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Bank Privitization In Vietnam: Examining Changes To Management In Vietnam's New Banking Law, Decree No. 59/2009/Nd-Cp, George B. Radics
Bank Privitization In Vietnam: Examining Changes To Management In Vietnam's New Banking Law, Decree No. 59/2009/Nd-Cp, George B. Radics
Washington International Law Journal
Due to its WTO obligations, by 2010 Vietnam must open its banking system to the world. As a result, the nation attempted to drastically modernize its state owned banks through partial privatization. This partial privatization, locally translated as equitization, proposed serious challenges to the existing legal infrastructure facilitating banks. To cope with these new challenges, in September 2009, Vietnam’s new banking law, Decree 59/2009/ND-CP, was passed. An important change in the new banking law is its stricter regulation on the qualifications of managers. It is suspected that such regulation signals the nation’s resistance to surrender control over its banks and …