chế các nhà tiết kiệm đẩu cơ. Dù họ rất sẵn lòng đầu tư vào chứng khoán,
đến nay cũng chỉ có 21 công ty cổ phần đã niêm yết trên thị trường chứng
khoán Việt Nam.
(Saigon Times Daily ngày 18-8-2003)
90. Formal vs. Informal Savings
Formal savings include savings that are invested in formal financial
institutions such as commercial banks. Informal savings may take many
forms, including real assets, cash, foreign currency, gold, jewelry, rotating
savings, paddy, and rice. There are four chief reasons why "small savers" in
Vietnam often keep their money in informal savings: the traditional thrift
habits of rural households, lack of access to formal financial institutions,
prolonged inflation, and poor rates of return offered by banks.
The development of financial markets is crucial for countries like
Vietnam. Tapping domestic savings should play a central role in this effort.
Therefore, household savings can be considered potential sources of capital
for investment. Consider the following data.
As of 1998, households in Vietnam kept most of their assets in various
forms of informal savings, including gold, foreign currency, and cash.
Meanwhile, they held very few assets in formal financial institutions,
although the share of total household savings held in formal financial
institutions increased from 8.3% in 1993 to 18.5 % in 1998. Still, according
to the General Statistical Office, in 1998 approximately 80% of total
household savings were accumulated outside the banking sector.
Although the incomes of most Vietnamese remain low, the total value of
household savings in the country may be quite high. Therefore, informal
savings can be exploited as a supplementary source of finance.
