Vietnamese banks ordered to eliminate nepotism

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A Vietnamese deputy prime minister has ordered Vietnamese bank managers to cease filling key positions at their banks with members of their own family, the Vietnam News Agency reported Friday.

Banks also need to recruit more effectively, promote more selectively and be tougher on dishonest staff members, Deputy PM Nguyen Xuan Phuc was quoted as saying at a conference on corruption in the banking sector.

He said credit institutions have to improve their oversight to prevent violations that could lead to serious consequences, especially those regarding credit policies.

Phuc, also deputy head of the Central Anti-Corruption Committee, asked the Ministry of Public Security and the State Bank of Vietnam to create regulations designed to curtail money laundering.

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