Ho Chi Minh City Wants Own Bank

Ho Chi Minh City wants to open its own commercial bank to help local enterprises finance new business made possible by Vietnam’s economic reforms, according to Hanoi Radio.

The city, the center for reformist experiments designed to revive Vietnam’s sluggish economy, has applied to the central government to open the new bank, the radio said.

The radio, monitored in Bangkok, said the proposed bank would “attract cash from among the various economic components and rapidly and effectively serve production and business activities.” It did not mention whether the bank would be able to raise money abroad.

Known as Saigon when it was capital of South Vietnam before 1975, Ho Chi Minh City earlier this year authorized factory managers to borrow money abroad and even hire exiled Vietnamese as business consultants.