 Std Deviation 986 -.027 110 728 1.165 30 0 30 30 N External factor Minimum Maximum Mean 2.23 00 16 1.93 2.53 Std Deviation 858 -.020 107 610 1.040 30 0 30 30 N External factor Upper Minimum Descriptive Statistics 17 Bootstrapa Statistic Bias Std Error 95% Confidence Interval Lower External factor Maximum 2.93 00 13 2.63 3.17 Std Deviation 740 -.019 124 481 960 30 0 30 30 Minimum Maximum Mean 2.37 00 17 2.03 2.70 Std Deviation 964 -.024 108 699 1.124 30 0 30 30 N External factor Minimum Maximum Mean 2.10 00 14 1.80 2.40 Std Deviation 803 -.018 089 607 959 30 0 30 30 N External factor 10 Minimum Maximum Mean 2.90 00 12 2.67 3.17 Std Deviation 662 -.017 074 490 785 30 0 30 30 N Internal factor Minimum Maximum Mean 3.20 00 13 2.93 3.47 Std Deviation 714 -.016 069 556 828 30 0 30 30 N Internal factor Minimum Maximum Mean 3.93 00 04 3.83 4.00 Std Deviation 254 -.025 103 000 379 30 0 30 30 N Internal factor Mean N External factor Upper Minimum Maximum 18 Descriptive Statistics Bootstrapa Statistic Bias Std Error 95% Confidence Interval Lower Internal factor Mean 3.73 00 11 3.50 3.93 Std Deviation 583 -.022 125 305 774 30 0 30 30 N Internal factor Minimum Maximum Mean 2.27 00 17 1.97 2.60 Std Deviation 944 -.020 116 662 1.135 30 0 30 30 N Internal factor Minimum Maximum Mean 2.77 -.01 14 2.47 3.03 Std Deviation 774 -.016 105 556 971 30 0 30 30 N Internal factor Minimum Maximum Mean 3.13 00 12 2.87 3.37 Std Deviation 681 -.024 121 450 890 30 0 30 30 N Internal factor Minimum Maximum Mean 3.23 00 13 2.93 3.47 Std Deviation 728 -.021 118 498 944 30 0 30 30 N Internal factor Internal factor Upper Minimum Maximum Mean 3.30 00 16 2.97 3.60 Std Deviation 877 -.028 140 563 1.117 30 0 30 30 N Minimum Maximum 19 Mean 3.10 00 14 2.83 3.37 Descriptive Statistics Bootstrapa Statistic Bias Std Error 95% Confidence Interval Lower Internal factor Std Deviation N Internal factor 10 Valid N (listwise) Upper 759 -.017 066 607 858 30 0 30 30 Minimum Maximum Mean 3.37 00 15 3.07 3.63 Std Deviation 809 -.017 077 615 925 30 0 30 30 N 20 Frequency Table Form of enterprise Frequency Percent Valid Percent Cumulative Bootstrap Percent for Percenta Bias Valid State enterprises 26.7 26.7 26.7 Non-state enterprises 3.3 3.3 30.0 26.7 26.7 56.7 Private enterprises 13 43.3 43.3 100.0 -.3 Total 30 100.0 100.0 Enterprises with foreign investment Form of enterprise Bootstrap for Percent Std Error 95% Confidence Interval Lower Valid Upper State enterprises 8.0 13.3 43.3 Non-state enterprises 3.4 10.0 Enterprises with foreign investment 7.9 13.3 43.3 Private enterprises 9.0 26.7 60.0 100.0 100.0 Total 21 a Unless otherwise noted, bootstrap results are based on 1000 bootstrap samples Level of customer concern Frequency Percent Valid Percent Cumulative Bootstrap Percent for Percenta Bias Somewhat interested 20.0 20.0 20.0 Quite interested 20.0 20.0 40.0 Very interested 18 60.0 60.0 100.0 -.5 Total 30 100.0 100.0 Valid Level of customer concern Bootstrap for Percent Std Error 95% Confidence Interval Lower Valid Upper Somewhat interested 7.3 6.7 33.3 Quite interested 7.3 6.7 36.7 Very interested 8.8 43.3 76.7 100.0 100.0 Total a Unless otherwise noted, bootstrap results are based on 1000 bootstrap samples Investment decision Frequency Percent Valid Percent Cumulative Percent Valid Bootstrap for Percenta Bias Std Error Yes 25 83.3 83.3 83.3 -.5 6.9 No 16.7 16.7 100.0 6.9 30 100.0 100.0 -.1 3.2 Total Investment decision 22 Bootstrap for Percent 95% Confidence Interval Lower Valid Upper Yes 70.0 93.3 No 6.7 30.0 100.0 100.0 Total a Unless otherwise noted, bootstrap results are based on 1000 bootstrap samples Level of competition Frequency Percent Valid Percent Cumulative Percent Bootstrap for Percenta Bias Std Error Medium 3.3 3.3 3.3 -.1 3.3 Strong 30.0 30.0 33.3 8.2 Very strong 20 66.7 66.7 100.0 8.7 Total 30 100.0 100.0 0 Valid Level of competition Bootstrap for Percent 95% Confidence Interval Lower Upper Medium Valid 10.0 Strong 16.7 46.7 Very strong 50.0 83.3 100.0 100.0 Total a Unless otherwise noted, bootstrap results are based on 1000 bootstrap samples Brand of ACBS Frequency Percent Valid Percent Cumulative Percent Medium Valid Bootstrap for Percenta Bias Std Error 3.3 3.3 3.3 3.4 Strong 12 40.0 40.0 43.3 9.0 Very strong 17 56.7 56.7 100.0 -.4 9.3 Total 30 100.0 100.0 0 23 Brand of ACBS Bootstrap for Percent 95% Confidence Interval Lower Upper Medium Valid 10.0 Strong 23.3 56.7 Very strong 36.8 73.3 100.0 100.0 Total a Unless otherwise noted, bootstrap results are based on 1000 bootstrap samples Operation network of ACBS Frequency Percent Valid Percent Cumulative Percent Medium Bootstrap for Percenta Bias Std Error 13.3 13.3 13.3 6.5 Strong 14 46.7 46.7 60.0 -.4 8.8 Very strong 12 40.0 40.0 100.0 8.6 Total 30 100.0 100.0 0 Valid 24 Operation network of ACBS Bootstrap for Percent 95% Confidence Interval Lower Upper Medium Valid 3.3 26.7 Strong 30.0 63.3 Very strong 23.3 56.7 100.0 100.0 Total a Unless otherwise noted, bootstrap results are based on 1000 bootstrap samples Marketing operation of ACBS Frequency Percent Valid Percent Cumulative Percent Bootstrap for Percenta Bias Std Error Medium 11 36.7 36.7 36.7 8.7 Attractive 14 46.7 46.7 83.3 -.2 8.8 16.7 16.7 100.0 -.3 6.9 30 100.0 100.0 0 Valid Very attractive Total Marketing operation of ACBS Bootstrap for Percent 95% Confidence Interval Lower Valid Upper Medium 20.0 56.6 Attractive 30.0 63.3 3.3 30.0 100.0 100.0 Very attractive Total 25 a Unless otherwise noted, bootstrap results are based on 1000 bootstrap samples Transaction software Frequency Percent Valid Percent Bootstrap for Percenta Cumulative Percent Normal Bias Std Error 13.3 13.3 13.3 6.1 Satisfied 13 43.3 43.3 56.7 8.7 Very satisfied 13 43.3 43.3 100.0 -.3 8.7 Total 30 100.0 100.0 0 Valid Transaction software Bootstrap for Percent 95% Confidence Interval Lower Upper Normal Valid 3.3 26.7 Satisfied 26.7 60.0 Very satisfied 26.7 60.0 100.0 100.0 Total a Unless otherwise noted, bootstrap results are based on 1000 bootstrap samples Service attitude Frequency Percent Valid Percent Cumulative Percent Normal Bootstrap for Percenta Bias Std Error 3.3 3.3 3.3 3.2 Good 10 33.3 33.3 36.7 8.6 Very good 19 63.3 63.3 100.0 -.3 8.9 Total 30 100.0 100.0 0 Valid Service attitude Bootstrap for Percent 95% Confidence Interval 26 Lower Upper Normal Valid 10.0 Good 16.7 50.0 Very good 46.7 80.0 100.0 100.0 Total a Unless otherwise noted, bootstrap results are based on 1000 bootstrap samples Convenient transaction Frequency Percent Valid Percent Bootstrap for Percenta Cumulative Percent Valid Bias Std Error Slow 3.3 3.3 3.3 -.1 3.2 Normal 20.0 20.0 23.3 7.6 17 56.7 56.7 80.0 -.5 9.0 20.0 20.0 100.0 -.1 7.1 30 100.0 100.0 0 Fast Very fast Total Convenient transaction Bootstrap for Percent 95% Confidence Interval Lower Slow Normal Valid Fast Very fast Total Upper 10.0 6.7 36.7 36.7 73.3 6.7 33.3 100.0 100.0 a Unless otherwise noted, bootstrap results are based on 1000 bootstrap samples Production and service Frequency Percent Valid Percent Cumulative Percent Valid Normal Good Bootstrap for Percenta Bias Std Error 10.0 10.0 10.0 5.6 16 53.3 53.3 63.3 -.2 8.8 27 Very good 11 36.7 36.7 Total 30 100.0 100.0 100.0 8.4 0 Production and service Bootstrap for Percent 95% Confidence Interval Lower Upper Normal Valid 23.3 Good 36.7 70.0 Very good 20.0 53.3 100.0 100.0 Total a Unless otherwise noted, bootstrap results are based on 1000 bootstrap samples Professional workforce Frequency Percent Valid Percent Cumulative Percent Bootstrap for Percenta Bias Std Error Normal 6.7 6.7 6.7 4.5 Good 26.7 26.7 33.3 7.9 Very good 20 66.7 66.7 100.0 -.6 8.6 Total 30 100.0 100.0 0 Valid 28 Professional workforce Bootstrap for Percent 95% Confidence Interval Lower Normal Valid Upper 16.7 Good 13.3 43.3 Very good 50.0 83.3 100.0 100.0 Total THE END 29