Factors affecting credit risk of commercial banks in vietnam

THE BANK OF VIETNAM MINISTRY OF EDUCATION AND TRAINING BANKING UNIVERSITY HCMC GRANDUATION THESIS OUTLINE SPECIALITY : FINANCE - BANKING TOPIC: FACTORS AFFECTING CREDIT RISK OF COMMERCIAL BANKS IN VIETNAM GRADUATION THESIS SPECIALITY: FINANCE – BANKING CODE: 7340201 Instructor DR LÊ HÀ DIỄM CHI HCMC, year 2021 I THE BANK OF VIETNAM MINISTRY OF EDUCATION AND TRAINING BANKING UNIVERSITY HCMC GRANDUATION THESIS OUTLINE SPECIALITY : FINANCE - BANKING TOPIC: FACTORS AFFECTING CREDIT RISK OF COMMERCIAL BANKS IN VIETNAM Performed by: Nguyễn Hoàng Châu Student code : 050606180041 Instructors :Dr LÊ HÀ DIỄM CHI HCMC, year 2021 II ABSTRACT Factors affecting credit risk of commercial banks in Vietnam” using data from 31 commercial banks on a panel data sample from 2010 to 2020 The independent variables are Capital ratio (CAP), Collateral (COL), Credit Growth (GROW), Profitability Ratio (ROA), Cost Effective Operations (INEF), Economic growth (GDP) and inflation rate (INF) are macro parameters The objective of this study is to find and quantify the impact of common factors on credit risk of banks commercial goods in Vietnam S-GMM regression model is used in this study to examine the factors affecting credit risk of 31 commercial banks in Vietnam from 2010 to 2020 The results show credit growth (GROW) and GDP (economic growth) have a positive impact on CRI, NPL In contrast, capital ratio (CAP) was not statistically significant for NPL, but it had a positive effect on CRI at 1% significance level Collateral (COL) has a negative impact on CRI, but not significantly on NPL Profitability Ratio (ROA) has a positive effect on CRI but a negative effect on NPL Cost-effective operation (INEF) is the opposite of profitability ratio (ROA) when it comes to CRI and NPL Finally, inflation rate (INF) has a positive effect on NPL but not on CRI On that basis, the author has proposed solutions to limit credit risks at commercial banks in Vietnam Key word: Credit risk, S-GMM , Commercial Banks, Vietnam III GUARANTEE My name is Nguyen Hoang Chau, student of class HQ6 – GE011, student number: 050606180041, Banking University of Ho Chi Minh City I here by declare that the thesis topic "Factors affecting credit risk of commercial banks in Viet Nam", majoring in Finance - Banking is my own research work and under scientific guidance of Dr Le Ha Diem Chi The data and research results in this thesis are honest, in which there are no previously published contents or contents made by others except for fully cited citations in the thesis HCM city, year 2021 Auhtor Nguyễn Hoàng Châu IV ACKNOWLEDGEMENTS First of all, I would like to thank the teachers of Banking University of Ho Chi Minh City - who have imparted valuable knowledge to me during the four years of the University Thank you for giving me the opportunity to meet and study at Banking University of Ho Chi Minh City Next, I would like to express my sincere thanks to Ms Le Ha Diem Chi who was the instructor who guided me throughout the process of making my internship report until my graduation thesis Thank you for always taking the time and dedication to guide me every step of the way Besides, there are valuable comments and suggestions to improve my research paper Finally, I would like to thank my family and friends, who have always helped, accompanied and supported me during the past time With limited knowledge and conditions, this thesis many shortcomings cannot be avoided Therefore, I look forward to receiving the guidance of the teachers so that I can improve my knowledge and serve my work in the future Sincerely thank everyone ! V CONTENTS ABSTRACT III GUARANTEE IV ACKNOWLEDGEMENTS V CONTENTS VI LIST OF ACRONYMS IX LIST OF TABLES AND GRAPHS XI CHAPTER 1: INTRODUCTION TO THE RESEARCH TOPIC 13 Research problem 13 Research objectives 13 2.1 Overall objectives 13 2.2 Detail objectives 13 Research question 14 Object and scope of research 14 4.1 Research object 14 4.2 Research scope 14 Research Methods 14 Research significance 14 Structure of the topic 15 Conclusion Chapter 16 CHAPTER 2: THEORETICAL BASIS AND REVIEW OF PREVIOUS STUDIES 17 2.1 Credit of commercial banks 17 2.1.1 Credit bank concept 17 2.1.2 The role of credit for commercial banks 17 2.2 Credit risk 18 2.2.1 The concept of credit risk 18 2.2.2 Credit risk measurement 18 2.3 Review of previous studies on factors affecting the bank's credit risk 19 2.3.1 Review of domestic research 19 2.3.2 Review of foreign studies 21 2.4 Factors affecting the bank's credit risk 24 2.4.1 Bank specifics 24 2.4.2 Macro factors 26 Conclussion chapter 27 CHAPTER 3: RESEARCH METHODS 28 VI 3.1 Research model 28 3.2 Research data & variables 29 3.2.1 Data collection 29 3.2.2 Model variables 30 3.2.2.1 Credit risk of the bank 30 3.2.2.2 Non-Performing Loan (NPL) 31 3.2.2.3 Ratio of capital (CAP) 31 3.2.2.4 Collateral (COL) 31 3.2.2.5 Credit Growth (GROW) 32 3.2.2.6 Return on assets (ROA) 32 3.2.2.7 Cost-effective operation (INEF) 32 3.2.2.8 Inflation rate (INF) 33 3.2.2.9 Economic growth (GDP) 33 3.3 Research process 38 3.4 Research method 38 3.4.1 Ordinary Least Squares (OLS) 38 3.4.2 Fixed Effect Model (FEM) 39 3.4.3 Random Effect Model (REM) 39 3.4.4 Feasible Generalized Least Square (FGLS) 39 3.4.5 System Generalized Model of Moments (S-GMM) 39 3.4.6 Check for suitable model selection 40 Conclusion Chapter 43 CHAPTER 4: RESEARCH RESULTS AND DISCUSSION 44 4.1 Descriptive statistics 44 4.2 Correlation analysis 45 4.3 Multicollinearity test 46 4.4 Result of the Ordinary Least Squares (OLS) 47 4.5 Result Of The Fixed Effect Model ( FEM) 49 4.6 Result Of The Random Effect Model (REM) 51 4.7 Estimating the regression model by Pooled OLS, FEM, REM methods 53 4.8 Test of variance and autocorrelation 55 4.8.1 Test for autocorrelation and variance of model 55 4.8.2 Test for autocorrelation and variance of model 56 4.9 Estimating the regression model by GLS 56 4.10 Estimating the regression model by GMM 58 4.10.1 The GMM results of model 58 4.10.2 The GMM results of model 60 VII 4.11 Research results and discussing research results 61 4.11.1 Ratio of capital (CAP) 62 4.11.2 Collateral (COL) 63 4.11.3 Credit growth ( GROW) 64 4.11.4 Return on assets (ROA) 65 4.11.5 Cost-effective operation ( INEF) 66 4.11.6 Inflation (INF) 67 4.11.7 Economic growth (GDP) 68 Conclusion Chapter 71 CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS 72 5.1 Conclusion 72 5.2 Recommendations 73 5.2.1 Collateral improvement 73 5.2.2 Maitain credit growth 73 5.2.3 Cost-effective operations 73 5.2.4 Concerned about economic growth 73 5.2.5 Limit inflation 74 5.3 Limitations of the research 74 Conclussion Chapter 75 REFERENCES 76 APPENDIX 81 VIII LIST OF ACRONYMS Acronyms English CRI Credit risk NPL Non-performing loan CAP Ratio of capital COL Collateral GROW Credit growth ROA Return on assets INEF Cost-effective operating INF Inflation GDP Economic growth OLS Ordinary Least Squares FEM Fixed Effect Model REM Random Effect Model VIF Variance Inflation Factors FGLS Feasible Generalized Least Square GMM Generalized method of moments IX LIST OF TABLES AND GRAPHS Table 2-List of Commercial Banks 29 Table 1- Description of variables 34 Table 1- Shows the summary of minimum, maximum, standard deviation and mean of the variable used 44 Table 2-Correlation matrix of Model 45 Table 3-Correlation matrix of Model 46 Table 4- Multicollinearity test 47 Table 5-Ordinary Least Squares Estimates Of Model 47 Table 6- Ordinary Least Squares Estimates Of Model 48 Table 7-: Fixed Effect Estimates of Model 49 Table 8-Fixed Effect Estimates of Model 50 Table 9-Random Effect Estimates of Model 51 Table 10-Random Effect Estimates of Model 52 Table 11-Estimating the results by OLS, FEM, REM of Model 53 Table 12- Estimating the results by OLS, FEM, REM of Model 54 Table 13-Wooldridge test - Autocorrelation test of model 55 Table 14-Modified Wald test table - Check the variance of model 55 Table 15-Wooldridge test - Autocorrelation test of model 56 Table 16-Modified Wald test table - Check the variance of model 56 Table 17- Estimating the FGLS of Model 57 Table 18- Estimating the FGLS of Model 58 Table 19-Estimating the GMM of Model 59 Table 20-Estimating the GMM of model 60 Table 21-Reseach results of Model 61 Table 22-Reseach results of Model 61 Figures 1-Research process 38 XI Appendix 10: Estimated FEM of NPL xtreg npl cap col grow roa inef inf gdp, fe Fixed-effects (within) regression Group variable: bank Number of obs = Number of groups = R-sq: Obs per group: within = 0.0909 between = 0.1368 overall = 0.0980 npl cap col grow roa inef inf gdp _cons sigma_u sigma_e rho Coef Std Err .0700596 -.000015 -.0038571 -.0346913 0175395 0518324 -.031734 0056176 = avg = max = 8.0 11 = = 3.01 0.0049 F(7,211) Prob > F corr(u_i, Xb) = -0.1008 0327463 0113972 0059913 0847736 0092115 0243032 0784203 0115537 249 31 t P>|t| [95% Conf Interval] 2.14 -0.00 -0.64 -0.41 1.90 2.13 -0.40 0.49 0.034 0.999 0.520 0.683 0.058 0.034 0.686 0.627 0055078 -.0224819 -.0156675 -.2018029 -.0006189 0039242 -.1863216 -.0171579 1346113 022452 0079533 1324203 0356979 0997406 1228536 0283931 00555608 01250795 16479951 (fraction of variance due to u_i) F test that all u_i=0: F(30, 211) = 1.52 Prob > F = 0.0494 86 Appendix 11:Estimated of model ( OLS, REM and FEM) esttab ols re fe , r2 star ( * 0.1 ** 0.05 *** 0.01) (1) cri (2) cri (3) cri cap 0.0564*** (3.50) 0.0826*** (4.44) 0.105*** (4.91) col -0.0161*** (-2.60) -0.0168** (-2.55) -0.0158** (-2.12) grow -0.00707* (-1.83) -0.0121*** (-3.26) -0.0141*** (-3.60) roa -0.00709 (-0.14) -0.0192 (-0.37) -0.0241 (-0.43) inef -0.0220*** (-4.03) -0.0206*** (-3.73) -0.0183*** (-3.03) inf -0.0337** (-2.01) -0.0390** (-2.54) -0.0419*** (-2.64) gdp 0.000306 (0.01) 0.0275 (0.55) 0.0410 (0.80) _cons 0.0307*** (4.38) 0.0275*** (3.95) 0.0238*** (3.15) N R-sq 249 0.150 249 249 0.198 t statistics in parentheses * p|z| 1.78 -1.23 -2.33 -2.62 -7.19 -1.56 -0.45 6.64 0.075 0.217 0.020 0.009 0.000 0.119 0.656 0.000 [95% Conf Interval] -.0023771 -.0128113 -.0084031 -.2370529 -.0309333 -.0327173 -.0649307 0193129 0490074 0029119 -.0007276 -.0339575 -.0176763 0037262 0408567 0355045 90 Appendix 17: Estimated the FGLS of NPL xtgls npl cap col grow roa inef inf gdp, panels(h) corr(ar1) force (note: observations dropped because only obs in group) Cross-sectional time-series FGLS regression Coefficients: generalized least squares Panels: heteroskedastic Correlation: common AR(1) coefficient for all panels (0.5368) Estimated covariances = Estimated autocorrelations = Estimated coefficients = npl 28 Coef Std Err Number of obs = 246 Number of groups = 28 Obs per group: = avg = 8.785714 max = 11 Wald chi2(7) = 67.89 Prob > chi2 = 0.0000 z P>|z| [95% Conf Interval] cap 0352562 0160858 2.19 0.028 0037285 0667839 col -.007364 004536 -1.62 0.104 -.0162544 0015264 grow -.0076346 0028336 -2.69 0.007 -.0131884 -.0020808 roa -.0062211 042228 -0.15 0.883 -.0889864 0765443 inef 0136423 004463 3.06 0.002 0048949 0223897 inf 0393995 0101448 3.88 0.000 0195161 0592828 gdp 0361465 0289594 1.25 0.212 -.0206129 0929058 _cons 0105496 0046593 2.26 0.024 0014176 0196816 91 Appendix 18: Estimated the GMM of CRI xtabond2 cri l.cri inef cap col grow roa inef inf gdp , gmm (L(1).inef , collapse) iv ( L(1/2).cap l(2/2).col l(1/3).grow l(1/2).roa l(2/4).in > f l(1/2).gdp ) sm two Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm inef dropped due to collinearity Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative Dynamic panel-data estimation, two-step system GMM Group variable: bank Time variable : Năm Number of instruments = 24 F(8, 24) = 660.87 Prob > F = 0.000 cri Coef cri L1 inef cap col grow roa inf gdp _cons Number of obs Number of groups Obs per group: avg max = = = = = 119 25 4.76 Std Err t P>|t| [95% Conf Interval] 0626335 125719 0.50 0.623 -.1968379 3221049 -.0253749 0571659 -.0150598 0264371 -.0724658 0161391 0463047 0218706 0042588 0177181 0058888 0078677 0256497 0335651 0140053 0052674 -5.96 3.23 -2.56 3.36 -2.83 0.48 3.31 4.15 0.000 0.004 0.017 0.003 0.009 0.635 0.003 0.000 -.0341646 0205974 -.0272137 0101989 -.1254041 -.0531359 0173992 0109991 -.0165852 0937343 -.0029058 0426753 -.0195274 085414 0752103 032742 Warning: Uncorrected two-step standard errors are unreliable Instruments for first differences equation Standard D.(L.cap L2.cap L2.col L.grow L2.grow L3.grow L.roa L2.roa L2.inf L3.inf L4.inf L.gdp L2.gdp) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/10).L.inef collapsed Instruments for levels equation Standard L.cap L2.cap L2.col L.grow L2.grow L3.grow L.roa L2.roa L2.inf L3.inf L4.inf L.gdp L2.gdp _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.L.inef collapsed Arellano-Bond test for AR(1) in first differences: z = -0.37 Pr > z = 0.708 Arellano-Bond test for AR(2) in first differences: z = -1.10 Pr > z = 0.273 Sargan test of (Not robust, Hansen test of (Robust, but overid restrictions: chi2(15) = 19.67 Prob > chi2 = 0.185 but not weakened by many instruments.) overid restrictions: chi2(15) = 14.12 Prob > chi2 = 0.516 weakened by many instruments.) Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(14) = 14.02 Prob > chi2 = 0.448 Difference (null H = exogenous): chi2(1) = 0.10 Prob > chi2 = 0.747 gmm(L.inef, collapse lag(1 )) Hansen test excluding group: chi2(5) = 3.33 Prob > chi2 = 0.650 Difference (null H = exogenous): chi2(10) = 10.80 Prob > chi2 = 0.373 iv(L.cap L2.cap L2.col L.grow L2.grow L3.grow L.roa L2.roa L2.inf L3.inf L4.inf L.gdp L2.gdp) Hansen test excluding group: chi2(2) = 1.90 Prob > chi2 = 0.386 Difference (null H = exogenous): chi2(13) = 12.22 Prob > chi2 = 0.510 92 Appendix 19: Estimated the GMM of NPL xtabond2 npl l.npl inf cap col grow roa inef gdp , gmm (L(2).inf , collapse) iv ( L(1/2).cap l(1/2).col l(1/3).grow l(1/2).roa l(2/4).inef l(1 > /2).gdp ) sm two Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative Dynamic panel-data estimation, two-step system GMM Group variable: bank Time variable : Năm Number of instruments = 24 F(8, 24) = 783.13 Prob > F = 0.000 npl Coef npl L1 inf cap col grow roa inef gdp _cons Number of obs Number of groups Obs per group: avg max = = = = = 119 25 4.76 Std Err t P>|t| [95% Conf Interval] 2558402 1165086 2.20 0.038 0153782 4963021 0889061 0148714 0152902 0131159 0723864 0263045 0956136 -.0233781 024847 0211866 0139768 0070811 0362815 0076983 0285588 0139152 3.58 0.70 1.09 1.85 2.00 3.42 3.35 -1.68 0.002 0.489 0.285 0.076 0.058 0.002 0.003 0.106 0376243 -.0288556 -.0135565 -.0014988 -.0024948 010416 0366712 -.0520977 1401878 0585984 0441368 0277306 1472676 0421931 1545561 0053415 Warning: Uncorrected two-step standard errors are unreliable Instruments for first differences equation Standard D.(L.cap L2.cap L.col L2.col L.grow L2.grow L3.grow L.roa L2.roa L2.inef L3.inef L4.inef L.gdp L2.gdp) GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/10).L2.inf collapsed Instruments for levels equation Standard L.cap L2.cap L.col L2.col L.grow L2.grow L3.grow L.roa L2.roa L2.inef L3.inef L4.inef L.gdp L2.gdp _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.L2.inf collapsed Arellano-Bond test for AR(1) in first differences: z = -0.85 Pr > z = 0.396 Arellano-Bond test for AR(2) in first differences: z = -0.81 Pr > z = 0.416 Sargan test of (Not robust, Hansen test of (Robust, but overid restrictions: chi2(15) = 10.75 Prob > chi2 = 0.770 but not weakened by many instruments.) overid restrictions: chi2(15) = 14.78 Prob > chi2 = 0.467 weakened by many instruments.) Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(14) = 14.26 Prob > chi2 = 0.431 Difference (null H = exogenous): chi2(1) = 0.52 Prob > chi2 = 0.470 gmm(L2.inf, collapse lag(1 )) Hansen test excluding group: chi2(6) = 7.61 Prob > chi2 = 0.268 Difference (null H = exogenous): chi2(9) = 7.17 Prob > chi2 = 0.620 iv(L.cap L2.cap L.col L2.col L.grow L2.grow L3.grow L.roa L2.roa L2.inef L3.inef L4.inef L.gdp L2.gdp) Hansen test excluding group: chi2(1) = 0.62 Prob > chi2 = 0.431 Difference (null H = exogenous): chi2(14) = 14.16 Prob > chi2 = 0.438 93 Appendix 19: Estimated Preuch-Pagan of CRI xttest0 Breusch and Pagan Lagrangian multiplier test for random effects cri[bank,t] = Xb + u[bank] + e[bank,t] Estimated results: Var cri e u Test: sd = sqrt(Var) 0001095 0000671 0000237 0104653 0081885 0048668 Var(u) = chibar2(01) = Prob > chibar2 = 93.00 0.0000 Appendix 20: Estimated Preuch-Pagan of CRI xttest0 Breusch and Pagan Lagrangian multiplier test for random effects npl[bank,t] = Xb + u[bank] + e[bank,t] Estimated results: Var npl e u Test: sd = sqrt(Var) 0001807 0001564 0134443 012508 Var(u) = chibar2(01) = Prob > chibar2 = 0.00 1.0000 Appendix 21: Collect this data from 31 commercial banks collected between 2010 and 2020 MCK CTG CTG CTG CTG CTG CTG CTG CTG CTG CTG CTG VCB VCB VCB YEAR 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 CRI 0.0131 0.0169 0.0132 0.0111 0.0090 0.0088 0.0077 0.0107 0.0091 0.0141 0.0121 0.0088 0.0170 0.0140 NPL 0.0066 0.0075 0.0135 0.0082 0.0090 0.0073 0.0093 0.0113 0.0159 0.0116 0.0094 0.0283 0.0203 0.0240 COL 0.6294 0.6305 0.6547 0.6471 0.6586 0.6845 0.6906 0.7145 0.7316 0.7434 0.7475 0.5565 0.5565 0.5691 CAP 0.0494 0.0619 0.0668 0.0938 0.0832 0.0720 0.0636 0.0582 0.0579 0.0623 0.0637 0.0672 0.0781 0.1002 GROW 0.4395 0.2559 0.1375 0.1302 0.1705 0.2255 0.2322 0.1965 0.0949 0.0826 0.0868 0.2569 0.1905 0.1556 ROA 0.0093 0.0136 0.0123 0.0101 0.0087 0.0073 0.0071 0.0068 0.0047 0.0076 0.0103 0.0138 0.0115 0.0107 INEF 0.4857 0.4057 0.4296 0.4549 0.4662 0.4713 0.4874 0.4620 0.4961 0.3883 0.3549 0.3943 0.3833 0.3987 INF 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0280 0.0323 0.0909 94 GDP 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0702 0.0291 0.0525 VCB VCB VCB TCB TCB TCB TCB TCB TCB TCB TCB TCB TCB TCB BID BID BID BID BID BID BID BID BID BID BID VPB VPB VPB VPB VPB VPB VPB VPB VPB VPB VPB MBB MBB MBB MBB MBB MBB 2013 2014 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 0.0131 0.0145 0.0122 0.0074 0.0055 0.0216 0.0205 0.0285 0.0328 0.0259 0.0227 0.0117 0.0040 0.0095 0.0053 0.0158 0.0105 0.0168 0.0159 0.0096 0.0129 0.0174 0.0194 0.0183 0.0195 0.0048 0.0052 0.0109 0.0198 0.0127 0.0285 0.0373 0.0446 0.0515 0.0541 0.0511 0.0176 0.0137 0.0179 0.0144 0.0198 0.0192 0.0273 0.0231 0.0062 0.0229 0.0283 0.0270 0.0365 0.0238 0.0167 0.0158 0.0161 0.0175 0.0133 0.0047 0.0271 0.0296 0.0290 0.0237 0.0203 0.0171 0.0147 0.0162 0.0193 0.0175 0.0154 0.0120 0.0182 0.0272 0.0281 0.0202 0.0269 0.0291 0.0339 0.0321 0.0295 0.0290 0.0163 0.0132 0.0120 0.0133 0.0098 0.0092 0.5711 0.5481 0.6187 0.3481 0.3465 0.3731 0.4348 0.4511 0.5753 0.5996 0.5901 0.4908 0.5939 0.6263 0.6796 0.7100 0.6890 0.7019 0.6751 0.6946 0.7091 0.7116 0.7436 0.7399 0.7881 0.4196 0.3486 0.3561 0.4277 0.4733 0.5935 0.6233 0.6463 0.6755 0.6710 0.6833 0.5400 0.5802 0.5800 0.5837 0.6006 0.6237 0.0904 0.0751 0.0709 0.0625 0.0693 0.0739 0.0876 0.0852 0.0857 0.0832 0.1000 0.1613 0.1618 0.1697 0.0661 0.0601 0.0547 0.0584 0.0512 0.0498 0.0438 0.0406 0.0415 0.0521 0.0525 0.0870 0.0724 0.0647 0.0637 0.0550 0.0691 0.0751 0.1069 0.1075 0.1119 0.1260 0.1049 0.1038 0.0943 0.0943 0.0969 0.1051 0.1405 0.1830 0.1451 0.2606 0.2012 0.0769 0.0300 0.1452 0.3947 0.2806 0.1292 0.0057 0.4498 0.2050 0.2378 0.1597 0.1596 0.1530 0.1420 0.3479 0.2120 0.2006 0.1424 0.1314 0.0883 0.6064 0.1538 0.2674 0.4263 0.4994 0.4974 0.2422 0.2665 0.2189 0.1613 0.1329 0.2118 0.2462 0.2250 0.1675 0.1686 0.2981 0.0093 0.0079 0.0139 0.0138 0.0175 0.0043 0.0041 0.0062 0.1208 0.1283 0.0865 0.0870 0.0805 0.0286 0.0103 0.0079 0.0053 0.0074 0.0077 0.0075 0.0062 0.0058 0.0057 0.0057 0.0048 0.0084 0.0097 0.0063 0.0084 0.0077 0.0124 0.0172 0.0232 0.0228 0.0219 0.0249 0.0114 0.0113 0.0111 0.0171 0.0196 0.0168 0.4027 0.3963 0.3269 0.3365 0.3151 0.5717 0.5942 0.4828 0.1698 0.1572 0.1415 0.1545 0.1752 0.3192 0.4827 0.4316 0.3983 0.3871 0.3937 0.4487 0.4450 0.3974 0.3623 0.3586 0.3536 0.4159 0.5178 0.6002 0.5318 0.5873 0.6104 0.5926 0.5536 0.5920 0.5245 0.2919 0.3932 0.4236 0.4326 0.4470 0.3945 0.3858 0.0659 0.0408 0.0323 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 95 0.0542 0.0598 0.0291 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 STB STB STB STB STB STB STB STB STB STB SCB SCB SCB SCB SCB SCB SCB SCB SCB ACB ACB ACB ACB ACB ACB ACB ACB ACB ACB ACB EIB EIB EIB EIB EIB EIB EIB EIB EIB EIB EIB SHB 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 0.0039 0.0050 0.0140 0.0040 0.0076 0.0123 0.0035 0.0037 0.0063 0.0074 0.0148 0.0101 0.0078 0.0099 0.0135 0.0067 0.0034 0.0072 0.0072 0.0026 0.0029 0.0051 0.0081 0.0085 0.0067 0.0075 0.0130 0.0041 0.0010 0.0031 0.0043 0.0037 0.0032 0.0036 0.0096 0.0171 0.0127 0.0060 0.0070 0.0062 0.0067 0.0062 0.0052 0.0056 0.0197 0.0144 0.0119 0.0585 0.0668 0.0459 0.0213 0.0194 0.1140 0.0723 0.0163 0.0049 0.0034 0.0068 0.0045 0.0042 0.0049 0.0034 0.0089 0.0248 0.0303 0.0218 0.0132 0.0087 0.0070 0.0070 0.0050 0.0060 0.0143 0.0161 0.0132 0.0198 0.0246 0.0186 0.0295 0.0227 0.0185 0.0171 0.0252 0.0140 0.5359 0.5636 0.6238 0.6768 0.6673 0.6289 0.5916 0.5976 0.6233 0.6439 0.5385 0.5842 0.4881 0.5502 0.5432 0.6085 0.5949 0.5878 0.5827 0.4216 0.3623 0.5746 0.6341 0.6389 0.6577 0.6916 0.6917 0.6923 0.6940 0.6941 0.4707 0.4034 0.4368 0.4866 0.5346 0.6719 0.6663 0.6713 0.6745 0.6696 0.6201 0.4723 0.0920 0.1028 0.0901 0.1057 0.0952 0.0756 0.0668 0.0631 0.0607 0.0590 0.0783 0.0762 0.0724 0.0544 0.0489 0.0427 0.0346 0.0323 0.0290 0.0555 0.0426 0.0716 0.0751 0.0690 0.0635 0.0602 0.0564 0.0638 0.0724 0.0797 0.1030 0.0888 0.0929 0.0864 0.0873 0.1053 0.1044 0.0954 0.0975 0.0940 0.1048 0.0820 0.3860 0.0238 0.1981 0.1500 0.1598 0.4572 0.0705 0.1226 0.1529 0.1557 0.0603 0.3428 0.0097 0.5094 0.2735 0.3056 0.2014 0.1340 0.1069 0.4015 0.1806 0.0001 0.0432 0.0865 0.1543 0.2217 0.2173 0.1628 0.1674 0.1607 0.6306 0.1996 0.0035 0.1135 0.0459 0.0277 0.0254 0.1682 0.0271 0.0895 0.1113 0.9091 0.0125 0.0141 0.0066 0.0138 0.0116 0.0022 0.0003 0.0032 0.0044 0.0054 0.0046 0.0004 0.0002 0.0004 0.0003 0.0002 0.0003 0.0003 0.0003 0.0114 0.0114 0.0044 0.0050 0.0053 0.0051 0.0057 0.0074 0.0156 0.0157 0.0173 0.0138 0.0166 0.0126 0.0039 0.0003 0.0003 0.0024 0.0055 0.0043 0.0052 0.0067 0.0097 0.4307 0.5313 0.6062 0.5533 0.5407 0.5159 0.3815 0.3619 0.3880 0.3934 0.3951 0.7108 0.7073 0.5409 0.5228 0.6038 0.7603 0.6340 0.6363 0.3935 0.4116 0.7319 0.6654 0.6379 0.7599 0.7257 0.5267 0.4808 0.5284 0.4198 0.2798 0.3062 0.4264 0.6528 0.6962 0.6066 0.6038 0.5763 0.6517 0.6020 0.5486 0.4573 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0921 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0921 96 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0642 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0642 SHB SHB SHB SHB SHB SHB SHB SHB SHB SHB MSB MSB MSB MSB MSB MSB MSB HDB HDB HDB HDB HDB HDB PVB LPB LPB LPB LPB LPB LPB LPB LPB LPB LPB TPB TPB TPB TPB TPB VIB VIB VIB 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2019 2020 2015 2016 2017 2018 2019 2020 2018 2010 2011 2012 2013 2014 2016 2017 2018 2019 2020 2010 2012 2013 2014 2020 2010 2011 2012 0.0035 0.0101 0.0065 0.0060 0.0143 0.0081 0.0083 0.0067 0.0092 0.0154 0.0044 0.0032 0.0180 0.0122 0.0315 0.0148 0.0137 0.0141 0.0141 0.0234 0.0329 0.0347 0.0101 0.0049 0.0059 0.0059 0.0136 0.0098 0.0056 0.0063 0.0052 0.0053 0.0031 0.0040 0.0095 0.0121 0.0072 0.0025 0.0151 0.0071 0.0227 0.0223 0.0223 0.0883 0.0413 0.0203 0.0172 0.0188 0.0233 0.0240 0.0191 0.0183 0.0187 0.0227 0.0265 0.0271 0.0261 0.0204 0.0162 0.0159 0.0146 0.0152 0.0097 0.0093 0.0093 0.0248 0.0042 0.0214 0.0271 0.0248 0.0111 0.0111 0.0104 0.0141 0.0144 0.0143 0.0002 0.0366 0.0197 0.0101 0.0117 0.0159 0.0269 0.0262 0.4058 0.4779 0.5244 0.6096 0.6351 0.6864 0.6833 0.6619 0.7174 0.7323 0.2733 0.3269 0.2565 0.2490 0.2201 0.3995 0.4442 0.5245 0.5410 0.5458 0.5637 0.6306 0.5527 0.4906 0.2788 0.2252 0.3401 0.3638 0.4049 0.5548 0.6081 0.6723 0.6869 0.7195 0.2468 0.3962 0.3680 0.3815 0.5724 0.4397 0.4416 0.5123 0.0821 0.0816 0.0721 0.0620 0.0550 0.0566 0.0514 0.0505 0.0507 0.0582 0.0549 0.0831 0.0827 0.0879 0.0905 0.0947 0.0955 0.0924 0.0662 0.0780 0.0779 0.0831 0.0774 0.0727 0.1174 0.1175 0.1113 0.0914 0.0733 0.0587 0.0574 0.0583 0.0623 0.0587 0.1531 0.2195 0.1153 0.0823 0.0812 0.0703 0.0842 0.1287 0.1986 0.9643 0.3514 0.3662 0.2652 0.2381 0.2237 0.0957 0.2251 0.1545 0.3358 0.1879 0.2356 0.0544 0.1462 0.3105 0.2511 0.3509 0.4595 0.2739 0.1803 0.1904 0.2211 0.1855 0.8176 0.2997 0.8097 0.2903 0.4055 0.4239 0.2661 0.1869 0.1812 0.2601 0.6408 0.6711 0.9754 0.6701 0.2578 0.5305 0.0428 0.2245 0.0106 0.0145 0.0059 0.0047 0.0039 0.0039 0.0054 0.0052 0.0066 0.0063 0.0100 0.0070 0.0021 0.0031 0.0014 0.0066 0.0114 0.0011 0.0012 0.0011 0.0017 0.0018 0.0146 0.0006 0.0195 0.0174 0.0131 0.0071 0.0046 0.0075 0.0084 0.0055 0.0079 0.0077 0.0077 0.0077 0.0119 0.0104 0.0170 0.0084 0.0066 0.0080 0.5052 0.5712 0.7858 0.4987 0.5279 0.5050 0.4490 0.4780 0.4209 0.3522 0.3582 0.5206 0.7083 0.6991 0.6215 0.5307 0.4993 0.4169 0.3952 0.4575 0.5295 0.5539 0.4480 0.5643 0.3850 0.4472 0.4485 0.5569 0.6394 0.5049 0.5513 0.6247 0.6197 0.5977 0.4284 0.6328 0.4758 0.5777 0.4048 0.4699 0.4820 0.5570 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0921 0.1868 0.0909 0.0659 0.0408 0.0280 0.0323 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0354 0.0921 0.1868 0.0909 0.0659 0.0408 0.0267 0.0352 0.0354 0.0280 0.0323 0.0921 0.0909 0.0659 0.0408 0.0323 0.0921 0.1868 0.0909 97 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0642 0.0624 0.0525 0.0542 0.0598 0.0702 0.0291 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0708 0.0642 0.0624 0.0525 0.0542 0.0598 0.0621 0.0681 0.0708 0.0702 0.0291 0.0642 0.0525 0.0542 0.0598 0.0291 0.0642 0.0624 0.0525 VIB VIB VIB VIB VIB VIB VIB SEA SEA SEA SEA SEA SEA SEA SEA SEA OCB OCB OCB OCB OCB OCB OCB OCB OCB OCB OCB BAB BAB BAB BAB BAB ABB ABB ABB ABB ABB ABB ABB ABB ABB ABB 2013 2014 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 0.0254 0.0319 0.0102 0.0044 0.0069 0.0049 0.0056 0.0093 0.0036 0.0064 0.0022 0.0111 0.0078 0.0067 0.0188 0.0063 0.0033 0.0014 0.0045 0.0126 0.0141 0.0110 0.0095 0.0069 0.0046 0.0134 0.0143 0.0042 0.0013 0.0054 0.0043 0.0021 0.0048 0.0291 0.0093 0.0149 0.0168 0.0217 0.0168 0.0105 0.0061 0.0088 0.0282 0.0251 0.0258 0.0249 0.0240 0.0168 0.0146 0.0297 0.0284 0.0160 0.0143 0.0172 0.0103 0.0152 0.0231 0.0168 0.0205 0.0280 0.0280 0.0290 0.0300 0.0190 0.0175 0.0179 0.0229 0.0184 0.0142 0.0065 0.0081 0.0063 0.0076 0.0069 0.0116 0.0279 0.0284 0.0480 0.0275 0.0172 0.0195 0.0203 0.0189 0.0231 0.4464 0.4623 0.5661 0.6408 0.6845 0.6932 0.6857 0.2162 0.2557 0.3937 0.5007 0.5654 0.5593 0.5909 0.6193 0.5980 0.5830 0.5376 0.6172 0.6090 0.5412 0.5552 0.5982 0.5668 0.5577 0.5955 0.5789 0.6504 0.6276 0.5979 0.6533 0.6699 0.5173 0.4718 0.3986 0.3990 0.3779 0.4743 0.5286 0.5579 0.5726 0.5467 0.1038 0.1054 0.0836 0.0714 0.0767 0.0728 0.0735 0.0744 0.0717 0.0709 0.0681 0.0569 0.0494 0.0591 0.0694 0.0759 0.1595 0.1475 0.1393 0.1209 0.1028 0.0855 0.0739 0.0728 0.0880 0.0974 0.1143 0.0790 0.0765 0.0695 0.0730 0.0724 0.1224 0.1137 0.1065 0.0997 0.0847 0.0899 0.0788 0.0724 0.0763 0.0765 0.0406 0.0857 0.2637 0.3327 0.2062 0.3471 0.3152 0.1526 0.2609 0.5453 0.3402 0.3813 0.1974 0.1914 0.1771 0.1052 0.1353 0.1970 0.2482 0.1737 0.0643 0.2944 0.3939 0.2535 0.1702 0.2650 0.2579 0.1473 0.1538 0.1550 0.1547 0.1413 0.5490 0.0020 0.0592 0.2667 0.1010 0.1940 0.2909 0.2067 0.0908 0.0896 0.0007 0.0065 0.0054 0.0091 0.0158 0.0177 0.0190 0.0007 0.0019 0.0011 0.0011 0.0011 0.0024 0.0035 0.0070 0.0075 0.0105 0.0120 0.0110 0.0070 0.0062 0.0045 0.0033 0.0046 0.0082 0.0149 0.0232 0.0057 0.0066 0.0066 0.0070 0.0069 0.0131 0.0074 0.0087 0.0024 0.0017 0.0014 0.0033 0.0058 0.0079 0.0098 0.6212 0.4708 0.6153 0.5708 0.4420 0.4216 0.3981 0.8124 0.7454 0.7147 0.8217 0.5850 0.5777 0.5807 0.3816 0.4750 0.4211 0.4006 0.4702 0.4787 0.4962 0.5280 0.5578 0.5627 0.5309 0.3728 0.2908 0.4808 0.5051 0.4189 0.4406 0.5034 0.4382 0.4713 0.6121 0.6692 0.6558 0.6036 0.5743 0.5923 0.5735 0.5142 0.0659 0.0408 0.0267 0.0352 0.0354 0.0280 0.0323 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0063 0.0267 0.0352 0.0354 0.0280 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 98 0.0542 0.0598 0.0621 0.0681 0.0708 0.0702 0.0291 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0668 0.0621 0.0681 0.0708 0.0702 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 VBB VBB VBB VBB VBB NCB NCB NCB NCB NCB NCB NCB NCB NCB VAB VAB VAB VAB VAB VAB VAB VAB VAB NAB NAB NAB NAB NAB NAB NAB NAB NAB NAB NAB KLB KLB KLB KLB KLB KLB KLB KLB 2012 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2019 2010 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2018 0.0005 0.0029 0.0018 0.0023 0.0013 0.0039 0.0054 0.0070 0.0018 0.0030 0.0051 0.0033 0.0020 0.0019 0.0059 0.0005 0.0021 0.0008 0.0160 0.0121 0.0091 0.0124 0.0080 0.0352 0.0466 0.0356 0.0160 0.0154 0.0118 0.0204 0.0147 0.0020 0.0002 0.0063 0.0048 0.0043 0.0076 0.0069 0.0032 0.0041 0.0047 0.0013 0.0301 0.0167 0.0135 0.0125 0.0132 0.0224 0.0292 0.0564 0.0607 0.0252 0.0215 0.0148 0.0153 0.0193 0.0252 0.0465 0.0368 0.0233 0.0226 0.0214 0.0268 0.0137 0.0193 0.0218 0.0284 0.0271 0.0148 0.0147 0.0091 0.0294 0.0195 0.0154 0.0197 0.0083 0.0111 0.0277 0.0293 0.0247 0.0195 0.0113 0.0106 0.0094 0.5116 0.7108 0.6855 0.6810 0.5887 0.5315 0.5670 0.5868 0.4563 0.4464 0.4193 0.3632 0.4420 0.4662 0.5436 0.5158 0.5251 0.4393 0.4785 0.4882 0.5261 0.5263 0.5515 0.3617 0.3648 0.4234 0.3993 0.4213 0.5828 0.5519 0.6521 0.6667 0.7050 0.6576 0.5501 0.4655 0.5135 0.5616 0.5796 0.6350 0.6435 0.6905 0.1835 0.0836 0.0802 0.0872 0.0728 0.1010 0.1430 0.1476 0.1102 0.0872 0.0667 0.0468 0.0448 0.0536 0.1410 0.1436 0.1327 0.1022 0.0936 0.0654 0.0639 0.0594 0.0581 0.1499 0.1669 0.2047 0.1132 0.0893 0.0963 0.0801 0.0674 0.0564 0.0524 0.0491 0.2554 0.1936 0.1854 0.1626 0.1456 0.1332 0.1105 0.0886 0.0558 0.1950 0.0920 0.2382 0.1541 0.0818 0.2019 0.0023 0.0466 0.2386 0.2305 0.2433 0.2697 0.0634 0.1048 0.1152 0.1180 0.1010 0.2844 0.5064 0.1270 0.1089 0.1255 0.0580 0.3129 0.0139 0.6966 0.3734 0.3185 0.1535 0.5204 0.4076 0.3343 0.3240 0.4404 0.2009 0.1540 0.2563 0.1165 0.2010 0.2207 0.1956 0.0010 0.0018 0.0063 0.0062 0.0070 0.0078 0.0074 0.0001 0.0006 0.0002 0.0001 0.0002 0.0003 0.0005 0.0111 0.0067 0.0022 0.0013 0.0020 0.0016 0.0015 0.0017 0.0032 0.0096 0.0127 0.0113 0.0047 0.0050 0.0055 0.0008 0.0044 0.0079 0.0077 0.0060 0.0155 0.0221 0.0189 0.0147 0.0076 0.0065 0.0040 0.0045 0.9494 0.7992 0.7898 0.6451 0.6175 0.5227 0.5750 0.8764 0.9274 0.9109 0.8547 0.7990 0.7832 0.6947 0.4199 0.5930 0.7636 0.8274 0.5014 0.5084 0.5651 0.4784 0.4840 0.4872 0.2618 0.4946 0.6157 0.5916 0.5426 0.5971 0.5117 0.6427 0.6300 0.5105 0.3835 0.3872 0.5122 0.5525 0.6554 0.6735 0.7367 0.7631 0.0909 0.0408 0.0063 0.0267 0.0352 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0280 0.0921 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0354 99 0.0525 0.0598 0.0668 0.0621 0.0681 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0702 0.0642 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0708 VCA/CAB 2010 0.0207 0.0010 0.4409 0.2527 0.5868 0.0069 0.5369 0.0921 0.0642 VCA/CAB 2011 0.0831 0.0457 0.2554 0.1945 0.1979 0.0159 0.3599 0.1868 0.0624 VCA/CAB 2012 0.0353 0.0594 0.3729 0.1580 0.7850 0.0099 0.5294 0.0909 0.0525 VCA/CAB 2013 0.0136 0.0391 0.4297 0.1396 0.2921 0.0045 0.6794 0.0659 0.0542 VCA/CAB 2014 0.0161 0.0150 0.4984 0.1285 0.2983 0.0063 0.6692 0.0408 0.0598 VCA/CAB 2015 0.0045 0.0139 0.5424 0.1142 0.2236 0.0018 0.7772 0.0063 0.0668 VCA/CAB 2016 0.0006 0.0130 0.6427 0.1022 0.3260 0.0001 0.8806 0.0267 0.0621 VCA/CAB 2017 0.0015 0.0378 0.6212 0.0838 0.1940 0.0008 0.8366 0.0352 0.0681 VCA/CAB 2018 0.0040 0.0398 0.6305 0.0739 0.1880 0.0020 0.7416 0.0354 0.0708 VCA/CAB 2019 0.0047 0.0522 0.6474 0.0721 0.1467 0.0024 0.7636 0.0280 0.0702 VCA/CAB 2020 0.0088 0.0277 0.6426 0.0637 0.1741 0.0026 0.6127 0.0323 0.0291 BVB 2018 0.0134 0.0210 0.4552 0.0622 0.1875 0.0014 0.5643 0.0354 0.0708 BVB 2019 0.0152 0.0251 0.4062 0.0596 0.0389 0.0014 0.5851 0.0280 0.0702 SGB 2010 0.0063 0.0191 0.6132 0.2097 0.0764 0.0473 0.2271 0.0921 0.0642 SGB 2011 0.0183 0.0475 0.7124 0.2151 0.0705 0.0198 0.3462 0.1868 0.0624 SGB 2012 0.0256 0.0293 0.7239 0.2383 0.0294 0.0200 0.3643 0.0909 0.0525 SGB 2013 0.0148 0.0224 0.7197 0.2384 0.0178 0.0703 0.2343 0.0659 0.0542 SGB 2014 0.0219 0.0208 0.7040 0.2203 0.0532 0.0114 0.4021 0.0408 0.0598 SGB 2015 0.0233 0.0188 0.6491 0.1911 0.0341 0.0024 0.5388 0.0063 0.0668 SGB 2016 0.0109 0.0263 0.6526 0.1845 0.0800 0.0073 0.5780 0.0267 0.0621 SGB 2017 0.0201 0.0297 0.6561 0.1603 0.1264 0.0026 0.5328 0.0352 0.0681 SGB 2018 0.0253 0.0219 0.6655 0.1686 0.0311 0.0020 0.5313 0.0354 0.0708 SGB 2019 0.0137 0.0187 0.6331 0.1561 0.0653 0.0063 0.5624 0.0280 0.0702 SGB 2020 0.0104 0.0141 0.6403 0.1512 0.0617 0.0041 0.6259 0.0323 0.0291 PGB 2020 0.0110 0.0244 0.7039 0.1087 0.0844 0.0047 0.5705 0.0323 0.0291 100 ... BANK OF VIETNAM MINISTRY OF EDUCATION AND TRAINING BANKING UNIVERSITY HCMC GRANDUATION THESIS OUTLINE SPECIALITY : FINANCE - BANKING TOPIC: FACTORS AFFECTING CREDIT RISK OF COMMERCIAL BANKS IN VIETNAM. .. object of this research is credit risk, the factors affecting credit risk of commercial banks in Vietnam 4.2 Research scope Research space: Data research was carried out on 31 commercial banks in Vietnam. .. theoretical foundations of credit risk, credit risk measurement factors as well as a review of previous studies on macro and internal factors affecting banks affecting credit risks in countries around