The workings of two informal financial markets which operated in Viet Nam from 1975 to 1989-90, which arose in response to restrictions on flows of goods, capital and labor are analyzed. First, a mechanism through which international capital transactions are made in the absence of physical flows of either goods or financial capital, with an eventual flow of labor instead.

The determination of the premium is established. Also, the share of capital flowing through this market is shown to depend on the difference between the premiums in the formal and informal markets. Second, a domestic market providing financial intermediation through arbitrage between Rotating Savings and Credit Associations.

The incentive structure and operations of the particular ROSCA common to Viet Nam are investigated. In contrast to previous work, this version is shown to tend toward efficient outcomes, both in the individual ROSCA, and as a market comprised of simultaneous ROSCAs.