An analysis of organizational culture and employee’s job satisfaction at Joint Stock Commercial Bank For Foreign Trade of Vietnam – Vietcombank, Thanh Cong Branch

Relationship between organizational culture and employee’s job satisfaction at Vietcombank, Thanh Cong branch...68 4.5.1.. Recommendations for developing organizational culture and emplo

TABLE OF CONTENT

TABLE OF CONTENT i

LIST OF TABLES AND FIGURES v

LIST OF ABBREVIATIONS vi

ACKNOWLEDGEMENT vii

ABSTRACT viii

CHAPTER 1: INTRODUCTION 1

1.1 Rationale of the study 1

1.2 Aims of the study 2

1.3 Scope of the study 2

1.4 Structure of the study 3

CHAPTER 2: LITERATURE REVIEW 4

2.1 Culture and organizational culture 4

2.1.1 Definition of culture 4

2.1.2 Organizational culture 5

2.1.2.1 Definition 5

2.1.2.2 Types of organizational culture 6

2.1.2.3 Levels of organizational culture 9

2.1.2.4 The impact of strong organizational culture on the development of a corporation/organization 13

2.2 Job satisfaction 14

2.2.1 Definition 14

2.2.2 Job satisfaction theory 15

2.2.2.1 Hierarchy of Needs 15

2.1.2.2 The Two-Factor Theory 17

2.2.2.2 Job Characteristic Model 18

2.3 Relationship between organizational culture and employee’s job satisfaction 19

2.3.1 Positive organizational culture and employee’s job satisfaction 20

2.3.2 Negative organizational culture and employee’s job satisfaction .22 CHAPTER 3: DATA AND METHODOLGY 24

3.1 Data 24

3.1.1 Data sources 24

3.1.2 Data collection and sampling method 25

3.2 Research methodology 26

CHAPTER 4: EMPRICAL FINDINGS 28

4.1 An overview of Vietcombank 28

4.1.1 General Information 28

4.1.2 Establishment and Development 28

4.1.3 Organizational structure 29

4.2 An overview of Vietcombank, Thanh Cong Branch 31

4.2.1 General Information 31

4.2.2 Organizational structure 31

4.2.3 Business activity 32

4.2.3.1 Capital raising activity 32

4.2.3.2 Credit activity 33

4.2.3.3 Foreign currency trade 33

4.2.3.4 Import-Export payment activity 33

4.2.3.5 Card and banking card service 33

4.2.3.6 Customer development activity 34

4.2.3.7 Financial result 34

4.3 Organizational culture at Vietcombank, Thanh Cong Branch 34

4.3.1 Types of organizational culture 35

4.3.2 Artifact level and its manifestations 36

4.3.2.1 Office’s architecture and decoration 36

4.3.2.2 Brand name, logo and slogan 37

4.3.2.3 Language and style 38

4.3.2.4 Leadership style 39

4.3.2.5 Behavior within branch 40

4.3.2.6 Behavior towards customers 41

4.3.3 Espoused beliefs and values 42

4.3.3.1 Value 42

4.3.3.2 Attitude 43

4.3.3.3 Business philosophy 43

4.3.4 The basic underlying assumptions 44

4.3.4.1 Assumptions about External Adaptation Issue 44

4.3.4.2 Assumptions about Managing Internal Integration 44

4.3.4.3 Assumptions about Reality and Truth 45

4.3.4.4 Assumptions about the nature of time and space 45

4.3.4.5 Assumptions about human nature, activity and relationship 45

4.3.5 Evaluation of organizational culture at Vietcombank, Thanh Cong branch 45 4.3.5.1 Strength 46

4.3.5.2 Weakness 48

4.4 Employee’s job satisfaction at Vietcombank, Thanh Cong branch 49

4.4.1 Survey of employees’ job satisfaction at Vietcombank, Thanh Cong Branch 50

4.4.2 An analysis of job satisfaction at Vietcombank, Thanh Cong

Branch 50

4.4.3 Evaluation of employee’s job satisfaction at Vietcombank, Thanh

Cong branch 64

4.4.3.1 Strength 64

4.4.3.2 Weakness 67

4.5 Relationship between organizational culture and employee’s job satisfaction at Vietcombank, Thanh Cong branch 68

4.5.1 Positive employee’s job satisfaction 69

4.5.2 Negative employee’s job satisfaction 70

CHAPTER 5: CONCLUSION AND RECOMMENDATIONS 73

5.1 Missions and Goals of Vietcombank, Thanh Cong branch 73

5.2 Recommendations for developing organizational culture and employee’s job satisfaction at Vietcombank, Thanh Cong branch 74

5.2.1 Developing the brand name and image of Vietcombank to the public 74 5.2.2 Improving the business ethics among employees and staffs 75

5.2.3 Changing the physical working environment 76

5.2.4 Building the specific value system 78

5.2.5 Changing the leadership style to adapt to the environment of all the staffs and employees at Vietcombank, Thanh Cong branch 79

5.2.6 Addressing conflict quickly 81

5.2.7 Giving feedback to employees properly 82

5.2.8 Developing equal evaluation system 83

5.2.9 Encouraging new ideas, creativity and innovation in the branch 84

5.2.10 Encouraging the collaboration between the members of the branch 85 5.2.11 Improving employee’s job satisfaction with pay 85

5.2.12 Enhancing employee’s job satisfaction with opportunity for training and promotion 87

5.3 A brief summary 88

CONCLUSION 89

REFERENCES 90

APPENDIX 1 95

APPENDIX 2 100

LIST OF TABLES AND FIGURES

Figure 2.1: Four types of organizational culture 6

Figure 2.2: Maslow’s Hierarchy of Needs 16

Figure 4.1: Organizational structure at Vietcombank 30

Figure 4.2: Organizational structure at Vietcombank, Thanh Cong branch 32

Figure 4.3: Logo Vietcombank 38

Figure 4.4: Regression Standardized Residual 64

Table 2.1: Frederick Herzberg's Two-Factor Theory 18

Table 4.1: Demographic classification according to groups at Vietcombank, Thanh Cong branch 49

Table 4.2: Descriptive Statistics for 6 factors affecting employee’s job satisfaction at Vietcombank, Thanh Cong branch 53

Table 4.3:Cronbach’s Alpha coefficients and the number of observation variables 55

Table 4.4: KMO and Bartlett's Test 56

Table 4.5: Total variance explained 57

Table 4.6: Correlation matrix 59

Table 4.7: Linear regression model 61

Table 4.8: R square 62

Table 4.9: ANOVA 62

LIST OF ABBREVIATIONS

Teller Machine

UNESCO

USD

United Nations Educational, Scientific and Cultural Organization

United States Dollar

Vietcombank Joint Stock Commercial Bank For Foreign

Trade of VietnamVietcombank,

Thanh Cong branch

VND

Joint Stock Commercial Bank For ForeignTrade of Vietnam, Thanh Cong Branch

Vietnamdong

This graduation thesis is the final result of a long process of research andwriting During the time of conducting this thesis, I know that the successfulcompletion of this dissertation would be impossible without the support andcorporation of many people to whom I will be forever grateful

First and foremost, special mentions and grateful thanks must go to Mrs LeThu Hang, my supervisor at Hanoi Foreign Trade University I’m indebted to herinspiration and intellectual support throughout the course of writing this graduationpaper I could not have been able to complete this thesis without her positivesuggestions and guidance Her continual encouragement, careful reading, criticalcomments and patient guidance made my work more enjoyable and easier

Secondly, I want to thank all the managers and staffs of Vietcombank, ThanhCong Branch, for their cooperation that helped and inspired me in writing and fortheir willing participation in the study I greatly appreciate their generosity withtheir time and efforts in filling in the questionnaire Thirdly, I would also like togive my heartfelt thanks to the authors who provided me with valuable books for

my thesis

Finally, my appreciation goes to my family, my friends and my classmates.Their support and constant encouragement gave me a great deal of strength anddetermination that help me during the stressful time of writing this paper

My deepest gratitude is to the readers also, whose feedback will help much

in improving the thesis

In the future, I hope that with the obtained knowledge, I could apply myacademic knowledge that I have learned at the university to practical problems inreality

Hanoi, May 2015 Nguyen Thi Thuy Dung

An analysis of organizational culture and employee’s job satisfaction at Joint Stock Commercial Bank For Foreign Trade of Vietnam – Vietcombank, Thanh

Cong Branch

ABSTRACT

The graduation thesis represents the analysis and results of research onimpact of organizational culture and employee’s job satisfaction at one of the mostoutstanding corporation in terms of banking sector in Vietnam – Joint StockCommercial Bank For Foreign Trade of Vietnam (Vietcombank) In this thesis, Iuse the case study of Vietcombank, Thanh Cong Branch because this branch may begiven more accurate detailed information

The first objective of the thesis is to understand the impacts of organizationalculture on the development of Vietcombank, Thanh Cong branch in particularwhich also shows the importance of organizational culture for any company ingeneral Benefits of adopting organizational culture will create a unique style andattitude for each company, creating centripetal force for the entire company, helpscompanies boost innovation and invention, and attract more customers

In addition, the second objective of this thesis is to find out the attitudes ofemployees towards their jobs while working at any organization through measuringtheir job satisfaction It is also critical which affect to the degree how good theorganizational culture that organization has

CHAPTER 1: INTRODUCTION

1.1 Rationale of the study

Nowadays, with the rapid development of society, the competition betweencompanies is more and more severe Each organization has to set up the uniquestrategy to help their corporation survive well in the business environment One ofthe most outstanding factors which help companies to create the critical position inthe customer’s eyes is organizational culture Recently, this word has not been anew expression with corporations and public Many companies have not been afraid

of investing in many resources to form and develop their own culture because theyare aware about the fact that “Making a difference” is a philosophy in business toimprove the image of an organization with society, community and clients Ingeneral, organizational culture can be understood as all the culture values of anorganization which are shaped, developed, recognized and popularized from years

to years or formed during its development period It has great influence on allactivities of a company as well as its workers

Banking industry is a successful industry in interacting with customers andits success is based on the belief of the clients Therefore, creating an uniqueorganizational culture which can make good impression on customers is of greaterimportance for banks in general and for commercial banks in particular Joint StockCommercial Bank For Foreign Trade Of Vietnam – Vietcombank is one of the topleading banks in Vietnam Developing strong organizational culture is one of themost strategy that the leaders and officers in that bank strive for

Besides, a good business environment can become an effective tool to attractemployees and especially help the workers be satisfied with their jobs Hence, theorganizations can keep the current employees loyal to and dedicated to theircorporation In return, when the employees are satisfied with their workingenvironment and job itself, they will devote positively to help their organization gofurther steps in the future As a result, the high rate of job satisfaction will becomethe motivation for developing the corporate culture of any organization

Realizing the importance of organizational culture and employee’s jobsatisfaction as well as the relationship between these two elements to the

development of the corporation, I decided to choose the topic “An analysis of organizational culture and employee’s job satisfaction at Joint Stock Commercial Bank for Foreign Trade of Vietnam - Vietcombank, Thanh Cong branch” as my graduation thesis topic with the hope that some findings and

recommendations from the study could be a reference to help further developing asuccessful corporate culture and job satisfaction for the branch

1.2 Aims of the study

The goal of the study is to find out about the organizational culture andemployee’s job satisfaction at Vietcombank, Thanh Cong branch

To answer this research question, it is necessary to answer the following subquestions:

 What is organizational culture?

 What are the manifestations of organizational culture at Vietcombank, ThanhCong Branch?

 What is employee’s job satisfaction?

 Which level are employees at Vietcombank, Thanh Cong branch satisfiedabout their job?

 What is the relationship between organizational culture and employees’ jobsatisfaction at Vietcombank, Thanh Cong branch?

 What are the recommendations and solutions for developing organizationalculture and employee’s job satisfaction at Vietcombank, Thanh Cong branch?

1.3 Scope of the study

This study focuses on the organizational culture and employee’s jobsatisfaction at Vietcombank, Thanh Cong branch Therefore, the scope of theresearch is the manifestations contributing the organizational culture and employees

at this branch

The study analyzes the organizational culture developed by the organizationand the level of job satisfaction at Vietcombank, Thanh Cong branch and gives

some recommendations for the organization to improve its culture and jobsatisfaction to make its difference in the eyes of society, community and clients

1.4 Structure of the study

The thesis includes five main chapters:

Chapter 1: Introduction

This chapter identifies the statement of aims and objectives with clearindication of the issues, problems and hypothesis being considered

Chapter 2: Literature review

This chapter gives readers the general knowledge about the objects of thestudy All definitions, forming factors and impacts of corporate culture; definitionand theory of job satisfaction can be found in this chapter

Chapter 3: Data and Methodology

This chapter presents the research methods as well as data collections Themanifestations are seen from different perspectives, ranging from visible to invisiblemanifestations

Chapter 4: Empirical findings

Firstly, the organizational culture of Vietcombank, Thanh Cong branch will

be analyzed The manifestations are seen from different perspectives, ranging fromvisible to invisible manifestations Secondly, the employee’s job satisfaction will beanalyzed based on a survey Thirdly, the evaluation of organizational culture andemployee’s job satisfaction will be presented Finally, the relationship betweenorganizational culture and employee’s job satisfaction at Vietcombank, Thanh Congbranch can be found out

Chapter 5: Conclusion and Recommendations

The conclusion is a brief summary of the investigation design and results and

an overall, personal evaluation of the whole study There are somerecommendations and solutions to further develop the organizational culture andimprove the employee’s job satisfaction at Vietcombank, Thanh Cong branch

CHAPTER 2: LITERATURE REVIEW

This chapter provides background knowledge about the study It will bedivided into some main parts: the common concepts of the study including theconcepts of culture and organizational culture; the forming factors and the mainimpacts of strong organizational culture; the theory of job satisfaction

2.1 Culture and organizational culture

2.1.1 Definition of culture

Culture is a term that is really familiar with people around the world We cansee the appearance of things which belongs to culture everywhere Culture asconcept has had a long-lasting history The word "culture" derives from a Frenchterm, which in turn derives from the Latin word "colere," which means to tend to

the earth and grow, or cultivate and nurture "It shares its etymology with a number

of other words related to actively fostering growth," according to Cristina De Rossi,

an anthropologist at Barnet and Southgate College in London For anthropologists

and other behavioral scientists, culture is the full range of learned human behavior

patterns The term was first used in this way in the book “Primitive Culture” which

was published in 1871 written by the English pioneer Edward B.Taylor According

to Hofstede (1980), culture is the collective thinking of minds which create a

difference between the members of one group from another

Nowadays, the definition of culture stated by Mr Frederico Mayor, the

General Manager of UNESCO is agreed by our globe He defines culture as “the

set of distinctive spiritual, material, intellectual and emotional features of society or

a social group, and that it encompasses, in addition to art and literature, lifestyle, ways of living together, value systems, traditions and beliefs” (Frederico Mayor,

2002).

From these above definitions, culture is summed up, spread and shared fromone generation to others Culture refers to the all things belonging to knowledge,experience, beliefs, values, attitudes, meanings, hierarchies, religion, notions of

time, roles, spatial relations, concepts of the universe, and material objects andpossessions acquired by a group of people in the course of generations throughindividual and group striving.

2.1.2 Organizational culture

2.1.2.1 Definition

The field of organizational behavior and the related discipline ofmanagement science began investigating organizations in terms of culture as early

as the 1930s There are various definitions for the concept of organizational culture

In the book “Understanding organization” written by Charles Handy, organizational

culture is defined as “set of understandings or meanings shared by a group of

people that are largely tacit among members and are clearly relevant and distinctive to the particular group which are also passed on to new members” (Charles Handy, 1989, Page 36).

According to Needle (2004), organizational culture represents the collective

values, beliefs and principles of organizational members and is a product of such factors as history, product, market, technology, and strategy, type of employees, management style, and national culture

Ravasi and Schultz (2006) wrote that organizational culture is a set of

shared assumptions that guide what happens in organizations by defining appropriate behavior for various situations

However, the most general definition of organizational culture is given by aprofessor of organization research in the book “Organizational Culture and

Leadership: A Dynamic View” who defines the culture of a group as “a pattern of

shared basic assumptions that was learned by a group as it solved its problems of external adaptation and internal integration, that has worked well enough to be considered valid, and therefore, to be taught to new members as the correct way to perceive, think and feel in relation to those problems” (Edgar H.Schein, 1992, Page

9)

Organizational culture includes an organization'sexpectations, experiences,philosophy, and values It is expressed in its self-image, inner workings, interactionswith the outside world, and future expectations

Organizational culture affects the organization’s productivity andperformance, and provides guidelines on customer care and service, product safetyand quality, attendance and punctuality, and also the concern for the environment It

is unique for every organization and one of the hardest things to change

2.1.2.2 Types of organizational culture

According to Cameron and Quinn from University of Michigan (1998),

culture defines the core values, assumptions, interpretations and approaches that characterize an organization A model of competing values framework was initially

developed on the major indicators of effective organizational performance Thiskind of framework contains four main types of organizational culture as following:

Figure 2.1: Four types of organizational culture

Source: Robert E Quinn and Kim S Cameron, 1999

From the Competing Value Framework, 4 types of organizational cultureemerge: Clan – oriented culture, Adhocracy – oriented culture, Market – orientedculture and Hierarchy – oriented culture Most organizations develop a dominantcultural style Organizations that do not have a dominant culture type either tend to

be unclear about their culture, or they emphasize nearly equally the four differentcultural types.

There’s no correct organizational culture for an arts organization Allcultures promote some forms of behavior, and inhibit others Some are well suited

to rapid and repeated change, others to slow incremental development of theinstitution

i Clan oriented culture

Clan culture is the most collaborative and the least competitive of the fourmain organizational culture models According to Cameron, Quinn (1998), typicalcharacteristics of clan type firms were teamwork, employee involvement programsand organization commitment to employee Some basic assumptions in a clanculture are that the environment can best be managed through teamwork andemployee development, customers are best thought as partners The organizationemphasizes the long-term benefit of individual development with high cohesion andmorale being important

Companies in Japan are outstanding example for clan oriented culture.Unlike American national culture, which is found upon individualism, Japanesefirms approach a more team-centered method Their clan oriented culture makeorganizations operated more like families They value cohesion, a humane workingenvironment, group commitment, and loyalty

ii Adhocracy oriented culture

According to Cameron, Quinn (1998), a major goal of adhocracy orientedculture is to foster adaptability, flexibility and creativity where uncertainty,ambiguity and/or information overload are typical An important challenge of theseorganizations is to produce innovative products and services and to adapt quickly tonew opportunities A high emphasis on individuality, risk taking and anticipatingthe future exists as almost everyone in an adhocracy becomes involved withproduction, clients, research and development and so forth

High-tech companies like Google are prototypical Create (adhocracy).Google develops innovative web tools and takes advantage of entrepreneurialsoftware engineers and cutting-edge technologies Their ability to quickly develop

new services and capture market share has made them leaders in the marketplaceand forced less competition to play catch-up.

iii Market oriented culture

The market culture type was based largely on the work of Williamson (1975)and Ouchi (1981) This culture emphasizes on finishing work, achievement andgetting things done as the long-term goal People are competitive and focused much

on goals Leaders are hard drivers, producers and rivals at the same time They aretough and have high expectations The emphasis on winning keeps the organizationtogether Reputation and success are the most important things The organizationalstyle is based on competition and market leadership

According to Cameron, Quinn (1998), the market oriented culture alsofocuses on transactions with external constituencies including suppliers, customers,licensees, unions, regulators and so forth The basic assumptions in a market cultureare that the external environment is quite hostile, consumers are interested in value,organizations are interested in increasing its competitive position

iv Hierarchy oriented culture

Hierarchy oriented cultures are structured and controlled, with a focus onefficiency, stability and “doing things right” According to Cameron, Quinn (1998)the organizational culture which is compatible with this form is characterized by aformalized and structured place to work The long-term concerns of theorganization are stability, predictability and efficiency Key values centre onmaintaining efficient, reliable, fast, smooth-flowing production

This is a formalized and structured work environment Procedures decidewhat people do Leaders are proud of their efficiency-based coordination andorganization Keeping the organization functioning smoothly is most crucial.Formal rules and policies keep the organization together The long-term goals arestability and results, along with efficient and smooth execution of tasks Trustfuldelivery, smooth planning and low costs define success The personal managementhas to guarantee work and predictability

There are many good examples of organizations with hierarchical culturessuch as McDonald’s (think standardization and efficiency) and Ford MotorCompany with their seventeen different levels.

2.1.2.3 Levels of organizational culture

2.1.2.3.1 Observable artifacts

All the phenomena that one can see, hear or feel when he or she encounters anew group with an unfamiliar culture are the level of artifacts at the surface Theytransmit nonverbal messages or cues that are communicated in a nonlinguistic way.Organizational culture is deciphered indirectly through artifacts

At the more visible level, an organization’s culture is determined by theobservable artifacts Artifacts consist of the physical manifestation of anorganization They also include the visible products of the group, for instance thearchitecture of organization’s physical environment; its language; its technology; itsartistic creations; its style as embodied in clothing, manners of address, emotionaldisplays, myths and stories; it values, observable rituals and ceremony and so on.This level also includes the organizational processes by which such behavior ismade routine, and structural elements such as charters, formal descriptions of howthe organization works and organization charts exhibited by people and groups Symbols and slogans are high level abstraction of the culture because theysummarize organization’s intrinsic behavior effectively Slogans are linguistic,phrase that are intended for the same reason, for example “Customer is King” is acorporate slogan Symbols are rituals or incentives that symbolize preferredbehavior”

Rituals and ceremonies include new hire trainings, new welcome lunches,annual corporate conferences, awards, offsite meetings and trainings, and so on

2.1.2.3.2 Espoused beliefs and values

All groups ultimately reflect someone’s original beliefs and values, theirsense of what ought to be, as distinct from what is Espoused values represent theexplicitly stated values and norms that are preferred by an organization Espousedvalues are principles or ideas the group articulates or announces publicly as what

stand for or what they are trying to achieve Values consist of vision, mission,business philosophy and core values.

Vision is the future status that an organization strives for Vision shows uscommon purpose and united activities It is necessary that corporate vision will bebuilt first and informed to every member

Mission includes organizational objectives and method As long as mission isidentified, an enterprise can reach important goals such as deciding human resourcepower, avoiding conflict; setting up extensive border of responsibility

Business philosophy is philosophic thoughts reflecting business reality byexperiencing, thinking and generalizing of business subjects and then used toinstruct business activities of an organization

Organization core values are purified essence and are commonly recognized

It has a huge impact on individual norms, behavior and attitudes Core values aresimilar to rulers of norms of behaviors Core values are those will never change nomatter how tough a company suffers, unless the enterprise goes bankruptcy ordissolution

Beliefs and values will predict much of the behavior that can be observed atthe artifacts level The true values can only be tested within the organization,through the employees, based on their collective opinion about the experience of thevalues

2.1.2.3.3 Basic underlying assumptions

a Assumptions about external adaptation issues

The core of culture is represented by basic underlying assumptions which aredifficult to discern because they exit at a largely unconscious level

 Shared assumptions about mission and strategy

Every new organization or group must develop a shared concept of survivalproblems In most business organizations, this definition revolves around the issue

of economic survival and growth, which involves the maintenance of goodrelationships with major stakeholders of the organization

Mission relates directly to what organizations call strategy Strategy issomewhat should be for any organization to survive and prosper One of the most

central elements of any culture will be the assumptions the members of theorganization share about their identity and ultimate mission or functions.

 Shared assumptions about goals derived from the mission

Although the core mission is similar, it does not mean that members of agroup will have common goals In order to achieve consensus on goals, the groupneeds a common language and shared assumptions about basic logistical operations Senior management can not define clear goals because of lack of consensus

on the meaning of key functions and how those functions reflect the core mission ofthe organization Because operational goals have to be more precise, organizationstypically work out the issues of identity and mission in the context of decidingannual or longer-range goals Goals can be defined at several levels of abstraction indifferent time horizons

b Assumptions about managing internal integration

Besides accomplishing tasks to adapt to its external environment, a group ororganization must be able to develop as well as maintain a set of internalrelationships among its members What we ultimately find to be the culture of thegroup reflects externally and internally oriented process

 Creating a common language and conceptual categories

To function as a group, each individual must come together and establish asystem of communication and a language that permits interpretation of what isgoing on

A common language and common conceptual categories are clearlynecessary for any other kind of consensus to be established and for anycommunication to occur at all

 Defining group boundaries and identity

If a group or organization need to function and prosper, the most importantareas for clear consensus is the perception of who is in the new group and who isout, as well as the criteria by which inclusionary decisions are made Asorganization age becomes more complex, the problem of defining clear external andinternal boundaries becomes more and more complex

 Developing rules for intimacy, friendship and love

Every new group or organization must decide how to deal with authorityproblems and how to establish relationship between peers simultaneously For thatreason, societies develop clear sex roles, kinship systems and rules for friendshipand sexual conduct that serve to stabilize current relationships while ensuring pro-creation mechanisms and thereby the survival of the society

c Assumptions about Reality and Truth

As groups and organizations evolve, the assumptions they develop aboutexternal adaptation and internal integration reflect deeper assumptions about moreabstract general issues around which humans need consensus in order to have anykind of society at all We have many different cultures in the world, and the broadercultures influence how groups and organizations within them evolve

d Assumptions about the nature of time and space

The perception and experience of time are among the most central aspects ofhow any group or organization functions in reality When people differs each other

in the experience of time, the tremendous communication and relationship problemstypically emerges

At the level of organization, one can distinguish companies that are primarilyoriented to: the past, thinking mostly about how things used to be; the present,worrying only how to get the immediate task done; the near future, worrying mostlyabout quarterly results and the distant future, investing heavily in research anddevelopment or in building market share at the expense of immediate profits

e Assumptions about human nature, activities and relationship

At the organization level, the basic assumptions about the human nature areoften expressed most clearly in how workers and managers are viewed

According to Western tradition, we have seen the evolution of assumptions

about human nature, as: Human as rational-economic factors; Human as social

animals with primarily social needs; Human as problem solvers and actualizers, with primary needs to be challenged and to use their talents; Human as complex and malleable (Schein, first published 1965).

self-Closely connected to assumptions about human nature are sharedassumptions about the appropriate way for humans to act in relation to their

environment The perceived total environment can be controlled (the Westerntradition) or nature must be harmonized with (the assumptions of many Asianreligions and societies), or one must subjugate oneself to nature (the assumption ofsome Southeast Asian religions and societies).

2.1.2.4 The impact of strong organizational culture on the development of a

corporation/organization

Organizational culture is an indispensable part of any corporation Building astrong organizational culture brings many advantages as discussed below:

2.1.2.4.1 Attracting and keeping high level talent

Organizational culture is more than just an internal phenomenon A goodcorporate culture helps company attract the talent and strengthen employee’sloyalty An employee will be loyal and want to have a strong attachment to acompany only when he or she is interested in the work In addition, employees areencouraged to be apart and raise their own ideas This encouragement helpsemployees proving their own creative abilities, as a base for research anddevelopment process of a company As a result, the success of workers will create adiving force which helps to stick them with company for a longer time In a goodorganizational culture, all members have a clear awareness of their roles and assertthemselves, work together to achieve the common goals

2.1.2.4.2 Creating unique manner and brand for each organization

A strong organizational culture will apparently help companies to fulfill theirown missions and goals, therefore the brand and manner will be built further and thefame will increase, too Organizational culture composes of many elements such ascustoms, values, beliefs, business philosophy, and so on All of these factorstogether contribute the style of an enterprise and help to distinguish with othercompanies It is not so difficult to recognize manner and attitude of a successfulcorporation All have a huge effect on the daily operation of the enterprises

2.1.2.4.3 Creating the competitive advantage within the organization

The competitiveness of an enterprise can be adjusted in four aspects:flexibility (the ability of satisfying different needs of customers), the quality ofgoods/services (technology characteristic, reliability, industrial design, etc.), the

responsible speed in the market (the period of time from ordering to supplying,speed of developing a new product, etc.), cost (lower than competitors).

Enterprises who want to gain these advantages have to get three importantresources: human resources, capital, technology The human resources involvedirectly adjusting, choosing and developing competitive advantages process ofenterprise Hence, this resource has the key meaning to the ability of gaining theseadvantages Meanwhile, organizational culture has the first direct effect on eachmember of an enterprise, which plays an important role in providing humanresource So, indirectly, organizational culture can affect the competitiveadvantages of an enterprise in the market

2.1.2.4.4 Making job performance within organization more efficient

Organizational culture can be a powerful and positive force within anorganization Culture is an integral part of the process of making individual choices

It influences what the organization senses, cares about, and is capable of dealingwith In today’s rapidly changing environment, every organization should try toprovide the best of the best work culture in order to enhance personal effectiveness

A finding by Barney (1986) has revealed that positive organizational cultures havebeen linked to increased staff alignment, resulting in enhanced organizationaleffectiveness, increased employee productivity and advanced level of employeecommitment According to O’Relly (1989), a strong organizational culture enhancesthe effectiveness of the staff because they perceive that their actions are freelychosen Job performance therefore will be boosted with the sum total of the goals,productivity, time management, motivation, self discipline, avoidance ofprocrastination, good habits, intelligence, organizing power, problem-solving anddecision-making

2.2 Job satisfaction

2.2.1 Definition

Job satisfaction is not a new issue and its concept has been developed inmany ways by many different researchers and practitioners One of the most widelyaccepted explanations of job satisfaction is that of Locke (1976), who defines job

satisfaction as "a pleasurable or positive emotional state resulting from the

appraisal of one's job or job experiences" Additionally, job satisfaction has emotional, cognitive, and behavioral components (Bernstein & Nash, 2008) The

emotional component refers to feelings regarding the job, such as boredom, anxiety,

or excitement The cognitive component of job satisfaction refers to beliefsregarding one's job, for example, feeling that one's job is mentally demanding andchallenging Job satisfaction scales vary in the extent to which they assess theaffective feelings about the job or the cognitive assessment of the job

Job satisfaction can be influenced by a person’s ability to complete requiredtasks, the level of communication in an organization, and the way managementtreats employees Job satisfaction or Employee satisfaction (also referred to asmorale) is one of the most widely used variables in organizational behavior It is anemployee's response to his or her organization

As the definition of satisfaction can be different for different people,measuring job satisfaction can be challenging and getting different results fromdifferent places However, most organizations realize that workers’ level of jobsatisfaction can impact their job performance, and thus determining metrics iscrucial to creating strong efficiency

Some factors of job satisfaction may rank as more important than others,depending on each worker’s needs and personal and professional goals To create abenchmark for measuring and ultimately creating job satisfaction, managers in anorganization can employ proven test methods such as the Job Descriptive Index(JDI) or the Minnesota Satisfaction Questionnaire (MSQ) These assessment helpmanagement define job satisfaction objectively

2.2.2 Job satisfaction theory

important contributors to job satisfaction There are 5 levels in Maslow’s Hierarchy

The second level is Safety needs that include needs for safety and securityand the needs to be protected from mental damage as well as physical needs aremet

The third level is social needs that include needs for belonging, love, andaffection

The fourth level is Esteem needs that include the need for things that reflect

on self-esteem, personal worth, social recognition, and accomplishment

The fifth level is Self – actualization needs Self-actualizing people are aware, concerned with personal growth, less concerned with the opinions of others,and interested fulfilling their potential

Five levels of human needs are described in two groups: lower-order needs(levels 1 and 2) and higher-order needs (levels 3, 4 and 5) The difference between

the two groups is based on the hypothesis that higher-order needs are met fromwithin, while lower-order needs are met largely from outside.

Maslow's hierarchy of needs theory had been widely recognized and appliedduring the 1960s and 1970s (Robins et al., 2008) The weakness of Maslow'shierarchy of needs is that it fails to provide empirical evidence for the theory andsome researches testing its value did not succeed (Robins et al., 2008)

2.1.2.2 The Two-Factor Theory

Frederick Herzberg's Two-Factor Theory, also known as Hygiene Theory or intrinsic vs extrinsic motivation states that there are certainfactors in the workplace that cause job satisfaction, while a separate set of factorscause dissatisfaction Herzberg distinguishes those measures into two groups:hygiene factors and motivators as following:

Motivation-Table 2.1: Frederick Herzberg's Two-Factor Theory

- Opportunities for advancement

Source: Frederick Herzberg, 1959

The hygiene factors include organizational policy and administration,supervision, salary, interpersonal relationships with colleagues, subordinates,managers, working conditions, personal life, job position, and job security If thesefactors are not met, there will be dissatisfaction (Efere, 2005) The motivator factorsinclude achievement, recognition for achievement, the job itself, jobresponsibilities, opportunities for advancement, and possibility of growth Ifemployees have all those met, they will be satisfied with work, and if not they will

be dissatisfied Thus, Herzberg categorizes two relatively separate groups andclaims that only motivators could bring satisfaction to employees and if hygienefactors are not done well, it will lead to their dissatisfaction

2.1.2.3 Job Characteristic Model

The job characteristics model (JCM) designed by Hackman and Oldham, isbased on the idea that the task itself is the key to employee motivation Hackmanand Oldham sought to provide a detailed and accurate account of the effects of jobdesign on motivation, job performance, job satisfaction and other important factors

of organizational behavior JCM explains that job satisfaction occurs when the workenvironment encourages intrinsically motivating characteristics When employeesfeel intrinsically motivated, good performance makes them feel good

According to the job characteristic model, any job has five core dimensionsthat affect intrinsic motivation: skill variety, task identity, task significance,autonomy, and feedback

Skill variety is the extent to which a job requires an employee to use anumber of different skills, abilities or talents Employees tend to have more intrinsicmotivation by jobs that are high on skill variety.

Task identity is the extent to which a job involves performing a whole piece

of work from its beginning to its end The higher the level of task identity, the moreintrinsically motivated an employee is likely to be

Task significance is the extent to which a job has an impact on the lives orwork of other people in or out of the organization

Autonomy is the degree to which a job allows an employee the independenceand freedom to schedule work and decide how to carry it out High autonomygenerally contributes to high levels of intrinsic motivation

Feedback is the extent to which performing a job provides an employee withclear information about his or her effectiveness Receiving feedback has a positiveimpact on intrinsic motivation

The higher a job scores on each dimension, the higher the level of intrinsicmotivation When managers consider the five core dimensions of a job, it isimportant for them to realize that employees’ perceptions of the core dimensions arethe key determinant of intrinsic motivation

2.2 Relationship between organizational culture and employee’s job

satisfaction

Job satisfaction is one of the most extensively studied occupationalphenomena worldwide They occur in multiple types of organizational cultureinternationally, and have a great impact on employee’s behavior, job performanceand even everyday’s life Therefore, organizational culture and employee’s jobsatisfaction have a two-way effect on each other There has been a long debateamong researchers regarding the relationship between organizational culture and jobsatisfaction Kerego & Mthupha (1997) views job satisfaction as the evaluation ofthe organizational context, while organizational climate provides a description ofthe work context Hutcheson (1996) on the other hand referred to it is the differencebetween the outcomes, which a person actually receives and those that he expects toreceive Job satisfaction is thus related to job characteristics and people will

evaluate their satisfaction level according to what they perceive as being importantand meaningful to them The evaluation of the different aspects of the job byemployees is of a subjective nature, and people will reflect different levels ofsatisfaction around the same factors Research studies of Hutcheson (1996) andKerego & Mthupha (1997) supported the five main job satisfaction dimensions aspay, nature of work, supervision, promotional prospects and relations with co-workers The basis for the investigation and assessment of job satisfaction wasformed by the Motivation-Hygiene theory of Herzberg, according to whichemployees’ feelings toward their job are affected by two factors, motivators andhygiene issues In particular, motivators are able to create satisfaction by fulfillingthe individual’s needs for meaning and personal growth They include the workitself, personal achievement, responsibility, recognition and advancement Hygienefactors, on the other hand, do not actually motivate employees, but – if they areproperly handled- can minimize the feeling of dissatisfaction If the hygiene factorsare addressed, the motivators will promote the employee’s job satisfaction andencourage production

Job satisfaction is an essential component in the success of an organization

As organizations strive to continuously improve the performance of the wholeorganization, Level of job satisfaction of employees was critical that organizationcan achieve to its goals When employees in an organization to express theirdissatisfaction or unhappiness it may has a steep effect on organization

Organizational culture refers to the beliefs and values that have existed in anorganization for a long time, and to the beliefs of the staff and the foreseen value oftheir work that will influence their attitudes and behavior Administrators usuallyadjust their leadership behavior to accomplish the mission of the organization, andthis could influence the employees’ job satisfaction It is therefore essential tounderstand the relationship between organizational culture, leadership behavior andjob satisfaction of employees

2.2.1 Positive organizational culture and employee’s job satisfaction

Organizational culture is an essential part of any corporation Every company

or organization always wants to build a strong organizational culture to help theirorganization develop more in the future A good organizational culture will lead toemployee’s perception and affect to the satisfaction among the employees If anorganization have an appropriate business ethics, training programs for employeesunderstand clearly about the mission and goals as well as the objectives of thewhole corporation, it will have a positive impact on employee’s feeling They knowexactly what they are doing and what reasons they are working for that company Inaddition, if the working environment is really friendly and information andknowledge are shared openly between members in the company, the mood of eachemployee will be better day by day and they will feel surrounded by a lot of helpand care from their counterparts Furthermore, good working facilities and theaccessible information are also a factor which helps employees satisfied about theirjob at a company In reality, many other components also affect employee’s jobsatisfaction Many different components of job satisfaction have been defined andstudied, in the frame of a general effort to analyze and promote it According to theMaslow’s hierarchy of needs, when all the factors are satisfied each by order, such

as the basic needs for foods or base wage, safety need for stability, psychologicalneeds like friendship or relationship with co-workers, managers and other people inthe company, self-esteem and self-actualization like status, employees will bemotivated to work more and lead to the company’s higher profit If we apply thetwo-factor theory, if almost element in motivator and hygiene factor that serve foremployee’s basic life, there will be high rate of job satisfaction

On the other hand, job satisfaction can have the dual effect on organizationalculture When the employees are glad with the working environment and the culture

as well as the norms, values, beliefs that the company set up, they will be motivated

to commit to the company and work for that company in a longer period of time.Especially, for the talented and high level employees, the high rate of jobsatisfaction can make them innovate more and produce new ideas to contribute tothe development of the whole companies This will retain the excellent people for

the organization and lead to more and more effective productivity which help tobuild a stronger and better organizational culture.

2.2.2 Negative organizational culture and employee’s job satisfaction

The dissatisfaction of employees is partly driven from negativeorganizational culture Low employment fulfillment together prompts an absence ofprofit in an association When somebody is miserable, they discover many differentthings to do that do make them euphoric, at the same time disregarding theoccupation they ought to be doing At the point when one part of a group shows lowgainfulness, it is regular for different parts of the group to feel disappointedtherefore, and their profit will start to decrease too

Job satisfaction also affects the personal behavior of employees The employee who

is not satisfied with the work tends to have more negative reactions than employeeswith positive job satisfaction Organizational culture that is not suitable can havenegative impact on employee’s perceptions and therefore reduce their jobsatisfaction level

The effects of low job satisfaction can be far-reaching and this issue is ofconcern for small business owners as well as large companies If employees are nothappy with their jobs, several areas of their work are affected and their behavior canalso affect other employees

Employees who are dissatisfied with the job tend to be more absent fromwork than those with job satisfaction Dissatisfaction with the job may lead tonegative behaviors such as lateness, strike, increased union activity, dissatisfactionwith organization, alcohol and drug abuse or decision of early retirement (Saari &Judge, 2004) Hulin et al (1985) suggests that personal reactions of workers aremanifestation of “adaptation work”, the results also show that labors having highsatisfaction have less negative behavior than dissatisfied ones

With the topic of organizational culture and employee’s job satisfaction,there are many similar thesis and research discussing about the impact of these twoelements The author Pirzada Sami Ullah Sabri, Assistant Professor of HumanResource Management; Muhammad Ilyas, Assistant Professor of Economics and

Zahra Amjad Lecturer of Economics at Superior College Lahore, Pakistanresearched about “Organizational Culture and Its Impact on the Job Satisfaction ofthe University Teachers of Lahore” They conclude that organizational culture takestwo forms i.e organizational culture related to managers and organizational culturerelated to employees The effect of these both kinds of culture is positive andsignificant on job satisfaction of teachers of higher education institutes anduniversities of Lahore Yet, organizational culture related to employees playsstronger role in creating job satisfaction of teachers of higher education institutesand universities than organizational culture related to managers and leaders On thebasis of findings of this study they recommend that policy makers should createsupportive organizational culture in higher education institutes and universities inorder to raise the job satisfaction level of teachers of these institutes Policy makersshould also focus on organizational culture related to employees and exercise suchpolicies which may raise the level of cooperation, mutual trust, respect of opinionsand thoughts of colleagues, and open mindedness to seek and accept feedbackamong teachers of their institutes Role of managers and leaders to facilitate theteachers of their institutes should also be supportive and they should encourage theteachers to take initiatives and calculated risks and the organizations should alsofocus to develop liaisons with related outside community.

Another research from Sinem Aydogdu, Okan University, Institute of SocialSciences and Baris Asikgil, Mimar Sinan Fine Arts University, Faculty of Scienceand Letter conducting An Empirical Study of the Relationship Among JobSatisfaction, Organizational Commitment and Turnover Intention This studyconducted on 100 employees from production sector and 82 employees from serviceprovider sector The relationship among job satisfaction, organizationalcommitment and turnover intention are investigated to determine statisticallysignificant relations The results of the study support the hypotheses JobSatisfaction has a significant and positive relationship with three dimensions oforganizational commitment and turnover intention has a significant and negativerelationship with job satisfaction and organizational commitment

CHAPTER 3: DATA AND METHODOLGY

3.1 Data

3.1.1 Data sources

This thesis is written based on both primary and secondary data Most of thematerials are extracted from relevant books, articles, and documents written in bothEnglish and Vietnamese

 Primary data:

Direct observation is appropriate for collecting data on naturally occurringbehaviors For this study, direct observation is one of the main methods to helpcollect the information of organizational culture of the chosen object In addition,the interview is also conducted to provide the added information for the research ofthe real situation and helps to make suitable recommendations

The survey questionnaires are given based on the Job Descriptive Indexmodel to find out the level of job satisfaction among employees at Vietcombank,Thanh Cong branch

The Job Descriptive Index (JDI) which is set by Smith.et.al in 1969 is one ofthe most reliable measurement designed to evaluate employees' satisfaction withtheir jobs Basically, the JDI model of Smith et al on employee satisfaction with job

is based on five following factors:

- Work: is understood as a job which brings satisfaction to employees andcreats better performance of job itself if it satisfies these following characteristics:Use the different skills; employees understand the work process; and work plays acertain important role for production and business activities of the company Inaddition, work must suit the ability and capacity of employees

- Opportunity for training and promotion: Training is a process of learningnecessary skills for a certain job Promotion is job advancement to the higherposition in the working system of employees In this thesis, training and promotionare grouped together into only one factor because of their cause-effect relationship.The aim of training employees is not only to increase their skills but also to promote

in working system They have an intimate relationship with each other

- Pay: Salary is the revenues that employees get from their job at the company.The factor pay is an important factor that affects the satisfaction of employees withjob because it will meet their requirements in the daily life.

- Supervision: Leaders are understood as the direct superiors of the staffs.Leaders bring satisfaction to their employees through the communication with eachother, the care, the interest, their leadership capacity and expertise for subordinates.Moreover, satisfaction of employees with supervisors is also determined by beingfairly treated, as well as being expected about their ability and contributions

- Co-workers: Co-workers are understood as colleagues who work together atthe same location, with similar work contents or on a chain of professional worksrelated to each other in an organization In this study, colleagues are considered aspeople who work together in same department of the company and have closerelationship as well as frequent connection in work The main factors of jobsatisfaction are the friendliness and willingness to help each other in work

- Working condition: The condition in which an individual works includingphysical environment, degree of safety and danger affect employees’ jobsatisfaction, too They ensure the comfortable environment for employees to keep

up with their job

 Secondary data: Documentation is used as secondary source of information

in forms of books, articles from library and websites to collect information oftheories relevant for this thesis In addition, the survey is used for evaluating theemployee’s background information about the organization and the standards of itsorganizational culture

3.1.2 Data collection and sampling method

The data will be collected at Vietcombank, Thanh Cong branch There will be

an observation of the entire building of the company and interview some staffmembers who are randomly selected from different departments in the company toget information for the thesis

To get reliable statistical results for measuring employees’ job satisfaction, it

is important to survey people in fairly large numbers and to make sure they are arepresentative sample

• Seeking to answer to a question

• Systematically using a predefined set of procedures to answer the question

• Collecting evidence

• Producing findings that were not determined in advance

The goal of qualitative research is to gain an understanding of underlying reasonsand motivations; to provide insights into the setting of a problem, to generate ideasand/or hypotheses for later quantitative research; to uncover prevalent trends inthought and opinion

In this thesis, the qualitative research is used for analyzing organizationalculture at Vietcombank, Thanh Cong branch and the relationship between itsorganizational culture and employees’ job satisfaction

Quantitative method is about asking people for their opinions in a structuredway so that we can produce facts and statistics

The goals of quantitative method are:

 To quantify data and generalize results from a sample to the population ofinterest

 To measure the incidence of various views and opinions in a chosen sample

 Sometimes followed by qualitative research which is used to explore somefindings further

By asking lots of people the same questions, it is possible to build up a clearerpicture of how people behave in the organization

In this study, a research methodology was used A survey was administered

to a selected sample from a specific population identified by the employees atVietcombank, Thanh Cong branch

SPSS model will be used to help analyze the employees’ job satisfaction atVietcombank, Thanh Cong branch

Firstly, the author will analyze mean scores and standard deviations ofresponses

The next step is to test Cronbach’s alpha coefficients to find out whethervariables in the model are appropriate for the analysis The coefficients forCronbach’s alpha should be from 0,6 to 0,9 Then EFA factor will be analyzed, too

In addition, the correlation matrix will be used to find the correlationrelationship between all pairs of dataset In statistics, the correlation

coefficient r measures the strength and direction of a linear relationship between two variables The value of r always ranges from -1 to 1 r = +1 means variables are

perfectly positively correlated (they go up and down in perfect synchronization); r =-1 means perfect negative correlation (one goes up and the other goes down); valuesclose to 0 mean either no relation or the relation isn't linear

After analyzing correlation matrix, regression model will be analyzed to findout whether all the factors in the model positively influences on the overallemployees’ job satisfaction or not

CHAPTER 4: EMPRICAL FINDINGS

Transaction name: VIETCOMBANK

 Business license No.138/GP – NHNN issued by the State Bank of Vietnam

8th amendment dated August 1,2013

 Charter capital (Shareholder’s capital): 23.174,170,760,000 VND

Stock code: VCB

Par value: 10,000 VND

Total number of shares: 23,174,170,760

 Address of main transaction office: 198 Tran Quang Khai St, Ly Thai ToWard, Hoan Kiem District, Hanoi, Vietnam

 Tel: 84-4-3 934 3137

Fax: 84-4-3 824 1395

4.1.2 Establishment and Development

Vietcombank was originally established as the Foreign ExchangeControl/Management Bureau under the National Bank of Vietnam on January 20,

1955, pursuant to Decree 443/TTG issued by the Prime Minister of Vietnam In

1961, the Foreign Exchange Management Bureau was renamed as the Foreign

Exchange Department under State Bank of Vietnam according to Decree 171/CPdated October 26,1961 by the Governmental Council This institution had distinctresponsibilities: Performing policy research on foreign exchange control, fulfillingits advisory capacity to the SBV and carrying out international banking operations

 Period of 1963 – 1975

Vietcombank officially came into operation on April 1st, 1963 followingDecision 115/CP dated October 30th, 1962 of the Governmental Council on thebasis of splitting banking functions from the Foreign Exchange Department underthe State Bank of Vietnam

 Period of 1976 – 1990

After 1975, Vietcombank inherited the old regime’s banking infrastructure tobecome the only authorized foreign trade bank in Vietnam responsible for holdingthe country’s foreign currency reserves, facilitating international payments andproviding import-export credit

 Period of 1991 – 2007

This period saw Vietcombank’s transformation from a specialized foreigntrade bank into a state-owned commercial bank serving its clients through a widenetwork of branches across the country and representative offices all over the world

 Period of 2007 – 2013

Vietcombank successfully completed its IPO in 2007 and officially started tooperate as a joint-stock commercial bank on June 2nd, 2008 After the listing of itsshares on the Ho Chi Minh Stock Exchange (HOSE)

On April 1, 2013, Vietcombank celebrated its 50th Anniversary (1963 –2013) and received the independence Medal, First Class awarded by the President

of the Social Republic of Vietnam

4.1.3 Organizational structure

The structure of Vietcombank, Thanh Cong branch is organized asfollowing:

Figure 4.1: Organizational structure at Vietcombank

FUNCTIONAL DEPARTMENTS AT HEAD OFFICE

AND BRANCH NETWORK

Source: Vietcombank, Thanh Cong branch, Human Resource Department, 2015

BOARD OF DIRECTORS STRUCTURE:

Mr Nguyen Hoa Binh: Chairman of the BOD

Mr Nghiem Xuan Thanh: Member of the BOD, CEO

Mr Nguyen Dang Hong: Member of the BOD

Mr Nguyen Danh Luong: Member of the BOD, Deputy CEO

Mr Pham Quang Dung: Member of the BOD, Deputy CEO

Mr Yutaka Abe: Member of the BOD, Deputy CEO

Ms Le Thi Hoa: Member of the BOD

Ms Nguyen Thi Dung: Member of the BOD

Ms Nguyen Thi Kim Oanh: Member of the BOD

Internal Audit, Operational Control Board of Directors

After more than half a century of business activity in the market, the Bank hasnearly 14,000 employees, with more than 400 branches / Trading / RepresentativeOffice / member units at home and abroad, including 1 Head Office in Hanoi, 1Transaction Exchange, 1 Training Center, 89 branches and over 350 transactionoffices nationwide, two subsidiaries in Vietnam, two subsidiaries and onerepresentative office abroad, 6 joint ventures and associates Besides, Vietcombankhas developed an auto system with more than 2,100 ATMs and over 49,500 cardpayment acceptance point (POS) across the country Banking activities are alsosupported by a network of over 1,800 correspondent banks in over 155 countriesand territories.

4.2 An overview of Vietcombank, Thanh Cong Branch

4.2.1 General Information

Vietcombank, Thanh Cong Branch is one branch of Vietcombank organization Address: Lot 3, space 4.1CC, Hoang Dao Thuy, Nhan Chinh, Thanh Xuan District,Hanoi, Vietnam

Lang Ha Transaction Office

Duy Tan Transaction Office

Van Phuc Transaction Office

Trung Hoa Nhan Chinh Transaction Office

Cat Linh Transaction Office

To Huu Transaction Office

My Dinh Transaction Office

The organizational structure of Vietcombank, Thanh Cong branch is as following: