Internship Report - Báo Cáo Thực Tập Tiếng Anh Tại Ngân Hàng.docx

Dịch vụ viết thuê đề tài – KB Zalo/Tele 0917.193.864 – luanvantrust.com
Tải miễn phí – Kết bạn Zalo/Tele mình 0917.193.864
INTERNSHIP REPORT
Topic: solutions to mprove the operational performance of vietnam
bank for ndustry and trade securities joint stock company (vietinbank
securities)

contents
Introduction ..............................................................................................................................4
Chapter 1: the theoretical basis of the performance of the securities company ..............7
1.1 overview of the securities company .......................................................................7
1.1.1 characteristics of the securities company .......................................................7
1.1.2 the role of the securities company...................................................................9
1.1.3 organization mode and operation mode of securities company................ 11
1.1.4 activities of the securities company ............................................................. 13
1.2 performance of the securities company .............................................................. 15
1.2.1 terspective on the operating efficiency of the securities company........... 15
1.2.2 performance evaluation ndicators of the securities company ................... 18
1.2.3 influencing factors of operating performance of the securities compant 21
Chapter 2: the real status for performance of vietnam bank for ndustry and trade
securities joint stock company (vietinbank securities) .................................................... 32
2.1 overview of vietnam bank for ndustry and trade securities joint stock
company (vietinbank securities) ..................................................................................... 32
2.1.1 history of formation and development ......................................................... 32
2.1.2 organizational structure.................................................................................. 33
2.1.3 business results of the company in the period from 2019 to 2021 ........... 34
2.2 performance of vietnam bank for ndustry and trade securities joint stock
company (vietinbank securities) ..................................................................................... 35
2.2.1 analysis of performance evaluation criteria of the company n the period
from 2019 to 2021......................................................................................................... 36
2.2.2 analysis of factors affecting the performance of vietnam bank for ndustry
and trade securities joint stock company (vietinbank securities)............................ 42

2.3 general assessment for the performance of vietnam bank for ndustry and trade
securities joint stock company (vietinbank securities)................................................. 55
2.3.1 achievements ................................................................................................... 55
2.3.2 limitations and its causes ............................................................................... 57
Chapter 3: solution to mprove the operational performance of vietnam bank for
ndustry and trade securities joint stock company (vietinbank securities) ..................... 58
3.1 development orientation of vietnam bank for ndustry and trade securities joint
stock company (vietinbank securities) n near future.................................................... 58
3.2 proposed solutions to mprove the operational performance of the company n
near future .......................................................................................................................... 59
3.2.1 provide quality products to customers ......................................................... 59
3.2.2 in-depth technology development ................................................................ 60
3.2.3 solutions to improve staff capacity............................................................... 61
3.3 proposal to the state securities commission – ministry of finance .................. 62
3.3.1 building a mechanism to ensure the quality of human resources input into
the securities industry ................................................................................................... 62
3.3.2 technology requirements when establishing securities companies .......... 62
Conclude ................................................................................................................................ 64
References ............................................................................................................................. 65

INTRODUCTION
1. Rationable for topic
Stock market is an important capital carrier of economy. Only when market
participants have all the conditions and abilities to ensure the effective operation of
business can the stock market operate effectively, among which securities companies
are the best. Play a pivotal role. Securities companies have created capital appreciation
mechanisms for enterprises and economies. Securities companies are an important
bridge (financial intermediaries), helping enterprises and governments to raise funds
through implementing activities and securities implementing. Thanks to securities
companies, investors' securities trading activities can be carried out safely, accurately
and efficiently through the introduction, consulting and management activities of
investment projects. For the stock market, securities companies help to stabilize
prices, standardize the market and improve the liquidity of securities. In addition,
through securities companies, regulators can also monitor and manage market-related
activities. Therefore, it can be seen that securities companies play a very important
role in the stock market. Therefore, the operating performance of securities companies
has a great impact on the stable and sustainable development of the stock market.
Therefore, improving the operating performance of securities companies is the basis
and demand for the development of securities companies and even the whole
securities market. It can be seen that securities companies play a very important role
in the stock market. Therefore, the operating performance of securities companies has
a great impact on the stable and sustainable development of the stock market.
securities market. It can be seen that securities companies play a very important role
in the stock market. Therefore, the operating performance of securities companies has
a great impact on the stable and sustainable development of the stock market.
securities market.

In vietnam, after 20 years of establishment and development, securities companies
have grown in both quantity and quality. When the stock market is active, the number
of securities companies is only 7, and sometimes the number of securities companies
increases to 105, but there are only 74 securities companies left at present, and active
securities companies are in the market. This fact proves the rigor of the operation of
these financial institutions. One of the main reasons for this situation is that many
securities companies operate effectively and stably, commensurate with the potential
of securities companies. In addition, the operating performance ranks among the best
in in categories, and thanh vien securities company of vietnam is evaluated according
to camels standard. The method of evaluation and ranking thanh vien securities
company according to camel model is a tool for stock exchanges to review and
evaluate the quality and financial status of securities companies and the health status
of corporate governance. The agency weak companies securities at risk of termination
of restructuring, so as to supervise and support securities companies to conduct
business and fulfill their obligations in stock exchanges. Therefore, in order to
survive, develop and maintain its image as a stock exchange, securities companies
need to improve their business performance while providing the types and evaluation
standards of securities companies.
Vietnam industry and trade bank securities co., ltd. Is one of the oldest and most
prestigious securities companies in vietnam. Founded in 2000 with a registered capital
of 55 billion vietnamese dong, the company is headquartered at no.306 ba trieu, hai ba
trung district, ha noi. Although it has a certain market share in the market, in order to
maintain and develop, videinbank needs to continuously improve its operational
efficiency. Therefore, it is extremely important to study and find solutions to improve
the operational efficiency of the philippinesbank seruity. Based on the above reasons,
the author decided to carry out the research project "operational performance solutions
provided by bank of vietnam for ndustry and trade securities joint stock securities
company" as the graduation theme.
2. Research objectives
The purpose of the research is to put forward a number of solutions on the basis of
analyzing and evaluating the operating performance of philippinesbank seruity from

2019 to 2020, so as to improve the operating performance of the company in the
future.
3. Research questions
In order to achieve the research objectives of the subject, the specific research
problems are as follows:
(1) How did philippinesbank security perform between 2019 and 2021? What are
the limitations and what are the reasons for them?
(2) What awards will help philippinesbank security improve its operational
efficiency in the near future? .
4. Object and scope of research only
The research object is the performance of philippinesbank security from 2019 to
2021
Scope of study:
Spatial scope: focus on icbc securities company. (videobank security)
Time range: the research data collectionrange is 2019-2021.
5. Research methods
Comprehensive method: it is used to synthesize the research related to the
operating performance of vietnam bank security, so as to inherit the theory related
to the operating performance and the theory of securities companies, and form the
theoretical basis of the topic selection of this paper . At the same time, he pointed
out the research gap, so as to continue to fill the research gap on the operating
performance of videinbank security.
+ statistics, description, and comparison methods: used to collect and count the
numbers of the vietnam bank seruity, then process, tabulate, chart, chart to
describe and compare the numbers between nam, stages.
+ analytical methodology: used to analyze tables, charts, charts and financial
figures to assess the current operating results of philippinesbank security.

CHAPTER 1: THE THEORETICAL BASIS OF THE PERFORMANCE OF
THE SECURITIES COMPANY
1.1 Overview of the securities company
1.1.1 Characteristics of the securities company
With the formation and development of the securities market, securities companies
have been established, operated and developed to meet the needs of market
participants for securities products and services. In the early stage of the securities
market, services are purely intermediary services between buyers and sellers of
securities-intermediary services-carried out by investors. When the securities market
develops to a certain extent, the securities providing securities services are mainly the
securities industry.
Securities company is a specific type of enterprise, is the intermediary of securities
market, engaged in service securities activities: securities trading, securities trading,
underwriting, issuing, securities investment and other services regulated by law.
Stock exchange listed companies refer to securities companies that have been issued
business licenses by regulatory agencies and recognized as listed companies by the
stock exchange after meeting all the conditions for becoming listed companies on the
stock exchange.
Stock exchanges set standards for their operations in accordance with their
development schedules, the characteristics of securities companies, economic
conditions and the liberalization and development of financial markets. However, a
standard of transparency is that the stock exchange must have a healthy financial
situation, good equipment and a high-quality workforce, and be able to trade securities
in the market. And the more developed the market, the stricter the market standards.
In the case of government-established stock exchanges in emerging securities markets,
the number of securities companies licensed by the national securities commission is
strictly regulated, so that the number of securities companies licensed to operate
automatically becomes members of the stock exchange. However, in the development
process, the number of securities established was very large, and the number of seats
with access to the trading system of the stock exchange was limited. The stock

exchange established standards to limit the non-compliance of small companies in
terms of facilities, equipment and business activities.
Generally speaking, the standards of the stock exchange are considered from the
following aspects:
-financial criteria: the financial criteria for equity contribution, mandatory capital and
total assets to be members of the stock exchange are met for regulation. This standard
will ensure that thanh vien has a healthy financial position and sufficient technical
facilities to operate normally. In addition, when accepting the establishment of
securities companies, the csrc usually sets the minimum capital for activities
according to market rules and activities. In addition, the equity debt ratio and return on
equity are also consistent with the company's operating indicators. These ratios must
be verified to ensure the company's good financial position and profitability.
-performance criteria: the quantity and quality of management committees, securities
analysts and other participants must be specified in the performance rules. Because
securities are a complex financial instrument, managers need to have a certain of
securities business to cope with price fluctuations, so securities companies must have
enough employees to perform their duties. In order to and develop the stock market, it
is necessary to realize the harmonious combination of corporate interests (fair trade,
investor protection and corporate capital appreciation). People engaged in
management work must be people with both knowledge of securities business and
good ethics. Students must have at least some education or experience.
In addition, when recruiting personnel for a company, careful should also be given to
the ethical issues of the securities business, such as the need to be a person with full
legal and behavioral capacity, no criminal record or criminal record, and the owner of
a previously collapsed enterprise.
-technical quality headquarters standards: securities companies must meet
headquarters standards suitable for securities business. This stems from the main point
of securities trading activities, that is, there needs to be a trading floor where investors
come to trade securities for themselves and receive market information. In addition,
the technical facilities of securities companies are also a modern equipment system,
which serves the communication process of customers, and the report of transaction

results also helps customers inquire about account numbers and search for
information... In addition, when the securities companies market is not physical,
securities companies also need to ensure the regulations of warehouse system to
ensure the safety of investors' securities.
After being approved by the ministry of finance and under the guidance of the state
securities regulatory commission, securities companies with business premises and
securities business facilities: have business premises; those who have equipment to
engage in securities business activities and engage in securities underwriting and
investment activities must comply with the provisions on equipment.
1.1.2 The role of the securities company
First, the bridge role between securities supply and demand
Securities companies are financial intermediaries that mainly participate in the process
of securities transfer: from applying to trading in the secondary market.
-in the social market
+ securities companies are the bridge between issuesrs and investors, and help issuers
raise funds quickly through underwriting activities.
+ with good business operation, professional experience and appropriate
organizational mechanism, securities companies play a good role as intermediaries,
providing securities trading, applying, investment consulting and other services to
investors and issuesrs. Through this activity, securities companies played a bridge
role, guiding funds from surplus to shortage.
-secondary market
Securities companies are the bridge between investors and the intermediary that
converts investment into money and return. Securities companies with high activity
and active investment have taken on this transformation role well, helping investors to
minimize the loss of investment value.
Second, the role of determining prices and stabilizing stock market prices
Securities companies provide pricing mechanisms through stock exchanges and over-
the-counter markets to help investors truly and accurately evaluate investment value.
Securities firms' proprietary operations and legal requirements help stabilize prices
and create markets for new securities. According to the regulations of other countries,

securities companies must set aside a certain proportion of funds in their transactions,
buy securities when the market price of securities falls, and sell them when the price
of securities is high..
Third, implement liquidity securities
Investors hope to be able to convert cash into valuable securities in a stable way.
Securities companies can undertake this kind of conversion, which helps investors
suffer the least losses when investing. For example, in most investment activities in
today's stock exchanges and over-the-counter markets, investors can convert cash into
securities and stocks every day without suffering heavy losses due to the value of their
investments. In other words, there may be some external factors affecting the
investment value, such as rumors about economic problems and the decline of
investment value due to trading mechanism.
Fourth, securities companies help the market create new products and services
In recent years, the variety of securities has grown very rapidly, which is due to the
increase of market capacity, the increase of market volatility, the clear understanding
of financial markets by customers and the marketing efforts of securities companies.
In addition to the well-known stock and bond issuing and trading services, securities
companies now also operate derivatives trading, warrant trading, mixed contract
trading, option contract trading and other products, creating a variety of securities
products and services provided by companies, which is also suitable for the
development of securities market and economy.
Fifth, securities companies help market management institutions effectively manage
and supervise market activities.
One of the obligations of securities companies is to provide investors and regulatory
agencies with information about the market. Provide market information to
management institutions to manage the market. Securities companies are not only the
underwriters of new securities, but also the intermediaries of securities trading and
market trading. Therefore, the issuer information or securities trading related
information, investor shareholding ratio information... Are reported by the securities
company to the management. Therefore, market management institutions can control
and crack down on market manipulation, manipulation and distortion. Through this

information, the management organization can grasp the actual situation of the
market, so as to formulate corresponding policies and measures for the development
of the market.
Sixth, securities companies help to reduce transaction costs, reduce risks and improve
investors'investment efficiency.
Buying and selling through securities companies will help investors significantly
reduce the cost of finding partners, thus saving transaction costs. Considering each
specific transaction and the whole market, it will help improve the liquidity of
securities. At the same time, it helps investors reduce the risks in the process of
securities trading. Investors guarantee to receive securities when buying, which are
real securities, and investors guarantee to receive funds after delivering securities.
1.1.3 Organization mode and operation mode of securities company
Securities conduct business and organize different forms of business. Every
organization type of securities company has certain advantages and advantages. The
popular organization modes of securities companies in the world include partnership,
limited liability company and joint-stock company.
Partnership mode: two partnership members and two partnership members jointly
contribute to the business, in which there must be at least two partnership members in
addition to the contributing members. Members of the partnership must be people
with reading ability and professional reputation.
With this form of business, securities companies will have a compact organizational
structure, because the number of members is small, the level of rights is stable, and the
credibility of the company is high, because the partners are people with readers and
reputation.
However, the company's ability to increase capital will be limited because in this
form, the company is not allowed to issue any securities and must take non-current
responsibility for the company's debts.
Legally, the partnership model is usually applicable to such investment consulting,
financial consulting and portfolio management businesses, which require employees
to have good qualifications and professional ethics. However, this model is not
suitable for activities requiring strong financial strength, self-employment or

underwriting, because its capital appreciation ability is limited. At the same time,
under this mode, the existence of securities companies will be seriously affected, thus
affecting the interests of corporate customers, when the founders of the company want
to quit the company.
Limited liability company: it is an enterprise funds by two or two members, and the
members can be an organization.
The characteristics of this model and partnership model are: (1) partners only bear
limited responsibilities for the debts and obligations of the partnership, (2) capital
distribution is simple and flexible, and (3) managers are not limited to limited
partners.
However, the limited liability company model also has some limitations in increasing
capital potential, transferor capital contribution or reducing capital quantity, and the
specific methods allowed to increase capital, especially:
+ the limited liability company model only allows issuing bonds, not opening stocks
to raise funds.
+ contributions are transferred first to existing members of the company, followed by
individuals and organizations outside the company.
+ increases or said in membership are also limited by laws and regulations and the
approval of existing members of the company.
+ consider the perspective of the stock market, one of the operating rules of the
market is the openness and transparency of information, which is difficult in the
process of complying with the market information disclosure regulations. At the same
time, the market, investors and customers have limited supervision over the company's
activities. These make it difficult for the transparency of business activities to meet the
needs of the market. However, for many reasons, this type of company has established
and popularized this type of partnership.
Joint-stock company model: an enterprise whose registered capital is divided into
equal parts is called shares. The owner of a stock is called a share of a company.
Stocks can be organized, with at least three people or the smallest. This is an
enterprise type with outstanding characteristics, which is exactly the same as the two
new enterprise types. Specifically: (1) it is the only enterprise type that is allowed to

raise funds by means of shares, so it can easily obtain capital in the course of
operation; (2) the existence of a company is a custom that does not depend on the
change of shareholders; (3) the risks borne by stocks are limited to the basis of capital
contribution to a certain extent; (4) easily realize ownership conversion through stock
trading according to law; (in) the organization form, management form,
However, for this securities company model, the organizational stability of the
company and the limited liability company is not high. At the same time, securities
companies must always abide by the provisions and operating rules of enterprise law
and securities law, especially for securities companies that reach the level of listed
companies. This may increase the cost of management and operation of the company.
In addition, under the mode of joint-stock company, the operation of securities
companies must often face the risks of mergers and acquisitions.
Different organizational models will be suitable for the business types registered by
securities companies. However, the type of joint-stock company is appropriate for the
securities company to carry out its activities in an all-round way. In the world,
securities companies are organized in the form of joint-stock companies and limited
liability companies, which are being used in most stock markets in the world. The
united states, malaysia, hong kong and other countries adopt the partnership model.
Rieng in japan, all securities companies are organized in the form of joint-stock
companies.
Therefore, the application of any organizational model will affect the organizational
structure, management and decision-making, capital appreciation ability, debt
responsibility and the way of capital contribution or reduction. Thereby affecting the
income generation and expense use of securities companies, thus affecting the
operating performance of securities companies.
1.1.4 Activities of the securities company
Generally speaking, securities companies are organized and operated in two modes:
securities company mode and dornan securities company mode.
Securities company model

Under this mode, the securities business will be established and operated by securities
companies in the securities field; customers shall not directly participate in securities
trading.
The focus of this model is to limit the risks of customers and financial institutions in
the market. This model is the foundation of the future development of securities
companies, and creates a premise for improving the professionalism of various
services provided to market. This model has been applied in many countries-the
united states, japan, canada...
However, this model also brings many challenges to securities companies. First of all,
when chua achieved a firm foothold in the market, it was a difficult business activity.
Second, high specialization requires the company's resources to have high reading
ability, so as to better meet the needs of customers. Under the background of
increasing globalization of stock market, this is an obvious challenge for companies
born in emerging markets.
Securities companies can adopt the mode of whole-owned operation and partial
operation. The full-service model allows securities companies to carry out and provide
all services such as global securities, consulting, underwriting, portfolio management
and investment fund management. Some business models aim to enable securities
companies and companies to carry out highly specialized service provision activities;
the main participants focus on securities underwriting and self-operated business;
chuyen fund management company provides investment fund management and asset
management services to clients.
Danan securities company model
The essence of this model is to allow financial institutions and commercial entities to
operate in all areas of securities, insurance and cash transactions. There is no legal
difference in the activities of providing financial services to the market. This model
can be divided into two categories:
Completely diversified types: customers can engage in securities trading, insurance
trading and cash trading. This model is currently being applied in the netherlands,
germany and switzerland...

Multi-part type: clients engaged in securities business must set up accounting firms.
This model has been applied in canada, australia and other countries.
The mode of danan securities company is sectors by wide business scope, distributed
in various financial services, establishing diversified business mechanism, reducing
business risks and preventing fluctuations in various business. On the other hand,
securities companies use capital advantages to trade securities; customers can use
various services and services of securities companies.
However, this model is full of limitations:
+ the standard of activities, the scope of activities is very large, and the development
of management ability needs to reach a responsive process, which must be a modern
and high-level management process. In many markets, especially in developing
markets, it is usually impossible to establish such requirements.
+ on the other hand, according to this model, if the stock market fluctuates, it will
strongly affect the cash business of securities companies and easily lead to financial
crisis.
+ from the perspective of market management, this model favorable conditions for
companies to manipulate the market by using their own advantages, which not only
damages the legitimate interests of other subjects, but also promotes the stable, active
and transparent development of the whole market .
Due to previous restrictions in the united states and many other countries, after the
financial crisis of 1933, most countries switched to the securities trading mode, and
only germany still maintained this mode.
1.2 Performance of the securities company
1.2.1 Terspective on the operating efficiency of the securities company
Operating efficiency is generally understood as the economic and social benefits
obtained in the process of operation. Operating performance includes economic
benefits and social benefits, which economic benefits are decisive, among readers' use
of input resources to achieve the highest results at the lowest cost.
According to author pham thi thui (2018), "business performance shows the
relationship between the output results used and the input resources in the process of

business operation". Therefore, in order to achieve high operating efficiency,
enterprises need to maximize output under the condition of limited resources.
The view on the operating performance of securities companies is also based on the
view on the operating performance of general business. However, because the purpose
of securities companies is to provide securities services, the business activities of
securities companies have a great impact on the whole stock market and the whole
economy. There are some differences between the operating performance of securities
companies and that of traditional enterprises. According to the author nguyen thi mui
(2007), "the performance of securities companies is related to the socio-economic
part, first the company part, then the industry part. Securities and the whole
economy". Therefore, the operating performance of securities companies includes the
economic and social benefits obtained by companies. Among them, economic benefit
is the primary goal of securities companies, followed by social benefit, which is the
contribution of securities companies to the industry and the whole economy.
Contributions to the securities industry include: improving the liquidity of the stock
market, supporting corporate financing, disseminating securities knowledge,
consulting investors … contributions to the economy include: the contribution of
securities companies to the national account books, and the employment and income
growth level of employees of securities companies.
According to hoang van quynh (2014), "the operating performance of securities
companies is an economic category, reflecting the use of resources (capital, resources,
resources, resources, resources), in order to achieve the defined goal of the company's
general economic situation or the economic benefits of securities business" [42]. From
this point of view, the operating performance of securities companies is the economic
benefits realized by securities companies. This is the efficiency of using investment to
achieve the company's economic goals.
In my opinion, securities companies and any other enterprises must take economic
benefits as the most important criterion to evaluate their business performance.
However, it still needs to ensure the social benefits brought by securities companies.
The economic benefits of securities companies are shown by comparing their output
results with the input resources used by securities companies to achieve the results.

Output can be income, profit before tax, profit after tax, interest and profit before tax.
Input resources can be total assets, owner's equity or expenses used to carry out
business activities. However, the difference between securities companies and
traditional business is that when evaluating the economic benefits of securities
companies, the effectiveness of each activity provided by securities companies must
also be considered. In fact, some securities companies carry out only one business
activity, while others carry out all-round business activities, including gender
activities, consulting activities, securities underwriting activities and securities self-
operated activities. Therefore, it is necessary to evaluate the effectiveness of each
activity in the economic benefit evaluation of securities companies. The effectiveness
of each activity is shown by the growth of revenue for each activity, the ratio of
revenue to cost for each activity, and the contribution of each activity to revenue. For
example, the performance of gender performance can be shown by gender market
share, gender income growth and gender income cost ratio... Or the effectiveness of
activities can be reflected by the growth of activity income, the cost ratio of activity
income and the contribution to activity income... The high effectiveness of activities
will help improve the economic benefits of securities companies, thus improving the
operating efficiency of securities companies. Therefore, securities companies need to
focus on activities and improve the quality of business activities in order to bring the
highest business efficiency. However, securities companies need to ensure the best
risk management in the process of carrying out business activities, because there are
many potential risks in the business activities of securities companies, the most
important of which are financial risks: credit risk, liquidity risk and bankruptcy risk. If
securities companies have high operating efficiency and high financial risks, that is,
low financial security, it will be difficult for the market to develop sustainably.
Therefore, the research on the operating performance of securities companies also
needs to be related to the financial security of securities companies. Therefore, it is
necessary to evaluate the effectiveness of each activity in the economic benefit
evaluation of securities companies. The effectiveness of each activity is shown by the
growth of revenue for each activity, the ratio of revenue to cost for each activity, and
the contribution of each activity to revenue. For example, the performance of gender

performance can be achieved through gender market share, gender income growth and
gender income cost ratio... Or the effectiveness of activities can be reflected by
activity income growth, activity income cost ratio and contribution to activity income.
.. The high effectiveness of activities will help improve the economic benefits of
securities companies, thus improving the operating efficiency of securities companies.
Therefore, securities companies need to focus on activities and improve the quality of
business activities in order to bring the highest business efficiency. However,
securities companies need to ensure the best risk management in the process of
carrying out business activities, because there are many potential risks in the business
activities of securities companies, the most important of which are financial risks:
credit risk, liquidity risk and bankruptcy risk. If securities companies have high
operating efficiency and high financial risks, that is, low financial security, it will be
difficult for the market to develop sustainably. Therefore,
Therefore, considering the manager's point of view of securities companies, the author
thinks: "the operating performance of securities companies is the economic benefits
realized by securities companies through operating activities, reflecting the use
process of investments resources. The overall economic objectives and activities of all
indicates that the financial security companies of securities companies must be
ensured.".
The manager of ron securities company hopes to get the highest operating
performance from the activities of the company. High operating efficiency will help
securities companies to improve their reputation, affirm their market position, and
create favorable conditions for the development of business activities. However, the
managers of the securities company must link the goal of improving business
performance with the goal of providing the financial security of the securities
company. Only in this way can securities companies ensure the improvement of
business performance and the sustainable development of the stockmarket.
1.2.2 Performance evaluation ndicators of the securities company
In order to evaluate the operating performance of securities companies, this paper puts
forward three groups of indicators, including the indicators for evaluating each
operating performance of securities companies, the indicators for evaluating

profitability and the indicators for evaluating financial security of securities
companies.
1.2.2.1Indicators for evaluating the operating performance of securities companies
 Contribution to total income per activity
The reading contribution to the total income of each activity includes: the reading
contribution of gender activity, consulting activity, self-operated activity, sponsorship
activity, signature activity and other activities.
𝑪𝒐𝒏𝒕𝒓𝒊𝒃𝒖𝒕𝒊𝒐𝒏 𝒕𝒐 𝒕𝒐𝒕𝒂𝒍 𝒊𝒏𝒄𝒐𝒎𝒆 𝒑𝒆𝒓 𝒂𝒄𝒕𝒊𝒗𝒊𝒕𝒚 =
𝑰𝒏𝒄𝒐𝒎𝒆 𝒑𝒆𝒓 𝒂𝒄𝒕𝒊𝒗𝒊𝒕𝒚
𝑻𝒐𝒕𝒂𝒍 𝒊𝒏𝒄𝒐𝒎𝒆 𝒐𝒇 𝑪𝑶𝑰𝑵
Among them: the income of each activity can be the income of world activities,
activities, self-operated activities and guaranteed activities...
This alone shows which business activities are dominant securities in companies.
From there, combined with cost and profitable assessment, there are ways to promote
key business activities, improve weak activities and promote the integrated
development of the company.
 Income growth per activity
The growth of each operating income includes: world operating income growth, self-
operating income growth, self-operating income growth, guaranteed operating income
growth, contributing operating income growth and other operating income growth.
General definition formula of these lines:
𝑰𝒏𝒄𝒐𝒎𝒆 𝒈𝒓𝒐𝒘𝒕𝒉 𝒑𝒆𝒓 𝒂𝒄𝒕𝒊𝒗𝒊𝒕𝒚
=
𝑫𝒊𝒇𝒇𝒆𝒓𝒆𝒏𝒄𝒆 𝒃𝒆𝒕𝒘𝒆𝒆𝒏 𝒕𝒉𝒆 𝒊𝒏𝒄𝒐𝒎𝒆 𝒐𝒇 𝒆𝒂𝒄𝒉 𝒂𝒄𝒕𝒊𝒗𝒊𝒕𝒚 𝒊𝒏 𝒕𝒉𝒆 𝒄𝒖𝒓𝒓𝒆𝒏𝒕 𝒑𝒆𝒓𝒊𝒐𝒅 𝒂𝒏𝒅 𝒕𝒉𝒆 𝒑𝒓𝒆𝒗𝒊𝒐𝒖𝒔 𝒑𝒆𝒓𝒊𝒐𝒅
𝑰𝒏𝒄𝒐𝒎𝒆 𝒑𝒆𝒓 𝒂𝒄𝒕𝒊𝒗𝒊𝒕𝒚 𝒊𝒏 𝒕𝒉𝒆 𝒑𝒓𝒆𝒗𝒊𝒐𝒖𝒔 𝒑𝒆𝒓𝒊𝒐𝒅
This item alone is used to evaluate the growth rate of income of each activity of
securities companies, and compare the income of each activity in the current period
with the income of the previous period. Through this line, we can know which
activities contribute to the income growth of securities companies, and which
activities are declining and reducing the total income of securities companies. On this
basis, determine the correct positioning of each business sector, establish a reasonable
legal system, enhance superior activities and weak activities, and make positive

contributions to the high performance and operating performance of securities
companies.
Cost-to-income ratio per activity
This alone requires the determination of income-cost ratios for each activity,
including: world-wide, self-employed, guaranteed, guaranteed, participating and other
activities. General definition formula of these lines:
𝑪𝒐𝒔𝒕 𝒕𝒐 𝒊𝒏𝒄𝒐𝒎𝒆 𝒓𝒂𝒕𝒊𝒐 𝒐𝒇 𝒆𝒂𝒄𝒉 𝒂𝒄𝒕𝒊𝒗𝒊𝒕𝒚
=
𝑪𝒐𝒔𝒕 𝒑𝒆𝒓 𝒂𝒄𝒕𝒊𝒗𝒊𝒕𝒚
𝑰𝒏𝒄𝒐𝒎𝒆 𝒑𝒆𝒓 𝒂𝒄𝒕𝒊𝒗𝒊𝒕𝒚 𝒊𝒏 𝒕𝒉𝒆 𝒑𝒓𝒆𝒗𝒊𝒐𝒖𝒔 𝒑𝒆𝒓𝒊𝒐𝒅
This alone is used to assess the effectiveness of using costs to generate revenue for
each activity. For example, the revenue cost of a global activity would be reflected in
how much vnd a securities firm would need to spend on the activity to generate global
revenue. The lower the price, the lower the cost of generating 1 guilder of revenue,
which helps the company save costs and increase profits. By analyzing and evaluating
only the billions of revenue costs of each activity, we will see which activities are
effective and which are effective. Since then, securities firms have had ways to save
costs and increase revenues to maximize the profits of each activity and the company
as a whole.
1.2.2.2Evaluation index of profitability of securities companies
The indicators in this group are the measurement standards for the operating
performance of securities companies. It is the comprehensive result of a series of laws,
regulations and management decisions of securities companies. Indicators reflecting
the profitability of securities companies include:
 Return on total assets (roa)
𝑹𝑶𝑨 (%) =
𝑷𝒓𝒐𝒇𝒊𝒕 𝒂𝒇𝒕𝒆𝒓 𝒕𝒂𝒙
𝑨𝒗𝒆𝒓𝒂𝒈𝒆 𝒕𝒐𝒕𝒂𝒍 𝒂𝒔𝒔𝒆𝒕𝒔
𝒙𝟏𝟎𝟎%
This index reflects the average business capital (or average assets) that brings in after-
tax profits for securities companies. This ratio reflects the management ability of
securities companies in using assets or commercial capital to bring profits to the
company. Therefore, this high figure reflects funds that the use of assets or operating
of securities companies is effective and the asset structure is reasonable. If roa is low,

it proves that the asset investment of securities companies is reasonable and the use of
assets is effective.
 Return on net sales (ros)
𝑹𝑶𝑺 (%) =
𝑵𝒆𝒕 𝒔𝒂𝒍𝒆𝒔
𝒙𝟏𝟎𝟎%
The index reflects how many guilders of after-tax profits a securities firm will earn for
every guilder of net income earned, or the percentage of after-tax profits to the
company's total net income. This index shows the effectiveness of net income (or net
income), and also shows the cost control of securities companies. The higher the
number, the better.
 Return on equity (roe)
𝑹𝑶𝑬 (%) =
𝑨𝒗𝒆𝒓𝒂𝒈𝒆 𝒔𝒉𝒂𝒓𝒆 𝒄𝒂𝒑𝒊𝒕𝒂𝒍
𝒙𝟏𝟎𝟎%
This alone reflects how much net profit was generated by the average capitalized
capital used during this period. Tiiu alone reflects all aspects of financial management
procedures, including income and expense management procedures, asset
management procedures, securities company capital management procedures. Only
the higher this ratio, the more effective the use of equity of securities companies.
1.2.2.3Evaluation index of financial security of securities companies
 Accounts receivable/total assets ratio
𝑹𝒂𝒕𝒊𝒐 𝒐𝒇 𝒂𝒄𝒄𝒐𝒖𝒏𝒕𝒔 𝒓𝒆𝒄𝒆𝒊𝒗𝒂𝒃𝒍𝒆 𝒕𝒐 𝒕𝒐𝒕𝒂𝒍 𝒂𝒔𝒔𝒆𝒕𝒔 =
𝑨𝒄𝒄𝒐𝒖𝒏𝒕𝒔 𝒓𝒆𝒄𝒆𝒊𝒗𝒂𝒃𝒍𝒆
𝑻𝒐𝒕𝒂𝒍 𝒂𝒔𝒔𝒆𝒕𝒔
If this ratio is high, it means that most of the assets of securities companies are used to
finance customers. Therefore, the level of asset security will depend on the financial
situation and changes in the customer's investment portfolio, and it will be difficult for
securities companies to control the risks. Therefore, the laws of other countries usually
stipulate the highest interest rate of this index to ensure the asset safety of securities
companies.
1.2.3 Influencing factors of operating performance of the securities compant
The factors affecting the business performance of the securities company are also
based on the factors affecting the business performance of the enterprise in general.
However, because a securities company's operations are heavily influenced by stock

market fluctuations and macro factors, there are a number of specific factors affecting
the company's business performance. Securities companies are different from ordinary
businesses such as: the development of the stock market, the commitment to opening
the financial market and the development of science and technology. As follows:
1.2.3.1Objective factors
Political and economic stability
This is the first important condition for any activity taking place in the economy. With
a stable political environment, it will create peace of mind for investors as well as
peace of mind to conduct production and business of enterprises. A stable political
environment is a condition for the government to issue policies related to industries,
including the securities industry, as well as to plan socio-economic development
strategies over a period of time. Thereby creating a driving force to promote
investment in the entire economy. That is also a condition for securities companies to
further develop their activities to meet the needs of customers.
Economic stability helps businesses expand their production scale, contributing to
increasing the supply of goods on the stock market. It is necessary for the government
to create and maintain a stable macro-economy, it is necessary to ensure that the price
mechanism is not distorted and that there are stable and favorable financial and
monetary conditions. . Only then can all sectors of the economy do business and
attract the attention of not only domestic but also foreign investors. Thereby helping
the securities company's activities to expand and develop. Economic stability can be
measured through the growth rate of gdp (gross domestic product) and the rate of
inflation. Gdp growth will positively affect the stock market in terms of quantity and
quality. An economy with good growth, attracting a lot of direct and indirect
investment capital from abroad. When more foreign investors participate, the market
will become more transparent and professional. In addition, overall economic growth
reflects the stability of the stock market. Stock prices rose and securities transactions
became more active, creating favorable conditions for brokerage and consulting
activities of securities companies. Moreover, economic growth creates the need to
expand production and business activities of enterprises. Then, companies that need
capital to grow can raise capital through the stock market if they are eligible to issue

securities. As a result, securities companies can develop financial advisory, issuance
consulting and securities underwriting activities.
Inflation is understood as the increase in the general price level of goods and services
over time and the loss of value of a currency. Inflation affects the stock market
indirectly through the commodity market. Rising inflation means that the cost of
businesses will be pushed up, the price of goods will increase accordingly. But the
demand for the good will decrease because the price increases, leading to a decrease
in the revenue of the good. Enterprises are no longer attractive to investors in the stock
market. High inflation is a sign of an unstable economy. This makes people and
investors lose confidence in the economy. Then the mob mentality appeared,
Legal system and legal environment
Is an important factor affecting the operation of enterprises in general and the
operation of securities companies in particular within a country as well as on an
international scale. The legal system is decisive in restricting or promoting and
encouraging development in a certain area. The legal system regulating economic
relations here is not only the legal system of the host country but also the international
legal system when the activities of securities companies do not stop at the
international level. Family. With a strict legal system will create a healthy and fair
competition environment among securities companies, promoting development of
securities companies.
An open legal environment will create conditions for businesses in general and for
securities companies in particular to develop their operations. Securities companies
operating in addition to being regulated by relevant laws must also comply with the
provisions of specialized laws - the law on securities and the securities market.
Therefore, consistency among existing laws is an essential requirement for all
activities. Therefore, the legal environment will also significantly affect the
development and improvement of business efficiency of securities companies.
Market development policies will have certain impacts on the decision of investors
whether to continue to participate or to withdraw from the market. This will affect the
business performance of the securities company. If a favorable policy, creating
favorable conditions for investors will attract investors to participate in the market,

from which securities companies have conditions to develop their activities. On the
contrary, an unfavorable policy, limiting the development of the market will have a
negative effect on the activities of securities companies in the market.
Development of the stock market
Is a factor that directly affects the business performance of securities companies. The
development here implies the development of both commodities in the market and the
participation of a large number of investors. The development of the stock market will
inevitably give rise to new commodities, diversifying the categories for investors to
choose from, such as futures contracts, options contracts, etc. .that is a condition for
securities companies to develop their activities to meet the investment requirements of
their clients. When the market develops, it means that the participation of investors
also increases, the demand for investment is also diversified, the demand for services
from securities companies also increases;
The development of the stock market does not stop at the national level but it will
reach out to the world. At that time, securities companies not only operated in the
country but also expanded to the world market by opening representative offices,
establishing branches or joint ventures with foreign securities companies. Thus, the
activities of securities companies have more opportunities to develop and thereby
create more revenue and improve business efficiencyfor securities companies.
The development of science and technology
The fourth industrial revolution (fir), also known as the industrial revolution 4.0
(cmcn 4.0), is and will be a big trend, affecting the entire stock market in general and
to the entire stock market. Securities companies in particular.
For securities companies, industry 4.0 creates new opportunities to help securities
companies improve business performance. Securities companies can apply artificial
intelligence to manage risk portfolios, manage customer lists, manage databases, and
improve governance models. Accordingly, securities companies can apply the digital
securities company model that operates on a technology platform through digital
devices connected to computer and mobile software through the network environment.
Internet. This model will change the entire system of securities companies, helping to

provide many modern services to customers. For example, providing securities
services via mobile internet,
The intersection of financial services and technology forms fintech companies. This
puts pressure on traditional financial business models to change to catch up with
competitive trends, including securities companies. When securities companies
participate in industry 4.0, customers can access good services with lower service
fees. At the same time, with the growing telecommunications infrastructure, taking
care of customers at securities companies by remote method via video-call becomes
easier and more convenient. That is the advantage that securities service providers
must aim for, forming smart digital service organizations in the future.
However, to achieve this, securities companies need to strengthen their financial
capacity, improve investment resources for technology, and promote the application of
market technology in data management and corporate governance; have policies to
attract talents and develop new skills for employees. In addition, information security
for customers will be one of the obstacles when investors connect to electronic
systems, because in a smart connection environment, customers' personal information
can be easily accessed. Lookup and search, so network security becomes extremely
important. The development of telecommunications infrastructure comes with new
security challenges that require data to be well controlled.
Thus, the development of science and technology has opened up a lot of new
opportunities for securities companies to improve business performance, but also
poses challenges that securities companies need. Overcome.
Commitment to open financial markets
For securities companies, the positive side of the commitment to open up the financial
market in vietnam is the increasingly fierce competition in the market, thereby forcing
domestic securities companies to intensify restructuring, innovate operations and
increase the ability to accumulate and accumulate to become stronger, gain a higher
market share, thereby maintaining its position in the face of the trend of opening up
and international integration.
Accordingly, the position of securities companies after merger and restructuring will
be improved in both quantity and quality, which will not only help the domestic

market share be controlled, protected, and grown, but also an basis to develop
business to other countries in the bloc, contributing to promoting the sustainable
development of the financial-banking system. Besides, the process of equitization of
state-owned enterprises, the need for enterprise valuation, the need for issuance, the
search for strategic partners, and the search for a listing market (domestic and foreign)
will be the factors that increase the demand for the service. Services of securities
companies. Thus, securities companies will have many opportunities to increase
profits in both proprietary trading as well as brokerage.
Factors belonging to investors
The factors belonging to investors that affect the business performance of securities
companies include: psychology of investors, understanding of investors and strategies
of investors. Firstly, investor psychology plays a certain role in making investment
decisions. Since the value of a stock is based on the law of supply and demand,
investor sentiment plays a huge role in the stock market. If investors are pessimistic
about the future of the market, they will sell stocks, which causes the market to go
lower. Conversely, if investors are optimistic about the market, they will buy stocks
leading to market rally. Stock market volatility also affects business activities of
securities companies, especially proprietary trading activities. Second, the investor's
understanding will help investors choose a good securities company, an effective
portfolio and an appropriate investment time. Investor's understanding can be seen
from the perspective of expertise and investment experience. If securities investors
have a high level of education, the right major, the investment efficiency will also be
high and the access to modern technologies and knowledge about securities will also
be easier, thereby creating favorable conditions for securities companies in brokerage
and consulting activities. Investment experience will directly affect the investment
results of customers. Inexperienced customers need more careful advice and
brokerage from securities companies, while experienced investors need more
professional consultants and brokers. Thirdly, in terms of investment strategy, there
are investors who choose current investment strategies, but there are also investors
who choose medium and non-current investment strategies. If investors choose a
current investment strategy, they will continuously make securities trading

transactions to find the difference in stock prices, then securities companies can
collect a lot of transaction fees from customers' orders. If the investor chooses a
medium and non-current investment strategy, the securities company can collect an
asset management fee from the investor.
Thus, it can be seen that the factors belonging to investors affect the business
performance of securities companies through the activities of securities companies,
especially brokerage and consulting activities. Stock.
1.2.3.2Subjective factors
Asset size of securities company
Asset size represents the financial capacity of the securities company. Asset size will
determine what business activities a securities company can and cannot conduct. A
securities company with large asset size will have more conditions than other
securities companies in deploying and developing its activities as well as improving
its reputation and trust with its customers. Large asset scale also helps securities
companies to innovate, upgrade and apply the most modern equipment to serve their
work, thereby helping the securities company's activities to develop. , improve
business performance.
Large asset scale also helps securities companies to expand their network of branches,
representative offices and order-receiving agents not only in the country but also in
other countries around the world. Thereby, the securities company has the conditions
to increase the number of customers who come to use the services provided by the
securities company, promoting the securities company to further develop its activities.
Asset structure and capital structure of securities company
Asset structure of a securities company shows the ratio of non-current assets and the
ratio of current assets to total assets. Depending on each securities company, the asset
structure is different.
Securities companies that focus on investing in technology and fixed assets will have
a higher ratio of non-current assets to total assets. Through that, helping the securities
company to carry out its business activities more easily, conveniently and safely. In
general, the operation of a securities company requires a large amount of cash to carry
out activities such as margin, proprietary trading or securities underwriting, thereby

increasing the current assets in the securities company. Stock. In addition, the
portfolio of current loans and receivables is also quite large in securities companies.
Loans include margin lending, lending to customers to advance securities sales.
Current receivables include receivables from dividends and interest up to the date of
receipt, receivables from services provided by securities companies and other
receivables such as prepayments to sellers, investment trusts.. .so usually securities
companies have a higher ratio of current assets than non-current assets. Therefore, the
asset structure of securities companies is mainly in favor of current assets. The change
in the asset structure of the securities company will change the business activities of
the securities company, thereby affecting the business performance of the securities
company. Receivables for services provided by securities companies and other
receivables such as prepayments to sellers, investment trusts, etc., so usually securities
companies have a higher ratio of current assets. Non-current asset ratio. Therefore, the
company. Receivables for services provided by securities companies and other
receivables such as prepayments to sellers, investment trusts, etc., so usually securities
companies have a higher ratio of current assets. Non-current asset ratio. Therefore, the
company.
The capital structure of a securities company shows the ratio of debt and the ratio of
equity to total capital. A securities company with an inappropriate debt ratio will lack
financial flexibility and will be very sensitive to economic shocks. However, if the
securities company falls into a state of heavy debt, it is also difficult to borrow more
money to cover its expenses. Securities companies that want to develop need to have a
balance between internal funding and external debt with a higher ratio of equity
financing, in order to avoid business risks caused by securities companies. Considered
to be sensitive to changes in the economy. The influence of capital structure on

business performance of securities companies is explained on the basis of theories of
capital structure in terms of operational efficiency. According to the traditional view
of capital structure, securities companies using debt will have more benefits than
securities companies that depend on equity, since the cost of equity is considered to be
the higher than using debt. This is true in practice when using the return on equity
(roe) efficiency scale. However, financial risks and capital costs also increase with the
heavy use of debt. Therefore,
Management capacity, risk management of securities companies
The ability to manage and run a securities company is a key factor for improving the
business efficiency of securities companies. A securities company with a team of
leaders with good expertise, ability and management level will certainly bring success
to the company and vice versa. With a good leadership team, they will know how to
arrange and organize scientifically, use the right people, do the right work, know how
to arouse creativity, be independent in the work of each member, know how to unite
them into one. Unity. Only then will the activities in the new securities company go
smoothly and achieve high business efficiency. The management capacity of the
leadership team is also reflected in whether the securities company has developed a
company development strategy or not? A securities company will have solid
development steps if they build a non-current strategy to improve business efficiency
for the company as well as a current plan suitable for each specific period. On the
basis of non-current strategy, new securities companies can come up with appropriate
solutions to implement that strategy.
Risk management factors also greatly affect the business performance of securities
companies. Securities companies operating on the stock market always have many
potential risks in each of their business operations. The risk in securities brokerage
activities is the risk that may occur due to the securities company not checking the
balance, margin ratio, as a result, the customer or other broker may not fulfill the
payment obligation. Payment on time. Risks in proprietary trading activities stemming
from investment in excess of the authorized limit for securities investment and trading
for the company itself; employees or persons who are not authorized to conduct or
participate in the promotion of securities trading procedures for the company with the

capital of the company; conflicts of interest with customers, prioritizing the execution
of the company's proprietary trading orders before the client's orders; error after the
transaction transferred to the company's proprietary account. Underwriting risk is
price risk when the number of underwritten securities is not fully distributed. In
addition, the securities company may be exposed to legal risks, which are direct or
indirect financial losses caused by disputes and lawsuits with partners in the course of
trading, drafting and trading. Contract drafting is not tight... Risks in consulting
activities stem from the wrong advice affecting the reputation of the securities
company or the signing of a consulting contract that is not in accordance with the
content of the authority of the company or not in accordance with the requirements,
causing serious consequences. Adverse consequences for the company. Therefore, if
securities companies implement a strict and regular risk management process, it will
help prevent and limit the risks mentioned above, thereby not affecting the business
performance of the company. Securities company. On the contrary, if securities
companies manage risks laxly and improperly, it can cause damage to the company's
business performance.
The staff of the securities company
The constant innovation of products on the stock market requires that the gray matter
content of the securities company's staff is constantly improved, especially the gray
matter content in consulting activities. Knowledge content of employees in securities
companies is an important factor to help securities companies meet the needs of
customers and thereby improve business efficiency. With particularity, in securities
trading is the provision of intangible services, the service can only be said to be of
good quality when customers clearly feel the results that the securities company brings
to them.
In short, in all fields, people are the key factor determining the success and
performance of every business. Securities companies are no exception. However, due
to the specificity of the securities business, the professional qualifications of the
practicing staff are even more demanding. Securities companies have the same
conditions to access and apply technology, but securities companies with more

qualified staff will gain more market share and have conditions to improve efficiency.
More business results.
Technical facilities
Securities companies operating in the field in which there is a great impact on the
level of information technology application. This is an industry that always requires
prompt, timely, complete and accurate information. The operation of securities
companies in particular and of the stock market in general must rely on modern
information technology systems, equipment and machinery to receive and transmit
orders from customers, to carry out trading activities. Perform clearing and settlement
of transactions, media, information disclosure and processing...
The application of information technology and telecommunications in their operations
has become the basic solution for securities companies to survive and develop. The
invention of computer and telecommunications technology has reduced costs, reduced
risks and expanded the scope of activities of securities companies, helping to meet the
specific purposes of each customer of the company. Stock.
The use of information and telecommunications technology has removed geographical
restrictions and timeliness in information disclosure. Investors can update and process
information and make timely investment decisions, as soon as the information is
published through personal computers, internet or mobile phones when they are
anywhere. . This also increases transparency and fairness in information processing to
users of securities companies.
Especially for securities companies participating in the otc market, the electronic
information system is even more important. They help securities companies can buy
and sell securities with each other and for customers.
Thus, the information technology factor has brought many advantages and advantages
to securities companies in their operations and it is also a decisive factor for the
development and improvement of business efficiency for securities companies.
Securities companies. In addition, the infrastructure (headquarters, trading floors,
branches, order-ordering offices...) Of securities companies is also a factor affecting
the performance of securities companies.

CHAPTER 2: THE REAL STATUS FOR PERFORMANCE OF VIETNAM
BANK FOR NDUSTRY AND TRADE SECURITIES JOINT STOCK
COMPANY (VIETINBANK SECURITIES)
2.1 Overview of vietnam bank for ndustry and trade securities joint stock company
(vietinbank securities)
2.1.1 History of formation and development
Vietinbank securities is one of the oldest and most prestigious securities companies in
vietnam. The company was established in 2000 with a charter capital of 55 billion vnd
at the head office at 306 ba million, hai ba trung district, hanoi city.
In the period from 2004 to 2008, the company had a remarkable growth in charter
capital. Specifically, during this period, vietinbank securities increased its charter
capital from 55 billion dong to 100 billion dong, 300 billion dong and 500 billion
dong.
On july 1, 2009, the company was equitized and officially transformed into a
securities joint stock company of vietnam bank for industry and trade. The company
increased its charter capital to 789.9 billion dong and officially listed its shares on the
hanoi stock exchange (hnx) with the stock code cts. Also in the year nanyf the
company put information technology infrastructure including free will's core hardware
software, bm's server system and telecommunications network infrastructure system
into operation to improve service quality.
In 2017, the company moved its listing to ho chi minh city stock exchange (hose) and
increased its charter capital to vnd 976.5 billion, officially opening a branch in danang
city.
In 2018, the company's charter capital exceeded 1,000 billion vnd and officially put
into operation the securities trading and management system (inicore) and the
securities trading application via mobile devices (unimobi).
Vietinbank securities provides diversified, high-quality products that create added
value for businesses and investors, including: securities brokerage, financial services.
With the role of a financial intermediary during the formation and development
process

With the goal of providing world-class outstanding financial products and services,
vietinbank securities has gathered a team of domestic and foreign experts with
extensive experience in the financial market, along with a technology system. Most
up-to-date information. These results have helped vietinbank securities increasingly
assert its position in the vietnamese financial market, becoming one of the leading
prestigious financial institutions in vietnam and the region.
Vietinbank securities always attaches great importance to non-current human resource
development policy, prioritizing qualified human resources with domestic and
international training. In addition to the benefits as prescribed, employees who come
to vietinbank securities also enjoy many other attractive remuneration regimes. In
particular, newly recruited personnel will be able to participate in professional training
as well as advanced training courses by domestic and foreign experts.
Currently, vietinbank securities has a highly qualified and experienced staff and we
are continuing to recruit more high quality personnel in the financial industry with the
best working conditions and remuneration.
2.1.2 Organizational structure

Figure 2.1organization chart of vietinbank securities
2.1.3 Business results of the company in the period from 2019 to 2021
Below is a summary of the business results ofvietinbank securities in the period from
2019 to 2021 are as follows:
Table 2.1business results of vietinbank security in the period from 2019 to 2021
(unit: billion)
Targets 2019 2020 2021
Difference
2019/2020
Difference
2020/2021
Value % Value %
Revenue from
securities trading
504,978 608,987 1,064,553 104,009 20.60% 455,566 74.81%

Gross profit 242,582 280,485 715,824 37,903 15.62% 435.339 155.21%
Net profit from
securities trading
139,212 148,950 481.103 9,738 7.00% 332,153 223.00%
Profit after tax 114.805 128,187 386.504 13.382 11.66% 258,317 201.52%
(source: vietinbank sercurity financial report from 2019 to 2021)
The general results of the company's business results in the period from 2019 to 2021
show that the company's business situation in this period is very positive. As follows:
Revenue from securities trading had a strong growth. In 2020, the company's revenue
from securities trading is expected to reach vnd 608.987 billion, up 20.6% compared
to 2019. Entering 2021, the company will continue to maintain a remarkable growth
momentum with a growth rate of 74.81 % compared to 2020 to 1,064,553 billion vnd.
In terms of gross profit shows a sudden growth in 2021. In this year, vietinbank
sercurity's gross profit increased by 155.21% compared to 2020. While the growth in
2020 compared to 2019 was only 15.62%.
Similarly, net profit from securities trading shows the explosive growth of the
company during this period. In 2020, the company's net profit from securities trading
only achieved a growth rate of 7% compared to 2019. However, entering 2021, the
growth rate of net profit from securities trading will be recorded at 223%. Compared
to 2021. This shows that the company had a particularly successful year in securities
trading.
The company's profit after tax has a low growth rate in 2020 and a high growth rate in
2021. Specifically, in 2020 the company's profit after tax is vnd 128,187 billion
(equivalent to an increase of 11.66% compared to 2019). 2021 profit after tax of the
company reached vnd 386,504 billion (equivalent to a growth rate of 201.52%)
compared to 2020.
2.2 Performance of vietnam bank for ndustry and trade securities joint stock company
(vietinbank securities)

2.2.1 Analysis of performance evaluation criteria of the company n the period from
2019 to 2021
2.2.1.1Group of indicators to evaluate the effectiveness of each operation of the
company
Below is a table of total contribution and total revenue of vietinbank sercurity's
business activities in the period from 2019 to 2021
Table 2.2contribution of business activities to total revenue of vietinbank sercurity in
the period from 2019 to 2021
Targets 2019 2020 2021
Difference
2019/2020
Difference
2020/2021
Value % Value %
Total revenue 504,978 608,987 1,064,553 104,009 20.60% 455,566 74.81%
Securities
service revenue
315.611 387,316 708,992 71,704 22.72% 321,677 83.05%
Proportion 62.50% 63.60% 66.60%
Securities
service
operating
expenses
121,510 160.736 301,322 39,226 32.28% 140,586 87.46%
Ratio of
operating
expenses for
securities
38.50% 41.50% 42.50%

services/total
revenue
Business
financial
consulting
revenue
69,687 74,905 118,165 5.218 7.49% 43,260 57.75%
Proportion 13.80% 12.30% 11.10%
Operating
expenses of
corporate
financial
consulting
26.481 27,715 42,303 1.234 4.66% 14,588 52.64%
Ratio of
operating
expenses of
corporate
financial
consulting to
total revenue
38.00% 37.00% 35.8%
Revenue from
derivatives
activities
113,620 147,984 274.655 34.364 30.24% 126.671 85.60%
Proportion 22.50% 24.30% 25.8%
Operating
expenses of
derivatives
33,859 47,059 90.087 13,200 38.99% 43,028 91.43%
Ratio of
operating
expenses of
derivatives//total
revenue
29.80% 31.80% 32.80%
Operating 25,249 37,757 54,292 12,508 49.54% 16.535 43.79%

revenue analysis
report
Proportion 5% 6.2% 5.10%
Operational cost
analysis report
10,630 16,273 23.427 5.644 53.09% 7,154 43.96%
Expense ratio
analysis report
//total revenue
42.10% 43.100% 43.15%
Underwriting
revenue
50,498 35.930 26.614 (14,568)
-
28.85%
(9,316)
-
25.93%
Proportion 10.0% 5.90% 2.50%
Underwriting
operating
expenses
16,917 12,468 9,102 (4,449)
-
26.30%
(3,366)
-
27.00%
Underwriting
expense/total
revenue ratio
33.50% 34,700% 34.20%
(source: vietinbank sercurity financial report from 2019 to 2021)
Currently, vietinbank sercurity provides 05 main products and services including: (1)
securities trading activities; (2) corporate financial consulting services; (3) derivative
securities activities; (4) financial analysis and (5) underwriting.
 Contribution to total revenue of each activity
The combined results of contributed revenue and the ratio of expenses to total revenue
of each activity show that in the period from 2019 to 2021, securities trading is the
main activity and contributes the most to revenue. Of the company. Specifically, in the
three years from 2019 to 2021, the revenue from securities trading activities accounts
for 62.5%, respectively; 63.6% and 66.6%. Accounting for the second largest
proportion is derivatives income, accounting for 22.5% (in 2019), 24.3% (in 2020)
and 25.8% in 2021.
Revenue from financial consulting services accounted for the third largest proportion
in the revenue structure of vietinbank sercurity in the period from 2019 to 2021,
ranging from 11.1% 2021 to 13.8% 2019.

Revenue from analytical reporting services in the period from 2019 to 2021 accounts
for 5%, respectively; 6.2% and 5.1%. Accounting for the smallest proportion in the
revenue structure of vietinbank security is underwriting services with the proportion
of 10% in 2018 , down to 5.9% in 2020 and 2.5% in 2021
The results show the reasonableness of the company's business restructuring to focus
on promoting the development of core services. The result of this transformation was
a sudden increase in the company's revenue.
 Revenue growth for each activity
Among 05 products and services, only the guarantee service recorded negative growth
while the remaining 4 services all had relatively good growth.
Securities trading services in 2020 recorded an increase of 22.72% compared to 2019
and 73.81% in 2021 compared to 2022. This shows that in this period the company
has implemented business and strategic strategies. Appropriate marketing strate gy and
attract a large number of customers.
Revenue from financial consulting services in 2020 grew by 7.49% compared to 2020.
However, entering 2021 thanks to the attention of management and considering this
service as one of the strategic products, the business revenue from financial consulting
services increased by 57.75% compared to 2020.
Revenue from derivatives activities in 2020 grew by 30.2% compared to 2019 and in
2021 increased by 85.6% compared to 2020.
Operating revenue of analytical reports in 2020 recorded an increase of 49.%5%
compared to 2020 and entering 2021 continued to maintain an increase of 43.79%
compared to 2021.
Underwriting revenue was the only category that recorded negative growth.
Specifically, this item's revenue in 2020 will decrease by 28.85% compared to 2020.
Entering 2021, it will continue to decrease by 25.93% compared to 2020.
2.2.1.2Group of indicators to evaluate the profitability of the company
Below is a summary of the profit evaluation criteria of vietinbank sercurity in the
period from 2019 to 2021
Table 4.1indicators to evaluate the profitability of vietinbank sercurity in the period
from 2019 to 2021

Targets Unit 2019 2020 2021
Net revenue Billions
dong
504,978 608,987 1,064,553
Profit after tax Billions
dong
114.805 128,187 386.504
Average equity Billions
dong
1,313,042 1,437,440 1,811,809
Total average assets Billions
dong
2,799,853 4,273.706 6,685.686
Roa % 6.86 13.11 12.76
Ros % 22.73 21.05 36.31
Roe % 8.74 9.32 23.79
(source: financial statements of vietinbank sercurity from 2019 to 2021)
Figure 4.1profit target of vietinbank security in the period from 2019 to 2021
 Analysis roa
6.86
13.11 12.76
22.73
21.05
36.31
8.74 9.32
23.79
NĂM 2019 NĂM 2020 NĂM 2021
ROA ROS ROE

The analysis results of vietinbank sercurity's profit-to-total assets (roa) ratio in the
period from 2019 to 2021 show that the company has implemented cost management
activities, so the profitability ratio is constantly growing. Specifically, the company's
roa in 2018 was 6.86%, which means that in this year, for every 100 vnd of assets the
company spends on business, the company earns 6.86 vnd of profit after that. In 2020,
the company will earn 13.11 dong after tax when spending 100 dong of assets and in
2021 it will be 12.76 dong after-tax profit. From this result, it shows that in this
period, the company needs to constantly promote effective financial policies like in
the past 3 years.
 Ros . Analysis
The ros ratio of vietinbank sercurity in the period from 2019 to 2021 has quite a large
fluctuation. In 2019, because of 100 dong net revenue, the company earned 22.73
dong profit after tax, in 2020 it decreased to 21.09 dong and in 2021 it skyrocketed to
36.31 dong.
 Analysis roe
In the period from 2019 to 2021, the company's return on equity has a remarkable
growth. Specifically, in 2019 the company's ros is 8.34%, in 2020 the ros will increase
to 9.32%. By 2021, thanks to the additional equity from retained earnings, the
company's return on equity this year will skyrocket to 12.76%.
2.2.1.3Group of criteria to evaluate the financial safety of the company
As described in chapter 1, in this study to assess the financial safety of vietinbank, the
author uses the ratio of receivables to total assets. Below are the statistics of the results
of the calculation of the indicators from the company's financial statement data set for
the period from 2019 to 2021
Figure 4.2financial safety assessment criteria of vietinbank sercurity in the period
from 2019 to 2021
(unit: billion)
Targets 2019 2020 2021
Receivables 657.701 922,990 1,594,936
Total assets 2,799,853 4,273.706 6,685.686

Ratio of accounts receivable/total assets 23.49% 21.60% 23.86%
The analysis results show that in 2019 receivables accounted for 23.49% of the
company's total assets, 21.6% in 2020 and 23.86% in 2021.
The results show that the company's assets do not depend too much on the amounts
misappropriated by customers. Therefore, the level of asset safety of the company is
quite high.
2.2.2 Analysis of factors affecting the performance of vietnam bank for ndustry and
trade securities joint stock company (vietinbank securities)
2.2.2.1External factors
Political and economic stability
Legal system and legal environment
Securities law no. 70/2006/qh11 was approved by the national assembly on june 29,
2006 and took effect from january 1, 2007. After 4 years of implementation, the
government submitted to the national assembly to supplement and amend a number of
articles of the 2006 securities law (law no. 62/2010/qh12 amending and
supplementing a number of articles of the securities law, taking effect) effective from
1/7/2011). Besides, securities companies in general and vietinbank securities in
particular need to operate under the following specific legal documents:
General legal documents
Law 54/2019/qh14 on securities
Law 70/2006/qh11 on securities
Law 62/2010/qh12 amending and supplementing law 70/2006/qh11 on securities
Decree 155/2020/nd-cp guiding the law 54/2019/qh14 on securities
Decree 158/2020/nd-cp on derivative securities and derivative securities market
Decree 58/2012/nd-cp detailing law 70/2006/qh11, law 62/2010/qh12 amending and
supplementing law 70/2006/qh11 on securities nd 60/2015/nd-cp amending and
supplementing

Decree 58/2012/nd-cp nd 86/2016/nd-cp on conditions for securities investment and
trading
Decree 153/2020/nd-cp on offering corporate bonds in domestic and international
markets nd 163/2018/nd-cpon issuing corporate bonds
Decree 151/2018/nd-cp amending decrees on business conditions in the financial
sector
Decree 135/2015/nd-cp on outward portfolio investments 210/2012/market-btc on
establishment and operation of securities companies
Circular 07/2016/market-btc amending market 210/2012/market-btc on establishment
and operation of securities companies
Circular 210/2014/market-btc on accounting regime for securities companies
Circular 334/2016/market-btc replaces appendices 02 and 04 of market
210/2014/market-bct on accounting regime in securities companies
Offer for sale
Circular 162/2015/market-btc on public offering of securities, offering for sale of
shares for swap, issuance of additional shares, repurchase of shares, sale of treasury
shares and public offer to purchase shares.
Circular 194/2009/market-btc on public offers to buy shares of public companies and
fund certificates
Listing, trading
Circular 203/2015/market-btc on trading on the stock market
Circular 180/2015/market-btc on registration of trading of unlisted securities.
Circular 13/2019/market -btc amending and supplementing market 180/2015/market -
btc on registration of unlisted securities trading
Circular 202/2015/market-btc on listing securities on the stock exchange
Circular 29/2017/market -btc amending and supplementing market 202/2015/market -
btc market 134/2017/market -btc on electronic transactions on the stock market
Decision no. 87/qd-ub securities on regulations guiding securities margin trading
Decision 1205/qd-ub securities amending qd 87/qd-ub securities on regulations
guiding securities margin trading
Development of the stock market

Vietnam's stock market (stock market) has grown tremendously in recent years, which
can be clearly seen in the number of vietnamese companies with a market
capitalization of more than 1 billion usd, which has increased from 10 companies in
the past 10 years. In 2015 to nearly 50 companies today and the total value of stock
market capitalization increased sharply from 30% to 90% of gdp of vietnam,
equivalent to other countries in the region. Recently, the sudden increase in the
number of individual investors has added impetus to the development of the stock
market.
The number of new stock trading accounts by individual investors has doubled in
2020, and in the first half of 2021 alone, the total number of new accounts is more
than the number of new accounts in 2019 and 2020 combined. . The record high
number of new monthly accounts has been widely reported by the domestic press,
which attracts investors in the vietnamese stock market and helps the vn-index (vni)
grow. Despite the covid-19 situation this year.
The recent stock market excitement is partly due to a drop of about 1.5% in 1-year
bank deposit rates, as well as from the expected 36% growth in the stock market in the
next few years. 2021 compared to the previous year. Interest rates began to fall at the
beginning of 2020 which prompted many people to look for alternative investment
channels as their deposits matured, corresponding with an increase in the number of
individual securities trading accounts opening new daily. Month.
Vietnamese investors prioritize investment in real estate, gold and then the stock
market. However, vietnam's real estate market has recently declined for a number of
reasons, including construction delays due to the impact of covid-19, while gold has
also lost its appeal when the price difference buying and selling has narrowed since
last year, and because the domestic gold price is 17% higher than the world price
(vietnam imposes a very tight gold import quota).
The current stock market is witnessing fierce competition among securities
companies. Below is a summary of the list of securities companies with the largest
operating revenue in 2020.

Figure 2.2the list of 10 securities companies with the largest operating revenue in
2020
(source: stock market and securities industry report. 2021)
Statistical results show that cts is the securities company with the second largest
revenue in 2020, just behind ssi. This shows that the company is quite competitive
compared to its competitors in the same industry. Below is the list of securities
companies with the largest operating revenue growth in 2020

Figure 2.3the list of 10 securities companies with the highest operating revenue in
2020
(source: stock market and securities industry report. 2021)

Figure 2.4bond brokerage market share
The total value of stock brokerage market share of the top 10 securities companies
accounted for 65.23%, with many familiar names. The competition between
securities companies became more intense when vps surpassed vnd and vcsc rose to
the no. 1 position in terms of stock brokerage market share with a rate of 13.24%.
In the top 10, there is also a shuffle in terms of positions, as well as the appearance
of some rookies tcbs replacing kis. Securities company from korea mas continued
to enter the top 10 with a market share of 4.41%.
Vps continues to maintain its leading position with over 50% market share in the
derivatives market. Although the derivatives market has just been born, there has
been a strong growth in the competition to increase the market share of the
derivative securities industry. The derivatives market, although new, has grown
strongly with a higher growth rate next year than the previous year. From august
2017 to november 2020, there were more than 80 million vnd transactions. In
11m/2020 alone, the average trading volume increased by approximately 82%
compared to 2019, reaching 161,619 contracts/session. Record trading volume
reached 356,033 contracts on july 29, 2020. Along with the rapid increase in the
number of contracts traded, the open interest oi volume has also increased 3.84
times, from 8,077 contracts at the end of 2017 to 31,026 contracts on 30/30.
11/2020.
2.2.2.2Internal factors
Asset size and capital structure
Asset size and capital structure have a great influence on all production and
business activities of enterprises. In the field of finance and securities, the financial
potential of the business plays an important role in creating trust for customers
when choosing to use the company's services.
To assess the financial capacity of vietinbank sercurity, we consider the capital
structure of the company through the following table:

Table 2.3some financial indicators of vietinbank sercurity in the period from 2019 to
2021
(unit: million vnd)
No. Targets
2019 2020 Year
20201
1 Current assets 9,585,788 11,810,099 15,776,630
2 Loans 1,427,015 2,394,146 5,813.436
3 Total assets 9,660,539 12,004,358 16,052,326
4 Liabilities must pay 5,389,610 7,380,039 11,077,211
5 Current debt 4,515,322 7,123,181 10,932,194
6 Equity 4,270,928 4,624,319 4,975,115
(source: vietinbank security,2019, 2020, 2021)
Figure 2.5financial indicators of vietinbank securities in the period from 2019 to 2021

Internship Report - Báo Cáo Thực Tập Tiếng Anh Tại Ngân Hàng.docx

Internship Report - Báo Cáo Thực Tập Tiếng Anh Tại Ngân Hàng.docx

Recommended

Recommended

More Related Content

Similar to Internship Report - Báo Cáo Thực Tập Tiếng Anh Tại Ngân Hàng.docx

Similar to Internship Report - Báo Cáo Thực Tập Tiếng Anh Tại Ngân Hàng.docx (20)

More from Nhận Làm Đề Tài Trọn Gói Zalo/Tele: 0917.193.864

More from Nhận Làm Đề Tài Trọn Gói Zalo/Tele: 0917.193.864 (20)

Recently uploaded

Recently uploaded (20)

Internship Report - Báo Cáo Thực Tập Tiếng Anh Tại Ngân Hàng.docx