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Vietnam Banking
Following its reorganization in 1976, the State Bank of
Vietnam (formerly the National Bank of Vietnam) became the
central bank of the country. In addition to its national
financial responsibilities, the State Bank also assumed some of
the duties of a commercial bank. It maintained a head office in
Hanoi, a division in Ho Chi Minh City, and numerous provincial
branches. Other important banks operating in Vietnam in 1988
included the Foreign Trade Bank, which was charged with
overseeing all aspects of foreign payments, and the Bank for
Agricultural Development, which provided loans to agriculture and
fishing.
The first solely commercial bank opened in Ho Chi Minh City
in July 1987 to handle personal savings and to extend loans to
enterprises and individuals. The bank was capitalized with D500
million (US$1.4 million) provided by the government and through
stock issues. One objective in establishing Vietnam's first
commercial bank was to limit inflation through the bank's ability
to coordinate the extension of credit.
To attract more foreign exchange, the Foreign Trade Bank
opened an account in 1987 for overseas Vietnamese remittances of
foreign currencies to their relatives at home. The currencies
dealt with were United States dollars, French francs, Swiss
francs, Hong Kong dollars, Canadian dollars, British pounds,
Japanese yen, Australian dollars, and West German marks. In 1987
the bank also agreed to establish a finance company in Tokyo in
partnership with a Japanese bank. As the first joint venture
between the two countries, the proposed company was intended to
help settle bilateral trade accounts, but it was also expected to
assist in technology transfers.
Data as of December 1987
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