VietinBank is in a dire need of capital to meet Basel II standards. — Photo VietinBank The Government should help Vietnamese banks lure capital and experience from prestigious foreign banks so as to help local firms develop sustainably, experts said. Under a document sent to Governor of the State Bank of Viet Nam Le Minh Hung this week, the Vietnam Association of Financial Investors (VAFI) said in recent years, State-owned and private banks in Viet Nam have made progress in equitisation, listing on the stock market and bad debt reduction. However, VAFI said, in order to make the domestic banking system truly healthy and sustainable, it was necessary to have a new legal framework to facilitate domestic banks in attracting capital and governance experience from prestigious foreign banks. Good corporate governance from foreign banks would help prevent bad debts and wrongdoings in the banking system, VAFI said. To help local banks to attract foreign capital, the Government should drastically change the shareholder structure in both State-owned and private banks, allowing foreign banks to hold larger shares in domestic banks, VAFI said. Specifically, VAFI said the foreign ownership limit at well-performing banks should be increased from the current 30 per cent… Read full this story
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