From 2008 on, Vietnam was mostly protected from the global financial crisis, not because its banks were stronger than the U.S. banks that created the crisis, but because it was less integrated into global trade back then. More than a decade later, Vietnam does far more trade with foreign countries today, making its banks far more susceptible to global trends. The government has taken steps to strengthen domestic banks.
In particular Vietnam is transforming banks to require that, when doing credit risk analyses, they take into account environmental, social, and governance risks, known as ESG. The State Bank of Vietnam read more >>>