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Viewing cable 07HANOI1149, Visit to Vietnam of Regional Financial Attache Baker:

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Reference ID Created Released Classification Origin
07HANOI1149 2007-06-22 10:23 2011-08-25 00:00 UNCLASSIFIED Embassy Hanoi
VZCZCXRO2995
RR RUEHHM
DE RUEHHI #1149/01 1731023
ZNR UUUUU ZZH
R 221023Z JUN 07
FM AMEMBASSY HANOI
TO RUEHC/SECSTATE WASHDC 5710
INFO RUEHHM/AMCONSUL HO CHI MINH 3288
RUEHGP/AMEMBASSY SINGAPORE 2407
RUEATRS/DEPT OF TREASURY WASHINGTON DC
UNCLAS SECTION 01 OF 02 HANOI 001149 
 
SIPDIS 
 
TREASURY FOR OASIA 
SINGAPORE FOR REGIONAL TREASURY ATTACHE BAKER 
STATE PASS FEDERAL RESERVE SAN FRANCISCO FOR DFINEMAN 
 
SENSITIVE BUT UNCLASSIFIED 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: ECON EFIN VM
SUBJECT: Visit to Vietnam of Regional Financial Attache Baker: 
Overview 
 
1.  (U) This is one of five cables reporting on the May 29-June 1 
visit to Vietnam of the U.S. Treasury Department's Susan Baker, the 
Regional Financial Attache (FinAtt) based in Singapore.  This cable 
provides a general summary of the visit, some notes on institutional 
reform and tax policy, and a list of Ms. Baker's interlocutors.  The 
other cables report on the macroeconomic situation, the banking 
sector, developments in the securities markets and the relatively 
new State Capital Investment Corporation (SCIC). 
 
GENERAL OUTLOOK POSITIVE, THOUGH CHALLENGES REAL 
--------------------------------------------- --- 
 
2.  (SBU) As septels report in more detail, Vietnam seems to have 
pulled back from its "crisis mode" of February/March as the stock 
market has cooled off a bit.  Inflation and credit growth, however, 
have accelerated.  The central bank has responded by sharply raising 
reserve requirements and reportedly increasing open market 
operations, but is unwilling to use flexible interest rates or 
exchange rates to help reign in liquidity at this time.  Vietnam 
continues to forge ahead publicly with its unique process of 
"equitization" (i.e., corporatizing SOEs and distributing shares to 
interested parties), but public listings of these SOEs remain a 
separate and distinct step that will take more time. 
 
3. (SBU) True privatization is still a long way off for most 
government holdings, despite the creation of an institution to 
manage these holdings, the State Capital Investment Corporation 
(SCIC).  Measures designed to reduce regulatory distinctions -- 
particularly disclosure and custody requirements -- between listed 
and unlisted companies in the new Securities Law are not being 
implemented.  Vietnamese officials and private sector participants 
remain nervous about the "wall of money" raised in dedicated 
Vietnamese investment funds that has generally not yet been invested 
in local assets. 
 
INSTITUTIONAL REFORMS 
--------------------- 
 
4. (SBU) The new National Assembly is expected to make changes to 
the responsibilities of various economic ministries in the next two 
to three months.  In particular, the Ministry of Planning and 
Investment (MPI) may lose its ability to approve financing for 
various projects to the Ministry of Finance (MOF). 
 
5. (SBU) The MOF is also keen to take over the State Bank of 
Vietnam's current prerogative of staffing all the international 
financial institutions (IMF, World Bank, ADB).  According to one MOF 
official, MPI may shift to becoming more of a think tank on 
strategic and macro-economic issues, similar to China's National 
Development Reform Commission (NDRC).  Speculation in the press has 
MPI being renamed as the Ministry of the Economy. 
 
TAX POLICY 
---------- 
 
6. (SBU) In line with a new tax law implemented in 2006, Vietnam 
intends to move to a system of self-assessment, with post-audits by 
the tax authorities where warranted.  In 2009, the National Assembly 
will take up reform of the personal income tax with the goal of 
broadening the tax base and equalizing resident and non-resident 
treatment.  One State Securities Commission official noted that 
imposition of a capital gains tax would be difficult until 
transparency of the over-the-counter market improved. 
Implementation of the securities law, which would require all public 
companies to use centralized clearing and settlement, would help 
with this. 
 
MEETINGS 
-------- 
 
7.  (U) Ms. Baker began her visit in Hanoi, May 29-30 and then 
traveled to Ho Chi Minh City for meetings May 31-June 1. The 
following is a list of ministries and offices that Ms. Baker 
contacted. 
 
Hanoi: 
 
* State Securities Commission: Markets Development Department 
* State Bank of Vietnam: Foreign Exchange Management Dept., Banking 
Development Strategy, Banks and Non-bank Financial Institutions, 
Banking Inspectorate, International Relations Dept. 
* Ministry of Finance: Tax Policy Dept., Capital Market Division of 
Banks and Financial Institutions Dept. 
* State Capital Investment Corporation 
* World Bank 
 
HANOI 00001149  002 OF 002 
 
 
* Office of the Government: External Relations Dept. 
* Vietcombank: Financial Institutions Dept. 
* International Monetary Fund 
 
HCMC: 
 
* BlackHorse Asset Management 
* HCMC Stock Exchange 
* State Bank of Vietnam, HCMC branch 
* Asia Commercial Bank 
* Indochina Capital 
* Dragon Capital 
* Deutsche Bank 
* HSBC 
 
8.  FinAtt had a productive trip and Mission looks forward to her 
next visit to Vietnam. 
 
ALOISI