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MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS OF HO CHI MINH CITY - HUYNH THI HUONG THAO RESEARCHING THE IMPACTS OF INTERNATIONAL BANKING SERVICES TO OPERATIONAL EFFICIENCY OF VIETNAMESE COMMERCIAL BANKS Major: Finance and Banking Code: 62340201 SUMMARY OF ECONOMIC DOCTORAL THESIS Ho Chi Minh City - 2017 The work was completed at: University of Economics of Ho Chi Minh City The scientific instructors: Assoc Prof Dr Tran Huy Hoang Reviewer: The thesis will be protected in front of thesis scoring council at the University of Economics of Ho Chi Minh City at hour day month 2017 The thesis can be studied at: - Synthesis Scientific Library in Ho Chi Minh City - Library of University of Economics of Ho Chi Minh City CHAPTER 1: INTRODUCTION Reason for study of the thesis Operational efficiency (OE) is the top concern of all commercial banks In the trend of international economic integration becoming more and more widespread, commercial banks with banking services including both domestic and international banking services (IBS), the role of IBS has a strong influence on the bank's OE increasingly Some scientific studies on the impact of a banking service or a specific indicator such as: bad debt, non-credit services, income diversification for the bank's OE but the study of the impact of IBS on OE of commercial banks is not found in previous studies From the new requirements and the practical needs in Vietnam, the study of overall OE and the impact of IBS on OE indepth are very important and valuable, the author selected the topic: "Researching the impacts of IBS to OE of VCB" as the thesis Objectives and research questions of the thesis The research has the general objective of studying the impacts of IBS to OE of VCB Based on the general objective, the dissertation is carried out with two specific objectives: Objective 1: To study the impact of IBS on the profitability of VCB according to their profitability indicators: return on assets (ROA) and return on equity (ROE) Objective 2: To study the impact of IBS on the marginal efficiency of VCB according to the indexes of Data Envelopment Analysis (DEA): technical efficiency (TE), pure technical efficiency (PTE), scale efficiency (SE) To achieve the research objectives, the thesis has to answer two research questions: Question 1: Does IBS affect to indicators of the profitability of VCB? Question 2: Does IBS affect to indicators of DEA: TE, PTE, SE of VCB? Object and scope of the research The thesis chosen object of study is the impacts of IBS to OE of VCB Research’s data taken from annual reports or financial statements were audited from 38 banks including state commercial banks and joint stock commercial banks in period 2008-2014 The macroeconomic indicators of Vietnam such as the rate of economic growth, inflation rate from the General Statistics Office of Vietnam Within the scope of the study, the thesis utilized the two most common indicators when evaluating the profitability: ROA and ROE For the method of evaluating the marginal efficiency analysis, the thesis selects the DEA method as the representative with indicators: TE, PTE, SE The research in the dissertation does not include international investment operations Research methodology The research model is based on Trujillo-Ponce (2013), Nguyen Thi Hong Vinh (2014), Pham Huu Hong Thai (2014), Lam Chi Dung et al (2015) to study the impacts of IBS to OE In addition, the thesis approached the nonparametric method DEA of Avkiran (1999), Ngo Dang Thanh (2010), Lieu Thu Truc and Vo Thanh Danh (2012), Truong Quang Thinh (2012), Le Phan Thi Dieu Thao and Nguyen Thi Ngoc Quynh (2013) to determine TE, PTE, SE Structure of the subject In addition to the introduction, conclusion, appendices, references, structure of the thesis consists of chapters: Introduction; Theoretical foundations and empirical researches; Methods, data and models of research; Research results; Conclusions and policy implications Practical significance of the thesis - The thesis has presented the theory related to IBS and OE, identifying the indicators of IBS that impact on OE of VCB, thereby determining the model of the impacts of IBS to OE - The thesis has quantified TE, PTE, SE of VCB in the period 2008-2014, the results of this research is a scientific reference to help banks recognizing the status of business activities, evaluating the level of completion of the plan and the level of banking growth - The thesis analyzes the positive factors, the negative factors of IBS affecting OE and suggests some implications to promote positive factors, controls negative factors belongs to IBS to constantly improve OE CHAPTER 2: THEORETICAL FOUNDATIONS AND EMPIRICAL RESEARCHES 2.1 International banking services of banks 2.1.1 The concept of international banking services According to Nguyen Thi Cam Thuy (2012), IBS includes all financial services requested by customers related to international trade, international investment, international tourism In other words, the bank provides financial services in the international market for profit purposes According to Tran Huy Hoang et al (2006), a bank providing IBS is a bank providing IBS related to foreign exchange or nonresidents In spacial scope, IBS is not only between countries but also within each country's territory, regardless of whether the currency of that country is freely convertible into another currency On the basis of inheriting the concept of IBS and legal documents in Vietnam, concepts of IBS used in this thesis is the banking services related to foreign currency provided by banks 2.1.2 Indicators of international banking services Two indicators: the ratio of foreign currency liabilities to total liabilities and capital (Truong Quang Thong, 2010) and the ratio of foreign currency loans to total foreign currency assets are the two most reflective indicators of IBS, are independent variables, explaining the effect of IBS on banking OE The ratio of foreign currency liabilities to total liabilities and capital reflects the funding mobilization operations of commercial banks Meanwhile, the ratio of foreign currency loans to total foreign currency assets reflects the operations of using funds of commercial banks 2.2 Operational efficiency of commercial banks 2.2.1 The concept of operational efficiency of commercial banks According to Berger and Mester (1997), commercial banks' OE represents in the relationship between revenues and the cost of using resources, is the ability to turn inputs into the best outputs in business 2.2.2 The methods of evaluating the operational efficiency of commercial banks According to Berger and Humphrey (1997), Heffernan and Fu (2008), the analysis of commercial banks’ OE often uses two main methods: profitability indicators and the margin efficiency analysis method 2.2.2.1 The method of using profitability indicators The most common used indicators are ROA and ROE (Tarawneh, 2006, Zeitun, 2012, Naceur, 2003) Besides the above two coefficients of profit, OE of banks is also represented by the marginal rate of income 2.2.2.2 Marginal efficiency analysis method The research using DEA method, DEA’s results includes: technical efficiency (TE) or whole TE, pure technical efficiency (PTE) and scale efficiency (SE) (Charnes, Cooper and Rhodes, 1978; Banker, Charnes and Cooper, 1984) 2.3 The relationship between international banking services and OE of banks IBS can not stand individually that can only grow well in horizontal and vertical linkages with other services of banks, together with support and the rise of mutual control In terms of the nature and history of the development, IBS is always a useful part, tied to domestic banking services and created the entire business operations of a bank IBS is an integral part of the banks' business activities and the development of IBS will impact on OE of banks certainly and effectively Therefore, the study of the impact of IBS to OE is truly meaningful and essential 2.4 The empirical studies of IBS and OE 2.4.1 The empirical studies of IBS and OE With in-depth studies of IBS in Vietnam: Le Thanh Lan (2004), Tran Huy Hoang et al (2006), Nguyen Thi Cam Thuy (2012), the authors have just used statistical or inductive, deductive method without quantitative method to study specially about OE and IBS With researches of Nguyen Viet Hung (2008), Truong Quang Thong (2010), Nguyen Thi Loan and Tran Thi Ngoc Hanh (2013), Trinh Quoc Trung and Nguyen Van Sang (2013), Pham Huu Hong Thai (2014), Nguyen Thi Hong Vinh (2014), Vo Xuan Vinh and Tran Thi Phuong Mai (2015), Lam Chi Dung et al (2015), OE can assess by profitability indicators such as ROA, ROE or by indicators of DEA Pooled OLS, FEM, REM or Tobit regression models are often used to analyze the factors affecting on banks' OE There have been some studies on the impact of a banking servise or a specific indicator of banks such as bad debt, non-credit services, bank's income diversification on OE, but a separate research considering the impact of IBS on banks’ OE using quantitative methods is not available in Vietnam Table 2.4: Statistics of the independent variables affecting commercial banks' OE used in empirical researches Independent Author Correlation variables Yudistira (2004), Nguyen Viet Hung (2008), Sufian and Chong (2008), Equity / Total assets + Sanchez et al (2013), Raphael (2013), Ayadi (2014) Gul et al (2011), Aremu et al (2013) - … Yudistira (2004), Nguyen Viet Hung Total assets (2008), Gul et al (2011), Alper and + Anbar (2011), Raphael (2013) Sufian and Chong (2008) … - Nguyen Viet Hung (2008), Alper and - Total loans / Anbar (2011) Total assets Gul et al (2011), Sufian (2011), + Garza-Garcia (2012) … Funds Nguyen Viet Hung (2008), Nguyen mobilized / Thi Loan and Tran Thi Ngoc Hanh Lending Economic Growth (2013) … Gul et al (2011), Garza-Garcia + (2012) … Gul et al (2011), Sufian (2011) … Inflation rate - + Sufian and Chong (2008), GarzaGarcia (2012), Ongore and Kusa - (2013), Sanchez et al (2013) … 2.4.2 Issues to study in Vietnam The study is based on previous studies and has some new features based on the following grounds: (1) Economic integration to create conditions for the banking system and the development of banking services as Claessens and Horen (2009), Sufian and Habibullah (2011) (2) Diversification of banking services both domestic banking services and IBS will help banks maximize profits (Chiorazzo et al., 2008, Gurbuz et al., 2013; Vo Xuan Vinh and Tran Thi Phuong Mai , 2015 ) One of the directions for VCB to quickly stand up with commercial banks in the region and international integration are the development and diversification of IBS (Tran Thi Van Anh, 2016) (3) The fact that there are many studies on the impact of banking services on OE but still not have any researches in Vietnam and around the world gives a quantitative model of the impact of IBS on OE of commercial banks There are many works in the world that research the factors affecting banks’ OE and from those results, the authors have proposed appropriate policies to improve banks’OE (Sufian, 2011, Garza- Garcia, 2012; Aremu et al., 2013; Ayadi, 2014 ) However, these studies only deal with banking services in general, without any specific studies on IBS Based on the inheritance of these studies, the thesis differs from previous studies on research content and research models when using Pooled OLS, FEM, REM, FGLS to evaluate the impacts of IBS to OE of VCB in the period 2008-2014 This also serves as a basis for finalizing a suitable policy framework in the management of commercial banks in Vietnam in the integration period 11 FLFA and ROA of all banks, banks in group and banks in group Hypothesis 1b: There are opposite correlations between FLFA and ROE of all banks, banks in group and banks in group Hypothesis 2a: There are same correlations between FLTA and ROA of all banks, banks in group and banks in group Hypothesis 2b: There are same correlations between FLTA and ROE of all banks, banks in group and banks in group 3.3.2 For studying the impacts of IBS on banks’ OE according to the indicators of the DEA method: TE, PTE, SE Based on studies by Leightner and Knox Lovell (1998), Avkiran (1999), , the study uses a revenue and cost approach to have input and output variables, including: Input variables: includes interest expenses (X1), wage costs (X2) and other expenses (X3) Output variables: consists of interest income (Y1) and other income (Y2) - Dependent variables: technical efficiency (TE), pure technical efficiency (PTE), scale efficiency (SE) - Independent variables includes: the total foreign currency loans to foreign currency assets ratio (FLFA) and foreign currency liabilities to total liabilities and capital ratio (or foreign currency liabilities on total assets (FLTA) - Control variables includes: equity to total assets ratio (ETA), the size of bank assets (SIZE), loans to total assets ratio (LTA), deposits to loans ratio (DTL), economic growth (GDP), rate of inflation (IFL) Hypotheses related to TE, PTE, SE dependent variables as follows: 12 Hypothesis 1c: There are opposite correlations between FLFA and TE of all banks, banks in group and banks in group Hypothesis 1d: There are opposite correlations between FLFA and PTE of all banks, banks in group and banks in group Hypothesis 1e: There are opposite correlations between FLFA and SE of all banks, banks in group and banks in group Hypothesis 2c: There are same correlations between FLTA and TE of all banks, banks in group and banks in group Hypothesis 2d: There are same correlations between FLTA and PTE of all banks, banks in group and banks in group Hypothesis 2e: There are same correlations between FLTA and SE of all banks, banks in group and banks in group 3.4 Research methodology and verification The study using panel data was regressed in four ways: Pooled OLS, FEM, REM, FGLS The tests used were: Hausman testing for FEM or REM modeling, Modified Wald testing and Breusch-Pagan Lagrangian testing for verify variance (Green, 2012), Wooldridge for testing Self-correlation phenomena (Wooldridge, 2002 and Drukker, 2003) FGLS models can control self-correlation and variance (Beck and Katz, 1995) The DEA method is used to analyze TE, PTE, SE of VCB for the period 2008-2014 by using the DEAP 2.1 software 13 CHAPTER 4: RESEARCHING RESULTS 4.1 Studying the impact of IBS on OE according to ROA, ROE of Vietnamese commercial banks 4.1.1 Descriptive statistics about variables Data are presented in descriptive statistics, each variable is described as: variable name, observation number, minimum value, maximum value, mean value, standard deviation, therefore to perform the most general analysis of variables introduced into the model 4.1.2 The coefficient of correlation between variables Correlation analysis was used to examine the relationship between FLFA, FLTA, ETA, SIZE, LTA, DTL, GDP, INF and dependent variables: ROA, ROE for all banks, banks in group and banks in group 4.1.3 Multi-collinear test results The correlation coefficient between independent variables is less than 0.8, which suggests the possibility of low multi-collinearity in regression analysis Table 4.6: Multivariate test results of variables Variable VIF VIF (All banks) (Banks in group 1) VIF (Banks in group 2) FLFA 1,12 1,37 1,07 FLTA 1,26 1,54 1,18 ETA 2,02 1,64 2,36 SIZE 2,47 2,81 2,98 LTA 2,22 4,57 2,13 14 DTL 2,27 3,05 2,20 GDP 1,24 1,26 1,29 INF 1,32 1,35 1,51 Medium VIF 1,74 2,20 1,84 Source: Results from Stata 11.1 with data of 38 selected VCB 4.1.4 Research results for ROA dependent variables Table 4.8: Summary of research results for ROA dependent variables Variable Impact on ROA All banks FLFA Banks in group Same direction but Same not with statistically significant FLTA Same with 1% but not statistically direction 1% with significance level Regression ROA model direction Negative direction significance level direction Same Banks in group 1% significance level significant Same with direction 1% significance level = ROA = 0,0304053 ROA = 0,0192177*FLTA + 0,00867*FLFA + 0,0132762*FLTA + 0,0401921*ETA 0,0238037*FLTA - + 0,0372443*ETA 0,0016915*SIZE + + 0,202777*GDP 0,0137062*INF Source: Results from Stata 11.1 with data of 38 selected VCB FLFA effects in the same direction (+0,00867) to ROA at 1% statistically significant for banks in group and not statistically significant for all banks and banks in group 2, ie, the increase in FLFA will bring higher efficiency for banks in group 1, is a group of banks with foreign currency lending have a significant proportion of total loans, which have shown the advantages of this banks’ large 15 scale of foreign currency lending According to a study conducted by Truong Quang Thong (2010), the foreign currency lending on total loans has a positive impact on the group of state-owned commercial banks as the banks in group 1, the author's suggestion policy should increase the foreign currency lending to the group of state commercial banks So, the research results are similar to the study of Truong Quang Thong (2010) but contrary to the theory 1a FLTA impacts on all banks (+0,0192177), banks in group (+0,0238037) and banks in group (+0,0132762) are all significant 1%, coefficient of banks in group is higher than all banks and banks in group Positive correlation shows that if the banks increase the mobilization of foreign currency and make good use of this mobilized funds, they will increase the OE, have more investment opportunities for banks According to research results of Truong Quang Thong (2010), FLTA has negative impact on ROA for both state-owned commercial banks and joint stock commercial banks, therefore, the results are not consistent with the results of Truong Quang Thong (2010) Based on the above results, we accept the hypothesis 2a for the sample all banks, banks in group and banks in group 4.1.5 Research results for ROE dependent variables Table 4.10: Summary of research results for ROE dependent variables Variable Impact on ROE All banks FLFA Banks in group Banks in group Negative direction Same direction with Negative direction but not statistically 1% significant level significance but not statistically significant 16 FLTA Same direction with Same direction with Same direction with 1% 1% significance 1% level level Regression ROE = -0,1931715 + model significance significance level ROE = ROE = 0,2122217*FLTA + 0,093209*FLFA + 0,1292072*FLTA - 0,0116989*SIZE - 0,0789531*ETA + + 1,749651*GDP - 0,9082031*GDP + 0,3059712*FLTA 0,8065711*ETA 0,1777064*INF 0,0827546*IFL Source: Results from Stata 11.1 with data of 38 selected VCB FLFA has the opposite effect on ROE for all banks and banks in group but not statistically significant, having the same effect with 1% significance for banks in group (+0.093209), this result is in contrast to hypothesis 1b FLFA has the same effect on ROE as statistically significant 1%, similar to the ROA, which means that the increase in foreign currency lending of banks in group will be more effective for this banks, proving that these banks have managed well the risks of foreign currency lending such as import-export finance, international payment, international guarantee … FLTA impacts on all banks (+0,2122217), banks in group (+0,3059712) and banks in group (+0,1292072) are all significant 1% The regression coefficient of banks in group is higher than all banks and banks in group With their ability to manage of banks in group 1, the more they mobilize foreign currency, the more they increase OE FLTA has a positive correlation with ROE, which is similar to ROA, indicating that if banks use the foreign currency mobilizing funds well, they will increase OE, creating more investment opportunities for banks This clearly shows that to 17 increase the bank's profitability, banks must increase their debt ratio to increase leverage With this result, we accept the hypothesis 2b for the sample all banks, banks in group and banks in group 4.2 Studing the impacts of IBS on OE according to TE, PTE, SE of Vietnamese commercial banks 4.2.1 Study the OE of VCB with the DEA method 4.2.1.1 Descriptive statistics the research sample data variables 15.000.000 Y1 10.000.000 Y2 X1 5.000.000 X2 X3 2008 2009 2010 2011 2012 2013 2014 Figure 4.5: Average input and output variables 2008-2014 Source: Compiled from the annual report of 38 selected VCB 4.2.1.2 Results of TE estimation by DEACRS The average TE of the samples over the years 2008, 2009, 2010, 2011, 2012, 2013, 2014 is 0,862; 0,917; 0,893; 0,946; 0,943; 0,931; 0,92 respectively, this shows that TE of VCB have reached only 86,2% in 2008; 91,7% in 2009; 89,3% in 2010; 94,6% in 2011; 94,3% in 2012; 93,1% in 2013 and 92% in 2014 4.2.1.3 Results of PTE estimation by DEA VRS The average PTE over the years 2008, 2009, 2010, 2011, 2012, 2013, 2014 is 0,918; 0,959; 0,938; 0,966; 0,971; 0,951; 0,94 respectively This suggests that PTE of VCB is only 91,8% in 2008; 95,9% in 2009; 93,8% in 2010; 96,6% in 2011; 97,1% in 2012; 18 95,1% in 2013 and 94% in 2014 4.2.1.4 Scale efficiency of VCB The average SE over the years 2008, 2009, 2010, 2011, 2012, 2013, 2014 is 0,939; 0,956; 0,952; 0,979; 0,972; 0,979; 0,98 respectively This shows that SE of VCB is 93,9% in 2008; 95,6% in 2009; 95,2% in 2010; 97,9% in 2011; 97,2% in 2012; 97,9% in 2013 and 98% in 2014 4.2.2 Studying the impact of IBS on TE, PTE, SE of Vietnamese commercial banks 4.2.2.1 Descriptive statistics about variables The average TE was 91,58%, the lowest TE was Kienlongbank in 2008 with 64,6%; The average PTE was 94,91%, the lowest was Kienlongbank (68,5%) The average SE was 96,5%; which is higher than the average TE and average PTE, indicating that SE has a great impact on the OE 4.2.2.2 The coefficient of correlation between variables Correlation analysis was used to examine the relationship between FLFA, FLTA, ETA, SIZE, LTA, DTL, GDP, INF and dependent variables: TE, PTE, SE for all banks, banks in group and banks in group 4.2.2.3 Research results for TE dependent variables Table 4.24: Summary of research results for TE dependent variables Variable Impact on TE All banks FLFA Banks in group Negative direction Negative but not statistically with significant significance level Banks in group direction Same direction but 5% not statistically significant 19 FLTA Same direction with Same direction but Same direction with 5% 10% significance not level statistically significant significance level Regression TE = 0,738668 + TE = 0,9456188 - TE = 0,3921823 + model 0,1115416*FLTA + 0,1214874*FLFA 0,1230141*FLTA + 0,2398684*ETA + 0,3038906*ETA + 0,0222701*SIZE - 0,0414814*SIZE - 0,1926906*LTA - 0,1511831*LTA - 0,0300667*DTL - 2,440381*GDP 1,735985*GDP Source: Results from Stata 11.1 with data of 38 selected VCB FLFA has the opposite effect on TE at statistically significant level of 5% for banks in group (-0,1214874) but the model is not statistically significant (Prob> chi2 = 0,11161, Appendix 17), FLFA is not statistically significant for all banks and banks in group Based on the above results, we reject the 1c hypothesis for the sample all banks, banks in group and banks in group because regression coefficients or regression models were not statistically significant FLTA impacts on all banks (+0,1115416) and banks in group (+0,1230141) at 5% and 10% respectively Based on the above results, we reject the hypothesis 2c for the sample banks in group because the regression coefficient is not statistically significant, accepting hypothesis 2c for the sample all banks and banks in group The results of the study on dependent variable of TE are similar to the results when studying with the dependent variable ROA and ROE 4.2.2.4 Research results for PTE dependent variables Table 4.26: Summary of research results for PTE dependent variables 20 Variable FLFA FLTA Impact on PTE All banks Banks in group Banks in group Negative direction Negative direction Negative direction but not statistically but not statistically but not statistically significant significant significant Same direction with Same direction with Same direction but 5% significance 5% level significance not level statistically significant Regression PTE = 0,66676 + PTE = 0,5903455 + PTE = 0,8495037 + model 0,0671865*FLTA + 0,0847568*FLTA + 0,1759197*ETA - 0,1634918*ETA - 0,0182934*SIZE + 0,0199237*SIZE 0,0963768*LTA 2,085647*GDP Source: Results from Stata 11.1 with data of 38 selected VCB FLFA has the opposite effect on OE, which shows that foreign currency lending does not bring efficiency to banks This shows that the Vietnamese banks are not well managing the risks of foreign currency lending such as import-export finance international payment, international guarantee However, FLFA effect is not statistically significant Therefore, the 1d hypothesis of the study was rejected FLTA impacts on all banks (+0,0671865) and banks in group (+0,0847568) is 5% statistically significant level This proves that in order to increase banks’ OE, the banks expand their funding mobilization activities in foreign currencies With this result, we accept the 2d hypothesis for the sample of all banks and banks in group 1, rejecting the 2d hypothesis for banks in group 21 4.2.2.5 Research results for SE dependent variables Table 4.28: Summary of research results for SE dependent variables Variable FLFA FLTA Impact on SE All banks Banks in group Banks in group Negative direction Negative direction Same direction but but not statistically but not statistically not significant significant significant Negative direction Negative direction Same direction but but not statistically but not statistically not significant significant significant statistically statistically Regression SE = 0,981067 - HQQM = 1,251849 - HQQM = 0,7489874 model 0,082662*LTA - 0,3542843*LTA - + 0,0803187*ETA + 0,0187937*DTL - 0,0606122*DTL - 0,0137401*SIZE 0,0696219*INL 0,3777144*INF 0,0326891*LTA Source: Results from Stata 11.1 with data of 38 selected VCB FLFA has the opposite effect on all banks and banks in group showed that increasing foreign currency lending did not increase SE Conversely, for banks in group 2, when increasing foreign currency lending, SE will increase However, the results of this study are not statistically significant, so the hypothesis 1e is rejected FLTA has the opposite effect on all banks and banks in group showing that when banks increase foreign currency mobilization activities, they not increase SE In contrast, for banks in group 2, when the increase in foreign currency mobilization will increase SE However, this result is not statistically significant, so hypothesis 2e is rejected - 22 CHAPTER 5: CONCLUSION AND POLICY IMPLICATIONS 5.1 Conclusions from the research model With the dependent variables representing the OE are: ROA and ROE, the results show that there is a similarity in the results of research on FLFA and FLTA for both the dependent variable is ROA and ROE As the dependent variables representing the OE are: TE, PTE, SE, the research results show that FLFA is not statistically significant, FLTA has a positive effect on the result of TE and PTE (ie, the effectiveness of input management) and not statistically significant with the dependent variable SE (which indicates the ability of the bank to choose the optimal scale with the bank's resources) 5.2 The main contribution of the thesis In addition to the theoretical contributions, the thesis has some practical contributions, the results of the thesis are expected to support banks’ managers 5.3 Some policy implications 5.3.1 With foreign currency mobilization service According to research results, FLTA variable have correlated positively with ROA, ROE, TE and PTE with all banks, this result demonstrates that banks should increase in foreign currency deposits to raise OE To improve the ability to mobilize in foreign currency, in addition to a reasonable interest rate policy, VCB should consider operation scale through branches are allocated according to appropriate geographic area nationally as well as countries in the region 23 5.3.2 With foreign currency credit service According to the research results, FLFA has the same relationship with ROA, ROE for banks in group 1, are the banks with large foreign currency lending but not statistically significant for the sample all banks However, LTA have the opposite effect on TE, SE proves that if banks expand their general lending activities including local currency lending and foreign currency lending, this will reduce OE The current policy of the Vietnamese State Bank is to strengthen control and limit foreign currency credit in order to create stability in the foreign exchange market This is in line with the Vietnamese State Bank's management policies, and most recently, Circular 24/2015/TT-NHNN and Circular 31/2016/TTNHNN on foreign currency lending 5.3.3 With the other IBS With foreign currency deposits raised, in order to maximize profits required commercial banks to use these funds for other IBS’ diversification as develop foreign exchange business, international payment services, international card services and correspondent banks 5.4 Some limitations of the study and subsequent research The DEA model used in the study did not mention levels of significance or reliability In addition, due to the limitation of young data, when the conditions and data are available, the next study on the impacts of IBS on commercial banks’ OE are: longer study time, broadening the scope of research, making research for all commercial banks in Vietnam and some commercial banks in the region 24 CONCLUSION Thesis: "Researching the impacts of international banking services to operational efficiency of Vietnamese commercial banks" is a new, deep study of theoretical issues and practical field of IBS’s impacts to OE of commercial banks applied to the assessment for period 2008-2014 with 38 VCB Based on the evaluation combination of banks’OE by DEA and offer models based on regression analysis reflects IBS’s factors such as foreign currency lending on total foreign currency assets ratio, foreign currency liabilities to total assets ratio, the thesis have been raised in these factors, which have a strong impact on the OE of VCB, thereby helping to find solutions for bank’s governance are more favorable With the results obtained, the thesis presents a number of policy implications for IBS in order to improve the OE of VCB in line with the trend of international economic integration about: foreign currency mobilization, equity, assets and other IBS Regarding foreign currency lending, although there are positive impacts on ROA and ROE for banks in group 1, there is no statistically significant for the sample of all banks Foreign currency loans are limited and will be completely eliminated in accordance with Circular No 24/2015/TT-NHNN and Circular No 31/2016/TT-NHNN 25 PUBLISHED SCIENTIFIC WORKS Huynh Thi Huong Thao, 2015 Development orientation of international banking services of Vietnamese commercial banks Financial & Monetary Review, No 431, p 20-23 Huynh Thi Huong Thao, 2015 Researching the impacts of international banking services to the operational efficiency of Vietnamese commercial banks Banking Science & Training Review, No 159, p 63-69 Huynh Thi Huong Thao, 2016 Measurement of operational efficiency of Vietnamese commercial banks Banking Science & Training Review, No 168, p 43-48 Huynh Thi Huong Thao, 2016 Researching the impacts of international banking services to the operational efficiency of Vietnamese commercial banks Banking Technology Review, No 123, p 44-53 Huynh Thi Huong Thao, 2017 The impacts of international banking services on Vietnamese commercial banks Review of Finance, No 651, p 66-68 Huynh Thi Huong Thao, 2017 The impacts of international banking services to the profitability of Vietnamese commercial banks Journal of Finance and Accounting Research, No 168, p.1417 Huynh Thi Huong Thao, 2017 The impacts of international banking services to the operational efficiency of Vietnamese commercial banks Journal of Science Technology & Food, No 11, p 132-141 ... 2008-2014 The macroeconomic indicators of Vietnam such as the rate of economic growth, inflation rate from the General Statistics Office of Vietnam Within the scope of the study, the thesis utilized... period 2008 - 2014, macroeconomic data of Vietnam such as economic growth rate, the inflation rate were collected from the General Statistics Office of Vietnam The research was classified into two... TienPhongbank, BacAbank, MDbank, OCB, VietAbank, MHB, Saigonbank, Kienlongbank, PGbank, NamAbank, Vietcapitalbank, NCB, Phuongnambank, Oceanbank, Baovietbank, VNBC, Westernbank, GPbank) 3.2 Research models

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