The State Bank of Vietnam Governor on March
22 signed Document No 1656/NHNN-TCKT to request state commercial banks and
state-controlled joint stock banks including Agribank, Vietinbank, Vietcombank,
BIDV and MHB to cut costs, lower lending rates and increase the business
efficiency.
Under
it, the banks were ordered to implement effectively the dissemination and
launching of the efficiency improvement campaign, cost saving and a reduction
in lending interest rates in their network, which is considered as the major
task of banking business management in 2012.
Based
on these, banks must define solutions and levels of cost cuts to reach the
target of saving 5-10% of general cost and register specific measures to the
Central Bank and the Ministry of Finance before April 10, 2012.
Also,
banks will have to report these targets to the SBV and the finance ministry by
the year end.
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