Hoàn thiện chiến lược phát triển dịch vụ internet banking tại ngân hàng viettinbank

THESIS SUBJECT IMPROVEMENT OF DEVELOPMENT STRATEGY FOR INTERNET BANKING SERVICE OF VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE, PERIOD 2015-2020 ACKNOWLEDGEMENT i would like to express our sincerely gratitude to our lecturers for MBA Program, of America who have given us a lot of valuable and new knowledge during our course helping us to create a close connection between theory and practice The lecturers have also instructed and supported us for successful completion of this Capstone project We also extend our sincere thanks to the Directorate of Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and our colleagues who have provided us with required information and assisted us during the preparation of this document Page of 78 CONTENT CONTENT LIST OF ABBREVIATIONS LIST OF FIGURES AND TABLES Introduction .7 CHAPTER 10 GENERAL PRINCIPLES IN BUSINESS STRATEGY .10 1.1 An overview of business strategy .10 1.1.1 Definition 10 1.1.2 Significances of developing a business strategy 10 1.1.3 Business strategic management process .11 1.2 Vision, mission and value 13 1.2.1 Vision 13 1.2.2 Mission 13 1.2.3 Value 14 1.3 Business strategy analysis 14 Page of 78 1.3.1 Macro environment analysis .14 1.3.2 Sectoral environment analysis 17 1.3.3 Value Chain analysis 19 1.3.4 Summary of SWOT analysis 20 1.4 Development and selection of business strategy 21 1.4.1 General competitive strategy 21 1.4.2 Business strategy selection 24 1.5 Business strategy implementation .25 1.5.1 Structural implementation 25 1.5.2 Strategy control system .27 1.5.3 Strategy Assessment 28 CHAPTER 29 THE CURRENT SITUATION OF DEVELOPMENT STRATEGY OF INTERNET BANKING SERVICES AT VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE 29 2.1 Overview of Vietnam Joint Stock Commercial Bank for Industry and Trade 29 2.1.1 General information 29 2.1.2 Summary of the formation and development .30 2.1.3 The result of business activities of VietinBank 33 2.2 Real situation of Vietnam Joint Stock Commercial Bank for Industry and Trade in the last few years 36 2.2.1 Opportunities and challenges .36 2.2.2 Strengths and weaknesses of VietinBank 38 2.2.3 Competitive advantages of VietinBank 40 2.3 The current situation of development trategy of Internet banking services at Vietnam Joint Stock Commercial bank for Industry and Trade 41 2.3.1 Overall bank development strategy 41 2.3.2 Internet banking service development strategy 43 2.3.3 Advantages and disadvantages of strategy of Internet banking service development 55 2.3.4 Implementing strategy of Internet banking service development .56 Page of 78 CHAPTER 59 IMPROVEMENT OF DEVELOPMENT STRATEGY OF INTERNET BANKING SERVICES AT VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE PERIOD 2009 - 2012 .59 3.1 Orientation of Internet banking services at Vietnam joint stock commercial Bank for Industry and Trade .59 3.1.1 Orientation 59 3.1.2 Objectives 60 3.2 Vision, missions and values of Vietnam Joint Stock Commercial Bank for Industry and Trade .61 3.2.1 VietinBank’s vision 61 3.2.2 VietinBank’s missions 61 3.2.3 VietinBank’s value .62 3.3 Selection of development strategy of Internet Banking to 2012 64 3.3.1 Demand for Internet Banking service in Vietnam .64 3.3.2 Development strategy for Internet banking service to 2012 of Vietnam Bank for Industrial and Trade .65 3.4 Some solutions to improvement of Internet Banking services development strategy of VietinBank period 2009 - 2012 65 3.4.1 Strengthen financial capacity .66 3.4.2 Modernize banking technology 66 3.4.3 Improve management capacity, operation and human resource development 67 3.4.4 Increase quality of customer service 69 3.4.5 Diversification of Internet banking products and services on the basis of modern technology .70 3.4.6 Strengthening risk management in Internet banking activities 71 3.4.7 Building strategies of production development, marketing and bank’s brand proliferation, products proliferation and transaction network development .72 Page of 78 3.5 Implementation of development strategy of Internet Banking services in Vietnam Joint Stock Commercial Bank for Industry and Trade period 2009 - 2012 .73 3.5.1 Plan of implementation 73 3.5.2 Assessment, inspection 75 CONCLUSION 76 REFERENCES .77 LIST OF ABBREVIATIONS VietinBank SWOT SVL Vietnam Joint Stock Commercial Bank for Industry and Trade Strengths – Weaknesses – Opportunities - Threaths Silverlake LIST OF FIGURES AND TABLES Figure 2.1 Figure 2.2 Table 2.3 Figure 2.4 Chart of VietinBank’s organization Chart of market share of VietinBank in comparison with banks of Vietnam The main financial indicators of VietinBank period 2004-2008 Structure of banking service in Vietinbank Page of 78 Figure 2.5 Figure 2.6 Table 3.1 Diagram of account development of customers in banks Table of number of Internet users Expected number of customers using Internet banking service of VietinBank till the year 2012 INTRODUCTION Research theme “Improvement of development strategy for Internet Banking Service of Vietnam Joint Stock Commercial Bank for Industry and Trade, period 2015-2020” Rationale Along with the great progresses of the global technology, gaps of the entire world seem to be narrowed in a “flat world” Such development has affected on every aspects of the socio-economic life, changed people’s awareness and methods of business and production in many areas and economic sectors including financial and banking sector The definitions of e-banking, online transactions, Internet-based payment have been a trend for development and competition of commercial banks as well as other financial institutions such as insurance, financial leasing, financial investment and securities Development of information technology-based banking services, i.e e-banking, is an indispensable and objective trend for integration into the world’s economy E-banking, typically Internet banking, brings about great benefits for customers, banks and the economy owing to its utilities and accuracy in transactions In such general trend, in order to maintain performance and growth, Vietnam Joint Stock Commercial Bank for Industry and Trade is making its efforts to catch up with the modernization process in banking sector and not only to improve and better Page of 78 its traditional professional competence but also focus on development of modern banking applications, of which e-banking is one of the leading goals to meet requirements for competitiveness enhancement, integration and development However, the current development of e-banking in Vietnam Joint Stock Commercial Bank (VietinBank) for Industry and Trade has been coping with difficulties and shortcomings It is a pressing issue to work out a sound strategy for its successful exploitation and development of e-banking service helping VietinBank to maintain its position and brand-name in the market Therefore, with an aim to enhance quality of banking services for Vietnam’s banks in general and for VietinBank in particular, we choose the topic “Improvement of development strategy for Internet Banking Service of Vietnam Joint Stock Commercial Bank for Industry and Trade, period 2015-2020” for the research of our Capstone Project in economic master Our research contents comprise three chapters: • Chapter 1: General principles in development strategy • Chapter 2: Current status of development strategy for Internet banking service of Vietnam Joint Stock Commercial Bank for Industry and Trade • Chapter 3: Improvement of development strategy for Internet Banking Service of Vietnam Joint Stock Commercial Bank for Industry and Trade, period 2009-2012 We hope that the research will be useful in practice an help Vietnam Joint Stock Commercial Bank for Industry and Trade to have a sound and effective strategy to develop its Internet banking service in new stage Research objectives - To further study in theory a business strategy - To assess the actual status of Internet banking services of Vietnam Joint Stock Commercial Bank for Industry and Trade Page of 78 - To propose solutions for improvement of development strategy for Internet banking services of Vietnam Joint Stock Commercial Bank for Industry and Trade, period 2009 - 2012 Research Contents The study and analysis of Internet Banking Service of Vietnam Joint Stock Commercial Bank for Industry and Trade aims to propose a number of feasible solutions for development strategy of the service for Vietnam Joint Stock Commercial Bank for Industry and Trade Research scopes, methodology and data collection - The research is carried out at the Division of Internet Banking Service - Vietnam Joint Stock Commercial Bank for Industry and Trade - Use the Qualitative and Quantitative methods - Collected data and information includes performance reports of divisions and head office of Vietnam Joint Stock Commercial Bank for Industry and Trade during the period 2005 to 2008 - Data processing by excel (or SPSS if required) - Mainly base on dialectical and historical materialism, statistic method, comparative analysis and other methods for conclusion on the set goals Scientific and practical approach • To systematize all the basic theoretical on strategic management • To assess opportunities, threats, strengths and weaknesses of Vietnam Joint Stock Commercial Bank for Industry and Trade which will be a ground for basic development of Internet banking service of Vietnam Joint Stock Commercial Bank for Industry and Trade • To propose solutions so as to improve the development strategy for Internet Banking Service of Vietnam Joint Stock Commercial Bank for Industry and Page of 78 Trade, period 2009 – 2012 CHAPTER GENERAL PRINCIPLES IN BUSINESS STRATEGY 1.1 An overview of business strategy 1.1.1 Definition The nature of strategy is to stretch out future image of an organization in its business performance and capacity The common opinions of scholars in modern business strategy is that in current variable conditions, strategy is briefly and generally defined as follows: “Strategy is a series of complex activities to mobilize resources of an organization to obtain its desire goals” (1) (Strategy Management Textbook, Griggs University, USA) Strategy is considered to be an organizational management process with strategic thinking: Good strategy is not enough, but the capacity to effectively implement the strategy is the key for the success of an enterprise Business management is strategic This is the current common viewpoint in approaching to strategic management Accordingly, a business strategy is defined as “a commitment and action that a firm utilizes to gain competitive advantage by exploiting its core capacity in a specific market”(2) (Strategy Management Textbook, Griggs University, USA) 1.1.2 Significances of developing a business strategy It can be said that in market mechanisms, development and performance of business strategy play a vital role to the existence and growth of a company Page 10 of 78 become innovative point in terms of employment and talent attraction Currently, Vietinbank’s staff is 14,000, including the 4250 party members, Associate Professors, 25 Doctors, , 460 Masters, 11,000 staff qualified universities and colleges (account for 88.3%) Most of the professional staff are expert in the use of computer software at work, the number of staff having good level of foreign languages makes up 40% Up to the present, VietinBank can be proud of establishing a different breand besides brand of banking products and services That is the brand of human resources, brand of working environment where all staff satisfy, stick to and develop ability, contributing to overall success of the bank 3.3 Selection of development strategy of Internet Banking to 2012 3.3.1 Demand for Internet Banking service in Vietnam As can be seen from statistics table in section 2.3.2.2 statistics, the number of people using internet, mobile phones and the number of accounts opened at banks increases every year, in addition, the current era is the era of information technology, electronic commerce, therefore, the need of individuals and organizations for ebanking services is extremely large The greatest advantage of Internet banking service for customers is the convenience and ready for banking services Customers only need to be right in the working office to make money transfer orders for partners, make bill payment, or simply check account balance without having to take time and effort to go to the bank or make a phone call to the bank This is the most obvious advantage of Internet banking Customers can access the Internet banking anytime, anywhere In addition, Internet banking services with modern technology save time and reduce the cost of the service for customers Besides, customers will be provided with the latest hot information such as exchange rate, financial information searching of partner Page 64 of 78 Moreover, with standardized criteria, customers are dedicatedly and accurately served instead of depending on the service attitudes of different banking employee From the advantages mentioned above, the economic organizations, the need for using Internet Banking service of enterprises and individuals is very high 3.3.2 Development strategy for Internet banking service to 2012 of Vietnam Bank for Industrial and Trade From the analysis of internal and external environment, strengths, weaknesses, opportunities and threats in table of SWOT, the research group found that subjects in the context of extensive and intensively competitive economic integration, in order to achieve rapid and sustainable growth rate for the bank, it is necessary to select for the bank itself a specific development strategy based on their current strengths Therefore, the development strategy of the Internet Banking service in VietinBank period 20092012 mentioned above was selected by the group To illustrate the development strategy that helps create high value chains, the group give suggested table below: Non- Financial service - Low cost Financial service - High cost - Simple business - Complex business - Low service utility - High service utility - Low level of customers’ - High level of customers’ Revenue satisfaction Low satisfaction High 3.4 Some solutions to improvement of Internet Banking services development strategy of VietinBank period 2009 - 2012 In order to make Internet banking service really come in life and promote the comprehensive its advantages as well as benefits, it requires proper investment and interest of managers, customers and banks themselves However, in general, it is essential to develop synchronously these following solutions: Page 65 of 78 3.4.1 Strengthen financial capacity Strengthening financial capacity through seeking strategic partners, issuing stocks , using banking capital effectively, develop internal forces, maximize the earned profit 3.4.2 Modernize banking technology Banking technology has huge influence on the development of electronic banking services; therefore, developing technology and infrastructure is an important task of VietinBank - Concentrating to build centralized database in the system, when this completes, it means that all banking performing data will be concentrated in centered data , all changes will be to online updated immediately Data is integrated between electronic banking system and core banking This allows Vietinbank to grasp accurately customer’s balance accounts as well as allow the transaction account to be done at any branch in the system In addition, customers’ shared information system ensure customer to confirm the accurately and conveniently to meet requirements of distributed and automatic transactions such as electronic banking services, online transactions implementation in the whole system, easy data communication with external systems such as interbank payment network, ATM network, VISA payment, - Building telecommunications system connecting branches: Cooperate with the post and telecommunications agencies to improve data access, and build broad computer network connecting between the branches, transaction department and head office It is necessary to select technical system allowing communication in many different ways of communication to ensure quick transactions process, avoid obstruct in peak hours Besides the formal system must have backup systems being ready for use, in case of congestion entirely on telecommunications, there’s only transactions obstruction in branches, internal transaction of branches is still in progress Page 66 of 78 - In the process of equipment investment and software installation, it is necessary to implement security solutions to network more thoroughly Problems of ethical risks not only occur from the banking staff or the customers, it can happen from both sides And when the economy has been moved to the numberization, the risks of ethics from the customers will become more and more sophisticated Therefore, if there is no thorough security solutions to the network, damages from the first attack on the network will be happened to the bank itself It is necessary to have full awareness of the risks in electronic banking and electronic money and the conversion process together with the risk: The quick jump of modern technology also comes with risk if people not control it; The transition to a customs of new transaction which is electronic transactions (including electronic banking and electronic money) in the context of economy transition can also go with many risks - Strengthening the connection between banking payment system and electronic inter banking payment system to create a secured and unified national payment, which creates conditions for banking services to develop in a modern, synchronous and positive way - Standardize e-banking transactions to limit the risks Electronic banking transactions occur mainly through online mode Therefore the standardization of ebanking operations in a certain way will avoid errors, , which limits the risks for banks and the economy 3.4.3 Improve management capacity, operation and human resource development The development of electronic banking activities have to be associated with banking management capacity, operation and human resource quality Therefore, in order to develop sustainable banking services, VietinBank needs to have specific solutions to improve the quality of human resources - Firstly, it is necessary to improve banking management skills: VietinBank has to Page 67 of 78 quickly learn, accumulate and complete modern banking management skills and experiences Strengthening the management of the Board of Directors towards the way that the Board of Directors has the right to vote trusted CEO, the banking supervisory section is independent of operating agency and under the Board of Directors - Construct a specific training program which is close to the reality • For potential managers of all levels, it is necessary to have a plan for training, practicing in the foreign banks on the basis of cooperation and exchange among managers and operating employees of regional or foreign banks operating in Vietnam Considering the certificate of training is one of the criteria to select managers for modern joint stock commercial banks Directing the implementation of employing Directors to ensure that senior officials must have adequate qualifications, comprehensive banking operating • For employees, it is essential to have a training plan to improve qualifications, in depth professional competence, and ability of skilled modern technology application It is necessary to regularly open short classes, courses on business, on the soft skills which employ the top banking specialists so that knowledge of banking staff from the grassroots levels can be updated In addition, bank should have a plan to design the training course on communications skill, customer care skill, problem solving skill, group work skill, presentation skill in order that banking staff are the real bridge between customers and the bank - There must be strategies to keep, attract and develop human resources This is a difficult task for VietinBank, and it is more difficult when the foreign banks attract the human resources of banks in the country with high salaries, good compensation In fact, recently the high quality human resources of the bank under 35 years old are tend to leave the bank to work for foreign banks tend Therefore, VietinBank need to implement appropriate wage policies, salaries must be associated with the level, productivity, quality, efficiency of work With increasing incomes for workers, VietinBank needs to build appropriate cultural enterprises in accordance with the Page 68 of 78 modern bank of Vietnam Besides the binding mechanism to the material, it is necessary to educate training staff about traditional spirit and community interests - Training staff to enhance the ability to operate and manage electronic banking business If the operation of training staff is slower than the process of banking modernization, the ability to absorb technology will be limited and those risks will be elsewhere in the banking system 3.4.4 Increase quality of customer service In current situation, while the electronic banking services, including Internet banking service which plays an important role, receiving special attention, considering the key service, leading to similarities in investment and advanced technology, the quality of service is set out as competitive strengths and comparative advantages of each bank Therefore, focusing investment in service quality to satisfy the full demands of customers should also be implemented by VietinBank, in which Internet banking is given priority: Firstly, setting standards of customer service The bank needs to set the standards for customer service staff, unifying service style for all employees of the branches, transaction offices of the whole system to create professional, unique of VietinBank Organizing regularly "confident clients " program and ensure the strict and secret of the program so that bank can evaluate the employees’ attitude exactly There will be policies of reward, punishment for each assessment phase of the program, and at the same time, there will be recommendations, suggestions to improve the quality of customer service Secondly, building customers’ policy Preferential policies for VIP clients or dear customers are indispensable to retain customers Therefore, VietinBank should have programs to accrue points for each transaction in order to encourage customers to maintain their long - term relations and cooperation with the bank VietinBank should also establish customer care group to serve customers quickly, thoughtfully; caring about them to early Page 69 of 78 identify customers who may switch to use the other banks’ services to find out the reasons and consult and encourage customers to keep relationship with the bank Thirdly, building channels solving customers’ complaints, querie Via everyday email or telephone, especially through customer support functions at Internet banking program , VietinBank is able to quickly resolve / answer complaints and queries from customers, and to so, the bank can control arising problems, know ideas, contributions and wishes of customers for timely appropriate adjustments, fully satisfy customers’ needs 3.4.5 Diversification of Internet banking products and services on the basis of modern technology At the present, Internet - banking service of VietinBank is very sparse; many utilities are not really considered Therefore, VietinBank must strengthen further the offer of new products and services, meeting the most and the best customers’ needs In order to popularize Internet banking products in people's lives, first and foremost, VietinBank needs to improve familiar products and service which are available to maintain existing number of customers, attracting new customers, potential customers, and then expanding and developing new products and services Once Internet Banking product belongs to the life of people’s, creating trust from customers, the provision of utilities and product diversity are competitive advantages of the bank However, like most commercial banks in Vietnam, VietinBank’s development is still at the limited level, most of the utilities of Internet banking services only stop at the account information, transaction history information, interest rates information, exchange rates information Therefore, in order to create a competitive advantage in the field of Internet banking, VietinBank needs to accelerate investment, research to provide more and more utilities of Internet banking services, meeting the increasing needs of customers Page 70 of 78 3.4.6 Strengthening risk management in Internet banking activities Internet -Banking transaction is a kind of unlimited transaction in terms of space and time, so, it may face many risks In this case, all barriers as well as the protection of the State will not remain Bank will be directly threatened by international hackers, specialized organizations attacking computer systems of the bank via the Internet to steal passwords, access codes of the customer to withdraw cash Therefore, the risk management in electronic banking activities is the priority task and the security and safety system should be paid attention to Therefore, in order to promote efficiency, exploit full potential and strengths of Internet banking, it is necessary to protect the safety of this system An important feature of any Internet banking solution is to ensure the authenticity and security in the transaction There are many security solutions for Internet banking system There are many methods to solve problems of authentication and Internet banking transactions security such as: using the virtual keyboard, one time password, two factor authentication or using Hardware token, PKI Smartcard Currently, great banks in the world often use authentication solutions and secure transactions on the basis of public key infrastructure (PKI) with the participation of Hardware token (smart card integrated with USB) or smart card (PIK Smartcard) Compared to other solutions, security solution of using electronic signatures can deal with four critical issues in electronic transactions at the same time They are: User authentication, information transaction security, data integrity and anti disclaimer This solution has also been used by VietinBank for VietinBank at home services (transferring spending orders to the bank) Particularly for Internet banking service, VietinBank has only implemented to provide customers with the utilities of non-financial services such as balance inquiry, historical transactions, statements, therefore, customers only need to have ID and password to use the service, they not need to have electronic signature security measures as VietinBank at home service Development strategy for Internet banking service in recent time of the bank should be oriented to use electronic signature security solutions for financial Page 71 of 78 transactions supplied to customers However, whatever solutions are chosen, security is a journey, not a destination There is no single security solution that is strong enough to fight against attacks on the Internet, it is necessary to perform all the solutions – combine many technological solutions with close business processes 3.4.7 Building strategies of production development, marketing and bank’s brand proliferation, products proliferation and transaction network development - It is necessary for VietinBank to conduct market and customers segment to determine appropriate market and target customers, then having appropriate business strategies Every quarter or every months, business department of the bank should have a plan to access and expand services to all customers of all economic classes It is essential to profile; summarize the achieved results to complement good experiences in development of kinds of services - It is necessary to establishing a department which is mainly responsible for marketing • Enhancing the promotion of E-banking, advertising contents will emphasize the utility that e-banking offers to customers • Strengthening marketing activities which are appropriate to each province, district of the city, through the widely propaganda, advertising about the utility of products and services that bank brings back Implementing plan funding cultural programs, sport programs of the provinces in the city, through the introduction of products and services of banks to each person in the provinces Organizing gifting programs regularly to attract the attention of organizations and individuals - It is necessary to develop transactions network • Focusing on exploitation in the industrial zones processing zones, and Page 72 of 78 residential areas , cooperating with the local authorities to register exploit places which are the centre of economic activities It is vital to associate with universities, institutions for booking transactions office to exploit a large number of the customers which are students and students’ relatives This is a potential market that leading banks has first penetrated such as the Bank of Agriculture and Rural Development has penetrated into of universities in cities • Actively collaborate with the managers of industrial zones to gradually exploit customers who are foreign investment enterprises Penetrating and exploiting customers who are staff of these enterprises It is wise to associate businesses, employees with banks in interests • However, the development of transactions network must ensure the technology factors, which means that branches or transaction office must be connected with the head office or level branch to manage risks and liquidity account, examine the daily activities Besides the opening of transactions network requires the careful preparation of capital and human resources 3.5 Implementation of development strategy of Internet Banking services in Vietnam Joint Stock Commercial Bank for Industry and Trade period 2009 - 2012 3.5.1 Plan of implementation Business Provide transfer Department in charge Completion time Quarter Quarter I/2010 II/2010 Others money Member of EBC and ITC x services, involving in Internet loan refund service banking Project and bill payment service Page 73 of 78 Provide commercial Member of EBC and ITC funding service involving in x Internet banking Project Collect data and ITC x integrate information and technology system Research and R&D Staff of EBC Always Develop products Review system of - Professional staff of EBC Once documents, - Legal department month - Professional staff of EBC Every - School of human resources months procedures and amendments and supplements (if a any) Training training and development Marketing - Sales Staff of EBC - Department of Always ISO Building and Management - Information propagation Board - Deparment of general coordination and marketing in branches Page 74 of 78 3.5.2 Assessment, inspection Inspection as well as supervision always plays an important role in any management process and profession of VietinBank, including Internet banking profession The task of assessment and inspection of professional departments of headquarter as well as those of branches always promote positive effects from the test of getting information systematically, from simple to complex way to help to prevent and limit risks, and at the same time, to help leaders to have evidence to make administrative decisions Inspection and supervision is carried out periodically and unexpectedly, especially the cross-checking cases to soon find signs of mistakes and finish solutions, avoid long lasting Page 75 of 78 CONCLUSION In the last 20 years of operation, VietinBank in particular and system of Vietnam joint stock commercial in general have made significant steps, playing positive role in the industrialization - modernization of the country However, through some practical researches, it appears that there is still a huge gap between Vietnam Joint Stock commercial banks and developed banks in the world, especially for the field of modern banking services that typically Internet banking services Internet banking service is still a new issue to the majority of people and Vietnam Joint Stock Commercial Banks themselves In order to expand and develop this activity, it requires time as well as synchronous solutions, great efforts, determination of not only banks but also the great attention of the Government, all realated departments and sectors at all levels Thus, in spite of uncomprehensiveness, hopefully some solutions mentioned in the report will have significant practical meaning to development strategy of Internet banking service in VietinBank in the coming time, and then contributing to accelerating the process of banking modernization in the trend of strong world financial integration Page 76 of 78 REFERENCES Griggs University - U.S.A, Strategic Management Course book Vietnam National Economics University, Strategic Management Course book Thai Ba Can, Asso.PhD, Tran Nguyen Nam, M.A.(2004), Development of Financial Service Market in Vietnam in the context of integration, Finance Publisher, 2001 Le The Gioi, Asso.PhD, Nguyen Thanh Liem M.A., Tran Huu Hai M.A., Strategic Management, Statistics Publisher, 2009 Pham Van Nang (Chief Editor) (2003), Summary record of Scientific Conference “Finance liberalization and international integration of banking system in Vietnam”, The Publishing Department - Ministry of Information and Communications of Vietnam State Bank of Vietnam (2008), “Overall report of implementation of objective program of route of development route of banking service period 2001 –2005” State bank of Vietnam (2005), “Development strategies of banking services period 2006 – 2010”, written record number 912/NHNN-CLPT , 19/08/2005 State Bank of Vietnam (2008), “Objective program of development route of banking service period 2006 - 2010” Nguyen Thi Quy Asso, PhD (2005), The competitiveness of commercial banks in the trend of integration, Political Theory Publisher 10 VietinBank’s Annual Report (2003 – 2007) 11 Banking technology magazine (2003 – 2009) 12 Banking magazine (2003 – 2009) 13 Finance – Currency Market Magazine (2003 – 2009) 14 Reference websites: - Website of Ministry of Commerce: : http://www.mot.gov.vn Page 77 of 78 - Website of Vietnam Economic Agency : http://www.vneconomy.com.vn - Website of State Bank of Vietnam : http://www.sbv.gov.vn - Website of Vietinbank: http://www.vietinbank.vn - Website of other banks Page 78 of 78 [...]... dong, up 40% compared with 2007 Page 34 of 78 The total number of customers using Electronic Banking Service (includes SMS banking, VietinBank at home, Internet banking) in 2008 was 94,659 customers In which, customers using service e -banking in 2007 remain at only modest number: 2543 customers Therefore, in 2008 e -banking services of VietinBank made a rapid step And in order to develop and improve available... International Finance Leasing Company in Vietnam) • Asia Insurance Joint venture company-Vietnam Bank for Industry and Trade - As an official membership of: • Vietnam Banking Association (VNBA) • Banking Association in Asia Area (AABA) • Banking Association in Southeast Asia • Association of Finance Telecommunications Interbank (SWIFT) • Association of international VISA, MASTER card • Vietnam Chamber... Fax Website Logo Slogan Target : Ngân hàng Thương mại Cổ phần Công thương Việt Nam : Vietnam Joint Stock Commercial Bank for Industry and Trade : VietinBank : Joint Stock Commercial Bank : Finance - Insurance - Investment : 108, Tran Hung Dao, Hoan Kiem, Hanoi : 84.4.39421030 : 84.4.39421186 : www.vietinbank.com.vn : : Increase the value of life : To become a strong banking financial corporation 2.1.2... different design stages of Viet Hung; • Ensure flexibility • Ensure contingency • Focus on important points, theoretical and important contents CHAPTER 2 THE CURRENT SITUATION OF DEVELOPMENT STRATEGY OF INTERNET BANKING SERVICES AT VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE 2.1 Overview of Vietnam Joint Stock Commercial Bank for Industry and Trade 2.1.1 General information Transaction name... when Vietnam will open completely its doors for banking and finance sector as it committed to the WTO That opens not only for domestic investors, but also the foreign ones This is the opportunity for domestic banks in general and VietinBank in particular to increase capital, acquire knowledge, experience and modern technology in terms of management and banking activities In addition, not only for banks,... Guarantee 6 ATM service ( at the present, there are 2 millions using this service) 7 International credit card issuing and payment service: Visa, Master 8 Service of foreign currency business 9 Electronic banking service 10 Overseas remittance money transfer service 11 Insurance 12 Finance leasing 13 Other services: Investment and Finance Consulting; investment portfolio management, consultancy, securities... expansive network Year 2008 is the year marking 20 years of construction and development, Vietnam Bank for Industry and Trade has implemented successfully big events whose meanings are very important Banking business is one of special business activities which has the specific characteristics With its own efforts, in 2008, Vietnam Bank for Industry and Trade achieved certain results Page 33 of 78 Capital... 2.8 million billion, which increased by 29.1% compared with 2007 Vietnam Bank for Industry and Trade developed many relating services and products such as card transaction conversion into Incas, Home Banking, and bilateral payment with Development Bank, General Department of Taxation… Overseas remittance activities achieved good results, which creates more forms of collaboration with exporting workers... four largest state commercial banks in Vietnam, and being ranked as one of 23 special businesses in Vietnam, VietinBank with total assets accounts for more than 25% market share in the entire Vietnam banking system Capital of Vietinbank are always growing through the years, and increased considerably from 1996, reaching more than 20% per year on average, particularly when increased 35% compared to... vision in investment and development Vietnam Bank for Industry and Trade offers new products and services, and pays special attention to the development of modern financial products and services (such as e -banking services) to improve facilities for customers, focused on economic research and analysis to find optimal solutions for limited resources management to achieve the goals set out effectively Table