G1 00279 XÂY DỰNG CHIẾN LƯỢC PHÁT TRIỂN KINH DOANH CHO CÔNG TY CỔ PHẦN TÀI CHÍNH ĐIỆN LẠNH GIAI ĐOẠN 2012 - 2017 THE CONSTRUCTION OF BUSINESS DEVELOPMENT STRATEGY FOR EVNFINANCE JOINT STOCK COMPANY PERIOD 2012 - 2017

G1 00279 XÂY DỰNG CHIẾN LƯỢC PHÁT TRIỂN KINH DOANH CHO CÔNG TY CỔ PHẦN TÀI CHÍNH ĐIỆN LẠNH GIAI ĐOẠN 2012 - 2017 THE CONSTRUCTION OF BUSINESS DEVELOPMENT STRATEGY FOR EVNFINANCE JOINT STOCK COMPANY PERIOD 2012 - 2017

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CAPSTONE PROJECT REPORT

THE CONSTRUCTION OF BUSINESS DEVELOPMENT

STRATEGY FOR EVNFINANCE JOINT STOCK COMPANY

PERIOD 2012 - 2017

Contributors:

1 Dao Minh Hai

2 Phaom Quang Duc

3 Bui Xuan Dung

4 Le Thi Thu Thao

5 Nguyen Thi Tuyet Mai

Class code: GaMBA M0210 — Group 5

Ha Not 2012

CAPSTONE PROJECT REPORT GROUP 5-GaMBA.M0210

EVNFINANCE

Tel: (84-04)2222 9999 - Fax: (84-04) 2222 1999

Website: www.evntc.vn

Date: 22/6/2012

To: - Master of business administration program-Griggs-Andrews University

- ETC-Vietnam national university, Hanoi

Subject: Comment of EVN FINANCE JOINTSTOCK COMPANY (EVNFINANCE) about Capstone of Group 5-GaMBA.M0210- Griggs-

A.ndrews University

- EVNFINANCE has done fully support for Group 5 - M0210 when they practiced and learned in company about the operation status, vision and strategy of company

- Group members have expressed an enthusiastic and creative, have closely

followed up current situation of company and receive a good result in

fix

/Y⁄ CÔNG TY (¿| TAlCHINH

{ “TE ‘hapteer I: Theoretical bases of strategy management c 4

— Chapter II: The analysis of the current situation and business 17

operation of EVNFinance Joint-stock company

“21 | Overview of EVNFINANCE joint- -S(Oct comapany 17

The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

2.2.5 | EFE Matrix of EVN Finance 42

23 —- Analysis of the internal environment of the business 43

dd Summary of strength and weakness from internal factors 55

Chapter III: Business strategy implementation and solutions for 59 EVNFinance period 2012 - 2017

3.23 QSPM (Quantitative Strategic Planning Matrix) 63

3.3.2 Solutions of Finance and Capital Mobilization 67 3.3.3 Solutions for product and service development 68 3.3.4 Solutions for market development and market share expansion 68 3.3.5 | Solutions for Technology and Informatics 69

LIST OF FIGURES

l Process of Strategy Implementations 6

2, Level of Strategy Implementation Implementation 7

.c IE Competitive Factor Model of Michael E Porter 1]

i‘ “| The current organizational structure diagram: 19

R GDP Growth and a few industries (Agriculture, Manufacture, 23

Construction, Services) period 2000 — 2010

“10 Some of the Economist forecast on Vietnam's economic prospects 26

Capital of Joint-stock Commercial Banks in Vietnam (til 36

31/12/2011)

13 Market share of Credit Institutions at the end of 2011 and 2010 37

14 Market Share Funding of few Banks at the end of 2010 and 2011 37

IS Banks’ location using 2010 data of assets: ROA, ROE, NPL 38

16 Capital mobilization Chart 47

17 Fund Usage Chart 47

The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

FOREWORD

PRE Ge MP ResSQ bua aUSUONd regards to the Center for Education Technology

and Career Development (ETC) in Vietnam and Griggs University for having delivered the MBA course During the course the professors and instructors have successfully delivered knowledge with passion to the classes This encourages us to achieve higher education and to make appliance as well as contribution to our careers and nation

We would like to thank the Assessment Committee for the frequent support to this report during the procedure

We are also thankful to the management of EVN FINANCE for creating Cooperative environment to Group 5 so that we manage to explore the current factors and issues which are critical in producing this report May this report be useful for EVN FINANCE in keeping on being one of the most successful and prosperous companies in Vietnam’s finance and banking industry

<5 Global Advanced Group Š -Class GaMBA.M0210

INTRODUCTION

PD Ke GOA BESSAAL HEGFoVGRYOMa book but it has become a universal concept of

modern world where no boundaries exist for ideas As a result, never had it been in the history the world is experiencing such strong competition in the international economy and an undeniable globalization

in 2004, Vietnam officially became the 199" member of the Word Trade Organization (WTO) Since then, Vietnam has quickly catched on with the world econoiny with numerous changes in manufactures, technoiogy and informatics, product Variation and services in domestic and international market It is obvious to see that this unity has brought Vietnam’s business and company opportunities as well as many other challenges

Any company would prefer a profit over a loss or break-even; therefore, it is important for the managers to understand that business runs not only on a short term goal but also a longer goal, it depends not only on management but also marketing, finance, production and research development Strategic Management, hence, means to ensure every department of an organization to work on one common goal Mastering Strategic Managemet allows a company to be creative, dynamic and active in responding to fluctuations of the economy as well as in defining the future shape for the company

Even though the contributors of this report are from different companies and

organizations, we agreed in choosing EVN FINANCE with the topic “Business

Development Strategy for EVNFinance Join Stock Company Period 2012 — 2017” for our final assessment in Strategic Management EVN FINANCE is rather a new company

(established since 2008) but it has been successful in becoming a successful and

imfluential company However, the company provides highly liquid products and services such as credit card, investment support and financial services which will require constant attention of managers in the long-term goal to ensure the stability of the company Due to the time limit, we could only afford to study the foundation of stretagy and abandon the other three stages which are development, application and evaluation

Through this report, we hope to provide a valuable contribution for EVNFinance’s stability, brand, reputation and constant development

The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

- Analyze current business operation of the company and the essential of a

PDE CoiflrbsởiCFree2sion

- Propose an optimal strategy for period 2012 — 2017

2 Report’s Objects and Scope:

- Object: Business strategy of EVNFinance Joint Stock Company

- Scope: Vietnamese market, period 2012 — 2017

3 Methods:

- Quantitative and Qualitative methods

- Using common data interpretation method to analyse current status and future movement of market

- Conduct research, survey and investigation to acquire primary data

4 Stucture: Besides the introduction and conclusion, there are 3 main Chapters:

- Chapter I: Theoretical Basis of Strategy Management

- Chapter II: The Analysis of the Current Situation and Business Operation

of EVNFinance Join Stock Company

- Chapter III: Business Strategy Implementation and Solution for EVNFinance Period 2012 - 2017

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_ _— CHAPTERI

PDE CpItPbOR9399TIO£, bISI98OE STRATEGY MANAGEMENT

1.1 Theoretical of Strategy Management

1.1.1 Definition

Strategy is a popular phase used in both daily life and

business In management, it is defined as actions taken by general ‘ >

managers to creat the major intended and emergent intiatives This Vie

includes utilizing resources, enhancing the performance of L-

companies in their external environment In the other words it can

be said as: “Strategy is a series of actions taken by an organization or individual in order

to achieve organizational goal.” (Slide from Grigg University)

Business strategy commonly relates to a business’s objectives, which is central in implementing a strategy However, business strategy tends to focus on assessing its competitors and setting goals to meet all existing and potential competitors in the market It relates to decisive choices such as product selection, customer satisfaction, taking advantages over rivals and exploiting new opportunities, etc According to Fred R David: “ Strategic management relates to decision making of product selection, meeting customer demand, taking advantages over rivals and exploiting new opportunities ” He also added: “Strategic management is a tool to achieve long term goals.”

Strategic Management can be defined as following: “Strategic management is a coordinated series of actions which involve the deployment of resources to which one has access for the achievement of a given purpose.”

The Strategic Management Process involves the full set of:

1.1.2 Strategic Management’s roles

- Strategic Management defines the business's drirection and is the root of every production procedure

CS Global Advanced Group 5 -Class GGMBA.M0210

The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

- Strategic Management assists business to comprehend opportunities and take the

chanqe[J@' @npi$@JA4eser-AtrfteVapxidgme it plans on driving business over the threads and bumps in the competitive market

- Strategic Management increases the efficiency of resource allocation, surges the competitive position of a business to ensure its share in the market

- Strategic Management is a firm foundation in proposing concepts and solutions in time of market change

- Strategic Management is reflected in a continuous process;

- Strategic Management is aimed at an active approach and leading to victories in the market;

- Strategic Management is usually formed in a long period (of three, five, or ten

years)

1.1.3 Process of Strategy Implementation

The general business strategy is formed based on the business's vision, and is used

as a guide for directing the operations and production of the business and, therefore, is long-term in nature To establish a business strategy , there are several steps as follows:

External environment Pianning and Selecting internal environment

evaluation Strategies using SWOT evaluation

1 Macroeconomist r ~~ Model IFE

Model: PEST/SLEPT †

=> rivalry pressure -

=>Opportunities and Competition

Threats Industrial Strategy —

Figure 1: Process of Strategy Implementation 1.1.4 Vision and mission

Because of the special role played by strategy and strategic management, many scientific studies have been devoted to this issue and each has come up with different concepts The concept of strategy is usually coupled with concepts such as vision, mission, objective, and policy

- Vision: Vision can be understood as follow ‘A statement of vision is a report on the position that the company wishes to achieve In a statement of vison, if its objectives and goals are successfully obtained, the future of the company is drafted and planned Different statements of vision may differ in lengths; they cuold be a single sentence long,

or a long paragraph, but they must always identify the final objective the company ”

- Mission: A statement with a long-term objective, helping to distinguish the company This statement is sometimes called business philosophy, and corporate confidence Mission statements state “the reason for existence” of the company, and, according to Druker, is the answer to the question “why do we do business?” Tn reality,

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The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

mission and provisions and vision may sometimes cause confusion in usage, a number of

COMPIDESGN DRE ISOM Eidheir Mission and vice versa, some companies state only their objective

- Objectives: Objectives and be understood as follows: A goal that an organization aims to achieve when following its main mission To identify an objectives is to find the path of development, analyze results, and provide the basis for effective planning, Organizing, analyzing In reality, its attributes are embodies in the term SMART

1.2 Level and model of business strategy

The system of Business Strategy is devided into 3 levels:

(1) Comprehensive Business Strategy

(il) Strategic Business Unit (SBU)

Strategy guide Strategy guide

i —5amwnưừồ _ —_— áä

BUSINESS LEVEL: IMPLEMENTING STRATEGY

Uniqueness aimed at a large market related to the creation of a product or service is

to feel all the industry like it is the only one To stand out is a feasible strategy for above average income or below in a particular company because the brand loyalty leads to a diecrease in sensitivity of the customers towards pricing Increase in cost usually can be dione daily for the buyers The buyer “loyalty can also serve as a company importing new fences must develop their separate jurisdiction to distinguish products by any means to stucceed in competition

The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

to analyze the situations of the company in Chapter II

lÌBÄ.CA0aIDSSSPE(€E6aÌ £Xilôfment

The goal of external environment analysis is to determine the opportunities and challenges to a company, analyze to find a way to carry out and should take advantage of Opportunities from environment, and at the same time avoid the challenges necessary to a company

Scope and contents analysis of environment include: Macro market analysis (general market) and analysis of micro market or is also called field environment

* Political’ Legal (P): This inclues any political philosophy and regulations issued by the Government and the Law Division This segment especially concerns with business regulation domestically as well as any international fluctuation in the world economy

* Economics Environment (E): "Economics has always been a crucial segment which is strongly influent to the production of a business or organization Any changes in microeconomics made by the Government can create a subsequent result to the

business's routine

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The stability of an economy indicates the state of the economical environment in

whiclPpirloqripdusWdesEiad Yeygey Operate Therefore, it is important that a firm

Studies the condition of the industry and national economic to adapt any sudden change hence, readily adjusts its strategy

* Socioculture (S): Socioculture does not affect a firm directly but through their customers A change in sociocuture results in transformation in human behaviours, hence

it changes customers’ needs and purchasing activities and patterns If a firm neglects a socioculture change, sales will be lost recognizably

* Technology Progress (T): \his implies innovations in technology, new trends in business pattern, different approach in satisfying customers’ needs These are decisive factors in a competitive environment

* Population: | Nowadays, population is perceived to be an important supplementary factor for a comprehensive national development

* Global factors: Globalization is spreading all around the world, forming connections among countries which influence strongly to the domestic production as well

as socioculture The consequence of globalization has a strong position in a business Operation by creating not only new opportunities but also challenges that the general managers have to take into account seriously when implementing a strategy

Therefore, the goal of macroeconomics analysis is to identify changes and trends of external environment together with opportunities and challenges in order to plan and implement sufficient strategy to reassure a prosperous business

1.3.1.2 Microeconomics environment Analysis (Industrial environmet)

In an industry with restraint in product variation, firms and organization often introduce similar products or services or close subtitutes to each other Strategic planners need to investigate the industry to discover a firm’s competitive advantages and criticize the competitors in the same industry to identify industrial opportunities and challenges

Michael E Porter’s 5 factor model: Being a theorist and pragmatist of Strategic Management in Havard, Michael FE Porter invented a model which helps strategists acknowledge opportunities and threads they have to face in a particular industry (Micharl E Porter, Competitive Strategy, New York: Freepress, 1980) The 5 factor

model is demonstrated below:

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The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

Potential

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Threat of New Entrants

together with the variation in industrial environment

A constantly competitive environment has a strong and direct effect to a firm’s production In the process of analysing the environment, it is important to take note of the inter-relationship among the 5 factors in Figure 2 In this model, there are 3 horizontal competitors, which threaten a firm with similar products or close subtitutes (current industrial competitors and potential entrant); and 2 vertical competitors which are consumers and supplers, holding the power to bargain for a change respectively in price and supply cost

According to Havard Business Review's summary of Michael E Porter's 5 competitive factor model (issued in January, 2008, pg.86), the factors are described as followings:

(1) Threats of new entrants: \dentify the difficuties encountering by the new entrants when entering the industries and the possible threats by these new entrants to Other firms in the industry

(2) Threats of product subtitutes: this implies the possibilty in losing consumers to the smilar products or services If together with a lower price, the cancel and transfer cost

is relatively small, it will become a dangerous threat to the firm

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(3) Power of consumers: this is the power in price bargaining and putting pressure

In lOWPEDIPA THA pé46¡ceenweyr4ewnfirm If the consumers” influence is strong enough

to fluctuate revenue and profit, they will hold a critical position in a_ strategic

implimentation

(4) Power of suppliers: Similarly to the power of consumers, if supplier is influential enough to a firm to fluctuate their revenue and profit, they will also be a crucial factor

(5) Intensity of rivalry among the competitors: Questions to ask: is there an intense rivalry among the competitors? Is there an outstanding competitor or are they equally competitive to the firm?

1.3.2 Internal Evironment Analysis

Analysing internal environment defines strength and weakness of an organization

by interpreting information of recent achievements and unresolving difficulties Comparing to the analysis of external environment, it is easier to acquire and there are more information relating to internal environment such as: statement of libabilities, revenues, costs, system organization and management model

As a matter of fact, it is impossible to acquire a comprehensive and complete evaluation of a business Therefore, only a few major factors, which have the most Critical influence to the production of a firm, will be assessed In order to achieve this, the first thing is to outline these major factors which will be the representatives of the internal environment

1.3.2.1 Financial Analysis

Financial resource (cash, liabilities, bonds ) is the main source of a business

Evaluating finance of a firm relies on economical standards such as: profit earned per dollar spent, liquidity of bonds ability to pay liabilities comparing to competitors and within the industry By analysing these information, it will be possible to define the strength and weakness of a business in investment, finance and market share

1.3.2.2 Analysis of Organizational Management and Operation

This part will concentrate on the following subjects: How did the general managers m.anage to operate the planning and implementing development strategy?

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The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

1.3.2.3 Marketing Analysis

PD&# OOmibressor feeessWersiomnalyse customer structure of the business, the consumer segments with quality controls and price flexibility, product variation, corresponding marketing method and any other supportive tools Hence, this report will compare the segments and provide instructions for implementing a marketing strategy It

is also important to be attentive at the potential consumptions, revenue, profit to revenue ratio, the variation of product quality, the popularity of products and services, the market Share of the firm and the effectiveness of previous marketing campaign Afterward, this report will examine the stability of the firm’s supply to the market In combination with the life cycle of a product, it is necessary to manage researches and development of new products (new opportunities)

1.3.2.4 Research and Development

This section will examine a firm’s facility in the research and development of product and technology The examination will look at the conditons to search for innovation, the distribution of human, financial and technology resources and achieved results

1.3.2.5 Information Gathering and Interpretation

Communication and information department is a division which connects the organization’s activities and provides the foundation information for general managers to make decisions Therefore, an effective communication and information department will emcourage effectiveness in business operation and improve the eminence of decisions

1.3.3 Business Strategy Selection

The next section will present the determination of Business Strategy by using the imformation of strengths and weakness, opportunities and threats of a business The process of interpreting and comparing these aspects is called SWOT Analysis The basis

of SWOT Analysis is to create strategies by manupilating the above aspects to create potential advantages with reasons and factors possible for the firm It is important that the general managers value and compare the strategies with different possibilities in order to mieet the common goal of the firm The strategies proposed can be applied to business units, industry level or universal, as long as it allows the firm to adapt the fluctuation of the competitive environment

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1.3.4 Strategy Implementation

RRA Go mppRshe ise en YAKIAMe supply of both general managers and employes

to achieve a proposed target 3 main stages of strategy implementary are planning the annual objetives, proposing policies and distributin resources

1.3.5 Strategy Evaluation

The final stage of Strategic Management is to assess the valuation of the implemented Stratey Certainly, there are many factors such as future uncertainty and external environment therefore, the evaluation process is essential to maintain constant success

3 features of this process which are basis for present strategy are:

- Revision of fundamental factors for the present strategy

- Evaluation of achievement

- Perform necessary adjustment

1.4 SWOT matrix for business trategy selection

1.4.1 EFE Matrix (External Factor Evaluation)

EFE Matrix evaluate external factors so that general managers will be able to measure the ability to define and response to opportunities, threats from the environment

and hence

5 steps to construct EFE Matrix:

- Step 1: List 10 to 20 possible opportunities and threats

- Step 2: Assign weight to each fater Value of each factor should be between 0 and

| for its importance to the firm with | being the most important factor

- Step 3: Assign a rating to each factor Rating will be between | and 4 to indicate how effective the firm’s current strategy responds to the factor | = poor response, 2 = response is below average, 3 = above average, 4 = superior

- Step 4: Multiplying weights by ratings of each factor

- Step 5: Add all weighted scores for each factor This will calculate the total weight score for the company The score of 2.5 means the firm is responding well with the

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The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

(Source: Strategic Tỷ" — MBA Course)

1.4.2 IFE Matrix (Internal Factor Evaluation)

IFE Matrix evaluate internal factors in order to examine the ability to response and resolve strength and weakness of a firm Hence, it encourages a firm to maintain and develop its strength and improve to find solutions any weakenss

The creation of IFE Matrix is similar to EFE Matrix, which includes 5 steps However, instead of listing opportunities and threats, IFE Matrix requires a list of strengths and weaknesses The evaluation of IFE Matrix is also the same as EFE Matrix’s, with the average score of 2.5

IFE Matrix Model

The industrial environment of a firm is devided into 2 categories, external factors

and internal factors, which corresponding include Strength (S), Weakness (W),

Opportunities (O) and Threats (1) This is a very effective tool in interpreting a business and making decisions There are 4 possible strategies S-O; S-T:; W-O; W-T

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| Opportunities (O)

"ee(Wet-lig0pportunitics)

7 Strength(S)

(list the strengths)

Threats (T) (list the threats)

- Strategy S-O:

Taking advantages of strengths to achieve the opportunities

Strategy S-T : Using strengths to

eliminate threats

Weakenss (W)

(list the weaknesses)

Using the opportunities to Strategy W-T:

1.4.4 QSPM:

QSPM or Quantitative Strategic Planning Matrix assists managers in organizing and keeping scores of different strategies so that managers can select an optimal strategy QSPM will present the best strategy with the contribution of SWOT, EFE, IFE

Opportunities ied

The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

CHAPTER I:

FRE SNARES OF THELURRENT SITUATION AND BUSINESS

OPERATION OF EVNFINANCE JOINT-STOCK COMPANY 2.1 Overview of EVNFINANCE joint-stoct comapany

2.1.1 Overview of EVNFinance

i VNFinance is a non-banking financial company, established according to Certificate No 187/GP-NHNN dated 07/07/2008 issued by The State Bank of Vietnam, officially opened on 0!/9/2008

General information:

* Name of the financial company

- Transaction name in Vietnamese: Công ty Tài chính Cô phần Điện lực

- Vietnamese name in short: Công ty Tài chính Điện lực

- Transaction name in English: EVN Finance Joint-Stock Company

- English name in short: EVN Finance

* Headquarter: Floor 6, 7, 434 Tran Khat Chan Building, Hai Ba Trung District, Hanoi

* Website: www.evnfc.vn

* Chartered Capital: 2.500 billion VND (two thousand five hundred billion VND),

the financial company with the second largest chartered capital in Vietnam

* Shareholder structure:

+ Founding shareholders: Electricity Vietnam (EVN) holding 40% , An Binh Joint Stock Commercial Bank (ABBank) holding 8.4% and Refrigeration Electrical Engineering Corporation (REE) holding 1,8%

+ Other institutional shareholders: 62.130 shareholders are individuals and

organizations holding the remaining shares: 49,8 %

The main industries and business sectors the company covers:

- Issuance of promissory notes corporate bonds, certificates of deposits, and other valuable papers, term deposits to mobilize capital from domestic and foreign institutions

- Receipt and use of trust funds and foreign investment by the Government, EVN

Croup phe CRGMPFERBH PL ehevelegigigity Vietnam (EVN) and other organizations and

individuals in accordance with the laws

- Arrangements, mobilization and management of loans for investment projects by EVN Credit to the member units of EVN organizations and individuals as prescribed by law

- Financial investment in projects and other business organizations in accordance with law

- Capital contribution and share purchase with other enterprises

- Discount, rediscount, commercial and valuable papers pledge

- To provide service guarantee under the provisions of law

- To provide financial and monetary management consultancy services, asset management consultation, and project assessment for appropriate investment capital preparation capital and capital structure, improvement of the efficiency of investment projects Providing M&A consulting services, clean development mechanism (CDM) consultation and other financial consultancy services

- Consultancy on negotiation for domestic and foreign loans contracts for EVN group, the member units of the Group and other organizations and individuals under contract

- To act as agent to issue bonds, stocks and other valuable papers for other businesses as provided by law

- To provide factoring services, foreign exchange activities

- To manage payment of electricity between the Group and the member units and between member units of the Group themselves by means of entrusted funds management

2.1.2 The organizational Structure

EVNFinance Joint Stock Company (EVNFinance) operates following the joint stock company model with decentralization in management and execution from General Board of Shareholders to the Board of Directors at management level and the General Director Board at execution level

- The total number of staff including the Board of Directors up to 31/12/2011: 136 people: 99% Undergraduates, 41% of which being Graduates

- The socio-political organizations: the Party, the Trade Union, and the Youth Union

The current organizational structure diagram:

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The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

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CONTROL COMMITTEE

BOARD OF —— OFFICEOF BOARDOF

INTERNAL AUDITING BODY

BOARD OF GENERAL DIRECTOR

DEPT OF CAPITAL DEPT OF PLANNING & DEPT, OF INFORMATION

RESOURCES & CAPITAL MARKETING TECHNOLOGY

BRANCH

DEPT OF CAPITAL DEPT OF DEPARTMENT OF

ARRANGEMENT & CREDIT eS

THE OFFICE

Figure 7 The core resources:

As a financial company, EVNFinance deploy business activities with the motto: customer-oriented, a win-win situation by providing useful, high quality, secure financial services EVNFinance has played a role of the connection to arrange and manage capital for EVN So far, EVNFinance can be considered as: The leading financial consultancy service providers for power projects in Vietnam

2.1.3 Operational status of EVNFinance

After nearly four years of its operation, from the end of 2008 to 2011, EVNFinance has gradually shaped the direction and business methods; the annual business results shows growth and development as planned However, founded in the context of banking and financial markets and macro economy facing difficulties, the impact from the global economic crisis; the operational deployment of EVNFinance met certain difficulties in mechanism and the movement of the market, but took advantage of the favorable factors

with adverse information about the electricity industry created many difficulties and

challep ese (96 p?pltet40©hf4@Qersion

- Investment: The State Bank of Vietnam continuously implemented monetary policy tightening, tightly controlled currency market, making real estate market and the stock continue to freeze with low liquidity Investment and Consultancy suffered negative impacts from the market, affecting the company’s performance during the period

- Credit Activity: capital constraints, on the other hand, to ensure safe operation, control bad debt before the unpredictable financial markets over the last three years, the Outstanding loans are unlikely to grow depending on the due and weak capital balance in the markets, and domestic enterprises

- Interbank Business: the control of ceiling interest rates, lack of a market source, pressure on an increase in loans in the interbank market, to meet capital requirements, to ensure the target for liquidity Bad debts in the interbank market emerge forcing the company to be more careful when deploying interbank business, affecting sales revenue

- Service Activities: economic recession, companies in difficulties, leading to limited provision of financial services business and higher requirements on the flexibility

to the new context

- As a financial company in the electricity industry, EVNFinance continues to have the advantage of having customers in its industry and effectively provide financial services such

as capital arrangement, management, and reborrowed capital management, consultancy on domestic currency bonds issuance, consultancy on enterprise’s financial structure

2.2 External Factor Evaluation of EVN Finance

2.2.1 The world economy and politics

Global movements of the period 2008 - 2011, the world economy may be recovering from the financial and monetary crisis in 2008, the U.S lags lost credit rating, plus impact from debt crisis in Europe complicated, spread to other countries and in danger of spiraling out of control - affect the eurozone and is likely to lead to the risk of re-recession world times 2 Political instability in the Arab countries, central Africa region, Greek and Middle Eastern countries are the underlying factors that threaten the stability of the economy and global politics

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The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

Banking and financial system are vulnerable to global fluctuations of financial markets drcctpjsndgegtodebt FEET db ERs isypnomic downturn Bad debts increased sharply in turope and Central Asia Economic growth in Asia slowed in 2011, including Vietnam

However, the signal is given According to Vietnam News Agency, the International Monetary Fund (IMF) raised its forecast on 4/17/2012 global economic growth period from 2012 to 2013 but warned the public debt crisis in the euro area in turope (Eurozone) plus escalating oil prices will continue to reduce the speed of the giobal economic recovery In its report World Economic Outlook is published 2 times / year, the IMF forecast growth of the global economy will grow 3.5% in 2012 and 4.1% in 2')13 - higher than forecasts respectively 3.3% and 4% that the agency made earlier Some other forecasts show that the world economy will grow by 3.5% in 2012 then increased slightly to 3.6% in the period 2013-2016 and decreased 2.7% in the period 2017-2025 The developed countries are projected to grow slower at 1.3% in 2012, up 2% firom 2013 to 2016 period The emerging economies will grow at 5.6% in 2012 and 3.3% in the 2017-2025 period

2.2.2 Macroeconomics Analysis —- PEST Model

2.2.2.1 Political (P)

In recent times the political world is more volatile, as stated in the Overview of the world political economy, political instability in the Arab countries, central Africa region, Greece and Middle Eastern countries are the underlying factors that threaten the stability

of the economy and global politics

Vietnam is considered as countries with clear policies for innovation, open and stable: political environment, living environment, safety, security After 5 years a member

of the World Trade Organization - WTO, Vietnam has gradually implemented its commitments to member countries; has been improving its position in the international arena The executive apparatus of the Government's efforts in economic policy - political

- social, domestic and foreign affairs in recent years are also appreciated Program administrative reform in Vietnam is a major political commitment, to facilitate people and clomestic and foreign enterprises; more importantly, so as to contribute more to

reform the order institutions

[he legal system of Vietnam has been assessed as not true and complete lack of standards, science of how to apply entorce the law The legal system of today's economic

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contradictions are many, complex procedures despite being reform oriented government

MOre PPP CORES ASH Ver biking and finance, after much research practices, to

ensure the integrity of the legal basis and practical effect of the Budget Law, the State Bank Law the Law on Credit Institutions The Deposit Insurance Law, Law on Supervision of Safety, Business Law Securities, sticking to the general orientation of the binding relations

of coordination among relevant agencies, improving monitoring mechanisms, stable financial - banking Strengthen supervision and monitoring of specialized synthetic cross

as required to ensure safe financial system - a national bank

Law on Credit institutions issued in 2010 to create a favorable legal framework for business activities of credit institutions However, to specify, in detail, to avoid risks for the operation of financial companies, the State Bank of Vietnam is not the bylaws to guide credit institutions and companies specific financial performance The accelerating regional economic integration and the world of Vietnam enterprises and the elimination of protectionist policies in the country of production and business factors will also be a significant impact on banking and finance sector row

2.2.2.2 Economics Environment (E)

* The World Economy: After the financial and monetary crisis in 2008, now the world economy can not recover, the U.S has lagged credit rating, plus impact from debt crisis in Europe, spread to other countries and in danger of spiraling out of control - affect the eurozone and is likely to lead to the risk of re-recession world times 2 In addition, the adverse factors continue to influence the world economy such as earthquakes and tsunamis in Japan, inflation occurs in many countries, especially Asia; increased international gold market mutation rates and still unpredictable in 2012 due to economic instability in many parts of the world

* Vietnamese Economy: Vietnam's economy continues to face challenges after 02 years with the world overcome the crisis As of 2011, inflation increased continuously since the early months From May 2/2011 the Government adopted a package of economic stabilization policies, but to the end of inflation last month to reduce heat effects due to the latency of the policy Annual CPI rose by 18.58%, compared with 18%

of the plan Domestic gold price volatility, increased by about 25% in 2011, the highest growth rate reached 40% when the gold price peaked 49.2 million / tael Gold prices fluctuate with peaks up several times repeated, with the dong devaluation has affected

22

The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

consumer confidence, plus fluctuations of the U.S dollar and the Eurro, tend to appear

hoardmisjg€ld Bltessor Free Version

GDP growth rate in 2011 decreased compared to 2010, reaching 5.89% (in 2010 increased by 6.78%) Exchange rate fluctuations continued: 2011 saw the adjustment of the most powerful central bank rate as on 11.02.2011, exchange rate shall be increased from 18,932 VND / USD to 20,693 VND / USD, and narrowed the trading prices from 3% to 1% Stabilize the foreign exchange market after reducing prices in dong 2/2011, but began to depreciate again against the U.S dollar in the last months

Capital commitments of foreign direct investment decreased significantly in 2011, down nearly 26% compared to 2010 It is also considered one of the factors that impact more on reducing the economy's capital Debt increased since the economic crisis happening globally, even though indicators and repayment of foreign debts of Vietnam is lower than the rating but the global economic crisis shows external debt situation can change very rapidly in the developed countries and developing countries

GDP Growth and a few industries (Agriculture, Manufacture, Construction,

Services) period 2000 — 2010

12.00% + 10.00% + Cr

8 00% + 6.00% +

- fo closely monitor the currency markets and business activities of commercial banks; banks required to ensure the charter capital, increase the percentage of security in credit activities

- To publicize and provide information of the state bank is the first step to increase transparency, more public financial health indicators and other statistics about the entire banking industry

For the purpose of controlling inflation, to deal with the volatility and economic uncertainty, but due to latency and side effects of the policy, the monetary situation and banking activities in emerging issues: ( i) Interest rate volatility has increased flexibility whether the central bank open-market participants to ensure liquidity, affecting the production and business situation of enterprises (ii) The performance of the business trading poorly, along with the credit control property, securities, loans appear and growing (iil) requirements to ensure that capital levels that banks are under pressure to raise capital, many banks owning shares of each cross, creating a virtual capital and increases the risk in the system (iv) interest rate increases, exchange rate volatility makes people lose faith, turn to gold to hoard reserves value Although the central bank has issued many policies to control trade in gold, but gold has soared, out of control Thus, the tight monetary policy, and coordinate with a variety of administrative measures such

as restricting lending in foreign currency, stipulate the ceiling interest rates and dollar coins, control of foreign exchange etc solve some immediate macroeconomic instability, but the high cost and easy to create uncertainty for financial and monetary system without a transparent and clear

GDP Growth, M2 and Credit period 2000 — 2012

24

The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

* Vietnam's economic prospects in 2015 and the future: According to the Economist Intelligence Unit held, the prospect of Vietnam's economy in the long term is still bright Vietnam retains the advantages compared to other countries is political stability and social Economic growth in Vietnam in the period 2011 - 2015 are expected

to average about 7.2% / year by consumption, investment and export growth Personal consumption will grow well due to improved labor market and real wage increases

25

201C 2011 2012” 2013 2014 2015

Gusta oroductiot gro+t* — - 3

07255 4g!!C¿ (J7 pr6ốvcC?t6ˆ^ 02) ¿.Ẽ 3.3 3.é 3.2 a= 3.3 Corsuner crice irf.ation (ay 3.0 24.3 + + 5 6 C2^su ¬er zrice Ihf.a!1c^ (erd-re é 2.4 8.2 8 5 6.2

3v6r^me*? ba.a^ce (?: c GDP 5 55 BS 3.7 5.7 5.4 Fxports of gseds fos (LS$§ 57 at 86 ° 924.3 04:9 $.é "36.5

imports of goods fos (US$ o*) "3.2 $5 203.5 Teas 420 5.2

Curte”°-acceu"t ba:arce (USS be 5,0 6.8 “5.7 -6.5 6 -ó.b

Current-acccunt Da.arce of GDP -5.65 -&.3 -5.2 -5.4 4% -4.2 Exterra dest (erd-period: LS$ rc 3¢.8° 33.7 36.5 40.2 44.5 ¿94

fxC"a~ce ra: 0: SS (av) 29 :27 2 234 22.487 22.920 23.376 23.873

ExcnangerateD:uSSierd-cericd) 9.498 2.86: 22.700 23.68 23.625 24.222

Fxcna^ge rate 0:¥ 200 (av) 2677 24139 25922 26.651 27,182 27,970

Facnarge rate 0:€ (e7d-peroc} 23.982 25.269 25.99: 26.389 2719 27.754

8 Actua 2 Ecoromist Inte.agecce Lrit forecasts © Economist irte.igerce Lit estimates

Some predicts of Economist's in the latest reports (Vietnam Country Report)

2.2.2.3 Sociocultural (S)

Cultural environment in Vietnam in recent times has really profound, rich and varied Along with economic development, cultural adaptation has taken steps to develop the market economy; justice issues, promoting democracy in society, the social movements thrive, heritage cultural respect, protect, action potentials and cultural enjoyment of the people of Vietnam were exploited However, due to side effects of the market economy, many cultural activities reveal the limitations in the management and deployment activities, the methods to meet the needs of the people, there are signs of recession ethics, lifestyle pollute the social environment, creating obstacles to the sustainable development of Vietnam

In 2011, the average population of Vietnam was estimated 87.84 million, up by 1.04% compared to 2010, forecast, in 2012, Vietnam's population will exceed 88 million people

Per capita income in 2011 reached $ 1,300 / person / year However, incomes and living standards between urban and rural areas and ethnic minorities great distance Along with the development of political economy, population structure and population growth (especially in urban areas), the rise of industrial zones, new urban areas lead to some businesses and individuals there's the need of banking services increased significantly (money transfer, payment, .) Infrastructure is growing, especially in the field

of communications, telecommunications facilitate the banking products and services have

26

The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

developed stronger conditions The credit institutions have many opportunities to raise Capita RP LIGINS PARTE PERE ABA services banks useful for businesses and residents 2.2.2.4 Techonology and Informatics (T)

In recent years, information technology and communications world in Vietnam as

Well as strong development plays an increasingly important role in the national economy, contributing to security and defense, and is technical infrastructure, the driving force of

socio-economic development The application offers advanced technology has been

applied in the operation of many industries such as construction, engineering, petroleum, banking and finance Vietnam's telecommunications infrastructure has reached the

international standard

2.2.2.5 The other factors for EVNFinance

- So far, EVN is about 30,000 billion loss for many reasons, including reasons for high prices to buy electricity from independent power plants, electricity duties to society

in the development of power to regions and remote areas; adjustable rate and there is some suggestion that by investing in hot sectors such as securities, banking and real estate This situation has a direct effect and indirect exposure to and relationships with customers EVNFinance

- Restructuring of state enterprises, the Group is one of the key tasks of the Government has done and will continue in 2012 In the electricity development plan for 2011-2020 is the National Review in 2030 (referred to as power planning 7), many solutions to get the capital was given as increasing funding through the issuance of domestic and foreign bonds; perform equalization of the electricity sector enterprises, raising finance internally in the business sector, development corporations, reputable corporations to be able to mobilize capital This

is an opportunity to conduct EVNFinance provide financial products and services for enterprises in the sector, while a challenge when the products and services takes place in the process of restructuring the financial system

2.2.3 Industry Environment

Overview of Vietnam Banking Industry:

In recent 10 yeares, the system of Vietanam banks has been developing in both quantity and quality This development is under the effect of domestic and international fluctuations Under these changes Banking has been adapting opportunities and overcoming many difficulties from globalization The banking system has been well defined The National Bank has renewd a strong organizational structure and

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27

implemented state management role in terms of monetary and credit as well as effective Work PHYRCE MM Hrs HER Tee NG¡60nsistenty improved the operating mechanism of monetary policy, exchange rate, foreign exchange management and payment system development It has also contributed to stemming inflation, maintained the currency, macroeconomic stability and promoted economic growth The system of credit institutions has developed a variety of ownership forms and types of services The Capacity, quality, competitiveness and application of information technology is increasing among these institutions Other financial institutions have mediated in balancing capital, basic needs and ultilized socio — economic background

Just withing the last 5 years, the banking system has provided a significant amount

of capital to the economy, accounting for about 18 to 20% of annual GDP and roughly 50% of total social investment capital Previously, commercial firms are the core unit of the economy by supporting the advantage of capital and market share However, in recent years, the commercial banks have seen rapid advances in growing capital and operational network Income growth of commercial banks reached about 35% to 50% per year The banking system has been financially restructured and expedited a process of controlling existing debts and bad debts Average NPL ratio is less than 3% of the outstanding credit average credit growth of 30% However, the banking system also revealed certain limitations as sources of capital growth rate is relatively low, a sign of imbalances in capital — property; liquidity terms of a number of banks are low but with high liquidity, predicting potential risks ahead

The Financial Banking environment in the next 5 years is predicted as followings:

- State Bank of oriented structure and nature of operations as a modern central bank, Operating under the full market, given its independence, autonomy in making policy decisions , budgetary autonomy at the same time control of all the tools affect the objectives

of monetary policy Management activities of commercial banks based on the mechanisms, policies issued, reducing the direct intervention in the activities of credit institutions

- The commercial banks and credit institutions will participate in the restructuring process in the direction of diversifying ownership, type of product, reasonable scale and

so the trend consolidation, merger small banks, weak will be strong

- Quality of human resources, risk management capabilities, strict control of bad debt, ensure safety and liquidity of commercial banks system will increasingly high standard

- The focus is to expand and develop the retail sector will be the decisive factor affecting the leading role of banks in the future

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The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

- Market financial and banking services will grow in size and number of new products

to MEPS ESCH MTSE AME FELT id tnancial products and services of high quality

- The credit institution will further consolidate the traditional distribution channels, including the branch system, Bank Agent (applicable to commercial banks without branches) and the development of distribution channels with the advantage of many aspects

2.2.3.1 Analysis of EVNFinance’s competitiveness

By the assessment development trend of the banking sector in next 5 years; in the content analysis of the research sector, the research team used five forces model of Michael Porter's competitive analysis applied to find opportunities and challenges of Joint Stock Company Finance Electricity

5 Competitive Factors of Michael Porter

Potential Entrants |

Threat of new Bargaining power

of modern banking This will be the real competitors in the future, especially when the bank branch network expanded scope of business activities and are full of banking as a bank The banks with 100% foreign capital in Vietnam today are banking names in the top 100 largest banks such as HSBC, ANZ, Standard Chartered Strategic market share

of these banks are set to focus on customers are enterprises with 100% foreign owned, joint venture companies, corporations and foreign economic and other leading retail customers foreign In addition, they are directed to the customers high-income individuals The bank has developed many products of modern retail bank to attract

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C2 ‘Global Advanced Group 5 -Class Ga€MBA.M0210

29

customers such as electronic banking housing finance and credit card products with intcrngftto?Ðpt4kslrrddgirsiblfcE are gradually overwhelm domestic credit Institutions in this segment, gradually forcing domestic banks to deep once more into the

middle class segment of the second-class enterprises, small and medium enterprises and customers Personal - a segment that is considered higher risk

Comparing to the end of 2010 resulting in the common business of the group in

2011 toreign banks quadrupled In 2012, the story will no longer share a private conversation by banks to one another Vietnam

Market share of joint venture banks and foreign subsidiaries accounted for about 11.5% so far But compared to the end of 2010, raised from the mass residential market has increased by 20.6% (in the block state-owned commercial banks decreased 0.67% and the joint stock banks increased by 14.3%) and accounted for 7.5% of the credit institution system The foreign banks will not only compete, but interest rates by brand, quality service and innovative products The story will no longer raise capital is the bank's private conversation with one another Vietnam The foreign banks were more efficient operation of domestic banks in 2011 Still the central bank, the total outstanding credit to 31/12/2011 sector was estimated to increase 6.3% over 2010 points In

particular, joint venture banks rose 3.75% and foreign banks increased 9.04% The

increase in Outstanding loans of foreign banks group with higher banking shares (6.32%) and state-owned banks (up 5.11%) Besides, the growth performance of many foreign credit institutions also increased To March 10/2011, the average ROA ratio of foreign credit institutions was 0.16% and ROE was 6.9%

According to the trend, the foreign banks will continue to expand the array of commercial banking, serving small and medium enterprises, especially exporters In acidition, continued development and product upgrades for high-end customers is one of the top target for an array of retail banking, investment and development of diverse types

of business and consumer finance solutions to customers in foreign countries and in

V ietnam (Source: sbv.gov.vn)

Besides, in the future can not exclude the banks continue to have 100% foreign capital are established and operational, will create competitive pressure for domestic credit institutions when to divide and for market dominance

The general credit institutions and financial companies shares Electricity in particular is facing competitive pressure from foreign banks with better financial capability, technology, managerial skills and systems product variety and higher quality, cain meet the diverse needs of customers The banking system should meet safety

30

The Construction of Business Development Strategy for EVN Fianance Period 2012-2017

standards according to international rules such | as capital adequacy ratio at a minimum risk PEWE'€0qatd cffeatWareidiiPfliues under international accounting standards Secondly, the group of fund and insurance management companies In recent years this group has exhibited a rapid growth with the launch of a series of domestic insurance companies and the arrival of foreign insurance and fund management companies When this group of companies develops, this means the market share of the funding credit institutions shrink Instead of depositing to the bank as before, customers have many other different options such as: investment in the stock market, insurance, investment trust, group of newly established banks;

Third, Banking and Finance is a unique sector and considered as a_ highly competitive one The establishment of new banks, particularly banks with 100% domestic capital, must meet the strict requirements on capital and governance; in the present context, this will be limited However, this restructuring of funding credit institutions and the State Bank will have an impact for making the trading activity and the mergence in the funding credit institutions system grow more rapidly, even on the relatively large scale (for example the mergence of three to five credit institutions into one major institution) This trend is inevitable in the current situation where a large range of banks, and small credit institutions exhibit poor performance This trend also inevitably affects model of financial companies In the context where businesses are facing problems, small credit institutions may merge into a large one, which is capable of competing with the leading bank in Vietnam In the process of mergence, inevitably those leading bank will increase their financial resources, market share, the number of customers by many financial institutions combined This object can be considered as a major force in the highly competitive financial and monetary environment today

2.2.3.1.2 The threat of products and alternative services:

Banking and financial services are specialized products, which are considered less threatened by the alternative products and services because there are few businesses that have enough functionalities and resources to participate to supply However nowadays, the traditional service which credit institutions are providing and generating great incomes such

as lending, investment, money transfer can be replaced by other financial service product An example about loan products, these are essential financial leverage that borrowers need to develop their business, but now the importance of this product somewhat decrease due to the appearance of alternative products such as contract investment trusts, investment bonds, contracts, financial derivatives such as |rading securities, valuable papers with term (repo) trom the fund management and financial investment companies Those alternative products

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cS Global Advanced Group 5 -Class Ga2€MBA.M0210

31

are relatively flexible, partly meet the clients’ urgent capital demand while banks' lending

Condit HE EGP PERSP PLOY EPO Ae

or products and services such as guarantee services, factoring, arranger, and other financial services which are specialized products of the finance and banking sector, there

is only a small amount of alternative products They are products that are scattered in small numbers, and lack of flexibility and safety compared with products offered by professional and modern organizations Also possible is the only alternative in terms of service quality among credit institutions in the process of serving customer

For the capital mobilization products from the credit institutions: Apart from bank Savings, investors also have many other options such as investment in foreign currency, stock market, insurance, precious metals (gold, diamonds .) or investment in real estate market Interest rates from bank deposits normally attract investors in stable economic conditions, investment deposit is a secure channel However when the economic become instable, especially in recent times, the gold market became extremely exciting with the constant fluctuations of gold price with the highest growth rates in recent years The investors make comparison and figure out that investment in gold yields higher benefit, better liquidity and safety when inflation is high This suggests that deposit interest rates does not always attractive to investors, especially for the adventurous ones

When the operational model is general financial companies, the ability to offer flexible products such as investment trust, repo is an advantage of Joint-stock financial electricity companies compared with the banks While these products receive little attention by the banks, those electricity companies choose them as one of their characteristic target products, as the legal framework allows a more flexible application

of the commercial banks However these arises challenge when competing with other financial and fund management companies due to small geographical balance In addition, capital mobilization of financial companies faces more difficulty than many commercial banks do, due to the lack of inadequate network, the competition mobilized capital market; the shifting use of alternative products from sending money to other areas

of investment creates pressure and scarcity of capital, and makes it become a major challenge for the joint stock financial electricity company

2.2.3.1.3 The power of customers

Customers of other the credit institutions are ones who use their financial products and services With the development of economics and social comes the improvement in the population awareness, along with the establishment of more and more businesses will diversify in the industry, field of activity, meaning the source of customers will be abundant

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cs GIbSi ANAtesd Group 5 -Class GaMBA.M0210

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We now consider a specific type of customer, such as borrowers Borrowers may be either individuals or organizations, in which organizations received better treatments as borrowers than individuals Of course, credit institutions determine the risk level of each customer to apply the preferential interest rate policy, regularly business customers are evaluated with better level of confidence, higher ability to repay and become the main factor to generate great revenue for the bank, this inadvertently creates power for the group of business customers

The relationship continues to put out when a bank need capital to disburse loans, it hias to raise capital through market channels idle capital of organizations and individuals P*rice sensitivity (interest rate) is relatively high in relation to this relationship It is the factor that directly impact the level of competition between credit institutions If capital mobilization interest rate of one bank is lower than other, customers depositing money hiave the rights to turn their idle capital into banks with higher interest rates and better service, this mean the bank lack the capital and loss its customers When interest rate is high, customers will limit their loans for business expansion, serving consumers; banks’ turnover reduces Loan demands will increase when interest rates are stable and ajppropriate with the customers’ needs When a credit institution offer complicated procedure with high loan interest rates, customers have the option to switch to other bianks with lower interest rates and simpler and faster processes

Finance companies shares Electricity is a newly established financial institutions, with a network of thin, functions and duties bound, the possibility of a market maker, pirovides financial products and services will be very limited In the context of financial market instability, competition between banks held strong, often repeatedly, the commercial banks thickness and operational experience, a broad network, the brand was confirmed - will be the first choice of customers when the demand for banking and

33