8
the initiative also spends resources to support
interested APEC member countries, but not
eligible to participate in the ARFP Agreement,
in order to further strengthen institutional and
management capacities to be able to participate
in ARFP in the future. The fund will start
operating once the two economies complete
the implementation process. The contracting
parties will have 18 months from 30th June 2016
to carry out the necessary internal preparation
work for the Fund to commence its operations.
Membership of the Fund is open to those willing
and able to participate. The fund’s ultimate goal
is to gradually create a comprehensive regional
fund with members comprising a large number
of economies in APEC.
The Joint Committee monitoring the
Implementation of this Initiative has met three
times, with the most recent meeting of two weeks
ago in Bangkok on the main topic of discussion
on how to extend this initiative on the whole
region with the participation of all economies.
With the bilateral, regional and multilateral
cooperation forums, along with the process of
improving the domestic institutions, the financial
market in Vietnam will have new opportunities
in the coming years and gradually integrate into
the regional financial market. regional and world
financial institutions.
References:
1. Parliament (2017), Resolution No. 42/2017/QH14 dated June 21,
2017 on pilot settlement of bad debts of credit institutions;
2. Goverment (2015), Decree No. 60/2015/ND-CP dated June 26th
2015 amending, supplementing several articles of the Government’s
Decree No. 58/2012/NĐ-CP dated July 20th 2012 on providing specific
provisions for the implementation of certain articles of the law on
securities and the law on amending and supplementing a number of
articles of The Law on Securities;
3. Decision No. 40/TTg dated January 7th 2016 on overall international
integration to 2020 with a vision to 2030 strategy;
4. Ministry of Finance (2015), Circular No. 123/2015/TT-BTC dated
August 19th 2015 providing guidance on foreign investment activities
on Vietnam’s securities market;
5. Ministry of Finance (2017), Circular No. 50/2017/TT-BTC dated May
15th 2017 on guidelines for the government’s decree No. 73/2016/
ND-CP dated July 1st 2016 on details of the implementation of the
law on insurance business and the law on Amendments to certain
articles of the Law on Insurance Business.
Chiang Mai Initiative Multilateralization (CMIM)
Vietnam has successfully participated to sign
the Chiang Mai Initiative Multilateralisation
Fund with the CMIM Fund size of USD 240
billion to help central banks solve their balance
of payments problems and preventing crises.
In which, Vietnam contributes USD 1 billion.
The agreement is valid from March 2010.
Currently, Vietnam is participating in the
Initiative, conducting CMIM operations with the
assumption of a crisis and completing a set of
macroeconomic assessment indicators to serve
the decision-making process of lending. Under
this initiative, the Regional Macroeconomic
Research Office (AMRO) has also been
established as an international organization to
carry out economic research and financial sector
monitoring activities.
Cooperation under the Asia-Pacific Economic
Cooperation
The Asian Fund Management Certificate
(ARFP) is an important trade liberalization
initiative to reduce the barriers to cross-border
fund management. The initiative is part of an
effort to improve financial links in the Asian
region.
Memorandum of Understanding on the
Establishment and Implementation of the
ARFP Initiative has been effective since June
30th 2016, with the participation of Australia,
Japan, Korea, New Zealand and Thailand. These
economies are currently undertaking necessary
domestic procedures to bring the initiative into
implementation.
The ARFP initiative is an important outcome
of the APEC Finance Ministers’ Meeting. The
initiative is the contribution of many financial
planners, managers, industry representatives
and technical specialists from the APEC
economies and has been reported activity
results at the APEC Finance Ministers’ Meeting
2017 in a number of areas. Accordingly, the
countries involved in the agreement will
allow the fund management companies of the
countries in the group to provide portfolio
management services in their domestic market
in the condition that these companies achieves
the standards set by the ARFP. In addition to the
objective of establishing the ARFP Agreement,
