- Lending to the SOEs is the most important operation of BIDV, by the end of 2004, nearly 70 per cent of BIDV's profit in 2004 came from lending to SOEs. In present, BIDV has the highest market share of 30 per cent in granting loan to SOEs. (Source: operation report of BIDV, 2004) All biggest State-owned corporations in Vietnam are BIDV's credit customers. However the main banking services, offered to SOEs, are money transfer and international settlement. BIDV banking services are uncompetitive in comparison to other SOCBs, famous in supplying banking services for SOEs such as: the Bank for Foreign Trade of Vietnam in supplying international settlement banking service and the Bank for Rural and Agriculture Development of Vietnam in money transfer with a large banking net-work system.
- Because of bad performance, SOEs always ask for low lending interest rate, that leads to the low credit margin of BIDV (1,4% in 2004) (BIDV Magazine, January 2005) compared to the average rate of join-stock banks (3% in 2004) (source: http://www.sbv.gov.vn/TinThoibao.asp?tin=432). Furthermore, the integration process of Vietnam has been leaving the favor policies with SOEs, and that has negatively affected the operation efficiency as well as the repayment ability of SOEs. In the past years, according to the Vietnam accounting standard, BIDV always got profit. But since early 2005, after applying new accounting standards, the ratio of bad debt of BIDV has risen sharply.
Recently, BIDV has applied the banking modernization program, which brought many advantages on banking services. But with the lack of experience in developing service and operating the intelligence system, the modern banking services of BIDV are still not convenient and less competitive.
2.3. The marketing activities of BIDV:
In the past, BIDV always considered SOEs as the target market and credit operation as the main product. The main activities of BIDV were to mobilize idea capital from individuals to lend SOEs. The convenience and interest rate were the main competition factor in mobilizing capital. BIDV has opened many branches and Fund Mobilization Counter over all Vietnam provinces and cities. The credit customers were SOEs with long relationship. BIDV seemed to lack marketing activities in the past.
Recently, on the pressuring of market competition, BIDV has conducted many marketing activities concentrating on profitable SOEs as well as individuals. Marketing departments were established in the headquarter as well as all BIDV branches with their main tasks being to collect marketing information, to conduct marketing research and to identify the customer needs and the strength of competitors. The objectives of each department were delivered to all staff. The front-desk staffs are trained banking and communication skills. The bank usually measure the performance of front-line staff and quality of products from customer complaints and formal customer serveys about the quality of the product and service and the relationship they have with BIDV and staff. Many advertising and promotion programs are implemented to deliver BIDV's images and products to customer. On deposit service, BIDV is pursuing special "customer care" policies to target the "billionaire" customers, deposit customers with big sums of money will enjoy an additional interest rate. The marketing strategy of BIDV seems to change from a product-oriented to a customer-oriented marketing strategy.
However, the marketing activities of BIDV can not undergo a big change in such a short time, the marketing activities of BIDV lacks profession, BIDV staff still is not good at communication skills.
3.PEST ANALYSIS:
Today, the world is changing rapidly with the help of globalization trend, modern technologies, and deregulation. That has significantly affected the external environment of BIDV, brought many challenges and opportunities to BIDV business.
3.1. Political - legal environment:
Vietnam is a one-party state country. While many countries are faced with civil wars, ethnic conflicts and terrorism, Vietnam, a multi-nationality country with 54 ethnic groups, has a stable political regime.
Since 1986, the Vietnam Government has committed to implement the international economic integration policy. Currently, Vietnam is a member of many international and regional organizations. Vietnam now has accessed the AFTA, and has concluded a bilateral trade agreement with the United States. Vietnam is also orienting itself toward gaining membership in the WTO (tentatively by early 2006).
With the increasing integration of its economy into the global economy, Vietnam is working hard to lift restrictions on foreign banks' operations in Vietnam. The goal is to fall in line with the requirements of the U.S.-Vietnamese Bilateral Trade Agreement of 2001 as well as those of the WTO on the basis of equal treatment between different credit institutions, regardless of ownership, to create a sound competitive environment. Recently, the State bank of Vietnam (SBV) has issued a series of regulations complying with international banking practices and standards. According to the commitment on the proposal to join WTO of Vietnam, from 2010, Vietnam banking market will fully open and operate under international standards regarding management, supervision and technology. (Source:http://www.oecd.org/dataoecd/19/29/34080923.pdf)
3.2. Economic environment
After many years of economic stagnancy, since 1986, Vietnam has been undergoing a transition from a centrally planned to a market-oriented economy and has succeeded in achieving rapidly economic growth. At present, Vietnam has became one of the fastest-growing economies in the world, averaging around 8 per cent annual gross domestic product (GDP) growth from 1990 to 1997, 6.5 per cent from 1998-2003 and 7.7 per cent in 2004.
http://www.mofa.gov.vn/en/tt_baochi/nr041126171753/ns050913095612
GDP of Vietnam in past years to compare with some countries
China
Vietnam
India
Source: http://www.economist.com/displayStory.cfm?story_id=2653647
(Figure 1)
In the past years, on the integration process, Vietnam has left many favor policies on SOEs. With low legal capital, poor equipment, low competitiveness of product. In result, in 2003, around 77 per cent of SOEs were reportedly making profits, but only less than 40 per cent of SOEs had profit rates equal or higher than the market interest rate.
Meanwhile, the development of the private economic sector was great. From 2000 to 2003, over 150,000 enterprises were established, the total registered capital accounted for 27 per cent of the total investment. These enterprises have created 6 million jobs. (source: http://www.mofa.gov.vn/en/tt_baochi/nr041126171753/ns050913095612) Moreover, thanks to the development of the economy, Vietnamese people seem richer and have a higher need of using banking services and products.
On the banking and financial market, the securities market is still in the nascent stage of development and still suffers from many problems. The Vietnamese commercial bank is the main credit source for investment activity.
According to the Vietnam accounting standards, all commercial banks operating in Vietnam have gotten profit in the past years. But the ratio of return over equity (ROE) of private banks and foreign banks were higher than these ratios of SOCBs.
3.3. Sociocultural environment:
Vietnam has a population of over 80 million and 54 nationalities. (Source: http://www.wompom.ca/vietnam/vngeninf03.htm) Vietnam workers are highly educated, highly motivated and intensely loyal.
3.4. Technological environment:
Technology on the modern banking operation takes a more important role than ever before. The variety of functions and advance services to the banking sector are logical candidates for automation. The technological innovation not only brings effectiveness to banking operations and the economy but also allows users the convenience of greater service choice.
However, the capacity to apply modern banking technology to Vietnamese banks is limited. With backward banking technology, Vietnamese banks could offer the traditional banking services such as deposit and money transfer with low quality and long time process.
Recently, some big Vietnamese banks have installed modern banking technologies. That can help those banks to offer many modern banking services such as debit, credit card, e-Banking, Home Banking, Internet Banking and get more advantage on doing business.
4. Marketing challenges of BIDV
All respondents claim their banks have coping strategy for foreign competition and for new rules of the game when Vietnam accedes the WTO and integrates into the world economy. Challenges of BIDV can be identified as how to innovate and develop new products; how to increase the banking financial capacity.
4.1. How to improve and develop new products:
4.1.1. How to innovate and develop new credit products:
In 2004, more than 80 percent of the profit amount of BIDV came from the credit operation and outstanding loans accounting for about 75 percent of BIDV asset (source: BIDV 2004 financial report), credit operation takes the most important part on BIDV banking activities. Keeping a stable outstanding loan and high quality credit operation does not only help BIDV increase profit but also prevent risk.
However, in September 2005, after applying international accounting standard on credit operation, the ratio of bad debt has increased from under 5 percent to 9 percent and the rate of bad debt is about 20 percent against total outstanding loans. While the credit margin is only 1.4% compared with this of 3.5% suggested by the International finance organizations (source:http://www.mof.gov.vn/DefaultE.aspx?tabid=616&ItemID=26781 and BIDV credit operation report, August 2005).
Many SOEs, the client customers of BIDV are facing on difficulties with bad performance. BIDV credit appraisal is not good enough to identify bad loans. Some profitable SOEs tend to prefer to borrow from foreign banks because of the better banking service. In recently, BIDV has tried to lend to individuals and private enterprises, but the result is limit access.
BIDV should improve its current credit quality and access new credit market by developing new credit products, innovate the management mechanism and banking supervision and modifying credit procedure.
4.1.2. How to innovate and develop new banking services:
Banking service, based on electronic and modern technology, takes the important role on modern banking activity. Development the banking service is the need job of BIDV on the integration process.
While global financial organizations today can offer many different financial products, the main banking services of BIDV are deposit and money transfer among BIDV branches. Banking services in BIDV are still of low quality, inconvenient and certainly not diverse. The linkage between banking services and supporting policies as well as coordination between service providers and banks in offering package services is lacking. In 2004, the profit from banking service accounted for only 20 percent (source: BIDV annual report, 2004). Meanwhile, changes in demographics, living standards, political force, technology culture, lifestyle and fashion create new needs. It is clear that the products offered by BIDV do not meet the needs of a certain proportion of the population and that product development aimed at satisfying these needs could open a potential profitable growth area.
In recently, BIDV has installed the new modern banking technology and been offering some new services such as debit card, but those services always have errors and less competitive.
BIDV should quickly improve and develop its service activity, increase the competitive of its services.
4.2. How to increase the BIDV financial capacity
4.2.1. How to increase in line with international standard:
Capital serves as a basis for calculating certain key prudent ratios applicable to banking operations. The capital requirements for banks are based on international standards laid down by the Basel Committee on Banking Supervision (BCBS) - a group of industrially advanced contries (G-10) committee that meets regularly at the Bank for International Settlements in Basel. Measured mainly by the ratio of capital adequacy (CAR); it is the rate of the legal capital over total risk asset. The minimum CAR laid down in the Banking Ordinance, is 8 percent.
(source:http://www.tdctrade.com/econforum/hkma/hkma040303.htm) It means that the owned capital of a commercial bank determines its size, its operation as well as reflects its ability to expend.
By the end of 2004, this rate of BIDV was 4.7%, still far from the international standards of 8 percent. The low capital capacity reflects the weak capability in sustaining risks, limits in developing credit operation and banking service.
4.2.2. How to increase in line with the development of BIDV:
Furthermore, according to the commitment of Vietnam Government with IMF as well as on the proposal to be the member of WTO, all Vietnamese banks have to reach the capital adequacy rate of 8 per cent in 2008. With low operation efficiency and the limited fund from Budget State, in order to increase its capital adequacy rate, BIDV seems to have to reduce its asset by reducing its outstanding loan and market share.
Beside these two challenges, BIDV is facing many others. But these two challenges can be considered as the key ones. These challenges limit the BIDV operation and affect directly its competitive capacity. Meanwhile, the integration process not only forces banks to adopt market principles and become more transparent but also paces for foreign banks, the more stronger competitors, with more cutting edge, better technology, and business management skills compared to Vietnamese banks to enter the Vietnam market.
According to the current survey, the State-run banks market share will drop to 40-55 per cent following economic integration. The survey also showed that while almost all banks appreciated the benefits of integration, SOCBs were nervous about losing clientele because of market share reduction attributable to foreign banking competition. BIDV should overcome quickly these challenges before year 2010, when Vietnam banking market fully integrates. (Source: http://www.mof.gov.vn/DefaultE.aspx?tabid=616&ItemID=26781)
5. Marketing Strategies of BIDV:
In order to strengthen the financial capacity of SOEs, the Vietnam government has implemented the SOEs reform and equitisation program, the number of SOEs has been decreasing, the SOEs market is declining. With high market share, BIDV should implement strategies to its maintain market share position and manage for earning. In contrast, the Is&PEs market is rising. BIDV should conduct rapid penetration strategies to develop its market share on this market.
For the prosperity and sustainable development of customer and bank, BIDV performance objectives are to maintain the high market share in SOEs market and to develop the market share in the Is&PEs market by continuing innovation credit products and services and development new ones in line with changing business environment with the assistance of the latest banking technology and to improve financial capacity following the development of BIDV and international standards.
Based on the BIDV performance objectives and resources, some main competitor strategies (appendix 1), market structure and opportunities. BIDV has ditermined to change to adapt with new business environment by following strategies:
- Expand network, change organization structure to move closer to customers and apply retail banking models, making branches as distribution channel.
- Standardize products, set up a new product section such as credit card, ATM, money transfer, financial consulting, asset management and related services.
- Introduce new technology for new advantages such as home banking, phone banking.
- Expand both lending to large profitability corporations and consumption, including housing, to diversity products. Combine lending with other financial services like private asset management, investment consulting. Apply the customer classification and lending program.
- Increase the financial capacity, revise charter capital.
These strategies of BIDV are:
5.1. To innovate and develop credit products and banking services:
5.1.1. To innovate current products and services: innovation has become the key strategic focus for today's most successful companies. To innovate credit product is concentrated in increasing the credit appraisal in order to increase the credit quality, reforming credit processing procedure in line with individual and private enterprise demand and adding more tangible, augmented and even potential products to credit product such as financial advising and insurance services with the purpose to attract the credit needs of profitable SOEs. Further, BIDV should apply new technologies on money transfer in order to increase the money transfer speed, offer various interest rates on deposit service.
5.1.2. To develop new products: environment changes make possible new solutions to both current and new customer needs. The development of new products is one of the most important activities for all the financial firms competing in today's fast-changing markets and environments. Not only does new knowledge make possible better products and services, but it can also provide the means for lowering costs and improving quality.
According to Aurthur Meidan (2002), new finance product development should be taken by following stages:
Idea generation Screening Business analysis
Product development Marketing testing Launch
The new product development process should be done throught following stages:
- Idea generation: BIDV's finance products are not diversification to compare with modern banks, it means that BIDV can have many ideas about new products from external sources.
- Screening:
- Business analysis: new products should not only help BIDV take advantage on market share, but also bring more profit. BIDV must estimate the feasibility and profitability of planned products.
- Product development: it is the process of design and production of prototypes, expaining its benefits to the various prospective customers, it also consider branding, packaging and technology espects of planned products to meet specific customer needs.
- Marketing testing: This stage will apply new products to real-life situations. On this stage, BIDV should communicate and educate the customers about products.
- Launch: in this stage, BIDV should decide four decisions: the right time to introduce new product, the geographical strategy, the target market and the introductory market strategy. depending on each new product, there will be specific right time, market and strategy.
BIDV should develop new credit products such as consumer loan, home loan to tap the individual and private enterprise market, create new banking service such as ATM cards, credit and debit cards, electronic transactions and e-banking.
5.1.3. To apply latest banking technologies and modern models: Modern banking technologies are the most important factor to ensure the quality of modern banking services. In particular, advances in science, technology and the ability to handle information allow companies to apply this new knowledge to enhance the new product or services which are more efficient than current ones. BIDV should invest more on technology as well as hire skilled people to operate it. Furthermore, BIDV needs to apply latest modern banking models such as one-door transaction and retail banking models.
5.2. To increase its financial capacity.
All the above strategies of BIDV never become a reality if BIDV do not maintain a strong financial capacity in line with the development.
In order to strengthen it, BIDV should implement the following strategies:
- To implement the financial restructuring program: BIDV should conduct the financial restructure, solve its bad debt, and improve bank management capability and financial health on the basis of speeding up reinvestment and ownership restructuring.
- To equitize BIDV is considered the best way to increase its capital as well as innovate its management.
6. Evaluate these strategies:
6.1. Evaluate the strategies to innovate and develop products and services:
- Innovation credit product: Since 2004, BIDV has implemented the International Standard for Quality Management Systems ISO: 9001-2000, "an international standard, recognized throughout the world for establishing a business management system" (source:http://www.nsf.org/NSF-ISR/standards/iso90012000.asp). Based on main quality management principles such as: customer focus, leadership, system approach to management, continual improvement, that provides a focus on system performance and ongoing improvement. Furthermore, the credit manual was issued to standardize credit procedure. Credit procedure for Is&PEs was applied to meet the specific demands. The management of credit and investment operations was based on modern procedures in order to ensure the credit quality and prevent new bad debt.
Moreover, many tangible and augmented products were added to core products such as borrower can buy insurance from all BIDV branches; SOEs can get the free financial and equitizing advising service. Many new branches were opened, new technology on money transfer was applied, within 3 years: 2003, 2004 and 2005, 15 new branches were opened increasing the number of BIDV branches to 79 branches over 61 provinces and cities in Vietnam. (BIDV Magazine, January 2005).
- New product development: In order to provide modern and advanced banking services and products which are comfortable to all individual and enterprise customers, BIDV has offered many new banking services such as debit card with a large ATM system, electronic money transfer, home loan, consumer credit. Some new modern electronic banking services such as internet, home, and mobile banking, credit card recently ran pilot projects. In present, BIDV customer can draw money from all BIDV's branches over Vietnam.
- To be aware of the needs of applying modern technology on modern banking operation, BIDV has been implementing the project entitled 'Modernizing the banking and payment systems' that was funded by the World Bank (WB), it is composed of seven sub-projects, the core of which is the construction of an electronic inter-bank payment system. At present, BIDV has completed phase I of the project, and is actively conducting phase II. That has created favorable conditions for bank's technology modernization, especially management information system and inter-bank electronic settlement in order to widen the chance to integrate into international financial and helped BIDV achieve certain successes not only in offering new banking products and services but also in controlling the banking operation. Further, the structure of BIDV was changed toward customer, the retail banking and one-door transaction model has been applied.
6.2. Evaluate the strategies to strengthen its financial capacity
In order to increase its financial capacity, BIDV has been carrying out the financial restructure program, that mainly focuses on bad debt solves and increases the asset quality. The Asset Management Company has been founded in 2003 with its main task being to solve the huge bad debt of BIDV. Moreover, BIDV has improved the operation efficiency by applying the pricing policy on credit operation, increasing the credit margin, stopping credit transaction with unhealthy companies. However, equitisation, the long-term solution for increasing the financial capacity is still not implemented because Vietnam Government is considering.
6.3. In summary:
Table 1: BIDV operation in the past years
Item Year Unit 2002 2003 2004
Percentage of Is&PEs loan over total loan % 25 30 36
Percentage of SOEs loan over total loan % 75 70 64
Legal capital ₤ mil 130 167 168
Ratio of capital adequacy % 4.9 5.0 4.7
Total risk asset ₤ mil 2,543 3,132 3,584
Ratio of total outstanding loan over total asset % 77 74 75
Ratio of profit from service over total profit % 15 17 20
(Source: BIDV annual report 2002, 2003 and 2004)
By applying the strategies in innovating and developing BIDV products and services, improving the financial capacity, in the past years, the ratio of Is&PEs loan over total loan of BIDV has increased every past year. It means that BIDV have gradually accessed this market. However by the end of 2004, this rate was still low compared with its potential. The rate of profit from service was only 20 percent over total profit. Although the products and services of BIDV have increased both in quantity and quality, the result are still limited. BIDV should continue to carry out quickly.
The legal capital of BIDV increased every past years, but the ratio of capital adequacy was not improved, the reasons that the rate of development of asset was higher than this of legal capital. In order to have the capital adequacy rate of 8% in coming years, BIDV should implement the equitisation immediately or accept to lose its market share.
7. SWOT ANALYSIS
Strengths Weaknesses
1. Knowing local customers.
2. Good network to lend to rural customers.
3. Long term relationship with traditional customers.
4. Have own market niche in both lending and deposit mobilization.
1. Limited financial resources
2. Weak IT infrastructure
3. Staff is inexperienced in communication.
4. Lack of a well-established professional procedures to service customers, and be customer friendly.
5. Portfolio is not diverse, with too few services, especially non-credit services
6. BIDV is too young to accumulate enough experience and resources, while foreign banks had years of development history.
7. Lack of specialization, professionalism of staff.
Opportunities Threats
1. Learning skills from foreign banks is a much cheaper way than paying the full cost of training and education.
2. Foreign banks have to seek local partners to provide such services as credit card, payment agent, bank draft, where consumers also benefit.
3. Joint venture with foreign banks to take advantage of their brand name.
4. Change in banking regulations in accordance with WTO would give banks more autonomy and more instruments in doing business.
1. Advantage of foreign banks in wholesale banking
2. Losing market share to foreign banks
3. When national treatment is implemented, foreign banks may increase lending to SOEs and compete away this market share.
4. Foreign counterparts have more sophisticated financial instruments
5. Foreign banks with strong IT base can compete for deposits.
6. Foreign banks lend to important sectors, which form the backbone of the economy, leaving unimportant sectors to local banks.
7. Frequently changing government development strategy, which are hard for banks to make independent business decision.
8. Weak SOEs will affect negatively to BIDV.
9. BIDV has a short time to strengthen its compititive ability.
8. Problems rising from implementing marketing strategies:
Due to its real condition, BIDV will meet the following problems on implementing the marketing strategies:
8.1. Problems rising from managing strategies:
It is clear that BIDV have to implement many new strategies following the roadmap of international commitments within a short time: no later than 2010 when the Vietnam banking market is fully open, especially in such a changing business environment. How to give out a suitable time scale, what should be done first are the big obstacles on the implementing process. At present, it seems that the ratio of capital adequacy of BIDV can not reach 8% in 2007. Moreover, everything can not separate, BIDV can not develop new banking services, improve credit quality without a modern banking technology, and new products could operate well in the old transaction model. In addition, as a state-owned enterprise, BIDV can not decide everything by itself. All these problems have been affecting negatively to the performing process.
8.2. Problems rising from skills:
With the development of new banking products and services, the structure of BIDV is changing; many new divisions such as card division, marketing division were founded. The retail banking pattern with one-door transaction model and new banking technologies were applied. But specialist in lending to SOEs, most of the BIDV staff is inexperienced in modern banking product and service activities. Currently, BIDV lacks skilled staff and managers who can work and manage well new divisions. This problem has decreased the competitiveness of BIDV products and services. Further, with the limitation from the salary policy of a state-owned bank, BIDV can not hire professional staff and many skillful staff also have left BIDV to work for Joint-stock and foreign banks.
8.3. Problems rising from communication:
Good products and services is not enough to ensure that BIDV has high sales and profits, their benefits have to be communicated to customers. According to Peter Doyle (1998): "Marketing communications is the process of transmitting messages with the objectives of making the organization's products or services attractive to target audiences". The role of communication is to inform the market about the products and banking services of BIDV, to persuade customers about these advantages. Therefore, communication can play a vital part in boosting morale and sales effort.
In the financial industry, when products and services are largely dependent on the staff especially in front-line desk staffs. Every time, when customer meets front-line staff, there is what Peter Doyle (1998) called "the moment of truth" when a customer is won or lost not only by the quality of products and services but also from the personal contact he or she receives. So the front officers should be the customer-oriented, trained employees. However most of BIDV staff lacks communication skills, BIDV do not have good marketers. By implementing strategies to move into growth stage, BIDV will offer many new products and services that not only need staff with good communication skill but also should be supplemented by a professional communication program. This problem can curb the development of BIDV.
9. Conclusions:
This report pointed out that in a rapidly changing world, many factors such as the integration process of Vietnam, the development of technology and deregulation seem to bring to BIDV more challenges than opportunities. In the next years, BIDV will still struggles to maintain its market share in Vietnam market.
BIDV has seemed to realize its two main challenges: how to innovate and develop its products and services; how to improve its financial capacity and has give out the suitable marketing strategies. However far many reasons including the low starting point, the implementing process of these strategies is still very slow, BIDV meets many problems on carrying out. In result, the competitiveness of BIDV products and services is decreasing. BIDV will lose its market share if it does not take the immediately actions to overcome such problems.
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Further information:
http://www.bidv.com.vn
http://www.vietcombank.com.vn
http://www.incombank.com.vn
http://www.vbard.com
http://www. acb.com.vn
http://www.sacombank.com.vn
http://www.techcombank.com.vn
