State Bank stops licensing new joint stock banks

The State Bank of Viet Nam headquarters in Ha Noi

Viet Nam’s central bank said it would stop licensing the establishment of new commercial joint stock banks while adjusting regulations on the establishment of domestic banks.

The government has asked the State Bank of Vietnam to make the regulations on new banks “appropriate”, the central bank cited a government document issued earlier as saying.

A statement by the central bank wrote, “While the new criteria are not published, the establishment of new commercial joint stock banks is temporarily put on hold.”

The central bank said it had received more than 20 applications to establish banks, but only two have been licensed and started operation.

Source: SGGP, translated by Tuong Thuy

Other news