Luận văn thạc sĩ tiếng anh trường ngoại thương

THE CERTIFICATION I hereby certify that the thesis with the title: "The Impact of TPP on Vietnam's Financial Services" is my own research and does not reproduce any other materials The data indicated in the thesis is clear, accurate and collected from the confident sources of information The Author Nguyen Thi Anh Tuyet TABLE OF CONTENTS THE CERTIFICATION TABLE OF CONTENTS LIST OF ABBREVIATIONS LIST OF CHART AND TABLES PREFACE CHAPTER THE OVERVIEW OF FINANCIAL SERVICES 1.1 The definition, characteristics and classification of financial services 1.2 The roles of financial services in an economy 14 1.3 The factors affecting financial services 16 CHAPTER 19 THE OVERVIEW OF THE TPP AND THE KEY REGULATIONS OF THE TPP ON FINANCIAL SERVICES 19 2.1 The overview of the TPP 19 2.2 The key TPP regulations on financial services 21 CHAPTER 32 THE IMPACT OF THE TPP ON BANKING SERVICES IN VIETNAM 32 3.1 The current situation of banking services in Vietnam 32 3.2 Some main impacts on the banking services of Vietnam under the TPP 39 CHAPTER 48 THE IMPACT OF THE TPP ON INSURANCE SERVICES IN VIETNAM 48 4.1 The current situation of insurance services in Vietnam 48 4.2 Some main impacts on the insurance services of Vietnam under the TPP 50 CHAPTER 59 RECOMMENDATIONS AND CONCLUSIONS 59 5.1 Recommendations to develop financial services in Vietnam if the TPP enters into force 59 5.2 Conclusions 71 REFERENCES 75 LIST OF ABBREVIATIONS Abbreviations The full name/description AEC Asian Economic Community Agribank Bank for Agriculture and Rural Development of Vietnam ATMs Automated Teller Machines BIDV Joint Stock Commercial Bank for Investment and Development of Vietnam BIN Bank Identification Number CBD Cross-border Trade FBs Foreign Banks FDI Foreign Direct Investment FTAs Free Trade Agreements GATS The General Agreement on Trade in Services IAIS International Association of Insurance Supervisors IBPS Interbank Payment System ISDS The Investor-State Dispute Settlement JSCBs Joint Stock Commercial Banks JVBs Joint Venture Banks M&A Mergers and Acquisitions MA Market Access MFN Most-favored nation treatment MST The Minimum Standard of Treatment NPLs Non-performing loans NT National treatment POSs Points of Sales SBV State Bank of Viet Nam SMBDs Senior Management and Boards of Directors SOCBs State-owned Commercial Banks SOEs State-owned Enterprises TPP Trans-Pacific Partnership VAMC Vietnam Asset Management Company Vietcombank Joint Stock Commercial Bank for Foreign Trade of Vietnam Vietinbank Vietnam Joint Stock Commercial Bank for Industry and Trade LIST OF CHART AND TABLES Order No The name of chart or tables Page Chart No.2.1 The number of the commercial banks in Vietnam in the period of 39 1991-2015 Table No.2.1 The number of Viet Nam’s insurance firms from 2011 to 2015 44 Table No.2.2 The premiums and total assets of Viet Nam’s Insurance 46 companies from 2011 to 2015 Table No.2.3 The distribution channel of insurance services 57 PREFACE Introduction Finance is central to the functioning of the economy as a whole Finance has distinct attributes, presents distinct risks, and has long been regulated in distinct ways that are hard to accommodate in a framework that applies to service and investment in general (Anna Gelpern, 2016) For this reason, the governments always seem to be cautious when they undertake their commitments on financial services in the framework of any FTA In other words, almost of them have preferred nonbinding, informal commitments to the enforcement machinery of international trade law The Trans-Pacific Partnership Agreement (TPP) is a new generation FTA, not just focusing on the liberalization of trade in goods but also covering services, intellectual property right (IPR), SPS, TBT and other relevant issues Financial services are also a big concern of the TPP member countries They get their own chapter in the TPP and are regulated in some other chapters such as chapters on cross-border trade, investment and dispute settlement In comparison with the General Agreement on Trade in Services (GATS) in the framework of WTO, the TPP commitments on financial services have some different features The TPP contains the cooperation between the further market openness and the investment protection It means that the subject matter and the scope of the TPP commitments on financial services are expanded, which are accompanied with the additional obligations relating to investment protection such as the Minimum Standard of Treatment (MST) and ISDS mechanism These obligations bring the benefits to foreign investors, but the challenges to the local providers of financial services and the host countries Moreover, the TPP approach of negative list is usually applied to developed countries whose liberalization in trade and investment is at high level and legal system has fully improved The approach is really a challenge to developing countries like Vietnam whose finance market is in the stage of ongoing development and is significantly different from developed countries In addition, the Ratchet mechanism is also an obstacle to Vietnam According to the mechanism, the amendment of reservation measures, namely the nonconforming measures, and the level thereof will become binding the level of liberalization In other words, the level of liberalization in the TPP members will be more and more higher, but not lower Along with the approach of negative list, the commitments on cross-border trade and the obligations of providing licenses to new financial services are also difficulties for Vietnamese providers of financial services because of their poor capacity of competitiveness in comparison with the rivals from the other TPP member countries In the theoretical aspect, the high level of liberalization in the framework of the TPP will give the providers of the TPP member countries in general and Vietnam in particular many opportunities to further get market access abroad Accordingly, all TPP member countries can get benefits from the TPP However, in order to take advantages of these benefits, Vietnam will face some challenges as above-mentioned Therefore, assessing the likely impact of the TPP commitments on financial services, understanding the challenges and taking advantages of the opportunities are vital problems to the local providers in building their business strategies and to government authorities in making policies to develop markets for financial services For the above reasons, my thesis will focus on the topic namely “The impact of TPP on Vietnam’s financial services” According to GATS and TPP, the financial services include (i) insurance and insurance-related services and (ii) banking and other financial services Moreover, the financial services existing in Vietnam are mainly in the banking and insurance sector Therefore, the thesis will study on these two big sectors of financial services in Vietnam since 2010 when Vietnam began to take part in the process of negotiating the text of the TPP The subjects of the thesis are the possible impact of the TPP on insurance services and banking services in Vietnam and recommendations to develop these services The thesis will aim at the situation of the two typical sectors of financial services in Vietnam, estimate the possible impact of the TPP thereon and relevant trends, propose recommendations to develop these services in Vietnam In order to reach the purpose, the thesis will concentrate on the following missions: - Researching the theoretical basis for financial services and the TPP regulations thereon in comparation with the corresponding regulations of Vietnam - Finding out the current situation of banking and insurance services in Vietnam and estimating the possible impact of the TPP on these services if the TPP enters into force - Forecasting the relevant trends, proposing the directions and recommendations of development of these services in Vietnam Literature review The TPP is the subject of many studies of foreign scholars and experts These include some studies as follows: This volume named “Trade Implications of the Trans-Pacific Partnership for ASEAN and other Asian countries” by Alan V.Deardorft (2013) have studied the possible impact of the TPP on a list of countries in terms of trade creation, trade diversion, and the reversal of trade diversion that has already occurred due to existing FTAs The list of countries contains all of the members of the TPP as well as of ASEAN and also includes ten additional Asian economies that are not part of either This volume provided the description of the TPP, its trade effects and discussion on whether the TPP might be expected to benefit or harm the economies of the TPP, of ASEAN, and of selected other Asian countries In brief, the volume have emphasize on the impact of the TPP on an economy as a whole, but not on a specific industry sector This report named “Trans-Pacific Partnership Agreement: Likely impact on the US economy and specific industry sectors” by U.S International Trade Commission (2016) assesses the possible impact of the TPP on the U.S economy as a whole and on specific industry sector It comprises the TPP’s impact on the United States’ gross domestic product, exports, and imports; U.S aggregate employment and employment opportunities; the production, employment, and competitive position of U.S industries likely to be significantly affected by the TPP; and the interests of U.S consumers The report also reviews other assessments of the TPP’s economic effects available in the literature, and discusses areas of consensus and divergence between the Commission’s analyses and conclusions and those in the literature reviewed The financial services are subject matters of the Chapter named “Impact of the TPP on trade in services” The chapter focused on the potential impact of the TPP on the financial services of the United States The book named “Trans-Pacific Partnership: An assessment”, edited by Jeffrey J.Schott and Cathleen Cimino-Isaacs, showed an in-depth, comprehensive analysis of the potential economic impact of the TPP The authors of the book analyze the traditional market access aspects of the agreement as well as assess innovations in trading rules, drawing out the implications for governments, businesses, workers, and households This book includes a comprehensive analysis of the macroeconomic and sectorial effects of the TPP, which demonstrates that the TPP will deliver large economic benefits to the United States and its trading partners Financial services get the own chapter in this book written by Anna Gelpern This chapter provides the overview of obligations and commitments as stated in Chapter 11 of the TPP It also analyzes in detail the obligations of NT, MFN, and MA, the minimum standard of treatment, the ISDS mechanism, and the prudential measures This chapter also indicated innovative or new regulations stated in the TPP on financial services that have not included in previous FTAs yet There are some books of Vietnamese authors on the TPP like “Hiệp định Đối tác Xuyên Thái Bình Dương-TPP vấn đề tham gia Việt Nam”- In English: “the Trans-Pacific Partnership Agreement –TPP and Vietnam’s participation issues”- by Prof Dr Hoang Van Chau and some teachers from the Foreign Trade University of Hanoi or “Hiệp định Đối tác Xuyên Thái Bình Dương (TPP) tác 64 5.1.3.1 Improving the legal system to create a legal framework in order to ensure the safety and sustainable development of the financial service market of Vietnam Many financial experts have said that if a country whose capacity is not strong enough to meet the requirements for the openness of financial service market try to conduct the liberalization of financial services quickly and not follow the suitable route, this country will face a high risk of the insecurity and uncertainty of the financial system The legal system that have reasonable prudential regulations to limit the bankruptcy of financial institutions in the country due to the pressure of fierce competition from rivals abroad and to increase the stability of the financial system will have important implications in limiting the possibly negative impact of the TPP Some legal solutions are suggested below in order to limit the possibly negative impact of the TPP, ensuring the safety of the financial system in Vietnam: The first solution is that Vietnam should take an effective advantages of prudential measures and monetary exceptions Firstly, Vietnam regulators should study the content and scope of application of prudential measures and monetary exceptions as stipulated in the TPP Based on the current legislation and the present real conditions of Vietnam, the government should carry out the drafting of standards in a scientific and transparent method about protecting the rights of consumers of financial services such as depositors, insurance policy holders, investors as well as the provisions to ensure the integrity and stability of the financial system The standards and provisions must not violate the commitments on market openness and be in accordance with international practices Secondly, Vietnam should implement the activities of inspection and supervision of the government in order to enforce the legislation governing financial services The provisions on the interdisciplinary coordination of inspection and responsibilities of the government authorities should be clearly regulated in detail Moreover, the implementation of the provisions on the activities of inspection and supervision should be strengthened to increase the effectiveness of these activities In fact, the cases in the banking sector that have occurred in recent years has not been detected by the government authorities for a long time 65 Therefore, Vietnam needs to have a more efficient mechanism for the inspection and supervision of financial services Vietnam should establish a single supervisory authority for all financial services or set up a mechanism to effectively coordinate and share information among the existing financial supervisory authorities to ensure the enforcement of the provisions Thirdly, Vietnam should limit lawsuits by investors and enhance the efficiency of dispute resolution activities As discussed in Chapter 2, Vietnam will have a high risk of investor-state lawsuits in the field of financial services if the TPP is ratified These proceedings, if they occur, depending on the severity level, will generally affect the reputation of the host country and the impact on the financial services market of that country With developing countries like Vietnam where the financial markets are in the development stage and has not operated stably yet, the impact will be even harder to predict So, to take the initiative in limiting the international litigation and improve the efficiency of dispute resolution, if it happens, Vietnam should: - Improve the efficiency of government operations; - Ensure the implementation of commitments of treatment relating to foreign investors and the careful consideration to give the prudential reasons for rejecting the proposal of investors or for amending relevant regulations; - Complete the provisions on investment and dispute settlement in accordance with international standards; - Carry out the judicial reforms, improve the operational efficiency of the arbitration and the professional capacity of lawyers in the context of international integration; - Perform the propagation and dissemination of the content of international conventions, treaties in general and the TPP in particular as well as the provisions of the law of Vietnam on the international dispute settlement to the concerned parties, especially the local governments, the government agencies and enterprises 5.1.3.2 Improving the competitiveness of the financial service providers of Vietnam 66 One of the major challenges for the domestic providers of financial services is the possibility that their rivals from TPP member countries can acquire the market share of these domestic providers due to their weak competitiveness Therefore, improving the competitiveness of the domestic providers has important implications in taking advantage of opportunities and overcoming the challenges brought by the TPP In order to this, these actors need to be increased their financial strength, to diversify their services, to modernize their technologies, to improve the efficiency of their corporate governance and risk management, to promote the marketing and enhance the reputation for their services 5.1.3.3 For development of banking services (1) Continuing the restructure of credit institutions Firstly, the government should develop a banking system of diversified ownership, sizes and types to meet the diverse needs of the economy from the urban to the rural, the remote and isolated regions for banking services In the terms of scale, the banking system includes the big banks whose competitiveness will be strong enough in comparison to the competitiveness of other countries in the region, the major banks as the heads of the banking system, the small and medium banks, non-bank credit institutions operating effectively in an appropriate market segments and meeting the needs of every social classes for banking services Secondly, the restructure should improve the safety and soundness of the banking system Thirdly, the merger or consolidation of the banks should subject to the voluntary disciplines in order to ensure the interests of depositors and the rights and obligations of all stakeholders Furthermore, the restructure of the banks should be implemented in various forms, measures and in compliance with an appropriate roadmap Each bank should be restructured in the appropriate forms and measures on the basis of its own characteristics The M & A activities in the banking sector is indispensable trend to improve the competitiveness of the domestic banks The activities create the greater added value because of taking the economic advantages of a larger scale, raising the 67 reputation and brands, reducing costs, maximizing the business advantages of the stakeholders, developing the customer base and the distribution network Therefore, the M&A activities may occur among the large banks or between large banks and small banks or among the small banks together The current system of legal documents relating to the activities of the merger and consolidation of enterprises is relatively uniform and comprehensive as the Enterprise Law and the Investment Law, the Competition Law, the Securities Law In the banking sector, there are the Law on the State Bank of Vietnam, the Law on Credit Institutions In addition, SBV is ready to technically support for banks wishing to merge (2) Disposing of NPLs and improving the quality of credit activities The interest income have accounted for the main part of the total income of banks in Vietnam Thus, improving the quality of credit activities will raise the revenue of banks, reduce bad debts and especially ensure that the capital of the banks will be invested in the right direction, effectively contributing to the economic development The banks should comply with the procedure and regulations relating to the lending process, perform regular inspections and have appropriate solutions to manage risks promptly, accordingly reducing NPLs Besides, banks should cooperate with the asset management companies of banks and VAMC in order to deal with bad debts Moreover, the banks also focus on improving the quality of evaluation of credit (3) Improving the quality of existing banking services and launching new banking services The banking services provided currently in Vietnam are mainly the traditional services such as mobilizing capital, supplying credit so that the major part of the income of the banking system have been arisen from the credit activities However, the income of big banks in the world are mainly from non-credit activities and modern banking services At the present, the export revenue of financial services accounts for only a very small part of the total export revenue of services in Vietnam When TPP 68 comes into effect, the banks of TPP member states can export their services by cross-border trade Therefore, expanding the list of banking services and improving their quality are the urgent requirement to enhance the competitiveness of Vietnamese banks and create a chance to export the banking services to other TPP member countries Improving the quality of existing banking services Banks should improve the procedures and regulations of banking processes towards creating simplicity, convenience and safety for the banks and their customers The banks should invest in the modern technology, advanced machinery in order to upgrade and expand the scope of operation of the payment system towards non-cash payment Moreover, the banks should further expand the utility of electronic banking: Internet Banking, Mobile Banking, ATM, POS on the basis of cooperation with suppliers of goods and other services: supermarkets, commercial centers, providers of telecommunications, electricity and water Promoting new banking services At present, Vietnam has many banks, but customers have not been well served Approximately 60-70% of the income of the banks are interest income This rate is too high, and the banks should try to raise non-interest income that is arisen from non-credit activities such as firm-record services, the management of finance for the people with the high income, foreign exchanges (the Saigon Times, 2016) (4) Restructuring the capital of commercial banks The commercial banks should have their strategies to increase their charter capital by raising the equity capital in order to ensure the safety of capital and increase the liquidity and stability of banking activities An increase in the equity capital is often performed through the strategy of raising profits, the issuance of shares, bonds and a merger with another bank Another method of raising the capital is the method in which foreign institutions will buy the shares of the domestic banks Up to now, the Vietnamese law stipulate that the ownership of foreign investors in the domestic banks does not exceed 30% of charter capital This helps the domestic banks not to be influenced too much by the foreign investors 69 However, in the actual conditions of Vietnam nowadays, the solutions previously used to increase capital have not been effective to solve thoroughly the problem of bank capital There is a need for having more feasible and innovative solutions and they are intended: - To speed up further equitization of SOCBs simultaneously with the formation of large banking-finance conglomerates - To merger small JSCBs together into a newly large-scale bank in order to take an advantage of the economic benefits of scale as well as the existing strengths of the former banks like their network and traditional customers (5) Using modern banking technology Modern technology is considered to significantly reduce the operational costs of banks Investment in technology is an important platform to promote the efficiency of banking operations, improve the productivity and quality of banking services, creating further new financial services Therefore, the information technology plays an important role in the development of the banking sector In fact, the application of the information technology in the banking sector of Vietnam is rather modest in which the domestic banks lag far behind the banks in the region and in the world The modernization of banking technology will save time, human resources and support the executive management and enable to serve customer fast and conveniently 5.1.3.4 For development of the insurance services To be able to develop their full potential, maintain the motion of growth in the period of 2016-2020, complete the objectives for the development of insurance market by 2020 stated in the strategy of development of insurance market, the following solutions should be implemented for the development of the insurance market: (1) Enhancing the systematic safety, the efficiency of operations and the competitiveness of the domestic insurers The government should supervise appropriately the self-assessment of the domestic insurers according to the criterions specified in Circular No.195/2014 / TT-BTC in order to maintain the financial safety and efficiency of their operation 70 At the same time, studying the application of the model of capital management on the basis of risks should be promoted in order to strengthen the autonomy of the insurers in the use and management of capital in accordance with the scale, scope and characteristics of each insurer (2) Adopting regulations on the risk management The government should adopt the regulations on the corporate management of risks, especially the requirements for the information technology systems, ensuring these systems of the insurers to be connected to the overall system of the market and the government authorities in order to meet the requirements for the corporate management On the other hand, the government should complete and put into implementation of the project that aims at improving the quality of human resources for the insurance market and developing the highly specialized and professional personnel such as experts of determining premiums in order to strengthen the efficiency of the operation and management of the insurers (3) Encouraging and supporting the insurers to develop and diversify their services The insurers should continue to implement the insurance services for the agriculture and aquaculture and focus on developing the services for the interests of the community and the safety of society as well as the services that are able to flexibly adjust to the need of each individual customer At the same time, the government should research and propose the appropriate mechanisms in order to encourage insurers to develop these services Moreover, the government establishes a common database of the whole market to support for the evaluation of premiums and set up the floor premium, making the competitive environment of the market become more transparently (4) Diversifying and professionalizing the distribution channels The government should expand online contests for licensing insurance agents and strengthen the management of the quality of the contests in order to improve the quality and professionalism of the agents The government should also study to launch the guidance on new distribution channels such as the e-commerce channel 71 and mobile channel in order to create a legal framework that supports the insurers to diversify the channels of distribution (5) Strengthening the efficiency of government management on insurance business The government should strengthen the inspection and supervision of the operation of the insurers in order to give timely the recommendations and warnings to the insurers and also amend the mechanisms and policies in compliance with the reality; The managerial and supervisory capacity of the government authorities should be enhanced by studying and imposing an appropriate model that ensures the comprehensive supervision of the operation of the insurers as well as the model that specializes in supporting the insurers against the insurance fraud and assisting legal advices, arbitration procedures The government should develop and implement the system of information technology that connects between the authorities and the market in order to reduce the time and administrative procedures for the insurers to perform according to regulations on the management and supervision, the system of automatic analysis as well as support the analysis, assessment and early warning of risks (6) Strengthening the international cooperation and integration in insurance sector In addition to the Asian countries, the government should continue to expand further cooperation with the countries whose insurance sector has developed at a high level in order to learn their experiences; improve efficiency in the management and supervision of the market The authorities should collaborate with the partners and donors to build and deploy the programs of technical assistance, to meet the needs, to perform the strategy targets and solutions to the development of the insurance market, to enhance the quality of international consultants and diversify forms of assistance, especially the form of long-term training supports accompanied with the activities of practice Accordingly, the government should implement efficiently Vietnam’s international commitments in financial sector and also the programs of cooperation with international organizations and partners 5.2 Conclusions 72 The financial services are very essential to an economy Financial services are understood to be services of a financial nature provided by institutions operating in a financial system and include (1) insurance and insurance-related services and (2) banking and other financial services Firstly, financial services contribute to the effective management of risks in particular, and the stable operation of the economy in general Secondly, finance services support effectively for the evaluation of the effectiveness of investment projects and the allocation of investment capital Thirdly, the market of financial services is an important channel to raise capital to finance an economy In addition, finance services create favorable conditions for development of trade Finally, the efficiency of financial services contributes significantly in establishing the competitive position of prices of goods and services in an economy The factors affecting on financial services encompass the providers, customers, price of financial services, the intervention of governments and internationalization trend in financial services, especially the trend of forming bilateral and multilateral agreements at present In the roadmap of the internationally economic integration, Vietnam has become a member of the TPP -a multilateral FTA that is considered as a model treaty of the 21st century including the commitment of countries on further opening financial service markets The regulations for financial services are stipulated mainly in the Financial Service chapter At its core, the Chapter 11 reiterates and elaborates the principles of NT, MFN, and MA applicable to financial services In addition, TPP members agree not to impose the quantitative limitations such as limitations on the number of financial institutions operating in their jurisdiction or the total number of people they employ Financial institutions are also protected from expropriation and guaranteed MST and allowed to challenge host countries via ISDS mechanism The TPP also includes prudential measures and monetary exception Another innovation of the TPP is in the dispute settlement procedure that would apply to determine whether a measure is really for prudential reasons or otherwise exempt Finally, the TPP 73 includes specific commitments to liberalize trade in portfolio management services, insurance, and payment services The financial services of Vietnam have significantly developed for the past decades The banking system has formed into two-tier banking system and the SOCBs are still the dominating forces of banking sector Similarly, the State-owned insurers, typically BAO VIET, also play a crucial role in insurance sector The number of financial service providers in Vietnam has been gradually increasing; the type of services and the channels of distribution have become more diversified However, the quality of services, corporate governance and risk management as well as competitive ness of the domestic providers remains at low level On the basis of studying the content of the TPP regulations and analyzing the current situation of the banking services and insurance services of Vietnam, the thesis has showed the assessment of possible impact of the TPP on these services The assessment focuses on the likely impact on such aspects as: the development policies, types, delivery modes, providers, markets of the financial services of Vietnam as well as the likely impact of obligations of MST and ISDS mechanism as stated in the TPP on the financial services Accordingly, the thesis has proposed appropriate recommendations to restrict possibly negative impact and take effective advantages of potentially positive impact of the TPP For banking services, Vietnam has significant steps toward building the healthy system of banks through restructuring banks and resolving bad debt If the TPP enters into force, the potential benefits of the TPP are foreign investment inflows, health competition, intensive knowledge of risk management and corporate governance, which will support effectively in performing policies of banking services There will also be similar influences on insurance services In order to limit the possibly negative impact of the TPP, the government should improve the legal framework, support to enhance the competitiveness of the domestic providers Moreover, these solutions should accompany with the solutions to developing the markets of financial services Firstly, the government and the 74 providers should continue to restructure the domestic system of the providers Secondly, the providers should improve the quality of the existing services and launch new services in order to fully meet the requirements of customers Thirdly, the providers should raise the application of modern technology in financial services In addition, for banking sector, the disposal of NPL, the improvement of credit activities and the restructure of the capital of the domestic banks are the crucial factors in the next stage Similarly, for insurance sector, the improvement and development of the professional channels of distribution as well as the effective corporate management play an important role in the success of the insurance sector of Vietnam in the future 75 REFERENCES Vietnamese Languge: The National Economics University, The textbook of Trade in services, Statistical Publishing House, 2001 Vũ Thị Minh Hằng, Một số suy nghĩ thuật ngữ thị trường dịch vụ tài (In English: Some thoughts on terms of financial service market), The Magazine of Economic Development No.11/2008 Thai Ba Can and Tran Nguyen Nam, Phát triển dịch vụ tài Việt Nam tiến trình hội nhập (In English: Development of Vietnam’s financial services in integration process), Finance Publishing House, 2004 Nguyễn Anh Tuấn, Hiệp định đối tác xuyên Thái Bình Dương (TPP) tác động tới Việt Nam (In English: Trans-Pacific Partnership and its impact on Vietnam), National Political Publishing House, 2016 “Hiệp định Đối tác xuyên Thái Bình dương (Hiệp định TPP) tham gia Việt Nam”- In English: Trans-Pacific Partnership and Vietnam’s 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the Trans-Pacifict Partnership Agreement, 2015 78 26 World Bank, Finance for Growth: policy choices in a volatile world, 2001 at the website:http://documents.worldbank.org/curated/en/341151468762914798/Fi nance-for-growth-policy-choices-in-a-volatile-world, downloaded on 29 October 2016 27 European Commission, “Services and investment in EU trade deals:Using'positive and negative lists”, April 2016 28 European Commission, “Services and investment in EU trade deals: Using positive and negative lists”, April 2016, at the website: http://trade.ec.europa.eu/doclib/docs/2016/april/tradoc_154427.pdf, downloaded on 05 November 2016 29 UN, EC, OECD, IMF, United Nations Conference on Trade and Development, WTO, Manual on statistics of international trade in services, 2002 30 Long Nguyen and Tarlok Singh, Financial Development and Electronic Banking in Viet Nam, 2015 31 ADB, Financial soundness indicators for financial sector stability in Viet Nam, 2015 32 Bui Trung Thanh, Financial development, economic growth, business cycle, 2016 33 Jane Winterbottom, The banking outlook for Vietnam, 2015 34 Bao Tran Tran, Bernice Ong and Scott Weldon, Vietnam banking industry report, 2015 35 Anna Gelpern, Trans-Pacific Partnership: An Assessment, Peterson Institute for International Economics, 2016 36 C.Rama Gopal, Management of Financial Services, 2014 ... Trans-Pacific Partnership (TPP): Opportunities and Challenges for Vietnam” by Dinh Hoang Anh (2015), Thương mại dịch vụ Hiệp định TPP vấn đề đặt Việt Nam” –In English:“Trade in services according... English: “the Trans-Pacific Partnership Agreement (TPP) and its impact on Vietnam”- by Prof Dr Nguyen Anh Tuan This book, namely “Hiệp định Đối tác Xuyên Thái Bình Dương (TPP) tác động tới Việt Nam”-