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MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMIC HOCHIMINH CITY K - LUC THAO PHUONG HA FINANCIAL DERIVATIVES INSTRUMENT TO HEDGE EXCHANGE RATE RISK IN VIETINBANK BRVT BRANCH In Banking and Finacial Ology code: 60.31.12 MASTER’S THESIS Supervisor : Dr.TRAN HUY HOANG Ho Chi Minh City – 2010 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial Derivatives DECLARATION I assure that this thesis is my research This thesis has not already been submitted for any degree and is not being currently submitted for any other degree The extracts and data from the other studies have been cited clearly I bear full responsibilities for whatever un-honest of this thesis Luc Thao Phuong Ha August, 2010 i LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial Derivatives ACKNOWLEDGMENTS It is a good opportunity to participate to the master’s course of Banking in English, which is conducted by the University of Economic Hochiminh City, Faculty of Banking Course I have achieved a lot of knowledge, methodology, techniques and new ideas from this course This thesis is a part of my accumulative knowledge that I have gathered from the teachers, classmates and the colleagues First of all, I would like to express my grateful and indebtedness to my supervisor, Associate Professor Ph.D Tran Huy Hoang who provided me the precious methodology He helped me a lot in construction of the thesis structure, and gave me the new ideas in analysis This thesis could not be done without his contribution I also would like to extend my sincere thanks to all the teachers, who have improved my knowledge of development economics and other social economics understanding I am grateful for the help from the board of director of Vietinbank Baria Vungtau branch, Mr Tu Nhu Phong, Mr Nguyen Huu Son, Ms Thu Ha, and all my colleagues, who have facilitated me in this research I highly appreciate the helps from Mr Kien Quoc, Mr Manh Ha, Mr Thanh Hai and all classmates of class of Banking, course 16, who have made a good condition for my study I would like to give my thanks to all of them Finally, I express my love to all members of my family, who have encouraged me in the progress of my studying and completing this thesis Luc Thao Phuong Ha ii LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial Derivatives Abstract Based on the theory of foreign exchange (forex) market and foreign exchange risk management, this thesis focuses on the involved banking products used to manage risks in trading forex operation They are financial derivatives Financial derivatives are rare in Vietnam although they are widely used in international market An overview of Vietnam forex market from 2007 to now demonstrated to give the reasons why it is necessary to manage foreign exchange risk and what can be done to mitigate risks? Finally, suggestions for applying financial derivative instruments in Vietnam Bank for Industry and Trade (Vietinbank), Baria Vungtau Branch as a new banking transaction are discussed to enhance its position in local province iii LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial Derivatives TABLE OF CONTENT Page INTRODUCTION 1 The rational of the study Statement of the research problem Research questions and objective 3.1 Research questions 3.2 Research objectives Research methodology Signification of the study Structure of the study CHAPTER ONE: FINANCIAL DERIVATIVES IN FOREIGN EXCHANGE TRADING IN COMMERCIAL BANKS 1.1 Foreign exchange trading in commercial banks 1.1.1 What is a commercial bank? 1.1.2 Banking transactions – foreign exchange trading 1.1.3 Risks in foreign exchange trading 1.1.4 The necessity of managing foreign exchange risk 14 1.2 Financial derivatives in foreign exchange trading in commercial banks 14 1.2.1 What are financial derivatives? 14 1.2.2 Types of financial derivatives in exchange trading 15 1.2.3 Functions of financial derivatives 19 1.3 Conditions to apply and develop financial derivatives of foreign currency 22 1.3.1 Commercial banks’ internal conditions 22 1.3.2 Commercial banks’ external conditions 23 Conclusion 24 iv LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial Derivatives CHAPTER TWO: RESEARCH METHODOLOGY 2.1 Introduction 25 2.2 Research design 26 2.3 Data collection 27 2.3.1 Sample 27 2.3.2 Data collection 27 2.3.3 Hypothesis 31 2.3.4 Scope of the research and data analysis 33 2.4 Conclusion 34 CHAPTER THREE: CURRENT SITUATION IN FOREIGN EXCHANGE TRADING IN VIETINBANK BARIA VUNGTAU BRANCH 3.1 Background of Vietnam’s forex market 35 3.1.1 Characteristics of Vietnam’s forex market 35 3.1.2 Forex trading in BRVT province and Vietinbank BRVT branch 39 3.2 Analysis results 41 3.2.1 Unexpected movement of foreign currency impact on businesses’ activites 42 3.2.2 Business’ demand for using derivatives 47 3.3 Vietinbank Baria Vungtau branch and perceptions about application of derivatives 51 3.3.1 Forward and option contract 52 3.3.2 Combining financial derivatives with credit policy 53 3.3.3 Reasons why derivatives are not popular used in BRVT province 54 Conclusion 57 v LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial Derivatives CHAPTER FOUR : CONCLUSION AND RECOMMENDATION 4.1 Conditions for developing foreign exchange derivatives 59 4.2 Recommendation 62 4.3 Limitation of study and suggestion for further ones 64 4.4 Conclusion 65 LIST OF REFERENCES 66 APPENDIXES 68 ABBREVIATION AUD: Australian dollars BRVT: Baria Vungtau CBI : Central Bank Intervantion CPI: Customer purchase Index EUR: Europe dollar Forex market = FX: Foreign exchange market GBP: Greatain Bristish Pound GDP: Gross domestic product IMF: International Monetary Fund JPY: Japnanese yen OTC: Over the Counter SBV: The state bank of Vietnam SOCB: The state-owned commercial banks USD: United States dollar VND: Vietnam dong Vietinbank: Vietnam Bank for Industry and Trade WB: World Bank WTO: World Trade Oragnization vi LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial Derivatives LIST OF CHART Chart 1.1: AUD/USD rate’s movement 10 years Chart 2.1: Outline of Research methodology 25 Chart 2.2: Outline of Hypothesis and variables 32 Chart 3.1: Density inward of foreign currencies 35 Chart 3.2: The movement of VND/USD period 1999 – 2009 37 Chart 3.3: Import – Export turover in BRVT province 39 Chart 3.4: Volume of USD trading in Vietinbank BRVT branch 40 Chart 3.5: USD transferred to Vietinbank from exporters, remittance and demand for USD from importers 51 Chart 3.6: Derivatives trading in Vietinbank BRVT branch and Other banks in BRVT province 52 LIST OF TABLE Table 3.1: Summary of the kind of investigated companies 41 Table 3.2: Descriotive statistic about impact of forex on companies’ activities 43 Table 3.3: Correlation and coefficient of Q7, Q8, Q9 and Q18 44 Table 3.4: Correlation and coefficient of Q10, Q11, Q12, Q13, Q14 and Q18 45 Table 3.5: Correlation and coefficient of Q15, Q16, Q17 and Q18 46 Table 3.6: Frequency analysis of Q19, Q21, Q22 47 Table 3.7: Frequency analysis of Q23, Q24, Q25, Q26, Q27 48 Table 3.8: Frequency analysis of Q28, Q29 and Q29B 50 vii LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives INTRODUCTION The rationale of the study In the recent years, the foreign exchange market in Vietnam has been formed and developed This is actually necessary for Vietnam in the process of integrating into the international economy Vietnamese businesses as well as commercial banks have recently improved their operating abilities to run the business in the global field The operation of the foreign exchange market plays an important role in promoting the international foreign trade and economic cooperation among countries Foreign exchange transaction not only has been now considered as one of important banking services of commercial banks, but also marked a new step forward of banking – modernizing movement Transactions conducted in the foreign exchange market determine the rate at which currencies are exchanged The major transactions in foreign exchange market are spot, forward, swap, future contract and currency option The basic of those transactions is the exchange rate Exchange rate affects the relative price of domestic and foreign goods, hence exchange rate volatility strongly affects the foreign trade activities between countries The year 2008 was coming with the pessimistic image of the global economy It started with the American sub-prime crisis, the international fluctuating price of oil – up and down rapidly, the high inflation and the global economic slowdown… therefore, the forex market around the world has been operating on unexpected movement Since the event that Vietnam became the official member of WTO, we are directly impacted by these turmoil tendencies, influencing deeply in our country’s emerging economy The more Vietnam integrates into global economy, the riskier in currency exchange rate the businesses have to exposure In order to support local import-export enterprises, commercial banks have to develop many kinds of derivatives in foreign currency transaction for hedging exchange rate risk Vietnam commercial banking system has recently increased its’ abilities to meet the international banking standards As one of members of Vietnam banking system, LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives Statement of the research problem Foreign exchange risk management is crucial for businesses frequently trading in the international market There are many kinds of financial instruments used to risk management, in which financial derivatives have been most popularly used in hedging Financial derivatives include four main types: forward, future, swap and option They have been widely used for hundreds of years in international market such as stock market, commodity market, foreign exchange market … Speculators use them to implement their arbitrage transactions to gain profit in financial market However, the most important effect of financial derivatives is hedging risks – fluctuant changing in prices of goods In the foreign exchange market, this effect is more important to prevent investors from the rate’s volatility Firstly, this thesis analyzes risks derived from forex market, and the importance of forex risks management Then it aims to explain why derivatives have not implied widely in Vietnam yet, and how to encourage this kind of financial instruments as new banking services in Vietnam banks – especially in Vietinbank BariaVungtau branch The current Vietnamese foreign exchange market will be generally demonstrated, giving its changes affected by outside factors and its influences on local import-export businesses Then some conditions for development of derivative instruments for hedging foreign exchange rate in Vietnam are analyzed in detail, LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives Therefore, a modern technology is necessary in order to support Vietinbank to calculate technical parameters from historical data, which outlines trends of foreign exchange rate movement This is also an effective supporting tool to help staff to predict the future movement of forex, thereby making appropriate business strategy 4.3 Limitation of study and suggestion for further ones This study aims to develop financial derivatives as a new banking service in Vietinbank Baria Vungtau branch In general, the sample is collected within Baria Vungtau branch, the companies interviewed are almost Vietinbank’s customers, their opinions can not fully represent for all companies Economic experts’ ideas also contribute to make this study better The questionnaire should be designed more specific and appropriate to each subject as importer, exporter and banker Information from different sides will give more truthful opinions about this theoretical problem Moreover, the study is implemented in the context that Vietnam forex market is stable because of government’s intervention The interbank rate is appreciated to 18.900 VND/USD, which makes the stated rate closer to unofficial one Besides, Vietnam large groups are requested to sell USD to SBV under a prior USD purchase commitment Therefore, the results collected from questionnaires were not correctly reflected the right period A specific study can not be presented to interpret the correlation between economic elements and customers’ demand for derivatives A further one might be applied to cover more factors which directly or indirectly affect to foreign exchange rate, so this will help banker create marketing strategy for new banking services One more suggestion would be to develop several case studies with examples of foreign banks in developed or developing countries Learning in launching hedging instruments from the predecessors would be helpfull for Vietinbank in particular, Vietnam banks in general to establish a suitable strategic product development efficiently and sustainablv 64 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives 4.4 Conclusion With the goal of becoming the most modern financial banking group in Vietnam and international, Vietinbank has gradually assessed and diversified many types of banking products and services in order to satisfy customers better Modern banking products nowadays could not only bring added value to clients, but also help them predict and hedge risks in future Derivatives are widely applied on global fields, including commodity market, stock market, financial market, and forex market The main advantage of developed foreign exchange derivatives market is the ability of both foreign investors and domestic businesses to hedge currency risk In Vietnam, financial derivatives are still infant; they have already been applied as tool to cope with monetary policy, not for risk management The purpose of the thesis is to find out what factors can help Vietinbank Baria Vungtau branch develop financial derivatives as forex risk management tool Import – export companies often claim that fluctuate movement of foreign exchange rate in recent times drastically affected their operations, so forex risk management is very important Yet the companies are confident to rely on their own resources, and find it inconvenient to use financial derivatives for many reasons: useless, complex in accounting, inefficient, etc However, the main reason for this trend is that there is large amount of money transferred under table to a small group who has right to decide if derivatives are chosen On the other hand, it is difficult to break the habit that consider rate between VND/USD to be stable, and applying management is not optimal For these reasons and other subjective factors, Vietinbank Baria Vungtau branch should continue to work with its clients in consulting and promoting these financial products Derivatives can be expected to become more popular in the future when Vietnam becomes an open economy with increasing trade, growing industry and developing financial markets 65 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives REFERENCES: Federal Reserve Bank of ST.Louis, “Central Bank Intervention and Exchange Rate volatility, Its continuous and Jump Components”, May 2006 (http://research stlouisfed.org/wp/2006/2006-031.pdf Frederic S.Mishkin, “The economics of Money, Banking and Financial Markets, Columbia University”, 7th edition Ghassem A Homaifar, “Managing global Financial and Foreign exchange rate risk”, John Wiley & Sons, Inc, 2004 Jacques, L., “Management of foreign exchange risk: a review article”, Journal of International Business Studies, Volume 12, Issue 1, Tenth Anniversary Special Issue (Spring – Summer, 1981), 81-101 Mantas Jonuška Indrė Samėnaitė, “Foreign Exchange Risk Management in Lithuanian Companies: The use of currency derivatives”, Thesis of Stockholm School of Economics in Riga, 2003 Randall Dodd, “Derivatives Markets: Sources of Vulnerability in U.S Financial Markets”, Derivatives Study Center, 2001 (update 2004) Tu Nhu Phong, “Foreign Exchange Market and Interest Parity condition – A case study of Vietnam”, Master Thesis Netherlands Project for Master’s Degree in Development Economics, Hanoi 2007 Vuong Quan Hoang, “Essay on Vietnam’s Financial Reforms: Foreign exchange statistics and evidence of long-rum equilibrium”, Hanoi-Bruxelles, 2003 William Zikmund, “Business Research Methods”, Oklahome State University, 1997, Fifth edition 10 “Risk Management of Financial Derivatives”, Comptroller’s Handbook, 1997 66 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives Newspapers, Magazines and Internet “Vietnam’s Socio-Economic situation – Happenings and comments”, Central Institute for Economic Management, Centre for Information and Documentation, No 8-2009 The Banking Magazines The Saigon Times weekly The Vietnam News http://www.bloomberg.com http://www.gso.gov.vn http://www.kitco.com http://www.nytimes.com http://www.sbv.org.vn 10 http://www.vietinbank.vn 67 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives APPENDIX 1: FIGURES FROM CHARTS Chart 3.1: Density inward of foreign currencies 2008 (%) 2009 (%) USD 54 51 EUR 36 29 JPY SGD Other 10 Source: GSO and calculated by author Chart 3.3: Import – Export turnover in Baria Vungtau province Unit: million USD 2005 2006 2007 2008 2009 Export 453 601 765 920 900 Import 496 535 976 1,171 832 Source: Statistics office – Baria Vungtau Chart 3.4: Volume of USD trading in Vietinbank Baria Vungtau branch Unit: thousand USD 2005 2006 2007 2008 2009 Buy 35,462 29,123 46,326 70,995 37,015 Sell 15,382 11,749 29,831 52,761 36,212 Source: Vietinbank Baria Vungtau branch 68 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives Chart 3.5: USD transferred to Vietinbank from exporters (Inward) and demand for USD from importers Unit: thousand USD USD Outward USD Inward 2005 2006 2007 2008 2009 9,310 10,341 17,321 27,264 18,596 21,956 25,839 42,341 62,795 36,787 Source: Vietinbank Baria Vungtau branch Chart 3.6: Derivatives trading in Baria Vungtau province Unit: thousand USD 2007 Vietinbank BRVT Other banks 1,031 2008 2009 637 2,167 9,100 38,721 Source: Statistics office – Baria Vungtau 69 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives APPENDIX 2: QUESTIONNAIRE Dear Sir / Madam, My name Luc Thao Phuong Ha, participant of Banking, Faculty of Post-graduate training Course 16, University of Economics Hochiminh City I am making an investigation about import – export businesses’ demand for financial derivatives in order to hedge foreign exchange rate risk in BariaVungtau province Please fill in this questionnaire under your opinions in order to supply information for my research Your help is hightly appreciated Company Profile (Thông tin chung Quý công ty) In what business sector does your company operate? (Quý công ty hoạt động lĩnh vực nào?) Seafood (thuỷ hải sản) Customer services (Dịch vụ) Consumer goods (Hàng tiêu dùng) Oil and gas (Dầu khí + Gas) Finance (tài chính) Healthcare (dịch vụ y tế) Technology (Ngành kỹ thuật) Others (khác) How long has your business been established? (Quý Công ty thành lập năm?) Less than years (Ít năm) – 10 years (từ – 10 năm) – years (từ đến năm) More than 10 years (Hơn 10 năm) What is your position in your business? Owner (Chủ doanh nghiệp) Chief accountant (kế toán trưởng) Manager (Giám đốc) Other, please specify ………… How much does the company’s yearly export/ import turnover? (Doanh số xuất nhập bình qn hàng năm Q cơng ty bao nhiêu? Less than million USD (dưới triệu USD) Less than 10 million USD (dưới 10 triệu USD) Less than 30 million USD (dưới 30 triệu USD) Less than 50 million USD (dưới 50 triệu USD) More than 50 million USD (trên 50 triệu USD) 70 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives What are your major export/ import markets? (Thị trường xuất nhập chủ yếu Qúy công ty?) America (Châu Mỹ) Europe (Châu Âu) Asia (Châu Á) Others (Các nước khác) Which is the major currency used for your international trade? (Đồng tiền sử dụng chủ yếu hoạt động thương mại quốc tế Quý ngài? USD EUR JPY GBP Other The company’s review of the evolution of forex market in the recent past and the importance of forex risk management (Nhận định Quý ngài diễn biến thị trường ngoại tệ thời gian qua tầm quan trọng việc quản lý rủi ro tỷ giá) (Please indicate the group, with the agreeing with each statement, the highest rate being ‘1’ and the lowest one ‘5’ Với câu phần này, vui lòng đánh dấu từ hoàn toàn đồng ý với mức độ giảm dần tới không đồng ý) Last time, import / export trading of your company have been drastically affected by the unexpected exchange rate movement (Trong thời gian qua, biến động tỷ giá ngoại tệ tác động mạnh đến hoạt động xuất nhập Quý công ty) The exchange rate has negative impact on your company’s profit last year (Tỷ giá ngoại tệ làm giảm lợi nhuận công ty bạn) The company always finds the movement of exchange rate traded in unofficial market and global forex market (Quý ngài thường xuyên tìm hiểu diễn biến tỷ giá thị trường tự thị trường giới thời gian qua) 10 Government’s exchange rate policy is one of your main concerns in managements (Chính sách tỷ giá Nhà nước mối quan tâm Quý công ty công tác điều hành) 11 The company frequently pays attention to international economic events and the macroeconomic policy of Vietnam government (Quý công ty thường xuyên theo dõi biến động kinh tế giới sách vĩ mô Nhà nước.) 71 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives 12 Nowadays, there is a high spread between the official and black exchange rate (Quý công ty cho có khác biệt tỷ giá niêm yết Ngân hàng tỷ giá giao dịch thị trường phi thức) 13 Does the company reckon that official foreign exchange rate (stated by State Bank) comply with global forex market’s one? (Q cơng ty có cho tỷ giá niêm yết thức Việt Nam có phù hợp với thị trường ngoại tệ giới không?) 14 In the recent time, the forex market has been continuously changing, yet you find it easy to forecast the exchange rate in the future (Mặc dù gần thị trường ngoại liên tục biến động, khơng khó đoán xu hướng tỷ giá tương lai.) 15 Was the company refused to buy/ sell foreign currency at official rate by commercial banks last time? (Thời gian qua, quý ngài có bị ngân hàng từ chối mua bán ngoại tệ theo giá niêm yết để tốn khơng? 16 Had the company ever been forced to buy/ sell foreign currency with the much more unprofitable rate than that was stated in 2008? (Q cơng ty có bị buộc mua / bán ngoại tệ với tỷ giá bất lợi nhiều so với tỷ giá niêm yết thức ngân hàng khơng?) 17 Had the company been bidden large gap of exchange differences among commercial banks last year? (Các ngân hàng có đề nghị mua ngoại tệ Quý ngài với mức chênh lệch tỷ giá – tương đối lớn - khác không?) 18 The company believes that foreign exchange management is important? (Quý ngài có nghĩ việc quản lý tỷ giá vấn đề quan trọng không?) The company’s studying about derivatives in term of forex risk management Tìm hiểu cơng cụ phái sinh việc quản lý rủi ro tỷ giá 19 The company has ever thought about a way to hedge foreign exchange risks 72 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives (Quý ngài nghĩ đến việc áp dụng biện pháp để phòng ngừa rủi ro tỷ giá) 20 You have ever heard about any kind of financial derivatives: forward, future, option and swap (Quý ngài nghe qua số sản phẩm phái sinh tài hợp đồng kỳ hạn, tương lai, quyền chọn hay hoán đổi) 21 The company has been learning about the utility of financial derivatives? (Bạn tìm hiểu tiện ích sản phẩm phái sinh đề cập trên) 22 Has the company thought that financial derivatives were a game of chance? (Quý cơng ty có cho sản phẩm phái sinh trị chơi may rủi khơng?) 23 Has the company intended in any course/ class specializing in management risk in Baria Vungtau Province? (Quý ngài tham gia khóa học chuyên ngành quản lý rủi ro tỷ giá BRVT hay chưa? Yes (có) No (khơng) 24 The company has foreign exchange department / person that is responsible for foreign exchange (Quý công ty thành lập phận kinh doanh ngoại tệ /có chuyên viên phụ trách kinh doanh ngoại tệ) Yes (có) No (khơng) 25 Has the company been introduced about banking services for hedging exchange rate by any banks in Baria Vungtau province? (Q cơng ty có nghe giới thiệu loại hình dịch vụ ngân hàng nhằm phòng ngừa rủi ro tỷ giá Bà Rịa Vũng Tàu khơng?) Yes (có) No (khơng) If no, please go to the question No 27 26 If yes, has the company used these hedging risk’s services? (Nếu có, Q cơng ty có sử dụng sản phẩm khơng?) Yes (có) No (khơng) If no, please show the reason (Nếu không, xin cho biết nguyên nhân): Unnecessary (Không cần thiết) Inefficient (Không hiệu quả) Complex (Phức tạp) Other (Lý khác) 73 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives 27 So, does the company have another measure to hedge exchange rate risk yourself? (Vậy, Quý ngài có sử dụng biện pháp khác để ngăn ngừa rủi ro tỷ giá khơng?) Yes (có) No (khơng) Foreign exchange trading between business and commercial banks 28 In situation of shortage of foreign exchange (USD), how can the company buy USD to pay for import contracts? (Với tình trạng khan ngoại tệ nay, Quý công ty mua ngoại tệ cách nào?) Ask your bank (Thông qua Ngân hàng) Looking for export – enterprises by yourself (Tự tìm khách hàng có nguồn ngoại tệ) Through other relationships (Nhờ đến mối quan hệ khác) On unofficial forex market (Trên thị trường chợ đen) Other, please specify (Cách khác, vui lịng nêu ví dụ) 29 In recent times, it is said that “There is an unofficial forex market in banking system” In your opinion, what is the role of each subject (importers, exporters, bankers) in this market? (Gần đây, có thơng tin cho thị trường ngoại tệ chợ đen xuất hệ thống ngân hàng Theo ý kiến Quý ngài, vai trò chủ thể (nhà nhập khầu, nhà xuất khẩu, ngân hàng) thị trường gì? Importers and exporters themselves contact with each other, and bankers play a intermediate role of entering in their accounts (Nhà nhập xuất khầu tự thỏa thuận giá, ngân hàng đóng vai trị trung gian hạch toán túy) Bankers take a role as broker, buying USD from exporters and selling USD to importers with higher rate (Ngân hàng đóng vai trị môi giới, mua ngoại tệ từ nhà xuất bán lại với giá cao hơn) There is no unofficial forex market We can buy / sell USD with baking stated rate at any time we want (Khơng có thị trường chợ đen Chúng tơi mua USD với giá niêm yết lúc nào) Other, please specify If choosing answer (2), please show your mind who are benefit from difference between selling and buying rate? (Nếu Quý ngài chọn câu 2, vui lòng cho biết ý kiến Quý ngài số chênh lệch tỷ giá mua bán thuộc ai?) Banks’ profit (Lợi nhuận ngân hàng) Brokers who are responsible for forex dealing (Nhân viên phụ trách kinh doanh ngoại tệ) Other, please specify (Khác, vui lòng nêu ý kiến) 74 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives APPENDIX 3: QUESTIONNAIRE’S RESULT Total number of respondents: 129 Number of invalid respondents: Number of valid respondents: Q Q1 Q2 Code Frq (%) Frq 56 43.75 14 10.94 128 Q3 (%) Q4 (%) 5.47 28 21.88 35 27.34 27 21.09 122 95.31 21 16.41 30 23.44 48 37.50 63 49.22 5.47 48 37.50 45 35.16 28 21.88 38 29.69 21 16.41 52 40.63 25 19.53 12 9.38 7.03 3.91 13 10.16 4.69 1.56 Code (%) Frq Q6 Frq Questions Frq Q5 (%) Totally agree Frq (%) 4.69 Totally disagree 41 32% 29 22.7% 21 16.4% Q7 Im – Ex trading have been affected by unexpected exchange rate movement 25 19.5% 12 9.4% Q8 21 33 31 34 The exchange rate has negative 16.4% 25.8% 24.2% 26.6% impact on companies’ turnover 7.0% Q9 The company always fines the 34 24 movement of exchange rate traded 26.6% 18.8% in unofficial and global markets 23 18% 42 32.8% 3.9% Q10 Government’s exchange rate policy 27 21 is one of your main concerns in 21.1% 16.4% management 32 25% 37 28.9% 11 8.6% 75 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives Q11 The company always pays attention 27 35 29 29 to international economic events 21.1% 27.3% 22.7% 22.7% and the macroeconomic policy of Vietnam Government 6.2% Q12 54 17 19 27 There is a high spread between the 42.2% 13.3% 14.8% 21.1% official and black exchange rate 11 8.6% Q13 The official rate complies with global forex market 20 15.6% Q14 14 30 24 42 18 It is not difficult to forecast the 10.9% 23.4% 18.8% 32.8% 14.1% exchange rate in future Q15 You have been refused to buy/ sell 44 45 17 19 foreign currency at the stated rate 34.4% 35.2% 13.3% 14.8% by commercial banks 2.3% Q16 You had to buy / sell foreign 49 currency at much more unprofitable rate than that was 38.3% stated last time Q17 5.5% 6.2% 28 21.9% 13 10.2% 19 14.8% 4.7% There is a large gap of exchange 50 15 rate bidden among commercial 39.1% 11.7% banks 23 18% 31 24.2% 7% Q18 Foreign rate important 1.6% 21 16.4% 3.9% Q19 The company has ever thought 34 49 24 about a way to hedge foreign 26.6% 38.3% 18.8% exchange risks 11 8.6% 10 7.8% Q20 36 33 25 19 15 You have ever heard about any 28.1% 25.8% 19.5% 14.8% 11.7% kind of financial derivatives Q21 The company has been learning 25 15 29 44 15 about the utility of financial 19.5% 11.7% 22.7% 34.4% 11.7% derivatives Q22 Derivatives are game of chance Q23 The company has attended in a 14 class specializing in management 10.9% risk in BRVT province - 114 89.1% Q24 There is foreign exchange 74 department or staff that is 57.8% responsible for forex - 54 42.2% management is 77 60.2% 35 27.3% 41 32% 65 50.8% 23 18% 30 23.4% 30 23.4% 15 11.7% 18 14.1% 76 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Financial derivatives Q25 Banking services for hedging forex 72 risk are introduced in BRVT 56.2% province If ‘Yes’ go to Q 26 - 56 43.8% Q26 20 The company has used this kind of 15.6% services, - 52 40.6% Q26b The reason why you not use it 75 answer ‘Yes’ 15 11.7% 21 16.4% 12 9.4% Q27 62 Does the company have another 48.4% measure to hedge forex risks? Q28 59 40 20 How can the company buy USD to 46.1% 31.2% 15.6% pay for import contracts? Q29 The role of importers, exporters 52 71 and bankers on unofficial forex 40.6% 55.5% market? In case bankers as brokers, who is 22 49 Q29b benefit from difference of buy-sell 17.2% 38.3% exchange rate? 3.9% Missing 4, 3.1% 3.9% 53 41.4% 62 48.4% 5.5% 1.6% - - Mising 57, 44.7% 77 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com University of Economics HCMC (UEH) Master of Banking Master’s Thesis: FINANCIAL DERIVATIVES EFFECTIVE INSTRUMENT TO HEDGE FOREIGN EXCHANGE RATE RISK IN VIETINBANK BARIA VUNGTAU BRANCH A The rationale of the thesis With the practice that import – export enterprises have faced with the foreign exchange rate risk in international trading, especially in the period of time from 2007 to now, it requires a new banking instruments to help them hedge against this kind of risk Derivatives, which are hoped to use as managerial instrument in forex trading, are however rarely used in Vietnam as well as BariaVungtau branch The good knowledge of derivatives and perception of reasons why it not popularly liked to use are solid foundations for Vietinbank Baria Vungtau branch to develop financial derivatives in coming years B Thesis’s importance, contribution - The thesis aims to learn about risks encountered in international trading in terms of foreign currency by import – export firms in Baria Vungtau province - The thesis studies the necessity of forex risk hedging and find out which factors cause rare use of derivatives from import – export enterprises in Baria Vungtau province - The thesis presents perception of foreign currency exposure management and derivatives’ products and services provided by Vietinbank Baria Vungtau branch to its customers - The thesis also suggests recommendations for developing financial derivatives that Vietinbank Baria Vungtau branch can apply in order to consolidate its’ competitiveness LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com ... currency risk; whether it is necessary to apply the financial derivatives instrument for hedging risk and how Vietinbank BRVT can to introduce new financial banking instruments to their customers... correctly they can be risky Financial derivatives are so effective in reducing risk because they enable financial institutions to hedge risks – involving engaging in a financial transaction that... trading in the international market There are many kinds of financial instruments used to risk management, in which financial derivatives have been most popularly used in hedging Financial derivatives
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