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Central bank governor says all savings are protected

The Saigon Times

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HCMC – As Vietnamese are worried about their savings at commercial banks following the arrest of Van Thinh Phat Holdings Group Corporation chairwoman Truong My Lan who is suspected of having connection with the Saigon Commercial Joint Stock Bank (SCB), the central bank has reaffirmed that all their savings are protected.

Nguyen Thi Hong, governor of the State Bank of Vietnam, the nation’s central bank, said in a message that came out this morning (October 10), “All savings of individuals at commercial banks, including SCB, are protected by the State under any circumstances.”

Since the police’s detention last weekend of Truong My Lan, who is also the founder of Van Thinh Phat, a Vietnamese diversified investment group, on alleged charges of appropriating assets, SCB customers have been rushing to SCB transaction offices and branches, especially in HCMC, to withdraw money.

“SCB clients need to stay calm,” said the central bank governor. “They should not withdraw their cash, especially ahead of maturity, to protect their interests.”

She said rumors that had been swirling on social media had affected the operations of SCB.

SCB has been getting support from the central bank to stay open and liquid.

SCB deputy general director Hoang Minh Hoan, speaking at a news briefing held shortly after news about Lan’s arrest broke, affirmed Lan has had no management role at SCB.

The Ministry of Public Security on October 8 filed charges against Truong My Lan for alleged fraud in connection with An Dong Investment Group Corporation’s corporate bond issues. An Dong is owned by Van Thinh Phat.

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