opening the market for banking services in line with the commitments made by vietnam on its wto accession

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opening the market for banking services in line with the commitments made by vietnam on its wto accession

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Joint Swedish-Vietnamese Master’s Programme MASTER’S THESIS Opening The Market for Banking Services in line with the Commitments made by Vietnam on its WTO Accession SUPERVISORS: Prof. Christina Moёll Dr. Bui Ngoc Cuong Preface and Acknowledgements The author would like to express many thanks to Professor Christina Moёll, Faculty of Law, Lund University, Sweden; Doctor Bui Ngoc Cuong, Hanoi Law University, and my teachers, relatives, friends and colleagues for their support during the process of writing this thesis. 1 Table of Contents Preface and Acknowledgements 1 Table of Contents 2 Abbreviations 4 Executive Summary 5 1. 1.1 1.1.1 1.1.2 1.2 1.2.1 1.2.2 1.2.3 1.2.4 2. 2.1 2.1.1 2.1.2 2.1.3 2.2 2.2.1 2.2.2 Overview of banking services and international commitments of Vietnam on opening banking services market in the WTO’s framework 7 Overview of banking services and the opening up of banking services as part of globalization 7 Overview of banking services 7 Opening up the banking services market in the context of globalization.14 International commitments of Vietnam on opening up its services market within the WTO’s framework 18 Commitment on licensing foreign credit institutions to supply banking services in Vietnam 22 Commitment on regulating the form of financial companies are licensed to operate in Vietnam 25 Commitment on regulating the form of financial services that can be provided in Vietnam 25 Commitment on regulating the capital ratio of foreign banks may own in a Vietnamese bank 26 The current situation regarding Vietnamese law on banking services and completing the implementation of the commitment to open up the banking services market within the WTO framework 27 The current situation regarding Vietnamese Law on banking services 27 Current overview of the banking system and the Vietnamese Banking Law. 27 Influence of international commitments on opening banking services on Vietnam Law 30 The adaptation of Vietnamese Law on Banking in line with its commitments on joining the WTO 32 Completing the work on Vietnamese Law to fully implement the commitments on opening up the banking services market within the WTO framework 40 Completion criteria for various regulations of Vietnamese Law and the international commitments on opening up the banking services market. 40 Proposal of solutions to the correct implementation of the international commitments on opening up the banking services market of Vietnam. 41 Conclusion 44 Table of Statutes and other Legal Instruments 46 International Treaties and Conventions 46 National Legislations 46 2 Vietnam 46 Bibliography 47 Official Reports and other Documents 47 Monographs 47 Articles in Journals, Anthologies etc. 48 Preface and Acknowledgements 1 Table of Contents 2 Abbreviations 5 Executive Summary 6 1. 1.1 1.1.1 1.1.2 1.2 1.2.1 1.2.2 1.2.3 1.2.4 2. 2.1 2.1.1 2.1.2 2.1.3 2.2 2.2.1 2.2.2 Overview of banking services and international commitments of Vietnam on opening banking services market in the WTO’s framework 8 Overview of banking services and the opening up of banking services as part of globalization 8 Overview of banking services 8 Opening up the banking services market in the context of globalization.15 International commitments of Vietnam on opening up its services market within the WTO’s framework 19 Commitment on licensing foreign credit institutions to supply banking services in Vietnam 23 Commitment on regulating the form of financial companies are licensed to operate in Vietnam 26 Commitment on regulating the form of financial services that can be provided in Vietnam 26 Commitment on regulating the capital ratio of foreign banks may own in a Vietnamese bank 27 The current situation regarding Vietnamese law on banking services and completing the implementation of the commitment to open up the banking services market within the WTO framework 28 The current situation regarding Vietnamese Law on banking services 28 Current overview of the banking system and the Vietnamese Banking Law. 28 Influence of international commitments on opening banking services on Vietnam Law 31 The adaptation of Vietnamese Law on Banking in line with its commitments on joining the WTO 33 Completing the work on Vietnamese Law to fully implement the commitments on opening up the banking services market within the WTO framework 41 Completion criteria for various regulations of Vietnamese Law and the international commitments on opening up the banking services market. 41 Proposal of solutions to the correct implementation of the international commitments on opening up the banking services market of Vietnam. 42 3 Conclusion 45 Table of Statutes and other Legal Instruments 47 International Treaties and Conventions 47 National Legislations 47 Vietnam 47 Bibliography 48 Official Reports and other Documents 48 Monographs 48 Articles in Journals, Anthologies etc. 49 Preface and Acknowledgements 1 Table of Contents 2 Abbreviations 5 Executive Summary 7 1. 1.1 1.1.1 1.1.2 1.2 1.2.1 1.2.2 1.2.3 1.2.4 2. 2.1 2.1.1 2.1.2 2.1.3 2.2 Overview of banking services and international commitments of Vietnam on opening banking services market in the WTO’s framework 9 Overview of banking services and the opening up of banking services as part of globalization 9 Overview of banking services 9 Opening up the banking services market in the context of globalization.16 International commitments of Vietnam on opening up its services market within the WTO’s framework 20 Commitment on licensing foreign credit institutions to supply banking services in Vietnam 24 Commitment on regulating the form of financial companies are licensed to operate in Vietnam 27 Commitment on regulating the form of financial services that can be provided in Vietnam 27 Commitment on regulating the capital ratio of foreign banks may own in a Vietnamese bank 28 The current situation regarding Vietnamese law on banking services and completing the implementation of the commitment to open up the banking services market within the WTO framework 29 The current situation regarding Vietnamese Law on banking services 29 Current overview of the banking system and the Vietnamese Banking Law. 29 Influence of international commitments on opening banking services on Vietnam Law 32 The adaptation of Vietnamese Law on Banking in line with its commitments on joining the WTO 34 Completing the work on Vietnamese Law to fully implement the commitments on opening up the banking services market within the WTO framework 42 4 2.2.1 2.2.2 Completion criteria for various regulations of Vietnamese Law and the international commitments on opening up the banking services market. 42 Proposal of solutions to the correct implementation of the international commitments on opening up the banking services market of Vietnam. 43 Conclusion 46 Table of Statutes and other Legal Instruments 48 International Treaties and Conventions 48 National Legislations 48 Vietnam 48 Bibliography 49 Official Reports and other Documents 49 Monographs 49 Articles in Journals, Anthologies etc. 50 Abbreviations ASEAN GATS GDP FDI Association of South East Asian Nations General Agreement on Trade in Services Gross Domestic Product Foreign Directive Investment 5 IMF NA SRV WTO WB VND USD International Monetary Fund National Assembly of Vietnam Socialist Republic of Vietnam World Trade Organization World Bank Vietnam dong US dollar 6 Executive Summary Vietnam was officially recognized as the 150th member of the World Trade Organization (WTO) on 11th January 2007. This event marked a new stage in the process of integrating Vietnam into the international economy in general and the banking sector in particular. However, faced with the need to implement the commitment undertaken as part of the integration process, Vietnamese banking services regulations were found to contain many weakness. These regulations contain many contradiction, Vietnamese financial ability is generally weak, the management mechanism for banking activities has not caught up with modernization nor conformed to international practices and standards and many forms of banking services have no adequate legal framework… These shortcomings make it hard for Vietnam to implement its commitments effectively and to make full use of the advantages that integration brings. A series of questions arise. What was the real situation of the law on banking services in Vietnam when it joined the WTO? What problems were identified when implementing the commitments? How can Vietnam overcome these shortcomings? All of these problems need to be studied carefully and then resolved both in theory and in practice. The purpose of this thesis is to clarify the theory and practice of modifying the law on banking services in accordance with Vietnam’s commitments on WTO accession and with international practice in general. This involves the following tasks: - - - Clarify the concept of banking service according to international practices (the WTO agreement) and the particular requirements of member countries wishing to open up their banking service market. Clarify Vietnam’s commitments on opening up the banking service market in the framework of the WTO agreement. Clarify the situation of Vietnamese Law when linked to its international commitments within the WTO framework. Such an analysis is the scientific foundation needed to help reform the law in the direction of opening up the banking service market. The thesis will focus on the commitments on opening up banking services market undertaken following WTO accession and on how Vietnam is in fact implementing these commitments. However, because the regulations on opening up the banking services market are based on the law of banking services in general, this research 7 needs to be seen against the background of a study of regulations of Vietnamese and WTO regulations of banking services in the light of 4 of the commitments undertaken: (i) commitment on licensing foreign credit institutions to supply banking services in Vietnam, (ii) commitment on regulating the form of financial companies licensed to operate in Vietnam (iii) commitment on regulating the form of financial services that can be provided in Vietnam, (iv) commitment on regulating the capital ratio of foreign bank ownership of a Vietnamese bank. This thesis combines the analyzing, comparing and synthesizing methods. The analyzing method is used to evaluate the current state of the law on banking services in Vietnam. The comparing method is used to compare Vietnamese regulations with the WTO regulations as well as international practice. The synthesizing method is used to evaluate and draw conclusions on each matter studied and give recommendations for improvement. Moreover, to strengthen our argument, we provide illustrative statistics where necessary. Base on this research, the thesis hope to give an overview of the theory and practice of the current law on banking services in Vietnam and makes some proposals aimed at effectively implementing the commitments made on WTO accession and strengthening the competitive capacity of the banking service sector. 8 [...]... licensing foreign credit institutions to supply banking services in Vietnam includes: (i) Regulations on licensing conditions for credit institutions operating in Vietnam and (ii) Regulations on licensing procedures and application files for credit institutions (i) Regulations on licensing conditions for credit institutions operating in Vietnam: One of the key conditions for establishing a branch of a foreign... present, Vietnam has only committed to open up its banking services area in a bilateral commercial agreement between Vietnam and Canada, the Agreement for the Liberalization, Promotion and Protection of Investment between Vietnam and Japan and the Commitment on integrating into the WTO The main content of its commitments in the banking area is found in Vietnam s commitments on integrating into the WTO. 22 The. .. Overview of banking services and international commitments of Vietnam on opening banking services market in the WTO s framework 1.1 Overview of banking services and the opening up of banking services as part of globalization 1.1.1 Overview of banking services 1.1.1.1 The concept of Banking Services a The concept of Services : Today, service activities are developing strongly and are now playing an important... viewpoint of this writer, banking services constitute all the professional activities carried out by a bank, which is just a kind of business In Vietnam, banking services are controlled by the Law of Credit Institutions, yet this law does not give a definition or explanation of banking services The phrase banking services is mentioned in provision 7, Article 20 of The Law on Credit Institutions: Banking. .. effectively by re-structuring, reforming the mode of management and reducing expenditure In short, opening markets in general, and opening the market for banking services in particular is a complicated issue However, we must accept that it will change the face of the economy of every nation 1.2 International commitments of Vietnam on opening up its services market within the WTO s framework Up to the present,... opening up the banking services market will also help foreign investors take part in privatizing state-owned banks Generally,, opening up the banking services market will help the big banks in America and Europe expand into promising markets in developing countries and buy weak banks, restructuring and selling them or otherwise benefiting from their activities Second, opening up the banking services market. .. of the WTO or a country participating in negotiations to join WTO, the opening up of the market for banking services is a commitment which has to be implemented if membership is to happen So, opening up the market for banking services derives from the practical demands of the economy and the need to integrate of each nation, especially developing countries, like Vietnam into the international economy... Mission Board on Vietnam to join WTO, WTO integration documents of Vietnam, p.187 23 able to enjoy fully most favoured nation treatment on installing and operating ATM machineries 27 In general, the WTO integration commitments of Vietnam in the financial sector allow foreign credit institutions to operate in Vietnam in different forms, expand their scale and range of supply of banking services, creating... of Vietnamese Law on Banking, Hanoi University of Law, The People’s public security publishing house, 2007 15 1.1.2 Opening up the banking services market in the context of globalization 1.1.2.1 Necessity of opening up the banking services market It is necessary to open up the banking services market for the following reasons, all of which acquire greater force in this time of globalization: First, opening. .. opening up the market for banking services will impact positively on domestic capital markets bank In fact, foreign capital has a relatively important 19 position in re-financing the banking sector If the home country is faced with a shortage of capital following a serious banking crisis or for any other reason, it needs capital to produce and do business Secondly, on opening up the banking services market, . 32 The adaptation of Vietnamese Law on Banking in line with its commitments on joining the WTO 34 Completing the work on Vietnamese Law to fully implement the commitments on opening up the banking. globalization 8 Overview of banking services 8 Opening up the banking services market in the context of globalization.15 International commitments of Vietnam on opening up its services market within. globalization 7 Overview of banking services 7 Opening up the banking services market in the context of globalization.14 International commitments of Vietnam on opening up its services market within

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