Research and recommendations about marketing comunication of securities companies in vietnam

vietnam national university, HANOI school of business Nguyen Xuan Quynh RESEARCH AND RECOMMENDATIONS ABOUT MARKETING COMUNICATION OF SECURITIES COMPANIES IN VIET NAM master of business administration thesis Hanoi - 2007 vietnam national university, HANOI school of business Nguyen Xuan Quynh RESEARCH AND RECOMMENDATIONS ABOUT MARKETING COMUNICATION OF SECURITIES COMPANIES IN VIET NAM Major: Business Administration Code: 60 34 05 Master of business administration thesis Supervisor: DR Chu Thanh Hanoi - 2007 Nguyen Xuan Quynh ~ Remba Business Hanoi School of TABLE OF CONTENT ACKNOWLEDGEMENTS i ABSTRACT ii TÓM TẮT iv LIST OF FIGURES INTRODUCTION CHAPTER THEORY FOUNDATION ABOUT MARKETING COMMUNICATIONS 11 1.1 General about Marketing Communications 11 1.2 Setting Marketing Communication Strategy for Service Firms 12 1.2.1 Define the Target Audience and Objectives 13 1.2.2 Divide the Communications Objectives and Target Audiences among the Channels 15 1.2.3 Define Communications Messages 16 1.2.4 Put the Communications Mix Together 18 1.3 Marketing Communication Tools 19 1.3.1 Advertising 19 1.3.2 Public Relations 27 1.3.3 Personal Selling 29 1.3.4 Sales Promotion 32 1.3.5 Direct Marketing 34 1.3.6 E-marketing 35 CHAPTER RESEARCH ON MARKETING COMMUNICATIONS OF SECURITIES COMPANIES 39 2.1 Summary about Vietnam securities market and securities companies 39 2.2 Research on communication tools used by securities companies 42 2.1.1 Public relations 43 2.1.2 Advertising 48 2.1.3 Personal Selling 49 MBA Graduation Thesis 2007 Page of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of 2.1.4 Sales Promotion 50 2.1.5 Direct Marketing 52 2.1.6 E-Marketing 52 2.3 Survey on efficiency of marketing communication from securities companies and customers behaviour 53 2.3.1 Aims of survey 53 2.3.2 Scope of survey and some limitations 53 2.2.3 Findings 54 CHAPTER RECOMMENDATIONS 66 3.1 Define the target audience and objectives of communication 66 3.1.1 Define the target audience of communication strategy 66 3.1.2 Define the communication objectives 68 3.2 Divide the target audience and objectives of communication among the channels 69 3.3 Define communication messages 70 3.4 Put communication mix together 72 3.4.1 General recommendations 72 3.4.2 Recommendations for particular communication tool 73 CONCLUSION 78 REFERENCES 79 APPENDIX: Questionnaires for Thang Long Securities JSC 80 MBA Graduation Thesis 2007 Page of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of LIST OF FIGURES Figure 1-1: The Communication Process 11 Figure 1-2: The tools of the marketing communication mix 12 Figure 1-3: Marketing Communication Strategy for Service Firms 12 Figure 2-1: Percentage of Accounts Opened at Securities Companies 40 Figure 2-2: One article about SSI when it first listed on HASTC 44 Figure 2-3: SSI with the event of being listed on HOSE 44 Figure 2-4: Announcement about the establishment of STB Securities 45 Figure 2-5: VNDirect launches new service 45 Figure 2-6: Bien Viet Securities with CBV-Index 45 Figure 2-7: SSI and its CEO Tran Duy Hung 46 Figure 2-8: CEO of Vndirect – Mrs Pham Minh Huong 46 Figure 2-9: „Chung khoan cuoi tuan” on VTV1 47 Figure 2-10: INFOTV 47 Figure 2-11: Viet Dragon Securities Corp holds training course for customers 48 Figure 2-12: Advertising of Ocean Securities on InfoTV 49 Figure 2-13: Advertising of Thang Long Securities on Investment Review 49 Figure 2-14: Image of brokers 50 Figure 2-15: Promotion of Viet Tin Securities Company 51 Figure 2-16: http://www.bsc.com.vn 52 MBA Graduation Thesis 2007 Page of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of INTRODUCTION The Problem Recently, after the booming from the end of 2006 and beginning of 2007, Vietnam stock market has had downward adjustment The investors don‟t rush to the trading floors like they did before Securities companies, especially new-born companies are facing a lot of trouble in attracting customers They really need effective marketing communication tools to communicate more with customers, understand and find the way to attract and maintain them Therefore, this research was conducted to give out recommendations about market communication for securities companies to help them communicate more effectively with customers Objectives and aims Objectives: - Study about marketing communication - Know how securities companies are communicating with customers and the effectiveness of these activities - Know how customers get communication messages from securities companies - Know media tools and other communication tools which are being used by customers to search information about stock market - Give recommendations about marketing communication for securities companies Aims: Help securities companies build up comprehensive marketing strategies Research Questions - Which communication tools are use by securities companies in Vietnam - How effective are these tools? - How customers aware of the communication of securities companies - By which way customers find information about stock market? - Which media platform customers prefer and use most? Scope of work MBA Graduation Thesis 2007 Page of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of – Research on the communication with individual customers only, not including institutional investors – Security market in Vietnam in 2005 – 2007 – Survey mainly in Hanoi Data source & Processing – Primary data: questionnaires – Secondary data: newspapers, websites – Processing: to use MS Excel Methods – Empirical – Survey using questionnaires Significance – Theory: understand about marketing communication – Practice: recommendation for securities companies to communicate more effectively with customers Limitation: - Time 2005 – 2007 - Survey mainly in Hanoi - Survey only with individual investors MBA Graduation Thesis 2007 Page 10 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of CHAPTER THEORY FOUNDATION ABOUT MARKETING COMMUNICATIONS 1.1 General about Marketing Communications Communications is the process of conveying a message to others and require six elements: a source, a message, a channel of communication, a receiver and the processes of encoding and decoding The source may be a company or person who has information to convey The information sent by a source, such as a description of a new service, forms the message The message is conveyed by means of a channel of communication such as a sales person, advertising media, or public relations tools Clients who read, hear, or see the message are the receivers Figure 1-1: The Communication Process Source: Managing Service Marketing, John E.G Baterson, K.Douglas Hoffman Marketing communications are all the communications between the organization and all other parties, especially with customers Part of the wider academic research area of marketing, it encompasses all the traditional forms of promotion including advertising, sales promotion, personal selling, publicity, public relations, direct marketing and e-marketing But it aims to be broader than this It includes all points of contact between the organization and other parties The Marketing Communications Mix is the specific mix of advertising, personal selling, sales promotion, public relations, and direct marketing a company uses to pursue its marketing objectives MBA Graduation Thesis 2007 Page 11 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of Figure 1-2: The tools of the marketing communication mix Advertising EMarketing Public Relations Marketing Communication Mix Direct Marketing Sales Promotion Personal Selling 1.2 Setting Marketing Communication Strategy for Service Firms The setting of a communications strategy follows a common pattern in irresponsive of whether the firm is producing a goods or services The first is to define a target audience and clear objectives for the complete communication mix The main elements of the communication mix include advertising, public relations, personal selling, sales promotion and direct marketing Only personal selling is normally a two-way process The remainders are one-way communication, from the marketer to the customer only With services, however, the service providers at the point of communication can also have an important two-way communication role Figure 1-3: Marketing Communication Strategy for Service Firms MBA Graduation Thesis 2007 Page 12 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of ``` Consumer Behavior Marketing Strategy Communication strategy    Target Group(s) Communications objectives Budget E-marketing   Communication strategy Advertising    Objectives Target Group Budget Personal Selling PR    Objectives Target Group Budget    Objectives Target Group Budget  Direct Marketing    Objectives Target Group Budget Sales Promotion    Objectives Target Group Budget Source: Managing Service Marketing, John E.G Baterson, K.Douglas Hoffman 1.2.1 Define the Target Audience and Objectives Defining the target audience MBA Graduation Thesis 2007 Page 13 of 82 Objectives Target Group Budget Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business related criteria Investment volume Knowledge Experience Time Hanoi School of At least VND 100 million Have much knowledge related to investment Much experience A little time At least VND 20 million Have much/less knowledge No limitation Not much experience More time Not much experience Much time Have much/less knowledge However, depending on the objectives of each communication campaign, the group of audience can be a small part of target group of companies And more detailed, the target audience of each communication tool may differ 3.1.2 Define the communication objectives Communication objectives should be set up following phases of service consumption  The preconsumption choice phase  The consumption phase  Post consumption phase The communication objectives of securities companies can be set up base on the consumption phase as following: Phases Pre-consumption Communication Objectives  To introduce about company and services  To inform the customer about preference they can have if they use service of securities companies  To emphasize on the strength of company, such as very good at OTC brokerage or strong analysis team, ext  To build up a image of company in the mind of customer, MBA Graduation Thesis 2007 Page 68 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of that can help company position itself in the market Consumption  To increase the volume of consumption, for example, increase trading value, frequency of using value-added service Post-consumption  To show the customer that the company is doing to enhance customers satisfaction  To tell customer what they can get from keeping using the services (to strengthen the loyalty of customers)  To differentiate with competitors 3.2 Divide the target audience and objectives of communication among the channels After define the target audience and objectives for the whole communication strategy, it‟s necessary to divide the target audience and objectives in smaller group relatively with different channels including: advertising, P.R, personal selling, sales promotion, direct marketing and e-marketing Securities companies this task by filling the table below Channels Target audience Objectives Advertising Group A Objective P.R Group B Objective Personal Selling Group C Objective MBA Graduation Thesis 2007 Page 69 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of Sales Promotion Group D Objective Direct marketing Group E Objective E-marketing Group F Objective 3.3 Define communication messages In the theory foundation, the guideline to define communication messages is presented Securities companies can apply these guideline to design their communication messages: Guidelines Applications for securities companies Promise what is In securities market, the creditability, reliability is very important If a broker promises a profit that can not be possible archived, then the customers can avoid providing him money next time The same to a securities company, it can not communicate with customer what is out of its ability Therefore, the messages of securities companies must present its creditability and audience can trust these messages Tangibilize the The intangible assets of a securities company can be listed Intangible are its good service quality, profession in analyzing, wide relationships that can bring investment opportunity to customers, ext Securities company need to tangibilize these intangible things while communicating with customers by many non-verbal messages such as:  Good MBA Graduation Thesis 2007 customers Page 70 of 82 care: quick order- matching, Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of frequently send information about the market and favoured stocks  Enthusiastically provide consultancy  Holding events, conference to demonstrate analysis ability  Suggest investment opportunities in both listed and OTC market Feature the The messages which are sent out should show that the working relationship between securities companies and customers is relationship featured by main characters like high creditability, mutual between customer benefit and provider Reduce consumer The message must show the long-term and sustainable fears about development of securities companies Customers will not variations in deposit money in a securities company which is regularly fined by State Securities Committee or frequently have errors performance with the transaction Determine and The message should emphasize on the factors that can focus on relevant increase the service quality such as: procedures to open service quality account, trading process, consultancy for customers, provide dimensions beneficial information, special preference for vip and loyalty customers, ext After design messages for the whole communication strategy, it‟s necessary to detail these messages in each communications tool, linking the messages consistently with overall messages The basic factors such as logo, slogan, image, MBA Graduation Thesis 2007 Page 71 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of particular colours and presentation forms must be consistent in all communication activities 3.4 Put communication mix together 3.4.1 General recommendations Base on the theory foundation and the survey result, general recommendations for securities companies in implementing communication mix include:  Different marketing communication tools must be associated to each other in a planed and consistent way All tools must show the message designed in marketing communication strategy  Depending on the conditions of each company, the manager decides the priority for each tool For instance, with new-born companies, it‟s better to pay more effort on sales promotion and advertising For medium companies, they can narrow down the gap with big companies by pushing e-marketing, using blogs, forums to communicate with investors  Three forms of communication including advertising, direct marketing and e-marketing should be applied more frequently and more creatively  It‟s necessary to set up a system to evaluate the effectiveness of each tools and of the mix, so that company can have experience for future application  Programs related to communication should be announced widely in the whole organization All managers as well as staffs must be good communicators and help company send right messages to right audience MBA Graduation Thesis 2007 Page 72 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of 3.4.2 Recommendations for particular communication tool 3.4.2.1 Recommendations for Advertising Base on particular conditions, securities companies can choose its advertising objective among five following objectives: (1) Awareness: To let customers recognize and remember about company, brand name and products Therefore, crucial information related to companies such as name, logo and slogan, address and telephone of head office and branches must be presented More important, advertisement with such objective is create something special that can attract the attention of customers immediately and customers can remember the image or saying in the advertisement Newborn securities companies should consider this objective is the most important (2) Increase: Advertisements of securities can be to increase the number of trading account or to make customers use service such as: brokerage, OTC brokerage, portfolio management, and investment delegation Therefore the content of such kind of advertisement must show clearly the benefit customers can get from opening account or using service Companies in group and can target their advertising toward this objective (3) Evaluation: Advertisement for evaluation must present the outstanding features of securities companies against theirs competitors For example, one company is established for long time and have wide relationship, thus its OTC service is really productive, then company should emphasize in this point to advertise and create a good evaluation of customers about the service Companies in Group might consider this objective in advertisement campaign to compete with other big companies MBA Graduation Thesis 2007 Page 73 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of (4) Trial: This advisement must create a interest to test the service of securities companies The content can be announcement of sales promotion Group need to implement such kind of activity (5) Adoption: the advertisement for adoption is normally focused on the close relation between companies and customers, therefore customers will continue to use the service Company in group and is recommended to follow this objective After define the objectives, securities companies must set up the budget of advertisement Company can base on the ration of marketing, advertising per total revenue or base on the budget of competitors as a standard and adjust Company should try advertising with more complicated forms TV commercials can be very impressed at this time because no securities companies to launch such kind of advertisement For adverting in newspaper and websites, the content now only simple and basic element but instead, companies should more efficient images and effects, such as to use celebrities in investment field to represent for companies About advertising on newspapers, as the survey results, securities companies can choose three following papers  Vietnam Investment Review  Information documents of HOSE and HASTC  Sai Gon Times To advert on news websites, best options are:  http://www.vir.com.vn MBA Graduation Thesis 2007 Page 74 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of  http://forum.vietstock.com.vn  http://www.chungkhoan24h.com.vn Three T.V shows that can be used to post advertisement are:  “Ban tin tai chinh” on VTV1  “Ban tin tai chinh” on InfoTV  “Khoanh khac vang” on VTC1 3.4.2.2 Recommendations for PR Continue to use PR as main tool and diversify in various forms: newspapers, news in websites, taking part in interview, events, conference, training course In which conference and training course can be organized more to attract the attention of customers because almost customers find these activities is beneficial to them Besides, company can establish “Investment clubs” for customers and investors create chances for them to expand relationship and share information Another activity is to charity after gaining a big profit from investment, such kind of PR activity can create good image about company 3.4.2.3 Recommendations for Sales Promotions Sales promotion can be very effective for new established companies to attract customers To support sales promotion, related advertising should be done to make sure that a lot of investors know about the sales and come to receive the promotions The forms of sales promotion should be diversified Besides using coupons and deals by reducing transactions fee, securities companies can use the form of contest, samples For example, with contest form, company offers a special, highvalue gift for the 1000th customers With sample form, customers are recommended MBA Graduation Thesis 2007 Page 75 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of to try value added service such as portfolio management, “special broker” who provide investment advice whenever customers need 3.4.2.4 Recommendations for Person Selling Company must organize human resource to attract customers and service them with highest satisfaction Not only brokers, but staffs in other departments must be trained how to behave and serve customers Brokerage team is recommended to two groups, in which one group specializes to take care vip customers Each broker must be assigned target by number of account, transaction value and customer satisfaction level Besides, managers should develop policy to control the negative behaviour of brokers such as: ask for money of customers, get big commissions, only provide advice to some people who brokers has close relationship and ignore the others It‟s certain that brokers will invest for themselves, but manager need limit this action in a reasonable time, if not brokers will only focus on his personal things 3.4.2.5 Recommendations for Direct Marketing Direct mail and SMS should be used more frequently and updated hot informative When customers receive update information, not only about their account but also about the market and company operation, they will associate with companies more naturally and strongly Besides, company should set a telephone line to answer enquiries from customers 3.4.2.6 Recommendations for E-Marketing As the survey result, internet is the main source for investors to find the information Therefore securities companies should push communication by emarketing with the application of websites, search engines and especially blogs and forum MBA Graduation Thesis 2007 Page 76 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of Securities companies which have not applied trading online should quickly improve the technology to launch this service soon because it‟s convenient for customers and make them log in website regularly Besides, companies can build up blogs, forums where analysis of company can put their articles, market forecast, ext; and customer can join in the blog, forum to comment and share their opinion This way can create a two-dimension communication between companies and customers, making the relationship closer MBA Graduation Thesis 2007 Page 77 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of CONCLUSION Competition in securities market is tougher and tougher More and more securities companies are established create a war to attract investors and maintain them In order to approach to customers, the only is to communicate with them Therefore, marketing communication has become very important to all securities companies The purpose of this thesis is to emphasize the role of communication in securities companies and give out the evaluation of this activity in different companies Besides, by the survey, the author also wants to find ways to make marketing companies of securities companies in Vietnam more efficient The important tasks are to define clearly target audience and objectives of marketing companies for the whole strategy as well as for each communication tool After that, company must consider its particular condition to decide about budget and implement communication mix Leaders in securities companies should pay more effort in marketing communication because it is one way to help company build up its brand and develop firmly The more developed the securities market is, the more professionally marketing communication should be implemented MBA Graduation Thesis 2007 Page 78 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of REFERENCES Vietnamese Giuseppe Iarossi (2006), “Sức mạnh thiết kế điều tra”, Nhà xuất Chính Trị Quốc Gia English Alvin C Burns, Ronard F Bush (2005), “Marketing Research”, Prentise Hall Publisher “Develop an E-marketing plan” on http://businesslink.gov.uk, John E.G Bateson, K.Douglass Hoffman (2004), “Managing Services Marketing”, Fourth Edition, Harcourt Brace College Publishers Paulina Papastathopoulou, Lecture in Marketing: “Introduction to Financial Services” Phillip Kotler (2003), “Marketing Management”, Eleventh Edition, Prentise Hall Publisher MBA Graduation Thesis 2007 Page 79 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of APPENDIX: Questionnaires for Thang Long Securities JSC Trong hình sau, hình logo (biểu tượng) Cơng ty Chứng khốn Thăng Long (CKTL) ?    Bạn xem/đọc/nghe quảng cáo CKTL chưa? Rồi Chưa Nếu rồi, bạn có nhớ nội dung quảng cáo khơng? Nhớ rõ Nhớ mang máng Khơng nhớ Bạn đọc báo viết CKTL chưa? Rồi Chưa Nội dung báo để lại ấn tượng bạn? Ấn tượng rõ nét Bình thường Khơng ấn tượng Trang web CKTL mang đến cho bạn thơng tin: Rất hữu ích Hữu ích Bình thường Khơng hữu ích Khơng muốn xem Bạn tham gia buổi hội thảo CKTL tổ chức chưa? Rồi Chưa Nếu rồi, bạn thấy hội thảo này: Rất hữu ích Hữu ích Bình thường Khơng hữu ích Khơng muốn xem Trung bình, tuần bạn lên sàn lần? Gần không lên sàn 1 lần 2 – lần 4-5 lần Bạn có hài lòng với phục vụ nhân viên CKTL khơng? Rất hài lịng Hài lịng Bình thường Khơng hài lịng Rất khơng hài lịng Những tư vấn đầu tư nhân viên CKTL bạn là? Rất hữu ích Hữu ích Bình thường Khơng hữu ích Không muốn xem Bạn hưởng khuyến từ CKTL chưa? Rồi Chưa Nếu rồi, bạn có thấy hài lịng với cách khuyến khơng? Rất hài lịng Hài lịng Bình thường Khơng hài lịng Rất khơng hài lịng MBA Graduation Thesis 2007 Page 80 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of 10 Trước mở tài khoản CKTL, bạn mở tài khoản cơng ty chứng khốn khác? Vui lịng ghi rõ tên: ……………………………………………………………………… 11 Bạn có thấy điểm khác biệt cơng ty chứng khốn CKTL khơng? Có Khơng Nếu có, vui lịng ghi rõ:……………………………………………………………………… 12 Bạn có thấy dễ dàng để liên hệ phản hồi ý kiến với CKTL khơng? Rất dễ dàng Dễ dàng Bình thường Khó khăn Rất khó khăn 13 Nhìn chung, bạn cảm thấy khách hàng CKTL? Rất hài lòng Hài lịng Bình thường Khơng hài lịng Rất khơng hài lịng 14 Bạn thường sử dụng phương thức để tìm hiểu thơng tin chứng khốn? Vui lịng đánh giá mức độ thường xuyên (từ 1-4) cho phương thức, đó: 1.Rất thường xuyên Hiếm 2.Thường xuyên Rất Phương thức Trang web CKTL Trang web khác chứng khốn Báo, tạp chí giấy Chương trình TV chứng khốn Trao đổi trực tiếp với nhân viên công ty                     15 Bạn vui lòng ghi rõ tên trang web mà bạn thường vào để tìm hiểu thơng tin chứng khoán? 1…………………………………………………………………………………………… …… 2…………………………………………………………………………………………… …… 3…………………………………………………………………………………………… …… 16 Bạn vui lịng ghi rõ tên tờ báo/tạp chí mà bạn thường vào để tìm hiểu thơng tin chứng khoán? 1…………………………………………………………………………………………… …… 2…………………………………………………………………………………………… …… 3…………………………………………………………………………………………… …… MBA Graduation Thesis 2007 Page 81 of 82 Hanoi, Dec Nguyen Xuan Quynh ~ Remba Business Hanoi School of 17 Bạn thường xem chương trình TV để tìm hiểu chứng khốn? (có thể chọn đáp án) Bản tin tài VTV1 Chứng khốn cuối tuần VTV1 Khoảnh khắc vàng VTC1 Tìm hiểu chứng khốn VTV3 InfoTV Tài – chứng khốn Khác:……………………………………… 18 Bạn muốn cơng ty chứng khốn gửi thơng tin cho bạn cách nào? Bằng email Bằng SMS Bằng thư bưu điện Gọi điện thông báo Khác:………………………………………………………………………………………… … 19 Khi cần, bạn muốn trao đổi thông tin với công ty chứng khoán cách nào? Gửi email Gọi điện Trao đổi trực tiếp Viết thư góp ý Khác:………………………………………………………………………………………… … Xin chân thành cảm ơn tham gia bạn ! MBA Graduation Thesis 2007 Page 82 of 82 Hanoi, Dec ... numbers Email Marketing, including spam may have passed telemarketing in frequency at this point, and it is a third type of direct marketing 1.3.6 E -marketing E -marketing means using digital technologies.. .vietnam national university, HANOI school of business Nguyen Xuan Quynh RESEARCH AND RECOMMENDATIONS ABOUT MARKETING COMUNICATION OF SECURITIES COMPANIES IN VIET NAM Major: Business Administration... the beginning day of trading Up to date there are 60 securities companies operating in the market There are 60 securities companies trading in Ho Chi Minh Securities Exchange (HOSE) and 55 securities