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 its business environment and
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 Quang Ninh.
Hung said Vietnam's banking system has
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 in Vietnam’s
bankingsystem.
Vietnam now
has seven wholly-owned foreign banks, as well as 50 branches and more than 50 representative offices of
foreign banks and joint-venture banks. Their total assets have topped $35.8
billion.
In the first
nine months, loans in the whole banking system expanded 10.64 percent,
according to the central bank.
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