Banking & Finance

Banking & Finance Sector Committee

(integrated into the VBF Working Group)

Aims & Objectives:

Overview

Since 1998, the Banking Working Group has been working in close partnership with the State Bank of Vietnam to improve the regulatory system for the country’s banking sector. Currently, the group is made up of almost all foreign banks, and joint-venture banks in Vietnam and led by Mr. Louis Taylor, CEO of Standard Chartered Bank in Vietnam. A number of the Group’s important recommendations of the have been adopted by the government, such as the removal of interest and guarantee commission ceilings, the enabling of banks to lend in foreign currency to exporters, and the relaxation of the forex transaction band. The Group has been called on to provide comments on important policy issues and documents, including the legal framework for operation of foreign banks in Vietnam, regulations on lending and security, and regulations on banking corporate governance. At the moment, the Group is working with the State Bank to bring Vietnam’s banking regulations more in line with international standards. The Group is providing valuable inputs to a draft of new legal papers on forex transactions, and introducing best practices for treasury activities.

Structure

Private Sector