Analysis and recommendations in strategic adjustment for VNDIRECT Securities Joint Stock Company (2011 -2016) Nguyễn Thi ̣Phương Thảo Khoa Quản trị Kinh doanh Luận văn Thạc sĩ ngành: Kinh doanh quản lý; Mã số: 60 34 05 Người hướng dẫn: TS Nguyễn Viê ̣t Anh Năm bảo vệ: 2010 Keywords: Quản trị kinh doanh; Chứng khoán; Thị trường chứng khốn; Cơng ty VNDIRECT Content ACKNOWLEDGEMENTS i ABSTRACT ii TOM TAT v TABLE OF CONTENT viii LIST OF TABLES xi LIST OF FIGURES xii LIST OF ABBREVIATIONS xiii INTRODUCTION 1 Necessity of the thesis Objective of the thesis 3 Research questions Scope of work Methodology Contributions of the thesis X Expected results Further research directions Limitation of the thesis 10 Thesis structure CHAPTER 1: LITERATURE REVIEW 1.1 Strategy and role of strategy 1.1.1 Definition of strategy 1.1.2 Role of strategy 1.2 Strategic management process 1.3 Strategic vision and business mission 12 1.4 Setting objectives 12 1.5 External environment analysis 13 1.5.1 Macro environment analysis 14 1.5.2 Industry and competition environment analysis 17 1.6 Company situation analysis 26 1.6.1 Analysis of how well the current strategy works 26 1.6.2 Analysis of company’s roots of competitive advantage 27 1.6.3 Analysis of company‘s cost structure 30 1.6.4 Evaluate the company‘s competitive position 33 1.7 SWOT analysis 35 1.7.1 What is SWOT? 35 1.7.2 SWOT matrix 36 1.8 Formulating a strategy 36 1.8.1 Levels of strategy - The Strategy making pyramid 36 1.8.2 Specific strategy at different levels 37 CHAPTER 2: CASE STUDY OF VNDIRECT 45 2.1 Over all about VNDIRECT 45 2.1.1 General information about VNDIRECT 45 X 2.1.2 The establishment and development of the company 46 2.1.3 The company organizational structure 47 2.2 Analysis of strategic vision and business mission 48 2.2.1 Analysis of current strategic vision of VNDIRECT 48 2.2.2 Analysis of current business mission of VNDIRECT 49 2.3 Objectives of VNDIRECT 50 2.4 External environment analysis 50 2.4.1 Macro environment analysis 50 2.4.2 Industry and competition environment analysis 58 2.5 Situation analysis of VNDIRECT 80 2.5.1 Analysis of how well the corporate strategy works 80 2.5.2 Analysis of how well the business strategy works82Analysis of how well functional strategy works 89 2.5.3 Analysis of business result of the company 106 2.5.4 Analysis of company’s resources and capabilities 108 2.5.5 The value chain and the company ‘s cost structure 111 2.5.6 Evaluate the company ‘s competitive position 113 CHAPTER 3: SUMMARY AND RECOMMENDATIONS 116 3.1 Summary and recommendations for theory development 116 3.2 Summary and recommendations for Government bodies 117 3.3 Findings for VNDIRECT 119 3.3.1 SWOT matrix analysis of VNDIRECT 119 3.3.2 Distinct competencies of VNDIRECT 122 3.4 Recommendations for VNDIRECT company from 2011 - 2016 122 3.4.1 Recommendations in strategic vision and business mission adjustment 122 3.4.2 Recommendations for corporate strategy adjustments 123 3.4.3 Recommendations for business strategy adjustments 125 3.4.4 Recommendations for functional strategy adjustments 129 X the 3.4.5 Summary of strategic development direction of VNDIRECT 133 CONCLUSION 135 REFERENCES 137 APPENDICES 140 References: English: Arthur Thompson and Strickland (University ofAlabama), Strategic Management: Concepts and Cases, 10th edition, McGraw Hill Companies Charles W.L Hill (University of Washington) and Gareth R Jones (Texas A&M University), Strategic management - An integrated approach, 4th edition, Houghton Mifflin Company, New York John A Pearce II and Richard B Robison, (University of Phonenix), Strategic management - Formulation, Implementation and Control, 7th edition, McGraw Hill Companies Porter, M E 1996, What is a (November-December) Porter, M E (Jan 2008), The Five Competitive Forces that Shape Strategy, Harvard strategy?Harvard Business Review Business Review Ayako Takai, Graduate School of Economics, The University of Tokyo, (September 2004), Success factors and their formation processes in early stage competition in the Japanese online securities industry, Japan Vietnam NetCitizens Report (March 2010), Internet usage and development in Vietnam, Cimigo Company, Vietnam Vietnam Salary Survey 2009, Navigos Group Vietnamese: X Luat chung khoan, Viet Nam Law on Securities, Vietnam 10 Nghi dinh so 14/2007/NB-CP cua Chinh phu Quy dinh chi tiet thi hanh mot so dieu cua Luat Chung khoan Decree No.14/2007/NB-CP regulating details of implementation several articles of the Law on Securities 11 Quyet dinh so 27/2007/QB-BTC cua Bo Tai chinh ve viec ban hanh Quy che to chuc va hoat dong cong ty chung khoan Decision No 27/2007/QB-BTC on the promulgation of the regulation on the organization and operation of securities companies, Ministry of Finance 12 Quyet dinh so Decision No 128/2007/QB-TTg phe duyet Be an phat trien thi truong von Vietnam den nam 2010 va tarn nhin den nam 2020 Decision No 128/2007/QB-TTg for the approval of the Proposal to develop Vietnamese capital market and the vision until 2020 13 Trung Hung, Phat trien nha dau tu to chuc: Can loai bo nhieu rao can, bao Ha Noi moi dien tu, 24/1/2010 Trung Hung, Develop institutional investors: Needed to remove many barriers, Hanoimoi electronics newspaper, 24 January 2010 14 Ngoc Thuy, Cong ty chung khoan Ngan hang dau tu: Binh mai, ruau chua kip mai, Tap ch Nhip cau dau tu, 14/9/2009 Ngoc Thuy, Securities company become Investment bank: New vase, unnew wine, Investment bridge, 14 September 2009 15 Mai Phuong, Mua ban hang loat cong ty chung khoan, bao Thanh nien dien tu, 13/12/2010 Mai Phuong, Acquiring a series of securities companies, Thanh Nien electronics newspaper, 13 December 2010 16 Cao bach cong bo thong tin (neu co) cua cac cong ty: VNDIRECT, SSI, TLS, ACBS, FPTS, HBBS, VCBS, BSC, BVSC, ABS, HSC, va mot so Cong ty chung khoan khac Prospectus (if any) of securities companies: VNDIRECT, SSI, TLS, ACBS, FPTS, HBBS, VCBS, BSC, BVSC, ABS, HSC, and several other securities companies 17 Bao cao tai chmh cac nam tu 2007 den 2009 (neu co) cua cac Cong ty chung khoan: VNDIRECT, SSI, TLS, ACBS, FPTS, HBBS, VCBS, BSC, BVSC, ABS, HSC, va mot X so Cong ty chung khoan khac Financial reports (from 2007 to 2009) (if any) of securities companies: VNDIRECT, SSI, TLS, ACBS, FPTS, HBBS, VCBS, BSC, BVSC, ABS, HSC, and several other securities companies 18 Mot so quyet dinh va nghi quyet cua Hoi dong Quan tri va Ban Giam doc Cong ty chung khoan VNDIRECT Several resolutions and decisions of Board of Directors and Board of Management of VNDIRECT Websites: 19 http://vndirect.com.vn 20 http://www.hsx.vn/ 21 http://www.hnx.vn/ 22 http://www.ssc.gov.vn/ 23 http://www.gso.gov.vn 24 http://www.morganstanleyindividual.com 25 http://www.cafef.vn 26 http://bolender.com X ... Recommendations for VNDIRECT company from 2011 - 2016 122 3.4.1 Recommendations in strategic vision and business mission adjustment 122 3.4.2 Recommendations for corporate strategy adjustments... 3.4.3 Recommendations for business strategy adjustments 125 3.4.4 Recommendations for functional strategy adjustments 129 X the 3.4.5 Summary of strategic development direction of VNDIRECT. .. recommendations for Government bodies 117 3.3 Findings for VNDIRECT 119 3.3.1 SWOT matrix analysis of VNDIRECT 119 3.3.2 Distinct competencies of VNDIRECT 122 3.4 Recommendations