At a workshop in Ho Chi Minh City, Tu said that in recent years, banks have reformed procedures for handling saving accounts, money transfers, remittances, and payment services, helping them cut down costs and time needed to provide services.

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SBV Deputy Governor Dao Minh Tu

The SBV has constantly been at the forefront of ministries and sectors in the Public Administration Reform Index over the last four years. In the World Bank’s 2018 Doing Business report, the “Getting Credit” sub-index of Vietnam was ranked 29th among 190 economies, rising three places and coming in fourth for ASEAN.

Tu asked banks to press on with administrative reforms and actively apply modern technology to provide diverse banking products and services. They also need to take responsibility for their own loans so as to prevent the rise of non-performing loans.

Additionally, it is necessary for banks to facilitate businesses and people’s access to credit and banking services, while still ensuring capital adequacy and minimizing risks in their operations, the official added.

Financial experts said the banking sector’s administrative reforms must center around people and businesses. Therefore, reforms must succeed in creating favorable conditions for the access to credit and banking services.

They also recommended that reforms are focused around making information relevant to banking services more transparent so as to prevent wrongdoings, as well as diversifying products and services to ensure people and businesses gain maximum benefits.

Source: VNA