... can reach at a nearly average level of ASEAN-5, and financial broadening have increased after 2005. However, it is proved that the development of financial market in ASEAN-5 is more sustainable ... both in ASEAN-5 and Vietnam. Indeed, in the ASEAN as a whole, most financial systems are considered as bank-based system, which is dominated by banks, and the money and capital market have just ... Indonesia, Thailand, and Malaysia, a number of financial institutions (banks and non-banks) were closed or merged with healthier institutions; official and private asset management companies...