Vietnam PM orders scrutiny of crossholdings in banking system
Prime Minister Pham Minh Chinh has ordered strict handling of all violations found after an urgent scrutiny of crossholdings at credit institutions in the country.
The Government Office said Monday that he has also asked relevant agencies to investigate lending for companies belonging to an ecosystem and “backyard” companies related to banks.

Headquarters of the State Bank of Vietnam, Hanoi. Photo courtesy of Dang Cong San Viet Nam (Vietnam Communist Party) newspaper.
At a December 7 conference on boosting credit for economic activities, the PM had also called for a probe into the granting of loans at low interest rates to executives of credit institutions and their relatives.
The reports of these investigations must be submitted to the PM next month.
The investigations are aimed at timely detection of risks in the banking system.
The PM’s order follows the major scandal that broke out at Saigon Commercial Bank (SCB). Truong My Lan, chairwoman of real estate giant Van Thinh Phat Group, was found to control a 90%-plus stake at the bank directly and indirectly. She manipulated its lending to an ecosystem of more than a thousand firms, most of them shell companies.
SCB pumped around $44 billion into Van Thinh Phat Group-related companies, of which more than $12 billion was embezzled, according to investigators with the Ministry of Public Security.
Besides the SCB-Van Thinh Phat case, there are several pairs of similar bank-corporate relationships or cross ownership among banks.
At a hearing before the Standing Committee of the National Assembly in September, State Bank of Vietnam (SBV) Governor Nguyen Thi Hong said no legislation can radically eliminate crossholdings in the banking system as the real owners will find ways to hide their ownership.
Besides, a rigid regulation may help deal with this issue but it will also have negative effects on the stock market and other economic activities, she added.
Vu Hong Thanh, chairman of the National Assembly’s Economic Committee that is studying the amended draft of the Law on Credit Institutions, concurred with Hong. He said changes to ownership regulations will affect the stock market, foreign investment, and credit for key national projects.
PM Chinh also asked the SBV to coordinate efforts with the Ministries of Finance and Public Security to take measures to develop the corporate bond and stock markets in an effective, secure and sustainable manner.
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