Vietnamese Deputies Weigh In on Banking Reform, Crypto Asset Oversight

At recent National Assembly group sessions in HCMC, lawmakers debated proposed modifications to the Law on the State Bank of Vietnam and other related laws. Deputy Nguyen Thanh Tung, Chairman of the Board of Directors at Vietcombank, suggested that banks be allowed to serve as collateral management agents for corporate bonds, citing Vietnam's modest bond market size compared to regional peers.

The current caps on credit growth and statutory safety ratios pose difficulties for commercial banks undergoing restructuring or with negative equity, according to Deputy Nguyen Thanh Tung. He proposed operational flexibility in applying these indicators based on the practical reality of each individual bank.

Regarding crypto assets, Deputy Nguyen Thanh Tung emphasized the need for heavier investments in technology, including AI, to monitor and combat cross-border money laundering. This is crucial for Vietnam to lift itself off the Financial Action Task Force's 'grey list.'