This study investigates the trend, nature, and degree of competition in Vietnam’s banking industry over the period 2012 and 2018 using structural approaches such as concentration ratio and HerfindahlHirschman Index in order to provide Shinhan Bank Vietnam with competitive strategies. The trend of concentration ratio shows that Vietnam’s banking sector is likely an oligopoly even though it decrease in 2018. In addition, the results of HHI demonstrate that the banking industry of Vietnam is not competitive but unconcentrated due to relatively large number of banks playing in Vietnam. Therefore, the author focuses on building competitive strategies for Shinhan Bank Vietnam based on IFE, EFE and TOWS matrix.
ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - KIM, JIHYUN Building competitive strategies For shinhan bank vietnam XÂY DỰNG CHIẾN LƯỢC CẠNH TRANH CHO NGÂN HÀNG SHINHAN BANK VIỆT NAM LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH HÀ NỘI - 2020 ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - KIM, JIHYUN BUILDING COMPETITIVE STRATEGIES FOR SHINHAN BANK VIETNAM XÂY DỰNG CHIẾN LƯỢC CẠNH TRANH CHO NGÂN HÀNG SHINHAN BANK VIỆT NAM Chuyên ngành: Quản trị kinh doanh Mã số: 60 34 01 02 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH NGƯỜI HƯỚNG DẪN KHOA HỌC: PGS.TS HỒNG ĐÌNH PHI HÀ NỘI - 2020 DECLARATION The author confirms that the research outcome in the thesis is the result of author‟s independent work during study and research period and it is not yet published in other‟s research and article The other‟s research result and documentation (extraction, table, figure, formula, and other document) used in the thesis are cited properly and the permission (if required) is given The author is responsible in front of the Thesis Assessment Committee, Hanoi School of Business and Management, and the laws for above-mentioned declaration Place: Hanoi, Vietnam Jihyun Kim i ACKNOWLEDGEMENT MBA program at Hanoi School of Business has encouraged me to pursue the field of global banking at more advanced level because I became convinced of my ability to endeavor in researching banking sector in Vietnam Before I started my studies with the brightest students in the most prestigious institute in Vietnam, my passion in banking field had been enervated due to the lack of competition in Korea Although I worked at the one of the Asia‟s leading financial groups, Shinhan Financial group, I only considered myself as the frog in the wall who knows nothing of the great ocean Moreover, I was afraid that I would not survive in my chosen field due to extremely prominent competitors in the countries outside of my home country Korea My experiences in Vietnam, however, allowed me to realize that they are not competitors but colleagues who inspire each other and constructively influence the world of businessmen, so that humanity can discover innovative theories in various issues Consequently, I realized that I wish to be able to contribute to my chosen field substantially as a leader who has a flexible thinking and sincerely enjoy studying and researching with outstanding individuals leading a variety of markets of Vietnam I plan to pursue the career of an international banker who does his best to contribute to banking sector of Vietnam as well as Korea I wish to work in Vietnam where I have had the opportunity to meet brightest students and professors and social diversity can be strengthened in the field of banking I also hope to further expand my role as a group leader through designing global business strategies and planting motivations in the mind of young employees and give the fair chances to every employee to experience the ii fascination of banking industry With strong motivation and extensive working and studying experiences, I firmly believe that I will become the one I want to be Once again, I really appreciate my company for giving me such a great chance to learn a lot about Vietnam and also thank all of my Vietnamese friends who have actively supported me My memories in Vietnam will stay with me forever iii Contents DECLARATION i ACKNOWLEDGEMENT ii LIST OF ACRONYMS vi LIST OF TABLES vii LIST OF FIGURES viii CHAPTER ONE INTRODUCTION 1 Rationale Significance of Study Review of the Previous Studies and Researches Relating to the Thesis Title Objective of Thesis 5 Methodology Scope of Research Thesis Structure CHAPTER TWO BASIC THEORY ON COMPETITIVE STRATEGY AND BANKING CONCENTRATION 2.1 Basic Concepts and Definitions 2.1.1 Strategy 2.1.2 Competitive Strategy 2.1.3 Bank Concentration Ratio 2.1.4 Herfindahl – Hirschman Index (HHI) 10 2.2 Tools for Business Environment Analysis and Building Competitive Strat egy 11 2.2.1 EFE (External Factor Evaluation) Matrix 11 2.2.2 IFE (Internal Factor Evaluation) Matrix 12 2.2.3 TOWS 12 iv CHAPTER THREE ANALYSIS OF BANKING INDUSTRY IN VIETNAM AND SHINHAN BANK VIETNAM 15 3.1 History of Banking in Vietnam 15 3.2 Structure of the Vietnam‟s Banking Sector 17 3.3 Analysis of Banking Concentration (CR / HHI) 24 3.3.1 Bank Concentration Ratio Result 24 3.3.2 The Herfindahl – Hirschman Index Result 26 3.4 Contestability 27 3.4.1 Banking Sector Regulation in Vietnam 28 3.4.2 Banking Sector Development 29 3.4.3 Financial Innovation and Technological Advances 36 3.5 Shinhan Bank Vietnam 37 3.5.1 EFE 43 3.5.2 IFE 44 3.5.3 TOWS 45 CHAPTER FOUR PROPOSAL OF COMPETITIVE STRATEGIES AND S OLUTIONS FOR SHINHAN BANK VIETNAM 46 4.1 SO Strategies 46 4.1.1 Learning KnowHow from Shinhan Financial Group and Implementing “Spoke & Hub” strat egy 46 4.1.2 Focusing on Non Face-to-Face Transactions and ATM Business 48 4.2 WO Strategies 49 4.2.1 Using Global Networks with FastGrowing Economy to Overcome the Small Sized Assets and Network 49 4.3 Proposal of Solutions for Implementing Competitive Strategies for Shinh an Bank 52 Bibliography 54 v LIST OF ACRONYMS SBV State Bank of Vietnam SCP Structure – Conduct – Oerformance ESH Efficient Structure Hypothesis CR Concentration Ratio HHI Herfindahl-Hirschman Index IFE Internal Factor Evaluation EFE External Factor Evaluation TOWS Threat-Opportunity-Weakness-Strength Analysis IMF International Monetary Fund BSA Banking Supervisory Agency MOF Ministry of Finance SSC State Security Commission ISA Insurance Supervisory Agency SOCB State Owned Commercial Bank FOCB Foreign Owned Commercial Bank JSCB Joint Stock Commercial Bank CAR Capital Adequacy Ratio CI Credit Institution VAMC Vietnam Asset Management Company vi LIST OF TABLES Table 2.1: TOWS Matrix 14 Table 3.1: Key Statistical Ratios of credit institutions of Vietnam as of December 2018 19 Table 3.2: Capital Adequacy Ratio (CAR) of Banks with the Implementation of Basel as of November 2019 24 Table 3.3: Bank Concentration Ratio Results 25 Table 3.4: HHI Resutls 26 Table 3.5: Shinhan Bank Vietnam Performance 2017-2018 42 Table 3.6: EFE Analysis 43 Table 3.7: IFE Analysis 44 Table 3.8: TOWS Analysis 45 Table 4.1: Opening New Branches Status 50 vii LIST OF FIGURES Figure 3.1: Structure of the Industry of Banking and Finance in Vietnam as of December 2018 18 Figure 3.2: Structure of Banking Sector as of December 2018 19 Figure 3.3: Market Share by the Number of Banks in Vietnam as of December 2018 21 Figure 3.4: Credit and Deposit Growth 21 Figure 3.5: Bad Debt Ratio and ROE 22 Figure 3.6: Total Number of Banks in Vietnam from 2012 to 2018 23 Figure 3.7: Bank Concentration Ratio Trend 26 Figure 3.8: HHI Trend 27 Figure 3.9: Shinhan Financial Group‟s Net Income by International Business 38 Figure 3.10: Shinhan Financial Group‟s Asset by International Business 38 Figure 3.11: Shinhan Financial Group‟s Net Income & Asset Composition as of December 2018 39 Figure 3.12: Golden population of Vietnam as of December 2017 40 Figure 3.13: Market Position Analysis of Vietnam‟s Banking Industry as of D ecember 2018 41 Figure 4.1: Income Bracket of Major Cities of Vietnam (%) 47 Figure 4.2: Increase in Non Face-to-Face Transaction 48 Figure 4.3: Shinhan Fianncial Group‟s Indochina Region 50 Figure 4.4: The Spread of Population in Vietnam Based on Region and Incom e Level 51 viii based financial institution to obtain a Vietnamese custodial service license (2017) and it built on this success by aggressively pursuing an entry into the country‟s global custody business It also diversified its portfolio to maximize its profit As a result, Shinhan Bank Vietnam‟s contribution to Shinhan Bank‟s global business in 2018 stood at 30% With the decision to acquire Prudential Vietnam Finance Company (PVFC), it laid the groundwork for further synergy creations across the entire spectrum of its subsidiaries The market is primarily dominated in size by SOCBs banks and some large JOCBs while profitable banks mostly concentrated for the area NIM higher than 3.5% or have a very big in assets size So except for those SOCBs, only those banks could consistently keep the NIM above 3.5% could generate a good income Figure 3.13: Market Position Analysis of Vietnam’s Banking Industry as of December 2018 (Source: Shinhan Bank Vietnam Business Report) 41 Shinhan Bank Vietnam has been performing very well in recent year Even though the size of bank is small, rank 22/29 in the market However, with the high productability, Shinhan bank shows an outstanding performance comparing to other banks in terms of balancing both risk management and profitability Table 3.5: Shinhan Bank Vietnam Performance 2017-2018 2017 Items Unit 2018 Rank order Amount Ranking Amount Ranking Total Assets US$ Million Descending 3,255 22/29 3,604 22/29 Lending to customers US$ Million Descending 1,724 20/29 1,943 22/29 Deposit to customers US$ Million Descending 2,525 19/29 2,886 19/29 US$ Million Descending 12/29 72 14/29 Net income Salary/ Headcount/ 55 US$ Descending 15,683 3/25 14,256 4/25 US$ Descending 50,678 2/25 46,254 2/25 Credit growth % Descending 47.82 3/29 13.71 20/29 NIM % Descending 3.34 11/29 4.44 3/29 ROE % Descending 11.96 14/29 13.73 13/29 ROA % Descending 1.98 4/29 2.11 4/29 CIR % Ascending 39.59 3/29 44.98 11/29 NPL % Ascending 0.60 2/26 0.41 1/26 NPL coverage Times Descending 191 2/26 143 5/26 Credit cost % Ascending 0.04 01/27 0.35 04/27 %Debt G2 % Ascending 2.68 20/25 2.58 23/25 LDR % Ascending 62.7 10/29 64.92 12/29 CAR % Descending 18.69 2/25 18.16 1/25 Year Net income/ Headcount (Source: Financial Statement of Shinhan Bank Vietnam, SBV) 42 3.5.1 EFE Table 3.6: EFE Analysis Opportunities Weight Rating Vietnam‟s fast-growing economy High percentage of the middle class and increasing upper class Active restructuring of Vietnam‟s banking sector digital finance environment An increase in foreign direct investment in Vietnam Threats 0.3 0.2 0.1 0.1 Weight Rating High level of graft and state intervention in 0.4 0.3 0.2 Increasing labor costs 0.1 Total EFE Score banks Difficulties in achieving economies of scale Appearance of new competitors (Korean banks) 0.3 43 Weighted Score 0.3 1.2 0.4 0.3 0.1 Weighted Score 1.6 0.9 0.4 0.2 6.6 3.5.2 IFE Table 3.7: IFE Analysis Strengths Weight Rating Advanced and extended risk management 0.1 Wide global network (189 networks in 20 0.4 countries) Weighted Score 0.3 1.6 High capabilities of digital banking 0.2 0.4 Know-how of wealth management 0.2 0/6 Strong corporate culture 0.1 0.1 Weaknesses Weight Rating Small-sized asset 0.4 1.2 Limited network in Vietnam 0.3 0.9 Lack of employee competency in 0.2 management level(local) due to the rapid growth in recent years Score 0.4 Insufficient training program 0.1 Total IFE Score 44 Weighted 0.1 5.6 3.5.3 TOWS Table 3.8: TOWS Analysis Opportunities(S) O1 Fast-growing economy O2 High percentage of the upper and middle class O3 Digital finance friendly environment and current cash-based society Threats(T) T1 High level of state intervention of SBV T2 Difficulties in achieving economies of scale T3 Appearance of new competitors Strength(S) S1 Wide Global Network S2 Know-how of wealth management S3 High capabilities of digital banking SO Strategies Learn know-how of wealth management from Shinhan Fiancial Group and “Hub & Spoke” Strategy (O1, O2, S2) Focus on non face-toface transactions and ATM business with digital technology (O3, S3) ST Strategies Cooperative with Shinhan‟s network outside of Vietnam to overcome the restriction on credit growth rate (T1, T2, S1) Analyze existing customers from ANZ and use share Shinhan and ANZ‟s know-how of wealth management (T2, T3) 45 Weaknesses(W) W1.Small sized assets W2 Limited network in VN WO Strategies Use global networks with fast-growing economy to overcome the small size and network (O1, W1, W2) Select and concentrate on region where Shinhan has not entered based on population analysis (O1, O2, W2) WT Strategies Focus on profitable customer sector (T1, W1) Open new branches based on the analysis in terms of incomepopulation (T3, W2) CHAPTER FOUR PROPOSAL OF COMPETITIVE STRATEGIES AND SOLUTIONS FOR SHINHAN BANK VIETNAM 4.1 SO Strategies SO strategy means the use of internal strengths to take advantage external opportunities/ 4.1.1 Learning Know-How from Shinhan Financial Group and Implementing “Spoke & Hub” strategy Vietnam has a growing educated workforce and is now in a period of golden population structure, where 45% are under 30 years of age Therefore, it is obvious that the average income and the size of middle and upper class are going to increase in the near future Shinhan Bank Vietnam has been actively learning a variety of know-how of wealth management business from Shinhan Financial Group and the experts from ANZ bankers Especially, the wealth management division of the group held USD $ 90.7 billion worth of assets in trust in 2018, its largest amount since its establishment Its gross operation income was USD $ 470.2 million The division has earned the confidence of a large number of high-net-worth individuals due to its outstanding performances since its launch in 2012 This includes maintaining the highest annual average growth rate in the entire industry In addition, ANZ Bank which sold retail division to Shinhan Bank Vietnam is the largest financial company in New Zealand having a lot of experts in private wealth management business Therefore, the synergy effect is expected from combining know-how of two prestigious financial groups representing Korea and New Zealand 46 Figure 4.1: Income Bracket of Major Cities of Vietnam (%) (Source: Shinhan Financial Group‟s Research) From the figure 4.1, income bracket of major cities of Vietnam, there are higher percentages of upper class compared to total average of Vietnam Shinhan Bank Vietnam currently has networks in Hanoi, Hochiminh, Hai Phong, and Da Nang and plans to open new branch in Can Tho in 2020 Even though Shinhan Bank Vietnam has been focusing on upper class customers of each city above, it lacks competitiveness in terms of its number of networks Apart from taking an edge of learning know-how from Shinhan Financial Group and the experts from ANZ bankers, Shinhan Bank Vietnam needs to overcome this disadvantage by implementing „Hub & Spoke‟ strategy * Hub branch: Managing spoke branches nearby it and providing high-quality PWM services *Spoke branch: Operating as a normal branch but offering a counter only for PWM customers Under this strategy, hub branch organizes various events and seminars for customers of spoke branches In addition, pwm customers of spoke branches 47 are allowed to get the consulting services with the experts of spoke branch or senior consultant of mother bank 4.1.2 Focusing on Non Face-to-Face Transactions and ATM Business Shinhan Financial Group, Shinhan Bank Vietnam‟s mother company, is famous for its digital technologies Its efforts towards digital transformation won it a number of prestigious awards in recognition of the excellence of its products and services They included ranking first at the 2018 Korea Innovation Awards and the National Customer Service Index survey, as well as winning the grand prize in the Smart Banking category at the National Consumer-Driven Brand Awards Therefore, Shinhan Bank Vietnam has been able to learn know-how of Shinhan Financial Group‟s, and also a lot of digital experts come to Vietnam to share their knowledge and experiences As a result, a number of non faceto-face transactions such as using mobile application, internet banking, credit card and ATM are rapidly increasing Figure 4.2: Increase in Non Face-to-Face Transaction (Source: Shinhan Bank Vietnam‟s Business Report) 48 Considering Vietnam‟s cash-based society where 90% of payment transactions are still in cash, digital technology can be applied to ATM business Firstly, improving customer engagement and convenience would give a chance to understand customer behavior and analyze ATM channel usage Secondly, optimizing ATM availability can reduce ATM channel management costs By analyzing all transactions from will offer specific patterns of each ATM, which would allow Shinhan to have the optimized cash balance of ATM, inserting cash scheduling The optimized inserting cash scheduling will decrease the lack of cash in ATM, the number of inserting cash, and the unused balance 4.2 WO Strategies WO strategy means the use of external opportunities to overcome internal weaknesses 4.2.1 Using Global Networks with Fast-Growing Economy to Overcome the Small Sized Assets and Network State Bank of Vietnam sets credit growth rate for every year (13% for 2019), it goes relatively against small-sized bank like Shinhan Bank Vietnam when competing big-sized banks However, the fast-growing economy of Vietnam still gives a lot of opportunities for Shinhan to meet a variety of customers This WO strategy is slightly overlapped with ST strategy in terms of the fact that Shinhan will use its global networks Keeping up with the rapid economic development of Vietnam, Shinhan Financial Group in Korea has organized „Indochina Region‟ in 2019 to boost its business area by cooperation Shinhan Bank Vietnam can use this network with offshore loan strategy The term offshore refers to a location outside of one‟s national boundaries The term 49 may be used to describe foreign banks, corporations, investments, and deposits Offshore loan refers to the loan by a bank that is located outside national residence The purpose of offshore loan is usually used to enjoy relaxed regulations Therefore, although Shinhan Bank Vietnam has a client in Vietnam, it can use a branch in Myanmar, Cambodia and Singapore as well as a lot of networks outside ASIA Figure 4.3: Shinhan Fianncial Group’s Indochina Region (Source: Shinhan Bank Vietnam‟s Business Report) 4.2.2 Opening New Branches Based on Population Analysis (Selection and Concentration) Shinhan Bank Vietnam has 36 branches as of November 2019, and plans to open to branches every year Due to the limited resources, it can‟t compete with local banks in terms of a number of branches Therefore, it has been focusing on important cities, Ho Chi Minh and Hanoi, and opened 1st branch in Da Nang in 2019 Table 4.1: Opening New Branches Status 2015 2016 2017 2018 2019 # of new branches 4 Accumulated # of 14 18 26 30 36 branches (Source: Shinhan Bank Vietnam‟s Annual Report) 50 Having limited number of networks is absolutely a weak point, but reversely this could be an advantage for it Rather than opening as many as branches possible, Shinhan Bank Vietnam is able to focus on significant and meaningful areas based on population analysis As mentioned earlier, Vietnam‟s banking sector is still under-developed and is expected to grow readily in retail banking in particular payment cards and wealth management services (Y axis: Population / X axis: Income) (Reference line for population: 1,191 thousand people / for Income: 4,000 thousand Vietnam Dong) Figure 4.4: The Spread of Population in Vietnam Based on Region and Income Level (Source: Labor Force Survey 2016) From the image above, A area has high population but low income, B area has high population and also high income, C area has low population and low 51 income, and D area low population but high income According to the analysis of the spread of population done by Labor Force Survey, all branches that Shinhan Bank Vietnam has opened are located in region which has a high population and income Three cities, Long An (1,485 thousand people, 4,600 thousand VND), Kien Giang(1,761 thousand people, 4,500 thousand VND) and Tien Giang(1,729 thousand people, 4,400 thousand VND), should be considered first because of its level of population and income 4.3 Proposal of Solutions for Implementing Competitive Strategies for Shinhan Bank This study investigates the trend, nature, and degree of competition in Vietnam‟s banking industry over the period 2012 and 2018 using structural approaches such as concentration ratio and Herfindahl-Hirschman Index in order to provide Shinhan Bank Vietnam with competitive strategies The trend of concentration ratio shows that Vietnam‟s banking sector is likely an oligopoly even though it decrease in 2018 In addition, the results of HHI demonstrate that the banking industry of Vietnam is not competitive but unconcentrated due to relatively large number of banks playing in Vietnam All things considered, among four competitive strategies, differentiation focus strategy concept is best fit to Shinhan Therefore, this paper has focused on differentiation based on the TOWS analysis, and SO and WO strategies were suggested from it More specifically, this paper focuses on its strengths and weaknesses with opportunities from outside it The main strong point of Shinhan Bank Vietnam is that it has high quality know-how of wealth management and digital banking Considering the 52 structure of Vietnam‟s population and income level, commercial banks will have a lot of opportunities to have middle and upper income class customers Shinhan Bank Vietnam has competitive advantages compared to local banks Moreover, Vietnam still remains at cash-based society which means that there are plenty of chances for Shinhan to approach individuals, also even though the this type of society does not change rapidly, it can apply its digital experiences to ATM business so that it achieves the optimized cash management, which will decrease the management costs and brings additional profits Shinhan Bank Vietnam has also weaknesses in terms of its asset size and number of networks However, WO strategies will allow Shinhan Bank Vietnam to overcome internal weaknesses by using the external opportunities Fast-growing economy will give numerous corporate clients to Shinhan like FDI companies However, due to the restriction on credit growth rate from State Bank of Vietnam, small foreign banks such as Shinhan and HSBC always struggle with expanding their assets Therefore, broad network will allow Shinhan to keep up with the economic development in Vietnam In addition, since Shinhan has limited resources and only focus on a few provinces and cities, the analysis of province by population and income suggests three potential cities, Long An, Kien Giang, and Tien Giang Shinhan will consider them when it opens new branches in the future Nevertheless, there will be challenges and complexities ahead and foreign companies doing business in Vietnam like Shinhan Bank Vietnam will need to embrace a mind-set that no economy is the same Thus, understanding Vietnam and all the elements that make it a unique market, will help business to develop and adapt a competitive strategy for the local context 53 Bibliography [1] Allen, F.& Gale, D (2004) Competition and Financial Stability Journal of money, credit, and banking, 36(3), 454-480 [2] Baumol, W.J (1986) Contestable markets: an uprising in the theory of industry structure Microtheory: applications and origins, 40-54 [3] Bikker, J.A., & Haaf, K (2002) Competition, concentration and their relationship: An empirical analysis of the banking industry Journal of Banking & Finance, 26(11), 2191-2214 [4] Casu, B., & Girardone, C (2006) Bank competition, concentration and efficiency in the single European market The Manchester School, 74(4), 441468 [5] Claessens, S (2009) Competition in the financial sector: overview of competition policies The World Bank Research Observer, 24(1), 83-118 [6] Classens, S., & Laeven, L (2004) What drives bank competition? Some international evidence Journal of Money, Credit, and Banking, 36(3), 563583 [7] Hoang Dinh Phi, Management of Stragy and Plan,Management of Technolgoy and Innovation, VNU-HSB, 2015-2018 [8] State Bank of Vietnam, [9] Shinhan Financial Group & National Center for Socio-economic Information and Forecast (2017) The analysis of characteristics of middleincome class of Vietnam in terms of regions [10] Levine, R (1997) Financial development and economic growth: views and agenda Journal of economic literature, 35(2), 688-726 [11] NBE (1994) Proclamation No 83/1994: Monetary and Banking Proclamation, Addis Ababa [12] Park, K H (2013) Testing for competition in the South Korean and 54 Chinese commercial banking markets Asia-Pacific Journal of Financial Studies, 42(1), 56-75 [13] PwC Vietnam (2018) The Future of ASEAN Vietnam Perspective [14] Weill, L (2004) On the relationship between competition and efficiency in the EU banking sectors Kredit and Kapital, 329-352 [15] Yildirim, S (2003) Competition and contestability in Central and Eastern European banking markets 55 ... ANALYSIS OF BANKING INDUSTRY IN VIETNAM AND SHINHAN BANK VIETNAM 15 3.1 History of Banking in Vietnam 15 3.2 Structure of the Vietnam? ??s Banking Sector 17 3.3 Analysis of Banking... suggesting competitive strategies for Shinhan Bank Vietnam to compete with Vietnamese commercial banks Significance of Study As explained in the previous chapter, this study aims to build competitive strategies. .. TRỊ VÀ KINH DOANH - KIM, JIHYUN BUILDING COMPETITIVE STRATEGIES FOR SHINHAN BANK VIETNAM XÂY DỰNG CHIẾN LƯỢC CẠNH TRANH CHO NGÂN HÀNG SHINHAN BANK VIỆT NAM Chuyên ngành: Quản trị kinh