A total of 16 people from various private and government-owned banks are accused of deliberate misconduct, the Ministry of Public Security (MPS) said on its website without elaborating. The bankers allegedly colluded with the private Vietnam Construction Bank to skirt the law to secure millions in loans, causing $660 million in losses, state media reported. The two most senior bankers named are Tram Be and Phan Huy Khang from Sacombank, one of the country's leading private banks. Vietnam has achieved several years of solid economic growth of five per cent or higher, making it one of the best performing economies in Southeast Asia. But soaring public debts, bloated state-owned enterprises and rampant official corruption have threatened progress.

Source: The Nation Bangkok August 01, 2017 13:07 UTC