Overview of the Capital Markets in Vietnam and Directions for Development

The World Bank undertook a study project on Vietnam s capital markets and sent a mission to Vietnam from May 15 to May 27, 2005. This report is the result of the study project. The objectives of the project were to review, analyze and evaluate the...

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Bibliographic Details
Main Author:	World Bank
Format:	Other Financial Sector Study
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTING ACCOUNTING STANDARDS ACTIVE MARKET AMOUNT OF CAPITAL ARBITRAGE BANK CREDIT BANK DEPOSITS BANK LOANS BANKING SECTOR BANKING SECTOR REFORM BANKING SECTOR REFORMS BANKING SYSTEM BOND BOND ISSUANCE BOND ISSUE BOND MARKETS BROKERAGE BROKERS BUDGET DEFICIT BUDGET DEFICITS CAPACITY BUILDING CAPITAL ACCOUNT CAPITAL BASE CAPITAL FUNDS CAPITAL INVESTMENT CAPITAL LOSSES CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL RAISING CASH MANAGEMENT CDS CENTRAL BANK CERTIFICATES OF DEPOSIT COMMERCIAL BANKS CONTINGENT LIABILITIES CONTRACTUAL SAVINGS CONVERTIBLE BONDS CORPORATE BOND CORPORATE BOND MARKET CORPORATE BONDS CORPORATE GOVERNANCE CREDIT GROWTH CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT STANDING CURRENT ACCOUNT DEFICIT CUSTODY DEBT INSTRUMENTS DEBT ISSUANCE DEBT ISSUES DEBT MANAGEMENT DEBT MANAGEMENT POLICIES DEBT MARKET DEVELOPMENT DEBT MARKETS DEPOSITORY SYSTEM DEPOSITORY SYSTEMS DEVELOPING COUNTRIES DEVELOPING GOVERNMENT BOND DEVELOPING GOVERNMENT BOND MARKETS DEVELOPMENT BANK DISBURSEMENT DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC DEBT DUE DILIGENCE ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ELECTRONIC FUNDS EQUITY CAPITAL EQUITY ISSUANCE EQUITY MARKET EQUITY MARKET CAPITALIZATION EXCHANGE COMMISSION EXPENDITURE EXTERNAL BORROWING EXTERNAL DEBT FINANCES FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SYSTEM FINANCIAL SYSTEMS FOREIGN BANKS FOREIGN CAPITALS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN INVESTMENT GOVERNMENT BOND GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT INTERVENTION GOVERNMENT SECURITIES MARKET GROSS DOMESTIC PRODUCT HOLDING HOLDINGS HOUSEHOLD BUSINESSES INCOME TAX INDIVIDUAL SECURITIES INFLATION INFLATIONARY PRESSURES INFORMATION TECHNOLOGY INFRASTRUCTURE DEVELOPMENT INITIAL PUBLIC OFFERING INITIAL PUBLIC OFFERINGS INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INSURANCE MARKET INSURANCE PENETRATION INSURANCE POLICIES INTERESTS OF INVESTORS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKET INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCE INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVESTING INVESTMENT CORPORATION INVESTMENT FUND INVESTMENT FUNDS INVESTOR PROTECTION IPO JOINT STOCK COMPANIES JOINT STOCK COMPANY JUDICIAL SYSTEM LEGAL FRAMEWORK LENDERS LIEN LIFE INSURANCE LIMITED LIABILITY LIQUIDITY LLC LOAN LOAN PORTFOLIOS LOCAL CURRENCY LOCAL MARKETS LONG-TERM DEBT MACROECONOMIC DATA MARKET CAP MARKET ENVIRONMENT MARKET FOR GOVERNMENT SECURITIES MARKET INFRASTRUCTURE MARKET PARTICIPANTS MARKET SURVEILLANCE MARKET VALUE MARKETS DEVELOPMENT MATURITY MATURITY MISMATCH MICRO-FINANCE MINORITY SHAREHOLDER MINORITY SHAREHOLDER RIGHTS MINORITY SHAREHOLDERS MONETARY FUND MONETARY POLICY MUNICIPAL BONDS NATIONAL SAVING NON-PERFORMING LOANS OPERATIONAL INDEPENDENCE PAR VALUE PENSION PENSION FUND PENSION FUNDS PORTFOLIO PRIMARY MARKET PRIVATE ENFORCEMENT PRUDENTIAL SUPERVISION PUBLIC DEBT PUBLIC DEBT MANAGEMENT REGISTRATION SYSTEM REGULATORY FRAMEWORK REGULATORY STRUCTURE RESERVE RETURN RISK CAPITAL RISK MANAGEMENT SECONDARY MARKET SECURITIES LAW SECURITIES MARKET SECURITIES MARKET DEVELOPMENT SECURITIES MARKETS SECURITIES REGISTRATION SECURITIES REGULATION SETTLEMENT SOCIAL INSURANCE FUND SOVEREIGN BENCHMARKS STATE BANK STOCK EXCHANGE STOCK MARKET STOCK MARKETS STOCK TRADING STOCKS STRATEGIC INVESTORS SUB-NATIONAL DEBT SUBORDINATED DEBT SUPERVISION OF BANKS TAX COLLECTION TRADE BALANCE TRADING TRANSACTION TRANSITION COUNTRIES TRANSITION ECONOMIES TRANSPARENCY TREASURY TREASURY BILLS TREASURY SECURITIES TURNOVER
Online Access:	http://documents.worldbank.org/curated/en/2006/05/16403559/overview-capital-markets-vietnam-directions-development http://hdl.handle.net/10986/12966

Description
Summary:	The World Bank undertook a study project on Vietnam s capital markets and sent a mission to Vietnam from May 15 to May 27, 2005. This report is the result of the study project. The objectives of the project were to review, analyze and evaluate the situation of Vietnam s securities markets vis-a-vis experiences of other developing countries, including transition economies; to work with the officials of the State Security Commission of Vietnam (SSC), to make specific recommendations for a five-year plan of Vietnamese capital market development in light of policy implementation sequence and priorities; to make suggestions on the draft of the Action Plan for Securities Market Development for the period of 2006-2010 and comment on the Prime Minister's Decision No 163 on the Strategy for the Development of Vietnam's Securities Market up to year 2010; and to identify desirable capital market-related projects and programs to be administered by the Bank in line with Vietnam's overall economic development strategy. This report is organized as follows: Sections 2 and 3 will overview Vietnam's macroeconomic situation and the financial markets in Vietnam. Section 4 will examine SOE equitization, foreign direct investments, and private sector development. Section 5 will review the operation of Vietnam s capital markets in terms of their regulatory framework and activities. Section 6 will explore two principal impediments to Vietnam's capital market development, namely its nascent government securities market and its inactive primary market. Section 7 will discuss the policy and institutional problems that have been adversely affecting the whole financial sector in Vietnam. Finally, Section 8 will recommend policy actions to be implemented under the five-year plan of Vietnamese capital market development.

Overview of the Capital Markets in Vietnam and Directions for Development

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