Vietnam, has announced that it will allow foreign-owned banks to offer a full range of services in the country beginning March 24.Currently five state-owned banks control nearly 70% of lending, and until now Vietnam has only allowed foreign banks to set up branches or a limited number of joint ventures with domestic banks.
Prime Minister Phan Van Khai said, "In future there will be no differences between foreign banks and domestic banks, between state-run and joint stock commercial banks."
