Improving the competitiveness of financial leasing companies in Vietnam

output. Thus, human resources are the most important and indispensable factor in organizations and enterprises. Human resources are the factor that helps enterprises improve their competitiveness in business activities. To have good human resources for enterprises, organizations must certainly focus on recruiting good human resources, have a development and training strategy, and prepare human resources to have qualified human resources to meet the development needs of enterprises. According to Le Thi My Linh (2009), human resources of an organization include all employees working in that organization, with different health and qualifications, they can form a force to complete the organization's goals well, if they are motivated and encouraged appropriately. According to Tran Xuan Cau & Mai Quoc Chanh (2008), human resources are human resources capable of creating material and spiritual wealth for society, expressed through a certain quantity and quality at a certain time. Ho Duc Hung (2009) identified Human Resources as one of the 6 factors (in the 6M model) on the competitiveness of enterprises. According to author Hoang Thi Thanh Hang (2013), she studied the Human Resources factor affecting the competitiveness of CTTC companies, based on the Thompson Strickland model. However, it was only evaluated through indicators from financial experts. There are many different definitions of human resources, human resources, depending on the approach, but the basic common points through the definitions of human resources are: Number of human resources: Number of workers for an organization according to the needs of the organization; Quality of human resources: Including factors such as intelligence, qualifications, understanding, ethics, skills, health of workers; Structure of human resources: training level, gender, age.

Through research results, this scale has the following observed variables:

(1) Human resources are sufficient to meet job requirements

(2) Employees are diligent in their work

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(3) Staff with appropriate professional training

(4) Creative employees

(5) Employees comply with corporate culture and professional ethics

 Financial Scale (TC):

The activities of a business always require a certain financial source. If a business does not have finance or does not have enough financial resources, all activities will be very difficult and sometimes impossible. Thus, the financial capacity of a business is the ability to ensure financial resources or the ability to ensure capital for the activities of that business, in order to achieve the goal. Financial leasing companies also need financial resources like banks, financial capacity is a measure of the strength of banks, and financial leasing companies are similar. To evaluate the financial capacity and efficiency of a bank, the CAMEL criteria are often used, in which C (Capital Adequacy Ratio: Capital Safety Ratio), A (Asset Quality: Asset Quality), M (Management Competence: Management Competence), E (Earnings Strength: Profitability), L (Liquidity Risk: Liquidity Risk). According to Lamarque (2005), it is stated that: Increasing capital is a fundamental activity to bring profit value to financial business organizations (banks, financial companies, finance companies), so it is necessary to manage capital sources safely. Assets of banks or finance companies are in loans and investments. If the debt ratio increases, many provisions are made, it shows low asset quality. The level of profitability reflects business performance, reflects competition with competitors. Evaluated through coefficients such as ROA, ROE, ROI. The liquidity of assets is shown through the following indicators: current payment ability, immediate payment ability, ability to manage liquidity risk. According to Pham Thi Van Anh (2012), when considering the financial capacity of an enterprise, it is necessary to determine two capabilities: the ability to mobilize capital and the ability to ensure financial safety of the enterprise. Also according to this author, the financial capacity of an enterprise is considered based on

The two perspectives are overall financial capacity and financial capacity for growth. Overall financial capacity includes: financial capacity of enterprise owners and financial capacity from debt; Financial capacity for growth includes: endogenous financial capacity (retained profits for reinvestment), exogenous financial capacity (financial resources that can be mobilized to meet capital needs for growth). Ho Duc Hung (2009) also identified Capital and Finance as one of the 6 factors (in the 6M model) on the competitiveness of enterprises. Hoang Thi Thanh Hang (2013), the Financial factor is included in the 10 factors that make up the competitiveness of CTTC companies.

Through research results, this scale has the following observed variables:

(1) The company's capital mobilization is easy.

(2) The company has increasing annual profits.

(3) The company ensures high liquidity

(4) The company has strong funding sources

(5) The company's capital turnover is fast.

 Executive Management Scale (QT)

Governance is the management of stable organizations, operating according to regulations, and at the same time leading to have guidance, supervision, motivation and timely control and adjustment of the activities of the entire enterprise, how to achieve the set goals in the most effective way. According to AIM (Australian Institute of Management: Australian Institute of Management - 2013), talking about the concept of governance capacity, it has raised issues that leaders and business administrators must have, which are: Strategic vision; Effective leadership in the organization; Leading people in the organization; Organizational capacity. According to the study of Cameli and Tishler (2004), it is said that governance capacity has a positive impact on the performance of administrative organizations. With Kivipòld and Vadi (2013), studying the leadership capacity of financial institutions in Estonia, it is shown that leadership capacity has a positive impact on the performance of administrative organizations.

positively impact the business performance of enterprises. According to Ngo Kim Thanh, Le Van Tam (2013), Business Administration is a continuous, organized, and targeted process of the business owner, making the best use of potential and opportunities to carry out production and business activities to achieve the set goals in accordance with the law and social practices. According to the concept of management, administration is the process of planning, organizing, leading and controlling the activities of members in the organization, using resources to achieve success in the set goals of the enterprise. In the study of Ho Duc Hung (2009), with the 6M model, models of competitiveness of enterprises, identified the Administration factor as one of the factors determining the competitiveness of enterprises. Hoang Thi Thanh Hang (2013) also included the Executive Administration factor in the model of competitiveness of CTTC company.

Through research results, this scale has the following observed variables:

(1) Reasonable corporate organizational model

(2) The company's leadership team has good qualifications and capacity.

(3) The company arranges labor reasonably.

(4) Good company business strategy

(5) Good employee welfare policy

(6) Company leaders make quick and accurate decisions.

 Service Quality Scale (CL)

According to the research of scientists, Gronroos (1984), Parasuraman et al. (1985), Cronnin and Taylor (1992), Sweeney et al. (1997), Dabholka et al. (2000), have developed analytical frameworks to evaluate service quality with many different constituent elements. With Gronroos (1984), it is believed that to measure service quality, three criteria are needed: Technical quality (describing what service is provided and the quality that customers receive from the service), functional quality (describing how the service is provided,

or how customers receive the technical quality results) and image (which is an important factor built on the technical quality and functional quality of the service); Parasuraman et al. (1985), service quality is the gap between customers' expectations and their perceptions after using the service; Cronin and Taylor (1992), through research, concluded that: perception is a better predictor of service quality; Sweeney et al. (1997), said: value is the comparison between what customers receive and what the company provides; Dabholka et al. (2000) proposed a model that examines the antecedents, mediators and outcomes of service quality, antecedents (reliability, personal attention, comfort, distinctiveness) that lead to better service quality and the relationship between service quality and customer satisfaction and customer behavioral intentions. According to ISO, service quality is a set of characteristics of an object that enable the object to satisfy stated or implied needs.

Based on the theoretical basis, the inheritance of previous studies and the most recent studies of Hoang Thi Thanh Hang (2013) on service quality factors, the author analyzes the reality and selects the observed variables affecting the service quality factors with the following components:

(1) Company employees always behave well when communicating with customers.

(2) Simple procedures and quick implementation

(3) Staff always support and respond quickly to customer requests

(4) The company always has good customer care.

 Product – Service (SP) scale

The products of each company are one of the factors that have a direct impact on customers choosing the company. Many research authors have suggested that determining the product and service factors to determine the competitiveness of the enterprise. Research Institute

According to Central Research (2002), the competitiveness of a product or service is measured by the market share of that product or service. The issue of research and development of new products is also considered important by researchers. Damanpour (1991) believes that proposing new products and new ideas will create new value for the enterprise, in order to increase the competitiveness of that enterprise. With the same view, Deshpandé and Farley (2004) believe that if a new product or service is introduced to the market, it will reflect the creative capacity of an enterprise. Another author also believes that, in order to become a pioneer and meet the needs of customers in the market, enterprises must constantly improve and develop new products and services (Szeto, 2000). According to Anabel et al. (2013), the creativity of a company that is higher than its competitors in the industry will have a higher competitive capacity and affirm that the ability to innovate products and services has a positive impact on the business performance of that company. In the research of Nguyen Van Thuy (2015), Nguyen Thanh Long (2016), Hoang Thi Thanh Hang (2013), it is said that the products of CTTC companies are the direct factor affecting the decision to choose CTTC companies of customers. The author affirms that the product capacity of CTTC companies is shown through the following factors: Diversity and richness of products; Convenience, speed and safety of products; Full information about products. Through the research results, this scale has the following observed variables:

(1) The company has many forms of leasing.

(2) The company has many methods of calculating rent.

(3) Products that meet customer needs

(4) The company's rental products are diverse and rich.

(5) The company invests very well in product development.

 Price Scale (GC)

In the research model on Enterprise Competitiveness, M. Porter (1985) was interested in the price factor. This factor is considered one of the 9 factors that directly affect the competitiveness of enterprises. According to RKND DARSHANI (2013), rental price is the main contributor with 81% to the results. Ho Duc Hung (2009), Nguyen Thanh Long (2016), assessed the price factor as important and also proposed the price factor in the financial model of enterprises. Hoang Thi Thanh Hang (2013), determined the rental price as the asset price with the interest rate factor in financial leasing as the deciding factor, author Hang has not specifically provided the components that make up the price of financial leasing products at financial leasing companies in Vietnam.

Through research results, this scale has the following observed variables:

(1) Price-Interest Rate Factor (GCls)

- Lower interest rates than competitors

- Interest rates suitable to the market

- Low interest rate mobilized capital

(2) Price – Margin Factor (GCkq)

- Interest-bearing deposits for customers

- Deposit at a rate on the total fair value

- Fast deposit refund procedures and time

(3) Price Factor – Asset Price (GCts)

- Asset price is in line with the market

- Price is negotiated by the parties involved.

- Documents showing prices in accordance with legal regulations

 Brand scale (TH)

According to Philip Kotler: A brand can be understood as a name, term, symbol, design or a combination of them used to identify the seller's products and to differentiate them from competitors' products.

According to the American Marketing Association, a brand is a name, term, symbol, sign, design, or a combination of these elements, intended to identify the goods or services of one seller and to differentiate them from those of other sellers. Author Victor Smith (2002), when studying the competitiveness of commercial banks, the author believes that this ability must be affected by a number of groups of factors, including the Brand value factor, service quality, etc. In previous studies, the brand factor has been mentioned in the competition model, such as: Ho Duc Hung (2009), Tran The Hoang (2011), Nguyen Thanh Long (2016), Hoang Thi Thanh Hang (2013), the author inherits and analyzes to propose the following issues that determine the brand of CTTC company in Vietnam:

(1) TH is easily recognized by the company logo.

(2) TH is recognized through the company's signature color.

(3) TH is friendly with customers

(4) TH is friendly and contributes greatly to the national economy.

(5) TH creates trust from customers

 Scale of Size – Network (QM)

Scale-network shows the market expansion and market share of a company, creating favorable conditions for deploying products and services to customers, bringing efficiency to the company.

According to Kumon's research, 1992 (cited in Zhao and Aram's research, 1995), a business network is a collective where participants share useful information and knowledge with other members and develop the enterprise based on mutual trust, leading to collaboration to achieve individual and collective goals. According to Koka and Prescott (2002), at the enterprise level, a business network can represent social capital, based on the following functions: Means of transmitting information, establishing obligations, and

Improving the competitiveness of financial leasing companies in Vietnam - 11

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