GBRW was appointed by the state-owned Bank for Investment and Development of Vietnam (BIDV) to undertake a comprehensive strategic review.
BIDV is one of the largest banks in the country with assets over US$ 20 billion focused on a portfolio of private and state-owned mid-cap and corporate enterprises. The strategy review was imperative in advance of a forthcoming equitization and IPO.
Our approach to strategic management with BIDV emphasised embracing a holistic approach to strategic management, encompassing strategic and financial planning, performance management, and implementation through effective project management. In this case the Bank embraced the Balanced Scorecard (BSC), a well-established methodology in which GBRW is well-credentialled.
We worked with the Bank to assess the current 5-year Strategic Plan and the degree of implementation. Consulting closely with the Board’s Strategy Committee GBRW helped articulate the new Strategic Plan and assimilate into a concise BSC. The BSC was cascaded to divisional level, and extensive consultation and training was given to divisional directors on the cascade process.
Our approach also developed the Bank’s approach to communication of the strategy, and using the BSC to align performance management criteria with strategic objectives.
- A comprehensive review of the current strategy and strategic performance;
- Working closely with the Bank to draft the next 5-year Strategic Plan, and importantly in setting the Bank’s Mission and Vision;
- Support in the articulation of the Strategic Plan into a BSC;
- Development of a reporting dashboard underpinning the BSC;
- Development of a series of Key Strategic Initiatives required to deliver the strategy; and
- Proposals for a tailored Project Management methodology for the Bank.