LV Thạc sỹ_Implementation of business strategy for retail banking at VIB

1 TABLE OF CONTENT ACKNOWLEDGEMENT ABBREVIATION LIST OF TABLES LIST OF FIGURES EXECUTIVE SUMMARY CHAPTER 01: NTRODUCTION 10 Rationale 10 Research Problem 12 Research Objectives 12 Research Question .12 Research Methodology 12 Scope of Research 15 Thesis structure 15 CHAPTER 02: THEORETICAL BACKGROUND ON BUSINESS STRATEGY IMPLEMENTATION .16 2.1 Business strategy overview 16 2.1.1 Business strategy concept 16 2.1.2 Different kinds of business strategy 16 2.1.3 Business strategy implementation .18 2.2 The Thomas L Wheenlen theory on business strategy implementation .20 2.2.1 Organization structure and human resource 20 2.2.2 Action Planning 21 2.2.3 Leading 23 2.2.4 Controlling 24 2.3 Criteria to evaluate strategy implementation .26 2.3.1 Evaluation of strategy implementation through business performance 26 1.3.2 Evaluation of strategy implementation contents 26 CHAPTER 03: BUSINESS STRATEGY IMPLEMENTATION FOR RETAIL BANKING AT VIB 28 3.1 VIB Overview .28 3.1.1 Company history 28 3.1.2 VIB product & service 30 3.1.3 VIB Retail Banking .31 3.1.4 Retail Banking’s business strategy content 32 3.2 Business strategy implementation for Retail Banking at VIB .35 3.2.1 Organization structure and human resource 35 3.2.2 Action Planning 40 3.2.3 Leading 52 3.2.4 Controlling 54 3.3 Assessment of achievements & shortcomings of the business strategy implementation 57 3.3.1 Evaluation of strategy implementation through business performance 58 3.3.2 Evaluation of strategy implementation contents 59 CHAPTER 04: RECOMMENDATION FOR BETTER BUSINESS STRATEGY IMPLEMENTATION FOR RETAIL BANKING 73 4.1 Organization Structure & Human Resource 73 4.1.1 Enhance the flexibility and activeness of the organization structure 73 4.1.2 Consolidate human resource policies and improve the operation of human resource department 73 4.2 Action Planning 74 4.2.1 Furnish the program action plan 74 4.2.2 Build action plan to be a tool of implementation controlling & evaluation 74 4.2.3 Standardize the process in the business operation .75 4.3 Leading 75 4.3.1 Improve the communication and coordination activities 75 4.3.2 Enhance the new corporate culture in everyday work 75 4.4 Controlling 75 4.4.1 Use plentiful sources to control the business strategy performance results .76 4.4.2 Build a better measure of business performance by using BSC 76 CONCLUSION 77 APPENDIXES 79 Appendix 01……………………………………… ……………………………… 79 Appendix 02…………………………………………………………………… … 81 Appendix 03……………………………………………………………… ……… 83 Appendix 04……………………………………………………………… ……… 86 Appendix 05………………………………………………………………… …… 89 ACKNOWLEDGEMENT The period of almost two years participating at the management of business administration (EMBA) program organized by the Business School of the National Economics University (BSNEU) has equipped me with the most advanced knowledge in international business management Thanks to the foreign and Vietnamese professors who enthusiastically led me through 16 important subjects of the MBA program, I have been exposed to numerous ways of scientific thinking and problem solving This exposure has helped me a lot in enriching my knowledge and improving my skills in various fields concerning my current and future business management My final EMBA these is a fine combination between the knowledge transferred from my professors at BSNEU and the practice that I myself have experienced Due to time limit, my thesis may have some shortcomings I wish to receive contributing ideas and comments from our professors and Evaluation Council so as to bring it to perfect I would like to express my gratitude to my supervisor in conducting this thesis I sincerely thank all professors, tutors and the entire staff of BSNEU for their enthusiasm and their assistance to create favorable conditions throughout the course I also wish to express my thanks to all the classmates in EMBA-7C who have been helping one another during the time studying and researching I would like to thank members of Board of Directors and all staffs of Vietnam International Bank (VIB) who has helped me collecting data for analysis in my EMBA final thesis Last but not least, my great thanks to my family: my parents, my husband and all relatives for their strong supports all through the course of my study Hanoi, December 03th 2010 ABBREVIATION                       VIB Retail Banking WB BODs HO BTR BCG CEO R&D TQM MBO PMS KPI KSFs CMO COO CA RM HR BM IT BSC Vietnam International Bank Retail Banking Wholesale Banking Board of Directors Head office Branch Transformation Project Boston Consultant Group Chief Executive Officer Research & Development Total Quality Management Management by Objectives Performance management system Key performance indicator Key success factors Change management office Center Operation Office Credit Administrator Relation Manager Human Resource Branch Manager Information Technology Balance Score Cards LIST OF TABLES No List of tables Pages Table 3.1: Master plan for program implementation………… 42 Table 3.2: Detail action plan for Segmentation static………… 43 Table 3.3: Detail action plan for Product & Pricing Innovation 44 Table 3.4: Retail Banking product tree…………………………… 45 Table 3.5: Detail action plan for Partnership Development……… Table 3.6: Detail action plan for Channel Expansion……………… 47 Table 3.7: Sales & Service standard Action Plan………………… 49 Table 3.8: Talent Development Action Plan……………………… 50 Table 3.9: Target setting from 2009 to 2013……………………… 52 10 Table 3.10: Business performance objectives…………………… 56 11 Table 3.11: 2010 business performance objectives……………… 57 12 Table 4.1: The actual completion of 2010 plan to September 2010 59 46 LIST OF FIGURES No List of figure Pages Figure 1.1: VIB position in the financial market……………………… 11 Figure 1.2: Research process………………………………………… 13 Figure 2.1.: Porter Generic Competitive Strategies…………………… 17 Figure 2.2: Strategy implementation model of Bill Birnbamum……… 19 Figure 2.3.: Strategic management …………………………………… 20 Figure 3.1: VIB Development Awards……………………………… 28 Figure 3.2 VIB Financial Statistics…………………………………… 29 Figure 3.3: VIB organization structure……………………………… 31 Figure 3.4: VIB Business strategy…………………………………… 33 10 Figure 3.5: VIB Retail Banking business strategy…………………… 34 11 Figure 3.6: The old Retail Banking structure………………………… 35 12 Figure 3.7: The new Retail Banking structure………………………… 36 13 Figure 3.8: Retail Banking structure during the implementation of 37 14 business strategy from 2009 – 2013…………………………………… Figure 3.9: Business strategy implementation Project Unit 38 15 organization structure………………………………………………… Figure 3.10 Retail Banking product tree……………………………… 45 16 Figure 3.11: Deposit customer portrait……………………………… 64 17 Figure 3.12: Product satisfaction index……………………………… 65 18 Figure 3.13: Channel Satisfaction Index……………………………… 66 19 Figure 3.14: Service Satisfaction Index……………………………… 67 20 Figure 3.15: Staff Evaluation about Training ………………………… 68 21 Figure 4.1: Communication survey results…………………………… 69 EXECUTIVE SUMMARY VIB has been in the market for 14 years During the time, the company has been going upwards along with the development of the Vietnamese financial market In 2009, the company was restructured and VIB Retail Banking business strategy from 2009 to 2013 a part of VIB business strategy was formed and has been on the way of implementing for 01 years The objectives of this thesis are providing customer with findings and assessments of the way Retail Banking implementing its business strategy after 01 year by (1) investigating master implementing plan of Retail Banking to materialize its business strategy; (2) doing evaluation of business strategy implementation success of Retail Banking from different aspects; and (3) proposing some recommendations for better implementation in the future The author has collected secondary and primary data for analyzing the achievement and shortcomings from different aspects Secondary data is collected from industrial reports, professional magazines and books, VIB reports Primary data are collected by doing surveys of VIB’s staff (sample size: 96 people with 07 questions) and survey of VIB customers (sample size: 375 people with 17 questions) and making in-depth interview with 02 managers of Vietnam International Bank Together with the author experience during the time working for VIB, these data analysis has constituted to a complete picture of how business strategy of Retail Banking has been conducted for almost 01 year The findings of the VIB Retail Banking business strategy has found out in the writing as follows: - VIB Retail Banking has comprehensive business strategy content with clear objectives in 2013 - To implement the business strategy, VIB Retail Banking has conducted 06 strategic programs including: Segmentation Innovation, Product & Pricing Innovation, Channel Expansion, Partnership Development, Sales & Service Standard and Talent Development The programs have been carried out professionally by Business Strategy Implementation Project Unit with action plan for each program in term of organization structure & human resource; action planning, leading and controlling - Up to end of September, VIB Retail has almost achieved the planned targets in term of program progress and business financial performance However, besides the achievement, there are still many shortcomings related to the way business strategy content has been implemented Based on these findings and assessments, the author would like to propose some recommendations to the VIB leaders with expectation of better implementation in the future as follows: - In term of organization structure and human resource, the BOD should enhance the flexibility and activeness of organization structure as well as consolidate human resource policies - About action planning, Retail Banking should furnish the program action plan, build action plan as a tool of controlling and standardize the process in the business operation - To leading perspective, the leader should improve the communication & coordination activities and enhance the new corporate culture in everyday work - Last but not least, for controlling matter, it should use plentiful sources to control the business strategy performance results In addition, implementer should build a better measure of business performance using Balance Score Card Anyway, the recommendation needs studying a lot before implementing to avoid operation risks to VIB system 10 CHAPTER 01: INTRODUCTION Rationale The Vietnamese financial market is on the way of modernization and reposition of players All players are facing with many opportunities and challenges Firstly, there are clear proof that although the banking usage is not high but it is growing rapidly in the recent years and expect to be very potential in the future, especially in Retail Banking Secondly, the new regulations from government force some small banks to merge to meet the requirement of new registered capital In detail:  The minimum registered capital at 3000 Billion VND by 2010  The increased minimum capital per branch came to effect in May 2009  8% CAR is enforced Last but not least it is fierce competition among state banks, commercial banks and foreign banks when the economy is more opened to the world In fact, it is eligible to apply for license for wholly-owned units (equal legal standing to a local bank with 05 full bank licenses already granted so far) And foreign investors can buy existing shares and a single investor now can hold up to 20% of a join stock commercial bank Under the market situation, we can see that from 2008 there are a lot of commercial banks starting to transform, redesign their business strategy to be more competitive towards a concentrated market Among them, Techcombank, ACB and Maritime Bank are the biggest affords recognized by the public and other players in financial field In fact they are gaining attractive results, in which Techcombank and ACB is 02 top commercial banks in Vietnam About VIB, where is VIB standing in the picture? From 2008 to the point of new business strategy is implemented, VIB is recognized with no differentiate in products and services VIB also had weak organizational structure and non effective operational management To financial market, VIB was follower and always weak in product development stage The results was from 2006 to 2008, VIB lost 03 positions to the No.8 position among Vietnamese commercial bank in term of total assets despite of the fact that in term of history, VIB was one of the earliest born banks in Vietnam 64  Product: Simple, user friendly Strengthen  Price: Competitive like “customer referral” or Caring  Place/ channel: wide    Communication style: Fun, happy family, family oriented incentive policies for customer  using payroll, telesales programs loyal customer branch network in highly populated area, marketing Communication media: advertising People: focusing on training staff on TV shows; women & family with skill of customer consultancy magazine, on popular website for and customer care children Promotion: ensuring the convenience, understandable with competitive and attractive gifts; and family; hanging poster in shopping center, main road; directly deliver brochure in office building, shopping center; Besides the good results, there is an unreasonable point when the program is just only incharge of segmentation and building marketing mix but it does not involve directly in marketing champagne which is transferred to Communication & Shareholder Management Department to This may leads to mis-direction when the marketing champagne implementer is another person who does not fully understand the marketing mix content c) Product & pricing Innovation d) In term of timeline, some product projects have been implemented following the planned schedule like launching salary card project, starting direct incentive program, increasing service fee revenue, enhancing cross sales & up sales project, and completing the chip – acquiring project Besides that the remaining projects are on the way of implementing as schedule The success of the program has contributed to the variety of VIB product in the market and improved the VIB Retail Banking competitiveness in this aspect According to customer survey result, we find that in general, customer are happy with the product of VIB (avarage 3.34/4) but charges and interest rate competitiveness with (3.31/4) needs improving more in the future 65 Figure 3.12.: Product satisfaction index (Source: Synthesized by author) c) Channel Expansion: The Channel static is carrying the action as planned, especially to network development; in 2010 it opened 13 new branches in populated citizen areas All new branches are designed and decorated according to new layout standard of VIB Alternative channel is improving gradually the quality service to customer using e-banking product For instance, VIB debit value can be used to pay for air ticket, VIB4U can be used to pay monthly telephone fees, electricity etc Figure 2.3.2.2c: Channel Satisfaction Index (Source: Synthesized by author) 66 The customer survey result shows that customer have good comment about Retail Banking channels recently About branch location, we can see all survey criteria show that branches are organized in better way than before so the points for all related criteria are all above 3.4/4 point equivalent to good marks, especially for ATM location However, besides the achievements, VIB alternative channel is still rather weak when the internet channel (ebanking) is not user friendly It is complicated to process as well as slow processing transaction due to overload server The shortcomings make customer feel dissatisfaction and the low usage of e-banking is unavoidable consequence d) Partnership Development VIB is taking hand with many strategic partners in real estate, education field, other alliance bank to promote Retail Banking products like Capital Land Agreement, Toyota Agreement, Ford Vietnam Agreement, Sunderland University etc This makes VIB Retail Banking products have competitive advantages over other products in the market However, there is a unfavorable point is that the program has not done in proper way when there are many cases whose choice of outside strategic partner have not brought expected results Among them, the case of BMW agreement is a clear illustration In addition, the internal partnership with other VIB business fields of Wholesales Banking and Treasury to explore all sales opportunities basing on the long standing customer relationship of each field does not run smoothly It is due to the fact that until now, there has not had clear polices regarding of cross sales and referral between different business field This poor result is partly due to weak coordination between VIB Retail Banking and other VIB departments e) Sales & Service standards After new sales & service standard has been applied in VIB Retail Banking branch, the satisfaction customer index increases quite a lot Basing on the survey results, most of customer agrees that the VIB service is better than before Beside that the current VIB service quality comparing to another domestic bank is improved so much with 3.54/4 ( In the past, it is only 3.22/4) 67 Figure 3.13: Service Satisfaction Index (Source: Synthesized by author) However the internal survey showed that the staffs are quite unhappy with the way training event of sales & service standard is hold in term of timelines, place and content of the course However there are many areas need for improvement, especially the informal method of training through on job training and coaching Figure 3.14: Staff evaluation about training (Source: Synthesized by author) 68 f) Talent Development The new JD and career path are built and applied successfully in October, 2010 is the most remarkable outcome of the program However, in reality, the content of JDs and career path still have some unreasonable areas in each position leading to opposing trend among some Retail Banking staffs The main reasons for it are lacking of coordination between Talent Development Team with HR department and VIB Retail Banking branch to know the real business practice in branch to apply the theory in to reality 3.3.2.3 Leading In term of leading aspect, it also witnessed some achievements besides serious shortcomings needing for improvement It shall be assessed by answering the following basic questions: o Question 01: Does communication ensure staff’s awareness, staff’s acceptance, staff’s action effectively and actively? In answering the question, it is used the survey results as basis According to survey of internal staff, it is found that almost VIB Retail Banking staffs are not so happy with communication way Figure 3.15: Communication survey results (Source: Synthesized by author) 69 Also, we can see in the figure that not all staff thought that the content of business strategy was communicated clearly despite of the fact that the Project Unit has hold the communication event in nice place and convenient time through quite comprehensive ways of email, site visit or events The direct consequence of not knowing fully the content of business strategy may lead to inactive in actions, & low spirit in working and poor job performance Indirectly there are coordination and corporate culture shall be heavily impacted in the bad manner o Question 02: Does coordination ensure consistent and supportive for the business strategy to carry out ? The coordination also witnessed a lot of leaks leading bad performance and waste of resource We can see that the programs have a close relation to each other In other word, the result of one program is the input to carry out the next one But in reality, the 06 programs run rather independently which may cause many overlapping works, waste of time and human resource It is internally among group in the Project Unit; externally, the coordination between Project Unit’s groups with other departments are facing problem too One of the examples is the cases of Talent Development Group with Human Resource Department or the Product Innovation with IT Department They are the reasons why the staff’s comments about the coordination just got 3.83/5points As the communication effectiveness contributed greatly to the success of coordination, with shortcomings of communication as mentioned in the above portion, it can explain partly why coordination is not good o Question 3: Does new corporate culture be strong and be valued enough to maintain and promote new tasks and new structures caused by new business strategy Regarding to new corporate culture, no one denied that the MBO and TQM are good one but to introduce it become new working culture in VIB in general and VIB Retail Banking in particular need great efforts from all related parties In fact, according to staff survey, it seems to be that there are 02 opposing trends in VIB One trend support for new corporate culture and the other opposes it This reflects that the new corporate culture has not been maintained 70 and valued strongly enough among Retail Banking’ staff to promote new structure and job requirements causing by new business strategy 3.3.2.4 Controlling o Question 01: Is information feedback in time, objective and consistent? In the author opinion, the controlling of the strategic program performance is done by Project Office group of the Project Unit does not ensure its objectiveness In structure, there is a third party involving the controlling but in reality, the CMO does not participate deeply in the implementation process CMO just takes the roles poorly as a coordinator to send the report to BODs Besides that, until now all reports and evaluation just deal with the controlling of program effectiveness but there is lacking of an overall picture of what new business strategy impacting on business results in term of financial criteria and non financial criteria like customer index at each periodically predetermined times o Question 02: Does it help to make necessary adjustments during implementation period? About the matter, we know that some crucial adjustments have been made during the time of implementing the business strategy Mainly, the adjustments are related to the organization structure and human resource, or program progress There is no adjustment relating to the content of business strategy It is truth when saying that the controlling activities partly help the BODs to make decisions for these adjustments but some time it occurs too late and when everything went out of control The case of Project Unit which is being stopped for a month to restructure is an outstanding example It is done after being aware of the problems as partly mentioned in the Leading part but the action is taken too late after causing bad attitudes among staff as well as many repeated tasks or bad outcome quality However, being late is still better than never! o Question 03: Does it support to promote innovative initiatives to furnish and refresh strategy direction? 71 After looking closely at the monthly reports from Project Office of Project Unit and from CMO to BODs, it is proved that the controlling activities have not contributed much to the initiatives to furnish and refresh strategy direction At the moment, it just deals with the monitoring the implementation programs following the planned and serving as basis for decision making In fact, there is very little initiative to furnish strategy direction 72 CHAPTER III: RECOMMENDATION FOR BETTER BUSINESS STRATEGY IMPLEMENTATION FOR RETAIL BANKING When looking at the business performance indicators as at 30 September, 2010 we may conclude that they are good results but the good results not prove totally that the business strategy implementation is running well and contribute to the performance achievements It also can not totally conclude that the business strategy contents are well designed But in fact, the achievements of the plan results are the outcome of many factors, especially the market situation and the planning works However, there are some points we can see clearly through the interview and surveys that there are still a lot of room for improvement toward a better program implementation Basing on the findings as mentioned in the Chapter II, the author would like to propose some recommendations as following: 4.1 Organization Structure & Human Resource 4.1.1 Enhance the flexibility and activeness of the organization structure This is necessary to enhance the flexibility of the organization structure so that the organization can faster adapt to change caused by business strategy as well as promote the implementation of strategy contents It can it by giving more power to Project Unit management personnel for them to actively decide urgent problems and daily issues Besides that the BOD also needs ensuring all functional Departments be organized to best fit with the content of business strategy Especially, the efficiency of the CMO need to be revised so that CMO could better manage the operation of the Project Unit performance in general and the VIB business performance in particular during the period 4.1.2 Consolidate human resource policies and improve the operation of human resource department Creating a fair playing field for VIB senior staff and outside newcomers at all levels to work and be treated equally Furthermore, it is necessary to have better incentive and long term benefits to encourage staff loyalty to VIB so as to achieve a stable development and success of Retail Banking business strategy implementation For instance, to Project Unit’s personnel, 73 the human resource policy for strategic program implementer should be consistent and favorable for their continuing contribution to the program development and running It avoids they leave half way during the time program is implemented and working for competitors This can lead to the shortage of experience personnel and loss of resource to competitors Improving the productivity of the human resource department by staffing with experience and professional HR managers and recruiters so that it can meet requirement of staffing, selecting and hiring demands Last but not least, all new JD and KPI need to be communicated to all staffs Besides that continuous gathering feedbacks from staff to revise the content of JD and KPI to suitable with VIB corporate governance and corporate culture but it must ensure that the positive and initiative aspects remaining 4.2 Action Planning 4.2.1 Furnish the program action plan We know that if the program content and action plan are not good and up to date, no matter how effort you spend, the good results are not achieved In fact during the implementation time from January 2010 to now, it witnesses several tasks are not completed as schedule due to objective and subjective reasons Furthermore, inside the contents of program still have unreasonable things, especially in Segmentation Innovation For instance, at first it is designed for segmenting customer and building marketing mix for each segment Base on this the marketing champagne is built Then, the marketing champagne should coordinate with “Brand-name Reposition” project to have consistent message to public For the reason, it is time for VIB Retail Banking to review all business strategy implementation content to keep up with the change of the market as well as to be more reasonable and potential to go on 3.2.2 Build action plan to be a tool of implementation controlling & evaluation A detail action planning should be built with expected objectives and outcomes of each static, actions so that it can be served as a tool for controlling to replace the current simple one If we can so, when any problems arise, it is easily to trace back where the root of the problem is 74 and who the person is responsible for it From it, essential adjustments or innovative initiatives shall be found in time 4.2.3 Standardize the process in the business operation To ensure the business strategy content fully exploring all their advantages and become real competitive advantage of VIB, all management level must ensure that the revised process shall be gradually applied in the daily business operation And continuously revision of the process so that the best fit with the practical business nature at VIB branch as well as at all Retail Department 4.3 Leading 4.3.1 Improve the communication and coordination activities It is essential when the results of internal survey show that the quality of training and communication are not good and need for improving a lot, especially, the content of communication message and informal training ways Furthermore the coordination among stakeholders and the coordination with other VIB departments and other Project Unit need improving so much to save the resources and improve effectiveness 4.3.2 Enhance the new corporate culture in everyday work To promote new business strategy, it is needed to have a strong corporate culture to lead the change in mind, attitude of staff This is difficult but very important task for every leader so that productivity is gained and minimum risk occurs The task can not be done in one day but it is long term effort In certain case, leaders of VIB should consider and suitable adjustment also so that it can practice in reality 4.4 Controlling Not only organization structure, action planning and leading need to be revised, controlling is also for better implementation of business strategy content 75 4.4.1 Use plentiful sources to control the business strategy performance results Besides controlling basing on comparison between the real objectives and outcomes with the expected ones in term of quantity, timeline, it is essential for controllers to have a more objective tool to monitor One of them is holding two way conference, or survey customer or internal staff through face to face, online or using third party service The source of feedbacks can serve controller reliable information for assessment, making decision and innovative initiative’s born 4.4.2 Build a better measure of business performance by using BSC In the big corporation like VIB, the current simple financial measure of business performance can not reflect all changes and results when Retail Banking undertaking the implementation of new business strategy For the reason, it is necessary to use a more comprehensive set of measures to evaluate the business performance in term financial and non financial criteria I would like to propose using Balance Score Cards of Norton and Kaplan to be as business performance indicators The BSC is looking for answering the following questions: Financial: How we appear to share holders? Customer: How customers view us? Internal business perspective: What must we excel at? Innovation and learning: Can we continue to improve and create value If the Retail Banking can it, it shall have a really overall picture of what is going on in the system and how it impacts on the business performance Beside that the activity should be done by a third party like CMO but not the Project Unit team to ensure the objectiveness of the information Above are some main recommendations for better implementation of Retail Banking business strategy for the remaining period of time The author does not expect to give solutions for all aspects and facing matters because it is macro match but at least when undertaking the main one, the author believes that better results shall be achieved 76 CONCLUSION After nearly 06 months researching and working seriously, I have completed my MBA final thesis: “The implementation of business strategy for Retail Banking at Vietnam International Bank” This is really an interesting and challenging topic for me who has been worked for VIB for 01 years This is a great chance for me to discover actual performance of VIB business in general and the implementation of business strategy of Retail Banking in particular VIB has over 14 years of experience, starting from a small joint stock bank and then being 10 biggest commercial banks in Vietnam through different development milestones Thanks to this fact, I can study about the bank from various “aspects” from professional skills to strategy knowledge After finishing the thesis, I shall submit to my leaders for their references about my opinion and analysis of the way VIB Retail Banking implementing its business strategy I hope that my thesis will partly contributes to the development of VIB in the future During the writing time, I have tried with the best afford to explore the real practice, but due to limited resources and limited access, the writing still contains some shortcomings I would highly appreciate comments and advice from the Evaluation Council to improve my final thesis Thanks you very much! 77 LIST OF REFERENCES PGS TS Le The Gioi- TS Nguyen Thanh Liem-Ths Tran Huu Hai (2007) “Quan tri chien luoc” Nha xuat ban Thong ke Jill Hussey and Rroger Hussey (1997) “Business Research” PALGRAVE Micheal Porter.(1985) “Competitive strategy- Techniques for analyzing industries and competitors” The free press A division of Simon & Schuster Inc Neil Ritson (2008) “Strategy management” Neil Ritson & Ventus Publishing ApS ThomasL.Wheelen and J.David hunger (2004) “Strategic management and business policy” Pearson Prentice hall http://www.vnbrand.net/Thuong-hieu-viet/vi-b-huong-den-mot-thuong-hieu-manh- theo-chuan-muc-quoc-te.html http://ncseif.gov.vn/Default.aspx?mod=News&cat=16&nid=7315 http://www.strategy-implementation.24xls.com/en104 78 APPENDIXES ... competitive business strategy or cooperative business strategy 2.1.2 Different kinds of business strategy 2.1.2.1 Competitive business strategy There are 02 main types of competitive business strategy. .. strategy 34 Figure 3.5: VIB Retail Banking business strategy (Source: VIB Strategy handbook) We can see in the figure that the business strategy choice is the combination of competitive strategy. .. BACKGROUND ON BUSINESS STRATEGY IMPLEMENTATION 2.1 Business strategy overview 2.1.1 Business strategy concept In an organization, there are 03 different levels of strategy In which, corporate strategy