ANALYZING THE CURRENT OPERATION OF COMMERCIAL BANKING SYSTEM AND NON BANK FINANCIAL INSTITUTIONS IN VIETNAM

DA NANG UNIVERSITY OF ECONOMICS GROUP ASSIGNMENT SUBJECTS: FINANCIAL MARKETS AND INSTITUTIONS TOPIC ANALYZING THE CURRENT OPERATION OF COMMERCIAL BANKING SYSTEM AND NONBANK FINANCIAL INSTITUTIONS IN VIETNAM Teacher : Huỳnh Thùy Yên Khuê Class : Member : 46K25.1 Lương Thị Nem Nguyễn Lê Anh Thư Nguyễn Thị Phương Uyên Ngô Thục Uyên Nguyễn Thị Lê Minh TIEU LUAN MOI download : skknchat@gmail.com Da Nan I VIETN Risks i MUTUA II situation of each stage in Vietnam: The sta PENSI III Shortcomings in the current operation of the Pension fund in Vietnam: SECUR IV 12 12 12 13 FINANCIAL MARKETS AND INSTITUTIONS TIEU LUAN MOI download : skknchat@gmail.com system to increase the market share of insurance New pathway: Strengthening cro V 20 20 20 20 22 24 Facts in Vietnam: FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com ANALYZING THE CURRENT OPERATION OF COMMERCIAL BANKING SYSTEM AND NON-BANK FINANCIAL INSTITUTIONS IN VIETNAM I VIETNAMESE COMMERCIAL BANKING SYSTEM Definition Commercial bank is a money business organization whose main and regular activity is to receive deposits from customers with the responsibility to repay and use that money to lend and perform discount operationsand as a means of payment Classifications a) State owned Commerical bank Being a commercial bank opened with 100% state budget capital In the trend of integration, in order to attract more capital, state commercial banks have issued many forms of capital increase such as issuing bonds and commodity shares Some Satre owned Commeriacal bank - Vietnam Bank for Agriculture and Rural Development – Agribank - Industrial and commerical Bank of Vietnam- Vietinbank - Bank for Investement and Development of Vietnam - BIDV Bank for Foreign trade of vietnam b) Joint-stock commercial banks - A commercial bank established under the capital contribution of two or more individuals or companies by shares In which each individual or company can only own a limited number of shares according to the regulations of the State Bank of Vietnam - Some Joint-stock commercial banks Asia Commercial Joint Stock Bank - Dong A Commercial Joint Stock Bank - Military Commercial Joint Stock Bank Southeast Asia Commercial Joint Stock Bank - FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com c) Joint Venture Bank Joint-venture commercial bank is a commercial bank established in Vietnam, with capital contribution of a Vietnamese party (including one or more Vietnamese banks) and a foreign party (including one or more foreign banks) on joint venture contract basis A joint-venture commercial bank is established in the form of a limited liability company with two or more members, being a Vietnamese legal entity, and having its head office in Vietnam Some Joint Venture Bank - Indovina Bank - Vietnam - Russia joint venture bank d) Foreign bank branches in Vietnam Foreign bank branches in Vietnam is a commercial bank established by foreign capital in accordance with foreign laws, permitted to set up branches in Vietnam and operate under the laws of Vietnam Some Foreign bank branches in Vietnam - City bank - Băngkok Bank - Shinhanbank Deustch bank - e) Commercial bank with 100% foreign capital Is a commercial bank established in Vietnam with charter capital entirely from abroad, due to foreign ownership A commercial bank with 100% foreign capital may operate in the form of a limited liability company with one member or from two or more members, which is the law of Vietnam with its head office in Vietnam Some Commercial bank with 100% foreign capital - Hongkong-Shanghai Bank Vietnam Limited – HSBC - Standard Chartered Bank - Vietnam) Limited - ANZVL Risks in banking operation in Vietnam a) Credit risk In Clause 1, Article of Decision 493/2005/QD – NHNN, credit risk has been defined as follows: “Credit risk is the FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com possibility of loss in banking operations of a credit institution due to customers the airline fails to perform or is unable to perform its obligations as committed Causes of risk signals : - From the bank: + Misjudged the borrower's financial capacity and production and business due to not collecting enough information about the borrower's activities and purposes + The lending sometimes runs after profits and sales without paying attention to the quality and safety of the loan, loosens the inspection and control in the process of using the loan and recovering capital, does not grasp the loan caught the customer's credit situation, too trusting the collateral, consider it the number one criterion when considering a loan Once the mortgage is available, the credit officer subjectively does not closely monitor the loans + The establishment of a pocket reserve fund has not been seriously implemented; The qualifications of the staff are still weak, the organization of staff is still unreasonable, and the division of functions of each department is not clear + Credit security assets are depreciated due to market price fluctuations, and the quality of collateral decreases - From the customer side : + Enterprises not work efficiently, lag behind in competition, stagnate capital, and products cannot be sold Therefore, the business does not have money to repay the bank debt + Customers have poor character, borrow a large crossbow and then not pay or declare false collateral, use the same mortgage to borrow many places FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com + Using capital for the wrong purpose in high-risk activities leading to losses, not being able to pay the bank in full and on time b) Market risk Market risk is the risk caused by adverse fluctuations in interest rates, exchange rates, stock prices and commodity prices in the market Market risks include: - Interest rate risk is the risk caused by adverse fluctuations in market interest rates on the value of valuable papers, interestbearing financial instruments, interest rate derivative products on the business books of the bank foreign bank branches + In case the maturity of Credit assets is larger than the maturity of Liabilities, the bank has income risk when market interest rates rise + In case the maturity of Credit assets is smaller than the maturity of Liabilities, the bank has income risk when the market falls - Exchange risk: + Damages and losses incurred during the operation of the bank in the foreign exchange market This type of risk comes from exchange rate fluctuations + Causes of foreign exchange risk include: the bank does not ensure the balance between the sales volume of purchases and sales of foreign currencies, or the mismatch between assets with foreign currencies and assets with foreign currency liabilities and due to changes in market rates - Liquidity risk : Liquidity risk is a situation where the bank cannot obtain lowcost available capital at the right time when the bank needs it In other words, a bank is exposed to liquidity risk when the bank does not have a reasonable amount of available capital on hand or the bank cannot quickly raise capital through borrowing or selling assets Causes of liquidity risk: FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com + The bank faces an imbalance in terms of asset maturity and maturity of capital sources + Bank's sensitivity to changes in interest rates + - The trust of partners in the bank declines Stock price risk is the risk caused by adverse fluctuations of stock prices on the market to the value of shares, value of derivative securities on the business books of banks or foreign bank branches; - Commodity price risk is the risk caused by adverse fluctuations of commodity prices in the market on the value of commodity derivatives, the value of products in spot transactions is subject to the bank's commodity price risk foreign bank branches c) Interest rate risk on bank books Interest rate risk on bank books is the risk due to adverse fluctuations in interest rates on income, asset value, value of liabilities and off-balance sheet commitments of banks, branches of foreign banks other than arising from: + The difference between the time of fixing the new interest rate or the period of redefining the interest rate; + Changing the relationship between interest rates of different financial instruments with the same maturity date; + Change the relationship between interest rates at different maturities; + Impact from interest rate options products, products with interest rate options elements d) Operational risk is the risk of loss occurring due to internal management activities, people, systems, or external incidents that are inappropriate or damaged; including legal risk, but excluding strategic risk and brand risk e) Other risks - Operational risk: Includes risks that may arise from the way a bank conducts its operations For example, the FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com inappropriate limit structure in the capital business, embezzlement of officials, lack of business recovery plans in the event of a disaster - Legal risk: often affects banks in many ways: Customers can sue the bank or when the bank's legal arrangements, for example loan contracts and collateral assets of the bank problem, or the State suddenly changes the macro policy in terms of economic structure, priority areas - Reputational risk: is the risk of bad public opinion about the bank, causing serious difficulties for the bank in accessing capital or causing customers to leave the bank - Technology risk: This risk usually occurs in the following cases: The bank has invested a lot in technology development, but the efficiency is not high, and the cost savings for the bank is not as expected Or, a malfunctioning technology system affects the bank's business operations, causing certain losses AI MUTUAL FUNDS IN VIETNAM Definition Mutual fund (investment fund) is a fund formed from the capital contribution of an investor with the purpose of making a profit from investing in securities or other forms of investment assets, including real estate, in which the investor The investor has no day-to-day control over the fund's investment decision making Classifications Based Based on the on mutual liquidity fund of shares Based on shareholder size categorie s Open-end funds FINANCIAL MARKETS AND INSTITUTIONS Stock mutual funds Personal investment fund FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com Solutions to develop bank-linked insurance distribution channels in Vietnam: - In order for the bancassurance distribution channel in Vietnam to develop sustainably and bring benefits to all parties, the following solutions should be synchronously implemented: First, about the bank staff Most bancassurance activities use bank staff to sell insurance, so this requires staff to have knowledge of the insurance industry Insurers and banks must ensure that their employees have the necessary knowledge, experience and skills to sell the most suitable insurance products according to the needs of their customers Second, about insurance products Building and providing the right products at banks is an important factor affecting the growth and success of bancassurance Products must be specialized for this distribution channel, in order to avoid competition between banks and insurers Products must meet both the needs of customers and banks, such as insurance products built as collateral for customers when borrowing money at a bank Third, promote propaganda and product promotion Currently, people and businesses in Vietnam not have the habit of buying insurance at banks, few people know about the bancassurace distribution channel This is an obstacle It is very important for insurance companies to deploy bancassurance in Vietnam, so it is required that insurance businesses need to promote propaganda about the company and its products at banks and in the media mass news Fourth, about the legal corridor It is necessary to develop a complete and timely legal framework such as adding direct regulations on the order and procedures when the insurance company receives capital contributions and shares from commercial banks, in order to create a legal basis to make FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com the investment of commercial banks in insurance companies quick and convenient; supplementing regulations to clearly define the responsibilities of commercial banks and insurance companies to customers in case the commercial bank acts as an insurance agent but commits acts of violating the prohibition on agency activities Fifth, on the side of commercial banks It is necessary to develop a divisional strategy and have a specific policy on bancassurance business development in the overall development strategy; make the most of the available customer database, combine externally collected information, use modern techniques to analyze customer needs and find suitable customers for bancassurance; cooperate with insurance companies to design specific insurance products; especially take appropriate steps for digital transformation, towards digitization for bancassurance activities Currently, the bancassurance model has been developing strongly in countries around the world, with Vietnam this model is not too new, but the development of this model is still not commensurate with its potential With the benefits of the bancassurance distribution channel and the potential Vietnamese insurance market, this is a good opportunity for insurers to exploit products through this distribution channel V SECURITIES FIRMS IN VIETNAM 1) Definition According to Decision No 27/2007/QD-BTC dated April 24, 2007 of the Minister of Finance, securities firm "is an organization with legal status engaged in securities trading, including one, some or all of its activities , securities brokerage, securities trading, securities underwriting, securities investment consulting" Securities firm is an intermediary financial institution operating on the stock market - a market with high sensitivity and great influence on the economy FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com 2) Classification Securities firms include investment banks, investment companies, and brokerage firms They serve as financial intermediaries in various ways +First, they play an investment banking role by placing securities (stocks and debt securities) issued by firms or government agencies That is, they find investors who want to purchase these securities +Second, securities firms serve as investment companies by creating, marketing, and managing investment portfolios A mutual fund is an example of an investment company +Finally, securities firms play a brokerage role by helping investors purchase securities or sell securities that they previously purchased 3) Operating principles of securities companies Because it affects the interests and fairness of the parties involved, the company must comply with the general principles for securities companies This principle is based on institutionalized legal documents, it is divided into two groups: financial principles and principles of professional ethics * Financial principles + Derived from the characteristics of securities companies that must meet legal capital for business activities, in the course of business, securities companies must negotiate financial sources in their commitments to securities trading with customers + Ensure capital requirements, capital structure and accounting principles, report in accordance with the law + Because a securities firm can perform many operations on the stock market at the same time, such as brokerage, portfolio management and self-trading, the firm must separate customers' money and securities from the firm’s assets Securities furm may not use customers' securities as FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com collateral to borrow capital or use customers' money to buy securities for the firm, unless otherwise agreed in writing by the customer This principle is put in place to avoid risks to customers * Principles of professional ethics Because securities firm operate in sensitive fields, it has a farreaching impact on investors' psychology Therefore, for employees of the Securities Company, they must comply with the code of professional ethics issued by the Association of Securities Traders This set of principles aims to ensure the province is honest and fair in the work of the employees of the Securities Company Principles of professional ethics include the following main points: + Fair and honest transactions for the benefit of customers - Employees of the company must be people with skills, trust and sense of responsibility + Prioritize the execution of customer orders before the company's orders + Have the obligation to keep the customer's information confidential, not to disclose information about the customer's account without the customer's written consent at the request of the state management agencies + Do not engage in business activities outside the scope of licensing + Do not conduct activities that may cause customers and notaries to misunderstand the prices, values and nature of securities or activities that cause damage to customers + With the activities that securities firm provide to customers, there must be contracts with customers before performing services for them 4) Activities of securities firm: FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com The main activities of the securities firm include brokerage activities, proprietary trading, securities investment advisory issuance and financial consulting It is divided into two main activities, which are proprietary trading and securities service provision (including the rest) a) Self-employment activities It is one of the basic activities of securities firm Proprietary trading is when a securities firm buys a copy of securities with its own capital in order to benefit and at the same time accept risks from such activities Profits that securities firm can get can be from the difference between the buying and selling prices or from dividends and dividends paid by the issuer Proprietary trading is carried out on the Stock Exchange or on the OTC market In the OTC market, securities firms will conduct securities trading directly with partners through negotiation and through a networked computer system On the stock exchange, securities trading orders of securities firms are also entered into the system and executed similarly to buy and sell orders of investors Orders of securities firms can be executed with any unspecified customer b) Activities of providing securities services: * Operating environment The operating environment is considered to be the activity that appears and is basically the best operating environment in the activities that a securities firm conducts and exploits Through the operating environment, the securities firm will ensure its role as an intermediary to help investors buy and sell securities of the securities firm with the advantage of having a wide information network on both official and unofficial markets can provide investors with a complete picture of the stock market and make it possible for customers to purchase securities in any market leader FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com Environmental securities is a connection between those who need to buy and those who need to sell securities After each successful securities purchase transaction, both the buyer and the seller pay the securities firm an account money, this account money is called the trading environment How to calculate the environmental transaction fee according to the job Securities firm conducts to buy securities for customers on any market If securities are purchased on the official market (exchange), the information environment transaction will be charged as a percentage of the total transaction value If on the field (OTC), fee trading has a markup feature Brokerage fees are one of the income sources of securities firms This fee is obtained through the securities firm buying securities for customers Therefore, the greater the number of customers conducting purchases through the company, the greater the revenue from each gender's activities c) Underwriting activities When organizations issue securities to raise capital, they have several ways to proceed In order for the issuance to be successful, they often remember an intermediary financial institution in the market to help them carry out the work related to the issue These intermediary financial institutions are usually securities firms, in some countries (USA, UK ) these financial intermediaries are investment banks With the advantage of a staff of experienced and qualified staff in the securities field, securities firms will provide a full package of services for issuers from consulting on types, prices, issuance methods to the preparation of documents for the issuance, submission of documents to the competent authority and finally the distribution and stabilization of securities prices after the issuance Thus, it can be understood that equitization activities are activities in which securities firms help issuers to carry out FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com procedures before securities offering, organize the distribution of securities, and help stabilize securities prices in the early stages after release The organization at the intermediary that performs the underwriting for the issuer is called the underwriter Normally, a BLPH will conduct BLPH for an issue of the equitization However, this activity contains many risks, so the underwriters set up a BLPH consortium to share the risks in order to successfully distribute an issue d) Securities investment consulting activities As the stock market grows, the number of individual investors participating in the market is increasing, but not all investors have the qualifications and experience to make the right decisions in securities investment Therefore, securities companies with qualified and experienced staff will provide private services to help investors invest more effectively This is a very common activity on the secondary stock market With experience as well as expertise, the private staff will still advise customers on which securities to buy and sell and when However, the right to decide still belongs to the customer and the customer is the bearer of the results of the investmen 5) Sources and capital The suicide analysis reports have a great impact on the psychology of the counselee and can make them profit or lose while the company still collects a fee for consulting services and is not responsible for the results of the investment Capital and sources of capital: The stock market is filled with companies of all sizes from low to high In 1602, the East India Company (Netherlands) issued its first shares on the Amsterdam Stock Exchange This is the first company to issue shares and debt escrow To this day, FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com the number of companies has grown to more than 5000 companies As of December 31, 2019, the total market capitalization of all global stocks has reached approximately US$70.75 trillion In which, companies in the US have the most active development and activities with a transaction value of more than 14 trillion USD, times higher than China, times higher than Japan and 10 times higher than that of Japan Hong Kong stock market (according to 2015 data) Therefore, a securities firm that wants to be established must meet the legal capital requirements prescribed by law In each country, the regulation of this capital level may be common to a securities firm when registering for establishment (regardless of whether the securities firm carries out one, two or all operations on the stock market), for example in Korea, the capital level The minimum for a securities firm is 50 billion won, or it can be specified separately for each specific business type (for example, Vietnam, according to the securities law effective from January 1, 2007, the legal capital for brokerage is VND 25 billion; proprietary trading is VND 100 billion) Facts in Vietnam: On November 28, 1996, the State Securities Commission of Vietnam was established under Decree No 75/CP of the Government And only years later, on July 11, 1998, the Vietnamese stock market was officially born according to Decree No 48/CP of the Government At the same time, the Government also signed the decision to establish the Securities Trading Center, located in Hanoi and Ho Chi Minh City On July 28, 2000, the Ho Chi Minh City Stock Exchange Center officially came into operation with the first trading stocks, REE and SAM Up to now, there are 74 securities companies (Securities) operating normally, of which there are 33 securities companies with charter capital of over 500 billion dong Vietnam's stock market has grown tremendously FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com in recent years, as can be seen in the number of Vietnamese companies with a market capitalization of more than $1 billion, which has increased from 10 in 2015 to 10 Currently, there are nearly 50 companies and the total market capitalization value has increased sharply from 30% to 90% of Vietnam's GDP, equivalent to other countries in the region Recently, the sudden increase in the number of individual investors has contributed more impetus to the development of the stock market Exchanges in Vietnam: -Ho Chi Minh Stock Exchange: Hose is the abbreviation of Hochiminh Stock Exchange, which translates as Ho Chi Minh City Stock Exchange Functions: it acts as a secondary market for some existing bond issues Trading mechanism of automatic order-matching system with 300,000 orders per day The payment of the exchange is made through the Bank for Investment and Development of Vietnam - HNX Stock Exchange: Hanoi Stock Exchange is abbreviated as Hanoi Stock Exchange (HNX) On March 8, 2005 Hanoi Stock Exchange Center was officially opened and put into operation In 2010, HNX officially joined the 19th member of the Federation of Asian and Oceania Stock Exchanges The trading method of this stock exchange is advanced order matching and agreement - Upcom stock exchange This is the stock exchange (Unlisted Public Company Market) of unlisted public companies and is held at the Hanoi Stock Exchange Built on the development needs of the stock market in Vietnam, Upcom has a full legal framework for the market, a flexible mechanism and a fair amount of rights for businesses and investors The conditions for joining Upcom stock exchange are that such securities are registered for custody at the Depository Center and are securities of a public company not listed on the Stock Exchange FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com - OTC floor: OTC or Over the counter is a type of stock that is issued at the stock exchange but has not yet listed the price Liquidity of OTC stocks is often low but returns are quite high, this is called a decentralized stock market ○ Some regulations in Vietnam: * Time: * Some types of orders in Vietnamese securities: +A limit order (LO) is an order to buy or sell a security at a specified price or better This is the most common order type, used by investors Orders are executed throughout the session, except for put through transactions after 14:45 Particularly for UPCoM, this order is executed until 3pm The LO order is valid from the time it is entered into the trading system until the end of the trading day or until it is cancelled In case an investor places this order before the trading session or during the lunch break, the system will notify the order as "pending to send" and will only take effect when the trading session starts + Market order (MP) on Ho Chi Minh floor is an order to buy securities at the lowest selling price or sell securities at the highest price available in the market If the volume has FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com not been filled, the MP order is considered to be an order to buy at the higher ask price or sell at the next lower bid price available in the market After trading according to this principle, but still not matching the entire order volume, the MP order is converted to a limit order MP orders are only entered into the system in continuous order matching sessions In case there is no reciprocal LO order at the time of order entry, the MP instruction is cancelled +ATO order is an order to trade at the matching price to determine the opening price, only applicable to the Ho Chi Minh Stock Exchange Orders can be entered into the system before or during the periodic order matching session to determine the opening price After 9:15, the order is not executed or the rest of the order is not matched and automatically canceled ATO orders take precedence over limit orders when matching orders However, the periodic order matching session to determine the opening price will not determine the matching price if only ATO orders are available +The ATC order has the same characteristics as the ATO order, but to determine the closing price at 14:45 ATC orders are used on both Ho Chi Minh and Hanoi exchanges How to read the stock price list FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com Read stock price list * Index graph system: - VN-Index: An index showing the trend of price fluctuations of all stocks listed and traded on the Ho Chi Minh City Stock Exchange (HoSE) - VN30-Index: Is the price index of 30 blue-chip stocks on the market - VNX-AllShare: Is a general index showing the volatility of all stock prices listed on HoSE and HNX - HNX-Index: An index calculated based on the price movements of all stocks listed and traded on the Hanoi Stock Exchange (HNX) - UPCOM-Index: An index calculated based on the price movements of all stocks traded on the UPCoM market, belonging to HNX FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com * List of columns on the price list: - Stock code: Is a list of trading securities (arranged in order from A - Z) - Reference Price - Yellow: Is the closing price at the previous most recent trading session (except for special cases) The reference price is taken as the basis for calculating the trading range of stocks during the session For UPCoM only, the reference price is calculated by the average price of the latest trading session - Ceiling Price – Purple: The highest price at which you can place an order to buy or sell securities during the trading day For HoSE, the ceiling price is the reference price x 7%, the HNX is 10% and the UPCoM is 15% - Price Floor – Blue: The lowest price at which you can place an order to buy or sell securities during the trading day The range corresponds to the ceiling price but is in the down direction - Total Volume: Is the volume of shares traded in a session - "buyer": This area displays the three best bid prices (highest bid) and the corresponding bid volume - "seller": Displays the three best asking prices (lowest asking price) and the corresponding asking volume - "Khớp lệnh": This area represents the latest matching price of a stock, including order matching price, matching volume and price range compared to the reference - "Pice", including the columns "Highest Price", "Last Price" and "Medium Price": Indicates the actual range of movements of the stock during the trading session - " Dư mua": Indicates the volume of shares waiting to be matched in both buying and selling directions FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com - Foreign investment : is the volume of shares traded by foreign investors during the trading day (including two columns Buy and Sell) FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com ... Facts in Vietnam: FINANCIAL MARKETS AND INSTITUTIONS FINBI GROUP TIEU LUAN MOI download : skknchat@gmail.com ANALYZING THE CURRENT OPERATION OF COMMERCIAL BANKING SYSTEM AND NON- BANK FINANCIAL INSTITUTIONS. .. a bank or a financial corporation that owns both the bank and the insurance business Current status of bancassurance activities in Vietnam - In Vietnam, in the current market, most of the cooperation... commitments of banks, branches of foreign banks other than arising from: + The difference between the time of fixing the new interest rate or the period of redefining the interest rate; + Changing the