Vietcombank gears up to be regional institution with SMEs a target sector


The banking sector needs to embrace international safety systems within the next five years to ensure steady development of Vietnam's financial system, Prime Minister Phan Van Khai has said.

Speaking at a conference of the State-owned Vietcombank, he said that commercial banks should offer more services, save on social costs, reduce the use of cash and enable the Government to manage funds more efficiently.

Banks should ensure their intermediary role in distributing capital and seek ways to tap the huge quantity of idle funds with the public for development needs, the PM said.

He pointed out that it was vital for commercial banks to devise their own strategies for international integration in the face of the global economic stagnation and political uncertainty and praised banks for positive changes in the sector after two years of reform.



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