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Vietnam central bank to focus on restructuring credit institutions

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Vietnam central bank to focus on restructuring credit institutions

The Vietnam central bank plans to restructure all credit institutions in the next few years to ensure the protection of depositors, Viet Nam News reported Jan. 24.

The State Bank of Vietnam is finalizing plans under the government's direction and will focus on implementing the project this year, said Nguyen Van Hung, deputy chief inspector of the central bank.

Under the plan, the central bank will divide credit institutions into three groups. One group will consist of state-owned banks with more than 50% state ownership, another group will comprise joint stock banks, finance companies and financial leasing companies, while the third group will consist of foreign credit institutions, cooperative banks and microfinance institutions.

All credit institutions will have to establish their own restructuring plans.

Hung said the restructuring effort aims to protect the interests of depositors. All measures to restructure the credit institutions will instill the principle of being cautious and maintaining the stability of the financial market.