Disciplinary action sought against former central bank governor

Binh, 59, was governor of the State Bank of Vietnam (SBV) from 2011 to 2016.

The inspection commission said that Binh, as member of the Communist Party Central Committee and Secretary of the Party Civil Affairs Committee of the SBV, had violated the principle of democratic centralization and its working regulations, displayed a lack of responsibilities and loose leadership. This led to a lack of necessary inspection and supervision, allowing many violations and shortcomings in the issuance and implementation of a number of resolutions, regulations and decisions on credit operation, causing very serious consequences that posed grave challenges for the banking sector.

Under his management, violations committed by many SBV officials and senior staff at several credit institutions attracted criminal charges.

"Binh’s violations and shortcomings are serious and have caused public outrage, leaving negative impacts on the prestige of the party and the SBV," the commission said, calling for disciplinary action from the Politburo, the party's decision-making body.

Binh is a native of Phu Tho Province, which neighbors Hanoi.

After obtaining a economics doctorate in Russia, he returned to Vietnam and began working for the SBV in December 1986.

He spent 12 years working at the SBV's International Cooperation Department and as its Chief of Staff. In November 1998, he was appointed deputy director of the central bank’s Hanoi branch.

Between November 2001 and June 2005, he visited Russia to work as vice chairman and then acting chairman of the International Investment Bank (IIB).

After returning to Vietnam in 2005, he returned to work at the SBV as its chief inspector.

In April 2008, he became deputy governor of the bank and in August 2011, he was appointed the central bank governor.

Binh became governor at the time Vietnam's banking system was troubled with issues including bad debts, high inflation and cross ownership.

He ended his term as governor in 2016 and moved to work as head of the Party Central Committee’s Economic Commission.