Ministry of Finance needs to keep track of and
evaluate the operations of market participants to select
the high quality system of first-level agents as the market makers with specific rights and duties. Issuance in
large quantities should be applied by all issuers.
Vietnam Bond Market Association (VBMA) should
coordinate to pilot the trading of some derivatives by
voluntary market makers. Tools for improving liquidity could be utilized including repurchase, convert and
combination with other terms and other issuers, etc.
The State Securities Commission should reinforce
the operations of bond market control bodies, provide
transparent information and coordinate with HNX to
develop the information system for government bond
market. Hanoi Stock Exchange ought to amend regulations related to trading to match the actual market
development. New products should be launched with
upgraded system and increased utilities for participants. International integration needs to get deeper
based on the existing connection with international
communication agencies, international forums, regional and international bond markets to attract foreign
investment flows.
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Vu Thanh Tu ANH - Fulbright University in Vietnam, USA
Le Xuan BA - Centural Institude for Economic Managerment, Vietnam
Hervé B. BOISMERY - University of La Reuinion, France
H. Eric BOUTIN - Toulon Var University, France
Nguyen Thi DOAN - Vietnam Learning Promotion Association, Vietnam
Haasis HANS - Dietrich - Institute of Shipping Economics and Logistics (isl) Bremen - Germany
Le Quoc HOI - National Economic University, Vietnam
Nguyen Thi Bich LOAN - Thuong mai University, Vietnam
Nguyen Hoang LONG - Thuong mai University, Vietnam
Nguyen MAI - Vietnam Economist Association, Vietnam
Duong Thi Binh MINH - University of Economics HoChiMinh City, Vietnam
Hee Cheon MOON - Korean Trade Research Association, South Korea
Bui Xuan NHAN - Thuong mai University, Vietnam
Luong Xuan QUY - Vietnam Economicst Association, Vietnam
Nguyen Van Song - Vietnam National University of Agriculture
Nguyen TAM - California State University, USA
Truong Ba THANH - University of Danang, Vietnam
Dinh Van THANH - Institude for Trade Research, Vietnam
Do Minh THANH - Thuong mai University, Vietnam
Le Dinh THANG - University of Québec à Trois Riviéres, Canada
Tran Dinh THIEN - Vietnam Institute of Economics, Vietnam
Nguyen Quang THUAN - Vietnam Academy of Social Sciences, Vietnam
Le Nhu TUYEN - Grenoble École de Managment, France
Washio TOMOHARU - Kwansei Gakuin University, Japan
Zhang YUJIE - Tsinghua University, China
THE Members
Editor in chief
NGUYEN BACH KHOA
Deputy Editor in Chief
SECTRETARY OF EDITORIAL OFFICE
PHAM MINH DAT
Editor in English
NGUYEN THI LAN PHUONG
Editorial SCIENTIFIC COUNCIL
Dinh Van SON - Thuong mai University, Vietnam - President
Pham Vu LUAN - Thuong mai University, Vietnam - Vice President
Nguyen Bach KHOA - Thuong mai University, Vietnam - Deputy President
Journal of
Trade Science
Volume 5 Number 1 April 2017
C O N T E N T S
1. Nguyen Thi Phuong LIEN - Solutions to Develop Government Bond Market in Vietnam
2. Nguyen Tran HUNG - Attract Online Customers to Job Websites in Vietnam
3. Nguyen Thi Kim OANH - Research Factors Affecting Hanoi Consumers Buying Decisions of
Fashion Products
4. Chu Viet CUONG - Trade development in the mountainous region of northern Vietnam: Lessons
from Chongqing and Yunnan, China
5. Dang Thi Minh NGUYET - Factors Affecting Productive Efficiency of Vietnam Joint Stock
Commercial Bank for Industry and Trade
6. Ying-Kai LIAO and Vu Minh QUAN and Alfiyatul Qomariyah - An Integrative Approach to
Investigate Antecedents, Moderators and Consequences of Brand Equity
Page
3
13
24
33
41
53
1. Development situation of government bond
market in Vietnam in the period of 2010-2015
Government bond market is an important compo-
nent of the bond market and was officially opened on
24 September 2009 at Hanoi Stock Exchange (HNX).
The products traded on the government bond market
include different types of government bonds, local
government bonds, government-secured bonds.
Government bonds are traded by put through trading
method with two tools including ordinary trading (out-
rights) and repurchase agreement (repos). The govern-
ment bond market consists of primary and secondary
markets.
* Primary market:
Primary market is the place of offering bonds for
the first time. HNX operates and arranges for the elec-
tronic bidding system.
During 2010-2015, government bond market
organized 1,375 bidding sessions for bonds issued by
State Treasury, Bank for Development, Bank for Social
Policies, etc. In this period, the primary market gained
the average growth rate of 67.5%. The development in
scale, quantity and quality of the issuance, especially
State Treasury bonds in standard bond codes has con-
tributed to the increased liquidity in the secondary
market.
In bond terms: The terms of bonds increased, lead-
ing to the average term of listed bond portfolio increas-
ing from 2.37 years (2010) to 3.77 years (2015). In
2015, the average term of bonds issued by organiza-
tions was 5.7 years, in which Treasury bonds had the
average term of 6.1 years. With 20 - year and 30 - year
retailing bonds, the average term of treasury bonds was
6.97 years.
Regarding issuance methods: The rate of govern-
ment bonds issued by bidding through HNX rose from
49% in 2009 to 100% in 2014. Since 2014, all govern-
ment bonds have been issued by electronic bidding. It
3
journal of Trade Science 5:1 (2017) 3 - 12
JOURNAL OF
TRADE SCIENCE
’S JTS
Nguyen Thi Phuong Lien
Thuongmai University
Email: ntplien@tmu.edu.vn
Received: 15th February 2016 Revised: 10th March 2016 Approved: 13th March 2017
Keywords: Government bond, Bond market, Growth
he government bond market plays an important role in the socio-economic development cause of every
nation. In recent years, despite certain achievements it has gained, Vietnam's government bond market has
still remained many limitations. Upon researching the situation of market development in the 2010 - 2015 peri-
od from primary data, the article points out some limitations of the market in terms of product ranges, transac-
tion modes, investors and identifies the main reasons for its development limitations such as market information
system, infrastructure, legal environment, etc. On this basis, the author suggests orientations and solutions to
help it develop safely and effectively in the coming time.
proved the information transparency and disclosure
through HNX.
Regarding investors: In the primary market, com-
mercial banks have been the main investors with near-
ly 90% market share. In 2015, the structure saw some
changes with the participation of insurance companies
with the purchasing power of 10.2%, relatively higher
than 7.8% in 2014 (regardless of 20-year and 30-year
retailing bonds to insurance companies). Besides, the
market participation tended to focus on some leading
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Unit: billion VND
Source: Hanoi Stock Exchange
Chart 1: Bond mobilization through years
Source: Hanoi Stock Exchange
Chart 2: Terms of bond issuance and listing (2013-2015)
banks. Top 10 banks accounted for 60% - 70% market
share in both primary and secondary markets
Regarding bidders: Domestic commercial banks
have been the main bidders over the years with the
winning rate of 77% - 83% of the total market value;
followed by foreign banks with 11% - 12%.
Regarding market infrastructure: In June 2012,
HNX officially put electronic bidding system into use.
It directly connects the exchange to market participants
and management bodies. It links primary and second-
ary markets and shortens time from issuance to listing,
transaction as well as provides timely information for
the management of the authorities.
* Secondary market
Secondary market organizes transactions for gov-
ernment bonds after the first issuance. HNX is the mar-
ket organizer and operator with transaction services
and system to secondary participants and investors.
Commercial banks and securities companies are two
major market participants.
Situation of listing: By 31 December 2015, there
were 537 codes with the listed value of nearly VND
753,451 billion. Treasury bonds remained the highest
rate in the market (over 80% listed value in 2015)
Situation of transaction:
- Transaction size: The size of transaction in the
market saw sharp increase over the years. By 31
December 2015, total trading value of the market
reached approximately VND 906,387 trillion including
VND 606.39 trillion of Outright transactions (67% of
total value) and VND 299.99 trillion of Repos transac-
tions (33% of total value). The average trading value of
each session was VND 3,655 billion. With the increase
in size, the rate of repos transaction was also on the
rise. Repos transactions in the system rose from 1.8%
of total market value in 2011 to 33% in 2015 (with the
decrease in outrights). The most frequent repos term
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Unit: bond
Source: Hanoi Stock Exchange
Chart 3: Listed government bonds by issuers
was one-month repos, accounting for 30% of the repos
transactions. The following frequent terms were 2
months and 3 months with around 18%. In general,
long terms (over 14 days) were still frequent with
91.5% of repos transaction value.
- Investors: Two groups of investors in Vietnam's
government bond market include domestic and foreign
investors. After the regional financial crisis in 2009,
foreign investors massively withdrew capital from the
bond market in Vietnam. Since 2011, they have come
back with steady transaction of 30% of total bond mar-
ket. The transaction rate of foreign investors in 2015
was 10.7% of the total market value, lower than 15%
in 2014. They mainly participated in outrights transac-
tions with repos transactions of less than 1% the total
repos transactions.(Chart 5)
- Traded bond terms: Government bond traded
focused on terms of 1 to 5 years with 82% of the total
value. Terms of under 1 year and over 5 years only
accounted for 18%. Among them, 5 - year term and 2 -
year bond had the highest liquidity with turnover rate
of 1.51 and 1.39 times, respectively. The general
turnover rate of the total bond portfolio in 2015 was
0.84 times. The term structure in secondary market
was similar to the primary market.(Chart 6)
- Participants: The participation of member com-
mercial banks increased dramatically from 38.6% of
the market in 2010 to nearly 84% in 2015. Meanwhile,
the participation of member securities companies
sharply dropped in both brokerage and dealing with the
brokerage share decreasing from 50% in 2010 to
13.38% in 2015, the dealing of securities companies
decreased from 11.65% in 2010 to 2.64% in 2015.
- Liquidity: Over the past few years, the number of
bond codes traded was 463/969 codes, accounting for
47.78% of the total codes in the market. In 2010, the
average liquidity (calculated by traded value over list-
ed value of the market) was 0.35; 0.6 in 2012 and 0.9
by the end of 2013.
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Unit: billion VND
Source: Hanoi Stock Exchange
Chart 4: Government bond transactions (2010-2015)
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JOURNAL OF
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Unit: billion VND
Source: Hanoi Stock Exchange
Chart 5: Outrights share of foreign investors (2010-2015)
Source: Hanoi Stock Exchange
Chart 6: Outrights volume by remaining terms (2010-2015)
2. Evaluation of the development of government
bond market in Vietnam
2.1. Achievements
During 2010-2015, the government bond market
gained some encouraging results as an important
mobilizing channel for development, a signal for the
macro-economic administration, especially in coordi-
nating financial - monetary policies of the government
as well as building the image and rating of Vietnam in
the international financial market.
First, the government bond market fulfilled its duty
as a channel for raising medium and long-term funds
for development.
Over 5 years (2010-2015), centralized bidding at
HNX raised VND 835,253 billion for the State budget
including VND 711,037 billion for the State Treasury,
16 times as much as the period of 2000-2008.
Particularly in 2012, bidding became the major chan-
nel for capital raising for the budget by issuing bonds
with a dramatic increase in value.
Second, bidding sessions were organized competi-
tively, transparently, openly and increasingly profes-
sional.
The issuance of the government bonds was
reformed completely towards the goals of restructuring
public debts and generating a standard product for the
financial market. Schedules for issuance were made
public and the disclosure of bidding results, volumes,
terms and interest rates enabled market participants to
manage their funds and the participation in the bid. The
system of bidding organizers was rearranged. The
State Treasury as the largest issuer successfully organ-
ized programs to issue bonds in bulk, additional bonds
and swap bond. These partly made fundamental
changes in the product quality of government bonds in
the financial market.
Third, the types of products were various with
shortened time for transaction and improved market
liquidity.
In order to diversify the products in the market, the
development of new products was one of the major
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Unit: %
Source: Hanoi Stock Exchange
Chart 7: Ratio of bond transaction by operations
points. Apart from the traditional products, new trad-
ing tools like futures, zero coupon bonds, Repo pack
(including Sell/buy back Repo, Borrowing-Lending
Repo, Cross currency Repo)... were launched and wel-
comed by market participants as well as investors.
Regarding Bond Futures, HNX is coordinating with
State Securities Commission and Nomura consultants
to deploy the proposal of derivative securities market
for the approval of Ministry and the government.
Moreover, the number of listed bonds was reduced to
90 from 300, with the average size of 6 times for each
code, which could improve the liquidity of government
bond trading in the secondary market.
Government bond registration and depository from
bidding to listing, trading had been improved and
shortened from 15 days to 10 days, 6 days, 4 days to
enable bidders to complete the transactions right in the
secondary market.
Market liquidity was raised greatly with the aver-
age trading value increasing by 10 times over 5 years,
from VND 370 billion/ session in 2010 to VND 3,655
billion in the first 6 months in 2014. The ratio of sec-
ondary sales and the outstanding bond value also rose
2.6 times. By the end of 2015, the total value of out-
standing government bond portfolio reached approxi-
mately VND 753,000 billion, 4 times higher than 2010
and equaling to 18% of GDP. The market size gained
23% growth rate over 5 years. It has been rated as the
leading growth in the emerging economies in East Asia
and ASEAN + 3.
Fourth, the number of traders and investors was
steady and on the rise.
Specialized government bond market currently has
54 participants including 27 commercial banks and 27
securities companies. The system of bidders is rela-
tively stable and professional. Commercial banks have
steadily played their role in both primary and second-
ary markets. There have been some positive changes in
the types of investors. In addition to commercial
banks, insurance companies, fund management com-
panies and foreign investors have participated actively
in the market.
Fifth, technical infrastructure and market informa-
tion system have been improved.
All activities of bidding, trading, information have
been performed uniformly on a modern technological
base system.
Electronic bidding system connects directly to mar-
ket participants to bid online and links to Ministry of
Finance and State Treasury to directly supervise and
administer each session for the convenience of
investors and close control of the authorities. The bid-
ding system was designed together with trading and
information system for the connection between pri-
mary and secondary markets. The procedure from bid-
ding to listing and trading was completed automatical-
ly, which could reduce time and errors. The infrastruc-
ture of secondary market has also improved. In March
2013, the 2nd version of government bond trading sys-
tem was officially launched with promising feedback
from participants. Trading functions were completed
with additional risk management tools to assist
investors in exchanging information, discussing the
deals and keeping track of the results.
Market information system was strengthened. The
central portal was initially formed. Market indicators
were also supplemented. From March 2013, the yield
curve was officially adopted and operated steadily,
which provides fundamental information on changes in
interest rate of different trading bonds in the secondary
market. It is also a reference indicator for macro-eco-
nomic administrators, issuers as well as investors.
2.2. Limitations
The government bond market still faced such limi-
tations as follows:
First, fixed - interest government bonds were the
single item in the market. Limited choices discouraged
investors, which made the market less lively and nar-
rower. HNX has made some efforts in researching new
products, but has not had any positive results.
Second, investors in government bond market have
yet to be professional. Trading activities by institution-
al investors like commercial banks and securities com-
panies increased, but not enough to become market
makers.
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Third, trading methods in secondary market have
been simple. From the beginning, bonds have been
traded by two forms: outright và repos.
Fourth, the size of government bond market in
Vietnam remained modest compared with the devel-
oped ones despite dramatic increase recently with the
relatively small listing scale.
2.3. Causes
There are some causes to the weaknesses in the
government bond market in Vietnam as follows:
First, market information and technological infra-
structure are limited
Despite some big improvement, the market informa-
tion system has not been able to prevent risks, to enable
participants to look for partners easily if needed. It has
just provided basic data without value-added and com-
bined information, predictive indicators for investors.
Technological infrastructure for transaction, clear-
ing, information exchange has not met the requirement
for centralization and sharing of information. It has not
connected to the international portal to facilitate for-
eign investors. HNX has just established the trading
portal with the international trading system
Bloomberg.
Second, issuance planning by issuers is still inade-
quate
Schedules for issuance have not been specified.
The State Treasury has just built the mobilizing plans
for years and quarters without any comprehensive
strategies for fund raising. Therefore, the issuance of
government bonds has been highly passive and uneven
at different times.
Third, legal system for the market operations has
not completed
The current legal framework for supporting mech-
anisms like the system of Primary Dealer (PD), Mark
to Market has not been specified. The regulations on
reporting have been procedural with some mismatches
to the market conditions leading to some unqualified
operations. The highest legal document on the issuance
and trading of government bonds was only Decree of
the government, but not yet to be built into laws. The
lack of legal documents has hindered the operation of
the market and the participants, especially institutional
investors and professional market makers. The regula-
tions on the authority of administration agencies have
not been clear, which reduces the management of
authorized agencies and the effectiveness.
Fourth, there have been no credit-rating agencies
in the market
Credit rating is an important and necessary indica-
tor for market development, but there is a lack of these
organizations in the government bond market in
Vietnam. Investors in the market have to evaluate and
analyze by themselves, which is very time - consum-
ing, costly and infeasible sometimes. It could be easier
to identify risks with the assistance of credit rating in
the market. Ministry of Finance has planned to devel-
op a credit rating system, but it has been on discussion.
3. Orientations and solutions to develop govern-
ment bond market in Vietnam to 2020
Development orientation
- Products: Product diversification is significant. It
helps fully mobilize idle funds in the society, increase
the choices for investors and diversify the market.
Therefore, it is necessary to provide a variety of prod-
ucts in terms of interest rates, types and payment meth-
ods. In addition to the original products, it is essential
to introduce derivatives such as futures, term contracts,
options, bond index, etc.
- Trading methods: Apart from two existing meth-
ods of outright and repos, it is needed to adopt repur-
chase trading (repo-sell-buy back, cross-currency
repo) at the right time.
- Investors: Beside current investors, it is vital to
attract more investors such as social insurance organi-
zations, insurance funds or investment funds, etc.
- Information and technological infrastructure: A
modern electronic trading system and a comprehen-
sive, exact and updated database will improve the
effectiveness of the market supervision in order to (i)
Easily identify and prevent errors and fraud; shorten
time of circulation for products between markets; (ii)
Ensure the uniformity of product development,
improve the product attractiveness by coordination in
developing new original products and new trading
tools so as to improve the security and liquidity; (iii)
Assist the connection between issuing and trading
market through financial leverage; (iv) Improve the
quality, capabilities and effectiveness of the mecha-
nisms for checking and monitoring market operations
of administration agencies; and (v) Form a foundation
to enhance the market transparency, the effectiveness
of risk prevention measures. Therefore, it is vital to
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research and develop the new functions such as tools to
support transaction, to evaluate bond prices, identify
yield curve and provide bond index, etc.
Development solutions
First, disclosing transparent market information:
It is important to disclose transparent market infor-
mation through the central portal to timely inform the
issuance plans, trading situations. This enables the
information access to lure investors into preparing and
arranging their funds so as to increase the liquidity in
the secondary market. On the other hand, as the funds
raised by government bonds are a component of the
national public debt, information on the public debt
(domestic and international debts, etc.) needs to be dis-
closed and calculated under international standards. It
helps the government actively controls its borrowings
and the debt structure and increase the confidence of
foreign investors in the pay-back liability and capabil-
ity of Vietnam.
Second, modernizing technological infrastructure
and developing market information system:
- Trading system: It is important to modernize the
technological facilities for trading, clearing, payment
for the State Bank as well as apply technologies in
operations in primary and secondary markets to
improve the market effectiveness.
- Information system: It requires centralizing and
sharing information as well as forming the set of indi-
cators of the market to improve the market control,
monitoring and administration. There is a need to
found the common database for the debt market, trad-
ing and issuance records. Value can be added by the
database from the set of indicators such as market,
term risks, portfolio risks, etc.
Moreover, it is necessary to develop the coopera-
tion with international communication agencies like
Bloomberg, Reuter, etc. to gradually integrate into the
regional and international bond markets.
Third, completing legal framework on the market:
Although the legal framework on the market has
been relatively comprehensive, there are still some
unsuitable regulations compared with the international
standards and the market conditions in Vietnam includ-
ing issuance and clear schedules. It helps improve the
market transparency and the participation of bidders in
the primary market. It is essential to issue a regulation
on derivatives such as Bond Index, Bond Forward,
Bond futures, Bond Option, Cross repos currency,
STRIP... The government should also issue regulations
on the operation of credit rating agencies, Primary deal-
ers (PD) to issue bonds in the primary market and
improve liquidity in the secondary market. Despite the
early formation of PD in the primary market in 2012, it
has not been comprehensive. It is necessary to specify
the authority and responsibility of the participants. A
complete PD mechanism will maintain and improve the
market flexibility for government bonds after issuance.
It will also enhance the feasibility of bond trading
thanks to price competition between market makers.
Bidders require higher liquidity assistance in both pri-
mary and secondary markets. Investment incentives are
also important to (i) attract foreign individual and insti-
tutional investors; (ii) promote the diversification of
domestic and international entities for new comers.
Besides, it is vital to have a policy to develop markets
makers with professional expertise and financial
sources to boost trading in the secondary market.
Fourth, other solutions:
Ministry of Finance needs to keep track of and
evaluate the operations of market participants to select
the high quality system of first-level agents as the mar-
ket makers with specific rights and duties. Issuance in
large quantities should be applied by all issuers.
Vietnam Bond Market Association (VBMA) should
coordinate to pilot the trading of some derivatives by
voluntary market makers. Tools for improving liquidi-
ty could be utilized including repurchase, convert and
combination with other terms and other issuers, etc.
The State Securities Commission should reinforce
the operations of bond market control bodies, provide
transparent information and coordinate with HNX to
develop the information system for government bond
market. Hanoi Stock Exchange ought to amend regula-
tions related to trading to match the actual market
development. New products should be launched with
upgraded system and increased utilities for partici-
pants. International integration needs to get deeper
based on the existing connection with international
communication agencies, international forums, region-
al and international bond markets to attract foreign
investment flows.
Vietnam Government Bond Market Association is
required to issue the code of conduct for the partici-
pants; act as a center for building model contracts for
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Outrights and Repos transactions in accordance with
the global GMRA standards; promote the standardiza-
tion of government bond trading for other complicated
derivative tradings; organize workshops and dialogues
between participants and administration agencies to
help them better understand the market demand and
get feedback on regulations.
Conclusion: The development of government bond
market plays an important role in the course of socio-
economic development in every country including
Vietnam. For the safe and effective market develop-
ment, it is essential to have a systematic policies on
suppy and demand, the system of market participants,
the complete infrastructure and legal framework.
References:
1. Law on Securities No.70/2006/QH11 on 29 June
2006
2. Law No. 62/2010/QH12 on 24 November 2010
amending and supplementing some articles of 2006
Law on Securities
3. Hanoi Stock Exchange, Review on 5 year oper-
ation and development of government bond market
during 2009 -2014
4. Hanoi Stock Exchange, 2015 Annual Report
5. Website of Hanoi Stock Exchange:
6. Website of Ministry of Finance:
7. Website of State Securities Commission:
Summary
Thò tröôøng traùi phieáu chính phuû (TPCP) coù vai troø
quan troïng trong söï nghieäp phaùt trieån kinh teá - xaõ hoäi
cuûa moãi quoác gia. Nhöõng naêm gaàn ñaây, thò tröôøng
TPCP Vieät Nam ñaõ ñaït ñöôïc nhöõng thaønh coâng nhaát
ñònh nhöng cuõng coøn toàn taïi nhieàu haïn cheá, baát caäp.
Treân cô sôû nghieân cöùu thöïc traïng phaùt trieån thò
tröôøng TPCP Vieät Nam giai ñoaïn 2010-2015 töø caùc
nguoàn thoâng tin, döõ lieäu thöù caáp, baøi vieát chæ ra moät
soá haïn cheá veà chuûng loaïi haøng hoùa, phöông thöùc giao
dòch, cô sôû nhaø ñaàu tö; laøm roõ caùc nguyeân nhaân chính
daãn ñeán nhöõng haïn cheá trong quaù trình phaùt trieån cuûa
thò tröôøng nhö heä thoáng thoâng tin thò tröôøng, caùc ñieàu
kieän cô sôû haï taàng, moâi tröôøng phaùp lyù
Töø ñoù ñeà
xuaát caùc ñònh höôùng vaø giaûi phaùp cho söï phaùt trieån
an toaøn, hieäu quaû cuûa thò tröôøng trong thôøi gian tôùi.
12
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NGUYEN THI PHUONG LIEN
1. Personal Profile:
- Name: Nguyen Thi Phuong Lien
- Date of birth: 08 January 1965
- Title: Associate Professor, PhD
- Workplace: Thuongmai University
- Position: Dean of Postgraduate Falcuty
2. Major research directions:
- Finance
- Banking
- Stock Market
3. Publications the author has published her works:
- Trade Science Review
- Joural Economic Development
- Joural Finance
- Joural Communist
- Joural Monetary and Financial Market
- Trade Review
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