Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Vietnam says violations found at central bank in war on graft

Published 09/02/2017, 12:38 AM
Updated 09/02/2017, 12:40 AM
© Reuters. A woman rides a bicycle past the building of the State Bank of Vietnam in Hanoi

HANOI (Reuters) - Vietnam has found faults with the central State Bank of Vietnam, including poor supervision of credit organizations and inefficiency in preventing corruption, the government said on Saturday.

The announcement, which was published on the government's website, came amid an intensifying crackdown on corruption that has pushed many state executives and government officials into the spotlight.

The Government Inspectorate found the bank slow and not complying with regulations when publicizing its properties and revenues, the report said, without elaborating.

Government officials have to reveal their incomes and properties to the public.

Inspectors also pointed out violations by SBV's banking supervision agency, a department in charge of overseeing and examining credit organizations, from 2010 to 2015.

"Credit organizations had several faults but during inspection, the supervising department did not promptly detect them to deal with and prevent them," the government said.

The inspectorate has called for the state bank governor to investigate groups and individuals behind the violations.

Vietnam's crackdown on corruption and mismanagement, with a focus on inefficient state-owned companies, earlier led to the rare dismissal of a member of the politburo and the sacking of a vice-minister.

© Reuters. A woman rides a bicycle past the building of the State Bank of Vietnam in Hanoi

Four more officials from a scandal hit state-oil firm are being prosecuted over links to investment losses in a local bank.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.