Thạc Sĩ Capital market development: A case study in establishing capital market in vietnam

Table of contents ​ TITLE PAGE

Title page
Acknowledgment . i
Abstract . ii
Table of contents iii
List of figures vi
List of tables . vii
List of abbreviations . viii


CHAPTER I​ INTRODUCTION​
1.1. Background . 1
1.2. Rationale 1
1.3. Objectives 2
1.4. Scope of the study . 2
1.5. Research methodology . 2
1.5.1. Information requirement . 2
1.5.2. Data colection . 3
1.5.3. Framework of study 4


CHAPTER II​ LITERATURE REVIEW​
2.1. Definitions 5
2.1.1. Capital market 5
2.1.2. Efficient capital market . 6
2.2. Structure of capital market 6
2.3. Significance of capital market . 7
2.3.1. Economic development and capital market . 7
2.3.2. Mobilization of saving 9
2.3.3. Determinants of saving 9
2.3.4. Role of financial intermediaries 10
2.4. What is securities market . 11
2.4.1. Concept of securities market . 11
2.4.2. Functions of securities market . 11
2.4.3. Advantages of securities market 13
2.4.4. Disadvantages of securities market . 14
2.4.5. Supply of securities 14
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2.4.6. Demand for securities 14
2.5. Instruments in the securities market . 15
2.5.1. Stocks . 15
2.5.2. The bond market 16



CHAPTER III​ EXTERNAL FACTORS INFLUENCE ESTABLISHING CAPITAL MARKET IN VIETNAM​
3.1. Review of macro-economic performance 17
3.2. The financial environment . 19
3.3. The starting point of securities market 23
3.3.1. The economic factors 24
3.3.2. The legal situation . 25
3.3.3. Awareness of the securities market . 25
3.4. A prerequisite for the emergence of a securities market in Vietnam 25
3.4.1. Development of bid market 25
3.4.2. Equitisation of enterprises 26
3.5. The role of the securities market for the economic development . 29
3.6. The needs to establish of the securities market . 30
3.7. Legal issues and regulatory framework 31
3.7.1. Generally legal issues 31
3.7.2. The regulatory framework 32


CHAPTER IV​ INTERNAL FACTORS IN CAPITAL MARKET​
4.1. The organization of the market 36
4.1.1. The securities State Commission 37
4.1.2. Stock Exchange . 39
4.1.3. The Securities Companies . 42
4.1.4. Investment Funds . 44
4.1.5. Insurance Funds . 44
4.1.6. Pension Fund . 45
4.1.7. Auditing Companies . 45

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4.1.8. The securities depository and clearance house 45
4.1.9. Center for securities analysis . 45
4.10. Computer center . 45
4.2. Model for organizing securities market . 45
4.2.1. The objectives 45
4.2.2. Choice 46
4.2.3. The choice of model of securities market in Vietnam 46
4.3. Appropriate steps to set up securities market 47
4.4. Securities 48
4.4.1. Government bonds . 49
4.4.2. Bank bonds . 50
4.4.3. SOE bonds . 50
4.4.4. Corporate bonds and stocks 50
4.5. Advantages 50
4.6. Obstacles 51
4.7. The investors’ attitudes toward the market . 52


CHAPTER V​ CONCLUSION AND RECOMMENDATION​
5.1. Conclusions . 55
5.2. Recommendations 56
5.3. Limitations of the study 57

References . 58
Appendix A: Guide-lines 59
Guide-line for policy makers . 59
Guide-line for member banks . 62
Guide-line for investors . 64
Appendix B 65
Decree No.120 dated 17 September, 1994 of the Government on the
promulgation of the temporary Regulation on the issuance of bonds
and stocks of SOEs . 65
Appendix C 73
Decree 75-CP dated 28, November, 1996 of the Government on
establishing Securities State Commission 73
Appendix D 76
List of Foreign Investment Funds . 76