MINISTRY OF FINANCE

NATIONAL ECONOMIC UNIVERSITY

SCHOOL OF BANKING AND FINANCE

GROUP ASSIGNMENT

MONETARY AND FINANCIAL THEORY 1

GROUP :7
LECTURER : Le Van Chi
CLASS : BFI 64
STUDENTS : Hoang Ngo Thanh Trang 11226367
Pham Kieu Anh 11220535
Le Thi Ngoc Anh 11220270
Le Thi Ngoc Anh 11220269
Nguyen The Duong 11221588
Nguyen Ha My 11224369

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 TABLE OF CONTENTS

PART I 2

Question 1 2

Question 2 3

PART II 5

REFERENCE 12

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PART I

Question 1: Are the following statements TRUE or FALSE? Give brief

explanations (15 points in total, each weight 5 point)

a. If you suspect that a company will go bankrupt next year, you would rather hold
bonds issued by the company than hold equities issued by the company.

True. This is because of the priority of payments: when a company goes

bankrupt, the corporation must pay all its debt holders before it pays its equity holders.
Bond holders have a higher priority in receiving payments compared to equity
holders. Bond holders are typically paid before equity holders, which means they have
a better chance of recovering some or all of their investment.

b. Because corporations do not actually raise any funds in secondary markets,

secondary markets are less important to the economy than primary markets are.

False. This is because secondary markets serve two important functions. First,
secondary markets make financial instruments more liquid which is easier for issuing
firms to sell in primary markets. Secondly, secondary markets determine the price of
security that the firm sells in the primary market. The investors will pay the issuing
corporation no more than the price they think the secondary markets will set for this
security. The higher the security’s price in the secondary market, the higher the price
the issuing firm will receive for a new security in the primary market, and hence the
greater the amount of financial capital it can raise.

c. If bonds of different maturities are close substitutes, their interest rates are more
likely to move together.

True. The expectations theory says that long term bond's interest rates will be
the average of the interest rates paid by the short term bonds during the period so that
if the short term interest rates increase, long term interest rates will also increase.

Question 2: Answer the question and give the explanation (10 points). Describe
how financial intermediaries help lower adverse selection and moral hazard in an
economy.

Adverse selection and moral hazard are two market situations that can lead to a
market collapse. This is the result of Asymmetric Information, which occurs when one
party to an economic transaction possesses greater material knowledge than the other

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party. In that context, it is believed that financial intermediaries play a crucial role in
solving the problem of asymmetric information, hence lower adverse selection and
moral hazard in an economy.

The term "adverse selection" in economics and insurance refers to a market

process where buyers or sellers of a good or service can use their private knowledge
of the transaction's risk factors to maximize their benefits, at the expense of the other
parties. Financial intermediaries mitigate the adverse selection by reducing the
information asymmetry between parties involved in a transaction through various
mechanisms. First, it is clear that financial intermediaries can make better investment
decisions than small, individual savers because they are professional in gathering and
analyzing information about borrowers to assess their creditworthiness and risk
profile. They gather data on borrowers' financial history, income, assets, and
liabilities, among other factors. By doing so, they provide a comprehensive
assessment of the involved parties' characteristics, which helps potential
counterparties make informed decisions. Second, financial intermediaries often use
standardized contracts and terms for lending and investment activities. These
standardized agreements help reduce information asymmetry between parties and
provide a level of transparency and predictability in financial transactions.
Furthermore, people who invest directly will encounter the problem of free-rider - a
problem in which people who do not pay to produce or purchase information can still
take advantage of information that others have paid for. This may lead to very few
direct investors spending their own money to buy information, exacerbating the
problem of adverse selection. By contrast, financial intermediaries hold a large
proportion of individual loans that cannot be traded in the market and produce
exclusive information so they can help avoid the free-rider problem.

Moral hazard refers to the situation that arises when an individual has the
chance to take advantage of a financial deal or situation, being fully aware that any
potential risks and consequences will be borne by a different party. In order to lower
moral hazard, financial intermediaries actively monitor borrowers to ensure their
compliance with the terms of the loan or investment agreement. Through regular
financial reviews and performance assessments, these intermediaries diligently track
the progress of borrowers and offer guidance when necessary. This proactive
monitoring serves as a crucial mechanism to mitigate moral hazard, as it holds
borrowers accountable for their actions and helps minimize the risk of potential
misconduct. Moreover, financial intermediaries align the incentives of various parties
engaged in financial transactions. One such example is seen in asset management
firms, where the incentives of fund managers are closely tied to those of investors
through performance-based compensation structures. This alignment serves to

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mitigate the risk of moral hazard and fosters a strong motivation for intermediaries to
act in the best interests of their clients. By ensuring that the interests of all parties
involved are aligned, financial intermediaries contribute to a more efficient and
trustworthy financial system.

PART II
Vietnam's economy largely depends on sectors of the economy that consume
plenty of energy and natural resources. Therefore, Vietnam is one of the countries
most vulnerable to climate change, despite its rapid economic growth. Natural
catastrophes like droughts, floods, and sea level rise have become more common and
severe in Vietnam as a result of climate change, leading to adverse impacts on society,
the country's socio economic development, and individual lives. Research by
international organizations shows that climate change can cost Vietnam about 15
billion USD/year (equivalent to 5% of GDP) (Vũ, 2021, 1). Many climate experts
believe that when global temperatures increase by 1.5ºC and 2ºC, the direct damage to
Vietnam's GDP will be 4.5% and 6.7%, respectively, plus indirect damages, it could
be up to 30% by 2050 (Đức Minh, 2023). Consequently, reducing adverse effects on
the environment and advancing sustainable development make the est ablishment of a
comprehensive green finance system especially crucial.

A financial system is a system that allows the exchange of funds between

financial market participants such as lenders and borrowers. These participants can be
specified to households, firms, Government, etc (Indeed Editorial Team, 2023). A
financial system is broken down to financial market, where the trading process occurs;
financial intermediaries - an institution or individual that serves as a middleman
among diverse parties in order to facilitate financial transactions; financial
instruments, which are assets that can be traded, or they can also be seen as packages
of capital that may be traded in form of cash or contractual right to deliver or receive
cash or another type of financial instrument, or evidence of one’s ownership in some
entity (Indeed Editorial Team, 2023). The system is controlled by regulatory agencies:
central bank, security exchange committee (SEC), and the Ministry of Finance.
Central bank has the responsibility of regulating indirect financial activities, whereas
the SEC controls direct ones, and the Ministry of Finance has the authority over the
whole financial system. Financial system performs the essential function of
channeling funds from economic players that have saved surplus funds to those that
have a shortage of funds, which promotes economic efficiency by producing an
efficient allocation of capital and directly improves the well-being of consumers.

Consequently, it is the green financial system that is also being formed

paralleling the green economy. According to Niklas Höhne, Sumalee Khosla, Hanna

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Fekete, Alyssa Gilbert , “green finance is a broad term that can refer to financial
investments flowing into sustainable development projects and initiatives,
environmental products, and policies that encourage the development of a more
sustainable economy” (Höhne et al., 2012, 7). It is said to be of a wider range than
climate finance only, including environmental objectives aiming at bettering the
existing condition of natural resources. PricewaterhouseCoopers defines green finance
as financial products and services promoting environmentally responsible investments
and low-carbon technologies through careful consideration of environmental factors in
lending decisions and risk management processes. (PricewaterhouseCoopers China,
2013, 15). Böhnke, Eidt, Knierim, Richert, Röber, Volz have given a panoramic
definition on green finance, stating that it comprises all types of lending or investment
practices that consider environmental impact and work to increase the sustainable
level of the environment. They explained “a key element of green finance is
sustainable investment and banking, where investment and lending decisions are taken
on the basis of environmental screening and risk assessment to meet environmental
sustainability standards” (Lindenberg, 2024, 2).

The structure of the green financial system is analyzed in two aspects including
the financial market and financial intermediaries. In terms of financial markets,
currently, Vietnam has 4 operating markets and 1 market expected to be operated in
the near future. With the green credit market, through the State Bank's policies and
support measures, the green credit market has grown rapidly in recent years. The pilot
program to deploy green credit under Directive No. 03/CT-NHNN, dated March 24,
2015, invested in 26 projects on renewable energy, waste management and organic
agriculture with interest rates 1%-3% lower than the market (Đào, n.d.) . By 2020,
credit growth in the "green" sector will lead with an increase rate of up to 35%, higher
than other priority sectors. This outcome demonstrates that banks are contributing an
increasing amount of money to green projects. However, the green credit proportion in
the credit structure of the banking industry is still low, despite its increase compared
to 2.83% in 2017. This shows that green credit from bank capital in recent times has
not yet developed strongly (Nguyễn, 2022). With the green bond market, Vietnam
has only issued five rounds of green bonds as of October 2022, totaling only $200
million USD. Renewable energy - Vietnam's primary industry receives the lion's share
of bond issuance proceeds (57%), along with the water, waste, and agriculture sectors.
(MOF, 2021) (Trần, 2023). The size of the Vietnamese bond market (104.6 billion
USD in 2019 and 324.1 billion USD in the first nine months of 2020) makes it
apparent that the issuance value of green bonds is negligible (Vu Thi Nhu Quynh,
2021) (Nguyễn & Anh Hoàng, 2023). Vietnam is implementing the green bond market
at a slower pace than the rest of the world. Currently, the green bond market in
Vietnam is seen as being in its early stages and underdeveloped overall. The scale,

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type and foundation of supply and demand for green bonds are all uncertain. Besides,
the information system, propaganda and understanding of investors in particular and
the market in general about green bonds are still very limited (Vũ, 2021, 3).
Nevertheless, green bonds have enormous development potential in Vietnam (Nguyễn
& Anh Hoàng, 2023). According to IFC's Climate Investment Opportunities Report,
from 2016 to 2030, Vietnam can attract about 753 billion USD of investment in
climate, 59 billion USD of investment in renewable energy, and about 80 billion USD
will be invested in the green building sector (IFC, 2022) (Trần, 2023). With the green
stock market, it has also had initial developments. Since 2012, the SSC has
coordinated with the International Finance Corporation (IFC), Global Reporting
Initiative (GRI), HNX and Ho Chi Minh City Stock Exchange (HOSE) to implement
many programs. Capacity building training for listed companies on disclosing ESG
information. At the end of March 2017, HOSE announced the 'Vietnam Sustainability
Index - VNSI' and officially put it into operation from the end of July 2017 to support
institutional and individual investors. Identify businesses with "green" characteristics
to invest in, adding a new investment tool (Đào, n.d.). With the green insurance
market, the implementation of its products in Vietnam has initially received attention,
and the Government has clearly determined the need to promote green insurance to
achieve the goal of green growth. Vietnamese insurance businesses have initially
researched and deployed a number of green insurance products to meet the diverse
insurance needs of customers, expand market share, increase their competitive
position at the same time towards a green economy with sustainable development.
Thus, it indicates that there is room for growth in the Vietnamese insurance industry
for green insurance (Nguyễn, 2022). With the carbon market, it is considered the
solution and key to achieving the Net Zero goal for Vietnam in the coming time (Báo
tin tức, 2023). "Developing the carbon market in Vietnam" is the draft project being
developed by the Ministry of Natural Resources and Environment. That means
Vietnam will start testing the carbon credit exchange by 2025, and by 2028, it will be
formally operational (Báo tin tức, 2023). In terms of financial intermediaries, it
comprises two main parts including banks and nonbanks. With banks, the banking
system plays a huge role in promoting green credit growth and managing
environmental and social risks in credit granting activities. Recognizing the
importance of green credit, in Vietnam, according to Circular No. 03/CT-NHNN dated
March 24, 2015, the State Bank of Vietnam (SBV) has requested commercial banks to
promote green lending for projects with clear goals for environmental protection, and
encourage environmentally friendly business activities. However, the concept of green
banking is still relatively new to the banking system. Many banks have not yet
implemented a system for assessing the environmental risks of projects that are
granted loans. The interest rates for loans to businesses investing in green
technologies are not much more favorable than for ordinary projects, which has

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reduced the incentive for businesses to invest in green technologies. In addition, the
mechanism for coordination and information exchange between the banking system
and other government agencies such as the Ministry of Natural Resources and
Environment is still not tight. With nonbanks, VinaCapital, the only multi-sector
asset management group in Vietnam, has been actively working to promote Vietnam's
potential and achievements to international investors interested in the ESG sector
(Lâm Tuấn, 2023). The Vietnam Environment Fund (VEF) has effectively provided
financial support for hundreds of environmental protection programs and projects
across the country, with a focus on wastewater treatment, waste management, and
solar power. (VEPF, n.d.) Some insurance companies offer life and health insurance
programs, which contribute a significant amount of insurance premiums to
environmental conservation projects. (Nguyễn, 2022)

Participants in the financial market include two main entities: borrowers and
lenders. In particular, the borrowers are mainly firms and governments. As for firms,
Ms. Pham Thi Thanh Tung, Deputy Director of the Credit Department for Economic
Sectors (SBV), said that in recent times, the banking industry has been a pioneer in
mobilizing capital and financing green growth-oriented projects, Sustainable
Development (SGGP, 2022). Certain Vietnamese commercial banks, like Agribank,
BIDV, Sacombank, TPBank, Vietinbank, VPBank and others have a significant
percentage of outstanding green credit loans (Nguyễn, 2022). Currently, 84 credit
institutions have submitted reports on the results of implementing Decision No.
1552/QD-NHNN dated August 6, 2015. However, only 67/84 credit institutions have
implemented relevant content on green banking and green credit development, on the
basis of integrating regulations and administrative documents in banking activities
(Tạp chí môi trường, 2022). Furthermore, companies are beginning to issue green
bonds on the market. For instance, Trung Nam Joint Stock Company and Trung Nam
Solar Power both issued individual bonds of 2,100 billion VND and 9,45 billion
VND, respectively, with a duration of five years and a variable interest rate equivalent
to the market rate. A 2.-year term deposit plus a 3.5% annual margin, or 10.5%
annually for the first year alone, is required (Vũ, 2021, 4). As of December 31, 2021,
there are 4 businesses providing green insurance products including Bao Viet
Insurance Company Limited - Tokio Marine (BVTM), AIG Vietnam Insurance
Company Limited (AIG), Chubb Company Limited (Chubb), Fubon Insurance
Company Limited (Vietnam) (Fubon). However, only 4/76 insurance businesses
operating in the market provide green insurance products, accounting for 5.26%, a
quite low rate (Nguyễn, 2022). There are also numerous ESG investment companies
operating in Vietnam nowadays, including the following: Vinamilk pioneering in ESG
sustainable development initiatives, Vinfast, a company specializing in building
electric-powered mobile vehicles to reduce emissions into the atmosphere, etc (Topi,

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2022). Towards the government and municipal governments, they issue the
majority of green bonds. Specifically, as of 2018, Ho Chi Minh City had issued over
VND 3,000 billion in green bonds for 34 environmentally friendly projects pertaining
to sustainable infrastructure, climate change adaptation, and water resource
management.

Currently, in Vietnam, four main types of green financial instruments are

issued in the financial market. With the green credit, regarding the structure of green
credit balance, as of the end of 2021, medium and long-term credit balance accounts
for about 76% of green credit balance, with lending interest rates from 9-12%/year;
Short-term credit accounts for about 24% with interest rates from 5-8%/year (Nguyễn,
2022). The majority of green credit loans (about 46%) are concentrated on the sector
of green agriculture, with sustainable water management coming in second (around
13%). Furthermore, the focus has lately shifted to include clean energy and renewable
energy. However, the structure of outstanding green credit debt has not been evenly
distributed across economic sectors and fields, with many important areas in
environmental protection and response to climate change such as waste management,
transportation and sustainable construction still very limited (Tạp chí môi trường,
2022) . With the green bond, to support "green" projects and constructions like
irrigation, environmental protection, etc, there are currently green bond products
available on the market, including government bonds, government guaranteed bonds,
and municipal government bonds (Trần, 2023). In terms of structure, green bonds in
Vietnam today are mainly local government bonds to finance green projects. The
system of businesses participating in issuing green bonds to mobilize capital is not
large. This is also a unique feature of the Vietnamese bond market with the proportion
of government bonds accounting for the majority, maintaining at over 90% in the
period 2010-2018 (ADB, 2019) (Vũ, 2021, 5). With the green stock, ESG investment
products are available in a variety of forms, including green currency funds, limited or
protected land funds, sustainable investment funds, and open-ended exchange-traded
funds. Additionally, VNSI serves as the underlying asset for investment products
(such as index futures derivatives and exchange-traded funds) and functions as a
reference tool for both individual and institutional investors. Similar to VNIndex, the
VNSI index is currently computed in real time every 5 seconds and comprises twenty
businesses with the most favorable sustainable development ratings listed on HOSE in
the Top VN100 (Lại, 2019). The final instrument is green insurance. For instance,
pollution liability insurance for contractors and environmental pollution liability
insurance are provided by AIG Vietnam Insurance Company Limited and Bao Viet
Insurance Company Limited, respectively. While it is already fairly prevalent
worldwide, green insurance is still relatively new in Vietnam. Presently, traditional
insurance products constitute the majority of insurance offerings in the Vietnamese

9
market. Organizations and individuals participating in insurance in the Vietnamese
market are mostly customers of these traditional products, and the green insurance
products that businesses provide only stop at the type of environmental liability
insurance. The absence of a well-defined legislative framework restricts the
development of green insurance. Furthermore, other issues remain unresolved and
multiple sections in the current regulations lack specificity, clarity, and precision
(Nguyễn, 2022).

Regulatory agencies of the current green financial system in Vietnam

comprises the Government, Ministry of Finance, State bank and State Securities
Commission of Vietnam. First, the National Strategy on Green Growth, vision 2050,
was approved by the Government on October 1, 2021, with Decision No. 1658/QD-
TTg. In accordance with the Government's directives, the legal framework and
documentation pertaining to green finance have been progressively enhanced,
governing a variety of instruments like green stocks, bonds, credits, and so on. This
has created favorable conditions for businesses to raise green capital both
domestically and internationally. Some important documents can be mentioned such
as: Decree No. 95/2018/ND-CP of the Government regulating government bonds,
green local government bonds, Law on Environmental Protection 2020, etc (Khánh,
2023). Although the Vietnamese Government has been promulgating many
regulations to create a favorable legal corridor for green bond development, there are
still certain limitations, especially the issue of information and data transparency. This
requires better standardization of regulations in the legal document system (Nguyễn &
Hoàng, 2023). Additionally, there are no inspection agencies to ascertain whether the
projects are actually "green" despite the recent green bonds issued by Vietnamese
local governments to fund green initiatives. To identify "green" projects in accordance
with standards, management agencies must thus establish a precise set of
environmental standards and have a dedicated monitoring system (Vũ, 2021, 6). As
for the Ministry of Finance, to effectively mobilize resources for the state budget, the
Ministry of Finance is now concentrating on tax reform, public debt management, and
state budget restructuring. To finish the legal framework for green bonds, the Ministry
of Finance has recently worked with pertinent agencies. To encourage the green bond
market to develop, the Ministry of Finance has issued a circular instructing green bond
issuers and investors to enjoy a 50% discount on green bond service prices in the
stock market (Thảo, 2023). In the coming time, the Ministry of Finance will actively
coordinate with relevant ministries and branches in researching solutions to mobilize
private resources and international organizations for green financial market
development (Minh, 2023). Towards the State Bank, on August 7, 2018, the State
Bank (SBV) issued Decision No. 1604/QD-NHNN approving the Green Bank
Development Project in Vietnam. Additionally, SBV collaborated with the

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International Finance Corporation (IFC) in 2018 and 2019 to release a manual on
evaluating social and environmental risks for extending credit to 15 different business
sectors worldwide. The State Bank also actively coordinates with the Ministry of
Natural Resources and Environment - the agency assigned to develop and submit to
the Prime Minister for approval the National Green Classification List to create a clear
and convenient mechanism and legal corridor to deploy economic tools to support
national green growth. In addition to encouraging outcomes, national standards and
definitions of green spaces and categories have not yet been standardized. Because of
this, issuing green credit becomes challenging for commercial banks in terms of
selection, appraisal, evaluation, and monitoring (Nguyễn, 2023). Towards the State
Securities Commission of Vietnam, in 2020, the Ministry of Finance and the State
Securities Commission replaced Circular No. 155/TT-BTC with Circular No.
96/2020/TT-BTC, in line with the government's efforts to raise standards and make
improvements (Minh, 2023). In 2021, the State Securities Commission (SSC)
cooperated with international organizations to launch the Handbook "Guidelines for
green bonds, social bonds and sustainable bonds" to guide organizations. issuers and
market members apply international and Asean regional standards as well as
Vietnamese regulations on green bonds, social bonds and sustainable bonds (Vũ &
Nguyễn, 2023).

In conclusion, Vietnam's green finance sector is still developing. Market

activities are mainly at the start-up stage. There have been a number of activities and
products introduced to the market but have not really become an investment or
development trend. Vietnam's green finance growth is currently facing obstacles that
must be removed quickly (Trần, 2023). Firstly, the green finance sector in Vietnam
still has relatively little liquidity. The absence of organized investors in the credit,
stock, and green bond markets results in a lack of professionalism and makes the
sector unappealing to foreign investors. Also, there are still few issuing companies and
few green projects, which restricts the market supply. Empirical evidence indicates
that the primary driver of the green finance industry's expansion in Vietnam between
2015 and today is policy orientations taken by the State Bank and the Ministry of
Finance, rather than market forces (Trần, 2023). Additionally, green finance policies
in Vietnam are currently in a suggestive form in development directions. Specific
regulations on market implementation and operation are still being researched and
have not yet been issued. Finally, the sense of responsibility of people, businesses, and
organizations regarding environmental protection in general and green finance in
particular is still quite limited. The concepts of green growth and green finance have
not been widely disseminated to all members of society (Lại, 2019). To promote
market supply and demand for green finance, in the immediate future, it is necessary
to further promote propaganda, training, and dissemination of knowledge about

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policies, environmental and social responsibilities of the government. businesses,
introducing green financial products to the investing public. Simultaneously,
encouraging demand for green finance is also aided by information clarity regarding
green investment activities and green financial products. Furthermore, the
synchronized and systematic integration of green financial development solutions will
help establish a solid basis for green growth and effectively execute the objectives
outlined in the National Strategy on Green Finance concerning green growth during
the 2021–2030 period and the government's vision to 2050 (Trần, 2023).

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