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VIETNAM’S EXCHANGE RATE POLICY AND IMPLICATIONS FOR ITS FOREIGN EXCHANGE MARKET, 1986-2009

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ABSTRACT Vietnam’s foreign exchange (forex) market has remained relatively poorly developed despite more than two decades of general reform throughout the economy. This paper adopts a microstructure approach to the analysis of the root-causes underlying the operational deficiencies of this market. The analysis suggests that the authorities have tended to follow a de facto adjustable peg exchange rate regime which, in turn, has acted as a retardant to the development of the country’s forex market. Consequently, market signals have become increasingly non-transparent. There are indications that market forces have often moved beyond the framework of current regulations