non-life insurance. In addition to professional qualifications, managers must also have a vision to provide appropriate directions. Managers must be able to collect and process information to make management decisions objectively. The number of managers must also be balanced with the assigned functions and tasks.
In addition, the issue of professional ethics and the integrity of the state management apparatus are factors of particular concern in developing countries today. It directly affects the effectiveness of state management. If corruption occurs in state management agencies, it will create an unhealthy business environment, causing loss of confidence for insurance participants.
- Infrastructure serving the State management activities of non-life insurance enterprises
To carry out management activities, the State management agency cannot help but use management tools and means. The infrastructure serving the State management activities for the business activities of non-life insurance enterprises includes working conditions for the management staff, software systems, and application of information technology in management. If the management infrastructure system is equipped with modern facilities by the State, the management activities will be more effective. On the contrary, if the infrastructure is outdated and uses outdated technologies, the management agency will have to spend a lot of time and effort to make decisions, and even those decisions may no longer be appropriate because it takes a lot of time to process information.
2.3.1.2 Factors related to the management object
- Awareness of law compliance of non-life insurance companies
Awareness of law compliance shows the level of understanding and awareness of non-life insurance enterprises about the law in business as well as the State's management role in business activities. This is a particularly important factor determining the success of policies and laws to regulate the activities of non-life insurance enterprises. If non-life insurance enterprises are fully aware and strictly comply with State management on business activities, it will contribute to creating a healthy market and sustainable development. Therefore, the work of propaganda, dissemination, education and training of legal knowledge for non-life insurance enterprises is always of interest to the State. Especially in the insurance sector, which ensures that organizations and individuals in society limit and overcome losses caused by risks.
- Organizational, management and operational capacity and resources of non-life insurance enterprises
The management and operation capacity of the leaders of non-life insurance companies will determine the existence, competitiveness and sustainable development of that company. For non-life insurance companies, this is not only a decisive factor for management efficiency but also has an impact on state management. A company with a capable manager
Not only promote business activities of enterprises but also ensure the rights of insurance participants, maintain sustainable existence for enterprises.
The resources of non-life insurance companies include financial potential, human resources, facilities, techniques, technology, reputation, brand, corporate culture, etc. The more abundant those resources are, the more successful the ability to respond to the State management of business activities of insurance companies will be. On the contrary, limited resources of enterprises make it more difficult for enterprises to expand their operations.
- Professional qualifications of staff performing business activities in non-life insurance companies
The quality of human resources determines the business performance of non-life insurance companies. Non-life insurance companies with a team of professional staff will have a firm grasp of the State's regulations on the insurance business sector, helping non-life insurance companies to conduct business activities in accordance with procedures, ensuring profitability while still ensuring financial security for the insurance company. On the contrary, a team of non-professional staff will not be able to handle business situations and may cause damage to the company. Moreover, if non-life insurance companies have a team of professional staff, state management will be more effective due to good coordination between the company and the management agency.
- Ability to apply advanced technology in collecting and processing information for business operations of non-life insurance companies
The insurance sector in general and non-life insurance in particular is a broad-based field of activity, with a large number of insurance contracts and diverse forms of insurance contracts. In addition, the time of collecting premiums, paying compensation and paying insurance money occurs regularly and is not the same between contracts. Therefore, it is necessary to have strict management of financial fund revenue and expenditure activities to ensure that non-life insurance companies can mobilize maximum resources for business. To carry out this activity accurately and completely, insurance companies must apply advanced technologies to business to save time and costs. This is a common trend in countries around the world, especially when the 4.0 industrial revolution is bringing many outstanding applications. If insurance companies apply technology well in business, it will contribute to creating a complete database for the market, helping management work to be easy and effective.
2.3.1.3 Factors related to the management environment
- Factors of state mechanisms, policies and laws
In the context of an economy operating under a market mechanism and fierce competition, insurance companies in general and non-life insurance companies in particular must choose a suitable business direction to survive and develop. If in a centralized planning mechanism, state-owned insurance companies monopolize insurance business under the protection of the State,
With the support of the state, businesses now have to compete with each other to provide the best products to customers. Besides the advantages, there are also disadvantages such as causing unfair competition, increasingly sophisticated insurance fraud cases... Therefore, state management of insurance business activities will become more and more complicated when there are more and more management subjects and many problems arise.
Politics and law are the foundation for economic development as well as the legal basis for business activities of enterprises. If politics is not stable, there will be no sustainable economic development. Laws directly affect the activities of each enterprise, so if the legal system is strict, clear and a transparent and stable political system will bring many advantages to the activities of enterprises as well as state management will become simpler.
- The current state of socio-economic development of the country
Our country's economy continues to have new developments, people's lives are improving day by day, the need for insurance is increasing, making the size of insurance funds of enterprises increase. It can be seen that Vietnam's economy has maintained stability in the face of major economic fluctuations in the world and in the region, but from the perspective of sustainable development, there are still many negative aspects and social issues that are arising.
Macroeconomic factors have a great influence on the business activities of non-life insurance companies. When the economic growth rate is high, the average income of the people increases, leading to an increase in the demand for insurance, creating conditions for the development of insurance companies' business activities. On the contrary, when the economy is in recession, people's income decreases, the need for safety will make insurance business activities less vibrant. Factors such as inflation, bank interest rates, and exchange rates all affect the business activities of insurance companies.
Social factors often change over time and are not always easy to identify. Social factors can include: lifestyle, customs, habits, consumer attitudes, education level, religion, etc. They determine the behavior of insurance participants and their views on insurance products. Therefore, the government needs to have appropriate socio-economic policies for the management of insurance business activities of non-life insurance companies.
- Investment environment at home and abroad
Recognizing the importance of investment to the economy, most countries create an open investment environment for investors in general and non-life insurance companies in particular. The investment environment includes many different factors that affect the business activities of non-life insurance companies, which are reflected in the level of development of the capital market, the money market, the real estate market, and the stock market. If these markets develop and improve, it will create conditions for business activities to expand, requiring state management.
Many timely policies, suitable for those conditions. In addition, the infrastructure system, administrative and legal services related to favorable business activities will create favorable conditions for enterprises and management agencies.
- International economic integration
In the trend of openness and integration, the activities of each country are always placed in relation to other countries. Some public goods and essential services can only be ensured through international cooperation. Moreover, the rapid change in the international context of increasing service provision with the possibility of choice should create new opportunities to improve the quality and access to public management internationally as well as domestically.
The business activities of non-life insurance companies are also subject to the general conventions of economic agreements between countries in the region and in the world. Therefore, State management of this activity must be based on domestic characteristics and must be consistent with international practices. It can be seen that the more integrated the economy is, the more complicated the State management of the business activities of non-life insurance companies becomes due to the many management subjects and many new insurance products.
- Competitive factors in the operations of non-life insurance companies
Competition is an inevitable rule of the market economy, reflecting the contradiction in the relationship between individuals sharing the same living environment when they are interested in a certain object. In economic activities, competition is the rivalry between economic entities to gain more advantageous positions in production, consumption or consumption of goods. The competitiveness of a product is measured by the market share of that product. The competitiveness of a product depends on the quality, price, accompanying services... The competitiveness of an enterprise is the ability of an enterprise to create its own advantages, to be able to create higher productivity and quality than competitors, to dominate the market share, to create high income and sustainable development. To improve their competitiveness in the market, enterprises use many different methods, even unfair forms of competition, affecting the market, the interests of the State, consumers and other enterprises in the industry. Along with the development and integration of the insurance market, non-life insurance companies are facing great challenges when competing to survive. The more fierce the competition, the higher the level of State management requirements for the business activities of non-life insurance companies to develop the insurance market in a healthy, sustainable manner, in accordance with the laws of the market. The role of the State becomes more important when regulating market relationships to ensure the rights of market participants.
- Development of science and technology
In the context of increasingly deep international economic integration, the application of scientific achievements and high technology transfer is taking place more and more strongly. The development of countries does not only rely on natural resources.
or simple labor but also relies on scientific and technological knowledge, a renewable resource, an important input factor that determines the competitive advantage and development speed of each country.
Humans have experienced 3 industrial revolutions and are in the 4th industrial revolution. This is called the digital revolution, which has changed the business methods of insurance companies around the world. The development of science and technology allows the business activities of non-life insurance companies to be carried out online, mobile and quickly, cost-effectively and efficiently. The application of scientific and technological achievements to business activities in non-life insurance companies is an inevitable trend for competition and survival because the information system will be collected, processed, and stored accurately, completely and quickly. In addition, advanced applications from technology products help insurance participants to easily access new insurance products. It can be said that the more science and technology develops, the more it helps the State have more effective management tools, improving the management capacity for the business activities of non-life insurance companies and vice versa. The government needs to allocate expenditures reasonably and use existing resources effectively with the support of science and technology.
- Awareness of insurance participants
Insured persons are the beneficiaries of the products and services of non-life insurance companies and are also the target of insurance companies. The awareness of insured persons affects their interest in and choice of insurance products. The State's management of non-life insurance companies' business activities also aims at protecting the interests of insured persons. Therefore, the higher the awareness of insured persons, the more it will help limit the number of insurance products that do not ensure quality as well as prevent insurance fraud. In addition, insured persons are also the subjects that detect violations of enterprises, supporting the management and supervision activities of state management agencies. On the contrary, insured persons who do not clearly understand their roles, rights and responsibilities in insurance contracts will be at risk of participating in insurance contracts with product quality that is not as expected. This creates conditions for instability to occur in the market, requiring more management from state agencies.
2.4 EXPERIENCE IN STATE MANAGEMENT OF BUSINESS ACTIVITIES OF NON-LIFE INSURANCE ENTERPRISES IN SOME COUNTRIES AND LESSONS LEARNED FOR VIETNAM
2.4.1 State management experience on business activities of non-life insurance enterprises of some countries
2.4.1.1 American experience
The United States is the world's leading insurance market, with total premiums accounting for 29% of global premiums. Total premiums in the United States in 2016 reached $1.3 trillion, accounting for about 8% of GDP.
In the United States, insurance regulators issue regulations governing the insurance sector primarily at the state level. The legislative and regulatory authority over the business operations of non-life insurance companies in the states was approved by the US Congress through the McCarran Feguson Act of 1945. In parallel with the regulatory supervision of each state, NAIC acts as a coordinating agency, supporting the activities of state regulatory and supervisory agencies; NAIC coordinates with states in developing policies and model regulations, which states will adjust and improve to suit their own conditions.
The State Insurance Management Agency will base on the reporting data of non-life insurance companies to request companies to evaluate their financial capacity according to the prescribed standards. From there, it will propose solutions suitable to its business conditions. The US economy is characterized by openness, creating maximum conditions for companies, but the highlight of this country's legal regulations is the very strong sanctions, especially for violations of capital safety. NAIC built early warning indicators in the early 70s based on the application of hundreds of indicators on the financial results of thousands of non-life insurance companies and hundreds of companies that lost KNTT within 50 years. Early warning indicators are defined as indicators to describe the level of importance to predict the possibility of KNTT loss 2 years before it actually occurs.
- Financial management by risk-based capital method: This is a management method applied by the US since 1994. Accordingly, the capital of non-life insurance enterprises to ensure KNTT must be calculated based on the risks in the operations of that enterprise itself.
The American Insurance Association applies a risk-based capital management approach that focuses on four main risk groups: asset risk, operational risk; market risk (interest rate, liquidity, credit) and business risk (marketing, legal, process, etc.). Based on these risk factors, the RBC calculation formula for non-life insurance companies is the risk-based capital level determined by applying RBC coefficients to risks according to the co-variance formula:
RBC = R0 + √
In which, R0 is asset risk (of member companies); R1 is asset risk (fixed income); R2 is asset risk (stocks); R3 is asset risk (credit, debt collection); R4 is insurance acceptance assessment risk, reserves; R5 is business risk, exploiting new contracts.
After being calculated, RBC will be compared with available capital (including legal capital, capital surplus, asset depreciation reserve, committed dividends...) so that the State insurance management agency can determine the level of intervention:
+ If RBC is above 200%: State management agency does not need to intervene
+ If RBC is from 150% to 200%: State management agency requires non-human insurance companies
Life must come up with a comprehensive overall business plan.
+ If RBC is from 100% to 150%: Non-life insurers must present a comprehensive business plan with the management agency reviewing and requesting completion.
business operations of the enterprise depending on each specific enterprise. Non-life insurance enterprises may have to re-evaluate investment activities or re-examine cash flow from insurance premiums...
+ If RBC is from 70% to 100%: The inspection level of the competent authority, in addition to the requirements as above, may also have to control the business activities of the insurance company.
+ If RBC < 70%: Level of control required. The State management agency requires non-life insurance enterprises to overcome by all means the current weak financial capacity of the enterprise within 90 days [44].
- Regarding investment activities, US law only allows a very small amount of idle capital from the reserve funds in non-life insurance companies to be invested in long-term or low-liquidity assets such as real estate. In case any non-life insurance company has invested more than the prescribed amount, the excess amount will be partially deducted from its value.
- For reserve setting, US non-life insurance companies use the method of setting up each case. By using modern software, non-life insurance companies can accurately calculate the reserve for compensation for the responsibilities that the company must compensate customers.
- In supervising the business activities of insurance companies: In 1992, the National Insurance Crime Bureau (NICB) was established, which is the agency that identifies, detects and prosecutes crimes in the insurance industry. NICB has conducted information analysis, investigation, training, legal propaganda and raised public awareness. In addition, NICB also acts as a liaison agency between the insurance industry and the law enforcement agencies of the federal, state and local governments and supports legislators in making appropriate legal regulations. NICB has built an easy-to-use database to prevent insurance fraud. In addition to NICB, NAIC also participates in lobbying to introduce and pass laws on preventing violations in the insurance industry such as the Model Law on Prevention of Insurance Fraud (Model Law V-680-1). Under this Model Law, violations by both policyholders and insurers as well as their employees may result in fines, imprisonment, damages, and disqualification from the insurance industry. Accordingly, each state-level insurance regulatory agency should establish its own fraud prevention unit.
2.4.1.2 Experience of countries belonging to the European Economic Community
Europe (EEC) is the place where the first non-life insurance businesses were formed and developed in the world. State management activities for non-life insurance businesses have been carried out for hundreds of years with modern methods. Specifically:
- Non-life insurance companies are required to set aside sufficient reserves to ensure the performance of their insurance compensation obligations to customers. The method of calculating compensation reserves for each case is considered an advanced and appropriate method applied by insurance companies. Particularly for large fluctuation reserves,
They require non-life insurance companies to set aside a certain percentage of reserves each year, which is not the same for all types of insurance contracts. Based on the characteristics of each type of insurance contract and the level of large losses in insurance operations, annual reserve rates appropriate for each product are set.
- Non-life insurance companies are required to show technical reserves on the financial statements as a separate item on the capital side of the balance sheet. This capital must be compatible with a portfolio of investment assets on the assets side of the balance sheet.
- Regarding investment, the laws of EEC countries stipulate the minimum and maximum ratios for each type of investment asset in the allocation of operational reserve funds in non-life insurance companies. In general, EEC focuses on requiring non-life insurance companies to invest in highly liquid assets and only allows a small proportion of idle capital to be invested in long-term. This is completely consistent with the nature of idle capital in non-life insurance companies with short idle periods.
- Regarding the issue of equity in non-life insurance companies, the law provides requirements related to capital supplementation during the business operations of non-life insurance companies and requires these companies to disclose information related to their financial status in a complete, accurate and timely manner on the mass media. In addition, strong sanctions are imposed on non-life insurance companies that do not provide accurate and timely information as requested.
- EEC uses a common solvency standard to assess the financial capacity of non-life insurance companies. This standard is based on the scale, insurance operations being implemented, financial statement analysis, and comparison of unpaid claims with the reserves of non-life insurance companies.
- The European insurance regulator manages the business activities of non-life insurance companies according to the SolvencyII system with 3 pillars:
Table 2.1. The three most basic pillars of Solvency II
Pillar 1
Payment Requirements
Pillar 2 Governance and oversight | Pillar 3 Reporting and Disclosure | |
- Assets and liabilities: Price | - Identify risks that are not | - Transparent information to home |
market value | located in pillar 1; | investment, insured |
- Minimum capital requirement | - Monitoring at corporate scale; | and regulatory agencies |
(MCR) is calculated based on | - Intervention of managers | - Transparency in giving |
on risk factors | including the request for an increase | allow members in the market |
- Marginal capital requirement | capital | school access information about |
Solvency Ratio (SCR) | - Monitor the testing process and | risk profile, risk management; |
can be calculated with VaR | levels of intervention | |
99.5% 1 year term equals: | - Liquidity risk assessment mechanism | |
+ Standard formula | ORSA-Own Risk Internal Audit | |
+ Internal capital model | Solvency Assessment |
Maybe you are interested!
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Viewpoints on Perfecting State Management of Business Activities of Non-Life Insurance Enterprises in Vietnam -
State management of business activities of non-life insurance enterprises in Vietnam - 25 -
State management of business activities of non-life insurance enterprises in Vietnam - 22 -
![Pre-tax Profit of Bidv Tien Giang in the Period 2011-2015
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zt2a3gsnon-credit services, joint stock commercial bank
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At that time, the Branch had to set aside a provision for credit risks, which reduced the Branchs 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 Giangs 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 Giangs 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 Ministers 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 Giangs 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 Giangs income from guarantee services and trade finance has grown over the years. The reason is: Among BIDV Tien Giangs 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 Giangs 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).
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div.maincontent .s40 { color: black; font-family:Times New Roman, serif; font-style: normal; fo](https://tailieuthamkhao.com/uploads/2022/06/06/dich-vu-phi-tin-dung-tai-ngan-hang-thuong-mai-co-phan-dau-tu-va-phat-8-1-120x90.png)
Pre-tax Profit of Bidv Tien Giang in the Period 2011-2015
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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).
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Characteristics of Business Activities and Business Management Organization at Small and Medium Enterprises in Vietnam
(Source: Aon Insurance Brokerage)