Financial markets to restructure towards balance, transparency
HÀ NỘI - As
Việt Nam is integrating rapidly into the global economy, the financial
markets need to be restructured towards balance, efficiency and transparency
to eliminate the risks of instabilities and achieve sustainable development.
Deputy Governor of
the State Bank of Việt Nam Nguyễn Kim Anh said at a conference last weekend
that there existed limitations in the financial markets of Việt Nam,
especially imbalances in the market structure, which made it rely heavily on
the banking system.
He cited statistics
showing that the ratio between the total outstanding loan and the gross
domestic product (GDP) was 112 per cent, compared to the ratios of bonds,
securities market capitalisation and insurance premiums to GDP, which were at
22 per cent, 27 per cent and 2 per cent, respectively, adding that there was
a lack of corporate bond and derivatives markets in Việt Nam.
In addition, there
was an inadequacy in market transparency and stability, which altogether
posed systematic risks to the financial market, he said.
According to Kim
Anh, during the period from 2016 to 2020 the central bank would improve the
efficiency of the monetary and credit market, in line with international
commitments to meet demand for development. This could boost the securities
market and turn it into a channel for raising medium and long-term capital
for the economy and gradually reducing the dependence on banks.
“A sustainable
financial market will have large liquidity and capital reserves to be able to
withstand risks coupled with diversity in business models that do not depend
heavily on a single sector, as well as having a long-term development
strategy, transparency and reliable information system,” he said.
Experts at the
conference on developing financial markets within an international
integration context, held by the Banking Academy, said that efforts on
restructuring the banking system and handling of bad debts must be hastened.
Boosting securities market
Vũ Bằng, Chairman
of the State Securities Commission of Việt Nam, said at the conference that
the restructuring of the securities market would continue, with a focus on
expanding the market’s scale and attracting foreign capital.
Bằng said Việt Nam
had already raised policies to hasten privatisation and listings, adding that
more stakes would be sold with an aim to reduce the state’s holdings, and
punishments would be imposed on firms that had been privatized, but did not
implement listings as regulated.
“By 2020, the
market capitalisation is expected to be equivalent to 70 per cent of the
GDP,” he said.
Bằng noted that
the development of the derivatives market was underway, with the legal
framework completed till date. The derivatives market was expected to be
launched in 2017.
He said that a
project on corporate bonds was proposed to the government and hopefully Việt
Nam would open a corporate bond market in 2018. – VNS
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Thứ Hai, 31 tháng 10, 2016
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