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Facebook:@Dethivaonganhang www.facebook.com/dethivaonganhang GRADUATION THESIS Major: Banking and International Finance BUILDING A MODEL OF DEBT SECURITIZATION IN VIETNAM COMMERCIAL BANKS www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 1
Facebook:@Dethivaonganhang www.facebook.com/dethivaonganhang TABLE OF CONTENTS INTRODUCTION .................................................................................................... 1 CHAPTER I: GENERAL THEORETICAL REVIEW ON DEBT SECURITIZATION............................................................................................... 12 1.1. Basics of debt securitization ....................................................................... 12 1.1.1. Key concepts .......................................................................................... 12 1.1.2. Characteristics....................................................................................... 14 1.1.3. Relevant Members ................................................................................. 16 1.1.4. Conditions necessary for securitization of debts................................... 19 1.1.5. Benefits and risks................................................................................... 21 1.2. Debt securitization in commercial banks.................................................. 26 1.2.1. Overview of debt securitization in commercial banks........................... 26 1.2.2. Contents of debt securitization .............................................................. 27 1.2.3. Some methods of securitized debt outstanding ...................................... 36 1.3. Experience of some countries in debt securitization................................ 40 1.3.1. The U.S .................................................................................................. 40 1.3.2. Malaysia ................................................................................................ 43 1.3.3. Lessons for Vietnam............................................................................... 44 CHAPTER II: MODEL OF OUTSTANDING DEBT SECURITIZATION OF VIETNAM COMMERCIAL BANKS.................................................................. 45 2.1. General context of Vietnam banking system............................................ 45 2.2. Status of debts in Vietnam commercial banks ......................................... 50 2.2.1. Causes of debts ...................................................................................... 50 2.2.2. Situations of handling the bad debts in Vietnam commercial banks..... 52 2.3. Building a model of debt securitization in Vietnam ................................ 55 2.3.1. Contents of the model ............................................................................ 55 2.3.2. Steps in the model .................................................................................. 57 2.3.3. Evaluation of debt securitization model in Vietnam.............................. 61 2.4. Conditions to apply model of debt securitization in Vietnam ................ 67 www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 2
Facebook:@Dethivaonganhang www.facebook.com/dethivaonganhang 2.4.2. The development of Vietnam's financial market.....................................68 2.4.3. Legal environment ..................................................................................71 2.4.4. Supply and demand for the debt securitization ......................................72 2.4.5. Competitive capacity and business structure of banks...........................74 2.4.6. Support from the State bank and government ........................................75 2.4.7. Support from the financial institutions in the world...............................75 3.1. Orientation to handle debts in commercial banking system ...................76 3.2. Solutions to bring the securitization model into practice in Vietnam commercial banks ...............................................................................................79 3.2.1. Actively adapting to international common practice .............................79 3.2.2. Banks' cooperation banks in the building of customer’s information systems ..............................................................................................................80 3.2.3. Financial market solutions .....................................................................81 3.2.4. Special intermediate scale extension......................................................85 3.2.5. Encourage credit institution to participate in the credit enhancement..86 3.2.6. Investment expansion together with credit quality improvement...........87 3.2.7. Improvement the quality of bank staffs...................................................87 3.2.8. Modernize banking operations ...............................................................89 3.3. Recommendations........................................................................................89 3.3.1. Recommendations for strengthening the commercial banking system...89 3.3.2. Recommendations with the state bank and the relevant authorities ......91 CONCLUSION........................................................................................................96 REFERENCES ........................................................................................................98 www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 3
Facebook:@Dethivaonganhang www.facebook.com/dethivaonganhang LIST OF ABBRIVIATIONS MBS Mortgage-backed Securities CMO Collateralized Mortgage Obligation CDO Collateralized Debt Obligation CLO Collateralized Loan Obligation CBO Collateralized Bond Obligation SPV Special Purpose Vehicle ABS Asset-backed Securities AMC Asset Management Company VAMC Vietnam Asset Management Company GSEs Government Sponsored Enterprises CIC Credit Information Center of State Bank ROA Return on Asset ROE Return on Equity SOCBs State-owned Commercial Banks CI Credit Institution www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 4
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Facebook:@Dethivaonganhang www.facebook.com/dethivaonganhang LIST OF FIGURES, TABLES AND GRAPHS LIST OF FIGURES Figure 1.1: Illustrating the goal of securitization .................................................... 12 Figure 1.2: Simple securitization model ................................................................. 16 Figure 1.3: Classifying stock................................................................................... 28 Figure 1.4: Collection and distribution of cash flow .............................................. 35 Figure 1.5: Securitization of debt outstanding under the distributed method......... 38 Figure 1.6: Securitization of debt outstanding under the concentrated method ............ 39 Figure 2.1: Simple AMC Model ............................................................................. 56 LIST OF TABLES Table 1.1. Balance Sheet of the XYZ Bank ........................................................... 21 Table 1.2. Balance sheet of XYZ Bank after mortgage loan ........................................ 21 Table 1.3. Balance Sheet of XYZ Bank ................................................................. 23 Table 1.4: Stock structures of Bleecker Structured Asset Funding Ltd .................. 30 Table 2.1. Total outstanding debts in 7 commercial banks in Vietnam (2008-2014) ....48 Table 2.2. Bad debt rates (2008-2014) ................................................................... 49 Table 2.3. The Structure of issued securities .......................................................... 59 Table 2.4. Example of issuance of bonds ................................................................ 60 Table 2.5. Credit risk reserve rates (2008-2014) .................................................... 62 Table 2.6. Vietcombank credit risk reserve and profit before tax in 2014.............. 62 LIST OF GRAPHS Graph 2.1. Total outstanding debts in 7 commercial banks in Vietnam (2008-2014).... 44 Graph 2.2. Bad debt rates (2008-2014)................................................................... 45 Graph 2.3. Credit risk reserve rates (2008-2014) ................................................... 56 Graph 2.4. Credit risk reserve/Bad debts in banks in 2014 .................................... 57 Graph 2.5. AMCs’ capital structure in 2014........................................................... 59 Graph 2.6. Vietnam’s GDP Growth (2008-2014)................................................... 61 www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 6
Facebook:@Dethivaonganhang www.facebook.com/dethivaonganhang Graph 2.7. Bad debts ratio in Vietnam’s banking system in 2014 .........................66 www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 7
1 INTRODUCTION THE NECESSITY For more than half a century, in many countries around the world, the banking system has really become the most important industry in national economy. The change of the banking system always reflects the growth or recession of the economy. Through nearly 15 years of innovation and activities, Vietnam's banking system has made significant achievements that contribute to the construction and economic development of the country. However, the operation under the new methods, banking system increasingly exposed many weaknesses, shortcomings and inadequacies. Due to many different causes so now the Vietnam commercial banks holding large amounts of outstanding debt (about 200,000 billion VND) exceeds the equity of the bank. This situation makes the economy freezes, a large amount of material to be un-exploited, the bank will become more difficult to raise new capital and operational efficiency will rapidly decline. According to international experience through many crises, with a heavy dependence on bank credit - reflected the drawbacks of this market. Especially the financial crisis since 1997, it shows that: There are many overdue loans if not addressed quickly and basically will cause negative effects for the banking system and unavoidable risk of disruption to the Vietnam economy. Therefore, it requires a long-term and stable funding source, and the transmission channel for efficient capital between markets - increasingly a demand for the development of savings funds, pension funds as well as fund mobilization tool with the most flexibility and efficiency, such as debt securitization instruments… Starting from the point of view of the Party and the State, under the direction of the Governor of the State Bank of the banking system restructuring program, the Vietnam commercial banks has been trying to solve the problem of debts deposition to create a healthy financial activities. Currently, the solutions of the commercial banks are conducted in the deletion of outstanding debts with huge cost but a low www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 1
2 effective. If without measures to promote, then the objectives of banking restructuring is difficult to become a reality. Clearly seen this, in the process of understanding the system of Vietnam Commercial Banks and research experience of world financial market, I see there is a very effective financial instrument in handling outstanding debts, that is debt securitization. With a desire to comment on the process of restructuring and cleaning the financial activities of the commercial banking system through securitization activities, they would like to present their perspectives on the conditions and operational models of securitization in Vietnam. In that sense, the thesis question: "Building a model of debt securitization in restructuring process of commercial banks in Vietnam", to bring a new technology (for our country) but being developed in the developed economies in the world, to promote financial market development and solve the problems of bad debts effectively, under conditions of international economic integration, this process will impact not only the immediate but the long-term strategy for our country's financial market and other the type of market in relationships between financial markets - customers - economy. At the same time, meet the needs of capital for not only economic development, but also the financial markets and real estate markets. In the process of completing graduation thesis, because with limited qualifications, experience, time and documents the thesis has many limitations, I would like to receive your comments about my thesis. www.ThiNganHang.com S Á C H – T À I L I Ệ U T H I T U Y Ể N Trang 2
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