Vietnamplus

Cross-ownership in the country’s banking system had almost been eliminated, a recent report by the State Bank of Vietnam (SBV) showed.

The State Bank of Vietnam (SBV) is planning to change its policy on reserve requirement ratios for credit institutions and foreign banks’ branches for the first time since 2011.

A 20-year prison term has been proposed for Pham Cong Danh, ex-Chairman of the Board of Directors of the Vietnam Construction Bank (VNCB), for his involvement in the case of “deliberately violating State regulations on economic management, causing severe consequences” at VNCB.

The State Bank of Vietnam (SBV) has decided to push ahead with restructuring the banking system, applying stricter measures to effectively prevent cross-ownership at commercial banks.

Cross-ownership in banks has decreased sharply after the banks recently changed their top leaders at the 2018 annual general meetings of shareholders (AGMs) to meet the central bank’s new regulation.

The Hanoi People’s Court on March 19 opened a trial for Dinh La Thang, former Chairman of the Member Council of the Vietnam National Oil and Gas Group (PetroVietnam), and six accomplices for their wrongdoings in investing PetroVietnam’s capital in Ocean Bank.

Banks are expected to make major changes in the selection of their top personnel for the upcoming term from 2018 to 2023 to meet the Government’s new regulation.

Some weak banks that are undergoing restructuring might get out of the worse thanks to unprecedented support measures under a new law, experts have said.

Many businesspeople, who hold leadership positions at both banks and other firms, have decided to give up their positions in enterprises and keep the banking management positions to meet a new Government regulation.

Deputies of the 14th National Assembly on October 26 debated the draft bill on amendments and supplements to some articles of the Law on Credit Institutions.

Lawmaker discussed a bill amending and supplementing some articles of the Law on Credit Institutions on October 26.