Some Experiences of Vietnamese Commercial Banks in Credit Card Business Activities

many states to issue and pay a type of credit card throughout the United States. The initial association was just a measure to avoid competition and divide the market. But it was this association that created a prominent strength of credit cards in consumer payment methods and it quickly developed beyond national borders. Visa International accepted new members, which were foreign banks. Its payment network spread across the globe, creating its widespread circulation around the world. Visa cards are the cards with the highest payment turnover in the world.

The international card organization Mastercard International was formed by the largest oil company. Since 1979, following the trend of internationalizing credit cards, this organization has added more members and become an international card organization with a scale no less large than Visa International.

The existence of the two card organizations mentioned above and other card organizations is the basis for credit cards to establish their strength in international payments. Participating in this organization, international credit cards issued by any member bank will have circulation at the card acceptance points of participating members.

MasterCard & Visa have achieved great success in the card business. The success of these two organizations is not only limited to the record payment turnover but also the global popularity of the issued cards, promising a favorable market prospect for the operations of these two organizations.

1.4.2 Some experiences of Vietnamese commercial banks in international credit card business

1.4.2.1 Experience in issuing international credit cards of Vietcombank

As of August 1996, the Bank for Foreign Trade of Vietnam officially became a member of the international credit card organization VISA and was the first bank to issue

issued international credit cards in Vietnam. Following that, Asia Commercial Bank, Vietnam Joint Stock Commercial Bank for Industry and Trade and Saigon Commercial Bank became official members of the VISA international credit card organization. At the end of 1997, the second type of international credit card - Visa card was issued in Vietnam.

The card market is becoming more and more exciting as more banks participate. In addition to Vietnamese commercial banks, there are also about 25 foreign bank branches in Vietnam such as UOB, Hongkongbank... These are all banks with experience in payment activities and issuing international credit cards, thus creating many difficulties for Vietnamese banks in competing.

Vietcombank had the advantage of being the first to dominate the market which was still very new. During the 5 years (from 1990 to 1994), Vietcombank always held the sole position in the international credit card payment activities in Vietnam. But then a series of commercial banks joined the international credit card market, Vietcombank's market share gradually decreased over the years. In 1996, Vietcombank held 75% of the market share, in 1997 that rate decreased to 62%, in 1998 it held 50%, in 1999 it held 48% and by the end of 2011 it was only 27% and was no longer the leading bank in terms of the number of international credit card issuances. That was not a decline in business activities but purely due to strong competition and the sharing of the international credit card market.

Besides, Vietcombank is also the first Vietnamese bank to boldly put ATMs into operation in unstable telecommunication conditions, the people's knowledge about this product is limited..., this has proven the pioneering role of the Bank for Foreign Trade of Vietnam in technological innovation, helping to expand and develop card business in the coming years.

1.4.2.2 Experience in issuing international credit cards of ACB

It can be said that ACB is one of the first few banks in Vietnam to be an official member of the two largest international card organizations in the world, marking another step forward for ACB on the path of modernization and integration into the global payment system.

Along with the development of international credit cards, ACB also focuses on the development of domestic credit cards, because domestic cards are suitable for the needs and incomes of the majority of Vietnamese people. Moreover, the use of domestic cards is not much different from international cards, the only difference is that the scope of card use is only within Vietnam.

Currently, ACB has approached all international credit card issuers to facilitate the introduction of all other credit cards such as American Express, JCB, Dinner Club, Mastro EuroCard, Att Card, VisionCard, Countdown, GM Card JP Peney into the Vietnamese market. In other words, international credit cards that tourists can use anywhere in the world will soon be accepted in Vietnam.

To meet the increasing demand for card usage, ACB Card Center has expanded its network of card accepting agents in most provinces and cities nationwide, creating maximum convenience for customers. Currently, ACB's card accepting units have also penetrated the majority of commercial centers, shops, and shopping stores, competing with commercial banks that have entered before with incentives of lower service fees, more card accepting unit care...

1.4.2.3 Prospects for developing international credit card technology in Vietnam

With the general development trend of the world, Vietnam cannot separate itself from this trend if it wants to develop the banking industry in particular and the economy in general. Therefore, since 1993, when Vietcombank first introduced card technology to Vietnam with the aim of replacing traditional payment tools,

In addition to traditional payment, a series of payment cards have appeared as new means of payment in the Vietnamese banking system such as Master Card in 1996 and Visa Card in 1997, domestic credit cards of ACB and certainly in the future there will be many other types of payment cards that will be born one after another, creating the most convenience and safety for the participants. If we only rely purely on statistics on the number of card users, we may not be able to see all the potential for developing the application of payment card technology in Vietnam. However, if we consider the development trend, integration requirements and especially from the perspective of the banking business, the card market in Vietnam has great potential in applying payment card technology. Vietnamese banks are taking advantage of being latecomers in modernizing banking, standardizing operations and gradually diversifying and modernizing banking services, especially highly technological banking services, most of which are payment card services such as ATM, credit cards, debit cards combined with credit cards or electronic money, e-commerce, Internet Banking...

These are new requirements that commercial banks must soon implement in the integration process. Thus, it can be affirmed that the Bank - one of the three main components involved in the process of implementing transactions by payment cards - must always be ready and create conditions for the development of these services. For the remaining two components, card users - consumers and card acceptors or sellers also need to get acquainted with new, modern payment methods. Especially for Vietnamese enterprises - manufacturers who are tending to bring their products beyond national borders, in addition to factors such as product quality, pricing policies as well as after-sales policies, they must also pay attention to new payment methods that are popular in the world market.

world. Therefore, the number of payment units will increase rapidly in the near future if Vietnam participates in highly globalized international trade activities. Therefore, the basic thing is that the potential or ability to develop payment cards in Vietnam today mainly depends on the users of international credit cards. Obviously, along with the integration trend, modern banking services are popularized, life has been and is increasing, card acceptance has become popular. Opening an account at a bank serves not only for investment to earn interest but also for payment or other investment purposes. When the costs of preserving and using traditional cash and their inconvenience and insecurity are increasingly recognized, these practices will soon be replaced by modern payment methods, including international credit cards.

1.5 The need to expand international credit card business

According to statistics from magazines, in developed countries, most banks that do card business earn huge revenues and profits. International credit card business is one of the top goals of Vietnamese commercial banks in the current period. Because the goal of commercial banks is to become the leading retail banks in Vietnam to expand market share, increase service fees, and develop brands. In the past, international credit card services have contributed to creating profits, increasing mobilized capital, and creating brands for banks. However, banks also face difficulties in the process of developing international credit card business activities in the context of economic integration, the rapid increase in the number of international credit cards issued by banks, and fierce competition from foreign banks in the open-door mechanism. With the goal of becoming the leading financial group in Vietnam, expanding retail banking services, including credit card services, is a key task.

International credit card service is necessary for Vietinbank in the coming period to achieve the following goals:

- Retain existing customers and attract new customers by implementing new technology, increasing utility, creating convenience, and increasing safety to create a reliable transaction channel for customers.

- Improve competitiveness in domestic and international markets.

- Increase service fee collection rate and capital mobilization source.

- Improve service quality and brand reputation of international credit cards, to create a position in the regional and international markets. Contribute to building a strong Vietnamese financial system in the future.

Expanding the international credit card business means: increasing the number of cards issued, expanding the network of payment service providers, increasing the sales of international credit card payments via POS, increasing revenue from international credit card business, increasing the sales of loans from international credit cards, increasing capital from collateral for card issuance and increasing service fees for the Bank.

Chapter 1 Conclusion:

I have systematized and analyzed the role, function, and benefits of international credit cards as well as the factors affecting the development of international credit cards in theory.

To find out the business situation of international credit cards of Vietnam Joint Stock Commercial Bank for Industry and Trade, in the following chapters we will study the business activities of international credit cards of Vietnam Joint Stock Commercial Bank for Industry and Trade in recent years. From there, we will make comments as well as find out the causes of limitations as a basis for proposing the main solutions to develop international credit cards of Vietnam Joint Stock Commercial Bank for Industry and Trade in the coming time.

CHAPTER 2: CURRENT STATUS OF INTERNATIONAL CREDIT CARDS ISSUANCE AND BUSINESS AT VIETINBANK

2.1. Some features of Vietinbank and the international credit card market in Vietnam

2.1.1 Formation and development process of Vietinbank

Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) was established in 1988 after separating from the State Bank of Vietnam. It is a large commercial bank, playing an important role, a pillar of the Vietnamese banking industry. It has a nationwide network with 150 transaction offices, branches and over 900 transaction offices / Savings funds. There are 6 independent accounting companies: Financial Leasing Company, Industrial and Commercial Securities Company, Debt Management and Asset Exploitation Company, Insurance Company Limited, Fund Management Company Limited, Gold and Gemstone Company Limited and 3 public service units: Information Technology Center, Card Center, Human Resources Training and Development School.

Founder and joint venture partner of INDOVINA Bank. Has correspondent relationships with over 850 major banks and financial institutions worldwide.

Vietnam Joint Stock Commercial Bank for Industry and Trade is the first bank in Vietnam to be granted ISO 9001:2000 certificate. It is a member of Vietnam Bankers Association, Asian Bankers Association, Society for Worldwide Interbank Financial Telecommunication (SWIFT), VISA and MASTER International Card Issuance and Payment Organization. It is a pioneer bank in applying modern technology and e-commerce in Vietnam. Continuously researching, improving existing products and services and developing new products to best meet customers' needs. Mission To be the leading financial and banking group in Vietnam, operating in multiple functions, providing products and services according to international standards, aiming to improve the value of life. Vision

vision To become a modern, effective and leading financial and banking group domestically and internationally. To have an overview of Vietinbank, let's look at Vietinbank's growth indicators over the years.

2.1.2 Growth indicators of Vietinbank

Table 2.1: Growth indicators of Vietinbank over the years

Unit: billion VND

Year

2007	2008	2009	2010	2011
Capital mobilized	151,459	174,905	220,591	339,699	420,212
Total assets	166.112	193,590	243,785	367,712	460,604
Profit net	1,149	1,804	3.373	4,598	8,392

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• Improving credit risk management capacity according to international practices at Vietnamese commercial banks - 2
• 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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• Current Status of Credit Quality at Vietnamese Joint Stock Commercial Banks
• Current Status of Foreign Currency Business Development in the International Market of Vietnamese Commercial Banks
• Testing the credit risk tolerance of Vietnamese commercial banks - Case study of Vietnam Joint Stock Commercial Bank for Industry and Trade - 21

(Source: Vietinbank Annual Report 2007-2011)

Chart of growth of mobilized capital of Vietinbank

Capital mobilized

Billion VND

500

420,212

400

339,699

300

220,591

200

151,459

174,905

100

0

2007

2008

2009

2010

2011 Year

(Figure 2.1)

Looking at the capital growth chart of Vietinbank over 5 years from 2007 to 2011, we can see a lot of leakage from 2007 to 2008.