We analyse the effectiveness of financial reforms in the transition economy of Vietnam, from the early years until the present day. Our focus is on the changes and the determinants of banks cost efficiency, which was widely criticised and was the focus of the reforms package. We find that regulatory changes impact favourably the development of the sector. Technological and efficiency improvements characterise the period of analysis, helped by better capitalisation and increased diversification. Any technological spillovers from foreign banks are quickly transferred to the domestic market, and larger domestic banks rapidly become the best performing institutions, in support of the more recent liberalisation and privatisation policies.

我们分析了从早期到现在的金融改革在越南转型经济中的有效性。我们的重点是银行成本效率的变化和决定因素，这一点受到了广泛的批评，是改革方案的重点。我们发现，监管变化有利于该行业的发展。技术和效率的提高是分析期的特征，这要归功于更好的资本化和多元化的提高。外国银行的任何技术外溢都会迅速转移到国内市场，大型的国内银行会迅速成为表现最好的机构，以支持最近的自由化和私有化政策。