The sector is preparing for the next phase of
drastic changes, the central bank's governor has said.
Vietnam will continue to push for legal reforms, improve itsbusiness environmentand
restructure the banking system, an official said Friday, calling for the
participation of foreign investors in the process.
“In the coming period of drastic changes, I would like to invite
foreign investors to participate more actively in the restructuring of local
banks,” the central bank's governor Le Minh Hung was quoted by local media as
saying at an Asian Bankers Association conference in the northern province of
Hung saidVietnam's banking systemhas
recently completed a five-year restructuring program and is planning for
another phase of overhaul.
At the event, Daniel Wu, the association's chairman, said that
many global investors would want to be involved inVietnam’s bankingsystem.
Vietnam now has seven wholly-owned foreign banks, as well as 50
branches and more than 50representative officesof
foreign banks and joint-venture banks. Their total assets have topped $35.8
In the first nine months, loans in the whole banking system
expanded 10.64 percent, according to the central bank.