Current Status of Application and Development of Derivative Instruments in Vietnam

Foreign Trade Bank is the only specialized bank allowed to operate and trade foreign exchange, make international payments, and open accounts abroad while other banks are only allowed to operate domestically.

However, in response to the country's need for innovation, in order to protect independence and monetary sovereignty, develop the national economy, and contribute to expanding economic, political and cultural relations, on October 18, 1988, the Council of Ministers issued Decree No. 161/HDBT on "Foreign exchange management regulations". Subsequently, the State Bank issued Circular No. 33 - NH/TT dated March 15, 1989 guiding the implementation of the foreign exchange management regulations. Accordingly, foreign exchange management and trading is carried out through the State Bank of Vietnam. The Bank for Foreign Trade of Vietnam is the agency authorized to trade in foreign exchange. Other specialized banks, joint venture banks with foreign countries, branches of foreign banks in Vietnam, and domestic economic organizations wishing to trade in foreign exchange or foreign exchange collection services must be permitted by the State Bank. This was a start in creating the environment and conditions for the functioning of an organized foreign exchange market.

In fact, in response to the development requirements of banking operations, especially international banking operations, the State Bank has successively granted licenses to commercial banks operating in Vietnam. However, the exchange rate issue was still a problem for the market at that time when the exchange rate was still imposed by the State Bank, so it was still far from the actual purchasing power of VND and the underground market.

1.2. Period from 1991 to November 1994

This is the next stage of the process of transforming the mechanism towards developing a market economy. During this stage, Vietnam is facing an extremely difficult situation. Before the disintegration of the old socialist system, international payments were converted from the transferable ruble to

Freely convertible foreign currencies (mainly USD) have caused a large deficit in Vietnam's current account and trade balance. This has created an urgent need for foreign currency in international payments. Along with the application of policies, the State Bank has proposed that the Government establish a Foreign Currency Regulation Fund at the State Bank to focus on meeting the essential needs of the struggling economy and intervene to stabilize the exchange rate.

At the same time, 1991 was an important milestone in the formation of the foundation for the Vietnamese foreign exchange market. On August 16, 1991, the Governor of the State Bank issued Decision No. 107 - NH/QD on "Regulations on the organization and operation of the Foreign Exchange Trading Center". On that basis, two Foreign Exchange Trading Centers were established in Ho Chi Minh City (August 1991) and in Hanoi (November 1991). The Regulations established a system of regulations on the organization and operation of the Foreign Exchange Trading Center, specifically as follows:

- Participants: Banks licensed to trade in foreign currencies; Import-export organizations doing business directly with foreign countries; organizations and units providing foreign currency collection services; State Bank.

- Organizational structure of the Center: Led by an Executive Board consisting of three representatives of the State Bank and four representatives of banks licensed to trade in foreign currencies. The Chairman of the Executive Board is appointed by the Governor of the State Bank.

- Transaction time: Auction held at 2:00 p.m. every Tuesday and Friday.

- Transaction currency: US Dollar (USD) and Vietnamese Dong (VND)

- Operating principle: according to the auction principle from low to high or vice versa to achieve balance of supply and demand of foreign currency.

- Foreign currency amount per transaction: Minimum is $10,000.

- Payment deadline: No more than two working days after the transaction date (excluding holidays); Late payment will be subject to a penalty and the penalty level is determined from time to time.

- Fees: Membership fee: 200 USD/year; Transaction fee: 0.01% of transaction turnover paid by the foreign currency buyer but not exceeding 100 USD.

- Applicable exchange rate: The buying rate must not exceed 0.5% compared to the exchange rate set at the previous trading session.

From the time of establishment until the termination of operations on December 1, 1994, the two Foreign Exchange Trading Centers had very positive operating results, specifically:

- Total number of trading sessions: 692 transactions, of which 431 transactions were in Ho Chi Minh City and 261 transactions were in Hanoi.

- Total sales turnover is 660.5 million USD, in Ho Chi Minh City is

159.5 million USD and in Hanoi is 501 million USD.

- The activities of the two Centers have contributed to stabilizing the value of VND and the USD/VND exchange rate by determining it based on the closing exchange rate of previous trading sessions. At the same time, it reflects more honestly the relationship between foreign currency supply and demand in the market, shortening the gap between the official exchange rate and the exchange rate in the underground market.

- The stable exchange rate has created a good sentiment for the market, thus attracting a large amount of remittances and foreign investment into Vietnam. Along with maintaining a high positive real interest rate of VND, it has encouraged organizations and individuals to sell foreign currency to deposit in VND. The above factors have positively affected the increase in the country's foreign exchange reserves.

The activities of the two Foreign Exchange Trading Centers have actively promoted their role in regulating foreign currency supply and demand, creating a market-based trading method that contributes to stabilizing exchange rates, prices and

stimulate investment and economic growth. However, in the face of the growing demand for market development, the two trading centers have shown certain limitations, failing to meet the needs of foreign currency transactions of the whole country as well as the promptness in transactions and payments in the face of frequent market fluctuations. In this situation, the State Bank has issued decisions to establish the Interbank Foreign Currency Market.

1.3. Period from December 1994 to present

During this period, many policies and regulations were issued to gradually implement the convertibility of VND in foreign exchange activities and perfect the State's foreign exchange management system. It is worth mentioning Decree No. 63/1998/ND-CP dated August 17, 1998 on foreign exchange management replacing Decree No. 161/HDBT dated October 18, 1988. Accordingly, the Decree introduced new contents such as the issue of residence to facilitate foreign exchange management; regulations on the principles of determining the exchange rate of VND; specific regulations on the issuance of valuable papers in foreign currency; regulations on the transfer of foreign currency into and out of Vietnam for organizations and individuals. The core issue of foreign exchange management policy is to control the foreign exchange market and improve the international balance of payments, thereby contributing to maintaining the stability of the VND value. That is the basic requirement to move towards the goal of "using only Vietnamese currency in Vietnam".

On September 20, 1994, the State Bank of Vietnam issued Decision No. 203/QD-NH9 on the establishment of the Interbank Foreign Exchange Market and Decision No. 203/QD-NH13 on promulgating the Regulation on the organization and operation of the Interbank Foreign Exchange Market (IFX). This was a historic turning point in the formation and development of the Vietnamese foreign exchange market. The Regulation provided detailed regulations on how to participate, procedures, implementation processes, currencies allowed for transactions, how to determine exchange rates, etc. At that time, members

The foreign exchange market only includes the State Bank and commercial banks licensed to trade foreign exchange. The State Bank is both a member and an organizer, supervisor and operator of the foreign exchange market. The activities of the foreign exchange market compared to the foreign exchange trading center are more market-oriented, more flexible, more extensive and more objective. Therefore, the exchange rate of VND against foreign currencies is also formed more objectively and reflects the actual purchasing power of VND. This is a new development step at a higher level of foreign exchange trading activities in Vietnam.

Along with the development of the TTNTLNH, the organizational structure of foreign exchange trading of commercial banks has also been gradually improved. When they first entered the market, commercial banks simply provided foreign exchange trading services to earn fees, without any business activities due to exchange rate fluctuations. However, facing the competitiveness of the market as well as the process of economic integration of the country, commercial banks have expanded their operations to suit the actual situation. Decision No. 17/1998/QD-NHNN7 issued on January 10, 1998 on "Regulations on foreign exchange trading activities" created a legal foundation for commercial banks to conduct foreign exchange trading while strengthening the management and supervision of the State Bank in the foreign exchange sector. Starting from 1998, foreign exchange forward and swap transactions were introduced to the market. In 2005, foreign exchange options trading was allowed to be piloted by the State Bank and has now been applied at commercial banks.

On December 13, 2005, Foreign Exchange Ordinance No. 28/2005/PLUBTVQH11 was issued and took effect from June 1, 2006. This Ordinance provides detailed regulations on foreign exchange trading activities. The Ordinance regulates foreign exchange activities between residents and non-residents in Vietnam. The Ordinance also distinguishes between “current” transactions and “capital” transactions. Accordingly, current transactions are transactions between residents and non-residents (except

Capital transfer and capital transactions are capital transfer transactions between residents and non-residents in the fields of direct investment, investment in valuable papers, foreign borrowing and debt repayment and other forms as prescribed by Vietnamese law.

It can be said that business activities in the Vietnamese foreign exchange market are increasingly being improved and will have much potential for development in the future in the context of the country's economy gradually integrating with the world economy.

2. CURRENT STATUS OF APPLICATION AND DEVELOPMENT OF DERIVATIVE INSTRUMENTS IN VIETNAM'S FOREX MARKET

2.1. Legal basis and economic environment for the development of derivatives trading on the stock market

2.1.1. For futures transactions

In 1998, the State Bank issued a series of documents related to foreign exchange activities, especially the determination of forward rates and swap rates. The State Bank's decisions on the principles of determining forward and swap foreign exchange buying and selling rates of credit institutions licensed to conduct forward and swap foreign exchange transactions are:

- Decision No. 16/1998/QD-NHNN7 dated January 10, 1998 on the principles for determining forward and swap foreign currency buying and selling rates of credit institutions licensed to conduct forward and swap foreign exchange transactions.

- Decision No. 88/1998/QD-NHNN7 dated February 28, 1998 on supplementing regulations on principles for determining forward and swap foreign currency buying and selling rates of credit institutions licensed to conduct forward and swap foreign exchange transactions.

- Decision No. 289/1998/QD-NHNN7 dated August 26, 1998 on the principles for determining foreign currency forward and swap exchange rates of credit institutions licensed to conduct forward and swap transactions.

- Decision No. 1198/2001/QD-NHNN dated September 18, 2001 on amending a number of regulations related to forward and swap transactions of credit institutions licensed to trade in foreign currencies.

- Decision 259/2000/QD-NHNN7 dated August 30, 2000 on amending Clause 1, Article 2 of Decision No. 65/1999/QD-NHNN7 dated February 25, 1999 of the Governor of the State Bank.

- Decision 679/2000/QD-NHNN dated July 1, 2002 on promulgating a number of regulations related to foreign currency transactions of credit institutions licensed to trade in foreign currency.

- Decision No. 648/2004/QD-NHNN dated May 28, 2004 of the State Bank of Vietnam on amending and supplementing a number of articles of Decision 679/2000/QD-NHNN dated July 1, 2002.

For easy tracking, here is a summary table of forward and swap rate quoting methods from 1998 to 2004.

Table 3. Summary of methods for determining forward exchange rates according to regulations of the State Bank

Time

From 10/1/98 arrive 2/28/98	From 28/2/98 arrive 8/6/98	From 6/8/98 to 8/26/98	From 8/26/98 arrive 8/30/00	From 8/30/00 arrive 9/18/01	From 18/9/01 arrive 7/1/02	From 1/7/02 to 5/28/04
Less than 1 week	+ 1.0%	+0.25	+0.19	-	-	-	-
1 week - 2 weeks	+1.0%	+0.5	+0.38	-	-	0.40	0.50
2 weeks - 3 weeks	+1.0%	+0.75	+0.57	-	-	0.40	0.50
3 weeks - 4 weeks	+1.0%	+1.0	+0.82	-	-	0.40	0.50
30 days	+1	+1	+1.64	+0.58	+0.2	0.40	0.50
31- 44 days	+1.5	+1.5	+1.64	+0.87	+0.25	1.5	1.2
45- 59 days	+1.5	+1.5	+1.64	+1.16	+0.40	1.50	1.2
60- 74 days	+2	+2	+2.45	+1.45	+0.45	1.50	1.5
75- 89 days	+2	+2	+2.45	+1.75	+0.65	1.50	1.5
90- 104 days	+2.5	+2.5	+3.25	+2.04	+0.79	1.50	2.5
105- 119 day	+2.5	+2.5	+3.25	+2.33	+1.01	1.50	2.5
120- 134 day	+3	+3	+4.05	+2.62	+1.14	2.35	2.5
135- 149 day	+3	+3	+4.05	+2.92	+1.26	2.35	2.5
150- 164 day	+3.5	+3.5	+4.84	+3.21	+1.38	2.35	2.5
165- 179 day	+3.5	+3.5	+4.84	+3.5	+1.48	2.35	2.5
180 days	+3.5	+3.5	+4.84	+3.5	+1.5	2.35	2.5

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• Current Status of Exploiting Tran Temple Festival, Thai Binh to Serve Tourism Development.
• Current status of tourism development in Lao Cai province - 1
• Current Status of Development of Lao Cai Border Gate Economic Zone

dynamic

Note: Maximum forward rate = maximum spot rate + % fluctuation margin

Source : Legal documents of the State Bank.