World Bank2015-01-062015-01-062014-12https://hdl.handle.net/10986/21110The global economy is showing signs of recovery, but at an uneven pace; global growth is expected to rise modestly to 2.6 percent in 2014, and an average 3.3 percent in 2015-17. The gradual strengthening of activity in the Euro Area and especially the US will boost demand for exports from developing East Asia and Pacific (EAP), helping the region sustain its growth performance. There are early signs of firming up of economic recovery in Vietnam. GDP growth picked up to a relatively brisk 6.2 percent (y-o-y) in the third quarter of 2014, contributing to an overall growth rate of 5.6 percent for the first nine months of the year. Credit growth continues to come in below target, hampering the State Bank of Vietnam's efforts to carry out credit expansion to support economic growth. The Government has taken some important measures in 2014 to improve business conditions, which are expected to bear fruit from 2015 onward. The Government issued Resolution 19 (March 18, 2014), which prioritizes shortening the time for processing and completion of administrative procedures, reducing administrative costs, and strengthening transparency and accountability of state administrative agencies. The Financial Sector Assessment Program (FSAP) provides a comprehensive framework to identify financial system vulnerabilities and develop appropriate policy responses. Recognizing its importance, in July 2012 the Government of Vietnam invited the World Bank and the IMF to initiate an FSAP for Vietnam. In recent years the Vietnamese economy had shown signs of corporate and financial distress, and slowdown in GDP growth. In response to this, the government announced a comprehensive reform program designed to address the problems faced by the financial and corporate sectors. The FSAP provides a broad set of policy recommendations that can be used to operationalize the SEDP and the banking restructuring program. The recommendations include recapitalization plans, the workout of NPLs, regulatory and other reforms, and the temporary extension of the safety net.en-USCC BY 3.0 IGOACCOUNTINGASSET MANAGEMENTBALANCE SHEETSBANK BALANCE SHEETSBANK DEBTBANK DEPOSITSBANKING ASSETSBANKING SECTORBANKING SECTOR REFORMSBANKING SYSTEMBANKRUPTCYBENCHMARK YIELDBENCHMARK YIELD CURVEBIDBLUE CHIPSBONDBOND FUNDSBOND MARKETBOND MARKET DEVELOPMENTBUDGET DEFICITCAPITAL INVESTMENTCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCDSCENTRAL BANKSCENTRAL GOVERNMENT DEBTCOLLATERALCOMMERCIAL BANKCOMMERCIAL BANKINGCOMMERCIAL BANKSCOMMODITY PRICESCONFLICTS OF INTERESTCONSUMER PRICE INDEXCONTINGENT LIABILITYCORPORATE BONDCORPORATE BOND MARKETCORPORATE GOVERNANCECOUPONCREDIT DECISIONSCREDIT DEFAULTCREDIT DEFAULT SWAPCREDIT EXPANSIONCREDIT GROWTHCREDIT INSTITUTIONSCREDIT QUALITYDEBT LEVELSDEBT RATIODEBT REDUCTIONDEBT SERVICEDEBT-SERVICEDEBTSDEMAND FOR CREDITDEPOSITDEPOSITORSDEPOSITSDEVALUATIONDEVELOPING COUNTRIESDEVELOPMENT BANKDISCLOSURE OF INFORMATIONDISCLOSURE REQUIREMENTSDOMESTIC BANKINGDOMESTIC BORROWINGDOMESTIC DEBTECONOMIC DEVELOPMENTECONOMIC DEVELOPMENTSEQUIPMENTEQUITIESEQUITY MARKETEQUITY MARKET CAPITALIZATIONEQUITY MARKETSEXCHANGE RATEEXPENDITUREEXPENDITURESEXPORT COMPETITIVENESSEXPORT PERFORMANCEEXTERNAL DEBTFINANCESFINANCIAL DISTRESSFINANCIAL HEALTHFINANCIAL INFORMATIONFINANCIAL INFRASTRUCTUREFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL PERFORMANCEFINANCIAL SYSTEMFISCAL DEFICITFISCAL POLICYFIXED INCOMEFIXED INCOME MARKETFOREIGN BANKSFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE MARKETFOREIGN EXCHANGE RESERVESFOREIGN HOLDINGSFOREIGN INVESTMENTFOREIGN INVESTORSGLOBAL ECONOMYGOVERNMENT ACCOUNTING STANDARDSGOVERNMENT BONDGOVERNMENT BOND MARKETGOVERNMENT BONDSGOVERNMENT DEBT MARKETGOVERNMENT REVENUEGROSS DOMESTIC PRODUCTHOLDINGINCOME SECURITIESINCOME TAXINDEBTEDNESSINFLATIONINFLATIONARY EXPECTATIONSINFLATIONARY PRESSURESINFORMATION DISCLOSUREINFRASTRUCTURE INVESTMENTINITIAL PUBLIC OFFERINGINITIAL PUBLIC OFFERINGSINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINTELLECTUAL PROPERTYINTEREST RATESINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL INVESTORSINTERNATIONAL MARKETSINTERNATIONAL STANDARDSINVENTORYINVESTMENT PROJECTSINVESTMENT RATEINVESTOR BASEINVESTOR CONFIDENCEIPOISSUANCELACK OF TRANSPARENCYLEGAL FRAMEWORKLEVELS OF COLLATERALLIQUIDITYLIQUIDITY POSITIONSLOANLOAN CLASSIFICATIONLOAN PORTFOLIOSLOCAL GOVERNMENTSLONG-TERM FINANCEMACROECONOMIC ENVIRONMENTMACROECONOMIC POLICIESMACROECONOMIC RISKSMACROECONOMIC STABILITYMACROECONOMIC VOLATILITYMARKET CONFIDENCEMARKET DEPTHMARKET ECONOMYMARKET PRICEMARKET STABILITYMATURITYMINORITY SHAREHOLDERSMONETARY FUNDMONETARY POLICIESMONETARY POLICYMUTUAL FUNDMUTUAL FUND INDUSTRYMUTUAL FUNDSNON-PERFORMING LOANSNPLOWNERSHIP STRUCTUREPENSIONPENSION FUNDSPERSONAL INCOMEPOLICY RESPONSESPOLITICAL STABILITYPORTFOLIOPORTFOLIO PERFORMANCEPRICE DISCOVERYPRIMARY DEALERPRIMARY DEALER SYSTEMPRIMARY MARKETPRIMARY MARKETSPROPERTY RIGHTSPROVISIONING RULESPRUDENTIAL REGULATIONSPUBLIC DEBTPUBLIC INVESTMENTPUBLIC MARKETRECURRENT EXPENDITURESRETAIL INVESTORSRETURNRISK MANAGEMENTSAFETY NETSAFETY NETSSAVINGS INSTRUMENTSSAVINGS RATIOSECONDARY MARKETSECONDARY MARKETSSECURITIESSECURITIES MARKETSSOLVENCYSOVEREIGN DEBTSSOVEREIGN RATINGSSOVEREIGN RISKSOVEREIGN RISKSSTATE BANKSTOCK EXCHANGESTOCK EXCHANGESSTOCK MARKETSTOCK MARKETSSTRATEGIC INVESTORSTRADE BALANCETRADINGTRANSPARENCYTREASURIESTREASURYTREASURY BONDSTREATYTURNOVER10.1596/21110