Abstract

This paper is aimed to outline the timelines and important milestones of the financial markets' regulation process in Vietnam. Such typical types of financial markets as money markets, capital markets, foreign exchange markets, derivatives markets and the key factor in these markets - interest rates are taken into account in order to conceptualize significant steps in financial markets liberalization in Vietnam. Such steps are not what the government actually planed but sketched out based on objectively external observations from the reality. However, they should systematically show the plan of the Government in the liberalization process. Otherwise, the government may need to consider the gaps in their next plan. The development of Vietnam's financial markets has been regulated for a best fit to Vietnam's economic growth as well as to reduce risk. Then, deregulation is required to ease the financial flows, both in and out flows, and to comfort the investment environment. However, it is noticed that deregulation is not a "must", better regulation is more important.