ENSURING INDEPENDENCE, EFFICIENCY, AND OPERATION EFFECTIVENESS OF MONITORING AGENCY TOGETHER WITH SUSTAINABLE DEVELOPMENT OF THE FINANCIAL SYSTEM FROM A PERSPECTIVE OF VIETNAMESE LAW ENFORCEMENT AND INTERNATIONAL INTEGRATION

Ensuring safety for each institution as well as for the financial system, and financial asset transactions are always the top concern of each country. Depending on development conditions, each country will have the choice and organization of different financial monitoring systems. The selection of an appropriate model of financial supervision is a prerequisite for the development of a stable financial market. That model can prevent risks, and predictability and prevent bad risks from developments of the financial market, especially in the context of the financial crisis. The current model of financial monitoring in Vietnam is designed in a dispersed manner, based on the functions and institutional approaches, i.e. the monitoring of financial market components assigned to the state management agencies with each field of monitoring implementation. This financial monitoring model has revealed many impairments and is overcome by the establishment of the National Financial Supervisory Commission. Up to now, when Vietnam's financial market has undergone a period of development, it has carried out a synchronous restructuring of parts of the financial market, which requires further research to perfect the legal framework for financial supervision in the new situation.