THE DETERMINANTS OF LIQUIDITY RISK OF COMMERCIAL BANKS IN VIETNAM

MINISTRY OF EDUCATION STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY - DUONG HA MY THE DETERMINANTS OF LIQUIDITY RISK OF COMMERCIAL BANKS IN VIETNAM GRADUATE THESIS BANKING AND FINANCE MAJOR ID: 7340201 ADVISOR PH.D NGUYEN DUY LINH Ho Chi Minh City, September 2021 MINISTER OF EDUCATION STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY - DUONG HA MY THE DETERMINANTS OF LIQUIDITY RISK OF COMMERCIAL BANKS IN VIETNAM GRADUATE THESIS BANKING AND FINANCE MAJOR ID: 7340201 ADVISOR PH.D NGUYEN DUY LINH Ho Chi Minh City, September 2021 i ABSTRACT SUMMARY The topic name: The determinants of liquidity risk of commercial banks in Vietnam The main goals of the study are to find out factors that can explain the liquidity risk in Vietnamese commercial banks and evaluate their influence levels on the risk After that, several policy implications and recommendations will be proposed to enhance the liquidity ability of banks and prevent sudden liquidity shock The study’s contents include: Firstly, the appearance of the study comes from the demand in limiting the risk of liquidity in commercial banks in the context of intense competition among banks Secondly, the study makes a review of previous domestic and foreign research determining factors affecting liquidity risk to consider them as a theoretical basis and inherit the research models Thirdly, the source of research data is collected from the financial reports of 25 commercial banks in Vietnam during the period from 2010-2020 Fourthly, the author uses plenty of methods from qualitative (description, comparison, analysis ) to quantitative methods Particularly, the panel data in research is regressed by implementing Pooled OLS, FEM, REM, and FGLS models Finally, based on research results, the analysis, comments as well as conclusion are all demonstrated, to propose the author’s suggestions in staving off the liquidity risk in banks’ process of operation The author hopes that this study can be a partial contribution to the research in the future as a reference and the research results are somehow useful to bank administrators, policymakers, and other scholars ii DISCLOSURE This study has never been submitted to any university for the completion of a graduate thesis Except for the fully referenced citations in this thesis, this thesis is the author's original research effort, the research results are honest, and there are no contents previously published or created by others I take full responsibility for this statement Ho Chi Minh City, September 2021 The thesis’s author Duong Ha My iii ACKNOWLEDGMENTS The author would like to express a vote of thanks to all the teachers of Banking University of Ho Chi Minh City for supporting, helping, and directly educating and imparting scientific knowledge specialized in Finance – Banking major, which is the foundation for the author to accomplish this thesis and apply it in practice Especially, I sincerely appreciate the scientific orientation role of a Ph.D Nguyen Duy Linh in guiding, supporting, and commenting for my research paper on the topic “The determinants of liquidity risk of commercial banks in Vietnam” I also would like to show my thankfulness to my family and friends for always supporting me, believing in me, and being the encouragement for me to complete this thesis Due to the limitations in experience and knowledge of the author, the shortcomings are inevitable I am looking forward to receiving comments and advice from the teachers Sincerely thanks Ho Chi Minh City, September 2021 The thesis’s author Duong Ha My iv COMMENTS OF ADVISOR Ho Chi Minh City, September 2021 ADVISOR Ph.D Nguyen Duy Linh v CONTENTS CHAPTER 1: INTRODUCTION 1.1 Introduction 1.2 Objectives of the study 1.2.1 General objectives .2 1.2.2 Particular objectives 1.3 Research questions 1.4 Research’s subject and range .2 1.4.1 Research’s subject .2 1.4.2 Research’s range 1.5 Scientific and practical significance 1.6 Research methodology 1.6.1 Research model 1.6.2 Research methodology 1.6.3 Research process 1.6.4 Data collecting and analyzing .7 1.7 Research content CHAPTER 2: LITERATURE REVIEW 10 2.1 Theoretical foundations of bank liquidity 10 2.1.1 The definition of bank liquidity 10 2.1.2 Supply and demand of liquidity 10 2.1.2.1 Supply of liquidity 10 2.1.2.2 Demand of liquidity .11 2.1.2.3 Net liquidity status 12 2.2 Theoretical foundations of liquidity risk .13 2.2.1 Definitions of liquidity risk .13 2.2.2 Causes of liquidity risk 13 2.2.3 Liquidity risk and performance of banks 14 2.2.4 Liquidity risk measures .15 2.2.4.1 Liquidity risk ratios .15 vi 2.2.4.2 Financing gap .16 2.3 Literature review 17 2.4 Factors affecting liquidity risk 19 2.4.1 Internal factors 19 2.4.1.1 Return on assets (ROA) 19 2.4.1.2 Net interest margin (NIM) .20 2.4.1.3 Bank size (SIZE) 20 2.4.1.4 Equity ratio (CAP) 21 2.4.1.5 Total loans ratio (TLA) 21 2.4.1.6 Operating expenses ratio (CEA) 21 2.4.1.7 Total deposits ratio (TDES) 21 2.4.2 External factors 22 2.4.2.1 Inflation rate (INF) 22 2.4.2.2 Economic growth rate (GDP) 22 CHAPTER 3: RESEARCH METHOD .25 3.1 Proposing a research model 25 3.2 Variables’ descriptions 26 3.2.1 The dependent variable – Liquidity risk measure (LIQ) 26 3.2.2 The independent variables 26 3.2.2.1 Return on assets (ROA) 26 3.2.2.2 Net interest margin (NIM) .26 3.2.2.3 Bank size (SIZE) 27 3.2.2.4 Equity ratio (CAP) 27 3.2.2.5 Total loans ratio (TLA) 27 3.2.2.6 Operating expenses ratio (CEA) 27 3.2.2.7 Total deposits ratio (TDES) 28 3.2.2.8 Inflation rate (INF) 28 3.2.2.9 The economic growth rate (GDP) 28 3.3 Research methodology 30 vii 3.3.1 Research process .30 3.3.2 Research sample and descriptive statistics 32 3.3.2.1 Research sample 32 3.3.2.2 Descriptive statistics 35 3.3.3 Research methodology 36 3.3.3.1 Models used for panel data 37 3.3.3.2 Choosing an appropriate model .38 3.3.3.3 Tests for defects of the chosen model 39 CHAPTER 4: RESEARCH RESULTS 41 4.1 Research results 41 4.1.1 Test of multi-collinearity 41 4.1.1.1 Correlations between variables 41 4.1.1.2 VIF ratio .42 4.1.2 Regression results of three models: Pooled OLS, FEM, and REM 43 4.1.3 Choosing a suitable model 44 4.1.3.1 Choosing between Pooled OLS and FEM .44 4.1.3.2 Choosing between FEM and REM 45 4.1.4 Tests for defects of FEM model 45 4.1.4.1 Test for heteroskedasticity .45 4.1.4.2 Test for autocorrelation 45 4.1.5 FGLS regression 46 4.1.6 Comparison between models 47 4.1.7 Results summary .48 4.2 Results discussion 49 CHAPTER 5: CONCLUSION AND RECOMMENDATIONS 53 5.1 Research conclusion 53 5.2 Policy implications and recommendations for Vietnamese commercial banks to limit the liquidity risk .54 5.2.1 For commercial banks .54 5.2.2 For the State bank 55 viii 5.2.3 For the Government 55 5.3 Limitations of the study and next research directions 55 5.3.1 Limitations of the study .55 5.3.2 Next research directions 56 REFERENCE 58 68 Table C.3 Wooldridge test (Source: Extract from Stata) 69 APPENDIX D: DATA NAME YEAR LIQ ROA ROE NIM SIZE CAP TLA CEA TDES ABB 2010 0.256262 0.012562 0.103027 0.031134 13.57978 0.121934 0.521252 0.015561 0.786429 ABB 2011 0.226923 0.007541 0.066624 0.043952 13.61936 0.113191 0.47583 0.020646 0.713763 ABB 2012 0.3205 0.008073 0.07665 0.036145 13.66433 0.105322 0.494996 0.023723 0.709188 ABB 2013 0.400722 0.002728 0.02754 0.022768 13.76187 0.099047 0.638583 0.01821 0.646496 ABB 2014 0.469299 0.001589 0.018785 0.021839 13.82736 0.084614 0.62739 0.016305 0.724938 ABB 2015 0.395134 0.00137 0.015382 0.025662 13.81065 0.089076 0.631137 0.018492 0.756472 ABB 2016 0.364013 0.00315 0.040404 0.024076 13.87176 0.077963 0.653264 0.017522 0.776109 ABB 2017 0.370802 0.005763 0.080318 0.025369 13.92801 0.07175 0.662041 0.018472 0.786913 ABB 2018 0.339976 0.007867 0.104016 0.022115 13.95539 0.07563 0.597947 0.018695 0.740102 ABB 2019 0.394069 0.009454 0.124742 0.023782 14.01067 0.075792 0.626603 0.018142 0.761672 ABB 2020 0.403793 0.009389 0.123898 0.020165 14.06546 0.075781 0.569037 0.016281 0.820751 ACB 2010 0.248511 0.011384 0.205225 0.020301 14.31197 0.055469 0.421634 0.010531 0.658531 ACB 2011 0.346886 0.011415 0.268234 0.023513 14.44874 0.042556 0.366907 0.0112 0.629608 ACB 2012 0.22783 0.004447 0.062105 0.038971 14.24627 0.071605 0.584127 0.024223 0.763061 ACB 2013 0.122496 0.004961 0.066097 0.027406 14.22167 0.075056 0.646025 0.022566 0.864074 ACB 2014 0.196068 0.005299 0.076775 0.026533 14.25433 0.069024 0.646547 0.021511 0.878893 ACB 2015 0.143486 0.005104 0.080416 0.029205 14.30418 0.063475 0.685795 0.019963 0.878683 ACB 2016 0.123993 0.005671 0.094233 0.029493 14.36862 0.060179 0.699609 0.020018 0.893469 ACB 2017 0.110272 0.00745 0.132128 0.029748 14.4538 0.056384 0.702852 0.021868 0.891695 ACB 2018 0.136525 0.015598 0.244413 0.031466 14.51764 0.06382 0.710252 0.020381 0.871981 70 ACB 2019 0.158727 0.015671 0.216455 0.031582 14.58378 0.072397 0.722831 0.021662 0.846913 ACB 2020 0.162573 0.017283 0.216734 0.032803 14.6479 0.079743 0.712862 0.017151 0.828464 BID 2010 0.273192 0.010268 0.155275 0.025095 14.5638 0.066126 0.802304 0.015141 0.74531 BID 2011 0.228999 0.007886 0.131183 0.031149 14.60826 0.060111 0.829032 0.016395 0.680736 BID 2012 0.259755 0.005305 0.097075 0.018994 14.68555 0.054652 0.745306 0.009435 0.641775 BID 2013 0.224283 0.007387 0.126436 0.025439 14.73909 0.058426 0.727044 0.013561 0.637757 BID 2014 0.247528 0.007666 0.148356 0.025901 14.81314 0.051675 0.696329 0.013261 0.705415 BID 2015 0.225662 0.007496 0.150624 0.022706 14.92976 0.049767 0.717661 0.013033 0.689021 BID 2016 0.227904 0.006157 0.140461 0.023245 15.00276 0.043835 0.731045 0.013446 0.754355 BID 2017 0.23601 0.005774 0.142228 0.025735 15.08021 0.040599 0.7457 0.01289 0.737474 BID 2018 0.210972 0.005697 0.137274 0.026447 15.11822 0.041504 0.760751 0.012199 0.770631 BID 2019 0.222771 0.005737 0.110076 0.024147 15.17317 0.052118 0.747057 0.011582 0.767181 BID 2020 0.177759 0.004763 0.090695 0.023602 15.1809 0.052514 0.829065 0.011666 0.835705 BVB 2010 0.5184 0.006874 0.027204 0.023222 12.91516 0.25267 0.440854 0.013221 0.622775 BVB 2011 0.293534 0.015908 0.081783 0.024882 13.22964 0.194517 0.255382 0.012279 0.518678 BVB 2012 0.754225 0.009878 0.062526 0.022705 13.31535 0.157979 0.529589 0.017097 0.658224 BVB 2013 0.438173 0.004471 0.032084 0.020792 13.36283 0.139365 0.513993 0.017473 0.717074 BVB 2014 0.31378 0.006288 0.048929 0.020349 13.41133 0.128504 0.538058 0.019323 0.761433 BVB 2015 0.303217 0.015081 0.017025 0.015081 13.46268 0.114174 0.569978 0.015072 0.782618 BVB 2016 0.229622 0.016972 0.018904 0.016972 13.51034 0.102228 0.672673 0.018619 0.865126 BVB 2017 0.278099 0.00084 0.010028 0.016764 13.60098 0.083801 0.629826 0.01618 0.861508 BVB 2018 0.268315 0.002026 0.027438 0.017183 13.66793 0.073853 0.640395 0.015013 0.880396 71 BVB 2019 0.273213 0.002433 0.03375 0.017997 13.7144 0.072092 0.679159 0.016585 0.845578 BVB 2020 0.293176 0.002633 0.041347 0.018079 13.78605 0.06367 0.668743 0.014197 0.823102 CTG 2010 0.311931 0.009285 0.185842 0.032876 14.56551 0.049964 0.641033 0.019573 0.631219 CTG 2011 0.319202 0.013595 0.218101 0.043543 14.66315 0.062333 0.638266 0.019717 0.684913 CTG 2012 0.285751 0.012253 0.182317 0.036582 14.70203 0.067206 0.726736 0.018739 0.613843 CTG 2013 0.289399 0.010077 0.106985 0.031711 14.7607 0.094189 0.670661 0.016333 0.68769 CTG 2014 0.273664 0.008663 0.103682 0.026591 14.82029 0.083551 0.671265 0.014863 0.705187 CTG 2015 0.250537 0.007334 0.101887 0.024169 14.89181 0.071984 0.686562 0.013752 0.722734 CTG 2016 0.254359 0.007229 0.113542 0.023617 14.97713 0.063666 0.694175 0.013567 0.734065 CTG 2017 0.241141 0.006811 0.116974 0.024723 15.03944 0.05823 0.719556 0.013762 0.750151 CTG 2018 0.217034 0.004652 0.080296 0.019338 15.06612 0.05793 0.735252 0.012243 0.772699 CTG 2019 0.212758 0.007638 0.122513 0.026758 15.09367 0.062347 0.748465 0.012682 0.7861 CTG 2020 0.215065 0.010256 0.161071 0.026524 15.12757 0.063671 0.754919 0.011991 0.811718 EIB 2010 0.306172 0.01384 0.134311 0.021989 14.11764 0.103048 0.470729 0.007832 0.682867 EIB 2011 0.403083 0.016555 0.186405 0.028892 14.26379 0.08881 0.403365 0.010405 0.650171 EIB 2012 0.434872 0.012569 0.135253 0.028806 14.23085 0.092928 0.561182 0.013499 0.605398 EIB 2013 0.368726 0.003878 0.04487 0.016112 14.23003 0.086438 0.648872 0.012487 0.677301 EIB 2014 0.297884 0.000348 0.003987 0.016824 14.20708 0.08733 0.573377 0.012717 0.812732 EIB 2015 0.132786 0.00032 0.003043 0.027214 14.09639 0.105284 0.672688 0.018459 0.845291 EIB 2016 0.182259 0.002399 0.022972 0.023929 14.10992 0.104412 0.667071 0.017509 0.834414 EIB 2017 0.202809 0.005509 0.057738 0.017861 14.17426 0.095409 0.671277 0.014769 0.838437 EIB 2018 0.250436 0.004327 0.044384 0.021008 14.1837 0.0975 0.676518 0.019003 0.846797 72 EIB 2019 0.258446 0.00517 0.054995 0.019222 14.22411 0.094004 0.66959 0.01612 0.879454 EIB 2020 0.288504 0.00667 0.063627 0.020655 14.2053 0.104837 0.620111 0.0152 0.869791 HDB 2010 0.46209 0.007834 0.11427 0.015191 13.53642 0.068557 0.338576 0.009826 0.617657 HDB 2011 0.461341 0.009472 0.12022 0.029069 13.65346 0.078792 0.30443 0.013206 0.683487 HDB 2012 0.368777 0.006184 0.06052 0.016105 13.72249 0.102188 0.453791 0.015091 0.716049 HDB 2013 0.304666 0.002524 0.02534 0.00377 13.93564 0.099589 0.564849 0.011718 0.787214 HDB 2014 0.425543 0.004792 0.051841 0.016369 13.99793 0.092428 0.486599 0.018288 0.753198 HDB 2015 0.318065 0.005917 0.064025 0.030471 14.02729 0.092422 0.574454 0.022628 0.728492 HDB 2016 0.314514 0.006085 0.091977 0.031126 14.17694 0.066155 0.558323 0.021804 0.777948 HDB 2017 0.356001 0.010323 0.13242 0.03367 14.27723 0.077953 0.557463 0.021508 0.701309 HDB 2018 0.316895 0.014818 0.190247 0.035387 14.33457 0.077887 0.57171 0.020557 0.698416 HDB 2019 0.22471 0.01752 0.197258 0.042473 14.36074 0.088815 0.634092 0.022139 0.663418 HDB 2020 0.305451 0.014562 0.188111 0.037282 14.50396 0.077411 0.553032 0.019343 0.669371 KLB 2010 0.300465 0.01547 0.060573 0.039494 13.10133 0.255389 0.383708 0.014389 0.63643 KLB 2011 0.433424 0.022108 0.114178 0.049149 13.25162 0.19363 0.465514 0.019852 0.72303 KLB 2012 0.349411 0.018892 0.101898 0.058021 13.26907 0.185397 0.540423 0.030552 0.707641 KLB 2013 0.318044 0.014665 0.090176 0.048398 13.32984 0.162631 0.655234 0.027494 0.684985 KLB 2014 0.299103 0.007614 0.052291 0.034354 13.36369 0.145608 0.611629 0.022737 0.793735 KLB 2015 0.230736 0.006525 0.048983 0.032484 13.4035 0.133217 0.638971 0.022586 0.824132 KLB 2016 0.217628 0.003973 0.035967 0.02581 13.4836 0.110469 0.643547 0.022386 0.850544 KLB 2017 0.228338 0.005403 0.056789 0.027906 13.57202 0.095149 0.655441 0.021599 0.883751 KLB 2018 0.183716 0.005481 0.061835 0.023041 13.62644 0.088635 0.690544 0.021944 0.875347 73 KLB 2019 0.265573 0.001324 0.017847 0.019723 13.70844 0.074201 0.64936 0.020383 0.867158 KLB 2020 0.282268 0.002205 0.032239 0.016627 13.75802 0.068401 0.60094 0.01895 0.89196 LPB 2010 0.626652 0.01952 0.166302 0.034995 13.54388 0.117377 0.286794 0.014609 0.266312 LPB 2011 0.68145 0.017406 0.148169 0.036657 13.74921 0.117472 0.225182 0.016738 0.758919 LPB 2012 0.516679 0.013072 0.117462 0.036946 13.82225 0.111289 0.435486 0.015607 0.76016 LPB 2013 0.507317 0.007115 0.077878 0.028879 13.90088 0.091354 0.37936 0.013819 0.874602 LPB 2014 0.460432 0.004628 0.063111 0.022726 14.00347 0.073323 0.441452 0.013402 0.876373 LPB 2015 0.349951 0.003252 0.04603 0.024351 14.03176 0.070645 0.52257 0.014532 0.785841 LPB 2016 0.385242 0.007492 0.127556 0.028363 14.15188 0.058731 0.563143 0.01432 0.838435 LPB 2017 0.337257 0.008371 0.145801 0.031981 14.21334 0.057413 0.616926 0.017212 0.855158 LPB 2018 0.2757 0.005482 0.094105 0.028646 14.24327 0.058259 0.677435 0.017408 0.782414 LPB 2019 0.269078 0.00792 0.12721 0.029996 14.30548 0.062258 0.698825 0.019956 0.741345 LPB 2020 0.239698 0.007683 0.130828 0.02773 14.38443 0.058726 0.721179 0.019168 0.769753 MBB 2010 0.387687 0.01592 0.179155 0.032102 14.0399 0.08886 0.438395 0.011438 0.754015 MBB 2011 0.419826 0.015319 0.206521 0.037617 14.14249 0.074175 0.700979 0.013546 0.837138 MBB 2012 0.502378 0.013131 0.170429 0.037598 14.24455 0.077045 0.557932 0.015356 0.844255 MBB 2013 0.425619 0.012672 0.145522 0.033952 14.25619 0.087077 0.587719 0.015226 0.810813 MBB 2014 0.418105 0.012484 0.145962 0.032621 14.30209 0.085532 0.542971 0.015533 0.84082 MBB 2015 0.367148 0.011365 0.108361 0.033109 14.34447 0.104881 0.590455 0.015604 0.837167 MBB 2016 0.334351 0.011253 0.108451 0.031136 14.40868 0.103756 0.635886 0.016291 0.810311 MBB 2017 0.344214 0.01112 0.117915 0.035743 14.49676 0.094308 0.627602 0.019113 0.816841 MBB 2018 0.354354 0.017084 0.181135 0.04025 14.5591 0.094315 0.610968 0.024105 0.774601 74 MBB 2019 0.340932 0.019608 0.202293 0.043744 14.61436 0.096931 0.626212 0.023631 0.734554 MBB 2020 0.339795 0.017387 0.171779 0.040967 14.69459 0.101215 0.605864 0.021325 0.6787 MSB 2010 0.523592 0.010033 0.182869 0.016646 14.06197 0.054862 0.274096 0.008013 0.708592 MSB 2011 0.575818 0.006971 0.083932 0.013617 14.05833 0.083059 0.329377 0.010981 0.722581 MSB 2012 0.670559 0.00206 0.024908 0.018285 14.04109 0.082694 0.356823 0.016878 0.702626 MSB 2013 0.554443 0.00308 0.035046 0.015072 14.02985 0.087873 0.430117 0.015772 0.690619 MSB 2014 0.553204 0.001368 0.015113 0.011243 14.01857 0.090503 0.337186 0.013915 0.673059 MSB 2015 0.521577 0.001115 0.008539 0.015213 14.01833 0.130535 0.339998 0.017341 0.641055 MSB 2016 0.384777 0.001512 0.010294 0.024325 13.96664 0.146859 0.412229 0.020486 0.661836 MSB 2017 0.454873 0.001087 0.008893 0.014274 14.05014 0.122256 0.327471 0.018406 0.621116 MSB 2018 0.477896 0.006303 0.062828 0.021066 14.13915 0.100314 0.384807 0.021222 0.619876 MSB 2019 0.457217 0.006648 0.070209 0.019507 14.19584 0.094685 0.412357 0.01594 0.637569 MSB 2020 0.434252 0.011382 0.11918 0.027292 14.24723 0.095501 0.456967 0.020294 0.622292 NAB 2010 0.307502 0.009554 0.063732 0.018094 13.16163 0.149902 0.361696 0.011777 0.666989 NAB 2011 0.319136 0.012733 0.076285 0.025088 13.27624 0.166906 0.364812 0.012988 0.635276 NAB 2012 0.323192 0.011285 0.055128 0.027987 13.20434 0.204698 0.480572 0.019705 0.583607 NAB 2013 0.319389 0.004684 0.041378 0.01404 13.45912 0.113212 0.46263 0.014469 0.639466 NAB 2014 0.484389 0.005019 0.056185 0.018292 13.57163 0.089326 0.572473 0.012432 0.806722 NAB 2015 0.323733 0.005478 0.056899 0.027623 13.54986 0.096268 0.627949 0.016592 0.871732 NAB 2016 0.196444 0.000767 0.009572 0.026804 13.63197 0.080115 0.551899 0.018238 0.888959 NAB 2017 0.204912 0.004395 0.065241 0.021787 13.73592 0.06736 0.654225 0.015821 0.856723 NAB 2018 0.193369 0.007877 0.139778 0.022737 13.8754 0.056357 0.666715 0.01538 0.865802 75 NAB 2019 0.213923 0.007728 0.147527 0.023088 13.97629 0.052387 0.707176 0.016408 0.865886 NAB 2020 0.18298 0.005954 0.121184 0.019387 14.12813 0.049129 0.659341 0.012141 0.830218 NVB 2010 0.282565 0.007839 0.07759 0.024493 13.30139 0.101034 0.531511 0.013747 0.80084 NVB 2011 0.202298 0.007388 0.051679 0.0329 13.35211 0.142958 0.567013 0.017531 0.813392 NVB 2012 0.123733 0.000101 0.000683 0.033931 13.33416 0.14755 0.601841 0.030136 0.568666 NVB 2013 0.270449 0.000635 0.005761 0.020501 13.46351 0.110184 0.47763 0.021261 0.769678 NVB 2014 0.309708 0.000221 0.002533 0.016301 13.56629 0.087186 0.514172 0.016408 0.781963 NVB 2015 0.269258 0.000135 0.002017 0.015818 13.68332 0.066708 0.427266 0.013586 0.852388 NVB 2016 0.357827 0.000157 0.003358 0.013807 13.83892 0.046778 0.397215 0.012507 0.842491 NVB 2017 0.276601 0.000306 0.006822 0.015555 13.85638 0.044795 0.452031 0.013356 0.78782 NVB 2018 0.241374 0.0005 0.01121 0.013548 13.85987 0.044638 0.487607 0.013806 0.767793 NVB 2019 0.285573 0.000537 0.010017 0.014409 13.90522 0.05357 0.477245 0.01073 0.879115 NVB 2020 0.241708 1.35E-05 0.000284 0.016001 13.95231 0.047575 0.44592 0.008958 0.905254 OCB 2010 0.305876 0.015464 0.096975 0.031924 13.29424 0.159466 0.583043 0.014287 0.662389 OCB 2011 0.243935 0.011907 0.080689 0.035337 13.40524 0.147566 0.537742 0.016775 0.648302 OCB 2012 0.279734 0.008383 0.060189 0.043213 13.43813 0.139278 0.663097 0.018616 0.607589 OCB 2013 0.302542 0.007361 0.060889 0.038344 13.51581 0.120895 0.615063 0.018603 0.803256 OCB 2014 0.371621 0.005641 0.054894 0.027504 13.59212 0.102768 0.585808 0.01601 0.779222 OCB 2015 0.369643 0.004236 0.049576 0.026919 13.69414 0.085451 0.559031 0.016111 0.806522 OCB 2016 0.348273 0.006063 0.082049 0.026023 13.80492 0.073896 0.633328 0.016399 0.766655 OCB 2017 0.398021 0.009689 0.133037 0.028483 13.92583 0.072828 0.577627 0.017152 0.757397 OCB 2018 0.398675 0.017617 0.20018 0.034372 13.99984 0.088004 0.564807 0.018704 0.715951 76 OCB 2019 0.370008 0.021854 0.224403 0.034709 14.07247 0.097386 0.622098 0.020728 0.684123 OCB 2020 0.36706 0.023174 0.202736 0.032661 14.18335 0.114309 0.586749 0.015277 0.680794 PGB 2010 0.218152 0.01336 0.100676 0.031554 13.21427 0.132701 0.658262 0.017251 0.85073 PGB 2011 0.250443 0.025381 0.172234 0.062357 13.24507 0.147365 0.678431 0.025787 0.812347 PGB 2012 0.25624 0.012466 0.014946 0.050944 13.28445 0.165916 0.783755 0.028936 0.640648 PGB 2013 0.379097 0.001536 0.011902 0.021794 13.39578 0.129027 0.549919 0.019917 0.843024 PGB 2014 0.355806 0.005083 0.039242 0.025468 13.41127 0.12954 0.559479 0.018593 0.83756 PGB 2015 0.244554 0.001653 0.012099 0.026549 13.39237 0.13665 0.636301 0.019651 0.844258 PGB 2016 0.181145 0.00494 0.035083 0.02801 13.39488 0.140802 0.699259 0.016888 0.846897 PGB 2017 0.175945 0.002202 0.01812 0.026746 13.46684 0.121505 0.723355 0.016276 0.862212 PGB 2018 0.175974 0.004245 0.034426 0.028355 13.47567 0.123305 0.730001 0.017378 0.794156 PGB 2019 0.187458 0.002363 0.019844 0.027093 13.49933 0.119098 0.742434 0.017789 0.838919 PGB 2020 0.244732 0.004689 0.043132 0.025072 13.55814 0.108702 0.703914 0.018119 0.873515 SGB 2010 0.185529 0.047289 0.225483 0.034044 13.22562 0.209723 0.61324 0.016353 0.68761 SGB 2011 0.118159 0.019782 0.091969 0.054796 13.18654 0.215093 0.712358 0.020809 0.688194 SGB 2012 0.125802 0.020013 0.083981 0.06508 13.1718 0.238307 0.723882 0.025794 0.735285 SGB 2013 0.104235 0.011765 0.049355 0.046706 13.16687 0.238381 0.71969 0.025919 0.737034 SGB 2014 0.100417 0.011432 0.051892 0.042708 13.1993 0.220297 0.703982 0.020173 0.749649 SGB 2015 0.11505 0.002429 0.012714 0.035091 13.24917 0.191053 0.64907 0.021266 0.773928 SGB 2016 0.134252 0.007318 0.03966 0.033206 13.27985 0.184527 0.652611 0.022305 0.79784 SGB 2017 0.192384 0.002561 0.015976 0.030798 13.32877 0.160288 0.657315 0.018867 0.826216 SGB 2018 0.165747 0.002043 0.01212 0.032422 13.30907 0.168595 0.670455 0.022043 0.816294 77 SGB 2019 0.259876 0.00634 0.04061 0.0321 13.35818 0.156105 0.654936 0.021318 0.816807 SGB 2020 0.270529 0.004053 0.026799 0.02467 13.37917 0.151248 0.657016 0.019574 0.830108 SHB 2010 0.390412 0.009686 0.11817 0.023831 13.70785 0.081971 0.472304 0.013317 0.762356 SHB 2011 0.448356 0.010608 0.129145 0.02673 13.85119 0.082137 0.405791 0.015859 0.714115 SHB 2012 0.358827 0.014401 0.176496 0.016094 14.06647 0.081594 0.553941 0.014407 0.798919 SHB 2013 0.284875 0.005917 0.082036 0.01465 14.15723 0.072121 0.612411 0.012956 0.716561 SHB 2014 0.233585 0.004678 0.075432 0.016127 14.22798 0.062016 0.639175 0.00961 0.856234 SHB 2015 0.213031 0.003884 0.070632 0.018056 14.31113 0.054995 0.653937 0.010154 0.845848 SHB 2016 0.19244 0.003903 0.069006 0.017848 14.36912 0.056558 0.715906 0.010719 0.811615 SHB 2017 0.178694 0.005381 0.104765 0.016771 14.45638 0.051366 0.703107 0.009195 0.797831 SHB 2018 0.187969 0.005173 0.102392 0.017186 14.50957 0.050522 0.661932 0.009969 0.793676 SHB 2019 0.143347 0.00662 0.130644 0.021438 14.5626 0.05067 0.717644 0.010819 0.796328 SHB 2020 0.155562 0.006317 0.108462 0.02407 14.61561 0.058244 0.732519 0.010418 0.788553 SSB 2010 0.554874 0.011389 0.109547 0.020353 13.74227 0.103968 0.365467 0.008092 0.718391 SSB 2011 0.741277 0.001247 0.022771 0.008407 14.00472 0.054769 0.194999 0.005825 0.807346 SSB 2012 0.682625 0.000703 0.009449 0.015427 13.87545 0.074362 0.264061 0.012644 0.782627 SSB 2013 0.548366 0.001899 0.026501 0.010815 13.90235 0.071673 0.489011 0.010031 0.571139 SSB 2014 0.509993 0.001083 0.01529 0.009032 13.90409 0.070863 0.537872 0.009729 0.75728 SSB 2015 0.360372 0.001084 0.015928 0.013528 13.92817 0.068064 0.532162 0.01142 0.798425 SSB 2016 0.326367 0.00113 0.019863 0.01783 14.01437 0.056884 0.60857 0.010829 0.823005 SSB 2017 0.352728 0.002439 0.049373 0.015778 14.09694 0.049393 0.57582 0.010148 0.789948 SSB 2018 0.334025 0.003512 0.059429 0.016636 14.14764 0.059091 0.610529 0.011623 0.745125 78 SSB 2019 0.327743 0.006979 0.100537 0.01839 14.197 0.069415 0.627383 0.012633 0.743349 SSB 2020 0.35996 0.007549 0.099519 0.01699 14.25577 0.075859 0.598538 0.012083 0.769475 STB 2010 0.389303 0.012536 0.13 0.025531 14.18295 0.096432 0.388101 0.014291 0.615178 STB 2011 0.34497 0.014108 0.137202 0.041297 14.15066 0.102828 0.570485 0.025371 0.577881 STB 2012 0.283982 0.006589 0.073172 0.042711 14.18218 0.090053 0.654078 0.027309 0.713873 STB 2013 0.230076 0.013813 0.130634 0.041068 14.20784 0.105738 0.692201 0.026063 0.835567 STB 2014 0.214339 0.011625 0.122151 0.034587 14.2783 0.095168 0.671126 0.023501 0.868888 STB 2015 0.142094 0.002219 0.029343 0.022515 14.46543 0.07561 0.628902 0.017651 0.895968 STB 2016 0.135551 0.000267 0.003993 0.01211 14.52117 0.066839 0.591948 0.017102 0.888477 STB 2017 0.126683 0.003207 0.05085 0.014324 14.5664 0.063062 0.598807 0.017198 0.887431 STB 2018 0.144871 0.004409 0.072675 0.018801 14.60857 0.060665 0.624258 0.019303 0.863047 STB 2019 0.177354 0.005412 0.091799 0.02024 14.65665 0.058957 0.644852 0.020428 0.884614 STB 2020 0.179438 0.005445 0.092622 0.023403 14.69242 0.058792 0.681416 0.02212 0.877048 TCB 2010 0.542424 0.013792 0.22076 0.021188 14.17693 0.062473 0.348117 0.010564 0.683678 TCB 2011 0.537065 0.017469 0.252065 0.029349 14.25655 0.069305 0.346546 0.011628 0.702573 TCB 2012 0.478572 0.004255 0.057616 0.02843 14.25511 0.073858 0.429474 0.018307 0.702387 TCB 2013 0.425638 0.004148 0.047347 0.027286 14.20111 0.087605 0.457233 0.021119 0.783799 TCB 2014 0.424128 0.00615 0.072191 0.032817 14.24527 0.085196 0.504156 0.019505 0.793264 TCB 2015 0.319353 0.007965 0.092917 0.037573 14.28329 0.085719 0.6161 0.019161 0.782936 TCB 2016 0.313088 0.013379 0.160766 0.034594 14.37174 0.083218 0.652865 0.018104 0.801161 TCB 2017 0.332572 0.023926 0.23934 0.03315 14.43039 0.099968 0.64173 0.017864 0.713625 TCB 2018 0.382938 0.0264 0.163646 0.034663 14.50649 0.161322 0.526323 0.018202 0.717745 79 TCB 2019 0.343751 0.026652 0.164745 0.037159 14.58399 0.161774 0.618398 0.019058 0.703491 TCB 2020 0.300747 0.028622 0.168632 0.042655 14.64306 0.169732 0.644201 0.019634 0.679456 TPB 2010 0.509228 0.00774 0.050562 0.010183 13.31992 0.153073 0.246823 0.009413 0.70671 TPB 2011 0.677453 -0.05512 -0.82002 0.006412 13.39594 0.067215 0.163411 0.051961 0.762452 TPB 2012 0.522018 0.007695 0.035056 0.018162 13.17956 0.219506 0.415631 0.021531 0.615422 TPB 2013 0.571413 0.011886 0.103058 0.019028 13.50634 0.115329 0.403748 0.013187 0.654757 TPB 2014 0.586266 0.01041 0.126489 0.019021 13.71162 0.082299 0.412229 0.012923 0.656878 TPB 2015 0.568295 0.007375 0.117149 0.018406 13.88207 0.062957 0.39961 0.010428 0.767515 TPB 2016 0.521517 0.005343 0.099483 0.020049 14.02441 0.053709 0.480052 0.012578 0.754541 TPB 2017 0.411453 0.007764 0.144324 0.02556 14.09384 0.053793 0.508771 0.015643 0.79003 TPB 2018 0.345184 0.013256 0.169958 0.032147 14.13411 0.077998 0.565102 0.020904 0.696079 TPB 2019 0.343488 0.018815 0.236629 0.034258 14.216 0.079511 0.585008 0.020089 0.738196 TPB 2020 0.349704 0.017014 0.209634 0.036929 14.31453 0.08116 0.591801 0.020344 0.655818 VAB 2010 0.254633 0.011064 0.078476 0.022085 13.38171 0.140991 0.543608 0.012748 0.647129 VAB 2011 0.19109 0.011019 0.069366 0.022039 13.35244 0.158845 0.50587 0.014686 0.550175 VAB 2012 0.212772 0.006668 0.046442 0.012878 13.39109 0.14357 0.515818 0.012927 0.664922 VAB 2013 0.280899 0.002224 0.016753 0.017273 13.43189 0.132742 0.525129 0.012699 0.720774 VAB 2014 0.372907 0.001335 0.013063 0.011205 13.55133 0.102161 0.439251 0.009768 0.642057 VAB 2015 0.338529 0.001957 0.020912 0.026323 13.62199 0.093594 0.485319 0.01048 0.703247 VAB 2016 0.382995 0.001618 0.024748 0.01356 13.78863 0.065365 0.492859 0.007895 0.72901 VAB 2017 0.354745 0.001533 0.024001 0.017756 13.80912 0.063886 0.541615 0.008671 0.745837 VAB 2018 0.343426 0.001661 0.027962 0.015569 13.85304 0.059402 0.526326 0.007914 0.8061 80 VAB 2019 0.328367 0.002713 0.046687 0.013332 13.88336 0.058109 0.551469 0.007866 0.78718 VAB 2020 0.334466 0.003837 0.058005 0.015148 13.93716 0.06615 0.552506 0.007127 0.842177 VCB 2010 0.377075 0.013775 0.203747 0.026629 14.48784 0.067609 0.557012 0.014779 0.841333 VCB 2011 0.403194 0.0115 0.146527 0.033872 14.56434 0.078484 0.647007 0.015543 0.681012 VCB 2012 0.389742 0.010681 0.106155 0.026429 14.6175 0.100621 0.581636 0.014514 0.727133 VCB 2013 0.36269 0.009334 0.102915 0.02299 14.67117 0.090696 0.588045 0.013314 0.774908 VCB 2014 0.372689 0.007992 0.106015 0.020407 14.76117 0.075389 0.647233 0.011893 0.824801 VCB 2015 0.314587 0.007906 0.118038 0.022914 14.82891 0.066982 0.619894 0.012317 0.819856 VCB 2016 0.29866 0.008695 0.142428 0.023515 14.89647 0.06105 0.636235 0.012629 0.817017 VCB 2017 0.368863 0.0088 0.173344 0.02119 15.01506 0.050766 0.588482 0.011462 0.738268 VCB 2018 0.290605 0.013614 0.235159 0.02645 15.03102 0.057894 0.637274 0.012673 0.816716 VCB 2019 0.274393 0.015209 0.229726 0.028244 15.08736 0.066203 0.641016 0.012982 0.817375 VCB 2020 0.271678 0.013929 0.196318 0.02736 15.12262 0.070949 0.666401 0.012093 0.854324 VIB 2010 0.500254 0.00843 0.119962 0.022326 13.97233 0.070269 0.445152 0.012692 0.709776 VIB 2011 0.527512 0.006591 0.078308 0.038518 13.98655 0.084168 0.455574 0.017497 0.730968 VIB 2012 0.366405 0.008003 0.061689 0.045963 13.81307 0.129733 0.527017 0.027932 0.656341 VIB 2013 0.402506 0.000654 0.006295 0.025179 13.88578 0.103839 0.466423 0.020312 0.65294 VIB 2014 0.439392 0.00648 0.061489 0.028426 13.90666 0.105383 0.517661 0.020254 0.7147 VIB 2015 0.379175 0.00618 0.060513 0.027804 13.92587 0.102134 0.559841 0.020938 0.710865 VIB 2016 0.39181 0.005375 0.064251 0.025127 14.01919 0.083649 0.572459 0.020022 0.733608 VIB 2017 0.322934 0.009129 0.12794 0.028061 14.09047 0.071351 0.64798 0.018955 0.695374 VIB 2018 0.291177 0.015765 0.205661 0.034674 14.14353 0.076654 0.689484 0.019327 0.733495 81 VIB 2019 0.281856 0.017701 0.243223 0.03367 14.26607 0.072777 0.699354 0.018626 0.739906 VIB 2020 0.293186 0.018973 0.258283 0.034724 14.38859 0.07346 0.691969 0.018248 0.724369 VPB 2010 0.435827 0.008416 0.096705 0.018009 13.77675 0.087025 0.419592 0.009101 0.469378 VPB 2011 0.548564 0.009656 0.133365 0.024694 13.91812 0.072403 0.353428 0.015725 0.664104 VPB 2012 0.512695 0.006272 0.09694 0.028926 14.01105 0.064703 0.448122 0.018335 0.731719 VPB 2013 0.4302 0.008392 0.131702 0.034236 14.08373 0.063718 0.499781 0.022301 0.758058 VPB 2014 0.412991 0.007679 0.139594 0.032413 14.21283 0.055012 0.544468 0.022556 0.753783 VPB 2015 0.332703 0.012358 0.178944 0.053402 14.28753 0.069059 0.62376 0.029361 0.721459 VPB 2016 0.301611 0.017201 0.229081 0.066302 14.3594 0.075086 0.646424 0.028943 0.599834 VPB 2017 0.282139 0.023189 0.216892 0.074219 14.44366 0.106914 0.654612 0.031533 0.509033 VPB 2018 0.256348 0.022752 0.211671 0.076407 14.50959 0.107488 0.679354 0.032893 0.59388 VPB 2019 0.252819 0.021899 0.195696 0.08131 14.57658 0.111902 0.683223 0.032724 0.599394 VPB 2020 0.250748 0.024852 0.197255 0.077193 14.62224 0.125991 0.696961 0.027187 0.579437 82 YEAR INF GDP 2010 0.0919 0.0642 2011 0.1858 0.0624 2012 0.0921 0.0525 2013 0.066 0.0542 2014 0.0409 0.0598 2015 0.0063 0.0668 2016 0.0266 0.0621 2017 0.0353 0.0681 2018 0.0354 0.0708 2019 0.0279 0.0702 2020 0.0323 0.0291 ... systems in banks and build a solid defense against liquidity risk 1.2.2 Particular objectives  Finding out and examining the determinants affecting liquidity risk of commercial banks in Vietnam. ..MINISTER OF EDUCATION STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY - DUONG HA MY THE DETERMINANTS OF LIQUIDITY RISK OF COMMERCIAL BANKS IN VIETNAM GRADUATE THESIS... enhance the liquidity ability of banks and prevent sudden liquidity shock The study’s contents include: Firstly, the appearance of the study comes from the demand in limiting the risk of liquidity in