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i Commitment We would like to commit that this thesis is our own research which is supervised by Dr. Le Thanh Lan. The research’s content and result are honest and have not been published in any other research work. The content of the thesis has used information and materials from the books, writings and websites posted in the reference herein. Ho Chi Minh city, 12 th December 2011 Lâm Ngọc Yến ii Abstract Centralizing trade finance operations in foreign banks are usual cases but a revolution for Vietnamese banks because of the difference in banking scales, internet technology and culture standard. To investigate a model of trade finance centralization in a local bank, a case study of BIDV is useful. The thesis focused on evaluating the effectiveness of the model and contributing to build up a perfect one by analyzing data collected from BIDV’s branches and their customers. According to the finding results, centralizing trade finance operations is supported by most of staff members at branches; however, it is a little bit confused to comment on the quality of the services which focused on long processing time, inaccuracy of some transactions an inflexibility in handling transactions. The study also aimed to build up a better model to solve these issues for sustainable development of trade finance centralization. This model was not only an improved solution for BIDV, but also a reference model for other Vietnamese commercial banks to consider in their trade finance centralization’s strategy. iii Acknowledgements I am heartly thankful to my research Supervisor, Dr. Le Thanh Lan, whose encouragement, guidance and support from the initial to the final level enabled me to develop an understanding of the subject. This thesis would not have been possible without his enthusiastic support. I am indebted to many of my colleagues in BIDV who help me during the collection of data as well as support me during my research. My special gratitude is extended to all instructors and staffs in The Faculty of Finances & Banking and The Postgraduate Faculty, University of Economics Ho Chi Minh City (UEH) for their support and the valuable knowledge during my study herein. My deepest and most sincere gratitude goes to my beloved parents, my husband Mr. Nguyen Anh Duy, my son Nguyen Lam Duy Phu, for their boundless support, abundant love and encouragement throughout my period of study. Lastly, I offer my regards and blessings to all of those who helped me in any respect during the completion of the study. iv Table of Contents COMMITMENT . i Abstract ii Acknowledgements iii CHAPTER 1: INTRODUCTION TO THE STUDY 1 1.1. Introduction. 1 1.2. Problem statement. 1 1.3. Research Objectives and Questions. 4 1.3.1 Research Objectives . 4 1.3.2 Research Questions. . 5 1.4. Scope and Limitations: limit in a case of BIDV. 5 1.5. Research Method. 5 1.6. Implication of Research. 6 1.7. Structure of the study . 6 CHAPTER 2: THEORETICAL BACKGROUND 8 2.1. Definition of Trade finance . 8 2.1.1 Trade finance facilitation: . 8 2.1.2. Trade finance operations . 11 2.2. Trade finance centralization in banks. 15 2.2.1 Definition of trade finance centralization . 15 2.2.2 Advantages to trade finance centralization 17 2.3 The effect of centralization on the staff members and customers 20 CHAPTER 3: INTRODUCTION TO BIDV 23 3.1. Overview of BIDV. . 23 3.1.1. BIDV’s establishment. 23 3.1.2. BIDV general financial status. . 24 3.1.3. BIDV organization. . 25 v 3.2. International Banking Operations and trade finance operations. 26 3.3. Introduction to Trade Finance Centre (TFC). . 27 3.3.1. Establishment. . 27 3.3.2. Functions and tasks. 28 3.3.3. Relationship between TFC and Branches in handling Trade finance operations. 30 CHAPTER 4: RESEARCH METHODOLOGY 34 4.1. Overview about methodology. . 34 4.1.1. Research objective. . 34 4.1.2. Research approach. . 35 4.2. Sample selection, data collection method and analysis. . 35 4.2.1. Sample selection. 35 4.2.2. Questionnaire design. 37 4.2.3. Schedule of survey. . 39 4.2.4. Data collection and analysis. . 39 4.3. Limitation. . 40 CHAPTER 5: RESEARCH RESULTS 42 5.1. Survey background. . 42 5.2. Data analysis. 43 5.2.1. Evaluation of BIDV staff members. 44 5.2.2. Evaluation of BIDV customers. . 50 5.2.3 The links between the analysis results and the research model . 55 5.2.4. Expected model of TFC. . 57 5.2.5. Analysis conclusion. . 58 CHAPTER 6: RECOMMENDATIONS . 59 6.1. The current model of TFC. 59 6.2. Recommendations. 61 6.2.1. Reference model of TF centralization. . 61 6.2.2. Suggested model of TF centralization for BIDV. . 63 vi 6.2.3. Other recommendations for BIDV. 69 6.2.4 Recommendations for other Vietnamese banks 70 6.3. Conclusion 70 CONCLUSION . 71 REFERENCE . 73 APPENDIX 1 76 APPENDIX 2 79 APPENDIX 3 82 vii Appreciations and Definitions BIDV: Bank for Investment and Development of Vietnam BG: Bank guarantee BL: Bill of lading EX: Export Forex Dealing: Foreign exchange dealing IM: Import IT: Internet Technology LC: Letter of credit LIBOR: London Interbank offered rate SG: Shipping guarantee TF: Trade finance TFC: Trade finance centers URDG: Uniform Rules for Demand Guarantee VAS: Vietnamese Accounting standards VCB: Vietcombank – Joint Stock Commercial Bank for Foreign Trade of Vietnam Vietinbank: Vietnam Joint Stock Commercial Bank for Industry and Trade WTO: World Trade Organization PUT OPTION: An option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying security at a specified price within a specified time. This is the opposite of a call option, which gives the holder the right to buy shares. MARGIN CALLS: A broker's demand on an investor using margin to deposit additional money or securities so that the margin account is brought up to the minimum maintenance margin. Margin calls occur when the account value depresses to a value calculated by the broker's particular formula. viii List of Tables Table 1.1. The structure of chapter 1. 1 Table 3.1: Trade finance fee income 25 Table 4.1 Summary of the questionnaires 38 Table 5.1. Expectations of staff members. . 57 Table 6.1: Description of suggested model of trade finance centralization . 64 Table 6.2.Relations between departments in TFC and between TFC and branches 67 ix List of Figures Figure 1.1: Correlation between LC usage and Trade volumes . 2 Figure 2.1: Trade finance strategy implementation at banks. . 16 Figure 2.2. Expected cost savings from Trade finance centralization. . 18 Figure 2.3. Research model……………………………………………………… 22 Figure 3.1. The transaction model between TFC and branches . 33 Figure 5.1. Distribution of experts 42 Figure 5.2. Working experiences. . 43 Figure 5.3. Level of satisfaction 45 Figure 5.4. Mistakes and complaints . 48 Figure 5.5. Advantages and disadvantages of trade finance centralization . 49 Figure 5.6. Possible risks 50 Figure 5.7 Trade finance services used by customers 51 Figure 5.8. The qualification of BIDV’s staff members in trade finance services consultancy 52 Figure 5.9. Processing time of TF transactions 53 Figure 5.10. The accuracy of TF transactions . 53 Figure 5.11. Customers’ advantages. 54 Figure 5.12. Customers’ disadvantages. 55 1 CHAPTER 1: INTRODUCTION TO THE STUDY 1.1. Introduction. This chapter provides a general introduction for the current study which includes seven sections. The study, as a whole, begins with a general introduction in section 1.1. The rationale for this study is drawn in sections 1.2 and 1.3 which are the problem statement as well as the research objectives and questions. In addition, section 1.4 discusses the scope and some limitations while section 1.5 briefly discusses the general aspects of research method of this study, section 1.6 provides the implication of research and section 1.7 introduces the structure. The structure of chapter 1 is provided in Table 1.1 Table 1.1. The structure of chapter 1. 1. Introduction 2. Problem statement 3. Research objectives and questions 4. Scope and limitations 5. Research method 6. Implication of research 7. Structure of the research 1.2. Problem statement. Trade finance refers to financing international trading transactions, in which the importer’s bank performs the paying for goods imported, acting on behalf of the importer (1). Trade finance includes various ways in which international trade is financed by banks such as documentary credit, collection, bank guarantee, etc. Historically, trade finance operations were developed and brought benefits to banks. Nevertheless, trade finance is a flat market. Despite tremendous growth in the volume of international trade, the use of trade finance tools is flat. Actually, today the total value of trade guaranteed with letter of credit is similar to the value in the 1950s (WTO, ICC, Celent). In fact, there is a negative correlation between the growth of international trade and LCs’ usage. Today the total value of trade . to The State Bank of Vietnam), BIDV has involved in trade finance activities in the early time. After years researching benefits of trade finance centralization, . a fundamental definition of trade finance and trade finance centralization. It also mentions about the effect of centralization on staff satisfaction and