Deal with at least 2-3 weak banks and projects in 2023

The Government assigned Deputy Prime Minister Le Minh Khai to direct units to handle at least 2-3 weak banks and projects in 2023.

The Government has just issued a Resolution at the regular meeting in November. In it, the Government requires strongly promoting investment, consumption, and export drivers to quickly restore economic growth and implement 3 strategic breakthroughs.

The Government also assigned Deputy Prime Minister Le Minh Khai to direct the State Bank and the State Capital Management Committee at Enterprises to complete handling at least 2 to 3 weak banks and projects by 2023.

The Government is paying attention to the handling of weak banks. Currently, five banks are under special control, including Construction Bank (CBBank), Ocean Bank (OceanBank), Global Petroleum Bank (GPBank), DongA Commercial Joint Stock Bank (DongABank) and Saigon Commercial Joint Stock Bank (SCB).

In early May, the State Bank said that it had submitted and received approval from competent authorities for the compulsory transfer policy with 4 specially controlled banks, including 3 compulsory purchase banks (CBBank, OceanBank, GPBank) and Dong A Bank.

The State Audit in October assessed that the plan to deal with weak banks has been very slow, lasting from 2015 until now and has not been completed.

The restructuring of weak banks is slow, and it is difficult to find voluntary investors. In early November, State Bank Governor Nguyen Thi Hong said that the agency will complete a detailed plan to restructure weak banks and submit it to competent authorities for approval and implementation.

In addition to the above issues, the Resolution also notes the need to promote export support, especially for agricultural, forestry and fishery products with competitive advantages to large and potential markets, and to promote trade agreements that Vietnam has. Ministries and sectors also need to synchronously implement solutions on tourism promotion, immigration and emigration to attract tourists.

The Government's Resolution also requires the completion of the formulation, appraisal, and basic target of approving the plans in 2023; promptly promulgate the Plan to effectively implement the Power Plan VIII, approved national sectoral plans, and provincial plans.

In addition, functional units are assigned to review institutional and policy bottlenecks, mobilize and effectively use resources, and accelerate public investment. Regarding prices, the Government also noted the need to closely follow the supply and demand of essential goods and have plans to stabilize the market.

Duc Minh

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