The Vietnamese government would halt licensing new foreign banks until late 2020 in a bid to focus on restructuring the banking sector, according to Deputy Prime Minister Vuong Dinh Hue. Hue made the statement in meetings with executives of South Korean banks and corporations in Seoul on June 20, the government portal reported.
Deputy Prime Minister Vuong Dinh Hue (r) and President of KDB Bank (l). Source: VGP.
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Representatives of financial groups Shinhan and Alliex expressed interest in Vietnam’s intermediary payment market, non-cash payment and peer-to-peer lending (P2P), considering this as an important solution for Vietnam’s further development.
Regarding this issue, Deputy PM Hue said the government has been encouraging new payment methods in Vietnam, aiming to reduce the dependence on cash.
Additionally, Vietnam has selected June 16 as a day for non-cash payment and government agencies are drafting new legal framework allowing mobile accounts to make transaction without having to connect to a bank account, Hue continued.
Deputy PM Hue and Vice President of Hyundai. Source: VGP.
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In a meeting with Vice President of Hyundai Jin Hyng Chung, Hue said the Eastern North – South expressway project and later the North - South railway project are open to international competitive bidding, urging Hyundai to soon prepare bidding documents for these projects.
