Secondly, to propose scientific and practical solutions as well as recommendations for the development of export credit of the State activities at VDB; also, to contribute to the increase of the export turnover of traditional and advantageous products from Vietnam.
3. Subjects and scope of the research
3.1. Subjects: Export credit of the State and export credit of the State activities at VDB.
3.2. Scope
Geographic scope: within VDB’s bank system.
Time-based scope: the thesis has researched the export credit activities at Vietnam Bank Development from 2011 to 2015. This period is adequately suitable in term of time span regarding to the field of research.
4. Research objectives and questions
4.1. Research objectives
General objectives: To provide a comprehensive context of export credit of the State at VDB for the following two aspects: theoretical and practical aspects of export credit of the State activities with the aim for further development, as well as the promotion of Vietnam’s exports.
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Specific objectives:
To assess the development of export credit of the State activities at Vietnam Bank Development based on theoretical and practical verification.
To provide a feasible solution for the development of State-owned export credit activities at VDB.
To offer the solution to the Government in supplementing, revising and finalising the relevant policies on export credit of the State in Vietnam.
4.2. Research questions
1/ What is export credit of the State? What are the effects of export credit of the State on Vietnam’s exports? Do most countries use this instrument to promote their exports?
2/ Why should we use export credit of the State instrument to promote Vietnam’s exports? What are the differences from export credit of the State and the export credit from commercial banks?
3/ What are the positive results and limitations of export credit of the State at VDB in recent years?
4/ What are the practical solutions to the progress of State-owned export credit at VDB?
5. Research Methodology
5.1. Research approach
To research the scientific materials for the basic theoretical system, the approaches of the current theoretical system of export credit and export credit of the State.
To collect the legal documents on State-owned export credit in Vietnam to strengthen the theoretical basis of the thesis.
To investigate other countries’ experience in terms of export credit of the State as well as other relevant studies to complete the theoretical basis of the thesis.
To collect the published data sources by methods of statistics and analysis in accordance with requirements and purposes of the research.
5.2. Data collection and analysis
To collect the secondary data through reports which have been systematised for descriptive statistics; to prepare data tables based on each criterion for analysis and evaluate the actual results.
To rely on the secondary sources, researcher generates perspectives on the successes, shortcomings as well as the causes of shortcomings in export credit of the State activities at VDB.
5.3. Expert approach
To use the method of expert surveying on relevant criteria of export credit of the State activities; also, to strengthen the assessments of development of export credit of the State at VDB through these survey’s findings.
5.4. Summarisation approach
To summarise and to link between theoretical and practical policies; comprehensive and local perspectives on development, with the aim to convey the theoretical, practical concepts and feasible and scientific to fulfil the proposed research objectives.
6. Data sources
Sources from VDB: Annual Reports 2011 - 2014; Reports on Operation Summary 2011
- 2015; Reports on the operation of the Export Credit Committee 2011 - 2015.
Sources from State Bank of Vietnam: Annual Reports 2011 - 2014; Banking Statistics during 2011 -2015.
Primary sources which have been obtained from the questionnaire and some other information.
7. Research significance
7.1. Scientific significance
The thesis’s findings will contribute to the scientific theoretical system of the credit, export credit and state-owned credit in the market economy.
The thesis’s findings are grounds to support the role of the State-owned credit in the Vietnamese economy.
The thesis’s findings will be known as the reference materials, research papers for graduate students and doctoral students on relevant issues.
7.2. Practical significance
The thesis’s findings will assist VDB in appraising its export credit activities in recent years, along with giving practical measures to improve the efficiency of export credit activities according to the governmental policies.
The thesis’s findings will also help Vietnamese exporters to recognise and to apply governmental policies in export activities.
8. Research structure
In addition to the foreword, recommendations and conclusions, the thesis has 3 chapters:
Chapter 1: Literature review of Export Credit and State-owned Export Credit.
Chapter 2: Current state of export credit of the State development at Vietnam Bank Development.
Chapter 3: Solutions for export credit of the State development at Vietnam Bank Development.
Chapter 1
LITERATURE REVIEW OF EXPORT CREDIT AND EXPORT CREDIT OF THE STATE.
1.1. OVERVIEW OF EXPORT CREDIT
1.1.1. Concepts and forms of export credit
1.1.1.1. Concepts of export credit (EC)
Export credit in trade activities: Export credit is granted by the exporter to the importer through a deferred payment contract.
Export credit in financial activities: Export credit is considered a bank loan to the exporter for export promotion.
1.1.1.2. Forms of export credit
Credit export before delivery.
Credit export after delivery.
1.1.2. Roles of export credit
Export credit contributes in capital generating for enterprises to strengthen their export activities.
Export credit directly stimulates foreign economic relations.
Export credit stimulates the economic development in both wide and deep characteristics.
Export credit creates foreign currency earnings, balancing export turnovers and improving the country's current balance of payments.
Export credit contributes to create more jobs.
1.2. STATE-OWNED CREDIT AND EXPORT CREDIT OF THE STATE
1.2.1. State-owned credit
1.2.1.1. Concept of the State-owned credit
State-owned credit is considered as the credit relationship between the State and domestic organizations and individuals, or between the State and foreign organizations and individuals, thereby the State is known as both borrower and lender to performs the socio-economic development of the country.
1.2.1.2. Characteristics of the State-owned credit
State-owned credit is considered as a non-for-profit credit.
State-owned credit is mainly financed, guaranteed and compensated by the State.
State-owned credit shall be implemented according to the designated subject in accordance with the State's socio-economic development policy.
Interest rates in State-owned credit are considered as preferential interest rates; usually lower than the market interest rates.
State-owned credit also exposes to potential and possible risks.
1.2.1.3. Objectives of the State-owned credit activities
State-owned credit is used for common benefits of the whole economy.
State-owned credit accelerates the infrastructure construction and promote the socio- economic development.
State-owned credit creates jobs and improves the lives of beneficiaries.
1.2.1.4. Roles of the State-owned credit
State-owned credit accelerates the infrastructure construction of the economy.
State-owned credit contributes to promote the production development and economic restructuring.
State-owned credit contributes to poverty reduction and social security.
1.2.2. State-owned export credit
1.2.2.1. Concept of export credit of the State
State-owned export credit is a form of export financing and carried out by state-owned credit institutions or state-designated credit institutions, within the framework of State- owned mechanisms and policies from time to time.
1.2.2.2. Legal framework of export credit of the State in Vietnam
► References to international Agreements on export credit
References to Agreement on Subsidies and Countervailing Measures – ASMC by the WTO.
References to Agreement on Export Credit - AEC by Organization for Economic Co- operation and Development (OECD).
► Legal framework for export credit of the State in Vietnam
Legal documents of the Government and the Prime Minister.
Guidelines of Ministries and Branches.
Documents of Board of Directors and Executive Committee of VDB.
1.2.3. Distinguish between export credit of the State and the export credit of commercial banks
1.2.3.1. Similarities: operational objectives; serving subjects; borrowers; risk management; credit procedures and loan limits.
1.2.3.2. Differences: Listed and unlisted subjects; social policies bank and commercial banks; subsidised interest rates and market interest rates.
1.3. VIEWS ON THE DEVELOPMENT OF EXPORT CREDIT OF THE STATE
1.3.1. Overview of development
"Development" is understood as a change, or a change in various directions, ie, from less to more, from narrow to broad, or from low to high.
"Development is understood as a change or a change in various directions, ie. from less to more, from narrow to broad, from low to high, from simple to complex." [Encyclopaedia]
According to the economic dictionary, the "development" is an increase in both quantity and quality.
1.3.2. Criteria for development of State-owned export credit
1.3.2.1. Development of State-owned export credit in both quantity and scale
Scale development is considered as the broad development, that is, an increase in the number of existing products and services and introduction of new products and services. The broad development enriches products and services and creates competitive advantages.
Quantitative development of export credit of the State includes the following indicators:
To increase loans, recoverable amounts and closing debt balances;
To achieve reasonable credit balance growth rates;
To seek and expand borrowers;
To seek and expand the list of products which will be subject to export credits;
To enrich the of export credit portfolio to suit each borrower;
To increase the credit market share in the banking system.
1.3.2.2. Development of export credit of the State in both quality and efficiency
Deep development of the export credit should gradually improve the credit products in the direction of quality improvement to ensure the utility and efficiency. Quality
development of export credit activities is to enhance the export credit quality with the following major indicators:
To enhance the quality of State-owned export credits of the State;
To reduce bad debt ratios; Reduce frozen-debt ratios;
To increase credit turnover;
To enhance the financial efficiency in export credit activities.
1.4. EXPORT CREDIT OF THE STATE IN COUNTRIES AROUND THE WORLD AND LESSON OF EXPERIENCES FOR VIETNAM
1.4.1. State-owned export credit in selected countries around the world
It is believed, by many countries, that the export financing is a national strategy and banks for import and export services, import-export financing, especially important economic sectors such as Korea, China, USA, Thailand, Japan, etc.
1.4.2. Lesson of experiences on State-owned export credit for Vietnam
Experiences on export credit policy for Vietnam include: Firstly: State-owned export credit policy;
Secondly: forms of organization, purposes of export credit of the State policy; Thirdly: forms of supporting in export credit of the State;
Fourthly: lists of goods subject to export credit of the State policy; Fifthly: terms and credit limit of export credit of the State; Sixthly: interest rates of export credit of the State.
Chapter 2
CURRENT CONDITION OF EXPORT CREDIT OF THE STATE DEVELOPMENT AT VIETNAM DEVELOPMENT BANK.
2.1. OVERVIEW OF VIENAM DEVELOPMENT BANK
2.1.1. History of Vietnam Development Bank
2.1.1.1. Overview of Development Bank (Development Bank - DB)
The Development Bank is established and operated to help a country or a group of countries achieve a higher and sustainable level of development.
2.1.1.2. History of Vietnam Development Bank
Vietnam Development Bank was established under the Prime Minister's Decision No. 108/2006 /QD-TTg as of May 19, 2006. Its trade name in English is Vỉetnam
Deveỉopment Bank, also called as VDB following the reorganising the Development Assistance Fund system. The main task of the Vietnam Development Bank is to implement the policy of development investment credit and State-owned export credit.
2.1.2. Organizational structure of Vietnam Development Bank
Vietnam Development Bank is a social bank operating under the model of a one member limited liability company, holding 100% of the charter capital.
Activities of Vietnam Development Bank include:
Capital mobilisation; credit granting activities; entrustment and trusteeship activities; inter-banking; internal payment; payment services, foreign exchange services and other banking services; domestic and international payment services by the virtue of law and according to the guidance of the State Bank of Vietnam; other tasks assigned by the Government.
Organizational structure of Vietnam Development Bank:
Board of Director; Audit committees, General Director & Divisions directly under VDB’s Head Quarter.
2.1.3. Operational characteristics of VDB
VDB's activities are not for profits, but for the social-economic development;
Compulsory reserves (compulsory reserve ratio 0%) is exempt;
Insurance for deposited amount is not required unlike commercial banks;
Solvency is guaranteed by the Government;
Taxes and state budget remittances are exempt by the virtue of law;
Interest rate differences and management fees for development investment credit and State-owned export credit are compensated by the state budget.
2.1.4. Operating capital of Vietnam Development Bank
Equity;
Issuance of commercial paper and borrowings from financial institutions;
Other capital sources.
2.1.5. Functions and tasks of VDB
Capital mobilization
Vietnam Development Bank’s capital is raised as follows:
Issuance of bonds which are guaranteed by the Government;