At the regular Government meeting on October 7, Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong said that the SBV has directed credit institutions to actively review their financial situation and prepare documents to organize the transfer ceremony of two zero-dong banks. The Governor said that the SBV is directing units to quickly complete the remaining two banks, in the group of weak banks, to report to the Prime Minister.

Regarding the two "zero dong" banks that are about to be transferred, according to VietNamNet's source, one of the two banks, OceanBank, is in the process of completing the final procedures to be transferred to the Military Commercial Joint Stock Bank (MB).

The remaining bank, CBBank, also has a solution. Through the actions of the related parties, it can be seen that this bank will be forced to transfer to Vietcombank.

It is expected that OceanBank and CBBank will be compulsorily transferred in 2024 or 2025.

At the 2024 Vietcombank Annual General Meeting of Shareholders, General Director Nguyen Thanh Tung said that the bank has completed the plan and is submitting it to the State Bank for approval. According to the plan being implemented, it will be in 2024. To prepare, Vietcombank has specific solutions, not passive, ensuring smoothness and on schedule.

Although Vietcombank has not officially announced the identity of the bank to which it will receive the mandatory transfer, the leader of Construction Bank (CBBank) has confirmed that CBBank will be forced to transfer to Vietcombank.

Since 2015, Vietcombank has provided technical support to CBBank. Up to now, it has implemented a plan to provide technical support to the bank. In 2022, Vietcombank has lent CBBank VND 10,000 billion and VND 6,700 billion in 2023.

At the 2024 Annual General Meeting of Shareholders, MB Bank Chairman Luu Trung Thai said that the bank is "ready for the assigned tasks, just waiting for the Government's approval". The bank's board of directors also informed that it has completed the procedures for compulsory transfer of a weak bank, expected to be completed in 2024 or 2025.

Previously, at many conferences on Oceanbank's business mission implementation, MB's top leaders all attended.

Currently, 4 banks subject to restructuring are under special control, including: Ocean Commercial Joint Stock Bank (OceanBank), Global Petroleum Commercial Joint Stock Bank (GPBank), Vietnam Construction Commercial Joint Stock Bank (CBBank), and Dong A Commercial Joint Stock Bank (Dong A Bank).

In addition to the four banks mentioned above, the State Bank of Vietnam is also implementing procedures and processes in accordance with the law on the overall assessment of the current situation and restructuring policy to have a basis for developing a restructuring plan for Saigon Commercial Joint Stock Bank (SCB), from which a report will be submitted to the competent authority for approval. SCB is the latest bank to be placed under special control from October 2022.

Special control of a credit institution is a professional measure to strictly control and limit negative impacts on that bank and the system of credit institutions in general.

In the history of the banking industry, there have been many banks that have fallen under special control but have subsequently recovered and thrived.