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WHOLESALE BANKING | Cesar Tordesillas, Vietnam

New construction bank proposed in Vietnam

Vietnam's Ministry of Construction is seeking approval from the State Bank of Vietnam to set up a new bank.

The ministry's proposal comes at the behest of the Vietnam Real Estate Association, and would establish the Vietnam Construction Bank.

Deputy Minister of Construction Nguyen Tran Nam said the proposal is appropriate to the country’s current economic circumstances and that it is in line with world trends for construction banks.

The proposed bank is expected to foster the construction of large construction projects and be a source of capital form construction materials, he noted.

He added that the bank would be a good thing for a slowing real estate market.

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