Quản lý nhà nước đối với hoạt động huy động vốn qua phát hành chứng khoán của các ngân hàng thương mại cổ phần việt nam tt tiếng anh

MINISTRY OF EDUCATION AND TRAINING THUONGMAI UNIVERSITY NGUYEN THI THU HANG STATE MANAGEMENT ON CAPITAL MOBILIZATION ACTIVITIES THROUGH THE SECURITIES ISSUANCE BY THE JOINT STOCK COMMERCIAL BANKS IN VIETNAM Major: Economic Management Code: 934.04.10 SUMMARY OF ECONOMIC DOCTORAL THESIS Ha Noi, 2020 The work was completed at: Thuongmai University Full name of the Supervisors: Supervisor 1: Assoc Prof., PhD Nguyen Thi Phuong Lien Supervisor 2: : Assoc Prof., PhD Le Hoang Nga INTRODUCTION Urgency of the topic Capital mobilization channel through the securities issuance is considered as the channel that can mobilize a huge amount of capital to meet the necessary capital needs in each stage of development of joint stock commercial banks The joint stock commercial banks have issued various types of securities, in which there are mainly stocks to mobilize the equity capitals and bonds to mobilize debt capitals to serve its long-term development strategies for these banks During the past time, many legal documents on guiding these activities have been issued, but those have not been completed and not in compliance with the international practices; The current organizational structure of the State Management apparatus reduces the independence of the State Securities Commission of Vietnam in performing its management functions; Its management model is inadequate; The roles of testing, inspection, and supervision is limited in handling the violations; The professional qualifications and capacity of the officials in charge of management of the securities issuance are not high Moreover, there are many other limitations affecting to the quality of mobilization In addition to that, the Circular No 41/2016/TT-NHNN on regulating capital adequacy ratios under Basel II standards, which pressures the banks to increase their charter capital and increase owners’ equity Therefore, these banks have chosen the solution to increase its capital through the securities issuance, mainly to increase its capital through issuing its bonds to meet the required capital By these above reasons, it makes the capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam face many difficulties, creating adverse effects on the financial system, in general and the banking system, in particular With the desire to contribute to supplementing the scientific and practical bases to properly assess the actual situation and propose some solutions to overcome the aforesaid limitations, the author chose the research topic as "State management on capital mobilization activities through the securities issuance at some joint stock commercial banks in Vietnam” as his doctoral thesis This topic is an essential research orientation and contains many implications both in theory and practice, contributing to the complete state management of joint stock commercial banks through the activities of the securities issuance, development of banking systems and stock markets in the coming years Research objectives and mission: 2.1 Objectives The thesis focuses on researching the literature reviews, surveying, analyzing, and assessing the actual situation of state management on the activities of the securities issuance at some joint stock commercial banks in Vietnam in the period of 2012-2018, thereby, proposing some solutions with scientific and practical bases in order to improve the state management on these activities in the coming time 2.2 Research mission - To clarify the theoretical issues about capital mobilization activities and characteristics of commercial banks affecting to the decision-making on capital mobilization through the securities issuance and state management on the securities issuance by the joint stock commercial banks From which, the thesis has set up the literature reviews for state management on these activity in terms of the approaches of economic management major, learning from the experiences in some countries around the world, and drawing some valuable lessons as the references for Vietnam - To analyze the actual situation, draw some comments and evaluations of the gained results and limitations in state management on capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam to be used as the practical basis and arguments for the proposal of some solutions on completion - To propose a number of solutions with the purpose of completing the state management on the capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam in the coming time Objects and scope of the research 3.1 Objects of the research The research objects of the thesis are theoretical and practical issues on state management on capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam 3.2 Scope of research - Regarding to the space: State Management on capital mobilization activities of issuing the stocks and bonds of the joint stock commercial banks in Vietnam under the methods of public offerings and private issuances - Regarding to the time: The researches of the thesis are based on the information and data on capital mobilization and state management on capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam for the period of 2012-2018 - Regarding to the research content: + Subjects of State Management: Management activities of the State Bank of Vietnam and the State Securities Commission of Vietnam (Ministry of Finance) for the capital mobilization activities on the issues of stocks and bonds of the joint stock commercial banks which are listed and traded on Ho Chi Minh Stock Exchange and Hanoi Stock Exchange + Contents of State Management: State Management on capital mobilization through the securities issuance by the joint stock commercial banks based on its management functions, in-depth analysis of management objectives, legal environment, organization of management apparatus, and the instruments for management, inspection, supervision, and administration New findings of the thesis - New findings in academic and literature reviews; - New conclusions on practical assessment; - New proposals on policies and solutions Thesis structure In addition to the Assurance, the Table of Contents, the Conclusion, the List of Published Works of the Ph D Candidate related to the thesis, the List of References and 11 appendices, the thesis is be construed in chapters as follows: Chapter 1: Overview of research situation and methodology Chapter 2: Literature reviews of State Management on capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam Chapter 3: Actual situation of state management on capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam Chapter 4: Orientations, perspectives, and solutions to improve the State Management on capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam CHAPTER OVERVIEW OF RESEARCH SITUATION AND METHODOLOGY 1.1 Overview of research situation related to thesis topic There have been a number of research works in the form of doctoral theses, master theses, ministerial-level scientific researches (sector), domestic and foreign monographs and journals referred to the different terms and scopes of contents related to the capital mobilization activities, stock market activities and state management of the subjects participated in the aforesaid stock markets, etc 1.2 Research gaps and scientific and practical values to be inherited in the thesis 1.2.1 Limitations and research gaps - Limitations of the research: Most of the studies are not indepth studies on state management on capital mobilization activities through the securities issuance by the joint stock commercial banks in terms of approaches in economic management major; Time of the research data, so some research conclusions are no longer consistent with the current actual situation - Research gaps and questions: How the characteristics of commercial banks affect to the decision-making on capital mobilization through the securities issuance by the joint stock commercial banks and to the contents and managing subjects of State Management on capital mobilization through the securities issuance by the joint stock commercial banks? What are the contents, evaluation criteria, and influencing factors for the state management on capital mobilization through the securities issuance by the joint stock commercial banks in terms of the approaches in economic management major? What was the actual situation of the State Management on the above activities in Vietnam in the period from 2012 to 2018? What are its shortcomings, causes, and set research problems that the Ph D Candidate should continue to study to improve? What measures should be implemented to complete and improve the effectiveness and efficiency of the State Management on capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam? 1.2.2 Scientific and practical values to be inherited in the thesis Literature reviews and practical basis of the research works in the previous section was used by the Ph D Candidate for partial reference during the process of implementing the thesis topic In addition, the Ph D Candidate has consulted on the experiences of the regulations on the securities issuance of the commercial banks around the world, thereby, drawing some lessons for the state management on capital mobilization activities of the joint stock commercial banks in Vietnam During the process of research and writing of the thesis, the Ph D Candidate also consulted the research methodology of the above research works in order to select the appropriate methodology for his research 1.3 Research Methodology 1.3.1 Methods of information and data collection + Secondary information and data: Secondary data is collected from the reports of joint stock commercial banks, the State Securities Commission of Vietnam, the State Bank of Vietnam; Data figures from the General Statistics Office, Ho Chi Minh Stock Exchange and Hanoi Stock Exchange, books, newspapers, magazines, and internet networks + Primary information and data: Primary information and data are collected through the following methods: Direct interviews; Surveying by questionnaires 1.3.2 Method of information and data processing - Secondary information and data: The Ph D Candidate have used methods of statistical research, analysis, synthesis and comparison - Primary information and data: The Ph D Candidate have used SPSS 20.0 Software to assess the actual situation of state management on the securities issuance by the joint stock commercial banks in Vietnam 1.3.3 Summary of research methodology and instruments The common methods that Ph D Candidate have applied are: analytical and synthesis methods; methods of statistics, comparisons, and assessments; methods of expert interviews and sociological surveys combined with qualitative methods to analyze the literature reviews and evaluate the practical of thesis topic CHAPTER LITERATURE REVIEWS OF STATE MANAGEMENT ON CAPITAL MOBILIZATION ACTIVITIES THROUGH THE SECURITIES ISSUANCE BY THE JOINT STOCK COMMERCIAL BANKS IN VIETNAM 2.1 Literature reviews on capital mobilization through the securities issuance by the joint stock commercial banks in general 2.1.1 Commercial banks and forms of capital mobilization of the joint stock commercial banks 2.1.1.1 Definitions of commercial banks and joint stock commercial banks 2.1.1.2 Forms of capital mobilization of the joint stock commercial banks Commercial banks are able to mobilize its capital in various forms such as Deposits, The securities issuance, loans from other credit institutions in Vietnam and other foreign credit institutions, borrowings from the State Bank of Vietnam, and other forms in accordance with the regulations of the State Bank of Vietnam 2.1.2 Types of securities issued by the joint stock commercial banks The joint stock commercial banks usually issue the following types of securities: Stocks; Bonds 2.1.3 Methods of issuing the securities of the joint stock commercial banks 2.1.3.1 Public offerings a Definitions, characteristics, conditions, and dossiers for public offering of securities b Procedures on issuance 12 commercial banks - Developing legal frameworks; - Building the models and organizing management apparatus; - Organizing the implementation of management activities; 2.3 Criteria for evaluating the state management on capital mobilization activities through the securities issuance by the joint stock commercial banks and influencing factors 2.3.1 Criteria for evaluating the state management on capital mobilization activities through the securities issuance by the joint stock commercial banks The criteria for evaluating the state management on capital mobilization activities through the securities issuance by the joint stock commercial banks are based on qualitative and quantitative criteria 2.3.2 Influencing factors for the state management on capital mobilization activities through the securities issuance by the joint stock commercial banks 2.3.2.1 Factors of the managing subjects - Awareness and management capacity of managing subjects; - Responsibilities of state management agencies; - Procedures for legal administrations of the state management agencies; - Teams of public servants of the state management agencies; - Technological facilities, information and data management systems 2.3.2.2 Factors of the managing objects - Knowledge of securities laws and the laws relating to the activities for securities issuance; - Awareness of compliance with the laws from the banks; 13 - Efficiency of banking management; - Levels of development of the banks 2.3.2.3 Factors of the management environment - Economic institutions; - Legal environment; - Stock markets; - International Economic Integration 2.4 Experiences in state management on capital mobilization activities through the securities issuance by the joint stock commercial banks in some countries around the world and lessons learned for Vietnam 2.4.1 Experiences in state management on capital mobilization activities through the securities issuance by the joint stock commercial banks in some countries around the world - Experiences in the United States of America; - Experiences in Japan; - Experiences in China; - Experiences in Thailand 2.4.2 Lessons learned for Vietnam in state management on capital mobilization activities through the securities issuance by the joint stock commercial banks - To have to uniformly manage and build a centralized management mechanism for the stock markets; - To assign a state management agency with its certain high position and independence in the management apparatus; - The identification and selection between the state management and autonomy depends on specific conditions of Vietnam; - To apply one of two management models depending on the 14 current actual conditions of the stock markets in Vietnam or the combination of the two models; - Management methods need to be studied to apply in reforming its inspection and supervision systems CHAPTER ACTUAL SITUATION OF STATE MANAGEMENT ON CAPITAL MOBILIZATION ACTIVITIES THROUGH THE SECURITIES ISSUANCE BY THE JOINT STOCK COMMERCIAL BANKS IN VIETNAM 3.1 Brief overview of the commercial banking system and the actual situation of capital mobilization through securities issuance of the joint stock commercial banks in Vietnam 3.1.1 Overview of the system of the joint stock commercial banks in Vietnam 3.1.1.1 Numbers of joint stock commercial banks in Vietnam As of June 30, 2018, Vietnam's banking system included: policy banks, 31 joint stock commercial banks, state-owned commercial banks, 10 100%-foreign-owned banks, joint venture banks Among 31 joint stock commercial banks, banks are listed on the Ho Chi Minh Stock Exchange, banks are listed on the Hanoi Stock Exchange and banks are listed on the unlisted public company markets 3.1.1.2 Situation of assets, capital Total assets, equity capital, and charter capital of the whole banking system and credit institutions have increased over the years, reaching a very large volume, ensuring the stable and developing operations of the banks 3.1.1.3 Business results 15 In recent years, the joint stock commercial banks’ business activities have achieved high profits, increasing the attractiveness of joint stock commercial banks' securities to both domestic and foreign investors 3.1.2 Actual situation of capital mobilization through the securities issuance by the joint stock commercial banks in Vietnam 3.1.2.1 Actual situation of the issuance of stocks The need to expand the operation scale of banks is very large, the banks have increased its capital mobilization by issuing its stocks, helping them increase its competitiveness to keep up with international economic integration However, the issuance of stocks takes place continuously in large numbers, so the ability of state management agencies to control the quality of stocks is very difficult 3.1.2.2 Actual situation of the issuance of bonds In the past few years, the form of bond issuance has been rarely used by the joint stock commercial banks, until 2018, capital source through bond issuance channel has increased with a large amount of capital but is still less than the amount of capital mobilized through issuing shares 3.2 Actual analysis of state management on capital mobilization activities through securities issuance of the joint stock commercial banks in Vietnam 3.2.1 Actual situation of developing a legal framework for state management on capital mobilization activities through securities issuance by the joint stock commercial banks in Vietnam In the period of 2012-2018, the State has issued 51 documents related to the securities issuance activities of joint stock commercial banks including Laws, 10 Decrees, 21 Circulars, 15 Decisions issued by the Government, Ministry of Finance, State 16 Securities Commission of Vietnam and State Bank of Vietnam However, the legal framework for this activity is incomplete 3.2.2 Actual situation of model and organization of state management apparatus for capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam The model of management of capital mobilization through the securities issuance by the joint stock commercial banks in Vietnam is both based on the quality and the management model on the basis of full disclosure, so it is not suitable with the actual situation and international practices The activities of securities issuance by the joint stock commercial banks is governed by the State Securities Commission of Vietnam and the State Bank of Vietnam, so each of these management agencies has its own organizational structure, which makes it difficult for the banks in the process of securities issuance 3.2.3 Actual situation of implementing state management activities on securities issuance by the joint stock commercial banks in Vietnam 3.2.3.1 Actual situation of issuing license management From 2012 to 2018, most of the dossiers for application for public offerings of the joint stock commercial banks were approved by the State Securities Commission of Vietnam and State Bank of Vietnam However, management agencies have difficulties in controlling the capital mobilization and use of banks when issuing securities 3.2.3.2 Actual situation of inspection and supervision of the process of securities issuance and handling of violations of law on securities issuance 17 The inspection and supervision of the process of securities issuance are carried out strictly according to the processes and procedures Most of joint stock commercial banks have all the necessary documents when applying for licenses, complying with the stipulated time However, there are still some banks that have not established and submitted public company dossiers to the State Securities Commission of Vietnam The violations and forms of penalties with its low values make it easier for the joint stock commercial banks to accept its fines for greater benefits from noncompliance with state management agencies' regulations These banks all use capital for the right purposes as stated in the issuance plan, the State Bank of Vietnam did not detect cases of using capital for wrong purposes The State Bank of Vietnam usually focuses on supervising the compliance with laws, compliance with prudential ratios and limits, with little attention to assessing and warning risks in banking operations 3.3 Assessment of the actual state management on capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam 3.3.1 Assessment of the actual state management on capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam from Summary of survey results The survey results show that the state management status of securities issuance activities by the joint stock commercial banks in Vietnam still has many limitations that need to be overcome in the coming time 3.3.2 General assessment of the actual state management on capital mobilization activities through the securities issuance by 18 the joint stock commercial banks in Vietnam 3.3.2.1 The gained results - The legal environment is gradually improved; - Organization and management model are becoming more and more reasonable; - Inspection, supervision and handling of violations have been strengthened 3.3.2.2 The limitations - The legal framework is not complete, comprehensive and consistent, slow compared to reality - The current organizational structure of the management system are inadequate causes difficulties in the management work - The state management activities on securities issuance by the joint stock commercial banks in Vietnam are still limited: Licensing is also procedural; Inspection, supervision and handling of law violations are still inadequate - The coordination between the State Securities Commission of Vietnam, State Bank of Vietnam and line agencies is not tight 3.3.2.3 Causes of limitations * Causes of the managing subjects (Ministry of Finance, State Securities Commission of Vietnam, State Bank of Vietnam) - Awareness and management capacity of state management agencies have not met the actual situation; - The state management agencies play many roles, so the ability to fulfill high responsibilities is very difficult; - Legal administrative procedures of state management agencies are still cumbersome and complicated; - The spirit, attitude and ability to perform work of staff of state management agencies are not high; 19 - Infrastructure for state management activities has not the requirements * Causes of the managed subjects (the joint stock commercial banks) - The level of legal knowledge of laws relating to securities issuance is still low; - The bank's awareness of law compliance is not high; - Banking governance efficiency is still poor; - The level of development of the bank is lower than other countries in the region and the World * Causes of the management environment - The laws, mechanisms and policies are still overlapping, contradictory, unstable and consistent, and have not created an open, transparent and stable investment environment - The legal environment is in the process of completion and stability; - In the fast-growing market of securities market, state management agencies not have much experience in managing stock market, often in passive position; - International economic integration has happened quickly and deeply, causing the stock market to change soon 20 CHAPTER ORIENTATIONS, PERSPECTIVES AND SOLUTIONS TO IMPROVE STATE MANAGEMENT ON CAPITAL MOBILIZATION ACTIVITIES THROUGH SECURITIES ISSUANCE BY THE JOINT STOCK COMMERCIAL BANKS IN VIETNAM 4.1 Development orientation and perspective on perfecting state management on capital mobilization activities through securities issuance by the joint stock commercial banks in Vietnam 4.1.1 Forecast of socio-economic context of Vietnam and the World 4.1.2 Development orientation of Vietnam's stock market 4.1.3 Development orientation by the joint stock commercial banks in Vietnam 4.1.4 Forecast of mobilization demand through securities issuance by the joint stock commercial banks in Vietnam Based on the economic situations of the world and Vietnam, the regulations of the State Bank of Vietnam and the development scale of each bank, some joint stock commercial banks forecast their own capital mobilization needs In order to make the banking system develop healthier, in the context of medium and long-term capital mobilization through increasingly difficult forms of deposit mobilization, the banks are planning to increase the owners’ equity, paying special attention to the forms of capital mobilization through securities issuance with the aims of raising its capital adequacy ratios 4.1.5 The perspective on perfecting state management on capital mobilization activities through securities issuance by the joint 21 stock commercial banks in Vietnam - Perspective synchronized, stable and comprehensive: - The perspective of unified management; - The perspective of development and efficiency 4.2 Solutions to improve state management on capital mobilization through securities issuance by the joint stock commercial banks in Vietnam 4.2.1 Complete the legal framework for state management on capital mobilization through securities issuance by the joint stock commercial banks in Vietnam Issue uniformly the Decrees, detailing and detailing all articles of the Securities Law, promptly updating new regulations, amendments and supplements to suit the actual situation; 4.2.2 Improving the model and organizational structure of state management on capital mobilization through securities issuance by the joint stock commercial banks in Vietnam Improve the state management model of capital mobilization through securities issuance by the joint stock commercial banks in Vietnam by gradual change of management model based on full disclosure of information Improve the organizational structure to ensure state management activities on capital mobilization through the securities issuance of the joint stock commercial banks in Vietnam smoothly and effectively 4.2.3 Improve the state management on capital mobilization through securities issuance by the joint stock commercial banks in Vietnam - Strictly control the application file for securities issuance license of the joint stock commercial banks; 22 - Strengthen the organization of inspection teams, especially focus on deploying unexpected inspection teams to promptly detect and strictly handle violations 4.2.4 Strengthening the coordination in state management on capital mobilization through securities issuance by the joint stock commercial banks in Vietnam The State Securities Commission of Vietnam cooperates with the Ministry of Finance and other ministries and branches to ensure the effectiveness of supervision, enforcement, and safety for securities issuance Strengthen close coordination among regulatory authorities (State Bank of Vietnam, State Securities Commission of Vietnam, Vietnam Banking Association and National Financial Supervisory Commission) 4.3 A number recommendations for perfecting the state management on capital mobilization through securities issuance by the joint stock commercial banks in Vietnam 4.4.1 For the National Assembly and the Government 4.4.2 For the Ministry of Finance, the State Securities Commission of Vietnam and ministerial-level agencies 4.4.3 For the State Bank 4.4.4 For the joint stock commercial banks in Vietnam CONCLUSION Recently, the State management on capital mobilization activities through the securities issuance by the joint stock commercial banks has shown many limitations, creating difficulties for both state management subjects and issuing banks On the basis of applying a combination of research methods, the graduate student 23 has studied and implemented the research objectives set out Firstly, the thesis has focused on clarifying the theoretical issues about capital mobilization activities and characteristics of the commercial banks affecting the capital mobilization decision and state management for these activities Since then, the thesis has established a theoretical basis for state management on capital mobilization activities through the securities issuance by the joint stock commercial banks under the approach of specialized economic management Secondly, on the basis of using evaluation criteria (both qualitative and quantitative ones) to collect and analyze secondary and primary data in order to assess objectively about: The appreciation and uniformity of policies; The publicity, transparency and openness of the policies; The feasibility and effectiveness in state management At the same time, the thesis has also pointed out the factors of the subjects, the object and the management environment that affects the state management on capital mobilization activities through the securities issuance by the joint stock commercial banks Thirdly, it has analyzed the status of capital mobilization activities through the securities issuance and the state management on capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam in 2012 - 2018 period Based on the results of interviews and sociological surveys from managers, by processing the survey results using SPSS software and combining with qualitative research, the graduate student has drawn comments and assessments on achieved results and limitations and causes in the state management on capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam, and seen them as a basis and practical arguments for 24 proposing complete solutions Fourthly, on the basis of analyzing and assessing the situation and based on international experiences, development orientations and capital mobilization strategies through the securities issuance by the joint stock commercial banks in Vietnam until 2025, the thesis has proposed a number of solutions in order to complete the state management for the above activities in the coming time Through the process of research and completing the thesis, the graduate student realizes that the thesis still has some limitations as follows: The sample size for interviews and surveys is small, the scope of surveyed and investigated subjects is not large and does not cover all aspects of state management, the graduate student has only taken representative and random survey samples, so the study conclusions may not reflect fully and comprehensively the status of the state management on capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam Because there are objective difficulties in collecting secondary information, some management contents not have detailed information and data, so some analyses and evaluations are not intensive enough Research results using SPSS software are for reference and approximate The state management on capital mobilization activities through the securities issuance by the joint stock commercial banks is wide with many subjects involved in the management, so the ability to collect practical information is limited and due to some sensitive issues, it is difficult to present an exact evaluation The above limitations will be the contents that the graduate student will continue to study in the future with the desire that the 25 state management on capital mobilization activities through the securities issuance by the joint stock commercial banks will become more and more complete THE AUTHOR'S RESEARCH WORKS RELATED TO THE THESIS Nguyen Thi Thu Hang (2016), Improving the efficiency of state management on bank securities issuance, Finance Magazine No 638/2016; Nguyen Thi Thu Hang (2017), Experience in state management on capital mobilization activities through the securities issuance by the joint stock commercial banks in some countries in the world and lessons for Vietnam, Asian - Pacific Economic Magazine 500/2017; Nguyen Thi Thu Hang (2018), Influence of Integration on state management on bank securities issuance, Finance Magazine No 683/2018; Nguyen Thi Thu Hang (2018), Capital mobilization through the securities issuance by the joint stock commercial banks in Vietnam, Finance Magazine No 685/2018; Nguyen Thi Thu Hang (2018), Enhancing capital mobilization activities through the securities issuance by the joint stock commercial banks in Vietnam, Scientific research project at school level, 2019 ... Vietnam in performing its management functions; Its management model is inadequate; The roles of testing, inspection, and supervision is limited in handling the violations; The professional qualifications... are many other limitations affecting to the quality of mobilization In addition to that, the Circular No 41/2016 /TT- NHNN on regulating capital adequacy ratios under Basel II standards, which... institutions in Vietnam and other foreign credit institutions, borrowings from the State Bank of Vietnam, and other forms in accordance with the regulations of the State Bank of Vietnam 2.1.2 Types