Vietnam needs benchmark to kick-start onshore rates market

Government needs to establish local rates standard, say global banks

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The lack of an open and transparent interest rate index for benchmarking is a major barrier to Vietnam's plans to create a domestic derivatives market, according to global players active in the local market.

In March this year, the Vietnamese government announced plans – known as 366/QD-TTg – to overhaul the country's legal framework in order to develop the nascent local derivatives market.

The initiative has three phases. The basic legal framework and infrastructure will be built between 2014

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