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E Commerce Essay

5632 words - 23 pages

(BY SHAHEEN MOHAMMED)1.0 INTRODUCTIONVietnam has experienced more than one decade of high growth rate and it is estimated to be the second highest GDP growth country this year, just after China. Vietnam has recently implemented the AFTA agreement and it will join WTO in the next several years.Together with this integration and globalization trend, e-commerce now is becoming a hot issue for all business organizations and economic forums in the country. As its nature, banking industry is always the first mover to pave the way for other industries to go ahead with the new trend. As a leading Vietnamese local bank, VFC Bank (Vietnam First Class Bank) is acknowledging this trend and making preparations for its e-banking strategy.Several banks, in the domestic market, recently introduced electronic banking (e-banking) services to serve its customers and support for the development of e-commerce markets. They have been withdrawing much attention from individual and business customers.As an external consultant for VFC Bank, we are pleased to propose the E-Commerce strategy to target at the business markets, which based on the analysis of the major competitors and SWOT analysis. To assure successful E-Commerce strategy implementation, we elaborate the E-Commerce Implementation Plan, Cost Breakdown, ROI analysis and a recommended E-Payment system with a secured transaction plan, Risk Management, and the dynamic model for VFC to support the proposed system to be able to run well. We also make a detailed analysis of EDI and XML to come up with convinced reasons for recommendation of using XML for the strategy.2.0 OVERVIEW OF VIETNAM FIRST-CLASS BANK (VFCB)The organizational initiative discussed below is for a local leading bank, which has been operating in Vietnam for 40 years. For confidentiality reasons, the actual name of the Bank shall not be used. Instead, it is named as VIETNAM FIRST-CLASS BANK (VFCB) with paid up capital up to VND 2,445 billions (»60 million USD). Since Vietnam implemented "open door" policy and pursued "market economy" in 1986, VIETNAM FIRST-CLASS BANK was converted from state-owned bank to listed bank in which the government is the biggest shareholder.VFCB has so far established a network of more than 1,000 correspondent banks and branches in 85 countries all over the world and more than 100 banks (including State-owned commercial banks, joint stock commercial banks, joint venture banks and branches of foreign banks in Vietnam). VFCB has 24 branches nationwide (in 24 big cities and provinces) and four Representative offices abroad. Services that VFCB offers includes: Savings Accounts, Lending, Financial Leasing, Card Service, Clean collection, Forex dealing, International Payment, Guaranty for Loan borrowing, Money Transfer, VFCB is full member of:· Vietnam Bankers Association· Asia Bankers Association· SWIFT· Visa, MasterCardThe total asset has increased considerably from 45,269,564 million VND in...

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