Completing Vietnam’s legislative framework for financial consumer protection in line with the goal of financial inclusion

Abstract

Financial consumer protection plays a crucial role in fostering the development of a nation's financial system in particular and the goal of financial inclusion in general. Accordingly, a comprehensive legislative system for financial consumer protection is deemed a prerequisite for improving access to financial services and benefiting consumers in making use of financial services. This study employs the case study approach and secondary data source to examine international practices linked with financial consumer protection, including good practices proposed by the World Bank and OECD/G20 and the experience in establishing the related legislative framework of countries such as the US, Canada, South Korea and Indonesia. On that basis, recommendations to Vietnam for completing the legislative system for financial consumer protection towards the goal of financial inclusion are put forward.