Vietnam determined to reduce number of commercial banksVietnam will attempt to further reduce the number of commercial banks according to Vice Chairman of the NA Economic Committee, Nguyen Duc Kien. The State Bank of Vietnam took three ailing banks, Ocean Bank, GP Bank and Vietnam Construction Bank into public ownership. Vietnam currently has four state-owned banks and 31 commercial banks. The point is the number of banks must be reduced and bankruptcy and closures are also solutions," he said. Former deputy head of National Financial Supervisory Commission Le Xuan Nghia said many foreign investors showed interests in the local banks but it was not easy to reduce the number of banks.

Source: VietNamNet News May 11, 2018 01:07 UTC