According to ESOMAR market research:
Vietnam's central bank announces restructuring of two inefficient banks
On the 17th, the State Bank of Vietnam announced the restructuring of two inefficient
domestic banks to ensure macroeconomic stability and national financial and monetary security of Vietnam.
According to Vietnam News Agency, the State Bank of Vietnam announced the forced
transfer of Global Petroleum Joint Stock Commercial Bank (GPBank) to Vietnam Prosperity
Joint Stock Commercial Bank (VPBank), and forced transfer of DongA Bank (DongABank)
to Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank).
According to the report, the forced transfer of inefficient financial institutions is one of
the measures to ensure macroeconomic stability, national financial and monetary security,
political stability and maintain social order and safety in Vietnam.
After the forced transfer, the two inefficient banks will become single-member limited
liability commercial banks 100% owned by VPBank and HDBank, respectively,
and the legitimate rights and interests of customers will continue to be protected
according to the agreement and legal regulations.
Reuters reported that in 2023, the Central Bank of Vietnam announced a plan to
restructure 4 inefficient banks, and 2 of them have completed restructuring in 2024.
“Vietnam Investment News” pointed out that Vietnam's domestic bank merger
and acquisition model is being reshaped through compulsory transfer,
which is an important step to stabilize weak banks and strengthen the industry's foundation.
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