(Luận văn) the data envelopment analysis model, evaluating the efficiency of vietnamese commercial banks

t to Ministry of Education and Training University of Economics HoChiMinh City ng hi ep w n lo ad ju y th yi pl NGUYEN THI HONG VINH n ua al n va fu ll THE DATA ENVELOPMENT ANALYSIS MODEL: oi m at nh EVALUATING THE EFFICIENCY OF z VIETNAMESE COMMERCIAL BANKS z k jm ht vb om l.c gm MASTER THESIS IN ECONOMICS n a Lu n va y te re Supervisor: PROFESSOR DR PHAM VAN NANG th HoChiMinh City – 2011 t to Ministry of Education and Training University of Economics HoChiMinh City ng hi ep w n lo ad NGUYEN THI HONG VINH ju y th yi pl ua al THE DATA ENVELOPMENT ANALYSIS MODEL: n EVALUATING THE EFFICIENCY OF n va ll fu VIETNAMESE COMMERCIAL BANKS oi m nh Banking and Finance at Major: z jm ht vb 60.31.12 z Major code: k MASTER THESIS IN ECONOMICS om l.c gm a Lu Supervisor: PROFESSOR DR PHAM VAN NANG n n va y te re HoChiMinh City – 2011 th i t to ng hi ep Acknowledgement w First and foremost, I offer my sincerest gratitude to my supervisor, Professor Dr n lo Pham Van Nang for his continuous support during my research, for his patience, ad motivation, enthusiasm, and immense knowledge His guidance helped me in all the y th ju time of research and writing of this thesis I could not have imagined having a better yi advisor and mentor for my Master study pl al n ua I gratefully acknowledge all the members of the proposal examination committee n va for their valuable comments and constructive suggestions ll fu I would like to express my sincere gratitude to all instructors and staff at Faculty of oi m Banking and Postgraduate Faculty, University of Econimics HoChiMinh City for their at nh support and the valuable knowledge during my study in UEH z z My special gratitude is extended to my English teacher, Mr Paul Scott, for his vb grammatical proofreading of the Thesis draft I am much indebted to Mr Scott for his ht k jm precious time to read this thesis and gave his critical comments about it gm It is a pleasure to pay tribute also to the Dr Le Phan Thi Dieu Thao and my for offering me opportunity to study and finish the Master course om l.c colleagues at the International banking faculty, University of Banking Hochiminh City a Lu n Lastly and most importantly, I wish to thank my beloved parents, and my fiancé, va Ho Xuan Hien Also, I give thanks to the one above all of us, the omnipresent Father n y te re for His endless love and spiritual support during the completion of this project th ii t to ng hi Abstract ep w n The thesis investigates the efficiency of a sample of Vietnamese commercial lo ad banks for the period of 2007-2009, by using the Data Envelopment Analysis (DEA) y th approach After analyzing, the research concludes that the technical efficiency of these ju banks was, on average, increasing from 0.683 in 2007 to 0.864 in 2009 yi pl It was also found that the average cost efficiency of the sampled banks was 53.7 al ua percent, and the average annual growth of the Malmquist index was negative 2.6 n percent over the study period; however, there is still an opportunity to improve this va n indicator The results presented in the thesis will be helpful to bank managers in ll fu identifying their banks‟ efficiency performance and the underlying reasons for their m oi successes or failures It will also help banks in strategic planning, and help policy at nh makers in their attempts to improve the overall efficiency of the banking industry and z identify the need for reforms of the domestic banks z vb k Vietnam jm ht KEY WORDS: Data Envelopment Analysis (DEA), efficiency, commercial banks, om l.c gm n a Lu n va y te re th iii t to ng hi ep Table of Contents w n lo Acknowledgement ad ju y th Abstract ii Table of Contents iii yi pl List of Tables vi ua al List of Figures vii n va Abbreviations viii n fu ll Chapter 1: Introduction to the study m Introduction 1.2 Research background oi 1.1 at nh z z 1.2.1 Rationale of the study vb Research objectives and questions k 1.3 jm ht 1.2.2 Overview of the Vietnamese banking system gm Research objectives 1.3.2 Research questions om l.c 1.3.1 Scope and Limitation 1.5 Research method 1.6 Implications of research 1.7 Structure of the study n a Lu 1.4 n va Introduction 11 th 2.1 y te re Chapter 2: Literature Review 11 iv t to ng 2.2 Commercial banks 11 hi ep w Definition of commercial banks 11 2.2.2 Function of commercial banks 13 2.2.3 Major factors affecting commercial banks‟ performance 14 n 2.2.1 lo ad 2.3.1 ju y th 2.3 Efficiency and factors affecting efficiency of commercial banks 16 2.3.2 Main factors affecting efficiency of commercial banks 17 yi Efficiency 16 pl ua al n 2.4 The measurement of efficiency of Commercial banks 19 va n 2.4.1 Efficiency analysis by the traditional method of financial indicators 19 fu ll 2.4.2 Efficiency analysis by parametric frontier efficiency approach 21 m oi 2.4.3 Efficiency analysis by Non-parametric approach (DEA) 22 nh at 2.5 Literature review on measuring efficiency of banking system in Vietnam 25 z z 2.6 Summary 26 vb jm ht Chapter 3: Research methodology 27 k 3.1 Introduction 27 gm 3.2 Research design 27 l.c om 3.3 Descriptions of Data Sample and Variables 29 n a Lu 3.3.1 Characteristics of Research Sample on the Vietnamese banks 29 n va 3.3.2 Description of Variables 30 3.5 Conclusion 43 4.1 Introduction 44 th Chapter 4: Empirical results of the research 44 y te re 3.4 Data analysis techniques 33 v t to ng 4.2 Descriptive Statistics 44 hi ep 4.3 Analysis of Efficiency Estimates 46 w 4.4 Productivity Improvement with Malmquist index 53 n lo 4.5 Conclusion 56 ad ju y th Chapter 5: Conclusion and suggestion 57 Introduction 57 5.2 Conclusions from the research questions 57 yi 5.1 pl ua al n 5.2.1 Conclusions related to the first question 57 va n 5.2.2 Conclusions related to the second question 59 fu Recommendations of the research study 60 ll 5.3 m oi 5.3.1 Recommendations for Vietnamese commercial banks 60 nh at 5.3.2 Recommendations for State Banks of Vietnam 63 z z 5.3.3 Recommendations for Government 64 vb Contributions of the research findings 65 jm ht 5.4 k 5.4.1 Theoretical contribution 65 gm 5.4.2 Methodological contribution 66 l.c Implications of the research 66 5.6 Limitations of the research and further research 67 5.7 Conclusion 68 om 5.5 n a Lu n va Appedix xii y te re References ix th vi t to ng hi ep List of Tables w Table 1.1 Number of commercial banks in Vietnam, 2007-2009 n lo Table 1.2 Some developments of Vietnamese banking system (2007-2009) ad Table 3.1 Sample of Vietnamese banks 29 y th ju Table 4.1: Summary of Variables on Vietnamse commercial banks, 2007 -2009 45 yi Table 4.2: Technical efficiency of commercial banks, 2007-2009 47 pl ua al Table 4.3: Summary of Estimated Efficiency Measures, 2007-2009 49 Table 4.4: Estimated Efficiency Scores for Individual Banks, 2007 -2009 50 n n va Table 4.5 Number of banks with DRS, IRS, and Cons, 2007-2009 53 ll fu Table 4.6: Malmquist Index summary of Annual Means 54 oi m Table 4.7 Malmquist Index Summary of Individual Commercial Bank Means, 2007 - at nh 2009 55 z z k jm ht vb om l.c gm n a Lu n va y te re th vii t to ng hi List of Figures ep Figure 3.1 Research process 28 w n Figure 3.2 Relationship between input-output factors and efficiency of commercial lo ad banks 33 y th Figure 3.3: Technical and Allocative Efficiencies 34 ju Figure 3.4: Technical and Allocative Efficiencies from an Output Orientation 35 yi pl Figure 3.5: Efficiency Measurement and Input Slacks 38 ua al Figure 3.6: Calculation of Scale Economies in DEA 40 n Figure 4.1 Trend of interest income and non-interest incomes, 2007-2009 46 va n Figure 5.1 The results of TE, PE, SE, AE, CE of 22 Vietnam commercial banks, 2007 - ll fu 2009 58 oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th viii t to ng hi Abbreviations ep w DMU Decision Making Unit CRS Constant Returns to Scale Model VRS Variable Returns to Scale Model n Data envelopment Analysis lo DEA ad y th Pure technical efficiency change n ua Scale efficiency change va Total factor productivity change n tfpch al sech Technological change pl pech yi techch Technical efficiency change ju effch fu Allocative efficiency TE Technical efficiency CE Cost efficiency PE Pure technical efficiency SE Scale efficiency TFP Total factor productivity irs Increasing returns to scale drs Decreasing returns to scale cons Constant returns to scale EPS Earnings Per Share ROA Return On Assets ratio ROE Return On Equity ratio JOCB Joint-stock commercial banks SOCB State-owned commercial banks ll AE oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th 67 t to ng Envelopment Analysis (DEA) with system model, we can explore and report hi ep meaningful results for bank managers This paper can help them to understand their own bank‟s efficiency compared to others, and understand the reasons for their banks‟ w n inefficient performances - and how to improve it lo ad The author also hope that the findings encourage the Vietnamese government to ju y th make suitable policies to improve banks‟ efficiency in the right direction, especially in the context of the world financial crisis of recent years and its effects on banking sector yi pl in Vietnam ua al In summary, measuring banks‟ efficiency by DEA is not only a valuable tool for n bank executives, but also for other finance industry executives who evaluate their n va performance efforts ll fu Limitations of the research and further research oi m 5.6 The study has some limitations This paper presented an analysis on the efficiency nh at of only 22 Vietnamese commercial banks, in the period of 2007-2009, using the Data z z Envelopment Analysis (DEA) approach The data was collected through Annual vb Reports of these banks in three major inputs (labor, capital, and deposits), and two ht k jm major outputs (interest incomes and other incomes) With a bigger sample size and gm better range from which to choose input and output factors (compare to previous researches), the study will bring a clearer and deeper analysis on the Vietnamese om l.c banking system (in term of efficiency) with more recent information a Lu This study also estimates nonparametric Malmquist TFP indexes and its components for Vietnamese commercial banks in the sample period 2007-2009 We n n va found that there is a decreasing trend in productivity Obviously, more detailed s tudies banks and with branches in Vietnam, or with foreign banks in other countries in the th branching Future research on cross-sectional aspects, such as comparing with foreign y the industry during recent years, especially in terms of network expansion and te re are needed to explain the decreasing trend; one possible factor is the rapid expansion of 68 t to ng Southeast Asia, or by comparing with the efficiency in other industries within the hi ep country, will still be very important and it will help to fill the gap of the research w 5.7 Conclusion n lo The study examined several efficiency measures and productivity changes in the ad Vietnamese commercial banks, during the period 2007–2009, using a Data y th Envelopment Analysis (DEA) approach Data from 22 banks was used for this purpose ju yi The analysis results indicated that the banks‟ cost efficiency average was 53.7% The pl ua al sources of inefficiency of the sampled banks were found to be derived from both allocative (regulatory) and technical (managerial capacity) problems, in which the n n va technical inefficiency score was lower than the allocative inefficiency score over the ll fu study period Significant allocative inefficiency showed that the Vietnamese oi m commercial banks were unable to use the input mix properly The study also analyzed the changes in total factor productivity (TFP) among nh at these sampled banks We found that the average annual growth of the Malmquist index z z was negative 2.5% over the study period These findings might help bank managers to ht vb understand the underlying reasons for their banks‟ efficiency performances k jm Moreover, the research could also help policy makers to establish more gm comprehensive policy settings for promoting further development of the banking industry in Vietnam The results of this research contribute complementarily to the l.c om literature on banks‟ efficiency on the world The research is a reference for researchers, banks‟ efficiency n a Lu lecturers, and students in marketing and management, in Vietnam , and in the world of y te re in the banking sector in particular, but also the other social sciences n va Finally, the present study could be a reference of research methodology, not only th ix t to ng References hi ep Arthur O‟Sullivan, Steven M Sheffrin (2007) Economics: Principles in action Upper Saddle River, New Jersey 07458: Pearson Prentice Hall, pp.15 w n lo Banker, R D., & Maindiratta, A (1988) Nonparametric Analysis of Technical and Allocative Efficiencies in Production Econometrica, p.56 ad y th ju Banker, R.D, A Charmens, and W W Cooper (1984), "Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis", Management Science 30, pp 1078 - 1092 yi pl al n ua Benton E.Gup, James W.Kolari,(2005), Commercial banking textbook, the Management of Risk, John Wiley and Sons, Inc va n Berger, A and Mester, L (1997), "Inside the black box: what explains differences in the effciencies of fnancial institutions?", Journal of Banking and Finance, 21,pp 895-947 ll fu oi m at nh Berger, A.N, G.A Hanweck, and D.B Humphrey (1987), "Competitive Viability in Banking: Scale, Scope, and Product Mix Economies", Journal of Monetary Economics, 20, pp 501 - 520 z z vb k jm ht Berger, A.N and D.B Humphrey (1997), "Efficiency of Financial Institutions: International Survey and Directions for Future Research", European Journal of Operational Research, 98, pp 175-212 gm om l.c Charnes, A., W.W Cooper, and E Rhodes (1978), "Measuring the Efficiency, of Decision Making Units", European Journal of Operational Research, 2, pp 429 444 n a Lu n va Coelli, T (1996), A guide to DEAP version 2.1: A data envelopment analysis (computer) program, CEPA Working paper, University of New England, http://www.une.edu.au/econometrics/cepawp.htm th Commercial Banking for 1935–1991: A Latent Variable Approach Using the Kalman y Daniels, K D., and N Tirtiroglu 1998 “Total Factor Productivity Growth in the U.S te re Coelli, T.; D S P Rao; and G E Battese 1998 An Introduction to Efficiency and Productivity Analysis Boston, MA: Kluwer Academic Publishers x t to Filter.” Journal of Financial Services Research vol 13, issue 2: 119–135 ng hi ep De Young, R., and D Nolle (1996), "Foreign - owned Banks in the U.S: Earning market Share of Buying it?", journal of Money, Credit, and Banking, 28, pp 622 636 w n Drake, L., and M Hall 2003 “Efficiency in Japanese Banking: An Empirical Analysis.” Journal of Banking and Finance 27, no 5: 891–917 lo ad ju y th Elyasiani, E., and S M Mehdian 1990 “A Nonparametric Approach to Measurement of Efficiency and Technological Change: The Case of Large U.S Commercial Banks.” Journal of Financial Services Research vol 4, no 2: 157– 168 yi pl ua al n Farrell, M (1957), “The measurement of productive efficiency”, Journal of the Royal Statistical Society Series A (General) 120(3), 253-290 n va ll fu Hall, R E., & Lieberman, M (2006) Microeconomics: Principles and Applications (3rd ed.): Thomson South-Western oi m at nh Le, K N (2006) Sequencing banking reforms in transition economies: Vietnam Discussion paper Washington State University Retrieved from http://lknlit1.googlepages.com/2007-10-05-SBR_luu.pdf z z vb jm ht Miller, S.M., and A.G Noulas (1996), "The technical efficiency of large bank production", Journal of Banking & Finance, 20, pp 495-509 k Ngo, D T (2004) Financial liberalization progress in Vietnam – Reality and Solutions Master, University of Economics and Business, Vietnam National University, Hanoi om l.c gm n a Lu Ngo, D T (2009a) Financial liberalization in the Socialist oriented market economy in Vietnam In V D.Pham (Ed.), Socialist orientation in developing the market economy in Vietnam – Facts and solutions Hanoi: Vietnam National University Publishing House n va y th Nguyen, V H (2007) Measuring Efficiency Of Vietnamese Commercial Banks: An Application Of Data Envelopment Analysis (DEA) In K M Nguyen & T L Giang (Eds.), Technical Efficiency and Productivity Growth in Vietnam (pp 11) Hanoi: Publishing House of Social Labour te re Ngo, D T (2010b) Evaluating Vietnamese Commercial Banks Using Data Envelopment Analysis Approach (Vietnamese) SSRN eLibrary xi t to ng hi ep Nguyen, X Q and Bruno De Borger (2008), Bootstrapping efficiency and Malmquist productivity indices: An application to Vietnamese commercial banks, Asia-Pacific Productivity Conference 2008 Sealey, C & Lindley, J (1977), “Inputs, outputs and a theory of productio n and cost at depository financial institutions”, Journal of Finance 32, 1251-1266 w n lo ad Shephard, R W (1970), Theory of cost and production functions, Princeton University Press, Princeton, NJ y th ju Zikmund, W.G (1997) Business Research Methodology Fort Worth, TX: The Dryden Press yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th xii t to ng hi ep Appedix w Appedix 1: TE of the 22 Vietnamese commercial banks, CRS, 2007-2009 n lo ad no TE ABB ACB pl n ll fu oi m at nh z z k jm ht vb gm 0.667 0.658 0.717 0.853 0.606 0.886 0.805 0.747 0.886 0.884 0.642 0.921 0.633 0.833 0.738 0.648 0.767 0.929 0.655 0.902 0.494 0.577 0.742 0.749 0.748 0.929 0.494 0.127 n y te re th 0.752 0.919 0.997 0.909 0.821 0.628 1 0.724 0.763 0.744 0.848 1 0.787 0.953 0.394 0.768 0.825 0.873 0.864 1.000 0.394 0.164 va 0.644 0.622 0.565 0.65 0.535 0.659 0.564 0.848 0.664 0.574 0.56 0.8 0.653 0.611 0.796 0.545 0.498 0.531 0.678 0.700 0.696 1.000 0.498 0.179 n 0.606 0.434 0.59 0.463 0.788 0.677 0.811 0.987 0.627 0.595 0.85 0.561 0.334 0.504 0.466 0.707 0.591 0.431 0.722 0.674 0.683 1.000 0.334 0.218 AVERAGE (2007-2009) a Lu 2009 om 2008 l.c 2007 va MEAN TE all banks MAX MIN STDEV n BIDV EIB HBB HDB MB MHB MSB OCB SEAB SGB SHB PNB STB TCB VAB VIB VCB ICB VPB Mean TE SOCBs Mean TE JBCBs ua al VBARD yi 10 11 12 13 14 15 16 17 18 19 20 21 22 ju y th Bank's Name (ID) xiii t to ng hi Appedix 2: TE of the 22 Vietnamese commercial banks, VRS, 2007-2009 ep Year 2007 w n lo ad Bank ID crste vrste scale 0.606 0.752 0.806 irs 0.434 0.71 0.612 drs 0.59 0.59 drs 1 0.463 0.47 0.984 irs 1 0.788 0.788 irs 0.677 0.723 0.936 drs 0.811 0.816 0.993 irs 10 0.987 0.987 irs 11 0.627 0.738 0.85 irs 12 1 13 0.595 0.742 0.802 irs 14 0.85 0.85 irs 15 0.561 0.603 0.93 irs 16 0.334 0.51 0.654 drs 17 0.504 0.589 0.856 drs 18 1 19 0.466 0.468 0.997 irs 20 0.707 0.707 drs 21 0.591 0.934 0.633 drs 22 0.431 0.459 0.941 irs mean 0.683 0.796 0.86 std dev 0.215354 0.207508 0.142605 max 1 0.334 0.459 0.59 obs 22 22 22 Bank ID crste vrste scale 0.644 0.787 0.818 irs 0.622 0.622 drs 0.565 0.565 drs 0.65 0.65 drs 0.535 0.658 0.813 drs 0.659 0.691 0.954 irs 1 0.564 0.651 0.866 drs 0.848 0.848 drs 10 0.664 0.8 0.83 irs ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu Year 2008 n va y te re th xiv t to ng hi ep w n lo ad ju y th 11 12 13 14 15 16 17 18 19 20 21 22 yi pl 0.574 0.56 0.8 0.653 0.611 0.796 0.545 0.498 0.531 0.748 0.722 0.851 0.678 0.959 1 0.809 1 0.547 0.767 0.775 0.941 0.963 0.637 0.796 0.674 0.498 0.971 irs irs irs irs drs drs drs drs irs n va ll fu oi m at nh irs drs drs drs irs irs irs irs irs irs irs drs irs z z k jm ht vb om l.c gm n a Lu n va y te re th mean 0.696 0.859 0.818 0.171612 0.153238 0.155135 1 0.498 0.547 0.498 22 22 22 crste vrste scale 0.752 0.833 0.903 0.919 0.956 0.961 0.997 0.997 0.909 0.909 0.821 0.821 1 1 0.628 0.628 1 1 1 1 0.724 0.724 0.763 0.763 0.744 0.744 0.848 0.848 1 1 1 1 0.787 0.787 0.953 0.98 0.972 1 0.394 0.509 0.775 0.768 0.797 0.964 0.864 0.95 0.908 n 10 11 12 13 14 15 16 17 18 19 20 21 22 ua al Year 2009 mean std dev max obs Bank ID xv t to ng std dev max obs hi ep 0.158748 0.117343 0.117569 1 0.394 0.509 0.628 22 22 22 crste = technical efficiency from CRS vrste = technical efficiency from VRS scale =scale efficiency = crste/vrste Note also that all subsequence tables refer to VRS results Note: w n lo ad y th ju Appedix 3: MALMQUIST INDEX SUMMARY yi Results from DEAP Version 2.1 pl ua al year = crs te rel to tech in yr no ************************ n firm vrs va te n t t+1 ll fu t-1 0.000 0.463 0.380 0.544 0.000 1.000 0.762 1.000 0.000 0.788 0.587 1.000 0.000 0.677 0.748 0.780 0.000 0.811 0.582 0.879 10 0.000 0.987 0.503 1.000 11 0.000 0.627 0.450 0.675 12 0.000 1.000 0.905 1.000 13 0.000 0.595 0.457 0.642 14 0.000 0.850 1.153 1.000 15 0.000 0.561 0.594 0.619 16 0.000 0.334 0.220 0.625 17 0.000 0.504 0.438 0.694 th 1.000 y 2.008 te re 1.000 n 0.000 va n 1.000 a Lu 0.467 om 0.590 l.c 0.000 gm k 0.773 jm 0.334 ht 0.434 vb 0.000 z z 0.645 at 0.531 nh 0.606 oi 0.000 m xvi 1.000 1.931 1.000 19 0.000 0.466 0.350 0.655 20 0.000 0.707 0.660 1.000 0.000 0.591 0.514 0.940 0.431 0.394 0.500 ng 0.000 t to 18 hi ep 21 w n 0.000 0.683 0.680 0.817 ju y th year = ad mean 0.000 lo 22 crs te rel to tech in yr vrs no ************************ yi firm pl t+1 n ua t al t-1 te 0.896 0.644 1.138 0.701 0.726 0.622 1.138 0.669 0.565 1.030 1.000 0.981 0.650 0.925 1.000 0.630 0.535 0.918 0.752 0.974 0.659 1.318 0.762 1.219 1.000 2.167 1.000 0.701 0.564 0.974 0.748 1.181 0.848 1.331 1.000 10 1.361 0.664 1.222 0.749 11 0.800 0.574 1.020 0.621 12 2.048 1.000 2.323 1.000 13 0.759 0.560 0.987 0.578 14 0.718 0.800 1.354 0.821 15 0.854 0.653 1.171 0.717 16 0.710 0.611 1.179 0.966 17 0.811 0.796 1.440 1.000 18 0.876 1.000 2.031 1.000 19 0.829 0.545 1.130 0.891 va n 1.000 ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th xvii t to ng hi ep 20 0.886 1.000 0.939 1.000 21 0.724 0.498 0.894 1.000 22 0.740 0.531 0.955 0.685 w n 0.913 0.696 lo mean 1.254 0.863 ad ju y th year = crs te rel to tech in yr vrs no ************************ yi firm pl t+1 n ua t al t-1 te 0.446 0.752 0.000 0.786 0.557 0.919 0.000 0.554 0.997 0.000 1.000 0.741 0.909 0.000 1.000 0.516 0.821 0.000 0.830 0.553 1.000 0.000 1.000 0.339 0.628 0.000 1.000 1.294 1.000 0.000 1.000 0.650 1.000 0.000 1.000 10 0.923 1.000 0.000 1.000 11 0.424 0.724 0.000 1.000 12 0.407 0.763 0.000 1.000 13 0.420 0.744 0.000 1.000 14 0.610 0.848 0.000 1.000 15 0.597 1.000 0.000 1.000 16 0.513 1.000 0.000 1.000 17 0.662 1.000 0.000 1.000 18 0.495 0.787 0.000 1.000 19 0.683 0.953 0.000 0.972 va n 0.959 ll fu oi m at nh z z k jm ht vb om l.c gm n a Lu n va y te re th xviii t to ng hi ep 20 1.248 1.000 0.000 1.000 21 0.211 0.394 0.000 0.541 22 0.408 0.768 0.000 0.769 w n 0.602 lo mean 0.864 0.000 0.948 ad y th [Note that t-1 in year and t+1 in the final year are not defined] ju yi pl MALMQUIST INDEX SUMMARY sech tfpch va pech n firm effch techch ua al year = n 1.063 1.260 1.087 0.978 1.339 fu ll 1.431 1.233 1.293 1.106 1.764 at nh z 1.155 1.197 1.382 0.836 1.383 oi 0.650 0.867 1.000 0.650 0.563 m 0.957 1.224 1.000 0.957 1.171 z n va y te re 15 1.164 1.112 1.159 1.004 1.294 n 14 0.941 0.813 0.821 1.146 0.765 a Lu 13 0.940 1.329 0.900 1.045 1.250 om 12 1.000 1.505 1.000 1.000 1.505 l.c 11 0.916 1.393 0.920 0.995 1.275 gm 10 0.673 2.004 0.749 0.899 1.349 k 1.045 1.393 1.137 0.919 1.456 jm 0.833 1.060 0.958 0.869 0.883 ht 1.268 1.279 1.000 1.268 1.623 vb 0.659 1.392 0.762 0.865 0.917 17 1.577 1.083 1.440 1.095 1.709 18 1.000 0.673 1.000 1.000 0.673 th 16 1.832 1.328 1.545 1.186 2.434 xix t to 19 1.171 1.423 1.360 0.861 1.666 ng hi 20 1.415 0.974 1.000 1.415 1.378 ep 21 0.842 1.294 1.063 0.792 1.089 22 1.231 1.235 1.369 0.899 1.521 w n lo mean 1.043 1.201 1.067 0.977 1.252 ad ju y th year = pech sech tfpch yi firm effch techch pl 1.169 0.579 1.120 1.043 0.677 al n ua 1.479 0.575 0.959 1.542 0.851 va 1.767 0.552 1.000 1.767 0.975 n 1.399 0.757 1.000 1.399 1.058 fu ll 1.535 0.605 1.105 1.390 0.929 at nh z 1.774 0.866 1.337 1.326 1.536 oi 0.628 0.499 1.000 0.628 0.314 m 1.518 0.526 1.312 1.157 0.798 z n va y te re 18 0.787 0.556 1.000 0.787 0.438 n 17 1.257 0.605 1.000 1.257 0.760 a Lu 16 1.636 0.516 1.035 1.581 0.844 om 15 1.532 0.577 1.394 1.099 0.884 l.c 14 1.060 0.652 1.218 0.870 0.691 gm 13 1.329 0.566 1.731 0.768 0.752 k 12 0.763 0.479 1.000 0.763 0.366 jm 11 1.261 0.574 1.609 0.783 0.724 ht 10 1.505 0.709 1.336 1.126 1.066 vb 1.180 0.644 1.000 1.180 0.759 20 1.000 1.153 1.000 1.000 1.153 21 0.792 0.545 0.541 1.464 0.432 th 19 1.747 0.588 1.091 1.601 1.028 xx t to 22 1.446 0.543 1.122 1.289 0.786 ng hi ep mean 1.249 0.608 1.105 1.130 0.760 MALMQUIST INDEX SUMMARY OF ANNUAL MEANS w n lo year effch techch pech sech tfpch ad 1.043 1.201 1.067 0.977 1.252 y th 1.249 0.608 1.105 1.130 0.760 ju yi mean 1.141 0.855 1.086 1.051 0.975 pl al n ua MALMQUIST INDEX SUMMARY OF FIRM MEANS sech tfpch n pech va firm effch techch ll fu at nh z 1.300 0.822 1.000 1.300 1.069 oi 1.455 0.842 1.114 1.306 1.226 m 1.114 0.854 1.103 1.010 0.952 z n va y te re 13 1.118 0.867 1.248 0.896 0.969 n 12 0.874 0.849 1.000 0.874 0.742 a Lu 11 1.074 0.894 1.217 0.883 0.961 om 10 1.006 1.192 1.000 1.006 1.199 l.c 1.110 0.947 1.067 1.041 1.051 gm 1.216 0.958 1.132 1.074 1.165 k 0.893 0.799 1.000 0.893 0.713 jm 1.000 0.856 1.000 1.000 0.856 ht 1.332 0.851 1.236 1.078 1.134 vb 0.954 0.810 1.000 0.954 0.772 15 1.335 0.801 1.271 1.050 1.069 16 1.732 0.828 1.264 1.369 1.433 th 14 0.999 0.728 1.000 0.999 0.727 xxi t to 17 1.408 0.809 1.200 1.173 1.140 ng hi 18 0.887 0.612 1.000 0.887 0.543 ep 19 1.430 0.915 1.218 1.174 1.308 20 1.189 1.060 1.000 1.189 1.260 w n lo 21 0.817 0.840 0.759 1.077 0.686 ad 22 1.334 0.819 1.239 1.077 1.093 ju y th yi mean 1.141 0.855 1.086 1.051 0.975 pl al n ua [Note that all Malmquist index averages are geometric means] va n Appendix 4: Some indicators of Vietnam Banking Institutions, IMF, 2003 -2009 fu ll Unit: Billion dong: End of period m 2004 2005 Reserves 30,778 31,646 Demand Deposits 66,441 88,891 Time and Savings Deposits 133,617 182,408 261,269 382,396 597,162 791,066 1,004,770 oi 2003 nh 42,961 2006 2007 2008 2009 71,282 94,052 139,814 127,826 at z 110,823 133,405 214,653 196,470 271,988 z vb 32,201 33,656 36,177 Credit from Central Bank 14,491 16,679 20,943 25,436 Capital Accounts 46,986 59,411 71,920 99,827 175,697 239,779 320,162 Bonds&Money Mkt 26,265 26,530 31,048 68,378 74,421 Foreign Liabilities 10,715 18,898 23,201 32,826 47,084 64,448 63,355 24,571 17,560 98,822 k jm ht General Government Deposits 23,805 148,271 55,898 87,131 123,315 om l.c gm n a Lu Source: IMF 89,464 n va y te re th