F11-018 - Vo Minh Giang.v.1.1.docx

Public sector are run by government for the benefit

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Public sector: are run by government for the benefit of the general public. Public organisations are funded by government from public funds. This sector is usually profit. Voluntary sector: are run by individuals who do not have to paid for operation of an organizations. This sector is usually profit. All businesses as well as organisations have desire to achieve their goals. They need to be accountable to the stakeholders with a formal structure and have to meet lagal requirement. There are 3 forms of legal structure: Sole traders. Partnerships and Companies or corporations. Sole traders: A small business organization that is managed by a single individual. They work for the purpose of making a profit or cover the losses with the owner's venture. Parnerships: include two or more people onsists of two or more people working together for the same business purpose. Each and every one of them contributes to fulfilling their goals and cooperating in the sharing of profits, salaries and interest (Google Docs, 2018). Companies and corporations: is a business organization founded by two or more people with the same purpose. All assets of a business entity are owned by the company and not owned by any member (Worthington & Britton, 2018). 1.2 Explain the activities of Vietinbank in the respects of legal structure and its activity type and purpose. Vietinbank - Vietnam joint stock commercial bank for industry and trade is an example of corporation in business. This organisation was established in 1988 by Ministers Council
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(Vietinbank, 2018). After near 30 years incorporation and development, Vietinbank has successfully implemented the modernization plan, equitization with all aspects of the business. Vietinbank operates and provides services for 2 categories: individuals and businesses. In personal, when using Vietinbank, personal accounts are managed safely, precisely and securely and with many benefits such as quick and accurate transactions, no fee for opening accounts and many incentives. Besides, people with idle cash can save money by depositing money into a bank account and earning interest from 1% to 3% depending on the amount deposited. Individuals can also use the money in the bank account to pay for the study, business, etc overseas with the cost of the payment. In addition, Vietinbank Ipay, SMS bankings, Bankplus and Vietinbank eFASTare Internet banking system for individuals. In corporate, Vietinbank helps businesses manage cash flow in payment and business investment by providing deposit products as well as diverse management. Cash management and payment are fast and convenient at any time and anywhere including international transfers. As a result, the diversification of capital mobilization and the demand for foreign exchange investment has become more rapid and less risky. The capital needs are quickly met with diversified and flexible financial solutions by Vietinbank.As well as services for individuals, businesses are also provided with internet banking services to enable fast and convenient forms of payment and investment.
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