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Rethinking the Role of the State in Finance: Some Lessons from Vietnam's 'Socialist' System

The widespread failures in the financial sector during the Global Financial Crisis prompted many governments worldwide to re-intervene in a market that had become increasingly state-free over the years. The re-intervention, however, has re-ignited a global debate on the role of the state in finance. This paper seeks to contribute to that debate by demonstrating that intervention may not necessarily weaken bank performance and/or systemic stability. Indeed, in the case of Vietnam, a state-controlled system, bank performance, measured variously, was better or at least equivalent to that in the country’s more state-free neighbouring environments of Philippines, Thailand and Indonesia; it was also better or equivalent to that in a transition economy of China.