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30/11/2022
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30/11/2022
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Thu Huong, P. ., Xuan Vinh, V. ., Thi Hien, N. ., Thi Ly, B. ., & Ngoc Toan, N. . (2022). Foreign bank penetration in Vietnam following Vietnam’s accession to the WTO: matching expectations with reality. Journal of International Economics and Management, 22(3), 1-18. https://doi.org/10.38203/jiem.022.3.0051
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Foreign bank penetration in Vietnam following Vietnam’s accession to the WTO: matching expectations with reality
Main Article Content
Abstract
Vietnam continuously liberalizes the financial market as a requirement for its accession to the World Trade Organization in 2007. This paper discusses the foreign investors’ expectation and their experience when penetrating into Vietnam’s market. The role of the foreign entrants is also assessed. By synthesizing and analyzing relevant research and reports, several important insights are discovered. Firstly, the presence of foreign investors and banks improves market competition, efficiency, and stability. Wholly and partly foreign-owned banks provide the spillover effects in management quality, in the introduction of world standard banking products and services, and in the application of information technology. Secondly, by looking into the foreign owned banks, it is found that the banks’ foreign investors are not likely to play an influential role in managing the banks they invested in. The motive of the investors to control the invested companies leads to their decision of holdings withdrawing.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Keywords
Foreign banks, Foreign investors, Vietnamese banks, Firm performance, Vietnam
References
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Banking with the Poor Network (2008), “Microfinance industry report: Vietnam”, Available at https://www.yumpu.com/en/document/read/28137296/microfinance-industry-report-vietnambanking-with-the-poor-network (Accessed 27 June, 2020).
Barajas, A., Steiner, R. and Salazar, N. (2000), “The impact of liberalization and foreign investment in Colombia’s financial sector”, Journal of Development Economics, Vol. 63 No. 1, pp. 157 - 196.
Barth, J.R., Caprio, G. and Levine, R. (2001), “The regulation and supervision of banks around the world: a new database”, University of Minnesota Financial Studies Working Paper No. 0006.
Batten, J. and Vo, X.V. (2019), “Determinants of bank profitability - Evidence from Vietnam”, Emerging Markets Finance and Trade, Vol. 55 No. 6, pp. 1417 - 1428.
Batten, J.A. and Vo, X.V. (2016), “Bank risk shifting and diversification in an emerging market”, Risk Management, Vol. 18 No. 4, pp. 217 - 235.
Batten, J.A. and Vo, X.V. (2015), “Foreign ownership in emerging stock markets”, Journal of Multinational Financial Management, Vol. 32-33, pp. 15 - 24.
Batten, J.A. and Vo, X.V. (2009), “An analysis of the relationship between foreign direct investment and economic growth”, Applied Economics, Vol. 41 No. 13, pp. 1621 - 1641.
Berger, A., Clarke, G., Cull, R., Klapper, L. and Udell, G. (2005), “Corporate governance and bank performance: a joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership”, Journal of Banking and Finance, Vol. 29 No. 8-9, pp. 2179 - 2221.
Berger, A., Klapper, L. and Turk-Ariss, R. (2009), “Bank competition and financial stability”, Journal of Financial Services Research, Vol. 35, pp. 99 - 118.
Bruno, V. and Hauswald, R. (2014), “The real effect of foreign banks”, Review of Finance, Vol. 18, pp. 1683 - 1716.
Cardinas, J.C., Graf, J.P. and O’Dogherty, P. (2004), “Foreign banks entry in emerging market economies: a host country perspective”, Available at https://www.bis.org/publ/ cgfs22mexico.pdf (Accessed 20 March, 2019).
Claessens, S. (2017), ”Global banking: recent developments and insights from research”, Review of Finance, Vol. 21 No. 4, pp. 1513 - 1555,
Claessens, S., Demirguc-Kunt, A. and Huizinga, H. (2001), “How does foreign entry affect domestic banking markets?”, Journal of Banking and Finance, Vol. 25 No. 5, pp. 891 - 911.
Claessens, S. and Lee, J.K. (2003), “Foreign banks in low-income countries: recent developments and impacts”, in Hanson J., Honohan P. and Majnoni G. (Eds.), Globalization and National Financial Systems, World Bank Publications, pp. 109 - 141.
Claessens, S., Demirguc-Kunt, A. and Huizinga, H. (2001), “How does foreign entry affect domestic banking markets?”, Journal of Banking & Finance, Vol. 25 No. 5, pp. 891 - 911.
Claessens, S. and Van Horen, N. (2012), “Being a foreigner among domestic banks: asset or liablity?”, Journal of Banking and Finance, Vol. 36 No. 5, pp. 1276 - 1290.
Claessens, S. and Van Horen, N. (2014), “Foreign banks: trends and impact”, Journal of Money, Credit and Banking, Vol. 46 No. 1, pp. 295 - 326.
Claeys, S. and Hainz, C. (2014), “Modes of foreign bank entry and effects on lending rates: theory and evidence”, Journal of Comparative Economics, Vol. 41 No. 1, pp. 160 - 177.
Clarke, G., Cull, R., Martinez P., Maria, S. and Sanchez, S.M. (2003), “Foreign bank entry: experience, implications for developing economies, and agenda for further research”, The World Bank Research Observers, Vol. 18 No. 1, pp. 25 - 59.
De Haas, R. (2014), “The dark and the bright side of global banking: a (somewhat) cautionary tale from emerging Europe”, Comparative Economic Studies, Vol. 56, pp. 271 - 282.
De Haas, R. and Naaborg, I. (2006), “Foreign banks in transition countries: to whom do they lend and how are they financed?”, Financial Markets, Institutions and Instruments, Vol. 15 No. 4, pp. 159 - 199.
De Haas, R. and Van Horen, N. (2012), “International shock transmission after the Lehman Brothers collapse: evidence from syndicated lending”, American Economic Review Papers and Proceedings, Vol. 102 No. 3, pp. 231 - 237.
De Haas and Van Lelyveld (2006), “Foreign banks and credit stability in Central and Eastern Europe. a panel data analysis”, Journal of Banking and Finance, Vol. 30 No. 7, pp. 1927 - 1952.
Degryse, H., Elahi, M.A. and Penas, M.F. (2012), “Determinants of banking system fragility: a regional perspective”, VOX CEPR Policy Portal, Available at https://voxeu.org/article/banking-systemfragility-regional-perspective (Accessed 12 March, 2020).
Deminguc-Kunt, A. and Detragiache, E. (1998), “Financial liberalization and financial fragility”, IMF Working Paper 1917, pp. 1 - 36.
Detragiache, E., Tressel, T. and Gupta, P. (2008), “Foreign banks in poor countries: theory and evidence”, The Journal of Finance, Vol. 63 No. 5, pp. 2123 - 2160.
Ferrari, A. and Tran, V.H.T. (2021), “Banking, transition and financial reforms: a long-term analysis of Vietnam, journal of banking regulation”, Journal of Banking Regulation, Vol. 22 No. 1, pp. 1 - 10.
Focarelli, D. and Pozzolo, A. (2000), “The determinants of cross-border bank shareholdings: an analysis with bank-level data from OECD countries”, in Proceedings from Federal Reserve Bank of Chicago, No. 381.
Grosse, R. and Goldberg, L.G. (1991), “Foreign bank activity in the United States: an analysis by country of origin”, Journal of Banking and Finance, Vol. 15 No. 6, pp. 1093 - 1112.
Goldberg, L.S. (2007), “Financial sector FDI and host countries: new and old lessons”, Economic Policy Review, Vol. 13 No. 1, pp. 1 - 17.
Gosh, A. (2016), “Banking sector globalization and bank performance: a comparative analysis of low income countries with emerging markets and advanced economies”, Review of Development Finance, Vol. 6 No. 1, pp. 58 - 70.
Havrylchyk, O. and Jurzyk, E. (2011), “Profitability of foreign banks in Central and Eastern Europe: does the entry mode matter?”, Economics of Transition, Vol. 19 No. 3, pp. 443 - 472.
Hasan, I. and Hunter, W.C. (1996), “Efficiency of Japanese multinational banks in the United States”, in Chen, A.H. (Ed.), Research in Finance, JAI Press, Greenwich.
Hasan, I. and Lozano-Vivas, A. (1998), “Foreign banks, production technology, and efficiency: Spanish experience”, Paper presented at Georgia Productivity Workshop III, University of Georgia, Athens.
Haselmann, R. (2006), “Strategies of foreign banks in transition economies”, Emerging Markets Review, Vol. 7 No. 4, pp. 283 - 299.
Hermes, N. and Lensink, R. (2004), “Foreign bank presence, domestic bank performance and financial development”, Journal of Emerging Market Finance, Vo. 3 No. 2, pp. 207 - 229.
Ho, A. and Baxter, A. (2011), “Banking reform in Vietnam”, Federal Reserve Bank of San Francisco, Available at https://www.frbsf.org/banking/publications/asia-focus/2011/june/banking-reform-in-vietnam/ (Accessed 27 June, 2020).
Horen, N.V. (2007), “Foreign banking in developing countries; origin matters”, Emerging Markets Review, Vol. 8 No. 2, pp. 81 - 105.
Jeon, B.N., Olivero, M.P. and Wu, J. (2011), “Do foreign banks increase competition? Evidence from emerging Asian and Latin American banking markets”, Journal of Banking and Finance, Vol. 35 No. 4, pp. 856 - 875.
Kouretas, G. and Tsoumas, C. (2016), “Foreign bank presence and business regulations”, Journal of Financial Stability, No. 24, pp. 104 - 116.
Kovsted, J., Rand, J., Tarp, F., Nguyen, D.T., Nguyen, V.H. and Ta, M.T. (2003), “Financial Sector reforms in Vietnam: selected issues and problems”, Munich Personal RePEc Archive (MPRA), Available at https://mpra.ub.uni-muenchen.de/29420/1/Financial_Sector_Reforms_in_Vietnam.pdf (Accessed 27 June, 2020).
Leung, S. (2009), “Banking and financial sector reforms in Vietnam”, Asean Economic Bulletin, Vol. 26 No. 1, pp. 44 - 57.
Le, T.H. (2014), “Market concentration and competition in Vietnamese banking sector”, MPRA Paper, 57406, University Library of Munich, Germany.
Lehner, M. and Schnitzer, M. (2008), “Entry of foreign banks and their impact on host countries”, Journal of Comparative Economics, Vol. 36 No. 3, pp. 430 - 452.
Levine, R. (2001), “International financial liberalization and economic growth”, Review of International Economics, Vol. 9 No. 4, pp. 688 - 702.
Li, R., Li, X., Lei, W. and Huang, Y. (2015), “Consequences of China’s opening to foreign banks”, in Song, L., Garnaut, R., Fang, C. and Johnston, L. (Eds.), China’s Domestic Transformation in a Global Context, ANU Press, pp. 67 - 90.
Mody, A. and Peria, M.S.M. (2004), “How foreign participation and market concentration impact bank spreads: evidence from Latin America”, WPS 3210, World Bank Publications.
Mian, A. (2005), “Foreign, private domestic and government banks: new evidence from emerging markets”, Journal of Banking & Finance, Vol. 27 No. 7, pp. 1219 - 1410.
Nguyen, D.P., Ho, V.T. and Vo, X.V. (2018), “Challenges for Vietnam in the globalization era”, Asian Journal of Law and Economics, Vol. 9 No. 1, pp. 1 - 3.
Nguyen, D.P. and Vo, X.V. (2017), “Determinants of bilateral trade: evidence from ASEAN+3”, Asian‐Pacific Economic Literature, Vol. 31 No. 2, pp. 115 - 122.
Nguyen, T.H. (2020), “Impact of bank capital adequacy on bank profitability under Basel II accord: evidence from Vietnam”, Journal of Economic Development, Vol. 45 No. 1, pp. 31 - 46.
Nguyen, X.T. (2016), Vietnamese banking system: regulations and policies 2006-2010 and milestones of restructure 2011-2015.
Oh, S.N. (1998), ‘“Financial deepening in the banking sector – Vietnam”’, Available at https://aric.adb.org/pdf/aem/external/financial_market/Republic_of_Vietnam/vietnam_bnk.pdf (Accessed 03 February, 2020).
Phan, T. M.T. and Daly, K.J. (2014), “Cost efficiency and the relation with risks in Vietnamese banking industry”, Australian Journal of Basic & Applied Sciences, Vol. 8 No. 12, pp. 30 - 38.
Scheack, K. and Cihak, M. (2010), “Competition, efficiency, and soundness in banking: an industrial organization perspective”, European Banking Center Discussion Paper No. 2010-20S.
Stewart, C., Matousek, R. and Nguyen, T.N. (2016), “Efficiency in the Vietnamese banking system: a DEA double bootstrap approach”, Research in International Business and Finance, Vol. 36, pp. 96 - 111.
Schmukler, S.L. (2004), “Benefits and risks of financial globalization: challenges for developing countries”, Federal Reserve Bank of Atlanta Economic Review, Available at http://documents.worldbank.org/curated/en/710321468322735111 /Benefits-and-risks-of-financialglobalization-challenges-for-developing-countries (Accessed 12 September, 2019).
Turnell and Vu (2018), “Foreign banks and insurance companies in financial sector reform in Myanmar and Vietnam, Parallel Journeys, Divergent Paths”, USAID Project, Available at https://www.nathaninc.com/wp-content/uploads/2018/08/FgnBksInsCosInFinSectorReformMyanmarVietnam.pdf (Accessed 19 August, 2020).
Vo, X.V. (2018), “Determinants of capital flows to emerging economies - Evidence from Vietnam”, Finance Research Letters, Vol. 27, pp. 23 - 27.
Vo, X.V. (2017), “How does the stock market value bank diversification? Evidence from Vietnam”, Finance Research Letters, Vol. 22, pp. 101 - 104.
Vo, X.V. (2016), “Finance in Vietnam: an overview”, Afro-Asian Journal of Finance and Accounting, Vol. 6 No. 3, pp. 202 - 209.
Vo, X.V. (2015), “Foreign ownership and dividend policy – The case of Vietnam”, International Journal of Banking, Accounting and Finance, Vol. 6 No. 2, pp. 73 - 86.
Vo, X.V. (2009), “International financial integration in Asian bond markets”, Research in International Business and Finance, Vol. 23 No. 1, pp. 90 - 106.
Vo, X.V. and Chu, T.K.H. (2019), “Do foreign shareholders improve corporate earnings quality in emerging markets? Evidence from Vietnam”, Cogent Economics & Finance, Vol. 7 No. 1, 1698940.
Vo, X.V. and Nguyen, H.H. (2018), “Bank restructuring and bank efficiency - The case of Vietnam”, Cogent Economics & Finance, Vol. 6 No. 1, 1520423.
Vo, X.V., Nguyen, H.H. and Pham, K.D. (2016), “Financial structure and economic growth: the case of Vietnam”, Eurasian Business Review, Vol. 6 No. 2, pp. 141 - 154.
Vo, X.V. and Phan, D.B.A. (2017), “Further evidence on the herd behavior in Vietnam stock market”, Journal of Behavioral and Experimental Finance, Vol. 13, pp. 33 - 41.
Vu, T.T.A., Tran, T.Q.G., Dinh, C.K., Nguyen, X.T. and Do, T.A.T. (2018), “Cross ownership of financial institutions and corporations in Vietnam - An assessment and recommendations”, Fulbright Economics Teaching Program.
Vuong, Q.H. (2019), “The financial economy of Viet Nam in an age of reform, 1986-2016”, in Volz, U., Morgan, P. and Yoshino, Y. (Eds.), Routledge Handbook of Banking and Finance in Asia, Routledge, New York, pp. 201 - 222.
Waal, A., Duong, H. and Vu, T. (2009), “High performance in Vietnam: the case of the Vietnamese banking industry”, Journal of Transitional Management, Vol. 14 No. 3, pp. 179 - 201.
Banking with the Poor Network (2008), “Microfinance industry report: Vietnam”, Available at https://www.yumpu.com/en/document/read/28137296/microfinance-industry-report-vietnambanking-with-the-poor-network (Accessed 27 June, 2020).
Barajas, A., Steiner, R. and Salazar, N. (2000), “The impact of liberalization and foreign investment in Colombia’s financial sector”, Journal of Development Economics, Vol. 63 No. 1, pp. 157 - 196.
Barth, J.R., Caprio, G. and Levine, R. (2001), “The regulation and supervision of banks around the world: a new database”, University of Minnesota Financial Studies Working Paper No. 0006.
Batten, J. and Vo, X.V. (2019), “Determinants of bank profitability - Evidence from Vietnam”, Emerging Markets Finance and Trade, Vol. 55 No. 6, pp. 1417 - 1428.
Batten, J.A. and Vo, X.V. (2016), “Bank risk shifting and diversification in an emerging market”, Risk Management, Vol. 18 No. 4, pp. 217 - 235.
Batten, J.A. and Vo, X.V. (2015), “Foreign ownership in emerging stock markets”, Journal of Multinational Financial Management, Vol. 32-33, pp. 15 - 24.
Batten, J.A. and Vo, X.V. (2009), “An analysis of the relationship between foreign direct investment and economic growth”, Applied Economics, Vol. 41 No. 13, pp. 1621 - 1641.
Berger, A., Clarke, G., Cull, R., Klapper, L. and Udell, G. (2005), “Corporate governance and bank performance: a joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership”, Journal of Banking and Finance, Vol. 29 No. 8-9, pp. 2179 - 2221.
Berger, A., Klapper, L. and Turk-Ariss, R. (2009), “Bank competition and financial stability”, Journal of Financial Services Research, Vol. 35, pp. 99 - 118.
Bruno, V. and Hauswald, R. (2014), “The real effect of foreign banks”, Review of Finance, Vol. 18, pp. 1683 - 1716.
Cardinas, J.C., Graf, J.P. and O’Dogherty, P. (2004), “Foreign banks entry in emerging market economies: a host country perspective”, Available at https://www.bis.org/publ/ cgfs22mexico.pdf (Accessed 20 March, 2019).
Claessens, S. (2017), ”Global banking: recent developments and insights from research”, Review of Finance, Vol. 21 No. 4, pp. 1513 - 1555,
Claessens, S., Demirguc-Kunt, A. and Huizinga, H. (2001), “How does foreign entry affect domestic banking markets?”, Journal of Banking and Finance, Vol. 25 No. 5, pp. 891 - 911.
Claessens, S. and Lee, J.K. (2003), “Foreign banks in low-income countries: recent developments and impacts”, in Hanson J., Honohan P. and Majnoni G. (Eds.), Globalization and National Financial Systems, World Bank Publications, pp. 109 - 141.
Claessens, S., Demirguc-Kunt, A. and Huizinga, H. (2001), “How does foreign entry affect domestic banking markets?”, Journal of Banking & Finance, Vol. 25 No. 5, pp. 891 - 911.
Claessens, S. and Van Horen, N. (2012), “Being a foreigner among domestic banks: asset or liablity?”, Journal of Banking and Finance, Vol. 36 No. 5, pp. 1276 - 1290.
Claessens, S. and Van Horen, N. (2014), “Foreign banks: trends and impact”, Journal of Money, Credit and Banking, Vol. 46 No. 1, pp. 295 - 326.
Claeys, S. and Hainz, C. (2014), “Modes of foreign bank entry and effects on lending rates: theory and evidence”, Journal of Comparative Economics, Vol. 41 No. 1, pp. 160 - 177.
Clarke, G., Cull, R., Martinez P., Maria, S. and Sanchez, S.M. (2003), “Foreign bank entry: experience, implications for developing economies, and agenda for further research”, The World Bank Research Observers, Vol. 18 No. 1, pp. 25 - 59.
De Haas, R. (2014), “The dark and the bright side of global banking: a (somewhat) cautionary tale from emerging Europe”, Comparative Economic Studies, Vol. 56, pp. 271 - 282.
De Haas, R. and Naaborg, I. (2006), “Foreign banks in transition countries: to whom do they lend and how are they financed?”, Financial Markets, Institutions and Instruments, Vol. 15 No. 4, pp. 159 - 199.
De Haas, R. and Van Horen, N. (2012), “International shock transmission after the Lehman Brothers collapse: evidence from syndicated lending”, American Economic Review Papers and Proceedings, Vol. 102 No. 3, pp. 231 - 237.
De Haas and Van Lelyveld (2006), “Foreign banks and credit stability in Central and Eastern Europe. a panel data analysis”, Journal of Banking and Finance, Vol. 30 No. 7, pp. 1927 - 1952.
Degryse, H., Elahi, M.A. and Penas, M.F. (2012), “Determinants of banking system fragility: a regional perspective”, VOX CEPR Policy Portal, Available at https://voxeu.org/article/banking-systemfragility-regional-perspective (Accessed 12 March, 2020).
Deminguc-Kunt, A. and Detragiache, E. (1998), “Financial liberalization and financial fragility”, IMF Working Paper 1917, pp. 1 - 36.
Detragiache, E., Tressel, T. and Gupta, P. (2008), “Foreign banks in poor countries: theory and evidence”, The Journal of Finance, Vol. 63 No. 5, pp. 2123 - 2160.
Ferrari, A. and Tran, V.H.T. (2021), “Banking, transition and financial reforms: a long-term analysis of Vietnam, journal of banking regulation”, Journal of Banking Regulation, Vol. 22 No. 1, pp. 1 - 10.
Focarelli, D. and Pozzolo, A. (2000), “The determinants of cross-border bank shareholdings: an analysis with bank-level data from OECD countries”, in Proceedings from Federal Reserve Bank of Chicago, No. 381.
Grosse, R. and Goldberg, L.G. (1991), “Foreign bank activity in the United States: an analysis by country of origin”, Journal of Banking and Finance, Vol. 15 No. 6, pp. 1093 - 1112.
Goldberg, L.S. (2007), “Financial sector FDI and host countries: new and old lessons”, Economic Policy Review, Vol. 13 No. 1, pp. 1 - 17.
Gosh, A. (2016), “Banking sector globalization and bank performance: a comparative analysis of low income countries with emerging markets and advanced economies”, Review of Development Finance, Vol. 6 No. 1, pp. 58 - 70.
Havrylchyk, O. and Jurzyk, E. (2011), “Profitability of foreign banks in Central and Eastern Europe: does the entry mode matter?”, Economics of Transition, Vol. 19 No. 3, pp. 443 - 472.
Hasan, I. and Hunter, W.C. (1996), “Efficiency of Japanese multinational banks in the United States”, in Chen, A.H. (Ed.), Research in Finance, JAI Press, Greenwich.
Hasan, I. and Lozano-Vivas, A. (1998), “Foreign banks, production technology, and efficiency: Spanish experience”, Paper presented at Georgia Productivity Workshop III, University of Georgia, Athens.
Haselmann, R. (2006), “Strategies of foreign banks in transition economies”, Emerging Markets Review, Vol. 7 No. 4, pp. 283 - 299.
Hermes, N. and Lensink, R. (2004), “Foreign bank presence, domestic bank performance and financial development”, Journal of Emerging Market Finance, Vo. 3 No. 2, pp. 207 - 229.
Ho, A. and Baxter, A. (2011), “Banking reform in Vietnam”, Federal Reserve Bank of San Francisco, Available at https://www.frbsf.org/banking/publications/asia-focus/2011/june/banking-reform-in-vietnam/ (Accessed 27 June, 2020).
Horen, N.V. (2007), “Foreign banking in developing countries; origin matters”, Emerging Markets Review, Vol. 8 No. 2, pp. 81 - 105.
Jeon, B.N., Olivero, M.P. and Wu, J. (2011), “Do foreign banks increase competition? Evidence from emerging Asian and Latin American banking markets”, Journal of Banking and Finance, Vol. 35 No. 4, pp. 856 - 875.
Kouretas, G. and Tsoumas, C. (2016), “Foreign bank presence and business regulations”, Journal of Financial Stability, No. 24, pp. 104 - 116.
Kovsted, J., Rand, J., Tarp, F., Nguyen, D.T., Nguyen, V.H. and Ta, M.T. (2003), “Financial Sector reforms in Vietnam: selected issues and problems”, Munich Personal RePEc Archive (MPRA), Available at https://mpra.ub.uni-muenchen.de/29420/1/Financial_Sector_Reforms_in_Vietnam.pdf (Accessed 27 June, 2020).
Leung, S. (2009), “Banking and financial sector reforms in Vietnam”, Asean Economic Bulletin, Vol. 26 No. 1, pp. 44 - 57.
Le, T.H. (2014), “Market concentration and competition in Vietnamese banking sector”, MPRA Paper, 57406, University Library of Munich, Germany.
Lehner, M. and Schnitzer, M. (2008), “Entry of foreign banks and their impact on host countries”, Journal of Comparative Economics, Vol. 36 No. 3, pp. 430 - 452.
Levine, R. (2001), “International financial liberalization and economic growth”, Review of International Economics, Vol. 9 No. 4, pp. 688 - 702.
Li, R., Li, X., Lei, W. and Huang, Y. (2015), “Consequences of China’s opening to foreign banks”, in Song, L., Garnaut, R., Fang, C. and Johnston, L. (Eds.), China’s Domestic Transformation in a Global Context, ANU Press, pp. 67 - 90.
Mody, A. and Peria, M.S.M. (2004), “How foreign participation and market concentration impact bank spreads: evidence from Latin America”, WPS 3210, World Bank Publications.
Mian, A. (2005), “Foreign, private domestic and government banks: new evidence from emerging markets”, Journal of Banking & Finance, Vol. 27 No. 7, pp. 1219 - 1410.
Nguyen, D.P., Ho, V.T. and Vo, X.V. (2018), “Challenges for Vietnam in the globalization era”, Asian Journal of Law and Economics, Vol. 9 No. 1, pp. 1 - 3.
Nguyen, D.P. and Vo, X.V. (2017), “Determinants of bilateral trade: evidence from ASEAN+3”, Asian‐Pacific Economic Literature, Vol. 31 No. 2, pp. 115 - 122.
Nguyen, T.H. (2020), “Impact of bank capital adequacy on bank profitability under Basel II accord: evidence from Vietnam”, Journal of Economic Development, Vol. 45 No. 1, pp. 31 - 46.
Nguyen, X.T. (2016), Vietnamese banking system: regulations and policies 2006-2010 and milestones of restructure 2011-2015.
Oh, S.N. (1998), ‘“Financial deepening in the banking sector – Vietnam”’, Available at https://aric.adb.org/pdf/aem/external/financial_market/Republic_of_Vietnam/vietnam_bnk.pdf (Accessed 03 February, 2020).
Phan, T. M.T. and Daly, K.J. (2014), “Cost efficiency and the relation with risks in Vietnamese banking industry”, Australian Journal of Basic & Applied Sciences, Vol. 8 No. 12, pp. 30 - 38.
Scheack, K. and Cihak, M. (2010), “Competition, efficiency, and soundness in banking: an industrial organization perspective”, European Banking Center Discussion Paper No. 2010-20S.
Stewart, C., Matousek, R. and Nguyen, T.N. (2016), “Efficiency in the Vietnamese banking system: a DEA double bootstrap approach”, Research in International Business and Finance, Vol. 36, pp. 96 - 111.
Schmukler, S.L. (2004), “Benefits and risks of financial globalization: challenges for developing countries”, Federal Reserve Bank of Atlanta Economic Review, Available at http://documents.worldbank.org/curated/en/710321468322735111 /Benefits-and-risks-of-financialglobalization-challenges-for-developing-countries (Accessed 12 September, 2019).
Turnell and Vu (2018), “Foreign banks and insurance companies in financial sector reform in Myanmar and Vietnam, Parallel Journeys, Divergent Paths”, USAID Project, Available at https://www.nathaninc.com/wp-content/uploads/2018/08/FgnBksInsCosInFinSectorReformMyanmarVietnam.pdf (Accessed 19 August, 2020).
Vo, X.V. (2018), “Determinants of capital flows to emerging economies - Evidence from Vietnam”, Finance Research Letters, Vol. 27, pp. 23 - 27.
Vo, X.V. (2017), “How does the stock market value bank diversification? Evidence from Vietnam”, Finance Research Letters, Vol. 22, pp. 101 - 104.
Vo, X.V. (2016), “Finance in Vietnam: an overview”, Afro-Asian Journal of Finance and Accounting, Vol. 6 No. 3, pp. 202 - 209.
Vo, X.V. (2015), “Foreign ownership and dividend policy – The case of Vietnam”, International Journal of Banking, Accounting and Finance, Vol. 6 No. 2, pp. 73 - 86.
Vo, X.V. (2009), “International financial integration in Asian bond markets”, Research in International Business and Finance, Vol. 23 No. 1, pp. 90 - 106.
Vo, X.V. and Chu, T.K.H. (2019), “Do foreign shareholders improve corporate earnings quality in emerging markets? Evidence from Vietnam”, Cogent Economics & Finance, Vol. 7 No. 1, 1698940.
Vo, X.V. and Nguyen, H.H. (2018), “Bank restructuring and bank efficiency - The case of Vietnam”, Cogent Economics & Finance, Vol. 6 No. 1, 1520423.
Vo, X.V., Nguyen, H.H. and Pham, K.D. (2016), “Financial structure and economic growth: the case of Vietnam”, Eurasian Business Review, Vol. 6 No. 2, pp. 141 - 154.
Vo, X.V. and Phan, D.B.A. (2017), “Further evidence on the herd behavior in Vietnam stock market”, Journal of Behavioral and Experimental Finance, Vol. 13, pp. 33 - 41.
Vu, T.T.A., Tran, T.Q.G., Dinh, C.K., Nguyen, X.T. and Do, T.A.T. (2018), “Cross ownership of financial institutions and corporations in Vietnam - An assessment and recommendations”, Fulbright Economics Teaching Program.
Vuong, Q.H. (2019), “The financial economy of Viet Nam in an age of reform, 1986-2016”, in Volz, U., Morgan, P. and Yoshino, Y. (Eds.), Routledge Handbook of Banking and Finance in Asia, Routledge, New York, pp. 201 - 222.
Waal, A., Duong, H. and Vu, T. (2009), “High performance in Vietnam: the case of the Vietnamese banking industry”, Journal of Transitional Management, Vol. 14 No. 3, pp. 179 - 201.