State Management Of Financial Market Development: A Case Study In Vietnam

Abstract

State management of financial market development regulates and creates conditions for the financial market to develop stably and sustainably. After 30 years of renovation, Vietnam has achieved many significant achievements in economic development, including the financial market. Up to now, Vietnam's financial market has been formed, playing a vital role in mobilizing savings and allocating capital sources. In particular, from 2011 to 2020, Vietnam's financial market has made remarkable progress in both quality and quantity, ensuring well the function of providing capital for the economy, supporting the growth of the business sector, and supporting the development of the business sector and at the same time effectively serve the restructuring of the economy. However, Vietnam's financial market is considered to have not yet developed commensurately with its potential, has not been deeply integrated into the international market, and has several potential risks and limitations that need to be addressed. This has set a requirement to orient the development of financial markets in the 2021-2030 period in a modern direction, ensuring a reasonable structure between the money market, capital market, and insurance market, starting keeping up with new trends in the international financial market, contributing to well implementing strategic breakthroughs, restructuring the economy in association with renovating the growth model, improving productivity, efficiency, and competitiveness of the economy.