“The Gap” In Research Related To The Thesis

disclosure ”; Rychtarik's (2009) [73] study: “ Liquidity scenario analysis in the Luxembourg banking sector” focused on the ratios to measure liquidity: (i) liquid assets/total assets, (ii) liquid assets/(deposits + short-term capital), (iii) loans/total assets, (iv) loans/(deposits + short-term capital). These studies have shown that the higher the ratios (i), (ii), the better the bank's liquidity and the higher the ratios (iii), (iv), the weaker the bank's liquidity.

The study of Aspachs & colleagues (2005) [58]: “ Liquidity, Banking Regulation and macroeconomics ” and the study of Valla & colleagues (2006) [74]: “ Bank liquidity and financial stability ” both focused on a number of internal and macro factors affecting the liquidity of banks in the UK. In which, Aspachs & colleagues used data from balance sheets and quarterly income statements, in the period 1985 - 2003. These studies all showed that bank liquidity does not only depend on external objective factors but importantly it is affected by internal factors of the bank, especially the reactions of market participants when faced with uncertainty and changes in asset values.

Research by Rudolf Duttweiler (2010) [40]: “ Liquidity management in banks ” at the time of what is considered the most severe financial crisis since the Great Depression of 1929. The highlights of the research are: (i) providing clear definitions of liquidity, RRTK, in which specifically explaining the two aspects of liquidity that banks need to pay special attention to are natural liquidity and artificial liquidity; (ii) detailed elements of a liquidity policy; (iii) content of liquidity management in qualitative and quantitative terms. Qualitatively: presenting key elements in the liquidity status limit; defining elements such as franchises, safety provisions, assets at risk, stable and unstable funding and discussing the relationship between those elements to liquidity management; specific recommendations for policy. Quantitatively: presenting new mathematical methods proposed for RRTK management; proposing approaches to determine the size and structure of reserves. The study has drawn particularly important conclusions that ensuring and

Bank liquidity management is strategically oriented and should be implemented from the top management. Only at that level can the management decide exactly what measures need to be applied, to what extent and at what cost, to be able to respond to any situation that threatens the bank's liquidity.

Bonfim & Kim (2011) [65]: “ Liquidity risk in banking: Is there herding ?”) collected data from Banscope for the period 2002 - 2009 including the crisis and the years before the crisis to study the influence of internal and macro factors affecting the liquidity of banks in Europe and North America. This study argues that external factors are important supporting factors for liquidity and at the same time emphasizes the importance of financial institutions in reducing RRTK.

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The study by Vodova (2011) [75]: “ Liquidity of Czech commercial banks and its determinants ” used data from the period 2001 - 2009 to identify the determinants of liquidity of Czech commercial banks. The results of the study showed that there is a positive relationship between bank liquidity and equity ratio, non-performing loan ratio and interbank interest rate and a negative relationship between long-term lending rate, inflation rate, business cycle and financial crisis with bank liquidity.

Research by Imbierowicz & Rauch (2014) [68]: “ The relationship between liquidity risk and credit risk in banks” provides evidence of the existence of a positive relationship between RRTD and RRRTK of banks during periods of economic stability as well as periods of crisis.

2.1.2. Domestic research

In recent years, the issues of liquidity and QTTK of commercial banks have been considered “hot” issues in domestic scientific forums. Many research works on issues related to QTTK in commercial banks in Vietnam have been published, including the following works:

2.1.2.1. Articles published in specialized journals

Article by MSc. Huynh Thi Huong Thao in Science & Application Journal No. 14 - 15, 2011 [42]: “ Solutions to ensure liquidity at banks

" Vietnam Trade " summarizes the liquidity difficulties of Vietnamese commercial banks from 2008 - 2010, studies the liquidity management experience of Chinese, American and Australian commercial banks. From there, it raises issues regarding liquidity assurance at Vietnamese commercial banks.

The article by Dr. Le Thi Tuyet Hoa in Banking Magazine No. 17, September 2012 [49]: " Liquidity risk management of commercial banks in the current period " has 2 outstanding points: (i) In theory, it has presented very specifically modern liquidity management methods; (ii) In practice, the study shows that since 2007, the liquidity of commercial banks has become a hot issue. Therefore, Vietnamese commercial banks need to pay more attention to modern liquidity measurement methods. Because it is suitable for the current developments in the monetary market.

The article by MSc. Nguyen Minh Sang & Nguyen Thi Thu Trang in Banking Magazine No. 13, July 2013[44]: “ Testing the liquidity risk tolerance of Vietnamese commercial banks ” studies the liquidity response capacity of Vietnamese commercial banks according to the IMF model in the face of sudden increases in customers' demand for withdrawals. The study presents 10 liquidity stress scenarios and examines the tolerance of 34 Vietnamese commercial banks in each scenario at the end of 2011 and updates 10 banks according to 2012 data. The results show that the liquidity response capacity of Vietnamese commercial banks at the end of 2011 is still low and more than half of these banks need external assistance. In 2012, the liquidity situation of the 10 studied banks improved.

The article by Associate Professor, Dr. Truong Quang Thong & Pham Minh Tien in the Financial and Monetary Market Journal No. 21 (414) November 2014 [36]: " Factors affecting liquidity risk - the case of Vietnamese Joint Stock Commercial Banks " uses research data collected and processed from the Annual Reports of 29 Vietnamese Joint Stock Commercial Banks from 2002 - 2012. The research results show that bank liquidity risk not only depends on factors within the banking system such as total assets, debt scale and bank equity but is also affected by macroeconomic conditions and economic policies.

Article by Vo Xuan Vinh & Mai Xuan Duc in University Science magazine

National Hanoi, vol. 33, no. 3, 2017 [57]: " Foreign ownership and liquidity risk of Vietnamese commercial banks " studies the impact of foreign ownership on liquidity risk of commercial banks in the period 2009 - 2015 through the use of regression methods for panel data with a data sample of 35 Vietnamese commercial banks. The research results show: (i) The role of foreign shareholders in liquidity risk management; (ii) RRTD and liquidity risk in the previous year have a positive relationship with the liquidity risk of commercial banks in the current year. Therefore, commercial banks need to have appropriate liquidity risk management policies to maintain a safe liquidity limit, have timely response measures when banks face sudden liquidity shortages and pay attention to risk prevention policies; (iii) The size of the bank has an inverse impact on the bank's liquidity risk. The larger the total asset size, the higher the bank's liquidity position and the bank's liquidity risk will decrease.

The article by Dr. Do Hoai Linh & MSc. Lai Thi Thanh Loan in the Finance and Banking Journal No. 21, 2018 [48]: " Liquidity of the Vietnamese commercial banking system: Current situation and recommendations " studies the liquidity of the Vietnamese commercial banking system in the period 2006 - 2017, clearly indicating 3 times of liquidity stress (the first time was in 2008, the second time was in December 2009 and the third time was from October 2010 to January 2011) with different developments and characteristics. The study shows that the main cause of the liquidity risk of commercial banks in the period 2006 - 2017 was that commercial banks did not meet the requirements on ensuring liquidity safety set by the State Bank as well as the issue of handling information crises related to the reputation and influence of the Board of Directors of commercial banks. The study also evaluates the current legal system on liquidity management issued by the State Bank. On that basis, the authors have proposed a number of recommendations for management agencies and commercial banks to overcome the liquidity stress of Vietnamese commercial banks.

2.1.2.2. Industry-level scientific research topics

The industry-level scientific research topic of Dr. To Ngoc Hung (2007) [34]: " Enhancing liquidity risk management capacity at Vietnamese commercial banks" builds a theoretical framework on liquidity risk management, which proposes new and modern methods to quantify risks; analyzes the current status of liquidity risk management.

in the Vietnamese commercial banking system before 2007 through some liquidity indicators of banks. From there, propose solutions to enhance the capacity of risk management in Vietnamese commercial banks in the coming years.

The scientific research topic at the industry level of MSc. Duong Quoc Anh & a group of authors from the Banking Inspection and Supervision Agency, State Bank of Vietnam (2012) [41]: " Methodology for assessing the resilience of credit institutions to shocks in the financial market " provides basic concepts, implementation, and application of testing the resilience of liquidity and other types of risks in banking operations.

2.1.2.3. Doctoral thesis in economics

Trinh Hong Hanh's PhD thesis in economics (2015) [47]: " Solutions to improve the quality of asset and liability management at Agribank " systematized the theories on ALM and the quality of ALM of commercial banks, clarified the current status of ALM and the quality of ALM at Agribank in the period 2008 - 2014, on that basis proposed solutions to improve the quality of ALM at Agribank.

Phan Thi Hoang Yen's PhD thesis in economics (2016) [38]: " Asset - liability management at Vietinbank " systematized the theoretical basis of ALM of commercial banks, analyzed and evaluated the current status of ALM at Vietinbank based on data from 2012 - 2014 and information on the survey of ALM activities at Vietinbank, proposed solutions to enhance ALM activities at this bank.

Nguyen Bao Huyen's PhD thesis in economics (2015) [15]: "Liquidity risk at Vietnamese commercial banks" systematized the theory of liquidity risk management of commercial banks, analyzed the current situation of liquidity risk at Vietnamese commercial banks in the period 2008 - 2015, including a survey on the liquidity management organization model at Agribank and proposed 2 groups of long-term solutions: preventing and limiting liquidity risk and improving liquidity management capacity at Vietnamese commercial banks.

The PhD thesis in economics by Nguyen Hai Long (2017) [17]: " Liquidity risk management at Agribank" has systematized theoretical issues related to liquidity risk management of commercial banks in the context of international integration and in which, has synthesized a modern liquidity risk management model in banks. The thesis has analyzed the practice

The thesis analyzed the status of risk management at Agribank in the period of 2009 - 2016 through 8 liquidity indicators of the bank, and at the same time used an econometric model to quantify risk management at Agribank. On that basis, the thesis proposed 3 groups of solutions for Agribank: risk prevention solutions, solutions to improve risk management capacity and support solutions.

Thesis of Doctor of Economics Pham Thanh Dat (2017) [37]: " Liquidity risk management of commercial banks of the State Bank of Vietnam " synthesized theories on liquidity risk management of the Central Bank in the market economy, analyzed the current situation of liquidity risk management of the commercial banking system of the State Bank of Vietnam in the period 2011 - 2015. On that basis, the thesis proposed 4 groups of solutions to contribute to improving the liquidity risk management capacity of the State Bank of Vietnam in the context of Vietnam's economy increasingly integrating deeply with the world economy.

The PhD thesis in economics by Dang Quang Vang (2018) [13]: " Factors affecting the liquidity of Vietnamese commercial banks " has clarified the concept of liquidity, systematized the liquidity theories in the world; analyzed the current liquidity situation and analyzed the factors affecting the liquidity of Vietnamese commercial banks through aggregated data for the period 2005 - 2015 and descriptive statistics. On that basis, the thesis builds a dynamic regression model and uses the GMM estimation method to evaluate the factors affecting liquidity at the average value level and the quantile regression method to evaluate the impact of factors on liquidity at different value levels. As a result, the thesis has generally assessed the factors affecting the liquidity of two groups of banks: (i) For the group of banks with large asset size, the factors affecting liquidity in the same direction include: external funding sources, equity capital to total assets, RRTD provisions, return on equity, total assets squared, money supply; factors affecting liquidity in the same direction include: listed banks, total assets, economic growth rate and factors that do not affect liquidity including inflation, financial crisis; (ii) For the group of banks with small asset size, the factors affecting liquidity in the same direction include: equity capital to total assets, RRTD provisions, return on capital.

Ownership, total assets, economic growth rate, inflation; factors that negatively affect liquidity include: external funding, total assets squared, financial crisis and factors that do not affect liquidity include: listed banks, money supply. The empirical results are the basis for the thesis to propose policy implications and solutions for each group of banks and each factor affecting liquidity to improve the efficiency of QTTK at banks.

Through studying the content of the above works, it shows that:

The works in the world mainly study the issues: methods of measuring liquidity risk; factors affecting the liquidity of commercial banks, focusing on two groups of factors: macroeconomic and internal bank factors; survey and analysis of the liquidity situation at European and North American banks.

Most of the domestic works are about credit risk and credit risk management of commercial banks. In particular, some issues related to credit risk management of commercial banks have been solved such as: building a theoretical framework on credit risk management; proposing new and modern methods to quantify liquidity and credit risk; Surveying and analyzing the current liquidity situation and credit risk management situation at a specific commercial bank or the Vietnamese commercial banking system as of December 31, 2017; Building a system of solutions for better credit risk management.

2.2. “Gap” in research related to the thesis

From the survey of research works related to the thesis, the unaddressed gaps include:

- Most of the previous studies have focused on liquidity management. There have been no comprehensive studies on the theoretical basis of liquidity management of commercial banks, especially no studies clarifying the basic issues of modern liquidity management: liquidity management concept, liquidity management strategy and liquidity appetite, basic steps in the liquidity management process (identification, measurement, monitoring and control of liquidity).

- Most domestic works have only researched and surveyed liquidity, risk management, and risk management at Vietnamese commercial banks. For Agribank, previous studies mainly studied risk management at Agribank with information, data, and conditions of the period before 2017. There have been no studies

Research, survey and evaluate QTTK at Vietnamese commercial banks, especially QTTK at Agribank in the period of 2017 - 2018 to propose solutions to improve QTTK by 2025.

The above “gaps” have opened up new research directions for the PhD student. The PhD student hopes that the thesis “ Liquidity management at the Bank for Agriculture and Rural Development of Vietnam ” will successfully study some of the above gaps and be the first doctoral thesis to study the theoretical basis of liquidity management at commercial banks in a complete and systematic manner.

2.3. Research questions

From the "gaps" of research works related to the thesis, the PhD student determines the research questions of the thesis, including:

- How is the content of "QTTK of commercial banks" different from the content of "RRTK management of commercial banks"?

- What is the current status of QTTK at Agribank in the period 2013 - 2018?

- In the context of integration and the 4.0 industrial revolution, what opportunities and challenges does QTTK at Agribank face?

- To develop safely and sustainably, what QTTK solutions does Agribank need to implement by 2025? What are the conditions for implementing the solutions?

3. Research objectives of the thesis

The thesis proposes a system of solutions and recommendations for QTTK at Agribank until 2025 to ensure Agribank operates effectively, develops stably and sustainably, and maintains its position as the leading commercial bank in Vietnam.

To achieve the above objectives, the tasks set for the thesis research include:

Firstly , systematize and deepen the basic theoretical issues on liquidity and credit risk management of commercial banks.

Second , study the experience of handling situations in QTTK of some banks, thereby drawing lessons for Agribank.

Third , correctly assess the current liquidity and QTTK situation at Agribank in the period 2013 - 2018. Point out the achievements, limitations and causes of limitations in QTTK at Agribank.

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