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Contents
I. Introduction............................................................................................................2
II. MAJOR FINDINGS.............................................................................................3
TASK 1:...................................................................................................................... 3
1. Leadership in Vietcombank:.............................................................................3
1.1 Old leadership theory in Vietcombank.......................................................3
1.2 New leadership theory in Vietcombank......................................................4
1.3 The impact of leadership on Vietcombank..................................................5
2. Management in Vietcombank:..........................................................................6
2.1 Old management approach in Vietcombank....................................................6
2.2 New management approach in Vietcombank...................................................8
2.3 The impact of management approach on Vietcombank....................................9
TASK 2:...................................................................................................................... 9
1. Leadership and management styles in different situations..................................9
1.1 In the old approach...................................................................................9
1.2 In the new approach................................................................................10
1.3 Compare the impact of leadership and management styles on decision
making............................................................................................................... 11
2. Culture of Vietcombank..................................................................................11
2.1 Organisational culture and its components....................................................11
2.2 Factors that influence organizational culture.................................................13
2.3 The importance of organizational culture on the performance of VCB......16
III. Conclusion......................................................................................................... 17
Reference..................................................................................................................... 18

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 I. Introduction
In terms of total assets, credit, deposits, and network of operations, Vietcombank
(VCB) is the fourth largest bank in the Vietnamese banking market. VCB, on the
other hand, is the market leader in foreign exchange trading, international
payment, and card operations. Vietcombank now has a network of bank
branches, transaction locations, and ATMs throughout Vietnam, as well as
various leadership positions, thousands of managers and workers, and additional
offices in other countries, after more than 50 years of growth. Vietcombank
requires proper and effective operational equipment, as well as dominating,
controlling, and operating, in order to have such strong growth, nationwide
popularity, and progressively expansion to the rest of the world. This research
will examine the relationship between management activities in traditional and
modern methods of business management to determine the impact on the
company's effectiveness. Furthermore, the paper will demonstrate how leadership
and management have influenced the company's work culture.

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 II. MAJOR FINDINGS

TASK 1:

1. Leadership in Vietcombank:
Leadership, according to Ngambi et al. (2010) and Ngambi (2011), as referenced
in Jeremy et al. (2011), is a process of influencing others' commitment toward
fulfilling their full potential in attaining a value-added, shared vision with passion
and integrity. In an organization, leadership style is one of the variables that
influence whether individuals are interested in and committed to the organization
(Obiwuru et al., 2011). According to Michael (2011), leadership has a direct
cause and effect link with the success of organizations. Leaders define ideals,
tolerance for cultural change, and staff motivation.
In Vietcombank, leadership is defined as the activity of leading a group of people
or an organization, which includes defining and sharing a vision, giving
information, knowledge, and means, coordinating activities, and resolving
problems among members. Leaders in the past and present, on the other hand, are
all about using the authority at their disposal to influence the behaviors of
subordinates in order to achieve a specific goal.

1.1 Old leadership theory in Vietcombank

Previously, Vietcombank leaders worked in a conventional, time-honored

manner. As a State-owned bank (Vietcombank.com, 2022), they assign work
through oral, written, and paper communication, which involves strenuous
meetings on round tables with many documents, dispatches, and paperwork that
must be managed. physical. As a result, the old leaders have a constant headache
when it comes to managing work and personnel. Currently, Vietcombank
employs behavior theory as its leadership theory. The old CEO is prone to
authoritarian leadership, which is one of the leadership styles identified in the
behavior approach (Kelly & Cole, 2020).

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The old Vietcombank strategy is behavioral because there are numerous stories
and concerns about firms' delayed responsiveness to market changes, as well as
their tenacious aversion to innovation and creativity. This means he has complete
decision-making authority and leadership over his followers (Kelly & Cole,
2020). Team members and followers are rarely consulted when it comes to
regulations, processes, and collective goals. Furthermore, "the principles and
beliefs are mirrored in all departments' adherence to rules, processes, and
"control" (Vietcombank Case Study, 2022). When Vietcombank was focused on
foreign trade, this technique may have worked.

Leaders at Vietcombank focused solely on internal aspects at work in order to

achieve stated goals, without taking into consideration external influences,
changes, and societal needs while making appropriate judgments. According to
behavioral theory, leaders may learn and choose which behaviors to exhibit in
order to become the type of leader they desire (Kelly, P. and Cole, G., 2020). As
a result, the Vietcombank leader may have unwittingly forgotten to listen to staff
and customer opinions to meet the specified targets. So that employees are not
forced to multitask, the division of labor strategy increases quality and
performance, allowing workers to devote more attention to their duties and
improve their personalities to achieve their goals. As a result, in the past, the old
technique may have increased the company's efficiency in an emergency or when
they had less time to make decisions.

1.2 New leadership theory in Vietcombank

Until now, Vietcombank's leadership style has grown significantly in response to

modern society's growth and the expansion of people's thoughts. In this new
field, Vietcombank leaders are employing scenario and contingency theories.
Contingency theory is used to emphasize organizational transformation. Fiedler's
Contingency Model is utilized to effectively illustrate Vietcombank's new
management strategy.

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The least preferred coworker (LPC) scale, which gauges a manager's leadership
orientation, is the key component of Fiedler's Contingency Theory. The process
also provides a consistent structure for managing a firm's essential activities.
However, in order for the process to work, an appropriate organizational
structure must be in place to guide all personnel by clearly identifying formal
reporting ties that ultimately regulate the workflow. The head office concentrates
on functional operations to assist the branches/transaction offices/companies in
carrying out their operational activities under this new management paradigm.
They improve creative and productive teamwork by encouraging communication
between employees and management. This improves the leaders' task structure,
which is high. The division of small chunks, on the other hand, will reduce
leaders' power.

Consider the case of Mr. Nguyen Trung Dung. Vietcombankers may notice Mr.
Dung traversing the corridors, conversing with personnel at all levels and in all
divisions. Most importantly, he listened to what staff thought needed to be done.
He received numerous stories and concerns about corporations being sluggish to
respond to market changes, strong resistance to new ways of thinking, and failing
to listen to what customers want. This enhances the fact that the leader-member
is high.

This scenario necessitates a relationship-oriented leader, according to Fiedler's

Contingency Theory. The situation is moderately positive, but the leader lacks
the authority to effect considerable change. However, this provides a highly
Vietcombank environment – a superb culture that aids greatly in the
organization's powerful development process.

1.3 The impact of leadership on Vietcombank

During the developmental stage, the behavior approach failed for the same
reasons. After the company has grown and stabilized, it is critical to expand and
adapt to society's innovative expectations. This technique becomes ineffective,
causing the company to become obsolete in contrast to competing companies.

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When a leader focuses solely on internal operations while ignoring market trends,
the leader will slip behind the competition and fail to meet client expectations.
Then, as this organization became open and equitable, it was no longer fit, and
adopting a new type of leadership is a critical step to dramatically boost the
company's performance.

2. Management in Vietcombank:
2.1 Old management approach in Vietcombank

As a state-owned enterprise, it was evident that Vietcombank's business

operations were managed in a typical manner (Mr. Dung). Vietcombank, on the
other hand, used traditional management to keep the company under control.

The classical view promotes physical and economic needs of employees over job
happiness and social needs (Henry, 1916). It proposes monetary incentives, wage
increases, and other financial incentives to encourage employees to be more
productive (Henry, 1916). Organizational efficiency improves when employees
work hard and perform to their full ability (Henry, 1916). The adherence to rules,
procedures, and "control" in all departments reflects the ideals and beliefs. The
traditional management philosophy entails an assembly line perspective of the
workplace in which major tasks are broken down into smaller, easier-to-complete
ones. Workers are aware of their responsibilities and often specialize in a single
field. Vietcombank before it divided very small job parts for the employee doing
for the main objective that they can do well and handle well in their field as they
divide a lot of small part of the whole organization structure (figure 1)

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 (Organizational structure of Vietcombank in the annual report of 2008)

This management style had its merits. It enabled personnel to concentrate on a

specific field of operation within their area of expertise (Henry, 1916). Roles and
responsibilities were clearly defined, which resulted in higher wages. Regular
incentives help employees feel appreciated, and they are more likely to perform
harder at their positions (Henry, 1916). Furthermore, concentrated leadership
promoted quick decision-making, hence speeding up workflow. Despite its
benefits, the classical management method is more suited to static,
unidimensional companies than to the multi-layered, dynamic workplaces of the
present era. A key premise of classical management theory is that decisions on
behalf of a firm are made by a single leader or a small group of executives (Russ,
2019). Mr. Nguyen Trung Dung has mentioned this. He stated that he has heard
various experiences and worries about companies'"delayed answers to market
shifts, obstinate rejection to innovation and creativity, and failing to listen to
what customers want." This is because organizations that employ this
management method make decisions at the top levels of management and then
pass those decisions down the management chain (Russ, 2019). The manager

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would not listen to any comments or recommendations, which could lower
Vietcombank's job satisfaction. That might consider a reasonable reason why Mr.
Dung thinks that the old ways of doing things were too out of date.

2.2 New management approach in Vietcombank

As we enter the fourth industrial revolution, traditional management is no longer

appropriate for Vietcombank. The CEO of the firm is using a new management
method known as the Contingency hypothesis. Many authors are concerned with
contingency theory, which is explained in a variety of ways: "optimum
management or organization is subject to various internal and external
constraints" (Fiedler, 1964), "the best way of organizing depends on the
environment in which the organization operates" (Scott, 1992), "the effectiveness
of the solution depends on the conditions under which the solution is
implemented" (Galbraith, 1973).

In general, contingency theory describes the direct relationships between the

firm's independent random factors and the dependent variable of its
organizational structure. It relied significantly on the contingency theory of
organizational structure, which had been established over the previous twenty
years to specify which forms of organizational structure were most suited to
certain circumstances. When it comes to organizational structure, Vietcombank is
in the same boat.

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 Vietcombank’s new organizational structure

Contingency theory is defined as follows by William Richard Scott: "The best

approach to organize relies on the nature of the environment to which
organization must relate." This is reflected in the organizational structure of
Vietcombank in the new management theory approach. They separate small
pieces to control and ensure the well-run based on the environment, technology,
experience, and enterprise size. That is also a significant benefit for the head
leadership following, controlling work efficiency, and improving communication
between leaders and employees. Staff from individual expert areas from across
divisions also gather together to solve company-wide challenges, such as the
Human Resource Manager developing a unified approach to payment systems for
the entire firm. Employees are compensated for their knowledge and
contributions to the organization, rather than their position in the hierarchy or
duration of service.

2.3 The impact of management approach on Vietcombank

Smith and Fingar (2003) defined business process management as a supporting
power to the management system that efficiently leads the organization, and it is
the creative language to achieve strategic outcomes, with its usefulness shown in
supporting transformation processes. Traditional management was an extreme

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strategy for Vietcombank in the past – when the company was still young – but
this style of management approach is no longer appropriate for this organization.
Adopting a new management approach improves work efficiency, control
balance, and the company's atmosphere. Many contingency elements have been
cited by study writers, but size, strategy, technology, and environment continue
to emerge as the most important in determining the structure and operation of
organizations (Robbins, 2004; Cole, 2004; Donaldson, 2001).

TASK 2:
1. Leadership and management styles in different situations
1.1 In the old approach

Mr. Dung roamed the corridors, interacted with workers from all levels and
departments, and listened to their ideas about what needed to be done. As a
result of his acts, he has heard various experiences and concerns about firms
being slow to adapt to market changes, obstinately resisting new ways of doing
things, and failing to listen to what customers want. The former Vietcombank
General Director clearly has the ability to make all decisions and limit
employee engagement. This is one of the characteristics of autocratic
leadership: autocratic leaders make decisions based on their own views and
judgements, and they rarely accept the viewpoints of their subordinates. (Jony,
et al., 2019). Employees of the firm are only permitted to carry out their given
jobs without the ability to express their opinions. This leads to various
disagreements among employees regarding how leaders perform in the
organization, diminishing employee engagement and leading the company's
success to fall short of society expectations.

1.2 In the new approach

CEO Dung's behavior differs from what past executives were supposed to have
done. He is willing to communicate with employees at all levels of the
organization. He emphasizes teamwork, with several project teams and task

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groups in place to address tasks like new product or process development. This
demonstrates his democratic leadership style, in which he listens to employees'
views and allows them to suggest new routes for the company.

A democratic leadership approach has assisted Vietcombank's growth. According

to Vietcombank's CEO, managers must regard all company operations as
interconnected, demonstrating the critical role of teamwork in Vietcombank's
business strategy. Employees from several departments work together to solve
company-wide problems. Employees are compensated based on their ability to
demonstrate their expertise and contribution to the company, rather than their
position. Managers and employees are encouraged to speak openly and honestly
in order to fulfill tasks. This fosters trust among coworkers, demonstrating the
democratic leadership's character. As a result, Vietcombank has steadily evolved
into Vietnam's most profitable bank. It is also Vietnam's first billion-dollar bank
and one of the world's top 200 financial and banking firms.

1.3 Compare the impact of leadership and management styles on

decision making

The leadership style of an organization influences its decision-making.

Vietcombank's previous leadership style (Autocratic) benefited firms in
making choices more quickly than the new leadership style (Democratic).
Because the leader takes all choices in an autocratic leadership style,
subordinates are only required to carry out the obligations assigned to them by
their superiors, which prevents issues when employees at all levels discuss
together. However, when only an executive makes a decision, the decisions
made as a result of this leadership style will be relatively subjective.
Democratic decision-making is more successful than autocratic decision-
making because it promotes teamwork and cross-level discussions; yet, when
the firm used the previous technique, it received negative feedback from
employees about the company's direction and operation. As a result, new ideas
will emerge, and businesses will be able to select the best alternative. This

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design is ideal for Vietcombank's present state of digitalization and customer
service development. Vietcombank's domestic and global position illustrates
that the company's management employs an effective leadership style.

2. Culture of Vietcombank

2.1 Organisational culture and its components

The strong culture of VCB, the rich cultural environment with many colors and
values... The strong culture of VCB is reflected in the most conspicuous
feature of the vision and life it has given. VCB not only preserved but also
expanded its basic ideas, the organizational model of VCB prior to and after
the shares, despite the change in VCB's position, but all of them demonstrate a
development orientation.

With a large and long-standing business such as VCB, the ecosystem within
the organization is one of the most essential components that contributes to
success. The VCB culture was born and grew year by year, becoming the new
lifestyle of the VCB employees and becoming familiar with them. The culture
is formed as a result of leadership and management theories, organizational
history, and organizational kinds.

It also represents the culmination of six basic principles of the Vietcombank

brand: creativity, nonstop development, thoughtful, focused business, culture
department, widespread connection, differentiation, and secrecy. Completely
solidify, the VCB brand with the message is also a commitment all the way
through: Shared optimism about the future (Together for the Future).

Vietcombank, as one of the most prestigious banks in Vietnam and the area,
conforms to international standards in all of its commercial activities. This is
also evident in the building of the logo design concept in Vietcombank's new
brand identity - altered to be more perfect.

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 Logo of Vietcombank in the present (left) and in the pass (right)

The green Vietcombank logo represents natural strength, representing growth

in balance, standards, and the ambition to expand and extend out. Changing the
emblem from right to left, redone in a modern, stylish link throughout,
signifies a successful and long-lasting connection. It is not only a symbol for
Vietcombank, but also a symbol of the spirit of desire to win (Victory), of
solidarity with the heartfelt belief in Vietnam's affluent common destiny. It
also reflects some of the company's cultural identity:

- Belief - Maintain credibility and professionalism. (Vietcombank, 2020)

- Standards - Principles must be respected, and standards must be followed.

(Vietcombank, 2020)

- Open to new ideas - Always strive for the new, modern, and civilized.
(Vietcombank, 2020)

- Long-term - To benefit the long term. (Vietcombank, 2020)

- Humanity - Readiness, closeness and understanding to share. (Vietcombank,

2020)

The corporate culture of VCB is clearly portrayed in physical values - things

that people outside, customers, and visitors can see through logos, slogans,
business cards, staff outfits, decoration, and so on. VCB is well regarded for its
staff's polite and professional working style, which is always ready to serve
customers and provide them with the greatest level of comfort. With intangible

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values, corporate culture is established by the enterprise's employees' loyalty,
diligence, and innovation, as well as their behavior and interactions with upper
and lower levels as a family. a large family To promote strong human values,
VCB employees always put themselves in the shoes of the target audience,
such as customers and colleagues, to properly comprehend and come up with
sensible answers.

2.2 Factors that influence organizational culture

Organizational culture is influenced by seven factors: "history, principal
purpose and technology, strategy, size, location, management and leadership,
and environment." (Mullins, 2019).

History: Vietcombank was established as a state-owned enterprise in 1963.

The Vietcombank logo has employed a primary hue of green since its
inception. Vietcombank is the oldest entity in the Vietnamese financial
industry in terms of history. The bank has been in operation for 59 years and
has been administered by a variety of chairman's generation and state institutes.
The corporation was founded in 1955 and operated under state control as the
State Bank of Vietnam until 2007. As a result, Vietcombank's organizational
culture at the time was exceedingly formal and monotonous, with a slew of
rules and processes that staff had to follow.

Primary function and technology: Vietcombank originated as an overseas

commerce specialist bank and has since expanded into a multi-sector bank,
providing clients with a wide range of leading financial solutions in
international trade, traditional services, and contemporary banking segments.
Vietcombank is likewise successful in incorporating technology into their
system. All of this shift has resulted in the development of their organizational
culture - an innovation culture. Always strive for new, modern, and civilized
products and services.

Strategy: The objective of Vietcombank is to be the best bank for the

prosperity of Vietnam. The company's strategy is always concentrated on

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supporting partners in better understanding, sharing, and implementing
business. To do this, the corporation sets core principles such as independence,
norm, consistency, sustainability, and humanity to guide and build the firm.
Since people come first, the company consistently fosters friendliness and
sharing in order to improve the quality of services and the working
environment. The company's power structure transformed as a result of the
redesign; teamwork is encouraged; the line manager and employees worked
closely together on a daily basis; workers from various expert areas also met to
address company-wide challenges. Managers exercise control over the firm's
and divisions' actions by enforcing certain regulations and policies.

Size: Vietcombank has evolved significantly and has become a larger firm over
time. When we compare the entire assets of Vietcombank in 2002 and 2020,
we can see the massive expansion of the company's scale after 20 years of
operation. Vietcombank's total assets were 81.495 billion VND in 2002 and
reached a peak of 1.326.230 billion VND in 2020. (Vietcombank Case Study,
2022). The organizational structure of a corporation becomes increasingly
complex as it grows in size.

Location: Vietcombank has grown in size by opening more subsidiaries and

branches throughout the country, as well as those outside.

Management and leadership: Vietcombank's management approach has

evolved from a traditional management approach to a modern management
approach. Vietcombank's leadership style has likewise shifted from autocratic
to democratic. Mr. Nguyen Trung Dung, the new CEO of Vietcombank,
believes that the bank "cannot satisfy our clients until your working attitudes
are kind, warmly welcomed, each of us understands completely his/her
particular responsibilities, and we, the colleagues, respect each other as
"family" (Vietcombank Case Study, 2022). This has impacted the
organizational culture of Vietcombank to be "Humanity - respect morality, be
near, and share."

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Furthermore, in order to achieve responsibilities, managers and employees are
encouraged to speak openly and honestly. Vietcombank's commitment to
training and development fosters positive employee interactions. This
illustrates the bank's commitment to helping all employees at all stages of their
careers extend and enhance their skill sets. They said in their core value that
they desire to maintain their status and professionalism, which influences their
organizational culture.

The environment: Increasing business digitization and globalization in

response to changing societal demands. This has an impact on the company's
behavioral habits as it transforms to a more dynamic work environment with
more active and innovative employees. Because the firm encourages
international activities, the power structure and control mechanisms will be
modified to match the new working culture.

2.3 The importance of organizational culture on the performance of VCB

Over the past 50 years, there has been an unprecedented development in the
operational environment and made radical demands on the art and culture of
Vietcombank.

The culture of Vietcombank is highly significant in its development process.

For starters, it gives firms a competitive advantage, a comparative advantage
when clients have to pick between multiple partners. Second, this is the
foundation for preserving and strengthening customer connections, fostering a
trusting mindset and long-term and sustainable collaboration. Third, it instills
professionalism in the enterprise's every thought and action. Furthermore,
corporate culture has a direct impact on company strategic planning and
development by selecting relevant knowledge (using applicable experience and
models), and establishing norms and standards based on the enterprise's value.
Proper strategic planning will assist members in making the most of their roles
in the firm. This Vietcombank culture ensures the organization's stability:
Corporate culture can be compared to a glue that holds people of an

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organization together.

The culture of Vietcombank has a significant impact on an enterprise's

management and business activities. It also has an impact on the personnel of
the company. According to Ojo (2010), strong and powerful cultures have been
cited as critical to improved performance. Long-term firm success has almost
always been driven by strong organizational cultures (Ojo, 2010). The culture
of a company determines whether or not a team of employees is excited about
it. The more developed an enterprise's culture, the more employees like coming
to work. Culture is also reflected in how employees interact with partners and
consumers, therefore whether or not a company is content with its customers or
partners is heavily influenced by corporate culture.

III. Conclusion
With half a century of development, Vietcombank has created not only a strong
bank in many aspects, a prestigious and modern bank, close and sharing; but also
a culture, a Vietcombank character with its own characteristics, very proud, a
personality, a Vietcombank culture with very valuable characteristics: Trust,
Standards, Willingness to Change New, Sustainable, and Humanistic. That is
Vietcombank's distinct competitive advantage, the ability of Vietcombank to
remain confident in the face of adversity and remain firmly on the path of
progress.

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