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License of new commercial joint stock banks temporarily halted
The State Bank of Vietnam on August 8 announced that it will temporarily suspend licensing establishment of new commercial joint stock banks.
The governor of the State Bank of Vietnam (SBV) today issued a document sent to the Preparatory Committee on establishment of commercial joint stock banks, announcing the Prime Minister's instruction on establishment of new domestic commercial joint stock banks.
According to the document, on July 29, the Governmental Office issued an official dispatch with the PM's instruction asking the SBV to adjust criteria for establishment of commercial joint stock banks. While the new criteria are yet to be issued, the licensing of new commercial joint stock banks should temporarily be suspended.
Currently, SBV is considering adjustments on criteria for establishment of commercial joint stock banks. Therefore, the bank has announced it will stop consideration of licensing new commercial joint stock banks proposed by the Preparatory Committee on establishment of commercial joint stock banks, in implementation of the Prime Minister's instruction.
In addition, while the new criteria are yet to be issued, the SBV also halts receiving new applications for establishment of new commercial joint stock banks.
According to SBV's statistics, there are currently 47 banks in Vietnam, 37 of them are joint stock commercial banks.
ND
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