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Business and Economics > Banks and Banking

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Cover Technical Assistance Reports
Vietnam: Technical Assistance Report-Financial Soundness Indicators Mission (April 3–7, 2023)
International Monetary Fund. Statistics Dept.
The mission worked with officials of the Macroprudential Supervision Department (MSD) of the State Bank of Vietnam (CBS) to enhance the compilation and reporting of financial soundness indicators (FSIs) for deposit takers (DTs). The mission reviewed source data, prepared new spreadsheets, and implemented updated FSIs report forms in line with the 2019 FSIs Compilation Guide. The mission also discussed the potential for compiling FSIs for the rapidly growing insurance sector in Vietnam. Alongside these improvements, the SBV will be able to produce updated and improved FSIs for financial sector surveillance.
Keywords:
Vietnam; Financial Soundness Indicators; 2019 FSIs Compilation Guide; deposit takers; insurance corporations.; bank Supervisory Agency; FSIs Guide; IMF's Statistics Department; G. FSIs data; Vietnam development bank; E. FSIs compilation framework; Financial statements; Commercial banks; Insurance companies; Income
Cover IMF Staff Country Reports
Vietnam: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper overviews the different tools employed by the State Bank of Vietnam (SBV) and empirically analyzes the monetary policy transmission mechanism, comparing the effects from different SBV rate shocks. The results presented in this chapter indicate that the monetary policy’s interest rate channel affects main financial variables, but there are other factors in the transmission that curtail its effectiveness. In contrast, the transmission to inflation or industrial production is found to be generally weak, with only the combined repo/SBV bill rates generating a statistically significant effect. These findings stress the importance of modernizing SBV’s monetary policy framework to strengthen its transmission mechanism and better achieve its goals. Most central banks usually have one main policy rate employed to achieve one main objective and conduct open market operations to make the policy rate effective throughout the economy. Achieving this, along with a clear communication strategy that it is easy to understand would supply the SBV with a stronger monetary policy framework and greater ability to weather future eventual shocks.
Keywords:
sovereign bond market; Vietnam's government bond bond market; government bond market; Policy trade-off; market size; Sovereign bonds; Currency markets; Central bank policy rate; Securities markets; Inflation; Global; Southeast Asia
Cover IMF Working Papers
Assessing Macrofinancial Risks from Crypto Assets
Ms. Burcu Hacibedel
and
Hector Perez-Saiz
Failures in the crypto space—including the fall of Terra USD and the FTX debacle—have sparked calls for strengthening countries’ policy frameworks for crypto assets, including by enhanced regulation and supervision. How have these heightened concerns about crypto assets been picked up in systemic risk assessment, and what can be done going forward? In this paper, we introduce a conceptual macrofinancial framework to understand and track systemic risks stemming from crypto assets. Specifically, we propose a country-level Crypto-Risk Assessment Matrix (C-RAM) to summarize the main vulnerabilities, useful indicators, potential triggers and potential policy responses related to the crypto sector. We also discuss how experts and officials can weave in specific vulnerabilities stemming from crypto asset activity into their assessment of systemic risk, and how they can provide policy advice and take action to help contain systemic risks when needed.
Keywords:
Crypto assets; vulnerabilities; systemic risk; macrofinancial; analyzing Macrofinancial risk; macro-prudential risk; country-level Crypto-Risk Assessment Matrix; micro-prudential risk; price fluctuation; Virtual currencies; Financial sector; Currencies; Credit risk; Blockchain and DLT; Global
Cover IMF Staff Country Reports
Vietnam: Technical Assistance Report-Taxpayer Compliance Risk Management – Tourism Compliance Improvement Plan
International Monetary Fund. Fiscal Affairs Dept.
This technical assistance report on Vietnam focuses on taxpayer compliance risk management (CRM)–tourism compliance improvement plan (CIP). The capacity development activity focused on more in-depth practical analysis of risks in the tourism sector, assessing and ranking risk, and understanding behavior, developing strategies, recording this in a CIP and planning for implementation. A workshop and exercise were held to segment the tourism industry by the many perspectives of risk. The report highlights that a high-level Risk Management Steering Committee should be established to review, approve, and oversee the CIP and other key risk documents and outcomes that support the CIP. Provincial tax administrations will be critical to the efficient delivery of the CIP. The Risk Management Board should establish robust and effective relationships with provincial tax administrations to enable them to better understand the benefits of the CRM process and to participate in the key steps for developing CIPs, including the CIP for the tourism sector. RMB should finalize the relevant risk documentation, including the risk assessments, ratings and treatments plans that contribute to the CIP. This should include the analysis of accurate and complete data.
Keywords:
instrumentalities of the TA recipient; report constitute; RMB data needs; tourism sector compliance improvement plan; Fiscalization data; taxpayer return data; Tourism; Compliance risk management; Compliance improvement plans; Interest rate parity; Auditing
Cover IMF Staff Country Reports
Vietnam: Technical Assistance Report-Taxpayer Compliance Risk Management–Tourism Compliance Improvement Plan
International Monetary Fund. Fiscal Affairs Dept.
This is a summary report concerning a remotely delivered capacity development (CD) activity by Mr. Joshua Aslett (IMF Fiscal Affairs Department (FAD), Mr. Andy Ditchfield and Mr. Steve Howlin (FAD Short Term Experts (STX)) to the General Department of Taxation (GDT) of Vietnam during the period September 22 to December 15, 2022. The purpose of this CD was to consolidate and build on the compliance risk management (CRM) theory training delivered in June 20211 by practically applying those CRM principles to the tourism sector to create a tourism sector compliance improvement plan (CIP). This remotely delivered activity will be followed by onsite assistance in February 2023 at which time the tourism CIP will be completed.
Keywords:
TA recipient; World Bank staff; GDT staff; tourism sector compliance improvement plan; treatment plan; Compliance improvement plans; Interest rate parity; Compliance risk management; Tourism
Cover IMF Staff Country Reports
Vietnam: Technical Assistance Report-Taxpayer Compliance Risk Management–Tourism Compliance Improvement Plan
International Monetary Fund. Fiscal Affairs Dept.
This technical assistance report on Vietnam focuses on tourism compliance improvement plan (CIP). The capacity development (CD) activity focused on identifying risks in the tourism sector and identifying information and data sources to enable completion of the tourism CIP in February 2023. All of the workshops focused on identifying potential risks within the tourism sector and the information/data that General Department of Taxation (GDT) needs to gather before the onsite assistance. The risk intelligence scan will set out fundamental information, data and analysis that enables identification of risks. The CIP will set out fundamental information, data, analysis, conclusions and the treatment strategies that will encourage and compel taxpayers to voluntarily comply. GDT should establish governance, reporting and workflow processes to enable GDT staff to deliver the treatment activities and report on outcomes. The report recommends providing background information on various issues identified by the GDT during earlier assistance, such as legal provisions required using data; and centralized versus decentralized ways of organizing compliance risk management activities.
Keywords:
TA recipient; World Bank staff; GDT staff; tourism sector compliance improvement plan; treatment plan; Compliance improvement plans; Interest rate parity; Compliance risk management; Tourism
Cover IMF Staff Country Reports
Vietnam: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vietnam
International Monetary Fund. Asia and Pacific Dept
Successful containment of COVID-19 and strong policy support have helped contain the health and economic fallout, and a strong recovery is underway. Growth in 2020 reached 2.9 percent, among the highest in the world. However, labor market conditions remain weak. Corporate balance sheets have worsened, potentially hampering private investment and job prospects. Banks entered the crisis in a stronger position than in previous years, but weaknesses remain. Vietnam’s economy remains heavily reliant on external trade and is vulnerable to trade tensions.
Keywords:
ISCR; CR; accommodative monetary policy stance; U.S. dollar; th authorities; State budget; fiscal policy framework; CPI methodology; government financing data; External sector statistics; Global
Cover Policy Papers
Macroeconomic Developments and Prospects in Low-Income Developing Countries—2019
International Monetary Fund
This paper is the fifth in a series that examines macroeconomic developments and prospects in low-income developing countries (LIDCs). LIDCs are a group of 59 IMF member countries primarily defined by income per capita below a threshold level. LIDCs contain one fifth of the world’s population—1.5 billion people—but account for only 4 percent of global output. The first chapter of the paper discusses recent macroeconomic developments and trends across LIDCs and, using growth decompositions, explores the key drivers of growth performance in LIDCs. A second chapter examines the challenges faced by LIDCs in implementing a value-added tax system, generally seen as a key component of a strong national tax system. The third chapter discusses how financial safety nets can be appropriately tailored to the specific needs of LIDCs, recognizing that an effective safety net is important for ensuring financial stability and underpinning public confidence in the financial system, thereby promoting financial intermediation.
Keywords:
PP; commodity exporter; low-income developing country; commodity; VAT credit; VAT registration; value-added tax; policy priority; prospects in low-income developing countries; value chain; fiscal policy; insurance fund; Value-added tax; Bank resolution framework; Deposit insurance; Lender of last resort; Bank resolution; Global
Cover IMF Staff Country Reports
Thailand: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles For Effective Banking Supervision
International Monetary Fund. Monetary and Capital Markets Department
This Detailed Assessment of Observance on the Basel Core Principles (BCP) for effective banking supervision on Thailand highlights that there have been significant enhancements to the legal framework and the supervisory process since the last BCP review, resulting in high compliance. The commercial banking sector appears to be sound and stable with a diversified lending profile and a steady source of funding. The involvement of other ministerial authorities in Specialized Financial Institutions supervision may affect standard-setting processes and the mindset of key decision makers for commercial banks when trying to level regulatory standards. The supervisory framework and practices provide the foundation for the continued development of risk-based supervision. Notifications and examination manuals increasingly focus on analysis of qualitative factors such as governance, risk management and risk appetite statements to determine the bank’s composite rating. The report recommends that efficiency of enforcement actions would be increased by aligning Financial Institutions Business Act requirements and Bank of Thailand internal practices.
Keywords:
ISCR; CR; BOT supervisor; risk management; BOT notification No. FPG; senior management; risk profile; credit risk; parent company; business strategy; Trade balance; Market risk; Commercial banks; Stress testing; Operational risk; Global; Asia and Pacific
Cover IMF Working Papers
Credit Misallocation and Economic Growth in Vietnam
Mitsuru Katagiri
The legacy of non-performing loans and high opportunity cost of government financing of bank recapitalization impeded the efficiency of financial intermediation and are an important policy issue in Vietnam. This paper presents a theoretical and empirical analysis of the issue. An empirical analysis using corporate data indicates credit misallocation between state owned enterprises and private firms in Vietnam. On the theoretical side, a micro-founded banking model is embedded in a political economy setting to assess the factors determining the size of bank recapitalization and its effects on the efficiency of financial intermediation, economic growth and welfare. The analysis suggests that recapitalization depends on an array of factors, including the tightness of the government budget and the decision maker’s concern for the favored sector.
Keywords:
WP; public funds; credit misallocation; NPL resolution; recapitalization policy; forbearance lending; optimization problem; representative bank; asset return; profitability measure; bank refrain; Credit; Nonperforming loans; Countercyclical capital buffers; Bank credit; Loans