Vietnam wants to merge banks and close the weaker ones

Hanoi

VIETNAM'S central bank will push for bank mergers and force weak institutions into bankruptcy as it intensifies an overhaul of the country's banking system to boost growth.

The State Bank of Vietnam will step up measures to "drastically" deal with weak banks that have no chance of recovery, according to a statement on its website. The central bank "is putting its utmost efforts to quicken overhaul of banks", it said.