New rule to force bank disclosures
The State Bank of Vietnam by late October or early November is expected to issue regulations on information disclosure by commercial banks, confirmed by the banks department under the SBV and non-bank organisations at the seminar titled “Listing commercial joint stock banks” held by the SBV and Dragon Capital Co in HCM City last week.
According to Kieu Huu Dung, director of the banks department, when this new regulation is issued, commercial banks are compelled to announce annual financial reports via mass media. Although quarterly and six month financial reports are not required to be posted on mass media, according to Dung, the SBV encourage banks to take initiatives in disclose such information, saying, this is a trial on information disclosure before banks list on the stock market.
