STATE BANK OF VIET NAM MINISTRY OF EDUCATION AND TRAINING BANKING ACADEMY OF VIET NAM - TRAN THI THU HUONG DEVELOPING THE VIETNAM GOVERNMENT BOND MARKET IN THE CONTEXT OF FINANCIAL INTEGRATION Major: Finance- Banking Code: 62.34.02.01 SUMMARY OF DOCTORAL DISSERTATION IN ECONOMICS HA NOI, 2019 THE DISSERTATION WAS COMPLETED AT BANKING ACADEMY OF VIET NAM Academic Supervisors: Assoc.Prof, Dr TO KIM NGOC Assoc.Prof, Dr TRAN DANG KHAM Referee : Referee : The dissertation is defended against University-level Examination Board at Banking Academy of Vietnam Time: ………… date …… month …… year 2018 The dissertation could be found at: - Library of Banking Academy of Vietnam - National Library of Vietnam INTRODUCTION Significance of the research Formed in the 1990s, the Vietnam government bond market, though being born later than other countries in the region and the world, has also had certain successes, becoming an important capital mobilization channel for the state budget and for development investment However, the Government bond market still has some limitations and has not been developed to match its potential Market size is still small, the market is mainly developed in width without depth There are many outstanding issues such as simple goods on the market, non-diversified investor base, under-developed infrastructure Government bond market has not yet fulfilled the benchmark market role as a reference for other parts of the financial market In addition, Vietnam ‘s economy in general and the financial market in particular are in the process of integration very quickly through a series of newly signed trade agreements Regional and global financial integration brings many benefits and challenges to Vietnam’s fledgling financial market In this situation, the Government bond market needs further development steps to meet the requirements of integration and take advantages that integration offers Recognizing the necessity of developing the Vietnam governmnet bond market, the PhD candidate has choosen the topic Developing the Vietnam government bond market in the context of financial integration This dissertation aims to study and contribute to the theory of the development of Government bond market in financial integration context and to assess the status of Vietnam Government bond market under the effects of financial integration Thereby, some solutions are suggested to develop this market Objectives of the research The main objectives of the dissertation are: - Build a theoretical framework for developing the Government bond market in the context of financial integration - Analyze the development status of Vietnam government bond market, then assess the development level of this market in the context of financial integration - Build an econometric model to determine factors and effect of each factor on the development of Government bond market - Propose a system of solutions to develop Vietnam government bond market in the financial integration context Subjects and scope of the research - Research subjects : the development of government bond market - Scope on space: Vietnam government bond market, including the primary market and the secondary market Scope on time : the dissertation has studied the Vietnam government bond market since the market was formed, but focused mainly in the period of 2000-2017 New contributions of the dissertation The new academic, theoretical contributions - The dissertation has systematized the basic theoretical issues of government bond market, financial integration, and developing government bond market in the context of financial integration - The dissertation has built a complete and comprehensive measures to evaluate the development level of government bonds market in financial integration context It is very improtant new point of the dissertation The new practical contributions - The dissertation has analyzied situations of the Vietnam’s government bond market comprehensively in different dimensions under the impacts of financial integration - The dissertation has evaluated the development level of Vietnam Government bond market via the measures that are mentioned in theoretical framework Several achievements, limitations, and causes are concluded as a base of suggested solutions - The dissertation examines the determinants of government bond market development in financial integration context and the association between each factor and the development of government bond market using the regression method - According to the theoretical and practical research results, the dissertation has proposed a system of scientific solutions to develop the Vietnam government bond market by taking advantages and reducing risks of financial integration The structure of Dissertation Besides the introduction, conclusion and references, the dissertation is organized in five chapters as follows : Chapter : Literature review and research methods Chapter : Theoretical framework on the development of Government bond market in the context of financial integration Chapter : Situation of the development of Vietnam Government bond market in the context of financial integration Chapter : Empirical model to examine factors affecting the development of Government bond market in the context of financial integration Chapter : Solutions to develop Vietnam government bond market in the context of financial integration CHAPTER : LITERATURE REVIEW AND RESEARCH METHODS 1.1 Literature review 1.1.1 Foreign studies overview 1.1.1.1 Research on Government bond market and developing Government bond market The theoretical thesis on the development of the Government bond market was proposed by World Bank and International Monetary Fund in the study “Developing a government bond market: A handbook” in 2001 research “FS series 12: Developing Government Bond Markets Primer, Diagnostic Checklist, and Guidelines for the Preparation of a Model Scope of Work” (2010) In addition to studies of the entire market, there are also studies on a market issue such as the issuance of government bonds or secondary markets like studies of Claessens, Klingebiel, Schmukler (2007) and Siegfried, Simeonova, Vespo (2007) 1.1.1.2 Researches on financial integration and Government bond market in the context of integration Researches on financial integration Many studies in the world on financial integration have been made, from the basic issues such as concepts, characteristics, to deeper issues such as benefits and risks of financial integration including researches by Stavarek et al (2011), Kenan (2007) [75], Mougani (2011) [94], Agenor (2001) [24] Research by Baele et al 2004 has developed a set of indicators to measure the level of financial integration for the European region based on price-based measures, news-based measures and quantity measures Researches on government bond market integration The previous researches on Government bond market integration were focused mainly on the European region such as the sutdy of Baele et al in 2004 Government bond market integration in Asian countries is also mentioned in some previous studies but very limited as research by Yu et al 2007, Lian 2016 Research on the impact of financial integration on the Government bond market Financial integration has direct and indirect impacts on the Government bond market Previous studies have investigated some specific impacts of financial integration on the Government bond market such as Claeys et al (2010), Claeys et al (2012), Manganelli et al (2007), Furceri et al (2012), Bolton et.al (2011) 1.1.2 Studies overview in Viet Nam 1.1.2.1 Research on Government bond market and development of Government bond market in Viet Nam There are some researches on the development of Viet Nam government bond market such as the master thesis of Trinh Mai Van (2005), the dissertation of Le Anh Tuan (2011) Besides the overall market researches, there are studies that focus on one aspect of the market such as bond issuance, bond trading 1.1.2.2 Research on financial integration and developing Viet Nam Government bond market in the context of financial integration Regarding to integration issues in general and financial integration in Vietnam, although there have been a number of published researches, the number is still very limited There is no specific, systematic research on financial integration, especially on the development of Government bond market in the financial integration context 1.2 Research gap of topic 1.2.1 Research gap In theory: Firstly, there is no general, systematic study on developing government bond market in the context of financial integration Secondly, most of the studies when evaluating the development of the Government bond market have not yet built specific indicators to assess the development level of the market, especially when placed in the context of financial integration Thirdly, there is no specific regression model to assess the factors affecting the Government bond market accordance with Vietnam’s market and the ASEAN region In practice: Firstly, studies on Vietnam’s government bond market have not been updated before changes in the socical- economic situation, not set in the context of deeper region and the world integration Secondly, there is no research that has measures the degree of integration of Vietnam’s Government bond market 1.2.2 Research question The biggest research question of the topic is problems in the development of Vietnam’s Government bond market in the context of financial integration In order to find an answer to the main question, a number of sub-questions were raised, including: Firstly, how does financial integration affect the government bond market? Secondly, how has Vietnam Government bond market developed in all aspects in the context of financial integration in recent time? Thirdly, What are factors affecting the development of Government bond market in the context of financial integration? Fourthly, What is the appropriate solutions to develop Vietnam’s Government bond market in the current financial integration context in order to exploit the benefits of financial integration while reducing risks? 1.3 Research methods Research methods The dissertation uses both qualitative research method and quantitative method, combined with statistical method, analysis and synthesis Econometric model is also used Data source The dissertation uses both primary and secondary data sources CHAPTER : THEORETICAL FRAMEWORK ON THE DEVELOPMENT OF GOVERNMENT BOND MARKET IN THE CONTEXT OF FINANCIAL INTEGRATION 2.1 Government bond market 2.2 Developing Government bond market in the context of financial integration 2.2.1 Financial integration 2.2.1.1 Definition of financial integration Financial integration is the process of a country’s financial market becoming increasingly connected to the financail markets of other countries in the region and the world, leading to the free capital and financial services transfer among countries, non- discrimination between market participants, making financial assets with similar characteristics will be traded at the same price regardless of the origin 2.2.1.2 Types of financial integration 2.2.1.3 Financial integration contents Standardize the legal framework for financial activities The entry of foreign elements and participation in the international market of domestic organizations and individuals Capital account liberalization Monetary integration through monetary union formation 2.2.2 Impact of financial integration on the Government bond market 2.2.2.1 Positive impact Increasing market size and liquidity Reducing capital cost – interest rate Improving investor base on the market Improving the infrastructure and micro-structure of the market Enhancing market discipline 3.3.1.5 Indicators of effectiveness Bid-ask spread (for 10 year government bonds): the bid- ask spread in Vietnam government bond market has been high, average about 25 basis points In 10 years form 2007 to 2017, the volatility in the bid- ask spread in Vietnam has been large, especially when compared to some countries in the region such as Philippines or Malaysia Government bonds turnover ratio: In the first years of the secondary market, government bonds turnover ratio was very low, only 0,000089 Then it has increased over the years, up to 1,22 in 2008 Bon turnover ratio has reached 2,25971 in 2017, the highest ratio 3.3.1.6 Indicators of stability Volatility of government bond index (standard deviation): Vietnam government bond return is quite high compared to some countries in the region However, the coefficient of variation of Vietnam government bonds is lowest compared to those of other countries It has proved that Vietnam government bond is less risky Skewness of goevrnment bond index has a positive deviation like Thailand and Indonesia but has the largest deviation It has indicated that the market is volatile and has very high positive return Ratio of long-term investors holding government bonds : reducing the holding government bonds proportion of commercial banks, increasing the rate of holding government bonds of long-term investors 3.3.2 Assessing the development of Vietnam government bond market in the context of integration 3.3.2.1 Results Firstly, Vietnam government bond market has expanded significantly in scale Secondly, development of the market is moving towards sustainability Thirdly, the Government bond market has more integrated with the region Fourthly, most of Vietnam’s government bonds are issued on the domestic financial market It is an important and sustainable source of capital for the market Fifthly, the government bond market has become more accessible with investors when investors’ bases are increasingly diversified Sixthly, the type of bonds issued has more diversity Besides traditional instruments that are periodic interest payment bonds, the market has non- periodic interest payment bonds and shorter or longer first interest payment period bonds Seventhly, the government bond market has been more effective with better government bonds turnover ratio Eighthly, the stability of the market has significantly improved through the improvement of maturity and investor structure 3.3.2.2 Limitations Firstly, the market size is still limited Secondly, the market is not sustainable Thirdly, the level of integration is still low Fourthly, the level of access to international capital market of Vietnam is limited Fifthly, the level of access of investors to the Government bond market is limited The market lacks the active participation of long-term investors with strong financial potentials such as investment funds and insurance companies The instruments in this market are quite simple, there are no complicated instruments Sixthly, the Government bond market has not operated effectively, has not shown the benchmark roles The bid- ask spread has been large Seventhly, the market lacks the stability 3.3.2.3 Causes The size of Vietnam economy is still small Macroeconomic conditions are low The government’s credibility as an issuer is limited The development of the financial sector is still low The legal framework related to government bond market and market participants is still limited Market transparency level is not high CHAPTER 4: EMPIRICAL MODEL TO EXAMINE FACTORS AFFECTING THE DEVELOPMENT OF GOVERNMENT BOND MARKET IN THE CONTEXT OF FINANCIAL INTEGRATION 4.1 Database and methods The data used in the study are balanced panel data, including countries in the ASEAN+ with non-ASEAN countries Japan, South Korea, and China and ASEAN countries Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam The dissertation examines factors affecting the development of the government bond market in the context of financial integration on data of these countries because all countries are located in the East Asia integration area which has many agreements including the Asian bond market initiative to develop the regional bond market Data of relevant variables in the model were collected in 17 years period from 2000 to 2016 4.1.3 Hypothesis and research model The regression model: GBMsizeit = βo + β1t*GDPit + β2t*EXFLUCit + β3t*KAOPENit + β4t*FISBALit + β5t*BANKSIZEit + β6t* SPREADit + β7t* MONFREEit + β8t*GOVSTABit + Uit i : ith country (i = 1-9) t: year (from 2000-2016) Dependent variable: - GBMsize it : government bond market size (% GDP) in country i in year t Independent variables: - GDPit: Purchasing power parity gross domestic product (GDP PPP) of country i in year t - EXFLUCit: exchange rate fluctuation between national currency i and the dollar at time t - KAOPENit : national capital account openness of country i at time t - FISBALit : the rate of surplus or deficit of the state budget / GDP (%) of country i at time t - BANKSIZEit : credit ratio provided by commercial banks (%GDP) in country i at time t - SPREADit : the spread between deposit and lending interest rate of country i at time t - MONFREEit : the level of national curreny’s freedom of country i at time t - GOVSTABit : the government stability index of country i at time t - Uit : error term Research hypotheses: Hypothesis H1: The size of the economy has a postive relationship with the size of government bond market Hypothesis H2: Exchange rate fluctuations have an inverse relationship with the size of government bond market Hypothesis H3: the level of financial integration has a positive or negative with the size of government bond market Hypothesis H4: the level of budget balance has an inverse relationship with the size of government bond market Hypothesis H5: Bank size has a positive or negative relationship with the size of government bond market Hypothesis H6: interest rate spread is inversely related to the size of government bond market Hypothesis H7: the level of monetary freedom is positively related to the size of government bond market Hypothesis H8: the government stability has a positive relationship with the size of government bond market 4.2 Empirical results 4.2.1 Statistic analysis 4.2.2 Regression results The dissertation regressed the regression model using the pooled ordinary least squares regression, fixed effects model FEM, random effects model REM Hausman test for the purpose of checking the consistency between FEM, REM or Pooled OLS has result that FEM is more suitable to explain the results Modified Wald test was performed to test heteroskedasticity, showing that FEM has heteroskedasticity Because of heteroskedasticity and autocorrelation of FEM, the dissertation used generalized least squares to overcome the above phenomena The results are as follows: Table 4.4: The regression results using GLS to overcome heteroskedasticity and autocorrelation Variables EXFLUC KAOPEN FISBAL MONFREE GDP BANKSIZE SPREAD GOVSTAB -cons Prob> chi2 Significance Co.efficient -0,0026645 7,779302 -0,9457525 -0,0727044 0,0014773 0,0508646 -2,641492 0.0926638 43,10171 Std Err 0,0449527 1,239365 *** 0,2416386 *** 0,1315124 0,0002671 *** 0,268586 * 0,5432186 *** 0,209063 9,248769 *** 0,0000 * 10%; ** 5%; *** 1% Source: Author’s test 4.3 Research results discussion - Capital account openness has a positive relationship with the size of the Government bond market The more deeply a country integrates in finance, the more opportunity the government bond market will receive - Fiscal balance has an negative relationship with the size of the market However, a country should not rely on the state budget deficit to develop the Government bond market - The size of the economy has positive relationship with size of government bond market A country that wants to develop the government bond market needs to focus on promoting the economy - The size of banking system is positively related to the size of the Government bond market with 1% significance The spread of deposit and lending interest rates has negative relationship with size of the government bond market Improving size, quality and efficiency of the banking system is one of the solutions to develop government bond market - The stability of the government has positive impact on size of government bond market but there is not statistically significant It could be explained that the government bond market does not seem to respond to changes in government stability immediately because the government stability assessment score is not easy to calculate and quantify immediately Although there is no statistical significance, the positive relationship is a suggestion for market development solution - Exchange rate fluctuations are not statistically significant but the reverse correlation suggested marcroeconomic stability is the basis to enhance the development of government bond market CHAPTER 5: SOLUTIONS TO DEVELOP VIETNAM GOVERNMENT BOND MARKET IN THE CONTEXT OF FINANCIAL INTEGRATION 5.1 Vietnam government bond market development orientation in the context of financial integration 5.1.1 Financial integration orientation in Vietnam In January 2016, the Prime Minister approved the overall international integration strategy to 2020 and vision to 2030 in Decision No 40/ QD-TTg, including contents related to financial integration 5.1.2 Vietnam government bond market development orientation in the context of financial integration According to the bond market development roadmap for the period of 20172020, vision to 2030 in the Decision 1191/QD-TTg issued on 14/8/2017, the Government bond market is required to become a benchmark for financial market The goal is to develop a stable, well-structured government bond market, expand investor base, increase size and quality of operations, ensure effective market, and become main channel to mobilize capital for state budget At the same time, it is required to ensure market transparency and protect investors’ interest and proactively integrate into international market, access international norms 5.2 Solutions to develop Vietnam government bond market in the context of financial integration 5.2.1 Developing government bond market associated with economic development Expanding size of government bond market must be in line with the level of economic development to create sustainability in the development Empirical research has shown that the size of economy positively affects the size of government bond market and the development of government bond market 5.2.2 Maitaining macroeconomic stability 5.2.3 Strengthening the government credibility as an issuer 5.2.3.1 Increasing efficiency of public debt management 5.2.3.2 Maintaining social and political stability 5.2.3.3 Developing the Government bond market follows the market rules, reducing the intervention - Market- oriented market development - Prices are determined by supply and demand - Continue the process of interest rate liberalization in government bond market - Limit and gradually eliminate regulations to force buying and holding government bonds 5.2.4 Developing financial system to create foundation for the sustainable development of Government bond market 5.2.4.1 Promoting financial integration - Strengthening research, forecasting and assessing the impact of financial integration to serve as a basis for the process of setting mechanisms and policies related to integration -Strictly enforce financial integration commitments including commitments on taxes, custom, financial services such as insurance, securties, banking, accounting, auditing and other services - Build financial integration roadmap for each period 2018-2030 Review and improve the legal framework to comply with regional and international standards, strengthen the risk management system and ensure the safety of financial system 2018-2025 2018-2025 Improve infrastructure and market microstructure 2018-2025 2021-2030 2021-2030 Enhancing the competitiveness of Continue to domestic financial implement the institutions deeper integration commitments with complex fiancial services after implementing commitments to basic financial services Fingure 5.1: Roadmap for financial integration to 2030 5.2.4.2 Developing financial institutions to create a strong investor base for the government bond market Solutions for pension funds In order to promote size and quality of pension funds, policy makers need to pay attention to overall operation of the social security system, create strong and effective the legal framework Solutions for insurance companies In order to develop the insurance industry in Vietnam, it is necessary to continue to build and improve support mechanisms and policies, improve the business environment, diversify products, invest in education and training, upgrade competition ability of insurance companies Solutions for investment funds - Create a clear and complete legal framwork for the establishment and development of investment funds - To operate these funds requires a knowledgeable staffs, so training is very important - In addition, there should be a mechanism to encourage the development of various investment funds such as tax and fee incentives, simple procedures for setting up investment funds, issuing fund certificates Solutions for commercial banks Financial integration process requires a restructuring of banking system and banks need major changes to meet integration requirements To promote roles of commercial banks in the development of Government bond market, in addition to restructuring the system, improving the quality of commercial banks, it is necessary to adjust investment policies of commercial banks when participating in the government bond market, clearly define the role of credit institutions when participating in the capital market and bond market 5.2.4.3 Infrastructure improvement 5.2.4.4 Developing financial intermediaries to support the market Building a system of primary dealers in government bond market The main role of primary dealers is to participate in the market and ensure the consumption of newly issued securities to final investors The primary dealers are required to be market makers, provide bid and ask prices to buy and sell government bonds, improve bonds liquidity Buiding the primary dealers is in line with international standards Under the Decree 95/2018/ND-CP on the issuance, registration, deposit, listing and trading of government debt instruments, the concept of a market maker was introduced However, according to experience of some countries, it is necessary to set a certain percentage for each type of different investors in primary dealers system such as commercial banks, securities companies, investment banks The government also needs to attract foreign institutions to become primary dealers, consider the benefits and costs Furthermore, it is necessary to determine size of primary dealers to be suitable to the market size at each development period Too few government bond dealers can reduce the competitiveness, increase collusion capacity and reduce efficiency Too many primary dealers make high competition, reduce profit, leading to the decrease in efficiency Improve the capacity of securities companies Developing credit rating companies in Vietnam 5.2.5 Strengthening internal forces for government bond market towards sustainable development 5.2.5.1 Issuing government bonds based on plan - Issuing bonds to raise fund based on the Ministry of finance’s plan, ensuring the target - Auction shoud be main issuance method to ensure marketability and competitive market, in accordance with intenational practices - Restructuring government bond porfolio, issuing longer or shorter first interest payment period bonds to decrease debt peaks in 2019 and 2020 - Regularly organizing seminars, conferences through organizations and associations to understand the needs of investors in the market, resulting in high effectiveness in government bond issuance - Improving national credit rating to issue bonds on the international market 5.2.5.2 Improving the quality and diversity of instruments in government bond market - Reducing the number of codes of government bonds by re-selling smallsize codes to increase the size of each code, reduce number of codes in the market Reducing the issuance of government bond with fragmentation, inconsistency and lacking of standard maturity Government should apply the terms of repurchase - Research and develop new instruments which have been widely used in developed markets such as STRIPS, inflation- adjusted bonds, floating interest rate bonds - Applying derivatives to hedge risks such as future contracts, forwards, options with underlying assets are government bonds 5.2.5.3 Issuing green government bonds 5.2.5.4 Extending the maturity of Government bond portfolio In order to prolong maturity of Government bonds, it is necessary to consider the type of issued bonds and promote liquidity of these long-term bonds Derivatives like futures will be instruments that support investors hedge risks and make long-term government bonds more attractive 5.2.5.5 Diversify inevstor base Solutions for non-financial investors The first type of non-financial investors are commercial companies or industry companies These companies are not long-term investors of government bond market They use this market to manage liquid assets effectively The second type are individuals Meeting needs of individuals is an essential part of an overall strategy to develop a diversified investor base Attracting individual investors indirectly via multual funds can reduce costs by adjusting personal income tax between saving deposit and invetment capital gain from bond investment funds Developing the government bond trading system could attract more individual investors Solutions for foreign investors Foreign investors could be attracted by streamlining the procedures and conditions to participate in the market of foreign investors In addition, it is necessary to be more transparent in the market, reduce costs of foreign investors, create a fair investment environment and limit discrimination between domestic and foreign investors Taxes issues applied to foreign investors need to be reviewd and reevaluated 5.2.5.6 Deepening the government bond market - Continue to develop the repo market to increase liquidity in secondary market Build a unified legal framework for repo transactions To develop repo market, the authorities need to be ensure the management of factors related to trading and risk control such as bonds payment and transfer, collateral, implement of contracts, replacing bonds, handling bond interest payment - Continue to develop more advanced types of transactions such as short sell to diversify forms of investment to seek profits and prevent risks for investors Promote short-sell transactions by strict legal framework from implementation process to management and supervision, such as the selection of government bonds permitted to be short sale, regulations on maximum trading volume, maturity, transaction form, management of payment ability of contract parties 5.2.6 Enhancing information transparency in the market - Improve the quality of information published in the market - Strengthening coordination among ministries including the Ministry of Finance, the State bank in annoucing information on issuing government bonds from policy mechnisms, issuance plan, issuance schedules, issuance results, to the state budget revenue and expenditure - Build a specialized, unified website to provide information related to government bond market including issuance plan, issuance implement, issuance results, and trading activities - Completing the market indicators system such as yield curve, bond index - In addition, there should be clear regulations to prevent fraud and market manipulation 5.2.7 Proposals for implementation The process of developing government bond market requires the participation of many authorities The involvement of relevant authorities in the market should be made clear to avoid overlap in functions and tasks At the same time, it is necessary to improve the responsibility of authorities CONCLUSION The dissertation has synthesized and systemized the theoretical basis of the development of the Government bond market in the financial integration context A set of indicators to evaluated development level of government bond is mentioned Then, the dissertation has analyzed development situation of Vietnam government bond market and assessed the development level of Vietnam government bond market in the context of financial integration using indicators in chapter The achievements, limitations and causes are shown at the end of chapter The dissertation uses econometric models to determine factors affecting the development of government bond market, the direction and size of impact of each factor The empirical results pointed out that financial integration, economy size, bank system size, government stability have positive impact on size of government bond market while fiscal balance, spread of deposit and lending interest rates affect negatively to government bond market development Through the assessment of status and empirical results, the dissertation suggests some solutions to develop Vietnam government bond market in the financia integration context The solutions are designed to improve factors that affect positively to the development of government bond market In summary, the disseration has solved the research questions and research objectives that be set PhD student wants to contribute a part of effort and knowledge in propsing solutions to develop Vietnam government bond market in the context of financial integration Due to limited access to data as well as research capacity, the dissertation may still have shortcomings Therefore, PhD students hope to receive the evaluation of scientists to make the dissertation more completed LIST OF AUTHOR’S PUBLICATIONS IN ASSOCIATION WITH THE DISSERTATION No Papers Year of Journal/ conference publication proceedings Economy and forecast Develop the market of Japanese government bonds 2018 and experience for Vietnam 2018 government bond in Vietnam integration on the issuance of 2018 government bonds Measuring the degree of integration in Vietnamese government bond market via 2018 2018 base in Vietnam government development path Opportunities and challenges May 2018 Page 10-18 ISSN management service in Vietnam” Page 105-114 Bach Khoa Ha Noi bond market Vietnam capital market – a training review Vol 192 “Developing the wealth management service- 680- 5/2018 Page 55-57 1859-011X Conference proceedings Developing the wealth Solutions to improve investors 01(174) - 2018 Page 40-43 ISSN 2615-8973 Banking Science and financial integration indicators accounting research Issue ISSN 1859-4093 Review of finance Issue Impacts of financial (677) Page 64-66 ISSN 0866-7120 Journal of Finance and Evaluating the development of the secondary market for review- Issue 31-11/2018 publishing house Banking Science and 2017 2017 training review Vol 176+ 177 Page 80-86 ISSN 1859-011X Conference proceedings for Vietnamese enterprises in “Financial solutions to the context of integration develop Vietnamese firms in the integration context” Bach Khoa Ha Noi publishing house Page 6778 Conference proceedings “Develop the exchange Develop domestic exchange traded funds ETF in Vietnam 2016 traded funds ETF in Vietnam” Bach Khoa Ha Noi publishing house Page 132-139 Journal of Finance and Vietnam government bond market in the context of 2016 integration accounting research Issue 11 (160) Page 20-22 ISSN 1859-4093 International conference proceedings “Developing financial markets in Assessing the integration of 10 the Vietnamese government 2016 international integration context” ISBN: 978-604-88- bond market 3505-7 Dan Tri publishing house Page 340-351 Journal of Finance and Developing the voluntary 11 pension funds in Vietnam 2014 accounting research Issue 06 (131) 2014 Page 46-48 ISSN 1859-4093 ... Vietnam with Thailand’s has been unstable and often low, average about 0,2, confirming Vietnam’s regional integration level is still low Coefficient: α of Vietnam shows that the level of Vietnam... Vietnam 2018 government bond in Vietnam integration on the issuance of 2018 government bonds Measuring the degree of integration in Vietnamese government bond market via 2018 2018 base in Vietnam... OF THE DEVELOPMENT OF VIETNAM GOVERNMENT BOND MARKET IN THE CONTEXT OF FINANCIAL INTEGRATION 3.1 The process of Vietnam financial integration and integration of Vietnam Government bond market