Gov’t approves strategy for bank expansion by 2025 (Việt Nam News)

HÀ NỘI – Việt Nam aims to have at least 2 or 3 banks in Asia’s top 100 largest banks in terms of assets by 2025.

Under the development strategy of the banking sector until 2025, recently approved by Prime Minister Nguyễn Xuân Phúc, the Government also plans to have 3 to 5 banks listed on foreign stock markets by 2025.

The strategy also seeks to improve local banks’ competitiveness, enhance transparency in the banking sector and make the sector operate in accordance with international standards.

Accordingly, by the end of 2020, all banks are required to have equity capital in accordance with Basel II standards – a set of banking laws and regulations issued by the Basel Committee on banking supervision to enhance competition and transparency in the banking system and make banks more resistant to market changes.

To help State-owned banks achieve the equity capital requirements, the Prime Minister has instructed the State Bank of Việt Nam (SBV), in conjunction with the ministries of Finance and Planning and Investment, to map out and submit to the Government plans to increase capital for State-owned banks.

The new strategy also sets a goal of improving SBV’s independence, activeness and accountability for directing monetary policy, controlling inflation, supporting macro-economic stability and fuelling sustainable economic growth.  

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Việt Nam News

15 August 2018

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