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Enterprenurship Essay

1837 words - 8 pages


GLG student ID number: Student name: Course name: Subject name: Subject facilitator: Delivery Centre: No. of pages: Words count:


Entrepreneurship is the energetic procedure compounding of visualization, revolution and creation. This paper tries to describe some innovations at ShinhanVina Bank where was the joint venture between the Korean bank and Vietnamese bank. The approaching is mainly coordinated in briefly reviewing the business environment and theory curriculum as well.

1. INTRODUCTION ...view middle of the document...

Therefore, entrepreneurs take the extremely important parts of nationally economic developments through their eternal creations and innovations. This paper attempts to describe briefly historical information of entrepreneurship in Vietnam in the past, as well as the current policy on entrepreneurship, and then considers the actual circumstance of innovation at ShinhanVina Bank.

Generally, the history of entrepreneurship in Vietnam could be described in certain periods as following: Before 1975, the North of Vietnam persuaded the monopolist economy and the South of Vietnam had applied the market economy. From 1975 to 1985, Vietnam had practiced the monopolist policy for the whole country; therefore the government took totally control of entrepreneurship at that time. But from 1986 to 2004, based on the reform policy in 1986 which known as “Doi Moi policy” and the opening policy in 1989 known as “Mo Cua policy”, Vietnam government started to untie lightly the monopolist policy by considering the entrepreneurs as one of the useful participants of the country’s economy (Gillespie 2006, pp.62-68). During this period, Vietnam had used three different policies on

entrepreneurship: the Government Business Enterprise Law employed for state companies, the Foreign Investment Law applied for foreign investors and the Enterprise Law applied for Vietnamese local entrepreneurs. From a research of the United Nations; the Table 2.1 below illustrates some historical information on foreign investment at this period. Page 1

Table 2.1

The Failure Rates per Year and Foreign Party, 1988-1998

Source: Transnational Corporations (Kokko, A Kotoglou, K & Krohwinkel-Karlsson, A 2003)

From 2005, Vietnam had revised and implemented only the Enterprise Law (new version) for the whole participants of economy, and recently Vietnam had joined the WTO in 2006 which will promise a lot of opportunities for entrepreneurs, such as: the companies could directly raise their capital by issuing debts or liabilities on the stock market, entrepreneurs had the full rights on importing or exporting, and in the near future 2012 Vietnamese government will remove all restrictions o n banking market as committing on the WTO’s progress (VietnamNet, 2008).

According to current laws and regulations of Vietnam, all the mortgage and collateral assets must be notarized and registered to the local authorities. Hence, we could shortly outline the bank’s credit procedure as steps as follows: a) Receiving loan’s documents from customer. b) Considering and informing the loan approval to customer. c) Signing the Credit Agreement between the customer and bank. d) Signing the Mortgage Contract at the public notary office.


e) Preparing the Registration Document and submit it to the local authority, then waiting for the result of this registration....

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