Financial Study Association Groningen International Financial Program Research in Vietnam International Financial Program 2016 The Destination The Program What do we offer? www.riskifp.nl Affiliated with: Main Partners Risk:
Content About Risk and the International Financial Program About Risk and the International Financial Program About Vietnam Interesting sectors What does the International Financial Program offer? Unique selling points International Financial Program Outline International Financial Program Former Clients Supervising Professors Participating Students International Financial Program Board Board of recommendations About Financial Study Association Risk Risk is thé study association for accountancy, controlling, finance, and financially interested students of the University of Groningen. Risk has set itself the goal to close the gap between theory and practice in those areas. As such, it organizes yearly a range activities for students. Besides, Risk is one of the associations that is part of the Financial Association of the Netherlands (FAN). International Financial Program (IFP) The Risk International Financial Program (IFP) is a project in which 21 top students conduct tailor-made research for multinationals. In order to guarantee the quality of those researches, those students are accompanied by two professors from the University of Groningen. The IFP is a multidimensional project in which students will enhance themselves professionally by conducting research. The program has been established in 2006 and has proven to be a great experience for students and a great success for companies. Previous destinations of the IFP include Argentina, Brazil, Malaysia, Mexico, Panama & Costa Rica, Peru and Colombia. The destination for the IFP 2016 is Vietnam! Destination: Vietnam After discussions with Dutch organizations, Vietnam has come forward as one of the most promising countries for Dutch companies. In April 2016, 21 motivated students will travel to Vietnam to conduct two and a half weeks of field research for various organizations. As such, the IFP offers your organization the opportunity to explore business opportunities in one of the most promising countries of the world.
About Vietnam Key Facts Vietnam Capital: Hanoi Language: Vietnamese (official) Population:92.50 million (2014) GDP: $193.7 billion (2014) GDP per capita: $2.094 (2014) Real GDP growth rate:5.6% (2014) Inflation: 5.9% (2014) Source: Oxford Economics Vietnam's key products are: rice, cashew nuts, black pepper, coffee, tea, fishery products and rubber. Manufacturing, information technology and high-tech industries constitute a fast growing part of the economy. Vietnam is also one of the largest oil producers in the region. As Vietnam has made the transition from an agricultural, relatively isolated command economy to a globally integrating, export-focused, industrializing economy it is an excellent opportunity for companies seeking to expand to emerging markets. Vietnam Vietnam is a development success story. Political and economic reforms (DoiMoi) launched in 1986 have transformed Vietnam within a quarter of a century from one of the poorest countries in the world, with per capita income below $100, to a lower middle income country with per capita income of over $2,000 by the end of 2014. To date, Vietnam has achieved most of, and in some cases surpassed, the Millennium Development Goals (MDGs), particularly those goals with respect to poverty reduction, education and gender equality. In the past decades, the country has made a shift from a highly centralized planned economy to a socialist-oriented market economy. As the planned economy of Vietnam lost the momentum for productivity and sustainable growth, like most of the Communist economies in the world after the Cold War period, nowadays the economy of Vietnam relies largely on foreign direct investment to attract the capital from overseas to support its continual economic rigorousness. Hence, nowadays Vietnam is in a period of integration into the global economy. As noted, Vietnam has made huge (economic) advances over the past decades. In recent years, the nation has been rising as a leading agricultural exporter and an attractive foreign investment destination. Moreover, with more than 90 million inhabitants, Vietnam offers a huge potential market. With an annual economic growth of around 6 percent, it is following big brother China on the path to economic prosperity. With GoldmanSachs and PwC predicting strong continued growth, it is a highly interesting market for organizations seeking to expand to emerging markets. The Netherlands is already the biggest European investor in Vietnam, demonstrating the excellent political ties between both countries. Trade with the country is still small in absolute terms, but growing at a quick pace.
Interesting Sectors Vietnam has several promising sectors, including but not exhausting Agriculture, Fishery and Forestry; Energy, Mining and Minerals; Industry and Manufacturing; and Services and Tourism. Agriculture, Fishery and Forestry Agriculture is fading as the most important economic sector in Vietnam. Vietnam is considered as one of the leading agricultural exporters of Southeast Asia and serves as an attractive destination for foreign investment in Southeast Asia. The primary agricultural areas are the Red River delta, the Mekong River delta, and the southern terrace region. The wood processing industry has become one of key export sectors in the country. Despite the difficulties of the economic recession, the wood processing industry has been growing strongly. Another interesting sector is Vietnam s fishing industry, which has abundant resources given the country s long coastline and extensive network of rivers and lakes. Furthermore, the relaxation of the state monopoly on rice exports transformed the country into one of the top rice exporting countries in the world. Moreover, Vietnam is the world's second largest exporter of coffee, with the EU as one of the main importing markets. Services and Tourism Formerly a neglected sector under central planning, services began to boom at the end of the 20th century. Since the early 1990s, the contribution of services to GDP has surpassed that of agriculture and matched or exceeded that of industry. By the early 21st century, services accounted for roughly one-fourth of total employment. Pressure from the U.S.- Vietnam bilateral trade agreement and the WTO resulted in a liberalization of the rules governing foreign participation in banking, telecommunications, and insurance that was expected to accelerate the service sector s growth. Also, tourism has become increasingly important. The combinations of unique landscapes and rich culture, from high mountains to extensive coastline, from modern cities to hundred-year-old handicraft villages become known to both domestic and overseas tourists. Vietnam attracted more than 5 million foreign visitors in 2010. Energy, Mining and Minerals Mineral deposits, mainly in the north, include large reserves of anthracite coal, lime, phosphates, iron ore, barite, chromium ore, tin, zinc, lead, and gold. Coal production is the most important sector of the mining industry. With the exception of coal, the majority of current mining projects in the country are small in scope, representing an untapped opportunity for development on a larger scale. Industry and Manufacturing Food and beverage processing is the largest industrial activity in Vietnam. Also, Vietnam has long been a major producer of cement. The chemical industry has also been growing with fertilizer being its most important product. Steel is a major part of Vietnam s heavy industry. Garments and textiles are of increasing importance; silk production revived in the 1990s after a period of decline. Production of electronic equipment and motorcycles has similarly expanded and in the early years of the 21st century automobile manufacturing has been Vietnam s fastest growing industry. Other important manufactures include footwear, tobacco products, paints, soaps, and pharmaceuticals.
What does the International Financial Program offer? Unique Selling Points International Financial Program The International Financial Program selects 21 top students who have made substantial progress in their studies at the Faculty of Economics and Business of the University of Groningen. They are selected based on strict criteria. As such, only the most capable and motivated students are selected. Two academic professors, who have a lot of practical business experience, will guide these students throughout the entire process to ensure that high academic standards are met. In doing so, they function as cornerstones to assure high quality research. The IFP offers companies a unique opportunity to work together with selected students, to have many contact moments with them and obtain a high quality research that broadens the their horizons. Since the IFP conducts research at cost price, all these beneficial aspects will be obtained for only 7.000,- (excl. VAT). Participating students have affinity with accounting, controlling,finance and economics. Potential research topics are numerous and basically inexhaustible. They largely depend on the needs and wishes expressed by the participating organizations. In the initial phase participants will come up with suggestions for research topics or amplify ideas proposed by the company. Examples of study designs are: Business Development Risk analysis Investment analysis Market analysis Conducting audits Examples of research topics that have been successfully addressed in previous years are: The banking climate in Panama The retirement market in Columbia The attractiveness of the Peruvian insurance and pension market High quality Research will be conducted by 21 top quality, selected, senior students with diverse (financial) academic backgrounds. These students will be guided by two professors of the during the whole research period. These professors have extensive experience in conducting research, both at an academic and a corporate level. Hence the IFP ensures to offer high quality research. Specific knowledge The IFP selects students from the Faculty of Economics and Business of the University of Groningen. Therefore, they have specific, academic knowledge about business and finance. By applying this knowledge, they are able to conduct high quality research in these areas. Since students with different academic backgrounds are involved in the project, the quality of the research is increased by the complementarity of students knowledge. Tailor-made research at cost price The IFP conducts tailor-made, professional research at cost price. The program is primarily focused on enabling students to gain practical research experience and therefore companies only pay for the costs that are made during the preparation phase and the field research phase. The IFP is by no means aimed at making a profit. Experience Since its start in 2006, the IFP has performed many successful studies in several emerging economies, both in Latin-America and Asia, which resulted in many satisfied participating companies. Independent The researches of the IFP are conducted by students who are not affiliated to any company by any means. Therefore the researches are independent and objective and all findings will be treated confidentially. Recruitment The International Financial Program gives your company the opportunity to make valuable contacts with the participating students. We selected a group of knowledgeable, highly motivated students with diverse backgrounds. Next to the researches that we offer, we can also offer in-house days. If desired, one of our external relations managers would be delighted to elaborate those possibilities. Do not hesitate to contact one of our external relations managers if you are interested!
Outline International Financial Program Former Clients The International Financial Program has a unique setup in which students not only conduct research, but also participate in the preparation of the trip. Therefore students are recruited in an early stage and are part of research groups as well as the subcommittees. This setup of the IFP is elucidated below. Preparation phase September 2015 January 2016 The preparation phase starts in September. From this moment on the students are actively involved in the project. During this period the students are trained in order to acquire the necessary skills and knowledge which will enable them to successfully perform the field research. This will be achieved by means of lectures, workshops and training sessions. Desk phase January 2016 - April 2016 In January the research groups will start with their individual research assignment. From this phase on the students cooperate with the professors in order to guarantee the quality of the research. For over three months the students actively engage in the research and will, in cooperation with the companies, setup a research framework and determine the contents of the research. Field research phase April 2016 - May 2016 In the second week of April we will leave to Vietnam. This phase of two and a half weeks will be marked by conducting research, which will mainly consist of visiting companies, taking interviews and gathering information. During these two and a half weeks of field research the students will be supported and guided by the professors. Reporting phase May 2016 - June 2016 After returning from Vietnam the research groups will process the gathered information and write a report. In June the students will present the final version of the researches to the companies.
Supervising Professors Professor Dr. Jan Willem Velthuijsen In 2013 I joined the Risk International Financial Program (IFP) to Brazil. This year I will guide the students that are going to conduct research in Vietnam. I believe that Vietnam is one of the most promising countries currently, since it made substantial progress in economic development by implementing economic reforms several years ago. I would recommend the IFP to all interested. Allowing 21 highly motivated students to explore business opportunities for your company in a country such as Vietnam at cost price is a unique opportunity. After graduating his Msc. Econometrics at the University of Amsterdam, Jan Willem Velthuijsen moved to the contract research unit of the economics department of the University of Amsterdam. Better known as SEO Economic Research. During the fifteen years he worked for SEO Economic research he gained experienced in a wide spectrum of fields. He specialized in applied economic research on policy research. In 1999 he started at PricewaterhouseCoopers where he became responsible for setting up a Competition and Regulation team. During this period he worked on assignments about several economic issues, such as regulatory and other economic disputes, competition clearance, dominance, state aid and cartels and economic modelling of policy effectiveness or economic impact. Recently (2014) he has been appointed as Chief Economist. Next to his work at PwC, he is associated with the University of Groningen as professor of Economics. Furthermore, he is the Programme director of the Executive Master of Finance & Control for the energy industry. Dirk Swagerman is the director of the post-experience education in Management Control at the Faculty of Business Administration of University of Groningen the Netherlands. Also tenured as a professor in the capacity of holder of the chair of Management Control at the Faculty of Economic Sciences and Business at the same university. He studied at the University of Amsterdam and gained a master s degree in business administration in the USA. Later on he received his doctorate in business administration from Twente university. For many years he was with Deloitte. Moreover, he attended the post-graduate course Organization Studies, a senior executive program course at Stanford University, a Master of Business Telecommunications studies at the Delft University of Technology. Now he is an independent management consultant in the area of financial management supporting business applications in various segments. Local Partner International University - Vietnam National University HCMC The International Financial Program has a collaboration with the International University in Ho Chi Minh City. International University is one of the six member universities of Vietnam National University HCMC, and was established in December 2003. It is the first public multidisciplinary higher-education provider in Vietnam, where English is used as the primary language in teaching and research. Ten business students from this university are selected to assist us during the desk phase and the field phase of the IFP. Professor Dr. Dirk Swagerman I joined the Risk International Financial Program (IFP) already some time ago. The first trip was to Panama. In the past I went with other programs to: Chili, Brazil, Indonesia, Burkina Faso, India. Next year I believe that Vietnam is a real challenge. Very interesting also from a historical point of view: former French colony and the Vietnam war. Doing research in such a country as Vietnam is an excellent experience. I am looking forward to guide and assist the highly motivated students. It will be a very interesting time.''
Participating Students Participating Students Menno Bijlsma Sietse Compagner Babette Huisman Sven Meier MSc. Change Management BSc. Economics & BSc. Technology Management BSc. Business Administration Silke Dijkstra Tamara Doeve Dennis Reitsma Olaf Schoenmaker BSc. Economics & MSc. Economics Economics & Business Financial Management BSc. International Business Lisa Fuhler MSc. Finance Financial Management Barbara Heerkens Thijssen BSc. Economics & Laurien Verschuur Economics & Business Kristy Versteeg BSc. International Business BSc. International Relations & International Organization Floor Hemstra Rick Homan Mats de Vries Tessa van de Werve BSc. Economics & Financial Management MSc. Business & Economics MSc. Finance Economics & Business BSc. Econometrics & Operational Research
International Financial Program Board Board of Recommendations The IFP board 2015/2016 is composed as follows: Prof. Dr. J.W. Velthuijsen Partner and chief Economist at PwC Economic Consulting Professor at the University of Groningen Gibran Borst BSc Economics & Barbara Schram BSc Economics & Prof. Dr. D. De Waard Former Partner at Ernst & Young Accountants Professor at the University of Groningen Chairman Remco Pander MSc Finance MSc Strategic Innovation Management External Relations External Relations Ruben Lautenbag MSc Marketing Management MSc Organizational & Management Control Treasurer and External Relations Prof. Dr. D.M. Swagerman Former Partner at Deloitte Professor at the University of Groningen Dhr. P. Zwetsloot Unitmanager Emerging and Distant Market of the Department for International Business at Ministry of Economic Affairs Dhr. M. Elamparuthi Business Developer at VTTI Dhr. W. de Boer Ambassador of Panama Andy Marchant Product Line Manager at TomTom Andrea Kroon BSc Economics & PR and Logistics
Financial Study Association Groningen Risk International Financial Program Financial Study Association Risk Nettelbosje 2 5414.0040 9747 AE Groningen E-mail: ifp@verenigingrisk.nl Phone: 050-3637306 Website: www.riskifp.nl