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Báo cáo " The development of financial systems of ASEAN-5 and Vietnam: A comparative analysis "

This paper looks at the development of the financial systems of ASEAN-5 countries and Vietnam. By making a comparison between factors that foster the financial development of ASEAN-5 and Vietnam, it suggests that both the two sides share common characteristics including: financial repression, bank based development, accelerating liberalization of the financial sector, capital movement, inefficiency, due to lack of competition, effective governance, and managerial freedom. The health of financial system of the ASEAN-5 has improved substantially during the period post 1997-98, with increase in foreign ownership, movement into business line,. | VNU Journal of Science Economics and Business 26 No. 5E 2010 60-72 The development of financial systems of ASEAN-5 and Vietnam A comparative analysis Nguyen Phu Ha Faculty of Finance and Banking University of Economics and Business Vietnam National University Hanoi 144 Xuan Thuy Cau Giay Hanoi Vietnam Received 5 October 2010 Abstract. This paper looks at the development of the financial systems of ASEAN-5 countries and Vietnam. By making a comparison between factors that foster the financial development of ASEAN-5 and Vietnam it suggests that both the two sides share common characteristics including financial repression bank based development accelerating liberalization of the financial sector capital movement inefficiency due to lack of competition effective governance and managerial freedom. The health of financial system of the ASEAN-5 has improved substantially during the period post 1997-98 with increase in foreign ownership movement into business line suitable adjustment for financial deepening and broadening. On the Vietnamese side it shows rapid changes in the financial sectors with existence of capital market and financial resources as well as risks resulting from the reforms and international integration. Contrasting the financial development of the two sides this paper finds that ASEAN-5 is implementing a more stable strategies and moving towards a more balanced financial structure while Vietnam is taking step by step restructuring and developing its out of date banking sector as well as supporting for the stock and bond markets. For both Vietnam and ASEAN-5 the banking system and capital market have a large room for further development. 1. Introduction During the last few decades the economies of East Asia have been growing quickly that shaped the modern ways of life. No other region in the world was able to achieve such an extensive economic growth in such a short period of time. ASEAN-5 1 a major group belonging to East Asia is integral part of the .