Central bank refutes rumors of discontinuing financial firms

The banks supervising agency of the State Bank of Vietnam on Tuesday denied recent rumors of abandoning financial companies in the country.

The agency made it clear via Tuesday’s announcement that it aims to reduce gradually ownership of State-run corporations and groups in the companies.

The State Bank has so far allowed the establishment of 18 financial companies, including six foreign-invested firms, and eight companies with their shareholders being State-run corporations and groups that hold a stake of more than 25%.

The Vietnamese Government has already asked State-run corporations and groups to cut their investments into fields out of their major business areas, especially to reduce their ownership in finance, banking and insurance.

By Bao Minh, translated by Tuong Thuy

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