This paper explores the dynamics of financial connectedness in Vietnam and examines how interconnectedness among financial institutions – across banking, insurance, and securities sectors – affects the stability and resilience of the financial system. Using the network framework of Diebold and Yılmaz (2014), we present several key findings: first, we observe a consistently high level of interconnectedness among Vietnamese financial institutions, particularly in the aftermath of the Covid-19 pandemic and recent bank runs and market stress. Second, significant interconnectedness is evident between the banking and securities industries. Our analysis reveals that while banks have traditionally served as primary shock transmitters, securities companies have increasingly influenced systemic risk in the post-2020 environment. In contrast, insurance firms appear relatively isolated, primarily acting as net receivers of shocks from other sectors. These findings remain robust across various estimation windows and forecast horizons. This insight emphasizes the need for coordination among regulatory authorities responsible for different sectors. Regulators must address contagion risks by implementing macroprudential measures to ensure that financial entities across all sectors can withstand market pressures during challenging times.

中文翻译：

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在银行挤兑和市场压力下，网络的影响至关重要：探索越南的金融联系


本文探讨了越南金融互联互通的动态，并研究了银行、保险和证券行业金融机构之间的互联互通如何影响金融体系的稳定性和弹性。使用 Diebold 和 Yılmaz （2014） 的网络框架，我们提出了几个关键发现：首先，我们观察到越南金融机构之间的互连性始终处于高度高度，尤其是在 Covid-19 大流行以及最近的银行挤兑和市场压力之后。其次，银行业和证券业之间具有明显的相互关联性。我们的分析表明，虽然银行传统上是主要的冲击发射器，但证券公司在 2020 年后的环境中越来越多地影响系统性风险。相比之下，保险公司似乎相对孤立，主要充当其他行业冲击的净接收者。这些发现在各种估计窗口和预测范围内仍然稳健。这一见解强调了负责不同行业的监管机构之间协调的必要性。监管机构必须通过实施宏观审慎措施来应对传染风险，以确保所有行业的金融实体都能在充满挑战的时期承受市场压力。