Phát triển dịch vụ ngân hàng bán lẻ tại ngân hàng thương mại cổ phần công thương việt nam trong điều kiện hội nhập quốc tế về tài chính ngân hàng TT TIENG ANH

MINISTRY OF EDUCATION AND TRAINING HANOI UNIVERSITY OF BUSINESS AND TECHNOLOGY HOANG THI NGOC THUY DEVELOPMENT OF RETAIL BANKING SERVICES AT JOINT STOCK COMERCIAL BANK FOR INDUSTRY AND TRADE OF VIETNAM IN THE CONDITION OF INTERNATIONAL INTERGRATION IN FINANCE AND BANKING Major: Business Administration Code: 9.34.01.01 SUMMARY OF ECONOMIC DOCTORAL THESIS Hanoi- 2021 The work was completed at the Hanoi University of Business and Technology Science supervisor: Prof Dr Vu Van Hoa Dr Le Cam Ninh Review 1: Review 2: Review 3: The thesis will be defended at the thesis grading committee School, at Hanoi University of Business and Technology At hour ., day month 2021 The thesis can be found at the National Library and Library of Hanoi University of Business and Technology INTRODUCTION Necessity of the topic On the theoretical basis, at present, the concept of retail banking services is quite diverse, there is no consensus There is a view that banking services are only services for individual customers, but there is also a view that retail banking services include services for individuals, households and individuals small and medium enterprises Regarding the scope of activities in the field of retail banking, there is also a certain change The provision of retail banking services is no longer the business or business of the banks alone, it is seen as a market where technology companies are involved In practical terms, international integration has become a reality of the times and has taken place strongly in many fields Accordingly, in parallel with reaching out to the world market, Vietnam must also open up the domestic market, including the financial - banking sector Especially, starting from 2018 Vietnam's international integration goes on the path of new-generation Free Trade Agreements (FTAs), where the widest level of commitment, covering almost all goods goods and services without exclusion; deepest level of commitment; and extremely strict enforcement mechanism Vietinbank is a leading bank in the commercial banking system, Vietinbank is also a leader in providing retail banking services in Vietnam However, so far Vietinbank is still making constant efforts and facing many difficulties in finding the right direction for this service segment From the above analysis, along with the importance and characteristics of the banking industry in the process of economic development, in order to make the most of the opportunities and limit the challenges of the international integration process, research Student decided to choose the topic "Development of retail banking services at Joint Stock Commercial Bank for Industry and Trade of Vietnam (VietinBank) in the condition of international integration in finance and banking" Overview of research related to the topic 2.1 Domestic research 2.2 Study abroad Gaps and research questions 3.1 Research gap Firstly, the concept and scope of retail banking services today also have many different views Secondly, at present, under great competitive pressure on retail banking services, each bank has a different way of doing things, applying technology and experience from many different countries, leading to asynchrony, waste of time and money Poor and unsystematic, lack of linkage in providing retail banking services in Vietnam market The project wants to find a solution to this "problem" Third, if we consider 2010-2014 as the first stage of the race to develop retail banking services in the context of integration on the basis of traditional FTAs, then the period 2015-2025 is the period of acceleration, the market for banking services will be accelerated Retail banking services thrived on the foundation of new generation FTAs Vietinbank needs to have a strategy and solution to match the nature of this race and the next races Fourth, how to create a retail banking service system linking commercial banks so that they can diversify products, save costs for each bank, and be convenient and safe for each bank customer Fifth, how does the emergence of payment platforms from current financial technology (fintech) companies (such as momo, moca, vietelpay, vinapay, ) affect the development strategy of banking services retail sales of Vietnamese commercial banks in general and Vietinbank in particular 3.2 Research question Firstly, is Vietinbank's retail banking service strong or weak? Strong in what factor, weak in what factor? Compared to other commercial banks in Vietnam, where does Vietinbank's retail banking service rank? Second, the position of Vietinbank's retail banking services in the Vietnamese banking market in general and retail banking in Vietnam in particular? What are the new opportunities and challenges in developing retail banking services on the basis of new generation FTAs? Third, why is the development of retail banking services at Vietinkbank now a more appropriate and effective direction than other services? Fourth, what are the advantages and disadvantages of retail banking services at Vietinbank today? How can customers easily access and use Vietinbank's retail banking services as the first choice? Fifth, how should retail banking services at Vietinbank in the future change in the context of globalization (integration) and bank digitization? Purpose and tasks of research 4.1 Research purposes Analyze and evaluate the situation of developing retail banking services of Vietinbank in the period 2015-2020 Proposing solutions and recommendations to develop retail banking services at Vietinbank in the context of international integration in finance and banking (on the basis of new generation FTAs and Industry 4.0) 4.2 Research mission Firstly, systematize, supplement and clarify the theory of retail banking services of commercial banks in the market economy Second, research and analyze the current situation of retail banking services, advantages, limitations and causes of limitations in providing retail banking services of Vietinbank today Third, analyze opportunities and challenges for Vietinbank's development of retail banking services in the context of international integration in finance and banking on the basis of the new generation FTA and the influence of Industry 4.0 Fourth, from the theoretical system and analyzed reality, the thesis proposes solutions and recommendations to develop retail banking services at Vietinbank in the current international integration of banking and finance Object and scope of research 5.1 Research obbject The thesis focuses on researching the theory of retail banking services and the practice of developing this service at Vietinbank The need to develop retail banking services at Vietinbank in the context of international integration in finance and banking 5.2 Research scope About the content: Practical research on developing retail banking services at Vietinbank in the context of international integration in finance and banking Vietinbank offers retail banking products and services to the market such as retail capital mobilization, retail credit, card business and other e-banking services, remittance and Bacassurance In terms of space: The thesis studies the development of Vietinbank's retail banking services in the context of international integration in finance and banking Information and data from the head office and some branches of commercial banks Vietnam Industry and Trade Joint Stock Company In addition, additional data from the Association of Banks, the Vietnam Card Association, the Vietnam Association of SMEs, the Consumer Protection Association and information from other reputable sources are used About time: The thesis studies Vietinbank's retail banking services in the period of 2015 - 2020 and proposes solutions for the period to 2030 Research Methodology * Methodology: The research is based on dialectical and historical materialism methodology * Research method: Determining necessary information for research on development activities of retail banking services of Vietinbank; Explore data sources; Conduct information gathering; Evaluate the data collected Thesis new contribution Theory and academics aspect: The concept of retail banking service development, the author goes from the original concepts of retail banking service development in books, textbooks, monographs of modern economists, to give a general concept of developing retail banking services of commercial banks This concept is a keyword, guiding the author to research the next content and give the author's point of view In practice: A method to assess the current situation of developing retail banking services of Joint Stock Commercial Bank for Industry and Trade of Vietnam The thesis uses methods to comprehensively and fully evaluate the development of retail banking services of Joint Stock Commercial Bank for Industry and Trade of Vietnam The author selects the main retail banking service activities, analyzes retail banking services according to the criteria and compares the internal criteria of the Bank and other commercial banks with similar development levels copper The results of the analysis and evaluation show the level of development of retail banking services, the successes and limitations of the development of retail banking services of Joint Stock Commercial Bank for Industry and Trade of Vietnam in recent years research period (period 2015-2020) Proposing new solutions: Solution group "Diversify retail banking services", this is a group of thesis solutions based on diverse needs of customers in the market economy From there, we propose methods of developing traditional products, new products, and products imbued with modern technology This is an important premise for the rapid development of retail banking services; Solution "International cooperation and market share expansion" This is a supportive solution but has a very important impact in the context of international integration in finance and banking, which is increasingly expanding and the competition of the domestic banking system and in the fierce international market This is a guarantee condition for the development of retail banking services of Joint Stock Commercial Bank for Industry and Trade of Vietnam Thesis structure In addition to the introduction, conclusion, list of references, the thesis content is divided into chapters: Chapter Overview of commercial banks and development of retail banking services in terms of international integration in finance and banking Chapter Situation of development of retail banking services at Joint Stock Commercial Bank for Industry and Trade of Vietnam in the period 2015-2020 Chapter Solutions for developing retail banking services at Vietnam Commercial Bank for Industry and Trade in the context of international integration in finance and banking CHAPTER OVERVIEW OF COMMERCIAL BANKING AND RETAIL BANKING SERVICE DEVELOPMENT IN THE CONDITION OF INTERNATIONAL INTERGRATION IN FINANCE AND BANKING 1.1 COMMERCIAL BANKING AND RETAIL BANKING SERVICES OF COMMERCIAL BANKING IN THE MARKET ECONOMY 1.1.1 Overview of commercial banks in the market economy 1.1.1.1 The formation and development of commercial banks The formation and development of the banking industry is determined by the development process of commodity-monetary relations At the same time, there are other factors that have a decisive influence on the structure and development of the banking system, such as the rule of law, war conditions, and economic and financial crises In Vietnam, since 1986, the banking system was reorganized according to Decree 53 of the Council of Ministers and was split into two levels: the State Bank in charge of issuing money and regulating money circulation , while the business function is performed by commercial banks Today, the commercial banking system has developed strongly, deeply involved in socio-economic fields and has become an indispensable part of the development process of each country 1.1.1.2 The concept and characteristics of commercial banks Concept Commercial bank is a type of bank that is permitted to carry out all banking activities and other business activities in accordance with the provisions of the Law on Credit Institutions with the aim of making a profit Characteristics Doing business in the monetary and financial sector and providing payment services; Products and services, associated with the distribution and use of capital, financial advice; Business activities with many potential risks; Business activities are systematic, having a chain effect on each other 1.1.1.3 Function and transaction of commercial banks * Function: Credit intermediary, payment intermediary, money creation function * Transactions: Liabilities, assets and intermediaries 1.1.1.4 The role of commercial banks in the market economy Encourage savings, contribute to the formation and support of working capital flows; Efficiently allocate capital among sectors and fields; Reduce costs, minimize risks; Support technological innovation to improve production efficiency; Activities of commercial banks contribute to improving the quality of the business environment and building business culture for businesses 1.1.2 Retail banking services of commercial banks in the market economy 1.1.2.1 Concept and characteristic of retail banking services Concept Retail banking is a service performed with small-scale public customers and through branches in contrast to wholesale banking, which is a banking service for financial institutions banking services are provided in large quantities (According to the Dictionary of Finance - Investment - Banking - Accounting, Scientific and Economic Publishing House, 1999) Some researchers emphasize the role of information technology in the products offered by banks Accordingly, “Retail banking is the provision of banking products and services to individual individuals and small and medium enterprises through a network of branches, where customers can directly access products 1.3.1 Overview of international integration in finance and banking 1.3.1.1 The concept of international integration in banking and finance International integration in finance and banking is the gradual implementation of liberalization and expansion of the financial and banking market according to international commitments 1.3.1.2 Contents of international integration in finance and banking of Vietnam This part of the thesis presents the content of international integration in banking and finance of Vietnam with the Association of Southeast Asian Nations, the Vietnam - US Trade Agreement, the World Trade Organization, and with other countries Free Trade Agreement (CPTPP and EVFTA) 1.3.1.4 A little bit about the industrial revolution 4.0 and its impact on the banking and finance sector Business model shift; Change of central role from bank to customer; Easy access to customers in remote areas; The competition is getting fiercer 1.3.2 International integration capacity of Vietnamese commercial banks in developing retail banking services 1.3.2.1 Concept of international integration on retail banking services International integration in retail banking is the process of linking the retail banking activities of each country with the retail banking activities of banks in the region and the world, through efforts to open up and liberalize domestic retail banking activities, provided that such activities must be consistent with international practices and laws 1.3.2.2 Basic factors determining the international integration capacity of Vietnamese commercial banks in developing retail banking services Financial capacity of commercial banks; Banking technology capacity; Banking management capacity; Banking marketing capacity; Ability to innovate products and services 1.3.3 Opportunity and challenge for Vietnam's banking industry in terms of retail banking service development in the context of international integration 1.3.3.1 Opportunity Increasing access to international markets for domestic banks; Enhance the ability to apply modern technology; Upgrade banking products and services in a more modern and efficient way to increase profits 1.3.3.2 Challenge The policy gap requires the development of new legal regulations to meet the needs of banking technology reform; Operating monetary policy and controlling cash flow is difficult in the context of electronic money increasingly used and widely accepted; Business models and financial resources need to be adjusted and upgraded to adapt to the trend of high-tech application; 1.4 DEVELOPMENT OF RETAIL BANKING SERVICES OF SOME COMMERCIAL BANKS AND EXPERIENCE FOR VIETNAM INDUSTRIAL TRADE JOINT STOCK COMMERCIAL BANK The thesis refers to the experience of developing retail banking services of commercial banks, including foreign banks and domestic bank From there, draw lessons for Vietinbank SUB-CONCLUSION CHAPTER CHAPTER SITUATION OF DEVELOPMENT OF RETAIL BANKING SERVICES AT JOINT STOCK COMERCIAL BANK FOR INDUSTRY AND TRADE OF VIETNAM (2015-2020) 2.1 OVERVIEW OF VIETNAM INDUSTRIAL TRADE JOINT STOCK COMPANY BANK In this content, the thesis presents the history of formation and development, the organizational structure of the whole Vietinbank system and the organizational model of the retail sector; A brief overview of Vietinbank's financial and technological capabilities; Regarding capital mobilization; Outstanding balance and business results of Vietinbank for the period 2015-2020 2.2 SITUATION OF DEVELOPMENT OF RETAIL BANKING SERVICES AT VIETINBANK IN INTERNATIONAL INTERGRATION IN BANKING AND FINANCE 2.2.1 Group of profitable retail products 2.2.1.1 Retail capital mobilization Average retail capital mobilization accounted for 62% of total mobilized capital in the period 2015-2020 In 2020, Vietinbank's total mobilized capital is 990,331 billion VND, of which retail mobilization is 643,715 billion VND Deposits from SME customers account for an average annual proportion of 15.7% of total deposits, with an average of 84.3% from individual customers Vietinbank's retail mobilization capital is mainly from term deposits, with an average weight of about 86%, the rest is from non-term deposits 2.2.1.2 Outstanding balance and structure of retail outstanding balance Outstanding balance in the period 2015-2020 continuously increased, the average annual growth rate reached 13.9% In 2020, Vietinbank's credit balance reached VND 1,027,524 billion The average proportion of retail loans accounts for 48.8% of total outstanding loans and tends to increase Outstanding loans in the SME customer segment maintained a high and sustainable growth rate with an average growth rate of 15.8%/year In terms of personal loan balance, an average increase of 18.1%/year in the period 2015-2020, reaching VND 256,783 billion in 2020 2.2.2 Group of chargeable retail products 2.2.2.1 E-banking service After more than 15 years of developing e-banking services, Vietinbank is considered as one of the banks with typical and good ebanking services in Vietnam 2.2.2.2 International money transfer service VietinBank Money Transfer is a global money transfer company with 100% charter capital of VietinBank Although the scale is still limited, the revenue and profit of Vietinbank's international money transfer service has continuously increased over the years In 2020, the revenue of overseas remittance reached USD 1,751 million, profit before tax reached VND 58.7 billion 2.2.2.3 Bancassurance The scale of assets, business results and market share of Vietinbank's insurance segment in the period 2015-2020 have continuously grown over the years In which, the total assets of VBI in 2015 reached VND 1,250 billion, in 2020 it tripled to more than VND 3,678 billion Profit before tax increased by 16.6% on average and tended to increase significantly Insurance revenue and market share also increased markedly 2.2.3 Card payment service Vietinbank's card payment sales fluctuated greatly in the period 2015-2020 In 2018, card payment sales decreased by VND 33,681,246 million, equivalent to a rate of 30% compared to 2017, and in 2019 increased to VND 24,255,980 million compared to 2018, equivalent to an increase of 31.3% 2.2.4 Results of retail activity at Joint Stock Commercial Bank for Industry and Trade of Vietnam 2.2.4.1 Income from retail activities VietinBank's retail activity has experienced strong growth in terms of scale, sales, customer base as well as total income and safety In the period 2015-2020, the proportion of income from retail activities on average accounts for 46% of total income and tends to increase 2.2.4.2 Expense and profit from retail activity In the period 2015-2020, Vietinbank's total expenses increased at an average rate of 17.4%/year In which, the lowest increase of 7.8% in 2019, the highest increase of 24.9% in 2018 The proportion of retail expenses accounts for an average of 43.8% of total costs and tends to increase over time 2.2.4.3 Quality of retail outstanding balance In the period 2015-2020, Vietinbank's qualified debt always accounts for a high proportion, from 97.8% to 98.8% of total outstanding loans and tends to increase Along with the increase in the size of outstanding loans, doubtful debt and potentially losing debt tended to increase, but remained under control, according to regulations In 2015, substandard debt, doubtful debt and potentially losing debt had weights of 0.26, 0.13% and 0.61%, respectively, of VND 615 billion, VND 307 billion and VND 1,442 billion, respectively ; In 2020, substandard debt, doubtful debt and potentially losing debt have weights of 0.18, 0.16% and 0.59%, respectively, of VND 943 billion, VND 838 billion and VND 3,093 billion 2.2.4.4 Vietinbank's retail market share According to the State Bank of Vietnam, by the end of 2019, the total mobilization of capital and outstanding loans from credit institutions will reach about VND 9.65 million billion and VND 8.2 million billion, respectively, according to which, the deposit market share Vietinbank's retail capital and retail loan balance reached 9.4% and 10% respectively, ranking 4th in the big4 group Vietinbank's ATM and POS market shares are 12.7% and 10.3%, respectively the whole market, ranked 3rd after VCB and Agribank 2.2.5 Factors contributing to the development of retail banking services at Vietinbank In this section, the author presents Vietinbank's retail banking service distribution network; The role of Marketing in Vietinbank's retail activities; Developing information technology of Vietinbank and; Training and retraining of human resources 2.3 ASSESSMENT OF THE DEVELOPMENT OF RETAIL BANKING SERVICES OF VIETINBANK IN THE CONDITION OF INTERNATIONAL INTERGRATION IN FINANCE AND BANKING 2.3.1 Achievements on development of retail banking services of Vietinbank 2.3.1.1 Overall results Success in transforming business models; Lean and scientific organizational apparatus; Success in IT development and application; Honored by prestigious domestic and foreign organizations 2.3.1.2 Results in retail operations Success in transforming retail model; Diversify forms of retail capital mobilization; Expanding loan forms; Increase income through cross-selling of products and services 2.3.2 Limitation on the development of retail banking services of Vietinbank 2.3.2.1 General limitation There are limitations including: Not increasing charter capital and not meeting Basel standards; Credit growth is still limited and bad debts have not been fully settled with VAMC; Profit is also limited by bad debt and capital size: Capital mobilization price is still high; Operation technology is not stable and; Income structure is still largely based on net interest income 2.3.2.2 Limitation of retail activities There are limitations including: Growth mismatch between retail mobilization and retail credit; Retail credit scale and service fee income are still limited; Retail product categories develop unevenly; Regarding the quality of products and services (Vietinbank's crossselling products have not yet achieved the uniformity, sophistication, and diversity of categories); Risks in card payment services are still high; Some distribution channels have low efficiency; Limitations on the quality of retail staff and; Some other limitation 2.3.3 Reasons for the limitation 2.3.3.1 Objective reasons Vietnam's economic development level is not high; Regulations promulgated at the macro management level are still slow; Ownership structure affects the performance of banks in general and retail banking in particular; The competition is increasingly fierce among commercial banks; Development trend of digital banking and financial technology companies (Fintech) 2.3.3.2 Subjective reasons Limited financial potential; Asset quality and business efficiency are still limited; The fear of comprehensively transforming the traditional model of providing products and services to a modern model SUB-CONCLUSION CHAPTER CHAPTER SOLUTIONS TO DEVELOP RETAIL BANKING SERVICES AT JOINT STOCK COMERCIAL BANK FOR INDUSTRY AND TRADE OF VIETNAM IN THE CONDITION OF INTERNATIONAL INTERGRATION IN FINANCE AND BANKING 3.1 INTERNATIONAL INTERGRATION IN FINANCE AND BANKING IS A STRATEGIC GOAL OF VIETNAM This content refers to: (1) Development of international integration in finance and banking of Vietnam; (2) Vietnam's commitment in the process of international integration in finance and banking; (3) and Results achieved in the process of international integration in finance and banking of Vietnam 3.2 VIETINBANK'S ORIENTATION ON RETAIL BANKING SERVICE DEVELOPMENT IN THE CONDITIONS OF INTERNATIONAL INTERGRATION IN FINANCE AND BANKING IN THE PERIOD OF 2021-2025, VISION 2030 This content refers to Vietinbank's general orientation and specific orientation on developing retail banking services in the next 10 years, period 2021-2030 On that basis, along with the shortcomings and causes of the shortcomings mentioned at the end of Chapter 2, the author proposes appropriate solutions to develop retail banking services at Vietinbank in the context of international integration on banking and finance 3.3 SOLUTIONS TO DEVELOP RETAIL BANKING SERVICES OF VIETINBANK IN INTERNATIONAL INTERGRATION IN FINANCE AND BANKING 3.3.1 General solution group 3.3.1.1 Improve financial capacity (i) Divestment and reduction of ownership in some subsidiaries (ii) Raising Tier capital through bond issuance and secondary market exploitation (iii) Increasing capital through issuance to shareholders being stateowned enterprises (iv) Reduce the State ownership rate earlier to increase the ownership rate for foreign investors (v) Continue to promote portfolio restructuring activities (vi) Continue to temporarily send a debt amount to VAMC (vii) Optimize portfolio structure and control growth rate of risky assets (viii) Reduced cost of capital (ix) Limiting the phase difference between retail mobilization and retail credit 3.3.1.2 Improve management capacity (i) Strengthening management roles and responsibilities of vertical management units (ii) Application of modern technologies in management (iii) Financial management according to Basel principles 3.2.1.3 Prioritize resources for investment in development and application of information technology (i) Completing investment, upgrading chip card payment equipment infrastructure (ii) Developing a resource strategy for professionalizing information technology (iii) Continue to invest and upgrade Core banking system (core banking software) (iv) Strengthen cooperation with domestic and foreign corporations and information technology companies to share experiences, exchange information, transfer technology, update information technology development trends in accordance with the law suitable for the banking industry 3.3.2 Specific solution group to develop retail banking services 3.3.2.1 Effectively develop retail banking services (i) Improve the quality of existing retail banking products and services (ii) Promote cooperation in the development of shared POS infrastructure and the development of value-added services (iii) Digital banking development (iv) Arrange and reallocate the network of transaction offices in other provinces and cities (v) Strongly propagate the benefits that the card payment terminals (points of sale) enjoy 3.3.2.2 Diversify retail banking services (i) Develop a product cross-selling strategy (ii) Cross-selling banking products through affiliate activities (iii) Link the development of traditional banking services with the development of modern banking services 3.3.2.3 Adjust retail fees appropriately, take quantity to increase fee revenue, change fee collection method to attract customers to use all of the Bank's services 3.3.2.4 Modernizing retail banking technology (i) Developing modern distribution channels with high technology content (ii) Building a digital ecosystem to develop linked and systematic retail banking services (iii) Expanding the scope and upgrading the level of cooperation with financial technology companies (Fintech) 3.3.2.5 Piloting the model of correspondent banking is grocery stores, pharmacies, post offices or petrol stations 3.3.2.6 Improving the quality and restructuring of human resources in retail banking services (i) Improving the quality of staff in the field of retail banking services (ii) Regularly training, fostering and updating business knowledge for retail department personnel (iii) Develop recruitment policies to attract young and highly qualified human resources (iv) Bancassurance's personnel and new products and services (v) Restructuring personnel in the retail sector 3.3.3 Support solution group 3.3.3.1 International cooperation and market share expansion (i) Continue to seek foreign strategic shareholders (ii) Expanding cooperation in cross-border payment (iii) Organize international business connection programs (iv) Continue to expand the network of international correspondent banks 3.3.3.2 Strengthening product promotion, selecting channels and promotional content, especially emphasizing the difference of Vietinbank's retail products and services 3.3.3.3 Strengthen the coordination between Vietinbank and related ministries 3.4 CONDITION FOR IMPLEMENTATION OF SOLUTIONS 3.4.1 Proposal to the Government The Government has accelerated the plan to divest capital from Stateowned commercial banks and promoted the development of electronic payments in the state sector and public administration services 3.3.2 Recommendations to the State Bank of Vietnam The State Bank of Vietnam should continue to increase its participation in international financial inclusion forums and programs, promote cooperation in financial inclusion within the framework of APEC, ASEAN, CP TPP, EV FTA and with other partners development partners such as WB, ADB 3.3.3 Recommendations to the Ministry of Finance The Ministry of Finance will soon complete and submit to the Government to amend and supplement Decree 91/2015/Government's Decree in order to create a legal basis for the increase of charter capital for state-owned joint stock commercial banks distribution, including Vietinbank Applying preferential tax rates to new retail banking products and services to the market 3.3.4 Proposal to the Ministry of Justice and the Ministry of Public Security The Ministry of Justice and the Ministry of Public Security need to have close, comprehensive and thorough agreement and coordination on the issue of citizen identification 3.3.5 Proposal to Vietnam Bankers Association, Vietnam Card Association The Vietnam Banking Association recommends to Visa and MasterCard to have solutions and policies to support fee reduction for Vietnamese banks Reduce international card fees to promote noncash payments For exchange fees, it is recommended that Visa and MasterCard are free for the group of card acceptors that are heavily affected by the epidemic, not service businesses (hospitals, schools, payment services) public expenditure ) SUMMARY CHAPTER CONCLUSION In the context of international economic integration taking place more and more deeply and comprehensively, Vietnam's banking industry in general and Vietinbank in particular has been actively and actively participating in international economic integration In recent years, the international integration journey of Vietnam's banking industry has added a number of new features, that is, international integration on the basis of new generation FTAs and the Fourth Industrial Revolution After doing an overview of research works related to the topic of retail banking services, the author has found a gap for research The work has systematized the theory of retail banking services and development of retail banking services of commercial banks in the market economy, opportunities and challenges of Vietnamese commercial banks in developing retail banking services retail in terms of international integration in finance and banking - the foundation of new generation FTAs After describing the current situation of developing retail banking services at Joint Stock Commercial Bank for Industry and Trade of Vietnam in the period 2015-2020, the author analyzes and evaluates to find out the achievements, limitations and causes of this problem limitations in the development of retail banking services of this Bank in recent times Since then, along with the orientation of developing retail banking services of Joint Stock Commercial Bank for Industry and Trade of Vietnam in the coming time, the author analyzes and proposes solutions and conditions to implement these solutions This measure aims to develop retail banking services at this bank for the period of 2021-2025, with a vision to 2030 Due to limited time and experience, the thesis must be flawed The author is looking forward to receiving the comments of teachers, teachers, experts, managers, colleagues, interested readers for the doctoral thesis "Development of retail banking services at Joint-Stock Commercial Bank Vietnam Industry and Trade - Vietinbank in terms of international integration in finance - banking" more completed LIST OF RESEARCH PROJECTS DISCLOSED BY AUTHOR Hoang Thi Ngoc Thuy (2009), “Need to strengthen the demand stimulus for the agricultural sector and farmers in the program to combat the economic downturn", Journal of Financial and Monetary Markets, No 9, 2009 Hoang Thi Ngoc Thuy (2011), “Beware of credit risks”, Journal of Financial Markets, Issue 17, 2011 Hoang Thi Ngoc Thuy (2019), “Payment cards- A measure of retail banking service development” Business & Technology Magazine of Hanoi University of Business and Technology in 2019 Hoang Thi Ngoc Thuy (2020), “Opportunities, challenges and orientations for higher education in terms of international integration” Business & Technology Magazine, Issue 07, 2020 Hoang Thi Ngoc Thuy (2020), “Scientific research – a task parallel to training” Business & Technology Magazine, issue of Xuan Tan Suu, January 2021 Hoang Thi Ngoc Thuy (2021), “Development of retail banking services in Vietnam” Finance Magazine, March 2, 2021 ... to Vietnam Bankers Association, Vietnam Card Association The Vietnam Banking Association recommends to Visa and MasterCard to have solutions and policies to support fee reduction for Vietnamese... Vietnam, where does Vietinbank''s retail banking service rank? Second, the position of Vietinbank''s retail banking services in the Vietnamese banking market in general and retail banking in Vietnam... branches of commercial banks Vietnam Industry and Trade Joint Stock Company In addition, additional data from the Association of Banks, the Vietnam Card Association, the Vietnam Association of SMEs,