Vietcombank will become the first major State-owned bank to apply Basel II standards, two years earlier than the deadline set by the State Bank of Vietnam (SBV).
Hanoi, June 29(VNS/VNA) – Vietcombank will become the first major State-owned bank to applyBasel II standards, two years earlier than the deadline set by the State Bankof Vietnam (SBV).
According to the bank, it is finalising the final steps to apply for theinternational standards thoroughly next month.
Basel II is the second edition of the Basel Accords, which are recommendationson banking laws and regulations issued by the Basel Committee on bankingsupervision. Basel II comprises minimum capital requirements, supervisoryreview and market discipline. It aims to enhance competition and transparencyin the banking system and make banks more resistant to market changes.
Three years ago, the State Bank of Vietnam selected 10 commercial banks topilot Basel II standards and set the deadline of 2020 for the banks to meet thestandards. It was part of the SBV’s plan to restructure the domestic creditinstitution system, as risk management gaps remain a major reason forincreasing bad debts.
The selected banks were Vietcombank, Vietinbank and BIDV, along with MB andSacombank, Techcombank, ACB, VPBank, VIB and Maritime Bank. Until now, none ofthem has completed the application for the standards.
However, another member of the Vietnam’s credit institutions, private bank OCB,late last year, became the first Vietnamese bank to complete the implementationof a Basel II project, equipping it with the infrastructure of a modern andsafe bank that meets capital, supervisory review and transparency requirements.
OCB said it implemented 10 tools to support credit work and risk managementwhile drafting and amending nearly 30 processes or regulations relevant tocredit and data work and risk management to meet Basel II standards. It alsoheld communication and training programmes for its employees.-VNS/VNA
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Transactions at Vietcombank (Photo: Vietcombank) 
