The Committee will be led by Deputy PM Vu Van Ninh while Governor of State Bank of Viet Nam Nguyen Van Binh is appointed as Deputy Head of the Committee.

Other members include: Deputy Governor of State Bank of Viet Nam Dang Thanh Binh, Vice Chairman of the Office of Government Pham Van Phuong, Deputy Minister of Industry and Trade Tran Quoc Khanh, Deputy Minister of Information and Communication Do Quy Doan, Deputy Minister of Public Security To Lam, Deputy Minister of Planning and Investment Cao Viet Sinh, Deputy Minister of Finance Tran Xuan Ha, Deputy Minister of Natural Resources and Environment Chu Pham Ngoc Hien, Deputy Minister of Justice Dinh Trung Tung, Deputy Government Inspector Ngo Van Khanh, Vice Chairman of Ha Noi People’s Committee Nguyen Huy Tuong, and Vice Chairwoman of Ho Chi Minh City Nguyen Thi Hong.

The Committee is responsible for assisting the Prime Minister in directing the implementation of solutions to restructure credit organizations in line with objectives and orientations enshrined in the Project which aims to enhance banking sector’s competitiveness.

To foster the restructuring process, the Government outlined a number of tasks that the Central Bank needs to do in 2013, according to its Resolution 01.

Accordingly, the Central Bank has to strengthen financial capacity, increase asset quality, control credit quality and decrease bad debts while renewing governance system, particularly risk governance in accordance with advanced international common practice and standards.

It is assigned to review and reinforce core business activities, gradually divest capital from non-financial sectors and branches or risk-prone investment fields.

Through inspection and supervision, the State Bank will review, assess and classify commercial joint-stock banks, financial companies and financial-leasing companies in order to take suitable solutions, especially to handle weak credit organizations and those which seriously breach legal regulations.

It will gradually apply principles and criteria on banking evaluation according to international norms, focus on settling bad debts, and strengthen inspection and supervision to increase the quality and minimize credit risks./.

By Hai Minh