LV thạc sỹ_Building marketing plan for an islamic bank in vietnam

RESEARCH DISSERTATION BUILDING MARKETING PLAN FOR AN ISLAMIC BANK IN VIETNAM Author: … Ha Noi, October Islamic banking in Vietnam Page 1 ACKNOWLEDGEMENT I would like to thank Mr … Islamic banking in Vietnam Page 2 TABLE OF CONTENT CHAPTER I INTRODUCTION ……………………………………….……….6 1 PROBLEM STATEMENT………………………………………………… 6 2 RESEARCH PURPOSES………………………………………………….….8 3 METHODOLOGY……………………………………………………… … 9 CHAPTER II THEORETICAL FRAMEWORK ON ISLAMIC BANKING 10 2.1 AN OVERVIEW OF ISLAM………………………………………….……10 2.1.1 HISTORICAL REVIEW………………………………….………… 10 2.1.2 THE FIVE PILLARS OF ISLAMIC RELIGION…………….………13 2.1.3 SHARIAH – THE ISLAMIC LAW CODE…………………… …….14 2.2 KEY CONCEPTS AND PRINCIPLES IN ISLAMIC BANKING … ….15 2.2.1 PROHIBITED RIBA – CORE CONCEPT OF ISLAMIC BANKING………………………………………………………………… 15 2.2.2 PROFIT-AND-LOSS-SHARING BASIS………………………….…16 2.2.3 ASSET- BACKING………………………………………………… 17 CHAPTER III ISLAMIC FINANCIAL INSTRUMENTS……… ……….…18 3.1 ISLAMIC FINANCIAL INSTRUMENTS…………………………………18 3.1.1.WADIAH (SAFEKEEPING)…… ……………………………… ….18 3.1.2 MURABAHA (COST PLUS FINANCING) ……… ……………… 18 3.1.3.MUDHARABAH (PROFIT SHARING) ……………………….… 18 3.1.4 MUSHARAKA (EQUITY FINANCING)………………………… 19 3.1.5 IJARAH THUMMA BAI’ (HIRE PURCHASE)………………… …19 3.1.6 SUKUK (INVESTMENT CERTIFICATE)……………………… …19 3.1.7 TAKAFUL (INSURANCE)………………………………………… 19 3.2 ISLAMIC VS CONVENTIONAL BANKING SYSTEM…………… …20 3.2.1 STRUCTURE…………………………………………………… ….20 3.2.2 PRACTICES……………………………………………………… …20 3.3 ADVANTAGES OF ISLAMIC FINANCE…………………………… …21 3.4 THE DEVELOPMENT OF ISLAMIC BANKING……………… … 23 Islamic banking in Vietnam Page 3 CHAPTER IV BUILDING MARKETING PLAN FOR THE FIRST ISLAMIC BANK IN VIETNAM………………………… ….26 4.1 EXECUTIVE SUMMARY……………………… 26 4.2 SITUATION ANALYSIS …………………………………………… ……27 4.2.1 THE ROLE OF ISLAMIC COUNTRIES IN GLOBAL ECONOMY ………………………………………………………………………….… 27 4.2.2 TRADE AND INVESTMENT BETWEEN VIETNAM AND ISLAMIC COUNTRIES ………………………………………………….…30 4.2.3 PEST ANALYSIS FOR THE MACRO ENVIRONMENT OF VIETNAM……………………………………………………………….… 32 A POLITICAL FACTOR……………… ………………………… 32 B ECONOMIC FACTOR………………………………………… ….34 C SOCIAL FACTOR……………………………………………….….35 D TECHNOLOGICAL FACTOR ………………………………….…36 4.3 MARKET SURVEY ANALYSIS……………………………………….….36 4.4 SWOT ANALYSIS ……………………………………………… .… 40 4.5.GOAL FORMULATION………………………………… …………… 41 4.6 MARKETING MIX…… …………… ………………………………… 42 4.6.1 Product………………………………………………………… …….42 4.6.2 Pricing…………………………………………………………………46 4.6.3 Place………………………………………………………………… 47 4.6.4 Promotion………………………………………………………… …50 4.6.5 People…………………………………………………………………50 4.6.6 Process………………………………………………………….…… 51 4.6.7 Physical evidence…………………………………………………… 52 4.6.8 Budget explanation……………………………………………………53 4.7 ACTION PLAN………………………….………………………………… 53 CHAPTER V CONCLUSION………………………… ………………….….55 ANNEX 1…………………………………………………………………………56 REFERENCES………………………………………………………………… 66 Islamic banking in Vietnam Page 4 LIST OF ILLUSTRATIONS TABLES: Table 1: Riba vs Profit…………………………………………………… ….…17 Table 2: The development of Islamic banking in the world……………………….25 Table3: Oil Reserves in OAPEC Members and World 2006…………… ………28 Table 4: Natural Gas Reserves in OAPEC Members and World 2006…… ……29 Table 5: Value of oil exports in OAPEC Member countries, 2004 – 2008…….…30 Table 6: Trade Exchange between Vietnam and Islamic countries…….…………31 Table 7: GDP growth and CPT of Vietnam 2000 – 2010…………………………35 Table 8: LC related fees of Big Four and suggested level for Islamic bank………47 Table 9: Number of branches of Vietinbank, Indovina bank and AgRibank in 13 provinces and cities…………………………………………….……… 48 Table 10: Marketing budget explanation for the first year……………… ……….53 FIGURES Figure 1: Strategic planning steps…………………………………………………26 Figure 2: SWOT analysis of Islamic bank in Vietnam……………………………40 Figure 3: Network design of Islamic bank…………………………………….….49 Figure 4: Distribution network of Islamic bank………………………………… 49 Figure 5: Procedure of supplying products/services………………………… ….52 Figure 6: Time table for action plan of the first Islamic bank in Vietnam…….…54 Islamic banking in Vietnam Page 5 CHAPTER I INTRODUCTION 1 PROBLEM STATEMENT The idea of an Islamic banking in Vietnam may be traced from a far more popular story named “oil.” Oil has been known since the most ancient times and first used as medicine, not as fuel At dawn of the nineteenth century, with the first oil well found and drilled, it was used as a much more effective substitute for coal and steam water, the oil industry was born and quickly boomed In 1908, Henry Ford released his famous Model T automobile It was the first car mass produced on assembly lines with completely interchangeable spare parts marketed to the middle class in United States By 1924, there were 18 million cars on the road Since then, oil in the role of the main engine fuel became the lifeblood of our modern civilization It is the start of wealth [and war] for those countries which possess this invaluable limited raw material And it is the fate of the Arab world generally; the Middle East and the Arabian Gulf particularly to be cursed by “oil,” in which Arab people believe to be a blessed present for their unshakeable faith in the true religion of God – Islam Beneath their land are the oil reserves of hundred times more than that in the US In centuries, the strategic importance of oil became reasons for many invasions, wars and terrors Some of them ceased with the dawn of the independence era, some last till our days However the situation is, oil brought a new face for the land of sandy deserts and camels Nowadays, countries in Middle East like Kuwait, Saudi Arabia, UAE, Qatar… have large budgetary surpluses with little or no international debts thanks to their revenues from oil This excess liquidity cannot be consumed immediately Moreover, all governments here are aware that incomes from this raw material are highly volatile by market needs and prices, unstable extraction and especially exhaustibility It is forecasted that at current rates of extraction and consumption, oil resources in the world is to end “in the next 60 years” (From: The end of oil is closer than you think by John Vidal - The Guardian, Thursday 21 April 2005) Subsequently, while incomes from oil would not last, their future would be at risk too As a natural trend, they need to invest their money now to create long and ever lasting profits for their next generations For many years since the beginning of the twentieth century, governments of most Arab countries whose incomes are substantially based on oil exports have been investing their national excess money overbroad through various channels: sovereign wealth fund, Islamic banking in Vietnam Page 6 sovereign investment fund, FDI, public aids, They also built framework and created favorable conditions for their entities and citizens to do so This policy provided these states with many strategic interests Firstly, it diversifies national and budgetary resources and reduces their independence on oil The facts show that nowadays, countries like UAE or Qatar became commercial hubs both of the region and the whole world Their prosperities started obviously from oil and natural gas resources But it is their sound economic policies and investment strategy that raised and fertilized the nation wealth Oil incomes were used to improve infrastructures, create incentives for enterprises and tax-free market for business, tourists and national citizens; thus enhance the national trademark Secondly, on the financial market which exert crucial influence on every national economy, excess revenues were allocated in bonds, securities and shares that their governments and companies hold, their national economic positions on the global stage would be enormously enhanced Third and foremost, the religion of Islam and Arab culture are widely spread and rooted around the world One of the clearest sight of this phenomenal were the fast development of Islamic banking Nowadays, Islam is the largest religious community in the world with around 1,5 billion followers Although Islam was the latest born among the major religions but almost all their doctrines and ritual practices remain unchanged All Islam followers say their pray in Arabic because the Koran Alkarim – their holy bible – was not translated into any other languages [except for the purpose of explanation] The usury [or interest in our word] which is the primary base of our modern banking system is still strictly forbidden Islamic world built their own Islamic banking and this system rooted wherever an Islam company, business, individual put his step on or have relationship with Islamic banking become an indispensable part of the global financial market It should be built and spread in all countries which is to have a complete and highly-developed financial system with strong integral level with the global finance For many years, Arab countries have directed to the West and tried to be part of the prosperity However, their increasing gap in religious believes and concept of freedom with the Western world make Asia the harmony in between Moreover, at dawn of the twentieth first century, Asia, especially South East Asia become new destination of many investment flows The reasons seem to be clear Other than the old Europe and America at already peak, Asia rises as the world’s economic development center with booming industries, new emerged economy and new money nations As a natural trend, Islamic banking in Vietnam Page 7 Arab countries, especially those of the Arabian Gulf would put their eyes on this potential market Moreover, it is necessary to mention that the global heating, climate changes and natural disasters on large scale have rang the alarm of a food crisis on the whole world, especially in countries with poor agricultural land resources like the Arabs Major exporters of agricultural products such as Thailand, Vietnam, Malaysia, Indonesia would attract huge investment flows from Arabian countries to cover their food demand in the future In this favorable climate, in addition to the development of an increasingly complete market economy after WTO membership, the political and especially commercial relationship between Vietnam and the Arab world in the recent years achieved considerable progresses In only a short period of time from 2003 to 2009, pivotal countries of the Gulf Cooperation Council (GCC) – the cooperation organization of the Arabian Gulf – include Kuwait, United Arab Emirates, Qatar and biggest Arab country – Saudi Arabia - opened their embassies and trade representative offices in Ha Noi and Ho Chi Minh City, followed by many official visits between high-rank officials The idea of an Islamic bank in Vietnam raised from the official visit of our Prime Minister Nguyen Tan Dung to Qatar in 2009, as the result of the skyrocketed trade volume investment projects between the two countries particularly and the Arab world generally Since then, many works have been done on the project This research is expected to be a step on the road to realize the idea of establishing a Islamic bank in Vietnam 2 RESEARCH PURPOSES This research was implemented to serve FOUR main purposes The first is to build up a theoretical framework of Islamic banking system As far as the author may understand, Islamic banking is a quite new concept in Vietnam Although many Arab countries established diplomatic relation with Vietnam right after 1975 Countries like Iran and Iraq provided Vietnam with aids and political support during the wartime, but so far the relationship is still in the shape of potentiality The number of researches on the Arab world in general is still limited, ones about a specific area like Islamic banking is far more scarce For all those reasons, it is important to build up a theoretical framework for the purpose of a comprehensive understanding and subsequently any further analysis and implementation and development Islamic banking in Vietnam Page 8 It is the matter of fact that Islamic banking products in the world are not limited to Islamic followers only They are made to be capable of serving any individual and organization that see them profitable Hence this paper also conduct a survey to have an insight of what Vietnamese people and businesses understand of Islamic banking and how they are interested in its products if an Islamic bank is established in Vietnam As financial market in Vietnam is still unfledged, it is very potential for new products In this research, the author will do some analysis on the advantages and disadvantages of local market, how it will favor and how it will obstruct an establishment of an Islamic bank in Vietnam This part would provides those who may concern with not only the environment in which a Islamic bank is developed but also its perspective in the future Finally, the research will recommend an action plan for the implementation of an Islamic bank in Vietnam As an officer working on the Islamic banking project in Vietinbank, the author hopes that his works would contribute to the progress of the project and thus make the idea closer to being real 3 METHODOLOGY This research was conducted on the basis of quantitative method with both primary and secondary data To build up a theoretical framework for Islamic banking, academic reference textbooks are required However, as information sources are not available in Vietnam, the author made intensive study on electronic database, review of online books and articles as well as information scattered on the Islamic websites For a deeper understanding of various aspects of a common Islamic bank as well as its practical activities in real life, the author discussed directly with some Arab people who are living in Ha Noi, most of them work in diplomatic missions with large background knowledge about Islamic doctrines and their appliance in Islamic banking practices One of the main source of data were collected from the survey on Islamic banking in Vietnam The survey was built to acquire the level of understanding of Vietnamese community about Islamic banking It was implemented during two months Questionnaires were sent directly or emailed to 112 persons including individuals and business representatives throughout the country who are trading with the Arab states Islamic banking in Vietnam Page 9 The primary data were then analyzed to give readers an understanding of the level of knowledge of community about Islamic finance and indentify potential groups of customers for this kind of activities in Vietnam CHAPTER II THEORETICAL FRAMEWORK ON ISLAMIC BANKING Discovering a brand-new system like Islamic banking may confuse readers who are more familiar with conventional banking system, which sometimes may lead to unexpected misunderstanding if we do not take into account the roots and the rules of Islam from which Islamic banking system arises To avoid this unfortunate mistake, especially in the context of globalization and current sensitive situation regarding the “clash between civilizations”, between Islam and the West; relevant and respectful attention to the origin, key concepts and principles of Islam is required in order to collect more useful knowledge and better understand the unrevealed lands of the world’s second largest religion 2.1 AN OVERVIEW OF ISLAM 2.1.1 HISTORICAL REVIEW The word “Islam” in Arabic language is derived from the root “s-l-m” which means primarily “peace.” But in a secondary sense “surrender” or “submission”, its full connotation is “the peace that comes when one’s life is surrendered to God” Until recently it was still called “Muhammadanism” by the West, which is not only inaccurate but also offensive It is inaccurate because, as explained in the Qur’an, Muhammad (Peace be upon him - pbup) did not create the religion but God did He was merely God’s mouthpiece It is offensive because it conveys the impression that Islam focuses on a man, an ordinary man by blood and flesh instead of the divine God God (called Allah in Arabic language) himself created everything in the universe, including Islam and then sent His Messengers to reveal to mankind who deserves to be worshipped and how to do that But over time, the messages and revelations were changed or distorted; so God sent his latest and greatest Messenger – Muhammad (pbuh) – to restore the uncorrupted original monotheistic faith which had been continuously preached by a series of prophets, among whom Adam, Noah, Abraham, Moses of the Judaism and Jesus of the Christian Islamic banking in Vietnam Page 10 Source: Research of author Besides, the effectiveness of these crucial staff should be tested regularly to ensure that the delivery of services to customers is smooth and quick enough Complains and feedbacks from customers should be rightly appreciated and took in consideration with due attention Moreover, before supplying products and services, the bank will ask customers to sign in Commitment form stating that they commit not to use products/services provided by the bank for Haram activities If not, the bank reserves its right to terminate the bilateral contracts at the expense of customers and takes no responsibility for the aftermaths caused by cancelling transactions between customers and the third party 4.6.7 Physical evidence It is a common understanding that physical evidence inserts a substantial influence on the image of any enterprises Through the system of logo, slogan, main color, posters and brochures as well as equipments and machinery in the bank, customers would recognize not only the bank’s name and its typical products but also its value and culture Moreover, they would realize how it is different from the others The second factor may not be difficult to achieve as Islamic banking itself differs from conventional banking The first factor, its value and culture, otherwise, is not that easy How to transmit the concept of non-interest system into customers’ mind, how to conform the value of Islamic belief reflected in Islamic banking with the Vietnamese culture, especially in the era of increasingly development of aggressive Islamic ideology To complete this task, the bank would need not only good products and expensive advertising plans but also a carefully choosing of every poster, brochures or even the furniture at the front office Images about the prosperous economic situations as well as the beauty of natural, cultural life in Arab world should be made widely available, firstly in big cities like Ha Noi and Ho Chi Minh city and provinces where the Muslim live, then in everywhere that its services present All of these works should be implemented with appropriate investment and professional consultancy with close cooperation with the staff from the Arab partner 4.6.8 Budget explanation Islamic banking in Vietnam Page 52 The budget for this marketing plan in the first year is as follows: Item Product costs Product development System testing Promotional costs TV advertisement Newspaper advertisement Outdoor advertisement Online advertisement Events Sponsor Sales promotion Others Training cost Staff training Leaders training Total Cost Contingency budget Total 22,000 5000 2,200 500 24,200 5,500 10,000 2,000 5,000 2,500 12,000 1,500 3,000 1,000 200 500 250 1,200 150 300 11,000 2,200 5,500 2,750 13,200 1,650 3,300 2,000 3,500 68,500 200 350 6,850 2,200 3,950 75,350 Unit: million VND Table 10: Marketing budget explanation for the first year Source: Research of author 4.7 ACTION PLAN Joining the delegation accompanied Vietnamese Prime Minister Nguyen Tan Dung to visit Qatar in March 2009; the Chairman of Vietinbank has signed several cooperation agreements with Doha Bank and agreed in principles with Qatar Central Bank to establish a joint venture Islamic bank in Vietnam Then the project was officially launched in December 2009, starting with research on feasibility and regulatory framework of Islamic bank as well as partner selection and negotiation For now, other processes are already carried out or highlighted in a general agenda as below Islamic banking in Vietnam Page 53 Time Dec Mar June Sep Dec Mar June Sep Dec Mar May 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 Note Works Feasibility research Research on regulatory framework of Islamic banking Partner selection and negotiation License application Recruiting and personnel training Shariah board set up Market survey on potential customer group Products development Infrastructure set up Core banking system Internal operational process Trial operation Figure 6: Time table for action plan of the first Islamic bank in Vietnam Islamic banking in Vietnam Page 54 CHAPTER V CONCLUSION Islamic banking and finance, like any other newly-introduced banking system, will certainly need time to get accepted by large community in a country like Vietnam where banking sector is still in the first stage of development and the people – even those are living in urban areas – have not had habit of using its services Thus, the decision of Vietinbank to found the first Islamic bank in the country, although based on long term view of Management Board, is considered as a bold and also risky one If this initiative succeeds, it will strongly improve the image and prestige of Vietinbank in banking community, not only in Vietnam but also in abroad if we take into account the fact that the President of Vietinbank is now the Chairman of ASEAN Bank Association (ABA) and Vietnam is now the rotating Chairman of ASESAN And on the contrary, if it turns out to be a failure, the negative aftermaths is uncountable But the world is observing blooming growth of Islamic, especially oil exporting countries thanks to their resource reserves and high demand of global economy Otherwise, with the young population in addition to fast natural growth, Muslim community is believed to become the largest religious community in the 21 st century As it is said “The first millennium is the one of Buddhist, the second one is of Christ and the third one is of Islam” Although oil and gas reserves is certainly limited and will be dried out one day, the current emerging of Islamic countries is an undeniable fact And as they themselves want to expand co-operations with Eastern nations, it is the golden chance for Vietnam to widen and deepen the traditional relations with them in order to serve the country’s interest, boost the economy and improve the living standard of people Last but not least, money is one of the key factors but it cannot ensure for the success which just comes to those are ready to take risks, make efforts and work hardly Therefore, the future of the first Islamic bank in Vietnam will depend not only on external conditions but also largely on the quality of its staff, from Director Board to ordinary working employees Islamic banking in Vietnam Page 55 ANNEX 1 SURVEY ON ISLAMIC BANKING IN VIETNAM QUESTIONAIRE: Starting date: July 28th 2010 Ending date: October 10th 2010 Number of participant: 112 1 How old are you? a 18 to 25: 14 (13%) b 25 to 35: 57 (51%) c 35 to 45: 34 (30%) d Over 45: 7 (6%) Islamic banking in Vietnam Page 56 2.Which area are you working in? a Finance and banking: 32 (29%) b.IT and telecommunication: 17 (15%) c Engineering and construction: 15 (13%) d.Administrative : 23 (21%) e Trading and services: 19 (17%) f Other: 6 (5%) Islamic banking in Vietnam Page 57 3 What is your level of income (in million VND)? a Less than 60: 37 (33%) b From 60 to 120: 44 (39%) c From 120 to 240: 25 (22%) d Over 240: 6 (5%) Islamic banking in Vietnam Page 58 4 a b c d e Do you know about Islam? Almost nothing: 31 (28%) Just a little: 37 (33%) Something: 29 (26%) Main ideas and principles: 13 (12%) Much: 2 (2%) 5 Do you know about Islamic finance and banking? a It’s the first time I’ve heard about this : 88 (79%) b I’ve heard about it before : 19 (17%) Islamic banking in Vietnam Page 59 c I know but I have no experience: 5 (4%) d My job is related to this sector: 0 (0%) 6 In your opinion, what is the main difference between conventional and Islamic banking? a There’s no difference: 16 (14%) b Islamic banking services are built only for Muslim: 43 (39%) Islamic banking in Vietnam Page 60 c Fix interest is allowed in conventional banking but prohibited in Islamic banking: 11 (10%) d Transactions in conventional banking are asset-based but they are not in Islamic banking: 17 (15%) e Islamic banking can be found only in Islamic country: 25 (22%) 7 Do you know about the profit-and-loss-sharing approach in Islamic banking? a No: 86 (77%) b I’ve heard but I have insufficient knowledge about that: 22 (20%) c Yes: 4 (3%) Islamic banking in Vietnam Page 61 8 Are you willing to share profit generated from your investment account with the bank that manages yours, besides paying fees? a No: 54 (48%) b Yes: 12 (11%) c It depends on the ratio: 46 (41%) Islamic banking in Vietnam Page 62 9 Are you willing to join projects financed by Islamic banks as you will be paid based on your performance of management skills and result of the project instead of fixed salary? a It’s too risky: 31 (28%) b I will consider that suggestion: 44 (39%) c I want to try new challenges : 37 (33%) Islamic banking in Vietnam Page 63 10 What do you think about the potential market for Islamic financial products in Vietnam? a Small, because Muslim community in Vietnam is small: 23 (21%) b They have a fair chance like other similar products: 35 (31%) c Big, as Vietnam is developing comprehensive relation with Islamic countries: 19 (17%) d It depends on quality of products and services provided by banks and financial firms: 35 (31%) Islamic banking in Vietnam Page 64 REFERENCES Marketing management, Philip Kotler & Kevin Lane Keller, twelfth edition, Pearson Prentice Hall, 2006 The world’s religions, Huston Smith, third edition, 2005 A basic guide to Contemporary Islamic Banking and Finance, Mahmoud Amin ElGamal, Rice University, June 2000 Islamic Banking, Diederik van Schaik, The Arab Bank Review, Vol.3, No.1, April 2001 Islamic banking in Vietnam Page 65 Profit and Loss Allocation among Islamic Bank and Client Partner in Equity Financing: Practice, Precepts and Alternatives, Muhammad Abdurrahman Sadique, J KAU: Islamic Econ., Vol.22 No.1, pp: 145 – 168 (2009 A.D./ 1430 A.H.) Theory and practice of Islamic banking in Pakistan, Nadeem Inayat, A thesis submitted to the Department of Economics for the Degree of Doctor of Philosophy in Economics, Department of Economics, University of the Punjab, Lahore, 1993 Challenges and Opportunities for Islamic banking and finance in the West: the United Kingdom experience, Rodney Wilson, Islamic Economics Studies, Vol.7, Nos.1 & 2, Oct ’99 & Apr 2000 IMF Working paper, Monetary and Capital Markets Department & Middle East and Central Asia Department, The effect of the global crisis on Islamic and conventional banks: A comparative study prepared by Masher Hasan and Jemme Dridi, Authorized for distribution by Hassan Al-Atrash and Daniel Hardy, September 2010 Post-9/11 Perceptions of Islamic Finance, S Nazim Ali, Director, Islamic Finance Project, Harvard Law School, Harvard University, Cambridge, MA 02138, USA, Abdur Rahman Syed, Doctoral Candidate, Boston University, Boston, MA, USA Islamic banking in Vietnam Page 66 ... OF ISLAMIC FINANCE…………………………… …21 3.4 THE DEVELOPMENT OF ISLAMIC BANKING……………… … 23 Islamic banking in Vietnam Page CHAPTER IV BUILDING MARKETING PLAN FOR THE FIRST ISLAMIC BANK IN VIETNAM? ??………………………... establishment of two branches in Germany and the first Islamic bank in Vietnam with an Arabian partner With this first Islamic bank in Vietnam, Vietinbank would break into brand new banking – service products... decade Table 2: The development of Islamic banking in the world Islamic banking in Vietnam Page 25 CHAPTER IV BUILDING MARKETING PLAN FOR THE FIRST ISLAMIC BANK IN VIETNAM This part of the research