INTERNSHIP REPORT Vietnam prosperity joint stock commercial bank thaibinh branch
TABLES OF CONTENS
INTRODUCTION In the current period, Vietnam is standing before the great opportunity but no less challenging. The commercial bank also does not stand apart from the competition fierce. Vietnam commercial bank system must constantly attempt to improve the quantity and quality. VPBank Thai Binh branch has operated from 2009 to now, VPBank Thai Binh branch is gradually asserting the prestige of a dynamic bank, which have stable financial capacity and have responsibility to the community. VPBank Thai Binh branch growth effort in the target customer segment, the construction of the foundation system to serve the growth, and always actively follow opportunities in the market. Being recommended and allowed by English Department – Vietnam University of Commerce, I have gratefully experienced as an intern in VPBank Thai Binh branch. After one month (from 02/01/2018 to 26/01/2018), I have really learned a lot and have gained valuable experience and knowledge while collecting information for the report. It was certainly a great opportunity for me to actualize my theoretical knowledge during my studying time in the practical working
condition at this bank. In the process of completing this internship paper, I have received a great of help, guidance from the teachers in English Department. It is my great pleasure I have got. First of all, I wish to express my deepest gratitude to my internship supervisor- miss Hoang Tho for providing me guidelines and helping me in assisting my report. I would love to express my sincerely thanks to my team leader and colleagues in for helping me to get accustomed with all the activities. With great pleasure, here I submit my internship report about the basic information of VPBank ThaiBinh Branch. I look forward to receiving comments and suggestions in order to perfect the paper. Hanoi, January 26th, 2018 Student Ha Thi Van
LIST OF ABBREVIATIONS VPBank ThaiBinh SME Department
Vietnam Prosperity Joint Stock Commercial Bank - ThaiBinh Branch Small and Medium Enterprise Department
LIST OF TABLES AND CHARTS
PART 1: OVERVIEW OF VIETNAM PROSPERITY JOINT STOCK COMMERCIAL BANK (VPBANK) THAIBINH BRANCH
1.1 Introduction about Vietnam Prosperity Joint Stock Commercial Bank-ThaiBinh Branch 1.1.1 Introduction about Bank: -
Vietnamese name: Ngân hàng TMCP Việt Nam Thịnh Vượng- chi nhánh Thái Bình English name: Vietnam Prosperity Joint Stock Commercial Bank- ThaiBinh Branch Address: 259M, Le Quy Don Street, Bo Xuyen District, Thai Binh Province, VietNam Website: https://vpbank.ngan-hang.com/chi-nhanh/thai-binh/thai-binh Founded year: 2009 Branch Director: Pham Van Doan Information about profession, field of operation: + Main industries: finance, banking and insurance + Type of economy: Private Enterprise joint stock company + Economic sector: the private economy Logo:
Image 1. 1: Logo of VPBank
1.1.2 Development journey: About VPBank: Vietnam Prosperity Joint-Stock Commercial Bank (formerly known as Vietnam Joint-Stock Commercial Bank for Private Enterprises) was established on August 12th1993. In 24 years of operations, VPBank has increased its charter capital to VND10,765 billion. VPBank is taking steps to reaffirm its reputation as a dynamic, financially stable bank which is responsible to the community. To achieve this ambitious vision, VPBank has implemented an aggressive growth strategy for 2012–2017 with the support of McKinsey, one of the world’s leading consulting companies. VPBank will focus on organic growth in targeted customer segments, expeditiously build foundational systems to serve its growth needs, and actively monitor market opportunities. VPBank development of ThaiBinh branch: Over 10 years of develoment, VPBank ThaiBinh has confirmed that is a bank with a large retail banking position in Thai Binh, with the attempt of senior management
support and trust of
10 years in long
way VPBank Thai
had the events marking the milestone of development: -
23/01/2008: official opening of VPBank Thai Binh with 30 staff 01/07/2009: VPBank Thai Binh officially upgraded Vietnam joint Stock
Commercial Bank for Private Enterprises – Thai Binh branch. 03/08/2010: renamed to Vietnam Prosperity Joint Stock Commercial Bank-
ThaiBinh Branch 19/01/2011: Opening of Tran Phu Transaction Office in Quang Trung, Thai Binh 26/12/2011: Opening of Tran Lam Transaction Office in Tran Lam, Thai Binh 29/06/2012: Opening of Ky Ba Transaction Office that was total trading on 4 points 01/04/2014: Established Small and Medium Enterprise Center to maximize business
efficiency and meet the needs of each customer segment. 2016: VPBank simultaneously moved the transaction office to meet customer needs in the best way, and received many certificates of the Thai Binh People’s Committee. VPBank has completed many items and raised the total scale to 2000 billion, with a total staff of 100 employees.
1.2 Information about Small and Medium Enterprise (SME) Department SME Department: Function: resource extraction of goods and customers. Discover and establish lasting and effective relationships with customers. Carry out diversified services in the economy such as services in the distribution and commercialization process, leisure services, counseling and support services. Mission: - Managing deposit, loans - Implementing international payment: import (issuance, amendment, payment), -
authorized import collection, international remittance Trade finance: usance payable at sight (UPAS), letter of credit Cash management, e-banking, BIZ controller, Micro SME loans package, others 8
Relationships: - Cooperating with import-export department, guarantee to carry out the work of -
finding customers. Cooperating with International Payment Department, Credit Department on loans, discount, remittance methods.
PART 2: INTRODUCTION ABOUT INTERNSHIP PROCESS IN VPBANK THAI BINH BRANCH 2.1 Task performed during the internship During the internship at VPBank Thai Binh, I am assigned to work at SME Department. This is a chance for me to experience the practical working environment, learn and get acquainted with the profession of establishing relationships with foreign partners. Specifically, I am responsible for the following tasks: -
Participating in the project to develop tools to support international payment staff Performing other tasks as assigned by department Processing excel file data under the guidance requirements of manger Assisting the business unit staff in international money transfer, import and export Arranging and managing the files of department (staff records file, the dispatch file,
register file, etc in English) Typing text, photo document Participating in welcoming foreign guests Have understand about regulations, functions and duties of SME department in VPBank
2.2. Difficulties and experiences. 2.2.1. Difficulties Small and Medium Enterprise Department (SME) is an important role in the VPBank Thai Binh that assume variety of tasks. The international payment includes international money transfers, import-export which require to have skill diplomacy with national clients so the task of using English must be accurate. Translation staff in the department requires using English well-trained and deep understanding of English. Therefore, during the internship at here, I had some difficulties as follows: -
As a student has learned the basic knowledge of translation and interpretation, but due to lack of experience as well as practical skills so when I have experience on working environment, I must learn a lot to get acquainted with the job that requires
high accuracy. Due to specific work, it is mainly dealing with international customers through documents, contracts so it need ability to write in English accurately and appropriately. This is a little difficult for myself. 10
The work of international money transfer, import-export requires well-informed about foreign currency, documents, import and export contracts. Being an undergraduate student without experience, this is also difficult for me. 2.2.2. Experiences. After one month of working at SME Department under VPBank Thai Binh branch, I had more experiences and skills related to speciality:
Using the skills learned at the university (writing email, translating text, etc) into
major work. Learn more knowledge about translation and interpretation in practice. Learn how to organize the management of scientific records. Typing documents, improve office computer skills. Being contacted and exchanged with foreign guests. Familiarize myself with the professional and responsible environment.
PART 3: THE USE OF ENGLISH IN VPBANK THAI BINH BRANCH 3.1. The use of English in VPBank Thai Binh Branch In recent years, Vietnam’s economy has been integrating deeper and broader with the global economy and the demand for high quality resources is not only have knowledge but also proficient in using foreign language, soft skills. Nowadays, English has become an important part of every business. It is the key to open the door to discover, exploit new markets and find foreign investors and production scale. VPBank is a big bank with many branches in all provinces in Vietnam, so English is an indispensable tool to help bank operate more aggressively to expand diplomatic relations with foreigners, VPBank Thai Binh branch is no exception, in order to expand its relationship with foreign partners and facilitate international transaction, the SME department has trained staff to communicate and read, write in English fluently which make cooperation with foreign partners as well as international transaction is no longer difficult. However, it should be frankly acknowledged that mostly the employees have fluent English in Bank who come from the human resources of the SME department, which also has only a limited employee number that well-qualified on international transactions such as foreign currency, import and export. This force takes the key, this makes the mobilization of human resource when suddenly need use English which is difficult. Most of the technology engineers and office workers only have the ability to read and understand major English but not really good in communication and writing papers transactions. These obstacles make the director of the branch few times fall into the situation can not immediately respond to the partner due to shortage of personnel have good English, reducing the image and prestige of the bank in the eyes of international friends.
3.2 Solutions for improving the efficiency of using English in VPBank Thai Binh Branch After realizing some remained weakness in using English in VPBank Thai Binh branch, I think that we need to take strong action to remove barriers in improving English by some following suggestions: Combining with some English training centers to build up some commercial English courses, focusing on teaching English communication, negotiation, email writing, contract drafting, translating and interpreting in order to turn the language into an effective tool for the business. In addition, VPBank Thai Binh branch should arrange for qualified staff to attend self- study English learning workshops organized by local and foreign institutions. -
Creating a favorable environment for employees learn English and get more experience from others through the English club or conferences on sharing English
experiences. Requiring English certificates while recruiting employees Encouraging all staffs to communicate to their colleagues in English at the office. Proposing incentive policies for the staff with good English skills by raising salary, or promoting. In contrast, Criticizing people work inefficiently due to lack of English skills.
PART 4: PROPOSAL TOPIC FOR MINOR THESIS Topic 1: Solutions of improving English communication skills of Bank’s employee. Topic 2: A study on translation of English- Related terms in finance and banking into Vietnamese. Topic 3: Communication between employees and customers of VPBank ThaiBinh Branch.
As one of the earliest- established Joint-stock Commercial Banks in Vietnam, VPBank has achieved steady development throughout its history. Especially since 2010, VPBank has grown dramatically with the development and implementation of the strategic transformation program diligently with support from one of the world’s leading consulting companies. During the one-month internship with the position of SME department in VPBank ThaiBinh branch, I have the opportunity to apply the knowledge that I have learned in school to the field and learn more about behavior, spirit, working methods, communication in the business environment. That valuable experience has helped me to be better to shape my future career. With the experience of one-month internship with a knowledgeable bank, I write this report outlining a number of ways to overcome the shortcomings that exist in bank. I hope that these comments will contribute to the development of the bank growing in the next time. Once again, I would like to send my sincere thanks to the instructions and staff o VPBank ThaiBinh branch. Ha Noi, January 26 th, 2018 Student Ha Thi Van
I would like to express my gratitude to the following researches for providing the very information sources so that I could complete this study: 1 http://www.vpbank.com.vn/ 2 https://vpbank.ngan-hang.com/chi-nhanh/thai-binh 3 Richards, Jack C. Developing classroom speaking Activities, from Theory to Practice.