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ASIA FOCUS: FEDERAL RESERVE BANK OF SAN FRANCISCO

Whether allowed or not to lend, what is at stake today is finally a change in the mindset of people who steer the global microfinance agenda. State-owned banks (e.g; BRAC in Bangladesh, BRI Indonesia, Nabard India and GSB in Thailand) are the largest microcredit providers in Asia and are recognised and accepted as such although in some cases they administer subsidised government funds. African savings banks certainly need support in their endeavour to respond to the huge underserved market and most particularly to address the pressing demand from their clients. However, not all WSBI African members have a postal origin and. | COUNTRY ANALYSIS UNIT FEDERAL RESERVE BANK OF SAN FRANCISCO JUNE 2011 Banking Reform in Vietnam Vietnam s banking sector is expected to have one of the highest growth rates in Asia during the next few years due to the country s continued economic expansion rising household incomes and relatively low penetration of existing banking services. Over the past two decades the Vietnamese government has undertaken a series of reforms to strengthen and modernize the sector as part of the country s move towards a more open and market-oriented economy. Many of these reforms have also been motivated by Vietnam s growing participation in international agreements and ongoing efforts to adopt international standards such as the Basel capital framework. Key reforms include a restructuring of the banking system a gradual opening to foreign investment the partial privatization of state-owned banking institutions and measures to strengthen the capitalization of Vietnamese banks. This Asia Focus report provides an overview of Vietnam s banking sector reviews significant developments since the mid 1980s and highlights key challenges to reform implementation. Profile of the Banking Sector Rapid Growth Vietnam s banking sector has expanded substantially in recent years. Total domestic assets in the system more than doubled between 2007 and 2010 growing from VND 1 097 trillion USD 52.4 billion to VND 2 690 trillion USD 128.7 billion .2 This figure is expected to grow to VND 3 667 USD 175.4 billion by the end of 2012.3 Rapid economic growth has contributed to rising household incomes and an increasing demand for retail banking services. Credit and debit card use has become more common with the number of cards issued doubling between 2008 and 2010 to 28.5 million. The number of automated teller ma- Figure 1 Vietnamese Banking Sector State-Owned Commercial Banks SOCB Bank for Agriculture and Rural Development Agribank Mekong Housing Bank MHB Vietnam Bank for Social Policies 1 Bank for .