Vietnam to limit new foreign bank licences

HANOI: Vietnam said it will limit or possibly stop issuing new licences for foreign banks to set up in the country as it looks to encourage takeovers of weaker local lenders and strengthen the financial system.

“Soon, Vietnam will strictly limit, or may stop issuing new licences for 100% foreign-owned banks in the country,” Deputy Prime Minister Vuong Dinh Hue said in a statement posted on the government’s website.