DEVELOPING A BALANCED SCORECARD AT THE JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) proposed its strategy based on the overall strategy of the State Bank. However, this strategy was not implemented effectively. Therefore, there was a need for an appropriate management model to overcome the deficiencies. The Balanced Scorecard introduced by Robert S. Kaplan and David P. Norton is not only a tool to evaluate the strategic implementation but also a tool for managers to get feedback and update their organization’s strategy. The Balanced Scorecard turns mission and strategy into goals and metrics of four categories: Finance, Customers, Internal Processes, and Learning.
Keywords: Balanced Scorecard, Banking, Strategy.
