Diagnostic Review of Consumer Protection and Financial Literacy : Vietnam, Volume 2
In 2011, only 21.4 percent of Vietnamese adults had an account at a formal financial institution, and only 36.9 percent of all borrowers used a formal lender - both indicators are well below the regional averages in the East Asia and Pacific. The f...
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| Format: | Report |
| Language: | English en_US |
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Washington, DC: World Bank
2017
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| Online Access: | http://documents.worldbank.org/curated/en/891061483957010610/Good-practices http://hdl.handle.net/10986/25877 |
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okr-10986-258772021-04-23T14:04:32Z Diagnostic Review of Consumer Protection and Financial Literacy : Vietnam, Volume 2 World Bank Group financial literacy financial consumer protection financial disclosure data protection privacy dispute resolution consumer empowerment securities banking insurance non-bank financial institutions microfinance In 2011, only 21.4 percent of Vietnamese adults had an account at a formal financial institution, and only 36.9 percent of all borrowers used a formal lender - both indicators are well below the regional averages in the East Asia and Pacific. The formal financial sector in Vietnam is dominated by banks; however, retail lending is still rather underdeveloped due to often flawed lending practices and low levels of financial literacy among the population. Vietnamese authorities and the civil society have demonstrated a deep commitment to financial consumer protection by continuous dialogue and persistent legislative activities, and yet, much still needs to be achieved. The legal and regulatory framework for consumer protection in the financial sector, and related supervisory arrangements, are at a nascent stage of development. This World Bank’s diagnostic review was conducted in response to a request from the State Bank of the Socialist Republic of Vietnam. The banking, non-bank credit institutions, securities, insurance, and credit reporting sectors were considered as well as financial literacy strategies and programs. The review was conducted by reference to the World Bank`s good practices for financial consumer protection and provides a detailed assessment of the institutional, legal, and regulatory framework for financial consumer protection. Volume I of the review summarizes the key findings and recommendations and volume II provides a detailed comparison with the good practices. 2017-01-23T16:03:57Z 2017-01-23T16:03:57Z 2015-05 Report http://documents.worldbank.org/curated/en/891061483957010610/Good-practices http://hdl.handle.net/10986/25877 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank Economic & Sector Work :: Other Financial Accountability Study Economic & Sector Work East Asia and Pacific Vietnam |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
financial literacy financial consumer protection financial disclosure data protection privacy dispute resolution consumer empowerment securities banking insurance non-bank financial institutions microfinance |
| spellingShingle |
financial literacy financial consumer protection financial disclosure data protection privacy dispute resolution consumer empowerment securities banking insurance non-bank financial institutions microfinance World Bank Group Diagnostic Review of Consumer Protection and Financial Literacy : Vietnam, Volume 2 |
| geographic_facet |
East Asia and Pacific Vietnam |
| description |
In 2011, only 21.4 percent of Vietnamese
adults had an account at a formal financial institution, and
only 36.9 percent of all borrowers used a formal lender -
both indicators are well below the regional averages in the
East Asia and Pacific. The formal financial sector in
Vietnam is dominated by banks; however, retail lending is
still rather underdeveloped due to often flawed lending
practices and low levels of financial literacy among the
population. Vietnamese authorities and the civil society
have demonstrated a deep commitment to financial consumer
protection by continuous dialogue and persistent legislative
activities, and yet, much still needs to be achieved. The
legal and regulatory framework for consumer protection in
the financial sector, and related supervisory arrangements,
are at a nascent stage of development. This World Bank’s
diagnostic review was conducted in response to a request
from the State Bank of the Socialist Republic of Vietnam.
The banking, non-bank credit institutions, securities,
insurance, and credit reporting sectors were considered as
well as financial literacy strategies and programs. The
review was conducted by reference to the World Bank`s good
practices for financial consumer protection and provides a
detailed assessment of the institutional, legal, and
regulatory framework for financial consumer protection.
Volume I of the review summarizes the key findings and
recommendations and volume II provides a detailed comparison
with the good practices. |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Diagnostic Review of Consumer Protection and Financial Literacy : Vietnam, Volume 2 |
| title_short |
Diagnostic Review of Consumer Protection and Financial Literacy : Vietnam, Volume 2 |
| title_full |
Diagnostic Review of Consumer Protection and Financial Literacy : Vietnam, Volume 2 |
| title_fullStr |
Diagnostic Review of Consumer Protection and Financial Literacy : Vietnam, Volume 2 |
| title_full_unstemmed |
Diagnostic Review of Consumer Protection and Financial Literacy : Vietnam, Volume 2 |
| title_sort |
diagnostic review of consumer protection and financial literacy : vietnam, volume 2 |
| publisher |
Washington, DC: World Bank |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/891061483957010610/Good-practices http://hdl.handle.net/10986/25877 |
| _version_ |
1764460436652032000 |