(Luận văn thạc sĩ) improvement the efficiency of postal finance service of the vietnam post

The research result shows that despite positive performance in production and business activities such as in creasing general business and financial services business of the Corporation

ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH

-

TRẦN ĐỨC TRUNG

IMPROVEMENT THE EFFICIENCY OF POSTAL FINANCE

SERVICE OF THE VIETNAM POST

NÂNG CAO HIỆU QUẢ KINH DOANH DỊCH VỤ TÀI CHÍNH BƯU CHÍNH CỦA TỔNG CÔNG TY BƯU ĐIỆN VIỆT NAM

LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH

Hà Nội - 2017

ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH

-

TRẦN ĐỨC TRUNG

IMPROVEMENT THE EFFICIENCY OF POSTAL FINANCE

SERVICE OF THE VIETNAM POST

NÂNG CAO HIỆU QUẢ KINH DOANH DỊCH VỤ TÀI CHÍNH BƯU CHÍNH CỦA TỔNG CÔNG TY BƯU ĐIỆN VIỆT NAM

Chuyên ngành: Quản trị kinh doanh

Mã số: 60 34 01 02

LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH

NGƯỜI HƯỚNG DẪN KHOA HỌC: TS TRỊNH NGỌC HUY

Hà Nội - 2017

i

DECLARATION

The author confirms that the research outcome in the thesis is the result of author’s independent work during study and research period and it is not yet published in other’s research and article

The other’s research result and documentation (extraction, table, figure, formula, and other document) used in the thesis are cited properly and the permission (if required) is given

The author is responsible in front of the Thesis Assessment Committee, Hanoi School of Business and Management, and the laws for above-mentioned declaration

Date: October, 18, 2017

ACKNOWLEDGEMENT

I have gained huge knowledge, skill and insights from my MBA course The course raises my capacity of administration and management up to the next level I am now very confident in my position of management I would like to extend my sincerest thanks and appreciation to all those who have made this Thesis to be possible

I woud like to express my great gratitude to my supervisor Trinh Ngoc Huy for him useful comments, remarks and engagement during my process of doing this master thesis

Sincere thanks are extended to the Faculty of International Training - Vietnam National University, Hanoi for equipping me with huge knowledge and skills through various interesting and practical subjects I also would like to thanks

my classmates for their friendship and reciprocal encouragement to make our class time to be unforgettable time

Lastly, I would like to give my great thanks to my husband, my kids, and my family who always standby me during the past two years and encourages me to keep moving from the beginning of my study

iii

SUMMARY

1 Summary of the results

On the basis of synthesizing theoretical issues on improving the efficiency of postal finance service business, the author applied the research on this activity at Vietnam Post The research result shows that despite positive performance in production and business activities such as in creasing general business and financial services business of the Corporation in particular; The workforce is constantly increasing in quantity and quality towards rejuvenation; The technology system has been synchronously invested; Marketing activities are focused on the annual investment budget increasing gradually ; However, the business activities of the Corporation still have many constraints to overcome: the number of older workers still occupy a large proportion; The level of staff at the Corporation is not commensurate with the development of the sector; The number of laborers working

on a seasonal basis and signing contracts mainly occupy the contract; The software, information system developed still remain a lot of inconsistencies in the hardware environment, etc The research results also show the main cause of the shortcomings in the business activities of the Corporation which are Service quality

is not high; The number of products and services is not high, Human resources are low; Marketing activity has not been promoted

The proposed solutions by the author are: Diversify products, improving the quality of human resources, marketing promotion, product quality improving

2 Applicability in practice

In the increasingly competitive economic environment, improving business efficiency is always a goal that businesses aim to maintain their position in the market The more businesses want to expand their market share, the more sustainable they must improve their business performance This is also the reason that the research problem of improving the business efficiency in general and postal financial enterprises in particular becomes an urgent issue, suitable for development needs, competition of the business

In addition, the postal finance service is a new type of service that has been expanded by Vietnam Post and Telecommunications Corporation, but it is also the most successful service of the Corporation However, over the past time, the postal finance business of Vietnam Post Corporation is still very limited, separated, small scale, poor financial services Therefore, with the research results of the author, we hope to contribute to orienting the improvement of the Corporation's business performance With objective and reliable results that the author has made, I believe that the recommendations made by the author will be highly practical, suitable for the corporation's financial services business This will be a good time to improve Vietnam Post's competitiveness and expand market share in the near future

3 Further research orientations

If there are further research conditions, the author hopes to undertake further research on improving business performance The author will conduct further research on the business situation of other postal financial services to draw out the strengths and weaknesses of these enterprises On that basis, we can measures and improve the efficiency of business operations of Vietnam Post In addition, if there are further research conditions, the author will conduct a feasibility assessment of the proposed solutions to select the most suitable solution for Vietnam Post

v

LIST OF ACRONYMS

1 VNPost Vietnam Post Corporation

2 VNPT Vietnam Posts and Telecommunications Group

4 PTI Post Insurance Joint Stock Corporation

5 WTO World Trade Organization

7 APEC Asia-Pacific Economic Cooperation Forum

8 ASEAN Association of Southeast Asian Nations

9 GATS General Agreement on Trade in Services

10 GDP Gross domestic product of goods and services

12 TTg Prime minister

14 NSI National Savings Organization

15 BCVT Post and Telecommunication

16 BTTTT Ministry of Information and Communication

17 AVG An Vien Television Equipment

TABLE OF CONTENTS

DECLARATION i

ACKNOWLEDGEMENT ii

SUMMARY iii

TABLE OF CONTENTS vi

LIST OF TABLES ix

LIST OF FIGURES AND CHARTS x

INTRODUCE 1

CHAPTER 1: THE RATIONALE FOR POSTAL FINANCIAL SERVICES AND IMPROVING THE EFFICIENCY OF POSTAL FINANCIAL SERVICES 7

1.1 Overview of postal financial services 7

1.1.1 Basic concepts 7

1.1.2 Characteristics of postal financial services 9

1.1.3 Types of postal financial services 11

1.1.4 The role of postal financial services in the economy 14

1.2 Improving the business efficiency of postal financial services 16

1.2.1 Concepts 16

1.2.2 The need to improve the efficiency of postal financial services business 17

1.2.3 Improving business efficiency of postal financial services 18

1.2.4 Criteria for assessing the effectiveness of postal financial business 24

1.2.5 Factors affect the efficiency of postal financial services business 27

1.3 Experience of improving the efficiency of the financial services business of some company, the post and Telecommunications Corporation in the world Lesson for Vietnam 31

1.3.1 Experience of China Post 31

1.3.2 Experience of Japan Post 32

1.3.3 Experience of India Post 33

1.3.4 Lesson for VietNam 33

CHAPTER 2: THE SITUATION OF IMPROVING THE EFFICIENCY OF POSTAL FINANCIAL SERVICES BUSINESS IN VIETNAM POST

CORPORATION 35

2.1 Profile of Vietnam Post Corporation 35

2.1.1 Introduction ofVietnam Post Corporation 35

2.1.2 Business lines 37

2.1.3 The The organization of Vnpost 38

2.1.4 Results of postal financial services business at Vietnam Post Corporation 41

2.2 To improve the efficiency of postal financial services business at the Vietnam Post Office 43

2.2.1 Human resource 43

2.2.2 The information system 47

2.2.3 Marketing activity 49

2.2.4 Technology 52

2.3 Analysis of business efficiency of postal financial services in the period from 2013 to 2015 54

2.3.1 Efficiency of human resources usage 54

2.3.2 Efficiency of capital usage 56

2.3.3 Overall efficiency 57

2.3.4 Social – economic efficiency 59

2.4 Evaluation activities to improve the efficiency of postal financial service business at Vietnam Post 60

2.4.1 Performance 60

2.4.2 Limitations and reasons 62

CHAPTER 3: PROPOSED SOLUTIONS TO IMPROVE THE EFFICIENCY OF POSTAL FINANCIAL SERVICES BUSINESS AT VIETNAM POST 64

3.1 Business orientation and direction development of Vietnam Post in the period from 2016 to 2020 64

3.1.1 Business orientation 64

3.1.2 Direction development 65

3.2 Proposed solutions 66

3.2.1 The basis of proposed solution 66

3.2.2 Diversified service products to increase sales 67

3.3 Recommendations 78

3.3.1 Recommendations to the State 78

3.3.2 Recommendations to the Ministry of Finance 79

CONCLUSIONS, LIMITATIONS AND SIGNIFICATIONS OF THE STUDY 80

REFERENCES 82

QUESTIONARE 83

LIST OF TABLES

Table 2.1 Results of financial services business of the General Post Office in the period from 2013 to 2015 41 Table 2.2 Human resources in Vietnam Post Corporation in the period from 2013 to

2015 44 Table 2.3: The content of personnel training at Viet Nam Post in the period from

2013 to 2015 46 Table 2.4: The information system at Viet Nam Post in the period from 2013 to 2015 48 Table 2.5: Marketing activity carried out at Vietnam Post in the period from 2013 to

2015 50 Table 2.6: The marketing performance at Vietnam Post in the period from 2013 to

2015 52 Table 2.7 Technology applied at Vietnam Post in the period from 2013 to 2015 53 Table 2.8: The efficiency of human resource usage in the postal financial services business at Vietnam Post in the period from 2013 to 2015 55 Table 2.9 Efficiency of capital usage at Viet Nam Post in the period from 2013 to

2015 56 Table 2.10 Overall efficiency at Vietnam Post in the period from 2013 to 2015 58 Table 2.11 Social – economic efficiency at Vietnam Post in the period from 2013 to

2015 60 Table 3.1: The basis for proposing solutions to improve the efficiency of postal financial services business 66

LIST OF FIGURES AND CHARTS

Diagrams 1.1: Specification of Postal financial service 9 Diagrams 2.1: The organization of Vietnam Post 38

INTRODUCE

1 Statement of Problem

Postal and telecommunications associated with information technology is the major economic sector, is an important infrastructure in the industrial - modernization of the country, construction and defense of the Party and the State From January 1, 2008, Vietnam Posts Corporation (VNPost) officially separated to Vietnam Telecommunications Corporation Vietnam Post Corporation

is a member of State corporation which is established and allocated capital through the corporation and is now transferred to the Ministry of Information and Communication In addition to securing the provision of public postal services and other public postal services, multisectoral businesses are permitted in which postal services are the principal business Postal is an industry that society always needs is

a social service So with the strong development of the current economy, the demand for material and spiritual life of the people will also increase

However, the separation of post office Vietnam will create some shortage and difficulties Therefore, the Vietnam Post Office wants to win first and foremost the preparation for the strength to increase the competitiveness of the enterprise, affirming its position by raising capital, updating modern technology, International cooperation to learn experience in exploiting and developing services, reviewing human resources At the same time the form of economic cooperation must be diversified and expanded to many fields to create the Vietnam Post Office Male has

an independent working environment to assert himself

At present, in addition to the core services - postal delivery (postal, public utility, express delivery ), the Vietnam Post Corporation has expanded its postal financial services business, information technology telecommunication and some other services In particularly, postal financial services have the most important role that can bring success and enhance the competitiveness of Vietnam Post Corporation in the future Because the supply of services provides full and sufficient benefits to both the capital and the demand for capital as well as to the economy Postal financial services business of corporate basically plays a complementary role for commercial banks

However, over the past time, the postal finance business of the Vietnam Post has been very limited, respectively, small scale, not fully exploited the sole advantage which is the nationwide post office network, along with the application

of information technology at the transaction points, with traditional relationships available to customers On the other hand, the demand for postal financial services requires higher and higher of services's quality and quantity

Otherswise, the Postal Financial Services business also includes basic implementation steps such as trading other commodity trading services Factors of product diversification, factors of human resource quality, selection of target markets and customers, marketing, sales force organization and partnerships with partners in provide products Therefore, the Vietnam Post Office needs to conduct in-depth research and analysis on products, markets and service deployment in order to improve the competitiveness and efficiency of the provincial post offices around the country

Based on that situation, author decided to select topics: "Improvement the efficiency of postal finance service of the Vietnam Post”

2 Research overview

In the past time, there has been a research work at home and abroad about the development or enhancement of efficiency and improvement of the quality of post and postal financial services with different scopes of research, Some of the highlights are:

- Research by Nguyen Hoang Thong (2010) on "Improving business performance in Saigon Central Post Office in the period from 2015 to 2016" In the study, the author used a dialectical materialism method combining theory and practice At the same time, based on the inevitable objective development of some socioeconomic issues to study macro and micro environment factors, internal environmental factors influence to the business performance of the Saigon Post Office Following that, the author proposed some solutions to improve the efficiency of business operations at Saigon Post Office However, since the author only used traditional methods to carry out research, the research also involved

- Research by Cao Xuan Thoa (2011): "Effective business of financial services

of the post office in Hanoi" By carrying out the research, the author achieved the following main purpose: To study the theoretical basis on post and telecommunications financial services and the business efficiency of this type of service; Evaluating the efficiency of postal and telecommunication financial services of post offices in Hanoi; Propose some solutions to develop services, develop customers, use human resources, improve management to improve business efficiency of post office in Hanoi However, the research of the author only carried out in a member of the Hanoi Post Office, therefore the presented solution was used

at the unit level, while the orientation of advanced service efficiency depends on Vietnam Post Office Hence, results of research can not be applied to research in Vietnam Post Corporation

- Study on "The solution for improving the efficiency of postal financial services business in the context of international economic integration" by Pham Quang Minh (2013) The main contents of study are issues of postal financial services in the context of economic integration, and in-depth analysis of the current status of postal financial services in Vietnam in past and experiences of some countries The author has studied thoroughly the theoretical issues of postal financial services in the market economy and the conditions for developing this service In addition, the author has put forward specific practical solutions to improve the efficiency of Vietnam's postal financial services business in the integration process However, due to the author's research problem, which is to improve the efficiency of postal financial services business in Vietnam - the issue at the macro level refers to a lot of contents But the status assessmentswas still general and issues was mentioned insufficiently

- The study by Gonzalez d'Alcantara, Paul H Dembinski and Odile Pilley (2011) revolves around the business effectiveness of postal finance services, builds strategies based on the past and the future future In the study, the group addressed issues related to postal financial services such as the history of postal financial services development, the strategy for improving the efficiency of postal financial services business However, due to research conducted in many countries in

different regions of the world such as France, Korea, New Zealand, China, Japan, some countries in Europe Africa Because each area has a particular economic characteristics so effective business postal financial services will also have different points Therefore, when the author performs research at macro level in such countries, the research results of the author can not guarantee high accuracy

The study by Mark J Scher (2001) on improving the efficiency of postal savings and other postal financial services In the study, the author undertook an assessment of postal financial services, particularly postal savings in Asian countries, and learned the business experience of this type of service in developed countries around the world The research of the author has tremendous value in practice, helping Asian countries develop solutions to improve the efficiency of postal savings services in particular and postal financial services in general However, the postal savings service is one of the services of the postal and financial services, so the research results of the author can not be applied to the study of financial and postal services

However, the study does not provide criteria for assessing the effectiveness of the development of postal financial services after the implementation of measures to develop services To see the constraints as well as success in implementing the development of services

Thus, each study has a certain success, but research does exist a few restrictions

So, on the basis of inheriting the successes and overcoming the limitations of the research go ahead The thesis author will complete his research topic

3 Objectives of the study

3.1 In general

The thesis's topic focuses on researching the current status of the efficiency of postal finance and operation services in order to raise the business efficiency of the Vietnam Post Corporation

3.2 In pratice

- Analyzing the real status of postal financial services business and some solutions ngfor improvi the efficiency of postal financial services business of Vietnam Post Corporation and at the same time generalizing successes And

- Proposing a number of measures to improve the efficiency of the post and telecommunications services of the Vietnam Post and Telecommunications Corporation

4 Subject of research

the subjects of the research are the efficiency of the business of postal finance services at the Vietnam Post and Telecommunications Corporation

5 Scope of research

Scope: The study was conducted at Vietnam Post Corporation

About time: The research data was collected from 2011 - 2015

Content: Concentrate on researching postal finance services at Vietnam Post Corporation

6 Methodology of the study

Research using the following methods:

+ Comprehensive Analytical Methods: Based on the collected data and materials, the author will conduct analytical and critical review and selection of critical material and will undertake thesis analysis The author will use this method

to analyze the efficiency of human resources, capital efficiency, effective use of working capital in the Vietnam Posts Corporation

+ Comparative method: The comparison method is used to compare change of indicators reflecting the efficiency of financial services business of Vietnam Post Corporation This shows the changes in the efficiency of financial services business for every year and the changes compared with the planned targets set forth in the financial services business efficiency Similar to the general analytical method, the author applies a comparative method to compare the performance indicators of human resources, capital efficiency, working capital efficiency in Vietnam Post Corporation

+ Expert Method: The author consulted experts who are experienced teachers

in the field, the leaders of the Vietnam Post Corporation and the staff who worked

A long time in the field of postal finance services at the Vietnam Post Corporation Expert interviews will show the author about the current situation of postal finance service business in Vietnam Post Corporation, envisioning the advantages and

disadvantages in the business of financial services It is at the corporation and has

an appropriate research approach

7 Structure of the thesis

The thesis will consist of 3 main chapters with the following contents:

Chapter 1: The rationale for postal financial services and improving the efficiency of postal financial services

Chapter 2: The situation of improving the efficiency of postal financial services business in Vietnam Post Corporation

Chapter 3: Proposed solutions to improve the efficiency of postal financial services business at Vietnam Post

CHAPTER 1: THE RATIONALE FOR POSTAL FINANCIAL SERVICES AND IMPROVING THE EFFICIENCY OF POSTAL FINANCIAL

It is also possible to understand that services are an activity or benefit provided to exchange and add value to the material and to diversify, enrich, differentiate, internalize the highest Is to become the brand, the business culture and create high satisfaction for consumers, so that they are willing to pay high, so that business is more effective (Garry D Smith (1998)

* The concept of financial services

In a market economy, financial resources are transferred from financial providers to financial petitioner either directly or indirectly through financial intermediaries or intermediaries These intermediaries implement financial services Under this understanding, financial transactions conducted through intermediaries (including financial intermediaries and intermediaries) are referred to as financial services And where these financial activities take place is called the financial services market

According to the WTO (2005): A financial service is any financial service provided by a financial service provider Financial services include all insurance services and services related to insurance, banking services and other financial services (except insurance)

The flowing line of money with only two functions: means of payment, storage facilities That is the process of forming and distributing financial resources, distributing social wealth expressed in the form of value, in the form of funds of the subject

It is the economic category, reflecting the distribution relationships of social goods in the form of value Creation, creation and distribution of monetary funds by entities in the economy in order to achieve the objectives of the entities under each condition.Là sự vận động của tiền tệ chỉ với hai chức năng: phương tiện thanh toán, phương tiện cất trữ Đó chính là quá trình hình thành và phân phối các nguồn tài chính, phân phối của cải xã hội thể hiện dưới hình thức giá trị, dưới dạng các quỹ của chủ thể

* The concept of postal finance service

Postal services include a wide variety of services Initially, the postal services mainly included mail services, postal matters, parcels Gradually in the development process, in order to adapt to the increasingly diverse needs of societies, many postal services The main commercial is the operators put into operation such as express delivery services, flower delivery services, postal trust, datapost in which some services are hybrid services between post and telecommunications - Informatics and especially interesting are the posting financing services

Monetary financial services were a distinct advantage of the banking industry and provided by the banking industry It is a service that satisfies the demand for money such as loans, savings, stock investments Recognizing the needs of people

on financial services, the postal sector has taken advantage of the network of To engage in providing competitive financial services to the banking industry

However, due to the nature of the postal sector, the financial services provided

by the postal sector are limited to certain services and must comply with certain regulations Therefore, the financial services provided by the postal sector also have different characteristics from financial services They call it the posting financing services As such, it is possible to understand that the posting financing service is the financial service provided by the postal sector to society based on its existing

1.1.2 Characteristics of postal financial services

Unlike pure goods, general services and postal financial services, there are four basic features: invisibility, heterogeneity (unequal quality); Independence between service provision and consumption; unreserved ability

Diagrams 1.1: Specification of Postal financial service

1.1.2.1 Invisibility

Most postal financial services are unaware of their shape, size, color or use before they buy, so it's hard for them to judge what they are buying before buying Postal financial service products are different from other commodity products in that postal financial services products are special commodity products which are transmission services, not material Cannot check, display or package the service Customers often feel more at risk when purchasing this service than other types of goods and services Postal financial service providers overcome these limitations to create competitive advantage through symbolic images and the use of symbols to replace the goods as the postal financial service itself cannot see or handle Postal financial service providers will have to create tangible ideas for their services

In general, customers find it difficult to value the value of any service Customers cannot imagine how postal financial services they use are created or how

Unreserved ability Invisibility

Services

much they cost This is the main feature to distinguish postal financial services products from products of other material industries in the national economy This characteristic makes the evaluation of the quality of postal financial services difficult, even when customers are using them

1.1.2.2 Independence between service provision and consumption

The production process of postal financial services must not be interrupt it must ensure the integrity, the whole network, cannot be separated The process of producing and consuming services takes place at the same time At the beginning of sending mail, sending goods, postal matters and parcels, also began to process mail and goods transportation, and the sender also had to pay the freight of postal items and parcels before Means that in parallel with the operation of the whole information system, the postal system is simultaneous with the process of consumers use postal financial services, also with the process of charging freight Goods, money by price weight and value

The process of production and consumption takes place at the same time On the contrary, for postal financial services, if there is no service consumption, the service system also does not work In fact, the postal financial services system at every stage of the operation has been discontinued, but throughout the service system, it is always operational 24 hours a day So if the customer does not use up the capacity to serve, then there is a waste in the system This is also an economic problem for localities, enterprises and the government in developing development planning, using the network to be reasonable and effective

1.1.2.3 Unequal quality

For customers, service and service provider is one But in reality, the quality

of service is often dependent on factors beyond the control of the service provider, such as the service provider's representative, the service delivery environment The customer provided the service Service level In the process of providing postal financial services, the loss, damage, delay of time and the occurrence of risky occurrences are likely to occur Postal financial service customers generally expect high quality service and are always available whenever they need it

Therefore, postal financial service providers can reduce the instability of the service by building good automation of processes throughout the system, implementing standardization of the service delivery process Enhance staff training and brand consolidation

1.1.2.4 Reserved ability

The service exists only at the time it is provided As a result, services in general and postal financial services in particular cannot be mass-produced for stockpiling, when market demand is available for sale

A telephone exchange is still active when there are no calls during the idle hours, but the company still has to calculate the depreciation charge for electricity and labor to operate the switchboard

Some post offices are still open until 9-10 pm, although there are no guests, while busy at peak hours If you increase the capacity of the machine (eg the capacity of the switchboard) to meet the peak hours, then wasted on the empty hours

1.1.2.5 Non-transferability of ownership

When buying a product, the customer is allowed to transfer ownership and become the owner of the purchased goods When buying financial postal services, customers are entitled to use the service only, enjoy the benefits of postal financial services brought in a certain period of time only

This attribute affects the distribution policy in service marketing, in which wholesalers and retailers are also not allowed to transfer ownership They are merely participants in the service delivery process And of course, they have an impact on the quality of service As such, the issue of training, support, advice, testing and evaluation of the intermediaries of postal financial services is essential

to ensure the quality of service

1.1.3 Types of postal financial services

Based on the financial services, postal businesses have developed the following types of postal services: postage savings, postal money transfer, and wire transfer services, Post and postal insurance agency services

1.1.3.1 Postal savings service

Personal deposit service opened by the postal service is a very important part of the

PF service Servers are mainly individuals in society Postal savings, regardless of country or territory, has the same objectives: creating a channel for raising capital for development investment, providing effective tools for people Help people save each of their small capital and maximize the capacity of the postal network

Deposit mobilization service is a form of mobilizing all sources of idle money among all strata of the public on the public postal network for the purpose of supplementing investment capital for infrastructure development and public works, National key program At present, postal enterprises provide deposit mobilization services in the following forms:

+ Time savings deposit is a form of savings deposit that allows customers to send and withdraw money at pre-fixed term and pay interest before or after Term deposits, the original deposit rate is not the same, but not limited to the highest level Different term and short term varies, the interest rate criterion is also different; the longer the term the greater the interest rate

+ Time savings deposit is a form of deposit that allows depositors to deposit and withdraw at any time Demand deposits are often low interest rates or unprofitable Customers deposit money not for the purpose of payment but only for the safety of property, when the customers needed come to withdraw money to spend The amount and amount of money withdrawn in demand deposits is not restricted, flexible and convenient, suitable for depositors of short-term deposits for consumption in living and depositing savings units and population

+ Non-term deposit service: a one-time deposit service that can be withdrawn

at any time The sender may, depending on the time taken to take out the interest rate calculated according to the actual length of stay and the variation between term deposits and demand deposits

1.1.3.2 Postal credit services

The postal enterprise on the basis of mobilized funds will lend to organizations and individuals Normally, the subjects of postal credit are government organizations

1.1.3.3 Postal money transfer services

A service where the postal operator allows the agent to transfer money using the money, order form at the address in the country and pay the designated addressee elsewhere

The money transfer service helps the sender do not take the time to bring the money to the recipient On the other hand, it helps the state to narrow the scope of cash flow in the hands of the people, saving energy, and reconcile currencies between localities The types of money transferred in the postal money transfer service include:

Money Transfer Service is a service that sends payment requests sent by the sender to transfer the money from the sender to the recipient by mail Money transfer services do not directly transport cash, but the postal units in two places apply the method of transferring money according to vouchers and internal accounts for implementation This service is available to low- and middle-income customers due to their simple form of transfer, low rates, and widespread use

- Quick money transfer service is a service in the postal money transfer system which is organized to receive money from the depositor, issue it as a check and deliver it to the recipient by the fastest means, ensuring the time target The whole process has been announced

1.1.3.4 Postal insurance agency services

Insurance with an economic function that is intended to compensate for damage to property or human life or health by taking risks and compensating for such risks, persons who want to insure themselves must buy insurance and, when damaged, be compensated Compensation is governed by a contract between the insurer and the insured

Postal insurance agent service is a service in which the postal service on behalf of an insurer conducting insurance operations through its postal network distributes insurance products to customers

1.1.3.5 Postal postal service

A currency payment service, which takes the form of a transfer between the accounts of the postal monetary authorities and transfers money from the payer's

account to the payee's account postage transfer services generate relationships with customers in three forms: deposit, transfer and take money out

1.1.3.6 Postal payment service

It is a service where depositors do not need to go to the post office for money, but only to pay for the guest The benefits of non-cash payments are safe, fast, accurate, cost-effective, limiting the amount of cash in circulation, enabling economic entities to develop to complete good offices His power Postal payment services include many forms such as:

- Payment card: Use postage payment card to pay for goods and services

- Checking Checks: issuing checks for customers opening personal savings accounts to facilitate transactions

- Payment by personal savings account: Through your account, customers can easily use non-cash payment means such as check, money order, money order

- Modern payment services such as automatic teller machine, IC card, pay phone…

- Services for contract signing, contract performance guarantee, import-export goods insurance, inland transportation insurance

1.1.3.7 Other postal agent services

- Collection services: serving businesses providing services such as agents collecting insurance money, collecting electricity and water, collecting telecommunication service charges, buying goods by post

- Paid services: The postal service provider that provides this service will be required by the payer to pay the payee, such as payroll services

- Bonded sale and / or agency service means a service which a postal enterprise is authorized by the financial institutions to issue or pay the bond issued

by the State to the society in order to attract capital

- Retail distribution services

1.1.4 The role of postal financial services in the economy

- As a financial intermediary, the postal financial services also play a role as for other financial intermediaries, namely:

+ Along with other financial intermediaries with network advantages, postal financial services offers full and complete benefits to both capital and demand for capital as well as to the economy

+ The postal financial services in the national currency system are basically complementary to commercial banks In essence, it is a factor driving competition

in the retail financial market and it will use its strengths and strengths of self-esteem

to occupy the key position in the financial system pear

- Business development of postal financial services is conducive to the delivery of more popular and diverse financial products to the general public, which are important for the finalization of the commune's credit finance system Assembly and hence promote the function of regulating, stabilizing society, balancing the development of the area

Take advantage of the wide network, facilities and human resources of the existing postal network to generate new revenue at a low cost

- Make small, sparse idle money in the population as a source of large capital for development investment The postal financial service provider is essentially a financial intermediary

- Creating a habit of saving for investment for the people and contributing to create a habit of non-cash payment, contributing to promoting financial and monetary market

- Moreover, the postal financial services have brought a new image to the Post Office in the eyes of the people The post office is not only a place for mailing and calling but also a new financial services center

- Improving the efficiency and speeding up the postal financial services has contributed to bringing financial services closer to the people, especially those living in rural and remote areas

- Contribute to improving competition between financial service providers The presence of postal financial services has created a new form of service based on financial services

- Implement monetary policy and fight inflation of postal financial services for example, is a capital mobilization channel its development will reduce the amount

of cash in circulation Thus, the development of postal savings on the one hand contributes to the improvement of savings-accumulation-consumption relations in the economy, on the other hand increasing the investment capital for the budget Both cases have the effect of curbing inflation

- Create jobs and support economic growth and bring capital to the most effective use, thereby promoting growth and income generation

- Scatter and reduce risk With the business development of postal financial services, various postal financial services have been formed and developed; These types of postal financial services have varying degrees of risk from very low risk to very high risk, which facilitates the choice of postal financial services providers and customers Incorporate different types of postal financial services at the same time, avoiding the risk of using only one type of service

1.2 Improving the business efficiency of postal financial services

1.2.1 Concepts

* Effective

Effectiveness is the relationship between scarce inputs (labor, capital, machinery .) with intermediate or final results Efficiency is a category that is widely used in all economic, technical and social fields In broad terms, the effect of the correlation between the output variables versus the input variables was used to produce those outputs Effectiveness is to achieve the ultimate goal but use the least amount of time, effort and resources (Ngo Kim Thanh, 2012)

* Effective of postal financial services business

Postal financial services business is effective when this business activities ensure two factors of product quality and quality of service In other words, the efficiency of postal financial services business is to provide service users with the highest quality services with the best service capability (Duong Tuan Anh, 2012) Since then, it brings the highest profit for service providers

The quality of postal financial services and products is the quality of the process of transmitting information, the process by which customers use services and services must be transmitted quickly and safely to the beneficiaries

The quality of postal financial services reflects the level of convenience of the service, the level of operation and stability of the network, the broader service of the network, civilized attitudes, simple procedures, diverse forms Payment methods and after-sales service delivery services

* Improve the efficiency of postal financial services business

Improving the efficiency of postal financial services business is the primary objective of postal finance businesses to generate more revenue for these businesses Improving the efficiency of the postal financial services business is a series of measures aimed at improving the quality of postal financial services as well as the quality of service delivery From then on, the maximum satisfaction of customers using postal financial services will be achieved in order to achieve the most profit from service delivery (Duong Tuan Anh, 2012)

1.2.2 The need to improve the efficiency of postal financial services business + Meet the market demand

The needs of the subjects in the economy are more and more diverse, abundant and constantly innovated in the direction of modern technology Especially, satisfying the needs of financial, monetary, payment services in order to be able to serve promptly, safely and conveniently in line with the production, the life of the public in the best way According to economists, economic and social development

is compatible with the development of service demand in general as well as

financial services

Until now, most services and services are being tested and accepted by customers and the market quickly and bring the unit to provide services financing posts competitive advantages It has provided our customers with modern postal

services and has many facilities

+ Meet the development requirements of the business

Firstly, improving the efficiency of postal services Financing financing will help service providers to meet the needs of the market and make the most of the postal service network System, reputation available to the customer and ability to

serve at the customer location requirements

Secondly, improving the efficiency of the service business of post and telecommunications services increases the competitiveness of service providers Because businesses that have newer services, more perfect meet the increasing needs of customers will be more attractive to customers Therefore, the diversification of PF services, improve the quality of service to improve business efficiency to meet the needs of all customers create businesses with outstanding

advantages to be able to stand firm in the competition

Thirdly, improving the efficiency of the business of postal finance services, like improving the efficiency of banking services, is the principle of risk diversification in business Enterprises that do business in many areas of efficient services will be able to confirm their advantage If a service sector is in difficulty,

the enterprise can operate effectively in the field Other

Fourthly, improving the efficiency of postal financial services business also

creates a significant source of income for service providers

+ meet the requirements of regional and international integration

Economic integration in the region and the world will give the service provider in general and the postal finance service in particular many opportunities

to expand relationships and locations, but also many challenges To understand the competitive pressure in banking services with foreign banks and international postal organizations Therefore, in order to be able to confidently participate in regional and international markets, to improve competitiveness, there is no other way for service providers to quickly find solutions to improve business efficiency Its

service of posting finance

1.2.3 Improving business efficiency of postal financial services

The activities of improving the efficiency of postal financial services business include the following activities: improving the quality and efficiency of human resources, improving the efficiency of the information system and improving public efficiency Marketing and improving the efficiency of the technology system

(Nguyen Duc Anh, 2014) The specific content of each activity is as follows:

1.2.3.1 Human Resources

According to Bui Minh Hai (2004), the activities of improving the efficiency of postal financial services business include the following activities: improving the quality and efficiency of human resources, improving the efficiency of the information system and improving public efficiency Marketing and improving the efficiency of the technology system The specific content of each activity is as follows:

- Postal financial manpower must be well-educated cadres in the fields of post, administration, etc., so as to be able to grasp and apply advanced technologies to work Human resource training programs must pay special attention to improving their professional knowledge in the field so that they can meet the demand for human resources in the development of postal finance technology in the future

- Activities to improve the capacity and efficiency of human resources must pay special attention to and formulate training policies so as to have a contingent of technicians skilled in economics and techniques; Good business management team

in an environment of international competition; Especially focus on IT-Postal finance staff training

sector , Specialized in information technology, must pay attention to manpower management business, human resources in economics, marketing Therefore, it is necessary to have pre-training policies in accordance with the demand for human resources future Of each business

Improving Human Resource Levels: Each position requires a different expertise, but the most common requirement of the employee is to have a general knowledge of the specificity of the postal finance profession Informatics for use of software applications

in the postal sector In order to meet the requirements of human resources development for the future of the postal finance industry, enterprises should make full use of the available potentials through training and upgrading

The incentive policy, attracting talents: Postal financial enterprises need to determine the policies of coordination between recruitment, training, salary and compensation to maintain good staff Hence, improving the efficiency of human resources helps businesses improve business efficiency and competitiveness in the coming years as more companies enter the financial market

+ Assess human resource efficiency

After each training program to improve the efficiency of human resources, leaders of postal finance enterprises should organize and carry out activities to assess the effectiveness of human resources after training At the same time, it is also necessary to conduct periodic assessments to determine the current state of human resources Since then, there are facilities to carry out activities to improve human resource efficiency in line with the current human resource quality as well as meet the targets set by the business leaders

1.2.3.2 Information system

It is necessary to carry out activities to improve the efficiency of information systems in postal finance businesses as the information system is the most important tool for these enterprises to achieve the objectives identified in each period Improving the efficiency of the information system is a strategic factor that contributes to productivity growth and productivity in the enterprise (Nguyen Thi Minh Tri, 2003) The main contents of that were given by Nguyen Thi Minh Tri

- To invest in building material foundations, raising the efficiency of the use and exploitation of software for application of information systems at all stages from the sending, exploitation and transportation of enterprises

- Postal financial enterprises should make reasonable journeys, shorten transportation time, save costs of mail routes, transmission routes, collection routes

- To build a system of library and book information on science and technology

in post and finance in service of enterprises' operation

- Building information infrastructure to meet the information exchange requirements of all employees in the postal finance business Infrastructure information system, enterprises should go straight into modern technology, fast development, diversification, providing users with high quality services, ensuring information security, security, low rates

1.2.3.3 Marketing

According to Bui Minh Hai (2004), improving the efficiency of marketing activities in postal financial enterprises is to synchronously carry out activities of market

research, organization management, identification and promotion of image promotion activities brother These activities should ensure the following requirements:

Market research of the business must be timely aware of the changing needs of customers for postal financial services products, in order to find the appropriate postal financial services Meet the needs of customers

- The organization of the management of postal financial services in order to

be effective, the enterprises providing this type of service must consider each marketable postal financial service capable of developing business in any market or area Which service is appropriate for any customer From there, develop proper policies for the exploitation and control of services

- Determine the price of postal financial services, the price is always one of the indispensable part of marketing The price of services (service fee) is always one of the factors that makes the service competitive and increase profitability for businesses In order to improve the efficiency of marketing in the postal finance business, the service fee must become an effective competitive tool By achieving this, businesses can classify customers, services, regions, geographic regions, to develop a reasonable price policy

- Promoting the distribution of postal financial services: When implementing these activities, it is necessary to select the methods which will have the greatest influence on the level of knowledge, memory and belief The customer's confidence

in the business and postal financial services provided by the enterprise will help improve the efficiency of marketing while increasing the efficiency of the financial services business of the postal business industry

1.2.3.4 Technology

For all businesses, investing in technology, machinery and equipment is an extremely important business activity and the ability to increase labor productivity, improve product quality and lower costs For postal service providers, this is of great significance because technology has a decisive influence

on service expansion, service quality, and service delivery The author Dai Lam (2004), to customers from which to improve the business efficiency of this type of

+ Meaning

- Upgrade facilities and technology to improve service quality (upgrading civil and polite transaction points, upgrading computer systems, transmission lines, software management services) Quality of service is expressed right in the process

of communication between employees and customers, through communication environment, speed of service delivery, stability, safety and absolute accuracy

- Improving the efficiency of the technological system is the technical basis for the introduction of many new, advanced and modern services Technical facilities of Postal finance are part of the image of the service provider From that can attract customers to use the service

- Ensure convenience to customers when using the service anywhere, anytime

in the world, through telecommunications - computer - informatics

- Ensure the ability to link between different types of services, between economic organizations and individuals without being dependent on geographic location

- Applying technology in postal finance combines the strengths of a broadly available network with the flexibility and speed of electronic means to provide new hybrid postal finance services such as: Single and electronic payment, information lookup service, secure e-mail

- Apply information technology to develop postal information network to all post offices and service points Postal financial enterprises should use the software to exploit, business, look up, retrieve the heart of the mail, transactions

of customers Develop and implement software programs for the management, exploitation and sale of all postal finance services, to develop a system for monitoring and locating the provision of postal services and Other services on the Internet

1.2.4 Criteria for assessing the effectiveness of postal financial business

Business performance of enterprises in general and of financial postal enterprises in particular is expressed by the economic and technical characteristics, determined on the basis of comparison of output and output indicators of enterprises It reflects the level of resource use to achieve socio-economic goals The following are some basic indicators for evaluating the efficiency of postal financial services businesses:

* Criteria for assessing the effectiveness of using human resource (Tran Thi Hoa, 2011)

- Labor productivity norms:

Labor productivity norms = (Product sales turnover in the period / Total labor

in the period) x 100%

- Average profit target per employee:

Average profit target per employee = (Profit during the period / Total number

of employees in the period) x 100%

This indicator shows how much profit is made for each employee in the period Base on this indicator to compare the increase in efficiency of each employee in the period

* Criteria for assessing the effectiveness of capital use (Tran Thi Mai Hanh, 2010) + Effective use of fixed capital

- Efficiency using fixed capital:

Fixed Capital Utilization = (Period Profit / Average Fixed Asset) x 100% This indicator shows how much of a profit is generated by a fixed capital, which represents the level of fixed assets used and the profitability of fixed assets in the business and production of postal enterprises Telecom

- Coefficient of using machinery and equipment:

Machinery Factor = (Actual Machinery / Power Facts) x 100%

+ Effective use of mobile

- Productivity of liquid capital:

Productivity of cash flow = (Sales of goods in period / Average working

This indicator shows how much working capital is generated per working day

If this indicator increases over periods, it shows that the working capital efficiency

of postal financial business increases

- Efficient use of working capital:

Effective working capital = (Profit during the period / Average working capital in the period) x 100%

This indicator shows how much working profit will be made in a given working capital The higher the index, the better the efficiency of using working capital

- The speed of capital rotation:

In the process of production and business, working capital is constantly moving non-stop, it exists in different forms Sometimes it is money, sometimes goods, materials, semi-finished products to ensure the reproduction process is continuous

Hence, accelerating the speed of mobile travel will contribute to solving the stagnation, stagnation of capital, speeding up the demand for capital, raising the efficiency of capital use and raising the efficiency of the whole business Business suite, It is commonly used to evaluate the rotation rate of capital that flows through the flow of capital

Working Capital Cycle = (Period Revenue / Average Working Capital in Period) x 100%

This indicator indicates the average working capital turnover in the period The larger the indicator the faster the revolutions of capital, which demonstrates the efficient use of working capital and vice versa

* Criteria for assessing overall effectiveness (Le Hong Yen, 2011)

This group of indicators reflects the business performance of the whole business and production activities of the postal financial service provider, which is used to accurately reflect the business activities of the business and is used to compare Comparisons between enterprises and comparison between enterprises over time to consider the periods when the enterprises have achieved high efficiency or not

- Sales of sales revenue:

Sales of sales = (Profit during the period / Revenue in the period) x 100%

This indicator shows how much profit your company has generated from a sales revenue This indicator is meant to encourage businesses to increase revenue and reduce costs But to be effective, revenue growth must be less than the rate of return

- The profit of the entire business capital:

Profit of total business capital = (Profit during the period / Average capital of business in the period) x 100%

This indicator shows the effectiveness of using business capital A business venture generates a lot of profit margins, which reflect the proficiency of capital employed by the business This indicator is as large as possible, which proves that the enterprise effectively uses the capital of the business

- Cost-effective business:

Cost-effectiveness of business (= Product sales in period / cost in period) x 100% This indicator shows that for a co-cost of generating as many co-revenues, this indicator is as large as possible

- Turnover per capital:

Turnover per capital = (Sales of goods in the period / Average capital in the period) x 100%

This indicator shows how much business revenue generated by a business venture

* Criteria for assessing the socio-economic performance (Pham Quang Minh, 2013)

To contribute to the overall development of the economy, enterprises providing financial postal services must also achieve socio-economic efficiency in addition to their business operations Include indicators such as increasing budget revenues, creating jobs for workers, improving living standards for workers, and redistributing social benefits

1.2.5 Factors affect the efficiency of postal financial services business

1.2.5.1 Subjective factors

Strategic Orientation for the Business Development of PF Services (Mark

J Scher, 2001, Ababsa & Meriem, 2013)

Building a strategy for developing business services PF is an important basis for the development of postal financial services Strategic development of services business will ensure that PF services develop in a certain direction, create an active role in the business and the provision of service However, business development strategy must be based on the basis of forecasting the demand of the new market effectively With a rational business service development strategy, PF service providers will mobilize and utilize the resources and competitive advantage to achieve the business objectives and the provision of service provider

Strategic business development PF services must ensure that all activities consistently maximize the advantages of the postal network

Scale of Equity capital and Financial Status (Pham Quang Minh, 2013;

José Ansón and Matthias Helble, 2014)

Like other types of business, capital is the basis to conduct business operations The capital controls all functions and decides the scale of operation, development business services of the PF service provider Capital is a necessary condition to renovate technology, equipment and infrastructure to provide services and conditions to ensure business activities while, at the same time, ensure the interests of customers when there are certain risks can happen in business

In a risky field, besides the ability to organize and operate effectively, healthy financial situation and the size of equity capital of postal financial service providers is based on information for customers Concurrently, in the process of international integration, which is opened to foreign banks and international postal organizations with large capital resources with hundreds of years of operational experience, equity is truly an issue on developing the service business, improving the competitiveness of PF service providers

Technical facilities - technology (Farah Abdallah and Yuliya Shakurova

(2012, Tran Thi Hoa, 2011)

For all businesses, investment in technology, machinery and equipment innovation is very important to ensure business activities and the ability to increase labor productivity, improve product quality, lower costs For PF service providers, this is of great significance because technology has a decisive influence on service expansion, quality of service, and delivery of services to customers the following reasons:

- Upgrade facilities and technology to improve service quality (upgrading civil and polite transaction points, upgrading computer systems, transmission lines software management services) Quality of service is expressed right in the process

of communication between employees and customers, through communication environment, speed of service delivery, stability, safety and absolute accuracy

- Technological innovation is the technical basis for the introduction of many new advanced and modern services Postal facilities are part of the image of the service provider that can attract customers to use the service

- Ensure convenience for customers when using the service anywhere, anytime in the world, through telecommunications - computer - informatics

- Ensure the ability to link between different types of services, between different economic organizations and individuals without being dependent on geographic location

Marketing activities (Tran Thi Mai Hanh, 2010, Le Thi Hong Yen, 2011)

Marketing activities directly affect the business development of postal financial services because:

- Market research is timely to capture the changing needs of customers for

PF products and services, in order to find the appropriate PF service to meet the needs of customers

- Organization of PF services means that the unit needs to see which PF service is able to develop its business in which market, which area and service is suitable for which customer properly exploit and control services

- Price of PF services, price is always one of the indispensable part of marketing strategy The price of service (service fee) is always one of the factors