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Minor impact on Vietnam’s banking system: expert
Vietnamese banks and the nation’s economy will be affected to some extent by the US financial crisis, a banking specialist said Thursday.
Kieu Huu Dung, chairman of Asia Commercial Bank (ACB) Securities Company’s board of directors and former State Bank of Vietnam senior official, said Vietnamese banks may find it more difficult to obtain finance from foreign countries, which may then affect lending activities in Vietnam.
Dung said Vietnamese banks did not operate in the US and they had not lost money during the crisis as other financial institutions had. Vietnam’s banking system, however, would be “mentally affected” by the crisis, he said.
When external conditions were no longer favorable, local banks needed to grow on their own strength, he said.
Local banks should learn from the crisis, realizing that financial shocks could happen more often than expected, he said. Dung said banks should also be more cautious when offering property loans and should strengthen their risk management.
Banks should not aim for temporary profits but think about sustainable development, he said.
“Driving on the street has many risks but it doesn’t mean people should stop driving,” he said. “They should improve their driving skills instead.”
Thanhnien
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