The Prime Minister has appointed another deputy governor to the State Bank of Vietnam (SBV) to accelerate restructuring in the banking sector.
Dao Minh Tu, newly-appointed Deputy Governor of SBV
Dao Minh Tu will be the sixth deputy governor of the SBV, beginning May 15, 2012.
Other SBV deputy governors include Nguyen Dong Tien, Le Minh Hung, Tran Minh Tuan, Dang Thanh Binh and Nguyen Toan Thang.
Various international organisations have been recommending that Vietnam set a comprehensive programme for the restructuring of the banking sector for some time.
In order to meet this target, they say, it is vital that the country has both capital and competent human resources.
According to the country's road map for restructuring of the banking system, banks have been put into categories. Category number 3 are given from the second quarter of this year until the end of next year to complete their restructuring plans. The target for this group is to achieve credit growth rate of 8% in 2012.
Between 2013 and 2015, the country will focus on enhancing the efficiency of banks and strive to increase the level of at least 1 or 2 of them to the highest rated in the region.
Another goal is that by 2015, at least four financial institutions will be eligible to compete in the regional market. By 2020, one or two institutions are expected to be listed among the largest financial institutions in the Southeast Asia.