Chapter I: Theoretical frameworks literature review Chapter II: VCBS company background SWOT analysis on the company’s brokerage activities Chapter III: Brokerage Strategies to improve VCBS brokerage activities
Subject: The strategy to strengthen Vietcombank securities company brokerage activities DISSERTATION INTRODUCTION Reasonable From the Renovation in 1986, Vietnam’s economy has made many vital achievements It overcame the financial crisis in 1997 and maintained a very strong economic growth rate nearly at 7% during the period of 2004-2009 In addition, Vietnam has gained a lot of impressive results in macro – economic stabilities, FDI, export growth, hunger elimination and especially in capital market The Vietnam stock market is one of three capital markets in Vietnam and is rather young market in the world financial market with nearly 10 year old (HOSE initially established in July 2000) Up to now, there are around 100 securities companies in Vietnam Stock market and almost are not familiar with the advantage of using strategies in their business The business activities of one Securities Company have three main parts consisting of brokerage, investment and corporate finance consultancy Normally, brokerage business takes no risks and contributes about 40%-50% of total revenue to the company So, the applying of strategies to brokerage activities is one of the most important things that securities companies should take into account Vietcombank Securities Company is one of the three biggest securities company in Vietnam and like many companies in this sector, it didn’t have any specific and professional business strategies in its brokerage activities As a result, the brokerage activities of VCBS face a lot of difficulty in keeping pace with the planning sales growth rate and how to prepare finance, human resources, information system and marketing campaign to achieve posed objectives With the knowledge gathering in CFVG and the tutor’s instructions, I am going to introduce the reality of brokerage activities in VCBS and strategies solutions to solve these problems Objectives The dissertation is aimed at the following purposes: - Summary relating theories of strategic management, and point out application of these theory in VCBS - Identify opportunities, threats, strengths and weaknesses of VCBS - Make general and specific strategic solutions to VCBS brokerage activities Methodology - Sources of information: + Primary data: via interview, observations, and survey… + Secondary data: Through books, publications, reports, cases, websites… - Methodology: + Interview managers and staff of Brokerage Department of VCBS + Collect related data and information from prospectuses, annual reports, financial statements of VCBS and reports from relevant state agencies + Access websites of specific organizations (State securities committee, Ho Chi Minh stock exchange…) to gather relevant data and useful information to complete the study as well as to make solutions and recommendations for improving performance of brokerage activities in VCBS + Use general, analytical, comparative and statistical methods with charts, tables and factual figures for support Scope Due to time limitation and data unavailability, I am going to research on brokerage activities in VCBS (other business activities such as corporate finance consultancy and investment are not mentioned in this study) and my study only focuses on the brokerage activities of VCBS from 2004 to the first half of 2009 Dissertation structure This Dissertation named “The strategy to strengthen Vietcombank securities company brokerage activities in the period of 2009-2013” is divided into five parts as follows; - Introduction - Chapter I: Theoretical frameworks & literature review - Chapter II: VCBS company background & SWOT analysis on the company’s brokerage activities - Chapter III: Brokerage Strategies to improve VCBS brokerage activities - Conclusion Table of content Subject: The strategy to strengthen Vietcombank securities company brokerage activities DISSERTATION INTRODUCTION 1.Reasonable 2.Objectives 3.Methodology 4.Scope .2 5.Dissertation structure .3 Table of content ACKNOWLEDGEMENT .6 ABBREVIATION & DEFINITION CHAPTER I: THEORETICAL FRAMEWORK 10 & LITERATURE REVIEW 10 1.Strategic management 10 1.1Concepts strategic management 10 1.2Characteristics of strategic management .11 1.2.1 The elements of strategy implementation 11 1.2.2 The elements of strategy evaluation 11 2.SWOT analysis 12 Table 1: SWOT analysis model 13 2.1 PEST model 13 2.1.1 Concept of PEST model 13 2.1.2 Factors of PEST 14 2.2.1 Product life cycles .15 Table 2: Product life cycle 17 2.2.2 BCG Matrix 18 Table 3: BCG Matrix 20 2.2.3 Michael Porter five forces model 20 Table 4: Michael Porter competitive Five forces model .24 2.3 Internal Analysis 24 2.4 TOWS matrix .25 3.Brokerage 26 3.1 Concept of brokerage 26 3.2 Types of Stock brokers 26 3.3Stock Broker activities in Viet Nam 27 CHAPTER II: VCBS COMPANY BACKGROUND AND SWOT ANALYSIS ON THE COMPANY’S BROKERAGE ACTIVITIES 28 1.Company Background 28 1.1Overview .28 Table 5: VCBS company structure .28 1.2Range of business 29 1.3VCBS Partners 29 1.4VCBS mission & objectives 29 1.5VCBS business activities .31 1.6VCBS Business Performance 33 Table 6: Total Assets 2003 – 2009 (billion dongs) .33 Table 7: Turnover and Profit 2004 – 2009 (billion dongs) 34 1.7VCBS brokerage performance 35 Table 8: VCBS Brokerage Department Structure .35 Table 9: VCBS brokerage turnover (billion dongs) 36 Table 10: Top 10 biggest securities companies in brokerage .37 External analysis 37 2.1 PEST analysis .38 2.1.1 Political and legal factors 38 2.1.2 Economic factors .39 2.1.3 Social factors .40 2.1.4 Technological factors 41 Table 11: Key external factors evaluation (EFE) on VCBS brokerage activities 42 2.2 Industry analysis 44 2.2.1 General analysis 44 Table 12: Securities trading account statistics in July 2009 45 2.2.2 Five forces analysis 46 2.2.2.1 Potentiality of new entrants (rather low) 46 2.2.2.2 Bargaining power of Suppliers (low): 46 2.2.2.3 Bargaining power of Buyers (high): .47 2.2.2.4 Threats of Substitutes (rather high): .47 2.2.3 Product life cycle (PLC) analysis 48 2.2.4 BCG analysis .48 Table 13: VCBS Position at BCG Matrix 49 VCBS Brokerage internal analysis .49 3.1 Strengths .49 Table 14: VCBS brokerage forces .51 Table 15: Securities account statistics 54 3.2 Weaknesses 54 Table 16: Key internal factors evaluation (IFE) on VCBS brokerage activities 56 CHAPTER III: SUITABLE STRATEGIES SOLUTIONS TO STRENGTHEN BROKERAGE ACTIVITIES IN VCBS 58 The goals of brokerage activities in 2009-2013 58 Table 17: VCBS brokerage objectives in the period of 2009-2013 58 General strategies .59 2.1 Market penetration 60 2.2 Market development 61 2.3 Product development .62 Specific solutions to implement the intensive strategy for VCBS brokerage activities 63 3.1 Building up a high tech information system for VCBS brokerage activities 63 3.2 Implementing specializing human resources structure, providing more training, building up a clear career road maps 64 3.2.1 Restructuring human resources for VCBS brokerage department 64 Table 18: VCBS Brokerage Structure 64 3.2.2 Providing more trainings, setting up a clear career road map and establishing encourage bonus range for staff .65 3.2.3 Applying ISO procedure in brokerage activities .65 3.3 Bigger investment to finance intensive strategy for VCBS brokerage activities 66 3.3.1 Financing marketing activities for market penetration strategy 66 3.3.2 Financing marketing activities for market development activities 66 Table 19: Estimated cost of VCBS new establishment (VND mil/year) 66 3.4 Creating clear, planned and reasonable marketing campaign 67 3.4.1 Setting up a reasonable wide range of brokerage fee: .67 3.4.2 Providing more convenient securities services for potential customers: 67 3.4.3 Building up a strong and supporting distribution network: .68 3.4.4 Organizing regular conferences, training courses and introduction seminars for customers: .68 Expected results when applying an intensive strategy for VCBS brokerage activities 68 Table 20: Expected VCBS brokerage activities results 70 70 CONSLUSION .71 REFERENCES .72 ACKNOWLEDGEMENT Thesis is an important part for each student of CFVG First and foremost, I would like to express my sincere thanks and appreciation to Ass.Pr.Dr Vu Thanh Hung for his devoted assistant to me during my preparation and research for this thesis Thanks to his valuable and detailed guidance and suggestions, I have finished this dissertation successfully I would like to express my thankfulness to all teachers in CFVG, who have directed and supplied me the necessary knowledge during the time at CFVG and Ma Do Cong Duc, the manager of Strategic planning Department of Vietcombank Securities Company for data collection and useful advice in my analysis ABBREVIATION & DEFINITION VCBS VietComBank Securities Company IPO Initial Public Offering OTC Over the Counter Market SSC State Securities Committee HOSE Ho Chi Minh Stock Exchange HNX Hanoi Stock Exchange VSD Vietnam securities depository centre UPCOM The Unlisted Public Company Market SSI Saigon Securities Incorporation ACBS Asia Commercial Bank Securities Company TSC Thang Long Securities Company FSC First Class Securities Company ABS An Binh Bank Securities Company HSC Ho Chi Minh Securities Company SBS Sacombank Securities Company KLS Kim Long Securities Company BVS Bao Viet Securities Company KEVS KimEng Securities Company PTSC Petro Vietnam technique and services Company Short Sale Borrowing a security (or commodity futures contract) from a broker and selling it, with the understanding that it must later be bought back (hopefully at a lower price) and returned to the broker Margin Account or Margin trading: is a brokerage account in which the Broker lends the customer cash with which to purchase securities Unlike a cash account, a margin account allows an investor to buy securities with money that he/she does not have, by borrowing the money from the broker List of tables and figures+ Subject: The strategy to strengthen Vietcombank securities company brokerage activities DISSERTATION INTRODUCTION Table of content ACKNOWLEDGEMENT .6 ABBREVIATION & DEFINITION CHAPTER I: THEORETICAL FRAMEWORK 10 & LITERATURE REVIEW 10 Table 1: SWOT analysis model 13 Table 2: Product life cycle 17 Table 3: BCG Matrix 20 Table 4: Michael Porter competitive Five forces model .24 CHAPTER II: VCBS COMPANY BACKGROUND AND SWOT ANALYSIS ON THE COMPANY’S BROKERAGE ACTIVITIES 28 Table 5: VCBS company structure .28 Table 6: Total Assets 2003 – 2009 (billion dongs) .33 Table 7: Turnover and Profit 2004 – 2009 (billion dongs) 34 Table 8: VCBS Brokerage Department Structure .35 Table 9: VCBS brokerage turnover (billion dongs) 36 Table 10: Top 10 biggest securities companies in brokerage .37 Table 11: Key external factors evaluation (EFE) on VCBS brokerage activities 42 Table 12: Securities trading account statistics in July 2009 45 Table 13: VCBS Position at BCG Matrix 49 Table 14: VCBS brokerage forces .51 Table 15: Securities account statistics 54 Table 16: Key internal factors evaluation (IFE) on VCBS brokerage activities 56 CHAPTER III: SUITABLE STRATEGIES SOLUTIONS TO STRENGTHEN BROKERAGE ACTIVITIES IN VCBS 58 Table 17: VCBS brokerage objectives in the period of 2009-2013 58 Table 18: VCBS Brokerage Structure 64 Table 19: Estimated cost of VCBS new establishment (VND mil/year) 66 Table 20: Expected VCBS brokerage activities results 70 70 CONSLUSION .71 REFERENCES .72 CHAPTER I: THEORETICAL FRAMEWORK & LITERATURE REVIEW Strategic management 1.1 Concepts strategic management The term of strategic management is usually used with the term of strategic planning The term strategic planning originated in 1950s and was very familiar between 1960s and 1970s During these years, strategic planning was widely believed to answer for all problems related to companies’ activities Following that “boom” however, strategic planning was cast aside during the 1980s as various planning models did not yield higher returns The 1990s, however, brought the revival of strategic planning and the process is widely used in world business today There are several definitions of strategic management or strategic planning as follows: “Strategic management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives”1 Or “Strategic management is an ongoing process that evaluates and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment”2 To sum up, strategic management is the conduct of drafting, implementing and evaluating cross-functional decisions that will enable an organization to achieve Fred Davis – Strategic management concepts & cases, page Lamb, Robert, Boyden Competitive strategic management, Englewood Cliffs, NJ: Prentice-Hall, 1984 10 comparing to the country of more than 90 millions people So, the securities market is very potential The existing market is not saturated Up to now there are more than 7000 foreign customers have invested in Viet Nam stock market including more than 160 international financial institutions such as HSBC, Dragon Capital If VCBS uses the market penetration strategy for its existing market segments, the company will get more market shares and turnover by creating higher satisfactions for customers Thanks to its huge investment in marketing activities and a very famous brand name, VCBS take it easy to implement this strategy successfully by organizing regular conferences with customers and frequent advertising its services through media or newspapers However, the customer needs become more and more sophisticated and difficult to meet especially in existing customer segmentation in which the customer require more and more upgraded services from securities companies 2.2 Market development Market development means VCBS will introduce present products or services in to the new geographic areas Now, VCBS has the trading points at the cities, such as: Saigon, Hanoi and Danang The other areas (Vinh, Hai Phong, Can Tho, etc…) are very lucrative place which VCBS not yet setting up the new branches and trading to take the customers By developing and expanding the current network, it aims at: VCBS can easily develop trading points, representatives or branches along with the VCB huge network in almost 32 cities and provinces in Vietnam VCBS avails quantity and quality human resources to provide new branches and trading points These are untapped or unsaturated market 61 VCBS is one of three market leaders in Vietnam securities market in the five recent years Thanks to crowded network of VCB in 32 big cities and provinces along Vietnam, VCBS has a greater chance to success in market development into new geographic areas VCBS can take advantages of VCB customer data base, VCB customer relationship in new cities and provinces Further more, the company will ask VCB to recruit human resources in new branches and trading points Besides this big advantage of VCB crowded networks, it also poses a difficulty for VCBS how to attract new investors in the stock market and how to make them more active in trading securities 2.3 Product development The product development is one of important component of achieving the Intensive strategy The Vietnam securities and financial market is not developed yet There are still number of products and services which not apply or at the beginning stages They are the following: M & A activities, Short sale and Short Buy and Mortgage services Along with the present services offering to customers such as mortgage, REPO, VCBS represents to its customers the new kind and interesting services namely margin trading, and short sale, T+ support because some reasons: Strong competitors such as SSI, BVSC, BSC offer same and better quality services to customers VCBS just invested VND 46 billion in IT system to upgrade and it will meet the urgent requirements of customers Vietnam regulations allow securities companies to set up their procedures of implementing margin trading account In high growth industry as securities, the company in the huge need of offering new services to customers 62 Rapid development in IT will help VCBS to establish complete IT base for fulfill new services The company will take many meetings with customers to introduce its new securities services and emphasize the customer the advantages of short sale or margin trading or T+ support Through its online trading interface, VCBS will advertise its online supporting services for customers and they will find these services more convenient and interesting to deal with However, this strategy may pose VCBS to difficulties in network security and how much strong the existing network is in order to keep pace with the real time of transactions Specific solutions to implement the intensive strategy for VCBS brokerage activities 3.1 Building up a high tech information system for VCBS brokerage activities Based on very strong and secured IT network so that the company can provide convenient IT environment for foreign customers especially for corporate entities Through VCBS Cyber Investor, customers can deal, make transfer, cash advance every where in front of their computers However, when the numbers of investor become bigger and bigger, the existing IT system is suffered from transaction failure and orders mismatch Current IT network can operate branches, trading points and 15 representatives Moreover, VCBS benefits from the VCB security network everywhere in 32 provinces and cities in Vietnam 20 so that the company needs to expand network through 32 provinces and IT system has to tailor to be suitable for this need In yearly 2010, with the complete of P series server from IBM server and all HP desktop, costly software from Tong Yang investment bank,… technology base is powerful in enough to make more than 5.000 securities transactions per minute (the most powerful IT technology in Viet Nam) This information system will bring customers many benefits such as details account reports, trading leverage, quickly input order and receive results 20 www.vcb.com.vn 63 3.2 Implementing specializing human resources structure, providing more training, building up a clear career road maps 3.2.1 Restructuring human resources for VCBS brokerage department As described in table 6, VCBS brokerage activities is divided from region to region and they have three layers of employees from manager, head of division, team leaders and staff There is a limitation for this existing structure which refers to the unspecialized work forces One staff has to customer development, back up and customer transaction so that their productivity is not high Table 18: VCBS Brokerage Structure Customer developmen t Division Customer Transaction Division Manag er Backup Transaction Division Sources: Author self analysis on brokerage structure My comment is to divide a brokerage department of one region into three divisions of customer development, customer transaction and backup transaction So, one staff only focuses only on job and this structure can link brokerage department from region to region, which benefits the market development and product development in the chosen strategies 64 3.2.2 Providing more trainings, setting up a clear career road map and establishing encourage bonus range for staff - Training program + Provide dynamic trainings from foreign languages to technical analysis and from business ethic to business communications + Encourage training from inside the company, which means some managers from higher levels can teach skills and techniques for staff from lower levels - Career road map and recruitment + For seniors: recruit from the experienced of VCB or strategic partners or from competitors’ outside + For staff: focus on freshmen with well-educated in finance especially from abroad and give them more training in securities and foreign languages + Set up a clear career road map which point out where one staff is in the organizational chart and how to achieve higher level in career road map - Bonus range for brokerage staff: In fact, bonus rate for all brokerage staff is around 2% of their sales which is much lower compared to other companies’ staff (about 20-30% sales) I think that the VCBS board of directors should establish a new reasonable and encourage bonus range for all staff especially in brokerage team This range should take into account the position of staff, how many money they earn to the company and how to encourage them bring more benefits to VCBS 3.2.3 Applying ISO procedure in brokerage activities For IT support: develop a complete set of Human resource management software for VCBS especially in brokerage activities By changing the brokerage structure, the flows of execution of inflow and outflow information are very clear and it will narrow the time of dealing matters at work By apply ISO standard in brokerage activities, managers can easily see who is effective at work and who is not so that they can make a good decision of 65 recruiting or sacking employees 3.3 Bigger investment to finance intensive strategy for VCBS brokerage activities 3.3.1 Financing marketing activities for market penetration strategy - Cost for market activities in printing brochures, annual reports, and organizing conference with customers is not too much It usually accounts for 1-1.5% total sales of VCBS brokerage activities - Cost for reducing brokerage fee and promotion on special events usually take part of 5-7% total sales I think VCBS should take into account and optimize marketing cost of existing customers and then it can pour more money into market expansion in new geographic places 3.3.2 Financing marketing activities for market development activities To finance market development activities, the estimated cost is described as detail as follows: Table 19: Estimated cost of VCBS new establishment (VND mil/year) Kinds of cost HO & Branch Trading point Representatives Fixed cost 3000 1000 Variable cost 1000 300 100 Other cost 100 50 50 Total 4100 800 150 Sources: VCBS marketing department VCBS raise capital for establishing new branches, trading points and representatives from issuing corporate bond and increasing its own chartered capital 66 From table 16, I think that the cost of establishing new trading points and representatives are low and VCBS can take advantages of VCB network to expand new markets 3.4 Creating clear, planned and reasonable marketing campaign 3.4.1 Setting up a reasonable wide range of brokerage fee: Brokerage fee: VCBS offers reasonable fee range for customers both individuals and entities (set 0.02% average brokerage fee for foreign entities in comparison with 0.022% offered from SSI and BVSC)21 Mortgage fee: VCBS should set a reasonable deposit rate range in customer account (about 30%-40% in total transaction value depend on the daily transaction volume of the stock)22 Cash advance fee: The existing cash advance is around 0.05% transaction value for one advanced day, which is rather expensive compared to other competitor’s of 0.035%-0.04% I think that VCBS should discount this fee to 0.04%.23 Custodian fee: Now, VCBS charge 0% fee for custodian stock in VCBS I think this somehow reduces sales revenue but the company has a good reason to charge fee for customer’s stock custodian 3.4.2 Providing more convenient securities services for potential customers: The company bring more convenient services for foreign customers for example it has the stock electronic price table in Japanese and Chinese for these kinds of customers and provide the details of financial indicators of listed stocks online for entities and individuals to assess for reference in the website Customers can make a transaction 10 minutes after deposit transfer completes, provide cyber investor services to customer to help them check out the status of their margin account The time to make a cash advance online is rather slow now and it has to be improved to make the customer’s transactions as quickly as possible The faster the 21 www.vcbs.com.vn www.vcbs.com.vn 23 www.vcbs.com.vn 22 67 cash advance is made the more exact the order is matched resulting in bigger brokerage revenue 3.4.3 Building up a strong and supporting distribution network: With the close relationship between VCBS and foreign entities, VCBS can easily assess the huge amount of customers who choose the entities as their custodian bank in Vietnam As described above, VCB has more than 30 branches and more than a hundred trading points in Viet Nam, so in the next five years, VCBS should take benefits of a huge network from Vietcombank to expand its network in some potential regions namely as Dak Lak, Pleiku, Kien Giang For the foreign distribution network, VCBS should take advantages of good relationship with many big foreign banks and world financial institutions to expand its network to foreign countries The company has a very good contact to some Japanese and Korean securities company to ask them for attracting foreign customers opening accounts in VCBS 3.4.4 Organizing regular conferences, training courses and introduction seminars for customers: Every six month, VCBS holds the meeting conferences in big cities in Vietnam or some potential countries namely China or Japan to make an introduction of VCBS to foreign customers Besides, the company make regular spam email list of individual foreign customers to introduce the products and services of VCBS Every week, the company will organize a conference to point out some buy or sell opportunities for investors, make some general comments about the securities market and some estimation about it Last but not least, VCBS should take part in many “window shopping” of some newly big financial organizations who want to invest portfolio in Viet Nam Expected results when applying an intensive strategy for VCBS brokerage activities 68 When choosing an in an intensive strategy for VCBS, I hope that the company will expand their network, their customer base and their sales very quickly and soon get the market leader in Viet Nam securities market By investing a new modern information system from Tong Yang investment bank in Korea and doubling the sales forces, VCBS can achieve some brilliant successes in the next five years as shown in the table below: 69 Table 20: Expected VCBS brokerage activities results After implementing strategies Increasing Market share Circumstances per year (%) Increasing brokerage revenue per Increasing numbers of year (billion accounts per year dong) Current When applied Time of execution Time of evaluation 5.5 +0.3 140 +70 years Every month 50,000 +10,000 Sources: Author self analysis in consultation with VCBS Brokerage manager After five year of strategies’ execution, I think that the VCBS brokerage sales will increase four times and the account number will double than now This advised strategy will help the company to point out yearly or quarterly objectives and how to achieve them by 70 CONSLUSION During in 2008 and a half of 2009, VCBS has expanded its networks with the opening of new branches, sub-branch offices and agent offices across the nation Besides, it is preparing to launch a new information system help to minimize the time to make transaction, cash advance and so on This modern system helps the company to offer many convenient services to customers and execute as many transactions as possible Despite frequent labor relocation in the securities sector recently, I proudly established a brokerage team that is talented, enthusiastic, young and so committed to fulfilling themselves for the best and ultimate success of VCBS By the end of 2009, it is estimated that the world economy and global financial market will recover from the ruins of world financial crisis in 2008 Inevitably, as part of the world economy, Vietnam will find many opportunities to increase GDP, enhance FDI, ODA and especially Easing currency policies to stimulus the economy are soon expected and they will make very good impact on the development of securities market as well as operations of securities companies Thus, VCBS still commits itself to the planned target of reasonable growth the plan to increase chartered capital to VND 1000 billion and equalization schedule VCBS brokerage department plans to achieve the targets of 50% increase in revenue compared to those of the 2008, simultaneously improve its product & service quality to secure its clients best services, and contribute more than 40% of total company sales This thesis brings many details of the reality of VCBS brokerage activities both in external analysis and internal analysis By gathering the knowledge from strategic management and other related theories, I would like to propose a suitable solution named an intensive strategy to achieve the objectives of VCBS brokerage activities in five years (2009-2013) in term of maintaining and developing its market share, sales and work forces 71 REFERENCES Fred Davis (2003)“ Strategic management concepts & cases”,9 th Edition, Prentice Hall Lamb, Robert, Boyden, Englewood Cliffs (1984) “Competitive strategic management”, 9th edition, NJ: Prentice-Hall Philip Kotler, Gary Armstrong, John Saunders, Veronica Wong (1999)“Principle of Marketing– Prentice Hall – 2nd edition Michael Porter, 1980 “ Competitive Strategy, Free Press, New York O'Sullivan, Arthur; Sheffrin, Steven M (2003) Economics: Principles in Action Needham, Mass.: Pearson Prentice Hall Pr.Dr Le The Gioi, Dr Nguyen Thanh Liem (2007)”Strategic Management”, Statistics Hall, 2nd Edition VCBS annual report 2005 – 2008 VCBS half year report 2009 VSD depositing report July 2009 10 HOSE trading report July 2009 11 HANX trading report July 2009 12 www.vcbs.com.vn 13 www.ssc.com.vn 14 www.vsd.com.vn 15 www.hsx.vn 16 www.hanx.com.vn 17 www.cafef.vn 18 www.vneconomy.com.vn 19 www.foodandretail.blogspot.com/2007/10/porter-5-forces-how-they-work-3.html 20 www.revolutionarydesignsolutions.com 21 www.investor.com 72 Appendix TOP 20 Securities company July 2009 TOP 20 securities companies Market share (%) Stock Fund Certificates Bond SSI 12 10 14 ACBS 7.5 VCBS 5.5 8.2 32 SBS 5.2 TSC 4.9 HSC 4.3 KLS 3.9 0.5 BVS 3.5 3.5 FSC 3.2 KEVS 3 ABS 2.5 73 TAS 2.2 VDSC 2.1 3 IBS 2.1 AGS TVSI 2 SME 1.9 0.5 BSC 1.8 3.1 SHS 1.8 2.5 MHBS 1.5 2 74 Appendix VCBS brokerage activities in period of 2004-2008 Criteria 2004 2005 2006 2007 2008 Market share (%) 7.5 6.5 5.2 Sales force(men) 15 20 35 42 50 Turnover(billion dong) 21 38 59 88 Trading points(number) New Investment(billion dongs) 15 18 10 Trading account (thousands) 10 18 25 40 46 75 ... Chapter III: Brokerage Strategies to improve VCBS brokerage activities - Conclusion Table of content Subject: The strategy to strengthen Vietcombank securities company brokerage activities ... Bank Securities Company TSC Thang Long Securities Company FSC First Class Securities Company ABS An Binh Bank Securities Company HSC Ho Chi Minh Securities Company SBS Sacombank Securities Company. .. brokerage activities of VCBS from 2004 to the first half of 2009 Dissertation structure This Dissertation named “The strategy to strengthen Vietcombank securities company brokerage activities