2025-02-23-亚开行-越南2023年金融市场和2024年展望_金融科技监管的方向（英）_98页_2mb

Viet Nam's financial markets in 2023 were shaped by global economic challenges, including high inflation and interest rates. Macroeconomic instability affected markets, but Viet Nam maintained a loose monetary policy, leading to declining interest rates. The stock market recovered, with the VN-Index increasing by 12.2%, and liquidity improved due to low interest rates and regulatory support. Challenges included high NPLs, low banking profitability, and regulatory gaps, especially in the "wait-and-see" approach to fintech.

For 2024, the outlook is positive, driven by economic growth prospects and supportive policies. Key areas include continued low interest rates, gradual easing of exchange rate pressures, and digital transformation. The stock market's upgrade to "emerging market" status is being pursued to attract foreign investment. Fintech regulation is shifting toward a test-and-learn approach, with SBV establishing a sandbox mechanism to foster innovation while managing risks.

Policy recommendations emphasize expanding the capital market, improving gold market management, and enhancing fintech regulation. Specific actions include strengthening financial leasing, diversifying products, addressing NPLs, and developing specialized fintech regulations. The primary challenges involve the slow pace of legal reforms and fragmented regulatory oversight. Overall, Viet Nam is aiming for sustainable financial market development, leveraging digital transformation and sustainable finance to support economic growth.