Building business strategy for bank for investment and development of vietnam securities joint stock company in period of 2012 2015

VIETNAM NATIONAL UNIVERSITY, HA NOI SCHOOL OF BUSINESS NGUYEN XUAN HAI BUILDING BUSINESS STRATEGY FOR BANK FOR INVESTMENT AND DEVELOPMENT OF VIET NAM SECURITIES JOINT STOCK COMPANY IN PERIOD OF 2012-2015 Major: Business Administration Code: 60 34 05 MASTER OF BUSINESS ADMNISTRATION THESIS Supervisor: Dr Tran Doan Kim Ha Noi, 2012 ABSTRACT BUILDING BUSINESS STRATEGY FOR BANK FOR INVESTMENT AND DEVELOPMENT OF VIET NAM SECURITIES JOINT STOCK COMPANY IN PERIOD OF 2012-2015 Nguyen Xuan Hai MBA Candidate, 2008-2010 Hanoi School of Business, Vietnam National University Supervisor: Dr Tran Doan Kim December 2012, 91 pages The world economy has been in more stable phase after economic crisis and is having significant development Together with general development trend of the world economy, Vietnam is gradually marking position in global economy With the open economy, demand on capital in regard to enterprises increases and become diversified Securities market, by means of a part of market It is useful took to solve demand on capital After 11 years of foundation and development, securities market in Vietnam has gained significant achievements and steps At present, there are more than 100 securities companies and each of them self-drives to survive and develop after ups and downs in market The ups and downs of market in 2010 and first half of 2012 have made some securities companies recognize efficiency and adjust their trading activities BIDV Securities Joint Stock Company (BSC) is one of the first securities companies adjusting their development strategy to be able to have improvement in securities market With open tendency of economy, BSC has to face up with more and more rivals not only domestic ones but also foreign one with strong finance capacity The increase of rivals reduces market share of BSC Although BSC has many competitive ii advantages namely strong finance capacity and trademark and over the past years, BSC always improves to increase prestige and product quality provided customers; BSC must have development strategy in the future against fiercely competitive pressure as present If applicable, the company can control risks, solid steps and mark position in Vietnam Securities market In the condition of the difficulties of the economy, the securities industry has faced up to huge challenges Developing strengths, eliminating weaknesses, promoting the absolute advantage and competitive advantage will help the businesses in the field of securities find the way to survive and develop in the current period Which direction should be selected? what strategy should be chosen? The limitation of resources and the current period is extremely difficult for securities companies Thanks to discussions with experts in the field of securities as well as colleagues, leaders in the BSC and the knowledge achieved from the course, the author has contributed a little to find out strategy and direction for the BSC in the future With all the general information about the stock market, the author would like to bring to the reader an overview of the stock market in Vietnam, point out the strengths and the weaknesses of the BSC as a basis for selection of strategic development in the future All the solutions are orientedly given, accompanied with the instability of the stock market; the author hope to contribute a lot of useful ideas for development of the BSC in the future iii TABLE OF CONTENT ACKNOWLEDGMENTS i ABSTRACT .ii TÓM TẮT iv TABLE OF CONTENT vi LIST OF TABLE viii LIST OF FIGURE ix LIST OF CHART x LIST OF SYMBOLS AND ABBREVIATIONS xi INTRODUCTION CHAPTER 1: THEORETICAL FOUNDATION OF BUILDING BUSINESS STRATEGY OF ENTERPRISE 1.1 Overview about business strategy of enterprise 1.1.1 Concepts 1.1.2 Typical features of business strategy 1.1.3 The role of business strategy in enterprise 1.2 Process of building business strategy of enterprise 1.2.1 Define Vision, Mission, Target, Policy and Core thinking 1.2.2 Analyzing external environment 1.2.3 Analyzing internal environment 10 1.2.4 Building business strategy 11 1.2.5 Distinguishing three strategic types: 12 1.3 Tools used to analyze strategies 16 1.3.1 SWOT matrix 16 1.3.2 Quantitative Strategic Planning Matrix (QSPM) 17 CHAPTER 2: ANALYSIS OF STRATEGY CONSTRUCTION BASIS OF BIDV SECURITIES JOINT STOCK COMPANY (BSC) 19 2.1 Overview of BSC 19 2.1.1 History of formation and development 20 vi 2.1.2 Business lines 20 2.1.3 Organizational structure 22 2.1.4 Line of vision, mission 22 2.1.5 Philosophy, viewpoint of business 24 2.2 Outside market analysis of BSC 26 2.2.1 Macro market analysis 26 2.2.2 Analysis of securities business sector environment 37 2.2.3 Judgment of opportunity and challenge 45 2.3 Analysis of internal environment 48 2.3.1 Business activity 48 2.3.2 Business support activity 60 2.3.3 Identifying strength, weakness and building the evaluation matrix of internal environment factor (IFE matrix) of BSC: 68 2.4 SWOT matrix of BSC 70 CHAPTER 74 3.1 Orientation for business strategy of BSC in period of 2012 - 2015 74 3.1.1 Strategic targets of BSC 74 3.1.2 Building partial strategies 78 3.2 Selecting business strategy for BSC in period of 2012 - 2015 83 3.3 Solutions for implementing business strategy of BSC 84 3.3.1 Solutions on human resource 84 3.3.2 Solutions on Marketing 88 3.3.3 Solutions on capital 89 CONCLUSION 90 REFERENCES 91 vii LIST OF TABLE Table 1.1: SWOT analysis 17 Table 2.1 Important milestones 20 Table 2.2 Comparison of some criteria in business activity of BSC with competitors 44 Table 2.3 External factor matrix affecting BSC (EFE) 46 Table 2.4 - Main financial targets of BSC in 2009 – 2011 .57 Table 2.5 - Matrix of internal factors of BSC (IFE) 70 Table 2.6 SWOT matrix of BSC .71 Table 3.1: QSPM matrix of BSC .75 viii LIST OF FIGURE Figure 1.1: PEST model in macro-environment analysis Figure 1.2: Michael E Porter’s five force model .10 ix LIST OF CHART Chart 2.1 GDP growth rate of Vietnam in period 2000 - 2010 .29 Figure 2.2 Inflation of Vietnam in period 2000-2010 .30 x LIST OF SYMBOLS AND ABBREVIATIONS BCG Boston Consulting Group FPTS FPT Securities Joint Stock Company HNX Hanoi Securities Trading Department HSC Ho Chi Minh City Securities Joint Stock Company HSX/HOSE Ho Chi Minh City Securities Trading Department QSPM Quantitative Strategic Planning Matrix MBHS MBH Securities Joint Stock Company CSC Capital Securities Joint Stock Company BSC BIDV Securities Stock Company 10 VND Dong xi INTRODUCTION I The imperativeness of topic The world economy has been in more stable phase after economic crisis and is having significant development Together with general development trend of the world economy, Vietnam is gradually marking position in global economy With the open economy, demand on capital in regard to enterprises increases and become diversified Securities market, by means of a part of market It is useful took to solve demand on capital After 11 years of foundation and development, securities market in Vietnam has gained significant achievements and steps At present, there are more than 100 securities companies and each of them self-drives to survive and develop after ups and downs in market The ups and downs of market in 2010 and first half of 2012 have made some securities companies recognize efficiency and adjust their trading activities BIDV Securities Joint Stock Company (BSC) is one of the first securities companies adjusting their development strategy to be able to have improvement in securities market With open tendency of economy, BSC has to face up with more and more rivals not only domestic ones but also foreign one with strong finance capacity The increase of rivals reduces market share of BSC Although BSC has many competitive advantages namely strong finance capacity and trademark and over the past years, BSC always improves to increase prestige and product quality provided customers; BSC must have development strategy in the future against fiercely competitive pressure as present If applicable, the company can control risks, solid steps and mark position in Vietnam Securities market Coming from above problems, I realized the particularly important role of building strategy for existence and development of a securities company Therefore, I decided to select topic in line with the theme “Building business strategy for BIDV Securities Joint Stock Company in period of 2012-2015" II Researching objectives 12 13 14 15 16 17 18 19 20 Knowledge of enterprises and investors on financial, investment services and products is quite limited Internal factors Modern information technology background The leadership board has strategic vision, experiences in finance, bank, security fields Advantage of one of leading enterprises in securities field with wide investors, organizations, individuals network Human resources are young, professional, enthusiastic with works with good quality and qualification Implemented and able to implement all professions in securities field Development strategy accords with development orientation of the stock market of Vietnam Strong financial capacity because its charter capital is rather high and strong support of holding bank (BIDV) Dynamic operation apparatus creates motive power for 0.12 0.36 0.36 0.24 0.24 0.07 0.28 0.14 0.14 0.14 0.14 0.56 0.42 0.56 0.56 0.06 0.24 0.18 0.24 0.18 0.16 0.64 0.48 0.32 0.64 0.12 0.36 0.24 0.48 0.24 0.06 0.24 0.12 0.24 0.18 0.11 0.33 0.33 0.44 0.33 0.09 0.18 0.18 0.27 0.36 77 21 22 23 24 25 development Personnel although having capacity but unstable in quantity, resulting in significant change Risk management in the securities field is not actually good Expansion of operation is very fast, but operation management doesn’t catch up with such development, as a result operation control meets many difficulties Operation expenses of BSC are very much Marketing operation is not professional Total 0.03 0.06 0.03 0.06 0.06 0.07 0.14 0.07 0.28 0.21 0.05 0.15 0.1 0.1 0.2 0.03 0.09 0.06 0.06 0.03 0.04 0.08 0.04 0.08 0.04 6.11 4.68 5.48 Through the above-mentioned analysis table of QSPM matrix, we see that strategy reaches 6.11 scores, strategy reaches 4.68 scores, strategy reaches 5.48 scores and strategy reaches 5.41 scores From that point, it shows that strategy is dominant in comparison with remaining strategies, then strategy 3, strategy and strategy Thus, for the purpose of reaching more and more professional, different and the most effective achievements in operations of BSC, at the same time maximum promotion for resources of BSC, I propose to select development strategy for BSC in next time as: Giving priority for development of strategy 1, using in combination with strategy and strategy 3.1.2 Building partial strategies 3.1.2.1 Strategy of Investment Banking department  Develop and promote services to become one of three best securities companies in area of providing investment banking service: 78 5.41 - Focus on professional and high value added services for potential customers as large enterprises such as capital restructure service, M&A, issue consultancy and issue guaranty Re-define contract value and customers’ brand name play important role instead of the amount of contract - Design the mobilizing products to match to demands of national and foreign investors as well as their financial capacity; make use of capital flow of international market - Have close cooperation with members of BIDV, investment department Additionally, broaden relationship with big financial institutions to provide services and products for mutual benefit and make use of each other strength  Promote and expand operation of M&A especially M&A consultancy from offering organization as foreign investors and cooperate with foreign organizations in the same operations: - Private enterprises play important role in leading M&A operation in Vietnam Basing on established foundation, we continue to promote relationship and capacity to access national private enterprises - With advantage in experience and knowledge in Vietnam market and close relationship with national private enterprise, we will promote relationship with foreign partners especially investment banks to maximize international M&A operations  Develop and invest for human resource, operate standard model of international investment bank: Human is the most important factor creating competitive value and advantage in financial area in general and investment banking service in particular Understanding development tendency of investment banking service, BSC focuses on human with capacity, knowledge, soft skill of an international banking expert with deep knowledge for national market 3.1.2.2 Strategy for brokerage department 79  Develop super customer management model, orient to maximizing satisfaction of former customers and attracting new customers: BSC researches demand and features of each customer Gather different subjects in specific criteria to form perfect policies for development and service with products and services meeting the most basic demand enclosed with different value added services The outstanding different research products are demonstrated on coverage to multi-sectors, enterprises with different capital value With advantage of thoroughly understanding Vietnam market, wide relationship network with enterprises in market and international knowledge as well as experience of analysis experts, BSC orients to target designing international standard products  Optimal order transaction system with quick and accurate speed is one of central strategies of brokerage for institutional clients: BSC continues researching and applying updated technology to set up system with full and essential properties It will support investors in receiving order of market information searching with the most convenient way  Develop retail sale system and diversify personal clients’ services and products: In the context of development, the competition is becoming stronger This competition is not only from the domestic securities companies but also the entrance of foreign securities companies The individual client brokerage membrane of BSC identifies the development strategies clearly with the specific development steps: Expanding the scale of client based on the diversification of product packages and services which are designed individually for each individual client segment It is the first major strategy which BSC focuses on implementing successfully BSC finds the individual customer segments complex and needs the diverse requirements BSC is cautious in each step of client segment, and analyzes the current behavior and predicts the future needs of each of target BSC also 80 focuses on design of the specific product packages based on customer demands, safe policy, and tries to limit risks for customers and company as well BSC aims to build the perfect client policies which show the combination of the basic service package, the advantageous finance products, the convenience and preferential feature in the method of transaction and the enclosed value-added services This is the core value which helps BSC satisfy all demands of current clients and attract a lot of new clients more and more BSC completes a standard operation model of retail for securities services to meet the diversified demands of clients That the service product of BSC is becoming more and more various is an important strategy in the development process of affirming the status and prestige of BSC Focusing on studying of advanced and modern operation model in the world and analyzing the situation and available conditions for select and gradually apply the successful models is a target which BSC has improved and obtained in the future This model aims to provide customers with the right products which meet their demands quickly and timely Furthermore, it aims to enhance and improve the efficiency of operation of Company and limit the risk and make a dominant and sustainable competition capacity  Upgrade and develop modern online transaction system to attract new customer segment in addition to traditional ones: Predicting the movement trend of market and the demand of dynamic clients, BSC continues to offer the new version of web trading with the advantageous features such as orders, conditions, investment portfolio management under the optional strategies and warnings… toward the convenience and ease when using a friendly interface, and the optimization speed for investors In addition, BSC will develop applications for handsets such as mobile phones, Ipad to help all investors to make all transactions quickly and conveniently  Ceaselessly improve capacity of brokers: From in service training, studies for experience in strategic partners, BSC 81 creates all optimal conditions to develop dedication The company also considers creativeness as foundation for success in implementing above strategies 3.1.2.3 Strategy for research and analysis department Analysis and investment department has implement renovation matching to general development strategy of BSC since the last of 2010 Accordingly, the department will be restructured and divided into the two separated divisions:  Investment analysis and consultancy division for institutional clients will combine with brokerage department to introduce suitable products, especially reports with features and requirements of each different institutional client group The division serving institutional clients is located in Ho Chi Minh City to make effectiveness for foreign organizations when they research Vietnam market  Investment analysis and consultancy division for personal clients will provide summarized and obvious reports that meet typical information demand of personal clients In 2012, the division sets the target of listed enterprise researching and introducing products to meet higher and higher demand of customers In which, they are interested in promoting supply of investment analysis and strategy, consultancy services for foreign organizations and investors 3.1.2.3 Strategy for Investment department In 2012, BSC will be faithful with investment strategy mentioned above and diversify products as well as investment strategy to make use of opportunities from market Furthermore, a large portfolio will be transferred to BIDV Capital Company to contribute capital for new fund that BIDV Capital is building It is also to diversify investment risks as well as increase transparency among investment activities of BSC with customers 82 3.2 Selecting business strategy for BSC in period of 2012 - 2015 The establishment of SWOT matrix and QSMP matrix in BSC introduces specific business strategies based on factors:  Use strengths to make use of opportunities  Overcome weaknesses by making use of opportunities  Use strengths to avoid threats  Minimize weaknesses and avoid threats That strategy system is matched to trading reality of BSC Nevertheless, connection to business strategy targets of BSC in period of 2012 – 2015 and combination to some strategies, we propose some business strategies for BSC as following: 3.2.1 Provide diversified and qualified investment banking services The demand for capital resource is always the essential and urgent one of all enterprises in Vietnam Having a cheap and timely capital mobilization and good financial structure based on the best and most professional consultation of a financial institution is the desire of many enterprises Therefore, BSC is always towards a model of investment bank to meet the capital demand of clients effectively and in a better way With the strategic orientation, BSC obtained the success and achievements and had the numerous lists of clients who used the investment banking service In the period of 2012-2015, BSC has a goal of becoming one of three leading companies which provide the investment banking service in Vietnam 3.2.2 Consider information technology as competitive advantage As in the above analysis, information technology plays an important role in the operation of a securities company If a company builds a modern and flexible system of information technology which is suitable for the demand of clients, that company has a great advantage of competition Nowadays, the demand of remote transaction of clients is becoming urgent Thus, all companies have 83 implemented to synchronize and modernize the trading system, information storage and operation as soon as possible Hence, the goal of modernization and standardization of BSC in the period of 2012-2015 in the information technology needs to be more focused and developed 3.2.3 Build positive human resource policy Human resource is core and particular importance to an enterprise providing service Human resource policy of BSC always has been paid attention In period of 2012 – 2015, human resource policy will be completed and more standardized matching to strategy of the company as well as reality coming from Vietnam’s economy 3.2.4 Build close risk management system If one company operates well, but it does not focus on the risk management, it will be very easy to fail and lose when some accidents occur Especially when the Vietnam economy has a lot of changes which impact negatively on the business activities of Company At that time, all efforts and achievements which try to obtain rapidly collapse within a short time Therefore, in addition to the strategies to obtain the achievements in business, the strategy of risk management to protect these achievements and results should be given 3.3 Solutions for implementing business strategy of BSC 3.3.1 Solutions on human resource Training and developing human resource Nowadays, in the competitive market, companies must pay much attention to the training of human resource to have the high qualified and strong staff Although most of officers of BSC are highly qualified, the demand of training new staff is always essential and urgent because the field of securities is always new and the demand of clients now is more and more diversified Thus, the skill improvement and specialized knowledge and new knowledge are getting more important The soft skills, in addition to the specialized knowledge, also need to 84 be trained such as communication skills, negotiation skill and sales and so on It is said that they are important and necessary skills The company should build the plan to train professional staff and have steps to train the staff of business financial consultants who are expertise and excellently professional In access to international standards, training program must meet following requirements:  Equip professional and deep knowledge about securities law and corporate finance The company is required to have training programs to foster and improve specialized knowledge on law, securities and corporate finance for employees In particular, with operation of corporate finance advisory, managers must create favorable conditions for employees to be able to easier access to new legal documents  Equip knowledge about skill and profession In order to implement orientation as leading company with advisory operation in particular as well as securities business in general, there is one decisive factor as capacity to use and make use of skills from employees In order to equip perfect knowledge and professional skills for employees, the company needs to pay attention to specific work with following cases: - Communication skills: According to psychologists, 93% of success in communicating information is thanks to tone and voice, or the emphasis of the words used, or the speech speed and gestures And 90% of resistance from customers for information that is not effective is due to one reason that consultants not communicate clearly what are necessary and unnecessary Thus, they not establish a deep sympathy and trust for customers To improve this situation, the counselors who communicate directly with customers should pay much attention to the technique of communicating information and expressing ideals and 85 contents to bring customers the best satisfaction These skills include:  The concern of employees to customers: in working, employees have to recognize that: customers are the one deciding existence with respect to employees Therefore, employees should have suitable concern to customers In order to increase efficiency and take advantage in supplying services and products, employees must put customers on the top and revenue as second It is aimed at creating confidence and helping customers feel whether this is expected financial consultants or not  Communication through telephone: There are many first communications between employee and customer through telephone This mean will highly appreciate the importance in voice of consultant for corporate finance Therefore, in the process of communication through telephone, in order to create good impression for another, dealers must pay attention to effective introduction, use intonation in voice, adjust speed with clearness - Create reliance and confidence: consultancy experts must understand communication methods making customers see cooperation and sympathy From that, customers will believe in consultancy experts - Skills of searching customers: in order to attract customers and provide consultancy services for potential customers; the development of customers, ceaselessly looking for new customers have influences to success or failure of corporate finance advisory Although, BSC has professionalization in looking customers for employees, they must have incentives for employees in process of corporate finance consultancy They find another consultancy demands or seek for potential customers from the formers Therefore, good corporate finance advisor is not only good at doing paper work but also is active and initiatively look for new customers 86 In general: Training employees should not take place in a short term; it must be interested and organized frequently We have following solutions:  To encourage staff to learn from each other to improve professions  To organize training courses in short-term or long term In which managers, professional and senior experts will share, communicate experiences for subordinates and colleagues In addition, the company needs to invite professional speakers or lecturers about soft skills like communication, customer meeting and writing mail to advise clients  To regularly organize "professional contest" to enable employees to learn and cultivate more professional skills Improve management work If the company has an excellent team of profession with dedication in working, we have to refer to significant contribution of management staff The managers will be the one creating incentives, instructing their subordinates An employee can only develop when he has good leaders Thus improving the management plays an important role in enhancement of employees’ quality Like the training of staff, the leaders themselves should also improve management skills, with the management measures in accordance with conditions and circumstances of each department Some specific measures are proposed as follows:  Assign tasks: need to have an effective management measure to encourage employees attempting such as planning detail description for each individual This work should be written in detail to avoid overlapping assignment Additionally, manager as well as employees take initiatives at work, are satisfied with such professional working style  Strengthen supervision and inspection, encourage employees to work: The work of an employee in a securities company combines lots of skills with 87 high pressure Therefore, to make work effective, managers should regularly encourage and create motivation for employees 3.3.2 Solutions on Marketing To meet the goal of expanding market share and enhancing prestige, BSC need to develop marketing plan for enforcement, promote marketing as well as develop a strategy to implement this activity well  Firstly: The company must identify the objectives of this activity, that goal must serve the overall goals of the company in the long term, specifically aim at potential customers, attracting more and more customers to the company  Secondly: The Company needs to conduct market segments: market segment can be understood as a group of investors react equally to a set of marketing stimulation That is, the segment is divided according to certain criteria, the overall market of large-scale with disagreed needs  Thirdly: The Company shall select target markets based on an analysis of the business environment The nature of the target market selection is to find potential customers that the company will cater to the specific service The selected target markets may be one or more market segments or the entire market  Fourthly: The Company must set out the action plan and estimate budget An action plan for the entire plan of the Company is the entire company's marketing plan ensuring that the plan will be implemented under the control and regulation of the marketing administrators In addition to planning marketing activities, it is required to promote the marketing activity through meetings or customer care services The marketing effort requires time and expensive cost Appropriate and scientific time arrangement is extremely important and staff is not expressed 88 regret their effort to build relationships Furthermore, cost issue must also be economical and efficient Marketing method is just direct and indirect Must have help from senior levels, and management based on friendship It is important to create the beautiful image of the company, causing the sympathy from the other sides and keep the trust with every customer 3.3.3 Solutions on capital With respect to a financial institution in particular and a securities company in general, having a stable and rich source of capital is a huge advantage over other companies in the industry In 2012, BSC will continue to promote safe and effective capital management experience It is to maintain liquidity and ensure quick payment savings to investors Capital department will actively coordinate with the securities service one to support capital for investors with safe, less risk, flexible financial products as well as simple procedure At the same time, they will continue to improve product support investors with high profitability It preserves capital with flexible time limit, makes use of available capital to optimize earnings and increase the role of brokers 89 CONCLUSION Due to the limit of time as well as other resources, this Thesis cannot avoid some certain limits The thesis only focused on researching and building the business strategy of BIDV Securities Company in the period 2012-2015 Therefore, the conclusions drawn here for other types of strategy as well as other enterprises need additional researches Topic “Building business strategy for BIDV Securities Joint Stock Company in period of 2012-2015” was focused by me to study and construct with the objective of persuading the enterprise to apply in the reality at the unit On the basis of documents, knowledge acquired at the course, and the reality exchange among the colleagues, especially the whole-hearted instruction of the lecturer, they helped me complete this report Research result of this subject is expected to help the leaders of the Company grasp and take full advantage of opportunities, limit the risks in the competitive integration environment in the next period, contribute to implementing successfully the mission, development objective of the Company up to 2015 90 REFERENCES Blocher and co-workers (2002), “Strategic Analysis and Strategic Cost Management”, FredR.David (2000), “Concepts about strategic management” (translation edition), Statistics Publishing Garry D.Smit, Danny R Arnold.( 2003), “Business Strategy and Method” (translation edition), Statistics Publishing Lecture materials of Strategy Management Subject of HSB program Liam Fahey & Robert M.Randall – MBA in hand, “Strategic management”, Ho Chi Minh City General Publishing BSC (2010; 2011), “Annual report in 2010, 2011 of BIDV Securities Joint Stock Company” BSC, “Auditing financial report in 2009, 2010, 2011 of BIDV Securities Joint Stock Company” Website: http://www.saga.vn/Quantrichienluoc/16423.saga Website: http://bsc.com.vn 91 ... BUILDING BUSINESS STRATEGY FOR BANK FOR INVESTMENT AND DEVELOPMENT OF VIET NAM SECURITIES JOINT STOCK COMPANY IN PERIOD OF 2012- 2015 Nguyen Xuan Hai MBA Candidate, 2008-2010 Hanoi School of Business, ... Analyzing foundation for building strategy of BIDV Securities Joint Stock Company  Chapter 3: Building business strategy of BIDV Securities Joint Stock Company in period of 2012 – 2015 CHAPTER 1:... existence and development of a securities company Therefore, I decided to select topic in line with the theme ? ?Building business strategy for BIDV Securities Joint Stock Company in period of 2012- 2015"