Moral hazard problem in vietnamese commercial banks from 2014 to 2017,graduation thesis

STATE BANK OF VIETNAM BANKING ACADEMY Faculty of Foreign Languages - - GRADUATION THESIS MORAL HAZARD PROBLEM IN VIETNAMESE COMMERCIAL BANKS FROM 2014 TO 2017 Supervisor : Nguyen Thi Hien Hanh (MA) Student : Nguyen Thuy Van Class : K16 - ATCB Student Code : 16A7510178 Hanoi, May 2017 STATE BANK OF VIETNAM BANKING ACADEMY Faculty of Foreign Languages - - GRADUATION THESIS MORAL HAZARD PROBLEM IN VIETNAMESE COMMERCIAL BANKS FROM 2014 TO 2017 Supervisor : Nguyen Thi Hien Hanh (MA) Student : Nguyen Thuy Van Class : K16 - ATCB Student Code : 16A7510178 Hanoi, May 2017 Graduation Thesis Banking Academy DECLARATION I declare that this thesis is the product of my own work and effort Where other sources of information have been used, they have been acknowledged Signature Nguyen Thuy Van i Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy ACKNOWLEDGEMENTS First and foremost, I would like to express my heartiest appreciation to Ms Nguyen Thi Hien Hanh, my thesis supervisor, for her great guidance, useful advice, invaluable suggestions and comments in helping me complete the graduation thesis I also would like to give thanks to all my lecturers in Faculty of Foreign Languages - Banking Academy of Vietnam, who have provided such huge supports and instructed me throughout my four - year learning process Without their help, I would not be able to finish this thesis Special gratitude also goes to my beloved family and my friends for always supporting, caring, loving, and encouraging me during the process of doing this thesis Due to time constraints and my limited capacity, this graduation thesis may not be free from certain defects Therefore, I hope to receive feedbacks from the lecturers as well as the readers to improve my thesis ii Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy ABSTRACT In economics, moral hazard and adverse selection are two possible consequences of asymmetric information or ineffective information pricing Moral hazard occurs when the party with more information about its actions or intentions has a tendency to behave inappropriately from the perspective of the party with less information In banking field, not only moral hazard can cause financial losses to businesses and customers, but can also create an alarming situation for the banking system particularly and the economy generally This can be seen as one of the most serious threats to all banks since the root of the matter could lie on the inside as well as the outside of the bank Although many banks have recognized the gravity of this issue, they are still unable to find radical measures to successfully prevent moral hazard Moral hazard can lead to severe damage especially for some developing country like Vietnam, where the banking system is incomplete, and its operation still contains many defects This type of risk may occur in every stage and no matter where in the banking system, can seriously impact on the bank’s assets as well as its reputation The number of moral hazard cases is increasing rapidly and uncontrollably in Vietnamese commercial banks Some of them are still in the process of investigation and prosecution In most cases, the amount of loss money cannot be returned nor recovered To cope with this situation, banks as well as the Government have come up with various solutions, and in this study, more recommendations will be suggested as well The aim of this thesis is to study moral hazard theories in the perspective of the author, provide readers with more knowledge by analyzing Vietnamese realistic cases, and giving suggestions to help banking system in the fight against moral hazard problem iii Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy TABLE OF CONTENT DECLARATION ACKNOWLEDGEMENTS ii ABSTRACT iii LIST OF TABLES AND FIGURES vi LIST OF ABBREVIATIONS AND ACRONYMS vii CHAPTER 1: INTRODUCTION 1.1 Significance of the study 1.2 Research purposes 1.3 Scope of the study 1.4 Research methodology 1.5 Research structure CHAPTER 2: THEORETICAL BACKGROUND OF THE STUDY 2.1 Commercial banks 2.1.1 Definition of commercial bank 2.1.2 The role of commercial bank 2.2 Asymmetric information in commercial banks 2.2.1 Concept of asymmetric information 2.2.2 Cases of asymmetric information 2.3 Moral hazard problem in commercial banks 11 2.3.1 Concept of moral hazard problem in commercial banks 11 2.3.2 Causes of moral hazard 12 2.3.3 Consequences of moral hazard 15 CHAPTER 3: MORAL HAZARD PROBLEM IN VIETNAMESE COMMERCIAL BANKS FROM 2014 TO 2017 17 3.1 Current situation of moral hazard in Vietnamese commercial banking system17 3.2 Vietnamese moral hazard cases from 2014 to 2017 21 3.2.1 Cases caused by customers 22 3.2.2 Cases caused by banks 29 3.2.3 Consequences of these cases 40 3.3 Addressing the actual problems of moral hazard 41 3.3.1 Current preventions in Vietnam 41 iv Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy 3.3.2 The unsolved issues 43 CHAPTER 4: RECOMMENDATIONS TO DEAL WITH MORAL HAZARD PROBLEM IN VIETNAMESE COMMERCIAL BANKS 45 4.1 Recommendations for banks 45 4.1.1 Staff management 45 4.1.2 Customer management 47 4.2 Recommendations for those charged with governance 49 4.3 General solutions needed from the Government and the State Bank of Vietnam 50 CONCLUSION 52 REFERENCES 53 v Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy LIST OF TABLES AND FIGURES Figure 1: The number of cases involving enforcement of judgments in relation to credit institutions and banks 19 Figure 2: The number of cases involving enforcement of judgments in relation to credit institutions and banks in some provinces 20 Figure 3: The number of cases in some banks 21 Table 1: Penalties for a 31 billion VND appropriation case 26 Table 2: Penalties for a 422 billion VND appropriation case 27 Table 3: Penalties for a 600 billion VND appropriation case 27 Table 4: Penalties for a 1,600 billion VND case 27 Table 5: Penalties for Huynh Thi Huyen Nhu case 37 Table 6: Expected penalties for Pham Cong Danh case after the first trial 37 vi Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy LIST OF ABBREVIATIONS AND ACRONYMS Abbreviations & Acronyms Full names ABBank An Binh Commercial Joint Stock Bank ACB Asia Commercial Joint Stock Bank Agribank BaoVietBank BCBS - IADI BIDV Eximbank Vietnam Bank for Agriculture and Rural Development Bao Viet Joint Stock Commercial Bank Basel Committee on Banking Supervision International Association of Deposit Insurers Joint Stock Commercial Bank for Investment and Development of Vietnam Vietnam Export Import Commercial Joint Stock Bank GIC HDBank Global Insurance Corporation Ho Chi Minh City Development Joint Stock Commercial Bank Jsc LienVietPostBank vii Joint - stock Company Vietnam Postal Union Commercial Joint Stock Bank Ltd Limited Company MOJ Ministry Of Justice MSB Vietnam Maritime Commercial Joint Stock Bank Nam A Bank Nam A Commercial Joint Stock Bank Navibank Nam Viet Commercial Joint Stock Bank Sacombank Saigon Thuong Tin Commercial Joint Stock Bank SBBS SaigonBank - Berjaya Securities SBV State Bank of Vietnam Techcombank Technology Commercial Joint Stock Bank TPBank Tien Phong Commercial Joint Stock Bank USD US Dollar Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy VDB Vietnam Development Bank Vietcombank Bank for Foreign Trade of Vietnam VNCB Vietinbank Vietnam Construction Commercial Joint Stock Bank Vietnam Joint Stock Commercial Bank for Industry VND viii Nguyen Thuy Van - K16ATCB and Trade Vietnam Dong Graduation Thesis Banking Academy 3.3 Addressing the actual problems of moral hazard 3.3.1 Current preventions in Vietnam Vietnamese Government published the law on Credit Institutions in 1997 After that, many complicated cases were successfully prosecuted under this law However, even when severe punishments for crimes related to moral hazard were given out, it seems like people still could not stay away from committing such crimes Not only the law and regulations in Vietnam concentrated on penetrating immoral activities, but there is also another tool to help reduce moral hazard which is Deposit Insurance Policy This policy is an important factor in the financial safety net of the nation With nearly 18 years of existence, DIP has played an essential role in the process of monitoring risks, maintaining bank’s safety, ensuring the benefits of depositors and consolidating public confidence in the banking system Deposit insurance organization will take responsibility for paying to depositors under legal policy when banks taking part in deposit insurance face bankruptcy Moreover, it assists banks in dealing with the bad consequences of many types of risks including moral hazard Until now, there are 40 Vietnamese commercial banks participated in deposit insurance There is one problem which is that some banks might loosen or neglect their management because they are too confident with the deposit insurance policy This could create loopholes for wily staffs to profiteer money In order to cope with this issue, Vietnam has followed the instructions on reducing moral hazard problem based on the principles of BCBS - IADI According to principle 2, by guaranteeing the compatibility of the deposit insurance, moral hazard could be controlled By limiting the regulations of deposits to be insured, banks can be more aware of the fact that they may have to risk their own assets if they decide to lend or invest without any deliberation They will find to build effective management and supervision systems This action aims to make sure that the loans or the investments are well supervised Nevertheless, moral hazard activities could still appear if banks fail to care for their everyday operation 41 Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy In Vietnam nowadays, commercial banks have been applying two main credit risk management models which are the focus and the dispersion models Most of the banks in Vietnam implement the focus model which could lead to the fact that they have to face the risk of unethical operation In this type of model, one staff can perform multiple tasks, which could create opportunities for some people to execute moral hazard activities In some developed economies, the dispersion model applied to reduce risks and utilize professional skills of each credit officer At the headquarters, there are two main departments existing separately which are credit authorization and credit management The tasks and responsibility are distinctly assigned to assessing department, credit approving, credit management and credit risk management departments Meanwhile, there are three main units for three functions at branches namely customer relation, credit analysis, and credit approval This model aims to prevent customers and staffs to collude and perform embezzlement Nevertheless, it seems like this method is only suitable for big commercial banks because it requires a considerable amount of money, time, and effort For example, VCB has succeeded to some extent in applying this model as the bad debt rate of this bank in 2013 was controlled at 2.73% This percentage went beyond the expectations of its own shareholders (3%), and it is worth recording that this ratio was lower than the average level of the banking industry Apart from VCB, BIDV is also a pioneer in implementing this model Still, moral hazard behaviors could still occur if the head of the departments accept bribes In order to minimize moral hazard problem, some commercial banks in Vietnam decided to set up their own moral standards for bankers to follow This attempt was to recover or enhance their images with customers since the banking system have had to suffer from many scandals which are related to immoral and rude behaviors in the previous years For instance, after releasing regulations on moral standards, code of conduct to clients and living styles for employees, some commercial banks in Vietnam such as Vietinbank, BIDV, and Vietcombank have successfully gained the satisfaction from their customers while doing business Nonetheless, since these ethical standards only pay attention on how to improve the banker’s attitude toward clients, commercial banks somehow forget about the importance of the employee’s 42 Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy dedication as well as their integrity in banking business That is why moral hazard behaviors still occur and have not been solved thoroughly 3.3.2 The unsolved issues There are questions that need to be answered, and unresolved problems that require more effective solutions What makes the public dissatisfied is that while a huge quantity of enterprises from small to medium - sized is still complaining about the difficulties in accessing the bank capital as well as having to fully implement all the strict procedures (must prove ability to repay both principal and interest on time), some frauds only need to set up several subsidiaries and use simple tricks such as forging documents or using fake collateral but still can “pocket” trillions from banks By looking closely at the cases, customers and bank’s staffs have one thing in common which is the desire of having more money and becoming wealthier Moreover, no one can deny the fact that customers tend to cheat the bank whenever they need money Although the tricks that they used are so simple and quite common, banks have not successfully found a way to deal with this situation Customers can be even more audacious that they may collude with bank’s staffs and then usurp billions VND Nevertheless, one more outstanding issue that could be drawn out from the above cases is that not only bank’s staffs but also managers, the ones who have high positions and authorities, are the main defendants Professionalism, honesty, and integrity are the most basic and important qualities that all bankers must have However, it seems like not many people working at banking field actually own or maintain these essential “elements” Additionally, since they understand clearly about the banking activities and how it works, it will be definitely easier for them to commit a crime Furthermore, due to the weak credit and investment policies to customers as well as the lack of strict and reasonable control of funds use, some most fundamental principles in lending process and compulsory requirements are ignored which leads 43 Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy to inadequate loans and bad debt Therefore, this problem should be taken care of quickly To sum up, it is undeniable that the current situation of moral hazard problem in Vietnamese commercial banks is truly bad, and that the existing laws and regulations could not effectively solve and prevent this issue There are many obstacles from both banks and customers still existed that might gradually lead to severe consequences In the next chapter, the author will give some recommendations in order to cope with and prevent moral hazard based on the pros and cons of former measures 44 Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy CHAPTER 4: RECOMMENDATIONS TO DEAL WITH MORAL HAZARD PROBLEM IN VIETNAMESE COMMERCIAL BANKS 4.1 Recommendations for banks Since the crux of moral hazard problem is the human factor, most of the cases are very sophisticated and intricate to deal with All participants in the banking industry including the Government, commercial banks, and customers should all take responsibilities for finding solutions to solve this issue Nevertheless, as this thesis mainly focuses on the moral hazard problem happening to commercial banks, solutions will be given out to help banks effectively prevent this irritating problem Specifically, commercial banks need preclusion from both the authority regulations as well as their own operating principles In order to cope with customers, the operation of commercial banks should be required to have the stringency to protect themselves from several types of risks Moreover, the Government needs to support commercial banks in threatening wicked people Thus, banks should determine and figure out methods to successfully supervise the human resources to deal with bank’s employees If commercial banks want to minimize the risks of moral hazard problem, they should have prevention from the inside out As it is very difficult for banks to know or investigate precisely the characteristics as well as the ethic manners of their customers or investment partner which in here is the outside factor, the best way for commercial banks to deal with these difficulties is to build the strict and effective running system of regulations 4.1.1 Staff management  Improving the quality in recruiting and training process and enhancing personnel’s quality, the professional qualifications and ethics of staffs First of all, in the structure of banking operations, it is very important to strengthen human resources Banks should pay more attention to the recruitment and training process which aims at high quality and morally educated members Apart from the requirements on knowledge or professional qualifications and working capacity, moral issue must be considered as the top criteria In order to 45 Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy become an official employee of the bank, candidates must undergo compulsory periods in accordance with the bank’s recruitment process and labor legislation such as profile selection, strict examination, interview and probationary period In addition to professional training programs, employees also need to participate in classes to improve their vocational ethics, management skills and communication skills Employees should be trained to bear in mind that their work and dedication are for the benefit of the bank not for themselves Commercial banks should also have curriculum and exchange sessions to equip their bankers with the most basic knowledge about criminal behaviors relating to banking business, strict penalties for every act, as well as the difficulties, limitations and risks in operational activities At the same time, banks must also focus on preparing periodic communications in order to update information which is related to violations of professional ethics in the banking sector, as well as valuable lessons to send to all bank’s staffs In addition, it is necessary to clearly define the responsibilities of the bank's legal staff They must have a thorough grasp of the law and banking rules to guide and train their subordinates to implement those regulations satisfactorily  Building a strict risk management system as well as strengthening supervision and inspection in the banking system Commercial banks need to develop a risk management model with a strict control system in accordance with modern banking standards There should be regulations prohibiting one staff from doing multiple tasks Specifically, any professional activity must have two co - workers (one does and one approves) which is called the “four eyes” principle Banks must not allow one employee to undertake two tasks nor the supervisors to assign user name and password to staffs so that they could approve on their behalf.At the same time, the accounting as well as the internal auditing department must periodically review and update the performance or activities of all departments, and make recommendations to the management Board immediately upon detection of any sign of risk or deception 46 Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy  Building a corporate culture and selecting staffs based on it Ravasi and Schultz (2006) wrote that organizational culture is a set of shared assumptions that guide what happens in organizations by defining appropriate behavior for various situations Thus, organizational culture affects the way people and groups interact with each other, with clients, and with stakeholders In addition, organizational culture may affect how much employees relate with an organization Science and practice have shown that organizational culture is closely related to the motivation of employees, and this could lead to the increase in productivity Employers need to select candidates whose thoughts are relevant or familiar to their culture Employees who not share the organization’s culture will dilute the cultural value and impede the organization to achieve their personal goals and interests  Offering rewards and punishment logically On the one hand, commercial banks should apply different levels of punishment to violators according to their faults With serious violations, commercial banks must actively cooperate with the law enforcement agency and bring the cases to court for trial On the other hand, commercial banks should offer valuable rewards or higher bonus for staffs’ contribution, attitude and productivity By using this method, employees will have more incentives to work efficiently, and might also lessen the desire to perform moral hazard behaviors 4.1.2 Customer management  Setting up an internal control and auditing system The internal control in here is the system which includes policies, instructions, procedures, and practices to keep the bank stick to their prior aims and goals Moreover, not only the internal auditing system needs to monitor the bank’s activities impartially, detect any fraud risk regarding their customers and investigate fraud incidences in case of happen, but also has to inform the management board immediately 47 Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy  Tightening the loan policy: Collateral asset should be required to be presented in lending contract In general, collateral can be seen as one of the most essential elements and indispensable part of the lending process When an asset is chosen to be collateral, it needs to have certain value based on the value of the loan along with different calculations of each bank, but most of the time, it must cover the amount of loan in case of bankruptcy Moreover, collateral must be assets that are stable such as real estate, financial documents (bonds, shares, or secondary securities), vehicles, or saving accounts Banks need to bear in mind that if their collateral is stable and secure, they can be confident with their loan repayment Additionally, it can be drawn out that if borrowers are willing to give high value assets to commercial banks as a guarantee, they are unlikely to have moral hazard behaviors  Building specific terms and conditions for providing credits as well as making investment Since most moral hazard cases occur due to the neglect of the credit and investing sections, it is crucial to control the flow of the money like where to pour the money into by setting up a specific and stringent terms as well as conditions In order for customers to receive a loan or projects to be invested, they have to all be admitted by the laws, the authority, and other government departments Customers need to fulfill specific requirements before being provided with credit by the bank The outstanding loan should be reduced if customers could not satisfy the collateral conditions Additionally, banks must ensure that the projects that they are about to invest in must be verified as effective and profitable Furthermore, sufficient and precise terms and conditions must be specified in every lending or investing contracts This attempt is to support commercial banks in identifying any defects, flaws, or gaps and find out violators more easily and quickly  Lessening the information asymmetry by having an agent to collect necessary information of the customer (control closely the use of the loan) 48 Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy It is also important to have an existence of an agent collecting all the necessary information and determining the financial transparency of the parties involved Commercial banks need to supervise the borrowers closely and carefully like what the loan is used for after the lending process, and update all the new information about the borrowers in case any incident happens Every change related to the funds also needs to be notified so that the bank can have immediate actions 4.2 Recommendations for those charged with governance  Enhancing attitude and professionals in moral hazard prevention and detection Commercial banks should focus on building a “model” to improve management capacity for the middle management team As this is an important link between the strategic vision of senior leaders and those directly involved, the role of middle management is extremely important in the success or failure of an organization A good mid - level manager must meet the requirements of both good professionalism and communication skill in order to effectively convey the orders of higher officers to their subordinates and successfully implement the direction of the leadership Moreover, he or she must know how to assign tasks for employees and supervise the staffs under their authority as well as how to solve all internal problems in the department based on the overall vision of the organization rather than based on the local interests of each department If mid - level managers are well - equipped with specialized knowledge and soft skills, on the one hand, they can efficiently guide their subordinates, and on the other hand, they can identify the possible risks to advise the superiors Therefore, at the beginning, banks should make efforts at checking the background, the status, and the nature of the employee who is going to be appointed at a high position  Top leaders must strive to maintain a high degree of ethical values Since commercial banks usually deal with many economic entities, and bear more risks, a collapse of a bank could seriously affect the whole banking system in a bad way and lead to severe damage That is why good and effective corporate 49 Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy governance is an important element in maintaining the reputation, value, and existence of a bank People who are charged with leadership are responsible for bank frauds Therefore, their attitude and professionals in moral hazard prevention and detection need to be improved They must strive to maintain a high degree on ethical values because these moral standards are obligatory for a bank’s safeguards 4.3 General solutions needed from the Government and the State Bank of Vietnam  SBV should strengthen the review and examination of commercial banks SBV need to coordinate with functional agencies to prevent and detect corrupt acts early, prevent losses and require the transparency of information and errors Policy makers must create a consistent, comprehensive, and equitable business environment that will provide the foundation for a healthy and sustainable development of the banking system in Vietnam Weak banks must be put under special control, and then provided with financial and restructuring measures so that the banking industry could function firmly  Having severe punishment for moral hazard behaviors The motivations and incentives to be involved in moral hazard problem can be lessened if people are threatened by the harsh penalties that they might get when committing crimes Some defendants with serious crimes still receive mild sentences or even get away with their sins by detecting and making use of the flaws in the laws and regulations of Vietnam  Thoroughly investigating all the moral hazard cases to find out related parties Authorities and the Supreme Court are still facing with many difficulties in investigating and interrogating the parties involved in large corruption cases that caused losses up to trillions VND in the banking sector The reason is that there are so many individuals and groups corruptly making use of their positions and relationships to escape from crimes Therefore, it is necessary to actively review, 50 Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy investigate thoroughly the cases and question the current defendants to find out other related parties  Limiting the interest rate, restricting the target to give loans, keep the close and accurate accounting records By restricting the interest rate, commercial banks could avoid the case when some people want to lower the rate as much as they want in order to attract funds which will then be used in risky investment Moreover, to prevent banks from lending money to dishonest customers and investing in dangerous projects too easily, commercial banks should also limit the investment scope and the target that will receive loans Although these strict controls and methods are somehow quite challenging for commercial banks to enforce, it is undeniable that they could help protect the safety and development of the banking system as well as the economy 51 Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy CONCLUSION In Vietnam, commercial banks play an essential, indispensable and irreplaceable role as an intermediary in the economy and provide a numerous range of services Therefore, the collapse of a bank could severely affect the development of the whole banking field as well as the economy The banking sector requires a high degree of transparency and professionalism, which attaches special importance to improving the quality of human resources of the system The two words “moral” sound simple but are never old and exist in all aspects of life, especially in the field of banking and finance Since moral hazard is now considered as one of the most serious risks for the banking system and the national economy, it is vital that urgent and instant actions be taken to solve this situation From investigation above, it is clear that moral hazard problem in Vietnamese commercial banks has been increasingly complicated and implicit while the control of the authorities is still limited Therefore, banks as well as the Government must join hands to productively control this alarming circumstance By implementing feasible and appropriate terms and conditions as well as effective measures, commercial banks can fight against moral hazard and minimize the negative impacts of this problem As a result, Vietnamese banking system along with the domestic economy could successfully develop and get rid of unwanted intricacy Due to some difficulties in the collecting and investigating process, this thesis might have not delivered enough realistic points of view but hopefully can help readers have a better understanding about moral hazard problem nowadays 52 Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy REFERENCES History and Development of the Central Bank (n.d.) 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Retrieved from: www.cbsnews.com 53 Nguyen Thuy Van - K16ATCB Graduation Thesis Banking Academy Tejvan Pettinger (2013, Feb 20th) Moral hazard Retrieved from Economics Help Blog: www.economicshelp.org Arne Rogde Gramstad and Jacopo Bizzotto (2015, Oct 15th) Social costs from Moral hazard in Banking Retrieved from: www.uio.no MA Nguyen Thuy Trang (2012, Dec) Rui ro hoat dong ngan hang - Nhin tu goc dao duc Tap chi Ngan hang (23), 30 - 33 MA Vu Thanh Ha (2012, May) Quan ly rui ro dao duc hoat dong ngan hang Tap chi Khoa hoc va Dao tao Ngan hang (120), - 31 MA Vu Thi Thanh Ha (2012, June) Moi quan he giua rui ro dao duc hoat dong ngan hang va tu hoa tai chinh Tap chi Ngan hang (12), 33 - 41 Vu Thanh Ha & Tran Thu Huong (n.d.) 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