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Vietnam Banking Report 2019

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Overall, Vietnamese banking system experienced a relatively stable year in 2018. The sector recorded moderate credit growth. Sectors that could threaten the stability of the system such as non-production loans including high-end real estate, consumer loans and black credit market are to be closely monitored.

Macroeconomics, which provide the environment for the banking system, experienced a stable period with the highest GDP growth since 2012, tightly controlled inflation rate and the positive foreign inflows via trade and overseas remittance.

With only 6 months to go until 2020, Vietnam plans to speed up restructuring with multiple regulatory changes throughout the financial system. In this 2019 Banking Report, we aim to provide you with the latest industry updates, along with our local insight and analyses, to help you understand the unique opportunities and challenges that the Vietnamese banking system is facing.

Download pdf here: https://bit.ly/2XJ9TJm

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Vietnam Banking Report 2019

  1. 1. ‹#› NHÀ XUẤT BẢN HỒNG ĐỨC License No. 2415 - 2019/CXBIPH/88 - 40/HĐ
  2. 2. PART CONTENT PAGE PART CONTENT PAGE What’s new in this Report 4 5.3 Draft Amendments of Circular 39 72 1 Banking Performace Review 5.4 Draft Amended Law on Securities 76 1.1 Sector Overview 6 5.5 Restructuring the Equities and Insurance Market 82 1.2 Credit Growth 10 5.6 The plan to establish Vietnam Stock Exchange 88 1.3 Deposit Growth 17 5.7 P2P Regulatory Sandbox 91 1.4 Liquidity 20 Appendices 1.5 Capital Adequacy 24 A.1 Key Macroeconomics Indicators 94 1.6 Asset Quality 29 A.2 Profiles of State-Owned Commercial Banks 1.7 Profitability 33 Agribank 102 1.8 Operational Efficiency 37 Vietcombank (VCB) 103 1.9 Banking Listing & Bank Stocks’ Valuation 39 BIDV (BID) 104 2 Capital Markets Vietinbank (CTG) 105 2.1 Fixed Income Market 43 A.3 Profiles of Selected Joint Stock Commercial Banks 2.2 Equities Market 49 Sacombank (STB) 107 3 M&A and Consolidation 52 Military Bank (MBB) 108 4 Market Trends Asia Commercial Bank (ACB) 109 4.1 Retail Banking in Vietnam 56 Saigon – Hanoi Bank (SHB) 110 4.2 Mobile Payment and Competition from Non-banks 62 Vietnam Prosperity Bank (VPB) 111 5 Major Policy and Regulatory Framework Updates Techcombank (TCB) 112 5.1 Draft Amendments of Circular 36 65 HCMC Housing Development Bank (HDB) 113 5.2 Draft Amendments of Circular 43 69 Vietnam International Bank (VIB) 114 2Financial Information | Business Information | Market Research Oricombank (OCB) 115 TABLE OF CONTENTS
  3. 3. No. Wor d Stands for 1 ADB Asian Development Bank 2 ATM Automated Teller Machine 3 CAGR Compounded Annual Growth Rate 4 CAR Capital Adequacy Ratio 5 CI Credit Institution 6 CIR Cost-to-Income Ratio 7 FDI Foreign Direct Investment 8 FII Foreign Indirect Investment 9 FIncos Financial Companies 10 FOL Foreign Ownership Limit 11 FTA Free Trade Agreement 12 JSCB Joint-Stock Commercial Bank 13 JV Joint Venture 14 LDR Loan to Deposit Ratio 15 NFSC National Financial Supervision Commission 16 NIM Net Interest Margin 17 NPL Non-performing Loan 18 OMO Open Market Operations 19 POS Point of Sales 20 ROA Return on Asset 21 ROE Return on Equity 22 SBV State Bank of Vietnam 23 SOCB State-Owned Commercial Bank 24 SOE State-Owned Enterprise 25 VAMC Vietnam Asset Management Company 26 VAS Vietnam Accounting Standards 27 YE Year End 28 YoY Year over year 29 YTD Year To Date 3Financial Information | Business Information | Market Research Abbreviations
  4. 4. What’s new in this Report 2019 is widely regarded as key in achieving Vietnam’s restructuring goals for the financial sectors. The government targets a sustainable, “more balanced” capital market structure with strong pillars from the banking sector, the fixed income and the equities market. Sectors that could threaten the stability of the system are to be closely monitored and even tightened – such as non- production loans to real estate, consumer loans and black credit market. As a result, credit and deposit growths in 2019 are slow and steady, following the direction of the policies. 1) Moderate credit growth in 2018 Credit outstanding & YoYgrowth Credit Outstanding US$bn Source: FiinGroup from SBV Credit YoY Growth 4Financial Information | Business Information | Market Research
  5. 5. What’s new in this Report 5Financial Information | Business Information | Market Research
  6. 6. Section 1: Banking Performance Review 6Financial Information | Business Information | Market Research 1.1 Sector Overview 1.2 Credit Growth 1.3 Deposit Growth 1.4 Liquidity 1.5 Capital Adequacy 1.6 Asset Quality 1.7 Profitability 1.8 Operational Efficiency 1.9 Banking Listing & Bank Stocks’ Valuation Contents
  7. 7. Section 1: Banking Performance Review 1.1 Sector Overview Figure 1: Credit and Capital Markets Size, 2016-Q12019 Figure 2: Commercial banks’ total assets by types of banks, 4M2019 National loan book/GDP Stock market cap/GDP C-bonds outstanding/GDP Source: FiinGroup from SBV, FiinPro, MOF’s SSC Note: including private placements 7Financial Information | Business Information | Market Research
  8. 8. Figure 3: Selected banks’ total assets (US$bn), 2014-Q12019 Figure 4: Selected banks’ total owner’s equity (US$bn), 2014-Q12019 Source: FiinGroup from 22 banks, whose assets accounting for 71% of banking sector’s total assets 8Financial Information | Business Information | Market Research Section 1: Banking Performance Review 1.1 Sector Overview Source: FiinGroup from 22 banks, whose assets accounting for 71% of banking sector’s total assets
  9. 9. Figure 5: Ownership Structure by Banks (Listed), 5M2019 Foreign ownership State ownership Other ownership 9Financial Information | Business Information | Market Research Section 1: Banking Performance Review 1.1 Sector Overview Source: FiinGroup from FiinPro
  10. 10. Section 1: Banking Performance Review 10Financial Information | Business Information | Market Research 1.1 Sector Overview 1.2 Credit Growth 1.3 Deposit Growth 1.4 Liquidity 1.5 Capital Adequacy 1.6 Asset Quality 1.7 Profitability 1.8 Operational Efficiency 1.9 Banking Listing & Bank Stocks’ Valuation Contents
  11. 11. Section 1: Banking Performance Review 1.2 Credit Growth 11Financial Information | Business Information | Market Research Figure 6: Credit outstanding & YoY growth, 2014-2019 (Target) Figure 7: Credit outstanding breakdown by sectors, 2013-2018
  12. 12. Figure 8: Banks Credit Growth Target – 2019 vs Actual 1Q2019 Source: FiinGroup from banks’ announcements at AGM Section 1: Banking Performance Review 1.2 Credit Growth Q12019 2019 Target 12Financial Information | Business Information | Market Research
  13. 13. Figure 10: Credit Growth of Priority sectors, YTD Q12019Figure 9: National Loan Book by Major Sectors, 2018 Source: FiinGroup fromSBV Agriculture & rural development SMEs Real estate (home buyers & developers) Consumer finance (excl. housing) Others 13Financial Information | Business Information | Market Research Section 1: Banking Performance Review 1.2 Credit Growth
  14. 14. Figure 11: Market Size (VNDbn) of CF market (Banks & Fincos) 14Financial Information | Business Information | Market Research Figure 12: Loanbook of Banks vs Fincos in Consumer Finance Section 1: Banking Performance Review 1.2 Credit Growth
  15. 15. Figure 13: Developers vs Home Buyers loans 15Financial Information | Business Information | Market Research Figure 14: Home Buyers’ RE loans (US$bn) Figure 15: Developers’ RE loans (US$bn) Section 1: Banking Performance Review 1.2 Credit Growth
  16. 16. Figure 16: Loan Breakdown by Currency, 2015-1Q2019 16Financial Information | Business Information | Market Research Figure 17: Interest rates on loans in VND, 2012-2018 Figure 18: Interest rates on loans in USD, 2012-2018 Section 1: Banking Performance Review 1.2 Credit Growth
  17. 17. Section 1: Banking Performance Review 17Financial Information | Business Information | Market Research 1.1 Sector Overview 1.2 Credit Growth 1.3 Deposit Growth 1.4 Liquidity 1.5 Capital Adequacy 1.6 Asset Quality 1.7 Profitability 1.8 Operational Efficiency 1.9 Banking Listing & Bank Stocks’ Valuation Contents
  18. 18. Section 1: Banking Performance Review 1.3 Deposit Growth 18Financial Information | Business Information | Market Research Figure 19: Deposit Outstanding & YoY growth, 2013-1Q2019 Figure 20: Credit growth vs Deposit growth YoY, 2013-2018
  19. 19. Figure 21: Interest yield curve on VND deposits, 2012-1Q2019 19Financial Information | Business Information | Market Research Figure 22: Interest yield curve on deposits Section 1: Banking Performance Review 1.3 Deposit Growth
  20. 20. Section 1: Banking Performance Review 20Financial Information | Business Information | Market Research 1.1 Sector Overview 1.2 Credit Growth 1.3 Deposit Growth 1.4 Liquidity 1.5 Capital Adequacy 1.6 Asset Quality 1.7 Profitability 1.8 Operational Efficiency 1.9 Banking Listing & Bank Stocks’ Valuation Contents
  21. 21. Section 1: Banking Performance Review 1.4 Liquidity 21Financial Information | Business Information | Market Research Figure 23: Loan-to-Deposit Ratio of all credit institutions Figure 24: Loan-to-Deposit Ratio at Vietnamese banks by groups
  22. 22. Figure 25: ST deposit to MLT lending Ratio, All Credit Institutions 22Financial Information | Business Information | Market Research Figure 26: Loan and Deposits of Top 10 Banks by tenors (US$mn), 2018 Table 1: Proposed timeline to lower ST deposit to MLT lending ratio Section 1: Banking Performance Review 1.4 Liquidity
  23. 23. Figure 27: Vietnam Interbank Interest Rates, 2018-May 2019 23Financial Information | Business Information | Market Research Section 1: Banking Performance Review 1.4 Liquidity
  24. 24. Section 1: Banking Performance Review 24Financial Information | Business Information | Market Research 1.1 Sector Overview 1.2 Credit Growth 1.3 Deposit Growth 1.4 Liquidity 1.5 Capital Adequacy 1.6 Asset Quality 1.7 Profitability 1.8 Operational Efficiency 1.9 Banking Listing & Bank Stocks’ Valuation Contents
  25. 25. Section 1: Banking Performance Review 1.5 CapitalAdequacy 25Financial Information | Business Information | Market Research Figure 28: Capital Adequacy Ratio, 2012 – 2018 Figure 29: CAR of Credit Institutions by Type of Banks (%)
  26. 26. Figure 30: CAR of Banks, YE2018 (%) 26Financial Information | Business Information | Market Research Section 1: Banking Performance Review 1.5 CapitalAdequacy
  27. 27. Table 2: Targeted vs Actual Charter Capital Raise in 2018 (VNDbn) 27Financial Information | Business Information | Market Research Section 1: Banking Performance Review 1.5 CapitalAdequacy Figure 31: Selected Banks’ capital mobilization estimates, 2012-2018 (VNDbn)
  28. 28. Figure 32: Targeted charter capital raise in 2019 (VNDbn) 28Financial Information | Business Information | Market Research Section 1: Banking Performance Review 1.5 CapitalAdequacy
  29. 29. Section 1: Banking Performance Review 29Financial Information | Business Information | Market Research 1.1 Sector Overview 1.2 Credit Growth 1.3 Deposit Growth 1.4 Liquidity 1.5 Capital Adequacy 1.6 Asset Quality 1.7 Profitability 1.8 Operational Efficiency 1.9 Banking Listing & Bank Stocks’ Valuation Contents
  30. 30. Section 1: Banking Performance Review 1.6 Asset quality 30Financial Information | Business Information | Market Research Figure 33: NPL of banks (%), 2014-1Q2019 Figure 34: NPL Resolution Progress (VNDbn), 2012-1Q2019
  31. 31. Figure 35: Banks’ reported NPL and bad debts at VAMC, 2017 vs 2018 (VNDbn) 31Financial Information | Business Information | Market Research Section 1: Banking Performance Review 1.6 Asset quality
  32. 32. Figure 36: Bad Debt Coverage over outstanding loans, 2015- Q12019 32Financial Information | Business Information | Market Research Figure 37: Provisions for loan-loss over outstanding loans, 2015- Q12019 Section 1: Banking Performance Review 1.6 Asset quality
  33. 33. Section 1: Banking Performance Review 33Financial Information | Business Information | Market Research 1.1 Sector Overview 1.2 Credit Growth 1.3 Deposit Growth 1.4 Liquidity 1.5 Capital Adequacy 1.6 Asset Quality 1.7 Profitability 1.8 Operational Efficiency 1.9 Banking Listing & Bank Stocks’ Valuation Contents
  34. 34. Section 1: Banking Performance Review 1.7 Profitability 34Financial Information | Business Information | Market Research Figure 38: Average NIM of Vietnamese banks, 2015-1Q2019 Table 3: ROA & ROE of selected banks, 2018-1Q2019
  35. 35. Figure 40: Average ROE of Vietnamese banks, 2015-1Q2019 (YoY) 35Financial Information | Business Information | Market Research Figure 42: ROE by groups of banks Section 1: Banking Performance Review 1.7 Profitability Figure 39: Average ROA of Vietnamese banks, 2015-1Q2019 (YoY) Figure 41: ROA by groups of banks
  36. 36. Figure 43: Incomes of Vietnamese banks breakdown, 2015-1Q2019 (YoY) 36Financial Information | Business Information | Market Research Section 1: Banking Performance Review 1.7 Profitability
  37. 37. Section 1: Banking Performance Review 37Financial Information | Business Information | Market Research 1.1 Sector Overview 1.2 Credit Growth 1.3 Deposit Growth 1.4 Liquidity 1.5 Capital Adequacy 1.6 Asset Quality 1.7 Profitability 1.8 Operational Efficiency 1.9 Banking Listing & Bank Stocks’ Valuation Contents
  38. 38. Section 1: Banking Performance Review 1.8 Operational Efficiency 38Financial Information | Business Information | Market Research Figure 45: Cost-to-Income Ratio by Banks, 2018-1Q2019(%) Figure 44: Cost-to-Income Ratio of Vietnamese Banks (%)
  39. 39. Section 1: Banking Performance Review 39Financial Information | Business Information | Market Research 1.1 Sector Overview 1.2 Credit Growth 1.3 Deposit Growth 1.4 Liquidity 1.5 Capital Adequacy 1.6 Asset Quality 1.7 Profitability 1.8 Operational Efficiency 1.9 Banking Listing & Bank Stocks’ Valuation Contents
  40. 40. Section 1: Banking Performance Review 1.9 Banking Listing & Bank Stocks’ Valuation 40Financial Information | Business Information | Market Research Figure 46: Bank Market Cap as % of Total Market Cap, May 2019 Figure 47: Bank Valuation vs Other Sectors in Vietnam, May 2019
  41. 41. Table 4: Bank Stock Movement, May 2019 41Financial Information | Business Information | Market Research Section 1: Banking Performance Review 1.9 Banking Listing & Bank Stocks’ Valuation
  42. 42. Section 1: Banking Performance Review 1.9 Banking Listing & Bank Stocks’ Valuation 42Financial Information | Business Information | Market Research
  43. 43. Section 2: Capital Markets 43Financial Information | Business Information | Market Research 2.1 Fixed Income Market 2.2 Equities Market Contents
  44. 44. Section 2: Capital Market 2.1 Fixed Income Market 44Financial Information | Business Information | Market Research Figure 48: Fixed Income Market Size and Growth Figure 49: Bonds outstanding as a % of GDP, 2016-2018
  45. 45. Section 2: Capital Market 2.1 Fixed Income Market 45Financial Information | Business Information | Market Research Figure 50: G-bond yields thoughout 2018 Figure 51: Winning/Offering Ratio of G-bonds
  46. 46. Section 2: Capital Market 2.1 Fixed Income Market 46Financial Information | Business Information | Market Research Figure 52: G-bond investor base
  47. 47. Section 2: Capital Market 2.1 Fixed Income Market 47Financial Information | Business Information | Market Research Figure 53: C-bonds outstanding (VNDbn), 2016-2018
  48. 48. Figure 54: C-bonds issuers by volumes issued, 2018 48Financial Information | Business Information | Market Research Section 2: Capital Market 2.1 Fixed Income Market Figure 55: C-bonds issuance by Issuer and Types, 2018 Table 5: Top c-bonds issued in 2018 & 2019
  49. 49. Section 2: Capital Markets 49Financial Information | Business Information | Market Research 2.1 Fixed Income Market 2.2 Equities Market Contents
  50. 50. Section 2: Capital Market 2.2 Equities Market 50Financial Information | Business Information | Market Research Figure 56: VNIndex closing prices, Jan 2018-May 2019 Figure 57: VNIndex trading volumes (mn shares) Figure 58: Market Cap 2018-May2019 (US$bn)
  51. 51. Section 2: Capital Market 2.2 Equities Market 51Financial Information | Business Information | Market Research Figure 59: Foreign Net Buying/Selling (US$mn)
  52. 52. Section 3: M&A and Consolidation 52Financial Information | Business Information | Market Research Contents
  53. 53. Section 3: M&A and Consolidation 53Financial Information | Business Information | Market Research Table 6: Recent Divestments in the Banking Sector
  54. 54. Section 3: M&A and Consolidation 54Financial Information | Business Information | Market Research Table 7: Recent Investments in the Banking Sector
  55. 55. Section 3: M&A and Consolidation 55Financial Information | Business Information | Market Research
  56. 56. Section 4: Market Trends 56Financial Information | Business Information | Market Research 4.1 Retail Banking in Vietnam 4.2 Mobile Payment and Competition from Non-banks Contents
  57. 57. Section 4: Market Trends 4.1 Retail Banking in Vietnam 57Financial Information | Business Information | Market Research Figure 61: Retail Banking & Corporate Banking, 2017 & 2018Figure 60: YoY Growth Corporate vs Retail Banking, 2013-2018 Figure 62: Top 10 Banks with the highest retail loan %, 2018
  58. 58. Figure 64: Market Size (VNDbn) of banks’ CF loans 58Financial Information | Business Information | Market Research Figure 63: Proportion of CF loans amongst Banks and Fincos Section 4: Market Trends 4.1 Retail Banking in Vietnam
  59. 59. Table 8: Top Retail Banks in Main CF Product Categories 59Financial Information | Business Information | Market Research Figure 65: Banks’ CF Loans by Segment Section 4: Market Trends 4.1 Retail Banking in Vietnam
  60. 60. Figure 66: Number of credit cards issued (accumulated) 60Financial Information | Business Information | Market Research Figure 67: Average usage value per credit card (payment+ cash advance) Figure 68: No. of e-wallet Registered Users by 2018 Section 4: Market Trends 4.1 Retail Banking in Vietnam
  61. 61. Figure 69: Premiums revenue (US$bn) and the growth of insurance market 61Financial Information | Business Information | Market Research Figure 70: Insurance Revenue Sources of Vietnamese banks Section 4: Market Trends 4.1 Retail Banking in Vietnam
  62. 62. Section 4: Market Trends 62Financial Information | Business Information | Market Research 4.1 Retail Banking in Vietnam 4.2 Mobile Payment and Competition from Non-banks Contents
  63. 63. Section 4: Market Trends 4.2 Mobile Payment and Competition from Non-banks 63Financial Information | Business Information | Market Research Table 9: Vietnam’s Non-cash Progress by 2018 Figure 71: Cash in total liquidity
  64. 64. Figure 73: Transaction volumes by payment channels (millions) 64Financial Information | Business Information | Market Research Figure 72: Payment Infrastructure, 2017-2018 Section 4: Market Trends 4.2 Mobile Payment and Competition from Non-banks
  65. 65. Section 5: Major Policy and Regulatory Framework Updates 65Financial Information | Business Information | Market Research 5.1 Draft Amendments of Circular 36 5.2 Draft Amendments of Circular 43 5.3 Draft Amendments of Circular 39 5.4 Draft Amended Law on Securities 5.5 Restructuring the Equities and Insurance Market 5.6 The plan to establish Vietnam Stock Exchange 5.7 P2P Regulatory Sandbox Contents
  66. 66. Section 5: Major Policy and Regulatory Framework Updates 66Financial Information | Business Information | Market Research
  67. 67. Section 5: Major Policy and Regulatory Framework Updates 5.1 Draft Amendments of Circular 36 67Financial Information | Business Information | Market Research Table 11: Proposed timeline to reduce ST deposit to MLT Lending Table 10: Major changes in Draft Amendments of Circular 36
  68. 68. Section 5: Major Policy and Regulatory Framework Updates 5.1 Draft Amendments of Circular 36 68Financial Information | Business Information | Market Research
  69. 69. Section 5: Major Policy and Regulatory Framework Updates 69Financial Information | Business Information | Market Research 5.1 Draft Amendments of Circular 36 5.2 Draft Amendments of Circular 43 5.3 Draft Amendments of Circular 39 5.4 Draft Amended Law on Securities 5.5 Restructuring the Equities and Insurance Market 5.6 The plan to establish Vietnam Stock Exchange 5.7 P2P Regulatory Sandbox Contents
  70. 70. Section 5: Major Policy and Regulatory Framework Updates 5.2 Draft Amendments of Circular 43 70Financial Information | Business Information | Market Research Table 12: Major changes in Draft Amendments of Circular 43
  71. 71. Section 5: Major Policy and Regulatory Framework Updates 5.2 Draft Amendments of Circular 43 71Financial Information | Business Information | Market Research
  72. 72. Section 5: Major Policy and Regulatory Framework Updates 72Financial Information | Business Information | Market Research 5.1 Draft Amendments of Circular 36 5.2 Draft Amendments of Circular 43 5.3 Draft Amendments of Circular 39 5.4 Draft Amended Law on Securities 5.5 Restructuring the Equities and Insurance Market 5.6 The plan to establish Vietnam Stock Exchange 5.7 P2P Regulatory Sandbox Contents
  73. 73. Section 5: Major Policy and Regulatory Framework Updates 5.3 Draft Amendments of Circular 39 73Financial Information | Business Information | Market Research Table 13: Major changes in Draft Amendments of Circular 39
  74. 74. Section 5: Major Policy and Regulatory Framework Updates 5.3 Draft Amendments of Circular 39 74Financial Information | Business Information | Market Research
  75. 75. Section 5: Major Policy and Regulatory Framework Updates 5.3 Draft Amendments of Circular 39 75Financial Information | Business Information | Market Research
  76. 76. Section 5: Major Policy and Regulatory Framework Updates 76Financial Information | Business Information | Market Research 5.1 Draft Amendments of Circular 36 5.2 Draft Amendments of Circular 43 5.3 Draft Amendments of Circular 39 5.4 Draft Amended Law on Securities 5.5 Restructuring the Equities and Insurance Market 5.6 The plan to establish Vietnam Stock Exchange 5.7 P2P Regulatory Sandbox Contents
  77. 77. Section 5: Major Policy and Regulatory Framework Updates 5.4 Draft Amended Law on Securities 77Financial Information | Business Information | Market Research Table 14: Major changes in Draft Amended Law on Securities
  78. 78. Section 5: Major Policy and Regulatory Framework Updates 5.4 Draft Amended Law on Securities 78Financial Information | Business Information | Market Research
  79. 79. Section 5: Major Policy and Regulatory Framework Updates 5.4 Draft Amended Law on Securities 79Financial Information | Business Information | Market Research
  80. 80. Section 5: Major Policy and Regulatory Framework Updates 5.4 Draft Amended Law on Securities 80Financial Information | Business Information | Market Research
  81. 81. Section 5: Major Policy and Regulatory Framework Updates 5.4 Draft Amended Law on Securities 81Financial Information | Business Information | Market Research
  82. 82. Section 5: Major Policy and Regulatory Framework Updates 82Financial Information | Business Information | Market Research 5.1 Draft Amendments of Circular 36 5.2 Draft Amendments of Circular 43 5.3 Draft Amendments of Circular 39 5.4 Draft Amended Law on Securities 5.5 Restructuring the Equities and Insurance Market 5.6 The plan to establish Vietnam Stock Exchange 5.7 P2P Regulatory Sandbox Contents
  83. 83. Section 5: Major Policy and Regulatory Framework Updates 5.5 Restructuring the Equities and Insurance Market 83Financial Information | Business Information | Market Research Table 15: Major changes in Restructuring the Equities and Insurance Market
  84. 84. Section 5: Major Policy and Regulatory Framework Updates 5.5 Restructuring the Equities and Insurance Market 84Financial Information | Business Information | Market Research
  85. 85. Section 5: Major Policy and Regulatory Framework Updates 5.5 Restructuring the Equities and Insurance Market 85Financial Information | Business Information | Market Research
  86. 86. Section 5: Major Policy and Regulatory Framework Updates 5.5 Restructuring the Equities and Insurance Market 86Financial Information | Business Information | Market Research
  87. 87. Section 5: Major Policy and Regulatory Framework Updates 5.5 Restructuring the Equities and Insurance Market 87Financial Information | Business Information | Market Research
  88. 88. Section 5: Major Policy and Regulatory Framework Updates 88Financial Information | Business Information | Market Research 5.1 Draft Amendments of Circular 36 5.2 Draft Amendments of Circular 43 5.3 Draft Amendments of Circular 39 5.4 Draft Amended Law on Securities 5.5 Restructuring the Equities and Insurance Market 5.6 The plan to establish Vietnam Stock Exchange 5.7 P2P Regulatory Sandbox Contents
  89. 89. Section 5: Major Policy and Regulatory Framework Updates 5.6 The plan to establish Vietnam Stock Exchange 89Financial Information | Business Information | Market Research Table 16: Major changes in The plan to establish Vietnam Stock Exchange
  90. 90. Section 5: Major Policy and Regulatory Framework Updates 5.6 The plan to establish Vietnam Stock Exchange 90Financial Information | Business Information | Market Research
  91. 91. Section 5: Major Policy and Regulatory Framework Updates 91Financial Information | Business Information | Market Research 5.1 Draft Amendments of Circular 36 5.2 Draft Amendments of Circular 43 5.3 Draft Amendments of Circular 39 5.4 Draft Amended Law on Securities 5.5 Restructuring the Equities and Insurance Market 5.6 The plan to establish Vietnam Stock Exchange 5.7 P2P Regulatory Sandbox Contents
  92. 92. Section 5: Major Policy and Regulatory Framework Updates 5.7 P2P Regulatory Sandbox 92Financial Information | Business Information | Market Research Table 17: Major changes in P2P Regulatory Sandbox
  93. 93. Section 5: Major Policy and Regulatory Framework Updates 5.7 P2P Regulatory Sandbox 93Financial Information | Business Information | Market Research
  94. 94. Appendices 94Financial Information | Business Information | Market Research A.1 Key macroeconomics indicators A.2 Profiles of SOCBs A.3 Profiles of JSCBs Contents
  95. 95. A.1 Macroeconomics Key Indicators GDP 95Financial Information | Business Information | Market Research Figure 74: GDP Growth YoY Figure 75: GDP’s composition 1Q2019
  96. 96. A.1 Macroeconomics Key Indicators Inflation 96Financial Information | Business Information | Market Research Figure 76: CPI Growth YoY Figure 77: Retail sales growth YoY (US$mn)
  97. 97. A.1 Macroeconomics Key Indicators Trade Balance 97Financial Information | Business Information | Market Research Figure 78: Trade Balance (US$bn) Figure 79: Vietnam’s Major Trade Partners 2018 (US$bn)
  98. 98. A.1 Macroeconomics Key Indicators Foreign Investment 98Financial Information | Business Information | Market Research Figure 80: FDI 2012-1Q2019 (US$bn) Figure 81: FII 2016-2018 (US$bn) Table 18: Top 3 FDI projects by value in 2018
  99. 99. A.1 Macroeconomics Key Indicators Remittance and Foreign Reserves 99Financial Information | Business Information | Market Research Figure 82: Overseas Remittance (US$bn) Figure 83: Vietnam’s Foreign Reserves Balances (US$bn)
  100. 100. A.1 Macroeconomics Key Indicators Budget Deficit and Public Debt 100Financial Information | Business Information | Market Research Figure 84: Vietnam Budget Deficit 2012-2018 (US$bn) Figure 85: Vietnam Public Debt 2012-2018
  101. 101. Appendices 101Financial Information | Business Information | Market Research A.1 Key macroeconomics indicators A.2 Profiles of SOCBs A.3 Profiles of JSCBs Contents
  102. 102. BUSINESS PROFILE OWNERSHIP STRUCTURE, H12019 KEY FINANCIAL & OPERATIONAL INDICATORS DISTRIBUTION NETWORK Profiles of key players Agribank 102Financial Information | Business Information | Market Research
  103. 103. BUSINESS PROFILE OWNERSHIP STRUCTURE, Q12019 KEY FINANCIAL & OPERATIONAL INDICATORS DISTRIBUTION NETWORK Profiles of key players Vietcombank 103Financial Information | Business Information | Market Research
  104. 104. BUSINESS PROFILE OWNERSHIP STRUCTURE, Q12019 KEY FINANCIAL & OPERATIONAL INDICATORS DISTRIBUTION NETWORK Profiles of key players BIDV 104Financial Information | Business Information | Market Research
  105. 105. BUSINESS PROFILE OWNERSHIP STRUCTURE, Q12019 KEY FINANCIAL & OPERATIONAL INDICATORS DISTRIBUTION NETWORK Profiles of key players VietinBank 105Financial Information | Business Information | Market Research
  106. 106. Portal 106Financial Information | Business Information | Market Research BConitienntfs orm Appendices Macroeconomics Key Indicators Banks by Key Indicators Profiles of State-Owned Commercial Banks Profiles of Key Joint-Stock Commercial Banks
  107. 107. BUSINESS PROFILE OWNERSHIP STRUCTURE, H12019 KEY FINANCIAL & OPERATIONAL INDICATORS DISTRIBUTION NETWORK Profiles of key players Sacombank 107Financial Information | Business Information | Market Research
  108. 108. BUSINESS PROFILE OWNERSHIP STRUCTURE, Q12019 KEY FINANCIAL & OPERATIONAL INDICATORS DISTRIBUTION NETWORK Profiles of key players Military Bank 108Financial Information | Business Information | Market Research
  109. 109. BUSINESS PROFILE OWNERSHIP STRUCTURE, Q12019 KEY FINANCIAL & OPERATIONAL INDICATORS DISTRIBUTION NETWORK Profiles of key players Asia Commercial Bank 109Financial Information | Business Information | Market Research
  110. 110. BUSINESS PROFILE OWNERSHIP STRUCTURE, H12019 KEY FINANCIAL & OPERATIONAL INDICATORS DISTRIBUTION NETWORK Profiles of key players Saigon Hanoi Bank 110Financial Information | Business Information | Market Research
  111. 111. BUSINESS PROFILE OWNERSHIP STRUCTURE, YE2018 KEY FINANCIAL & OPERATIONAL INDICATORS DISTRIBUTION NETWORK Profiles of key players Vietnam Prosperity Bank 111Financial Information | Business Information | Market Research
  112. 112. BUSINESS PROFILE OWNERSHIP STRUCTURE, YE2018 KEY FINANCIAL & OPERATIONAL INDICATORS DISTRIBUTION NETWORK Profiles of key players Techcombank 112Financial Information | Business Information | Market Research
  113. 113. BUSINESS PROFILE OWNERSHIP STRUCTURE, YE2018 KEY FINANCIAL & OPERATIONAL INDICATORS DISTRIBUTION NETWORK Profiles of key players Ho Chi Minh Development Bank 113Financial Information | Business Information | Market Research
  114. 114. BUSINESS PROFILE OWNERSHIP STRUCTURE, YE2018 KEY FINANCIAL & OPERATIONAL INDICATORS DISTRIBUTION NETWORK Profiles of key players Vietnam International Bank 114Financial Information | Business Information | Market Research
  115. 115. BUSINESS PROFILE OWNERSHIP STRUCTURE, M82018 KEY FINANCIAL & OPERATIONAL INDICATORS DISTRIBUTION NETWORK Profiles of key players Oricombank 115Financial Information | Business Information | Market Research
  116. 116. Financial Information | Business Information | Market Research 116 For further inquiries and comment, please contact our Financial Sector Specialist team at FiinGroup Dong Le, CFA Director Market Research Services +84 (024) 3562 69 62(Ext. 110) +84 (0) 912 057529 dong.le@fiingroup.vn Head Office 5th Floor, Anh Minh Building 36 Hoang Cau Street Hanoi, Vietnam + 84 (24) 3562 6962 Ho Chi Minh City Branch 3rd Floor, Profomilk Plaza Building 51 - 53 Vo Van Tan, District3 Ho Chi Minh City, Vietnam + 84 (28) 3933 3586 Dung Vu Assistant Manager, Financial ServicesSector Market Research Services +84 (024) 3562 6962 +84 (0) 903 574 800 dung.vu@fiingroup.vn

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