Corporate culture at commercial banks in Quang Ngai province - 2

Table 3.13. Correlation matrix of observed variables in the case of state-owned commercial banks

................................................................ ................................................................ ..............................105

Table 3.14. Results of model suitability assessment for the case of state-owned commercial banks 106

Table 3.15. Results of hypothesis testing on the overall suitability of the model for the case of state-owned commercial banks 107

Table 3.16. Regression analysis results for the case of state-owned commercial banks 107

Table 3.17. Rotated matrix of factors affecting corporate governance at private commercial banks 113

Table 3.18. Results of hypothesis testing on the overall suitability of the model for the case of private commercial banks 114

Table 3.19. Results of hypothesis testing on the overall suitability of the model for the case of private commercial banks 115

Table 3.20. Regression analysis results for the case of private commercial banks 116

Table 3.21. Comparison of factors affecting corporate governance at two groups of commercial banks in Quang Ngai province 119

LIST OF FIGURES, CHARTS

Figure 2.1. Summary of types of corporate culture 53

Figure 2.2. Framework for analyzing corporate culture at commercial banks in Quang Ngai province 66

Figure 2.3. Proposed model to measure factors affecting corporate culture at commercial banks in Quang Ngai province 72

Figure 2.4. Research process of factors affecting corporate culture at commercial banks in Quang Ngai province 73

Figure 3.1. Structure of the research sample according to unit 84

Figure 3.2. Types of corporate culture of commercial banks 94

Figure 3.3. Types of corporate culture of the group of state-owned commercial banks in Quang Ngai province 97

Figure 3.4. Types of corporate culture of private commercial banks in Quang Ngai province 99

Figure 3.5. Types of corporate culture of 2 banking groups 101

Figure 3.6. Research model of factors affecting VHDN adjusted after factor analysis of the case of state-owned commercial banks in Quang Ngai province 104

INTRODUCTION

1. Urgency of the topic

International economic integration is both an opportunity to expand the business market but also creates significant challenges for the financial business sector in the world in general and commercial banks in Vietnam in particular. The competitive trend between banks is changing significantly. While private commercial banks have created more image and position, and at the same time improved their competitiveness, state-owned commercial banks (commercial banks with state-owned capital) have also shown their determination to maintain their market share. In addition, foreign banks in Vietnam with many years of experience in developing banking services are increasingly dominating the market and putting great pressure on domestic banks. Thus, basically, banks have been and are making efforts to improve their competitiveness through innovations in technology, services, human resources and financial scale. The differences in product portfolio, business processes or specific work of commercial banks are often not large, but lie in the characteristics of service style, communication protocol, creative culture or external symbols such as logos, slogans, uniforms and regulations. These factors create a unique culture for each bank, which is a factor in brand recognition, attracting and creating trust in customers. As a specific and sensitive business sector to the entire economic life, in addition to the trend of investing in technology and expanding distribution networks, focusing on developing corporate culture plays an important role in helping banks ensure sustainable growth in the context of fierce competition.

Up to now, most Vietnamese commercial banks have gradually built their own solid brands on the foundation of corporate culture. However, the activities of building corporate culture at Vietnamese commercial banks are not yet uniform in the system, the cultural values ​​that are generally agreed upon have not yet been fully and consistently expressed at local branches. As an "intangible asset" that creates competitiveness, corporate culture in commercial banks' operations needs to continue to play a key role in development strategies through recruitment, training, marketing, management and operation activities... On the other hand, many commercial banks in Vietnam have been and are carrying out re-structuring activities.

structuring, consolidating, and merging with other banks according to Decision No. 254/QD-TTg of the Prime Minister on approving the project "Restructuring credit institutions in the period 2011-2015". With a larger financial scale and a rapidly increasing number of employees, banks face the risk of organizational cultural conflicts and complex relationships between staff. The banking and financial sector always has a rather harsh labor migration cycle, from domestic commercial banks to state-owned commercial banks in Vietnam and to commercial banks in countries in the region. Therefore, commercial banks also face the problem of human resource management in the process of Vietnam's deep integration into the international economy.

Quang Ngai is a province located in the Central Coast region, with many positive socio-economic achievements in recent years, including a high increase in total investment capital and a significantly improved investment and business environment. With the increasing demand for capital, the system of credit institutions, mainly the system of commercial banks in Quang Ngai province, has developed rapidly, and competition has also become more fierce when a series of commercial bank branches have been established and operated in the provincial market. Although as of 2019, there have been no foreign-invested commercial banks in Quang Ngai province, the system of commercial banks has had differences in corporate culture as well as the shift of human resources and market share between the two groups of branches of state-owned and private Vietnamese commercial banks. In order to contribute to the sustainable development of the entire banking system based on improving the competitiveness of banks, commercial banks in Quang Ngai province currently need to assess the current state of corporate culture, analyze factors affecting corporate culture, and on that basis, have appropriate directions in management work, in order to have positive moves to retain high-quality human resources, develop business activities and especially increase the competitiveness of banks.

Although there have been many research works and scientific articles on many different research directions on corporate culture at commercial banks, the author has found that there has been no research on corporate culture at commercial banks in different groups of commercial banks in terms of ownership type, especially there has been no research related to corporate culture of commercial banks in Quang Ngai province. For the above reasons, the topic "Corporate culture at commercial banks in Quang Ngai province" is an issue

has both theoretical and practical significance. Therefore, the researcher has chosen the above topic as the topic of his doctoral thesis in economics, major in Business Administration, code 9 34 01 01.

2. Purpose and research questions of the thesis

2.1. Research purpose

Researching theoretical and practical issues on corporate culture of commercial banks, analyzing the current status of corporate culture at commercial banks in Quang Ngai province in recent times, thereby proposing solutions to develop corporate culture for commercial banks in Quang Ngai, contributing to increasing sustainable competitiveness for banks in the process of international integration.

2.2. Research questions

To achieve the set objectives, this study aims to answer the following questions:

(i) How is corporate culture expressed at commercial banks in Quang Ngai province?

(ii) What is the current type of corporate culture and expectations of commercial banks in Quang Ngai province? What is the difference in the type of corporate culture between the two groups of state-owned and private commercial banks?

(iii) What factors affect the corporate culture of commercial banks in Quang Ngai province?

(iv) What solutions and implications are there for commercial banks in developing corporate culture?

3. Subject and scope of the thesis research

3.1. Research subjects

The research object of the thesis is theoretical and practical issues related to corporate culture at commercial banks in Quang Ngai province.

3.2. Scope of research

- Scope of content: Researching the theoretical basis of corporate culture at commercial banks, researching the current status of corporate culture at commercial banks operating in Quang Ngai province, identifying influencing factors and proposing a system of solutions to develop corporate culture for commercial banks in Quang Ngai province.

The research object of the thesis is commercial banks branches in Quang Ngai province, including two groups of state-owned and private commercial banks.

- Spatial scope: Research on corporate culture at commercial bank branches in Quang Ngai province.

- Research time scope: Research the current situation from 2011 to 2018 and implications and solutions for the period 2020-2025 and vision to 2030.

4. Thesis research method

4.1. Research framework

The approach and research methods of the Thesis are summarized below.

RESEARCH METHODOLOGY	CONTENT MAIN RESEARCH	RESULT RESEARCH NEEDED
Chapter 1	- Collected - Analysis - Synthetic	Overview of corporate culture research at banks commercial goods	Identifying the research gap on corporate culture in banking commercial goods
Chapter 2	- Analysis - Synthetic	- Concept, manifestation, types of corporate culture at commercial banks - Factors affecting VHDN at commercial banks	- General theoretical basis of corporate governance at commercial banks - Propose a research model of factors affect
Chapter 3	- Analysis - Compare - Descriptive statistics	- Manifestations of corporate governance at commercial banks in Quang Ngai province - Type of corporate governance at commercial banks in Quang Ngai province - Measuring the level of influence of factors on corporate governance at provincial commercial banks Quang Ngai	Current status of corporate governance at commercial banks in Quang Ngai province
Chapter 4	- Forecast - Analysis - Synthetic - Selective	- Orientation of corporate culture development at commercial banks - Proposing solutions to develop VHDN in the Commercial Bank	Providing orientations and solutions to develop corporate culture at commercial banks

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• Corporate culture at commercial banks in Quang Ngai province - 29
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• Pre-tax Profit of Bidv Tien Giang in the Period 2011-2015 zt2i3t4l5ee zt2a3gsnon-credit services, joint stock commercial bank zt2a3ge zc2o3n4t5e6n7ts At that time, the Branch had to set aside a provision for credit risks, which reduced the Branch's income. Chart 2.2. Pre-tax profit of BIDV Tien Giang in the period 2011-2015 Unit: Billion VND 140 120 100 80 60 40 20 0 63.3 80.34 89.29 110.08 131.99 2011 2012 2013 2014 2015 Profit before tax (Source: Report on the implementation of the annual business plan of the General Planning Department of BIDV Tien Giang [24]) However, through chart 2.2, it can be seen that BIDV Tien Giang's profit is still increasing continuously, and its operating efficiency is currently leaking. This is a contribution of non-credit services, and this service segment will be increasingly focused on growth by BIDV Tien Giang to ensure the highest profit safety because credit activities have many potential risks. At the same time, focusing on developing non-credit services is consistent with one of the contents of restructuring the financial activities of credit institutions in the project "Restructuring the system of credit institutions in the period 2011-2015" approved by the Prime Minister in Decision No. 254/QD-TTg dated March 1, 2012 [14]: "Gradually shifting the business model of commercial banks towards reducing dependence on credit activities and increasing income from non-credit services". 2.2. Current status of non-credit service development at BIDV Tien Giang. 2.2.1. BIDV Tien Giang has deployed the development of non-credit services in recent times. Along with the development of the Head Office, BIDV Tien Giang's products and services are constantly improved and deployed in a diverse manner to ensure provision for many different customer groups in the area: individual customers, corporate customers, and financial institutions. Typical services are as follows: Payment services, treasury services, guarantee services, card services, trade finance, other services: Western Union, insurance commissions, consulting services, foreign exchange derivatives trading, e-banking services,... 2.2.1.1. Payment services: In accordance with the Prime Minister's Project to promote non-cash payments in Vietnam [15], banks in Tien Giang province have continuously developed payment services to reduce customers' cash usage habits through card services and electronic banking services such as: salary payment through accounts, focusing on developing card acceptance points, developing multi-purpose cards, paying social insurance by transfer, paying bills through banks, etc. Chart 2.3. Net income from payment services in the period 2011-2015 Unit: Million VND 6000 5000 4000 3000 2000 1000 0 3922 4065 4720 5084 5324 2011 2012 2013 2014 2015 Net income from payment services (Source: Report on the implementation of the annual business plan of the General Planning Department of BIDV Tien Giang [24]) Along with the technological development of the entire system, BIDV Tien Giang has a payment system with a fairly stable transaction processing speed, bringing many conveniences to customers. The results of observing chart 2.3 show that the income from payment services that the Branch has achieved has grown over the years but the speed is not high and the products are not outstanding compared to other banks. Domestic payment products such as: Online bill payment, electricity bills, water bills, insurance premiums, cable TV bills, telecommunications fees, airline tickets, etc. bring many conveniences to customers. Regarding international payment, this is an indispensable activity for foreign economic activities, BIDV Tien Giang is providing international payment methods for small enterprises producing agriculture, aquatic food and seafood that have credit relationships with banks in industrial parks in Tien Giang province such as: money transfer, collection, L/C payment. 2.2.1.2. Treasury services: BIDV Tien Giang always focuses on ensuring treasury safety and currency security, always complies with legal regulations, and minimizes risks in operations such as: counting and collecting money from customers, receiving and delivering internal transactions, collecting from the State Bank (SBV) or other credit institutions, receiving ATM funds, bundling money, etc. BIDV Tien Giang's treasury service management department is always fully equipped with modern machinery and equipment such as: money transport vehicles, fire prevention tools, money counters, money detectors, magnifying glasses, etc. to ensure absolute safety in treasury operations, immediately identifying real and fake money and other risks that may affect people and assets of the bank and customers. In addition, implementing regulation 2480/QC dated October 28, 2008 between the State Bank of Tien Giang province and the Provincial Police on coordination in the fight against counterfeit money, in the 3-year review of implementation, BIDV Tien Giang discovered, seized and submitted to the State Bank of Tien Giang province 475 banknotes of various denominations and was commended by the Provincial Police and the State Bank of Tien Giang province [17]. Chart 2.4. Net income from treasury services in the period 2011-2015 Unit: Million VND 350 300 250 200 150 100 50 0 105 122 309 289 279 2011 2012 2013 2014 2015 Net income from treasury services (Source: Report on the implementation of the annual business plan of the General Planning Department of BIDV Tien Giang [24]) However, as shown in Figure 2.4, income from treasury operations is not high and fluctuates. Specifically, in the period 2011-2013, net income increased and increased most sharply in 2013, then in the period 2013-2015, there was a downward trend. This fluctuation is due to the fact that fees collected from treasury services are often very low and can even be waived to attract customers to use other services. 2.2.1.3. Guarantee and trade finance services: BIDV Tien Giang, thanks to the advantages of the province and the favorable location of the Branch, has continuously focused on developing income from guarantee services and trade finance. Chart 2.5. Net income from guarantee and trade finance services in the period 2011-2015 Unit: Million VND 14000 12000 10000 8000 6000 4000 2000 0 5193 5695 2742 3420 8889 3992 11604 12206 5143 5312 2011 2012 2013 2014 2015 Net income from guarantee services Net income from Trade Finance (Source: Report on the implementation of the annual business plan of the General Planning Department of BIDV Tien Giang [24]) Through chart 2.5, we can see that BIDV Tien Giang's income from guarantee services and trade finance has grown over the years. The reason is: Among BIDV Tien Giang's corporate customers, the construction industry is the industry with the highest proportion of customers after the trading industry, this is a group of customers with potential to develop guarantee services. The second group of customers is corporate customers in the fields of agricultural production, livestock and seafood processing with high import and export turnover in the area. are the target of trade finance development. In addition, BIDV Tien Giang also focuses on continuously developing these customer groups to increase revenue for many other products and services in the future. 2.2.1.4. Card and POS services: As a service that BIDV Tien Giang has recently developed strongly, it can be said that this is a very potential market and has the ability to develop even more strongly in the future. Card services with outstanding advantages such as fast payment time, wide payment range, quite safe, effective and suitable for the integration trend and the Project to promote non-cash payments in Vietnam. Cards have become a modern and popular payment tool. BIDV Tien Giang early identified that developing card services is to expand the market to people in society, create capital mobilized from card-opened accounts, contribute to diversifying banking activities, enhance the image of the bank, bring the BIDV Tien Giang brand to people as quickly and easily as possible. BIDV Tien Giang is currently providing card types such as: credit cards (BIDV MasterCard Platinum, BIDV Visa Gold Precious, BIDV Visa Manchester United, BIDV Visa Classic), international debit cards (BIDV Ready Card, BIDV Manu Debit Card), domestic debit cards (BIDV Harmony Card, BIDV eTrans Card, BIDV Moving Card, BIDV-Lingo Co-branded Card, BIDV-Co.opmart Co-branded Card). These cards can be paid via POS/EDC or on the ATM system. In addition, with debit cards, customers can not only withdraw money via ATMs but also perform utilities such as mobile top-up, online payment, money transfer,... through electronic banking services. In order to attract customers with card services, BIDV Tien Giang has continuously increased the installation of ATMs. As of December 31, 2015, BIDV Tien Giang has 23 ATMs combined with 7 ATMs in the same system of BIDV My Tho, so the number of ATMs is quite large, especially in the center of My Tho City, but is not yet fully present in the districts. Basic services on ATMs such as withdrawing money, checking balances, printing short statements,... BIDV ATMs accept cards from banks in the system. Banknetvn and Smartlink, cards branded by international card organizations Union Pay (CUP), VISA, MasterCard and cards of banks in the Asian Payment Network. From here, cardholders can make bill payments for themselves or others at ATMs, by simply entering the subscriber number or customer code, booking code that service providers notify and make bill payments. Chart 2.6. Net income from card services in the period 2011-2015 Unit: Million VND 3500 3000 2500 2000 1500 1000 500 0 687 1023 1547 2267 3104 2011 2012 2013 2014 2015 Net income from card services (Source: Report on the implementation of the annual business plan of the General Planning Department of BIDV Tien Giang [24]) Through chart 2.6, it can be seen that BIDV Tien Giang's card service income is constantly growing because the Branch focuses on developing businesses operating in industrial parks, which are the source of customers for salary payment products, ATMs, BSMS. Specifically, there are companies such as Freeview, Quang Viet, Dai Thanh, which are businesses with a large number of card openings at the Branch, contributing to the increase in card service fees [25]. Table 2.6. Number of ATMs and POS machines in 2015 of some banks in Tien Giang area. Unit: Machine STT Bank name Number of ATMs Cumulative number of ATM cards POS machine 1 BIDV Tien Giang 23 97,095 22 2 BIDV My Tho 7 21,325 0 3 Agribank Tien Giang 29 115,743 77 4 Vietinbank Tien Giang 16 100,052 54 5 Dong A Tien Giang 26 97,536 11 6 Sacombank Tien Giang 24 88,513 27 7 Vietcombank Tien Giang 15 61,607 96 8 Vietinbank - Tay Tien Giang Branch 6 46,042 38 (Source: 2015 Banking Activity Data Report of the General and Internal Control Department of the Provincial State Bank [21]) Through table 2.6, the author finds that the number of ATMs of BIDV Tien Giang is not much, ranking fourth after Agribank Tien Giang, Dong A Tien Giang, Sacombank Tien Giang. The number of POS machines of BIDV Tien Giang is very small, only higher than Dong A Tien Giang and BIDV My Tho in the initial stages of merging the BIDV system. Besides, BIDV Tien Giang has a high number of cards increasing over the years (table 2.7) but the cumulative number of cards issued up to December 31, 2015 is still relatively low compared to Agribank, Vietcombank, Dong A (table 2.6). div.maincontent .content_head3 { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: bold; text-decoration: none; font-size: 14pt; } div.maincontent .p { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 14pt; margin:0pt; } div.maincontent p { color: black; font-family:"Times New Roman", serif; font-style: normal; font-weight: normal; text-decoration: none; font-size: 14pt; margin:0pt; } div.maincontent .s1 { color: black; font-family:"Courier New", monospace; font-style: normal; font-weight: normal; text-decoration: none; font-size: 14pt; } div.maincontent .s2 { color: black; font-family:"Times New Roman", serif; font-style: italic; font-weight: normal; 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• Corporate culture at commercial banks in Quang Ngai province - 22
• Theoretical Basis of Lending to Corporate Customers at Commercial Banks

4.2. Research data

4.2.1. Use for qualitative research

Synthesize secondary documents from official sources, including annual financial reports of commercial banks, statistical and research reports of the State Bank, international organizations such as UNESCO, World Bank to collect information on concepts, strategic orientations and competitive trends of current commercial banks in the world as well as general assessment of the development and integration situation of commercial banks in recent times.

4.2.2. Use for quantitative research Survey:

Based on the theory presented in chapter 2 and the current status of applying the theory to analyze and compare commercial banks in Quang Ngai province in chapter 3, the author conducted a detailed survey based on the variables in the theory and the variables used to analyze the manifestations of corporate culture, identify the corporate culture model of commercial banks in Quang Ngai province. The detailed content of the variables and the questionnaire used in the survey are presented in detail in the appendix. The survey is related to the main manifestations, roles and factors affecting corporate culture at commercial banks. The survey sample focuses on 2 groups of subjects including: (i) employees working at commercial banks; (ii) leaders and managers at commercial bank branches. The questionnaire will be sent to these subjects in 2 ways including email and direct distribution. The process of sending the questionnaire is confirmed directly by the sender and the recipient to verify that the survey results are carried out seriously. After collecting the survey forms, the data is filtered and cleaned for analysis. The data after the survey is analyzed with SPSS software and processed online on the survey support page of googledocs.

Experts: Some of the analysis results of the thesis are evaluated through the interview process with relevant groups of subjects including representatives of leaders and managers of commercial banks, employees of commercial banks and scientists with experience in researching corporate culture. The experts' comments combined with statistical results contribute to providing important suggestions, further strengthening the

Develop solutions and proposals to help commercial banks promote corporate culture in the context of integration.

Sampling and data collection methods :

The data in the thesis are collected from secondary sources from available documents, primary sources through investigation, experimentation, non-experimentation including studies published in domestic and foreign journals, annual reports of commercial banks, branches of commercial banks in Quang Ngai province, reports related to the Vietnamese commercial banking system... on websites about banks (chapters 2,3,4).

For the empirical survey data, the general population of this study is all the staff working at the branches of commercial banks in Quang Ngai province, which the author counted as 1526. The sample population is a set of samples selected as survey representatives. The research sample frame was drawn from this population, determined by the stratified random sampling method. The research topic on corporate culture at commercial banks in Quang Ngai province, the author classified the population into groups, including: the first group includes 3 commercial banks with state ownership, the second group includes 3 commercial banks with private ownership. Then, the author used the judgmental sampling method, selecting 6 commercial banks with the best business situation during the research period to conduct the survey. Convenient sampling was selected, by allocating the survey subjects to commercial banks in Quang Ngai province (BIDV, VietinBank, Vietcombank, Sacombank, SeABank, MB).

According to Nguyen Dinh Tho, the sample size required for a study depends on many factors such as the data analysis method and the required reliability [23]. Currently, researchers determine the required sample size through empirical formulas for each processing method. In EFA, the sample size is often determined based on two factors: the minimum size and the number of measurement variables included in the analysis. The group of authors Hair et al. (quoted in [23]) believes that to use EFA, the minimum sample size must be 50, preferably 100, and the ratio of observations/measurement variables (items) is 5:1, meaning that 1 measurement variable needs at least 5 observations, preferably a ratio of 10:1 or more.