Vietnam needs benchmark to kick-start onshore rates market
Government needs to establish local rates standard otherwise moves to establish a domestic derivative sector could be stymied, say global banks
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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