Tài liệu Xây dựng chiến lược kinh doanh thẻ tại ngân hàng vietcombank

LUẬN VĂN THẠC SĨ XÂY DỰNG CHIẾN LƯỢC KINH DOANH THẺ TẠI NGÂN HÀNG VIETCOMBANK “Build a card business strategy of Vietnam Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) in the period of 2011 – 2015” ACKNOWLEDGEMENT We would like to commit this is the research project of our group. The published data of the organizations and individuals are referred and used under regulation. The results in the topic are honest and have not been showed in any other projects yet. Our group would like to thank Griggs University, representative of the University in Vietnam, ETC Center, teachers are considerate to teach us; thank people in the Center who have helped us during the studying process in the Center. Group would like also to thank Vietnam Commercial Joint Stock Company (VCB); Vietcombank card Center which have supported us in the process of working and provided the data creating conditions for us to complete the research. Hanoi, February 25th 2011 WRITERS’ GROUP 2 TABLE OF CONTENTS ACKNOWLEDGEMENT Page 1 TABLE OF CONTENTS 2 LIST OF WORDS IN SHORT 5 LIST OF TABLES 6 LIST OF FIGURES 7 PREFACE 8 CHARTER I: THEORETICAL BASE 10 1 1.1 1.2 1.2.1 1.2.2 1.2.3 1.3 2 2.1 2.2 2.3 2.3.1 2.3.2 2.4 2.5 2.5.1 2.5.2 2.6 2.6.1 2.6.1.1 2.6.1.2 2.6.1.3 2.6.2 10 10 11 11 12 13 13 13 15 16 16 17 20 22 22 22 23 24 24 24 25 25 25 CONTEN Basic issues about strategy and business strategy Some concepts about strategy Business strategy and strategic choices The definition of business strategy Characteristics of business strategy Types of business strategy The role of business strategy The process of building up strategy Mission and strategic vision The strategic goal Analyzing outside environment Macro analyzing Analysis of micro environment (model of five competitive forces) Analysis of internal environment General Matrix SWOT General theory about SWOT SWOT Matrix Strategic selection Common competitive strategy Strategy as leading in expenses Strategy as difference in products Concentration strategy Model of analysis and selection of strategic alternatives according to weight method CHARTER II: THE REAL SITUATION OF CARD BUSINESS OF JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM (VIETCOMBANK) 1 General introduction about Vietcombank 1.1 General information about Vietcombank 1.2 Business scope 1.3 History of Establishment and Development 27 27 27 28 28 3 1.4 1.5 2 2.1 2.2 2.3 2.4 2.5 3 3.1 3.2 3.2.1 3.2.1.1 3.2.1.2 3.2.1.3 3.2.2 3.2.2.1 3.2.2.2 3.2.2.3 3.2.3 3.2.4 3.2.4.1 3.2.4.2 3.2.4.3 3.3 4 4.1 4.2 4.2.1 4.2.2 4.2.2.1 4.2.2.2 4.2.2.3 4.2.2.4 4.2.2.5 4.2.3 4.2.3.1 4.2.3.2 4.3 4.3.1 4.3.2 4.4 4.5 Organizational structure Income Statement of Vietcombank in the period of 2008 – 2010 Business strategy of Vietcombank in the period of 2011 – 2015 Strategic vision Objectives Business strategy Solutions for implementing Plan on implementation of main targets in the period of 2010-2015 Card business of Vietcombank The formation and development Vietcombank card Card business of Vietcombank in the period of 2006 – 2010 Issuance Issuance of international credit cards Issuance of international debit card Issue domestic debit card Payment operations Revenue on credit card payment Revenue on international debit card usage that Vietcombank issued Revenue on domestic debit card usage Network development Conclusion: Assess card business results by 2010 The results achieved by the end of 2010 Restrictions Reasons Competitive business card Card business strategy of Vietcombank period 2010 - 2015 Specific goals by 2015 Analysis of external factors affecting business operation of Vietcombank Analysis of macro environment according PESTLE model Analysis of micro environment (sector environment): 5-competitive force model of Michael E.Porter Potential opponents Opponents in the same sector Customers Suppliers Alternative products Summary of analysis results of external environment Opportunities Challenges Analysis of internal factors in the enterprise Strengths Weaknesses SWOT matrix Select card business strategies of Vietcombank under QSPM Matrix: 28 30 32 32 32 33 34 34 35 35 36 36 36 38 39 40 40 41 43 44 44 44 45 45 47 52 52 52 52 59 59 60 63 63 64 64 64 65 66 67 67 69 73 4 CHAPTER III: SOLUTIONS AND PROPOSALS FOR ESTABLISHING CARD STRATEGIES OF VIETCOMBANK PERDIOD 2011 – 2015 1 Some solutions to successfully implement selected strategy 1.1 Complete and rationalize card issuance process 1.2 Improve quality of credit verification 1.3 Intensify investment in technical equipments 1.4 Intensify risk management and prevention 1.5 Boost payment via card 1.6 Implement Marketing strategy 1.7 Human resources management 2 Some proposals to develop card service in VCB 2.1 Proposals to the Government 2.2 Proposals with State Bank of Vietnam (SBV) CONCLUSION REFERENCES 75 75 75 75 75 76 77 78 80 81 81 82 84 85 5 LIST OF WORDS No. 1 2 3 4 5 6 7 Words in short CJSB VIETCOMBANK VSB Vietcombank BIDV Techcombank ACB HSBC, ANZ 8 ATM Explanation Commercial Joint Stock Bank Vietnam Commercial Joint Stock Bank Vietnam State Bank Vietnfam Commercial Joint Stock Bank Bank for investment and development of Vietnam Vietnam Technical Commercial Joint Stock Company A Chau Commercial Joint Stock Company 02 foreign Banks operating in Vietnam’s market Automated Teller Machine or Automatic Teller Machine is a equipment of Bank for automatic transaction with the customers, implementing the 9 EDC identification of the customers through ATM card Electronic data capture Is a high-level type of money counting machine used 10 POS (point of sale) for payment in the shop and used to manage in the ICO retail business and even in service business. International Card Organization 11 6 LIST OF TABLES Table 1.1 Table 1.2 Table 1.3 Table 2.1 Table 2.2 Table 2.3 Table 2.4 Table 2.5 Table 2.6 Table 2.7 Table 2.8 Table 2.9 Table 2.10 Analyzing the macro environment SWOT matrix Choose strategic alternatives according to weight method Table of business results of Vietcombank in 2008 2010 Implementation plan of business targets in the period of 2010 – 2015 Activity of issuing international credit cards within years of Vietcombank Table 2.4: MasterCard and Visa Debit issuance of Vietcombank in the period of 2006-2010 Quantity of debit card issued of VCB in the period of 2006-2010 Revenue on credit card payment in the period of 20062010 Revenue on international card usage of VCB during 2006-2010 Revenue on domestic debit card usage of VCB during 2006-2010 GDP growth rate of Vietnam for the period 2005 to 2010 Position of Vietcombank in the market (until 31/12/2010) Page 19 23 25 30 34 36 38 39 40 42 43 54 68 7 LIST OF FIGURES Page Figure 1.1 Figure 1.2 Figure 1.3 Figure 1.4 Figure 2.1 Figure 2.2 Figure 2.3 Figure 2.4 Figure 2.5 Figure 2.6 Figure 2.7 Figure 2.8 Figure 2.9 Figure 2.10 Figure 2.11 Figure 2.12 Figure 2.13 Figure 2.14 Figure 2.15 Figure 2.16 Term “strategy” Process of developing business strategy The outside environment 5-force model of Michel Porter Model of VIETCOMBANK and subsidiary companies Total assets of Vietcombank in the period of 2008 2010 Pre-tax profit of Vietcombank in the period of 2008 2010 Diagram of credit cards issued by Vietcombank Chart on international debit card issuance of Vietcombank in the period of 2006-2010 Chart on domestic debit card issuance of VCB in the period of 2006-2010 Chart on international card payment of VCB during 2006-2010 Chart on revenue on credit card usage of VCB GDP growth in the period 2005 - 2010 GDP growth and GDP per capita from 1998 to 2007 (1) Exchange rate movement of USD / VND from 2006 to 2010 Market share of domestic card issuance Market share of international cards issued ATM sharemarket POS machine sharemarket Card sharemarket of Vietcombank in years 13 15 17 20 28 31 31 36 38 39 41 42 54 55 56 60 60 62 62 68 8 PREFACE 1. The urgency of this topic Storing money at home has become dangerous and no longer preferred by people as before, but instead people look to the banks. The explosion of the banking system and the introduction of a range of utility services make the demand for using banking services increase. Of which card service is an advanced way of payment and a particularly important product for banks and customers. For customers-users, cards provide the flexibility, safety, convenience, saving time. This has helped to draw customers to use more cards and cards have become a vital part of life. For banks, card business plays a very important role in the payment system and brings about large profits in retail operation. Vietcombank is the bank which holds the forefront of cards in Vietnam, with a leading position in the cards market during years, Vietcombank has actively diversified products and credit cards services, invested in technology system, expanding network of using cards and implementing marketing programs, etc. to enhance competitiveness and promote the development of card. However, the boom of the banks makes the competitive pressure increase in the market, requiring VCB to have the right development strategy in order to mobilize resources for maintaining its leading position. With the desire to apply the knowledge learned into practice, the group 4 decided to choose topic: “Card business strategy of Bank for Foreign Trade of Vietnam period from 2011 to 2015”. Through this subject, we want to systematize the theoretical issues of making and selecting business strategy, analyze the current status of business activities and strategic orientation to develop the Vietcombank card, then choose business strategy and propose solutions and recommendations to improve the competitiveness of Vietcombank card in 2015. 2. Reason for research - Systematization of the theoretical issues of business strategy, selecting the effective analytical models for the establishment of business strategy - Applying the system of practical and theoretical basis to analyze and assess the inside and outside environment, advantages and disadvantages, thereby building 9 business strategy for VCB card - To propose solutions and recommendations for completing the business strategy of VCB card 3. Object and scope of study - Study object is credit card business at VCB Bank - Scope of the Study: Credit card service, status and analysis of the status and proposals of strategy for VCB credit card development . 4. Study method Methods of secondary data collection, data were extracted and compiled from statistical yearbooks, reports from the Bank's Website and annual Report of the Bank. In addition, this assignment uses some references, books, magazines and other specialized teaching materials. Comparative method, synthesis method, the methods involved In the process of analysis, the authors have used the method of comparing and synthesizing the data from the VCB in the past and present, as well as compare indicators and data of business results between VCB and some other commercial banks, and also consulted experts on the evaluation of points when analyzing the matrix. 5. Structure Besides the introduction, conclusion, reference materials, the research consists of three chapters: Chapter I: Theoretical base Chapter II: Current situation of the card issued by Bank for Foreign Trade of Vietnam Chapter III: Solutions and recommendations for the development of Vietcombank card business strategy period 2011 – 2015 Hanoi, dated February 25th 2011 WRITER’S GROUP 10 CHAPTETR I: THEORITICAL BASE Building up the business strategy is a leading task of enterprises. In a fluctuating and fiercely competitive business environment like nowadays, in order to exist and develop sustainably, each enterprise has to be very dynamic and creative to build up its suitable business strategies. There are many ways to approach and analyze to build up and choose business strategies accordance with each enterprise’s characteristics. In the following part, we will introduce our methodology to build up and choose business strategy for one product (service), process to build up strategy and experience in building up and choosing strategy in some countries in the world. 1. Basic issues about strategy and business strategy. 1.1. Some concepts about strategy The term strategy is commonly used and considered to be the foundation of the operation of business enterprises. There are many strategy definitions such as Strategy is model of targets, purpose and plans to achieve those targets. (Kenneth, 1965) or Strategy is a key factor influencing all operations of the organization (Ansoff, 1965). Strategy is the plan of controlling and using resources of organizations like human, property and finance… in order to improve and ensure its own essential interests. Kenneth Andrews is the first man to give these outstanding ideas in the classic book named The Concept of Corporate Strategy. According to him, strategy is what the organization has to do base on its strong points and weak points in the context of opportunities and challenges. Exchanges and fighting among the above approaching views gradually converge to create concepts of strategy quite united. No matter what ways we approach, through the above views and definitions, we recognize that the strategy of enterprise contains three most common characteristics: - Define an general action program toward the future of enterprise’s long – term basic business goals; - Important policies, methods of the enterprise are made decision by the enterprise owner; 11 - Establish the sequence of action, the manner of processing and disposing resources in order to perform targets of the enterprise. 1.2 Business strategy and strategic choices. 1.2.1. The definition of business strategy. Business strategy which is orientation of business operation, have goal in a long time as well as policy system, methods and ways of distributing resources to perform the goals of enterprise in respectively time duration. The business strategy has no intention to work out in details how to achieve goals because it is the duty of supporting programs, different strategies. The business strategy only creates frameworks to guideline the logic of way of business and to perform. According to the above views of business strategy, we can realize their common feature, that is the business strategy of enterprise must have objective orientation, long – term and strategic offensive nature, especially they have to be performed as systematically calculating process. 1.2.2. Characteristics of business strategy The overall nature: Business strategy is the general map of the development of enterprise, it determine the relationship between enterprise and objective environment. The overall nature of the business strategy inflects on 3 aspects: Suitable for the development trend of enterprise, suitable for developing trend of country on economic, technological in certain period; suitable for the world economic integration trend, social field The overall nature of business strategy requires to examine all parts of enterprise, analyze the condition of the whole enterprise, national situation. Without overall view, there could not be good business strategy and international. The vision: In the previous time, many enterprises did not work efficiently because they did not have strategic project, solved the permanent issues, do as movement so although hard, it is not efficient. One of reason is that enterprise did not grasp development trend of enterprise. So enterprise want to build up business strategy, they have to perfect forecasting task of economic, technological, social development trend. A successful strategy is often based on rightly forecasting basis. 12 The competitive: Without competitiveness, there is no need to build up and perform business strategy. So the competitiveness is the most basic feature of business strategy. Nowadays, every enterprise operates in competitive environment. Hence, business strategy has to research how the enterprise has more competitive advantage and after that get success in competing. The risk: The business strategy is future development project but existence environment is not certain and changeable. The duration of strategy is longer, uncertain factors of objective situation is more, the level of uncertain is more, and the risk of strategy is great. The risk of business strategy requires enterprise to stand high, to have far vision, observe carefully and objectively so that it can make the right strategy The professional and creation: Enterprises can base on their own ability to choose the business fields which are suitable for their own strong points, avoid fields which big enterprises are exclusive. The majority enterprises do this, are successful, develop and gain prosperity. However there is no limit to technological advance and market competition. Thus, enterprises have to continuously import or develop advanced technology. Specialization and suitable technology creation are important methods to ensure the existence and development of small and medium – sized enterprises. The relative stability: The business strategy of enterprise must have the relative stability in the certain period of time. Otherwise, it does not have the meanings of leading in practical operation of enterprise. Objective environment and practical operation of enterprise is a continuously moving process. The business strategy also has the ability of controlling to fit with objective situation. The business strategy cannot have one – sided stability but cannot change quickly, is relatively stable. 1.2.3. Types of business strategy. There are many ways of classify business strategy which create diversity of the manner of implementing business strategy. When classifying business strategy based on the strategic level, we have 3 types of strategy such as enterprise - level strategy (general strategy), business – level strategy (field) and function – level strategy. French managers thought that business strategy contains trade strategy, technological and technical strategy, financial strategy and human strategy. Classifying strategy based on the process of strategy, we have orientation strategy and action strategy. 13 Figure 1.1 The term “Strategy” Source: Teaching document of strategy administration – Griggs. 1.3. The role of business strategy In the business operation of enterprise, the existence and the success in business depends firstly on the correctness of the strategy which has been identified and good performance of those strategies. Firstly, having business strategy helps enterprise to recognize their goals and orientations in the business operation. Hence, enterprise can realize what way to organize its business system and how to do to get success in business and know when the enterprise achieves its goals. Secondly, the business environment varies quickly; it creates thousands of chances to find interests and make profit, however there are also full of risky traps. Some kinds of strategy will help enterprise to actively make good use of business opportunities and at the same time reduce risks in the market. Thirdly, thanks to applying business strategies, enterprises will attach given decisions to the conditions of environment, helps to balance resource as well as goals of enterprise and market opportunities to complete the set goals; Fourthly, in fiercely competitive environment, by analyzing the factors of macro environment comprehensively, the operating environment helps enterprise to identify opponents. Based on it, enterprise can find out the comprehensive solution to improve the competitive capability of enterprise in the market. 2. The process of building up strategy 14 Building up a strategy requires to have strategic logic and to find out the answer of three questions “Where are we, in present? Where do we need to go?, How to get there?” 1. Evaluating the present: missions, targets, strategies 2. Analyzing business environment, the structure of “Where environment, development situation, analyzing thee are now? we competitiveness and define enterprise. 3.Analyzing the macro environment: demographic environment, economy, society, technology and politics. Where do we need to go? 4. Analyzing the inner of enterprise: structure, resources, process, human resources and enterprise culture. How to get there?” 5.Analyzing the strengths, weaknesses, opportunities and challenges.(SWOT) 6. Analyzing and choosing strategy : Common or based on field 7. Evaluating and perform: requirements of resources, risk and interests. We realize that the process of defining business strategy is related to adhesive of customer’s need (what satisfy), the group of customer ( who is satisfactory) and the separate chances or How the customer’s need satisfied. Those three decisions are the focuses of selecting strategy of enterprise because they create the origin of competitive advantage and define the enterprise’s method of perform in business. The process of administration strategy includes: analyzing outside to define opportunities and risk. In addition to, analyzing the inner environment to find out strong points, and weak points. According to mission, vision, strong points and weak points, chances and risk to draw up the strategy and choose the suitable strategy. Start to perform and adjust strategy, monitor and evaluate the strategy implement. After that making enterprise and organization. The process of strategy administration is described in the below map 1-1: suitable for strategy. 15 Figure 1.2: The process of building up business strategy Mission, Vision Inner analysis + Model Value series, Competitive advantage + Conclusion: Strong point Weak point Build up & choose the strategy (SWOT) Strategy selection Leading in expenditure Specification product Focusing on Make organization and structure of enterprise Perform and adjust the Strategy Outside analysis + Macro analysis: The outside environment + Micro analysis: Model of 5 competitive resources + Conclusion: Opportunities Challenges Monitor and evaluate the implement strategy match strategy Source: Teaching document of strategy administration – Griggs. 2.1. Mission and strategic vision Mission is the concept used to define the most important purpose, meaning of establishment and existence of enterprise. It is the declaration to express the usefulness of enterprise to society. The terminology: “mission” of enterprise can be similar to common terminologies such as “principle, purpose’ of enterprise. Mission document of enterprise is value during the operation time of enterprise if no chances and adjustment is made. However, in each period, that strategy has to be made strategic goals in details which are suitable for each period. Vision is known as a report telling the position enterprise wants to get. The vision declaration draws up the future of enterprise, its own goals and purposes. Vision declaration can be different in length, can be a brief sentence, also a long paragraph but it has to define the last target of enterprise. Vision is a target which enterprise want to achieve and it need to have the factors such as (1) the time duration enterprise towards and complete. (2) Determining the scale and the size of enterprise in enterprise 16 community and society. (3) Build up vision towards the quality of product and ensure the best quality with the cheapest price. (4) Enterprise need to toward the customer’s interests. 2.2. The strategic goal The strategic goal is pillars, situation which enterprise want to achieve in strategic stage. Defining strategic goals is very meaningful to enterprise, because: - Strategic goal is a means for enterprise to complete its own mission; - Strategic goal is foundation of establishing the bias order in disposing resources. - Strategic goal is the foundation of building up strategy, policy and business plans. - Strategic goal of enterprise is the basis to gather, quantify concerned object such as customers, shareholders, employees of enterprise. It can be seen that the business strategy of enterprise is formed by the balance among 3 factors including: Strategic goal (expressing the desires of enterprise), business environment (expressing outside ties of enterprise) and the competence of enterprise (the inner ties of enterprise) Saying that does not mean that we can put the business strategy at any levels of importance when defining the strategic goal of enterprise. We have to restrict it to situation, environment, and the general competence of enterprise. The good goal is both offensive and feasible. To ensure that requirement, defining the strategic goal has to base on the following factors: - The general business duty of enterprise and in specific strategic period. - Business philosophy (expressed in mission declaration of enterprise) - General evaluation of business environment and the competence of enterprise 2.3. Analyzing outside environment The objective of analyzing outside environment is to define opportunities and challenges, find out the ways of implementing and grasp chances from outside environment, to avoid essential challenges as well. Scale and content of analyzing environment contains: analyzing the macro environment( general environment) and analyzing the micro. 17 2.3.1. Macro analyzing With a view to analyze, synthesize the outside existing factors of enterprise, which have decisively influenced the existence, development of enterprise, it have to realize opportunities and challenges given by objective environment. Enterprise has to not only adapt but also stimulate the changes of business environment. The factors of macro environment were expressed in the next model: Figure 1.3: The outside environment Economy Demography Sector environment Culture - Society Threats from new enterprises Power of suppliers Power of buyers Threats from alternative products Competitive intensity Politics/Legislati on Competitive market Globalization Technology Source: Teaching document of strategy administration – Griggs  Analyzing demographic environment Population size: observing the change of demography in population aspect outstands the importance of this section. The expectation of population show global challenges of population issue in 21th century and chances for business people. The age structure show chances in the service of taking care the old, insurance services. But it also implicits a threat to enterprise in the human resources problem. Geographic disposal: Be able to create advantages in telecommunication field. By computer, people can connect to others through telecommunication network when 18 they are at home.  Analyzing the political and legal environment The political environment: is political factors and situation whose operation influences business operation of enterprise. These factors includes: The political regime, political party regime, guidelines and policies of Party and State, political situation. Legal environment: is the legal system related to enterprise, including in the legal norm of the State, legal awareness of organs of justice, executive bodies and enterprises. The influence of political and legal environment on the business operation of enterprise is very wide and deep, even sometimes it has decisive meanings. In general, if one country has stable politics, transparent and consistent policies, good political atmosphere, strict law, enterprise can develop healthily and stably  Analyzing the economic environment The economic environment is social, economic situation and economic policy of one country. The macroeconomic environment contains: the social economic structure, the standard of economic development, economic policies and macroeconomic policy.  Analyzing the environment of science, technology, and technique. The environment of science, technology, and technique is factor of science, technology and gather social phenomena relating directly to science and technology in the enterprise’s area. It contains 4 factors: the level of science and technology in the society; human resources in science and technology, state institutions of science and technology, scientific and technological policies, legal text of science and technology.  Analyzing the environment of culture and society. Social environment: contains the foundation and changes of social classes, population structure, the moving situation of residence, the social power structure, the manner of living and working. Cultural environment: contains philosophy factors, religious factors, language factor, and literature and art factors. These factors mainly influence the business of enterprise indirectly but we can not underestimate them.  Global environment 19 The global environment includes the relating global market, the present markets which have been changing, the important international events, basic institutional features and cultural features on the global market. Macro analysis allows enterprise to evaluate the macro economic factor which has big influence in the business operation of enterprise and basic changes in the competitive environment. Macro analyzing can be illustrated in the following table: Table 1.1. Analyzing the macro environment Demographic Population size The diversity of races segment Age structure Income distribution Geographic distribution Economic Inflation rate Personal saving rate segment Interest Business saving rate Trade deficit or profit General national product Budget deficit or profit Political/ legal Tax law Labour Training Law segment Level -arranged principles Policies and educational trends Social and Women in human resources Environmental worries cultural The variety of human resources The change in choosing career and segment The behavior toward the service quality of work The change in priority relating to the characteristics of product and service Technological Innovating product The level of investment of segment Applying knowledge expenditure for R& D of the government The new technologies of communication Global segment The important political events The new industrialized countries The main global markets The difference among cultural and institutional features 20