The State Bank of Vietnam has announced decisions to compulsorily transfer GPBank to VPBank and DongA Bank to HDBank, framing the transactions as a key step in the restructuring of weak credit institutions and in safeguarding stability in the banking system. It also stated that the lawful rights and interests of depositors and customers of GPBank and DongA Bank will continue to be protected in accordance with the law. Governor Nguyễn Thị Hồng described the mandatory transfer and restructuring process as unprecedented and requiring sustained coordination across authorities, supported by the amended 2024 Law on Credit Institutions and tighter supervisory arrangements. The central bank instructed both the transferred and receiving institutions to follow the approved mandatory transfer plans, coordinate closely and deploy resources to meet restructuring objectives. VPBank indicated it would support GPBank with business model direction, customer development, debt recovery and resolution of residual assets to address accumulated losses and enable an exit from special control, while HDBank committed to maintaining DongA Bank’s safe and stable operations, supporting staff and strengthening governance, service quality and digital transformation.
State Bank of Vietnam 2025-01-17
State Bank of Vietnam announces mandatory transfer of GPBank to VPBank and DongA Bank to HDBank
The State Bank of Vietnam has mandated transferring GPBank to VPBank and DongA Bank to HDBank to stabilize weak credit institutions. Governor Nguyễn Thị Hồng emphasized the unprecedented nature of this process, requiring coordination under the amended 2024 Law on Credit Institutions. VPBank and HDBank are tasked with supporting the transferred banks in business model development, debt recovery, and operational stability.