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Vietnamese Banks Need ‘Drastic’ Change: Premier

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Vietnamese Banks Need ‘Drastic’ Change: Premier Empty Vietnamese Banks Need ‘Drastic’ Change: Premier

Post by lexie Sun Dec 18, 2011 10:01 am

December 18, 2011


Vietnamese Banks Need ‘Drastic’ Change: Premier

Vietnamese Prime Nguyen Tan Dung said in a statement posted on the government’s website late on Saturday that the country’s banking system needs “drastic” restructuring in order to make it “efficient and healthy.”


“State management in the banking sector still has many shortcomings which threaten the entire system’s stability,” the prime minister said, according to the statement. Dung urged the State Bank of Vietnam to improve its risk management procedures to “eradicate any potential risks for a system collapse”, the statement said.


Vietnam faces an inflation rate close to 20 percent, a trade deficit, and slowing economic growth. Gross domestic product growth may slow to about 6 percent this year, from 6.8 percent in 2010, the government said this month.


The nation’s central bank is targeting money supply growth of about 14 percent to 16 percent for 2012, which it described as a continuation of tight monetary policy. It forecast money supply may growth at about 10 percent for 2011, while credit growth may reach 12 percent by the end of this year.


“The central bank will continue a tight and flexible monetary policy, with curbing inflation and macroeconomic stability as its priorities,” the State Bank of Vietnam said on Saturday on its website.


The central bank will also target 15 percent to 17 percent credit growth next year, it said in the statement. The monetary authority’s target for money supply in 2011 was as high as 16 percent, while its target for credit growth was below 20 percent.


The central bank, which is trying to fight so-called dollarization in the Vietnamese economy, will “tightly control lending in foreign currencies,” it said. The regulator will also “intensify its watch on commercial banks’ operations,” in an attempt to reduce bad debts, and help “ensure the banking system’s safety,” it said. (Bloomberg)





http://www.vietfinancenews.com/2011/12/vietnamese-banks-need-drastic-change.html#more



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